Employment Agreement between Alderwoods Group, Inc. and Ellen Neeman (Senior Vice President Legal and Compliance)

Summary

This agreement confirms Ellen Neeman's employment as Senior Vice President Legal and Compliance, Corporate Secretary at Alderwoods Group, Inc. It outlines her salary, incentive eligibility, stock options, benefits, pension plan, car allowance, vacation, and severance terms. If terminated without cause, she receives 12 months' severance; if terminated due to a change of control, she receives 24 months' severance. The agreement replaces all previous employment contracts between the parties and is effective February 4, 2003.

EX-10.7 6 a2125540zex-10_7.txt EXHIBIT 10.7 Exhibit 10.7 January 23, 2003 STRICTLY PERSONAL AND CONFIDENTIAL HAND DELIVERED, ORIGINAL TO FILE Dear Ellen: I am pleased to reconfirm your position as Senior Vice President Legal and Compliance, Corporate Secretary, at ALDERWOODS GROUP, INC. This letter is intended to replace any other previous employment letters and/or contracts, between you and ALDERWOODS GROUP INC.; and details your new salary increase, effective on the February 4, 2003 payroll. REPORTS TO: PAUL HOUSTON, PRESIDENT AND CEO LOCATION: 2225 SHEPPARD AVENUE EAST, SUITE 1100 TORONTO, ONTARIO M2J 5C2 Please find listed below an outline of your employment terms; 1) BASE SALARY; your base salary is $190,000 CDN ( paid bi-weekly ) 2) ANNUAL INCENTIVE; you are entitled to participate at the annual executive level of 40% target and 80% maximum. Program details supplied to you . 3) STOCK OPTIONS; you will be entitled to participate in the stock option program. The details of this grant will be covered by a separate stock option agreement as determined and administrated by the Board of Directors. 4) BENEFITS PROGRAMS; you will be covered by the company's benefits programs, covering medical and dental plans. 5) ANNUAL MEDICAL; you are entitled to take a company paid annual medical. 6) RRSP PENSION; you will be eligible company's RRSP program in which you can make deposits and the company will match the value. 7) CAR ALLOWANCE; you will be entitled to $600.00 CDN/ month (paid bi-weekly ). 8) VACATION ENTITLEMENT; you are eligible for four (4) weeks vacation per year. 9) TERMINATION OF EMPLOYMENT; if you should be terminated for any reason other than just cause, you will be entitled to receive twelve (12) months severance. 10) CHANGE OF CONTROL; if there is a change in control whereby 51% or more of the company's shares change hands and as a result your employment is terminated, you will receive 24 months severance. Sincerely, Acceptance: - ------------------------------- ---------------------------- Paul Houston, President and CEO Ellen Neeman