Document:

Exhibit 10.35

 

EXECUTION VERSION

 

CHANGE IN CONTROL SEVERANCE
AGREEMENT

 

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (the
“Agreement”) is entered into as of August 15, 2008, by and among Noble
Environmental Power, LLC, a Delaware limited liability company (“Noble”)
and Daniel J. Mandli  (the “Executive”).

 

The parties agree as follows:

 

1.             Definitions.  For purposes of this
Agreement, the following terms shall have the following meanings:

 

(a)           “Board”
shall mean the Board of Directors of Noble or similar governing body of Noble.

 

(b)           “Cause”
shall mean any of the following: (1) the failure by the Executive to
substantially perform his duties as an employee of Noble, which failure is not
remedied by the Executive within thirty (30) days after receiving written notice
from the Board specifying such failure; (2) the engagement by Executive in
misconduct in the performance of his duties as an employee of Noble, which
misconduct is materially injurious to Noble or any of the Noble Companies; (3) the
admission by the Executive to, the conviction of the Executive for, the
entrance into a plea of guilty or nolo
contendere by the Executive to, or the indictment of the Executive
for, any felony or crime involving moral turpitude; (4) any act of fraud
or dishonesty by the Executive in connection with the performance of his duties
as an employee of Noble or in the course of his employment with Noble, which
act is materially injurious to Noble or any of the Noble Companies; (5) any
use by the Executive of narcotics, alcohol or illicit drugs in a manner that
has, or may reasonably be expected to have, a detrimental effect on the
Executive performing his duties as an employee of Noble or on the reputation of
Noble or any of the Noble Companies; or (6) a material violation by the
Executive of any policy sponsored by Noble or the Noble Companies, which
violation results in injury to Noble or any of the Noble Companies.

 

(c)           “Change
in Control” shall mean:  (1) the
consummation of the sale, transfer, conveyance or other disposition (including
any merger, reorganization or consolidation) in one or a series of related
transactions of the voting equity securities of Noble or a similar transaction
(or transactions) (other than an initial public offering of equity securities
of Noble through a registration statement filed with the Securities and
Exchange Commission) such that immediately following such transaction (or
transactions) any “person” or related “group” of “persons” (as such terms are
used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
1934, as amended) (other than Noble, a Noble Company, or an affiliate of Noble,
or any employee benefit plan sponsored by Noble, a Noble Company, or an
affiliate of Noble) beneficially owns more than fifty percent (50%) of the total
voting equity securities of Noble outstanding immediately after such
transaction; (2) the sale or transfer of all or substantially all of the
assets of Noble to another 

 

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entity which is not a Noble Company or otherwise an
affiliate of Noble; or (3) the consummation of a merger or consolidation
of Noble with any other entity that is not a Noble Company or otherwise an
affiliate of Noble, other than a merger or consolidation which would result in
the voting securities of Noble outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or its parent) at least fifty percent (50%)
of the total voting power of the voting securities of Noble or such surviving
entity or its parent outstanding immediately after such merger or
consolidation.

 

(d)           “Employment
Agreement” shall mean that certain Employment Agreement, dated as of August 15,
2008, by and between Noble and the Executive.

 

(e)           “Good
Reason” shall mean the occurrence of either of the following:  (1) a material and adverse reduction in
the nature or scope of the authority or title held by the Executive, or duties
assigned to the Executive, under the Employment Agreement; or (2) the
relocation of Executive’s principal place of employment more than fifty (50)
miles from its location on the effective date of the Employment Agreement.

 

Notwithstanding anything in the foregoing to the contrary,
Executive may terminate his employment for Good Reason only if:  (i) the Executive provides written
notice to Noble specifying the event(s) purported to constitute Good
Reason in reasonable detail, within sixty (60) days following the occurrence of
such event(s) (the “Notice”); (ii) the Notice specifies a date
for the Executive’s termination of employment that is at least thirty (30) days
after the Executive provides the Notice to Noble; and (iii) Noble has not
remedied the event(s) alleged to constitute Good Reason by the Executive
within such thirty (30) day period.

 

(f)            “Noble
Company” shall mean any entity that is directly or indirectly controlled
by, in control of, or under common control with, Noble.

 

2.             Effectiveness
of Agreement; Term.

 

(a)           The term of this Agreement shall commence on the date that
Noble completes a Qualified IPO, and shall end on the first anniversary of a
Change in Control.  For purposes of this Section 2,
a “Qualified IPO” shall have the meaning ascribed to such term in the Fifth
Amended and Restated Limited Liability Company Operating Agreement, dated as of
August 15, 2008, of Noble Environmental Power, LLC, as amended from time
to time (the “Fifth Amended and Restated LLC Agreement”).

 

(b)           Notwithstanding
anything in this Agreement to the contrary, the Board shall have the authority
to amend or terminate this Agreement, provided that such amendment or
termination shall not become effective until one year after the Board provides
Executive with written notice of such amendment or termination.  For the avoidance of doubt, such amendment or
termination shall not apply to any 

 

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Change in Control occurring during the one-year period
prior to the effectiveness of such amendment or termination.

 

3.             Severance
Benefits.

 

(a)           In
the event Noble terminates the Executive without Cause, or the Executive
terminates his employment for Good Reason, during the period commencing as of
the Change in Control and ending twelve (12) months following such Change in
Control, and subject to Executive executing within thirty (30) days following
such termination of employment, and not subsequently revoking, a general
release of all claims arising under the Employment Agreement or otherwise
related to Executive’s employment by Noble, which release shall be in a form to
be provided by Noble, and subject to Executive abiding in all material respects
by his obligations under this Agreement, Noble will provide Executive with the
following payments:

 

(i)            A
cash amount equal to six (6) months of Salary (as defined in the
Employment Agreement) as of the date of Executive’s termination of employment,
less taxes and withholdings, which amount shall be paid in accordance with the
normal payroll practices of Noble over the six (6) month period following
the date of Executive’s termination of employment (the “Salary Continuation”).

 

(ii)           Reimbursement
(or direct payment to the carrier) for six (6) months following the
Executive’s termination of employment (the “Continuation Period”), for a
portion of the premium costs incurred by Executive (and his spouse and
dependents, where applicable) to obtain COBRA coverage pursuant to one of the
group health plans sponsored by Noble (or a Noble Company), which reimbursement
(or direct payment) shall equal the premium costs incurred by Noble (or a Noble
Company, if applicable), for the Continuation Period, on behalf of a
similarly-situated employee, to obtain coverage under the same group health
plan sponsored by Noble (or a Noble Company, if applicable) (the “Health
Care Continuation”).

 

Notwithstanding anything in the foregoing to the
contrary, (X) Executive shall be entitled to receive the Health Care
Continuation only if Executive is participating in a group health plan
sponsored by Noble (or a Noble Company) as of the date on which Executive
incurs a termination of employment, and (Y) the Executive shall be
responsible, during the Continuation Period, for premium costs for COBRA
coverage in excess of the Health Care Continuation, and the Executive shall be
responsible, after the Continuation Period, for all premium costs for COBRA
coverage, if the Executive continues to elect such COBRA coverage.

 

4.             Timing of
Payments; Early Termination of Obligations.

 

(a)           Notwithstanding
the foregoing:  (1) any portion of
the Salary Continuation or the Health Care Continuation which would otherwise
have been paid to the Executive or reimbursed before the first normal payroll
payment date falling on or after the 

 

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fortieth (40th) day following the date of Executive’s
termination of employment (the “First Payment Date”) shall be made on
the First Payment Date; (2) the Executive shall not be entitled to any
Salary Continuation unless the Executive’s termination of employment
constitutes a “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h); and (3) each payment of Salary
Continuation is intended to constitute a separate payment from each other
payment of Salary Continuation for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

(b)           Notwithstanding
the foregoing, if the Executive accepts an offer of employment at any time
during the Continuation Period, which acceptance would not be in violation of
the obligations of the Executive under this Agreement, Noble shall no longer be
obligated to pay the Health Care Continuation, should the Executive become
eligible to participate in any other group health plan as a result of his acceptance
of such offer of employment.  For the
purposes of this Section 4(b), the Executive shall notify Noble of his
acceptance of an offer of employment, and the terms and conditions of such
offer, on the day of such acceptance.  If
the Executive does not so notify Noble, then Noble may recover from the
Executive any Health Care Continuation paid after the date that the Executive
accepted such an offer of employment. 
For the avoidance of doubt, if the Executive would violate his
obligations under this Agreement by accepting such an offer of employment, or
by performing any services pursuant to such an acceptance, then Noble will no
longer be subject to any obligation to pay the Salary Continuation or the
Health Care Continuation.

 

5.             Other
Terminations.  The parties agree
that Executive will not be entitled to any severance payments (including the
Salary Continuation and the Health Care Continuation) if, during the period
commencing as of the Change in Control and ending twelve (12) months following
a Change in Control: (A) Noble terminates his employment for Cause; (B) he
resigns without Good Reason; or (C) he dies or terminates due to
Disability (as defined in the Employment Agreement).

 

6.             Exclusive
Remedy.  The parties agree
that, except as set forth in Section 3, or in the Employment Agreement, or
as determined by the terms of any employee benefit plan in which the Executive
was participating as of his termination of employment, or in the Fifth Amended
and Restated LLC Agreement, the Amended and Restated Members’ Agreement, dated
as of December 21, 2007, among Noble and other parties thereto, as amended
from time to time, those certain subscription agreements, dated August 15,
2008, by and between Noble and the Executive, or the Restricted Stock
Agreement, dated August
15, 2008, by and between Noble and
the Executive, or as otherwise required by law, Executive will not be entitled
to receive any compensation or benefits after termination of his employment
with Noble.

 

7.             Best Pay
Provision.  Notwithstanding the
other provisions of this Agreement, in the event that the amount of payments
payable to the Executive under this Agreement, together with any payments or
benefits payable under any other plan, program, arrangement or agreement
maintained by (or on behalf of) Noble, would constitute an 

 

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“excess parachute payment” (within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”)), the
payments under this Agreement shall be reduced (by the minimum possible
amounts) until no amount payable to the Executive under this Agreement
constitutes an “excess parachute payment” (within the meaning of Section 280G
of the Code); provided, however, that no such reduction shall be made if the
net after-tax payment (after taking into account Federal, state, local, or
other income and excise taxes) to which the Executive would otherwise be
entitled without such reduction would be greater than the net after-tax payment
(after taking into account Federal, state, local or other income and excise
taxes) to the Executive resulting from the receipt of such payments with such
reduction.  If, as a result of subsequent
events or conditions (including a subsequent payment or absence of a subsequent
payment under this Agreement or other plans, programs, arrangements or
agreements maintained by (or on behalf of) Noble), it is determined that
payments under this Agreement have been reduced by more than the minimum amount
required to prevent any such payments from constituting an “excess parachute
payment,” then an additional payment shall be promptly made to the Executive in
an amount equal to the additional amount that can be paid without causing any
payment to constitute an “excess parachute payment.”  All determinations required to be made under
this Section 7, including whether a payment would result in an “excess
parachute payment” and the assumptions to be utilized in arriving at such
determination, shall be made by a “Big Four” accounting firm selected by
Noble.  All determinations made by the “Big
Four” accounting firm under this Section 7 shall be final and binding upon
Noble and the Executive.

 

8.             Confidential
or Proprietary Information.

 

(a)           Except
in connection with the faithful performance of Executive’s duties as an
employee of Noble or pursuant to Section 8(c) or 8(d), Executive
agrees that he will not, at any time during his employment with Noble or
thereafter, directly, indirectly or otherwise, use, disseminate, disclose or
publish, or use for his benefit, or for the benefit of any person, firm, corporation
or other entity, any Confidential or Proprietary Information of or relating to
Noble or the Noble Companies, nor shall he deliver to any person, firm,
corporation or other entity any document, record, notebook, computer program or
similar repository of or containing any such Confidential or Proprietary
Information.  For purposes of this
Agreement, “Confidential or Proprietary Information” includes, without
limitation: all trade secrets, intellectual property in the form of patents,
trademarks and copyrights and applications therefor, ideas, inventions, works,
discoveries, improvements, information, documents, formulae, practices,
processes, methods, developments, source code, modifications, technology,
techniques, data, programs, other know-how or materials, owned, developed or
possessed by Noble or the Noble Companies, whether in tangible or intangible
form, information with respect to Noble’s or the Noble Companies’ operations,
processes, products, inventions, business practices, finances, principals,
vendors, suppliers, customers, potential customers, marketing methods, costs,
prices, contractual relationships, regulatory status, prospects and
compensation paid to employees or other terms of employment.  The parties hereby stipulate and agree that
as between them the foregoing matters are important and material 

 

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Confidential or Proprietary Information, which affect
the successful conduct of the businesses of Noble and the Noble Companies (and
any successor or assignee of Noble).

 

(b)           Upon
termination of Executive’s employment with Noble, whether at the instance of
Executive or Noble and for whatever reason, Executive will promptly deliver to
Noble all correspondence, records, drawings, manuals, letters, notes,
notebooks, computers, cell phones, reports, programs, data, audio or videotapes
(or other information contained on any digital information medium), plans,
proposals, financial documents, or any other documents or materials containing Confidential or Proprietary
Information, information otherwise owned by Noble or the Noble Companies, or
containing information concerning the customers, business plans,
marketing strategies, products or processes of Noble or the Noble
Companies.  Executive shall also return
any materials or information received in connection with his employment from
clients, prospects or vendors of Noble or the Noble Companies.

 

(c)           Executive
may respond to a lawful and valid subpoena or other legal process; provided,
however, that Executive shall give Noble the earliest possible notice thereof,
and shall, as much in advance of the return date as possible, make available to
Noble and its counsel the documents and other information sought.  Executive shall assist such counsel at Noble’s
expense in resisting or otherwise responding to such subpoena or process.

 

(d)           Nothing
in this Agreement shall prohibit Executive from:  (1) disclosing information and documents
when required by law, subpoena or court order (subject to the requirements of Section 8(c) above);
(2) disclosing information and documents to his attorney or tax adviser
for the purpose of securing legal or tax advice; (3) disclosing the
post-employment restrictions in this Agreement in confidence to any potential
new employer; or (4) retaining, at any time, his personal correspondence,
personal rolodex and documents related to his own personal benefits,
entitlements and obligations.

 

(e)           The
Executive agrees that the terms of this Agreement constitute Confidential and
Proprietary Information, and agrees, subject to Section 8(c) and 8(d),
to not disclose the terms of this Agreement to any third party, except as
provided in Section 8(d) and except as provided in a proceeding under
Section 13(j) hereof to enforce the terms of this Agreement.

 

9.             Inventions.  All rights to discoveries, inventions,
documents, improvements and innovations (including all data and records
pertaining thereto) related to the business of Noble, whether or not
patentable, copyrightable, registrable as a trademark, or reduced to writing,
that Executive may discover, invent, improve, modify or originate during
Executive’s employment, either alone or with others and whether or not during
working hours or by the use of the facilities of Noble or the Noble Companies (“Inventions”),
shall be the exclusive property of Noble and the Noble Companies.  Executive shall promptly disclose all
Inventions to Noble, shall execute at the request of Noble any 

 

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assignments or other documents Noble may deem
reasonably necessary to protect or perfect its rights therein or the rights of
any Noble Company therein, and shall assist Noble, upon reasonable request and
at Noble’s expense, in obtaining, defending and enforcing Noble’s rights
therein and/or the rights of any Noble Company therein.  Executive hereby appoints Noble as his
attorney-in-fact to execute on his behalf any assignments or other documents
reasonably deemed necessary by Noble to protect or perfect its rights or the
rights of any Noble Company to any Inventions.

 

10.           Non-Competition
and Non-Solicitation.

 

(a)           While
Executive is employed by Noble, and for a period of six (6) months
following Executive’s termination of employment for whatever reason, Executive
shall not directly or indirectly, individually or on behalf of any other person
or entity, manage, participate in, work for, consult with, render services for,
or take an interest in (as an owner, stockholder, partner or lender) any
Competitor in an area of business in which Competitor directly competes or
seeks to directly compete with Noble or the Noble Companies.

 

For purposes of this Agreement, “Competitor” means
any business, company or individual which is in the business, or is actively
seeking to be in the business, of developing, constructing, managing, owning or
operating wind energy projects in: (i) Connecticut; (ii) Maine; (iii) Michigan;
(iv) New Hampshire; (v) New York; (vi) Texas; (vii) Vermont;
(viii) Wyoming; or (ix) any other state in the United States in which
Noble operates, or has been developing, wind energy projects within the twelve
(12) months preceding Executive’s termination.

 

(b)           While
the Executive is employed by Noble, and for a period of twelve (12) months
following Executive’s termination of employment for whatever reason,  Executive shall not directly or indirectly,
individually or on behalf of any other person or entity:  (1) divert or attempt to divert from
Noble any business with any customer, partner or other person with which Noble
had any business contact or association while Executive was employed by
Noble;  (2)  induce or attempt to
induce any customer, partner or other person with which Noble had any business
contact or association to reduce or refrain from doing business with Noble or
the Noble Companies;  (3) induce or
attempt to induce, or cause, other than by means of any general solicitation by
advertisement or otherwise, any employee or consultant of Noble to terminate
his or her employment or relationship with Noble; or (4) recruit or hire,
other than by means of any general solicitation by advertisement or otherwise,
any person who was an employee or consultant of Noble after his or her
employment or relationship with Noble has terminated.

 

11.           Non-Disparagement.  The Executive agrees, while he is employed by
Noble and thereafter, to refrain from disparaging Noble and the Noble
Companies, including any of their services, technologies or practices, or any
of their directors, officers, agents, employees, former employees, representatives
or stockholders, either orally or in writing; provided, however, that nothing
in the foregoing shall preclude the Executive from making truthful statements
that are required by applicable law, regulation or legal 

 

7

 

process.  Noble
agrees, while Executive is employed by Noble and thereafter, to refrain from
disparaging the Executive; provided, however, that Noble’s agreement to this
non-disparagement clause shall be limited to official statements issued by
Noble as an organization and statements of officers of Noble and members of the
Board; provided, further, that nothing in the foregoing shall preclude Noble,
its officers or members of the Board from making truthful statements that are
required by applicable law, regulation or legal process.

 

12.           Injunctive
Relief.  Executive
acknowledges that a breach of the covenants contained in Sections 8 through 11
will cause irreparable damage to Noble and its goodwill, the exact amount of
which will be difficult or impossible to ascertain, and that the remedies at
law for any such breach will be inadequate. 
Accordingly, Executive agrees that in the event of a breach of any of
the covenants contained in Sections 8 through 11, in addition to any other
remedy which may be available at law or in equity, Noble will be entitled to
specific performance and injunctive relief.

 

13.           General
Provisions.

 

(a)           Interaction
with Employment Agreement.  Nothing in this Agreement is intended to, or
should be construed as, contradicting, superseding or modifying the Employment
Agreement, except that this Agreement, to the extent that it is in effect, and
not the Employment Agreement, shall govern if the Executive incurs a
termination of employment during the period commencing as of the Change in
Control and ending twelve (12) months following such Change in Control.  For the avoidance of doubt, if Executive
receives any severance payments (including the Salary Continuation and the
Health Care Continuation) pursuant to this Agreement, Executive shall not be
entitled to receive any severance payments under the Employment Agreement.

 

(b)           Notices.  All notices and
other communications required or permitted hereunder shall be in writing and
shall be deemed given when (1) delivered personally, (2) delivered by
certified or registered mail, postage prepaid, return receipt requested, or (3) delivered
by overnight courier (provided that a written acknowledgment of receipt is
obtained by the overnight courier) to the party concerned at the address
indicated below or to such changed address as such party may subsequently give
such notice of:

 

If to Noble:

 

Noble Environmental Power, LLC

8 Railroad Avenue, Suite 8

Essex, Connecticut 06426

Attention: Christopher Lowe

WITH A COPY TO:

General Counsel

 

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If to Executive:

 

Daniel J. Mandli

26 Marine Point Drive

Old Saybrook, CT 06475

 

(c)           Successors
and Binding Agreement.

 

(i)            This
Agreement shall be binding upon and inure to the benefit of Noble and any successor
of or to Noble, including, without limitation, any purchaser of all or
substantially all of the assets of Noble.

 

(ii)           Noble
will require any successor to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that Noble would have been
required to perform it if no such succession had taken place.

 

(iii)          For
purposes of this Agreement, “Noble” shall mean both Noble, as defined in the
Recitals, and any successor of or to Noble.

 

(iv)          This
Agreement shall inure to the benefit of and be enforceable by Executive’s
personal or legal representatives, executors, administrators, successors,
heirs, distributees, and/or legatees. 
Executive agrees that his obligations under this Agreement are personal
in nature and, without the consent of Noble, he may not assign, transfer, or
delegate this Agreement or any rights or obligations hereunder, provided, that upon Executive’s
death, Executive may assign his rights hereunder to Executive’s estate or
heirs.

 

(d)           Complete
and Final Agreement.  Executive agrees that this Agreement and the
Employment Agreement reflect the complete agreement between Noble and
Executive, and that there are no written or oral understandings, promises or
agreements related to this Agreement except those contained herein.  This Agreement and the Employment Agreement
constitute the complete and final agreement by and between the parties, and
supersede any and all prior and contemporaneous negotiations, representations,
understandings, and agreements between the parties relating to the matters
herein.  The parties further intend that
no extrinsic evidence whatsoever may be introduced in any judicial,
administrative or other legal proceeding to vary the terms of this Agreement
and the Employment Agreement.

 

(e)           Construction
/ Counsel.  This Agreement shall be deemed drafted
equally by both the parties.  Its
language shall be construed as a whole and according to its fair meaning, with
no presumption that any language shall be construed against any party.  Paragraph headings used herein are for
convenience and are not part of this Agreement and shall not be used in
construing it.  Executive acknowledges
that he has had adequate opportunity to consult with legal or other counsel of
his choosing prior to execution of this Agreement.

 

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(f)            Governing
Law. 
Any dispute, controversy, or claim of whatever nature arising out of or
relating to this Agreement or breach thereof shall be governed by and
interpreted under the laws of the State of Connecticut, without regard to
conflict of law principles.

 

(g)           Validity.  The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which
shall nevertheless remain in full force and effect.  Further, the parties agree that any invalid,
illegal or unenforceable provision or restriction shall be deemed modified so
that it shall be enforced to the greatest extent permissible under law.  To the extent that any court of competent
jurisdiction determines any provision or restriction herein to be overly broad,
or unenforceable, such court is hereby empowered and authorized to limit such
provisions or restrictions so that it is enforceable for the longest duration
of time, within the largest geographical area and with the broadest scope, as
permitted by law.

 

(h)           Survival
of Provisions.  Notwithstanding any other provision of this
Agreement, the parties’ post-termination obligations and the parties’ other
respective rights, including, without limitation, the provisions of Sections 8
through 11 shall survive any termination or expiration of this Agreement or the
termination of Executive’s employment for any reason whatsoever.

 

(i)            Waiver.  No provision of this
Agreement may be modified, waived, or discharged unless such modification,
waiver, or discharge is agreed to in writing signed by Executive and
Noble.  No waiver by either party hereto
at any time of any breach by the other party hereto or compliance with any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time.

 

(j)            Mediation
and Arbitration.  Any dispute that may arise between Noble and
Executive in reference to this Agreement, or the interpretation, application or
construction thereof, and any matter, without limitation, arising out of
Executive’s employment with Noble, shall be submitted to mediation using a
mediator or mediators and procedures that are mutually acceptable to Executive
and Noble.  If mediation is not
successful, the dispute shall be submitted to arbitration, conducted before an
arbitrator in Middlesex County, Connecticut in accordance with the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association
then in effect.  Judgment may be entered
on the arbitration award in any court having jurisdiction; provided, however,
that Noble shall be entitled to seek a restraining order or injunction in any
court of competent jurisdiction to prevent any continuation of any violation of
the provisions of Sections 8 through 11 of the Agreement, and Executive hereby
consents that such restraining order or injunction may be granted without
requiring Noble to post a bond.  Only
individuals who are on the AAA register of arbitrators may be selected as an
arbitrator.  Within twenty (20) days of
the conclusion of the 

 

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arbitration hearing, the arbitrator(s) shall
prepare written findings of fact and conclusions of law.  It is mutually agreed that the written
decision of the arbitrator(s) shall be valid, binding, final and
non-appealable; provided however, that the parties agree that the arbitrator
shall not be empowered to award punitive damages against any party.  If for any reason this mediation and
arbitration clause becomes not applicable, then each party, to the fullest extent
permitted by applicable law, hereby irrevocably waives all right to a trial by
jury as to any issue relating hereto in any action, proceeding, or counterclaim
arising out of or relating to this Agreement or any other matter involving the
parties hereto.

 

(k)           Section 409A.

 

(i)            Notwithstanding
anything to the contrary in this Agreement, if at the time of Executive’s
termination of employment with Noble, Executive is a “specified employee” as
defined in Section 409A of the Code, as determined by Noble in accordance
with Section 409A of the Code, and the deferral of the commencement of any
payments or benefits otherwise payable hereunder as a result of such
termination of employment is necessary in order to prevent any accelerated or
additional tax under Section 409A of the Code, then Noble will defer the
commencement of the payment of any such payments or benefits hereunder (without
any reduction in the payments or benefits ultimately paid or provided to
Executive) until the date that is at least six (6) months following
Executive’s termination of employment with Noble (or the earliest date
permitted under Section 409A of the Code), whereupon Noble will pay
Executive a lump-sum amount equal to the cumulative amounts that would have
otherwise been previously paid to Executive under this Agreement during the
period in which such payments or benefits were deferred.  Thereafter, payments will resume in
accordance with this Agreement.

 

(ii)           Additionally,
in the event that following the date hereof, Noble or the Executive reasonably
determines that any payments or benefits payable under this Agreement may be
subject to Section 409A of the Code, Noble and the Executive shall work
together to adopt such amendments to this Agreement or adopt other policies or
procedures (including amendments, policies and procedures with retroactive
effect), or take any other commercially reasonable actions necessary or
appropriate to (A) exempt the payments and benefits payable under this
Agreement from Section 409A of the Code and/or preserve the intended tax
treatment of the payments and benefits provided with respect to this Agreement
or (B) comply with the requirements of Section 409A of the Code.

 

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IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date first set forth above.

 

 

	
   

  	
  Noble Environmental Power, LLC

  
	
   

  	
   

  
	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
  Name:
  

  	
  Walter Q. Howard

  
	
   

  	
  Position:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Witnessed:
  

  	
   

  	
   

  	
  /s/
  Daniel J. Mandli 

  
	
  Name:

  	
   

  	
   

  	
  Daniel
  J. Mandli 

  
	
   

  	
   

  	
   

  
							

 

12Exhibit
10.36

 

CHANGE IN CONTROL
SEVERANCE AGREEMENT

 

THIS CHANGE IN CONTROL
SEVERANCE AGREEMENT (the “Agreement”) is entered into as of August 15,
2008, by and among Noble Environmental Power, LLC, a Delaware limited liability
company (“Noble”) and Jeffrey T. Wood  (the
“Executive”).

 

The parties agree as follows:

 

1.                                       Definitions. 
For purposes of this Agreement, the following terms shall have the
following meanings:

 

(a)                                  “Board” shall mean the Board
of Directors of Noble or similar governing body of Noble.

 

(b)                                 “Cause” shall mean any of the
following: (1) the failure by the Executive to substantially perform his
or her duties as an employee of Noble, which failure is not remedied by the
Executive within thirty (30) days after receiving written notice from the Board
specifying such failure; (2) the engagement by Executive in misconduct in
the performance of his or her duties as an employee of Noble, which misconduct
is materially injurious to Noble or any of the Noble Companies; (3) the
admission by the Executive to, the conviction of the Executive for, the
entrance into a plea of guilty or nolo
contendere by the Executive to, or the indictment of the Executive
for, any felony or crime involving moral turpitude; (4) any act of fraud
or dishonesty by the Executive in connection with the performance of his or her
duties as an employee of Noble or in the course of his or her employment with
Noble, which act is materially injurious to Noble or any of the Noble
Companies; (5) any use by the Executive of narcotics, alcohol or illicit
drugs in a manner that has, or may reasonably be expected to have, a
detrimental effect on the Executive performing his or her duties as an employee
of Noble or on the reputation of Noble or any of the Noble Companies; or (6) a
material violation by the Executive of any policy sponsored by Noble or the
Noble Companies, which violation results in injury to Noble or any of the Noble
Companies.

 

(c)                                  “Change in Control” shall
mean:  (1) the consummation of the
sale, transfer, conveyance or other disposition (including any merger,
reorganization or consolidation) in one or a series of related transactions of
the voting equity securities of Noble or a similar transaction (or
transactions) (other than an initial public offering of equity securities of
Noble through a registration statement filed with the Securities and Exchange
Commission) such that immediately following such transaction (or transactions)
any “person” or related “group” of “persons” (as such terms are used in
Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934,
as amended) (other than Noble, a Noble Company, or an affiliate of Noble, or
any employee benefit plan sponsored by Noble, a Noble Company, or an affiliate
of Noble) beneficially owns more than fifty percent (50%) of the total voting
equity securities of Noble outstanding immediately after such transaction; 

 

1

 

(2) the sale or transfer of all or
substantially all of the assets of Noble to another entity which is not a Noble
Company or otherwise an affiliate of Noble; or (3) the consummation of a
merger or consolidation of Noble with any other entity that is not a Noble
Company or otherwise an affiliate of Noble, other than a merger or
consolidation which would result in the voting securities of Noble outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity or its parent) at least fifty percent (50%) of the total voting power of
the voting securities of Noble or such surviving entity or its parent
outstanding immediately after such merger or consolidation.

 

(d)                                 “Good Reason” shall mean the
occurrence of either of the following:  (1) a
material and adverse reduction, after the Change in Control, in the nature or
scope of the authority or title held by the Executive, or duties assigned to
the Executive, immediately prior to the Change in Control; or (2) the
relocation of Executive’s principal place of employment, after the Change in
Control, more than fifty (50) miles from its location on the effective date of
this Agreement.

 

Notwithstanding anything in the foregoing to
the contrary, Executive may terminate his or her employment for Good Reason
only if:  (i) the Executive provides
written notice to Noble specifying the event(s) purported to constitute
Good Reason in reasonable detail, within sixty (60) days following the
occurrence of such event(s) (the “Notice”); (ii) the Notice
specifies a date for the Executive’s termination of employment that is at least
thirty (30) days after the Executive provides the Notice to Noble; and (iii) Noble
has not remedied the event(s) alleged to constitute Good Reason by the
Executive within such thirty (30) day period.

 

(e)                                  “Noble Company” shall mean
Noble or any direct or indirect subsidiary of Noble.

 

2.                                       Effectiveness
of Agreement; Term.

 

(a)                                  The term of this Agreement shall
commence on the date that Noble completes a Qualified IPO, and shall end on the
first anniversary of a Change in Control. 
For purposes of this Section 2, a “Qualified IPO” shall have the
meaning ascribed to such term in the Fifth Amended and Restated Limited
Liability Company Operating Agreement, dated as of August 15, 2008, of Noble
Environmental Power, LLC, as amended from time to time (the “Fifth Amended
and Restated LLC Agreement”).

 

(b)                                 Notwithstanding anything in this
Agreement to the contrary, the Board shall have the authority to amend or
terminate this Agreement, provided that such amendment or termination shall not
become effective until one year after the Board provides Executive with written
notice of such amendment or termination. 
For the avoidance of doubt, such amendment or termination shall not
apply to any Change in Control occurring during the one-year period prior to
the effectiveness of such amendment or termination.

 

2

 

3.                                       Severance
Benefits.  In the event Noble terminates the
Executive without Cause, or the Executive terminates his or her employment for
Good Reason, during the period commencing as of the Change in Control and
ending twelve (12) months following such Change in Control, and subject to
Executive executing within thirty (30) days following such termination of
employment, and not subsequently revoking, a general release of all claims
related to Executive’s employment by Noble, which release shall be in a form to
be provided by Noble, and subject to Executive abiding in all material respects
by his or her obligations under this Agreement, Noble will provide Executive
with the following payments:

 

(i)                                     A cash amount equal to six (6) months
of the Executive’s annual base salary as of the date of Executive’s termination
of employment, less taxes and withholdings, which amount shall be paid in
accordance with the normal payroll practices of Noble over the six (6) month
period following the date of Executive’s termination of employment (the “Salary
Continuation”).

 

(ii)                                  Reimbursement (or direct payment to
the carrier) for six (6) months following the Executive’s termination of
employment (the “Continuation Period”), for a portion of the premium
costs incurred by Executive (and his or her spouse and dependents, where
applicable) to obtain COBRA coverage pursuant to one of the group health plans sponsored
by Noble (or a Noble Company), which reimbursement (or direct payment) shall
equal the premium costs incurred by Noble (or a Noble Company, if applicable),
for the Continuation Period, on behalf of a similarly-situated employee, to
obtain coverage under the same group health plan sponsored by Noble (or a Noble
Company, if applicable) (the “Health Care Continuation”).

 

Notwithstanding anything in the foregoing to
the contrary, (X) Executive shall be entitled to receive the Health Care
Continuation only if Executive is participating in a group health plan
sponsored by Noble (or a Noble Company) as of the date on which Executive
incurs a termination of employment, and (Y) the Executive shall be
responsible, during the Continuation Period, for premium costs for COBRA
coverage in excess of the Health Care Continuation, and the Executive shall be
responsible, after the Continuation Period, for all premium costs for COBRA
coverage, if the Executive continues to elect such COBRA coverage.

 

4.                                       Timing of
Payments; Early Termination of Obligations.

 

(a)                                  Notwithstanding the foregoing:  (1) any portion of the Salary
Continuation or the Health Care Continuation which would otherwise have been
paid to the Executive or reimbursed before the first normal payroll payment
date falling on or after the fortieth (40th) day following the date of
Executive’s termination of employment (the “First Payment Date”) shall
be made on the First Payment Date; (2) the Executive shall not be entitled
to any Salary Continuation unless the Executive’s termination of employment
constitutes a “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h); and (3) each payment of 

 

3

 

Salary Continuation is intended to constitute
a separate payment from each other payment of Salary Continuation for purposes
of Treasury Regulation Section 1.409A-2(b)(2).

 

(b)                                 Notwithstanding the foregoing, if
the Executive accepts an offer of employment at any time during the
Continuation Period, which acceptance would not be in violation of the
obligations of the Executive under this Agreement, Noble shall no longer be
obligated to pay the Health Care Continuation, should the Executive become
eligible to participate in any other group health plan as a result of his or
her acceptance of such offer of employment. 
For the purposes of this Section 4(b), the Executive shall notify
Noble of his or her acceptance of an offer of employment, and the terms and
conditions of such offer, on the day of such acceptance.  If the Executive does not so notify Noble,
then Noble may recover from the Executive any Health Care Continuation paid
after the date that the Executive accepted such an offer of employment.  For the avoidance of doubt, if the Executive
would violate his or her obligations under this Agreement by accepting such an
offer of employment, or by performing any services pursuant to such an
acceptance, then Noble will no longer be subject to any obligation to pay the
Salary Continuation or the Health Care Continuation.

 

5.                                       Other
Terminations.  The parties agree that Executive will not be
entitled to any severance payments (including the Salary Continuation and the
Health Care Continuation) if, during the period commencing as of the Change in
Control and ending twelve (12) months following a Change in Control: (A) Noble
terminates his or her employment for Cause; (B) he or she resigns without
Good Reason; or (C) he or she dies or his or her employment terminates due
to Disability.  For purposes of this
Agreement, “Disability” shall refer to Executive’s physical or mental
disability preventing him or her from carrying out substantially all of his or
her duties as an executive of Noble for a period of four consecutive months (or
25 weeks in any 12-month period).  If
Executive and Noble disagree as to the existence of a Disability, the dispute
shall be resolved by an independent medical doctor selected by Executive and
Noble.

 

6.                                       Exclusive
Remedy.  The parties agree that, except as set forth
in Section 3, or under the terms of any severance arrangement between the
Company and the Executive, as may be established from time to time, or as
determined by the terms of any employee benefit plan in which the Executive was
participating as of his or her termination of employment, or in the Fifth Amended
and Restated LLC Agreement, or the Amended and Restated Members’ Agreement,
dated as of December 21, 2007, among Noble Environmental Power, LLC and
other parties thereto, as amended from time to time, or as otherwise required
by law, Executive will not be entitled to receive any compensation or benefits
after termination of his or her employment with Noble.

 

7.                                       Best Pay
Provision.  Notwithstanding the other provisions of this
Agreement, in the event that the amount of payments payable to the Executive
under this Agreement, together with any payments or benefits payable under any
other plan, program, arrangement or agreement maintained by (or on behalf of)
Noble, would constitute an “excess parachute payment” (within the meaning of Section 280G
of the Internal 

 

4

 

Revenue Code of 1986, as amended (the “Code”)),
the payments under this Agreement shall be reduced (by the minimum possible
amounts) until no amount payable to the Executive under this Agreement
constitutes an “excess parachute payment” (within the meaning of Section 280G
of the Code); provided, however, that no such reduction shall be made if the
net after-tax payment (after taking into account Federal, state, local, or
other income and excise taxes) to which the Executive would otherwise be
entitled without such reduction would be greater than the net after-tax payment
(after taking into account Federal, state, local or other income and excise
taxes) to the Executive resulting from the receipt of such payments with such
reduction.  If, as a result of subsequent
events or conditions (including a subsequent payment or absence of a subsequent
payment under this Agreement or other plans, programs, arrangements or agreements
maintained by (or on behalf of) Noble), it is determined that payments under
this Agreement have been reduced by more than the minimum amount required to
prevent any such payments from constituting an “excess parachute payment,” then
an additional payment shall be promptly made to the Executive in an amount
equal to the additional amount that can be paid without causing any payment to
constitute an “excess parachute payment.” 
All determinations required to be made under this Section 7,
including whether a payment would result in an “excess parachute payment” and
the assumptions to be utilized in arriving at such determination, shall be made
by a “Big Four” accounting firm selected by Noble.  All determinations made by the “Big Four”
accounting firm under this Section 7 shall be final and binding upon Noble
and the Executive.

 

8.                                       Confidential
or Proprietary Information.

 

(a)                                  Except in connection with the
faithful performance of Executive’s duties as an employee of Noble or pursuant
to Section 8(c) or 8(d), Executive agrees that he or she will not, at
any time during his or her employment with Noble or thereafter, directly,
indirectly or otherwise, use, disseminate, disclose or publish, or use for his
or her benefit, or for the benefit of any person, firm, corporation or other
entity, any Confidential or Proprietary Information of or relating to Noble or
the Noble Companies, nor shall he or she deliver to any person, firm,
corporation or other entity any document, record, notebook, computer program or
similar repository of or containing any such Confidential or Proprietary
Information.  For purposes of this
Agreement, “Confidential or Proprietary Information” includes, without
limitation: all trade secrets, intellectual property in the form of patents,
trademarks and copyrights and applications therefor, ideas, inventions, works,
discoveries, improvements, information, documents, formulae, practices,
processes, methods, developments, source code, modifications, technology,
techniques, data, programs, other know-how or materials, owned, developed or
possessed by Noble or the Noble Companies, whether in tangible or intangible
form, information with respect to Noble’s or the Noble Companies’ operations,
processes, products, inventions, business practices, finances, principals,
vendors, suppliers, customers, potential customers, marketing methods, costs,
prices, contractual relationships, regulatory status, prospects and
compensation paid to employees or other terms of employment.  The parties hereby stipulate and agree that
as between them the foregoing matters are important and material Confidential
or Proprietary Information, which affect the successful conduct of 

 

5

 

the businesses of Noble and the Noble Companies
(and any successor or assignee of Noble).

 

(b)                                 Upon termination of Executive’s
employment with Noble, whether at the instance of Executive or Noble and for
whatever reason, Executive will promptly deliver to Noble all correspondence,
records, drawings, manuals, letters, notes, notebooks, computers, cell phones,
reports, programs, data, audio or videotapes (or other information contained on
any digital information medium), plans, proposals, financial documents, or any
other documents or materials containing
Confidential or Proprietary Information, information otherwise owned by Noble
or the Noble Companies, or containing information concerning the
customers, business plans, marketing strategies, products or processes of Noble
or the Noble Companies.  Executive shall
also return any materials or information received in connection with his or her
employment from clients, prospects or vendors of Noble or the Noble Companies.

 

(c)                                  Executive may respond to a lawful
and valid subpoena or other legal process; provided, however, that Executive
shall give Noble the earliest possible notice thereof, and shall, as much in
advance of the return date as possible, make available to Noble and its counsel
the documents and other information sought. 
Executive shall assist such counsel at Noble’s expense in resisting or
otherwise responding to such subpoena or process.

 

(d)                                 Nothing in this Agreement shall
prohibit Executive from:  (1) disclosing
information and documents when required by law, subpoena or court order (subject
to the requirements of Section 8(c) above); (2) disclosing
information that has been or is hereafter made public through no act or
omission of the Executive in violation of this Agreement or any other
confidentiality obligation or duty owed to Noble or the Noble Companies and
through no act or omission of any other person which, to the knowledge of the
Executive, has any legally binding confidentiality obligation or duty to Noble
or the Noble Companies; (3) disclosing information and documents to his or
her attorney or tax adviser for the purpose of securing legal or tax advice; (4) disclosing
the post-employment restrictions in this Agreement in confidence to any
potential new employer; or (5) retaining, at any time, his or her personal
correspondence, personal rolodex and documents related to his or her own
personal benefits, entitlements and obligations.

 

(e)                                  The Executive agrees that the terms
of this Agreement constitute Confidential and Proprietary Information, and agrees,
subject to Section 8(c) and 8(d), to not disclose the terms of this
Agreement to any third party, except as provided in Section 8(d) and
except as provided in a proceeding under Section 13(j) hereof to
enforce the terms of this Agreement.

 

9.                                       Inventions. 
All rights to discoveries, inventions, documents, improvements and
innovations (including all data and records pertaining thereto) related to the
business of Noble, whether or not patentable, copyrightable, registrable as a
trademark, or reduced to 

 

6

 

writing, that Executive may discover, invent,
improve, modify or originate during Executive’s employment, either alone or
with others and whether or not during working hours or by the use of the
facilities of Noble or the Noble Companies (“Inventions”), shall be the
exclusive property of Noble and the Noble Companies.  Executive shall promptly disclose all
Inventions to Noble, shall execute at the request of Noble any assignments or
other documents Noble may deem reasonably necessary to protect or perfect its
rights therein or the rights of any Noble Company therein, and shall assist
Noble, upon reasonable request and at Noble’s expense, in obtaining, defending
and enforcing Noble’s rights therein and/or the rights of any Noble Company therein.  Executive hereby appoints Noble as his or her
attorney-in-fact to execute on his or her behalf any assignments or other
documents reasonably deemed necessary by Noble to protect or perfect its rights
or the rights of any Noble Company to any Inventions.

 

10.                                 Non-Competition
and Non-Solicitation.

 

(a)                                  While Executive is employed by Noble,
and for a period of six (6) months following Executive’s termination of
employment for whatever reason, Executive shall not directly or indirectly,
individually or on behalf of any other person or entity, manage, participate
in, work for, consult with, render services for, or take an interest in (as an
owner, stockholder, partner or lender) any Competitor in an area of business in
which Competitor directly competes or seeks to directly compete with Noble or
the Noble Companies.

 

For purposes of this Agreement, “Competitor”
means any business, company or individual which is in the business, or is
actively seeking to be in the business, of developing, constructing, managing,
owning or operating wind energy projects in: (i) Connecticut; (ii) Maine;
(iii) Michigan; (iv) New Hampshire; (v) New York; (vi) Texas;
(vii) Vermont; (viii) Wyoming; or (ix) any other state in the
United States in which Noble operates, or has been developing, wind energy
projects within the twelve (12) months preceding Executive’s termination.

 

(b)                                 While the Executive is employed by
Noble, and for a period of twelve (12) months following Executive’s termination
of employment for whatever reason (the “Non-Solicitation Period”),  Executive shall not directly or indirectly,
individually or on behalf of any other person or entity:  (1) divert or attempt to divert from
Noble any business with any customer, partner or other person with which Noble
had any business contact or association while Executive was employed by
Noble;  (2)  induce or attempt to
induce any customer, partner or other person with which Noble had any business
contact or association to reduce or refrain from doing business with Noble or
the Noble Companies;  (3) induce or
attempt to induce, or cause, other than by means of any general solicitation by
advertisement or otherwise, any employee or consultant of Noble to terminate his
or her employment or relationship with Noble; or (4) recruit or hire,
other than by means of any general solicitation by advertisement or otherwise,
any person who was an employee or consultant of Noble after his or her
employment or relationship with Noble has terminated; provided that in no event
shall this 

 

7

 

Section 10(b)(4) prohibit Executive
from engaging the services of well-established accounting, legal, consulting or
financial services firms.

 

11.                                 Non-Disparagement. 
The Executive agrees, while he or she is employed by Noble and
thereafter, to refrain from disparaging Noble and the Noble Companies,
including any of their services, technologies or practices, or any of their
directors, officers, agents, employees, former employees, representatives or
stockholders, either orally or in writing; provided, however, that nothing in
the foregoing shall preclude the Executive from making truthful statements that
are required by applicable law, regulation or legal process.  Noble agrees, while Executive is employed by
Noble and thereafter, to refrain from disparaging the Executive; provided,
however, that Noble’s agreement to this non-disparagement clause shall be
limited to official statements issued by Noble as an organization and
statements of officers of Noble and members of the Board; provided, further,
that nothing in the foregoing shall preclude Noble, its officers or members of
the Board from making truthful statements that are required by applicable law,
regulation or legal process.

 

12.                                 Injunctive
Relief.  Executive acknowledges that a breach of the
covenants contained in Sections 8 through 11 will cause irreparable damage to
Noble and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law for any such breach will
be inadequate.  Accordingly, Executive
agrees that in the event of a breach of any of the covenants contained in
Sections 8 through 11, in addition to any other remedy which may be available
at law or in equity, Noble will be entitled to specific performance and
injunctive relief.

 

13.                                 General
Provisions.

 

(a)                                  Interaction With Other Severance
Arrangements.  This Agreement, to the extent that it is in
effect, and not any other severance arrangement between the Company and the
Executive, as may be established from time to time, shall govern if the
Executive incurs a termination of employment during the period commencing as of
the Change in Control and ending twelve (12) months following such Change in
Control.  For the avoidance of doubt, if
Executive receives any severance payments (including the Salary Continuation
and the Health Care Continuation) pursuant to this Agreement, Executive shall
not be entitled to receive any payments under any other severance arrangement
between the Company and the Executive, as may be established from time to time.

 

(b)                                 Notices. 
All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed given when (1) delivered
personally, (2) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (3) delivered by overnight courier
(provided that a written acknowledgment of receipt is obtained by the overnight
courier) to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

 

8

 

If to Noble:

 

Noble Environmental Power, LLC

8 Railroad Avenue, Suite 8

Essex, Connecticut 06426

Attention: Chief Financial Officer

WITH A COPY TO:

General Counsel

 

If to Executive:

 

Jeffrey T. Wood

36 Otter Trail

Westport, Connecticut 06880

 

(c)                                  Successors and Binding Agreement.

 

	
  (i)

  	
   

  	
  This Agreement
  shall be binding upon and inure to the benefit of Noble and any successor of
  or to Noble, including, without limitation, any purchaser of all or
  substantially all of the assets of Noble.

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  Noble will require
  any successor to expressly assume and agree to perform this Agreement in the
  same manner and to the same extent that Noble would have been required to
  perform it if no such succession had taken place.

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  For purposes of
  this Agreement, “Noble” shall mean both Noble, as defined in the Recitals,
  and any successor of or to Noble.

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  This Agreement
  shall inure to the benefit of and be enforceable by Executive’s personal or
  legal representatives, executors, administrators, successors, heirs,
  distributees, and/or legatees. 
  Executive agrees that his or her obligations under this Agreement are
  personal in nature and, without the consent of Noble, he or she may not
  assign, transfer, or delegate this Agreement or any rights or obligations
  hereunder, provided, that
  upon Executive’s death, Executive may assign his or her rights hereunder to
  Executive’s estate or heirs.

  

 

(d)                                 Complete and Final Agreement. 
Executive agrees that this Agreement reflects the complete agreement
between Noble and Executive, and that there are no written or oral
understandings, promises or agreements related to this Agreement except those
contained herein.  This Agreement constitutes
the complete and final agreement by and between the parties, and supersede any
and all prior and contemporaneous negotiations, representations,
understandings, and agreements between the parties relating to the matters
herein.  The parties further intend that
no extrinsic evidence whatsoever may be introduced in any judicial,
administrative or other legal proceeding to vary the terms of this Agreement.

 

(e)                                  Construction / Counsel. 
This Agreement shall be deemed drafted equally by both the parties.  Its language shall be construed as a whole
and according to its fair 

 

9

 

meaning, with no presumption that any
language shall be construed against any party. 
Paragraph headings used herein are for convenience and are not part of
this Agreement and shall not be used in construing it.  Executive acknowledges that he or she has had
adequate opportunity to consult with legal or other counsel of his or her
choosing prior to execution of this Agreement.

 

(f)                                    Governing Law. 
Any dispute, controversy, or claim of whatever nature arising out of or
relating to this Agreement or breach thereof shall be governed by and
interpreted under the laws of the State of Connecticut, without regard to
conflict of law principles.

 

(g)                                 Validity. 
The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall nevertheless remain in full force and effect.  Further, the parties agree that any invalid,
illegal or unenforceable provision or restriction shall be deemed modified so
that it shall be enforced to the greatest extent permissible under law.  To the extent that any court of competent
jurisdiction determines any provision or restriction herein to be overly broad,
or unenforceable, such court is hereby empowered and authorized to limit such
provisions or restrictions so that it is enforceable for the longest duration
of time, within the largest geographical area and with the broadest scope, as
permitted by law.

 

(h)                                 Survival of Provisions. 
Notwithstanding any other provision of this Agreement, the parties’
post-termination obligations and the parties’ other respective rights,
including, without limitation, the provisions of Sections 8 through 11 shall
survive any termination or expiration of this Agreement or the termination of
Executive’s employment for any reason whatsoever.

 

(i)                                     Waiver. 
No provision of this Agreement may be modified, waived, or discharged
unless such modification, waiver, or discharge is agreed to in writing signed
by Executive and Noble.  No waiver by
either party hereto at any time of any breach by the other party hereto or
compliance with any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time.

 

(j)                                     Mediation and Arbitration. 
Any dispute that may arise between Noble and Executive in reference to
this Agreement, or the interpretation, application or construction thereof, and
any matter, without limitation, arising out of Executive’s employment with
Noble, shall be submitted to mediation using a mediator or mediators and
procedures that are mutually acceptable to Executive and Noble.  If mediation is not successful, the dispute
shall be submitted to arbitration, conducted before an arbitrator in Middlesex
County, Connecticut in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association then
in effect.  Judgment may be entered on
the arbitration award in any court having jurisdiction; provided, however, that
Noble 

 

10

 

shall be entitled to seek a restraining order
or injunction in any court of competent jurisdiction to prevent any
continuation of any violation of the provisions of Sections 8 through 11 of the
Agreement, and Executive hereby consents that such restraining order or
injunction may be granted without requiring Noble to post a bond.  Only individuals who are on the AAA register
of arbitrators may be selected as an arbitrator.  Within twenty (20) days of the conclusion of
the arbitration hearing, the arbitrator(s) shall prepare written findings
of fact and conclusions of law.  It is
mutually agreed that the written decision of the arbitrator(s) shall be
valid, binding, final and non-appealable; provided however, that the parties
agree that the arbitrator shall not be empowered to award punitive damages
against any party.  If for any reason
this mediation and arbitration clause becomes not applicable, then each party,
to the fullest extent permitted by applicable law, hereby irrevocably waives
all right to a trial by jury as to any issue relating hereto in any action,
proceeding, or counterclaim arising out of or relating to this Agreement or any
other matter involving the parties hereto.

 

(k)                                  Section 409A.

 

(i)                                     Notwithstanding anything to the
contrary in this Agreement, if at the time of Executive’s termination of
employment with Noble, Executive is a “specified employee” as defined in Section 409A
of the Code, as determined by Noble in accordance with Section 409A of the
Code, and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then Noble will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction in the payments or
benefits ultimately paid or provided to Executive) until the date that is at
least six (6) months following Executive’s termination of employment with
Noble (or the earliest date permitted under Section 409A of the Code),
whereupon Noble will pay Executive a lump-sum amount equal to the cumulative
amounts that would have otherwise been previously paid to Executive under this
Agreement during the period in which such payments or benefits were deferred.  Thereafter, payments will resume in
accordance with this Agreement.

 

(ii)                                  Additionally, in the event that
following the date hereof, Noble or the Executive reasonably determines that
any payments or benefits payable under this Agreement may be subject to Section 409A
of the Code, Noble and the Executive shall work together to adopt such
amendments to this Agreement or adopt other policies or procedures (including
amendments, policies and procedures with retroactive effect), or take any other
commercially reasonable actions necessary or appropriate to (A) exempt the
payments and benefits payable under this Agreement from Section 409A of
the Code and/or preserve the intended tax treatment of the payments and
benefits provided with respect to this Agreement or (B) comply with the
requirements of Section 409A of the Code.

 

11

 

[Signature page follows]

 

12

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first set forth above.

 

 

	
   

  	
  NOBLE
  ENVIRONMENTAL POWER, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Walter Q. Howard

  
	
   

  	
   

  	
  Name:

  	
  Walter Q. Howard

  
	
   

  	
   

  	
  Title:

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Witnessed:

  	
   

  	
   

  	
  /s/ Jeffrey T. Wood

  
	
  Name:

  	
   

  	
   

  	
  Jeffrey T. Wood

  
							

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]