Change in a Material Condition

Example Definitions of "Change in a Material Condition"
Change in a Material Condition. (i) A material diminution (5% or more) in your compensation plan, including Base Salary and/or Incentive Compensation. (ii) A material diminution in your authority, duties, or responsibilities. (iii) A material diminution in the authority, duties, or responsibilities of the supervisor to whom you report, including a requirement that you report to a corporate officer or employee instead of reporting directly to the Board. (iv) A material diminution in the budget over which you retain authority.... (v) A material change (more than twenty-five (25) miles) in the geographic location at which Executive must perform his or her services for the Company, except for reasonably required travel on Company business that is not materially greater than such travel requirements prior to the change. (vi) Any other action or inaction that constitutes a material breach by the Company of this Compensation Plan. You are required to provide notice to the Company of the existence of the condition described in this Section II(3)(c) within 90 days of the initial existence of the condition. Upon receipt of such notice, the Company shall have 30 days during which it may remedy the condition and not be required to pay you severance benefits. View More
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