Common use of Circumstances Triggering Receipt of Severance Benefits Clause in Contracts

Circumstances Triggering Receipt of Severance Benefits. The Company shall provide the Executive with the benefits set forth in Section 4 of this Agreement if his employment is terminated by the Company during the term of this Agreement without cause attributable to the Executive. The Executive shall not be entitled to the benefits set forth in Section 4 if: a) the Executive voluntarily terminates his employment with the Company; b) the Executive dies or becomes incapacitated during the term of his employment; or c) the Executive's employment is terminated by the Company for one or more of the following reasons: (1) The Executive has been convicted of, or has pleaded guilty or NOLO CONTENDERE to any felony or a crime involving moral turpitude; (2) The Executive has materially failed or refused to perform his duties hereunder and such material failure or refusal has continued for a period of ten (10) days following written notice of such failure or refusal in reasonable detail, it being understood that the Company's failure to achieve its business plan or projections shall not itself be considered a failure or refusal to perform duties; (3) The Executive has breached any provision of Section 5 hereof; or (4) The Executive has committed any fraud, embezzlement, misappropriation of funds, breach of fiduciary duty or other act of dishonesty or intentional malfeasance against the Company.

Circumstances Triggering Receipt of Severance Benefits. The Company shall provide the Executive with the benefits set forth in Section 4 of this Agreement if his employment is terminated by the Company during the term of this Agreement without cause attributable to the Executive. The Executive shall not be entitled to the benefits set forth in Section 4 if: a) the Executive voluntarily terminates his employment with the Company; b) the Executive dies or becomes incapacitated during the term of his employment; or; c) the Executive's employment is terminated by the Company for one or more of the following reasons: (1) The Executive has been convicted of, or has pleaded guilty or NOLO CONTENDERE to any felony or a crime involving moral turpitude; (2) The Executive has materially failed or refused to perform his duties hereunder and such material failure or refusal has continued for a period of ten (10) days following written notice of such failure or refusal in reasonable detail, it being understood that the Company's failure to achieve its business plan or projections shall not itself be considered a failure or refusal to perform duties; (3) The Executive has breached any provision of Section 5 hereof; or (4) The Executive has committed any fraud, embezzlement, misappropriation of funds, breach of fiduciary duty or other act of dishonesty or intentional malfeasance against the Company.

Circumstances Triggering Receipt of Severance Benefits. The Company shall provide the Executive with the benefits set forth in Section 4 of this Agreement if his employment is terminated by the Company during the term of this Agreement without cause attributable to the Executive. The Executive shall not be entitled to the benefits set forth in Section 4 if: a) the Executive voluntarily terminates his employment with the Company; b) the Executive dies or becomes incapacitated during the term of his employment; or c) the Executive's employment is terminated by the Company for one or more of the following reasons: (1) The Executive has been convicted of, or has pleaded guilty or NOLO CONTENDERE nolo contenders to any felony or a crime involving moral turpitude; (2) The Executive has materially failed or refused to perform his duties hereunder and such material failure or refusal has continued for a period of ten (10) days following written notice of such failure or refusal in reasonable detail, it being understood that the Company's failure to achieve its business plan or projections shall not itself be considered a failure or refusal to perform duties; (3) The Executive has breached any provision of Section 5 hereof; or (4) The Executive has committed any fraud, embezzlement, misappropriation of funds, breach of fiduciary duty or other act of dishonesty or intentional malfeasance against the Company.