Constructive Termination Event means (x) any action by Employer which is directed at Employee specifically, or which is aimed at a group of employees which includes Employee, and not at all employees generally, and which has the effect of diminishing Employee's compensation, employment responsibilities, authority, or accommodations; or (y) a request by any holder of Employer's outstanding indebtedness that Employee terminate his employment with Employer.
Constructive Termination Event means, in the absence of a written consent of the Participant, and notwithstanding the applicability at the time of the Employment Agreement, so long as such agreement does not contain a definition of “Good Reason,” any one or more of the following: (i) a significant and non-temporary change in the Participant’s general job description or duties of a magnitude that changes the fundamental character of the Participant’s job to such an extent as to constitute a de facto demotion, excluding for this purpose any action not taken in bad faith that (x) results from the evaluation of individual job performance, (y) is part of any overall restructuring involving similarly situated employees generally, or (z) is remedied on the part of the employer promptly after receipt of notice thereof; (ii) any material reduction in the Participant’s base salary or target bonus outside the range of percentages for the respective position, excluding reductions (x) due to economic exigency affecting the Company and/or its subsidiaries, (y) that result from the evaluation of individual job performance or (z) that are made generally applicable to the classification or grade of employees of whom the Participant is a member, other than a reduction not occurring in bad faith and which is remedied on the part of the employer promptly after receipt of notice thereof; or (iii) requiring the Participant to relocate his or her principal business location more than 50 miles from the farther of his residence or his or her principal business location as of the date of the Change in Control.
Constructive Termination Event means (a) the assignment to Employee of any duties materially inconsistent with his status as President and Chief Executive Officer, his removal from the position of President and Chief Executive Officer, or a diminution in the nature or status of Employee’s responsibilities; (b) a reduction by the Company in Employee’s annual base salary; and/or (c) the failure by the Company to continue to provide Employee with benefits substantially similar to those enjoyed by Employee under any of the Benefit Plans in which Employee was participating, unless such changes apply to all Company executives.
Examples of Constructive Termination Event in a sentence
If a Constructive Termination Event occurs, the Executive Chairman shall tender his resignation as executive of the Codere Group within ten (10) Business Days from such date (which shall be deemed to be a termination by the Executive Chairman for Good Reason, as such term is defined in the Executive Services Agreement of the Executive Chairman).
Change in Control Modified “Double Trigger Basis.” Unvested shares vest upon the date of a (A) a “Change in Control” as defined in the Plan, plus either (i) actual termination without Cause or (ii) a Good Reason termination or Constructive Termination Event which is to be made available to all Participants for purposes of awards under the Plan, or (B) a “Change in Control” as defined in the Plan in the event that an acquirer does not assume all outstanding obligations under the Plan.
More Definitions of Constructive Termination Event
Constructive Termination Event means any of the following events, which shall not have been remedied by the Company within 15 days following written notice from you to the Company of the occurrence of such event:
Constructive Termination Event has the meaning ascribed to this term in the Executive Services Agreement of the Executive Chairman.
Constructive Termination Event shall be deemed to have occurred with respect to Employee if within the period beginning sixty (60) days prior to and ending ninety (90) days following the occurrence of the first Corporate Change to occur after the Effective Date the Employer:
Constructive Termination Event means the (i) reduction in the Employee's salary or (ii) the relocation of the Employee. (c) Following a termination of this Agreement pursuant to and in compliance with the terms of this Section 4.05, (i) all Parent stock options held by the Employee shall immediately vest and become exercisable and (ii) the Employer shall have no further duty or obligation to the Employee; provided, however, that the Employee shall continue to be bound by Article V.
Constructive Termination Event means the occurrence, without Holder’s written consent of: (a) a material reduction in Holder’s annual base salary [or the annual target bonus opportunity established under Holder’s employment agreement with the Company or one of its Affiliates]; (b) the Employer requiring a relocation of the Holder’s principal place of employment more than 50 miles from Holder’s principal place of employment as of the Closing; (c) [any material breach by the Employer of a material provision of Holder’s written employment agreement with the Employer; or (d)] a material diminution in Holder’s duties or responsibilities; provided, however, that Holder gives written notice to the Employer of the existence of such a condition within 90 days of the initial existence of the condition, the General Partner has at least 30 days from the date when such notice is provided to cure the condition (if such condition can be cured) without being required to provide vesting due to termination of employment, and Holder actually terminates Holder’s employment due to the Constructive Termination Event within six months of the initial occurrence of any of the conditions above.
Constructive Termination Event shall be deemed to have occurred with respect to a Covered Executive if within the period beginning sixty (60) days prior to and ending one (1) year following the occurrence of the first Corporate Change to occur after the Effective Date the Employer:
Constructive Termination Event means each of the following events;