Common use of Termination of Employee for Cause Clause in Contracts

Termination of Employee for Cause. (a) The Holding Company's board of directors may terminate the Employee's employment at any time, but any termination by the Holding Company's board of directors other than termination for cause, shall not prejudice the Employee's right to compensation or other benefits under the contract. The Employee shall have no right to receive compensation or other benefits for any period after termination for cause. Termination for cause shall include termination because of the Employee's personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the contract.

Termination of Employee for Cause. (a) The Holding CompanyBank's board of directors may terminate the Employee's employment at any time, but any termination by the Holding CompanyBank's board of directors other than termination for cause, shall not prejudice the Employee's right to compensation or other benefits under the contract. The Employee shall have no right to receive compensation or other benefits for any period after termination for cause. Termination for cause shall include termination because of the Employee's personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the contract.