Severance Agreement between Peregrine Systems and Andy Cahill
This agreement between Peregrine Systems and Andy Cahill provides that if Mr. Cahill is terminated by the company for any reason other than "for cause" before June 8, 2004, he will receive a severance payment of $300,000. This payment is in addition to any benefits he would receive under the company's Key Employee Severance Plan. The agreement is intended to recognize Mr. Cahill's role and contributions during a challenging period for the company.
Exhibit 10.23
M E M O R A N D U M
| TO: | Andy Cahill |
| FROM: | Gary Greenfield |
| DATE: | April 21, 2003 |
| SUBJECT: | Severance Agreement |
In recognition of the current challenges facing Peregrine Systems and the role you are expected to play in achieving aggressive targets and maintaining a positive work environment in the Field Operations group, you will be provided with severance protection, in the gross amount of $300,000 if you are terminated by the company for reasons other than “for cause” prior to June 8, 2004. This payment is in addition to the amount provided under the Key Employee Severance Plan (KESP).
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| Gary Greenfield |
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| Andy Cahill |
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