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  EXHIBIT 10.56    
    

 
 

  SATCON TECHNOLOGY CORPORATION
  NON-QUALIFIED STOCK OPTION AGREEMENT    
    

        1.    Grant of Option.    This Non-Qualified Stock Option Agreement evidences the grant by SatCon
Technology Corporation (the "Company"), as of March 15, 2010, to Donald R. Peck (the "Optionee") an option (the "Option") to purchase up to 500,000 shares of the Company's Common Stock, par
value $0.01 per share (the "Shares") at an exercise price per share equal to $2.33 (the "Exercise Price"). The Option shall be subject to the terms and conditions set forth herein. The Option was not
issued pursuant to the Company's 2005 Incentive Compensation Plan (the "Plan"). Nevertheless, the terms and conditions of the Plan are incorporated herein for all purposes and except as set forth
explicitly herein this Option shall be treated for all purposes as if it had been issued pursuant to the Plan. The Option is a Non-Qualified Stock Option, and not an Incentive Stock
Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations. 

        2.    Definitions.    Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined
herein shall have the meanings attributed thereto in the Plan. 

        3.    Exercise Schedule.    Except as otherwise provided in Sections 6 or 9 of this Agreement, or in the Plan,
the Option will become exercisable ("vest") in accordance with the following schedule, provided that
the Continuous Service of the Optionee continues through and on the applicable vesting date (each, a "Vesting Date"): 

 

 

			
	Percentage of Shares

 
	 	Vesting Date 
	 25%
	 	March 15, 2011
	 6.25%
	 	 Each of June 15, September 15, and December 15, 2011 and March 15, 2012

	 6.25%
	 	 Each of June 15, September 15, and December 15, 2012 and March 15, 2013

	 6.25%
	 	 Each of June 15, September 15, and December 15, 2013 and March 15, 2014

 

         To
the extent that the Option has become exercisable with respect to a percentage of Shares, the Option may thereafter be exercised by the Optionee, in whole or in part, at any time or
from time to time prior to the expiration of the Option as provided herein. Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to
each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Upon the termination of the Optionee's Continuous Service with the Company and its Related Entities, any unvested
portion of the Option shall terminate and be null and void. 

        4.    Method of Exercise.    The vested portion of this Option shall be exercisable in whole or in part by written
notice which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holder's
investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be delivered in
person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after both
(a) receipt by the Company of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Committee in its sole discretion have been made for
Optionee's payment to the Company of the amount, if any, that is necessary to be withheld in accordance with applicable Federal or state withholding requirements. No Shares will be issued pursuant to
the Option unless and until such issuance and such exercise shall comply with all relevant 

provisions
of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded. 

        5.    Method of Payment.    Payment of the Exercise Price shall be by any of the following, or a combination thereof,
at the election of the Optionee: (a) cash; (b) check; (c) with Shares that have been held by the Optionee for at least 6 months (or such other Shares as the Company
determines will not cause the Company to recognize for financial accounting purposes a charge for compensation expense), (d) pursuant to a "cashless exercise" procedure, by delivery of a
properly executed exercise notice together with such other documentation, and subject to such guidelines, as the Committee shall require to effect an exercise of the Option and delivery to the Company
by a licensed broker acceptable to the Company of proceeds from the sale of Shares (or, to the extent permitted by the Committee, a margin loan) sufficient to pay the Exercise Price and any applicable
income or employment taxes, or (e) such other consideration or in such other manner as may be determined by the Committee in its absolute discretion. 

        6.     Termination of Option. 

        (a)   Any
unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of the following: 

          (i)  unless
the Company otherwise determines in writing in its sole discretion, ninety (90) days after the date on which the Optionee's Continuous Service is
terminated for any reason other than by reason of (A) a termination by the Company or a Related Entity for Cause (as defined in Optionee's Employment Agreement dated March 3, 2010),
(B) a Disability of the Optionee (C) the death of the Optionee, (D) the occurrence of a Constructive Termination (as defined in Optionee's Employment Agreement dated
March 3, 2010) or (E) a termination by the Company or a Related Entity for a reason other than for Cause; 

         (ii)  immediately
upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause; 

        (iii)  12 months
after the date on which the Optionee's Continuous Service is terminated by reason of a Disability; 

        (iv)  12 months
after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee (or, if later, 3 months after the date
on which the Optionee shall die if such death shall occur during the one year period specified in paragraph (iii) of this Section 5); 

         (v)  12 months
after the date of termination of Optionee's Continuous Service by reason of a Constructive Termination; 

        (vi)  12 months
after the date of termination of Optionee's Continuous Service by the Company without Cause; or 

       (vii)  the
tenth (10th) anniversary of the date as of which the Option is granted. 

        7.    Transferability.    Unless otherwise determined by the Committee, the Option granted hereby is not transferable
otherwise than by will or under the applicable laws of descent and distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee's
guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be
subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any
execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors,
administrators, heirs, successors and assigns of the Optionee. 

        8.    No Rights of Stockholders.    Neither the Optionee nor any personal representative (or beneficiary) shall be, or
shall have any of the rights and privileges of, a stockholder of the Company with respect to any
shares of Stock purchasable or issuable upon the exercise of the Option, in whole or in part, prior to the date of exercise of the Option. 

        9.    Acceleration of Exercisability of Option.    In the event that, prior to the termination of the Option pursuant
to Section 6 hereof, and during the Optionee's Continuous Service, there is a Change in Control, all unvested shares under the Option will immediately vest and the Optionee shall have the right
to exercise the Option at or prior to the closing of the Change in Control transaction. In the event that the Optionee chooses not to exercise the Option at or prior to the Change in Control
transaction, the Option will be accorded the same treatment as other outstanding vested options under the Plan are accorded under the terms of the Change in Control transaction. 

        10.    No Right to Continued Employment or Service.    Neither the Option nor this Agreement shall confer upon the
Optionee any right to continued employment or service with the Company or any Related Entity. 

        11.    Law Governing.    This Agreement shall be governed in accordance with and governed by the internal laws of the
State of Delaware. 

        12.    Interpretation / Provisions of Plan Control.    This Agreement is subject to all the terms, conditions and
provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the Committee as may be in
effect from time to time. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall
be deemed to be modified accordingly. The Optionee accepts the Option subject to all of the terms and provisions of the Plan and this Agreement. The undersigned Optionee hereby accepts as binding,
conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan and this Agreement. 

        13.    Notices.    Any notice under this Agreement shall be in writing and shall be deemed to have been duly given
when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company's Secretary at 27 Drydock Avenue,
Boston, MA 02110, or if the Company should move its principal office, to such principal office, and, in the case of the Optionee, to the Optionee's last permanent address as shown on the Company's
records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section. 

        14.    Counterparts.    This Agreement may be executed in two or more separate counterparts, each of which shall be an
original, and all of which together shall constitute one and the same agreement. 

        IN
WITNESS WHEREOF SatCon Technology Corporation has hereunto set its hand and seal as of the 19th day of April, 2010. 

 

 

					
	SATCON TECHNOLOGY CORPORATION	 	 
	
 By:	
 	
/s/ CHARLES S. RHOADES

 	
 	

 
	

OPTIONEE'S ACKNOWLEDGEMENT	
 	

 

 

         The
Optionee acknowledges receipt of a copy of the Plan and represents that he or she has reviewed the provisions of the Plan and this Option Agreement in their entirety, is familiar
with and understands their terms and provisions, and hereby accepts this Option subject to all of the terms and 

provisions
of the Plan and the Option Agreement. The Optionee further represents that he or she has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement. 

 

 

					
	Dated:	 	April 28, 2010

 	 	 

 

 

 

					
	 	 	 OPTIONEE:
	

 	
 	
By:	
 	
/s/ DONALD R. PECK

 
	 	 	Name: Donald R. Peck

 

 

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EXHIBIT 10.56

SATCON TECHNOLOGY CORPORATION NON-QUALIFIED STOCK OPTION AGREEMENTexhibit10_1.htm

Exhibit 10.1

FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF ACADIAN GAS, LLC

 

 

This FIRST AMENDMENT (this “Amendment”) to the Second Amended and Restated Limited Liability Company Agreement of Acadian Gas, LLC dated as of June 1, 2010 (the “LLC Agreement”) by and between Enterprise Products Operating LLC, a Texas limited liability company (“Enterprise Products LLC”), and DEP Operating Partnership, L.P., a Delaware limited partnership (“DEP OLP”), is made and entered into effective as of March 15, 2011, pursuant to the terms of the LLC Agreement and in accordance with Section 15.04 thereof.

 

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Enterprise Products LLC and DEP OLP hereby agree as follows:

 

Section 1.  AMENDMENT.  Section 4.02(b) of the LLC Agreement is hereby amended and restated to read, in its entirety, as follows:

 

(b)       The Board of Directors shall provide written notice to the Members of the initial date contributions are due (which date shall be from time to time as is reasonably necessary in order for the Company to meet its payment obligations), the aggregate amount of the Capital Contribution required and each Member’s share thereof, and setting forth in reasonable detail the proposed Expansion Project and Expansion Costs associated therewith.  Each Member shall advise the Board of Directors in writing within five Business Days whether it elects to make an Expansion Capital Contribution.

 

Section 2.  RATIFICATION OF LLC AGREEMENT.  Except as expressly modified and amended herein, all of the terms and conditions of the LLC Agreement shall remain in full force and effect.

 

Section 3.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

 

(Signature Page Follows)

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

 

	  	
ENTERPRISE PRODUCTS OPERATING LLC

By:          Enterprise Products OLPGP, Inc.,

 its managing member

 

By:          /s/ W. Randall Fowler                                                              

W. Randall Fowler

Executive Vice President and Chief Financial Officer

 

	  	
DEP OPERATING PARTNERSHIP, L.P.

By:           DEP OLPGP, LLC,

 its general partner

 

By:           /s/ Bryan F. Bulawa                                                                   

Bryan F. Bulawa

Vice President and Treasurer

 

 

 

 

 

 

 

 

 

 

 

Signature Page to First Amendment to LLC Agreement

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