Common use of Termination for Certain Causes Clause in Contracts

Termination for Certain Causes. (a) Notwithstanding anything to the contrary set forth elsewhere herein, in the event of the willful misconduct of the Employee in the performance of his duties hereunder resulting in material economic harm to the Corporation or the conviction of the Employee for a felony under federal or state law relating to the assets, business or affairs of the Corporation or involving moral turpitude, the Term of Employment may be terminated by the Corporation by written notice to the Employee, provided that the Employee shall be given prior written notice by the Board of Directors of the intention to terminate him for cause and the specific grounds for such termination. The Employee shall be entitled to a hearing before the Board before such termination becomes effective. In the event that the Term of Employment is terminated pursuant to this Section 5(a), the Employee shall be entitled only to any base salary and any other amounts earned or accrued by or owing to the Employee but not yet paid as of the date of termination. (b) In the event that the Employee, due to physical or mental disability or incapacity, is unable to substantially perform his duties hereunder for a period of six or more successive months, or for six months in any 12-month period, the Corporation or the Employee shall have the right to terminate the Term of Employment hereunder upon 30 days' prior written notice. In the event that the Employee is able to and recommences rendering services and performing his duties hereunder within such 30-day notice period, the Employee shall be reinstated and such notice shall be without further force or effect. If the Employee dies during the term of this Agreement, the Term of Employment shall terminate immediately upon his death. In the event that the Term of Employment is terminated pursuant to this Section 5(b), the Employee shall be entitled to receive the payments and benefits contemplated by Section 4(b) as if the Term of Employment were terminated by the Corporation other than for cause, provided, that any amounts payable thereunder shall be reduced by the aggregate -------- amount of any Disability Benefits which the Employee may receive or to which he may be entitled, in the case of termination for disability, and by any death benefits payable to his beneficiaries pursuant to any plan (other than the SERP or other option or savings plans) to which the Corporation has contributed or for which it has made payroll deductions, such as group accident, health or life insurance policies, in the case of termination upon death.

Termination for Certain Causes. (a) Notwithstanding anything to the contrary set forth elsewhere herein, in the event of the willful misconduct of the Employee in the performance of his duties hereunder resulting in material economic harm to the Corporation or the conviction of the Employee for a felony under federal or state law relating to the assets, business or affairs of the Corporation or involving moral turpitude, the Term of Employment may be terminated by the Corporation by written notice to the Employee, provided that the Employee shall be given prior written notice by the Board of Directors of the intention to terminate him for cause and the specific grounds for such termination. The Employee shall be entitled to a hearing before the Board before such termination becomes effective. In the event that the Term of Employment is terminated pursuant to this Section 5(a), the Employee shall be entitled only to any base salary and any other amounts earned or accrued by or owing to the Employee but not yet paid as of the date of termination. (b) In the event that the Employee, due to physical or mental disability or incapacity, is unable to substantially perform his duties hereunder for a period of six or more successive months, or for six months in any 12-month period, the Corporation or the Employee shall have the right to terminate the Term of Employment hereunder upon 30 days' prior written notice. In the event that the Employee is able to and recommences rendering services and performing his duties hereunder within such 30-day notice period, the Employee shall be reinstated and such notice shall be without further force or effect. If the Employee dies during the term of this Agreement, the Term of Employment shall terminate immediately upon his death. In the event that the Term of Employment is terminated pursuant to this Section 5(b), the Employee shall be entitled to receive the payments and benefits contemplated by Section 4(b) as if the Term of Employment were terminated by the Corporation other than for cause, providedPROVIDED, that any amounts payable thereunder shall be reduced by the aggregate -------- amount of any Disability Benefits which the Employee may receive or to which he may be entitled, in the case of termination for disability, and by any death benefits payable to his beneficiaries pursuant to any plan (other than the SERP or other option or savings plans) to which the Corporation has contributed or for which it has made payroll deductions, such as group accident, health or life insurance policies, in the case of termination upon death.