Executive for Cause Sample Clauses
The "Executive for Cause" clause defines the circumstances under which an executive's employment may be terminated due to specific, serious misconduct or failure to perform essential duties. Typically, this clause outlines what constitutes "cause," such as gross negligence, willful misconduct, fraud, or material breach of company policies, and may require a formal process to determine if cause exists. Its core function is to protect the company by allowing for immediate termination of an executive who engages in harmful behavior, thereby mitigating risk and ensuring accountability at the highest levels of management.
Executive for Cause. Any Termination of Employment of Executive for Cause by Arrow and/or either of the Bank shall require the affirmative vote of at least two-thirds (2/3) of the entire Arrow Board or either of the Bank Board (excluding Executive ifhe is a Board Member). Once such a determination has been made, the Chair of the Arrow Board and/or the Bank Board shall give notice to the Executive in writing setting forth the "for Cause" reasons Arrow and/or a Bank effected such Termination of Employment of Executive for Cause. In the event of a Termination of Employment of Executive for Cause, the Executive will not be entitled to any further compensation for any period subsequent to the effective date of such Termination of Employment, except for payments, if any, payable in accordance with the then current plans and policies of Arrow and/or either of the Bank.
Executive for Cause. If such right is exercised, the Company's obligation to the Executive shall be limited to the payment of any unpaid Annual Salary, Additional Compensation and other benefits, if any, accrued up to the effective date specified in the Company's notice of termination (which date shall not be retroactive). As used in this Section 5.2 and elsewhere in this Agreement, the term "Cause" shall mean that (i) there shall have been a material breach by Executive of the terms of this Agreement which either is not susceptible of cure or which is not cured within a period of ten (10) days after notice thereof, and which shall include, without limitation, the willful and continued failure or refusal by Executive to perform the material duties for which he is employed or which are assigned to him hereunder or chronic absenteeism; (ii) the Executive has knowingly, willfully and persistently failed or refused to follow the reasonable policies and directives established by the Board of Directors or executive officers of the Company senior to the Executive; (iii) the Executive has wrongfully misappropriated money or other assets or properties of the Company or any subsidiary or affiliate of the Company, or has committed fraud; (iv) the Executive has been convicted of or plead "nolo contendere" to any felony or other serious crime, or has been convicted or has pleaded "nolo contendere" to a crime involving, or the Company, or any subsidiary or affiliate thereof is held liable for monetary damages by a court of competent jurisdiction as a result of the commission by Executive of, an act of moral turpitude; or (v) the Executive's alcoholism or drug addiction, unless Executive agrees to seek treatment from a treatment program approved by the Company and promptly commences and completes the program. The determination on behalf of the Company as to whether "cause" exists shall be made by a majority vote of the Company's Board of Directors.
Executive for Cause. The Executive may terminate his employment hereunder for Cause. For purposes of this Agreement, Executive shall have "Cause" to terminate his employment hereunder in the event of any material breach of this Agreement by Parent which breach shall not have been cured by Parent within 30 days following written notice to Parent or which breach, by its nature, cannot be cured. The Executive's right to terminate his employment hereunder for Cause shall not be affected by his incapacity due to physical or mental illness.