Common use of Termination by Commerce for Cause Clause in Contracts

Termination by Commerce for Cause. 5.1 Commerce shall have the right at any time to terminate Xxxxxx’x employment, for cause, on thirty (30) days’ prior written notice to Xxxxxx. For this Agreement, the term “for cause” means only the following: (i) If at any time during the Term, Xxxxxx is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonesty; or (ii) If at any time during the Term, Xxxxxx willfully violates any of the covenants or provisions of this Agreement including, without limitation, the willful failure of Xxxxxx to perform his duties hereunder or the instructions of the Board after written notice of such instructions (other than any such failure resulting from Xxxxxx incapacity due to illness or disability) or Xxxxxx engages in any conduct materially harmful to Commerce's business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Xxxxxx of same (which conduct shall be specifically set forth in such notice). 5.2 If Xxxxxx’x employment shall terminate for cause, then Commerce shall pay Xxxxxx his full base salary through the date of termination at the rate in effect at the time notice of termination is given and Commerce shall have no further obligations to Xxxxxx under this Agreement other than to pay Xxxxxx such other compensation as may be due him pursuant to Sections 4.1 and 4.2 above.

Termination by Commerce for Cause. 5.1 Commerce shall have the right at any time to terminate Xxxxxx’x Executive’s employment, for cause, on thirty (30) days’ prior written notice to XxxxxxExecutive. For this Agreement, the term “for cause” means only the following: (i) If at any time during the Term, Xxxxxx Executive is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonesty; or (ii) If at any time during the Term, Xxxxxx Executive willfully violates any of the covenants or provisions of this Agreement including, without limitation, the willful failure of Xxxxxx Executive to perform his his/her duties hereunder or the instructions of the Board after written notice of such instructions (other than any such failure resulting from Xxxxxx Executive’s incapacity due to illness or disability) or Xxxxxx Executive engages in any conduct materially harmful to Commerce's business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Xxxxxx Executive of same (which conduct shall be specifically set forth in such notice). 5.2 If Xxxxxx’x Executive’s employment shall terminate for cause, then Commerce shall pay Xxxxxx his Executive in accordance with the regular payroll practices of Commerce, his/her full base salary through the date of termination at the rate in effect at the time notice of termination is given and Commerce shall have no further obligations to Xxxxxx Executive under this Agreement other than to pay Xxxxxx Executive such other compensation as may have accrued and be due him him/her pursuant to Sections 4.1 and 4.2 Section 4 above.

Termination by Commerce for Cause. 5.1 Commerce shall have the right at any time to terminate Xxxxxx’x employmentEmployee's employment hereunder, for cause, on thirty (30) days’ prior ' prior- written notice to XxxxxxEmployee. For purposes of this Agreement, the term “for cause” means shall be deemed to mean only the following: (i) If at any time during the Term, Xxxxxx Employee is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonestydishonesty or his license to sell insurance in the State of New Jersey is revoked, lost, suspended or similarly affected; or, (ii) If at any time during the Term, Xxxxxx Employee willfully violates any of the covenants or provisions of this Agreement including, including without limitation, limitation the willful failure of Xxxxxx Employee to perform his duties hereunder or to perform the instructions of the Board after written notice of such instructions (other than any such failure resulting from Xxxxxx Employee's incapacity due to illness or disability) or Xxxxxx Employee engages in any conduct materially harmful to either COBA's or Commerce's ’s business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Xxxxxx Employee of same (which conduct shall be specifically set forth in such notice). 5.2 . If Xxxxxx’x Employee's employment shall terminate for cause, then Commerce shall pay Xxxxxx Employee his full base salary through the date of termination at the rate in effect at the time notice of termination is given and Commerce shall have no further obligations to Xxxxxx Employee under this Agreement other than to pay Xxxxxx Employee such other compensation as may be due him Employee pursuant to Sections 4.1 3 and 4.2 above4 hereof, including their subsections.

Termination by Commerce for Cause. 5.1 Commerce shall have the right at any time to terminate Xxxxxx’x Executive’s employment, for cause, on thirty (30) days’ prior written notice to XxxxxxExecutive. For this Agreement, the term “for cause” means only the following:: Employment Agreement (i) If at any time during the Term, Xxxxxx Executive is indicted for, convicted of or enters a plea of guilty or nolo contendere to, a felony, a crime of falsehood or a crime involving fraud, moral turpitude or dishonesty; or (ii) If at any time during the Term, Xxxxxx Executive willfully violates any of the covenants or provisions of this Agreement including, without limitation, the willful failure of Xxxxxx Executive to perform his his/her duties hereunder or the instructions of the Board after written notice of such instructions (other than any such failure resulting from Xxxxxx Executive’s incapacity due to illness or disability) or Xxxxxx Executive engages in any conduct materially harmful to Commerce's business, and in either case fails to cease such conduct or correct such conduct, as the case may be, within thirty (30) days subsequent to receiving written notice from the Board advising Xxxxxx Executive of same (which conduct shall be specifically set forth in such notice). 5.2 If Xxxxxx’x Executive’s employment shall terminate for cause, then Commerce shall pay Xxxxxx his Executive in accordance with the regular payroll practices of Commerce, his/her full base salary through the date of termination at the rate in effect at the time notice of termination is given and Commerce shall have no further obligations to Xxxxxx Executive under this Agreement other than to pay Xxxxxx Executive such other compensation as may have accrued and be due him him/her pursuant to Sections 4.1 and 4.2 Section 4 above.