Common use of Termination of Service by Executive for Good Reason Clause in Contracts

Termination of Service by Executive for Good Reason. In the event of Termination of Service of Executive by the Executive for Good Reason the Award shall become immediately and fully vested and shares of the Company’s common stock will be delivered in accordance with the provisions hereof. For purposes of this Agreement, “Good Reason” shall mean the occurrence (without Executive’s express written consent) of any one of the following acts, or failure to act, provided that Executive provides notice to the Company within 90 days of the initial existence of the condition, such act or failure to act is not corrected within 30 days of such notice, and Executive terminates employment not later than 30 days thereafter: (1) a material reduction by the Company in Executive’s annual base salary as in effect on the date hereof or as it may be increased from time to time, other than in connection with a similar (as a percentage of base salary) reduction in salary applicable to all senior executives of the Company or (2) the material failure by the Company to pay to Executive any portion of Executive’s annual base salary and annual bonus that is already earned and due under the Company’s regular payroll practices.

Termination of Service by Executive for Good Reason. In the event of Termination of Service of Executive by the Executive for Good Reason Reason, a pro-rata portion of the Award shall become immediately and fully vested and shares of the Company’s common stock will be delivered in accordance with the provisions hereofof Section 2(i) below, and the balance of the Award will be immediately forfeited. For purposes of this Agreement, “Good Reason” shall mean the occurrence (without Executive’s express written consent) of any one of the following acts, or failure to act, provided that Executive provides notice to the Company within 90 days of the initial existence of the condition, such act or failure to act is not corrected within 30 days of such notice, and Executive terminates employment not later than 30 days thereafter: (1) a material reduction by the Company in Executive’s annual base salary as in effect on the date hereof or as it may be increased from time to time, other than in connection with a similar (as a percentage of base salary) reduction in salary applicable to all senior executives of the Company or (2) the material failure by the Company to pay to Executive any portion of Executive’s annual base salary and annual bonus that is already earned and due under the Company’s regular payroll practices.