EMPLOYMENT AGREEMENTEmployment Agreement • November 14th, 2006 • Ener1 Inc • Miscellaneous electrical machinery, equipment & supplies • Florida
THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of the 12th day of October, 2006, by and between ENER1, INC., a Florida corporation with its offices at 500 West Cypress Creek Road, Suite 100, Ft. Lauderdale, Florida 33309 (the “Corporation”), and AJIT HABBU (the “Executive”).
MEMORANDUM AGREEMENTMemorandum Agreement • November 14th, 2006 • Ener1 Inc • Miscellaneous electrical machinery, equipment & supplies • Florida
WHEREAS, the Board of Directors of Ener1 has, effective as of October 3, 2006, elected Victor Mendes as a Member of its Board of Directors and as its Chairman and Chief Executive Officer; and
MEMORANDUM AGREEMENTMemorandum Agreement • November 14th, 2006 • Ener1 Inc • Miscellaneous electrical machinery, equipment & supplies • Florida
WHEREAS, the Ener1 Board’s decision to elect Mr. Habbu and set his annual salary at $325,000 was made with the understanding that Group would defray, in cash, $100,000 of such salary cost, along with any employment tax payments and tax or other payments required relative to the $400,000 portion and any additional amounts required to purchase health insurance and other employee benefits for Mr. Habbu, reflecting that Mr. Habbu will be performing services to Group as its Chief Financial Officer; and
