RE: Confirmation of Current Employment TermsExecutive Employment Agreement |
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Exhibit 10.1
[Letterhead of Environmental Power Corporation]
April 1, 2005
R. Jeffrey Macartney
29 Chimney Lane
Ladera Ranch, CA 92694
RE: Confirmation of Current Employment Terms
Dear Jeff,
The purpose of this letter is to set forth the current terms of your employment with Environmental Power Corporation (“EPC”) in your capacity as Chief Financial officer, effective retroactive to July 1, 2004.
Compensation: Your compensation will consist of salary paid at the rate of $7,708 for each paid period (or $185,000 on an annualized basis), subject to withholdings and the benefits package described below. Target Minimum annual cash compensation of $200,000 — this will be a base salary of $185,000 and an additional minimum bonus payment, paid each April 30 of $15,000. Salary is based on a standard 40-hour workweek and is paid bi-weekly on the 15th and last working day of the month. EPC retains the right to change the benefits package it provides employees from time to time and to increase or reduce the amount it pays for such benefits.
Stock Options: Effective June 23, 2004, EPC granted to you an option to acquire 21,428 shares of EPC’s common stock (after giving effect to the 1-for-7 reverse split of EPC’s common stock on November 30, 2004) under the 2001 Stock Incentive Plan (the “Option Plan”) at an exercise price equal to the fair market value of a share of common stock on June 23, 2004. Any further equity incentives will be at the discretion of the Compensation Committee of EPC’s Board of Directors.
Bonus: You will be eligible to participate in EPC’s 2005 Incentive Bonus Plan, and we
