Change of Circumstance

Change of Circumstance. Any event which would constitute (a) a demotion of the Executive or any assignment to material duties that are substantially inconsistent with the Executive's position and title immediately prior to such assignment, (b) a reduction in the Executive's base salary, other than reductions in salaries applied to executives generally, (c) without the Executive's express written consent, the requirement by the Company that the Executive's principal place of employment be relocated more than fifty (50)... miles from his place of employment prior to the Change of Control, (d) a substantial reduction in benefits and perquisites provided to the Executive not applicable to executives generally, or (e) a material change in the terms and conditions of the Executive's employment other than as permitted by (b) or (d) above; provided, however, none of the foregoing shall constitute a Change of Circumstance unless the Executive objects thereto by giving written notice to the Board within 30 days after the Executive becomes aware of such demotion, assignment, reduction, requirements or other change and the Company fails to correct the same within 30 days following receipt of such notice. Notwithstanding the foregoing, a Change of Control does not, standing alone, constitute a Change of Circumstance. View More