Document:

EXHIBIT 10.2

 Exhibit 10.2 
  
 DISTRIBUTED ENERGY SYSTEMS CORP 
  
 NON-STATUTORY STOCK OPTION AGREEMENT 
  
 1. Grant of Option. 
  
 Distributed Energy Systems Corp, a Delaware corporation (the “Company”), hereby grants to
[                    ] (the “Optionee”), an option, pursuant to the Company’s 2003 Stock Option Plan (the “Plan”), to
purchase an aggregate of [            ] shares of Common Stock (“Common Stock”) of the Company at a price of
[            ] ($            ) per share, purchasable as set forth in and subject to the terms and conditions of
this option and the Plan. Except where the context otherwise requires, the term “Company” shall include the parent and all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code
of 1986, as amended or replaced from time to time (the “Code”). 
  
 2. Exercise of Option and Provisions for Termination. 
  
 (a) Vesting Schedule. Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth anniversary of the date of grant (the “Expiration Date”) in installments as to not
more than the number of shares set forth in the table below during the respective installment periods set forth in the table below. 
  

			
	 Exercise Period

	 	 Number of Shares
 as to which
 Option is
 Exercisable

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  
 The right of exercise shall be
cumulative so that if the option is not exercised to the maximum extent permissible during any exercise period, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the
earlier termination of this option. Notwithstanding the foregoing, in the event of the death of the Optionee while he or she is a director of the Company, the vesting of this option shall accelerate such that this option shall thereupon become fully
exercisable, in whole or in part, with respect to all of the shares subject hereto not previously purchased pursuant to the provisions hereof. This option may not be exercised at any time on or after the Expiration Date. 
  
 (b) Exercise Procedure. Subject to the conditions set forth in this
Agreement, this option shall be exercised by the Optionee’s delivery of written notice of exercise to the Treasurer of the Company, specifying the number of shares to be purchased and the purchase price to be paid therefor and accompanied by
payment in full in accordance with Section 3. Such exercise shall be effective upon receipt by the Treasurer of the Company of such written notice together with the required payment. The Optionee may purchase less than the number of shares covered
hereby, provided that no partial exercise of this option may be for any fractional share. 

 (c) Exercise Period Upon Death. If the Optionee dies prior to the Expiration Date, the right to
exercise this option shall terminate one year following the date of death of the Optionee (but in no event after the Expiration Date). In such event, this option shall be exercisable, within the period of one year following the date of death of the
Optionee (but in no event after the Expiration Date), by the person to whom this option is transferred by will or the laws of descent and distribution, provided that this option shall be exercisable only to the extent that this option was
exercisable by the Optionee on the date of his or her death. Except as otherwise indicated by the context, the term “Optionee”, as used in this option, shall be deemed to include the estate of the Optionee or any person who acquires the
right to exercise this option by bequest or inheritance or otherwise by reason of the death of the Optionee. 
  
 3. Payment of Purchase Price 
  
 (a) Method of Payment. Payment of the purchase price for shares purchased upon exercise of this option shall be made (i) by delivery to the Company
of cash or a check to the order of the Company in an amount equal to the purchase price of such shares, (ii) subject to the consent of the Company, by delivery to the Company of shares of Common Stock of the Company then owned by the Optionee having
a fair market value equal in amount to the purchase price of such shares, (iii) by any other means which the Board of Directors determines are consistent with the purpose of the Plan and with applicable laws and regulations (including, without
limitation, the provisions of Rule 16b-3 under the Securities Exchange Act of 1934 and Regulation T promulgated by the Federal Reserve Board), or (iv) by any combination of such methods of payment. 
  
 (b) Valuation of Shares or Other Non-Cash Consideration Tendered in
Payment of Purchase Price. For the purposes hereof, the fair market value of any share of the Company’s Common Stock or other non-cash consideration which may be delivered to the Company in exercise of this option shall be determined in
good faith by the Board of Directors of the Company. 
  
 (c)
Delivery of Shares Tendered in Payment of Purchase Price. If the Optionee exercises options by delivery of shares of Common Stock of the Company, the certificate or certificates representing the shares of Common Stock of the Company to
be delivered shall be duly executed in blank by the Optionee or shall be accompanied by a stock power duly executed in blank suitable for purposes of transferring such shares to the Company. Fractional shares of Common Stock of the Company will not
be accepted in payment of the purchase price of shares acquired upon exercise of this option. 
  
 (d) Restrictions on Use of Option Stock. 
  
 Notwithstanding the foregoing, no shares of Common Stock of the Company may be tendered in payment of the purchase price of shares purchased upon exercise of this option if the shares to be so tendered were acquired within twelve (12)
months before the date of such tender, through the exercise of an option granted under the Plan or any other stock option or restricted stock plan of the Company. 
  

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 4. Delivery of Shares; Compliance With Securities Laws, Etc. 

 
 (a) General. The Company shall, upon payment of the option price
for the number of shares purchased and paid for, make prompt delivery of such shares to the Optionee, provided that if any law or regulation requires the Company to take any action with respect to such shares before the issuance thereof, then
the date of delivery of such shares shall be extended for the period necessary to complete such action. 
  
 (b) Listing, Qualification, Etc. This option shall be subject to the requirement that if, at any time, counsel to the Company shall determine that
the listing, registration or qualification of the shares subject hereto upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, or that the disclosure of non-public
information or the satisfaction of any other condition is necessary as a condition of, or in connection with, the issuance or purchase of shares hereunder, this option may not be exercised, in whole or in part, unless such listing, registration,
qualification, consent or approval, disclosure or satisfaction of such other condition shall have been effected or obtained on terms acceptable to the Board of Directors. Nothing herein shall be deemed to require the Company to apply for, effect or
obtain such listing, registration, qualification, or disclosure, or to satisfy such other condition. 
  
 5. Non-transferability of Option 
  
 Except as provided in paragraph (c) of Section 2, this option is personal and no rights granted hereunder may be transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) nor shall any such rights be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this option or of such rights contrary to
the provisions hereof, or upon the levy of any attachment or similar process upon this option or such rights, this option and such rights shall, at the election of the Company, become null and void. 
  
 6. Rights as a Shareholder 
  
 The Optionee shall have no rights as a shareholder with respect to any shares which may be
purchased by exercise of this option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) unless and until a certificate representing such shares is duly issued and delivered to the
Optionee. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 
  
 7. Adjustment Provisions. 
  
 (a) General. If through, or as a result of, any merger, consolidation, sale of all or substantially all of the assets of the Company,
reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind
of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock or other securities, the
Optionee shall, with respect to this option or any unexercised portion hereof, be entitled to the rights and benefits, and be subject to the limitations, set forth in Section 8 of the Plan. 
  

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 (b) Board Authority to Make Adjustments. Any adjustments under this Section will be made by the
Board of Directors, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued pursuant to his option on account of any such adjustments.

  
 (c) Limits on Adjustments. No adjustment shall be made
under this Section which would, within the meaning of any applicable provision of the Code, constitute a modification, extension or renewal of this option or a grant of additional benefits to the Optionee. 
  
 8. Mergers, Consolidation, Distributions, Liquidations,
Etc. 
  
 In the event of a consolidation or merger or sale of all or
substantially all of the assets of the Company in which outstanding shares of Common Stock are exchanged for securities, cash or other property of any other corporation or business entity, or in the event of a liquidation of the Company, prior to
the Expiration Date or termination of this option, the Optionee shall, with respect to this option or any unexercised portion hereof, be entitled to the rights and benefits, and be subject to the limitations, set forth in Section 8 of the Plan.

  
 9. Withholding Taxes 
  
 The Company’s obligation to deliver shares upon the exercise of this option shall be
subject to the Optionee’s satisfaction of all applicable federal, state and local income and employment tax withholding requirements. 
  
 10. Miscellaneous. 
  
 (a) Except as provided herein, this option may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the
Optionee. 
  
 (b) All notices under this option shall be mailed or
delivered by hand to the parties at their respective addresses set forth beneath their names below or at such other address as may be designated in writing by either of the parties to one another. 
  
 (c) This option shall be governed by and construed in accordance with the
laws of the State of Delaware. 
  

			
	 DISTRIBUTED ENERGY SYSTEMS CORP

	
	

	 	 	 (Date)

	
	

	 	 	 (Signature)

		
	 By:
	 	  

	 Title:
	 	  

  

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 OPTIONEE’S ACCEPTANCE 
  
 The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby
acknowledges receipt of a copy of the Company’s 2003 Stock Option Plan. 
  

	
	OPTIONEE
	
	  

	(Signature)
	
	 Address:

  

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 Distributed Energy Systems Corp. 
  
 ID: 20-0177690 
  
 Notice of Grant of Stock Options 
 and
Option Agreement 
  
 10 Technology Drive 
 Wallingford, CT 06492 
  
  

					
	 [Optionee]
	  	Option Number:	 	[                    ]
	 [Address]
	  	Plan: 	 	2003
	 [Address]
	  	ID: 	 	[                    ]

  
  
 Effective [                    ], you have been granted a(n)
Non-Qualified Stock Option to buy [                    ] shares of Distributed Energy Systems Corp. (the Company) stock at
$[            ] per share. 
  
 The total option price of the shares granted is $[                        ]. 

 
 Shares in each period will become fully vested on the date shown. 
  

							
	Shares	 	Vest Type	 	Full Vest	 	Expiration
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 By your signature and the
Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Company’s Stock Option Plan as amended and the Option Agreement, all of which are attached and made a
part of this document. 
  
  

			
	Distributed Energy Systems Corp.	 	Date
		
	 [Optionee]
	 	Date2005 Deferred Fee Plan for Directors.

  
 Exhibit 10.1

  
 ALCOA INC. 
  
 2005 DEFERRED FEE PLAN FOR DIRECTORS 
  
 Article I 
  
 INTRODUCTION 
  
 Alcoa Inc. (the “Company”) has established this 2005 Deferred Fee Plan for Directors (the “Plan”) to provide non-employee Directors
with an opportunity to defer receipt of fees earned for services as a member of the Company’s Board of Directors (the “Board”) in 2005 and beyond. 
  
 Article II 
  
 DEFINITIONS 
  
 2.1 Definitions. The following definitions apply unless the context clearly indicates otherwise: 
  

	 	(a)	Alcoa Stock Fund means the Investment Option established hereunder with reference to the Alcoa Stock Fund under the Savings Plan. 

  

	 	(b)	Beneficiary means the person or persons designated by a Director under Section 4.1 to receive any amount payable under Section 5.3. 

  

	 	(c)	Chairman means the Chairman of the Board. 

  

	 	(d)	 Credits means amounts credited to a Director’s Deferred Fee Account, with all Investment Option units valued by reference to the comparable 

  

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fund offered under the Company’s principal savings plan for salaried employees (“Savings Plan”). 

  

	 	(e)	Deferred Fee Account means a bookkeeping account established by the Company in the name of a Director with respect to amounts deferred hereunder. 

  

	 	(f)	Director means a non-employee member of the Board who participates in this Plan. Any Director who is a director or chairman of the board of directors of a subsidiary or
affiliate of the Company shall not, by virtue thereof, be deemed to be an employee of the Company or such subsidiary or affiliate for purposes of eligibility under this Plan. 

  

	 	(g)	Director Share Ownership Guideline means the minimum number of shares of Company stock or stock equivalents required to be held by each Director, as established from time to
time by the Board. Effective January 1, 2005, the Director Share Ownership Guideline is 10,000 shares. Until the Director Share Ownership Guideline is satisfied by a particular Director, he or she is required to defer the Required Deferral Amount
(defined below) or otherwise use that amount of annual Fees for the purchase of Company stock. 

  

	 	(h)	 Fees means all cash amounts payable to a Director for services rendered as a member of the Board in 2005 and thereafter that are specifically designated as
fees, including, but not limited to, annual and/or quarterly retainer fees, fees (if any) paid for attending meetings of the Board or any 

  

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Committee thereof, Committee Chair fees, Lead Director fees and any per diem fees. 
  

	 	(i)	Investment Options means the respective options established hereunder with reference to the comparable funds under the Savings Plan. 

  

	 	(j)	Required Deferral Amount means $100,000 of annual Fees, until such time as a Director has satisfied the then applicable Director Share Ownership Guideline.

  

	 	(k)	Secretary means the Secretary of the Company. 

  

	 	(l)	Unforeseen Emergency means a severe financial hardship to the Director resulting from (1) an illness or accident affecting the Director or his or her spouse or dependent; (2)
loss of the Director’s property due to casualty; or (3) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Director’s control. 

  
 Article III 
  
 DEFERRAL OF COMPENSATION 
  
 3.1 Amount of Deferral. Beginning January 1, 2005, until a Director
owns beneficial shares of Alcoa Stock and/or has units in the Alcoa Stock Fund at least equal to the then applicable Director Share Ownership Guideline, the Director will be required to defer at least the Required Deferral Amount in the Alcoa Stock
Fund. Beyond that requirement, a Director may elect to defer receipt of all Fees, or of all Fees of one or more types, or a specified portion (in 1% increments) otherwise payable to him or her. 
  

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 3.2 Manner of Electing Deferral. A Director may elect, or modify a prior election, to defer the
receipt of all or certain Fees by giving written notice to the Secretary on a form provided by the Company, or in any other manner that is deemed sufficient from time to time by the Chairman. 
  
 3.3 Annual Elections of Deferral. An election to defer Fees shall be
made prior to the beginning of the calendar year in which the Fees will be earned; provided, however, that an election made within 30 days after a person first becomes a Director shall be effective for Fees earned during that year. An election shall
continue in effect until the end of the year following the date of the deferral election, or until the end of the Director’s service on the Board, whichever shall occur first. The election to defer receipt of payment may not be canceled or
modified unless the Chairman, in his sole discretion, determines that an Unforeseen Emergency exists, or except as otherwise permitted by Internal Revenue Service regulations. 
  
 3.4 Deferring Fees. A Director shall designate the portion of his or her deferred Fees to be invested in one or more
of the Investment Options. Deferral of the Required Deferral Amount into the Alcoa Stock Fund is required until the Director Share Guideline is satisfied. Any Director who has satisfied the Director Share Ownership Guideline or who wishes to defer
funds other than the Required Deferral Amount may designate Investment Options other than the Alcoa Stock Fund for those amounts. A Director’s deferred Fees shall be credited to the designated Investment Option(s) at the beginning of the
calendar quarter following the quarter in which such Fees were earned. Such Fees shall be credited to the Director’s Deferred Fee Account as Credits for “units” in the Director’s Deferred Fee Account. As of any specified date,
the value per unit in the 

  

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Director’s Deferred Fee Account shall be deemed to be the value determined for the comparable fund under the Savings Plan. 
  
 3.5 Transfers. A Director may elect to designate a different
Investment Option for all or any portion of the Credits for units in the various Investment Options in his or her Deferred Fee Account, except that, once the Credits in the Alcoa Stock Fund equal the Director Share Ownership Guideline, Credits for
at least that number of units must be maintained in the Alcoa Stock Fund for the duration of the Director’s service on the Board. Beginning six (6) months after termination of Board service, and prior to a complete distribution of the
Director’s account, the Director may transfer Credits for units in the Alcoa Stock Fund to other Investment Options to the same extent and frequency as a participant in the Savings Plan. A written election on a form provided by the Company for
transfer of investments into or out of any fund other than the Alcoa Stock Fund must be received by the Secretary prior to 4:00 p.m. Eastern Time on the business day when it is to become effective. Transfer of investments into or out of the Alcoa
Stock Fund must be received by 8:00 a.m. Eastern Time on the business day it is to become effective. Such transfers into or out of the Alcoa Stock Fund can be accomplished only once every fifteen (15) days. In addition, such transfers shall be
subject to reasonable administrative minimums, and any restrictions recommended by counsel to assure compliance with applicable law. 
  
 3.6 Method of Payment. 
  

	 	(a)	All payments with respect to a Director’s Deferred Fee Account shall be made in cash, and no Director shall have the right to demand payment in shares of Company Stock or in
any other medium. 

  

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	(b)	Payments shall be made in a lump sum as soon as administratively practicable following six (6) months after the conclusion of the Director’s service on the Board.
Notwithstanding the foregoing, a Director can elect (at the time of making his or her annual deferral designation under Section 3.3) to receive the deferred Fees in up to ten (10) annual installments. The first such installment payment shall occur
during the sixth month following the conclusion of the Director’s service on the Board, or during the first month of the calendar year following the conclusion of the Director’s service on the Board, whichever occurs later.

  

	(c)	An election to receive installment payments in lieu of a lump sum, if made by a Director at any time other than the time when the deferral designation is made with respect to Fees
to be earned in a given year, must be made at least twelve months before the Director’s service on the Board ends, and that election will result in a delay of payment with respect to such Fees of five (5) years from the date of the end of the
Director’s service. 

  
 Article IV

  
 BENEFICIARIES 
  
 4.1 Designation of Beneficiary. Each Director may designate from time
to time one or more natural persons or entities as his or her Beneficiary or Beneficiaries to whom the amounts credited to his or her Deferred Fee Account are to be paid if he or she dies before all such amounts have been paid to the Director. Each
Beneficiary designation shall be made on a form prescribed by the Company and shall be effective only when filed with the Secretary during the Director’s lifetime. Each Beneficiary 

  

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designation filed with the Secretary shall revoke all Beneficiary designations previously made. The revocation of a Beneficiary designation shall not require
the consent of any Beneficiary. In the absence of an effective Beneficiary designation, or if payment can be made to no Beneficiary, payment shall be made to the Director’s estate. 
  
 Article V 
  
 PAYMENTS 
  
 5.1 Payment of Deferred Fees. No payment may be made from a Director’s Deferred Fee Account except as provided in this Article, unless an
Unforeseen Emergency exists as determined by the Chairman in his sole discretion. If an Unforeseen Emergency is determined by the Chairman to exist, the Chairman shall determine when and to what extent Credits in the Director’s Deferred Fee
Account may be paid to such Director prior to or after the Director’s service on the Board; provided, however, that the amounts distributed in connection with such an emergency cannot exceed the amounts necessary to satisfy the emergency plus
what is necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation
of the Director’s assets (to the extent such liquidation would not itself cause severe financial hardship.). 
  
 5.2. Payment upon Termination of Service on the Board. The value of a Director’s Deferred Fee Account shall be payable in cash in a lump sum
as soon as administratively practicable following six (6) months after the Director’s service on the Board ends, or if elected in advance by the Director under Section 3.6 hereof, in annual installments. If installments are elected, the amount
of each payment shall be a fraction of the value of the Director’s Deferred Fee Account designated by the Director for 

  

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installment payments and in such account at the end of the Director’s service on the Board, the numerator of which is one and the denominator of which
is the total number of installments elected minus the number of installments previously paid. Such installment payments shall be made during the first month of each succeeding year until said account is exhausted, except as provided in Section 5.1
or Section 5.3. 
  
 5.3 Payment upon a Director’s
Death. If a Director dies with any amount credited to his or her Deferred Fee Account, the value of said account shall be paid as soon as administratively practicable in a single payment to the Beneficiary (or in several payments to each of the
Beneficiaries if more than one were named by the Director) or to the Director’s estate, as the case may be. 
  
 Article VI 
  
 MISCELLANEOUS 
  
 6.1 Director’s Rights
Unsecured. Payments payable hereunder shall be payable out of the general assets of the Company, and no segregation of assets for such payments shall be made by the Company. The right of any Director or Beneficiary to receive payments from a
Deferred Fee Account shall be a claim against the general assets of the Company as an unsecured general creditor. The Company may, in its absolute discretion, establish one or more trusts or reserves, which may be funded by reference to amounts of
Credits standing in the Director’s Deferred Fee Accounts hereunder or otherwise. Any such trust or reserve shall remain subject to the claims of creditors of the Company. If any amounts held in a trust of the above described nature are found
(due to the creation or operation of said trust) in a final decision by a court of competent jurisdiction, or under a “determination” by the Internal Revenue Service in a closing agreement in audit or final refund disposition (within the
meaning of Section 1313(a) of 

  

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the Internal Revenue Code of 1986, as amended), to have been includable in the gross income of a Director or Beneficiary prior to payment of such amounts
from said trust, the trustee for the trust shall, as soon as practicable, pay to such Director or Beneficiary an amount equal to the amount determined to have been includable in gross income in such determination, and shall accordingly reduce the
Director’s or Beneficiary’s future benefits payable under this Plan. The trustee shall not make any distribution to a Director or Beneficiary pursuant to this paragraph unless it has received a copy of the written determination described
above, together with any legal opinion that it may request as to the applicability thereof. 
  
 6.2 Responsibility for Taxes. The Director or Beneficiary is liable for any and all taxes that are applicable to the amounts payable under the Plan, including any taxes deemed payable prior to payment out of
the Plan. 
  
 6.3 Non-assignability. The right of any
Director or Beneficiary to the payment of Credits in a Deferred Fee Account shall not be assigned, transferred, pledged or encumbered and shall not be subject in any manner to alienation or anticipation. 
  
 6.4 Administration and Interpretation. The Plan shall be administered
by the Secretary’s office. Questions of construction and interpretation will be referred to the Chairman. The Chairman’s decision shall be final and binding. 
  
 6.5 Amendment and Termination. The Plan may be amended, modified or terminated at any time by the Board. No
amendment, modification or termination shall, without the consent of a Director, adversely affect such Director’s rights with respect to amounts theretofore credited to his or her Deferred Fee Account or earlier effect the payment of Fees
already deferred. 
  

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 6.6 Notices. All notices to the Company under the Plan shall be in writing and shall be given to
the Secretary or to an agent or other person designated by the Secretary. 
  
 6.7 Governing Law. This Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania, excluding any choice of law provisions, which may indicate the application of the
laws of another jurisdiction. 
  

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