Good Reason Resignation

Good Reason Resignation. A resignation within twenty-four (24) months of a Change in Control following (i) a material reduction in compensation and benefits or (ii) a material reduction in responsibilities, or (iii) a change in the location of the Company's headquarters to a location more than fifty (50) miles from Whippany, New Jersey.

Good Reason Resignation. Good Reason Resignation means, at any time after the Closing Date, any retirement or termination of employment by an Employee that is not initiated by the Company or any member of the Tyco Group, following the occurrence, during the Retention Period, of: (i) Without the Employee's written consent, a material change in the geographic location at which the Employee must perform services to a location which is more than 50 miles from the Employee's principal place of business immediately preceding... the Closing Date; provided, that such change in location extends the commute of such Employee; or (ii) Without the Employee's written consent, a material reduction to the Employee's base compensation and benefits, taken as a whole, as in effect immediately prior to the Closing Date. Notwithstanding the foregoing, the Employee shall be considered to have a Good Reason Resignation only if the Employee provides written notice to the Company specifying in reasonable detail the events or conditions upon which the Employee is basing such Good Reason Resignation and the Employee provides such notice within 90 days after the event that gives rise to the Good Reason Resignation. Within 30 days after notice has been received, the Company shall have the opportunity, but shall have no obligation, to cure such events or conditions that give rise to the Good Reason Resignation. If the Company does not cure such events or conditions within the 30-day period, the Employee may terminate employment with the Company based on Good Reason Resignation within 30 days after the expiration of the cure period. View More