Common use of TERMINATION BY PGM Clause in Contracts

TERMINATION BY PGM. This Agreement may be terminated by the Board of PGM, at any time, for "Cause" and for no other reason. For the purposes of this Agreement, PGM will have "Cause" to terminate Osenton, if Osenton has engaged in any of the following (for the purposes of this Section, the term PGM shall include PGM and the Affiliates): fraud; embezzlement; theft; improper disclosure of material confidential or proprietary information of Prism or PGM; materially aiding a competitor of Prism or PGM; conviction of a felony resulting in Osenton's conviction, or conviction of Osenton of any criminal charge resulting in Prism or PGM being in material violation of any mortgage brokerage or banking laws or regulations or conviction of any other felony involving moral turpitude resulting in harm or embarrassment to Prism or PGM; gross negligence or incompetency in the performance of any employment duties; repeated and continuing refusal or inability to perform any reasonable employment duties; or repeated failure or material breach in performing or complying with any of Osenton's obligations under this Agreement. This Agreement is intended as a written statement of the economic relationship of the parties, and not a guaranty of continued employment after the Term or if Osenton is terminated for Cause.