Document:

Pledge Agreement

 Exhibit 10.4 
 Execution Version 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this “Agreement”) is made as of the 1st day of June, 2008, by and between MICROGY GRAND ISLAND, LLC, a Nebraska limited
liability corporation (the “Company”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”), and SWIFT & COMPANY, a Delaware corporation (“Swift”). Capitalized
terms not defined herein shall have the same meaning ascribed to them in the Indenture, as hereinafter defined. 
 Background

 WHEREAS, the Company is engaged in the construction, development and operation of facilities (the “Facility”) consisting of an
anaerobic digester system used to extract combustible biogas from organic waste streams produced by the beef processing operations of Swift; and 
 WHEREAS, the Company and Swift have entered a Biogas Purchase and Supply Agreement dated as of September 1, 2006, as amended (the “Biogas Agreement”), providing for the operation of the Facility and for the payment by Swift
to the Company for the biogas produced at the Facility and supplied to Swift; and 
 WHEREAS, the Company is the obligor with respect to
$7,000,000 The City of Grand Island, Nebraska Solid Waste Disposal Facilities Revenue Bonds (Microgy Grand Island, LLC Project) Series 2008 (the “Bonds”) issued under the Trust Indenture dated as June 1, 2008 by and between the City
of Grand Island, Nebraska (“Issuer”) and the Trustee (the “Indenture”); and 
 WHEREAS, Issuer and the Company have
entered into a Lease Agreement dated as of June 1, 2008 (the “Lease Agreement”) pursuant to which the proceeds derived from the issuance of the Bonds are to be provided to the Company for the payment of the costs of the acquisition,
construction, improving and equipping of the Facility being leased by the Company from Issuer; and 
 WHEREAS, pursuant to the Lease
Agreement, the Company has agreed to make Rent Payments to the Issuer, which the Issuer has pledged to the Trustee for the benefit of the holders of the Bonds; and for the purpose of making such Rent Payments, the Company wishes to pledge its
interest in payments due from Swift under the Biogas Agreement to the Trustee; and 
 WHEREAS, in connection with the issuance of the Bonds,
the Company has entered into a letter agreement with the Trustee dated July 24, 2008 in the form attached hereto (the “Biogas Letter Agreement”), pursuant to which the Company has granted to the Trustee the right, following an Event
of Default under the Indenture, to exercise all of the Company’s rights and fulfill its obligations under the Biogas Agreement. 

 Terms 
 NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, the Company, the Trustee and Swift agree as follows: 
 1. Assignment. The Company hereby pledges, transfers and assigns to the Trustee all of the Company’s right, title and interest in and to any and all payments due to the Company from Swift under the Biogas
Agreement (the “Company Rights”) for the term of this Agreement. 
 2. Payments Due Under the Biogas Agreement. For the term
of this Agreement, the Company hereby instructs Swift to pay directly to the Trustee, and until otherwise instructed by the Trustee, Swift hereby agrees to pay directly to the Trustee, any and all payments due to the Company under Biogas Agreement.
The Company will continue to prepare and provide monthly bills to Swift. 
 3. Deposit Into and Maintenance of Bond Fund. Upon
receiving payments from Swift, the Trustee shall deposit such payments into the Lockbox Account of the Bond Fund and apply the amounts therein as provided in the Indenture. 
 4. Acknowledgement of the Letter Agreement. Swift hereby acknowledges the Biogas Letter Agreement. 
 5. Further Acts and Agreements. Each of the Company, Trustee and Swift agrees to do, execute and deliver, or will cause to be done, executed and
delivered, all such further acts and agreements that the Trustee may reasonably request in order to more fully effectuate the transfer and assignment of payments due under the Biogas Agreement. 
 6. Term. The term of this Agreement shall commence on the date hereof and shall continue until receipt by Swift and the Company of notice from the
Trustee that the Bonds are no longer outstanding (the “Trustee Notice”). Upon such receipt of the Trustee Notice, the pledge, transfer and assignment of the Company Rights shall automatically terminate without any further action of the
parties hereto, and all such Company Rights shall revert to the Company. 
 7. Miscellaneous. 
 7.1 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Trustee and the Company and their
respective successors and assigns. 
 7.2 Governing Law. This Agreement shall be governed by, enforced under and
construed in accordance with the laws of the State of Nebraska, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws of such State. 
 7.3 Amendment. None of the provisions of this Agreement may be waived, changed or altered except in a signed writing by the party
against whom enforcement of the same is sought. 
 7.4 Counterparts. This Agreement may be executed in any number of
counterparts with the same effect as if the signatures thereto were upon one instrument. 
 [Signatures on the Following Page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be executed in their
respective names by their respective undersigned duly authorized signatories as of the day and year first above written. 
  

			
	MICROGY GRAND ISLAND, LLC
		
	By:	 	/s/ Dennis Haines
		 	Name: Dennis Haines
		 	Its: Vice President and Secretary
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Marvin Kierstead
		 	Name: Marvin Kierstead
		 	Its: Vice President
	
	SWIFT & COMPANY
		
	By:	 	/s/ William G. Trupkiewicz
		 	Name: William G. Trupkiewicz
		 	 Its: Controller, Chief Accounting
       Officer, Secretary and Acting
       Treasurer

  

 3Support Agreement

 Exhibit 10.5 
 Execution Version 
 SUPPORT AGREEMENT 
 This Support Agreement is dated June 1, 2008 among Environmental Power Corporation (“EPC”), Microgy Grand Island, LLC (the
“Company”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”) under the Trust Indenture dated as of June 1, 2008 (the “Indenture”) with The City of Grand Island, Nebraska (the
“Issuer”). Capitalized terms not defined herein shall have the same meaning ascribed to them in the Indenture. 
 WHEREAS, the
Company is a wholly-owned subsidiary of EPC; and 
 WHEREAS, the Company is engaged in the construction, development and operation of
facilities (the “Facility”) consisting of an anaerobic digester system used to extract combustible biogas from organic waste streams produced by the beef processing operations of JBS Swift & Company; and 
 WHEREAS, the Company is the obligor with respect to $7,000,000 The City of Grand Island, Nebraska Solid Waste Disposal Facilities Revenue Bonds (Microgy
Grand Island, LLC Project) Series 2008 (the “Bonds”) issued under the Indenture; and 
 WHEREAS, the proceeds of the Bonds
are held by the Trustee to be applied to the costs of construction of the Facility, and that portion of the Facility being funded with the proceeds of the Bonds shall be known as the “Project”; and 
 WHEREAS, to induce the purchasers of the Bonds and all who may become holders of the Bonds to purchase and hold the Bonds, EPC has agreed to enter into
this Agreement; 
 NOW, THEREFORE, in consideration of the agreements contained herein and other good and valuable consideration, receipt of
which is hereby acknowledged, the parties hereto agree as follows: 
 1. Funding. EPC will advance funds, as equity contributions or
as subordinated debt, to the Company from time to time as may be required to fully pay all costs of construction of the Facility, as well as to fund operating costs of the Facility incurred prior to the Date of Completion of the Facility, to the
extent that funds are not available therefor under the Construction Fund established pursuant to the Indenture or otherwise available from the Company. 
 2. Determination of Date of Completion. The Date of Completion of the Facility will be established by a certificate of R.W. Beck, Inc. as independent engineer, or such other firm as may at the time be acting as
independent engineer under the Indenture, delivered at the request of the Company to the Trustee as the “Completion Certificate” delivered under the Indenture. 
 3. Termination of Biogas Agreement. In the event that (a) Swift terminates the Biogas Agreement pursuant to Section 8.5 thereof, (b) the Company elects not to continue operation of the Facility,
as evidenced by its termination of the Site Lease, and (c) the Company has insufficient funds on hand to fund the redemption of the full principal amount of the Bonds then outstanding, after 

 
applying to such redemption all funds then held by the Trustee in the Construction Fund, the Debt Service Reserve Fund and the Maintenance Fund, and all
amounts realized from the sale of the Company’s assets, then, and only then, EPC shall fund the amount of any such shortfall, up to a maximum of $1,300,000. EPC’s obligations pursuant to this Section 3 shall terminate at such
time as at least $1,300,000 of the aggregate original principal amount of the Bonds has been repaid or redeemed in the ordinary course of the Bond financing. 
 4. Subordination of Payments. The parties hereto agree that to the extent funds advanced by EPC pursuant to Sections 1 and 3 hereof are evidenced by debt instruments (“EPC Loans”), the repayment of
all amounts due to EPC in respect of such EPC Loans (collectively, the “Subordinated Debt”) are and will be subordinate, to the extent and in the manner hereinafter set forth, to payments by the Company under the Lease Agreement between
the Company and the Issuer dated as of June 1, 2008 related to the Bonds and to payments by the Company under the Guaranty Agreement dated as of June 1, 2008 among the Company and Wells Fargo Bank, National Association, as Trustee (the
“Guaranty”). 
 5. In Furtherance of Subordination. EPC agrees that all payments or distributions upon or with respect to
the Subordinated Debt which are received by EPC contrary to the provisions of this Agreement shall be received in trust for the benefit of the holders of the Bonds, shall be segregated from other funds and property held by EPC and shall be forthwith
paid over to the Trustee for application in accordance with the Indenture. 
 6. Rights of Subrogation. EPC agrees that no payment or
distribution pursuant to the provisions of this Agreement shall entitle EPC to exercise any right of subrogation in respect thereof until the Bonds shall have been paid in full. 
 7. Agreement in Respect of Subordinated Debt. EPC will not sell, assign, pledge, encumber or otherwise dispose of any of the Subordinated Debt
unless in each case the assignee acknowledges in writing that such assigned Subordinated Debt is subject to the provisions of this Agreement. 
 8. Further Assurances. Each of the parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be reasonably
necessary or desirable or that the Trustee may reasonably request in order the protect any right or interest granted or purported to be granted hereby or to enable the Trustee to exercise and enforce its rights and remedies hereunder. 
 9. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Nebraska. 
 10. Notices. All notices, requests and other communications to any party under this Agreement shall be mailed, sent or delivered at its address
specified below or to such other address as it may hereafter designate by notice to the other parties hereto. 
  

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	 Environmental Power Corporation
 120 White Plains Road

 Suite 610
 Tarrytown, NY 10591-5546
	  	 Microgy Grand Island, LLC
 120 White Plains
Road
 Suite 610
 Tarrytown, NY 10591-5546

		
	 Wells Fargo Bank, National Association
 4 Penn Center,
Suite 810
 1600 JFK Boulevard
 Philadelphia, Pennsylvania 19103

	  	

 11. Severability. Any provision of this Agreement that shall be prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereto waive any provision of law that renders any provision hereof prohibited or unenforceable in any respect.

 12. Amendment. Neither this Agreement nor any of the terms hereof may be amended, changed or modified except by an instrument in
writing signed by each of the parties hereto; provided, however, that no amendment, change or modification shall be made to this Agreement without the prior consent of Majority Holders (as defined in the Indenture). 
 13. Trustee and Issuer as Beneficiary. The parties agree that the Trustee and the Issuer are express beneficiaries of this Agreement and, during
the continuation of a Default under the Indenture, the Trustee shall have the right to demand and receive payments hereunder for application in accordance with this Agreement. 
  

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 IN WITNESS WHEREOF, the parties have executed and delivered this Support Agreement as of the date first
written above. 
  

			
	ENVIRONMENTAL POWER CORPORATION
		
	By:	 	/s/ Michael E. Thomas
	Name:	 	Michael E. Thomas
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	MICROGY GRAND ISLAND, LLC
		
	By:	 	/s/ Michael E. Thomas
	Name:	 	Michael E. Thomas
	Title:	 	Vice President and Treasurer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Marvin Kierstead
	Name:	 	Marvin Kierstead
	Title:	 	Vice President

  

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