Document:

Exhibit 10.75

 

RELOCATION
AGREEMENT

(“Agreement”)

 

WHEREAS MXenergy Holdings
Inc., a Delaware corporation (“MX”), and Chaitu Parikh (“Executive,” and with
MX, the “Parties”) wish to agree on terms under which Executive will relocate
from MX’s Stamford, Connecticut office to MX’s Houston, Texas office.

 

NOW, THEREFORE, subject
to the terms and conditions of this Agreement, and in consideration of the
mutual promises here and for good and other consideration, the receipt of which
is hereby acknowledged, the Parties agree as follows:

 

1.             Sale of Ridgefield Residence. 
MX will provide the following benefits with respect to the sale of
Executive’s primary residence in Ridgefield, Connecticut:

 

(a)           Home Sale Assistance.  MX
agrees that it will:

 

(i)            engage a relocation firm mutually acceptable to the
Parties, which relocation firm would purchase the Executive’s residence in
Ridgefield for its fair market value.

 

(ii)           pay Executive an amount equal to the difference
between $1,725,000 and the purchase price paid for such residence by the
relocation firm hired pursuant to clause (i) above.

 

(iii)          reimburse Executive for all sale expenses listed in Section 1(b) below,
including any commission to be paid to the relocation management company/service
provider.

 

The Parties agree that MX
will not be responsible for any costs or losses associated with the sale of
Executive’s residence located in Carmel, New York.

 

(b)           Sale Expenses.  To
the extent incurred by Executive and upon submission of appropriate receipts
and other satisfactory documentation, MX will reimburse Executive for the
following expenses reasonably and necessarily incurred by Executive in
connection with the sale of his Ridgefield home:

 

(i)            Property transfer fees/taxes;

(ii)           Reasonable attorneys’ fees (if any);

(iii)          Recording fees;

(iv)          Inspection fees, if required; and

(v)           Other reasonable and customary closing costs paid for
by a seller of a residence.

 

2.             Purchase of Houston Residence.  Upon
submission of appropriate receipts and other satisfactory documentation, MX
will reimburse Executive for the following expenses reasonably and necessarily
incurred by Executive in connection with the purchase of a home in Houston:

 

 

(a)           Costs of a relocation management
firm/service provider to identify potential homes for purchase;

 

(b)           Costs associated with house-hunting trips,
including for airfare, hotel accommodations, and incidentals;

 

(c)           Necessary temporary housing costs for up
to six months;

 

(d)           Reasonable attorneys’ fees;

 

(e)           Recording fees;

 

(f)            Inspection fees; and

 

(g)           Other reasonable and customary closing
costs

 

3.             Relocation Expenses.  Upon
submission of appropriate receipts and other satisfactory documentation, MX
will reimburse Executive for the following expenses reasonably and necessarily
incurred by Executive in connection with relocating his family from Ridgefield
to Houston:

 

(a)           all expenses related to packing, moving,
temporary storage and unpacking costs.

 

(b)           all expenses related to transporting up
to three vehicles (including license and registration costs in Texas).

 

(c)           all expenses related to locating a new
home in Houston (including air fare, hotels and related incidentals).

 

4.             Temporary Housing Expenses. 
To the extent necessary, upon the submission of satisfactory
documentation, MX will reimburse Executive for temporary housing costs for up
to six months following his relocation (which expenses may include renting
Executive’s residence in Ridgefield from the relocation company that purchases such
residence from Executive).

 

5.             Tax Gross Up.  MX agrees
that it will “gross up” Executive for any taxes owed by the Executive as a
result of any payments made to the Executive under this Agreement (other than
the payment made to Section 6 hereof).

 

6.             Additional Payments to Executive. 
Upon the execution and delivery of this Agreement, MX will make a lump
sum payment to Executive of $15,000 to cover additional incidental expenses
related to his and his family’s relocation to Houston.

 

2

 

7.             Amendment to Executive’s Employment Agreement.  MX
and Executive agree that Executive’s employment agreement will be amended
pursuant to the amendment to such employment agreement attached as Exhibit A
hereto.

 

8.             No Other Benefits.  Except as
specifically set forth herein, this Agreement is not intended to and does not
amend or otherwise affect Executive’s current employment agreement or the terms
and conditions of Executive’s employment with MX.  This Agreement is not a guarantee of
employment for any specific length of time.

 

9.             Amendment.  No provisions of this Agreement may be
modified, waived, or discharged except by a written document signed by a duly
authorized MX officer and Executive.  A
waiver of any conditions or provisions of this Agreement in a given instance
shall not be deemed a waiver of such conditions or provisions at any other
time.

 

10.           Interpretation; Exclusive Forum. 
The validity, interpretation, construction, and performance of this
Agreement shall be governed by the internal laws of the State of Connecticut
(excluding any that mandate the use of another jurisdiction’s laws).  Any litigation, arbitration, or similar
proceeding with respect to such matters only may be brought within that state,
and all parties to this Agreement consent to that state’s jurisdiction and
agree that venue anywhere in that state would be proper.

 

11.           No Assignment.  Executive may not assign or pledge this
Agreement or any rights arising under it.

 

12.           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 remain in full force and effect.

 

13.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute the same
instrument.

 

14.           Entire Agreement.  All oral or
written agreements or representations, express or implied, with respect to the
subject matter of this Agreement are set forth in this Agreement.

 

[AGREEMENT
CONTINUES ON NEXT PAGE]

 

3

 

15.           Headings.  The headings
used in this Agreement are for convenience and shall not be interpreted to
alter or change in any way the interpretation of the substantive provisions
herein.

 

 

	
  Dated:

  	
  May 10, 2010

  	
   

  	
  MXENERGY HOLDINGS INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Jeffrey Mayer

  
	
   

  	
   

  	
   

  	
   

  	
  JEFFREY MAYER

  
	
   

  	
   

  	
   

  	
   

  	
  President and CEO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  May 10, 2010

  	
   

  	
   

  	
  /s/ Chaitu Parikh

  
	
   

  	
   

  	
   

  	
   

  	
  CHAITU PARIKH

  

 

4Exhibit 10.76

 

MXENERGY HOLDINGS,
INC.

 

2010
First Amendment to

Employment Agreement with Chaitu Parikh

 

This
2010 First Amendment to the Employment Agreement (as defined below), effective May 1,
2010 is hereby entered into as of the 14th day of May, 2010 (the “Amendment Date”),
by and between MXenergy Holdings, Inc. (the “Company”) and Chaitu
Parikh (the “Executive”).

 

WHEREAS, the Company and
the Executive entered into the Employment Agreement by and between the Company
and the Executive, effective February 13, 2008 (the “Employment
Agreement”); and

 

WHEREAS, the Company and the
Executive desire and agree to amend the provisions of the Employment Agreement
as provided below in connection with renewing its term, addressing the
consensual relocation of the Executive’s principal office, and reducing the
risk of potential adverse tax consequences to the Executive under Section 409A
of the Internal Revenue Code of 1986, as amended.

 

NOW
THEREFORE, in consideration of the foregoing and for other
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the undersigned parties agree to amend the Employment Agreement,
effective on the Amendment Date, as follows:

 

1.             Section 1(a) of the Employment
Agreement is amended by revising its last sentence to provide as follows, with bold and italicized text
highlighting new text herein:

 

Executive’s office
shall be located at the Company’s headquarters in Stamford, Connecticut, but shall be relocated to Houston, Texas on a
mutually agreeable date in 2010.

 

2.             Section 2 of the Employment
Agreement is amended in its entirety as follows, with bold
and italicized text highlighting the additions:

 

2.             Term.  Company’s
employment of Executive pursuant to this Agreement shall be for an initial term
of three (3) years (the “Employment Term”), beginning on May 14, 2010 (the “Amendment Effective
Date”) and ending on the third annual anniversary of the Amendment Effective Date or such
earlier date on which Executive’s employment terminates in accordance with Section 6
of this Agreement.  Upon the third annual
anniversary of the Amendment Effective Date and
each anniversary thereof (collectively, the “Expiration Date”), this
Agreement shall automatically renew for a one-year term unless (a) the
Agreement has been earlier terminated under Section 6 or (b) either
party gives written notice not less than 180 days prior to the expiration of
any such term that the Agreement will not be extended.  Upon termination of the then applicable
Employment Term for any reason, Executive shall promptly resign from all
positions held with the Company.

 

1

 

3.             Section 3 of the Employment
Agreement is amended by revising its last sentence to increase the Executive’s
annual base salary by changing “$401,700” to “$450,000”.

 

4.             Section 4 of the Employment
Agreement is amended by adding the following sentence at the end thereof:

 

“Any bonus payable
hereunder shall be paid later than two and one-half (21⁄2) months following the
end of the year in which the Executive first vests in the right to collect the
bonus.”

 

5.             Sections 6(b)(i) and 6(c)(i) of
the Employment Agreement shall each be amended in their entirety to provide as
follows, with bold and italicized text
highlighting new text herein:

 

(i)            Base Salary, PTO, any earned and unpaid
Target Bonus accrued through the Termination Date, and any expense
reimbursements and other benefits due to the Executive under any
Company-provided plans, policies and arrangements, which shall not be paid or
payable later than March 15 of the calendar year after the calendar year
in which the Termination Date occurs; provided that, if
Executive’s Termination Date occurs within the 18-month period following the
date on which the Executive has substantially completed his relocation in 2010
from Stamford, Connecticut to Houston, Texas (the “Relocation Date”),
then the Executive’s benefits hereunder shall also include a relocation package
having terms, condition, and dollar value per component that are substantially
the same as those provided to the Executive in connection with such 2010 relocation
to Houston, Texas;

 

6.             Section 6(e) of the Employment
Agreement shall each be by adding the following text immediately before the end
of clause (C):

 

subject, however, if Executive’s
Termination Date occurs within the 24-month period following the Relocation
Date,  to Executive having first repaid
the full value of all Company-paid expenses associated with his relocation in
2010 from Stamford, Connecticut to Houston, Texas, and subject to the Company’s
right to offset any amounts payable under this Agreement (and to assert all
other debt collection rights allowable by law) in order to enforce its right to
obtain such full repayment;

 

7.             Section 7(d) of the Employment
Agreement is amended by revising clause (ii) of its second sentence to
provide as follows, with bold and italicized text
highlighting new text herein:

 

(ii) Executive
is required to relocate his place of employment, other than a relocation within
fifty (50) miles of the Company’s Houston
offices, it being understood and agreed by the
parties hereto that the Executive’s relocation from the Company’s Stamford to
Houston offices is consensual and does not constitute grounds for a
Constructive Termination hereunder;

 

2

 

8.             Section 12(g) of the Employment
Agreement is amended by revising clause its second sentence to provide as
follows, with bold and italicized text
highlighting new text herein:

 

Except for
injunctive or other equitable relief in aid of arbitration, any dispute or
controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration in Stamford, Connecticut, in accordance with the rules of
the American Arbitration Association then in effect;
provided that such situs shall become Houston, Texas coincidentally with the
date of Executive’s relocation there in accordance with Section 1(a) of
the Employment Agreement.

 

9.             All Employment Agreement references to
section numbers and defined terms are amended to reflect the above
modifications.

 

10.           Nothing herein shall be held to alter, vary or
otherwise affect the terms, conditions, and provisions of the Employment
Agreement, except as noted above; provided that the terms and conditions of the
Employment Agreement shall be deemed to be amended to the extent necessary to
be consistent with the relocation agreement entered into between the parties
coincidentally with execution of this 2010 First Amendment.

 

IN WITNESS WHEREOF, the parties hereto have executed this 2010
First Amendment to the Employment Agreement, and such 2010 First Amendment
shall be effective as of the date first written above.

 

	
   

  	
   

  	
  THE COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MXenergy Holdings, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jeffrey Mayer

  
	
   

  	
   

  	
   

  	
  Jeffrey Mayer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chaitu Parikh

  
	
   

  	
   

  	
  Name:

  	
  Chaitu Parikh

  

 

3

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