Definition of Good Reason For Purposes of Change of Control. For purposes of a Change of Control, “Good Reason” will mean any of the following to which the Employee will not consent in writing, but only if the Termination Date is within six (6) months before or twenty-four (24) months after a Change of Control: (i) a material reduction in either the Employee’s then current Base Salary, Bonus Level Percentage, or both; (ii) failure by the Company to pay in full on a current basis (A) any of the compensation or benefits described in this Agreement that are due and owing, or (B) any amounts due and owing to the Employee under any long-term or short-term or other incentive compensation plans, agreements or awards; (iii) a material breach of any provision of this Agreement by the Company; (iv) any material reduction in the Employee’s title, authority or responsibilities as set forth in this Agreement; or (v) a relocation of the Employee’s primary place of employment to a location more than fifty (50) miles from the Company’s principal future office location in Houston, Texas on the day immediately preceding the Change of Control.
Appears in 4 contracts
Samples: Employment and Severance Agreement (Ring Energy, Inc.), Employment and Severance Agreement (Ring Energy, Inc.), Employment and Severance Agreement (Ring Energy, Inc.)
Definition of Good Reason For Purposes of Change of Control. For purposes of a Change of Control, “Good Reason” will mean any of the following to which the Employee will not consent in writing, but only if the Termination Date is within six (6) months before or twenty-four eighteen (2418) months after a Change of Control: (i) a material reduction in either the Employee’s then current Base Salary, Bonus Level Percentage, or both; (ii) failure by the Company to pay in full on a current basis (A) any of the compensation or benefits described in this Agreement that are due and owing, or (B) any amounts due and owing to the Employee under any long-term or short-term or other incentive compensation plans, agreements or awards; (iii) a material breach of any provision of this Agreement by the Company; (iv) any material reduction in the Employee’s title, authority or responsibilities as set forth in this Agreement; or (v) a relocation of the Employee’s primary place of employment to a location more than fifty (50) miles from the Company’s principal future office location in Houston, Texas on the day immediately preceding the Change of Control.
Appears in 3 contracts
Samples: Employment Agreement (Yuma Energy, Inc.), Employment Agreement (Yuma Energy, Inc.), Employment Agreement (Yuma Energy, Inc.)
