Common use of By the Employee for Good Reason Clause in Contracts

By the Employee for Good Reason. The Employee may terminate employment hereunder for Good Reason upon notice to the Company setting forth in reasonable detail the nature of such Good Reason. The following shall constitute Good Reason for termination by the Employee: (i) failure of the Company to continue the Employee in his/her executive position; (ii) a change adverse to the Employee in the Employee's primary reporting relationship; (iii) material diminution in the nature or scope of the Employee's responsibilities, duties or authority; (iv) material failure of the Company to provide the Employee base salary and benefits in accordance with the terms of Sections 4 and 5 hereof; or (v) a permanent transfer of the Employee to a work site more than twenty-five miles distant from his/her work site on the Effective Date. In the event of termination in accordance with this Section 6.e, the Company shall provide the Employee base salary and health insurance benefits in accordance with Section 6.d hereof, provided that the Employee executes the Employee Release within twenty-one (21) days of his/her notice of termination of employment and provided further that the Employee does not timely revoke the Employee Release.

Appears in 9 contracts

Samples: Employment Agreement (Ust Corp), Employment Agreement (Ust Corp), Employment Agreement (Ust Corp)

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By the Employee for Good Reason. The Employee may terminate employment hereunder for Good Reason upon notice to the Company setting forth in reasonable detail the nature of such Good Reason. The following shall constitute Good Reason for termination by the Employee: (i) failure of the Company to continue the Employee in his/her an executive positionposition in accordance with Section 3.a above; (ii) a change adverse to the Employee in the Employee's primary reporting relationship; (iii) material diminution in the nature or scope of the Employee's responsibilities, duties or authority; (iv) material failure of the Company to provide the Employee base salary and benefits in accordance with the terms of Sections 4 and 5 hereof; or (v) a permanent transfer of the Employee to a work site more than twenty-five miles distant from his/her his work site on the Effective Date. In the event of termination in accordance with this Section 6.e, the Company shall provide the Employee base salary severance pay and health insurance benefits in accordance with Section 6.d hereof, provided that the Employee executes the Employee Release within twenty-one (21) days of his/her his notice of termination of employment and provided further that the Employee does not timely revoke the Employee Release.

Appears in 1 contract

Samples: Executive Employment Agreement (Ust Corp /Ma/)

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By the Employee for Good Reason. The Employee may terminate employment hereunder for Good Reason upon notice to the Company UST setting forth in reasonable detail the nature of such Good Reason. The following shall constitute Good Reason for termination by the Employee: (i) failure of the Company UST to continue the Employee in his/her executive positionhis position as President and CEO of UST; (ii) a change adverse to the Employee in the Employee's primary reporting relationship; (iii) material diminution in the nature or scope of the Employee's responsibilities, duties or authority; (iv) material failure of the Company UST to provide the Employee base salary compensation and benefits in accordance with the terms of Sections Section 4 and 5 hereof; or (v) a permanent transfer of the Employee to a work site more than twenty-five (25) miles distant from his/her his work site on the Effective Date. In the event of termination in accordance with this Section 6.e5.e, the Company UST shall provide the Employee base salary Base Salary, short-term incentive compensation, vesting of stock options, lapse of restrictions on Restricted Stock and health insurance plan benefits in accordance with Section 6.d 5.d hereof, provided that the Employee executes 8 8 the Employee Release within twenty-one (21) days of his/her his notice of termination of employment and provided further that the Employee does not timely revoke the Employee Release.

Appears in 1 contract

Samples: Executive Employment Agreement (Ust Corp /Ma/)

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