Common use of SEVERANCE PAY UPON TERMINATION Clause in Contracts

SEVERANCE PAY UPON TERMINATION. In the event Officer's employment is ------------------------------ terminated by Rushmore, except for "cause" and except for Officer's death or total disability, Rushmore shall pay to Officer as severance pay the sum of three years' Base Compensation at the then existing rate, plus any sums due in respect of increases in Base Compensation pursuant to Paragraph 3(a) hereof. Such payment shall be made in thirty-sixty (36) equal monthly installments. Termination for "cause" shall mean termination by Rushmore for any of the following reasons:

SEVERANCE PAY UPON TERMINATION. In the event Officer's employment is ------------------------------ terminated by Rushmore, except for "cause" and except for Officer's =s death or total disability, Rushmore shall pay to Officer as severance pay the sum of three years' Base Compensation at the then existing rate, plus any sums due in respect of increases in Base Compensation pursuant to Paragraph 3(a) hereof. Such payment shall be made in thirty-sixty (36) equal monthly installments. Termination for "cause" shall mean termination by Rushmore for any of the following reasons: