Laserfiche WebLink
other of an intent to do so. This Agreement shall immediately <br />terminate upon the death of WITHERSPOON, and CABARRUS shall pay <br />to the estate of WITHERSPOON '~he compensation otherwise payable <br />to WITHERSPOON through the end of the second month after which <br />his death has occurred. <br /> <br /> 11. SEVERANCE PAY: If, before the expiration 'of the <br />original term of this Agreement or any extension thereof, <br />CABARRUS unilaterally terminates WITHERSPOON or WITHERSPOON and <br />CABARRUS terndnate this Agreement by mutual agreement, CAB~d~RUS <br />shall pay to WITHERSPOON one-half (1/2) WITHERSPOON's annual base <br />salary which shall have been established in accordance with <br />Paragraphs 3 and 9 hereinbefore. Such salary payment shall be <br />made in a single lump sum, and shall constitute all pa~ent due <br />WITHERSPOON pursuant to this Agreement or other~'ise. <br /> <br /> NOTWITHSTANDING THE FOREGOING, in the event WITHERSPOON is <br />terminated because of his conviction of any illegal act involvin9 <br />personal gain to him, CABARRUS shall have no obligation to pay <br />the severance payment set forth in this paragraph. <br /> <br /> 12. BONDING: CABARRUS shall bear the full cost of any <br />fidelity or other bond required of WITHERSPOON as Manager under <br />any law or ordinance. <br /> <br /> 13. NOTICES: Any notice required or desired to be given <br />under this Agreement shall be deemed given if in writing sent by <br />Certified Mail to his residence in the case of WITHERSPOON, or to <br />its principal office in the case of CABARRUS. <br /> <br /> <br />