Common use of For Good Reason by Executive Clause in Contracts

For Good Reason by Executive. Executive may, at Executive's option, terminate Executive's employment for "Good Reason" by giving written notice of termination to Employer in the event that there is a failure of Employer (or successor employer) to promptly pay Executive's salary or additional compensation or benefits hereunder in accordance with this Agreement in any material respect. It shall also be considered Good Reason for termination by Executive if, in the event of a Change of Control (as defined below), any successor employer fails to fully assume Employer's obligations under this Agreement. For purposes, of this Agreement, a "Change of Control", shall mean (i) the dissolution or liquidation of Employer, or (ii) the consummation of any merger or consolidation of Employer other than in a transaction in which Employer is the surviving corporation or a majority of the board of directors of the surviving corporation were directors of Employer before such transaction or are designated by the former shareholders of Employer, or (iii) a sale or other disposition of all or substantially all of the then-outstanding capital stock of Employer or a sale or other disposition of all or substantially all of Employer's assets. Good Reason shall also include any requirement that Executive move his principal office to a location outside the Research Triangle area of North Carolina.