Document:

Exhibit 10.17

 

EnerNOC, Inc.

 

Summary of 2008 Executive Officer Bonus Plan

 

The Company’s executive officers have the following bonus targets
(expressed as a percentage of salary unless otherwise stated):

 

	
  Name and Position

  	
   

  	
  Bonus Targets (%)

  	
   

  
	
  Timothy G. Healy,
  Chairman and Chief Executive Officer

  	
   

  	
  80

  	
  %

  
	
  David B. Brewster,
  President

  	
   

  	
  70

  	
  %

  
	
  Neal C. Isaacson,
  Chief Financial Officer

  	
   

  	
  50

  	
  %

  
	
  Gregg Dixon,
  Senior Vice President of Sales and Business Development

  	
   

  	
  115

  	
  %

  
	
  David Samuels, Executive
  Vice President of Strategic Development and General Counsel

  	
   

  	
  60

  	
  %

  
	
  Darren P. Brady, Chief
  Operating Officer and Senior Vice President

  	
   

  	
  50

  	
  %

  

 

Each executive officer’s
2008 bonus amount (the “Bonus Amount”) will be determined based upon the achievement
of certain pre-determined individual and corporate performance objectives.
Specifically, each executive officer’s Bonus Amount will be weighted as
follows: 80% will be based on the Company’s achievement of certain revenue,
gross margin and EBITDA targets for fiscal year 2008, and 20% will be discretionary
based on the achievement of individual or departmental performance goals (the
“Discretionary Bonus Amount”) The Discretionary Bonus Amount will be recommended
by the Company’s chief executive officer, except in the case of the Company’s chief
executive officer, whose Discretionary Bonus Amount will be based on the
recommendation of the compensation committee of the board of directors. The bonuses
will be paid within 90 days of the determination of the Bonus Amounts.  Actual Bonus Amounts may be higher or
lower than the executive’s bonus target.Exhibit 10.23

 

 

	
   

   

  December 17,
  2007

   

  Darren Brady

  12918 195th
  Place NE

  	
  

   

  
	
  Woodinville, WA 98077

  	
   

  

 

Re:
EnerNOC Chief Operating Officer and Senior Vice President

 

Dear
Darren,

 

On
behalf of EnerNOC, Inc, I am very pleased to offer you a position as EnerNOC’s
Chief Operating Officer and Senior Vice President, a position which includes
becoming an officer of the company.  You
will report to the Chief Executive Officer. 
As Chief Operating Officer and Senior Vice President, you will manage a
world-class team of operations, engineering, and IT professionals.  You will be responsible for the strategic
development and execution of all operational and technology-related activities
of the company.  It is expected that you
will work out of the Boston, MA office, and visit other corporate locations and
customer sites, at least fifty percent of the time on average for the first
five months of your employment and then significantly more, as necessary, for
the summer period beginning June 1 through at least September 30.  After September 30, you may return to
your pre-summer commuting routine.  Each
quarter, you may spend one week working from your home in the state of
Washington.  At your one year
anniversary, we will revisit these expectations to collaboratively set appropriate
parameters as it relates to continuing to commute to the company’s headquarters
in Boston from your current home in Washington.

 

Responsibilities Include:

 

·                  Overseeing all operational functions including pre-sales
operations support, deployment, network operations, customer operations, and
customer support;

 

·                  Overseeing all engineering functions including requirements
gathering and documentation, software development, quality assurance, and
version control including feature documentation;

 

·                  Overseeing all information technology functions including
helpdesk support, application support, and all infrastructure development and
support;

 

·                  Overseeing operational, engineering, and IT reporting systems
and controls to ensure effective operation of each business unit at the
company;

 

·                  Maintaining internal controls in each business unit
consistent with requirements of the Sarbanes-Oxley legislation and other requirements
of the company as necessary;

 

·                  Recruiting, hiring, training, and developing personnel in
each department, and managing a professional, competent and effective team
capable of carrying out needed initiatives;

 

·                  Recommending and implementing short- and long-range
departmental goals, objectives, policies, and operating procedures in support
of company-wide goals that shall be established collaboratively among the
executive team and various departmental representatives;

 

·                  Managing to an annual budget set collaboratively by the
executive team in support of company-wide annual goals;

 

·                  Providing regular reports to the CEO and executive team on
progress against departmental goals;

 

·                  Serving on policy-making committees;

 

·                  Staying abreast of trends in the industry to ensure
leadership in our market;

 

·                  Providing strategic leadership and support on the evaluation
of potential alliances, acquisitions, mergers and acquisitions and/or other
issues affecting the business;

 

·                  Providing strategic, ethical leadership as an officer and
executive of the company;

 

·                  Other duties as assigned;

 

 

	
   

  ENERNOC, INC.

  75
  FEDERAL STREET, SUITE 300, BOSTON, MA 02110

  617-224-9900

  WWW.ENERNOC.COM

  	
   

  	
  

  

 

 

This letter will confirm
our offer of employment under the terms and conditions that follow:

 

·                  Start
Date:   January 22, 2008.

 

·                  Salary:  Monthly salary of $25,000.00 ($300,000.00
annually) paid on a bi-weekly basis. Periods of less than one month will be
prorated accordingly.

 

·                  Signing
and Retention Bonus:  Your first payroll will include a one-time
$100,000.00 signing bonus. This bonus is fully recoverable by EnerNOC if you
resign within one year of your start date. 
Your first payroll after your first year anniversary with EnerNOC will
include a one-time $150,000 retention bonus. 
This bonus is fully recoverable by EnerNOC if you resign within one year
of your first anniversary with EnerNOC.

 

·                  Stock
Options:  As soon as
practicable after your start date, the Company will grant you an option to
purchase 100,000 shares of the Company’s common stock at its fair market value
on the date of the grant (the “Option”). The Option is subject to the EnerNOC
Stock Option and Incentive Plan, the option certificate, and any other
applicable stock option agreement, shareholder agreement and other restrictions
or provisions that are generally applicable to shares purchased by Company
employees, as each of these may be amended from time to time by the
Company.  As set forth in the Plan, the
Option is subject to a four-year vesting cycle, with vesting beginning one year
after your start date and occurring on a monthly basis thereafter for the
remaining three years, provided you remain employed by the Company.

 

·                  Restricted
Stock:  You will
be granted 15,000 shares of restricted stock in accordance with EnerNOC’s 2007
Employee, Director and Consultant Stock Plan subject to the terms of the
Company’s Restricted Stock Plan.   The stock is subject to the following
vesting schedule, provided you remain employed by the Company:

 

·                  7,500
shares will vest one year after your start date

 

·                  7,500
shares will follow a three-year vesting cycle, with
monthly vesting beginning one year after your start date and occurring on a
monthly basis thereafter for the remaining three years

 

·                  Bonus Plan:  During
employment, you will be considered annually for a bonus pursuant to EnerNOC’s
annual bonus program, as amended and in effect from time to time.  Your target bonus will be $150,000.00. The
amount of the bonus that will be payable to you, if any, will be determined in
part by the Company’s assessment of your individual performance against goals
established annually for your position and in part by the Company’s assessment
of its overall performance against its annual gross margin budget and other
corporate goals to be established annually. This bonus amount will be pro-rated
based upon your date of hire.

 

·                  Benefits:   You will be entitled
to participate in all employee benefit plans from time to time in effect for
employees of the Company generally.  Your
participation will be subject to the terms of the applicable plan documents and
generally applicable Company policies. 
Currently, the Company’s benefits include medical, dental and life
insurance plans and a 401(k) savings plan. 
You will also receive the benefits available to other non-Founder
executives of the company as it relates to severance and double-trigger
acceleration of your vesting schedule under change of control circumstances.

 

·                  Paid
Time Off:  During
employment, you will be entitled to earn paid time off in accordance with the
Company’s Paid Time Off Policy, as in effect from time to time.  Pursuant
to the Policy, beginning with your first full month of employment, you will be eligible
to accrue 1.67 days per month, up to a maximum of 4 weeks per year.

 

·                  Expenses:  The Company will reimburse you for all
reasonable travel and business expenses, in accordance with the EnerNOC Travel
and Expense Policy.   Your weekly
commuting from Washington to Boston is not a reimbursable corporate expense.

 

·                  Proof
of Eligibility:   The Immigration Reform and Control Act
requires employers to verify the employment eligibility and identity of all new
employees.  Accordingly, you will be
required to complete a Form I-9 when you begin work.  We will not be able to employ you if you do
not provide us with the appropriate documents required by the Form I-9 in
a timely manner.

 

·                  All employees may
be subject to promotion, transfer or reassignment from time to time, as the
Company determines appropriate.

 

 

 

·                  While you are
employed, you will be required to devote your full business time and your best
professional efforts to the performance of your duties and responsibilities for
the Company, and to abide by all Company policies and procedures in effect from
time to time.

 

·                  Confidential
Information and Restricted Activities:   As a
condition of your employment, you will be required to sign the Company’s
standard Assignment of Invention, Non-Disclosure and Non-Competition Agreement
(the “Non-Competition Agreement”), no later than the first day of your
employment.  A copy of the
Non-Competition Agreement is enclosed with this letter. By signing this offer
letter, you represent and warrant to EnerNOC that your employment with the
Company and fulfillment of the duties of your position will not breach or be in
conflict with any other agreement you have with any former employer or other
person or entity.  You also represent and
warrant that you are not subject to any covenant against competition or similar
covenants, or any other legal obligation, that would restrict or otherwise
affect the performance of your duties and responsibilities to the Company. You
agree that you will not bring with you, disclose or use on behalf of the
Company any confidential or proprietary information of any former employer or
other third party without that party’s consent.

 

·                  At-Will
Status of Employment: 
This letter and your response are not meant to, and do not, constitute a
contract of employment for a specific term. 
Your employment with the Company is at-will.  This means that, if you accept this offer,
both you and the Company will retain the right to terminate your employment at
any time, with or without notice or cause. 
As an executive officer of the company, your benefits include a
severance arrangement consistent with other non-Founder executives of the
company.

 

·                  Withholding:  All payments made by the Company under this
Agreement shall be reduced by any tax or other amounts required to be withheld
by the Company under applicable law.

 

In accepting this offer, you give us assurance that you have not relied
on any agreements or representations, express or implied, with respect to your
employment, that are not set forth expressly in this letter.

 

Darren, we are excited about the prospect of you joining our team,
because we believe that your talents, experience and business judgment will
benefit the Company significantly. 
Please confirm your acceptance of this offer by signing below and
returning this letter to me no later than the close of business on Wednesday, December 19,
2007.    At the time you sign and return
it, this letter will take effect as a binding agreement between you and the
Company on the basis set forth above.   I will be happy to discuss this offer
with you in more detail should you have any questions.

 

Sincerely,

 

 

 

	
  /s/
  Timothy G. Healy

  	
   

  	
   

  	
   

  
	
  Timothy
  G. Healy, Chairman and Chief Executive Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signed

  	
  /s/
  Darren Brady

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  	
  Darren
  Brady

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date

  	
  December 19,
  2007

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