Common use of Definition of Termination for Cause Clause in Contracts

Definition of Termination for Cause. For purposes of Section 4(a)(v), the Executive's termination "for cause" shall be defined to mean: (i) the Executive's material breach of this Agreement, including, without limitation, his failure to perform his obligations hereunder in a manner reasonably satisfactory, provided that termination under this clause (i) must be approved by an 80% Vote of the Nationwide Board (other than any such failure resulting from incapacity or disability due to physical or mental reasons); (ii) the appropriation (or attempted appropriation) of a material business opportunity of the Company, including attempting to secure or securing a personal benefit in connection with any transaction entered into on behalf of the Company; or (iii) the Executive's fraud or dishonesty with respect to the business or affairs of the Company or if the Executive is convicted of, indicted for (or its procedural equivalent) or pleads nolo contendere or guilty to, any felony (or the equivalent thereof) criminal offense or any civil offense involving fraud or moral turpitude. If the Company determines that "cause" exists, prior to giving notice of termination, the Company will so advise the Executive and provide information supporting such determination.

Definition of Termination for Cause. For purposes of Section 4(a)(v), the Executive's termination "for cause" shall be defined to mean: (i) the Executive's material breach of this Agreement, including, without limitation, his her failure to perform his her obligations hereunder in a manner reasonably satisfactory, provided that termination under this clause (i) must be approved by an 80% Vote of the Nationwide Board (other than any such failure resulting from incapacity or disability due to physical or mental reasons); (ii) the appropriation (or attempted appropriation) of a material business opportunity of the Company, including attempting to secure or securing a personal benefit in connection with any transaction entered into on behalf of the Company; or (iii) the Executive's fraud or dishonesty with respect to the business or affairs of the Company or if the Executive is convicted of, indicted for (or its procedural equivalent) or pleads nolo contendere or guilty to, any felony (or the equivalent thereof) criminal offense or any civil offense involving fraud or moral turpitude. If the Company determines that "cause" exists, prior to giving notice of termination, the Company will so advise the Executive and provide information supporting such determination.