Common use of Termination for Cause by Company Clause in Contracts

Termination for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate Executive’s employment immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined as: (a) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s obligations or otherwise relating to the business of Company; (b) Executive’s material breach of this Agreement; and (c) Executive’s conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude. In the event Executive’s employment is terminated in accordance with this subparagraph 7.1, Executive shall be entitled to receive Executive’s Base Salary prorated to the date of termination. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be entitled to receive the Severance Payment described in subparagraph 7.3 below.

Termination for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate Executive’s 's employment immediately at any time for Cause. For purposes of this Agreement, “"Cause” " is defined as: (a) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s 's obligations or otherwise relating to the business of Company; (b) Executive’s 's material breach of this Agreement; and (c) Executive’s 's conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude. In the event Executive’s 's employment is terminated in accordance with this subparagraph 7.1, Executive shall be entitled to receive Executive’s 's Base Salary prorated to the date of termination. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be entitled to receive the Severance Payment described in subparagraph 7.3 below.

Termination for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate Executive’s 's employment immediately at any time for Cause. For purposes of this Agreement, “"Cause” " is defined as: (a) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s 's obligations or otherwise relating to the business of Company; (b) Executive’s 's material breach of this Agreement; and (c) Executive’s 's conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude. In the event Executive’s 's employment is terminated in accordance with this subparagraph 7.1, (i) Executive shall be entitled to receive Executive’s 's Base Salary prorated to the date of termination. All , (ii) all other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. extinguished and (iii) Executive will not be entitled to receive the Severance Payment described in subparagraph 7.3 below.