Employment Agreement between Mercer International Inc. and David Ure for Vice President, Corporate Controller Position
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Summary
Mercer International Inc. offers David Ure the position of Vice President, Corporate Controller, with a start date no later than October 16, 2006, subject to a background check. The agreement includes an annual salary of $185,000, a target bonus of $30,833, eligibility for 10,000 restricted stock shares, full benefits, a $35,000 signing bonus, a company vehicle, and four weeks of vacation. If dismissed without cause, David is entitled to severance equal to one year’s salary plus bonus, increasing with service up to 18 months. Acceptance is confirmed by signing the letter.
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1
September 22nd, 2006
Mr. David Ure
Dear David:
We are very pleased to offer you the position of Vice President, Corporate Controller for Mercer International Inc. We understand that there needs to be some further discussion around your start date but we would like you to start no later than October 16th. This offer of employment is subject to a detailed background check and referencing conducted by Korn/Ferry.
| Base Compensation | • | $185,000 per annum. |
| • | Salary is reviewed in January of each year. | |
| Target Bonus | • | $30,833 per year. |
| • | This is based on 2 months salary. | |
| • | There is opportunity to exceed target for exceptional performance. | |
| Options | • | You will be eligible to receive 10,000 shares of restricted stock. |
| • | Stock will vest over two years. | |
| • | 1/3 will vest immediately once employed. | |
| Benefits/Pension | • | You will be fully covered through Mercer's benefits program which will include a retirement program. |
| • | Details will be forwarded to you directly. | |
| Vacation | • | 4 weeks. |
| Signing Bonus | • | $35,000 |
| Vehicle | • | Will be provided |
| Severance Agreement | • | We will provide a specific severance entitlement for dismissal without cause equal to "one year" base salary plus target bonus during the first twelve months. The "one year" will be increased by one month for every year of service to a maximum of 18 months. |
MERCER INTERNATIONAL INC.
SUITE 2840 - 650 WEST GEORGIA STREET, VANCOUVER, BRITISH COLUMBIA, V6B 4N8 T: (604) 684-1099 F: (604) 684-1094
14009 INTERURBAN AVENUE SOUTH, SUITE 282, SEATTLE, WASHINGTON 98168 T: (206) 674-4639 F: (206) 674-4629
David, we are eager to begin working with you and are confident your contribution to Mercer's team will be exceptional. Please do not hesitate to call with any questions you may have regarding this offer. You can reach me at ###-###-####.
Please confirm your acceptance by signing the enclosed copy of this letter and returning it to me.
Yours very truly,
MERCER INTERNATIONAL
/s/ David Gandossi
David Gandossi
Executive Vice President, CFO & Secretary
ACCEPTED AND AGREED TO THIS 23rd DAY OF SEPTEMBER, 2006.
/s/ David Ure
David Ure
MERCER INTERNATIONAL INC.
SUITE 2840 - 650 WEST GEORGIA STREET, VANCOUVER, BRITISH COLUMBIA, V6B 4N8 T: (604) 684-1099 F: (604) 684-1094
14009 INTERURBAN AVENUE SOUTH, SUITE 282, SEATTLE, WASHINGTON 98168 T: (206) 674-4639 F: (206) 674-4629
