Common use of By the Corporation for Cause Clause in Contracts

By the Corporation for Cause. This Agreement and Executive’s employment with the Corporation may be terminated for Cause at any time. For purposes of this Agreement, “Cause” shall mean only the following: (i) a conviction of or a plea of guilty or nolo contendre by Executive to a non-motor vehicle felony or an act of fraud, embezzlement or theft or other criminal conduct against the Corporation; (ii) habitual neglect of Executive’s material duties or failure by Executive to perform or observe any substantial lawful obligation of such employment that is not remedied within 30 days after written notice thereof from the Board; or (iii) any material breach by the Executive of this Agreement. Should Executive dispute whether he was terminated for Cause, then the Corporation and the Executive shall enter immediately into binding arbitration pursuant to Section 23.