Strict Cause definition
Strict Cause. Strict Cause" shall mean any of the following: (A) a conviction of the Executive for a felony or for any lesser crime or offense than a felony involving the property of the Employer or of one of its subsidiaries; or (B) gross neglect of his duties hereunder, gross dereliction of duty or other willful misconduct by the Executive and failure to cure such situation within thirty (30) days after receipt of notice thereof from the Board of Directors of the Corporation, unless such situation cannot be completely cured within such 30 day period, in which case, Strict Cause shall not be deemed to occur if the Executive commences the cure of same within such 30 day period and diligently continues to cure same.