ENVIRONMENTAL POWER CORPORATION NONSTATUTORY STOCK OPTION AGREEMENTNonstatutory Stock Option Agreement • May 14th, 2004 • Environmental Power Corp • Cogeneration services & small power producers • Delaware
This agreement evidences the grant by Environmental Power Corporation, a Delaware corporation (the “Company”), on March 29, 2004, to Joseph E. Cresci, an employee of the Company (the “Participant”), of an option to purchase, in whole or in part, on the terms provided herein, a total of 1,000,000 shares (the “Shares”) of common stock, $0.01 par value per share, of the Company (“Common Stock”) at the exercises prices per Share set forth in Section 3(a) of this Agreement. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on March 29, 2014 (the “Final Exercise Date”). It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise t
