Common use of Power of Termination Clause in Contracts

Power of Termination. The Employer may terminate the employment of Employee under this Agreement at any time, with Cause, or in the discretion of Employer, without Cause. “Cause” shall mean any of the following:(a) conviction of any crime (other than traffic violations and similar minor infractions of law); (b) failure to follow, in any material respect, the lawful directions given by Employer or its subsidiaries or the policies or procedures adopted by the Board from time to time; (c) failure to come to work on a full-time basis, other than on holidays, vacation days, sick days, or other days off under Employer’s business policies; (d) impairment due to alcoholism, drug addiction or similar matters; and (e) a material breach of this Agreement, including, without limitation, any breach of Sections 8 or 9 hereof. Prior to termination for “Cause” as a result of failure as contemplated in clause (b) or (c) above, Employee shall be given written notice by hand delivery or United States Postal Service (or a reasonable substitute for United States Postal Service), of his activity giving rise to such failure and will have 5 business days from receipt of the notice to correct such activity; provided that Employer shall only be required to provide notice under this sentence one time during any calendar year for each alleged breach.

Appears in 1 contract

Samples: Employment Agreement (Federal Mogul Corp)

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Power of Termination. The Employer may terminate the employment of Employee under this Agreement at any time, with Cause, or in the sole and absolute discretion of Employer, without Cause. “Cause” shall mean any of the following:(a) conviction of any crime (other than traffic violations and similar minor infractions of law); (b) failure to follow, in any material respect, the lawful directions given by Employer or its subsidiaries or the policies or procedures adopted by the Board from time to time; (c) failure to come to work on a full-time basis, other than on holidays, vacation days, sick days, or other days off under Employer’s business policies; (d) impairment due to alcoholism, drug addiction or similar matters; and (e) a material breach of this Agreement, including, without limitation, any breach of Sections 8 or 9 hereof. Prior to termination for “Cause” as a result of failure as contemplated in clause (b) or (c) above, Employee shall be given written notice by hand delivery or United States Postal Service (or a reasonable substitute for United States Postal Service), of his activity giving rise to such failure and will have 5 business days from receipt of the notice to correct such activity; provided that Employer shall only be required to provide notice under this sentence one time during any calendar year for each alleged breachyear.

Appears in 1 contract

Samples: Employment Agreement (Federal Mogul Corp)

Power of Termination. The Employer may terminate the employment of Employee under this Agreement at any time, with Cause, or in the sole and absolute discretion of Employer, without Cause. “Cause” shall mean any of the following:(a) conviction of any crime (other than traffic violations and similar minor infractions of law); (b) failure to follow, in any material respect, follow the lawful directions given by Employer or its subsidiaries to Employee or the written policies or procedures adopted by the Board Employer from time to timetime that are made available to Employee; (c) failure to come to work on a full-time basis, other than on holidays, vacation days, sick days, or other days off under Employer’s 's business policies; (d) impairment due to alcoholism, drug addiction or similar matters; and (e) a material breach of this Agreement, including, without limitation, any breach of Sections 8 Section 9 or 9 11 hereof. Prior to termination for “Cause” as a result of failure as contemplated in clause (b) or (c) above, Employee shall be given written notice by hand delivery or United States Postal Service (or a reasonable substitute for United States Postal Service), of his activity giving rise to such failure and will have 5 3 business days from receipt of the notice to correct such activity; provided that Employer shall only be required to provide notice under this sentence one time during any calendar year for each alleged breachyear.

Appears in 1 contract

Samples: Employment Agreement (Icahn Enterprises L.P.)

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Power of Termination. The Employer may terminate the employment of Employee under this Agreement at any time, with Cause, or in the sole and absolute discretion of Employer, without Cause. “Cause” shall mean any of the following:(a) conviction of any crime (other than traffic violations and similar minor infractions of law); (b) failure to follow, in any material respect, follow the lawful directions given by Employer or its subsidiaries to Employee or the written policies or procedures adopted by the Board Employer from time to timetime that are made available to Employee; (c) failure to come to work on a full-time basis, other than on holidays, vacation days, sick days, or other days off under Employer’s 's business policies; (d) impairment due to alcoholism, drug addiction or similar matters; and (e) a material breach of this Agreement, including, without limitation, any breach of Sections 8 Section 15 or 9 17 hereof. Prior to termination for “Cause” as a result of failure as contemplated in clause (b) or (c) above, Employee shall be given written notice by hand delivery or United States Postal Service (or a reasonable substitute for United States Postal Service), of his activity giving rise to such failure and will have 5 3 business days from receipt of the notice to correct such activity; provided that Employer shall only be required to provide notice under this sentence one time during any calendar year for each alleged breachyear.

Appears in 1 contract

Samples: Employment Agreement (Icahn Enterprises L.P.)

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