ECOSPHERE TECHNOLOGIES INC - FORM 10-Q - EX-10.1 - SUMMARY OF EMPLOYMENT ARRANGEMENT - VINICK - May 10, 2011

Attached files

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10-Q - 10-Q PERIOD ENDED MARCH 31, 2011 - ECOSPHERE TECHNOLOGIES INCesph_10q.htm
EX-31.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER - ECOSPHERE TECHNOLOGIES INCesph_ex312.htm
EX-32.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER - ECOSPHERE TECHNOLOGIES INCesph_ex321.htm
EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - ECOSPHERE TECHNOLOGIES INCesph_ex311.htm
EX-10.6 - EES SIDE LETTER AGREEMENT - HYDROZONIX - ECOSPHERE TECHNOLOGIES INCesph_ex106.htm
EX-10.3 - HYDROZONIX EXCLUSIVE PRODUCT PURCHASE AND SUBLICENSE AGREEMENT - ECOSPHERE TECHNOLOGIES INCesph_ex103.htm
EX-10.7 - SECOND AMENDMENT TO EES LLC AGREEMENT - ECOSPHERE TECHNOLOGIES INCesph_ex107.htm
Exhibit 10.1

Summary of Charles Vinick
Employment Arrangement

Effective January 18, 2011, upon becoming Chief Executive Officer, Charles Vinick began receiving an annual base salary of $275,000 per year and may receive an annual bonus to be determined by our Board of Directors. Additionally, Mr. Vinick was granted 1,000,000 non-qualified options (exercisable at $0.48 per share) over a five-year period.  Of the options, 500,000 vested upon his becoming Chief Executive Officer.  The balance vest in equal increments on June 30, 2011 and December 31, 2011.  Prior to being appointed Chief Executive Officer, Mr. Vinick received an annual salary of $225,000 and was granted 1,000,000 five-year non-qualified stock options exercisable at $0.82 per share for service as Executive Chairman.  Of the options: (i) 250,000 are fully vested and (ii) the remaining were relinquished upon being appointed Chief Executive Officer. The Company also pays travel and related expenses for Mr. Vinick to travel from his California home to our Florida offices

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