MERCER INTERNATIONAL INC SUITE 1120, 700 WEST PENDER STREET, VANCOUVER, BC V6C 1G8 T: (604) 684-1099 F: (604) 684-1094 14900 INTERURBAN AVENUE SOUTH, SUITE 282 SEATTLE, WASHINGTON 98168 T: (206) 674 4639 F: (206) 674 4629
Exhibit 10.1
July 17, 2015
VIA EMAIL
Jimmy S.H. Lee
Mercer International Inc.
Suite 1170 700 West Pender Street
Vancouver, B.C. V6C 1G8
Dear Jimmy:
Re: | Amendment to Employment Arrangements |
Pursuant to our previous discussions, the board of directors (the Board) of Mercer International Inc. (the Company) are very pleased to confirm your transition from your current position as President, Chief Executive Officer and Chairman of the Company to Executive Chairman of the Company on the revised terms and conditions outlined below:
New Title: | Executive Chairman of the Board | |
Start Date: | July 20, 2015 (the Effective Date) | |
Duties: | As Executive Chairman of the Board, you will be responsible for developing the Companys overall corporate strategy, providing leadership and building consensus, in conjunction with the chief executive officer of the Company (CEO), in the development of the Companys overall strategic plan, capital markets activities and corporate development initiatives within the context of the corporate strategy. You will primarily act as a key driver of the development of the strategy and the CEO will be primarily responsible for the execution of the strategy.
Your specific duties will be as set forth under the section Terms of Reference for the Executive Chairman of the Board of the Company, a copy of which forms part of the Companys amended Corporate Governance Guidelines. |
MERCER INTERNATIONAL INC
SUITE 1120, 700 WEST PENDER STREET, VANCOUVER, BC V6C 1G8 T: (604) 684-1099 F: (604) 684-1094
14900 INTERURBAN AVENUE SOUTH, SUITE 282 SEATTLE, WASHINGTON 98168 T: (206) 674 4639 F: (206) 674 4629
Base Salary: | Euro 463,500 per year, subject to annual review (effective July 31, 2015). | |
Annual Bonus: | In addition to your base salary, you shall be eligible to receive in respect of each fiscal year (or portion thereof) additional variable cash compensation, in an amount, if any, determined by the Board. | |
LTIP Awards | As Executive Chairman of the Board, you will receive up to 100% of the maximum awards available to you under the Companys long-term incentive plan. | |
Benefits: | As Executive Chairman of the Board, you shall continue to receive all of the benefits and perquisites currently provided to you by the Company. | |
Vacation: | Your annual vacation entitlement will remain unchanged. | |
Change of Control: | The change of control provisions in your current employment contract with the Company will remain unchanged. | |
Miscellaneous: | This letter shall be read together with your current employment agreement and together they set out the entire agreement in respect of your employment by the Company and supersede and replace in its entirety any and all prior commitments, agreements and understandings, whether written or oral. This letter shall be interpreted and construed in accordance with the laws of British Columbia. This letter may be signed in counterparts and by facsimile or email transmission. |
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MERCER INTERNATIONAL INC
SUITE 1120, 700 WEST PENDER STREET, VANCOUVER, BC V6C 1G8 T: (604) 684-1099 F: (604) 684-1094
14900 INTERURBAN AVENUE SOUTH, SUITE 282 SEATTLE, WASHINGTON 98168 T: (206) 674 4639 F: (206) 674 4629
The Board is extremely pleased that you will become the Executive Chairman of the Board of our Company. Together, we will continue to expand the Companys position as one of the largest publicly traded producers of market northern bleached softwood kraft pulp in the world.
Very truly yours, | ||||
MERCER INTERNATIONAL INC. | ||||
By: | /s/ Eric Lauritzen |
Name: | Eric Lauritzen | |
Title: | Lead Director |
I have read and accept this amendment to my employment arrangements as of the 20th day of July, 2015.
/s/ Jimmy S. H. Lee |
Jimmy S.H. Lee |
MERCER INTERNATIONAL INC
SUITE 1120, 700 WEST PENDER STREET, VANCOUVER, BC V6C 1G8 T: (604) 684-1099 F: (604) 684-1094
14900 INTERURBAN AVENUE SOUTH, SUITE 282 SEATTLE, WASHINGTON 98168 T: (206) 674 4639 F: (206) 674 4629