Common use of Performance-Based Termination Clause in Contracts

Performance-Based Termination. The Company may terminate the Executive’s employment based on performance (“Performance-Based Termination”). To constitute a Performance-Based Termination, the Executive must receive a written warning setting forth the performance deficiency and be afforded the opportunity to cure performance for a period of 60 days following the date of the written warning. Following the 60-day cure period, if the Company determines that the Executive’s performance has not improved, the Company shall notify the Executive in writing of the Performance-Based Termination and the Executive shall have the opportunity to appeal the Performance-Based Termination to the Board of Directors of the Company within two (2) business days following the date of the Company’s notice of termination. Any determination by the Board shall be final and binding.

Performance-Based Termination. The Company may terminate the Executive’s employment based on performance (“Performance-Based Termination”). To constitute a Performance-Based Termination, the Executive must receive a written warning setting forth the performance deficiency and be afforded the opportunity to cure performance for a period of 60 days following the date of the written warning. Following the 60-day cure period, if the Company determines that the Executive’s performance has not improved, the Company shall notify the Executive in writing of the Performance-Based Termination and the Executive shall have the opportunity to appeal the Performance-Based Termination to the Board of Directors of the Company within two (2) business days following the date of the Company’s notice of termination. Any determination by the Board shall be final and binding.