Dan Valladao Waiver of Termination Rights under Employment Agreement with GreenCell
Dan Valladao, CEO and Chairman of GreenCell, agrees to waive his rights under section 5(f)(iii) of his employment agreement, which would have allowed him to terminate his employment for 'good reason' due to the company's relocation from Central Florida to New York. By signing this letter, he also waives any post-termination payments related to this specific office move. This waiver is addressed to GreenCell's Board of Directors and is effective as of October 6, 2010.
Exhibit 10.12
| Date: | October 6, 2010 | |
| To: | Board of Directors |
I, Dan Valladao, hereby waive any rights pertaining to 5(f)(iii) of my employment agreement with GreenCell as provided for in Exhibit 10.6 of GreenCell’s Form S-1 Registration Statement filing. Specifically, I hereby waive my termination rights with good reason due to the location of GreenCell’s principal executive offices out of Central Florida to New York state, including the waiver of any post termination payments specifically in connection with the relocation of GreenCell’s offices to New York.
| s/s |
| Dan Valladao, CEO, Chairman of the Board |
