Common use of Voluntary Termination by Executive; Discharge for Cause Clause in Contracts

Voluntary Termination by Executive; Discharge for Cause. a. In the event that Executive’s employment is terminated by Holdings for Cause, as hereinafter defined, or by Executive other than for Good Reason or other than as a result of Disability or death, prior to the Termination Date, Executive shall be entitled to receive all salary and benefits to which Executive is entitled up to and including the date of Executive’s termination of employment hereunder. Executive shall also be entitled to an amount in respect of any bonus during period employed for such fiscal year calculated on a pro rata basis so long as the STIC Plan targets are met for such fiscal year; however, in the event STIC Plan target is not met, then using the same percentage payout, if any, applicable to the payout of any bonuses for other senior executives employed by Holdings. The obligations of Holdings under this Agreement to make any further payments, or provide any benefits specified herein, to Executive shall cease and terminate on the date on which Executive’s employment is terminated by Holdings for Cause or by Executive other than for Good Reason or other than as a result of Disability or death. Termination of Executive in accordance with this Section 6.4 (i) shall be communicated to Executive pursuant to a notice of a resolution of a majority of the Board determining that Executive is subject to discharge for Cause as defined herein; and (ii) shall immediately release Executive from any further duty or obligation arising from Section 12 (b) through Section 12 (d).

Voluntary Termination by Executive; Discharge for Cause. a. (a) In the event that Executive’s employment is terminated by Holdings for Cause, as hereinafter defined, or by Executive other than for Good Reason or other than as a result of Disability or death, prior to the Termination Date, Executive shall be entitled to receive all salary and benefits to which Executive is entitled up to and including the date of Executive’s termination of employment hereunder. Executive shall also be entitled to an amount in respect of any bonus during period employed for such fiscal year calculated on a pro rata basis so long as the STIC Plan targets are met for such fiscal year; however, in the event STIC Plan target is not met, then using the same percentage payout, if any, applicable to the payout of any bonuses for other senior executives employed by Holdings. . (b) The obligations of Holdings under this Agreement to make any further payments, or provide any benefits specified herein, to Executive shall cease and terminate on the date on which Executive’s employment is terminated by Holdings for Cause or by Executive other than for Good Reason or other than as a result of Disability or death. Termination of Executive in accordance with this Section 6.4 (i) shall be communicated to Executive pursuant to a notice of a resolution of a majority of the Board determining that Executive is subject to discharge for Cause as defined herein; herein and (ii) shall immediately release Executive from any further duty or obligation arising from Section 12 (b) through Section or 12 (d). (c) As used herein, the term “Cause” shall mean conviction in a qualified court of law of a felony or crime involving moral turpitude, repeated failure to comply with the Board’s instructions (after 30 days’ prior notice), and any other material breach of this Agreement by Executive (after 30 days’ prior notice).

Voluntary Termination by Executive; Discharge for Cause. a. (a) In the event that Executive’s employment is terminated by Holdings for Cause, as hereinafter defined, or by Executive other than for Good Reason or other than as a result of Disability or death, prior to the Termination Date, Executive shall be entitled to receive all salary and benefits to which Executive is entitled up to and including the date of Executive’s termination of employment hereunder. Executive shall also be entitled to an amount in respect of any bonus during the period employed for such fiscal year calculated on a pro rata basis so long as the STIC Plan targets are met for such fiscal year; however, in the event STIC Plan target is not met, then using the same percentage payout, if any, applicable to the payout of any bonuses for other senior executives employed by Holdings. The obligations of Holdings under this Agreement to make any further payments, or provide any benefits specified herein, to Executive shall cease and terminate on the date on which Executive’s employment is terminated by Holdings for Cause or by Executive other than for Good Reason or other than as a result of Disability or death. Termination of Executive in accordance with this Section 6.4 (i) shall be communicated to Executive pursuant to a notice of a resolution of a majority of the Board determining that Executive is subject to discharge for Cause as defined herein; and (ii) shall immediately release Executive from any further duty or obligation arising from Section 12 (b) through Section 12 (d). (b) As used herein, the term “Cause” shall mean conviction in a qualified court of law of a felony or crime involving moral turpitude, repeated failure to comply with the Board’s instructions (after 30 days’ prior notice), and any other material breach of this Agreement by Executive (after 30 days’ prior notice).

Voluntary Termination by Executive; Discharge for Cause. a. (a) In the event that Executive’s employment is terminated by Holdings for Cause, as hereinafter defined, or by Executive other than for Good Reason or other than as a result of Disability or death, prior to the Termination Date, Executive shall be entitled to receive all salary and benefits to which Executive is entitled up to and including the date of Executive’s termination of employment hereunder. Executive shall also be entitled to an amount in respect of any bonus during period employed for such fiscal year calculated on a pro rata basis so long as the STIC Plan targets are met for such fiscal year; however, in the event STIC Plan target is not met, then using the same percentage payout, if any, applicable to the payout of any bonuses for other senior executives employed by Holdings. . (b) The obligations of Holdings under this Agreement to make any further payments, or provide any benefits specified herein, to Executive shall cease and terminate on the date on which Executive’s employment is terminated by Holdings for Cause or by Executive other than for Good Reason or other than as a result of Disability or death. Termination of Executive in accordance with this Section 6.4 (i) shall be communicated to Executive pursuant to a notice of a resolution of a majority of the Board determining that Executive is subject to discharge for Cause as defined herein; herein and (ii) shall immediately release Executive from any further duty or obligation arising from Section 12 (b) through Section 12 (d). (c) As used herein, the term “Cause” shall mean conviction in a qualified court of law of a felony or crime involving moral turpitude, repeated failure to comply with the Board’s instructions (after 30 days’ prior notice), and any other material breach of this Agreement by Executive (after 30 days’ prior notice).

Voluntary Termination by Executive; Discharge for Cause. a. (a) In the event that Executive’s employment is terminated by Holdings for Cause, as hereinafter defined, or by Executive other than for Good Reason or other than as a result of Disability or death, prior to the Termination Date, Executive shall be entitled to receive all salary and benefits to which Executive is entitled up to and including the date of Executive’s termination of employment hereunder. Executive shall also be entitled to an amount in respect of any bonus during period employed for such fiscal year calculated on a pro rata basis so long as the STIC Plan targets are met for such fiscal year; however, in the event STIC Plan target is not met, then using the same percentage payout, if any, applicable to the payout of any bonuses for other senior executives employed by Holdings. . The obligations of Holdings under this Agreement to make any further payments, or provide any benefits specified herein, to Executive shall cease and terminate on the date on which Executive’s employment is terminated by Holdings for Cause or by Executive other than for Good Reason or other than as a result of Disability or death. Termination of Executive in accordance with this Section 6.4 (i) shall be communicated to Executive pursuant to a notice of a resolution of a majority of the Board determining that Executive is subject to discharge for Cause as defined herein; herein and (ii) shall immediately release Executive from any further duty or obligation arising from Section 12 (b) through Section 12 (d). (b) As used herein, the term “Cause” shall mean conviction in a qualified court of law of a felony or crime involving moral turpitude, repeated failure to comply with the Board’s instructions (after 30 days’ prior notice), and any other material breach of this Agreement by Executive (after 30 days’ prior notice).