Cause Determination. Executive’s employment may be terminated for Cause only if (x) the acts or omissions specified in the Notice of Consideration did in fact occur and do constitute Cause as defined in this Section, (y) the Board makes a specific determination to such effect and to the effect that Executive’s employment should be terminated for Cause (“Cause Determination”) and (z) the Company thereafter provides Executive with a Notice of Termination which specifies in specific detail the basis of such Termination of Employment for Cause and which Notice shall be consistent with the reasons set forth in the Notice of Consideration. Any Cause determination shall require the affirmative vote of a majority of the members of the Board.
Appears in 4 contracts
Samples: Change of Control Employment Agreement (Principal Financial Group Inc), Change of Control Employment Agreement (Principal Financial Group Inc), Change of Control Supplement to Employment Agreement (Principal Financial Group Inc)
Cause Determination. Executive’s 's employment may be terminated for Cause only if (x) the acts or omissions specified in the Notice of Consideration did in fact occur and do constitute Cause as defined in this Section, (y) the Board makes a specific determination to such effect and to the effect that Executive’s 's employment should be terminated for Cause (“"Cause Determination”") and (z) the Company thereafter provides Executive with a Notice of Termination which specifies in specific detail the basis of such Termination of Employment for Cause and which Notice shall be consistent with the reasons set forth in the Notice of Consideration. Any The Cause determination Determination shall require the affirmative vote of a majority at least 66-2/3% of the members of the Board.
Appears in 1 contract
Samples: Change of Control Employment Agreement (Principal Financial Group Inc)
Cause Determination. Executive’s 's employment may be terminated for Cause only if (x) the acts or omissions specified in the Notice of Consideration did in fact occur and do constitute Cause as defined in this Section, (y) the Board makes a specific determination to such effect and to the effect that Executive’s 's employment should be terminated for Cause (“"Cause Determination”") and (z) the Company thereafter provides Executive with a Notice of Termination which specifies in specific detail the basis of such Termination of Employment for Cause and which Notice shall be consistent with the reasons set forth -16- 22 in the Notice of Consideration. Any The Cause determination Determination shall require the affirmative vote of a majority at least 66-2/3% of the members of the Board.
Appears in 1 contract
Samples: Employment Agreement (Principal Financial Group Inc)