Metretek Technologies, Inc. Non-Employee Director Compensation Summary (Effective June 12, 2006)

Summary

This document outlines the compensation plan for non-employee directors of Metretek Technologies, Inc. Effective June 12, 2006, non-employee directors receive a monthly cash retainer of $3,000 and stock options. Upon initial election or appointment, directors are granted options for 5,000 shares. Annually, they receive options for 7,500 shares, with vesting over two years. The exercise price matches the market value on the grant date, and options have a 10-year term, subject to early termination if the director leaves the board.

EX-10.2 2 l20889aexv10w2.htm EX-10.2 EX-10.2

Exhibit 10.2

METRETEK TECHNOLOGIES, INC.

Summary Sheet of Compensation of Non-Employee Directors
(Effective June 12, 2006)


Cash Retainer:		$3,000 per month

Stock Options upon Initial Election or Appointment:		5,000 shares of Common Stock

Annual Stock Options:		Granted annually on the date of the Annual Meeting of Stockholders

		Non-qualified stock options to purchase 7,500 shares of Common Stock

		Vesting is one-third upon date of grant, one-third upon first anniversary of grant date and one-third upon second anniversary of grant date

		The Exercise Price is equal to the fair market value of the Common Stock on the date of grant (based upon the last sale price of the Common Stock on such date as reported on the American Stock Exchange or on such other principal stock exchange or stock market on which the Common Stock is then listed or traded)

		Term is 10 years, subject to earlier termination upon death, disability or termination of service (in which event the term continues for one year after termination for each year of services on the Board)