Good Reason Definition Example

Good Reason. The occurrence of any of the following events without an Eligible Executive's consent: (i) a reduction of 20% or more in an Eligible Executive's Base Salary other than as part of one or more decreases that are applied similarly to all of the Company's similarly situated executives; (ii) the Company's material breach of any written agreement with an Eligible Executive; or (iii) a relocation of the geographic location of an Eligible Executive's principal place of employment by more than 75 miles... from Houston, Texas. Notwithstanding the foregoing provisions of this definition or any other provision of the Plan to the contrary, any assertion by an Eligible Executive of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) the Eligible Executive has provided written notice to the Company of the existence of the condition(s) providing grounds for termination for Good Reason within 30 days of the initial existence of such condition; (B) the condition(s) specified in such notice must remain uncorrected for 30 days following the Company's receipt of such written notice; and (C) the date of the Eligible Executive's termination of employment must occur within 60 days after the initial existence of the condition(s) specified in such notice. View More