Exhibit 10.27
Separation and General Release
Agreement dated January 20, 2006,
between InfoTech USA, Inc. and
Sebastian Perez
January 20, 2006
Mr. Sebastian Perez
Dear Seb:
This letter is to accept your
resignation from InfoTech USA, Inc., with thanks for your years of
service. This letter is also to set forth the terms of the benefits
you will receive in exchange for your agreements as set forth
herein.
1.
(a)Your resignation as of January
20, 2005 is hereby accepted. On the next regular payroll
date, January 31, 2006, InfoTech will pay you for any unpaid wages
plus accrued and unused vacation pay, in each case less applicable
withholding amounts.
(b) If
you elect to continue your current health insurance coverage in
accordance with COBRA, InfoTech will pay up to three months’
of COBRA premiums. You will receive a package regarding
COBRA. If and when you elect to continue your benefits,
please notify Bob Patterson by e-mail at bpatterson@infotechusa.com
and he will arrange for your COBRA premiums to be paid.
2. On
the next regular payroll date following the eighth day after this
letter, InfoTech will pay to you $6,630.00. On each subsequent
regular payroll date, InfoTech will pay you the same amount until
the total of the payments under this paragraph equals $39,780.00,
fourteen weeks of financial compensation. In all cases, the
actual amount of the check will be reduced by applicable
withholding amounts as if you were still an employee.
3. Upon
reasonable request therefore, you agree that you will cooperate
with InfoTech, its affiliates and their counsel (i) in connection
with any litigation, arbitration or dispute that may from time to
time arise relating to events while you were employed with
InfoTech, and (ii) with respect to your duties while you were
employed with InfoTech. While we have no expectation that
this will occur, this cooperation may include serving as a witness
in a deposition, trial or hearing. If any cooperation is
requested of you pursuant to this paragraph, InfoTech will
reimburse you for your reasonable out-of-pocket expenses in
connection therewith upon presentment by you of receipts for such
expenses. Nothing in this paragraph is intended to suggest
that yo
