SIRVA Senior Vice President and CFO Employment Offer Letter to James J. Bresingham (November 2007)
This letter from SIRVA offers James J. Bresingham a promotion to Senior Vice President and Chief Financial Officer, effective November 11, 2007. It outlines his new annual salary of $325,000, eligibility for a management incentive bonus of up to 75% of base salary, and executive benefits such as a car allowance, financial planning, and an executive physical. The agreement confirms his continued participation in the Senior Executive Severance Program and maintains his at-will employment status. Acceptance is indicated by signing and returning the letter.
Exhibit 10.14
November 6, 2007
Mr. James J. Bresingham
[address omitted]
Dear Jim:
In reference to our recent conversation, I am pleased to confirm the offer of promotion to Senior Vice President and Chief Financial Officer at SIRVA reporting directly to me. This letter supersedes your offer letter dated June 27, 2007.
Salary Band: Executive Band 20
Salary: Your salary will increase to $325,000 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.
Effective Date: November 11, 2007
Annual Bonus: You will be eligible to participate in SIRVA’s Management Incentive Program, which at your position has an annualized bonus potential of 75% 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.
Executive Benefits:
| Company Car Allowance: |
| $16,800 annually |
| Financial Planning: |
| AYCO |
| Executive Physical: |
| $1,500 annually |
Senior Executive Severance Program: You will continue to be eligible to participate in SIRVA’s Senior Executive Severance Program. You have previously received a letter specifying your level of participation in this program.
I have enclosed a copy of this offer letter for your records. If you are in agreement with the terms contained herein, please sign, date and return the enclosed copy of this offer letter and return it to me in the enclosed envelope.
Congratulations on your promotion. We are very excited and look forward to your continued contributions! If you have any questions, please do not hesitate to call me at [number omitted].
Sincerely,
| /s/ Bob Tieken |
|
| Bob Tieken |
|
| Chief Executive Officer |
|
Enclosures: 1 copy of offer letter
Accepted and Agreed to this 7th day of November, 2007
| /s/ James Bresingham |
|
| James Bresingham |
|
