Interim CEO and Strategic Executive Compensation Agreement between Leo Pound and StoneMor GP LLC (July 2018)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation terms for Leo Pound's service as Interim CEO and Interim Strategic Executive for StoneMor GP LLC from March 30, 2018, through September 30, 2018. Leo Pound will receive $50,000 per month, a $200,000 bonus for completing credit facility amendments, and two additional payments of $250,000 each for his executive services. His duties include assisting the new CEO, managing cash flow, and implementing financial controls. Payments are scheduled through January 2019, with all compensation related to his interim roles.

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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