Employment Agreement Summary Sheet Between Ecosphere Technologies, Inc. and Dennis McGuire
Ecosphere Technologies, Inc. and its CEO, Dennis McGuire, have amended McGuire's compensation arrangement. Under this agreement, McGuire will receive an annual salary of $250,000 for a two-year term starting May 1, 2009. He is also entitled to a bonus equal to 3% of the company's operational revenues, including licensing revenues from deals with Bledsoe Capital Group, LLC or similar arrangements. Additionally, McGuire may receive an annual bonus at the discretion of the company's board of directors.
EXHIBIT 10.2
“Summary Sheet” of Employment Agreement
With Dennis McGuire
On May 5, 2009, the board of directors of Ecosphere Technologies, Inc. (the “Company”) approved an amendment to the compensation arrangement with Dennis McGuire, the Company’s Chief Executive Officer. Mr. McGuire receives $250,000 per year for a two-year term beginning May 1, 2009 and terminating on April 30, 2009. He also receives a bonus of 3% of the Company’s revenues from operations, including licensing revenues from any transaction with Bledsoe Capital Group, LLC or a similar licensing arrangement. In addition, Mr. McGuire shall be eligible for an annual bonus at the discretion of the Board of Directors.
