Common use of For Cause Defined Clause in Contracts

For Cause Defined. “For Cause” shall mean (i) abuse of or addiction to intoxicating drugs (including alcohol), which has adversely affected or may adversely affect the business or reputation of the Company; (ii) any act or omission on the part of the Executive which constitutes fraud, misrepresentation, embezzlement, misappropriation of corporate assets or theft; (iii) a felony indictment of the Executive; (iv) a request by federal or state banking regulatory authorities to terminate the Executive’s services hereunder; or (v) a material breach by the Executive of any of the terms of this Agreement. Provided, however, that in the case of (v) above, such conduct shall not constitute Cause unless the Company shall have delivered to the Executive notice setting forth with specificity (A) the conduct deemed to qualify as Cause, (B) reasonable action that would remedy such objection, and (c) a reasonable time (not less than thirty (30) days) within which the Executive may take such remedial action, and the Executive shall not have taken such specified remedial action within such specified reasonable time.