Common use of SEVERANCE BENEFIT UPON TERMINATION WITHOUT CAUSE Clause in Contracts

SEVERANCE BENEFIT UPON TERMINATION WITHOUT CAUSE. Notwithstanding anything to the contrary in this Agreement, if Executive is terminated without cause, Executive shall receive a lump sum cash payment equal to the annual base salary of Executive, as contained in Section 3.1 of this Agreement, then in effect.

SEVERANCE BENEFIT UPON TERMINATION WITHOUT CAUSE. Notwithstanding anything to the contrary in this Agreement, if Executive is terminated without cause, Executive shall receive a lump sum cash payment equal to 1/12 of the annual base salary of Executive, as contained in Section 3.1 of this Agreement, then in effect.