Common use of Employee Termination For Cause Clause in Contracts

Employee Termination For Cause. At the election of the Company, it may immediately upon written notice by the Company to the Employee terminate the Employee for cause. For the purposes of this paragraph, cause for termination shall be deemed to exist upon (i) a good faith finding by the Company of a willful failure or refusal of the Employee to perform assigned duties for the Company of which he has knowledge, or the commission of any other willful or grossly negligent action by Employee with the intent to injure the Company; (ii) any material breach of any material provision of this Agreement by the Employee if the Employee fails to correct such breach (or to take substantial steps to correct such breach) within ten (10) days after receiving written notice thereof; or (iii) the conviction of the Employee of, or the entry of a plea of guilty or NOLO CONTENDERE by the Employee to, a crime involving an act of fraud or embezzlement against the Company or the conviction of the Employee of, or the entry of a plea of guilty or NOLO CONTENDERE by the Employee to, any felony involving moral turpitude. Notwithstanding the foregoing, the Company shall not terminate the Employee for cause pursuant to this paragraph unless and until there shall have been delivered to the Employee a copy of a resolution, duly adopted by the affirmative vote of the Board of Directors at a meeting called and held after reasonable notice to the Employee and an opportunity for the Employee, together with his counsel, to be heard before the Board of Directors, finding that in the good faith opinion of the Board of Directors the Employee is guilty of conduct set forth in subparagraphs (i) and (ii) of this paragraph and specifying the particulars thereof in reasonable detail.

Employee Termination For Cause. At the election of the Company, it may immediately upon written notice by the Company to the Employee terminate the Employee for cause. For the purposes of this paragraph, cause for termination shall be deemed to exist upon (i) a good faith finding by the Company of a willful failure or refusal of the Employee to perform assigned duties for the Company of which he has knowledge, or the commission of any other willful or grossly negligent action by Employee with the intent to injure the Company; (ii) any material breach of any material provision of this Agreement by the Employee if the Employee fails to correct such breach (or to take substantial steps to correct such breach) within ten (10) days after receiving written notice thereof; or (iii) the conviction of the Employee of, or the entry of a plea of guilty or NOLO CONTENDERE nolo contendere by the Employee to, a crime involving an act of fraud or embezzlement against the Company or the conviction of the Employee of, or the entry of a plea of guilty or NOLO CONTENDERE nolo contendere by the Employee to, any felony involving moral turpitude. Notwithstanding the foregoing, the Company shall not terminate the Employee for cause pursuant to this paragraph unless and until there shall have been delivered to the Employee a copy of a resolution, duly adopted by the affirmative vote of the Board of Directors at a meeting called and held after reasonable notice to the Employee and an opportunity for the Employee, together with his counsel, to be heard before the Board of Directors, finding that in the good faith opinion of the Board of Directors the Employee is guilty of conduct set forth in subparagraphs (i) and (ii) of this paragraph and specifying the particulars thereof in reasonable detail.