MATERIAL REDUCTION IN RESPONSIBILITIES definition
MATERIAL REDUCTION IN RESPONSIBILITIES means the occurrence, without Cause, of any of the following: (i) the Company removes the Executive from the position of Senior Vice President, Worldwide Sales and Service or as an officer of the Company or reduces the responsibilities of the Executive from managing worldwide sales and service, (ii) the Company assigns an individual other than ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ as the person to whom the Executive directly reports, (iii) ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ is no longer the Chairman of the Board and Chief Executive Officer of the Company and (iv) the Company reduces the Executive's base salary and executive
MATERIAL REDUCTION IN RESPONSIBILITIES means the occurrence, without Cause, of any of the following: (i) the Company removes the Executive from the position of Vice President and Chief Executive Officer or as an officer of the Company or reduces the responsibilities of the Executive from managing finance, (ii) the Company assigns an individual other than the Company's Chairman of the Board and Chief Executive Officer as the person to whom the Executive directly reports and (iii) the Company reduces the Executive's base salary and executive bonus. Any voluntary termination by the Executive of his employment with the Company for a Material Reduction in Responsibilities must occur within 60 days of such Material Reduction in Responsibilities, and after giving 30 days prior written notice to the Company.
Examples of MATERIAL REDUCTION IN RESPONSIBILITIES in a sentence
MATERIAL REDUCTION IN RESPONSIBILITIES You may, within 60 days from the occurrence of any change in control or "Material Reduction of Responsibilities" (defined below) and upon 60 days prior written notice to Banyan, voluntarily terminate your employment with Banyan and receive the following payments and benefits: .