Common use of For Cause or Without Cause Clause in Contracts

For Cause or Without Cause. The Company may terminate the Executive's employment hereunder at any time for Cause or without Cause. Any such termination by the Company pursuant to this Section 4(b) shall be deemed termination without Cause unless such termination is for Cause as defined below. For purposes of this Agreement, "Cause" shall mean: (A) Executive's conviction of, or plea of guilty to, any act of fraud, misappropriation or embezzlement, or any felony, (B) gross negligence, gross misconduct or dishonest activities by the Executive in the discharge of his duties hereunder, or (C) the Executive's willful and continuous failure to substantially perform his duties hereunder (other than as a result of physical or mental illness) after written notice by the Company to the Executive of his failure, specifying the particular act or acts or failure to act that is the basis of such notice, and the Executive fails to substantially correct such breach within fourteen (14) business days of his receipt of such notice or (D) Executive's engaging in conduct or activities materially damaging to the Company, monetarily or otherwise after written notice by the Company to the Executive, specifying the particular act or acts or failure to act that is the basis of such notice, and the Executive fails to substantially correct such act or failure to act within fourteen (14) business days of his receipt of such notice (it being understood, however, that neither conduct nor activities pursuant to Executive's exercise of his good faith business judgment nor unintentional physical damage to any property of the Company by Executive shall be a ground for such determination by the Company). Prior to any termination hereunder by the Board for "Cause," Executive shall be given an opportunity to make a presentation (with, at Executive's option, his legal counsel) to the Board at a meeting of the Board. Following such meeting, the Board shall determine by at least a majority vote whether to terminate Executive's services for "Cause" pursuant to this Section and shall notify Executive in writing of its determination promptly, specifying, if so determined, a date of termination in such notice. A determination of Cause by the Board of Directors in circumstances in which "Cause," as defined above, does not exist, shall not be binding on Executive.

For Cause or Without Cause. The Company may terminate the Executive's employment hereunder at any time for Cause or without Cause. Any such termination by the Company pursuant to this Section 4(b) shall be deemed termination without Cause unless such termination is for Cause as defined below. For purposes of this Agreement, "Cause" shall mean: (A) Executive's conviction of, or plea of guilty to, any act of fraud, misappropriation or embezzlement, or any felony, (B) gross negligence, gross misconduct or dishonest activities by the Executive in the discharge of his duties hereunder, or (C) the Executive's willful and continuous failure to substantially perform his duties hereunder (other than as a result of physical or mental illness) after written notice by the Company to the Executive of his failure, specifying the particular act or acts or failure to act that is the basis of such notice, and the Executive fails to substantially correct such breach within fourteen (14) business days of his receipt of such notice or (D) Executive's engaging in conduct or activities materially damaging to the Company, monetarily or otherwise after written notice by the Company to the Executive, specifying the particular act or acts or failure to act that is the basis of such notice, and the Executive fails to substantially correct such act or failure to act within fourteen (14) business days of his receipt of such notice (it being understood, however, that neither conduct nor activities pursuant to Executive's exercise of his good faith business judgment nor unintentional physical damage to any property of the Company by Executive shall be a ground for such determination by the Company). Prior to any termination hereunder by the Board for "Cause," Executive shall be given an opportunity to make a presentation (with, at Executive's option, his legal counsel) to the Board at a meeting of the Board. Following such meeting, the Board shall determine by at least a majority vote whether to terminate Executive's services for "Cause" pursuant to this Section and shall notify Executive in writing of its determination promptly, specifying, if so determined, a date of termination in such notice. A determination of Cause by the Board of Directors in circumstances in which "Cause," as defined above, does not exist, shall not be binding on Executive.