October 20, 2015
Exhibit 10.2
October 20, 2015
| To: | Xxxxxx x. Xxxxxxx 000 Xxxxxxxxx Xxxx Xxxx, XX 00000 |
Dear Xxxxx:
The following agreement accurately reflects our contract, which will be updated as soon as possible following execution of this document.
| a) | The term of this agreement is for 3 years; however, either party may cancel at any time with 30 days notice. |
| b) | You are to receive $5,000 per month as salary, until the company has raised $5 million dollars, at which time your salary will increase to $10,000 per month. |
| c) | You are to receive effective this date 350,000 shares with appropriate restrictions of alpha-En Corporation and an additional 650,000 shares (held in escrow) on March 30, 2016. |
| d) | You are to receive 250,000 options in alpha-En Corporation as follows 100,000 options one year from the date of this agreement, an additional 75,000 options in alpha-En Corporation 2 years from the date of this agreement, and an additional 75,000 options in alpha-En Corporation 3 years from the date of this agreement. Said options to be under our new stock option program which will be issued shortly. |
| e) | Your position is chief executive Officer of alpha-En Corporation. After we are out of the dark reporting status you will join the board of directors. |
| f) | You will serve at the pleasure of the board of directors and its chairman, Xxxxxx X. Xxxxxxx. |
| g) | You are to be an employee of the company. |
| h) | You will execute any agreements which will expand the confidentiality of the NDA previously signed by you |
| i) | This agreement will be governed by NY State law. |
| /s/ Xxxxxx X. Xxxxxxx | /s/ Xxxxxx X. Xxxxxxx | |
| Xxxxxx X. Xxxxxxx | Xxxxxx X. Xxxxxxx |
