Document:

Exhibit 10.3

NINTH AMENDMENT TO

AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT

This NINTH AMENDMENT TO AMENDED AND RESTATED
RECEIVABLES SALE AGREEMENT dated as of August 16, 2006 (this “Amendment”) is entered into among SIRVA RELOCATION CREDIT, LLC, as Seller,
SIRVA RELOCATION LLC (“SIRVA Relo”)
and EXECUTIVE RELOCATION CORPORATION (“Executive
Relo”), as Servicers and Originators, the Purchasers party thereto
and LASALLE BANK NATIONAL ASSOCIATION, as Agent (in such capacity, the “Agent”).

RECITALS

A.    The Seller,
the Servicers, the Purchasers and the Agent are parties to that certain Amended
and Restated Receivables Sale Agreement dated as of December 23, 2004 and
amended as of March 31, 2005, May 31, 2005, June 30, 2005, September 30, 2005,
November 14, 2005, December 9, 2005, March 27, 2006 and August 15, 2006 (as so
amended, the “Receivables Sale Agreement”).

B.     The
parties wish to amend the Receivables Sale Agreement as hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

1.   Certain Defined Terms.   Capitalized
terms which are used herein without definition and that are defined in the
Receivables Sale Agreement shall have the same meanings herein as in the
Receivables Sale Agreement, as amended by this Amendment.

2.   Amendments to Receivables Sale Agreement.   The
Receivables Sale Agreement is hereby amended as follows:

(a)   Increases in Purchase Limit.   Article
I of the Receivables Sale Agreement is hereby amended by adding thereto the
following Section 1.10:

“Section 1.10.
Increases in Aggregate Commitment and Purchase Limit. (a) Request for Increase. Provided there
exists no Potential Termination Event, upon notice to the Agent (which shall promptly
notify the Purchasers), the Seller may from time to time on or prior to
December 31, 2006, request an increase in the Aggregate Commitment and the
Purchase Limit by an amount (for all such requests) not exceeding $25,000,000; provided that any such request for an
increase shall be in a minimum amount of $2,000,000.

(b)   Purchasers.   To
achieve the full amount of a requested increase and subject to the approval of
the Agent, the Seller may invite existing Purchasers to increase their
respective Commitments and/or additional Persons to become Purchasers pursuant
to a joinder agreement in form and substance satisfactory to the Agent and its
counsel; provided that nothing
herein shall require any Purchaser 

 

to increase its
Commitment. Any Commitment of a Person becoming a new Purchaser under this
Section 1.10 shall be in an amount of at least $5,000,000.

(c)   Effective Date and Allocations.   If
the Aggregate Commitment and Purchase Limit are increased in accordance with
this Section, the Agent and the Seller shall determine the effective date (the “Increase Effective Date”) and the final
allocation of such increase. The Agent shall promptly notify the Seller and the
Purchasers of the final allocation of such increase and the Increase Effective
Date.

(d)   Effectiveness of Increase.   As
a condition precedent to such increase, the Seller shall deliver to the Agent a
certificate of each SIRVA Entity dated as of the Increase Effective Date
confirming that all corporate or limited liability company action to authorize
such increase has been taken and that no Potential Termination Event exists and
the SIRVA Entities shall pay an increase fee of 0.15% of the amount of each
increase of the Commitment of any Purchaser to the Agent for the account of
such Purchaser. The Purchasers shall make and receive such payments between
themselves on the Increase Effective Date to the extent necessary to make their
respective Purchase Interests pro rata in accordance with their respective
Commitments after giving effect to such increase. Schedule II to the
Receivables Sale Agreement shall be modified to reflect the increase in the
Aggregate Commitment, any new Purchaser and any change in Commitments.

(b)   Definition of Aggregate Commitment.   The
definition of “Aggregate Commitment” in Schedule I to the Receivables Sale
Agreement is hereby amended and restated to read in its entirety as follows:

““Aggregate
Commitment” means the aggregate of all Commitments of each
Purchaser, as such amount may be reduced pursuant to Section 1.5 or increased
pursuant to Section 1.10.”

(c)   Eligible Receivable Definition.   The
definition of “Eligible Receivable” in Schedule I to the Receivables Sale
Agreement is hereby amended so that clause (i) thereof reads in its entirety as
follows:

“(i)   each
Obligor of which (A) is a resident of, organized under the laws of, and with
its chief executive office in, the United States; (B) is not an Affiliate of
any of the parties hereto or an Originator; (C) is not a government or a
governmental subdivision or agency (provided that an Obligor may be the United
States or any Federal department or agency thereof subject to the Federal
Assignment of Claims Act, provided that the requirements of such Act have been
complied with to the satisfaction of the Agent); and (D) is either an Eligible
Relocating Employee or an Eligible Employer in good standing;”

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(d)   Eligible Receivables Balance Definition.   The
definition of “Eligible Receivables Balance” in Schedule I to the Receivables
Sale Agreement is hereby amended to read in its entirety as follows:

““Eligible
Receivables Balance” means, at any time, the aggregate principal
balance outstanding at such time of all Receivables included in the Eligible
Receivables as of the most recent Measurement Date and the aggregate
outstanding principal balance of all Eligible Receivables arising after the
most recent Measurement Date. For the avoidance of doubt, the Eligible
Receivables Balance does not include any Receivables paid since the most recent
Measurement Date.”

(e)   Net Receivables Balance Definition.   The
definition of “Net Receivables Balance” in Schedule I to the Receivables Sale
Agreement is hereby amended to read in its entirety as follows:

““Net Receivables Balance”
means at any time (a) the Eligible Receivables Balance minus (b) the sum of the
following amounts, as determined without duplication as of the most recent
Measurement Date, (i) the portion of the Eligible Receivable Balance in excess
of the Concentration Limit for each Employer, (ii) the Unbilled Miscellaneous
Receivable Excess Concentration, (iii) all unapplied Advance Employer Payments,
and (iv) the Aged Equity/Mortgage Receivables Excess Amount.”

(f)   Outside Date Definition.   The
definition of “Outside Date” in Schedule I to the Receivables Sale Agreement is
hereby amended so that clause (a) reads in its entirety as follows:

“(a)  with
respect to any Equity Advance, Final Equity Payment or Mortgage Payment, the
earlier of (i) 270 days following the funding of such Equity Advance by the
related Originator and (ii) if the related Receivable is a Billed Receivable,
the date specified in clause (b) or (c) below, as applicable;”

(g)   Purchase Limit Definition.   The
definition of “Purchase Limit” in Schedule I to the Receivables Sale Agreement
is hereby amended to read in its entirety as follows:

““Purchase Limit”
means $200,000,000, as such amount may be reduced pursuant to Section 1.5 or
increased pursuant to Section 1.10.”

(h)   Purchaser Reserve Definition.   The
definition of “Purchaser Reserve” in Schedule I to the Receivables Sale
Agreement is hereby amended to read in its entirety as follows:

““Purchaser Reserve”
means, for each Purchaser, at any time, the sum of (a) 25% of the Aged
Equity/Mortgage Receivables Portion of the outstanding Investment of such
Purchaser at such time, plus (b) 15% of the remaining portion of the
outstanding Investment of such Purchaser at such time.”

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(i)   Termination Event Definition.   The
definition of “Termination Event” in Schedule I to the Receivables Sale
Agreement is hereby amended so that clause (f) thereof reads in its entirety as
follows:

“(f)   the
Dilution Ratio exceeds 2% for any calendar month, or the Default Ratio exceeds
12% for any calendar month; or”

(j)     The
following new definitions are hereby added to Schedule I to the Receivables
Sale Agreement, in the applicable alphabetical positions:

““Aged
Equity/Mortgage Receivables” means at any time the aggregate
principal amount outstanding at such time of all Equity Advances, Final Equity
Payments and Mortgage Payments that, as of the most recent Measurement Date,
were outstanding more than 180 days but less than 270 days after their funding
by the related Originator. For the avoidance of doubt, Aged Equity/Mortgage
Receivables do not include any Receivables paid since the most recent
Measurement Date.”

““Aged
Equity/Mortgage Receivables Excess Amount” means at any time an
amount equal to (x) the Aged Equity/Mortgage Receivables minus (y) 10% of an
amount equal to (i) the Net Receivables Balance minus (ii) the aggregate
Purchaser Reserves for all Purchasers.”

““Aged Equity/Mortgage Receivables Portion”
means at any time an amount equal to

(x)    (i)   the
Aged Equity/Mortgage Receivables minus (ii) the Aged Equity/Mortgage
Receivables Excess Amount,

divided by

(y)    the Net
Receivables Balance.”

““Measurement Date”
means the last day of each calendar month and any other date designated as a
Measurement Date by the Agent.”

““Ninth Amendment”
means the Ninth Amendment to Amended and Restated Receivables Sale Agreement,
dated as of August 16, 2006, among the Seller, the Servicers, the Originators,
the Agent and the Purchasers.”

3.   Reservation of Rights.   By
press releases dated January 31, 2005, March 15, 2005, June 20, 2005, June 22,
2005 and September 21, 2005, SIRVA, Inc. announced various matters, including
the existence of a formal investigation by the SEC of such practices and
processes. Notwithstanding the agreement of the Agent and the Purchasers to a
delay in the delivery of certain financial reports and ongoing discussions
between the Agent, the Purchasers and the Originators with respect to the
matters described in the Press Releases, the Agent and the Purchasers have not
waived any rights or remedies they may have with respect to the matters, except
as set forth in Section 3(a)(vi) of the Fifth Amendment, that are the subject
of such review and investigation or any related matters. The Agent and the
Purchasers hereby expressly reserve all of their rights and remedies with
respect to all of the foregoing, including all rights with respect to any
related Termination Event that may have occurred and not been waived pursuant
to Section 3(a)(vi) of the Fifth Amendment.

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4.   Representations and Warranties.   With
respect to the Sale Agreement, the Seller and each Servicer, and with respect
to the Purchase Agreement, the Originators hereby represent and warrant to the
Agent and the Purchasers as follows:

(i)   Representations and Warranties.   The
representations and warranties contained in Article IV of the Receivables Sale
Agreement and Section 4 of the Purchase Agreement are true and correct as of
the date hereof (except to the extent such representations and warranties
relate solely to an earlier date, in which case they are true and correct as of
such earlier date and except for the matters to be corrected by the Specified
Adjustments).

(ii)   Enforceability.   The
execution and delivery by the Seller and each Servicer of this Amendment, and
the performance by the Seller and each Servicer of this Amendment and the
Receivables Sale Agreement, as amended hereby (the “Amended Agreement”),
are within the corporate powers of the Seller and each Servicer and have been
duly authorized by all necessary corporate or company action on the part of the
Seller and each Servicer. This Amendment and the Amended Agreement are valid
and legally binding obligations of the Seller and each Servicer, enforceable in
accordance with their terms, except as enforceability may be limited by
applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally or by equitable principles relating to
enforceability.

(iii)   No Potential Termination Event.   No
Potential Termination Event that will not be cured by this Amendment becoming
effective has occurred and is continuing.

(iv)   Specified Adjustments.   Except
as has been disclosed by the Servicers to the Purchasers in the supplement to
the Fee Letter delivered in connection with the First Amendment, the
adjustments described in the definition of “Specified
Adjustment” do not result from (and are not alleged by any
Governmental Authority or Responsible Person to have resulted from) fraud,
misconduct or similar circumstances; and the matters disclosed in the Press
Releases and related matters will not have a Material Adverse Effect.

5.   Acknowledgment by Originators.   Each
of SIRVA Relo and Executive Relo, in its capacity as an Originator,
acknowledges and agrees to the terms of this Amendment, including without
limitation Sections 2 and 3 hereof.

6.   Effect of Amendment.   Except
as expressly amended and modified by this Amendment, all provisions of the
Receivables Sale Agreement shall remain in full force and effect; and the
Seller and the Servicers confirm and reaffirm their obligations under the
Amended Agreement and the other Transaction Documents. Without limiting the
foregoing, the Seller and the Originators confirm and reaffirm their obligation
under Section 3 of the Fee Letter, and acknowledge that nothing in this
Amendment shall limit the ability of the Agent and the Purchasers to require
changes to the terms of the Transaction Documents as contemplated by such
Section 3. After this Amendment becomes effective, all references in the
Receivables Sale Agreement (or in any other Transaction Document) to “this
Agreement”, “hereof”, “herein” or otherwise referring to the Receivables Sale
Agreement shall be deemed to be references to the Amended Agreement. This
Amendment shall not be deemed to expressly or impliedly waive, 

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amend or supplement any
provision of the Receivables Sale Agreement other than as set forth herein.

7.   Effectiveness.   This
Amendment shall become effective upon the date on which all of the following
occur (the “Amendment Effective Date”): receipt by the Agent of
counterparts of this Amendment (whether by facsimile or otherwise) executed by
the Seller, the Servicers, the Originators, the Agent and the Purchasers and
consented to by Parent and NAVL.

8.   Headings; Counterparts.   Section
Headings in this Amendment are for reference only and shall not affect the
construction of this Amendment. This Amendment may be executed by different
parties on any number of counterparts, each of which shall constitute an
original and all of which, taken together, shall constitute one and the same
agreement.

9.   Cumulative Rights and Severability.   All
rights and remedies of the Purchasers and Agent hereunder shall be cumulative
and non-exclusive of any rights or remedies such Persons have under law or
otherwise. Any provision hereof that is prohibited or unenforceable in any
jurisdiction shall, in such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof and without affecting such provision in any other jurisdiction.

10.   Governing Law.   This
Amendment shall be governed by, and construed in accordance with, the internal
laws (and not the law of conflicts) of the State of Illinois.

[signature
pages begin on next page]

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IN WITNESS
WHEREOF, the parties have executed this Amendment as of the date first above
written.

	
  

  	
  SIRVA RELOCATION CREDIT, LLC, as Seller

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas V. Gathany

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
  SIRVA RELOCATION LLC, as a Servicer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas V. Gathany

  
	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE RELOCATION CORPORATION, as a Servicer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas V. Gathany

  
	
   

  	
  Title: Treasurer

  

 

The undersigned (i) consent and agree to the foregoing
Amendment, (ii) confirm that references in the Purchase Agreement to the
Receivables Sale Agreement shall be references to such agreement as amended by
the Amendment, and (iii) confirm that the Purchase Agreement is in full force
and effect.

	
  SIRVA RELOCATION LLC, as an Originator

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Douglas V. Gathany

  	
   

  
	
  Title: Treasurer

  	
   

  
	
   

  	
   

  
	
  EXECUTIVE RELOCATION CORPORATION,

  as an Originator

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Douglas V. Gathany

  	
   

  
	
  Title: Treasurer

  	
   

  

 

 S-1
 

 

 

	
  

  	
  LASALLE BANK NATIONAL ASSOCIATION, as Purchaser and
  Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marlee Zweigbaum

  
	
   

  	
  Title:

  	
  Vice President

  

 

 S-2
 

 

 

	
  

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION, as Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rebecca L. Milligan

  
	
   

  	
  Title:

  	
  Duly Authorized Signatory

  

 

 S-3
 

 

 

	
  

  	
  THE CIT GROUP/BUSINESS

  CREDIT, INC., as Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark J. Long

  
	
   

  	
  Title:

  	
  Vice President

  

 

 S-4
 

 

 

	
  

  	
  E*TRADE BANK, as Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sam Crow

  
	
   

  	
  Title:

  	
  Senior Manager

  

 

 S-5
 

 

 

	
  

  	
  U.S. BANK NATIONAL ASSOCIATION, as Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brett M. Justman

  
	
   

  	
  Title:

  	
  AVP

  

 

 S-6
 

 

 

	
  

  	
  WELLS FARGO BANK, N.A., as Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew S. Cadler

  
	
   

  	
  Title:

  	
  Vice President

  

 

 S-7
 

 

 

	
  

  	
  ALLIED IRISH BANKS, P.L.C., as Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory J. Wiske

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joanne Gibson

  
	
   

  	
  Title:

  	
  Assistant Vice President

  

 

 S-8Exhibit 10.4

NOTICE: This Document Contains A Waiver Of Any
Claims You Might Have Under The Age Discrimination In Employment Act. You Are
Advised To Consult With An Attorney Before Signing This Document.

GENERAL RELEASE,
SEPARATION & CONSULTING AGREEMENT

This GENERAL RELEASE, SEPARATION & CONSULTING
AGREEMENT (this “Agreement”)
is made and entered into by and between SIRVA, Inc. and its direct and indirect
subsidiaries, including, but not limited to, Allied Van Lines, Inc., and North
American Van Lines, Inc. (collectively, the “Company”) and Robert Rosing (“Associate”).

Recitals

A.    Associate’s
employment with the Company is terminating, and Associate wishes to receive
certain compensation and benefit enhancements as described in this Agreement.

B.     Associate’s
employment relationship with the Company is covered by the Age Discrimination
in Employment Act of 1967, as amended.

C.     As a
condition to receipt of the compensation and benefit enhancements to which
Associate is not otherwise entitled, the Company requires the Associate to
execute this Agreement.

NOW, THEREFORE, in consideration of the matters set
forth in the Recitals, the parties agree as follows:

Terms and Conditions

1.   Separation.   Associate’s
employment with the Company shall terminate effective at the close of business
(Illinois time) on December 31, 2006 (the “Termination Date”); provided, that,
Associate hereby resigns from all officer positions held by Associate at the
Company effective June 30, 2006. During the period from June 30, 2006 to and including
December 31, 2006, Associate shall continue to receive his current pay and
benefits and, in consideration therefor, shall provide services to the Company
on those special projects relating to the Company’s business as the Company
shall determine. During this period, Associate shall be a full-time employee of
the Company, and shall devote substantially all of his full business time to
the performance of such services on such special projects.

 

2.   Severance Pay and Benefits.

(a)   Generally.   In
partial consideration of the execution and non-revocation of this Agreement,
the Company shall pay Associate severance pay at his current base rate of pay
($290,000 annualized) in substantially equal installments, beginning with the
first regular pay period following the Termination Date and continuing for
twelve (12) months thereafter (the “Severance Period”); provided, however, that
unless the parties mutually agree in writing (after the date of this Agreement
but before the Termination Date) that section 409A(a)(2)(B)(i) of the Internal
Revenue Code of 1986, as amended, does not apply to such severance pay, then
the payment of one-half of the severance pay shall instead be paid in a single
lump sum on the first regular pay period immediately following July 1, 2007
(the “Lump Sum Payment Date”), and the remaining one-half the severance pay
shall be paid in substantially equal installments beginning with the first
regular pay period following the Lump Sum Payment Date and continuing for six
(6) months thereafter. The Company shall also provide Associate with an
automobile allowance of $16,800, one-half of which shall be paid on the Lump
Sum Payment Date, and the remaining one-half of which shall be paid in
substantially equal installments at the same time the installment payments are
made pursuant to clause (ii) of the immediately preceding sentence. In
addition, for the avoidance of doubt, Associate is entitled to payment of
amounts due for accrued and unused Earned Paid Time Off (“PTO”), which will be
paid on the Lump Sum Payment Date. All payments made pursuant to this Paragraph
shall be less applicable payroll taxes and withholdings. For purposes of the
foregoing, “regular pay period” shall mean the regular pay periods in effect on
the date of this Agreement.

(b)   Additional Consideration.   The
Company shall pay to Associate, as additional separation consideration, the
gross amount of $270,934, less applicable payroll taxes and withholdings, of
which $109,809 represents approximately 1/4th of the
Black-Scholes value of certain equity awards that Associate was expected to
receive. This payment shall be made in a single lump sum no later than March
15, 2007.

(c)   Benefits.   Associate’s
health benefits previously elected under the Company’s Benefits Plus program,
but excluding short and long term disability benefits and life insurance
benefits, shall continue during the Severance Period at the same rates charged
to active Associates for such benefits. After the Severance Period, Associate
and any covered dependents may continue such coverage at regular COBRA rates.
The continuation coverage provided to Associate during the Severance Period
shall be included in determining the maximum period of COBRA continuation
coverage available to Associate and any covered dependents. Further, the
Company shall reimburse Associate for up to $10,000 in the aggregate for
financial planning services incurred by Associate for the benefits under this
Agreement and for legal fees incurred by Associate in connection with
negotiating this Agreement. Such reimbursement shall be made within 30 days
following presentation to the Company of appropriate invoices for the amount of
such fees and expenses.

 2
 

 

(d)   Direct Deposit.   If
Associate has established direct deposit for the Associate’s payment of wages,
then the severance payments will be directly deposited into the same account
and financial institution where Associate’s previous payment of wages had been
directly deposited by the Company, unless Associate provides otherwise below:

	
  Name of Institution:

  	
   

  
	
   

  	
   

  
	
  Account Number:

  	
   

  

 

[NOTE TO ASSOCIATE: only complete the above
information if you wish to change the account to where you want your severance
payments directly deposited from where you currently have your payment of wages
directly deposited.]

3.   Consideration Provided to Associate.   Associate
acknowledges and agrees that the consideration set forth in Paragraph 2 of this
Agreement is the only severance and benefit enhancement Associate shall receive
by electing to execute this Agreement. Associate further acknowledges and
agrees that upon payment of the amounts expressly provided for in this
Agreement, Associate shall have received full payment for all services rendered
on behalf of the Company, including any amounts Associate would be otherwise entitled
to receive from the Company under any other compensation or incentive programs;
provided, however, that nothing in this Agreement shall be construed as a
waiver of Associate’s rights to exercise vested stock options (which will
continue to vest to and including the Termination Date), to any vested benefits
(which will continue to vest to and including the Termination Date) under the
Company’s 401(k) plan and the SIRVA Executive Retirement & Savings Plan, to
continue group health insurance coverage pursuant to COBRA, or to convert group
life insurance coverage to an individual policy pursuant to the terms of the
applicable group policy. The Company also acknowledges and agrees to provide
Associate with written notice when the Associate is permitted to exercise any
vested stock option pursuant to the terms of the applicable equity incentive
plan of the Company.

4.   Release of Claims.   In
partial consideration of the benefits received, and to be received, by
Associate hereunder, Associate hereby IRREVOCABLY, VOLUNTARILY, UNCONDITIONALLY
AND GENERALLY RELEASES, ACQUITS, AND FOREVER DISCHARGES the Company, and each
of the Company’s owners, stockholders, partners, members, predecessors,
successors, assigns, agents, directors, managers, officers, employees, representatives,
attorneys, divisions, subsidiaries, affiliates (and agents, directors,
managers, officers, employees, representatives and attorneys of such divisions,
subsidiaries and affiliates), and all persons acting by, through, under or in
concert with any of them (collectively “Releasees”), or any of them, from any
and all charges, complaints, claims, damages, actions, causes of action, suits,
rights, demands, grievances, costs, losses, debts, and expenses (including
attorneys’ fees and costs incurred), of any nature whatsoever, known or
unknown, which Associate now has, owns, or holds, or claims to have, own, or
hold, 

 3
 

 

or which Associate at any time heretofore had, owned,
or held, or claimed to have, own, or hold from the beginning of time to the
date of this Agreement; provided, however, that nothing herein shall release
the Company from its obligations under this Agreement or its indemnity
obligations to Associate in accordance with the Company’s Articles of
Incorporation and By-Laws.

The Company currently carries Officers and Officers
liability insurance and Associate will continue to be covered by such insurance
(or any replacement insurance) for any of his acts or omissions through the end
of the Severance Period as a director, officer, employee, consultant or agent
of the Company or as a director, trustee, officer, employee, member, manager,
consultant or agent of another corporation, limited liability company,
partnership, joint venture or other enterprise, domestic or foreign, in each
case, which he served as at the request of the Company.

5.   Extent of Release.   By way
of specification and not by way of limitation, Associate specifically waives,
releases and agrees to forego any rights or claims that Associate may now have,
or may have heretofore had, against each or any of the Releasees, under tort,
contract or other law of the State of Illinois or other state (including, but
by no means limited to, claims arising out of or alleging wrongful discharge,
breach of contract, breach of implied covenant of good faith and fair dealing,
misrepresentation, interference with contractual or business relations,
personal injury, slander, libel, emotional distress, mental suffering or damage
to professional reputation), under the Age Discrimination in Employment Act of
1967 (ADEA), under the Worker Adjustment & Retraining Notification Act,
under the Employee Retirement Income Security Act of 1974, under Title VII of
the Civil Rights Act of 1964, under the Equal Pay Act, under 42 U.S.C. Section
1981, under 42 U.S.C. Section 1983, under 42 U.S.C. Section 1985, under the
Vocational Rehabilitation Act of 1977, under the Illinois Human Rights Act or
any other applicable state or local anti-discrimination law, under the
Americans with Disabilities Act, under the Family Medical Leave Act, or under
any other laws, ordinances, executive orders, rules, regulations or
administrative or judicial case law arising under the statutory or common laws
of the United States, any state, or any political subdivision of any state, in
each case, as amended from time to time. Associate also voluntarily waives any
claims or rights Associate may otherwise have against Releasees for severance,
travel and expense reimbursement, or for other payments or compensation, such
as under the Company’s Management and/or Performance Incentive Plans, the
Company’s Omnibus Stock Incentive Plan, the Company’s Stock Incentive Plan, PTO
Policy, Car Allowance Program and/or Severance Plan, except as otherwise set
forth herein. The parties intend that the claims released be construed as
broadly as possible. This is not a waiver of any claims that may arise after
the date this Agreement is executed or of Associate’s rights to enforce the
terms of this Agreement.

6.   No Complaints or Claims.   Associate
represents and warrants that Associate has not filed any complaints or claims
against the Company or Releasees with any local, state or federal court or
agency and, that Associate will not do so at any time hereafter for released
claims which arose prior to the date Associate signs this 

 4
 

 

Agreement, and that if any such court or agency
assumes jurisdiction on any such complaint or claim against the Company or
Releasees which arose prior to the execution of this Agreement, Associate shall
immediately request such court or agency to dismiss the matter and take all
such additional steps at Associate’s sole cost and expense necessary to
facilitate such dismissal with prejudice. Nothing in this Agreement shall be
construed to prohibit Associate from filing a charge or complaint, including a
challenge to the validity of this Agreement, with the Equal Employment
Opportunity Commission or participating in any investigation or proceeding
conducted by the Equal Employment Opportunity Commission.

7.   Forfeiture.   Should
Associate file any claim against the Company or any Releasee or should
Associate sue the Company, any Releasee or any of their directors, officers,
associates, agents or representatives, or their attorneys in any administrative
or judicial forum, local, state or federal, in contravention of the terms of
this Agreement, Associate shall immediately forfeit the right to any further
consideration provided or paid to Associate under the terms of this Agreement
and shall be obligated to reimburse the Company all costs and expenses,
including reasonable attorneys’ fees, incurred by the Company in bringing about
dismissal of the claim or complaint, unless Associate promptly dismisses with
prejudice such claim or complaint at no cost or expense to the Company.

8.   Restrictive Covenants.

In partial
consideration of the benefits to be provided by the Company hereunder,
including particularly the benefits described in Paragraph 2 hereof, Associate
covenants and agrees that:

(a)   Confidentiality.   Without
the prior written consent of the Company, or except to the extent required by
an order of a court having competent jurisdiction or under subpoena from an
appropriate government agency, Associate shall not disclose any trade secrets,
customer lists, designs, information regarding product development, marketing
plans, sales plans, projected acquisitions or dispositions of properties or
management agreements, management organization information (including data and
other information relating to members of the Board and management), operating
policies or manuals, business plans, purchasing agreements, financial records,
or other financial, commercial, business or technical information relating to
the Company or information designated as confidential or proprietary that the
Company may receive belonging to suppliers, customers or others who do business
with the Company (collectively, “Confidential Information”) to any third person
unless such Confidential Information has been previously disclosed to the
public generally by the Company or is in the public domain, in each case, other
than by reason of Associate’s breach of this subparagraph.

(b)   Non-Competition.   During
the Severance Period, Associate agrees that Associate will not, without the
prior written consent of the Company, directly or 

 5
 

 

indirectly, whether as an employee, officer, director,
independent contractor, consultant, stockholder, partner or otherwise, engage
in or assist others to engage in or have any interest in any business which
competes with the Company in any geographic area in which the Company markets
or has marketed its products.

(c)   Non-Solicitation of Employees and
Agents.   During the Severance Period, Associate
shall not directly or indirectly solicit, encourage or induce any person who
provides services to the Company, whether as an employee, consultant,
independent contractor or agent, or any entity which provides services to the
Company under an agency relationship (including, without limitation, under a
relationship governed by an Agency Contract) to terminate his, her or its
relationship with or services for the Company and shall not directly or
indirectly, either individually or as owner, agent, employee, consultant or
otherwise, employ or offer employment to any person who is or was employed by
the Company unless such person, agent or entity shall have ceased to provide
services to the Company or to have had a legal relationship with the Company
for a period of at least six (6) months. Notwithstanding the foregoing,
Associate further covenants and agrees Associate shall not solicit during the
Severance Period any business, in competition with Company, from any person or
entity who has entered into an agency relationship (including, without
limitation, a relationship governed by an Agency Contract) with either Allied
Van Lines, Inc., North American Van Lines, Inc., and/or Global Van Lines, Inc.
This subparagraph (c) specifically excludes responses to any general
advertisements or solicitations for employment made to the general public.

(d)   Non-Disparagement.   Associate
agrees that at no time hereafter will he make, issue release, or authorize any
written or oral statements, derogatory or defamatory in nature about the
Releasees. The Company agrees that it will use its reasonable efforts to ensure
that at no time hereafter will it make, issue, release, or authorize any
written or oral statements, derogatory or defamatory in nature about Associate.

(e)   Return of Documents.   Within
fifteen (15) days of the Termination Date and otherwise upon request, Associate
also agrees to return all notes, reports, sketches, plans, books, keys, credit
cards, unpublished memoranda or other documents or property which were created,
developed, generated or held or controlled by Associate and which concern or
are related to the Company’s business and are the property of the Company.

(f)   Remedies with Respect to Covenants.   Associate
understands and agrees that if Associate breaches or threatens to breach the
covenants and obligations contained in Paragraphs 6, 7 or 8 of this Agreement,
the Company shall be entitled to the following remedies:

(i)     Associate
acknowledges and agrees that the covenants and obligations of Associate with
respect to Paragraphs 6, 7, and 8 of this Agreement relate to special, unique
and extraordinary matters and that a violation of any of 

 6
 

 

the terms of such
covenants and obligations will cause the Company irreparable injury for which
adequate remedies are not available at law. Therefore, Associate understands
and agrees that if Associate breaches or threatens to breach the covenants and
obligations of Paragraphs 6, 7, or 8 of this Agreement, in any respect, the
Company shall be entitled to seek an injunction, restraining order or other
equitable relief (without the requirement to post bond) to restrain such breach
or threatened breach or otherwise specifically enforce the covenants and
obligations set forth therein, in addition to any other remedies that may be
available to the Company; and

(ii)    Associate
and the Company acknowledge and agree that the damages resulting from Associate’s
breach of the covenants and obligations contained in Paragraphs 6, 7, and 8 of
this Agreement, would be uncertain and difficult to ascertain and, in addition
to any other remedies that may be available to the Company, Associate shall
forfeit any remaining payments and benefits hereunder the event of his breach
of this Agreement.

9.   Cooperation and Consulting Services.

(a)   Cooperation with the Company.   Associate
agrees to provide the Company with his full cooperation, as requested by the
Company from time to time, subject to reimbursement by the Company of
reasonable out-of pocket costs and expenses in accordance with the Company’s
travel and expense reimbursement policies (and including advancement of
attorneys’ fees, costs and other expenses as provided by the Company’s By—Laws)
regarding any matter including any litigation, claims, governmental proceeding,
investigation or independent review, which relates to matters with which
Associate was involved or which Associate had knowledge during the term of his
employment with the Company; provided, however, that such cooperation shall not
materially interfere with Associate’s future employment or business affairs. In
any proceeding involving Associate, the Company will provide Associate with any
documents or information reasonably requested by Associate to enable him to
provide such cooperation or to otherwise participate in such proceeding.

(b)   Consulting Services.

(i)     Associate
agrees to provide the Company with consulting services, as requested by the
Company from time to time during the twelve (12) month period immediately
following the Termination Date (the “Consulting Period”), on special projects
relating to matters involving the Company’s business. During the Consulting
Period, Associate shall be retained on a “when and as needed basis” upon
reasonable notice during normal business hours and at mutually convenient times
(which shall be reasonably agreed upon) to provide such consulting services;
provided that in no event shall Associate be required to provide services at an
annual rate that equals or exceeds 50% or is less than 20% of the services
rendered, on average, during the immediately preceding three full 

 7
 

 

calendar years of
employment Associate has historically provided to the Company. Associate shall
be compensated at the annual rate of $290,000, payable in equal monthly
installments in arrears on the last day of the month and, in addition, shall be
reimbursed by the Company in accordance with the Company’s travel and expense
reimbursement policies for reasonable out-of pocket costs and expenses incurred
in providing such services. Associate shall devote all of his skill, knowledge
and best efforts to the conscientious performance of such services.

(ii)    Associate
agrees that he will not, solely by virtue of the consulting services provided
hereunder, be considered to be an officer or employee of the Company during the
Consulting Period. Associate further agrees that he will at all times be
treated as an independent contractor and will be responsible for the payment of
all taxes with respect to all amounts paid to him under this Section 9(b), that
nothing contained in this Agreement shall, during the Consulting Period, be
construed as creating a joint venture, partnership or employment agreement.
Associate agrees that he will not, by reason of the consulting services
performed hereunder, be entitled to participate in any employee benefits plan,
program or arrangement made available to any employee of the Company during the
Consulting Period.

(iii)   Associate
shall no longer be required or permitted to provide consulting services to the
Company, and the Company shall no longer be permitted to request that Associate
provide consulting services upon the earlier of (a) the date Associate becomes
employed by another business or becomes self-employed, in each case, on a
full-time basis, (b) the date the Consulting Period expires, and (c) the date
of Associate’s death or disability that prevents Associate from performing any
consulting services required hereunder. Associate agrees to promptly notify the
Company in writing of any new employment, and in no event more than 10 days after
the start of such new employment.

10.   No False Claims.   Associate
has represented and hereby reaffirms that Associate has disclosed to the
Company any information in Associate’s possession or within Associate’s
knowledge concerning any conduct involving the Company, or any of its
affiliates, employees, associates, officers, directors, or agents that
Associate has any reason to believe involves any false claims to the United
States or is or may be unlawful or violates any Company policy in any respect.

11.   Review of Agreement; No Undue Influence.   Associate
agrees that Associate has had sufficient opportunity to review and consider
this Agreement and to discuss it with anyone Associate desires (subject to
Paragraph 10), and that Associate has carefully read it and fully understands
all of its provisions. Associate further represents and agrees that Associate
has not been under any duress, coercion, or undue influence from the Company or
any of its representatives either during the communications which led to this
Agreement or at the time of the execution of this Agreement.

 8
 

 

12.   Entire Agreement.   This
Agreement sets forth the entire agreement between the parties and fully
supersedes any and all prior agreements or understandings, written or oral,
between the parties pertaining to the subject matter of this Agreement,
including, but not limited to the Letter Agreement, dated September 5, 2005, by
and between Associate and the Company. Additionally, Associate represents and
acknowledges that, by executing this Agreement, Associate does not rely on, and
has not relied on, any representation or statement made by the Company or any
of its directors, officers, Associates, agents or representatives, or their
attorneys with regard to the subject matter, basis or effect of this Agreement
or otherwise, other than those specifically stated in this Agreement.

13.   Binding Agreement; Third Party Beneficiaries.   This
Agreement shall be binding upon Associate and upon Associate’s heirs,
administrators, representatives, executors, and successors and shall inure to
the benefit of the Releasees and to their heirs, administrators,
representatives, executors and successors. All Releasees under this Agreement
who are not signatories to this Agreement shall be deemed to be third party
beneficiaries of this Agreement to the same extent as if they were signatories
hereto. This Agreement shall be binding on and inure to the benefit of the
Company and its respective successors and permitted assigns.

14.   Governing Law.   This
Agreement is made under and shall be governed by the laws of the State of
Illinois, without regard to its conflicts of laws provisions.

15.   Knowing and Voluntary.   Associate
acknowledges that the Company: (i) advised Associate to consult an attorney
prior to signing this Agreement; (ii) informed Associate that Associate could
have 21 days to consider this Agreement; and (iii) advised Associate that this
Agreement shall not be effective or enforceable against Associate or the
Company if Associate revokes it by giving written notice to the Company not
later than 7 days after the date of signing this Agreement. Associate further
states and acknowledges that Associate has been provided 21 days by the Company
to review this Agreement, and that, to the extent Associate signs the Agreement
prior to the expiration of such 21 day period, Associate has done so knowingly
and voluntarily in accordance with 29 C.F.R. § 1625.22(e)(6), and that in
making such an election to sign the Agreement prior to the expiration of said
21 day period of time, Associate has not been induced by any fraud or
misrepresentation by the Company or by any threat by the Company to withdraw or
alter the terms of the Agreement prior to the expiration of said 21 day period
of time.

16.   Section 409A.   It is the
parties understanding that none of the payments under this Agreement will
result in Associate being subject to the payment of interest and/or taxes under
section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).
In the event the parties subsequently determine, whether in connection with the
issuance of final regulations under Section 409A or otherwise, that one or more
of the payments under this Agreement will result in Associate being subject to
the payment of interest and/or taxes under Section 409A, the parties shall use
their best 

 9
 

 

efforts to amend this Agreement in order to avoid the
imposition of any such interest or additional tax, provided that the Company
shall have no obligation to agree to any amendment that would materially
increase its obligations hereunder; provided, further that Associate shall have
no obligation to agree to any amendment that would materially decrease his
benefits hereunder.

17.   Counterparts; Headings.   This
Agreement may be executed in counterparts, each of which shall be deemed an
original and all of which together shall constitute one and the same
instrument. The section and other headings contained in this Agreement are for
the convenience of the parties only and are not intended to be a part hereof or
to affect the meaning or interpretation hereof.

— Signature page
follows —

 10

 

IN WITNESS WHEREOF, the parties do hereby KNOWINGLY
and VOLUNTARILY enter into this General Release, Separation & Consulting
Agreement on the date last signed by both parties.

	
  Associate

  	
   

  	
  Company

  
	
   

  	
   

  	
   

  
	
  /s/ Robert J. Rosing

  	
   

  	
  By:

  	
  /s/ Todd W. Schorr

  
	
   

  	
   

  	
   

  
	
  Associate’s Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print Name:

  	
  Robert J. Rosing

  	
   

  	
  Its:

  	
  SVP — H.R.

  
	
  Date:

  	
  8/15/06

  	
   

  	
  Date:

  	
  8/15/06

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