Document:

Exhibit 10.33

 

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 Thomas F. Swank
(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

 

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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 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 

 

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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.

 

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.

 

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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 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, the Stockholders Agreement of Noble Environmental Power, LLC, dated August
15, 2008, 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.

 

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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 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, 

 

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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 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 

 

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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 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 

 

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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 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

 

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Attention: Christopher Lowe

WITH A COPY TO:

General Counsel

 

If to Executive:

 

Thomas F. Swank

110 Randi Drive

Madison, CT 06443

 

(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 

 

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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.

 

(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 

 

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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.

 

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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/ Thomas F. Swank

  
	
  Name:

  	
   

  	
   

  	
  Thomas F. Swank

  
	
   

  	
   

  	
   

  
					

 

12Exhibit 10.34

 

EXECUTION VERSION

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of August 15,
2008 (the “Effective Date”),  by
and between Noble Environmental Power, LLC (“Noble”) and Daniel J.
Mandli (“Executive”).

 

WHEREAS, Noble, its parent
and its affiliates (collectively, the “Noble Companies”) develop,
construct and operate wind-powered electricity generation facilities; and

 

WHEREAS, Noble desires to continue
to employ Executive and to enter into this Agreement enumerating the terms of
such continuing employment, and Executive desires to continue employment with
Noble and to enter into this Agreement.

 

NOW, THEREFORE, in
consideration of the promises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually
acknowledged, Noble and Executive agree as follows:

 

1.             Position,
Duties, and Responsibilities.

 

(a)           Commencing on
the Effective Date, Executive shall be employed by Noble as Senior Vice President Operations, with such customary
responsibilities, duties, and authority as may be assigned from time to time by
the Chief Executive Officer of Noble.  Executive,
in carrying out his responsibilities, duties and authority under this
Agreement, will report to the Chief Executive Officer of Noble.

 

(b)           During the Term
of Employment (as defined below), Executive shall devote substantially all of his
business time and attention to the business and affairs of Noble and/or the
Noble Companies, and shall use his best efforts, skills, and abilities to
promote its interests.  Executive agrees
to observe and comply with the rules and policies of Noble and the Noble
Companies as adopted from time to time, including any rules and policies
that relate to Executive’s post-termination obligations to Noble and the Noble
Companies.

 

2.             At-Will
Employment.  Noble and Executive
acknowledge that Executive’s employment hereunder is and shall continue to be
at-will (as defined under applicable law), and may be terminated at any time,
with or without Cause, at the option of either party.  If Executive’s employment terminates for any
reason, Executive shall not be entitled to any payments, benefits, damages,
awards or compensation other than as specifically provided in Section 4 of
this Agreement.  No provision of this
Agreement shall be construed as conferring upon Executive a right to continue
as an employee of Noble.  On the date on
which Executive’s employment with Noble terminates, for whatever reason, unless
specifically otherwise agreed in writing between Executive and Noble, Executive
shall cease to hold any position (whether as an officer, director, manager,
employee, trustee, fiduciary, or otherwise) with Noble or any of the Noble
Companies.  The period of 

 

1

 

Executive’s employment under
this Agreement is referred to herein as the “Term of Employment.”

 

3.             Compensation and Benefits.  Executive
will be eligible to receive the following compensation and benefits during the
Term of Employment:

 

(a)           Annual Base
Salary.  In consideration of the
services to be rendered by Executive under this Agreement, Noble will pay
Executive an annual salary of $250,000.00 (“Salary”),
less all applicable local, state, and federal taxes, and other withholdings and
deductions required by law or authorized by Executive, which shall be payable
at the times and in the installments consistent with Noble’s existing payroll
practices.  Such Salary shall be reviewed
(and may be adjusted) from time to time by the Board of Directors of Noble or
similar governing body of Noble (the “Board of Directors”), or an
authorized committee of the Board of Directors.

 

(b)           Annual Bonus.  Executive
will be eligible for an annual bonus, based primarily on Noble’s financial
performance, including, as applicable, the performance of the Noble
Companies.  Executive shall be eligible
for an annual bonus upon fulfilling certain financial goals and objectives that
are established by the Board of Directors with respect to the applicable performance
period.  Whether such financial goals and
objectives are achieved will be determined by the Board of Directors in its
sole discretion.  Executive will not be
eligible for an annual bonus unless Executive remains employed by Noble through
January 1 of the calendar year following the applicable performance
period, or such longer period as may be required by the Board of Directors or
under the applicable bonus plan.  Any
annual bonus earned by the Executive shall be paid to Executive when bonuses
under the performance period in question are paid to similarly-situated
employees of Noble.

 

(c)           Benefits.  The parties
acknowledge and agree that during the Term of Employment, Executive shall be
entitled to participate in certain employee benefits plans, programs and
arrangements, as offered by Noble to similarly-situated employees.  These employee benefits shall be governed by
the applicable documents, which are subject to change.

 

(d)           Vacation.  During the
Term of Employment, Executive will be entitled to 20 work days of paid vacation
each calendar year.  Vacation must be
scheduled with sufficient advance notice to take into account Noble’s business
needs.  Executive will also be entitled
to paid holidays in accordance with Noble’s holiday policy.

 

(e)           Cooperation.  During the Term of
Employment, and at all times thereafter, Executive agrees to fully, and in good
faith, cooperate with Noble with respect to any investigation, claim or
litigation involving Noble or the Noble Companies and relating to his past, present
or future duties with Noble or the Noble Companies, or to any matters
concerning Noble or the Noble Companies about which he has 

 

2

 

knowledge.  Noble shall reimburse Executive for his
reasonable expenses incurred in the course of such cooperation.

 

(f)            Business Expenses.  During the Term of Employment, Executive
shall be reimbursed for all reasonable, ordinary, and necessary expenses
incurred for business activities on behalf of Noble or the Noble Companies by Executive
in the performance of his duties.  All
reimbursable expenses must be appropriately documented in reasonable detail by Executive
and submitted in accordance with the Travel and Business Expense Reimbursement
Policy of Noble in effect at that time.

 

4.             Termination
of Employment.

 

(a)           Termination Due to Death or Disability.  Executive’s employment will terminate upon his
death or Disability.  For purposes of
this Agreement, “Disability” shall refer to Executive’s physical or mental
disability preventing him from carrying out substantially all of his duties as Senior Vice President Operations 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.

 

(b)           Involuntary Termination.  Executive’s employment hereunder may be
terminated immediately by Noble, at any time, for Cause by written notice.  For purposes of this Agreement, “Cause”
shall mean:

 

(i)            Executive’s failure 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 of Directors specifying such failure;

 

(ii)           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;

 

(iii)          the Executive admitting to,
the Executive being convicted of, the Executive entering of a plea of guilty or
nolo contendere to, or the Executive
being indicted for, any felony or crime involving moral turpitude;

 

(iv)          the Executive committing any
act of fraud or dishonesty in connection with the performance of his duties as
an employee of Noble or in the course of Executive’s employment with Noble,
which act is materially injurious to Noble or any of the Noble Companies;

 

(v)           the Executive using
narcotics, alcohol, or illicit drugs in a manner that has or may reasonably be
expected to have a detrimental effect on the 

 

3

 

performance
by the Executive of his duties as an employee of Noble or on the reputation of
Noble or any of the Noble Companies; or

 

(vi)          the Executive committing a
material violation of any policy sponsored by Noble or the other Noble
Companies which results in injury to Noble or any of the Noble Companies.

 

(c)           Termination Without Cause.  Noble may terminate Executive’s
employment and this Agreement without Cause at any time by providing thirty
(30) days’ written notice to the Executive.

 

(d)           Resignation from Noble.  Executive may resign his
employment with Noble and terminate this Agreement for any reason at any time
by providing thirty (30) days’ written notice to Noble.

 

(e)           Benefits upon Termination.

 

(i)            Severance Payments.  In the event Noble terminates the Executive
without Cause (which shall not include a termination under Section 4(a)),
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 this 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:

 

(A)          a cash amount equal to six (6) months
of his Salary, 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”); and

 

(B)           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, (1) Executive shall be entitled
to receive the Health Care Continuation 

 

4

 

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 (2) 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.

 

(ii)           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 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(e)(ii)(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.

 

(iii)          The parties agree that Executive
will not be entitled to any severance payments (including the Salary
Continuation and the Health Care Continuation) hereunder if: (A) Noble
terminates his employment for 

 

5

 

Cause
pursuant to Section 4(b); (B) he resigns from employment with Noble
under Section 4(d); or (C) he dies or terminates due to Disability
under Section 4(a).

 

(iv)          The parties
agree that, except as set forth in this Section 4(e), or as set forth in
that certain Change in Control Severance Agreement, dated as of August 15, 2008, by
and between the Executive and Noble (the “Change in Control Severance
Agreement”), or as determined by the terms of any employee benefit plan in
which the Executive participated under Section 3(c), or as set forth 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 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.

 

5.             Confidential
or Proprietary Information.

 

(a)           Except in
connection with the faithful performance of Executive’s duties hereunder or
pursuant to Section 5(c) or 5(d), Executive agrees that he will not,
at any time during the Term of Employment 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 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).

 

6

 

(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 (i) disclosing information and
documents when required by law, subpoena or court order (subject to the
requirements of Section 5(c) above), (ii) disclosing information
and documents to his attorney or tax adviser for the purpose of securing legal
or tax advice, (iii) disclosing the post-employment restrictions in this
Agreement in confidence to any potential new employer, or (iv) 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 5(c) and 5(d), to not
disclose the terms of this Agreement to any third party, except as provided in Section 5(d) and
except as provided in a proceeding under Section 18 hereof to enforce the
terms of this Agreement.

 

6.             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 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 

 

7

 

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.

 

7.             Non-Competition
and Non-Solicitation.

 

(a)           During the Term
of Employment 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.

 

(b)           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.

 

(c)           During the Term
of Employment 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:

 

(i)            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 during the Term of Employment;

 

(ii)           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;

 

(iii)          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

 

(iv)          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.

 

8.             Non-Disparagement.  The
Executive agrees, during the Term of Employment 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; 

 

8

 

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, during the Term of Employment 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 of Directors; provided, further, that nothing in the foregoing shall
preclude Noble, its officers or members of the Board of Directors from making
truthful statements that are required by applicable law, regulation or legal
process.

 

9.             Injunctive
Relief.  Executive
acknowledges that a breach of the covenants contained in Sections 5 through 8
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 5 through 8, 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.

 

10.           Notices.  All notices and other communications required
or permitted hereunder shall be in writing and shall be deemed given when (a) delivered
personally, (b) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (c) 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

 

If to Executive:

 

Daniel J. Mandli

26 Marine Point Drive

Old Saybrook, CT 06475

 

11.           Successors
and Binding Agreement.

 

(a)           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.

 

9

 

(b)           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.

 

12.           Complete
and Final Agreement.   Executive agrees that this Agreement and the
Change in Control Severance 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 Change in
Control Severance 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 or
the Change in Control Severance Agreement.

 

13.           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.

 

14.           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.

 

15.           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.

 

16.           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 5 through 8 shall
survive any termination or expiration of this Agreement or the termination of
Executive’s employment for any reason whatsoever.

 

10

 

17.           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.

 

18.           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 5 through 8 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 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.

 

19.           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 one and the same Agreement.

 

20.           Section 409A.

 

(a)           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 Internal Revenue Code of 1986, as amended
(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 

 

11

 

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.

 

(b)           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 (i) 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 (ii) comply with the
requirements of Section 409A of the Code.

 

21.           Interaction
with Change in Control Severance Agreement.  Nothing in this Agreement is intended to, or
should be construed as, contradicting, superseding or modifying the Change in
Control Severance Agreement, except that the Change in Control Severance
Agreement, to the extent that it is in effect, and not this Agreement, shall
govern any severance payments made to the Executive, if the Executive incurs a
termination of employment during the period commencing as of the Change in
Control (as such term is defined in the Change in Control Severance Agreement)
and ending twelve (12) months following such Change in Control (as such term is
defined in the Change in Control Severance Agreement).  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 Change in Control
Severance Agreement.

 

[remainder
of page intentionally left blank]

 

12

 

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 

  
						

 

13

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