Qualifying Departure

Example Definitions of "Qualifying Departure"
Qualifying Departure. An Eligible Executive's employment with the Company or a subsidiary of the Company is terminated solely as a result of or in connection with a sale or other divestiture by the Company of a division, subsidiary or other business segment (including, without limitation, by sale of shares of stock or of assets) pursuant to which the Eligible Executive's employer ceases to be the Company or a subsidiary of the Company, but the Eligible Executive was offered continued employment by the acquirer or... transferee employer in such sale or divesture or transfer on terms such that, if accepted by the Eligible Executive, such continued employment would not result in any of the events described in clauses (i), (ii), (iii), or (iv) of the definition of Good Reason and would entitle, for a two-year period immediately following such sale or divestiture or transfer, the Eligible Executive to participate in a severance plan or agreement providing substantially similar severance rights and benefits as the Eligible Executive was entitled to receive pursuant to this Plan View More
All Definitions