Summary Sheet of Employment Agreement with Patrick Haskell

EX-10.3 2 exhibit103.htm AGREEMENT Patrick Haskell will serve as Chairman and Co-Chief Executive Officer effective as of June 17, 2008 for a term of three years

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.