Common use of Automatic Termination of Agreement Clause in Contracts

Automatic Termination of Agreement. In that the Company is retaining the unique personal services of the Executive, this Retention Agreement shall automatically terminate upon the Executive’s death, disability, voluntary resignation or termination with or without Cause. “Cause” shall mean (i) the material failure on the part of the Executive to perform his duties under this Retention Agreement, (ii) material dishonesty or gross misconduct by the Executive in the performance of his duties hereunder, (iii) injury caused by the Executive to the reputation of the Company, (iv) a material breach of a covenant in this Retention Agreement, or (v) conviction of the Executive or the Executive’s pleading guilty or no contest to a crime involving moral turpitude or to a felony.