Document:

Exhibit 10.1

 

 

December 1, 2015

 

Mr. Thomas D. Vitro, CMA

30 Raymond Circle

Westfield, MA 01085

 

Dear Mr. Vitro:

 

On behalf of STR Holdings, Inc., I am very pleased to present this offer of permanent, full-time employment to you, the terms of which follow.

 

Parties

 

This offer of employment is made by STR HOLDINGS, INC., a Delaware corporation (together with any successor thereto, the “Company”), to THOMAS D. VITRO (the “Executive”).

 

Position and Duties

 

The Executive shall serve as Vice President, Chief Financial Officer and Chief Accounting Officer, with responsibilities, duties and authority customary for such position.  The Executive shall report to the Chief Executive Officer and, in his absence, to the Audit Committee of the STR Board of Directors.  The Executive shall devote substantially all his working time and efforts to the business and affairs of the Company and its subsidiaries.  The Executive agrees to observe and comply with the Company’s rules and policies as adopted by the Company from time to time.  The Executive shall perform his duties hereunder at the Company’s corporate headquarters in Enfield, Connecticut and shall travel as necessary or as reasonably requested by the Company.

 

Annual Base Salary

 

The Executive shall receive a base salary at a rate of $215,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to increase as determined by the Company in its sole discretion (the “Annual Base Salary”).  The Executive’s Annual Base Salary will be reviewed annually and may be increased considering the Executive’s performance and that of the Company.

 

Bonus Compensation

 

In addition to the Annual Base Salary, for each fiscal year, or portion thereof, during employment, the Executive shall be eligible to participate in the Company’s (i) management incentive plan (or any successor incentive plan adopted by the Board) with a target bonus amount of at least 45% of Executive’s Annual Base Salary (the “Target Bonus”). The Executive’s bonus will be based upon the performance of Executive and the Company measured against mutually agreed upon goals.  The Company shall take steps to ensure that the terms and operation of the management incentive plan (or any successor incentive

 

 

plan adopted by the Board) either comply with the requirements of Code Section 409A or that bonuses paid by said plan qualify for an exception to the requirements of Code Section 409A.

 

Benefits

 

The Executive shall be entitled to participate in employee benefit and retirement plans (e.g., the health plan, 401(k) and pension plan, if any), programs and arrangements of the Company now (or, to the extent determined by the Company, hereafter) in effect which are applicable to the senior management of the Company.

 

Vacation

 

The Executive shall be entitled to four weeks paid vacation each calendar year.  Any vacation shall be taken at the reasonable and mutual convenience of the Company and the Executive.

 

Expenses

 

The Company shall promptly reimburse the Executive for all reasonable travel and other business expenses incurred by him in the performance of his duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures.  Any expense reimbursement that would constitute deferred compensation subject to Code Section 409A, shall be subject to the following additional rules:  (i) no reimbursement of any such expenses shall affect Executive’s right to reimbursement of any such expenses in any other taxable year; (ii) reimbursement of the expenses shall be made promptly in a lump sum payment, but not later than the end of the calendar year following the calendar year in which the expenses were incurred; and (iii) the right to reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

D&O Insurance

 

The Company shall obtain and maintain a directors’ and officers’ liability insurance policy covering Executive in a face amount of not less than $5,000,000 or such lesser amount as shall be reasonably acceptable to Executive.  The Executive shall be a Named Executive Officer of the Company.

 

Severance

 

The terms “cause” and “good reason”, shall carry the definitions found in the Company’s Executive Severance Agreements, currently in force at the time of this offer of employment and available in the Investor Relations section of the Company’s website.  A formal severance agreement, reflecting the following terms, will be more fully developed and executed with the Executive following acceptance of this offer of employment.

 

If the Executive is terminated for cause, or terminates his employment without good reason, then the Executive shall not be entitled to severance of any kind.

 

2

 

If the Executive is terminated without cause or terminates his employment with good reason prior to July 1, 2016, then the Executive shall be entitled to a severance benefit equal to the value of six (6) months of salary and benefits, less the value of actual salary and benefits earned and paid between January 1, 2016 and June 30, 2016, as well as a pro rata portion of any bonus earned under the Company’s Management Incentive Plan.  Severance shall be paid in a lump sum within thirty (30) days of the date of termination.

 

Should the Executive be terminated without cause or terminate his employment with good reason on or after July 1, 2016, then the Executive shall be entitled to the standard Company severance of 1 week of salary per year of service as a full-time employee, wherein said service shall accrue only from the effective date of this new engagement of employment and any and all prior employment with the Company or any of its predecessors shall be explicitly excluded and fully discounted.

 

Any and all payments to the Executive under the Company’s severance policy shall be subject to the signing of a general release and an agreement not to compete.

 

Effective Date

 

The effective date of employment shall be mutually agreed upon by the Company and the Executive such that the Executive has an overlap with the outgoing Vice President and Chief Financial Officer sufficient to make a smooth transition, and in any case, shall be no later than January 4, 2016.

 

Tom, I’d be very pleased to have you back on the executive team at STR.  Should you wish to accept this offer of employment, please so indicate by signing below and returning this letter to me before noon on Wednesday, December 2, 2015, to Robert.yorgensen@strholdings.com. I would like to announce your acceptance of this position publicly on the same date.

 

 

	
 
    	
Accepted by:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Thomas D. Vitro
    
	
 
    	
Thomas D. Vitro
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
STR HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert S. Yorgensen
    
	
 
    	
 
    	
Name: Robert S. Yorgensen
    
	
 
    	
 
    	
Title: President and Chief Executive   Officer
    

 

3ex10-1.htm

Exhibit 10.1

 

Consultant Agreement

 

This Consulting Agreement is made and dated as of November 30, 2015 ["Agreement"] by and between ABCO Energy Inc., whose address is 2100 North Wilmot, # 211, Tucson, AZ 85712 referred to as "Company", and TEN Associates LLC, whose address is 10142 North Palisades Blvd., Fountain Hills, AZ 85268 referred to as "Consultant."

 

RECITALS

 

WHEREAS, Company desires to retain Consultant to provide advice relative to corporate and business services for a period of twelve months from the date of this Agreement; and

 

WHEREAS, the Company recognizes that the Consultant is not in the business of stock brokerage, investment advice, activities which require registration under either the Securities Act of 1933 (hereinafter "the Act") or the Securities and Exchange Act of 1934 (hereinafter "the Exchange Act"), underwriting, banking, is not an insurance Company, nor does it offer services to the Company which may require regulation under federal or state securities laws; and

 

WHEREAS, Consultant has agreed to perform consulting work for the Company in providing general corporate and business consulting services and other related activities as directed by the Company;

 

NOW, THEREFORE, the parties hereby agree as follows:

 

1.0 Consultant's Services. The Company hereby retains the Consultant to perform the services in accordance with the terms and conditions set forth in this agreement: The consultant will consult with the officers of the company concerning matters relating to the business of the Company.

 

2.0 Consideration. Company shall initially pay Consultant ["Fee Shares"] 1,000,000 shares of S-1 stock within five [5] business days from the date that this Agreement is signed by both parties. Thereafter, upon the last to occur of [i] the effectiveness of Form S-8 Registration Statement to be filed with the SEC in connection with additional shares to be issued  under  this Agreement and [ii] shareholder approval  of the Agreement [collectively, the "S-8 Issue Date"] Consultant will receive 1,000,000 shares of S-8 stock and shall receive another 1,000,000 shares each on a date which is 60 and 120 days from the S-8 Issue Date, respectively, for a total of 3,000,000 shares of S-8 stock and 1,000,000 shares of S-1 shares for twelve months in lieu of monetary compensation and Company agrees all shares shall be deemed to have fully been earned by Consultant as of the date of issue under the terms of this Agreement. Notwithstanding anything to the contrary contained herein, Consultant agrees that it will not become the owner of record of more than 9.9999 % of the outstanding shares of any class of the Company's outstanding securities. The Company shall be the sole judge of whether Consultant is or is not an affiliate of the Company.

 

3.0 Piggyback Registration Rights. If [i] any at any time the Fee Shares become restricted securities and [ii] the Company proposes to register any equity securities under the Act, whether for its own account and for the account of other security holders [SS"] in the same filing, or on behalf of SS only, on each such occasion, the Company will give written notice to Consultant, no less than fifteen (15) business days prior to the anticipated filing date, of its intention to do so and to register any of Consultant's unregistered securities in any such Registration Statement proposed to be filed by the Company, on the same terms and conditions as any similar securities included therein, all to the extent requisite to permit the sale or other disposition by the Consultant of such registerable securities so registered.

 

Initials COD   TN 

 

  

  

  

 

4.0 Independent Contractor. Nothing herein shall be construed to create an employer- employee relationship between the Company and Consultant. Consultant is an independent contractor and not an employee of the Company or any of its subsidiaries or affiliates. The consideration set forth in Section 2 shall be the sole consideration due Consultant for the services rendered hereunder.

 

5.0 Confidentiality. The Consultant undertakes to keep confidential any Information which is provided to it by Company and which is not publicly available and not to disclose such i information to third parties, otherwise than in accordance with the Company's prior written instructions. The Consultant agrees not to use any information which is provided to it by Company other than in connection with the Consultant's performance of services hereunder unless expressly authorized in writing by the Company. Disclosure will be permitted as required by law or any relevant regulatory authority and the Consultant shall to the extent required by law or any relevant authority, be entitled to disclose any information known to the Consultant, and/or to produce any documents, relating to the Company's business or affairs. Where possible, before making any required disclosure, the Consultant will use best efforts to notify Company to provide the opportunity for Company to contest such disclosure by lawful means.

 

6.0 Indemnity. The Company and the Consultant shall indemnify the other against all claims, actions, proceedings, investigations, demands, judgments and awards (together "Claims") which may be instituted, made, threatened or alleged against or otherwise involve either of the Company or the Consultant, against all losses, liabilities, damages, costs, charges and expenses (together "Losses") which may be suffered or incurred by the Company or the Consultant, in connection with or arising out of the Services rendered or duties performed by the Consultant under this Agreement except where the Claims and Losses have arisen as a result of gross negligence or willful misconduct of the Consultant or of the Consultant's professional advisors or agents

 

7.0 Term. This Agreement shall commence on the above date and shall terminate twelve months thereafter, unless earlier terminated by either party hereto. Either party may terminate this Agreement upon Thirty (30) days prior written notice. This Agreement shall renew for an additional Twelve (12) month term upon such terms and conditions as may be agreed upon by the parties in writing, by either party giving notice to the other of such intent to renew at least 30 days prior to such termination date.

8.0 Miscellaneous.

 

8.1 Entire Agreement and Amendments. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and replaces and supersedes all other agreements or understandings, whether written or oral. No amendment or extension of the Agreement shall be binding unless in writing and signed by both parties.

 

8.2 Binding Effect, Assignment. This Agreement shall be binding upon and shall inure to the benefit of Consultant and the Company and to the Company's successors and assigns. Nothing in this Agreement shall be construed to permit the assignment by Consultant of any of its rights or obligations hereunder, and such assignment is expressly prohibited without the prior written consent of the Company.

 

8.3 Governing Law, Severability.  This Agreement shall be governed by the laws of the State of Arizona.  The invalidity or unenforceability of any provision of the Agreement shall not affect the validity or enforceability of any other provision.

 

 

Initials COD   TN 

 

  

  

  

 

WHEREFORE, the parties have executed this Agreement as of the date first written above.        

 

ABCO Energy, Inc.

 

By: /s/ Charles O'Dowd                                  

 

Charles O'Dowd, President, CEO, CFO        

 

 

 

Ten Associates LLC

 

By: /s/ Thomas Nelson                                   

 

Thomas Nelson, President

 

 

 

 

Initials COD   TN

 

  

  

  

 

Addendum to Consultant Agreement

 

List of services to be provided:

 

1.  Distribute company corporate profile on a daily basis.

 

2.  Use social media such as Facebook and other outlets.

 

3.  Road Shows.

 

4.  CEO Interview.

 

5.  Reach out to respective investor conference coordinators.

 

6.  Assist in locating financing if needed.

7. Make introductions to our Broker Network.

 

8.  Use chat rooms and message boards.

 

9.  Use third-party independent research analyst report.

 

 

 

 

Initials COD   TN

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