Document:

Exhibit 10.4

 

RESTRICTED STOCK AWARD AGREEMENT

 

BROADWIND ENERGY, INC.

2007 EQUITY INCENTIVE PLAN

 

THIS AGREEMENT is entered
into and effective as of the
                            
of
                      
, 20    , by and between Broadwind Energy, Inc., a
Delaware corporation (the “Company”), and
                     
(“Participant”).

 

RECITALS

 

A.            The Participant, on the date hereof, is a key employee,
officer or director of, or consultant or advisor to, the Company or one of its
Affiliates; and

 

B.            The Company wishes to grant a restricted stock award to
Participant for shares of the Company’s Common Stock pursuant to the terms and
conditions of this Agreement and the Company’s 2007 Equity Incentive Plan (the “Plan”);

 

C.            The Administrator has authorized the grant of such
restricted stock award to Participant.

 

AGREEMENTS

 

In consideration of the
premises and of the mutual covenants herein contained, the parties hereto agree
as follows:

 

ARTICLE I. 
GRANT OF RESTRICTED STOCK AWARD

 

The Company hereby grants to
Participant a restricted stock award (the “Award”) for
                                 
(                  )
shares of Common Stock on the terms and conditions set forth herein.

 

ARTICLE II. 
 RISKS OF FORFEITURE FOR RESTRICTED STOCK

 

A.            General.  The shares of Common Stock received
pursuant to the Award shall remain forfeitable until the risks of forfeiture
lapse according to the following schedule:

 

	
  Lapse Date Subject to Risk of

  Forfeiture

  	
   

  	
  Number of
  Shares No Longer

  
	
   

  	
   

  	
   

  
	
  ,20

  	
   

  	
   

  
	
  ,20

  	
   

  	
   

  
	
  ,20

  	
   

  	
   

  

 

 

B.            Termination of Employment Prior to Lapse of Risks of
Forfeiture.  If, prior to the lapsing of the risk of forfeiture of all
or any portion of the Award, Participant ceases to be [a key employee or officer] [a consultant or advisor]
[a director] of the Company or any Affiliate for any reason, the
Participant shall forfeit all shares of Common Stock received pursuant to the
Award for which the risks of forfeiture have not lapsed.

 

C.            Issuance of Shares; Rights as a Stockholder. The
Company may cause to be issued one or more stock certificates representing such
shares of Common Stock in Participant’s name, and may hold each such
certificate or may note in the electronic records that such shares are
restricted until such time as the risk of forfeiture and other transfer
restrictions set forth in this Agreement have lapsed with respect to the shares
represented by the certificate.  The Company may also place a legend on
such certificates describing the risks of forfeiture and other transfer
restrictions set forth in this Agreement providing for the cancellation of such
certificates if the shares of Common Stock are forfeited as provided in this Article I. Unless the shares subject
to this Agreement have been forfeited, Participant shall be entitled to vote
the shares of Common Stock awarded pursuant to this Agreement and shall receive
all dividends and distributions attributable to such shares, both prior to and
after the risks of forfeiture of lapsed.  However, no adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities or
other property), distributions or other rights for which the record date is
prior to the date such shares are issued, except as provided in Section 14
of the Plan and Article IV of
this Agreement.

 

ARTICLE III. 
 NONTRANSFERABILITY

 

This Award shall not be
transferable, in whole or in part, by Participant, other than by will or by the
laws of descent and distribution, prior to the date the risks of forfeiture
described in this Agreement have lapsed.  If Participant shall attempt any
transfer of this Award prior to such date, such transfer shall be void and this
Award shall terminate.

 

ARTICLE IV. 
WITHHOLDING TAXES

 

To permit the Company to
comply with all applicable federal and state income tax laws or regulations,
the Company may take such action as it deems appropriate to ensure that, if
necessary, all applicable federal and state payroll, income or other taxes
attributable to this Award are withheld from any amounts payable by the Company
to the Participant.  If the Company is unable to withhold such federal and
state taxes, for whatever reason, Participant hereby agrees to pay to the
Company an amount equal to the amount the Company would otherwise be required
to withhold under federal or state law prior to the issuance of a certificate
for the shares of Common Stock subject to this Award.  Subject to such
rules as the Administrator may adopt, the Administrator may, in its sole
discretion, permit Participant to satisfy such withholding tax obligations, in
whole or in part, by delivering shares of Common Stock, including shares of
Common Stock received pursuant to this Award for which the risks of forfeiture
have lapsed. Such shares shall have a Fair Market Value equal to the minimum
required tax withholding, based on the minimum statutory withholding rates for
federal and state tax purposes, including payroll taxes, that are applicable to
the supplemental income attributable to this Award. In no event may the
Participant deliver shares having a Fair Market Value in excess of such
statutory minimum required tax withholding. The Participant’s election to
deliver shares or to have shares withheld for this purpose shall be made on or
before the date that the amount of tax to be withheld is determined under
applicable tax law.  Such election shall be approved by the Administrator
and otherwise comply with such rules as the Administrator may adopt to
assure compliance with Rule 16b-3, or any successor provision, as then in
effect, of the General Rules and Regulations under the Securities Exchange
Act of 1934, if applicable.

 

ARTICLE V. 
CAPITAL ADJUSTMENTS

 

Except as otherwise
specifically provided in any employment, change of control, severance or
similar agreement executed by Participant and the Company, pursuant and subject
to Section 14 of the Plan, certain changes in the number or character of
the Common Stock of the Company (through sale, merger, consolidation,

 

2

 

exchange, reorganization,
divestiture (including a spin-off), liquidation, recapitalization, stock split,
stock dividend or otherwise) may result in an adjustment, reduction or
enlargement, as appropriate, in the number of shares subject to this
Award.  Any additional shares that are credited pursuant to such
adjustment shall be subject to the same restrictions as are applicable to the
shares with respect to which the adjustment relates.

 

ARTICLE VI. 
 BINDING EFFECT

 

This Agreement shall be
binding upon the heirs, executors, administrators and successors of the parties
hereto.

 

ARTICLE VII. 
 2007 EQUITY INCENTIVE PLAN

 

The Award represented by
this Agreement has been granted under, and is subject to the terms of, the
Plan.  The terms of the Plan are hereby incorporated by reference herein
in their entirety and Participant, by execution hereof, acknowledges having
received a copy of the Plan.  Capitalized terms not defined herein shall
have the meaning set forth in the Plan.  The provisions of this Agreement
shall be interpreted as to be consistent with the Plan and any ambiguities
herein shall be interpreted by reference to the Plan.  In the event that
any provision hereof is inconsistent with the terms of the Plan, the latter
shall prevail.

 

ARTICLE VIII. 
NON-SOLICITATION

 

A.            Restrictive
Covenant.  During the period
beginning on the date of this Award and ending on the date which is one year
following the termination of Participant’s employment with, or service to, the
Company or an Affiliate pursuant to Article II.B,
Participant shall not, except with the express prior written consent of the
Company:  (i) directly or
indirectly, either for Participant, or on behalf of any of the Company’s or any
Affiliate’s competitors (“Competitors”):
(1) induce or attempt to induce any employee, independent contractor or
consultant of the Company or any Affiliate to leave the employ of, or terminate
its engagement with, the Company or any Affiliate; or (2) in any way
interfere with the relationship between the Company or any Affiliate and any
employee, independent contractor or consultant of the Company or any Affiliate;
or (ii) directly or indirectly, either for Participant, or on behalf of
any of the Competitors, solicit the business of any person or entity known to
Participant to be a customer of the Company or any of its Affiliates, where
Participant, or any person reporting to Participant, had an ongoing business
relationship or had made substantial efforts with respect to such customer
during Participant’s employment with, or service to, the Company or an
Affiliate.

 

B.            Violation of Restrictive Covenant.  Participant, by accepting this Award, agrees
that the foregoing covenants are reasonable with respect to their duration and
scope.  Participant further acknowledges
that the restrictions are reasonable and necessary for the protection of the
legitimate business interests of the Company and its Affiliates, that they
create no undue hardships, that any violation of these restrictions would cause
substantial injury to the Company and its Affiliates, and that such restrictions
were a material inducement to the Company to grant this Award.  In the event of any violation or threatened
violation of these restrictions, Participant shall forfeit all restricted stock
units subject to this Award which have not vested and this Award shall
terminate as of the date of the violation or threatened violation of these
restrictions.

 

ARTICLE IX. 
MISCELLANEOUS

 

A.            Employment or Other Relationship.  Nothing in
this Agreement shall be construed to (a) limit in any way the right of the
Company or any Affiliate to terminate the status of Participant as an employee
of the Company at any time, or (b) be evidence of any agreement or
understanding, express or implied, that the Company or any Affiliate will
employ Participant in any particular position, at any particular rate of
compensation or for any particular period of time.

 

3

 

B.            Securities Law Compliance.  Participant shall
not transfer or otherwise dispose of the shares of Common Stock received
pursuant to this Agreement until such time as counsel to the Company shall have
determined that such transfer or other disposition will not violate any state
or federal securities laws.  Participant may be required by the Company,
as a condition of the effectiveness of this Award, to agree in writing that all
Common Stock subject to this Agreement shall be held, until such time that such
Common Stock is registered or otherwise freely tradable under applicable
state and federal securities laws, for Participant’s own account without a view
to any further distribution thereof, that the certificates for such shares
shall bear an appropriate legend to that effect and that such shares will be
not transferred or disposed of except in compliance with applicable state and
federal securities laws.

 

C.            Lockup Period Limitation.  Participant agrees
that in the event the Company advises Participant that it plans an underwritten
public offering of its Common Stock in compliance with the Securities Act of
1933, as amended, and that the underwriter(s) seek to impose restrictions
under which certain stockholders may not sell or contract to sell or grant any
option to buy or otherwise dispose of part or all of their stock purchase
rights of the underlying Common Stock, Participant hereby agrees that for a
period not to exceed 180 days from the prospectus, Participant will not sell or
contract to sell or grant an option to buy or otherwise dispose of this Award
or any of the underlying shares of Common Stock without the prior written
consent of the of the underwriter(s) or its representative(s).

 

D.            Blue Sky Limitation.  Notwithstanding
anything in this Agreement to the contrary, in the event the Company makes any
public offering of its securities and determines, in its sole discretion, that
it is necessary to reduce the number of issued but unexercised stock purchase
rights so as to comply with any state securities or Blue Sky law limitations
with respect thereto, the Administrator of the Company may accelerate the
forfeiture period of this restricted stock award, provided that the Company
gives Participant 15 days’ prior written notice of such acceleration. 
Notice shall be deemed given when delivered personally or when deposited in the
United States mail, first class postage prepaid and addressed to Participant at
the address of Participant on file with the Company.

 

E.             Accounting Compliance.  Participant agrees
that, if a “transaction” (as defined in Section 14 of the Plan) occurs and
Participant is an “affiliate” of the Company or any Affiliate (as defined in
applicable legal and accounting principles) at the time of such transaction,
Participant will comply with all requirements of Rule 145 of the
Securities Act of 1933, as amended, and the requirements of such other legal or
accounting principles, and will execute any documents necessary to ensure such
compliance.

 

F.             Stock Legend.  The Administrator may require
that the certificates for any shares of Common Stock issued to Participant (or,
in the case of death, Participant’s successors)  under this Agreement
shall bear an appropriate legend to reflect the restrictions of this Article;
provided, however, that failure to so endorse any of such certificates shall
not render invalid or inapplicable this Article IX.

 

G.            Shares Reserved.  The Company shall at all
times during the term of this Award reserve and keep available such number of
shares as will be sufficient to satisfy the requirements of this Agreement.

 

H.            Arbitration.  Any dispute arising out of or
relating to this Agreement or the alleged breach of it, or the making of this
Agreement, including claims of fraud and inducement, shall be discussed between
the disputing parties in a good faith effort to arrive at a mutual settlement
of any such controversy.  If, notwithstanding, such dispute cannot be
resolved, such dispute shall be settled by binding arbitration.  Judgment
upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof.  The arbitrator shall be a retired state or federal
judge or an attorney who has practiced securities or business litigation for at
least ten (10) years.  If the parties cannot agree on an arbitrator
within twenty (20) days, any party may request that a judge of the Circuit
Court of Cook County, Illinois select an arbitrator.  Arbitration
will be conducted pursuant to the provisions of this Agreement and the
commercial arbitration rules of the American

 

4

 

Arbitration Association, unless such rules are
inconsistent with the provisions of this Agreement.  Limited civil
discovery shall be permitted for the production of documents and taking of
depositions.  Unresolved discovery disputes may be brought to the
attention of the arbitrator who may dispose of such disputes.  The
arbitrator shall have the authority to award any remedy or relief that a court
of this state could order or grant; provided, however, that punitive or
exemplary damages shall not be awarded.  The arbitrator may award to the
prevailing party, if any, as determined by the arbitrator, all of its costs and
fees, including the arbitrator’s fee, administrative fees, travel expenses,
out-of-pocket expenses and reasonable attorney’s fees.  Unless otherwise
agreed by the parties, the place of any arbitration proceedings shall be
Chicago, Illinois.

 

ARTICLE X. 
 GOVERNING LAW

 

This Agreement and all
rights and obligations hereunder shall be construed in accordance with the Plan
and governed by the laws of the State of Delaware.

 

[Signature page follows]

 

5

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement effective the day and year first
above written.

 

	
   

  	
  BROADWIND ENERGY INC.  

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
   

  
	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By execution hereof, the Participant

  acknowledges having received a copy of the

  Plan.

  	
  PARTICIPANTExhibit 10.5

 

RESTRICTED STOCK UNIT AWARD
AGREEMENT

BROADWIND ENERGY, INC.

2007 EQUITY INCENTIVE PLAN

 

THIS AGREEMENT, made effective as of this
           day of
                              ,
20    , by and between Broadwind Energy, Inc., a
Delaware corporation (the “Company”), and
                                      
(“Participant”).

 

RECITALS

 

WHEREAS, Participant on the date hereof is a key employee, officer,
director of, or consultant or advisor to, the Company or one of its
Subsidiaries; and

 

WHEREAS, the Company wishes to grant a restricted stock unit award to
Participant for shares of the Company’s Common Stock pursuant to the Company’s
2007 Equity Incentive Plan (the “Plan”); and

 

WHEREAS, the Administrator of the Plan has authorized the grant of a
restricted stock unit award to Participant;

 

AGREEMENTS

 

In consideration of the premises and of the mutual covenants herein
contained, the parties hereto agree as follows:

 

ARTICLE I.  GRANT OF RESTRICTED STOCK UNIT AWARD

 

The Company hereby grants to Participant this restricted stock unit
award (the “Award”) for
                                                
(                          )
restricted stock units on the terms and conditions set forth herein.  Each restricted stock unit shall entitle the
Participant to receive one share of the Company’s Common Stock.  [If there is
performance-based vesting, include the following: This Award shall expire
                                        ,
unless terminated earlier under the provisions of Article II below.]

 

ARTICLE II.  VESTING OF RESTRICTED STOCK UNITS

 

A.            General. 
The restricted stock units subject to this Award shall vest according to
the following schedule:

 

	
  Vesting Date

  	
   

  	
  Number of
  Shares

  
	
   

  	
   

  	
   

  
	
                ,
  2010

  	
   

  	
   

  
	
                ,
  2011

  	
   

  	
   

  
	
                ,
  2012

  	
   

  	
   

  

 

Subject to such other terms and conditions set forth in this Agreement,
the Participant shall not be entitled to the issuance of shares for any portion
of the restricted stock units subject to this Award until the Administrator
determines the number of restricted stock units, if any, which have vested.

 

 

B.            Termination of Relationship.  If, prior to the vesting of all or any
portion of the Award, Participant ceases to be [a key
employee or officer]  [a consultant or advisor]
[a director] of the Company or any Affiliate for any reason, the
Participant shall forfeit all restricted stock units subject to this Award
which have not vested and this Award shall terminate as of the date of the act
giving rise to such termination.

 

C.            Issuance of Shares; Rights as a Stockholder. 
On each Vesting Date, the Company shall cause to be issued a stock
certificate representing that number of shares of Common Stock that is equal to
the number of restricted stock units that have vested as of such Vesting Date,
less any shares withheld for payment of taxes as provided in Article IV below, and shall deliver such certificate to
Participant.  Until the issuance of such
shares, Participant shall not be entitled to receive dividends attributable to
such shares of Common Stock, and shall not have any other rights as a
stockholder with respect to such shares. No adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities or other
property), distributions or other rights for which the record date is prior to
the date such shares are issued, except as provided in Section 14 of the
Plan and Article V of this Agreement.

 

ARTICLE III.  NONTRANSFERABILITY

 

This Award shall not be transferable, in whole or in part, by
Participant, other than by will or by the laws of descent and distribution,
prior to the Vesting Date for each portion of the Award.  If Participant shall attempt any transfer of
this Award prior to such date, such transfer shall be void and this Award shall
terminate.

 

ARTICLE IV.  WITHHOLDING TAXES

 

To permit the Company to comply with all applicable federal and state
income tax laws or regulations, the Company may take such action as it deems
appropriate to ensure that, if necessary, all applicable federal and state
payroll, income or other taxes attributable to this Award are withheld from any
amounts payable by the Company to the Participant.  If the Company is unable to withhold such
federal and state taxes, for whatever reason, the Participant hereby agrees to
pay to the Company an amount equal to the amount the Company would otherwise be
required to withhold under federal or state law prior to the issuance of any
certificates for the shares of Common Stock subject to this Award.  Subject to such rules as the
Administrator may adopt, the Administrator may, in its sole discretion, permit
Participant to satisfy such withholding tax obligations, in whole or in part,
by delivering shares of the Company’s Common Stock, including shares of Common
Stock received pursuant to this Award upon vesting.  Such shares shall have a Fair Market Value
equal to the minimum required tax withholding, based on the minimum statutory
withholding rates for federal and state tax purposes, including payroll taxes,
that are applicable to the supplemental income attributable to this Award.  In no event may the Participant deliver
shares having a Fair Market Value in excess of such statutory minimum required
tax withholding.  The Participant’s
election to deliver shares or to have shares withheld for this purpose shall be
made on or before the date that the amount of tax to be withheld is determined
under applicable tax law.  Such election
shall be approved by the Administrator and otherwise comply with such rules as
the Administrator may adopt to assure compliance with Rule 16b-3, or any
successor provision, as then in effect, of the General Rules and
Regulations under the Securities Exchange Act of 1934, if applicable.

 

ARTICLE V.  CAPITAL ADJUSTMENTS

 

Except as otherwise specifically provided in any employment, change of
control, severance or similar agreement executed by the Participant and the
Company, pursuant and subject to Section 14 of the Plan, certain changes
in the number or character of the Common Stock of the Company (through merger,
consolidation, exchange, reorganization, divestiture (including a spin-off),
liquidation, recapitalization, stock split, stock dividend or otherwise) shall
result in an adjustment, reduction or enlargement, as appropriate, in
Participant’s rights with respect to any restricted stock units subject to this
Award which continue to be subject to vesting

 

2

 

(i.e., Participant shall have such “anti-dilution”
rights under the Award with respect to such events, but shall not have “preemptive”
rights).

 

ARTICLE VI.  BINDING EFFECT

 

This Agreement shall be binding upon the heirs, executors,
administrators and successors of the parties hereto.

 

ARTICLE VII.  2007 EQUITY INCENTIVE PLAN

 

The Award represented by this Agreement has been granted under, and is
subject to the terms of, the Plan.  The
terms of the Plan are hereby incorporated by reference herein in their entirety
and Participant, by execution hereof, acknowledges having received a copy of
the Plan.  Capitalized terms not defined
herein shall have the meaning set forth in the Plan.  The provisions of this Agreement shall be
interpreted as to be consistent with the Plan and any ambiguities herein shall
be interpreted by reference to the Plan. 
In the event that any provision hereof is inconsistent with the terms of
the Plan, the latter shall prevail.

 

ARTICLE VIII.  NON-SOLICITATION

 

A.            Restrictive Covenant.  During the period beginning on the date of
this Award and ending on the date which is one year following the termination
of Participant’s employment with, or service to, the Company or an Affiliate
pursuant to ARTICLE II.  B, Participant shall not, except
with the express prior written consent of the Company:  (i) directly or indirectly, either for
Participant, or on behalf of any of the Company’s or any Affiliate’s
competitors (“Competitors”): (1) induce or
attempt to induce any employee, independent contractor or consultant of the
Company or any Affiliate to leave the employ of, or terminate its engagement
with, the Company or any Affiliate; or (2) in any way interfere with the
relationship between the Company or any Affiliate and any employee, independent
contractor or consultant of the Company or any Affiliate; or (ii) directly
or indirectly, either for Participant, or on behalf of any of the Competitors,
solicit the business of any person or entity known to Participant to be a
customer of the Company or any of its Affiliates, where Participant, or any
person reporting to Participant, had an ongoing business relationship or had
made substantial efforts with respect to such customer during Participant’s
employment with, or service to, the Company or an Affiliate.

 

B.            Violation of Restrictive Covenant.  Participant, by accepting this Award, agrees
that the foregoing covenants are reasonable with respect to their duration and
scope.  Participant further acknowledges
that the restrictions are reasonable and necessary for the protection of the
legitimate business interests of the Company and its Affiliates, that they
create no undue hardships, that any violation of these restrictions would cause
substantial injury to the Company and its Affiliates, and that such
restrictions were a material inducement to the Company to grant this
Award.  In the event of any violation or
threatened violation of these restrictions, Participant shall forfeit all
restricted stock units subject to this Award which have not vested and this
Award shall terminate as of the date of the violation or threatened violation
of these restrictions.

 

ARTICLE IX.  MISCELLANEOUS

 

A.            Employment or Other Relationship.  Nothing in this Agreement shall be construed
to (a) limit in any way the right of the Company or any Affiliate to
terminate the status of Participant as an employee of the Company at any time,
or (b) be evidence of any agreement or understanding, express or implied,
that the Company or any Affiliate will employ Participant in any particular
position, at any particular rate of compensation or for any particular period
of time.

 

3

 

B.            Securities Law Compliance.  Participant shall not transfer or otherwise
dispose of the shares of Common Stock received pursuant to this Agreement until
such time as counsel to the Company shall have determined that such transfer or
other disposition will not violate any state or federal securities laws.  Participant may be required by the Company,
as a condition of the effectiveness of this Award, to agree in writing that all
Common Stock subject to this Agreement shall be held, until such time that such
Common Stock is registered or otherwise freely tradable under applicable state
and federal securities laws, for Participant’s own account without a view to
any further distribution thereof, that the certificates for such shares shall
bear an appropriate legend to that effect and that such shares will be not
transferred or disposed of except in compliance with applicable state and
federal securities laws.

 

C.            Lockup Period Limitation.  Participant agrees that in the event the Company
advises Participant that it plans an underwritten public offering of its Common
Stock in compliance with the Securities Act of 1933, as amended, and that the
underwriter(s) seek to impose restrictions under which certain
stockholders may not sell or contract to sell or grant any option to buy or
otherwise dispose of part or all of their stock purchase rights of the
underlying Common Stock, Participant hereby agrees that for a period not to
exceed 180 days from the prospectus, Participant will not sell or contract to
sell or grant an option to buy or otherwise dispose of this Award or any of the
underlying shares of Common Stock without the prior written consent of the of
the underwriter(s) or its representative(s).

 

D.            Blue Sky Limitation.  Notwithstanding anything in this Agreement to
the contrary, in the event the Company makes any public offering of its
securities and determines, in its sole discretion, that it is necessary to
reduce the number of issued but unexercised stock purchase rights so as to
comply with any state securities or Blue Sky law limitations with respect
thereto, the Administrator of the Company shall accelerate the vesting of this
restricted stock unit award, provided that the Company gives Participant 15
days’ prior written notice of such acceleration.  Notice shall be deemed given when delivered
personally or when deposited in the United States mail, first class postage
prepaid and addressed to Participant at the address of Participant on file with
the Company.

 

E.             Accounting Compliance.  Participant agrees that, if a “transaction”
(as defined in Section 14 of the Plan) occurs, and Participant is an “affiliate”
of the Company or any Affiliate (as defined in applicable legal and accounting
principles) at the time of such transaction, Participant will comply with all
requirements of Rule 145 of the Securities Act of 1933, as amended, and
the requirements of such other legal or accounting principles, and will execute
any documents necessary to ensure such compliance.

 

F.             Stock Legend.  The Administrator may require that the
certificates for any shares of Common Stock issued to Participant (or, in the
case of death, Participant’s successors)  under this Agreement shall bear
an appropriate legend to reflect the restrictions of this ARTICLE IX.  ; provided,
however, that failure to so endorse any of such certificates shall
not render invalid or inapplicable this ARTICLE IX.

 

G.            Shares Reserved. 
The Company shall at all times during the term of this Award reserve and
keep available such number of shares as will be sufficient to satisfy the
requirements of this Agreement.

 

H.            Arbitration. 
Any dispute arising out of or relating to this Agreement or the alleged
breach of it, or the making of this Agreement, including claims of fraud and
inducement, shall be discussed between the disputing parties in a good faith
effort to arrive at a mutual settlement of any such controversy.  If, notwithstanding, such dispute cannot be
resolved, such dispute shall be settled by binding arbitration.  Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof.  The arbitrator shall be a retired state or
federal judge or an attorney who has practiced securities or business litigation
for at least ten (10) years.  If the
parties cannot agree on an arbitrator within twenty (20) days, any party may
request that a judge of the Circuit Court of Cook County, Illinois select
an arbitrator.  Arbitration will be
conducted pursuant to the provisions of this Agreement and the commercial
arbitration rules of the American

 

4

 

Arbitration Association, unless such rules are inconsistent with
the provisions of this Agreement. 
Limited civil discovery shall be permitted for the production of
documents and taking of depositions. 
Unresolved discovery disputes may be brought to the attention of the
arbitrator who may dispose of such disputes. 
The arbitrator shall have the authority to award any remedy or relief
that a court of this state could order or grant; provided,
however, that punitive or exemplary damages shall not be
awarded.  The arbitrator may award to the
prevailing party, if any, as determined by the arbitrator, all of its costs and
fees, including the arbitrator’s fee, administrative fees, travel expenses,
out-of-pocket expenses and reasonable attorney’s fees.  Unless otherwise agreed by the parties, the
place of any arbitration proceedings shall be Chicago, Illinois.

 

I.              Right to Amend. 
The Company hereby reserves the right to amend this Agreement without
Participant’s consent to the extent necessary or desirable to comply with the
requirements of Code Section 409A and the regulations, notices and other
guidance of general application issued thereunder.

 

J.             [If there is performance-based
vesting, include the following:  
Delay of Payment for Specified Employee.  Notwithstanding anything herein to the
contrary, if any payments to be made to Participant hereunder are subject to
the requirements of Code Section 409A and the Company determines that
Participant is a “specified employee” as defined in Code Section 409A as
of the date of the termination, such payments shall not be paid or commence
earlier than the date that is six months after the termination.  Any payment not made during the six month
period shall be paid on the first day of the seventh month following
termination.]

 

ARTICLE X.  GOVERNING LAW

 

This Agreement and all rights and obligations hereunder shall be
construed in accordance with the Plan and governed by the laws of the State of
Delaware.

 

[Signature
Page Follows]

 

5

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective the day and year first above written.

 

	
   

  	
  BROADWIND ENERGY INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By execution hereof, the Participant

  acknowledges having received a copy of the

  Plan.

  	
  PARTICIPANT

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