Employment Agreement between Alderwoods Group Inc. and Mark Wilson (Senior Vice President, Human Resources)
This agreement outlines the terms of employment for Mark Wilson as Senior Vice President, Human Resources at Alderwoods Group Inc., effective May 1, 2005. Mark will receive a base salary of $205,000 per year, be eligible for executive bonuses, stock options, benefits, a medical spending account, club membership reimbursement, car allowance, and four weeks of vacation. If terminated without cause, he will receive 12 months of severance pay and benefits; if terminated following a change of control, he will receive 24 months of severance. The agreement is signed by both parties.
Exhibit 10.2
May 10, 2005
STRICTLY PERSONAL AND CONFIDENTIAL
Hand delivered, original to employee file
Mark Wilson
5 Heatherington Drive
Toronto, ON M1T 1N3
Dear Mark,
The following shall confirm the terms and conditions of your employment with Alderwoods Group Inc (herein referred to as “the Company”).
| Position: | | Senior Vice President, Human Resources |
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| Reports to: |
| Paul Houston, President and Chief Executive Officer |
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| Effective: | | May 1, 2005 |
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| Base Pay: |
| $205,000.00 gross pre annum. |
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| Bonus: |
| You will be eligible to participate in the Company’s Executive bonus program, calculated at 40% (target) to 80% (maximum) of your salary. The details to the plan will be explained under separate cover. |
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| Stock Options: |
| You will continue to be eligible to participate in the companies stock option program at the Senior Vice President level. |
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| Benefits: |
| You will continue to be eligible to participate in the company benefits program. Furthermore, you will be eligible for a $3,000 medical spending account. More details on the above will be covered under separate cover. |
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| Club Membership: |
| You will be eligible to expense up to $1,500 towards a club membership. |
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| Car Allowance: |
| You will be entitled to a car allowance of $600.00/month (paid bi-weekly). |
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| Vacation Entitlement: |
| You are eligible for four (4) weeks vacation per year. |
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| 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 consisting of base salary and standard health and dental benefits. All other benefits would cease on your last day of active employment. Similarly your health and dental benefits would cease should you obtain alternate coverage during the 12 month period. The severance benefit would be paid over a 12 month period. |
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| Change of Control: |
| If there is a change in control, as defined under the 2005 Equity Incentive Plan, and as a result your employment is terminated, you will receive twenty-four (24) months severance as defined above. |
Mark, I am extremely excited about the challenges that await us as a team. I hope this offer demonstrates our Company’s continued belief that you are a key member of our team and our future success. Should you have any questions please do not hesitate to contact me.
Sincerely,
per
| /s/ Paul Houston |
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| Paul Houston | |
| President and Chief Executive Officer | |
I have read, understand and voluntarily agree to the terms and conditions for my employment with Alderwoods Group Inc.
| /s/ Mark Wilson |
| May 10, 2005 |
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| Mark Wilson | Date | ||
