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Exhibit 10.15  

 
 

INCENTIVE STOCK OPTION AGREEMENT    
    
    ENERNOC, INC.    
    

        AGREEMENT made as of the    day
of            200            , between EnerNOC, Inc. (the "Company"), a Delaware corporation and
                        , an employee of the Company (the "Employee"). 

        WHEREAS,
the Company desires to grant to the Employee an Option to purchase shares of its common stock, $.001 par value per share (the "Shares"), under and for the purposes set forth in
the Company's 2007 Employee, Director and Consultant Stock Plan (the "Plan"); 

        WHEREAS,
the Company and the Employee understand and agree that any terms used and not defined herein have the same meanings as in the Plan; and 

        WHEREAS,
the Company and the Employee each intend that the Option granted herein qualify as an ISO. 

        NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows: 

        1.    GRANT OF OPTION.    

        The
Company hereby grants to the Employee the right and option to purchase all or any part of an aggregate
of                        Shares, on the terms and conditions and subject to all the
limitations set forth herein,
under United States securities and tax laws, and in the Plan, which is incorporated herein by reference. The Employee acknowledges receipt of a copy of the Plan. 

        2.    PURCHASE PRICE.    

        The
purchase price of the Shares covered by the Option shall be $            per Share, subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock
split or other events affecting the holders of Shares after the date hereof (the "Purchase Price"). Payment shall be made in accordance with Paragraph 9 of the Plan. 

        3.    EXERCISABILITY OF OPTION.    

        Subject
to the terms and conditions set forth in this Agreement and the Plan, the Option granted hereby shall become exercisable as follows: 

	On the first anniversary of the date of this Agreement	 	up to                        Shares
	

On the second anniversary of the date of this Agreement	
 	

an additional                          Shares
	

On the third anniversary of the date of this Agreement	
 	

an additional                        Shares
	

On the fourth anniversary of the date of this Agreement	
 	

an additional                        Shares

        The
foregoing rights are cumulative and are subject to the other terms and conditions of this Agreement and the Plan. 

        [Notwithstanding
the foregoing, in the event of a Change of Control (as defined below),    % of the Shares which would have vested in each vesting installment
remaining under this Option will
be vested for purposes of Section 24(B) of the Plan unless this Option has otherwise expired or been terminated pursuant to its terms or the terms of the Plan. 

        Change of Control means the occurrence of any of the following events: 

        (i)    Ownership.    Any "Person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended) becomes the "Beneficial Owner" (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% 

 

or
more of the total voting power represented by the Company's then outstanding voting securities (excluding for this purpose the Company or its Affiliates or any employee benefit plan of the Company)
pursuant to a transaction or a series of related transactions which the Board of Directors does not approve; or 

        (ii)    Merger/Sale of Assets.    A merger or consolidation of the Company whether or not approved by the Board of
Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least 50% of the total voting power represented by the voting securities of the
Company or such surviving entity or parent of such corporation outstanding immediately after such merger or consolidation, or the stockholders of the Company approve an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets; or 

        (iii)    Change in Board Composition.    A change in the composition of the Board of Directors, as a result of which
fewer than a majority of the directors are Incumbent Directors. "Incumbent Directors" shall mean directors who either (A) are directors of the Company as of [insert grant
date], or (B) are elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the Incumbent Directors at the time of such
election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the
Company).] 

        4.    TERM OF OPTION.    

        This
Option shall terminate ten years from the date of this Agreement or, if the Employee owns as of the date hereof more than 10% of the total combined voting power of all classes of
capital stock of the Company or an Affiliate, five years from the date of this Agreement, but shall be subject to earlier termination as provided herein or in the Plan. 

        If
the Employee ceases to be an employee of the Company or of an Affiliate (for any reason other than the death or Disability of the Employee or termination of the Employee's employment
for "cause"), the Option may be exercised, if it has not previously terminated, within three months after the date the Employee ceases to be an employee of the Company or an Affiliate, or within the
originally prescribed term of the Option, whichever is earlier, but may not be exercised thereafter except as set forth below. In such event, the Option shall be exercisable only to the extent that
the Option has become exercisable and is in effect at the date of such cessation of employment. 

        If
the Employee ceases to be an employee of the Company or of an Affiliate but continues after termination of employment to provide service to the Company or an Affiliate as a
consultant, this Option shall continue to vest in accordance with Section 3 above as if this Option had not terminated until the Employee is no longer providing services to the Company. In such
case, this Option shall automatically convert and be deemed a Non-Qualified Option as of the date that is three months from termination of the Employee's employment and this Option shall
continue on the same terms and conditions set forth herein until such Employee is no longer providing service to the Company or an Affiliate. 

        Notwithstanding
the foregoing, in the event of the Employee's Disability or death within three months after the termination of employment, the Employee or the Employee's Survivors may
exercise the Option within one year after the date of the Employee's termination of employment, but in no event after the date of expiration of the term of the Option. 

        In
the event the Employee's employment is terminated by the Employee's employer for "cause", the Employee's right to exercise any unexercised portion of this Option shall cease
immediately as of the time the Employee is notified his or her employment is terminated for "cause," and this Option 

2

 

shall
thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent to the Employee's termination as an employee, but prior to the exercise of the Option, the Board of Directors
of the Company determines that, either prior or subsequent to the Employee's termination, the Employee engaged in conduct which would constitute "cause," then the Employee shall immediately cease to
have any right to exercise the Option and this Option shall thereupon terminate. 

        In
the event of the Disability of the Employee, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Employee's termination of employment
or, if earlier, within the term originally prescribed by the Option. In such event, the Option shall be exercisable: 

        (a)   to
the extent that the Option has become exercisable but has not been exercised as of the date of Disability; and 

        (b)   in
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of Disability of any additional vesting rights that
would have accrued on the next vesting date had the Employee not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of
Disability. 

        In
the event of the death of the Employee while an employee of the Company or of an Affiliate, the Option shall be exercisable by the Employee's Survivors within one year after the date
of death of the Employee or, if earlier, within the originally prescribed term of the Option. In such event, the Option shall be exercisable: 

        (x)   to
the extent that the Option has become exercisable but has not been exercised as of the date of death; and 

        (y)   in
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that would
have accrued on the next vesting date had the Employee not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Employee's date of death. 

        5.    METHOD OF EXERCISING OPTION.    

        Subject
to the terms and conditions of this Agreement, the Option may be exercised by written notice to the Company or its designee, in substantially the form of  Exhibit A attached hereto. Such notice
shall state the number of Shares with respect to which the Option is being exercised and shall be signed
by the person exercising the Option. Payment of the purchase price for such Shares shall be made in accordance with Paragraph 9 of the Plan. The Company shall deliver such Shares as soon as
practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company
deems necessary under any applicable law (including, without limitation, state securities or "blue sky" laws). The Shares as to which the Option shall have been so exercised shall be registered in the
Company's share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Employee and if the Employee shall so request in the notice exercising the
Option, shall be registered in the name of the Employee and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written order of the person
exercising the Option. In the
event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Employee, such notice shall be accompanied by appropriate proof of the right of such person to
exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable. 

        6.    PARTIAL EXERCISE.    

        Exercise
of this Option to the extent above stated may be made in part at any time and from time to time within the above limits, except that no fractional share shall be issued pursuant
to this Option. 

3

 

        7.    NON-ASSIGNABILITY.    

        The
Option shall not be transferable by the Employee otherwise than by will or by the laws of descent and distribution. The Option shall be exercisable, during the Employee's lifetime,
only by the Employee (or, in the event of legal incapacity or incompetency, by the Employee's guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether by
operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of
any rights granted hereunder contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the Option shall be null and void. 

        8.    NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.    

        The
Employee shall have no rights as a stockholder with respect to Shares subject to this Agreement until registration of the Shares in the Company's share register in the name of the
Employee. Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the
record date is prior to the date of such registration. 

        9.    ADJUSTMENTS.    

        The
Plan contains provisions covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect to stock
subject to Options
and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference. [; provided, however,
that in the event of a Change of Control (as defined in Section 3 above)            % of the Shares which would have vested in each vesting installment remaining under this Option will
be
vested for purposes of Section 24(B) of the Plan.] 

        10.    TAXES.    

        The
Employee acknowledges that any income or other taxes due from him or her with respect to this Option or the Shares issuable pursuant to this Option shall be the Employee's
responsibility. 

        In
the event of a Disqualifying Disposition (as defined in Section 15 below) or if the Option is converted into a Non-Qualified Option and such
Non-Qualified Option is exercised, the Company may withhold from the Employee's remuneration, if any, the minimum statutory amount of federal, state and local withholding taxes
attributable to such amount that is considered compensation includable in such person's gross income. At the Company's discretion, the amount required to be withheld may be withheld in cash from such
remuneration, or in kind from the Shares otherwise deliverable to the Employee on exercise of the Option. The Employee further agrees that, if the Company does not withhold an amount from the
Employee's remuneration sufficient to satisfy the Company's income tax withholding obligation, the Employee will reimburse the Company on demand, in cash, for the amount under-withheld. 

        11.    PURCHASE FOR INVESTMENT.    

        Unless
the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under the Securities Act of 1933, as now in
force or hereafter amended (the "1933 Act"), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled: 

        (a)   The
person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such person(s) are acquiring such Shares for their own respective
accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the
provisions of the 

4

 

following
legend which shall be endorsed upon the certificate(s) evidencing the Shares issued pursuant to such exercise: 

"The
shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a
Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to
it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;" and 

        (b)   If
the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the
1933 Act without registration thereunder. Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent,
which the Company deems necessary under any applicable law (including without limitation state securities or "blue sky" laws). 

        12.    RESTRICTIONS ON TRANSFER OF SHARES.    

        12.1 The
Employee agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such Employee is requested by the Company
and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and will
not transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her during such
period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply with
Marketplace Rule 2711 of the National Association of Securities Dealers, Inc. or similar rules thereto (such period, the "Lock-Up Period"). Such agreement shall be in writing
and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions. Notwithstanding whether the Employee has signed
such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of
the Lock-Up Period. 

        12.2 The
Employee acknowledges and agrees that neither the Company, its shareholders nor its directors and officers, has any duty or obligation to disclose to the Employee
any material information regarding the business of the Company or affecting the value of the Shares before, at the time of, or following a termination of the employment of the Employee by the Company,
including, without limitation, any information concerning plans for the Company to make a public offering of its securities or to be acquired by or merged with or into another firm or entity. 

        13.    NO OBLIGATION TO EMPLOY.    

        The
Company is not by the Plan or this Option obligated to continue the Employee as an employee of the Company or an Affiliate. The Employee acknowledges: (i) that the Plan is
discretionary in nature and may be suspended or terminated by the Company at any time; (ii) that the grant of the Option is a one-time benefit which does not create any contractual
or other right to receive future grants of options, or benefits in lieu of options; (iii) that all determinations with respect to any such future grants, including, but not limited to, the
times when options shall be granted, the number of shares subject to each option, the option price, and the time or times when each option shall be exercisable, will be at the sole discretion of the
Company; (iv) that the Employee's participation in the Plan is voluntary; (v) that the value of the Option is an extraordinary item of compensation which is outside the scope of the
Employee's employment contract, if any; and (vi) that the Option is not part of normal or expected compensation for purposes of calculating any severance, 

5

 

resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

        14.    OPTION IS INTENDED TO BE AN ISO.    

        The
parties each intend that the Option be an ISO so that the Employee (or the Employee's Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet
the standards of Section 422 of the Code. Any provision of this Agreement or the Plan which conflicts with the Code so that this Option would not be deemed an ISO is null and void and any
ambiguities shall be resolved so that the Option qualifies as an ISO. Nonetheless, if the Option is determined not to be an ISO, the Employee understands that neither the Company nor any Affiliate is
responsible to compensate him or her or otherwise make up for the treatment of the Option as a Non-Qualified Option and not as an ISO. The Employee should consult with the Employee's own
tax advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable tax treatment under Section 422 of the Code, including, but not limited to, holding
period requirements. 

        Notwithstanding
the foregoing, to the extent that the Option is not deemed to be an ISO pursuant to Section 422(d) of the Code because the aggregate fair market value (determined
as of the date hereof) of any of the Shares with respect to which this ISO is granted becomes exercisable for the first time during any calendar year in excess of $100,000, the portion of the Option
representing such excess value shall be treated as a Non-Qualified Option and the Employee shall be deemed to have taxable income measured by the difference between the then fair market
value of the Shares received upon exercise and the price paid for such Shares pursuant to this Agreement. 

        15.    NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.    

        The
Employee agrees to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any of the Shares acquired pursuant to the exercise of the
Option. A
Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition (including any sale) of such Shares before the later of (a) two years after the date the
Employee was granted the Option or (b) one year after the date the Employee acquired Shares by exercising the Option, except as otherwise provided in Section 424(c) of the Code. If the
Employee has died before the Shares are sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

        16.    NOTICES.    

        Any
notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return receipt
requested, addressed as follows: 

	 	 	If to the Company:	 	 	 	 
	 	 	 	 	EnerNOC, Inc.

Attn: Chief Financial Officer 75 Federal Street, Suite 300

Boston, MA 02110	 	 
	

 	
 	

If to the Employee:	
 	

 	
 	

 
	 	 	 	 	 
 
 
	 	 

6

 

or
to such other address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given upon the earlier of receipt, one business day
following delivery to a recognized courier service or three business days following mailing by registered or certified mail. 

        17.    GOVERNING LAW.    

        This
Agreement shall be construed and enforced in accordance with the law of the State of Delaware, without giving effect to the conflict of law principles thereof. For the purpose of
litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction in the State of Massachusetts and agree that such litigation shall be conducted in the
courts of Suffolk County, Massachusetts or the federal courts of the United States for the District of Massachusetts. 

        18.    BENEFIT OF AGREEMENT.    

        Subject
to the provisions of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties hereto. 

        19.    ENTIRE AGREEMENT.    

        This
Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or
be used to interpret, change or restrict, the express terms and provisions of this Agreement, provided, however, in any event, this Agreement shall be subject to and governed by the Plan. 

        20.    MODIFICATIONS AND AMENDMENTS.    

        The
terms and provisions of this Agreement may be modified or amended as provided in the Plan. 

        21.    WAIVERS AND CONSENTS.    

        Except
as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent. 

        22.    DATA PRIVACY.    

        By
entering into this Agreement, the Employee: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing
Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of
options and the administration of the Plan; (ii) waives any data privacy rights he or she may have with respect to such information; and (iii) authorizes the Company and each Affiliate
to store and transmit such information in electronic form. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

7

 

        IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Employee has hereunto set his or her hand, all as of the day and year
first above written. 

	 	 	ENERNOC, INC.
	

 	
 	

By:	
 	

 

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	

 
 Employee

8

   Exhibit A  

NOTICE OF EXERCISE OF INCENTIVE STOCK OPTION  

TO:    EnerNOC, Inc. 

IMPORTANT
NOTICE: This form of Notice of Exercise may only be used at such time as the Company has filed a Registration Statement with the Securities and Exchange Commission under which the issuance
of the Shares for which this exercise is being made is registered and such Registration Statement remains effective. 

Ladies
and Gentlemen: 

        I
hereby exercise my Incentive Stock Option to purchase                        shares (the "Shares") of the common stock, $.001 par
value, of EnerNOC, Inc. (the "Company"), at the
exercise price of $            per share, pursuant to and subject to the terms of that certain Incentive Stock Option Agreement between the undersigned and the Company
dated                        ,
200            . 

        I
understand the nature of the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax and legal advisors
about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and the purchase and subsequent sale of the Shares. 

        I
am paying the option exercise price for the Shares as follows: 

	 
	 	 
	 	 

	 	 	
	 	 

        Please
issue the Shares (check one): 

        o
to me; or 

        o to me
and                                         
       , as joint tenants with right of survivorship, 

        at the following address: 

	 
	 
	 	 

	 	
	 	 
	
 	

	
 	

 
	
 	

	
 	

 

A-1

 

        My
mailing address for shareholder communications, if different from the address listed above, is: 

	 
	 
	 	 

	 	
	 	 
	
 	

	
 	

 
	
 	

	
 	

 

	 
	 

	 	Very truly yours,
	

 	

 Employee (signature)
	

 	

 Print Name
	

 	

 Date
	

 	

 Social Security Number

A-2

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Exhibit 10.16  

 
 

NON-QUALIFIED STOCK OPTION AGREEMENT    
    
    ENERNOC, INC.    
    

        AGREEMENT made as of the    day
of                        200            , between EnerNOC, Inc.
(the "Company"), a Delaware corporation,
                        ,
and                        (the "Participant"). 

        WHEREAS,
the Company desires to grant to the Participant an Option to purchase shares of its common stock, $.001 par value per share (the "Shares"), under and for the purposes set forth
in the Company's 2007 Employee, Director and Consultant Stock Plan (the "Plan"); 

        WHEREAS,
the Company and the Participant understand and agree that any terms used and not defined herein have the same meanings as in the Plan; and 

        WHEREAS,
the Company and the Participant each intend that the Option granted herein shall be a Non-Qualified Option. 

        NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows: 

        1.    GRANT OF OPTION.    

        The
Company hereby grants to the Participant the right and option to purchase all or any part of an aggregate
of                        Shares, on the terms and conditions and subject to all
the limitations set forth herein,
under United States securities and tax laws, and in the Plan, which is incorporated herein by reference. The Participant acknowledges receipt of a copy of the Plan. 

        2.    PURCHASE PRICE.    

        The
purchase price of the Shares covered by the Option shall be $            per Share, subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock
split or other events affecting the holders of Shares after the date hereof (the "Purchase Price"). Payment shall be made in accordance with Paragraph 9 of the Plan. 

        3.    EXERCISABILITY OF OPTION.    

        Subject
to the terms and conditions set forth in this Agreement and the Plan, the Option granted hereby shall become exercisable as follows: 

	On the first anniversary of the date of this Agreement	 	up to                        Shares
	

On the second anniversary of the date of this Agreement	
 	

an additional                          Shares
	

On the third anniversary of the date of this Agreement	
 	

an additional                        Shares
	

On the fourth anniversary of the date of this Agreement	
 	

an additional                        Shares

        The
foregoing rights are cumulative and are subject to the other terms and conditions of this Agreement and the Plan. 

        [Notwithstanding
the foregoing, in the event of a Change of Control (as defined below),    % of the Shares which would have vested in each vesting installment
remaining under this Option will
be vested for purposes of Section 24(B) of the Plan unless this Option has otherwise expired or been terminated pursuant to its terms or the terms of the Plan. 

        Change of Control means the occurrence of any of the following events: 

        (i)    Ownership.    Any "Person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended) becomes the "Beneficial Owner" (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the
total voting power represented by the Company's then outstanding voting securities 

 

(excluding
for this purpose the Company or its Affiliates or any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board of Directors does
not approve; or 

        (ii)    Merger/Sale of Assets.    A merger or consolidation of the Company whether or not approved by the Board of
Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least 50% of the total voting power represented by the voting securities of the
Company or such surviving entity or parent of such corporation outstanding immediately after such merger or consolidation, or the stockholders of the Company approve an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets; or 

        (iii)    Change in Board Composition.    A change in the composition of the Board of Directors, as a result of which
fewer than a majority of the directors are Incumbent Directors. "Incumbent Directors" shall mean directors who either (A) are directors of the Company as of [insert grant
date], or (B) are elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the Incumbent Directors at the time of such
election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the
Company).] 

        4.    TERM OF OPTION.    

        This
Option shall terminate ten years from the date of this Agreement, but shall be subject to earlier termination as provided herein or in the Plan. 

        If
the Participant ceases to be an employee, director or consultant of the Company or of an Affiliate (for any reason other than the death or Disability of the Participant or termination
of the Participant for "cause", the Option may be exercised, if it has not previously terminated, within three months after the date the Participant ceases to be an employee, director or consultant of
the Company or an Affiliate, or within the originally prescribed term of the Option, whichever is earlier, but may not be exercised thereafter. In such event, the Option shall be exercisable only to
the extent that the Option has become exercisable and is in effect at the date of such cessation of service. 

        Notwithstanding
the foregoing, in the event of the Participant's Disability or death within three months after the termination of service, the Participant or the Participant's Survivors
may exercise the Option within one year after the date of the Participant's termination of service, but in no event after the date of expiration of the term of the Option. 

        In
the event the Participant's service is terminated by the Company or an Affiliate for "cause", the Participant's right to exercise any unexercised portion of this Option shall cease
immediately as of the time the Participant is notified his or her service is terminated for "cause," and this Option shall thereupon terminate. Notwithstanding anything herein to the contrary, if
subsequent to the Participant's termination, but prior to the exercise of the Option, the Board of Directors of the Company determines that, either prior or subsequent to the Participant's
termination, the Participant engaged in conduct which would constitute "cause," then the Participant shall immediately cease to have any right to exercise the Option and this Option shall thereupon
terminate. 

        In
the event of the Disability of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Participant's termination of
service or, if earlier, within the term originally prescribed by the Option. In such event, the Option shall be exercisable: 

        (a)   to
the extent that the Option has become exercisable but has not been exercised as of the date of Disability; and 

2

 

        (b)   in
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of Disability of any additional vesting rights that
would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of
Disability. 

        In
the event of the death of the Participant while an employee, director or consultant of the Company or of an Affiliate, the Option shall be exercisable by the Participant's Survivors
within one year after the date of death of the Participant or, if earlier, within the originally prescribed term of the Option. In such event, the Option shall be exercisable: 

        (x)   to
the extent that the Option has become exercisable but has not been exercised as of the date of death; and 

        (y)   in
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that would
have accrued on the next vesting date had the Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant's date of death. 

        5.    METHOD OF EXERCISING OPTION.    

        Subject
to the terms and conditions of this Agreement, the Option may be exercised by written notice to the Company or its designee, in substantially the form of  Exhibit A attached hereto. Such notice
shall state the number of Shares with respect to which the Option is being exercised and shall be signed
by the person exercising the Option. Payment of the purchase price for such Shares shall be made in accordance with Paragraph 9 of the Plan. The Company shall deliver such Shares as soon as
practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company
deems necessary under any applicable law (including, without limitation, state securities or "blue sky" laws). The Shares as to which the Option shall have been so exercised shall be registered in the
Company's share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the Participant shall so request in the notice exercising
the Option, shall be registered in the Company's share register in the name of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or
upon the written order of the person exercising the Option. In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Participant, such notice shall
be accompanied by appropriate proof of the right of such person to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and
nonassessable. 

        6.    PARTIAL EXERCISE.    

        Exercise
of this Option to the extent above stated may be made in part at any time and from time to time within the above limits, except that no fractional share shall be issued pursuant
to this Option. 

        7.    NON-ASSIGNABILITY.    

        The
Option shall not be transferable by the Participant otherwise than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined
by the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. Except as provided above in this paragraph, the Option shall be exercisable, during the Participant's
lifetime, only by the Participant (or, in the event of legal incapacity or incompetency, by the Participant's guardian or representative) and shall not be assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the
Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the Option shall be null and void. 

3

 

        8.    NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.    

        The
Participant shall have no rights as a stockholder with respect to Shares subject to this Agreement until registration of the Shares in the Company's share register in the name of the
Participant. Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the
record date is prior to the date of such registration. 

        9.    ADJUSTMENTS.    

        The
Plan contains provisions covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect to stock
subject to Options and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference. [;
provided, however, that in the event of a Change of Control (as defined in Section 3 above)            % of the Shares which would have vested in each vesting installment remaining
under
this Option will be vested for purposes of Section 24(B) of the Plan.]  

        10.    TAXES.    

        The
Participant acknowledges that upon exercise of the Option the Participant will be deemed to have taxable income measured by the difference between the then fair market value of the
Shares received
upon exercise and the price paid for such Shares pursuant to this Agreement. The Participant acknowledges that any income or other taxes due from him or her with respect to this Option or the Shares
issuable pursuant to this Option shall be the Participant's responsibility. 

        The
Participant agrees that the Company may withhold from the Participant's remuneration, if any, the minimum statutory amount of federal, state and local withholding taxes attributable
to such amount that is considered compensation includable in such person's gross income. At the Company's discretion, the amount required to be withheld may be withheld in cash from such remuneration,
or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant further agrees that, if the Company does not withhold an amount from the Participant's
remuneration sufficient to satisfy the Company's income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld. 

        11.    PURCHASE FOR INVESTMENT.    

        Unless
the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under the Securities Act of 1933, as now in
force or hereafter amended (the "1933 Act"), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled: 

        (a)   The
person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such person(s) are acquiring such Shares for their own respective
accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the
provisions of the following legend which shall be endorsed upon the certificate(s) evidencing the Shares issued pursuant to such exercise: 

"The
shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a
Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to
it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;" and 

4

 

        (b)   If
the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise in compliance with the
1933 Act without registration thereunder. Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent,
which the Company
deems necessary under any applicable law (including without limitation state securities or "blue sky" laws). 

        12.    RESTRICTIONS ON TRANSFER OF SHARES.    

        12.1 The
Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such Participant is requested by the
Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and
will not transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her during such
period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply with
Marketplace Rule 2711 of the National Association of Securities Dealers, Inc. or similar rules thereto (such period, the "Lock-Up Period"). Such agreement shall be in writing
and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions. Notwithstanding whether the Participant has signed
such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of
the Lock-Up Period. 

        12.2 The
Participant acknowledges and agrees that neither the Company, its shareholders nor its directors and officers, has any duty or obligation to disclose to the
Participant any material information regarding the business of the Company or affecting the value of the Shares before, at the time of, or following a termination of the employment of the Participant
by the Company, including, without limitation, any information concerning plans for the Company to make a public offering of its securities or to be acquired by or merged with or into another firm or
entity. 

        13.    NO OBLIGATION TO MAINTAIN RELATIONSHIP.    

        The
Company is not by the Plan or this Option obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate. The Participant acknowledges:
(i) that the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (ii) that the grant of the Option is a one-time benefit which does
not create any contractual or other right to receive future grants of options, or benefits in lieu of options; (iii) that all determinations with respect to any such future grants, including,
but not limited to, the times when options shall be granted, the number of shares subject to each option, the option price, and the time or times when each option shall be exercisable, will be at the
sole discretion of the Company; (iv) that the Participant's participation in the Plan is voluntary; (v) that the value of the Option is an extraordinary item of compensation which is
outside the scope of the Participant's employment contract, if any; and (vi) that the Option is not part of normal or expected compensation for purposes of calculating any severance,
resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

5

 

        14.    NOTICES.    

        Any
notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return receipt
requested, addressed as follows: 

	 	 	If to the Company:	 	 	 	 
	 	 	 	 	EnerNOC, Inc.

Attn: Chief Financial Officer

75 Federal Street, Suite 300

Boston, MA 02110	 	 
	

 	
 	

If to the Participant:	
 	

 	
 	

 
	 	 	 	 	 
 
 
	 	 

or
to such other address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given upon the earlier of receipt, one business day
following delivery to a recognized courier service or three business days following mailing by registered or certified mail. 

        15.    GOVERNING LAW.    

        This
Agreement shall be construed and enforced in accordance with the law of the Commonwealth of Massachusetts without giving effect to the conflict of law principles thereof. For the
purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction in the State of Massachusetts and agree that such litigation shall be conducted
in the courts of Suffolk County, Massachusetts or the federal courts of the United States for the District of Massachusetts. 

        16.    BENEFIT OF AGREEMENT.    

        Subject
to the provisions of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties hereto. 

        17.    ENTIRE AGREEMENT.    

        This
Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or
be used to interpret, change or restrict, the express terms and provisions of this Agreement, provided, however, in any event, this Agreement shall be subject to and governed by the Plan. 

        18.    MODIFICATIONS AND AMENDMENTS.    

        The
terms and provisions of this Agreement may be modified or amended as provided in the Plan. 

        19.    WAIVERS AND CONSENTS.    

        Except
as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall 

6

 

constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and
for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

        20.    DATA PRIVACY.    

        By
entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing
Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of
options and the administration of the Plan; (ii) waives any data privacy rights he or she may have with respect to such information; and (iii) authorizes the Company and each Affiliate
to store and transmit such information in electronic form. 

[Remainder
of Page Intentionally Left Blank] 

7

 

        IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant has hereunto set his or her hand, all as of the day and year
first above written. 

	 	 	ENERNOC, INC.
	

 	
 	

By:	
 	

 

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	

 
 Participant

8

   Exhibit A  

NOTICE OF EXERCISE OF NON-QUALIFIED STOCK OPTION  

TO:    EnerNOC, Inc. 

IMPORTANT
NOTICE: This form of Notice of Exercise may only be used at such time as the Company has filed a Registration Statement with the Securities and Exchange Commission under which the issuance
of the Shares for which this exercise is being made is registered and such Registration Statement remains effective. 

Ladies
and Gentlemen: 

        I
hereby exercise my Non-Qualified Stock Option to purchase                        shares (the "Shares") of the common stock, $.001
par value, of EnerNOC, Inc. (the
"Company"), at the exercise price of $            per share, pursuant to and subject to the terms of that certain Non-Qualified Stock Option Agreement between the undersigned and the
Company dated                        , 200            . 

        I
understand the nature of the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax and legal advisors
about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and the purchase and subsequent sale of the Shares. 

        I
am paying the option exercise price for the Shares as follows: 

	 
	 	 
	 	 

	 	 	
	 	 

        Please
issue the Shares (check one): 

        o
to me; or 

        o to me
and                                         
       , as joint tenants with right of survivorship, 

        at the following address: 

	 
	 
	 	 

	 	
	 	 
	
 	

	
 	

 
	
 	

	
 	

 

A-1

 

        My
mailing address for shareholder communications, if different from the address listed above, is: 

	 
	 
	 	 

	 	
	 	 
	
 	

	
 	

 
	
 	

	
 	

 

	 
	 

	 	Very truly yours,
	

 	

 Participant (signature)
	

 	

 Print Name
	

 	

 Date
	

 	

 Social Security Number

A-2

QuickLinks

NON-QUALIFIED STOCK OPTION AGREEMENT ENERNOC, INC.

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