Define: Involuntary Termination
What does "Involuntary Termination" mean? The meaning differs based on the contract. We found 2 definitions across 1 company in SEC filings.
Definition 1 (CISCO SYSTEMS, INC., seen in 1 filing)
Involuntary Termination means the termination of Optionee's Service by reason of: (i) Optionee's involuntary dismissal or discharge by the Corporation for reasons other than Misconduct, or (ii) Optionee's voluntary resignation following (A) a change in Optionee's position with the Corporation (or Parent or Subsidiary employing Optionee) which materially reduces Optionee's level of responsibility, (B) a reduction in Optionee's level of compensation (including base salary, fringe benefits and participation in any corporate-performance based bonus or incentive programs) by more than fifteen percent (15%) or (C) a relocation of Optionee's place of employment by more than fifty (50) miles, provided and only if such change, reduction or relocation is effected by the Corporation without Optionee's consent.
Source: CISCO SYSTEMS, INC. 10-K
Definition 2 (CISCO SYSTEMS, INC., seen in 1 filing)
Involuntary Termination means the termination of the Service of any individual which occurs by reason of: such individual’s involuntary dismissal or discharge by the Corporation for reasons other than Misconduct, or such individual’s voluntary resignation following (A) a change in his or her position with the Corporation which materially reduces his or her duties or responsibilities or the level of management to which he or she reports, (B) a reduction in his or her level of compensation (including base salary, fringe benefits and target bonuses under corporate-performance based bonus or incentive programs) by more than fifteen percent (15%) or (C) a relocation of such individual’s place of employment by more than fifty (50) miles, provided and only if such change, reduction or relocation is effected by the Corporation without the individual’s consent.
Source: CISCO SYSTEMS, INC. 10-K
Data extracted from 2 SEC EDGAR filings across 1 company. Source: Material contracts (Exhibit 10) filed under Regulation S-K.
This page presents definitions found in actual SEC filings for informational purposes. The specific definition appropriate for your contract may vary based on jurisdiction, industry, and specific circumstances. Consult with a qualified attorney for legal advice.