Common use of Notice of Termination for Breach or Misconduct Clause in Contracts

Notice of Termination for Breach or Misconduct. The Company may elect to terminate the employment of the Executive in the event that during the Employment Period there should occur any of the following: (a) an event constituting "Misconduct" (as defined herein) by the Executive; or (b) the material breach by the Executive of any covenant or provision of this Agreement. "Misconduct" shall mean (i) a material breach or willful neglect by the Executive of the duties and responsibilities of the Executive under this Agreement or any breach by the Executive of any material term of this Agreement, (ii) the engaging by the Executive in conduct that is demonstrably and materially injurious to the business, reputation, character, or community standing of the Company, (iii) the engaging by the Executive in dishonest, fraudulent, or unethical conduct or in other conduct involving serious moral turpitude to the extent that the Executive's reputation and credibility no longer conform to the standards expected of the Company's executives, (iv) the Executive's, admission, confession, or plea bargain to or conviction in a court of law of any crime or offense involving fraud or misuse or misappropriation of money or other property, (v) the Executive's admission, confession, or plea bargain to or conviction in a court of law of any felony, or (vi) a material violation of any statutory or common law duty to the Company, including, but not limited to, the duty of loyalty. In the event the Company exercises the election to terminate the employment of the Executive pursuant to this Section 3.1, the Employment Period shall terminate effective upon notice to the Executive of such termination, and the Executive shall be entitled to receive any pro rata accrued but unpaid amounts under Section 2.1 and any expense reimbursement owing under Section 2.4 through the effective date of such termination but shall not be entitled to receive any other amount under this Agreement.

Notice of Termination for Breach or Misconduct. The Company may elect to terminate the employment of the Executive in the event that during the Employment Period there should occur any of the following: (a) an event constituting "Misconduct" (as defined herein) by the Executive; or (b) the material breach by the Executive of any covenant or provision of this Agreement. "Misconduct" shall mean (i) a material breach or willful neglect by the Executive of the duties and responsibilities of the Executive under this Agreement or any breach by the Executive of any material term of this Agreement, (ii) the engaging by the Executive in conduct that is demonstrably and materially injurious to the business, reputation, character, or community standing of the Company, (iii) the engaging by the Executive in dishonest, fraudulent, or unethical conduct or in other conduct involving serious moral turpitude to the extent that the Executive's reputation and credibility no longer conform to the standards expected of the Company's executives, (iv) the Executive's, 's admission, confession, or plea bargain to or conviction in a court of law of any crime or offense involving fraud or misuse or misappropriation of money or other property, (v) the Executive's admission, confession, or plea bargain to or conviction in a court of law of any felony, or (vi) a material violation of any statutory or common law duty to the Company, including, but not limited to, the duty of loyalty. In the event the Company exercises the election to terminate the employment of the Executive pursuant to this Section 3.1, the Employment Period shall terminate effective upon notice to the Executive of such termination, and the Executive shall be entitled to receive any pro rata accrued but unpaid amounts under Section 2.1 and any expense reimbursement owing under Section AND ANY EXPENSE REIMBURSEMENT OWING UNDER SECTION 2.4 through the effective date of such termination but shall not be entitled to receive any other amount under this Agreement.

Notice of Termination for Breach or Misconduct. The Company may elect to terminate the employment of the Executive in the event that during the Employment Period there should occur any of the following: (a) an event constituting "Misconduct" (as defined herein) by the Executive; or (b) the material breach by the Executive of any covenant or provision of this Agreement. "Misconduct" shall mean (i) a material breach or willful neglect by the Executive of the duties and responsibilities of the Executive under this Agreement or any breach by the Executive of any material term 124 of this Agreement, (ii) the engaging by the Executive in conduct that is demonstrably and materially injurious to the business, reputation, character, or community standing of the Company, (iii) the engaging by the Executive in dishonest, fraudulent, or unethical conduct or in other conduct involving serious moral turpitude to the extent that the Executive's reputation and credibility no longer conform to the standards expected of the Company's executives, (iv) the Executive's, admission, confession, or plea bargain to or conviction in a court of law of any crime or offense involving fraud or misuse or misappropriation of money or other property, (v) the Executive's admission, confession, or plea bargain to or conviction in a court of law of any felony, or (vi) a material violation of any statutory or common law duty to the Company, including, but not limited to, the duty of loyalty. In the event the Company exercises the election to terminate the employment of the Executive pursuant to this Section 3.1, the Employment Period shall terminate effective upon notice to the Executive of such termination, and the Executive shall be entitled to receive any pro rata accrued but unpaid amounts under Section 2.1 and any expense reimbursement owing under Section 2.4 through the effective date of such termination but shall not be entitled to receive any other amount under this Agreement.