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

SEVERANCE BENEFIT UPON TERMINATION WITHOUT CAUSE. Notwithstanding any other provision of this Agreement, if Employer terminates this Agreement other than for cause as defined in Section 7.01, Employer shall pay Employee a lump sum cash payment equal to one years annual salary as provided for in this Agreement, or Employee's then current rate of compensation, whichever is greater.

SEVERANCE BENEFIT UPON TERMINATION WITHOUT CAUSE. Notwithstanding any other provision of this Agreement, if Employer terminates this Agreement other than for cause as defined in Section 7.01, Employer shall pay Employee a lump sum cash payment equal to one years annual salary as provided for in this Agreement, or increasing one year for each year served to a maximum of four years at Employee's then current rate of compensation, whichever is greater.For purposes of this section employee will be deemed to have started his employment on June 1 2007.