Common use of Gross incompetence Clause in Contracts

Gross incompetence. In the event of termination for cause, EXECUTIVE shall be paid EXECUTIVE's salary through the effective date of termination on the date of termination. After the effective date of Termination, EXECUTIVE shall not be entitled to accrue or vest in any further salary, severance pay, benefits, fringe benefits or entitlements except as may be required by statute or regulation of any agency of competent jurisdiction; provided that EXECUTIVE shall retain the right to exercise any options which are vested as of the effective date of termination as provided in Section 5(c) herein.

Gross incompetence. In the event of termination for cause, EXECUTIVE EMPLOYEE shall be paid EXECUTIVEEMPLOYEE's salary through the effective date of termination on the date of termination. After the effective date of Termination, EXECUTIVE EMPLOYEE shall not be entitled to accrue or vest in any further salary, severance pay, benefits, fringe benefits or entitlements except as may be required by statute or regulation of any agency of competent jurisdiction; provided that EXECUTIVE EMPLOYEE shall retain the right to exercise any options which are vested as of the effective date of termination as provided in Section 5(c) herein.