Agreement dated July 26, 2018 by and between StoneMor GP LLC and Leo J. Pound

EX-10.1 2 poundagreementjuly2018.htm EXHIBIT 10.1 Exhibit


Leo Pound Compensation Arrangements
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Service as Interim CEO from March 30, 2018 through July 17, 2018 and as Interim Strategic Executive from July 18, 2018 through September 30, 2018; all compensation to be paid under this agreement relates to interim executive service during the terms described, including any payments made subsequent to September 30, 2018.
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Monthly compensation to be $50,000 per month for service as Interim CEO and Interim Strategic Executive, retroactive to March 29, 2018, payable monthly, with accrued amounts payable upon signing.
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$200,000 bonus to be paid upon signing of this agreement as supplemental compensation for completion of amendments of credit facility.
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Additional payment of $250,000 payable on October 18, 2018 for services rendered as Interim CEO.
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Additional payment of $250,000 payable on January 18, 2019 for services rendered as Interim Strategic Executive.
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Duties as Interim Strategic Executive will consist of working full-time, four days per week, to assist new CEO, including transitioning into role, cash management and cost reduction initiatives. Key items during transition:
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Complete staffing of finance team
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Complete accounts receivable discount repayment plan
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Recapture cash not covered by deposit account control agreement and finish cash management line-up
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Implement controls on purchasing cards, accounts payable, inventory and fixed assets
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Develop key performance indicators and bridge analysis for reports to banks/Board/investor relations
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Develop plans for following:
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Retrieve perpetual care funds and merchandise funds that can be disbursed from trust due to defaulted purchases
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Strategy for repurchasing plots that will not be used
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Insurance plan substitution funds





/s/ Leo Pound
StoneMor GP LLC
Leo Pound
 
Date: July 26, 2018              
By: /s/ Robert B. Hellman, Jr.            
 
Name: Robert B. Hellman, Jr.
 
Title: Chairman of Board of StoneMor GP LLC
 
 
 
Date: July 26, 2018