Offer of Comparable Employment definition

Offer of Comparable Employment means an offer of employment that has each of the following features:

Offer of Comparable Employment means an offer of employment, or a confirmation of continued employment, that provides you with (i) the same or higher base salary and target bonus opportunity that were in effect immediately before the Sale Date; and (ii) a work location that is no more than fifty (50) miles from your work location immediately before the Sale Date.

Offer of Comparable Employment means an offer of employment to a Participant that provides for similar target total compensation and does not require the Participant to relocate to an employment location which is 50 or more miles from his or her current work location.

Examples of Offer of Comparable Employment in a sentence

• If a Participant receives an offer of employment that is not an Offer of Comparable Employment, such Participant may decline the offer and receive Plan Benefits in accordance with Section 3.02(a) or accept the offer and begin employment in the new position.

• A Participant will not be eligible to receive Plan Benefits if such Participant's employment with the Company is terminated as the result of the sale, transfer, closure, or other conveyance of a Business Unit, site or facility closure, RIF, reorganization, integration or other involuntary termination program and the Participant receives an Offer of Comparable Employment.

• For purposes of item (ii) in the preceding sentence, an offer of employment may constitute an Offer of Comparable Employment even though the performance standards to be used to determine whether a bonus will be paid or the level of such bonus are different from standards used by the Company.

• An Eligible Employee shall not be entitled to receive Plan Benefits if such employee’s employment with the Company is terminated as a result of the sale, transfer, or other conveyance of a Business Unit for which the Eligible Employee performs services and such Eligible Employee receives an Offer of Comparable Employment from the management of such Business Unit in connection with the sale or transfer of such Business Unit.

• In the event of a termination of employment by the Executive on his own initiative after delivery of 10 business days advance written notice, other than a termination due to death, Disability, a Resignation Following No Offer of Comparable Employment, the Executive shall have the same entitlements as provided in Section 8(c)(ii) above for a termination for Cause.

• Other factors associated with an offer of employment, such as the job description and responsibilities, the opportunity for stock-based compensation, and the level of benefits or perquisites, will not be considered for purposes of determining whether an offer of employment constitutes an Offer of Comparable Employment under this Plan.

• If an Eligible Employee receives an offer of employment from the management of a Business Unit that is not an Offer of Comparable Employment, such employee may either decline the offer and receive Plan Benefits or accept the offer and begin employment in the new position.

More Definitions of Offer of Comparable Employment

Offer of Comparable Employment means an offer from a purchaser of assets from the Company to employ a Participant in a position that, provided it was accepted by the Participant, would not constitute Good Reason under Section 2.9.

Offer of Comparable Employment means an offer of employment to transfer to a new employer, which was an affiliate of the Company prior to the occurrence of a Change of Control, with a title that is substantially similar to the title held by the Executive immediately prior to such offer and an equivalent annual rate of base salary and bonus target to that paid to the Executive immediately prior to such offer. An Offer of Comparable Employment shall exist even if the Executive is required to relocate, provided that the Executive is offered a relocation package consistent with the Company’s relocation package in effect immediately prior to the Change of Control (as defined above).

Offer of Comparable Employment means an offer of employment to an Eligible Employee that (i) has a Base Pay for such employee which is not less than the Base Pay in effect for the employee on the day immediately prior to the effective date of the transfer of the Business Unit, (ii) provides the employee with an opportunity to earn an annual cash bonus which is comparable to the target level that such employee can earn under an applicable cash bonus plan offered by the Company to which such employee is eligible on the day immediately prior to the effective date of the transfer of the Business Unit, and (iii) does not require the employee to transfer to another employment location which is more than 50 miles farther from the Eligible Employee's residence than was the location at which the Eligible Employee was employed immediately prior to the date of the transfer of the Business Unit. For purposes of item (ii) in the preceding sentence, an offer of employment may constitute an "Offer of Comparable Employment" even though the performance standards to be used to determine whether a bonus will be paid or the level of such bonus are different from standards used by the Company. In addition, an offer of employment may satisfy the requirement set forth in item (ii), above, even though the bonus opportunity of the new offer is less than annual target bonus, if the combination of base pay and bonus opportunity of the new offer is comparable to the sum of base pay and annual target bonus in effect at the time of the transfer of the Business Unit. Other factors associated with an offer of employment, such as the job description and responsibilities, the opportunity for stock-based compensation, and the level of benefits or perquisites, will not be considered for purposes of determining whether an offer of employment constitutes an "Offer of Comparable Employment" under this Plan.

Offer of Comparable Employment means an offer of employment that meets the following requirements: (1) the offered initial role is comparable to the employee’s role as of immediately prior to the Offer Date, (2) the offered initial base salary for a salaried employee or initial hourly wage for an hourly employee is no less favorable than the base salary or hourly wage, as applicable, provided by the Seller to such employee immediately prior to the Offer Date, (3) the offered initial work location is the same or within a 50-mile commuting radius of the employee’s work location as of immediately prior to the Offer Date (or is closer in distance to the employee’s home than the employee’s work location is as of immediately prior to the Offer Date), and (4) the offered initial full-time or part-time status is the same as the employee’s full-time or part-time status as of immediately prior to the Offer Date; provided, in each case, that the Purchaser’s offer of employment is updated to reflect the role, salary or wage, work location, and full- or part-time status in effect as of immediately prior to the Closing Date to the extent of any such change in accordance with Section 4.6.

Offer of Comparable Employment means an offer of employment containing (i) a minimum employment term of not less than three (3) years, (ii) a minimum initial base salary of $325,000 per annum, subject to adjustment for inflation (which shall be at least 5% per annum) and to discretionary annual increases, (iii) bonuses which are comparable to the Income Bonus and the Cash Flow Bonus in the Arfa Employment Agreement (as hereinafter defined) which the Buyer in good faith reasonably believes will result in Arfa receiving aggregate annual bonuses of not less than $200,000 based on targets of comparable difficulty and/or probability of achieving as the targets set forth in the Arfa Employment Agreement; and (iv) annual stock option grants on terms no less favorable than those contained in the Employment Agreement.