Consulting Compensation Letter Agreement between Environmental Power Corporation and Joseph E. Cresci

Contract Categories: Human Resources › Consulting Agreements
Summary

This agreement between Environmental Power Corporation and Joseph E. Cresci outlines compensation for consulting services provided by Mr. Cresci after the expiration of his previous consulting agreement. Mr. Cresci will receive a total lump sum payment of $96,666.66 for services rendered from October through December 2006, with payment to be made on January 2, 2007. The agreement confirms the terms for these payments and requires Mr. Cresci's acceptance by signature.

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EX-10.1 2 dex101.htm LETTER AGREEMENT BETWEEN ENVIRONMENTAL POWER CORPORATION AND JOSEPH E. CRESCI Letter Agreement between Environmental Power Corporation and Joseph E. Cresci

Exhibit 10.1

[Letterhead of Environmental Power Corporation]

December 19, 2006

Mr. Joseph E. Cresci

c/ o Environmental Power Corporation

One Cate Street, 4th Floor

Portsmouth, NH 03801

Dear Joe:

The purpose of this letter is to set forth our understanding regarding your compensation for consulting services rendered by you to Environmental Power Corporation (the “Corporation”) since September 30, 2006, the date on which your Consulting Agreement, dated July 17, 2006 (the “Consulting Agreement”), expired, as well as compensation for services expected to be rendered by you through December 31, 2006.

In consideration of your services in connection with the recently completed bond financing in Texas, as well as your continued services in connection with certain legislative initiatives through the end of this year, the Corporation will pay you the following amounts:

 

  •   $41,666.66 in respect of services rendered for the month of October 2006;

 

  •   $30,000.00 in respect of services rendered for the month of November 2006; and

 

  •   $25,000.00 in respect of services rendered for the month of December 2006.

These amounts will be paid to you in a lump sum on January 2, 2007 following the completion of your service through December 2006.

If the foregoing accurately sets forth your understanding of the agreement between you and the Corporation with regard to the subject matter of this letter, please so indicate by executing a copy of this letter where indicated below and returning it to me.

 

Very truly yours,

/s/ Richard E. Kessel

Richard E. Kessel
President and Chief Executive Officer
Environmental Power Corporation
ACCEPTED:

/s/ Joseph E. Cresci

Joseph E. Cresci

Dated: December 19, 2006