Mutual Benefit. The resignation of a Participant from employment with the Company Group following the occurrence of one or more of the events set forth in clauses (i) through (iv) below without the prior written consent of the Participant, provided that (A) the Participant delivers written notice to the member of the Company Group that employs such Participant and to the Vice President of Human Resources of Covanta of his or her intention to resign from employment due to one or more of such events, which
... notice specifies in reasonable detail the circumstances claimed to provide the basis for such resignation, and (B) such event or events are not cured by the Company Group (or such member) within fifteen (15) days following delivery of such written notice to such member and the Vice President of Human Resources of Covanta: (i) a reduction in such Participant's annual rate of base salary; (ii) (x) in the case of such Participant's annual bonus for fiscal year 2002, any reduction in such Participant's bonus classification level under the annual bonus plan of the Comphany Group in which such Participant is a participant for such fiscal year and (y) in the case of such Participant's annual bonus for any subsequent fiscal year, any such reduction in such Participant's bonus classification level, other than a reduction in a subsequent fiscal year in connection with the redesign of the applicable annual bonus plan that affects all similarly situated participants similarly; (iii) a relocation of such Participant's principal business location to a location that is 50-miles or more from his or her principal business location at the time of such relocation; or (iv) the failure of any Successor to the Company Group (or member thereof that employs such Participant) to assume, in writing, the obligations of the Company Group to such Participant, if any, under the Covanta Key Employee Retention Bonus Plan and the Covanta Key Employee Severance Pay Plan.
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Mutual Benefit. Shall mean the resignation of a Key Employee from employment with the Company Group following the occurrence of one or more of the events set forth in clauses (i) through (iv) below without the prior written consent of the Key Employee, provided that (A) the Key Employee delivers written notice to the member of the Company Group that employs such Key Employee and to the Vice President of Human Resources of Covanta of his or her intention to resign from employment due to one or more of such
... events, which notice specifies in reasonable detail the circumstances claimed to provide the basis for such resignation, and (B) such event or events are not cured by the Company Group (or such member) within fifteen (15) days following delivery of such written notice to such member and the Vice President of Human Resources of Covanta: (i) a reduction in such Key Employee's annual rate of base salary; (ii) (x) in the case of such Key Employee's annual bonus for fiscal year 2002, any reduction in such Key Employee's bonus classification level under the annual bonus plan of the Company Group in which such Key Employee is a participant for such fiscal year and (y) in the case of such Key Employee's annual bonus for any subsequent fiscal year, any such reduction in such Key Employee's bonus classification level, other than a reduction in a subsequent fiscal year in connection with the redesign of the applicable annual bonus plan that affects all similarly situated participants similarly; (iii) a relocation of such Key Employee's principal business location to a location that is 50-miles or more from his or her principal business location at the time of such relocation; or (iv) the failure of any Successor to the Company Group (or member thereof that employs such Key Employee) to assume, in writing, the obligations of the Company Group to such Key Employee, if any, under the Plan and the Covanta Key Employee Retention Bonus Plan.
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