Document:

Exhibit 10.1

 

TERMINATION OF
COLLABORATIVE COMMERCIALIZATION AND LICENSE AGREEMENT

 

This Termination of Collaborative
Commercialization and License Agreement (this “Termination Agreement”) is
entered into effective as of the last date set forth in the signatures below
(the “Effective Date”) by and between General Electric Company, new York
corporation (“hereinafter GE”) and Catalytica Energy Systems, Inc., a
Delaware corporation (“hereinafter CESI”), hereinafter referred to as Party or
parties, respectively.

 

WHEREAS, the Parties and Genxon Power
Systems, LLC, a Delaware limited liability company (“GPS”) entered into a
Collaborative Commercialization and License Agreement dated November 29,
1998 (the “Original Agreement); and

 

WHEREAS, the Parties and GPS entered into an
Amendment No. 1 to the Original Agreement as of January 3, 2002 (such
Amendment No.1 together with the Original Agreement is hereinafter referred to
as the “Agreement”); and

 

WHEREAS, CESI acquired the right of GPS under
the Agreement; and

 

WHEREAS, GE has elected not to continue the
pursuit of the Small Gas Turbine Market Segment under the Agreement; and

 

WHEREAS, the Parties desire to formally
terminate the Agreement and all rights and obligations of the Parties
thereunder, except as expressly provide herein;

 

NOW, THEREFORE, the Parties hereby agree as
follows:

 

1. The Agreement is hereby terminated as of
the Effective Date. Effective as of the Effective Date, each of the Parties is
released and forever discharged from any and all rights and obligations under
the Agreement, except as to the following provisions which shall survive and
continue in effect to the extent applicable in accordance with the Agreement:

 

(1)                                  Confidentiality
obligations of the Parties (Article 10),

 

(2)                                  Jointly Owned Technology
(Article 12.2) as identified in Exhibit 1, attached and incorporated
herewith by reference. The Parties acknowledge and agree that due to the length
of time since the development of the Jointly Owned Technology identified in Exhibit 1,
neither Party is obligated to participate or otherwise support any technology
transfer activities to the other Party, and each Party shall be responsible for
the compilation and any further development of the Jointly Owned Technology
identified in Exhibit 1.

 

2. In addition, the Parties agree to review
and identify CESI patents applicable solely to the Small Gas Turbine Market
Segment using GE manufactured Gas Turbines but only to the extent such patents
do not relate to the Xonon Combustion System or the 

 

 

Xonon Control Algorithm(s), (the “ Field of Use”) and CESI agrees to
grant “as is” non-exclusive, royalty-free, worldwide, irrevocable rights to GE
to make, use, sell, offer for sale, and import products and to practice methods
covered by such CESI patents solely in the Field of Use. The Parties further
agree that if such patents are not identified by March 31, 2006, then it
shall be conclusively presumed that there shall be no such patents.

 

3. All terms not otherwise defined herein
shall have the meanings set forth in the Agreement.

 

4. This Termination Agreement may be
executed in counterparts and by facsimile signatures.

 

The Parties have caused this Termination Agreement to be signed by
their duly authorized representatives effective as of the Effective Date.

 

 

	
  Catalytica Energy Systems, Inc

  	
  General Electric Company

  
	
   

  	
   

  
	
  By:

  	
  /s/ Rob Zack

  	
   

  	
  By:

  	
  /s/ Luciano J. Cerone

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Rob Zack

  	
  Name:

  	
  Luciano J. Cerone

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  President and CEO

  	
  Title:

  	
  Vice President, Advance

  
	
   

  	
   

  	
  Technology Operations

  
	
  Date:

  	
    March 13, 2006  

  	
   

  	
  Date:

  	
    March 10, 2006

  	
   

  

 

2

 

Exhibit 1 to

Termination Agreement between
GE and CESI

 

Identification of Jointly Owned
Technology

 

The following is the list of technology jointly developed and recognized
by the Parties as Jointly Owned Technology (Article 12.2).

 

(1)                                  GT
Turbulent Premixer -  new gas turbine
premixer configurations and designs based on mutual discussions and data shared
between GE and CESI during the term of the Agreement.

 

(2)                                  Catalyst
Thermal Free Assembly – New seals, struts and casing configurations designed for
the integration of the XONON Module into the GE gas turbine combustor based on
GE technical input and testing but specifically excluding any XONON Module
technologies.

 

3Exhibit 10.19

 

CENTRAL
PACIFIC FINANCIAL CORP.

LONG-TERM
EXECUTIVE INCENTIVE PLAN

 

(Effective
January 1, 2005)

 

 

CENTRAL PACIFIC FINANCIAL CORP.

LONG-TERM EXECUTIVE INCENTIVE PLAN

 

Article 1.               Establishment, Objectives, and
Effective Date.

 

1.1           Establishment of the Plan. Central
Pacific Financial Corp., a Hawaii corporation, (“CPF”) hereby establishes an
incentive compensation plan to be known as the “Central Pacific Financial Corp.
Long-Term Executive Incentive Plan” (the “Plan”).

 

1.2           Objectives of the Plan. The
objectives of the Plan are to optimize the profitability and growth of CPF and
its Subsidiaries through incentives to eligible employees that are consistent
with CPF’s long-term financial goals.

 

1.3           Effective Date. The Plan is
effective as of January 1, 2005 (the “Effective Date”). The Plan shall remain
in effect, subject to the right of the Compensation Committee of the Board of
Directors to amend or terminate the Plan at any time pursuant to Article 11
hereof, until January 1, 2015.

 

Article 2.               Definitions.

 

Whenever used in the Plan, the
following capitalized terms shall have the meanings set forth below:

 

2.1           “Award Agreement” means an agreement
or document setting forth the terms and conditions applicable to a specific
Contingent Award granted under the Plan.

 

2.2           “Base Salary” means the annual base
salary (excluding any bonus, commission payments, or other extra cash
compensation) paid to the Participant as of a designated date. For example,
a Participant who is paid a monthly salary of $10,000 as of the designated date
shall be determined to have an annualized Base Salary of $120,000.

 

2.3           “Board of Directors” or “Board” means
the Board of Directors of CPF.

 

2.4           “Change in Control Event” is defined
by reference to Internal Revenue Service Notice 2005-1, Q&A-11 through
Q&A-14.

 

2.5           “Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

2.6           “Committee” means the Compensation
Committee of the Board of Directors of CPF.

 

2.7           “Contingent Award” or “Award” means
an award that is granted to a Participant contingent on the achievement of
designated performance goals.

 

2.8           “Disability” is defined by reference
to the definition of “disabled” in Section 409A(a)(2)(C) of the Code.

 

 

2.9           “Eligible Employee” means any officer
or other employee of CPF or a Subsidiary who, in the opinion of the Committee,
is or gives promise of becoming of exceptional importance to CPF or a
Subsidiary, and of making substantial contributions to the success, growth, and
profit of CPF or a Subsidiary. Generally, the Committee shall consider as
Eligible Employees only full-time active employees of CPF or a Subsidiary who
have achieved the title of Vice President or above. No member of the Board of
Directors who is not also an employee of CPF or a Subsidiary may be an Eligible
Employee.

 

2.10         “Final Award” means the award
ultimately paid to a Participant based on the Committee’s determination
following the Performance Period under Article 6.

 

2.11         “Named Executive Officer” means a
Participant who, as of the date of payout of an Award is one of the group of “covered
employees” as defined under Section 162(m) of the Code and regulations
thereunder.

 

2.12         “Participant” means an employee of the
Company or a Subsidiary that the Committee, in its sole discretion, selects
from among the Eligible Employees to be granted a Contingent Award.

 

2.13         “Performance-Based Exception” means the
performance-based exception from the tax deduction limitations of Section
162(m) of the Code.

 

2.14         “Performance Period”, with respect to
any Award, means a three consecutive Plan Year period designated by the
Committee.

 

2.15         “Plan” means the Central Pacific
Financial Corp. Long-Term Executive Incentive Plan as set forth in this
document, including all amendments hereto.

 

2.16         “Plan Year” means CPF’s fiscal year,
unless otherwise determined by the Committee.

 

2.17         “Subsidiary” means any corporation in
which CPF or any Subsidiary (as defined hereby) owns 50 percent or more of
the total combined voting power of all classes of stock.

 

Article 3.               Administration.

 

3.1           The Committee. The Plan shall
be administered by the Committee. Except as limited by law or by the articles
of incorporation or bylaws of CPF, and subject to the provisions herein, the
Committee shall have full discretionary power and authority to interpret and
administer the Plan, including the power and authority to: identify and
designate Eligible Employees and Participants under the Plan; determine the
size of Awards; determine the terms and conditions of Awards in a manner consistent
with the Plan; construe and interpret the Plan and any Award Agreement or any
other agreement or instrument entered into under the Plan; establish, amend, or
waive rules and regulations for the Plan’s administration; amend the terms and
conditions of any outstanding Award or Award Agreement to the extent such terms
and conditions are within the discretion of the Committee as provided in the
Plan; and amend, modify, or terminate the Plan in the manner described in
Article 11. As permitted by law, the Committee may delegate its authority as
identified herein.

 

2

 

3.2           Decisions Binding. All
determinations and decisions made by the Committee pursuant to the provisions
of the Plan and all related orders and resolutions of the Committee shall be
final, conclusive, and binding on all persons, including CPF and its
Subsidiaries, their shareholders, directors, and employees, and the Eligible
Employees, Participants, and their estates and beneficiaries.

 

Article 4.               Eligibility and Participation.

 

4.1           Initial Eligibility. The
Committee may, from time to time and at its sole discretion, designate the
Eligible Employees who shall be Participants. In deciding whom to designate as
a Participant, the Committee may consult with senior management executives of
CPF to the extent deemed appropriate by the Committee.

 

4.2           Participation for Less Than Full
Performance Period. An Eligible Employee who becomes a Participant
effective at any time after the commencement of a Performance Period shall be
eligible to receive a pro rata Contingent Award as determined by the Committee
in its discretion. Except as otherwise decided by the Committee, a Participant
who is demoted from the original position held when the Contingent Award was
granted shall forfeit the Participant’s right to the Contingent Award granted
to the Participant.

 

Article 5.               Contingent Awards.

 

5.1           Grant. The Committee may, from
time to time and at its sole discretion, make a grant of a Contingent Award to
a Participant. The Contingent Award for any Participant shall be for an amount
or range of amounts (expressed either in dollars or as percentages of Base
Salary). The Committee shall cause an Award Agreement to be given to each
Participant setting forth the terms and conditions of the Contingent Award. If
the Committee determines that it is advisable to grant Awards to Named
Executive Officers that do not qualify for the Performance-Based Exception, the
Committee may make such grants without satisfying the requirements of Section
162(m) of the Code.

 

5.2           Determination of Amount of Awards.
Within the first 90 days of a Performance Period, the Committee shall
select one or more performance criteria, the appropriate performance goals for
the performance criteria, and the amount of the Contingent Award payable to the
Participant if the goals are met. Performance criteria may be used singularly
or in combination, as the Committee determines in its discretion. The Committee’s
selection of the performance criteria and goals shall be set forth in writing.

 

5.3           Performance Criteria. The
Committee may choose from among the following performance criteria:

 

•                                          Earnings per
share (actual or targeted growth);

 

•                                          Net income
after capital costs;

 

•                                          Net income
(before or after taxes);

 

3

 

•                                          Return
measures (including, but not limited to, return on assets, risk-adjusted return
on capital, or return on equity);

 

•                                          Credit
quality measures;

 

•                                          Efficiency
Ratio;

 

•                                          Full-time
equivalency control;

 

•                                          Stock price
(including, but not limited to, growth measures and total shareholder return);

 

•                                          Non-interest
income compared to net interest income ratio;

 

•                                          Expense
targets;

 

•                                          Margins;

 

•                                          Operating
efficiency;

 

•                                          EVA®

 

•                                          Customer
satisfaction;

 

•                                          Loan growth;

 

•                                          Deposit
growth;

 

•                                          Net interest
margin;

 

•                                          Fee income;

 

•                                          Operating
expense; and

 

•                                          Credit
Quality.

 

In addition to the foregoing, the Committee may
consider the following individual unit/production performance measure: cost per
dollar loan growth; cost per dollar deposit growth; revenue per personnel;
operating expense to group budget; service levels (groups); and personal
performance.

 

5.4           Value. A Contingent Award
shall be of no immediate and certain value, but rather the amount payable to a
Participant with respect to a Contingent Award for any given Performance Period
shall be the Final Award as determined under Article 6.

 

4

 

Article 6.               Determination and Payment of
Final Awards.

 

6.1           Determination of Final Awards.
After the applicable Performance Period has ended, the Committee shall certify
in writing that the performance goals and any other contingencies on which the
Contingent Awards are based have been met or satisfied for the Performance Period.
The Committee may not increase any Final Award above the maximum Contingent
Award, but the Committee may reduce the Final Award or eliminate the Award
entirely (for any reason or for no reason).

 

6.2           Maximum Awards. Notwithstanding
any other provision of the Plan, the maximum aggregate payout with respect to a
Contingent Award granted in any one Plan Year to any one Participant shall be
$2,000,000.

 

6.3           Vesting. Subject to Article 7,
a Participant shall not be entitled to a payment of a Final Award unless the
Participant is employed in good standing by CPF or a Subsidiary throughout the
Performance Period and the period ending on the date of the payment of the
Final Award or such other date as may be specified in the Award Agreement. The
Final Award shall constitute compensation that is earned and vested as of the
date of payment of such Final Award.

 

6.4           Payment. Payment of a Final
Award shall be made in a single lump sum cash payment as soon as practicable
following the close of the applicable Performance Period and the determination
of the Final Award, but no later than 21⁄2 months following the close of the Plan
Year in which the Final Award is vested. Payment of a prorated Award pursuant
to Article 7 shall be paid at the same time as the payment of a Final Award,
except for death benefits, which shall be paid in accordance with Article 8. Payment
of Awards following a Change-in-Control Event shall be paid in accordance with
Article 10.

 

Article 7.               Termination of Employment.

 

7.1           Termination of Employment Due to
Death or Disability. If a Participant separates from service with the
Company and its Subsidiaries because of death or Disability before the
determination and payment of the Final Award, the Committee, in its sole
discretion, shall determine whether the Participant is entitled to the payout
of any Final Award and, if so, shall also determine the manner in which any
Final Award shall be prorated.

 

7.2           Termination of Employment for
Other Reasons. Unless determined otherwise by the Committee and set forth
in the Participant’s Award Agreement, if a Participant separates from service
with the Company and its Subsidiaries before the determination and payment of
the Final Award for any reason other than death or Disability, the Participant
shall not be entitled to any Final Award for the Performance Period.

 

Article 8.               Beneficiary Designation and
Payment of Death Benefits.

 

Each Participant may name a
beneficiary or beneficiaries (who may be named contingently or successively) to
whom an Award under the Plan is to be paid in the event of the Participant’s
death before the Final Award has been paid. Each such designation shall revoke
all prior designations by the same Participant, shall be in a form prescribed
by CPF, and shall be effective only when filed by the Participant in writing
with CPF during the Participant’s lifetime. In the absence of any such
designation, a Final Award remaining unpaid at the Participant’s death shall be
paid to the Participant’s surviving spouse or, if none, to the Participant’s estate.

 

5

 

Any Final Award payable because of the death of the Participant shall
be paid within 21⁄2 months after the close of the Plan Year in which the
Participant dies.

 

Article 9.               Rights of Employees.

 

9.1           Employment. Nothing in the
Plan shall interfere with or limit in any way the right of CPF or a Subsidiary
to terminate any Participant’s employment at any time, nor confer upon any
Participant the right to continue in the employ of CPF or a Subsidiary.

 

9.2           Participation. No Employee
shall have the right to be selected to receive an Award under this Plan or,
having been so selected, to be selected to receive a future Award.

 

9.3           Nontransferability. No Award
shall be sold, assigned, transferred, encumbered, hypothecated, or otherwise
anticipated by a Participant and, during the lifetime of a Participant, any
payment shall be payable only to the Participant.

 

Article
10.            Change-in-Control Event.

 

10.1         Treatment of Outstanding Awards.
Notwithstanding any other provision of the Plan to the contrary, if there is a
Change-in-Control Event, the Performance Period shall be deemed to have ended
as of the date of the Change in Control Event, each outstanding Award shall be
deemed to have been earned and vested as of such date, and each Participant
with an outstanding Award shall be paid a Final Award in an amount equal to the
maximum Contingent Award. The Final Award under this Article 10 shall be paid
to such Participant (or, in the event of the Participant’s death, to the
Participant’s designated beneficiary) within 30 days of a determination by the
Committee that there has been a Change in Control Event.

 

10.2         Termination, Amendment, and
Modifications of Change in Control Provisions. Notwithstanding any other
provision of the Plan or an Award Agreement, the provisions of this Article 10
may not be terminated, amended, or modified on or after the date of a
Change-in-Control Event to affect adversely any Award previously granted to a
Participant under the Plan without the prior written consent of the Participant.
However, the Committee may terminate, amend, or modify this Article 10 at any
time and from time to time prior to the date of a Change-in-Control Event.

 

Article
11.            Amendment, Modification,
and Termination.

 

11.1         Amendment, Modification, and
Termination. Subject to Section 10.2, the Committee may at any time
terminate, amend, modify, or suspend this Plan.

 

11.2         Compliance with Code Section 162(m).
Except as otherwise provided in Section 5.1 and this Section 11.2, at all times
when Section 162(m) of the Code is applicable, all Awards granted under this
Plan shall comply with the requirements of Section 162(m). However, in the
event the Committee determines that such compliance is not desired with respect
to the initial grant of any Award under the Plan, then compliance with Section
162(m) shall not apply and be required for such Award. In addition, in the
event that changes are made to Section 162(m) of the Code that would permit
greater flexibility with respect to any Award granted under the Plan, the
Committee may make any adjustments it deems appropriate.

 

6

 

Article
12.            Withholding.

 

CPF shall have the power and
right to deduct, withhold, or require a Participant to remit to CPF an amount
sufficient to satisfy any federal or state taxes required by law or regulation
to be withheld with respect to any taxable event arising as a result of this
Plan.

 

Article
13.            Indemnification.

 

CPF shall indemnify the members
of the Committee and the Board of Directors from and against any and all loss,
liability, and expense arising from any claim, action, suit, or proceeding to
which the member may be involved by reason of any action taken or failure to
act under the Plan, provided the member shall give CPF an opportunity, at its
own expense, to handle and defend the same before the member undertakes to
handle and defend it on the member’s own behalf. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification
to which such members may be entitled under CPF’s articles of incorporation or
bylaws, as a matter of law, or otherwise.

 

Article
14.            Successors.

 

All obligations of CPF under
the Plan with respect to Awards granted hereunder shall be binding on any
successor to CPF, whether the existence of such successor is the result of a
direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business or assets of CPF.

 

Article
15.            Legal Construction.

 

15.1         Gender and Number. Except where
otherwise indicated by the context, any masculine term used herein also shall
include the feminine; the plural shall include the singular, and the singular
shall include the plural.

 

15.2         Severability. In the event any
provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and
the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.

 

15.3         Requirements of Law. The
granting of Contingent Awards and the payment of Final Awards under the Plan
shall be subject to all applicable laws, rules, and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may
be required.

 

15.4         Governing Law. To the extent not
preempted by federal law, the Plan, and all agreements hereunder, shall be
construed in accordance with and governed by the laws of the State of Hawaii.

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]