Common use of Termination for Cause by Employer Clause in Contracts

Termination for Cause by Employer. Employer may terminate Employee’s employment for Cause (as defined below, such termination to be effective immediately upon written notice to Employee. Any termination of Employee’s employment under this Section 8.2 will not be in limitation of any other right or remedy which the Employer may have under this Agreement, at law, or in equity. The term “Cause” means (i) fraud, embezzlement, theft or misappropriation of funds or other property of the Employer, (ii) self-dealing or gross negligence in the performance by Employee of his duties pursuant to this Agreement, (iii) the repeated failure or refusal by Employee to perform his duties to the Employer as provided herein, other than due to Disability, (iv) the commission by Employee of any willful acts of bad faith or gross misconduct against the Employer, (v) the indictment of Employee for a felony or other criminal act involving dishonesty, whether or not relating to his employment with the Employer, (vi) the repeated breach of a lawful, established policy or procedure of the Employer. In the event of termination of employment by Employer with Cause, Employer’s obligations to pay the Base Salary and any Bonus, if applicable, and to provide all benefits under Article V shall automatically cease, but both parties’ obligations set forth in Article VI shall continue.