EXHIBIT 10.14
SEPARATION AGREEMENT
This Separation Agreement is made by and between Landacorp, Inc. (the "Company")
and Xxxxxx Santa Cattarina.
TERMINATION/CHANGE OF CONTROL/SEVERANCE PACKAGE
If the Company terminates Cattarina's employment, not for cause, or Cattarina's
position requires him to relocate to another location 50 miles or more from his
current residence, after Cattarina executes this document, then Cattarina shall
be entitled to a severance package equal to 100% of his current base salary,
paid out in the normal payroll cycle, over a period of 1 year, less all
applicable state and federal deductions.
During this 1-year period, as part of Cattarina's severance package, the Company
also agrees to pay the COBRA rates, for the maximum COBRA benefit period, for
any medical, dental and/or vision benefit elections that Cattarina had in effect
prior to his departure. Subject to the terms of the plans, the Company may
modify or terminate the health benefit plans at any time in its sole discretion.
Cattarina will also receive the above stated severance package if he chooses to
leave the Company subsequent to a Change of Control with the Company, because of
a material change/decrease in salary and/or in the level of scope and
responsibility with his position.
In Witness Where of, the parties have executed this agreement on the respective
dates set forth below.
Dated: By: /s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx
Dated: By: /s/ Xxxxxx Xxx
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Xxxxxx Xxx
Board of Director
Landacorp, Inc.
