Employment Agreement Summary Sheet between Ecosphere and Patrick Haskell (Chairman and Co-CEO)
Ecosphere entered into a three-year employment agreement with Patrick Haskell, appointing him as Chairman and Co-Chief Executive Officer effective June 17, 2008. Mr. Haskell will receive a base salary of $250,000 per year, increasing to $450,000 upon reaching a key milestone, with payment in cash or stock depending on company resources. He is eligible for a performance bonus and was granted 8,250,000 stock options and stock appreciation rights, subject to vesting over three years. If terminated for Good Reason, he receives two years' salary and immediate vesting of all options and rights.
Exhibit 10.3
“Summary Sheet” of Employment Agreement
with Patrick Haskell
Patrick Haskell was appointed as Chairman and Co-Chief Executive Officer effective as of June 17, 2008. On that date, the Board of Directors approved a financial package and authorized the entry into an Employment Agreement for a term of three years. Mr. Haskell is receiving an annual base salary of $250,000, increasing to $450,000 upon achievement of a significant milestone. His salary will either accrue or be payable in common stock until Ecosphere has sufficient cash resources. He is also eligible to receive a performance bonus upon meeting an additional milestone. Mr. Haskell was granted 8,250,000 non-qualified stock options and cash settled stock appreciation rights (“SARs”) in tandem, exercisable at $0.50 per share over a five-year period. The SARs are only exercisable if Ecosphere does not have sufficient authorized capital to permit all outstanding options and warrants to be exercised. Of the o ptions and SARs, 2,750,000 are subject to both performance and time based vesting over a three-year period, subject to continued employment on each applicable vesting date. The remaining balance vests ratably over a three-year period, subject to continued employment on each applicable vesting date. Mr. Haskell shall receive two years base salary and all of his unvested options and SARs shall vest immediately upon a termination for Good Reason.
