Common use of Termination for Performance Deficiencies Clause in Contracts

Termination for Performance Deficiencies. If the Company delivers to the Executive a Company Notice that states that the Company is terminating the Executive’s employment without Cause due to or arising out of, directly or indirectly, the Executive’s performance of the Executive’s duties as described in section 2 of this Agreement or otherwise due to or arising out the Executive’s job performance (each reason specified in the Company Notice a “Performance Deficiency” and together the “Performance Deficiencies”), (i) the Company’s right in subsection (a) of this section to terminate the Executive’s employment due to the Performance Deficiencies will be suspended for a period of ninety days from the date of delivery of the Company Notice to the Executive (the “Company Suspension Period”); and (ii) without limiting the other actions the Executive may take, during the Company Suspension Period the Executive will be entitled to eliminate or remedy each Performance Deficiency. If during the Company Suspension Period the Executive eliminates or remedies all of the Performance Deficiencies to the Company’s reasonable satisfaction, the Company Notice will be deemed to have been withdrawn and the Executive’s employment will continue in accordance with this Agreement. If during the Company Suspension Period the Executive does not eliminate or remedy all of the Performance Deficiencies to the Company’s reasonable satisfaction, the Company Notice will take effect, and the Executive’s employment will terminate, at the close of business on the fifth business day following the end of the Company Suspension Period pursuant to the Company Notice (a “Termination for Performance Deficiencies”). Nothing in this subsection limits during the Company Suspension Period the Company’s right to terminate the Executive’s employment in accordance with subsection (a) of this section or section 6 for any reason other than the Performance Deficiencies specified in the Company Notice.