Document:

Exhibit 10.3

 

[SIRVA, Inc. logo]

 

May 18, 2004

 

Michelle Guswiler

[home address omitted.]

 

Dear Michelle;

 

I am pleased to confirm the
terms of the offer of employment to you at SIRVA, Inc. The offer is as follows:

 

Position: Sr VP, Business
Development for SIRVA, Inc., reporting to me. This position will be banded as a
Senior VP 20.

 

Salary: $235,000 per year,
payable in bi-weekly installments (one week paid in arrears). 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: July 10, 2004

 

Annual Bonus: You will
eligible to participate in SIRVA’s Management Incentive Program, which at your
position has an annualized bonus potential of 75% of base salary, subject to
terms of the program. During the first calendar year of employment, this bonus
is prorated from hire date. For 2004 you will receive a prorated guaranteed
bonus of 75% 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), 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.

 

Severance: In the event that your employment is
terminated by SIRVA without cause within your first twenty-four (24) months of
employment, 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, 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 base salary equal to or
greater than eighty percent (80%) 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.

 

 

Executive Benefits:

	
  •      Company Car
  Allowance:

  	
  $12,000
  annually

  
	
  •      Financial
  Planning:

  	
  $9,600
  annually through AYCO

  
	
  •      Executive
  Medical Physical:

  	
  $1,500
  annually

  
	
  •      Relocation:

  	
  Tier I of
  SIRVA’s relocation policy (see enclosure)

  
	
  •      Executive Retirement
  Savings Plan:

  	
  More
  information will follow

  

 

Benefits: You will be
entitled to participate in all health, welfare and other benefits available to
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 on 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.

 

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
  Kelley

  	
   

  
	
   

  
	
  Brian Kelley

  
	
  President
  & CEO, SIRVA

  

 

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

 

Accepted and Agreed to this 1st
day of June, 2004

 

 

	
  /s/ Michelle
  Guswiler

  	
   

  
	
  Michelle
  GuswilerExhibit 10.4

 

[SIRVA, Inc. logo]

 

July 28, 2004

 

Allen Chan

[home address omitted.]

 

Dear Allen:

 

I am pleased to confirm the terms of the offer of employment to you at
SIRVA, Inc.  This offer is subject to you
obtaining and maintaining the necessary Work Visa.  The offer is as follows:

 

Position:  Sr VP, Relocation Solutions – Asia Pacific,
for SIRVA, Inc., reporting to me.  This
position will be banded as a Senior VP 20.

 

Salary:  $252,500 per year, payable in bi-weekly
installments (one week paid in arrears). 
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.  Your compensation be
paid by the home country and any currency exchange fees and wire transfer fees
associated with the payment of SIRVA U.S. income will be reimbursed by SIRVA.

 

Start Date:  October 1, 2004.  It is anticipated that this assignment will
last at least two years, although business conditions may require that this
period of time be reduced or extended. 
If the assignment goes beyond the anticipated period, the terms and
conditions will be reviewed at that time.

 

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, subject to terms of the program.  Your 2004 bonus will prorated from hire date
and guaranteed for 75% of annual salary 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), 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.

 

Housing Allowance:  You will receive an allowance of $100,000
annually payable in bi-weekly installments of $3,846.15 to help cover housing
in Hong Kong.  The allowance will be
reviewed annually beginning January 1, 2006, based on exchange rate variance.

 

Goods and Services Allowance:  You will receive an allowance of $60,000
annually payable in bi-weekly installments of $2,307.69 to help cover the costs
of goods and service in Hong Kong.

 

 

School and Utilities:  You will receive an allowance of $46,000
annually payable in bi-weekly installments of $1,769.23 to help cover the costs
of utilities and school in Hong Kong.

 

Tax Equalization:  You will be eligible for tax equalization
during your assignment in Hong Kong.  The
objectives of the tax equalization program are:

 

1.               To ensure that assignees are neither
better nor worse off in the Host Country as a result of taxation.

2.               To provide tax assistance to the
employee to ensure compliance with the tax laws in the Home and Host Countries.

 

During your assignment, a hypothetical federal and Illinois state
income tax will be deducted from your base salary.  The actual amount of the hypothetical tax
withholding will be determined after consultation with a Tax Accountant (to be
determined), who will also prepare your Hong Kong, and U.S. income tax
returns.  This Tax Accountant will
prepare your tax equalization settlement once the U.S. tax return is finalized.

 

Benefits:

 

•                  Medical/Dental:  You will be reimbursed for medical and dental
costs according the US medical and dental plan while on assignment in Hong
Kong.  Expenses for reimbursement should
be submitted at least quarterly, but can be submitted more frequently.  All expenses should be submitted to Mary
Tessitore, VP Compensation and Benefits.

•                  Company Car:  SIRVA will provide you with a company car.

•                  Financial/Tax
Planning & Preparation:  All
financial and tax planning and/or preparation will be paid for by SIRVA.

•                  Retirement:  You will be eligible to participate in SIRVA’s
401k retirement program as well as the Executive Retirement Savings Plan
(detail of which will be provided to you under separate cover).

 

Vacation:  You will be eligible for paid time off in
accordance with the SIRVA US paid time off policy.

 

Home Leave:  You will be eligible for one Home Leave
during a 12-month period.  During your
Home Leave, you will be reimbursed for actual and reasonable transportation
costs for a round-trip ticket between Hong Kong and the U.S. by the most direct
route in the class of travel as defined by the corporate travel policy.  You are responsible for living expenses
during home leave.  Also, Home Leave
cannot be exchanged for vacation trips or cash, and cannot accumulate from year
to year.  Home leave should be timed with
a business trip, or a trip to home country operations should be made during the
home leave.

 

Repatriation:  At the end of your assignment, SIRVA will
cover the cost of relocating you back to the United States.  Should your employment be terminated
involuntarily during the course of your assignment, SIRVA will cover the cost
of relocating your personal effects to the United States.  In the event of voluntary resignations, you
forfeit your right to this coverage unless the company determines that the
circumstances of the resignation warrant some consideration.

 

 

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 and returning along with your signed copy of this
letter.

 

Employee Considerations:  It is understood that in accepting this
assignment you agree that you will not engage in any employment or business
enterprise that will in any way conflict with your service and the interest of
SIRVA.  In addition, you agree to comply
with all applicable laws in Hong Kong.

 

Nothing in this letter is intended to be a
contract, or a promise of employment for a fixed term.  Rather, this letter sets forth the general
compensation guidelines that the Company normally applies to employees on international
assignments.  It is anticipated that
provisions outlined in this letter will continue during the term of this
assignment.  However, you will be
affected by any benefit and/or policy changes that apply to other U.S.
associates.

 

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.

 

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 Inventive Plan summary, MIP Summary, Confidentiality and
Non-Solicitation Agreement

 

I hereby acknowledge that I have read the foregoing employment
offer.  I understand that nothing
contained herein shall be considered to be a guarantee of employment for the
estimated duration of this assignment, and that my employment is “at will,” and
may be terminated at any time by either party, as is currently the premise of
my employment in the U.S.

 

	
  Accepted:

  	
   /s/
  Allen Chan

  	
   

  	
  Date: September 8, 2004

  
	
   

  	
  Allen Chan

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