Common use of TERMINATION BY EVENTS OF DEFAULT Clause in Contracts

TERMINATION BY EVENTS OF DEFAULT. 15.1 The Company may terminate the Appointment with immediate effect and without notice or payment in lieu of notice or payment of any compensation or liquidated damages if the Executive: (a) is guilty of gross misconduct or commits any serious or (after warning) repeated or continued material breach of his obligations, including without limitation fiduciary or statutory duties; (b) commits any material breach of this agreement other than a breach which is capable of remedy and is remedied forthwith by the Executive at the Company’s request to the reasonable satisfaction of the Company; (c) becomes bankrupt or makes any arrangement or composition with or for the benefit of his creditors; (d) is convicted of any criminal offence (including for the avoidance of doubt insider dealing) (other than an offence under any road traffic legislation in the Jersey or elsewhere for which a fine or non-custodial penalty is imposed); (e) is disqualified from holding any Office (including for the avoidance of doubt trusteeship) which he holds in the Group Company or resigns from such Office without the prior written approval of the Board; (f) is guilty of any financial dishonesty, including without limitation, fraud or the misappropriation of funds or property of the Company or Group, or an attempt to secure any personal profit related to the business or the business opportunities of the Company or Group without the informed written approval of the Board; (g) becomes of unsound mind or a patient under any statute relating to mental health; (h) by his acts or omissions (whether in the course of his duties or otherwise) (in the reasonable opinion of the Board) brings or is likely or calculated to bring himself, the name or reputation of the Company or any Group Company into disrepute or to prejudice the interests of the business of the Company or any Group Company in a material respect; (i) is guilty of a material breach of any Regulatory Requirement or any other regulatory authority relevant to the business of the Company or any Group Company with which the Executive is concerned or any policy of the Company or any Group Company which material breach is not remedied to the reasonable satisfaction of the Company within 30 days of written notice; or (j) becomes permanently incapacitated by accident or ill-health from performing his duties under this agreement and for the purposes of this sub-clause incapacity for three consecutive months or an aggregate period of six months in any 12 month period shall be deemed permanent incapacity. 15.2 Any delay by the Company in exercising such right to terminate shall not constitute a waiver thereof.