Common use of Termination of Employment by the Executive Clause in Contracts

Termination of Employment by the Executive. 18.1 The Executive shall have the right to terminate his employment at any time for Good Reason by immediate notice if, following submission of the written notice by the Executive to the Company detailing the events alleged to constitute Good Reason in accordance with this Clause, the Company shall have failed to cure such events within the 30 day period following submission of such notice. For purposes of this Agreement, “Good Reason” shall mean (i) a reduction in the Executive’s annual base salary or annual bonus opportunity, or the failure to pay or provide the same when due, (ii) a material diminution in the Executive’s duties, authority, responsibilities or title, or the assignment to the Executive of duties or responsibilities which are materially inconsistent with his positions, (iii) the removal of the Executive from the position described in Clause 3; (iv) the Company’s requiring the Executive to be based at any office or location more than fifty (50) miles from the Executive’s office as of the date hereof; or (v) any other fundamental breach of this Agreement; provided, however, that no such event(s) shall constitute “Good Reason” unless the Company shall have failed to cure such event(s) within 30 days after receipt by the Company from the Executive of written notice describing in detail such event(s).

Termination of Employment by the Executive. 18.1 17.1 The Executive shall have the right to terminate his employment at any time for Good Reason by immediate notice if, following submission of the written notice by the Executive to the Company detailing the events alleged to constitute Good Reason in accordance with this Clause, the Company shall have failed to cure such events within the 30 day period following submission of such notice. For purposes of this Agreement, “Good Reason” shall mean (i) a material reduction in the Executive’s annual base salary or annual bonus incentive award opportunity, or other than as part of an across-the-board compensation reduction for all senior executive officers of the failure to pay or provide the same when dueCompany, (ii) a material diminution in the Executive’s duties, status, authority, responsibilities or title, or the assignment to the Executive of duties or responsibilities which are materially inconsistent with his positions, (iii) the removal of the Executive from the position described in Clause 3; 2, or (iv) the Company’s requiring the Executive to be based at any office or location more than fifty (50) miles from the Executive’s office as of the date hereof; or (v) any other fundamental breach of this Agreement; provided, however, that no such event(s) shall constitute “Good Reason” Reason unless the Executive provides the notice required by this Clause 17.1 within 90 days following Executive becoming aware of such event and the Company shall have failed to cure such event(s) within 30 days after receipt by the Company from the Executive of written notice describing in detail such event(s).

Termination of Employment by the Executive. 18.1 17.1 The Executive shall have the right to terminate his employment at any time for Good Reason by immediate notice if, following submission of the written notice by the Executive to the Company detailing the events alleged to constitute Good Reason in accordance with this Clause, the Company shall have failed to cure such events within the 30 day period following submission of such notice. For purposes of this Agreement, “Good Reason” shall mean (i) a material reduction in the Executive’s annual base salary or annual bonus incentive award opportunity, or other than as part of an across-the-board compensation reduction for all senior executive officers of the failure to pay or provide the same when dueCompany, (ii) a material diminution in the Executive’s duties, authority, responsibilities or title, or the assignment to the Executive of duties or responsibilities which are materially inconsistent with his positions, (iii) the removal of the Executive from the position described in Clause 3; 2, or (iv) the Company’s requiring the Executive to be based at any office or location more than fifty (50) miles from the Executive’s office as of the date hereof; or (v) any other fundamental breach of this Agreement; provided, however, that no such event(s) shall constitute “Good Reason” Reason unless the Executive provides the notice required by this Clause 17.1 within 90 days following Executive becoming aware of such event and the Company shall have failed to cure such event(s) within 30 days after receipt by the Company from the Executive of written notice describing in detail such event(s).