Common use of By the Corporation for Cause Clause in Contracts

By the Corporation for Cause. This Agreement and the Employee’s employment with the Corporation may be terminated for Cause at any time in accordance with subparagraph (e) of this section. For purposes of this Agreement, Cause shall mean only the following: (i) a conviction of or a plea of guilty or nolo contendre by the Employee to a felony or an act of fraud, embezzlement or theft or other criminal conduct against the Corporation; (ii) habitual neglect of the Employee’s material duties or failure by the Employee to perform or observe any substantial lawful obligation of such employment that is not remedied within thirty (30) days after written notice thereof from the Corporation or its Board of Directors; or (iii) any material breach by the Employee of this Agreement. Should the Employee dispute whether he was terminated for Cause, then the Corporation and the Employee shall enter immediately into binding arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association, the cost of which shall be borne by the non-prevailing party.

By the Corporation for Cause. This Agreement and the Employee’s employment with the Corporation may be terminated for Cause at any time in accordance with subparagraph (e) of this sectionSection 11(f). For purposes of this Agreement, Cause Agreement “Cause” shall mean only the following: (i) a conviction of or a plea of guilty or nolo contendre contendere by the Employee to a felony or an act of fraud, embezzlement or theft or other criminal conduct against the Corporation; (ii) habitual neglect of the Employee’s material duties or failure by the Employee to perform or observe any substantial lawful obligation of such employment that is not remedied within thirty (30) days after written notice thereof from the Corporation or its Board of Directors; or (iii) any material breach by the Employee of this Agreement. Should the Employee dispute whether he was terminated for Cause, then the Corporation and the Employee shall enter immediately into binding arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association, the cost of which shall be borne by the non-prevailing party.