Common use of Executive's Discharge for Cause Clause in Contracts

Executive's Discharge for Cause. The Company will have the right to ------------------------------- terminate Executive's employment hereunder for "Cause" at any time effective upon its giving of written notice setting forth with particularity the facts and circumstances constituting such Cause. For such purposes, "Cause" means the occurrence of one or more of the following: (i) the commission by Executive of any act materially detrimental to the Company, including fraud, embezzlement, theft, bad faith, gross negligence, recklessness or willful misconduct; (ii) incompetence or repeated failure or refusal to perform the duties required by this Agreement and as may be assigned to Executive by the Chief Executive Officer of the Company or by such other person to whom Executive is directed to report from time to time by the Chief Executive Officer or the Board of Directors of the Company; (iii) conviction of a felony or of any crime of moral turpitude to the extent materially detrimental to the Company; (iv) any material misrepresentation by Executive to the Company regarding the operation of the business; or (v) breach of any covenant of this Agreement, provided that the action or conduct described in clauses (ii) or (v) above will constitute "Cause" only if such action or conduct continues after the Company has provided Executive with written notice thereof and a reasonable opportunity (to be not less than 30 days) to cure the same.

Executive's Discharge for Cause. The Company will have the right to ------------------------------- terminate Executive's employment hereunder for "Cause" at any time effective upon its giving of written notice setting forth with particularity the facts and circumstances constituting such Cause. For such purposes, "CauseCAUSE" means the occurrence of one or more of the following: (i) the commission by Executive of any act materially detrimental to the Company, including fraud, embezzlement, theft, bad faith, gross negligence, recklessness or willful misconduct; (ii) incompetence or repeated failure or refusal to perform the duties required by this Agreement and as may be assigned to Executive by the Chief Executive Officer of the Company or by such other person to whom Executive is directed to report from time to time by the Chief Executive Officer or the Board of Directors of the Company; (iii) conviction of a felony or of any crime of moral turpitude to the extent materially detrimental to the Company; (iv) any material misrepresentation by Executive to the Company regarding the operation of the business; or (v) breach of any covenant of this Agreement, provided that the action or conduct described in clauses (ii) or (v) above will constitute "Cause" only if such action or conduct continues after the Company has provided Executive with written notice thereof and a reasonable opportunity (to be not less than 30 days) to cure the same.

Executive's Discharge for Cause. The Company will have the right to ------------------------------- may terminate Executive's employment hereunder for "Cause" at any time effective immediately upon its giving of written notice setting forth with particularity the facts and circumstances constituting such Cause, whereupon this Agreement will terminate and Executive shall have no further rights or be entitled to any other benefits of this Agreement, other than the payments and benefits referred to in Section 6.3(a) below. For such purposespurposes of this Agreement, "Cause" means the occurrence of one or more of the following: (i) the commission by Executive of any act materially detrimental to the Company, including but not limited to fraud, embezzlement, theft, bad faith, gross negligence, recklessness recklessness, dishonesty, insubordination or willful misconduct; (ii) incompetence or repeated failure or refusal to perform the duties required by this Agreement and as may be assigned to Executive by the Chief Executive Officer of the Company or by such other person to whom Executive is directed to report from time to time by the Chief Executive Officer or the Board of Directors of the Company; (iii) conviction of a felony or of any crime of moral turpitude to the extent materially detrimental to the Companyturpitude; (iv) any material misrepresentation by Executive to the Company regarding the operation of the business; or (v) material breach of any covenant of this Agreement, provided provided, that the action or conduct described in clauses clause (ii) or clause (v) above will constitute "Cause" only if such action or conduct continues after the Company has provided Executive with written notice thereof and a reasonable opportunity (to be not less than 30 days) to cure the same.