Termination of Employment Period Clause Example from Business Contracts

Termination of Employment Period. Executive's employment under the terms of this agreement may terminate upon the occurrence of any of the following: 4.1 Termination for Cause. At the election of the Company, for "Cause," upon written notice by the Company to Executive. For the purposes of this Section, "Cause" for termination shall be deemed to exist upon the occurrence of any of the following: (a) Executive's conviction or entry of nolo contendere to any felony or a crime involving moral turpitude, fraud or embezzlement of Com...pany property; or (b) Executive's dishonesty, gross negligence or gross misconduct that is materially injurious to the Company or material failure to perform her/his duties under this Agreement which has not been cured by Executive within 10 days after he/she shall have received written notice from the Company stating with reasonable specificity the nature of such failure to perform; or (c) Executive's illegal use or abuse of drugs, alcohol, or other related substances that is materially injurious to the Company. 4.2 Voluntary Termination by the Company. At the election of the Company, without Cause. 4.3 Death or Disability. Upon the death or disability of Executive. As used in this Agreement, "disability" shall occur when Executive, due to a physical or mental disability, for a period of 90 days in the aggregate whether or not consecutive, during any 360-day period, is unable to perform the services contemplated under this Agreement. 4.4 Termination for Good Reason. Subject to the notice and cure periods set forth in Section 5.5, at the election of Executive for "Good Reason" (as defined below), upon written notice by the Executive to the Company. 4.5 Voluntary Termination by Executive. At the election of Executive, without Good Reason, upon not less than 30 days prior written notice by him/her to the Company. View More