Summary of May 10, 2006 Oral Agreement Between Active Power and Joseph F. Pinkerton, III
Active Power and Joseph F. Pinkerton, III reached an oral agreement on May 10, 2006, regarding his transition from Chief Executive Officer to Chairman of the Board. Under this agreement, Mr. Pinkerton will receive a $90,000 annual base salary, an annual bonus target equal to his base salary, and continued participation in the company's employee benefit programs. The agreement outlines his compensation and benefits following his change in role within the company.
Exhibit 10.2
Summary of May 10, 2006 oral agreement with Joseph F. Pinkerton, III, its Chairman of the
Board and its former President and Chief Executive Officer
On May 10, 2006, Active Power entered into an oral agreement with Joseph F. Pinkerton, IIII in connection with his departure as Chief Executive Officer of the company and his continuation as its Chairman of the Board. Pursuant to the terms of such agreement, Mr. Pinkerton will receive an annual base salary of $90,000 and his annual bonus target under Active Power’s Executive Compensation Plan will be 100% of his annual base salary. Mr. Pinkerton will continue to participate in Active Power’s employee benefit programs.
