Common use of Immediately for Cause Clause in Contracts

Immediately for Cause. Notwithstanding anything in this Agreement to the contrary, the Corporation may terminate Employee's employment hereunder, and shall have no further obligation or liability to Employee: (i) if Employee commits any fraud, misappropriation or embezzlement; (ii) if Employee materially and repeatedly breaches any provision of this Agreement after notice thereof; or (iii) for any act, or failure to act, of Employee, attributable to his gross negligence or willful misconduct, which causes a material adverse effect on the Corporation's business, condition, prospects or reputation, as determined by the Corporation's Board of Directors in its reasonable business judgment (with Employee abstaining from the discussion pertaining to and the vote thereon). In the event of any termination pursuant to this subsection, the Corporation shall be obligated to pay Employee only those portions of his compensation provided by Sections 2.1 and 2.3 hereof which shall accrue to Employee up to and including the date upon which such termination becomes effective.

Immediately for Cause. Notwithstanding anything in this Agreement to the contrary, the Corporation may terminate Employee's employment hereunder, and shall have no further obligation or liability to Employee: (i) if Employee commits any fraud, misappropriation or embezzlement; (ii) if Employee materially and repeatedly breaches any provision of this Agreement after notice thereof; or (iii) for any act, or failure to act, of Employee, attributable to his gross negligence or willful misconduct, which causes a material adverse effect on the Corporation's business, condition, prospects or reputation, as determined by the Corporation's Board of Directors in its reasonable business judgment (with Employee abstaining from the discussion pertaining to and the vote thereon)) in its reasonable business judgment. In the event of any termination pursuant to this subsection, the Corporation shall be obligated to pay Employee only those portions of his compensation provided by Sections Section 2.1 and 2.3 hereof which shall accrue to Employee up to and including the date upon which such termination becomes effective.