Common use of Early Termination by the Company Clause in Contracts

Early Termination by the Company. The Company may dismiss the Executive for Cause (as hereinafter defined) at any time or by serving the Executive three (3) months’ prior written notice. During such notice period, the Executive shall continue to diligently perform all of the Executive’s duties hereunder. In the event of dismissal without Cause, the Executive will be eligible to receive an amount equal to the Monthly Salary multiplied by (M + 12), where M shall mean the number of years Executive has been employed by the Company pursuant to this Agreement, payable in full immediately following the receipt by the Executive of such written notice. For the for purposes of this Agreement, Cause shall include: (i) the conviction of a felony or any crime involving moral turpitude, fraud or misrepresentation, (ii) the continued failure by Executive to substantially perform his duties to the Company after receipt of written notice from the Company specifying any action or inaction by Executive which is deemed by the Company to constitute a failure to perform his duties hereunder with suggestions, where feasible, as to how Executive may remedy such failure, and Executive has failed to correct the unsatisfactory performance within fifteen (15) days of such notice, (iii) Executive’s gross negligence or willful misconduct which is materially injurious to the Company, monetarily or otherwise, (iv) proven dishonesty by Executive adversely affecting the Company as determined by the Board, and (v) any material breach by Executive of the Company’s then current policies with written notice thereof which has note been cured with 30 days of such notice where such breach is not one subject to immediate termination under the Company’s policies, or of the covenants contained in Section 5 of this Agreement. For purposes of this paragraph, no act or failure to act on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that his action or omission was in the best interest of the Company. If at any time the Company shall determine that Executive has engaged in one or more activities constituting “Cause” for termination hereunder, Executive’s employment shall be terminated for Cause.

Early Termination by the Company. The Company may dismiss the Executive for Cause (as hereinafter defined) at any time or by serving the Executive three __Three_____ (_3_) months’ prior written notice. During such notice period, the Executive shall continue to diligently perform all of the Executive’s duties hereunder. In the event of dismissal without Cause, the Executive will be eligible to receive an amount equal to the Monthly Salary multiplied by (M + 12), where M shall mean the number of years Executive has been employed by the Company pursuant to this Agreement, payable in full immediately following the receipt by the Executive of such written notice. For the for purposes of this Agreement, Cause shall include: (i) the conviction of a felony or any crime involving moral turpitude, fraud or misrepresentation, (ii) the continued failure by Executive to substantially perform his duties to the Company after receipt of written notice from the Company specifying any action or inaction by Executive which is deemed by the Company to constitute a failure to perform his duties hereunder with suggestions, where feasible, as to how Executive may remedy such failure, and Executive has failed to correct the unsatisfactory performance within fifteen (15) days of such notice, (iii) Executive’s gross negligence or willful misconduct which is materially injurious to the Company, monetarily or otherwise, (iv) proven dishonesty by Executive adversely affecting the Company as determined by the Board, and (v) any material breach by Executive of the Company’s then current policies with written notice thereof which has note been cured with 30 days of such notice where such breach is not one subject to immediate termination under the Company’s policies, or of the covenants contained in Section 5 of this Agreement. For purposes of this paragraph, no act or failure to act on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that his action or omission was in the best interest of the Company. If at any time the Company shall determine that Executive has engaged in one or more activities constituting “Cause” for termination hereunder, Executive’s employment shall be terminated for Cause.