Termination by ARC for Cause Sample Clauses
The 'Termination by ARC for Cause' clause grants ARC the right to end the agreement if the other party fails to meet certain obligations or breaches key terms. Typically, this clause outlines specific events or conditions—such as non-performance, violation of laws, or insolvency—that would justify immediate termination by ARC. Its core practical function is to protect ARC by providing a clear mechanism to exit the contract when the other party's actions undermine the agreement, thereby allocating risk and ensuring accountability.
Termination by ARC for Cause. Upon written notice to Executive, ARC may terminate this Agreement for “Cause,” which, for purposes of this Agreement, shall mean termination by ARC in its reasonable discretion because of Executive’s:
(i) willful refusal without proper cause to perform (other than by reason of physical or mental disability or death) the duties set forth in this Agreement or delegated from time to time in writing by the Board of Directors or ARC’s CEO, which remains uncorrected for thirty (30) days following written notice to Executive by ARC’s CEO; or
(ii) gross negligence, self-dealing or willful misconduct of Executive in connection with the performance of his duties hereunder, including, without limitation, misappropriation of funds or property of ARC or its subsidiaries or affiliates, securing or attempting to secure personally any profit in connection with any transaction entered into on behalf of ARC or its subsidiaries or affiliates, or any willful act or gross negligence having the effect of injuring the reputation, business or business relationships of ARC or its subsidiaries or affiliates; or
(iii) fraud, dishonesty or misappropriation of ARC business and assets that ▇▇▇▇▇ the business of ARC or its subsidiaries or affiliates; or
(iv) habitual insobriety, abuse of alcohol, abuse of prescription drugs, or use of illegal drugs; or
(v) engaging in any criminal activity involving moral turpitude; or
(vi) indictment or being held for trial in connection with a misdemeanor involving moral turpitude or any felony; or
(vii) conviction of a felony or entry into a guilty plea that negatively reflects on Executive’s fitness to perform the duties or ▇▇▇▇▇ the reputation or business or ARC or its subsidiaries or affiliates; or
(viii) any material breach of any covenants under this Agreement or other material policy of ARC, other than under clauses (i) through (vii) of this Section 7(c), which remains uncorrected for thirty (30) days following written notice to Executive by ARC’s CEO.