Letter of Employment Agreement between MAAX and Richard Levesque for Corporate VP Operations Position
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This agreement outlines the terms of employment for Richard Levesque as Corporate Vice President of Operations at MAAX. It specifies his job responsibilities, compensation, benefits, and work locations, including travel requirements. The contract includes a three-month probation period, an annual salary of $185,000, eligibility for a bonus and stock options, a company car, and participation in company benefit plans. If terminated without cause, Levesque is entitled to one year’s base salary. The agreement is effective from November 29, 2004, and is signed by both parties.
EX-10.10 8 y06413exv10w10.txt LETTER OF EMPLOYMENT (MAAX LOGO) EXHIBIT 10.10 LETTER OF EMPLOYMENT "PROPOSITION" DATE: OCTOBER 26, 2004 NAME: RICHARD LEVESQUE POSITION; MAAX CORPORATE VP OPERATIONS PLACE OF EMPLOYMENT: MONTREAL CORPORATE OFFICE AND YOUR HOME: 5 WOODLAND TRAIL ELLINGTON, CONNECTICUT 06029 AND 50% OF YOUR TIME WITHIN MAAX MANUFACTURING LOCATIONS JOB RESPONSIBILITIES - - Responsible for MAAX LEAN Thinking transformation throughout MAAX Corporation; - - Reports to President and CEO of MAAX; - - Member of MAAX Executive Committee (Senior Executives meet on a monthly basis for a one-day meeting at Montreal Corporate Office); and - - Direct reports are: * Corporate Environmental Officer * Corporate Process Engineer HEAD OFFICE 1010 Sherbrooke W. St., Suite 1610 Montreal, Quebec H3A 2R7 Canada Tel.: (514) 844-4155 Fax: (514) 984-4155 LETTER OF EMPLOYMENT - RICHARD LEVESQUE 1 (MAAX LOGO) * Corporate Automation and Robotics Department (8 people) P.S. To be considered to have Corporate Purchasing and Corporate Asian Sourcing report to Corporate VP Operations in the near future. - - Dotted line responsibility as a Matrix organization to Corporate VP Operations incumbent: * Bathroom Wholesale Sector Canada: Michel Hould, VP Operations * Bathroom Wholesale Sector USA: Hiram Rivera, VP Operations * Bathroom Sector Retail: Dan McGann, VP Operations * Cabinetry Sector: Pierre Fournier, VP Operations * Spa Sector: Ron Hill, VP Operations Job responsibilities require 50% of your time travelling within MAAX manufacturing locations throughout North America START DATE You will begin to work for MAAX on MONDAY, NOVEMBER 29, 2004, with your first day at Montreal Corporate Office. PROBATION PERIOD The first three (3) months of employment represent the probationary period. Notice period for termination of this agreement is three (3) months by either the employee or the Company. REMUNERATION - - Annual salary of one hundred eighty-five thousand (185,000US$) US dollars; - - Potential to receive an annual cash bonus of up to 50% of his annual base salary (The maximum bonus amount). MAAX bonus program is based on three components: * Company EBITDA for 40% of maximum bonus amount * Company Working Capital for 40% of maximum bonus amount HEAD OFFICE 1010 Sherbrooke W. St., Suite 1610 Montreal, Quebec H3A 2R7 Canada Tel.: (514) 844-4155 Fax: (514) 984-4155 LETTER OF EMPLOYMENT - RICHARD LEVESQUE 2 [MAAX LOGO] * Company objectives for 20% of maximum bonus amount (Strategic Objectives) Bonus program is identical for all members of MAAX Executive Committee; and - - Annual review based on your performance and the Company's performance at your first year anniversary. CAR POLICY - - You are entitled to a company vehicle of thirty-three thousand (33,000US$) US dollars value. The Company will reimburse all expenses related to this vehicle. The vehicle will be leased by the Company as per our car policy dated September 2004. SHARE OPTIONS - - Executive is allocated twenty-eight thousand nine hundred nineteen (28,919) options under the Company's Share Options Plan, to be approved by the Board of Directors on January 20, 2005. Such options will have an exercise price equal to the purchase price per share paid by Childs, Borealis and OMERS for their shares at the closing. 30% of the options granted under the plan will vest ratably over five (5) years (20% per year). 70% of the options granted under the plan are performance-vesting options. (See stock option plan agreement for details of this plan). OTHER BENEFITS - - Entitled to participate in all health life, disability, sick leave and other benefits made available by the Company, including 401K; and - - Entitled to four (4) weeks paid vacation per year. SEE ATTACHED AS APPENDICE "A": Description of MAAX benefits for our US employees. HEAD OFFICE 1010 Sherbrooke W. St., Suite 1610 Montreal, Quebec H3A 2R7 Canada Tel.: (514) 844-4155 Fax: (514) 984-4155 LETTER OF EMPLOYMENT - RICHARD LEVESQUE 3 [MAAX LOGO] TERMINATION WITHOUT CAUSE - - If the Company terminates your employment without cause, you will receive one-year base salary. MONTREAL, October 24, 2004 /s/ Andre Heroux /s/ Richard Levesque - ---------------- -------------------- Andre Heroux Richard Levesque President and CEO MAAX Corporate Vice President of Operations HEAD OFFICE 1010 Sherbrooke W. St., Suite 1610 Montreal, Quebec H3A 2R7 Canada Tel.: (514) 844-4155 Fax: (514) 984-4155 LETTER OF EMPLOYMENT - RICHARD LEVESQUE 4 [MAAX LOGO] APPENDICE "A" HEAD OFFICE 1010 Sherbrooke W. St., Suite 1610 Montreal, Quebec H3A 2R7 Canada Tel.: (514) 844-4155 Fax: (514) 984-4155 LETTER OF EMPLOYMENT - RICHARD LEVESQUE 5 (MAAX LOGO) BENEFIT SUMMARY
HEAD OFFICE 1010 Sherbrooke W. St., Suite 1610 Montreal, Quebec H3A 2R7 Canada Tel.: (514) 844-4155 Fax: (514) 984-4155 LETTER OF EMPLOYMENT - RICHARD LEVESQUE 6
