Common use of Right of Employee to Terminate Clause in Contracts

Right of Employee to Terminate. In the event of a “Change in Control” of Employer, Employee, at Employee’s option and upon written notice to Employer, may terminate Employee’s employment effective on the date of the notice unless (i) the provisions of this Agreement remain in full force and effect as to Employee and (ii) Employee suffers no reduction in Employee’s status, authority, or base salary following such Change in Control, provided that Employee will be considered to suffer a reduction in Employee’s status, authority, or base salary, only if, after the Change in Control, (A) Employee is not the President and Chief Executive Officer of the company that succeeds to the business conducted by Employer and its subsidiaries immediately prior to the Change in Control, (B) such company’s common stock is not listed on a national stock exchange (such as the New York Stock Exchange, the Nasdaq Stock Market, or the NYSE MKT), (C) such company in any material respect reduces Employee’s status, authority, or base salary, or (D) as a result of such Change in Control, Employee is required to relocate Employee’s principal place of business more than 50 miles from The Colony, Texas (or surrounding areas).

Right of Employee to Terminate. In the event of a “Change in Control” of Employer, Employee, at Employee’s option and upon written notice to Employer, may terminate Employee’s employment effective on the date of the notice unless (i) the provisions of this Agreement remain in full force and effect as to Employee and (ii) Employee suffers no reduction in Employee’s status, authority, or base salary following such Change in Control, provided that Employee will be considered to suffer a reduction in Employee’s status, authority, or base salary, only if, after the Change in Control, (A) Employee is not the Senior Vice President and Chief Executive Financial Officer of the company that succeeds to the business conducted by Employer and its subsidiaries immediately prior to the Change in Control, (B) such company’s common stock is not listed on a national stock exchange (such as the New York Stock Exchange, the Nasdaq Stock Market, or the NYSE MKT), (C) such company in any material respect reduces Employee’s status, authority, or base salary, or (D) as a result of such Change in Control, Employee is required to relocate Employee’s principal place of business more than 50 miles from The ColonyFrisco, Texas (or surrounding areas).

Right of Employee to Terminate. In the event of a “Change in Control” of Employer, Employee, at Employee’s option and upon written notice to Employer, may terminate Employee’s employment effective on the date of the notice unless (i) the provisions of this Agreement remain in full force and effect as to Employee and (ii) Employee suffers no reduction in Employee’s status, authority, or base salary following such Change in Control, provided that Employee will be considered to suffer a reduction in Employee’s status, authority, or base salary, only if, after the Change in Control, (A) Employee is not the Executive Vice President and Chief Executive Operating Officer of the company that succeeds to the business conducted by Employer and its subsidiaries immediately prior to the Change in Control, (B) such company’s common stock is not listed on a national stock exchange (such as the New York Stock Exchange, the Nasdaq Stock Market, or the NYSE MKT), (C) such company in any material respect reduces Employee’s status, authority, or base salary, or (D) as a result of such Change in Control, Employee is required to relocate Employee’s principal place of business more than 50 miles from The Colony, Texas (or surrounding areas).

Right of Employee to Terminate. In the event of a “Change in Control” of Employer, Employee, at Employee’s option and upon written notice to Employer, may terminate Employee’s employment effective on the date of the notice unless (i) the provisions of this Agreement remain in full force and effect as to Employee and (ii) Employee suffers no reduction in Employee’s status, authority, or base salary following such Change in Control, provided that Employee will be considered to suffer a reduction in Employee’s status, authority, or base salary, only if, after the Change in Control, (A) Employee is not the Senior Vice President of Finance and Chief Executive Financial Officer of the company that succeeds to the business conducted by Employer and its subsidiaries immediately prior to the Change in Control, (B) such company’s common stock is not listed on a national stock exchange (such as the New York Stock Exchange, the Nasdaq Stock Market, or the NYSE MKT), (C) such company in any material respect reduces Employee’s status, authority, or base salary, or (D) as a result of such Change in Control, Employee is required to relocate Employee’s principal place of business more than 50 miles from The Colony, Texas (or surrounding areas).

Right of Employee to Terminate. In the event of a “Change in Control” of Employer, Employee, at Employee’s option and upon written notice to Employer, may terminate Employee’s employment effective on the date of the notice unless (i) the provisions of this Agreement remain in full force and effect as to Employee and (ii) Employee suffers no reduction in Employee’s status, authority, or base salary following such Change in Control, provided that Employee will be considered to suffer a reduction in Employee’s status, authority, or base salary, only if, after the Change in Control, (A) Employee is not the President and Chief Executive Operating Officer of the company that succeeds to the business conducted by Employer and its subsidiaries immediately prior to the Change in Control, (B) such company’s common stock is not listed on a national stock exchange (such as the New York Stock Exchange, the Nasdaq Stock Market, or the NYSE MKT), (C) such company in any material respect reduces Employee’s status, authority, or base salary, or (D) as a result of such Change in Control, Employee is required to relocate Employee’s principal place of business more than 50 miles from The Colony, Texas (or surrounding areas).