Severance Agreement between American Psych Systems, Inc. and Stephen A. DaRe
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Summary
This agreement between American Psych Systems, Inc. and Stephen A. DaRe outlines the severance package provided if Mr. DaRe's employment is terminated for any reason other than gross misconduct. If terminated, he will receive one year of his base salary, paid according to the company's regular payroll schedule, and continued medical and dental insurance for one year. Gross misconduct is defined as being convicted of a felony or losing his accounting license in Maryland.
EX-10.10 36 a2036104zex-10_10.txt EXHIBIT 10.10 EXHIBIT 10.10 [LOGO AMERICAN PSYCH SYSTEMS] May 15, 2000 Mr. Stephen A. DaRe Executive Vice President and CFO American Psych Systems, Inc. 6705 Rockledge Drive, Suite 200 Bethesda, MD 20817 Re: Severance Package Dear Steve: Per our agreement, in the event that your employment with American Psych Systems, Inc. is terminated for any reason other than the commission of an act of gross misconduct by you, APS' shall pay you severance equal to one year of your base salary which shall be payable pursuant to APS' regular payroll schedule. APS shall continue to provide you with medical insurance and dental insurance until the end of the year of your severance benefit. For purposes hereof, the term "gross misconduct" shall mean your being convicted of a felony or the suspension or termination of your license to practice accounting in the state of Maryland. Sincerely, /s/ Kenneth Kessler Kenneth A. Kessler, M.D. President and CEO
