Substantially Equivalent Position definition
Substantially Equivalent Position means the CEO position held by the Limited Partner prior to the occurrence of any of the following events without the express written consent of the Limited Partner, unless such event is materially corrected by the Board within thirty (30) days following the Limited Partner’s provision of written notice to the Board of such event, which notice must be given within thirty (30) days of the first occurrence of the relevant event: (1) prior to the occurrence of a Change in Control, the failure of Och-Ziff to nominate the Limited Partner to the Board; (2) a material diminution in the Limited Partner’s authority, duties, or responsibilities; or (3) a requirement that the Limited Partner report to any person or entity other than to the Board; in each case, provided, however, with respect to clauses (2) and (3), that following the occurrence of a Change in Control in which the Limited Partner remains the most senior executive of Och-Ziff, the Limited Partner’s position shall not fail to be a Substantially Equivalent Position due to a change in title or reporting structure or other similar event, including without limitation by reason of the Limited Partner ceasing to be an executive officer of a public company or ceasing to report directly to a board of directors of a public company.
Substantially Equivalent Position means the CEO position held by the Executive prior to the occurrence of any of the following events without the express written consent of the Executive, unless such event is materially corrected by the Board within thirty (30) days following the Executive’s provision of written notice to the Board of such event, which notice must be given within thirty (30) days of the first occurrence of the relevant event: (1) prior to the occurrence of a Change in Control, the failure of the Company to nominate the Executive to the Board; (2) a material diminution in the Executive’s authority, duties, or responsibilities; or (3) a requirement that the Executive report to any person or entity other than to the Board; in each case, provided, however, with respect to clauses (2) and (3), that following the occurrence of a Change in Control in which the Executive remains the most senior executive of the Company, the Executive’s position shall not fail to be a Substantially Equivalent Position due to a change in title or reporting structure or other similar event, including without limitation by reason of the Executive ceasing to be an executive officer of a public company or ceasing to report directly to a board of directors of a public company.
Substantially Equivalent Position means a position that has the same pay, benefits and working conditions, including privileges, prerequisites and status. It must involve the same or substantially similar duties and responsibilities, which must entail substantially equivalent skill, effort, responsibility and authority.
Examples of Substantially Equivalent Position in a sentence
A termination of the Term and the Withdrawal due to Resignation of the Limited Partner prior to the scheduled expiration of the Term that is due to the Limited Partner’s position no longer being a Substantially Equivalent Position shall be treated as a Withdrawal without Cause and entitle the Limited Partner to receive the payments and benefits set forth in this Section 3(b).
A termination of the Term and the Executive’s employment under this Agreement prior to the scheduled expiration of the Term by the Executive by reason of his position no longer being a Substantially Equivalent Position shall be treated as a termination by the Company without Cause and entitle the Executive to receive the payments and benefits set forth in this Section 3(b).