07-30-1993 ERMU MIN - Laserfiche WebLink

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served under this Agreement. 7. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their assigns, executors, heirs or suc- cessors. 8. AMENDMENT, MODIFICATION OR WAIVER. No amendment, modification or waiver of any condition, provision or term of this Agreement shall be valid or of any effect unless made in writing, signed by the party or parties to be bound or such party's duly authorized representative and specifying with particularity the nature and extend of such amendment, modification or waiver. Any waiver by any party of any default of another party shall not affect or impair any right arising from any subsequent default. Nothing herein shall limit the remedies and rights of the parties hereto under and pursuant to this Agreement. 9. SALE OF UTILITY TO THIRD PARTY. In the event ERMU sells or transfers its operations and assets to a third party, ERMU shall pay to the Executive a severance package, including the Life Insurance Policy fully paid and an amount equal to the amount three times his then existing gross salary. 10. SEVERABLE PROVISIONS. Each provision of this Agreement is intended to be severable. If any provision hereto is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of this Agreement. 11. ENTIRE AGREEMENT. This Agreement contains the entire understanding of the parties hereto in respect of the transactions contemplated hereby and super- sedes all prior agreements and understandings between the parties with respect to such subject matter. 12. CAPTIONS, HEADINGS OR TITLES, AND REFERENCES TO GENDER. All captions, headings or titles in the paragraphs or sections of this Agreement are inserted for convenience of reference only and shall not constitute a part of this Page 4