Common use of Reduction of Compensation Clause in Contracts

Reduction of Compensation. A “Reduction of Compensation” shall have occurred if any one or more of the following occurs: (a) the Base Salary of the Executive is reduced at any time after a Change of Control; or (b) following notice by the Executive to Key and an opportunity by Key to cure, Key fails to comply with one or more of the provisions of Section 2 hereof. For purposes of clause (b), Key will be deemed to have had an opportunity to cure and to have failed to effect a cure if the failure to comply with one or more of the provisions of Section 2 hereof persists (as determined in good faith by the Executive) for more than seven calendar days after the Executive has given notice to Key of the existence of that failure.

Reduction of Compensation. A “Reduction of Compensation” shall have occurred if any one or more of the following occurs: (a) the Base Salary of the Executive is reduced at any time after a Change of Control; or (b) following notice by the Executive to Key and an opportunity by Key to cure, Key fails to comply with one or more of the provisions of Section 2 hereof. For purposes of clause (bclause(b), Key will be deemed to have had an opportunity to cure and to have failed to effect a cure if the failure to comply with one or more of the provisions of Section 2 hereof persists (as determined in good faith by the Executive) for more than seven calendar days after the Executive has given notice to Key of the existence of that failure.