August 13th, 2014 Frank Verardi 13751 Cassinelli Ranch Road P.O. Box 1328 Sutter Creek, CA 95685 Dear Frank: The letter sets forth the terms of your severance agreement with Daegis Inc. (“Daegis”).Daegis Inc. • August 26th, 2014 • Services-prepackaged software
Although Daegis or you may terminate your employment at-will, with or without Cause, if Daegis terminates your employment without Cause or upon a Change in Control, you shall receive (1) cash severance payments equivalent to six (6) months of your base salary then in effect on the termination date, payable as “salary continuation” in accordance with Daegis’ regular payroll cycle, commencing on the first payroll period that is 31 days following the termination date; and (2) continuation of your existing health insurance benefits for a six (6) month period, if permitted by Daegis’ health insurance plan (at the then-current contribution levels), or, if not permitted by Daegis’ health insurance plan, Daegis will reimburse you for the cost of six (6) months of COBRA health insurance continuation benefits (assuming you are COBRA-eligible), or Medicare supplement insurance premiums.
