Common use of Termination of Employment Severance Clause in Contracts

Termination of Employment Severance. Notwithstanding any other provision of this Agreement: (a) TERMINATION "FOR CAUSE" BY COMPANY. During the term of this Agreement, Company may, by action of its Board of Directors (with Employee abstaining from the vote on any such action), terminate Employee's employment with Company "for cause" (as defined in this Section 10(a)), by sending written notice to Employee specifying with reasonable particularity the basis for such termination. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the date of termination of employment; (ii) the reimbursement of any expenses incurred prior to the date of termination; and (iii) a severance payment equal to one month's salary. For purposes of this Section 10(a), termination by Company "for cause" shall mean and include Employee's: (i) material breach, as determined by the Company, of any proprietary information or confidentiality agreement entered into with Company, including without limitation, the theft or other misappropriation of Company's Confidential Information; (ii) indictment or conviction (including any plea of nolo contendre) of any felony or any crime involving fraud or dishonesty (whether or not related to his employment); (iii) participation in any fraud against Company; or (iv) material breach, as determined by the Company, of his duties to Company, which breach Employee shall have failed to correct within thirty (30) days of receipt of written notification of the same by Company.

Termination of Employment Severance. Notwithstanding any other provision of this Agreement: (a) TERMINATION Termination "FOR CAUSEfor cause" BY COMPANYby Company. During the term of this Agreement, Company may, by action of its Board of Directors (with Employee abstaining from the vote on any such action), terminate Employee's employment with Company "for cause" (as defined in this Section 10(a)), below) by sending written notice to Employee specifying with reasonable particularity the basis for such termination. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the date of termination of employment and an amount equal to Company's net profits earned through the three months immediately following the date of termination of employment; (ii) the reimbursement of any expenses incurred prior to the date of termination; and (iii) a severance payment equal to one month's salary$25,000. For purposes of this Section 10(aparagraph (a), termination by Company "for cause" shall mean and include Employee's: (ia) material breach, as reasonably determined by the Company's Board of Directors (with Employee abstaining from the vote on any such action), of any proprietary information or confidentiality agreement entered into with CompanyCompany or Valesc, including without limitation, the theft or other misappropriation of Company's or Valesc's Confidential Information; (iib) indictment or conviction (including any plea of nolo contendrecontendere) of any felony or any crime involving fraud or dishonesty (whether or not related to his employment); (iiic) participation in any fraud against CompanyCompany or Valesc; or (ivd) material breach, as determined by the Company's Board of Directors (with Employee abstaining from the vote on any such action), of his duties to Company, which breach Employee shall have failed to correct within thirty (30) 30 days of receipt of written notification of the same by CompanyCompany or Valesc.

Termination of Employment Severance. Notwithstanding any other provision of this Agreement: (a) TERMINATION Termination "FOR CAUSEfor cause" BY COMPANYby Company. During the term of this Agreement, Company may, by action of its Board of Directors (with Employee abstaining from the vote on any such action), terminate Employee's employment with Company "for cause" (as defined in this Section 10(a)), below) by sending written notice to Employee specifying with reasonable particularity the basis for such termination. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the date of termination of employment; (ii) the reimbursement of any expenses incurred prior to the date of termination; and (iii) a severance payment equal to one month's salary. For purposes of this Section 10(aparagraph (a), termination by Company "for cause" shall mean and include Employee's: (ia) material breach, as determined by the Company, of any proprietary information or confidentiality agreement entered into with Company, including without limitation, the theft or other misappropriation of Company's Confidential Information; (iib) indictment or conviction (including any plea of nolo contendre) of any felony or any crime involving fraud or dishonesty (whether or not related to his employment); (iiic) participation in any fraud against Company; or (ivd) material breach, as determined by the Company, of his duties to Company, which breach Employee shall have failed to correct within thirty (30) days of receipt of written notification of the same by Company.

Termination of Employment Severance. Notwithstanding any other provision of this Agreement: (a) TERMINATION "FOR CAUSE" BY COMPANY. During the term of this Agreement, Company may, by action of its Board of Directors (with Employee abstaining from the vote on any such action), terminate Employee's employment with Company "for cause" (as defined in this Section 10(a)), below) by sending written notice to Employee specifying with reasonable particularity the basis for such termination. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the date of termination of employment; (ii) the reimbursement of any expenses incurred prior to the date of termination; and (iii) a severance payment equal to one month's salary. For purposes of this Section 10(aparagraph (a), termination by Company "for cause" shall mean and include Employee's: (ia) material breach, as determined by the Company, of any proprietary information or confidentiality agreement entered into with Company, including without limitation, the theft or other misappropriation of Company's Confidential Information; (iib) indictment or conviction (including any plea of nolo contendre) of any felony or any crime involving fraud or dishonesty (whether or not related to his employment); (iiic) participation in any fraud against Company; or (ivd) material breach, as determined by the Company, of his duties to Company, which breach Employee shall have failed to correct within thirty (30) days of receipt of written notification of the same by Company.