Permitted Reason definition

Permitted Reason means a termination of employment by reason of death, disability, termination by the employer without "cause," or termination by a Person of their employment for "good reason." For purposes of this definition, "cause" shall mean (i) gross negligence or willful misconduct, (ii) breach by the Person of the covenant not to compete provided in their employment agreement during the one year period following the closing of the initial public offering of common stock of the General Partner, (iii) fraud or other conduct against the material best interests of the General Partner, the Partnership or their subsidiaries, or (iv) conviction of a felony if such conviction has a material adverse effect on the General Partner, the Partnership or their subsidiaries. For purposes of this definition, "good reason" means (a) a substantial adverse change in the nature or scope of a Person's responsibilities or authority under the Person's employment agreement, or (b) an uncured breach by the employer of any of its material obligations under such employment agreement.

Permitted Reason means, with respect to any Second Generation Corrector: (a) Vertex has not completed a clinical study of such Second Generation Corrector designed to establish so-called “proof-of-concept (“POC”), but either (i) Vertex obtained evidence that such compound is unlikely to achieve Successful POC; or (ii) such compound failed to demonstrate Successful Pre-Clinical CFTR Correction Activity; or (b) Vertex completed clinical studies designed to establish POC for the compound and the compound failed to achieve Successful POC.

Permitted Reason means a termination of employment by reason of death, disability, termination by the employer without "cause," or termination by a Person of their employment for "good reason." For purposes of this definition, "cause" shall mean (i) gross negligence or willful misconduct,

Examples of Permitted Reason in a sentence

• If Purchaser ceases to be an Employee of the Company for a Permitted Reason, the Company shall purchase the Unvested Stock as hereinafter provided.

• Following the Purchaser's termination of Service for other than a Permitted Reason, as defined in Section 5.3(b) below, the Company shall have the right, but not the obligation, to purchase all or any portion of the vested Shares of the Purchaser at any time within 12 months following such termination of Service.

• Notwithstanding the foregoing, in the event that prior to payment of a Plan Bonus for a Performance Cycle that has commenced, a Participant incurs a Termination of Employment for a Permitted Reason, such Participant shall remain entitled to payment of the Plan Bonus determined on the same basis as other Participants.

• Following the Purchaser's termination of Service for other than a Permitted Reason, as defined in Section 5.3(b) below, the Company shall the right, but not the obligation, to purchase all or any portion of the vested Shares of the Purchaser at any time within 12 months following such termination of Service.

• As Michael Ebeid ceased employment for a Permitted Reason before the allocation of his FY20 and FY21 Restricted Shares and Performance Rights under the EVP, he was awarded Cash Rights in lieu of those Restricted Shares and Performance Rights.

More Definitions of Permitted Reason

Permitted Reason means a termination of employment by reason of death, disability, termination by the employer without “cause,” or termination by a Person of their employment for “good reason.” For purposes of this definition, “cause” shall mean (i) gross negligence or willful misconduct, (ii) breach by the Person of the covenant not to compete provided in their employment agreement during the one year period following the closing of the initial public offering of common stock of the General Partner,

Permitted Reason means Termination of Employment of a Participant by reason of his or her death, Disability, by the Participant for Good Reason or by the Company or its affiliates without Cause.

Permitted Reason means a termination of employment by reason of death, disability, termination by the employer without "cause," or termination by a Person of their employment for "good reason." For purposes of this definition, "cause" shall mean (i) gross negligence or willful misconduct, (ii) breach by the Person of the covenant not to compete provided in their employment agreement during the one year period following the closing of the initial public offering of common stock of the General Partner, (iii) fraud or other conduct against the material best interests of the General Partner, the Partnership or their subsidiaries, or (iv) conviction of a felony if such conviction has a material adverse effect on the General Partner, the Partnership or their subsidiaries.

Permitted Reason means with respect to (i) calling or holding the Company Stockholder Meeting, that the Company Stockholder Meeting shall not have occurred because of the failure of the SEC to declare the Form S-4 Effective and (ii) obtaining Company Stockholder Approval, that Company Stockholder Approval shall not have been obtained because of the failure of the Family Stockholders to vote in accordance with the Voting Agreement.

Permitted Reason means a termination of employment by reason of death, disability, termination by the employer without "cause," or termination by a Person of their employment for "good reason." For purposes of this definition, "cause" shall mean (i) gross

Permitted Reason means a termination of employment by a Participant which the CEO, in his or her sole and absolute discretion, determines to be for a Permitted Reason.

Permitted Reason means one of the following with respect to a Property: