Common use of For Good Reason By the Executive Clause in Contracts

For Good Reason By the Executive. The Executive may immediately resign the Executive’s position for Good Reason and, in such event, the Term shall terminate. As used herein, “Good Reason” means a material negative change in the employment relationship without the Executive’s consent, as evidenced by the occurrence of any of the following: (i) reduction of Base Salary and benefits except for across-the-board changes for executives at the Executive’s level; (ii) exclusion from executive benefit/compensation plans; (iii) relocation of the Executive’s principal business location by the Company of greater than fifty (50) miles; (iv) material breach of the Agreement by the Company; or (v) resignation in compliance with securities/corporate governance applicable law (such as the US Xxxxxxxx-Xxxxx Act) or rules of professional conduct specifically applicable to such Executive. For each event described above in this Section 4.1.2, the Executive must notify the Company within ninety (90) days of the occurrence of the event and the Company shall have thirty (30) days after receiving such notice in which to cure.