Common use of Right to Terminate by Company Clause in Contracts

Right to Terminate by Company. Company may terminate Executive’s employment, through its Board of Directors, without cause upon thirty (30) days’ written Notice of Termination (as defined in Section 7.1 of this Agreement) or immediately upon Notice of Termination for Cause. The term “Cause” when referring to termination by Company means only the following and any other termination shall be without Cause: (i) Executive’s willful gross dereliction of his duties; or (ii) Executive’s commission of an act that is adverse to, or not in the best interest of, or the reputation of the Company; or (iii) Executive’s willful refusal to carry out the duties and responsibilities of the President of the Company as reasonably requested by the Board of Directors; or (iv) fraud, theft or misappropriation of any property of Company by Executive; or (v) conviction of Executive of a felony or of any crime involving dishonesty or moral turpitude; or (vi) violation by Executive of the provisions of this Agreement, provided that, termination for violation by Executive of the provisions of this Agreement shall occur only after sixty (60) days’ advance written notice by Company to Executive containing reasonably specific details of the alleged breach failure of Executive to cure the same within such sixty (60) day period, if a cure is reasonable.