Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 TRONOX LIMITED 

One Stamford Plaza 

263 Tresser Blvd., Suite 1100 
 Stamford, CT 06901 
 February 9, 2013 

Mr. Daniel Greenwell 
 c/o Tronox Limited

 263 Tresser Blvd., Suite 1100 

Stamford, CT 06901 
  

	 	Re:	Separation Letter Agreement 

 Dear
Mr. Greenwell: 
 This letter agreement (this “Letter Agreement”) will confirm our understanding with
regard to your termination of employment with Tronox Limited, together with its affiliates and subsidiaries (the “Company”). 
 1. Separation. Your last day of work with the Company and your employment termination date will be (a) March 31, 2013 or (b) such earlier date as may be mutually agreed upon in
writing by you and the Company (the “Separation Date”). You will resign all of your positions at the Company and its affiliates (and as a fiduciary of any benefit plan of the Company and its affiliates) as of the Separation Date,
and you will execute such additional documents as reasonably requested by the Company to evidence the foregoing. The Separation Date will be the termination date of your employment for purposes of active participation in and coverage under all
benefit plans and programs sponsored by or through the Company. For the avoidance of doubt, your termination of employment from the Company hereunder shall be treated as a voluntary resignation for all purposes, including, without limitation, the
Employment Agreement by and between you and the Company entered into to be effective as of January 2, 2012 (the “Employment Agreement”). Until the Separation Date, subject to the last sentence of this paragraph, you will
continue to serve the Company in the role of Chief Financial Officer and execute all the required duties of that office through the Separation Date, including without limitation the completion of the closing of year-end financial statements,
execution of all required filings and reports, attendance and participation in committee and board of director meetings, attendance and participation in earnings calls and financial presentations and assisting the Company in the completion of
ongoing financing activities. The Company further acknowledges that you are scheduled for, and will be on, vacation beginning March 22, 2013 and through and including March 29, 2013. 

 
 2. Severance Benefits. 

(a) Cash Severance. In consideration for your execution of a general release of claims as provided in paragraph 5 hereof, unless
you are terminated for Cause (as defined below) prior to the Separation Date, you will receive an aggregate amount equal to one million three hundred thirty eight thousand seven hundred fifty dollars ($1,338,750.00) payable not later than

 
thirty (30) days following the Separation Date. Notwithstanding the foregoing, payment of such cash severance will commence following your execution of the general release of claims as
provided in paragraph 5 hereof and the expiration of any applicable revocation period thereunder. For the avoidance of doubt, if your employment shall terminate prior to the Separation Date on account of your death or Disability (as defined in the
Employment Agreement) or by any action by the Company, (i) you or your estate, as the case may be, shall remain entitled to the benefits of this Agreement as if your employment terminated on the Separation Date; provided that you (or in the
case of your death or incapacity, your estate or legal representative) executes and returns the general release of claims as provided in paragraph 5 hereof, and (ii) in the case of death or Disability, nothing herein shall be deemed to be a
waiver by you (or your estate or designated beneficiary) of any right to any life insurance and/or disability insurance. 
 (b)
COBRA Coverage. In consideration for your execution of a general release of claims as provided in paragraph 5 hereof, unless you are terminated for Cause (as defined below) prior to the Separation Date, subject to your timely election of
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall provide you, and your dependants, with continued health benefits through September 30, 2014 at the
Company’s expense, provided that you are eligible and remain eligible for COBRA coverage; and provided, further, that in the event that you obtain other employment that offers group health benefits, such continuation of coverage by the Company
shall immediately cease. Following September 30, 2014, you may thereafter continue to receive COBRA coverage (to the extent permitted under applicable law and the applicable plan) for the remainder of the applicable COBRA coverage period,
subject to your payment of the full COBRA premiums required for such coverage. 
 Payments and benefits provided in paragraphs 2(a) and 2(b)
hereof shall be in lieu of any termination or severance payments or benefits for which you may be eligible under any of the plans, policies or programs of the Company or under the Worker Adjustment Retraining Notification Act of 1988 or any similar
state statute or regulation. 
 (c) Accrued Obligations. In addition, within thirty (30) days following the
Separation Date, you will be paid for any accrued, unused vacation days, any accrued but unpaid base salary (which will cover the pay period ending on the Separation Date), any unreimbursed business expenses entitled to reimbursement in accordance
with Company policies, your annual bonus for 2012 (payable in 2013, but in no event later than such bonuses are paid to other senior executives of the Company), and any other accrued and vested benefits to which you are legally entitled under the
employee benefit plans of the Company. You are entitled to these accrued obligations regardless of whether you sign this Agreement or the general release of claims contemplated by paragraph 5 hereof. 

(d) Cause Definition. For purposes of this Agreement, “Cause” shall have the meaning ascribed thereto in the
Employment Agreement; provided that, notwithstanding anything set forth in such definition to the contrary, you shall not be terminated for “Cause” unless (I) written notice stating the basis for the termination is provided to you and
(II) as to clauses (ii) or (iv) of such definition, you are given five (5) days to cure the neglect or conduct that is the basis of such claim, to the extent curable. 

  
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 (e) Fees. In the event the Company terminates you for Cause and withholds any
payments due to you pursuant to this Agreement, and you seek recovery of such amounts and prevail, in addition to the benefits you recover in such action, you shall also be entitled to recover all reasonable attorneys’ fees and costs of
bringing and pursuing such action. 
 3. Incentive Equity Treatment. You and the Company acknowledge and agree that you
have previously been granted equity awards by the Company in accordance with, and subject to, the terms of certain equity award agreements and equity incentive plans. As of the Separation Date, all outstanding vested equity awards will remain
outstanding in accordance with the terms and conditions of the applicable award agreement and equity plan under which such awards were granted, including, without limitation, any post-termination exercise period applicable thereto. Notwithstanding
anything to the contrary in this Letter Agreement or any other applicable agreement or plan, you and the Company acknowledge and agree that 25,208 restricted shares and 11,167 options (with such number of shares subject to adjustment as provided in
Section 4.3 of the Tronox Limited Management Equity Incentive Plan) to purchase shares shall immediately vest on the Separation Date and all remaining unvested awards will be immediately forfeited and cancelled as of the Separation Date without
any consideration being paid therefor and otherwise without any further action of the Company whatsoever; provided that if you should die or incur a Disability (as defined in the Employment Agreement) prior to the Separation Date, your outstanding
restricted shares and options shall fully vest upon such termination date and you shall be entitled to the post-termination exercise period for such a termination. You shall also remain entitled to any dividends payable on your restricted shares
(including the unvested shares for dividends payable prior to the Separation Date) and freely tradeable shares for the vested restricted shares shall be delivered to you immediately following the Separation Date. 

4. No Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Letter Agreement or as
otherwise required by applicable law, you will not receive any additional compensation, severance or other benefits of any kind following the Separation Date. 
 5. Release. Any and all amounts payable and benefits or additional rights contemplated by paragraphs 2(a) and 2(b) hereof will only be payable if you deliver to the Company and do not revoke
a general release of claims in favor of the Company in the form attached on Exhibit A hereto. Such release must be executed and delivered (and no longer subject to revocation, if applicable) by you within thirty (30) days following the
Separation Date. 
 6. No Mitigation/No Offset. You shall be under no obligation to seek other employment following the
Separation Date and there shall be no offset against amounts, entitlements or benefits due to you hereunder on account of any remuneration or benefits provided by any subsequent employment you may obtain, except as otherwise provided in paragraph
2(b) above. The Company’s obligations to make any payment pursuant to, and otherwise to perform its obligations under, this Letter Agreement shall not be affected by any offset, counterclaim or other right that the Company or the Company
Affiliate (as defined in the Employment Agreement) may have against you for any reason. 

  
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 7. Restrictive Covenants; Survival. The Company and you hereby
(a) reaffirm the Company’s and your mutual rights and obligations under Section 7 (entitled Confidentiality, Non-Disclosure and Non-Competition Agreement) and Section 8 (entitled Mutual Non-Disparagement) of the Employment
Agreement, and (b) understand, acknowledge and agree that such rights and obligations will survive your termination of employment with the Company and remain in full force and effect in accordance with all of the terms and conditions thereof.
Prior to the Separation Date, to the extent feasible, the Company shall provide you with a reasonable opportunity prior to release to review and comment on any formal public statements or press releases made by the Company relating to your
termination of employment with the Company and shall consider such comments in good faith, and such statements and releases shall state in form and substance that you are resigning for personal and family reasons. Except to the extent consistent
with the preceding sentence, you acknowledge and agree that you shall not make any public statements regarding your termination of employment with the Company and shall remain subject to the provisions of Section 8 of the Employment Agreement.
In addition, Sections 10(j), 11, 12, 15, and 24 of the Employment Agreement are incorporated in full into this Agreement with full force and effect, provided that any reference to “the Executive” shall be deemed to be a reference to you
and any reference to “this Agreement” shall be deemed to be a reference to this Letter Agreement. 
 8. Governing
Law. This Letter Agreement will be governed by, and construed under and in accordance with, the internal laws of the State of New York, without regard to the choice of law rules thereof. 

9. Tax Matters. The Company may withhold from any and all amounts payable under this Letter Agreement such federal, state,
or local taxes as may be required to be withheld pursuant to any applicable law or regulation. The intent of the parties is that payments and benefits contemplated under this Letter Agreement either comply with, or be exempt from, the requirements
of Code Section 409A (as defined in Section 24(a) of the Employment Agreement). To the extent that the payments and benefits contemplated by this Letter Agreement are not exempt from the requirements of Code Section 409A, this Letter
Agreement is intended to comply with the requirements of Code Section 409A to the maximum extent possible, and shall be limited, construed and interpreted in accordance with such intent. You and the Company hereby agree that your termination of
employment on the Separation Date will constitute a “separation from service” within the meaning of Code Section 409A. 
 10. Entire Agreement. Except as otherwise expressly provided herein, this Letter Agreement and the exhibit attached hereto constitute the entire agreement between you and the Company with
respect to the subject matter hereof and supersede any and all prior agreements or understandings between you and the Company with respect to the subject matter hereof, whether written or oral (including, without limitation, the Employment
Agreement, any award agreements that you may have entered with the Company and any equity plans under which such awards were granted). This Letter Agreement will bind the heirs, personal representatives, successors and assigns of both you and the
Company, and inure to the benefit of both you and the Company, and their respective heirs, successors and assigns, provided that you may not assign your rights or obligations hereunder (except as otherwise contemplated in Section 15 of the
Employment Agreement in the event of your death). This Letter Agreement may be amended or modified only by a written instrument executed by you and the Company. 

  
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 If this Letter Agreement accurately reflects your understanding as to the terms and
conditions of your termination of employment with the Company, please sign and date one copy of this Letter Agreement in the space provided below and return the same to me for the Company’s records. 

On behalf of the Company, I wish you the best of luck in your future endeavors. 

 

					
	Very truly yours,
	
	TRONOX LIMITED
		
	By:	 	/s/ Michael J. Foster
		 	Name:	 	Michael J. Foster
		 	Title:	 	Senior Vice President, General Counsel and Secretary

 The above terms and conditions accurately reflect our understanding regarding the terms and
conditions of my termination of employment with the Company, and I hereby confirm my agreement to the same. 
  

							
	Dated: February 9, 2013	 		 		 	/s/ Daniel Greenwell
		 		 		 	Daniel Greenwell

 Separation Letter Agreement Signature Page 

 EXHIBIT A 
 GENERAL RELEASE 
 I, Daniel Greenwell
(“Executive”), in consideration of and subject to the performance by Tronox LLC (together with its parent companies and subsidiaries, the “Company”), of its obligations under paragraphs 2(a), 2(b) and 3 of the
Separation Letter Agreement by and between Executive and the Company dated as of February 9, 2013 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective affiliates and
subsidiaries and all present, former and future directors, officers, agents, representatives, employees, successors and assigns of the Company and/or its respective affiliates and subsidiaries and direct or indirect owners (collectively, the
“Released Parties”) to the extent provided herein (this “General Release”). The Released Parties are intended third-party beneficiaries of this General Release, and this General Release may be enforced by each of
them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement. 

1. Executive understands that, other than the accrued obligations set forth in paragraph 2(c) of the Agreement (“Accrued Benefits”), the
payments or benefits paid or granted to Executive under paragraphs 2(a) and 2(b) of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which Executive was already entitled.
Executive understands and agrees that Executive will not receive the payments and benefits specified in paragraphs 2(a) and 2(b) of the Agreement, other than the Accrued Benefits, unless Executive executes this General Release and does not revoke
this General Release within the time period permitted hereafter or breach this General Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or
hereafter established by the Company or its affiliates. 
 2. Except as provided in paragraphs 4 and 5 below and except for the provisions of
the Agreement, Executive knowingly and voluntarily (for himself, Executive’s heirs, executors, administrators and assigns) releases and forever discharges the Company and the other Released Parties from any and all claims, suits, controversies,
actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in
law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company and/or any of the Released Parties which Executive,
Executive’s spouse, or any of Executive’s heirs, executors, administrators or assigns, ever had, now have, or hereafter may have, by reason of any matter, cause, or thing whatsoever, from the beginning of Executive’s initial dealings
with the Company to the date of this General Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship with Company, the terms and
conditions of that employment relationship, and the termination of that employment relationship (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil
Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the 

  
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Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee
Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local,
state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract,
infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”).
Executive understands and intends that this General Release constitutes a general release of all claims and that no reference herein to a specific form of claim, statute or type of relief is intended to limit the scope of this General Release.

 3. Executive represents that Executive has made no assignment or transfer of any right, claim, demand, cause of action, or other matter
covered by paragraph 2 above. 
 4. Executive agrees that this General Release does not waive or release any rights or claims that Executive may
have under the Age Discrimination in Employment Act of 1967 which arise after the date Executive executes this General Release. Executive acknowledges and agrees that Executive’s separation from employment with the Company in compliance with
the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 
 5. Executive hereby waives all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever, including, without limitation, reinstatement, back
pay, front pay, and any form of injunctive relief. Notwithstanding the foregoing, Executive acknowledges that Executive is not waiving and is not being required to waive any right that cannot be waived under law, including the right to file an
administrative charge or participate in an administrative investigation or proceeding; provided, however, that Executive disclaims and waives any right to share or participate in any monetary award resulting from the prosecution of
such charge or investigation or proceeding. 
 6. In signing this General Release, Executive acknowledges and intends that it shall be effective
as a bar to each and every one of the claims released hereunder. Each party expressly consents that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to
unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated claims), if any, as well as those relating to any other claims
hereinabove mentioned or implied. Executive acknowledges and agrees that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. Executive
further agrees that in the event that Executive should bring a Claim seeking damages against the Company, or in the event that Executive should seek to recover against the Company in any Claim brought by a governmental agency on Executive’s
behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. Executive further agrees that Executive is not aware of any pending claim, or of any facts that could give rise to a claim, of the
type described in paragraph 2 as of the execution of this General Release. 

  
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 7. Executive agrees that neither this General Release, nor the furnishing of the consideration for this
General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or Executive of any improper or unlawful conduct. 
 8. Executive agrees that Executive will forfeit all amounts payable by the Company pursuant to the Agreement if Executive challenges the validity of this General Release. Executive also agrees that if
Executive violates this General Release by suing the Company or the other Released Parties with respect to claims released by Executive hereunder, Executive will pay all costs and expenses of defending against the suit incurred by the Released
Parties, including reasonable attorneys’ fees, and return all payments received by Executive pursuant to the Agreement on or after the termination of Executive’s employment. 
 9. Executive agrees that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the Agreement, except to
Executive’s immediate family and any tax, legal or other counsel that Executive has consulted regarding the meaning or effect hereof or as required by law, and Executive will instruct each of the foregoing not to disclose the same to anyone.

 10. Any non-disclosure provision in this General Release does not prohibit or restrict Executive (or Executive’s attorney) from
responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other self-regulatory organization or
governmental entity. 
 11. Executive represents that Executive is not aware of any Claim by Executive, and Executive acknowledges that
Executive may hereafter discover Claims or facts in addition to or different than those which Executive now knows or believes to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected
at the time of entering into this General Release, may have materially affected this General Release and Executive’s decision to enter into it. 
 12. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the
Company or by any Released Party of the Agreement after the date hereof. 
 13. Whenever possible, each provision of this General Release shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein. This General Release constitutes the complete and entire agreement and understanding among the parties, and supersedes any and all prior or contemporaneous agreements, commitments, understandings or arrangements,
whether written or oral, between or among any of the parties, in each case concerning the subject matter hereof. 

  
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 14. BY SIGNING THIS GENERAL RELEASE, EXECUTIVE REPRESENTS AND AGREES THAT: 

 

	 	A.	EXECUTIVE HAS READ IT CAREFULLY; 

  

	 	B.	EXECUTIVE UNDERSTANDS ALL OF ITS TERMS AND KNOWS THAT EXECUTIVE IS GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN
EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

  

	 	C.	EXECUTIVE VOLUNTARILY CONSENTS TO EVERYTHING IN IT; 

  

	 	D.	EXECUTIVE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND EXECUTIVE HAS DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, EXECUTIVE HAS CHOSEN
NOT TO DO SO OF EXECUTIVE’S OWN VOLITION; 

  

	 	E.	EXECUTIVE HAS HAD AT LEAST 21 DAYS FROM THE DATE OF EXECUTIVE’S RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE EXECUTIVE’S RECEIPT OF THIS
RELEASE ARE NOT MATERIAL OR WERE MADE AT EXECUTIVE’S REQUEST AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 

  

	 	F.	EXECUTIVE UNDERSTANDS THAT EXECUTIVE HAS SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR
ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

  

	 	G.	EXECUTIVE HAS SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE EXECUTIVE WITH RESPECT TO IT; AND

  

	 	H.	EXECUTIVE AGREES THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMPANY AND BY EXECUTIVE. 

  

									
	SIGNED:	 	 	 		 	DATE:	 	 
		 	Daniel Greenwell	 		 		 	

  
 A-4EX-10.1

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Employment Agreement is made
as of February 7, 2013, by and between Philip V. Adams, a resident of, Concord, Massachusetts (the “Executive”), and World Energy Solutions, Inc. (the “Company”). 

WHEREAS, the Company desires to continue to employ the Executive, and the Executive desires to continue to be employed by the
Company on the terms specified herein; and 
 WHEREAS, the Executive’s senior managerial position requires that he
be trusted with confidential information and trade secrets of the Company and that he develop a thorough and comprehensive knowledge of details of the Company’s business, including but not limited to, information relating to research,
development, inventions, purchasing, accounting, marketing, distribution and licensing of the Company’s products and services, vendor and channel partner relationships; 
 NOW, THEREFORE, in consideration of the foregoing and the agreements herein contained, and intending to be legally bound, the parties agree as follows: 

1. Position and Responsibilities. The Executive agrees to continue to serve as President and Chief Executive Officer (CEO) of the
Company. The Executive agrees to devote substantially all of his business time and efforts to the performance of his duties hereunder. The Executive shall report to, and his activities shall be subject to the direction and control of, the Board of
Directors of the Company, and the Executive shall exercise such powers and comply with and perform, faithfully and to the best of his ability, such directions and duties in relation to the business and affairs of the Company as may from time to time
be vested in or requested of him. 
 2. Term. The parties agree that the Executive’s employment with the
Company shall be on an “at-will” basis, which means that either the Executive or the Company may terminate the employment relationship and this Agreement at any time, for any or no reason, with or without Cause (as defined below), with or
without prior notice to the other party, but subject to Section 5 hereof. Notwithstanding the foregoing, the Company requests that Executive provide sixty (60) days’ notice prior to a termination of employment initiated by
Executive. 
 3. Compensation and Benefits. As compensation for the performance by the Executive of his duties and
obligations hereunder to the Company and subject to the provisions of Section 5, the Executive shall receive: 
 3.1.
Base Salary. The Executive’s initial salary shall be paid at a rate of Twenty Five Thousand and 00/100 ($25,000) per month (the “Base Salary”). The Base Salary shall be payable in accordance with the customary payroll
practices of the Company as may be established or modified from time to time. The Board of Directors in its sole discretion may increase, but not decrease, the Executive’s salary at any time, unless all executives of the Company are subject to
an equivalent percentage decrease in salary. All payments shall be subject to all applicable federal, state and/or local payroll and withholding taxes. 

 3.2 Bonus Plan. Executive shall be eligible to receive an annual cash bonus
(“Bonus”) based upon criteria determined solely by the Board of Directors. The Bonus shall be paid by the Company in accordance with its normal payroll practice. Should the Executive’s employment terminate for any reason prior to
awarding of the Bonus, Executive shall be eligible for such Bonus on a pro-rata basis, to be calculated based on percentage of year employed times the Bonus amount that would be due and payable had Executive worked the entire year. Any such Bonus
shall be paid by the Company in a single, lump-sum cash payment in accordance with its normal payroll practice by not later than the fifteenth day of the third month following the calendar year with respect to which the services giving rise to the
annual Bonus were rendered. 
 3.3. Benefits. During Executive’s employment, and subject to any contribution
generally required of executives of the Company, the Executive shall be eligible to participate in all employee health and benefits plans, as may be from time to time adopted by the Company and in effect for executives of the Company in similar
positions. Executive’s participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable Company policies, and (iii) the discretion of the Board or any administrative or other committee
provided for in, or contemplated by, such plan. The Company and/or the Board of Directors may alter, modify, add to, or delete its employee benefits plans and policies at any time as the Company and/or the Board of Directors, in its or their sole
judgment, determines to be appropriate, provided that any diminution of benefits to Executive shall only be permitted to the extent such diminution applies with equal force to all executives of the Company. Executive shall be eligible for four
weeks’ vacation, which shall be accrued and utilized in accordance with the Company’s vacation policy/practice as established and/or modified from time to time. 
 3.4. Business Expenses. The Company shall pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities
hereunder, subject to (i) any reasonable expense policy of the Company, as set by the Company and/or the Board of Directors from time to time and generally applicable to executives of the Company in similar positions, and (ii) such
reasonable substantiation and documentation requirements as may be specified by the Company and/or Board of Directors from time to time. 
 4. Restricted Stock Grant. 
 4.1 Subject to the approval of the
Company’s Board of Directors, and in accordance with the Company’s 2006 Stock Incentive Plan, the Company will grant to the Executive, pursuant to a separate restricted stock agreement, 25,000 shares of restricted stock of the
Company’s common stock. The restricted stock will vest so long as the Executive is employed by the Company and the vesting of the restricted stock shall be as stated in the restricted stock agreement. 

5. Termination of Employment. Notwithstanding the provisions of Section 2 hereof, the Executive’s employment and this
Agreement shall terminate under the following circumstances: 

  
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 5.1. Death or Disability. In the event of the Executive’s death or Disability
(as defined herein) during the Executive’s employment hereunder, the Executive’s employment and this Agreement shall immediately and automatically terminate, and the Company shall pay to the Executive (or in the case of death, the
Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive, his estate), any Base Salary earned but unpaid through the date of death or Disability and any accrued but unused vacation, as well as any pro-rata
Bonus. Any such Bonus shall be paid by the Company in a single, lump-sum cash payment in accordance with its normal payroll practice by not later than the fifteenth day of the third month following the calendar year with respect to which the
services giving rise to the annual Bonus were rendered. For the purposes of this Agreement, “Disability” shall mean any physical incapacity or mental incompetence (i) as a result of which the Executive is unable to perform the
essential functions of his job for an aggregate of 120 days, whether or not consecutive, during any calendar year, and (ii) which cannot be reasonably accommodated by the Company without undue hardship. 

5.2. By the Company for Cause. 
 (a) The Company may terminate the Executive’s employment and this Agreement for Cause at any time. Upon termination for Cause, the Company shall have no further obligation or liability to the
Executive relating to the Executive’s employment or this Agreement, other than any Base Salary earned but unpaid and accrued but unused vacation through the date of termination. 

(b) The following events or conditions shall constitute “Cause” for termination of Executive’s employment and this
Agreement: (i) willful failure or refusal of the Executive to perform his duties hereunder; (ii) dishonesty, embezzlement, misappropriation of assets or property (tangible or intangible) of the Company; (iii) gross negligence, willful
misconduct, material and willful neglect of duties, theft, fraud, or breach of fiduciary duty to the Company; (iv) violation of federal or state securities laws; (v) the unauthorized disclosure of any trade secret or confidential
information of the Company; (vi) the conviction of a felony, including a plea of guilty or nolo contendre. 
 5.3. By
the Company other than for Cause. The Company may terminate the Executive’s employment and this Agreement other than for Cause at any time. In the event of such termination, the Executive will be entitled to salary continuation at the Base
Salary rate for a period of twelve (12) months from the termination date, to be paid in accordance with the Company’s payroll practice then in effect, with the Company’s first such payment beginning on the first pay period forty-five
(45) days after the Executive’s separation from service. The Executive shall be entitled to awarding of a pro-rata Bonus as well. Any such Bonus shall be paid by the Company in a single, lump-sum cash payment in accordance with its normal
payroll practice by not later than the fifteenth day of the third month following the calendar year with respect to which the services giving rise to the annual Bonus were rendered. If the Executive elects to continue medical insurance coverage
after the termination date in accordance with the provisions of the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), then the Company shall pay the Executive a cash amount equal to the Executive’s monthly COBRA premium
payment on the first day of each month during the period of salary continuation payments or until he accepts other employment, whichever occurs first. The first such monthly COBRA reimbursement payment shall begin on the first pay period 45 days
after the Executive’s separation from service and shall include any monthly payment that became due before such payment. The Company shall have no other obligations to the Executive upon termination of employment other than for Cause.

  
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 The Company’s obligation to provide any of the amounts and benefits hereunder shall be
subject to, and conditioned upon, the Executive’s execution of a full release of claims satisfactory to the Company, releasing the Company and its employees and agents from any claims arising from or related to the Executive’s employment
or severance from employment with the Company, including any claims arising from this Agreement. No payment of severance shall be required unless these conditions are satisfied. Any negotiations and/or revisions made or to be made to the release of
claims and/or severance agreement to be executed at the time of termination shall not affect or extend the 21-day period under the Older Workers Benefit Protection Act, whether such revisions are material or immaterial. 

5.4 By the Executive for Good Reason. If the Executive terminates his employment for Good Reason (as defined herein), he shall be
entitled to the severance benefits set forth in Section 5.3, provided he complies with the release requirement specified in Section 5.3. For purposes of this Agreement, “Good Reason” shall exist upon (i) mutual written
agreement by Executive and the Company that Good Reason exists; (ii) demotion of Executive from the position of President and CEO, without his prior written consent; (iii) reduction in Executive’s authority and/or responsibilities as
President and CEO, without his prior written consent; (iv) reassignment of Executive to a place of business more than 50 miles from the place of business where he currently works for the Company; (v) any material breach by the Company of
this Agreement; (vi) a reduction in Executive’s salary and the value of his benefits of greater than 10%, unless such reduction is applied equally to all executives of the Company; or (vii) a termination of Executive’s employment
within twelve (12) months of a Change of Control (as defined herein) for any reason other than Cause. For purposes of this Agreement, a “Change of Control” shall be deemed to have occurred upon (i) the sale or disposition of all
or substantially all of the assets of the Company to another entity; or (ii) the merger or consolidation of the Company with and into another entity under circumstances in which the Company is not the surviving entity; or (iii) acquisition
of a controlling stake in the Company by any third party. 
 5.5. By the Executive for other than Good Reason. If the
Executive chooses to terminate his employment with the Company for other than Good Reason, the Company shall have no further obligation or liability to the Executive relating to the Executive’s employment or this Agreement, other than for Base
Salary earned but unpaid, and accrued but unused vacation through the date of termination. 
 6. Effect of Termination.
The provisions of this Section 6 shall apply in the event of termination of this Agreement and/or the Executive’s employment pursuant to Section 5. 
 6.1. Payment in Full. Payment by the Company to the Executive of any Base Salary and other compensation amounts as specified in Section 5 shall constitute the entire obligation of the Company
to the Executive, except that nothing in this Section 6.1 is intended or shall be construed to affect the rights and obligations of the Company, on the one hand, and the Executive, on the other, with respect to any loans, stock warrants, stock
pledge arrangements, option plans or other agreements to the extent said rights or obligations survive the Executive’s termination of employment under the provisions of documents relating thereto. 

  
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 6.2. Termination of Benefits. Except for any right of continuation of benefits
coverage to the extent provided by this Agreement and/or COBRA, or other applicable law, benefits shall terminate pursuant to the terms of the applicable benefit plans as of the termination date of the Executive’s employment. 

7. Assignment of Developments, Nondisclosure, Non-competition, and Non-Solicitation Obligations. The Executive reaffirms the
obligations set forth in the Company’s Invention and Nondisclosure Agreement and the Non-competition Non-Solicitation Agreement (the “Nondisclosure Agreement”) both dated October 1, 2003. The obligations of the Executive under
the Nondisclosure Agreement expressly survive any termination of the Executive’s employment, regardless of the manner of such termination, or termination of this Agreement. 

8. Conflicting Agreements. The Executive hereby warrants that the execution of this Agreement and the performance of his
obligations hereunder will not breach or be in conflict with any other agreement to which or by which the Executive is a party or is bound and that the Executive is not now subject to and will not enter into any agreement, including without
limitation, any covenants against competition or similar covenants that would affect the performance of his obligations hereunder. 
 9. Withholding; Taxes. All payments made by the Company under this Agreement shall be subject to and reduced by any federal, state and/or local taxes or other amounts required to be withheld by the
Company under any applicable law. 
 10. Miscellaneous. 

10.1. Assignment. The Executive shall not assign this Agreement or any interest herein. The Company may assign this Agreement, and
it is specifically understood and agreed that no such assignment by the Company shall be deemed to be a “termination” of the Executive’s employment with the Company within the meaning of Section 5 hereof. This Agreement shall
inure to the benefit of the Company and shall be binding upon the Company and the Executive, and their respective successors, executors, administrators, heirs and permitted assigns. 

10.2. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a
court of competent jurisdiction, then the application of such provision in such circumstances shall be modified to permit its enforcement to the maximum extent permitted by law, and both the application of such portion or provision in circumstances
other than those as to which it is so declared illegal or unenforceable and the remainder of this Agreement shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. 
 10.3. Waiver; Amendment. No waiver of any provision hereof shall be effective unless made in writing
and signed by the waiving party. This Agreement may be amended or modified only by a written instrument signed by the Executive and an authorized member of the Board of Directors. 

  
 -5-

 10.4. Notices. All notices, requests and other communications
provided for by this Agreement shall be in writing and shall be effective when delivered in person or three (3) business days after being deposited in the mail of the United States, postage prepaid, registered or certified, and addressed
(a) in the case of the Executive, to Philip V. Adams, 125 Central Street, Concord, MA 01742; or (b) in the case of the Company, to the attention of the Chairman of the Board, at 100 Front Street, 20th Floor, Worcester, MA 01608, and/or to such other address as either
party may specify by notice to the other. 
 10.5. Entire Agreement. This Agreement; the Invention and Nondisclosure
Agreement; Non-Competition and Non-Solicitation Agreement; Non-Statutory Stock Option Agreement; Incentive Stock Option Agreement; and Restricted Stock Agreement constitute the entire agreement between the Company and the Executive with respect to
the terms and conditions of the Executive’s employment with the Company and supersede all prior communications, agreements and understandings, written or oral, between the Executive and the Company with respect to the terms and conditions of
the Executive’s employment with the Company. 
 10.6. Counterparts. This Agreement may be executed in counterparts,
each of which shall be original and all of which together shall constitute one and the same instrument. 
 10.7. Governing
Law. This Agreement, the employment relationship contemplated herein and any claim arising from such relationship, whether or not arising under this Agreement, shall be governed by and construed in accordance with the internal laws of the
Commonwealth of Massachusetts without giving effect to any choice or conflict of laws provision or rule thereof. 
 10.8.
Consent to Jurisdiction. Each of the Company and the Executive, by its or his execution hereof, hereby irrevocably submits to the exclusive jurisdiction of the state or federal courts of the Commonwealth of Massachusetts for the purpose of
any claim or action arising out of or based upon this Agreement, the Executive’s employment with the Company and/or termination thereof, or relating to the subject matter hereof, and agrees not to commence any such claim or action other than in
the above-named courts. 
 11. 409A Compliance. Notwithstanding any provision of this Agreement to the contrary, this
Agreement is intended to be exempt from or to comply with the requirements of Code Section 409A and the Treasury regulations and other applicable guidance issued by the Treasury Department and/or the Internal Revenue Service (collectively,
“Section 409A”), and shall be interpreted and administered consistent with such intent. The Company shall have no obligation to the Executive in the event of any failure of any payment or permitted deferral under the Agreement or any plan
or agreement described in the Agreement to comply with Section 409A. To the extent required for compliance with the requirements of Section 409A, references in the Agreement to a termination of employment shall mean a “separation from
service” as defined by Section 409A. 

  
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 If Executive is deemed a “specified employee” for 409A purposes, all severance
payments set forth herein shall be delayed for a period of six (6) months following separation from service. In such case, the Executive shall receive a catch-up payment equivalent to the amounts that would otherwise have been paid to Executive
during the initial six-month period following separation from service, after which time any remaining monthly severance payment shall resume until all severance has been paid in full. Such payments shall be paid in accordance with the Company’s
payroll practice then in effect. 
 IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly
authorized representative, and by the Executive, as of the date first above written. 
  

			
	World Energy Solutions, Inc.
		
	By:	 	  

	
	Name: Edward Libbey
		
	Title:	 	  

	
	Philip V. Adams
	  

  
 -7-

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