Material Diminution shall only mean a situation in which the Executive is no longer employed as the Senior Vice President of both of the Companies, or employed or offered employment in substantially equivalent positions of substantially equivalent companies, regardless of what, if any, additional positions Executive may from time to time hold or not hold with each of the Companies or its subsidiaries or affiliates, or the material diminution of the duties or responsibilities commensurate with the position of Senior Vice President of the Companies, or a reduction of the Executive's base salary compensation below the amount set forth herein.
Material Diminution means a material diminution by NMHC of Executive’s duties, powers, authority, functions or responsibilities without Executive’s consent, such that Executive is left with such duties, powers, authority, functions and responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i) those duties, powers, authority, functions and responsibilities conferred upon Executive at the Effective Date and (ii) those duties, powers, authority, functions and responsibilities that are most typically conferred upon individuals having the same title as Executive with companies having revenues comparable to NMHC on a consolidated basis (based on the revenues of NMHC on a consolidated basis at the time of determination). In addition, a material diminution by NMHC of Executive’s title without Executive’s consent also shall constitute a “Material Diminution” for purposes of this Agreement. In the interest of clarity, none of the following shall constitute a basis for a “Material Diminution”: (i) any change in any of the products or services offered by any or all NMHC Entities; (ii) the termination of any employee or group of employees, whether or not such employees report to Executive; (iii) any change in the markets to which any or all NMHC Entities promote or sell their products or services; or (iv) any other change affecting NMHC or its business or operations generally.
Material Diminution means a material diminution by Luminex of Executive’s duties, powers, authority, functions or responsibilities without Executive’s consent, such that Executive is left with such duties, powers, authority, functions and responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i) those duties, powers,
Examples of Material Diminution in a sentence
Executive may effect a Termination Other Than For Cause upon written notice to NMHC at any time specifying any of the conditions for constructive termination set forth in clause (ii) above (including without limitation the expiration of the cure period) have been met; provided, however, that during the six (6) month period following a Change in Control, Executive may not effect a Termination Other Than For Cause based upon a Material Diminution.
In the case of a Material Diminution or Relocation Termination Election, if such Company or Companies do not cure such Material Diminution or Relocation within the ten (10) business days following its receipt of such Material Diminution or Relocation Termination Election from the Executive, pursuant to this Section, termination of Executive's employment shall be effective at the end of such ten (10) business day period.
In the case of a Material Diminution Termination Election by the Executive, the Company shall have ten (10) days following its receipt of written notice of termination from the Executive to cure such material diminution.
This Agreement may be terminated by the Executive, by written notice to the Company, (i) within sixty (60) days following a material diminution of the Executive's position, duties, responsibilities or compensation with the Company (a "Material Diminution Termination Election") or (ii) within sixty (60) days following a Change in Control (as defined below) (a "Change in Control Termination Election").
In the case of a Material Diminution or Relocation Termination Election by the Executive, such Company or Companies shall have ten (10) business days following their receipt of written notice of termination from the Executive to cure such Material Diminution or Relocation.
More Definitions of Material Diminution
Material Diminution shall only mean a situation in which (i) the Executive is no longer employed as the Senior Vice President of both of the Companies or is not employed or offered employment in substantially equivalent positions of substantially equivalent companies, regardless of what, if any, additional positions Executive may from time to time hold or not hold with each of the Companies or its subsidiaries or affiliates, or (ii) the Executive suffers a material diminution of the duties or responsibilities commensurate with the position of Senior Vice President of the Companies, or (iii) the Executive suffers a reduction of the Executive's base salary compensation below the amount set forth herein.
Material Diminution means a material diminution by Luminex of Executive’s duties, powers, authority, functions or responsibilities without Executive’s consent, such that Executive is left with such duties, powers, authority, functions and responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i) those duties, powers, authority, functions and responsibilities conferred upon Executive at the Effective Date and (ii) those duties, powers, authority, functions and responsibilities that are most typically conferred upon the Vice President, Global Sales & Customer Operations of companies having revenues comparable to Luminex (based on the revenues of Luminex at the time of determination). Luminex and Executive agree that in the event there is an ambiguity with respect to the interpretation or application of the definition of “Material Diminution”, such ambiguity shall be resolved according to the reasonable interpretation of such definition most favorable to Luminex. For purposes of this Agreement, “
Material Diminution means a material diminution by Luminex of Executive’s duties, powers, authority, functions or responsibilities without Executive’s consent, such that Executive is left with such duties, powers, authority, functions and responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i) those duties, powers, authority, functions and responsibilities conferred upon Executive at the Effective Date and (ii) those duties, powers, authority, functions and responsibilities that are most typically conferred upon the chief executive officer of companies having revenues comparable to Luminex (based on the revenues of Luminex at the time of determination). For purposes of this Agreement, “Office Area” means the geographical area within a fifty (50) mile radius of Luminex’s current principal office at 00000 Xxxxxxxxxx Xxxx., Xxxxxx, Xxxxx.
Material Diminution in Base Salary means any reduction in the Base Salary of Executive unless (x) the Board has approved a reduction in Base Salary for all salaried staff of the Company who earn at least $200,000 per year in base salary, and (y) the percentage of reduction for the Executive is not greater than the percentage of the average reduction for all salaried staff of the Company who earn at least $200,000 per year in base salary. In the event Executive’s resignation is For Good Reason, Company shall pay to Executive the Severance Benefits set forth in Section 5(b) as if the Company had terminated this Agreement without Cause. In the event of a resignation by Executive that does not meet the criteria for being a resignation For Good Reason, Executive shall only be entitled to any accrued but unpaid salary, and other benefits pursuant to Section 3(c) through the termination date, and the Company shall have no further obligations under this Agreement from and after the date of termination. The Executive agrees that during such sixty (60) day period no more than one week of unused PTO may be utilized without the Company’s written consent. During such sixty (60) day period, Executive shall also comply with any reasonable request of the Company to assist in providing for an orderly transition of authority, but such assistance shall not delay the Executive’s termination of employment longer than sixty (60) days beyond the Executive’s original notice of termination.
Material Diminution shall only mean a situation in which (i) the Executive is no longer employed as the President and Chief Executive Officer of the Company or is not employed or offered employment in substantially equivalent positions of substantially equivalent companies, regardless of what, if any, additional positions Executive may from time to time hold or not hold with the Company Group, or (ii) the Executive suffers a material diminution of the duties or responsibilities commensurate with the position of President and Chief Executive Officer of the Company, or (iii) the Executive suffers a material reduction of the Executive’s base salary compensation below the amount set forth herein.”
Material Diminution means a material diminution by Luminex of Executive’s duties, powers, authority, functions or responsibilities without Executive’s consent, such that Executive is left with such duties, powers, authority, functions and responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i) those duties, powers, authority, functions and responsibilities conferred upon Executive at the Effective Date and (ii) those duties, powers, authority, functions and responsibilities that are most typically conferred upon the chief operating officer of companies having both (i) a chief operating officer and (ii) revenues comparable to Luminex (based on the revenues of Luminex at the time of determination). Luminex and Executive agree that in the event there is an ambiguity with
Material Diminution means a material diminution by Xxxxxx of Executive’s duties, powers, authority, functions or responsibilities without Executive’s consent, such that Executive is left with such duties, powers, authority, functions and responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i) those duties, powers, authority, functions and responsibilities conferred upon Executive at the Effective Date and (ii) those duties, powers, authority, functions and responsibilities that are most typically conferred upon individuals having the same title as Executive with companies having revenues comparable to Xxxxxx on a consolidated basis (based on the revenues of Xxxxxx on a consolidated basis at the time of determination). In addition, a material diminution by Xxxxxx of Executive’s title without Executive’s consent also shall constitute a “Material Diminution” for purposes of this Agreement.