RECITALSCredit Agreement • March 29th, 2002 • Elite Information Group Inc • Services-computer integrated systems design • California
Exhibit 10.22 [ELITE LETTERHEAD] April 19, 2001 Mr. Daniel E. Tacone 119 Setters Drive Naperville, IL 60565 Dear Dan: The purpose of this letter is to confirm our agreement regarding your severance in the event of termination. If you are terminated...Severance Agreement • March 29th, 2002 • Elite Information Group Inc • Services-computer integrated systems design
If you are terminated without "cause" at any time during your employment with Elite Information Systems, Inc. (the "Company"), upon such termination, the Company shall pay you a lump sum amount equal to your then current base salary for twelve (12) months. The Company will also pay you a pro rata amount of your target incentive amount that would otherwise have been received by you with respect to the year in which such termination occurs. This payment will be made at such time as the target incentive would have otherwise been due. All payments are subject to the required state and federal tax withholdings and any other applicable deductions.
