Document:

esph_ex1015.htm

Exhibit 10.15

RESTRICTED STOCK AGREEMENT

 

This Restricted Stock Agreement (this “Agreement”) entered into as of [See Schedule A], sets forth the terms and conditions of an award (this “Award”) of restricted stock granted by Ecosphere Technologies, Inc., a Delaware corporation (the “Company”), to [See Schedule A] (the “Recipient”) under the 2006 Equity Incentive Plan (the “Plan”).

 

               1.           The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Agreement.  Capitalized terms used in this Agreement that are not defined in this Agreement have the meanings as used or defined in the Plan.

 

2.            Award. The Recipient has been granted [See Schedule A] shares of restricted common stock (“Restricted Stock”) in connection with the Recipient providing service as a director, director advisor or board committee member.  All certificates issued shall contain an appropriate restrictive legend.  This Agreement replaces any and all restricted stock agreements between the parties, if any, with respect to this Award.

 

3.            Vesting.

(a)           The shares of Restricted Stock shall in equal annual increments over a three-year period with the first vesting date being one year from the date of this Agreement, subject to continued service in the capacity for which the Award were granted.  The Restricted Stock shall be unregistered unless the Company voluntarily files a registration statement covering such shares with the Securities and Exchange Commission. Notwithstanding any other provision in this Agreement, the Restricted Stock automatically vest on the date of a Change in Control, as defined under the Plan.

(b)           Notwithstanding any other provision of this Agreement, at the option of the Board of Directors or the Compensation Committee, all shares of Restricted Stock subject to this Agreement shall be immediately forfeited in the event of:

(1)           Purchasing or selling securities of the Company not in accordance with the Company’s inside information guidelines then in effect;

(2)           Breaching any duty of confidentiality including that required by the Company’s inside information guidelines then in effect;

(3)           Competing with the Company; or

 (4)             Recruitment of Company personnel after ceasing to be a director, director advisor or committee member.

4.           Anti-Dilution Provisions.  The Restricted Stock granted hereunder shall be subject to the Plan, including its anti-dilution provisions.

  

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5.           Profits on the Sale of Certain Shares; Cancellation.  If any of the events specified in Section 3(b) of this Agreement occur within one year from the last day performing services for the Company in the capacity for which this Award was granted (the “Termination Date”), all profits earned from the Recipient’s sale of the Restricted Stock during the two-year period commencing one year prior to the Termination Date shall be forfeited and forthwith paid by the Recipient to the Company.  Further, in such event, the Company may at its option cancel the shares of Restricted Stock granted under this Agreement.  The Company’s rights under this Section do not lapse one year from the Termination Date but are a contract right subject to any appropriate statutory limitation period.

6.           Notices and Addresses.  All notices, offers, acceptance and any other acts under this  Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar overnight next business day delivery, or by facsimile delivery followed by overnight next day delivery, as follows:

 

	 	The Recipient:    	 	 
	 	 	 	 
	 	 	 	 
	 	 	Facsimile: 	 	 
	 	 	 	 
	 	The Company:	Ecosphere Technologies, Inc.	 
	 	 	3515 S.E. Lionel Terrace	 
	 	 	
Stuart, Florida 34997

	 
	 	 	Attention: Chief Financial Officer	 
	 	 	Facsimile: (772) 781-4778	 
	 	 	 	 
	 	with a copy to:	Michael D. Harris, Esq.	 
	 	 	Harris Cramer LLP	 
	 	 	1555 Palm Beach Lakes Blvd., Suite 310	 
	 	 	West Palm Beach, FL 33401	 
	 	 	Facsimile:  (561) 659-0701

or to such other address as either of them, by notice to the other may designate from time to time.  The transmission confirmation receipt from the sender’s facsimile machine shall be evidence of successful facsimile delivery.  Time shall be counted to, or from, as the case may be, the delivery in person or by mailing.

7.           Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  The execution of this Agreement may be by actual or facsimile signature.

8.           Attorney’s Fees.  In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fee, costs and expenses.

9.           Severability.  If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected hereby and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application permitted by law.

  

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10.           Entire Agreement.  This Agreement represents the entire agreement and understanding between the parties and supersedes all prior negotiations, understandings, representations (if any), and agreements made by and between the parties.  Each party specifically acknowledges, represents and warrants that they have not been induced to sign this Agreement

 

11.            Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws.

 

 

12.            Headings.  The headings in this Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

 

[Signature Page To Follow]

  

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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered as of the date aforesaid.

	
WITNESSES:

	 	 	

ECOSPHERE TECHNOLOGIES, INC.

	 
	 	 	 	 	 
	
 

	 	By:  	
 

	 
	
 

	 	 	
Adrian Goldfarb

Chief Financial Officer

	 
	
 

	 	 	
 

	 
	 	 	 	 	 
	 	 	 	RECIPIENT	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 

  

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Schedule A

Name: Charles Vinick

Date: December 22, 2009

Restricted Stock: 174,419 shares

A-1esph_ex1016.htm

Exhibit 10.16

 

 

 

 

  

  

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23esph_ex1017.htm

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12exhibit10-1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.1

    AMENDMENT
TO

    EMPLOYMENT
AGREEMENT

    

    THIS
AMENDMENT  is made effective as of the 12th day
of August, 2010 (this “Amendment”), by and
among CPG International Holdings LP (“CPG LP”), a Delaware
limited partnership, and its wholly owned subsidiaries, CPG International Inc.,
a Delaware corporation (“Employer”), CPG
International I Inc., a Delaware corporation (“CPG”), AZEK Building
Products, Inc., a Delaware corporation (“AZEK”) and Scranton
Products Inc., a Delaware corporation (“Scranton,” together
with CPG LP, Employer, CPG and AZEK, the “Companies” and each
individually a “Company”), and Jason
Grommon (the “Executive,” together
with the Companies, the “Parties”).

     

    WHEREAS,
on March 26, 2009, the Parties entered into an Employment Agreement, which sets
forth the terms of the Executive’s employment with Employer (the “Employment
Agreement”); and

    

    WHEREAS,
the Parties hereby desire to amend the terms of the Employment Agreement as set
forth herein.

     

    NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the
parties hereto agree as follows:

     

    
      	
              1.  

            	
              Termination of
      Employment.  Section 5(a) of the Employment Agreement is
      hereby deleted in its entirety and replaced with the following new Section
      5.5(a).

            

    

     

    
      	
               
      

            	
              5.

            	
              Termination of
      Employment.

            

    

     

    (a)           
If, during the Term, the Executive’s employment is terminated for any reason,
the Employer shall be obligated to pay the Executive all earned but unpaid Base
Compensation, unpaid expense reimbursements and accrued but unused vacation (the
“Accrued
Amounts”).  If, during the Term, the Executive’s employment is
terminated by the Employer other than for Cause, Employer shall be obligated, in
addition to the payment of the Accrued Amounts, to continue to pay the
Executive’s Base Compensation at the rate then in effect for a period of twelve
(12) months following the termination date (the “Termination
Payments”).  Employer’s obligation to make the Termination
Payments shall be conditioned upon (i) the absence of a breach by the Executive
of the Noncompetition Agreement and (ii) Executive’s execution, delivery and
non-revocation of a valid and enforceable general release of claims in a form
reasonably acceptable to Employer (the “Release”).  Subject
to Section 5(b), the Termination Payment shall be paid in installments on
Employer’s regular payroll dates occurring during the twelve (12) month period
immediately following the effectiveness of the Release.  The Accrued
Amounts shall be paid within thirty (30) days following the termination
date.

     

    
      	
              2.  

            	
              Confirmation of
      Employment Agreement.   In all other respects the
      Employment Agreement shall remain in effect and is hereby confirmed by the
      parties.

            

    

     

    
      	
              3.  

            	
              Governing
      Law.  The validity, interpretation, construction,
      performance and enforcement of this Amendment shall be governed by the
      laws of the State of New York, without application of conflict of laws
      principles.

            

    

     

    
      	
              4.  

            	
              Counterparts.  This
      Amendment may be executed in several counterparts, each of which is an
      original and all of which shall constitute one instrument.  It
      shall not be necessary in making proof of this Amendment or any
      counterpart hereof to produce or account for any of the other
      counterparts.

            

    

     

    

     

    
      	
               
      

            	
              [signature
      page follows]

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment, effective as
of the date hereof.

     

    
      	 
      	
               

              CPG
      INTERNATIONAL HOLDINGS LP

            	 
      	 
      	
               

              CPG
      INTERNATIONAL INC.

            
	
              By:

            	
              CPG
      Holding I LLC

            	 
      	
               

            	
               

            
	 
      	
              Its
      General Partner

            	 
      	 
      	
               

            
	 
      	 
      	 
      	 
      	 
      
	
              By:

            	
              /s/ Amy C. Bevacqua

            	 
      	
              By:

            	
              /s/ Amy C. Bevacqua

            
	 
      	
              Name:  Amy
      C. Bevacqua

            	 
      	 
      	
              Name:  Amy
      C. Bevacqua

            
	 
      	
              Title:  Vice
      President

            	 
      	 
      	
              Title:  Vice
      President

            
	 
      	 
      	 
      	 
      	 
      
	 
      	
               

              CPG
      INTERNATIONAL I INC.

            	 
      	 
      	
               

              AZEK
      BUILDING PRODUCTS, INC.

            
	
               

            	 
      	 
      	 
      	 
      
	
              By:

            	
              /s/ Amy C. Bevacqua

            	 
      	
              By:

            	
              /s/ Amy C. Bevacqua

            
	 
      	
              Name:  Amy
      C. Bevacqua

            	 
      	 
      	
              Name:  Amy
      C. Bevacqua

            
	 
      	
              Title:  Vice
      President

            	 
      	 
      	
              Title:  Vice
      President

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
               

              SCRANTON
      PRODUCTS INC.

            	 
      	 
      	
               

              EXECUTIVE

            
	 
      	 
      	 
      	 
      	 
      
	
              By:

            	
              /s/ Amy C. Bevacqua

            	 
      	 
      	
              /s/  Jason
  Grommon

            
	 
      	
              Name:  Amy
      C. Bevacqua

            	 
      	 
      	
              Jason
      Grommon

            
	 
      	
              Title:  Vice
      President

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