Exhibit 10.43
September 19, 2000
Xxxxxxx X. Xxxxxxxxx
00 Xxxxxxxx Xxxx
Xxxxxxx Xxxx, Xxx Xxxx 00000
Re: Employment Agreement
Dear Xxxx:
This letter will serve as an amendment to the existing employment arrangement
between you and Plug Power, Inc. ("Plug"), the terms of which are set forth in a
prior letter agreement dated June 1, 1999 as amended by subsequent letter
amendment dated August 3, 1999. This second amendment to your employment
agreement shall be effective as of the date of your countersignature to this
letter, except as noted below. The amended terms are as follows:
1. Effective October 1, 2000, your base salary will be adjusted to an annual
rate of $225,000. The base salary shall be earned and paid weekly.
2. You will be paid a promotion bonus in the amount of $60,000 (gross) in
consideration of your August 24, 2000 promotion to Chief Operating Officer,
which such amount shall be payable within five (5) days of the effective date of
execution of this second letter amendment.
3. You will be eligible for a target incentive bonus on the same terms and
conditions as currently set forth in the June 1, 1999 letter agreement.
4. In the event of a termination of your employment for any reason, including
voluntary termination, you will be entitled to a full twelve (12) months salary
continuation at the full adjusted annual rate set forth in paragraph 1 above and
a full continuation of all of your current employee benefits for the same
period. The continuation period shall commence as of the date of termination.
Additionally, your stock options will continue to vest, in accordance with the
governing stock option plan, for a twelve (12) month period following the
termination date, as if you continued to be an employee of Plug.
5. The terms and conditions of this letter agreement shall survive both or
either of (a) the merger, reorganization or consolidation of Plug, or (b) the
sale of all or substantially all of the assets or stock of Plug.
Sincerely,
/s/ Xxxxxx X. XxXxxxx
Xxxxxx X. XxXxxxx
Chairman of the Board of Directors
The foregoing is agreed to and accepted by:
/s/ Xxxxxxx X. Xxxxxxxxx October 2, 2000
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Xxxxxxx X. Xxxxxxxxx Date
