Change in Status

Change in Status. Shall mean the merger or consolidation of the Company with another corporation or the acquisition of all or a majority of the property or stock of the Company by another corporation, or a separation, reorganization or liquidation of the Company, in each case only if so determined by a majority of the members of the Board for at least two years prior to such event.

Change in Status. The term "Change in Status" shall mean any event or change in status of a Shareholder, Additional Shareholder or a related party that would cause the Subchapter S Corporation status of the Company to terminate or the number of shareholders of the Company (as determined under Section 1361 of the Code) to increase.

Change in Status. A "Change in Status" of the Executive shall mean the occurrence, without the Executive's written consent, of any of the following circumstances (unless such circumstances constitute an isolated, insubstantial and inadvertent action not taken in bad faith and are promptly and fully remedied by the Company after receipt of notice thereof by the Executive): (a) any diminution or change in a manner adverse to the Executive of (i) his title, office or position with the Company, (ii) his salary,... bonus, or other benefits, or (iii) his duties, responsibilities or employment condition, (b) any breach of this Agreement, including without limitation, the failure by the Company to pay to the Executive any portion of his compensation or other benefits, (c) the Company's requiring the Executive to be based at any office or location more than 35 miles from the Company's current main office or the Company's requiring the Executive to travel on Company business to a substantially greater extent than required immediately before the date of this Agreement, or (d) any purported termination by the Company of the Executive's employment otherwise than as expressly permitted by this Agreement. View More