Exhibit 10.42
February 13, 2001
Xxxxxxx X. Xxxxxxx
0000 Xxxxxxx Xxxx Xxxxx
Xxxxxxxxxxx, Xxxx 00000
Re: Agreement
Dear Xxxx:
This letter serves as an agreement between you and Plug Power Inc. ("Plug")
related to your continued employment with Plug.
1) You agree to the following in consideration for the benefits as noted
herein, effective February 26, 2001:
2) You agree to work part-time for Plug out of your office in the Central Ohio
area. You will no longer hold the title of Chief Financial Officer or any
other officer title. You will report to the Controller, Xxxx Xxxxxxx, and
perform financial and accounting related functions under his direction,
including providing an oral report monthly to Xx. Xxxxxxx.
3) Your salary will be adjusted to an annual rate of $50,000 and be paid
weekly. As a part-time employee you will be entitled to Plug's medical
insurance plan. You will have no bonus plan or any other benefits other
than those stated in this agreement.
4) Plug will pay all expenses for travel between Albany, New York and
Columbus, Ohio, as well as, all lodging and transportation expenses while
you are in the Albany area, should you need to travel to Albany for Plug
business. You will not be required to travel to Albany unless both you and
Plug mutually agree as to the time and duration of the travel.
5) It is understood and agreed to that you may take employment with other
parties after the effective date of this agreement.
6) Your employment may not be terminated by Plug until after May 31, 2002,
unless for cause defined as a) making willful and material dishonest
statements about Plug or any affiliate, or, b) being convicted of a felony
or other crime involving moral turpitude.
7) In addition, for purposes of the stock option plans you will continue to be
considered an employee of Plug, thus you will continue to vest in your
current stock options through the period of your employment with Plug.
8) Except for your Employee Patent, Confidentiality and Non-Compete Agreement
and Stock Option Agreements which are incorporated in their entirety by
reference herein, you agree that this Agreement supercedes all previous
communications, whether oral or written, and constitutes the sole and
entire agreement between you and Plug pertaining to your employment hereof.
No modification, deletion of, or addition to the terms of this Agreement
shall be binding on either party hereto unless made in writing and signed
by a duly authorized representative of each party hereto.
Please sign in the space below if you agree to the foregoing terms.
Sincerely,
/s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
President and Chief Executive Officer
I acknowledge and accept this Agreement,
/s/ Xxxxxxx X. Xxxxxxx February 21, 2001
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Xxxxxxx X. Xxxxxxx Date
