Common use of Reduction of Duties Clause in Contracts

Reduction of Duties. Notwithstanding any other provision of this Agreement to the contrary, the Officer may voluntarily terminate his employment under this Agreement following a Change in Control of the Corporation, whether approved in advance by the Board of Directors or otherwise, and shall thereupon be entitled to receive the payments described in Section 7(e) of this Agreement, upon the occurrence, or within 30 days thereafter, of any of the following events, which have not been consented to in advance by the Officer in writing; (i) if the Officer would be required to move his personal residence or perform his principal executive functions more than 20 miles from the city limits of Charlotte, North Carolina; (ii) if in the organization structure of the Corporation, the Officer would be required to report to a person or persons other than the Board of Directors, Chairman of the Board, President, or Executive Vice President; (iii) if the Corporation should fail to maintain employee benefits and welfare benefit plans, including incentive compensation, vacation, fringe benefit, stock option and retirement plans providing at least the same level of benefits afforded Officer as of the date hereof; (iv) if the Officer would be assigned duties and responsibilities other than those normally associated with his position as Senior Vice President; or (v) if the Officer's responsibilities or authority have in any way been diminished.

Reduction of Duties. Notwithstanding any other provision of this Agreement to the contrary, the Officer may voluntarily terminate his employment under this Agreement following a Change in Control of the Corporation, whether approved in advance by the Board of Directors or otherwise, and shall thereupon be entitled to receive the payments described in Section 7(e) of this Agreement, upon the occurrence, or within 30 days thereafter, of any of the following events, which have not been consented to in advance by the Officer in writing; (i) if the Officer would be required to move his personal residence or perform his principal executive functions more than 20 miles from the city limits of Charlotte, North Carolina; (ii) if in the organization structure of the Corporation, the Officer would be required to report to a person or persons other than the Board of Directors, Chairman of the Board, President, Board or Executive Vice President; (iii) if the Corporation should fail to maintain employee benefits and welfare benefit plans, including incentive compensation, vacation, fringe benefit, stock option and retirement plans providing at least the same level of benefits afforded Officer as of the date hereof; (iv) if the Officer would be assigned duties and responsibilities other than those normally associated with his position as Senior Executive Vice President; or (v) if the Officer's responsibilities or authority have in any way been diminished.