Document:

Exhibit 10.3  

Strictly Private & Confidential  

March 18,
2004 

Mr. Michael
McMahon

1724 West School Street

Chicago, IL 60657 

Dear
Michael, 

RE: PRESIDENT SIRVA Moving Services NA  

Reference our recent conversation, I am pleased to confirm the offer of employment to you at SIRVA. The details of the offer are as follows: 

Position:    President—Moving Services North America reporting to me. This position will be banded as a Senior VP 21. 

Salary:    $275,000 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. 

Start Date:    April 5th, 2004. 

Annual Bonus:    You will eligible to participate in SIRVA's Management Incentive Program, which, at your position, has a projected annualized
bonus potential of 80% of base salary. During the first calendar year of employment, this bonus is prorated from hire date. For 2004 you will receive a prorated guaranteed bonus of 80% of annual
salary for 2004 provided you continue your employment with SIRVA through the bonus payment date in February 2005. Thereafter, your bonus eligibility will be based on the bonus criteria SIRVA
applies at that time. 

Stock Options:    Subject to the approval of the Compensation Committee of the Board, and applicable law, rules and regulations to which SIRVA
is subject, you will be granted an option to purchase 50,000 shares of SIRVA's common stock as soon as reasonably practicable following the start of your employment with the company. The Option shall
be issued in accordance with the SIRVA, Inc. Omnibus Stock Incentive Plan (as amended from time to time, the "Plan"), which will be evidenced by a stock option agreement entered into by
yourself and SIRVA. The Option will be subject to a four-year vesting period from the grant date and will expire 7 years from the grant date. 

	Executive Benefits:	 	 
	Company Car Allowance:	 	$12,000 annually
	Financial Planning:	 	$9,600 annually available through AYCO
	Executive Physical:	 	$1,500 annually

Severance:    In the event that your employment is terminated by SIRVA without cause or by you "For Good Reason" (as defined below), in
addition to any amounts otherwise payable to you through your last day of employment, SIRVA will pay to you, as severance, the following additional amounts: (i) a pro
rata portion of your bonus, based on the bonus criteria SIRVA applies to bonus awards at that time, payable on the normal and customary pay-out date and
(ii) continued payments of your base salary and health benefits until the earlier of one year after termination of your employment with SIRVA or until you obtain new employment with a total
annual salary (including any guaranteed bonus and deferred compensation) equal to or greater than ninety five percent (95%) of the annual base salary payable to you under this letter agreement.
Payment of the severance described in this paragraph would be subject to your execution of a general release and standard provisions affirming your obligations under your confidentiality,
non-compete and non-solicitation of employees, agents and customers. 

 

Termination by You:    A termination of employment by you "For Good Reason" shall mean a termination by you of your employment with SIRVA
within 30 days following the occurrence, without your consent, of any of the following events: (i) the assignment to you of duties that are materially different from, and that result in
a material diminution of, the duties that you are to assume on the date hereof, or (ii) a reduction in the rate of your annual base salary other than in connection with an across the board
reduction of the base salaries of the executive officers of SIRVA, provided in any such case that within 30 days following the occurrence of any
such event, you shall have delivered written notice to SIRVA of your intention to terminate your employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to
give rise to your right to terminate your employment for Good Reason, and SIRVA shall not have cured such circumstances to your reasonable satisfaction. 

Termination by SIRVA for Cause:    In the event you are terminated by SIRVA for cause, you will not be entitled to any severance or bonus
payments outlined above. "Cause" shall mean: (i) the continued failure by you to satisfactorily perform your duties and obligations of your employment hereunder (other than any such failure due
to your physical or mental illness) that is not corrected by you within 30 days after your receipt of written notice specifying in reasonable detail the nature of the deficiency or
deficiencies, (ii) engaging in misconduct related to your work or that otherwise has caused or is reasonably expected to result in material injury to SIRVA or any of its subsidiaries, their
subsidiaries or affiliates, (iii) a conviction of, or entering a plea of guilty or nolo contendere to, a crime that constitutes a felony,
(iv) the willful breach of any of your fiduciary obligations, (vi) dishonesty resulting in your personal enrichment at the expense of SIRVA or any of its subsidiaries, their subsidiaries
or affiliates, (vii) your inability to effectively perform your job duties due to your physical or mental illness for a period of more than six months. 

Change of Control:    In the event your employment is terminated without cause within two years following a "change of control", you shall be
entitled to receive a payment equal to one time your annual base salary. In addition, you shall also receive a pro rata bonus for the year in which your
termination occurs based on the criteria SIRVA applies to bonus awards at that time. "Change of Control" shall have the same meaning as set forth in the SIRVA, Inc. Omnibus Stock Incentive
Plan. 

Relocation:    You will be eligible for Tier 1 executive relocation benefits. Details of this package are enclosed. 

Benefits:    You will be entitled to participate in all health, welfare and other benefits available to other associates of the company. Those
benefits are described in the enclosed Benefits at a Glance. 

Additional Terms:  

This offer is contingent upon: 

	a)
	Your
not being subject to any contract that would be violated by your employment with SIRVA.

	b)
	Your
successful completion of a drug/alcohol screening prior to your start date.

	c)
	Satisfactory
pre-employment criminal background screening and employment verification.

	d)
	Signing
our confidentiality and non-solicitation agreement, a copy of which is enclosed, on or before your first day of employment. 

I
have enclosed a copy of this offer letter for your records. Please execute the original as indicated below and return it to me in the enclosed envelope. 

2

 

On
behalf of the Senior Leadership team, I would like to welcome you to SIRVA. We are very excited about your joining our company and look forward to working with you. If you have any questions,
please do not hesitate to call me. 

	Sincerely,

	 	 
	/s/  BRIAN P. KELLEY      
 Brian Kelley

President & CEO, SIRVA	 	 

Enclosures:
1 copy offer letter, Benefits at a Glance, Omnibus Stock Incentive Plan summary, Confidentiality and Non-Solicitation Agreement 

Accepted
and Agreed to this 30th day of March, 2004 

	/s/  MICHAEL MCMAHON      
 Michael McMahon	 	 

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Exhibit 10.1  

 
 

MIDWAY INCENTIVE PLAN
  
    Midway Games Inc.
  Midway Amusement Games, LLC
  Midway Home Entertainment Inc.
  Midway Games West Inc.    
    

1.     Purpose  

        For the purpose of providing Eligible Employees with greater incentive to exert their efforts on behalf of the Company and to encourage their continued provision
of services to the Company, Midway Games Inc., Midway Amusement Games, LLC, Midway Home Entertainment Inc. and Midway Games West Inc. (collectively, the "Company") hereby
establish a bonus incentive plan known as the "Midway Incentive Plan" (the "Bonus Plan"). The Bonus Plan will serve to focus the attention and efforts of its participants on the financial and
operational goals of Midway Games Inc. ("Midway"), and the participants' individual performance goals, and will provide an incentive and reward for the Bonus Plan participants who achieve those
goals. The Bonus Plan offers participants the opportunity to be awarded substantial bonuses based on a combination of Midway's financial performance and management's evaluation of the degree to which
that individual meets his or her individual performance goals. 

2.     Certain Definitions  

        "Actual Net Income" shall mean Midway's Net Income for the Year, as determined in the sole discretion of Management. 

        "Base
Salary" shall mean the annual before-tax cash compensation rate for the Eligible Employee as of July 1 of the Year, excluding bonus awards, amounts related to
the exercise of options, contributions to employee benefit plans, and other compensation not designated as regular salary. 

        "Company"
shall mean Midway Games Inc., Midway Amusement Games, LLC, Midway Home Entertainment Inc. and Midway Games West Inc., collectively. 

        "Eligible
Employees" shall mean certain regular, full-time employees who: 

	(1)
	are
classified by the Company as exempt for Fair Labor Standards Act purposes;

	(2)
	have
a Base Salary of at least $50,000 for the relevant Year;

	(3)
	are
not eligible for the Design Team Bonus Plan or any sales incentive or commission compensation plan;

	(4)
	are
actively employed by the Company for at least six (6) months of the relevant Year; and

	(5)
	are
actively employed by the Company on the date the bonus is paid. 

        "Management"
shall mean the Chairman of Midway or such officer(s) as may be designated by the Chairman to act on his behalf with respect to this Bonus Plan. 

        "Midway"
shall mean Midway Games Inc., a Delaware corporation. 

        "Net
Income" for a period shall mean Midway's net income for the period as stated in Midway's audited consolidated financial statements for the period, but excluding unusual and
non-recurring or extraordinary items (net of any related tax effects), as determined in the sole discretion of Management. 

        "Target
Net Income" shall mean Midway's target goal for Net Income for the Year, as determined in the sole discretion of Management. 

        A
"Year" is the period from January 1 to the following December 31. The first Year under this Bonus Plan is January 1, 2004 through December 31, 2004. 

3.     Calculation of Bonus Amounts  

        Bonuses will be calculated under this Bonus Plan for Eligible Employees based on a combination of the financial performance of Midway and Management's evaluation
of the degree to which an Eligible Employee meets his or her individual performance goals. The calculation of bonuses will be in accordance with the following formula: 

        Base
Salary × Employee Target Bonus Percentage ×

                Individual Performance Percentage × Company Performance Percentage = Bonus Paid 

        Employee Target Bonus Percentage:    Management, in its sole discretion, will assign each Eligible Employee an Employee Target
Bonus Percentage based, among other things, on such employee's standing within the Company. 

        Company Performance Percentage:    After Midway's fiscal year end results have been determined by the Company in its sole
discretion, Management will calculate the Company Performance Percentage. This determination will be based on a comparison of Midway's Actual Net Income versus Midway's Target Net Income for the Year. 

        If
Actual Net Income equals Target Net Income, the Company Performance Percentage will be 100%. 

        The
Company Performance Percentage will be increased to the extent Actual Net Income exceeds Target Net Income, at a rate determined by Management for the Year (which rate shall be
communicated by Management to the Eligible Employees on or prior to July 1 of such Year), up to a maximum Company Performance Percentage determined by Management for the Year (which maximum
shall be communicated with such rate). 

        The
Company Performance Percentage will be decreased to the extent Actual Net Income is less than Target Net Income, at a rate determined by Management for the Year (which rate shall be
communicated by Management to the Eligible Employees on or prior to July 1 of such Year), provided, however, if Actual Net Income is below a minimum percentage determined by Management of
Target Net Income (which minimum shall be communicated with such rate), the Company Performance Percentage will be zero. 

        Individual Performance Percentage:    Each Eligible Employee will be assigned individual performance goals they are expected to
achieve during the Year. These goals will be assigned by Management based on the overall goals of the Company and the individual employee's responsibilities as they relate to the Company's goals. As
soon as practical after the end of the Year, each Eligible Employee will receive an annual review of his or her performance, measured against the individual performance goals that were established for
the Year. Management, in its sole discretion, will assign each Eligible Employee an Individual Performance Percentage based on such review that reflects the extent to which the Eligible Employee's
performance failed to meet, met or exceeded expectations based on the goals. 

        Adjustments to Percentages:    Any Eligible Employee who changes job responsibilities during the Year, or otherwise becomes
eligible to participate in the Bonus Plan during the Year may receive an adjusted or prorated Employee Target Bonus Percentage and Individual Performance Goals, at the sole discretion of Management. 

4.     Sample Bonus Calculations  

        Once all percentages have been determined, bonuses will be calculated as set forth in the following examples: 

	 	 	Employee Target Bonus Percentage = 10%

Company Performance Percentage = 100%

Individual Performance Percentage = 100%

        Bonus = 10% of Base Salary (10% × 100% × 100%)
	

 	
 	

Employee Target Bonus Percentage = 10%

Company Performance Percentage = 140%

Individual Performance Percentage = 150%

        Bonus = 21% of Base Salary (10% × 140% × 150%)
	

 	
 	

Employee Target Bonus Percentage = 10%

Company Performance Percentage = 80%

Individual Performance Percentage = 50%

        Bonus = 4% of Base Salary (10% × 80% × 50%)

5.     Distribution of Bonuses  

        As soon as practicable after Management has completed its calculations under this Bonus Plan, approximately April 1st, the Bonuses shall be
distributed to Eligible Employees. The amount of Bonus for any such employee is to be determined by Management in its sole discretion. All Bonuses paid shall be subject to applicable withholding
taxes. Bonuses paid to officers of Midway may be subject to prior approval of the Compensation Committee of the Board of Directors of Midway. 

6.     Entire Agreement  

        This Bonus Plan replaces and supercedes all programs of the Company under which the Eligible Employees receive bonuses, including the Midway Management Bonus
Incentive Plan. In addition, this Bonus Plan supersedes and replaces any and all prior and contemporaneous agreements with respect to
bonuses, whether written or oral, between the Company and any other party, including, without limitation, any Eligible Employee. 

7.     Reservation of Rights  

        This Bonus Plan is not a contract. The continuation of the Bonus Plan is at the sole discretion of the Company, and the Company reserves the right to revise,
modify, amend, rescind or cancel this Bonus Plan at any time and for any reason, with or without notice. All determinations by the Company regarding the Bonus to be received by each Eligible Employee
are at the discretion of Management and shall be deemed final upon distribution to such Eligible Employee. Any decision by the Company to not exercise one or more of its rights under this Bonus Plan
shall not be deemed a waiver of its right to exercise such rights in the future. 

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MIDWAY INCENTIVE PLAN Midway Games Inc. Midway Amusement Games, LLC Midway Home Entertainment Inc. Midway Games West Inc.

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