Employment Agreement Summary for Patrick Haskell and Dennis McGuire with Ecosphere
Ecosphere appointed Patrick Haskell as Chairman and Co-Chief Executive Officer and Dennis McGuire as Co-Chief Executive Officer, both effective June 17, 2008, for three-year terms. Haskell receives a base salary starting at $325,000, increasing to $400,000, payable in cash or stock depending on company resources, plus a potential performance bonus. McGuire was granted 3,300,000 stock options and stock appreciation rights, subject to vesting and company capital availability. If McGuire is terminated for Good Reason, he receives two years' base salary and immediate vesting of all options and rights.
Exhibit 10.4
“Summary Sheet” of Employment Agreement
with Dennis McGuire
Dennis McGuire was appointed as the 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 $325,000, increasing to $400,000 on January 1, 2009. 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. McGuire was granted 3,300,000 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. The options and SARs are subject to both pe rformance and time based vesting over a three-year period, subject to continued employment on each applicable vesting date. Mr. McGuire shall receive two years base salary and all of his unvested options and SARs shall vest immediately upon a termination for Good Reason.
