EXHIBIT 10.31
[Letterhead]
August 12, 1999
Xxxxxxx X. Xxxxxxx
0000 Xxxxxxx Xxxx Xxxxx
Xxxxxxxxxxx, XX 00000
Re: Employment Agreement
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Dear Xxxx:
In consideration of your employment at-will at Plug Power, LLC ("Plug
Power") as Chief Financial Officer, you are entitled solely to the
following benefits in the event that you are terminated from Plug Power for any
reason other than gross misconduct, negligence, failure to perform job functions
in a manner satisfactory to the President and CEO, theft, dishonesty, or fraud:
1) twelve (12) months salary continuation at a salary level of 50% of your base
pay on the date of termination, and
2) continuation of your employee benefits and vesting in stock options for
twelve (12) months following your termination date as if you were an employee
of Plug Power.
Please sign in the space provided below if you agree to the foregoing
terms.
Sincerely,
/s/ Xxxx Xxxxxxxxx
Xxxx Xxxxxxxxx
President & CEO
This letter serves as an amendment to my letter offering employment at Plug
Power dated May 11, 1999, regarding the items mentioned in this letter dated
August 12, 1999
I acknowledge and accept this Employment Agreement
/s/ Xxxxxxx X. Xxxxxxx 8-12-99
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