Common use of Material Alteration Clause in Contracts

Material Alteration. If Executive is subject to a Material Alteration in compensation or assignment, as defined herein, Executive will be eligible to resign by written notice delivered to the Company within 60 days of notification of the Material Alteration and receive severance pay and benefits as described in Section 6(e)(i)-(v), subject to his compliance with Section 7. (i) A Material Alteration in compensation occurs when Executive’s Base Salary or maximum Annual Bonus opportunity is decreased. (ii) A Material Alteration in assignment occurs when there is a material reduction in the scope of Executive’s duties and responsibilities; or there is a material reduction in Executive’s authority.

Material Alteration. If Executive is subject to a Material Alteration in compensation or assignment, as defined herein, Executive will be eligible to resign by written notice delivered to the Company within 60 days of notification of the Material Alteration and receive severance pay and benefits as described in Section 6(e)(i)-(v), subject to his her compliance with Section 7. (i) A Material Alteration in compensation occurs when Executive’s Base Salary or maximum Annual Bonus opportunity is decreased. (ii) A Material Alteration in assignment occurs when there is a material reduction in the scope of Executive’s duties and responsibilities; or there is a material reduction in Executive’s authority.