Resignation of the Executive for Good Reason Sample Clauses
Resignation of the Executive for Good Reason. (a) The Executive may resign for Good Reason at any time during the Employment Period, as hereinafter set forth. As used in this Agreement, “Good Reason” means any of the following:
Resignation of the Executive for Good Reason. (a) The Executive may resign for "Good Reason" (as herein defined), provided the event constituting such occurs at any time during the twelve (12)-month period following a "Change in Control" (as defined in Section 5(b)
Resignation of the Executive for Good Reason. (a) The Executive may resign for "Good Reason" (as herein defined) during the two-year period following a "Change in Control" (as defined in Section 5(b) hereof), as hereinafter set forth. As used in this Agreement, "Good Reason" means any of the following:
(i) any reduction in title or a reduction in the Executive's responsibilities or authority with respect to Peoples or the Bank, including such responsibilities and authority as the same may be increased at any time during the term of this Agreement, or the assignment to the Executive of duties inconsistent with the Executive's status as President and Chief Executive Officer of Peoples and the Bank;
(ii) any reassignment of the Executive which requires the Executive to move his principal residence;
(iii) any removal of the Executive from office or any adverse change in the terms and conditions of the Executive's employment, except for any termination of the Executive's employment under the provisions of Section 3(a) hereof;
(iv) any reduction in the Executive's annual base salary as in effect on the date hereof or as the same may be increased from time to time;
(v) any failure of Peoples to provide the Executive with benefits at least as favorable as those enjoyed by the Executive under any of the pension, life insurance, medical, health, accident, disability or other employee benefit plans of Peoples (or any affiliated company) in which the Executive participated at the time of the Change in Control, or the taking of any action that would materially reduce any of such benefits in effect at the time of the Change in Control, unless such reduction is part of a reduction applicable to all employees;
(vi) any failure to obtain a satisfactory agreement from any successor to assume and agree to perform under this Agreement, as contemplated in Section 16(a) hereof;
(vii) any material change in the legal relationship between Peoples and the Bank; or
(viii) any material breach of this Agreement on the part of Peoples or the Bank. At the option of the Executive, exercisable by the Executive within one hundred twenty (120) days after the occurrence of each and every of the foregoing events of "Good Reason" (or within ninety (90) days after the occurrence of a Change in Control if such event occurs before such Change in Control), the Executive may resign from employment under this Agreement by delivering a notice in writing (the "Notice of Termination") to Peoples, and the provisions of Section 6 hereof shall there...
Resignation of the Executive for Good Reason. (a) Following the occurrence of a Change in Control (as defined below),the Executive may resign for Good Reason at any time during the Employment Period, as hereinafter set forth. As used in this Agreement, "Good Reason" means any of the following:
(i) any material adverse change in the Executive's responsibilities or authority as outlined in Section 2 which is inconsistent with the Executive's status as Chief Operating Officer of the Bank;
(ii) any reduction in title;
(iii) any reassignment of the Executive to a principal place of employment which is more than 50 miles from the Bank's principal executive office on the date of this Agreement;
(iv) any reduction in the Executive's annual base salary as in effect on the date hereof or as the same may be increased from time to time;
(v) any failure by the Bank to provide the Executive with the benefits substantially similar to those described in Section 4(c), unless such failure is part of a reduction or elimination of benefits applicable in each case to all or substantially all of the participant employees; or
(vi) any material breach of this Agreement on the part of the Bank.
(b) At the option of the Executive, exercisable by the Executive within 90 days after the occurrence of the event constituting Good Reason, the Executive may resign from employment under this Agreement by a notice in writing (the "Notice of Termination") delivered to the Bank and the provisions of Section 6 shall thereupon apply in lieu of Section 4.
Resignation of the Executive for Good Reason