EXHIBIT 10.9
April 23, 1996
Xxx X. XxxX. Xxxxxxx
0 Xxxxxxxx Xxxx
Xxxxxxxxxx-xx-xxx-Xxx, XX 00000-1041
Re: Employment
Xxx:
This letter is to confirm our understanding and agreement regarding your
employment by GeoWaste Incorporated ("Company"). Upon the basis of terms and
conditions to be set forth in a written severance agreement between you and the
Company, we are pleased to confirm the following:
Position: President and Chief Executive Officer
Salary: $150,000 per year, increasing to $175,000 per year upon the
closing of acquisitions adding not less than $8 million of
additional annualized revenue to the Company
Bonus: To be established
Options: 400,000 shares, granted pursuant to the Company's 1992 Stock
Option Plan, with a 10 year term, as follows:
SHARES VESTING DATE EXERCISE PRICE
100,000 4-23-96 $2.00 (avg. of today's bid & asked)
100,000 4-23-97 $2.00
100,000 4-23-98 $2.75
100,000 4-23-99 $3.50
Severance: One-half of your annual salary rate then in effect and payment
of the premium for any continuation of health and life
insurance coverage during the six (6) month period following
your termination.
Sincerely,
GEOWASTE INCORPORATED
/s/ Xxxxx X. Xxxxxx
---------------------
Chairman of the Board
/s/ Xxxxxx X. Xxxxxx
--------------------
Director and Member, Stock Option Committee
/s/ Xxxxxxxxx X. Xxxxxx
-----------------------
Director and Member, Stock Option Committee
