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Employment Agreement

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Title:

Employment Agreement

Entities:

Ener1, Inc.

Date:

2006

Size:

Preview shows 13KB of 34KB total

Price:

$34

ID:

#1226979

► Employment ► Employment Agreements
► Technology ► Electronic Instruments & Controls

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EMPLOYMENT AGREEMENT

This Employment Agreement (this Agreement) is made as of July 27, 2005 but shall be deemed executory only until the date on which the Executive becomes legally qualified to be an employee of the Company under all applicable immigration and other laws (see Section 1 hereof, below), by and between Ulrik Grape (the Executive) and EnerDel, Inc., a Delaware corporation (the Company). References to the Company shall include any Affiliated Companies, as that term is defined below.

WHEREAS, the Executive and the Company each desire to set forth their agreement with respect to the Executives employment with the Company.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein of the parties hereto, the parties hereby agree as follows:

Employment Period. The Company shall employ the Executive as its Chief Executive Officer for the period beginning on the date on which the Executive becomes legally qualified to be an employee of the Company under all applicable immigration and other laws (the Commencement Date), and ending on the date such employment is terminated pursuant to Section 5 (the Employment Period).

Performance of Duties. The Executive shall be responsible for formulation and implementation of the business plan and day-to-day operation of the Company. The duties of the Executive shall include those commonly associated with such position, together with such other duties consistent therewith and herewith as may be assigned to the Executive by the Companys Board of Directors. The Executive shall report to the Companys Board of Directors. The Executive shall provide services primarily at the Companys offices located in Fort Lauderdale, Florida. The Executive shall perform Executives duties faithfully and will devote his entire business time and attention and his best efforts to the duties and services of his position.

3.	Compensation and Benefits. The following shall apply during the Employment period:

3.1

Base Salary. The Executives base salary as of the Commencement Date will be $250,000 per year, payable in accordance with the applicable payroll practices of the Company. The Companys Board of Directors shall, from time to time, review the Executives performance and consider increasing the Executives Base Salary.

3.2

Sign-on Bonus.

The Executive will be entitled to receive an equity sign-on bonus on his first day of actual employment by the Company on its payroll, consisting of immediately vesting, 10 year options to purchase 100,000 shares of Ener1, Inc. common stock at an exercise price of $.00 per share. These options will be issued under the Ener1, Inc. 2002 Employee Stock Participation Plan, subject to the terms and conditions thereof, with the option grant drafted to be consistent with the terms of this Agreement. The Company represents that the shares underlying the options have been registered with the United States Securities and Exchange Commission by Ener1, Inc. pursuant to a registration statement on Form S-8.

ii.

In addition to the equity sign-on bonus, the Executive shall be paid, upon the execution and delivery by the Executive of this Agreement to the Company, a cash sign-on bonus of $70,000.

3.3

Performance Bonus. The Executive shall have the opportunity to earn an annual bonus of up to 100% of his annual salary. The bonus will be determined by EnerDels Board of Directors based on the performance of the Executive and of EnerDel.

3.4

Vacation. The Executive shall be entitled to three weeks of paid vacation leave per year during each of the first three years of the Executives employment with the Company, and 4 weeks of paid vacation for each subsequent year, the timing of which shall be approved in accordance with the general policies and procedures of the Company as amended from time to time for executives of the Company and its affiliated entities (Company Policies).

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