Termination Agreement to Performance-Based Restricted Stock Unit Agreement between Beacon Power Corporation and Matthew Lazarewicz
Beacon Power Corporation and Matthew Lazarewicz agree that the performance criteria for his restricted stock units were not met for 2009 and are not expected to be met for 2010. As a result, the original agreement granting these stock units is terminated, and the reserved shares will be made available for future use under the company's stock plan. This letter formalizes the termination and is signed by both parties.
Exhibit 10.9
April 26, 2010
Matthew Lazarewicz
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 Matthew Lazarewicz (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/ F. William Capp |
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| Name: F. William Capp |
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| Title: Chief Executive Officer |
Agreed and Accepted: |
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/s/ Matthew Lazarewicz |
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Matthew Lazarewicz |
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