Termination of Employment For Good Reason means an Eligible Officer’s decision to resign from his employment due to (a) a material reduction in the position or responsibilities of Eligible Officer; (b) a reduction in Eligible Officer’s Base Salary or a material reduction in Eligible Officer’s compensation arrangements or benefits, (provided that variability in the value of stock-based compensation or in the compensation provided under the SLM Corporation Incentive Plan or a successor plan shall not be deemed to cause a material reduction in compensation); or (c) a relocation of the Eligible Officer’s primary work location to a distance of more than seventy-five (75) miles from its location as of the date of this Plan without the consent of Eligible Officer, unless such relocation results in the Eligible Officer’s primary work location being closer to Eligible Officer’s then primary residence or does not substantially increase the average commuting time of Eligible Officer.
Termination of Employment For Good Reason means: (a) a material reduction in the position or responsibilities of the Eligible Officer not including a change in title only; (b) a reduction in Eligible Officer’s Base Salary or a material reduction in Eligible Officer’s compensation arrangements (provided that variability in the value of stock-based compensation or in the compensation provided under the SLM Corporation Incentive Plan or a successor plan will not be deemed to cause a material reduction in compensation); or (c) a relocation of the Eligible Officer’s primary work location to a distance of more than seventy-five (75) miles from its location. If an Eligible Officer continues his or her employment with the Corporation for more than six months after the occurrence of an event described above that constitutes a Termination for Good Reason, then the Eligible Officer shall be deemed to have given his or her consent to such event and the Eligible Officer shall not be eligible for a Severance Payment under this Plan as a result of that event and shall be deemed to have waived all rights in regard to such event.
Termination of Employment For Good Reason means a termination of an Eligible Officer’s employment by the Eligible Officer due to: (a) a material reduction in the position or responsibilities of the Eligible Officer not including a change in title only; (b) a material reduction in the Eligible Officer’s Base Salary or a material reduction in the Eligible Officer’s compensation arrangements or benefits (provided that variability in the value of stock-based compensation or in the compensation provided under the SLM Corporation 2021 Omnibus Incentive Plan or a successor plan will not be deemed to cause a material reduction in compensation); or (c) a relocation of the Eligible Officer’s primary work location to a distance of greater than seventy-five (75) miles from his or her primary work location as of the date of this Plan, unless such relocation results in the Eligible Officer’s primary work location being closer to his or her then-primary residence or does not substantially increase the average commuting time of such Eligible Officer; provided that a “Termination of Employment For Good Reason” shall not include any requirement by the Corporation or any of its subsidiaries that the Eligible Officer work at his or her assigned office location following the suspension, modification or termination of any applicable remote or hybrid work arrangement granted to the Eligible Officer by the Corporation or any of its subsidiaries. If an Eligible Officer continues his or her employment with the Corporation or any of its subsidiaries for more than ninety (90) days after the occurrence of an event described above that constitutes a Termination of Employment For Good Reason, then the Eligible Officer shall be deemed to have given his or her consent to such event and the Eligible Officer shall not be eligible for a Severance Payment under this Plan as a result of that event and shall be deemed to have waived all rights in regard to such event.
Examples of Termination of Employment For Good Reason in a sentence
In the event of (i) Termination of Employment Without Cause, (ii) Termination of Employment For Good Reason, or (iii) if Termination of Employment occurs for any reason other than Termination of Employment For Cause more than six (6) months after a Change in Control, (each an “Eligible Termination Event”) PremierWest will offer and Executive may choose to execute the Separation Agreement, attached hereto as Exhibit A, which provides for the release of claims against PremierWest.
For Executive’s termination to qualify as Termination of Employment For Good Reason, Executive must terminate his employment within 180 days of the occurrence of the Good Reason event.
The notice must state (a) the specific termination provision of this Agreement relied upon, (b) the date on which termination shall become effective, and (c) in the event of Termination of Employment For Cause or Termination of Employment For Good Reason, the notice must state in reasonable detail the facts and circumstances forming the basis for termination.
Termination Without Cause or Termination For Good Reason (1) If there is a Termination of Employment Without Cause or a Termination of Employment For Good Reason, and the Termination Date is prior to the expiration of the Term, Executive's Base Salary and benefits (including credit for Years of Service under the SERP) shall continue for a period of 36 months following the month in which the Termination Date occurs.
If PremierWest chooses to provide a vehicle for use by Executive during the term of his employment, upon Termination of Employment Without Cause or Termination of Employment For Good Reason, PremierWest shall transfer all right, title, and interest in and to the vehicle to Executive no later than the day on which the Executive has a Termination of Employment.
More Definitions of Termination of Employment For Good Reason
Termination of Employment For Good Reason means the voluntary termination of Executive's employment by Executive for any of the following reasons:
(i) Involuntary reduction in Executive's Base Salary unless such reduction occurs simultaneously with a company-wide reduction in officers' salaries;
(ii) Involuntary discontinuance or reduction in Executive's incentive compensation award opportunities under FirstMerit's plan unless a company-wide discontinuance or reduction of all officers' incentive compensation award opportunities occurs simultaneously with such discontinuance or reduction;
(iii) Significant reduction in Executive's responsibilities and status within the FirstMerit organization, or a change in his title or office without prior written consent of Executive;
(iv) Involuntary discontinuance of Executive's participation in any employee benefit plans maintained by FirstMerit unless such plans are discontinued by reason of law or loss of tax deductibility to FirstMerit with respect to contributions to such plans, or are discontinued as a matter of FirstMerit policy applied equally to all participants in such plans;
(v) A material breach of this Agreement, which breach is not corrected within a reasonable time after notice.
Termination of Employment For Good Reason means a termination of a Grantee’s employment by the Grantee due to: (a) a material reduction in the position or responsibilities of the Grantee not including a change in title only; (b) a material reduction in the Grantee’s Base Salary (as defined in the Executive Severance Plan) or a material reduction in the Grantee’s compensation arrangements or benefits (provided that variability in the value of stock-based compensation or in the compensation provided under the SLM Corporation 2021 Omnibus Incentive Plan or a successor plan will not be deemed to cause a material reduction in compensation); or (c) a relocation of the Grantee’s primary work location to a distance of greater than seventy-five (75) miles from his or her primary work location as of the date of this Agreement, unless such relocation results in the Grantee’s primary work location being closer to his or her then-primary residence or does not substantially increase the average commuting time of such Grantee; provided that a “Termination of Employment For Good Reason” shall not include any requirement by the Corporation or any of its subsidiaries that the Grantee work at his or her assigned office location following the suspension, modification or termination of any applicable remote or hybrid work arrangement granted to the Grantee by the Corporation or any of its subsidiaries. If a Grantee continues his or her employment with the Corporation or any of its subsidiaries for more than ninety (90) days after the occurrence of an event described above that constitutes a Termination of Employment For Good Reason, then the Grantee shall be deemed to have given his or her consent to such event and the Grantee shall not be eligible for continued vesting under this Agreement as a result of that event and shall be deemed to have waived all rights in regard to such event.
Termination of Employment For Good Reason means the voluntary termination of Executive's employment by Executive for any of the following reasons: (i) Executive is required to move to a new principal work location that is more than 25 miles from Executive's work location while with his prior employer; (ii) Executive's duties under this Agreement are subject to a substantial reduction; (iii) the material breach of this Agreement by FirstMerit, but only if such breach is not corrected within 30-days after written notice to FirstMerit detailing the breach; (iv) there is a substantial reduction in the cash compensation, perquisites or vacation provided to Executive by FirstMerit; (v) significant reduction in Executive's responsibilities and status within the FirstMerit organization, or a change in his title or office without prior written consent of Executive; or (vi) involuntary discontinuance of Executive's participation in any employee benefit plans maintained by FirstMerit unless such plans are discontinued by reason of law or loss of tax deductibility to FirstMerit with respect to contributions to such plans, or are discontinued as a matter of FirstMerit policy applied equally to all participants in such plans.
Termination of Employment For Good Reason means a termination of a Grantee’s employment by the Grantee due to: (a) a material reduction in the position or responsibilities of the Grantee not including a change in title only; (b) a material reduction in the Grantee’s Base Salary (as defined in the Executive Severance Plan) or a material reduction in the Grantee’s compensation arrangements or benefits (provided that variability in the value of stock-based compensation or in the compensation provided under the SLM Corporation 2021 Omnibus Incentive Plan or a successor plan will not be deemed to cause a material
Termination of Employment For Good Reason shall have the same meanings ascribed to such terms in the Employment Agreement, effective as of February 1, 1998, between the Company and the Grantee (the "Employment Agreement")); or
Termination of Employment For Good Reason means the voluntary termination of Executive's employment by Executive for any of the following reasons: (i) Executive is required to move to a new principal work location that is more than 25 miles from Executive's work location while with his prior employer; (ii) Executive's duties under this Agreement are subject to a substantial reduction; (iii) the material breach of this Agreement by FirstMerit, but only if such breach is not corrected within 30-days after written notice to FirstMerit detailing the breach; (iv) there is a substantial reduction in the cash compensation, perquisites or vacation provided to Executive by FirstMerit; (v) significant reduction in Executive's responsibilities and status within the FirstMerit organization, or a change in his title or office without prior written consent of Executive; or (vi) involuntary discontinuance of Executive's participation in any employee benefit plans
Termination of Employment For Good Reason means the voluntary termination of Executive's employment by Executive for any of the following reasons: