Termination by the Company Clause Samples

Termination by the Company. (a) The Company may not terminate the Executive's employment under this Agreement without Cause. (b) The Company, by action of its Board, may terminate the Executive's employment under this Agreement for Cause at any time by notifying the Executive of such termination. For all purposes of this Agreement, the Employment Period shall end as of the date of such termination of employment. "Cause" means the Executive's: (i) persistent and repeated refusal, failure or neglect to perform the material duties of his employment under this Agreement (other than by reason of the Executive's physical or mental illness or impairment), provided that such Cause shall be deemed to occur only after the Company gave written notice thereof to the Executive specifying in reasonable detail the conduct constituting Cause, the Executive failed to cure and correct his conduct within thirty (30) days after receipt of such notice, and the Executive had the opportunity to be heard at a meeting of the Board; (ii) committing any act of fraud or embezzlement, provided that such Cause shall be deemed to occur only after the Company gave notice thereof to the Executive specifying in reasonable detail the instances of such conduct, and the Executive had the opportunity to be heard at a meeting of the Board; (iii) breach of the Employee Non-Disclosure, Non-Competition and Assignment of Inventions Agreement or of such other subsequent agreements entered into during the Employment Period that results in a detriment to the Company, provided the Company gave notice thereof to the Executive specifying in reasonable detail each such alleged breach, and the Executive had the opportunity to be heard at a meeting of the Board; (iv) conviction of a felony (including pleading guilty to a felony); or (v) habitual abuse of alcohol or drugs.