Reduced Position definition

Reduced Position of a person shall mean, (i) without Officer's express written consent, a significant reduction of Officer's duties, position, compensation, or responsibilities in the Surviving Entity following the Change of Control, unless such Reduced Position is of equal or greater organizational level, duties, authority, compensation, and status as the position held by such Officer immediately prior to the date of such reduction in position; provided however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Financial Officer of Company remains the principal financial officer of the Company following a Change of Control and is not made the Chief Financial Officer of the acquiring corporation) shall not constitute a "Reduced Position"
View Source
Reduced Position of a person shall mean, without Officer's express written consent, a significant reduction of Officer's duties, position, compensation, or responsibilities in the Surviving Entity following the Change of Control, unless such Reduced Position is of equal or greater organizational level, duties, authority, compensation, and status as the position held by such Officer immediately prior to the date of such reduction in position, all as reasonably determined by both the Board of Directors of the Company and the CEO of the company acquiring or merging with the Company (or the CEO of the parent of such company if it is a subsidiary acquisition or merger); provided however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Financial Officer of Company remains the principal financial officer of the Company following a Change of Control and is not made the Chief Financial Officer of the acquiring corporation) shall not constitute a "Reduced Position."
View Source

Examples of Reduced Position in a sentence

  • If within twelve (12) months after a Change of Control, (i) the Officer's employment with the Company is terminated without Cause by the Surviving Entity or the Company or (ii) the Officer is relegated without Cause to a Reduced Position in the Surviving Entity or the Company, then subject to Section 5 above, the Officer shall receive monthly severance payments from the Company or the Surviving Entity for a period of six (6) months following such date of termination.

  • If the Officer's employment terminates by reason of the Officer's voluntary resignation (and not in connection with a demotion to a Reduced Position), or if the Officer is terminated for Cause, then the Officer shall not be entitled to acceleration of his option(s) or other benefits, except for those (if any) as may then be established under the Company's then existing severance and benefits plans and policies at the Termination Date.

Related to Reduced Position

  • Covered position means a position in which the employee must be a member of the retirement

  • Reduced Amount means the greatest amount of Agreement Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments pursuant to Section 8(a).

  • Matched Positions means Long and Short Positions of the same Transaction Size opened on the Trading Account for the same Instrument.

  • Permanent Position Any position which has required, or which will require the services of an incumbent without interruption, for an indefinite period.

  • Aggregate Remaining Net Positive Adjustments means, as of the end of any taxable period, the sum of the Remaining Net Positive Adjustments of all the Partners.