Involuntary Termination Event means (i) the involuntary termination of the Awardee’s employment with the Company or any of its subsidiaries (other than for Cause, death or Disability) or (ii) the Awardee’s resignation of employment with the Company or any of its subsidiaries for Good Reason.
Involuntary Termination Event means (i) the involuntary termination of the Awardee’s employment with the Company or any of its subsidiaries (other than for Cause, death or Disability) or (ii) the Awardee’s resignation of employment with the Company or any of its subsidiaries for Good Reason and (2) “Good Reason” shall mean the occurrence of any of the following without the Awardee’s prior written consent: (i) a material reduction in the Awardee’s then current base salary or target bonus percentage, (ii) a material diminution of the Awardee’s duties or responsibilities, (iii) the assignment to the Awardee of duties or responsibilities which are materially inconsistent with the Awardee’s previous duties or responsibilities, or (iv) relocation of the Awardee’s principal work location to a location more than thirty (30) miles from the Awardee’s previous principal work location; provided, however, that no such occurrence shall constitute Good Reason unless the Awardee provides the Company with written notice of the matter within thirty (30) days after the Awardee first has knowledge of the matter and, in the case of clauses (i), (ii) or (iii) of the definition of Good Reason, the Company fails to cure such matter within thirty (30) days after its receipt of such notice, and if the Company fails to cure such matter, the Awardee resigns within thirty (30) days following the expiration of the cure period.
Involuntary Termination Event has the meaning ascribed to such term in Section 4.3(g).
Examples of Involuntary Termination Event in a sentence
Notwithstanding any provision herein to the contrary, in the event that an Involuntary Termination Event occurs within one (1) year following the occurrence of a Change in Control, the outstanding Deferred Shares shall immediately become fully vested as soon as practicable (but not later than 15 days) following the Involuntary Termination Event.
In the event that after a Determination, an Involuntary Termination Event and a Change in Control occur, then the number of Performance Shares determined to have been earned shall immediately vest and shall be immediately delivered to the Awardee.
More Definitions of Involuntary Termination Event
Involuntary Termination Event means (a) with respect to any Management Unitholder, the termination of such Management Unitholder’s employment with the Company, its subsidiaries, its parent companies and any successor thereto (i) by any such entity for any reason other than for Cause, or (ii) by such Management Unitholder within 60 days of an event constituting Good Reason; and (b) with respect to any Other Unitholder, the termination of such Unitholder’s board, consulting or other relationship with the Company, its subsidiaries, its parent companies and any successor thereto by any such entity (or the applicable equityholders of such entity) for any reason other than for Cause (for avoidance of doubt, a resignation or other termination by such Other Unitholder shall not be considered an Involuntary Termination Event, regardless of the reason).
Involuntary Termination Event means the occurrence of any of the following without Licensor’s prior written consent: (i) a material diminution in Licensor’s duties, or the assignment to Licensor of duties materially inconsistent with his authority, responsibilities and reporting requirements, including, without limitation, Licensor no longer having sole capital allocation authority; (ii) the failure of the Board or a committee thereof to nominate Licensor for election to the Board or to appoint him as Chairman of the Board and Chief Executive Officer of Licensee, (iii) Licensee or the Board requires Licensor to relocate his principal place of employment to a location other than San Antonio, Texas unless such relocation is temporary or the result of exigent circumstances; (iv) the failure of Licensee to obtain the assumption in writing of its obligations to perform the Amended and Restated Incentive Bonus Agreement, dated as of September 28, 2010, between Licensor and Licensee (as the same may be amended from time to time, the “Incentive Agreement”) by any successor to all or substantially all of the business or assets of Licensee not later than the effective date of such transaction; or (v) a material breach of the Incentive Agreement by Licensee. In the event that Licensor elects to terminate his employment due to an Involuntary Termination Event, he shall notify Licensee in writing of the grounds for such termination within thirty (30) calendar days of the commencement of such condition and Licensee shall have thirty (30) calendar days from receipt of such notice to cure such condition.