DIRECTOR FEE WAIVER AGREEMENTDirector Fee Waiver Agreement • November 14th, 2011 • Neah Power Systems, Inc. • Miscellaneous electrical machinery, equipment & supplies • Washington
THIS DIRECTOR FEE WAIVER AGREEMENT (this “Agreement”), dated as of November 4, 2011, is by and among NEAH POWER SYSTEMS, INC., a Nevada corporation (the “Company”), JEFFREY SAKAGUCHI (“Sakaguchi”), JON GARFIELD (“Garfield”), and MICHAEL SELSMAN (“Selsman”), collectively referred to as “Non-Plan Directors” since they are not participating in the Company’s Director, Officer, and Employee Sales Incentive Plan (the “Plan”) and will not participate in the Plan, and DAVID SCHMIDT (“Schmidt”), referred to as “Plan Director” since he is participating in the Plan . The Non-Plan Directors and the Plan Director (individually referred to as a “Participant” and collectively referred to as “Participants”) are entering into this Agreement in their individual capacities and not as Directors of the Board of Directors of the Company.
