Amended Consulting Agreement between Ecosphere and WSR Consulting, Inc. for CFO Services (Adrian Goldfarb)

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Summary

Ecosphere has amended its consulting agreement with WSR Consulting, Inc., whose president, Adrian Goldfarb, serves as Chief Financial Officer. WSR will receive a monthly fee of $19,500. The agreement also grants WSR 650,000 non-qualified stock options and cash-settled stock appreciation rights (SARs), exercisable at $0.45 per share over five years. The SARs are only exercisable if the company lacks sufficient authorized capital for all options and warrants. The options and SARs vest semi-annually, with half subject to Ecosphere reaching a significant milestone.

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EX-10.5 4 exhibit105.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 10.5



“Summary Sheet” of Employment Agreement

with Adrian Goldfarb.  


Adrian Goldfarb serves as the Chief Financial Officer under a Consulting Agreement with WSR Consulting, Inc. (“WSR”).  Mr. Goldfarb is the president and 50% shareholder of WSR.  On July 3, 2008, the Board of Directors approved an amendment to the Consulting Agreement, paying WSR a monthly fee of $19,500.  Additionally, WSR was granted 650,000 non-qualified stock options and cash settled SARs in tandem, exercisable at $0.45 per share over a five-year period.  The SARs are only exercisable if the Company does not have sufficient authorized capital to permit all outstanding options and warrants to be exercised.   All of the options and SARs vest in equal increments each June 30 and December 31, subject to the Consulting Agreement remaining in effect on each applicable vesting date.  Additionally, one-half are subject to further vesting based upon Ecosphere achieving a significant milestone.