Employment Renewal Term Sheet between Ecosphere Technologies, Inc. and Michael R. Donn, Sr.
This agreement renews the employment of Michael R. Donn, Sr. as Chief Operating Officer of Ecosphere Technologies, Inc. for two years starting December 1, 2014. Mr. Donn will oversee corporate and manufacturing operations, contract and document review, security, risk management, and labor relations, reporting to the CEO. He will receive a $192,500 annual salary, stock options, potential annual bonuses, standard benefits, and expense reimbursement. Mr. Donn must devote his full professional attention to the company during the term.
EXHIBIT 10.1
Employment Renewal Term Sheet
November 20, 2014
Michael R. Donn, Sr.
Position: Chief Operating Officer, Ecosphere Technologies, Inc.
Term: 2 years beginning December 1, 2014
Reporting to: Dennis McGuire, Sr., CEO
Primary Duties:
· Oversee all corporate operations including facilities management
· Oversee manufacturing operations
· Contract review and coordination, document review including press releases, collateral or any company material of significant impact
· Security policy and implementation
· Risk management
· Labor relations
· Coordinate and implement with CEO and BOD goals and policies of the Company
Base Salary: $192,500 per annum
Equity compensation:
In recognition for Mr. Donn's many years of service to the company, he will be granted 2,591,438 non-qualified options at FMV on date of approval of this agreement by the Company's Board of Directors, with 25% vesting upon signing of term sheet and the remainder vesting semi-annually during term of Employment Renewal with cashless exercise rights granted.
Annual bonus:
The executive shall have a bonus package to be awarded by the Compensation Committee upon annual evaluation of the executive's performance.
Expenses: Company will reimburse executive for all reasonable travel, entertainment and miscellaneous expenses.
Vacation and PTO: 25 days per year
Benefits: Standard health and 401K participation benefits as provided to employees
Conditions: During the term of employment the Executive will devote substantially all of his productive time, ability and attention to the business of the Company.
/s/ Dennis McGuire |
| Dec. 1, 2014 |
Dennis McGuire, CEO |
| Date |
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/s/ Michael R. Donn, Sr. |
| Dec. 1, 2014 |
Michael R. Donn, Sr. |
| Date |