Common use of Termination by Executive for Material Breach Clause in Contracts

Termination by Executive for Material Breach. The Executive shall have the right, exercisable by notice to the Company, to terminate his employment effective thirty (30) days after the giving of such notice, if, at any time during the Term of Employment, the Company shall be in material breach of its obligations hereunder; provided, however, that such notice must be provided to the Company within thirty (30) days of the occurrence of such material breach; and provided further, that such termination will not become effective if within such thirty (30) day period the Company shall have cured all such material breaches of its obligations hereunder. For purposes of this Section 5(f), a material breach shall include, but not be limited to, a material reduction in the Executive's authority, functions, duties or responsibilities provided in Section 2 hereof or the Company's failure to cause the Executive to serve in the position set forth in Section 1 hereof for any time period in which he is entitled to so serve. Such termination shall be deemed to be a termination without cause and shall be controlled by the provisions of Section 5(c) hereof.