Document:

Exhibit
10.1

August
16, 2007

Nita Moritz

3  Flax
Court

Coto
De Caza, California  92679

Dear
Nita:

I enjoyed discussing the opportunity for having you
join Netlist, Inc., a Delaware corporation (“Netlist” or the “Company”). Your
talent and experience will be a valuable asset to Netlist. It is my pleasure to
extend you the following offer for the position of Chief Financial Officer,
subject to the approval of the Board of Directors of the Company (the “Board”).
 This offer is subject to successful
completion of our application for employment process and satisfactory
background and reference checks.

As the Chief Financial Officer, you will be
reporting directly to me or my designee. Your job duties and responsibilities
in this position will include, but not be limited to, the duties outlined in
the job specification and such other duties as may be assigned to you by the
Company. You shall devote your full business time, attention, skill and best
efforts to the performance of your duties and responsibilities and you shall
not engage in any other business or occupation while employed by the Company.

You will be compensated at a
monthly rate of $20,000.00, annualized to $240,000.00, payable in accordance
with the Company’s normal payroll practices and subject to all required
withholdings. Your scheduled start date will be September 10, 2007.

You will also be eligible to participate in a MBO
plan with a target payout of up to a maximum of $120,000.00 for a total
compensation potential of up to $360,000.00 annually. A formal document
regarding the MBO plan will follow under separate cover.

Your compensation also includes the option to
purchase 200,000 shares of common stock of Netlist, Inc., subject to approval
by the compensation committee of the Board. Details of your option grant
including the exercise price and vesting will be covered under a separate stock
option agreement.

When you are required to
travel internationally for business, you may travel business class.  The Company will pay reasonable and customary
expenses associated with you maintaining your Certified Public Accountant (CPA)
license.

51
Discovery, Suite 150 • Irvine, California 92618 

Phone: (949) 435-0025 • Fax: (949) 435-0031

In addition to the above, Netlist offers a full
range of benefits for you and your eligible dependents.  Your eligibility to participate in Netlist’s
insurance plans will be effective the first of the month following 30 days of
continuous employment. You will also be eligible for other benefits, including
paid holidays, personal time off (“PTO”), and other benefits currently
available to employees of Netlist. The terms of your benefits and any
applicable waiting period(s) are governed by the plan documents and Netlist’s
policy.

You and the Company may terminate your employment at
any time with 30 days written notice.  After
you have been continuously employed for ninety (90) days, if your employment
terminates other than:  (1) by your
voluntary resignation; (2) by the Company for Cause (as defined below); or (3)
by reason of the your death or “Disability” (as defined below), the Company
will pay you a payment equal to six (6) months’ of your then current base
salary plus one (1) additional month for each year of employment with Netlist
up to a maximum of 12 months of your then current base salary (“Severance
Payment”).  Any Severance Payment will be
conditioned on you signing a release of all claims against the Company and your
continued compliance with the Company’s Proprietary Information and Invention
Assignment Agreement.

Additionally, after you have been continuously
employed for ninety (90) days, if your employment is terminated without Cause
as a result of, and within six (6) months of a Change of Control (as defined
below), you will be entitled to a Severance Payment. If immediately following a
Change of Control your title is not Chief Financial Officer or SVP/VP Finance
or your duties do not reflect those duties normally associated with the duties
of Chief Financial Officer or SVPNP Finance you can voluntarily resign after ninety
(90) days following the Change of Control and still be entitled to receive a
Severance Payment.

Your employment will terminate immediately upon your
death or Disability. You will not be entitled to any Severance Payment.

For purposes of your employment, the term “Cause”
means (1) failing to substantially perform your duties or responsibilities; (2)
conviction of a felony or misdemeanor involving moral turpitude,
misappropriation or any funds or property of the Company, commission of fraud
or embezzlement with respect to the Company, falsification of the Company or
customer documents or any act or acts of dishonesty involving the property or
affairs of the Company or the carrying out of your duties;

(3) failing to perform your obligations or carry out your duties to the Company
competently due to the use of alcohol or drugs that renders you unable to
perform the essential functions of his job; (4) breaching any fiduciary duty to
the Company or violating any other contractual (including any breach of the Company’s
Proprietary Information and Invention Assignment Agreement), statutory, common
law or other legal duty to the Company or its stockholders; (5) making any
personal profit arising out of or in connection with any transaction to which
the Company is a party without disclosure to or obtaining prior written consent
of the Company;

(6) committing any act or omission of a nature involving malfeasance or
negligence in the performance of your duties to the Company that is likely to
cause an adverse effect on the business of the Company; (7)

materially deviating from
the written policies or directives of the Company, as communicated by its Chief
Executive Officer or Board of Directors, in such a manner as would reasonably
be expected to constitutes grounds for termination of an employee in a position
similar to yours; provided that, with respect to (1), (6) or (7) above, the
Company shall have first provided you with written notice stating with
specificity the acts, duties or directives you have failed to observe or
perform, and you shall not have, in the reasonable opinion of the Company,
corrected the acts or omissions complained of within fifteen (15) calendar days
following delivery of such notice.

For purposes of your employment, the term “Change of Control” means:

(i)            Where any party, other than the current majority
shareholder of the Company, becomes the “beneficial owner” (as defined in Rule
13d-3 promulgated under the Securities Exchange Act of 1934), directly or
indirectly, of 50% or more of (A) the Company’s common stock, on a fully
diluted basis, or (B) the combined voting power of the Company’s common stock,
on a fully diluted basis; or

(ii)           The Company is party to a merger or consolidation which
results in the holders of voting securities of the Company outstanding
immediately prior thereto failing to continue to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) at least 51% of the combined voting power of the voting securities of
the Company or such surviving entity outstanding immediately after such merger
or consolidation; or

(iii)          The
sale of all, or substantially all, of the assets of the Company.

For purposes of your employment, the term “Disability”
means your failure, due to a physical or mental disability, despite reasonable
accommodation made by the Company, if applicable, for a period of ninety (90)
nonconsecutive days, during any consecutive twelve-month period, to
substantially perform your duties and responsibilities, except as prohibited by
law.

Subject to your consent, if any payment otherwise
due hereunder would be, when otherwise due, subject to additional taxes and
interest under Section 409A of the Internal Revenue Code of 1986, as amended,
then such payment shall be deferred to the extent required to avoid such
additional taxes and interest.

In order to ensure that the rights of your past
employers are not violated; we ask that you do not bring with you any documents
or information that is confidential or proprietary to your former employers.
You also agree that during the period of your employment with Netlist you will
not, without the written consent of Netlist engage in any employment or
business activity other than for Netlist.

A more detailed overview of Netlist’s policies,
procedures and benefits will be provided to you during a new employee
orientation session. You will be asked to acknowledge your receipt of the
information and your agreement to comply with Netlist’s policies and
procedures.  As a condition of employment
you will also be required to sign

the Company’s standard
Proprietary Information and Invention Assignment Agreement and the Company’s
Agreement to Arbitrate. As a condition of employment, you will also be required
to provide proof of your legal ability to work in the United States.

This offer sets forth the
terms of employment with us and supersedes any prior representations or
agreements, whether written or oral. A duplicate original of this offer is
enclosed for your records.

Enclosed are two copies of this offer. Please sign
and return one copy of the letter and the acknowledgement below stating that
you are able to accept this position to Mark Rutherford, via confidential fax
at 949-218-4608. This offer is valid until August 24, 2007, unless earlier
withdrawn.

	
  

  	
  Sincerely,

  
	
   

  	
  

  
	
   

  	
  C.K. Hong

  
	
   

  	
  President

  

 

I have read and accept this
employment offer.

	
   

  	
   

  	
   

  	
   

  
	
  Nita Moritz

  	
  Date

  

I hereby represent, warrant
and agree that I am free to accept this employment offer and to perform the job
duties of Chief Financial Officer. I represent, warrant and agree that I am not
bound by any restriction or covenant from any prior employer or other
obligation that would interfere with my ability to perform the job duties of
Chief Financial Officer at Netlist. I also represent, warrant and agree that I
have returned all documents to my prior employers and that I will not utilize
any trade secrets or proprietary information obtained from prior employers in
connection with my employment.

	
   

  	
   

  	
   

  	
   

  
	
  Nita Moritz

  	
  Date

  

 

I further agree to defend, indemnify, and hold
Netlist, each of its assigns, affiliates and their predecessor and successor
organizations, and their shareholders, partners, officers, directors, owners,
employees, agents, representatives and affiliates, harmless from and against
any loss, liability, obligation, action, claims, demands or other expenses of
any nature whatsoever, relating to, in connection with or arising out of my
prior employment.

	
   

  	
   

  	
   

  	
   

  
	
  Nita Moritz

  	
  DateEXHIBIT 10.1

SIRVA,
Inc.

Senior Executive Severance Plan

Article I

Purpose

The purpose of the
Plan is to protect Participants against an involuntary loss of employment so as
to attract and retain the services of Participants upon whose judgment,
interest and special effort the successful conduct of the operations of the
Company and the Subsidiaries is largely dependent.

Article
II

Definitions

Section 2.01           Certain Definitions.
Capitalized terms used herein without definition shall have the respective
meanings set forth below:

(a)           “Affiliate”
means, with respect to any person, any other person controlled by, controlling
or under common control with such person.

(b)           “Base
Salary” means the highest annualized rate of regular salary in effect for
the Participant (i) during the one-year period before the Participant’s
Termination of Employment or, if higher, (ii) during the period
commencing one year prior to a Change of Control and ending upon the date of
the Participant’s Termination of Employment.

(c)           “Board”
means the Board of Directors of the Company.

(d)           “Cause”
means, with respect to a Participant (as determined by the Committee in its
sole discretion) (i) the continued and willful failure of the
Participant substantially to perform the duties of his or her employment for
the Company or any Subsidiary (other than any such failure due to the
Participant’s disability), (ii) the Participant’s engaging in willful or
serious misconduct that has caused or could reasonably be expected to result in
material injury to the Company, any Subsidiary or any of their Affiliates,
including, but not limited to by way of damage to the Company’s or a Subsidiary’s
reputation or public standing, (iii) the Participant’s conviction of, or
entering a plea of guilty or nolo contendere to, a crime constituting a
felony in the jurisdiction involved, (iv) the Participant’s material
violation or breach of the Company’s or any Subsidiary’s code of conduct or
ethics or other Company policy or rule or the material breach by the
Participant of any of his or her obligations under any written covenant or
agreement with the Company, any Subsidiary or any of their Affiliates, or (v)
any failure by the Participant to cooperate, if requested by the Company or any
Subsidiary, with any investigation or inquiry into the Participant’s or the
Company’s or any Subsidiary’s 

business practices, whether internal or external, including, but not
limited to, the Participant’s refusal to be deposed or to provide testimony at
any trial or inquiry.

(e)           “Change
of Control” means the first occurrence of any of the following events after
the effective date of the Plan:

(i)            the
acquisition by any person, entity or “group” (as defined in section 13(d) of
the Exchange Act), other than the Company, the Subsidiaries, any employee
benefit plan of the Company or the Subsidiaries, any stockholder holding 15% or
more of the capital stock of the Company at the time the Plan is adopted by the
Board or any Affiliate of such stockholder, of 50% or more of the combined
voting power of the Company’s then outstanding voting securities;

(ii)           within
any twenty-four (24) month period, the Incumbent Directors shall cease to
constitute at least a majority of the Board or the board of directors of any
successor to the Company; provided, however, that any director
elected to the Board, or nominated for election, by a majority of the Incumbent
Directors then still in office shall be deemed to be an Incumbent Director for
purposes of this clause (ii), but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result of either an
actual or threatened election contest with respect to the election or removal
of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of an individual, entity or “group” other than the Board
(including, but not limited to, any such assumption that results from clauses
(i), (iii), (iv) or (v) of this definition);

(iii)          the
merger or consolidation of the Company as a result of which persons who were
holders of voting capital stock of the Company, immediately prior to such
merger or consolidation, do not, immediately thereafter, own, directly or
indirectly, more than 50% of the combined voting power entitled to vote
generally in the election of directors of the merged or consolidated company;

(iv)          the
approval by the stockholders of the Company of the liquidation or dissolution
of the Company other than a liquidation of the Company into any Subsidiary or a
liquidation a result of which persons who were stockholders of the Company immediately
prior to such liquidation own, directly or indirectly, more than 50% of the
combined voting power entitled to vote generally in the election of directors
of the entity that holds substantially all of the assets of the Company
following such event; and

(v)           the
sale, transfer or other disposition of all or substantially all of the assets
of the Company to one or more persons or entities that are not, immediately
prior to such sale, transfer or other disposition, Affiliates of the Company,
any stockholder holding 15% or more of the capital stock of the Company at the
time the Plan is adopted by the Board or any Affiliate of such stockholder.

 2
 

Notwithstanding the
foregoing, a Change of Control shall not be deemed to occur if the Company
files for bankruptcy, liquidation or reorganization under the United States
Bankruptcy Code.

(f)            “Code”
means the Internal Revenue Code of 1986, as amended.

(g)           “Committee”
means the Compensation Committee of the Board, or any committee established and
appointed by the Board or by a duly authorized committee of the Board, in each
case, to administer the Plan, and any successor thereto.

(h)           “Company”
means SIRVA, Inc., a Delaware corporation, and any successor thereto.

(i)            “Eligible
Termination of Employment” has the meaning given in Section 3.01.

(j)            “ERISA”
means the Employee Retirement Income Security Act of l974, as amended.

(k)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

(l)            “Good
Reason” means, with respect to a Participant, without the Participant’s
prior written consent,

(i)            A
reduction exceeding 10% during any 12 consecutive month period in the
Participant’s Base Salary, or in the rate of the Participant’s annual cash
compensation (i.e., Base Salary and target annual cash incentive opportunity),
in either case, excluding any reduction both (A) applicable to similarly
situated officers or employees generally, and (B) not implemented within
the 24-month period after a Change of Control,

(ii)           A
material adverse change in the Participant’s position, duties or
responsibilities as a senior executive of the Company; provided, however,
that this clause shall not apply (A) in connection with a Transfer of
Business if the position offered to the Participant by the transferee is
comparable in position, duties or responsibilities with the position, duties
and responsibilities of the Participant prior to such Transfer of Business, or
(B) where such position, duties or responsibilities are changed
primarily to the fact that the Company may no longer be a public company, or

(iii)          A
change in the Participant’s principal work location to a location more than 50
miles from the Participant’s prior work location and residence.

The occurrence of the
events or conditions described in clauses (i)-(iii) of this definition shall
not constitute Good Reason unless (A) within 60 days of the occurrence
of the events claimed to be 

 3
 

Good Reason, the
Participant notifies the Committee in writing of the reasons why he or she
believes that Good Reason exists, (B) the Company has failed to correct
the circumstances that would otherwise be Good Reason within 30 days of receipt
of such notice, and (C) the Participant terminates his or her employment
within 15 days of such 30-day period (or, if earlier, within 15 days of the date
the Committee has confirmed to the Participant that it will not correct such
circumstances). In no event shall the mere occurrence of a Change of Control or
Transfer of Business, absent any further impact on the Participant, be deemed
to constitute Good Reason.

(m)          “Incumbent
Director” means with respect to any period of time specified under the Plan
for purposes of determining a Change of Control, the persons who were members
of the Board at the beginning of such period.

(n)           “Participant”
means any Tier I Executive, Tier II Executive or Tier III Executive designated
by the Committee as eligible to participate in the Plan; provided, that
a Participant’s participation in the Plan shall automatically terminate,
without notice to or consent of the Participant, upon the termination of the
Participant’s employment with the Company for any reason (including, but not
limited to, death, disability, Transfer of Business or other disposition of the
Subsidiary which employs the Participant) that is not an Eligible Termination
of Employment.

(o)           “Plan”
means this SIRVA, Inc. Senior Executive Severance Plan, as the same may be
amended from time to time.

(p)           “Pro-Rated
Annual Bonus” has the meaning given in Section 3.03(a)(ii).

(q)           “Severance
Benefits” has the meaning given in Section 3.01.

(r)            “Severance
Pay” has the meaning given in Section 3.02(a).

(s)           “Severance
Period” has the meaning given in Section 3.02(b).

(t)            “Subsidiary”
means (i) any corporation in which the Company owns, directly or
indirectly, stock of the total combined voting power of all classes of stock
entitled to vote of such corporation or at least 50% of the total value of
shares of all classes of stock of such corporation, and (ii) any other
business organization, regardless of form, in which the Company possesses,
directly or indirectly, at least 50% of the total combined equity interests of
such organization.

(u)           “Termination
of Employment” means a termination of the Participant’s employment with the
Company and the Subsidiaries that constitutes a “separation
from service” within the meaning of section 409A of the Code.
Notwithstanding the immediately preceding sentence, a Termination of Employment
shall not include:

 4
 

(i)            The
disposition by the Company of the Subsidiary that employs the Participant if
such employing Subsidiary adopts the Plan and continues (by assignment or
otherwise) to be the employer of the Participant, or

(ii)           A
termination of employment in a Transfer of Business in connection with which
the Participant receives a bona fide offer of employment from the transferee
(or an affiliate of the transferee), whether or not accepted, for which purpose
a bona fide offer of employment is an offer of employment effective on the
closing of the Transfer of Business on terms that does not have an effect
described in clauses (i), (ii) or (iii) of the definition of Good Reason.

A Participant shall
cooperate with the transferee in a Transfer of Business by completing such
employment applications and providing such other information as the transferee
may need in order to make a bona fide offer of employment. A Participant who
fails to provide such cooperation shall be deemed to have received and rejected
a bona fide offer of employment.

(v)           “Tier
I Executive” means the Company’s Chief Executive Officer.

(w)          “Tier
II Executive” means any executive officer of the Company who reports
directly to the Company’s Chief Executive Officer.

(x)            “Tier
III Executive” means any executive officer, officer or key employee of the
Company or any Subsidiary designated by the Committee as a Tier III Executive
(other than any Tier I Executive or Tier II Executive).

(y)           “Transfer
of Business” means a transfer of the Participant’s position to another
entity, as part of either (i) a transfer to such entity as a going
concern of all or part of the business function of the Company in which the
Participant was employed, or (ii) an outsourcing to another entity of a
business function of the Company in which the Participant was employed.

Section 2.02           Gender and Number. Except when
otherwise indicated by the context, words in the masculine gender used in the
Plan shall include the feminine gender, the singular shall include the plural,
and the plural shall include the singular.

Article
III

Severance Benefits

Section 3.01           Eligible Termination of Employment.
Each Participant shall be entitled to severance and other benefits under the
Plan in the amounts set forth in Section 3.02 and Section 3.03 (“Severance
Benefits”) if the Participant incurs an Eligible Termination of Employment,
subject to the Participant’s execution and delivery of a valid and unrevoked
General Release and Separation Agreement as required by Section 3.05, and the
Participant’s cooperation as required by Section 3.06. For this purpose an “Eligible
Termination of Employment” is:

 5
 

(a)           A
Termination of Employment by reason of a termination of the Participant’s
employment by the Company and the Subsidiaries for any reason other than death,
disability, Cause, or Transfer of Business, or

(b)           A
Termination of Employment by reason of a termination of the Participant’s
employment with the Company and the Subsidiaries by the Participant for Good
Reason within the 24-month period after a Change of Control.

No Severance Benefits
shall be payable in respect of a Termination of Employment that is not an
Eligible Termination of Employment. For the avoidance of doubt, none of the
following shall be an Eligible Termination of Employment: (i) termination of
the Participant’s employment upon death, disability or retirement, (ii)
termination of the Participant’s employment by the Company for Cause or upon
Transfer of Business, (iii) termination of the Participant’s employment by the
Participant for Good Reason that does not occur within the 24-month period
after a Change of Control, or (iv) any voluntary resignation not described in
clause (iii).

Section 3.02           Severance Pay.

(a)           Generally.
The amount of severance pay (“Severance Pay”) to which the Participant
is entitled under the Plan shall be the product of the amount described in
clause (i) multiplied by the percentage described in clause (ii), with such
product reduced (but not below zero) by the amount described in clause (iii):

(i)            the
Participant’s Base Salary;

(ii)           the
applicable percentage set forth in Section 3.02(b) opposite the Participant’s
classification at the time of his or her Termination of Employment
(disregarding any adverse change in classification after a Change of Control);

(iii)          the
sum of (A) severance or similar payments made pursuant to any Federal,
state or local law, and (B) any termination or severance payments under
any other termination or severance plans, policies or programs of the Company,
any Subsidiary or any of their Affiliates that the Participant receives
notwithstanding Section 3.02(c).

(b)           Severance
Percentage; Severance Period. In the event the Participant’s Eligible
Termination of Employment occurs outside an enhanced benefit period described
below, the applicable percentage shall be the percentage set forth in column
(i) and the applicable severance period (“Severance Period”), which shall be
measured from the date of the Eligible Termination of Employment, shall be the
period set forth in column (ii). In the event the Participant’s Eligible
Termination of 

 6
 

Employment occurs within an enhanced benefit period described below,
the applicable percentage shall be the percentage set forth in column (iii) and
the applicable Severance Period shall be the period set forth in column (iv).
The 24-month period following a Change of Control shall be the only enhanced
benefit period.

	
   

  	
   

  	
  (i)

  	
   

  	
  (ii)

  	
   

  	
  (iii)

  	
   

  	
  (iv)

  	
   

  
	
   

  	
   

  	
  Percentage absent

  Change of Control

  	
   

  	
  Severance Period

  absent Change of Control

  	
   

  	
  Percentage—

  Change of Control

  	
   

  	
  Severance Period—

  Change of Control

  	
   

  
	
  Tier I Executive

  	
   

  	
  Negotiated

  Percentage

  	
   

  	
  Negotiated

  Period

  	
   

  	
  Negotiated

  Percentage

  	
   

  	
  Negotiated

  Period

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tier II Executive or
  Tier III Executive

  	
   

  	
  100%

  	
   

  	
  1 year

  	
   

  	
  100%

  	
   

  	
  1 year

  	
   

  

 

(c)           No
Duplication of Benefits. There shall be no duplication of severance
benefits under the Plan or otherwise in any manner. Severance Pay under this
Plan shall be in lieu of any termination or severance payments to which the
Participant may be entitled under any other termination or severance plans,
policies or programs of the Company, any Subsidiary or any of their Affiliates.
No Participant shall be entitled to Severance Pay hereunder for more than one
position with the Company.

(d)           No
Mitigation. A Participant shall not be obligated to secure new employment,
but each Participant shall report promptly to the Company any actual employment
obtained during the Severance Period. Severance Pay under the Plan shall not be
subject to mitigation, except as provided in Section 3.02(a) (for other
severance pay under applicable law or from the Company), Section 3.02(c) (for
other severance pay from the Company), and Section 3.03(b) (for determining
continuing eligibility for health and life benefits coverage).

Section 3.03           Other Benefits.

(a)           Vested
Benefits. A Participant entitled to Severance Pay pursuant to Section 3.02
shall also be entitled to the following additional benefits (except as
expressly provided in this Section 3.03(a)):

(i)            The
Participant’s full Base Salary through the date of his or her Termination of
Employment,

(ii)           An
amount (the “Pro-Rated Annual Bonus”) in lieu of the annual cash incentive
compensation opportunity applicable to the Participant for the fiscal year in
which the date of his or her Termination of Employment occurs, which will be
determined and paid at the sole discretion of Committee, and

(iii)          Any
vested amounts or benefits owing to the Participant under any otherwise
applicable employee benefit plans and programs, both 

 7
 

qualified and nonqualified, and not yet paid and any accrued vacation
pay not yet paid by the Company.

(b)           Benefit
and Indemnification Continuation. A Participant entitled to Severance Pay
pursuant to Section 3.02 shall also be entitled to continue during the
applicable Severance Period the following additional benefits:

(i)            continued
participation for him or her (and for his or her eligible dependents) in the
group health, dental and vision insurance (but not life) that the Participant
has elected under the Company’s Group Benefits Plan and that is in effect as of
the date of the Participant’s Termination of Employment shall continue in
effect on the same basis (and subject to the Participant paying the same gross
costs to receive such benefits, which shall be subtracted from Severance Pay); provided,
that this coverage shall terminate prior to the end of the Severance Period
when the Participant (or his or her eligible dependents, as applicable) becomes
entitled to health and life insurance benefit plan coverage (whether or not
comparable to plans of the Company) from any subsequent employer. Thereafter,
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, may
allow the Participant and his or her dependents to continue to receive coverage
under the Company’s group health insurance plan for a limited period of time on
the same conditions as coverage was offered to the Participant as an active
employee, except that the Participant is responsible for the full cost of the
health coverage, plus a small administrative charge, and

(ii)           continued
indemnification by the Company and the applicable Subsidiaries to the maximum
extent permitted under the Articles of Incorporation and By-Laws of the Company
and the Subsidiaries to which the Participant provided services, as in effect
immediately prior to the date of the Participant’s Termination of Employment
or, if more favorable to the Participant, immediately prior to any Change of
Control, as the case may be.

(c)           Coordination
of Rights. From and after the date of the Participant’s Termination of
Employment, neither Participant nor his or her dependents shall be eligible for
continued participation in any other employee benefit plans or programs,
including, but not limited to, disability income plan, travel accident
insurance plan, financial planning programs, executive physical program, or
tax-qualified retirement plan. In addition, from and after the date of the
Participant’s Termination of Employment, the Participant shall not be entitled
to payment of or reimbursement for any legal fees or expenses incurred, except
to the extent required by Section 3.03(b)(ii). Nothing herein shall be deemed
to restrict the right of the Company to amend or terminate any plan in a manner
generally applicable to active employees.

Section 3.04           Payment. Severance Pay shall
commence as soon as practicable after the Eligible Termination of Employment
and be paid in substantially equal bi-weekly installments over the Severance
Period. Notwithstanding the preceding sentence, in the event Severance Pay or
any other payment or distribution of a benefit under this Plan is deferred
compensation subject to additional taxes or penalties under section 409A of the
Code if paid on or commencing on the 

 8
 

date specified in this
Plan, such payment or distribution shall not be made or commence prior to the
earliest date on which section 409A of the Code permits such payment or
commencement without additional taxes or penalties under section 409A of the
Code. In the event payment is deferred under the preceding sentence, any
installments that would have been paid prior to the deferred payment or
commencement date but for section 409A of the Code shall be paid in a single
lump sum on such earliest payment or commencement date, together with interest
at the prime rate (as published in The Wall Street Journal) in effect on the
date of Termination of Employment.

Section 3.05           General Release and Separation
Agreement. In order to receive benefits under the Plan, a Participant must
execute and deliver to the Company a valid and unrevoked General Release and
Separation Agreement within 30 days (or such longer period as may be required
by law) of his or her date of Termination of Employment, in a form tendered by
the Company, which shall be substantially in the form of the General Release
and Separation Agreement attached hereto as Exhibit A, with any changes thereto
approved by the Company prior to execution. Notwithstanding anything to the
contrary contained in the Participant’s Confidentiality, Proprietary Rights and
Non-Solicitation Agreement with the Company, as amended, if the Participant is
to receive benefits under this Plan that continue for longer than the period by
which the Participant is bound by the non-competition and non-solicitation
provisions contained in such agreement, such period shall be automatically
extended to match the period that the Participant is to receive benefits under
this Plan, and the General Release and Separation Agreement shall memorialize
such extension (and amend the Participant’s Confidentiality, Proprietary Rights
and Non-Solicitation Agreement). No benefits shall be paid under the Plan until
the Participant has executed his or her General Release and Separation
Agreement and the period within which a Participant may revoke his or her
General Release and Separation Agreement has expired without revocation. A
Participant may revoke his or her signed General Release and Separation
Agreement within 7 days (or such other period provided by law) after his or her
signing the General Release and Separation Agreement. Any such revocation must
be made in writing and must be received by the Company within such 7-day (or
such other) period. A Participant who does not submit a signed General Release
and Separation Agreement to the Company within 30 days (or such longer period
as may be required by law) of his or her Termination of Employment shall not be
eligible to receive any Severance Benefits under the Plan. A Participant who
timely revokes his or her General Release and Separation Agreement shall not be
eligible to receive any Severance Benefits under the Plan. Notwithstanding the
foregoing, the General Release and Separation Agreement shall not:

(a)           affect,
limit or modify in any way or release any claim the Participant may have with
respect to any amounts payable pursuant to the Plan or any vested amounts or
benefits owing to the Participant under any otherwise applicable employee
benefit plans and programs maintained, or contributed by any of the Company or
any Subsidiary (except that the Plan will supersede any otherwise applicable
severance policy), including any compensation previously deferred by the
Participant (together with any accrued earnings thereon) and not yet paid and
any accrued vacation pay not yet paid, or

(b)           release
the Company or any Subsidiary from its commitment during the Severance Period
to indemnify the Participant and hold the 

 9
 

Participant harmless from and against any claim, loss or cause of
action arising from or out of the Participant’s performance as an officer,
director or employee of the Company or any such Subsidiary or in any other
capacity, including any fiduciary capacity, in which the Participant served at
the request of the Company or any Subsidiary to the maximum extent permitted
under the Articles of Incorporation and By-Laws of the Company and the
Subsidiaries to which the Participant provided services, as in effect
immediately prior to the date of the Participant’s Termination of Employment
or, if more favorable to the Participant, immediately prior to any Change of
Control.

Section 3.06           Cooperation; Non-Disparagement.

(a)           Cooperation.
Upon the receipt of reasonable notice from the Company (including from outside
counsel to the Company), the Participant agrees that while employed by the
Company and for three years (or, if longer, for so long as any claim referred
to in this Section remains pending) after the termination of the Participant’s
employment for any reason, the Participant will respond and provide information
with regard to matters in which the Participant has knowledge as a result of
the Participant’s employment with the Company, and will provide reasonable
assistance to the Company, its Affiliates and their respective representatives
in defense of any claims that may be made against the Company or its
Affiliates, and will assist the Company and its Affiliates in the prosecution
of any claims that may be made by the Company or its Affiliates, to the extent
that such claims may relate to the period of the Participant’s employment with
the Company (or any predecessor); provided, that with respect to periods
after the termination of the Participant’s employment, the Company shall reimburse
the Participant for any reasonable out-of-pocket expenses incurred in providing
such assistance and if the Participant is required to provide more than 10
hours of assistance per week after his or her termination of employment then
the Company shall pay the Participant a reasonable amount of money for his
services at a rate agreed to between the Company and the Participant; and provided,
further, that after the Participant’s termination of employment with the
Company such assistance shall not unreasonably interfere with the Participant’s
business or personal obligations. The Participant agrees to promptly inform the
Company if the Participant becomes aware of any lawsuits involving such claims
that may be filed or threatened against the Company or its Affiliates. The
Participant also agrees to promptly inform the Company (to the extent the
Participant is legally permitted to do so) if the Participant is asked to
assist in any investigation of the Company or its Affiliates (or their
actions), regardless of whether a lawsuit or other proceeding has then been
filed against the Company or its affiliates with respect to such investigation,
and shall not do so unless legally required.

(b)           Non-Disparagement.
Each Participant agrees that he or she shall neither, directly or indirectly,
engage in any conduct or make any statement disparaging or criticizing in any
way the Company or its Affiliates, or any of their personnel nor, directly or
indirectly, engage in any other conduct or make any other statement that could
be reasonably expected to impair the goodwill of the Company or its Affiliates,
or the reputation of the Company or its Affiliates, in each case, except to the
extent required by law, and then only after consultation with the Company to
the extent possible.

 10
 

Section 3.07           Forfeiture; Return of
Consideration. If at any time a Participant breaches any restrictive
covenant to which the Participant is bound (including, but not limited to, any
restrictive covenant contained in the Participant’s Confidentiality,
Proprietary Rights and Non-Solicitation Agreement with the Company, as amended)
or Section 3.06, then (i) the Company shall cease to provide any further
Severance Pay or other benefits under Section 3.02 or Section 3.03, and the
Participant shall repay to the Company all Severance Pay and other benefits
previously received under Section 3.02 or Section 3.03. Any amount to be repaid
pursuant to this Section 3.07 shall be held by the Participant in constructive
trust for the benefit of the Company and shall be paid by the Participant to
the Company with interest at the prime rate (as published in The Wall Street
Journal) as of the date of breach plus two (2) percentage points or, if less,
the maximum interest rate permitted by law, upon written notice from the
Committee, within 10 days of such notice. The amount to be repaid pursuant to
this Section 3.07 shall be determined on a gross basis, without reduction for
any taxes incurred, as of the date of the breach. The Company shall have the
right to offset such amount against any amounts otherwise owed to the
Participant by the Company (whether as wages, vacation pay, or pursuant to any
benefit plan or other compensatory arrangement).

Article
IV

Effective Date, Amendment and Termination

The Plan may be
amended, modified, suspended, or terminated unilaterally by the Board at any
time; provided, however, that (a) any amendment,
modification, suspension, or termination that adversely affects Participants
shall not be given any effect until the expiration of one year from the date
that Participants are given written notice of the such amendment or
termination, (b) upon a Change of Control, the Plan may not be amended,
modified, suspended, or terminated in a manner that adversely affects
Participants, or (c) in the event a Change of Control occurs during the
one-year notice period required with respect to any amendment, modification,
suspension, or termination that adversely affects Participants, such amendment,
modification, suspension, or termination shall be rendered void and without
effect, in each case, unless the amendment is required (as determined by the
Committee) by law (including, but not limited to, any provision of the Code)
whether such requirement impacts the Company or any Participant. Amendment or
termination of the Plan shall not accelerate (or defer) the time of any payment
under the Plan that is deferred compensation subject to section 409A of the
Code if such acceleration (or deferral) would subject such deferred
compensation to additional tax or penalties under section 409A of the Code. The
Committee may terminate a Participant’s participation in the Plan at any time; provided,
that (i) such termination shall not be given effect until the expiration
of one year from the date that the Participant is given notice thereof, and (ii)
the Participant’s participation hereunder may not be terminated after a Change
of Control (even if notice of termination had been given prior to the
occurrence of such event). The Plan shall automatically terminate at the later
of two years after a Change of Control or the satisfaction of all Plan
liabilities to Participants.

Article V

General Provisions

Section 5.01           Administration. The Committee
shall be responsible for the administration of the Plan. The Committee shall
have discretionary authority, subject to the 

 11
 

provisions of the Plan,
to prescribe, amend and rescind rules and regulations relating to the Plan, to
provide for conditions deemed necessary or advisable to protect the interests
of the Company and the Subsidiaries, to interpret the Plan and to make all
other determinations necessary or advisable for the administration and
interpretation of the Plan and to carry out its provisions and purposes. Any
determination, interpretation or other action made or taken (including any
failure to make any determination or interpretation, or take any other action)
by the Committee pursuant to the provisions of the Plan shall be final, binding
and conclusive for all purposes and upon all persons and shall be given
deference in any proceeding with respect thereto. The Company and/or the
Committee, as the case may be, shall maintain such procedures and records as
each deems necessary or appropriate. Each Participant shall receive a copy of
the Plan, and written confirmation of his or her participation thereunder.

Section 5.02           ERISA. To the extent ERISA
applies to the Plan, the rights of a Participant hereunder and other applicable
information are set forth under the headings “Claims and Appeals Procedures”
and “Your ERISA Rights” contained in Section I—General Information of the
document entitled “Your SIRVA Benefits Package—Summary Plan Description”, and
are incorporated by reference into the Plan. For the avoidance of doubt and
notwithstanding anything to the contrary contained in this Plan, the payments
and benefits provided under this Plan (a) are not contingent on a
Participant’s “retirement” (as such term is defined in the SIRVA
Employees Retirement Plan) from the Company or any Subsidiary; and (b)
shall be paid or provided in full within 24 months of the Participant’s
termination.

Section 5.03           Beneficiary Designation. Each
Participant may from time to time name any beneficiary or beneficiaries (who
may be named contingently or successively) to whom any benefit under the Plan
is to be paid or by whom any right under the Plan is to be exercised in case of
his death. Each designation will revoke all prior designations by the same
Participant, shall be in a form prescribed by the Committee and will be
effective only when filed by the Participant in writing with the Committee
during the Participant’s lifetime. In the absence of any such designation,
benefits outstanding that remain unpaid at the Participant’s death shall be
paid to the Participant’s surviving spouse, if any, or otherwise to his estate.

Section 5.04           Tax Withholding. The Company
or the appropriate Subsidiary shall have the right to deduct from all payments
any federal, state, or local taxes or other obligations required by law to be
withheld with respect to such payments.

Section 5.05           Limitation on Benefits.
Notwithstanding anything to the contrary contained in the Plan, to the extent
that any of the payments and benefits provided for under the Plan
(collectively, the “Payments”) would constitute an “excess
parachute payment” within the meaning of Section 280G of the Code,
the amount of such Payments shall be reduced to the amount that would result in
no portion of the Payments being subject to the excise tax imposed pursuant to
Section 4999 of the Code.

Section 5.06           No Set-Off, Etc. Except as
otherwise expressly provided in the Plan, the obligation of the Company or any
Subsidiary to make the payments provided for in the Plan shall not be affected
by any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Company or any such Subsidiary may
have against the Participant or others whether by reason of the subsequent
employment of a Participant or otherwise.

Section 5.07           No Guarantee of Employment or
Participation. Nothing in the Plan shall interfere with or limit in any way
the right of the Company or any Subsidiary to terminate any Participant’s
employment at any time and for any reason, nor confer upon any Participant any
right to continue in the employ of the Company or any Subsidiary.
Notwithstanding any provision to the contrary contained in the Participant’s
contract of employment, if any 

 12
 

Participant’s employment
with the Company or any Subsidiary shall be terminated for any reason, such
Participant shall not be eligible for any compensation or remuneration with
respect to such termination to compensate such Participant for the loss of any
rights under the Plan.

Section 5.08           No Right to Particular Assets.
Nothing contained in the Plan and no action taken pursuant to the Plan shall
create or be construed to create a trust of any kind or any fiduciary
relationship between the Company and any Subsidiary, on the one hand, and any
Participant or executor, administrator or other personal representative or
designated beneficiary of such Participant, on the other hand, or any other
persons. Any reserves that may be established by the Company or any Subsidiary
in connection with the Plan shall continue to be held as part of the general
funds of the Company or such Subsidiary, and no individual or entity other than
the Company or such Subsidiary shall have any interest in such funds until paid
to a Participant. To the extent that any Participant or his executor,
administrator or other personal representative, as the case may be, acquires a
right to receive any payment from the Company or any Subsidiary pursuant to the
Plan, such right shall be no greater than the right of an unsecured general
creditor of the Company or such Subsidiary.

Section 5.09           No Impact on Benefits; Freedom of
Action. Severance Pay and other benefits under the Plan shall not be
treated as compensation for purposes of calculating a Participant’s rights
under any other employee benefit plan of the Company or any Subsidiary. Subject
to Article IV, nothing in the Plan shall be construed as limiting or preventing
the Company or any Subsidiary from taking any action with respect to the
operation or conduct of its business that it deems appropriate or in its best
interest, and no Participant, beneficiary or other person shall have any claim
against the Company or any Subsidiary as a result of any such action.

Section 5.10           Governing Law; Waiver of Jury
Trial.

(a)           Governing
Law. Except to the extent that they may be pre-empted by Federal law, the
Plan shall be governed in all respects, including as to validity,
interpretation and effect, by the internal laws of the State of Illinois,
without giving effect to the choice of law principles thereof. Each Participant
and the Company hereby irrevocably submits to the jurisdiction of the courts of
the State of Illinois and the federal courts of the United States of America
located in Cook County solely in respect of the interpretation and enforcement
of the provisions of this Plan and in respect of the transactions contemplated
hereby. Each Participant and the Company hereby waives and agrees not to
assert, as a defense in any action, suit or proceeding for the interpretation
and enforcement hereof, or in respect of any such transaction, that such
action, suit or proceeding may not be brought or is not maintainable in such
courts or that the venue thereof may not be appropriate or that this Plan may
not be enforced in or by such courts. Each Participant and the Company hereby
consents to and grants any such court jurisdiction over the person of such
parties and over the subject matter of any such dispute and agree that the
mailing of process or other papers in connection with any such action or
proceeding in any manner permitted by law, shall be valid and sufficient service
thereof.

 13
 

(b)           Waiver
of Jury Trial. Each Participant and the Company acknowledges and agrees
that any controversy which may arise under this Plan is likely to involve
complicated and difficult issues, and therefore each Participant and the
Company irrevocably and unconditionally waives any right such party may have to
a trial by jury in respect of any litigation directly or indirectly arising out
of or relating to this Plan, or the breach, termination or validity of this
Plan, or the transactions contemplated by this Plan. Each Participant and the
Company certifies and acknowledges that (i) no representative, agent or
attorney of any other party has represented, expressly or otherwise, that such
other party would not, in the event of litigation, seek to enforce the
foregoing waiver; (ii) each such party understands and has considered
the implications of this waiver; (iii) each such party makes this waiver
voluntarily; and (iv) each such party has been induced to enter into
this Plan by, among other things, the mutual waivers and certifications in this
Section 5.09.

Section 5.11           Non-Alienation Provision.
Subject to applicable law, no interest of any person or entity in any benefit
under the Plan shall be subject in any manner to sale, transfer, assignment,
pledge, attachment, garnishment, or other alienation or encumbrance of any
kind, nor may such benefit be taken, either voluntarily or involuntarily, for
the satisfaction of the debts of, or other obligations or claims against, such
person or entity, including (but not limited to) claims for alimony, support,
separate maintenance and claims in bankruptcy proceedings.

Section 5.12           Successors. All obligations of
the Company and any Subsidiary under the Plan shall be binding upon and inure
to the benefit of any successor to the Company or such Subsidiary (by whatever
means).

Section 5.13           Exculpation. No member of the
Committee nor any other officer or employee of the Company acting on behalf of
the Company with respect to the Plan shall be directly or indirectly
responsible or otherwise liable by reason of any action or default as a member
of that Committee, or other officer or employee of the Company acting on behalf
of the Company with respect to this Plan, or by reason of the exercise of or
failure to exercise any power or discretion as such person, except for any
action, default, exercise or failure to exercise resulting from such person’s
gross negligence or willful misconduct. No member of the Committee shall be
liable in any way for the acts or defaults of any other member of the
Committee, or any of its advisors, agents or representatives.

Section 5.14           Indemnification. Each
individual who is or shall have been a member of the Board or the Committee
shall be indemnified and held harmless by the Company to the fullest extent
permitted by the Company’s Articles of Incorporation and its By-Laws against
and from any loss, cost liability or expense (including any related attorney’s
fees and advances thereof) that may be imposed upon or reasonably incurred by him
or her in connection with, based upon or arising or resulting from any claim,
action, suit or proceeding to which he or she may be made a party or in which
he or she may be involved by reason of any action taken or failure to act under
or in connection with this Plan and against and from any and all amounts paid
by him in settlement thereof, with the Company’s approval, or paid by him in
satisfaction of any judgment in any such action, suit or proceeding against him
or her; provided, that such individual shall give the Company an
opportunity, at its own expense, to handle and defend the same before he
undertakes to handle and defend it on his or her own behalf. The foregoing
right of 

 14
 

indemnification shall not
be exclusive and shall be independent of any other rights of indemnification to
which such individuals may be entitled by contract, as a matter of law or
otherwise.

Section 5.15           Waiver. The rights and
remedies of Participants and the Company under this Plan shall be cumulative
and not exclusive of any rights or remedies which either would otherwise have
hereunder or at law or in equity or by statute, and no failure or delay by
either party in exercising any right or remedy shall impair any such right or
remedy or operate as a waiver of such right or remedy, nor shall any single or
partial exercise of any power or right preclude such party’s other or further
exercise or the exercise of any other power or right. The waiver by any
Participant or the Board, the Committee or the Company of any provision of the
Plan shall not operate or be construed as a waiver of any preceding or
succeeding breach and no failure by any such party to exercise any right or
privilege hereunder shall be deemed a waiver of such party’s rights or
privileges hereunder or shall be deemed a waiver of such party’s rights to
exercise the same any subsequent time or times hereunder.

Section 5.16           Headings and Captions. The
headings and captions herein are provided for reference and convenience only,
shall not be considered part of the Plan and shall not be employed in the
construction of the Plan.

 15
 

Exhibit A

to the

SIRVA, Inc. Senior Executive Severance Plan

Attached hereto

 16

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