Defacto Termination definition

Defacto Termination shall include any of the following events: (i) the Company shall reduce the Executive's base salary in an aggregate amount in excess of 10% from that paid in the prior fiscal year, except as part of a general reduction of executive officers compensation in general; (ii) the Company shall fail to cause Executive to remain an executive officer of the Company; (iii) Executive shall not be afforded the authority, powers, responsibilities and privileges customarily accorded to an executive with his or her title; or (iv) the Company shall require Executive's primary services to be rendered in an area other than the Company's principal offices in the greater Los Angeles metropolitan area.
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Defacto Termination shall include any of the following events: (i) the Parent shall fail to pay or shall reduce the Base Salary, Performance Bonus or other benefits provided herein, except as permitted hereunder, or shall otherwise breach any material provision hereof which breach is not cured within 10 days after receipt of notice thereof from Executive; (ii) the Parent shall fail to cause Executive to remain the Executive Vice President of the Parent and Chief Executive Officer and President and Chairman of the Board of the Company; (iii) Executive shall not be continuously afforded the authority, powers, responsibilities and privileges contemplated in Section 1 above (whether or not accompanied by a change in title); (iv) the Parent shall require Executive's primary services to be rendered in an area other than the Company's principal offices in Orange County; or (v) after a Change in Control (as defined below), the Parent increases the base salary for senior executives of the Parent generally without similarly increasing the Base Salary of Executive. For purposes of clause (iii), Executive shall be deemed not to have been continuously afforded the authority, powers, responsibilities and privileges contemplated in Section 1 above if there shall occur any reduction in the scope, level or nature of Executive's employment hereunder, or any demotion, any phasing out or assignment to others, of the duties contemplated herein.
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Examples of Defacto Termination in a sentence

  • If the Company elects to terminate Executive for any reason whatsoever other than as provided in Section 6(a) or if the Company causes a Defacto Termination of Executive (as defined below) (each a "Severance Termination"), Executive shall receive the "Separation Package".

  • If the Company elects to terminate Executive for any reason whatsoever other than as provided in Section 6(a) or if the Company causes a Defacto Termination of Executive (as defined below) (each a "Severance Termination"), Executive shall receive the "Separation Package." As used herein, the "Separation Package" shall consist of one year Base Salary (at the annual rate in effect at the date of the Severance Termination).

  • If the Company elects to terminate ------------- Executive for any reason whatsoever other than as provided in Section 6(a) or if the Company causes a Defacto Termination of Executive (as defined below) (each a "Severance Termination"), Executive shall receive the "Separation Package." As used herein, the "Separation Package" shall consist of one year Base Salary (at the annual rate in effect at the date of the Severance Termination).