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to reach an agreement, the Executive may resign from his employment. In that <br /> event, ERMU agrees to immediately pay to the Executive severance pay in an <br /> amount equal to one year of his then existing gross annual salary. ERMU also <br /> agrees to transfer to the Executive the total cash surrender value of the life <br /> insurance policy referenced in paragraph 3(d) adjusted in accordance with <br /> Schedule A. <br /> 5. TERMINATION. This Agreement shall be terminated as follows : <br /> (a) Death. Effective the date of the death of the Executive. <br /> (b) Agreement. By mutual agreement in writing of ERMU and the <br /> Executive. <br /> (c) With cause. ERMU shall have the right to terminate the services <br /> of the Executive for cause, which shall mean any cause for which the <br /> Executive would be ineligible for unemployment compensation under <br /> Minnesota law. The effective date of termination shall be the date of <br /> receipt by the Executive of written notice thereof. <br /> (d) Without Cause. ERMU shall have the right to terminate the ser- <br /> vices of the Executive without cause, but in such event, ERMU agrees to <br /> immediately pay to the Executive severance pay in an amount equal to <br /> two times his then existing gross annual salary and the cash surrender <br /> value of the life insurance policy described above adjusted in accor- <br /> dance with Schedule A. <br /> 6. NOTICES. All communications, demands, notices or objections permitted <br /> or required to be given or served under this Agreement shall be in writing and <br /> shall be deemed to have been duly given or made if delivered in person or de- <br /> posited in the United States mail , postage prepaid , for mailing by certified or <br /> registered mail , return receipt requested, and addressed to a party at the <br /> address set forth at the end of this Agreement. <br /> Any party may change his or its address by giving notice in writing, stating <br /> his or its new address, to any other party as provided in the foregoing manner. <br /> Commencing on the tenth day after the giving of such notice, such newly <br /> designated address shall be such party' s address for the purposes of all commun- <br /> ications, demands, notices or objections permitted or required to be given or <br /> Page 3 <br />