Material Reduction definition

Material Reduction means a ten percent (10%) differential;

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Material Reduction means (i) any change in a retirement plan or arrangement that has the effect of reducing the present value of the projected benefits to be provided to ▇▇. ▇▇▇▇▇▇▇ by five percent (5%) or more, (ii) any five percent (5%) or more reduction in medical, health and accident and disability benefits as a percentage of premiums or premium equivalents in accordance with the Company’s prior practice as measured over a period of the three previous plan years from the date the Change in Control is Consummated, or (iii) any five percent (5%) or more reduction in employer matching funds as a percentage of employee contributions in accordance with the Company’s prior practice measured over a period of the previous three plan years from the date the Change in Control is Consummated.

Material Reduction means a Reduction of at least 15% of the total backlog publicly reported by the Company in the preceding quarter. By “Reduction,” this provision is intended to relate to system sales which are included in publicly-disclosed backlog but are then removed due to the cancellation of the transaction. Removals from backlog due to the fact that a system sale shipped and was recognized as revenue or where a system is removed from backlog due to it being in backlog longer than the time provided for by the Company’s backlog criteria shall not count as a “Reduction.” Any action taken by the Board pursuant to this provision would be in addition to any other actions the Board may take under the Company’s policies, as modified from time to time, or any actions imposed by law enforcement, regulators or other authorities.

Examples of Material Reduction in a sentence

• Notice of Cancellation, Nonrenewal, or Material Reduction in Coverage, as required in 18(b)(vi), above.

• The taking of any action by the Company that would directly or indirectly cause a Material Reduction in the Retirement and Welfare Benefits to which ▇▇.

• Notwithstanding anything to the contrary set forth in this Agreement, in the event the Company is required to make a Material Reduction of its publicly-disclosed backlog figures, the Board will review the conduct of executive officers in relation to the determination and publication of backlog figures and their subsequent Material Reduction.

• The taking of any action by the Company that would directly or indirectly cause a Material Reduction in the Retirement and Welfare Benefits to which Executive is entitled under the Company's Retirement and Welfare Benefit plans in which Executive was participating on his Employment Date.

• Furthermore, the Committee shall, within 90 days of the discovery of all relevant material facts relating to a Material Reduction Event (as defined below) by the Committee, decrease Performance Hurdles (or otherwise make adjustments that increase the likelihood of Performance Hurdles being achieved), such that, in the Committee’s good faith and sole judgment, the likelihood of achievement of the various Performance Hurdles as adjusted is no less likely than prior to the Material Reduction Event.

More Definitions of Material Reduction

Material Reduction means (i) any change in a retirement plan or arrangement that has the effect of reducing the present value of the projected benefits to be provided to Executive by five percent (5%) or more, (ii) any five percent (5%) or more reduction in medical, health and accident and disability benefits as a percentage of premiums or premium equivalents in accordance with the Company's prior practice as measured over a period of the three previous plan years from the Employment Date, or (iii) any five percent (5%) or more reduction in employer matching funds as a percentage of employee contributions in accordance with the Company's prior practice measured over a period of the previous three plan years from the Employment Date.

Material Reduction means circumstances involving a material reduction in Participant’s position, authority, base compensation or benefits or a hostile or adverse work environment with respect to Participant’s employment by the Company or a Related Company, taken as a whole.

Material Reduction means (i) any change in a retirement plan or arrangement that has the effect of reducing the present value of the projected benefits to be provided to an Employee by five percent (5%) or more, (ii) any five percent (5%) or more reduction in medical, health and accident and disability benefits as a percentage of premiums or premium equivalents in accordance with the Employing Company’s prior practice as measured over a period of the three previous plan years from the date the Change in Control is Consummated, or (iii) any five percent (5%) or more reduction in employer matching funds as a percentage of employee contributions in accordance with the Employing Company’s prior practice measured over a period of the previous three plan years from the date the Change in Control is Consummated.

Material Reduction means a cumulative twenty percent (20%) differential or more;

Material Reduction means a reduction of more than ten percent (10%) to the employer-provided value that the Employee is expected to derive from his Retirement and Welfare Benefits, as reasonably determined by the Compensation Committee; provided, however, that with respect to an Employee who provides notice of Good Reason pursuant to Section 2.27(f), whether such ten percent (10%) reduction is expected to occur shall be determined by the Benefits Consultant using the most recently available Benefits Index and shall be set forth in a written opinion of the Benefits Consultant, and the following guidelines shall be followed by the Company, the Acquiring Company and the Benefits Consultant in the performance of the Benefit Index calculations:

Material Reduction shall be considered cured within the meaning of paragraph 7(c)(i) of the Agreement by payment to you within 90 days of an amount sufficient to cause the Reduction to be under 6% for the Period. In no event shall such cure payment be made later than December 31st of the calendar year following the calendar year in which you remit the taxes for the Period.

Material Reduction means any reduction in the value of the property caused by: