Common use of Termination of Employment by Company for Cause Clause in Contracts

Termination of Employment by Company for Cause. The Company may terminate this Agreement and Employee’s employment at any time during the Employment Term for cause. For purposes of this Agreement, “cause” shall be defined as commission of any crime involving moral turpitude or constituting a felony, prohibition from participation in securities offerings, or commission of acts against Company which constitute fraud, embezzlement, misappropriation, a breach of the express terms of this Agreement, dishonesty or disloyalty to the Company, gross negligence or other similar serious misconduct. A termination for any other reason shall be considered a termination without cause. In the event that the Company terminates this Agreement and Employee’s employment for cause, it may do so without notice and without compensation of any kind, other than payment for salary, incentive compensation, bonus, and accrued benefits earned by Employee through the date of termination. It is expressly recognized by the Company and Employee that, if the Company determines in its sole discretion the termination is covered by this Article, then the Company may pursue other remedies or rights which it might be able to assert, including civil or criminal action.

Termination of Employment by Company for Cause. The Company may terminate this Agreement and Employee’s employment immediately at any time during the Employment Term for cause. For purposes of this Agreement, “cause” shall be defined as commission of any crime involving moral turpitude or constituting a felony, prohibition from participation in securities offerings, or commission of acts against Company which constitute fraud, embezzlement, misappropriation, a breach of the express terms of this Agreement, dishonesty or disloyalty to the Company, gross negligence or other similar serious misconduct. A termination for any other reason shall be considered a termination without cause. In the event that the Company terminates this Agreement and Employee’s employment for cause, it may do so without notice and without compensation of any kind, other than payment for salary, incentive compensation, bonus, and accrued benefits earned by Employee through the date of termination. It is expressly recognized by the Company and Employee that, if the Company determines in its sole discretion the termination is covered by this Article, then the Company may pursue other remedies or rights which it might be able to assert, including civil or criminal action.