Promotion and Compensation Agreement between SIRVA and Michael McMahon (President, Global Relocation)
This letter confirms Michael McMahon's promotion to President, Global Relocation at SIRVA, effective April 30, 2007. He will report to the CEO and receive an annual salary of $400,000, paid bi-weekly, with eligibility for an annual bonus up to 80% of his base salary under SIRVA’s Management Incentive Program. Additional benefits include a company car allowance, financial planning services, and an executive physical. The agreement maintains the at-will employment status and incorporates terms from McMahon’s original 2004 offer letter, except as modified here.
Exhibit 10.2
April 30, 2007
Michael McMahon
1724 West School Street
Chicago, IL 60657
Dear MIke:
Congratulations! I am pleased to confirm the terms of your promotion to the position of President, Global Relocation reporting directly to myself.
Salary Band: Senior Vice President Level 21.
Salary: $400,000 per year, payable in bi-weekly installments. The salary is quoted on an annual basis for convenience only and does not imply employment for a specific term, nor alter the “at will” status of your employment.
Annual Bonus: You will eligible to participate in SIRVA’s Management Incentive Program, which at your position has an annualized bonus potential of 80% of base salary, pro-rated based on effective date and subject to terms of the program. This payment will be subject to taxes and other withholdings, which may be required.
Effective Date: April 30, 2007
Executive Benefits:
Company Car Allowance: $16,800/annually
Financial Planning: AYCO
Executive Physical: $1,500/annually
Except as provided herein and the Additional Terms in your original offer letter dated March 17, 2004, all other terms and conditions of that original offer letter remain in full force and effect.
We believe you will continue to be challenged by this exciting opportunity. SIRVA is confident that your skills and knowledge will continue to be an asset to our organization
Sincerely,
/s/ Robert Tieken
Bob Tieken
Chief Executive Officer, SIRVA
Accepted and Agreed to this 7th day of June, 2007.
/s/ Michael McMahon
Michael McMahon
