Sirva 8-K 2006
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 13, 2006
(Exact name of registrant as specified in its charter)
700 Oakmont Lane
Westmont, Illinois 60559
(Address of principal executive offices, including zip code)
(Registrants telephone number, including area code): (630) 570-3000
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On February 13, 2006, SIRVA, Inc. (SIRVA) entered into a General Release & Separation Agreement (the Agreement), effective as of December 31, 2005, with Allen Chan, SIRVAs former President, Relocation Solutions Asia Pacific.
The Agreement provides that SIRVA will provide severance pay and benefits to Mr. Chan consisting of (i) severance pay at his current salary rate of $252,000, beginning on the first regular pay period following the expiration of the Revocation Period, defined below, and continuing for twelve months or until Mr. Chan becomes self-employed or obtains other full-time employment (the Severance Period); (ii) during the Severance Period, Mr. Chans housing, goods and services, school and utilities allowances as previously provided to him by SIRVA; (iii) during the Severance Period, Mr. Chans health benefits as previously provided to him by SIRVA; (iv) the bonus Mr. Chan would be entitled to receive, if any, under SIRVAs 2005 Management Incentive Plan, as well as $126,250, less applicable taxes and withholding, in recognition of Mr. Chans efforts for assisting in the successful completion of the divestiture of SIRVAs records management business in Australia; and (v) use of Mr. Chans company automobile and retention of his American Club Membership through the end of the Severance Period.
The Agreement provides that nothing therein is intended to alter Mr. Chans rights, if any, under the SIRVA, Inc. Omnibus Stock Incentive Plan. In addition, under the Agreement, Mr. Chan agrees to a general release of claims with respect to SIRVA.
Mr. Chan has the right to revoke the Agreement within seven days (the Revocation Period) after he signs it by delivering written notice of such revocation to SIRVA. Severance benefits will not commence until after the Revocation Period has expired.
The Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
(b) Pro Forma Financial Information.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.