Severance and Confidentiality Agreement between SIRVA and Bob Rosing
This agreement between SIRVA and Bob Rosing replaces his expired employment contract. It provides that if SIRVA terminates Bob's employment without cause, he will receive severance pay equal to twelve months of his current base salary, provided he signs a general release of claims. The severance may be reduced by any other severance benefits he receives. No severance is paid if his job ends due to a corporate transaction and he is offered comparable employment. To receive these benefits, Bob must sign and comply with this agreement and the attached confidentiality agreement by October 12, 2005.
Exhibit 10.1
September 5, 2005
Mr. Bob Rosing
21283 Maplewood Avenue
Rocky River, OH 44116
Dear Bob:
As discussed, this letter agreement and the accompanying Confidentiality, Proprietary Rights & Non-Solicitation Agreement (“Confidentiality Agreement”) have been prepared to replace your Employment Agreement with SIRVA, which expired May 3, 2005.
Pursuant to this letter agreement, SIRVA will pay to you severance pay equal to twelve months of your then current base salary if your employment with SIRVA and all affiliates is terminated by SIRVA “Without Cause” (as that term is defined in the Employment Agreement) and you sign a general release of claims in a form satisfactory to SIRVA. To avoid duplication, this severance pay will be offset by the amount, if any, of severance payable to you under the terms of any other severance plan, policy, or program. Notwithstanding the foregoing, no severance will be payable under this letter agreement if your employment terminates in connection with a sale, merger or other corporate transaction and, due to your receipt of an offer of comparable employment in connection with the transaction, you are not eligible for severance under any severance plan, policy, or program.
To be eligible for the enhanced severance described in this letter agreement, you must sign and return by October 12, 2005, both this letter agreement and the Confidentiality Agreement, and you must comply with the Confidentiality Agreement’s terms.
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September 5, 2005
Todd W. Schorr
This letter agreement has been prepared in duplicate. You should countersign and date both copies, as well as both copies of the accompanying Confidentiality Agreement, and then return one set of executed originals to my attention. If you have any questions, please let me know.
Sincerely,
| /s/ Todd W. Schorr |
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| Todd W. Schorr | ||
| Senior Vice President | ||
| Human Resources | ||
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| ACCEPTED AND AGREED: | ||
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| /s/ Bob Rosing |
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| Bob Rosing | ||
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| October 12, 2005 |
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| Date | ||
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