Termination by the Executive for Cause. The Executive may terminate employment for Cause immediately upon written notice stating the basis for such termination. "Cause" for termination of employment by the Executive shall only be deemed to exist if the Company has breached this Agreement and if such breach continues or recurs more than thirty (30) days after notice from the Executive specifying the action which constitutes the breach and demanding its discontinuance, or if the Company is engaged in unlawful activity or requests the Executive to engage in unlawful activity.
Termination by the Executive for Cause. The Executive may terminate this Agreement at any time for Cause. For purposes of this Agreement, the term "Cause" shall mean, without the Executive's express written consent, the occurrence of any of the following circumstances:
Termination by the Executive for Cause. The Executive's -------------------------------------- employment hereunder may be terminated by the Executive by written notice to the Board of Directors of Little Switzerland effective thirty (30) days after the giving of such notice in the event of a material breach by the Employer of any provision of this Agreement, which breach shall continue for more than thirty (30) days after the date on which the Board of Directors of Little Switzerland receives such notice.
Termination by the Executive for Cause. The Executive may terminate his employment hereunder for cause without respecting the notice period and notice date mentioned under (d) for the following reasons: (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location at which the Executive provides services to the Company; or (iv) the material breach of this Agreement by the Company. Sec 26 of the Austrian Salaried Employees Act (Angestelltengesetz) applies in its currently valid version.
Termination by the Executive for Cause. The Executive shall be authorized to terminate his employment under this Agreement "for cause" for the following reasons:
(i) The Bank or the Parent Company commits a material breach or violation of this Agreement, including any attempt to reassign the Executive to a different office or geographic area, which is not cured before the expiration of thirty (30) calendar days after written notice from Executive describing the facts and circumstances of the breach or violation in reasonable detail. Such notice shall be deemed a demand for cure of the breach or violation; and/or
(ii) The Bank or any other part of the Company persists, for a period of thirty (30) calendar days after written notice from Executive describing in reasonable detail the matter as to which he is complaining, in any attempt to require Executive to perform (or omit to perform) any act or engage (or omit to engage) in any conduct that would constitute illegal conduct or omission. Such notice shall be deemed a demand for the Bank to cease any such attempt; and/or
(iii) There occurs a Change in Control (as herein defined) of the Bank or its Parent Company (if any). As used herein, a "Change in Control" of the Bank and/or any Parent Company of the Bank shall be deemed to have occurred if and when, with or without the approval of the Board of the Bank (or of such Parent Company) incumbent prior to the occurrence: (1) more than 35% of the outstanding securities entitled to vote in an election of Directors of the Bank (or such Parent Company) shall be acquired by any person (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended); or (2) as the result of a tender offer, merger, consolidation, sale of assets or contested election or any combination of such transactions, the persons who were Directors of the Bank (or its Parent Company) immediately before the transaction shall cease to constitute a majority of the Board. The interpretation of this Change in Control definition shall be in accordance with the change in bank control regulations and other applicable rules, regulations and interpretations of the Federal Deposit Insurance Corporation as in effect from time to time during the Term or any Extended Term of this Agreement. In addition, a Change in Control shall be deemed to have occurred upon any merger, consolidation or reorganization to which the Bank (or an entity controlled thereby) is a party, but is not a surviving entity; or upon the sale ...
Termination by the Executive for Cause. At any time prior to the end of the Employment Term, the Executive shall have the right, at his sole option and election, by giving written notice of termination to the Secretary of the Company within sixty (60) days after the occurrence of the event that is the basis for the giving of such notice, to terminate the Agreement effective on the date on which such notice is given by the Executive, if, at any time: (i) the Executive shall be removed from (other than by reasons justifying such action by the Company under Section 5(a) hereof) or by agreement between Executive and the Company) the office and position as a Managing Director and not placed by the Company in a lateral or otherwise equivalent position with the same or reasonably equivalent rights, privileges, duties and status; (ii) the Executive is required to relocate to offices outside of Houston, Texas; or (iii) an event of default occurs under the Promissory Note or the Security Agreement executed in connection with the Asset Purchase Agreement and this Agreement is terminated in accordance with Section 10 hereof.
Termination by the Executive for Cause. The Executive will be entitled to terminate this Agreement immediately by notice in writing if the Company commits a serious or persistent breach of any term of this Agreement which is not rectified within twenty (20) business days of the written notice requiring remedy (if capable of remedy), provided, however, if the same or substantially similar breach has previously occurred and notice has been given, then no additional notice shall be required; or
Termination by the Executive for Cause. This Agreement and Executive's employment with the Company may be terminated by the Executive for Cause on 30 days written notice to the Company, which notice shall detail the specific basis for such termination. The Company shall be given the opportunity to cure the basis for such termination within such 30 days period. For the purpose of this Section of this Agreement, the term "Cause" means any of the following: (1) a material breach by the Company of its obligations to the Executive under this Employment Agreement, which, if susceptible to cure, remains uncured, (2) a material demotion of his position with the Company, and (3) if Executive is required by the Company to relocate from his present residence or is required to commute, on a regular basis, to the Company's headquarters and such headquarters is outside of the New York City metropolitan area. If the Executive terminates this Agreement and his employment under this Section, the Executive shall receive (i) the payment of the Executive's earned and unpaid compensation to the effective date of such termination, (ii) payments of a monthly severance payment equal to one twelfth (1/12th) of his then applicable Base Salary, less all required payroll deductions, for a period two (2) years from the date of such termination, or until the occurrence of any circumstance or events that would constitute Cause under Section 4.1 of this Agreement, if sooner, and (iii) as provided in Section 5 below.
Termination by the Executive for Cause. The Executive may terminate employment for Cause immediately upon written notice stating the basis for such
Termination by the Executive for Cause. The Executive shall have the right to terminate this Agreement in the event of (i) the Employer's intentional breach of any covenant or term of this Agreement, but only if the Employer fails to cure such breach within twenty (20) days following the receipt of notice by the Executive setting forth the conditions giving rise to such breach; (ii) an assignment to the Executive of any duties inconsistent with, or a significant change in the nature or scope of, the Executive's authorities or duties from those authorities and duties held by the Executive as of the date hereof and as increased from time to time; or (iii) the failure by the Executive to obtain the assumption of the commitment to perform this Agreement by any successor corporation.
