Common use of Nonqualifying Termination Clause in Contracts

Nonqualifying Termination. SECTION 4.01. In the event the Executive’s employment is terminated by reason of the Executive’s voluntary resignation, death or Disability or by the Company for Cause, then the Executive shall not be entitled to receive severance or other benefits under this Agreement. SECTION 4.02. Any termination of employment for Cause shall be made in writing to the Executive, which notice shall set forth in detail all acts or omissions upon which the Board is relying for such termination. If the Executive’s employment is terminated by the Company without Cause and the Board discovers in the following six (6) months that the Executive’s employment could have been terminated for Cause, the Board shall be entitled to retroactively treat Executive’s employment to have been terminated for Cause for all purposes. SECTION 4.03. If the Executive’s employment is terminated for Cause, the Executive’s employment and rights to compensation from the Company shall terminate immediately upon receipt of written notice except that the Company shall have the obligation to pay the Executive such portion of base salary and vacation as may be accrued but unpaid on the date the Executive’s employment is terminated. For avoidance of doubt, the Executive shall have no right to receive any bonus payments that have accrued and are payable if Executive’s employment is terminated for Cause.