Common use of Triggering Events Clause in Contracts

Triggering Events. (a) If, within twenty-four (24) months after the occurrence of a change of control of the Company, (i) Executive's base salary, responsibilities or duties are reduced and Executive terminates his employment by voluntary resignation during the Term and during continuance of any of the foregoing conditions (provided such resignation gives at least one month written notice of intent to terminate employment), or (ii) Executive's employment is involuntarily terminated during the Term by the Company for reasons other than the Executive's gross misconduct, then Executive shall become entitled to receive the payments and benefits specified in Section 4 of this Agreement. (b) The date on which Executive's employment ceases as specified in Section 3(a) is hereinafter referred to as the "Triggering Event."