Common use of Termination for Certain Causes Clause in Contracts

Termination for Certain Causes. Notwithstanding anything to the contrary ------------------------------ set forth elsewhere herein, in the event of the willful misconduct of the Employee in the performance of his duties hereunder resulting in significant economic harm to the Corporation or the conviction of the Employee for a felony under federal or state law relating to the assets, business or affairs of the Corporation or involving moral turpitude, the Employee's employment with the Corporation may be terminated by the Corporation by written notice to the Employee, provided that the Employee shall be given prior written notice by the Board of Directors of the intention to terminate him for cause and the specific grounds for such termination. The Employee shall be entitled to a hearing before the Board before such termination becomes effective.

Termination for Certain Causes. Notwithstanding anything to the contrary ------------------------------ set forth elsewhere herein, in the event of the willful misconduct of the Employee in the performance of his duties hereunder resulting in significant economic harm to the Corporation or the conviction of the Employee for a felony under federal or state law relating to the assets, business or affairs of the Corporation or involving moral turpitude, the Employee's employment with the Corporation may be terminated by the Corporation by written notice to the Employee, provided that the Employee shall be given prior written notice by the Board of Directors of the intention to terminate him for cause and the specific grounds for such termination. The Employee shall be entitled to a hearing before the Board before such termination becomes effective.

Termination for Certain Causes. Notwithstanding anything to the contrary ------------------------------ set forth elsewhere herein, in the event of the willful misconduct of the Employee in the performance of his duties hereunder resulting in significant material economic harm to the Corporation or the conviction of the Employee for a felony under federal or state law relating to the assets, business or affairs of the Corporation or involving moral turpitude, the Employee's employment with the Corporation Term of Employment may be terminated by the Corporation by written notice to the Employee, provided that the Employee shall be given prior written notice by the Board of Directors of the intention to terminate him for cause and the specific grounds for such termination. The Employee shall be entitled to a hearing before the Board before such termination becomes effective.