Metretek Technologies, Inc. Non-Employee Director Compensation Summary (Effective April 1, 2005)

Summary

This document outlines the compensation plan for non-employee directors of Metretek Technologies, Inc. Effective April 1, 2005, non-employee directors receive a monthly cash retainer of $2,500 and are granted 5,000 stock options upon their initial election or appointment. Annually, directors receive additional stock options based on the annual cash retainer and the fair market value of the company's common stock. The options have a 10-year term, with provisions for earlier termination in cases of death, disability, or end of board service.

EX-10.2 3 l13009aexv10w2.txt EXHIBIT 10.2 Exhibit 10.2 METRETEK TECHNOLOGIES, INC. SUMMARY SHEET OF COMPENSATION OF NON-EMPLOYEE DIRECTORS (EFFECTIVE APRIL 1, 2005) Cash Retainer: $2,500 per month Stock Options upon Initial 5,000 shares of Common Stock Election or Appointment: Annual Stock Options: Granted annually on the date of the Annual Meeting of Stockholders Non-qualified stock options Number of shares of Common Stock subject to the options equals the Annual Cash Retainer divided by the Exercise Price 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 principal stock exchange or stock market on which the Common Stock is then listed or traded, or if not so listed or traded, as reported on the OTC Bulletin Board) 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) 11