Common use of Procedure for Termination by the Company for Cause Clause in Contracts

Procedure for Termination by the Company for Cause. Before exercising its right to terminate Employee’s employment for Cause, the Board must provide written notice to Employee of its intent to do so, and that notice shall describe in reasonable detail the condition(s) believed to constitute Cause under such clause(s) and provide Employee with a reasonable period of time to correct the condition(s) (the “Correction Period”), unless the Board determines in its sole discretion that such condition(s) are not reasonably capable of being corrected or appropriately curable. A thirty (30)-day Correction Period shall be presumptively reasonable. Nothing in this Section 5(b) precludes discussions between Employee and the Company, or personnel actions by the Company short of termination of employment, regarding such condition(s).

Procedure for Termination by the Company for Cause. Before exercising its right to terminate EmployeeExecutive’s employment for CauseCause (in whole or in part) under clauses (ii) or (iv) of the definition of that term, the Board Company must provide written notice to Employee Executive of its intent to do so, and that notice shall describe in reasonable detail the condition(s) believed to constitute Cause under such clause(s) and provide Employee Executive with a reasonable period of time to correct the condition(s) (the “Correction Period”), unless the Board Company determines in its sole discretion that such condition(s) are not reasonably capable of being corrected or appropriately curablecorrected. A thirty ten (30)-day 10)-day Correction Period shall be presumptively reasonable. Nothing in this Section 5(b) precludes discussions between Employee Executive and the Company, or personnel actions by the Company short of termination of employment, regarding such condition(s).

Procedure for Termination by the Company for Cause. Before exercising its right to terminate EmployeeExecutive’s employment for CauseCause (in whole or in part) under clauses (ii) or (iv) of the definition of that term, the Board must provide written notice to Employee Executive of its intent to do so, and that notice shall describe in reasonable detail the condition(s) believed to constitute Cause under such clause(s) and provide Employee Executive with a reasonable period of time to correct the condition(s) (the “Correction Period”), unless the Board determines in its sole discretion that such condition(s) are not reasonably capable of being corrected or appropriately curablecorrected. A thirty ten (30)-day 10)-day Correction Period shall be presumptively reasonable. Nothing in this Section 5(b) precludes discussions between Employee Executive and the Company, or personnel actions by the Company short of termination of employment, regarding such condition(s).