Termination Agreement for Performance-Based Restricted Stock Unit Agreement between Beacon Power Corporation and F. William Capp
Beacon Power Corporation and F. William Capp agree to terminate their May 8, 2006 Performance-Based Restricted Stock Unit Agreement because the required performance criteria were not met for 2009 and are not expected to be met for 2010. As a result, the agreement ends immediately, and the shares reserved for issuance under the agreement will be available for future use under the company's stock plan.
Exhibit 10.7
April 26, 2010
F. William Capp
c/o Beacon Power Corporation
65 Middlesex Road
Tyngsboro, MA 01879
Reference is made to the Performance-Based Restricted Stock Unit Agreement, dated May 8, 2006 (the Agreement), by and between Beacon Power Corporation (the Company) and F. William Capp (the Executive). Capitalized terms used and not otherwise defined in this letter shall have the meaning given them in the Agreement.
In connection with the transactions contemplated under the Agreement, the Company and the Executive agree and covenant as follows:
1. That none of the conditions to be met as set forth under Section 1.1(a) of the Agreement (the Performance Criteria) were met for the fiscal year ending December 31, 2009;
2. That the Performance Criteria are not expected to be met for the fiscal year ending December 31, 2010;
3. That because the Performance Criteria have not and will not be met, effective as of the date hereof, the Agreement is hereby terminated; and
4. That upon termination of the Agreement, the shares of Company common stock reserved for issuance upon conversion of the RSUs under the Agreement shall be immediately available for future issuance under the Plan.
This letter agreement may be signed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
| BEACON POWER CORPORATION | |
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| By: | /s/ James M. Spiezio |
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| Name: James M. Spiezio |
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| Title: Chief Financial Officer |
Agreed and Accepted: |
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/s/ F. William Capp |
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F. William Capp |
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