Substantive Functional Equivalent

Substantive Functional Equivalent. (a)be in a substantive area of the Executive's competence (e.g., finance or executive management) and not materially different from the position occupied immediately prior; (b)allow the Executive to serve in a role and perform duties functionally equivalent to those performed immediately prior; and (c)not otherwise constitute a material, adverse change in authority, title, status, responsibilities or duties from those of the Executive immediately prior, causing the Executive to be of materially... lesser rank or responsibility, including requiring the Executive to report to a person other than the Board. View More

Substantive Functional Equivalent. An employment position occupied by a Designated Executive after the Change in Control that: (a) is in a substantive area of competence (such as, accounting; engineering management; executive management; finance; human resources; marketing, sales and service; operations and manufacturing; etc.) that is consistent with such Designated Executive's experience; (b) requires a Designated Executive to serve in a role and perform duties that are functionally equivalent to those performed by the... Designated Executive prior to the Change in Control, (c) does not otherwise constitute a material, adverse change in the Designated Executive's responsibilities or duties, as measured against the Designated Executive's responsibilities or duties prior to the Change in Control, in each case, causing it to be of materially lesser rank or responsibility. Notwithstanding the foregoing, any change in role, responsibilities or duties that is solely attributable to the change in the Company's status from that of an independent company to that of a subsidiary of the newly controlling entity shall not constitute a change in role, responsibilities or duties for purposes of claims (b) or (c) above. View More

Substantive Functional Equivalent. An employment position occupied by a Group 1 beneficiary after the Change in Control that: (a) is in a substantive area of competence (such as, accounting; engineering management; executive management; finance; human resources; marketing, sales and service; operations and manufacturing; etc.) that is consistent with such Group 1 beneficiary's experience; (b) requires a Group 1 beneficiary to serve in a role and perform duties that are functionally equivalent to those performed by the Group 1... beneficiary prior to the Change in Control, (c) does not otherwise constitute a material, adverse change in the Group 1 beneficiary's responsibilities or duties, as measured against the Group 1 beneficiary's responsibilities or duties prior to the Change in Control, in each case, causing it to be of materially lesser rank or responsibility. Notwithstanding the foregoing, any change in role, responsibilities or duties that is solely attributable to the change in the Company's status from that of an independent company to that of a subsidiary of the newly controlling entity shall not constitute a change in role, responsibilities or duties for purposes of claims (b) or (c) above. View More