Employment Agreement Summary Sheet between Ecosphere and Michael R. Donn, Sr.
Ecosphere has entered into an employment agreement with Michael R. Donn, Sr., appointing him as Chief Operating Officer for a three-year term starting June 30, 2008. Mr. Donn will receive a $125,000 annual base salary, payable in cash or company stock depending on available resources. He is also granted 500,000 stock options and cash-settled stock appreciation rights, with specific vesting schedules and exercise conditions. The agreement outlines compensation terms and conditions tied to his continued employment.
Exhibit 10.6
“Summary Sheet” of Employment Agreement
with Michael R. Donn, Sr.
On June 30, 2008, the Board of Directors approved a financial package and authorized the entry into an Employment Agreement with Michael R. Donn, Sr., our Chief Operating Officer. Mr. Donn is receiving an annual base salary of $125,000. His salary will either accrue or be payable in common stock until Ecosphere has sufficient cash resources. Additionally, Mr. Donn was granted 500,000 non-qualified stock options and cash settled stock appreciation rights (“SARs”) in tandem, exercisable at $0.47 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. Of the options and SARs, 200,000 vested immediately and the remaining vest ratably on June 30, 2009 and 2010, subject to his continued employment with the Company on the applicable vesting dates.
