Summary of Non-Employee Director Compensation for Environmental Power Corporation (Effective July 1, 2007)
Environmental Power Corporation will compensate its non-employee directors with a monthly retainer: $4,000 for regular directors, $7,000 for the non-executive Chairman, and $4,833.33 for the Audit Committee Chair. Additionally, each non-employee director will receive a stock appreciation right (SAR) based on 15,000 shares, while the Chairman will receive a SAR based on 26,250 shares. These terms are effective as of July 1, 2007.
Exhibit 10.2
Summary of Non-Employee Director Compensation
Effective beginning July 1, 2007, non-employee directors of Environmental Power Corporation (the “Company”) will be compensated as follows:
| • | A monthly retainer of $4,000, except that the non-executive Chairman of the Board of Directors (the “Board”) will receive a monthly retainer of $7,000, and the Chair of the Audit Committee of the Board will receive a monthly retainer of $4,833.33; and |
| • | the grant of a stock appreciation right (“SAR”) under the Company’s 2006 Equity Incentive Plan based on 15,000 shares of the Company’s common stock, except that the Chairman of the Board will receive a SAR based on 26,250 shares of the Company’s common stock. |
