Common use of Separation for Cause Clause in Contracts

Separation for Cause. At any time during the term of this Agreement, the Company may separate Executive's employment for cause, in which event Executive's employment will immediately terminate. For the purpose of this Agreement, the Company shall have "Cause" to separate Executive's employment for any of the following reasons: (1) dishonesty or fraud, (2) disclosure of confidential information regarding the Company, (3) aiding a competitor (as defined in the Non-compete provisions of the Letter Agreement) of the Company or other material breach of the Non-compete provisions of the Letter Agreement, (4) the use by Executive of controlled substances (not legally prescribed by a physician) or the use of alcohol that interferes, in the sole but good faith discretion of the Company, with the performance of Executive duties, (5) willful misconduct, acts of moral turpitude, malfeasance or gross negligence in the performance of his duties hereunder, or (6) the failure to obtain and maintain all licenses, qualifications and credentials required by any state or Federal agency or authority having jurisdiction over the Company, or its employees or properties, in any case under clauses (1) through (6) that are materially injurious to the business or reputation of the Company or any of it affiliates, as determined in good faith by the Board or the CEO. Separation for Cause must be approved by the CEO or the Board but only after reasonable notice to Executive and a reasonable opportunity to explain and cure the conduct, unless under the circumstances there is no cure or the time required for a cure would materially harm the Company or any of its affiliates. The failure of Executive to meet financial projections, budgets or target performance objectives shall not be deemed willful misconduct or gross negligence for the purposes of this Agreement.

Separation for Cause. At any time during the term of this Agreement, the Company may separate Executive's employment for cause, in which event Executive's employment will immediately terminate. For the purpose of this Agreement, the Company shall have "Cause" to separate Executive's employment for any of the following reasons: (1) dishonesty or fraud, (2) disclosure of confidential information regarding the Company, (3) aiding a competitor (as defined in the Non-compete provisions of the Letter Agreement) of the Company or other material breach of the Non-compete provisions of the Letter Agreement, (4) the use by Executive of controlled substances (not legally prescribed by a physician) or the use of alcohol that interferes, in the sole but good faith discretion of the Company, with the performance of Executive duties, (5) willful misconduct, acts of moral turpitude, malfeasance or gross negligence in the performance of his duties hereunder, or (6) the failure to obtain and maintain all licenses, qualifications and credentials required by any state or Federal agency or authority having jurisdiction over the Company, or its employees or properties, in any case under clauses (1) through (6) that are materially injurious to the business or reputation of the Company or any of it affiliates, as determined in good faith by the Board or the CEO. Separation for Cause must be approved by the CEO or the Board but only after reasonable notice to Executive and a reasonable opportunity to explain and cure the conduct, unless under the circumstances there is no cure or the time required for a cure would materially harm the Company or any of its affiliates. The failure of Executive to meet financial projections, budgets or target performance objectives shall not be deemed willful misconduct or gross negligence for the purposes of this Agreement.