Common use of Company Termination Clause in Contracts

Company Termination. Subject to the Company’s obligations to make the payments contemplated by Section 4(d), the Term of Employment may be terminated at any time by the Company: (i) upon the death of Executive; (ii) in the event that because of physical or mental disability the Executive is unable to perform, and does not perform, as certified by a mutually agreeable competent medical physician, his material duties hereunder for 180 days in any continuous 210 day period; (iii) for Cause or Material Breach; or (iv) for any other reason not referred to in clauses (i) through (iii) including nonrenewal of the Term by the Company under Section 1 or no reason, and the Company shall not be required to specify a reason for the termination, provided that termination of the Executive’s employment by the Company shall be deemed to have occurred under this clause (iv) only if it is not for reasons described in clauses (i) through (iii) such that this Agreement, subject to the provisions of Section 4(d), shall be construed as terminable at will by the Company. Executive acknowledges that no representations or promises have been made concerning the grounds for termination or the future operation of the Company’s business, and that, except as set forth in the following sentence, nothing contained herein or otherwise stated by or on behalf of the Company modifies or amends the right of the Company to terminate Executive at any time, with or without Cause or for Material Breach. Termination shall become effective 30 days after written notice, or, if for Cause or Material Breach, upon the delivery by the Company to the Executive of written notice specifying the basis of such termination and, if for Cause or Material Breach, the specific reasons therefor.

Company Termination. Subject to the Company’s obligations to make the payments contemplated by Section 4(d), the Term of Employment may be terminated at any time by the Company: (i) upon the death of Executive; (ii) in the event that because of physical or mental disability the Executive is unable to perform, and does not perform, as certified by a mutually agreeable competent medical physician, his material duties hereunder for 180 days in any continuous 210 day period; (iii) for Cause or Material Breach; or (iv) for any other reason not referred to in clauses (i) through (iii) including nonrenewal of the Term by the Company under Section 1 or no reason, and the Company shall not be required to specify a reason for the termination, provided that termination of the Executive’s employment by the Company shall be deemed to have occurred under this clause (iv) only if it is not for reasons described in clauses (i) through (iii) such that this Agreement, subject to the provisions of Section 4(d), shall be construed as terminable at will by the Company. Executive acknowledges that no representations or promises have been made concerning the grounds for termination or the future operation of the Company’s business, and that, except as set forth in the following sentence, nothing contained herein or otherwise stated by or on behalf of the Company modifies or amends the right of the Company to terminate Executive at any time, with or without Cause or for Material Breach. Termination shall become effective 30 days after written notice, or, if for Cause or Material Breach, upon the delivery by the Company to the Executive of written notice specifying the basis of such termination and, if for Cause or Material Breach, the specific reasons therefortherefore.

Company Termination. Subject to the Company’s obligations to make the payments contemplated by Section 4(d), the Term of Employment may be terminated at any time by the Company: (i) upon the death of Executive; (ii) in the event that because of physical or mental disability the Executive is unable to perform, and does not perform, as certified by a mutually agreeable competent medical physician, his material duties hereunder for 180 days in any continuous 210 day period; (iii) for Cause or Material Breach; or (iv) for any other reason not referred to in clauses (i) through (iii) including nonrenewal of the Term by the Company under Section 1 or no reason, and the Company shall not be required to specify a reason for the termination, provided that termination of the Executive’s employment by the Company shall be deemed to have occurred under this clause (iv) only if it is not for reasons described in clauses (i) through (iii) such that this Agreement, subject to the provisions of Section 4(d), shall be construed as terminable at will by the Company. Executive acknowledges that no representations or promises have been made concerning the grounds for termination or the future operation of the Company’s business, and that, except as set forth in the following sentence, nothing contained herein or otherwise stated by or on behalf of the Company modifies or amends the right of the Company to terminate Executive at any time, with or without Cause or for Material Breach. , Termination shall become effective 30 days after written notice, or, if for Cause or Material Breach, upon the delivery by the Company to the Executive of written notice specifying the basis of such termination and, if for Cause or Material Breach, the specific reasons therefor.