Constructively Terminates

Constructively Terminates. That the Optionee is required (i) to perform services for the Company or any successor corporation that involve responsibilities and duties substantially below the level of a senior executive officer of a publicly-traded company, (ii) to commit more than twenty-five percent (25%) of his business time and attention to the Company or any successor corporation, or (iii) to enter into any agreement that obligates him or restricts his actions substantially more than the terms set forth in the letter... of employment, dated June 14, 2001. View More

Constructively Terminates. Executive's termination of employment with the Company as a result of the occurrence, without Executive's consent, of any of the following: (i) a significant reduction in the Executive's salary, excluding the substitution of substantially equivalent compensation and benefits, that is applicable to all Company senior management; or (ii) Executive's removal from his position as outlined in Section 1(a); or (iii) Executive's relocation to a location more than fifty (50) miles from the Company's... Los Angeles, California office location; provided, however, that in the event Executive believes that grounds exist for Executive to Constructively Terminate, then Executive agrees to provide the Board with written 5 notice specifying the purported grounds for such belief and the Company shall have thirty (30) days after receipt of such written notice to cure such purported grounds (unless such purported grounds by their nature cannot be cured, in which case notice and an opportunity to cure shall not be required). View More