Lesser Position definition

Lesser Position means a position at a lower salary level or with a reduced number of months or hours worked or divided between two (2) or more locations.

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Lesser Position means a new position or a change in the Employee's position, which, compared with Employee's position with Employer immediately prior to the Change in Control, (i) offers a lower level of compensation (including base salary, fringe benefits and target bonuses under any corporate-performance based bonus or incentive programs), or (ii) materially reduces Employee's duties or level of responsibility. In the event of such a termination of his employment, Employee shall be entitled to receive severance benefits as provided in Paragraph 13(d) below.

Lesser Position for Grantee shall mean a new position or a change to Grantee’s position which, compared with Grantee’s position with the Company immediately prior to the Corporate Transaction, (i) offers a lower level of compensation (including base salary, fringe benefits and target bonuses under any corporate-performance based bonus or incentive programs), or (ii) materially reduces Grantee’s duties or level of responsibility, or (iii) assigns Grantee to an office more than miles from the Company’s office at which Grantee served prior to the Corporate Transaction.

Examples of Lesser Position in a sentence

In the event that both the offer of a Lesser Position and a subsequent Involuntary Termination of a Grantee’s Service occur within following a Corporate Transaction, then acceleration of vesting shall occur only in connection with the offer of such Lesser Position and no additional acceleration shall occur in connection with such subsequent Involuntary Termination.
In the event that both the offer of a Lesser Position and a subsequent Involuntary Termination of an Optionee’s Service occur within following a Corporate Transaction, then acceleration shall occur only in connection with the offer of such Lesser Position and no additional acceleration shall occur in connection with such subsequent Involuntary Termination.
In the event that both the offer of a Lesser Position and a subsequent Involuntary Termination of the Participant’s Service occur within twelve (12) months following a Change in Control or Corporate Transaction, then acceleration shall occur only in connection with the offer of such Lesser Position and no additional acceleration shall occur in connection with such subsequent Involuntary Termination.

More Definitions of Lesser Position

Lesser Position for an Optionee shall mean a new position or a change in the Optionee’s position which, compared with such individual’s position with the Company immediately prior to the Corporate Transaction, (i) offers a lower level of compensation (including base salary, fringe benefits and target bonuses under any corporate-performance based bonus or incentive programs), (ii) materially reduces such individual’s duties or level of responsibility, or (iii) includes assignment to an office more than miles from the Company’s office at which the employee serves prior to the Corporate Transaction.

Lesser Position means a new position or a change in Employee's position, which, compared with Employee's position immediately prior to the Change in Control, (i) reduces Employee's compensation (including base salary, fringe benefits or incentive compensation opportunities (as determined in good faith by Employee) under any corporate-performance based bonus and incentive programs), or (ii) materially reduces Employee's duties, status, reporting requirements or level of responsibility, or (iii) requires Employee to change his place of performance as provided in Section 4.

Lesser Position means a position having a lower overall salary range than one or more other positions in a family of positions.