Document:

exv10w3

 

Exhibit 10.3

FORM
OF NON-QUALIFIED STOCK OPTION AGREEMENT

(2007 Stock Award and Incentive Plan)

          NON-QUALIFIED STOCK OPTION AGREEMENT, dated as of                                                     
         (the “Agreement”),
by and between Apartment Investment and Management Company, a Maryland corporation (the “Company”),
and                                                      (the “Optionee”). Capitalized terms used but not otherwise defined in
this Agreement shall have the respective meanings set forth in the Apartment Investment and
Management Company 2007 Stock Award and Incentive Plan, as amended (the “Plan”).

          WHEREAS, on                                                             
 (the “Grant Date”) the Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company awarded the Optionee a
non-qualified stock option, exercisable to purchase shares of the Company’s Class A Common Stock,
par value $.01 per share (“Common Stock”), pursuant to, and subject to the terms and provisions of,
the Plan.

          NOW, THEREFORE, in consideration of the Optionee’s services to the Company and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

          1. Number of Shares and Purchase Price. The Company hereby grants the Optionee a
non-qualified stock option (the “Option”) to purchase                                                              
shares of Common Stock
(the “Option Shares”) at a purchase price per share equal
to $                                         the “Exercise
Price”), pursuant to the terms of this Agreement and the provisions of the Plan.

          2. Period of Option and Conditions of Exercise.

          (a) Unless the Option is previously terminated pursuant to this Agreement or the Plan, the
Option shall terminate on the tenth anniversary of the Date of Grant (the “Expiration Date”). Upon
the termination of the Option, all rights of the Optionee hereunder shall cease.

          (b) Subject to the provisions of the Plan and this Agreement, the Option shall become
exercisable: (i) as to     % of the Option Shares on
                                        ;
(ii) as to     % of the Option
Shares on
                                        ;
(iii) as to     % of the Option Shares on                     
; and (iv) as to     %
of the Option Shares on                                         .

          3. Change of Control. 

     All unexercised and unvested stock options issued hereunder shall, in addition to any
provisions relating to exercisability contained in this Agreement, become immediately fully vested
and exercisable by the Optionee upon the occurrence of a Change of Control (as defined below).

 

 

     For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any
of the following events:

     (a) an acquisition (other than directly from the Company) of any voting securities of the
Company (the “Voting Securities”) by any “person” (as the term “person” is used for purposes of
Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) immediately after which such person has “beneficial ownership” (within the meaning of Rule
13d-3 promulgated under the Exchange Act) (“Beneficial Ownership”) of 50% or more of the combined
voting power of the Company’s then outstanding Voting Securities; provided, however, in determining
whether a Change in Control has occurred, Voting Securities that are acquired in a Non-Control
Acquisition (as hereinafter defined) shall not constitute an acquisition that would cause a Change
in Control. “Non-Control Acquisition” shall mean an acquisition (A) by or under an employee
benefit plan (or a trust forming a part thereof) maintained by (1) the Company or (2) any
corporation, partnership or other person of which a majority of its voting power or its equity
securities or equity interest is owned directly or indirectly by the Company or in which the
Company serves as a general partner or manager (a “Subsidiary”), (B) by the Company or any
Subsidiary, or (C) by any person in connection with a Non-Control Transaction (as hereinafter
defined);

     (b) the individuals who constitute the Board of Directors of the Company as of the date hereof
(the “Incumbent Board”) cease for any reason to constitute at least 50% of the Board of Directors;
provided, however, that if the election, or nomination for election by the Company’s stockholders,
of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new
director shall be considered as a member of the Incumbent Board; provided, further, that no
individual shall be considered a member of the Incumbent Board if such individual initially assumed
office as a result of either an actual or threatened “election contest” (as described in Rule
14a-11 promulgated under the Exchange Act) (an “Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of a person other than the Board of Directors
(a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest; or

     (c) the consummation of any of the following: (A) a merger, consolidation, share exchange or
reorganization involving the Company, unless (1) the stockholders of the Company,
immediately before such merger, consolidation, share exchange or reorganization, own, directly or
indirectly immediately following such merger, consolidation, share exchange or reorganization, at
least 50% of the combined voting power of the outstanding voting securities of the corporation that
is the successor in such merger, consolidation, share
exchange or reorganization (the “Surviving Company”) in substantially the same proportion as
their ownership of the Voting Securities immediately before such merger, consolidation, share
exchange or reorganization, and (2) the individuals who were members of the Incumbent Board
immediately prior to the execution of the agreement providing for such merger, consolidation, share
exchange or reorganization constitute at least 50% of the members of the board of directors of the
Surviving Company; (B) a complete liquidation or dissolution of the Company; or (C) an agreement
for the sale or other disposition of all or substantially all of the assets of the Company to any
person (other than a transfer to a Subsidiary).

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     Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any person (a “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of
the outstanding Voting Securities as a result of the acquisition of Voting Securities by the
Company that, by reducing the number of Voting Securities outstanding, increases the proportional
number of shares Beneficially Owned by such Subject Person, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of Voting
Securities by the Company, and after such share acquisition by the Company, such Subject Person
becomes the Beneficial Owner of any additional Voting Securities that increases the percentage of
the then outstanding Voting Securities Beneficially Owned by such Subject Person, then a Change in
Control shall occur.”

          4. Termination of Employment.

          (a) Except as provided in this Section 4, the Option may not be exercised after the Optionee
has ceased to be employed by the Company or one of its affiliates. In the event that the Optionee
ceases to be employed by the Company or one of its affiliates, the Option may be exercised
following such termination, as follows:

          (i) if the Optionee’s termination of employment is due to his or her death or Disability (as
defined below), all unexercised and unvested stock options issued hereunder shall become
immediately fully vested and exercisable by the Optionee and the Option shall remain exercisable
until the Expiration Date for all Option Shares;

          (ii) if the Optionee ceases to be employed by the Company or an affiliate other than due to
death, Disability or termination for Cause, the Option shall remain exercisable for a period of
ninety (90) days following such termination (but in no event later than the Expiration Date) with
respect to all Option Shares for which the Option was otherwise exercisable as of the date of such
termination, and shall thereafter terminate; and

          (iii) if the Optionee’s termination is by the Company or one of its affiliates for Cause (as
defined below), the Option shall terminate immediately on the date of the such termination.

          5. Exercise of Option.

          (a) The Option may be exercised only by the Optionee or, in the event of the death or
incapacity of the Optionee, the Optionee’s successor, heir or legal representative. The Option
shall be exercised by delivery to the Company of (i) a written notice, substantially in the form
attached hereto as Exhibit A, specify the number of Option Shares for which the Option is
being exercised to purchase, and (ii) full payment of the Exercise Price for such number of Option
Shares being purchased (in respect of such Option Shares, the “Total Exercise Price”), in the
manner provided below, and any transfer or withholding taxes applicable thereto.

          (b) Payment of the Exercise Price for any Option Shares being purchased shall be made as
follows:

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          (i) The Optionee may satisfy all or any portion of the Total Exercise Price by delivery to the
Company of cash, by certified or cashier’s check, or

          (ii) The Optionee may satisfy all of any portion of the Total Exercise Price by (A)
assignment, transfer and delivery to the Company, free of any liens, claims or encumbrances, of
shares of Common Stock that the Optionee owns, or (B) assignment and transfer to the Company, free
of any liens, claims or encumbrances, of common partnership units of AIMCO Properties, L.P. (“OP
Units”) that the Optionee owns. If the Optionee pays by assignment, transfer and delivery of
shares of Common Stock, the Optionee must include with the notice of exercise the certificates for
such shares of Common Stock, either duly endorsed for transfer or accompanied by an appropriately
executed stock power in favor of the Company. If the Optionee pays by assignment and transfer of
OP Units, the Optionee must include with the notice of exercise a duly executed assignment of all
of the Optionee’s interest in such OP Units. For purposes of this Agreement, the value of all such
shares of Common Stock delivered by the Optionee will be their Fair Market Value, and the value of
all OP Units assigned by the Optionee will be the Fair Market Value of the number of shares of
Common Stock for which such OP Units are then subject to exchange upon a redemption of such OP
Units. If the value of the shares of Common Stock delivered, or OP Units assigned, by the Optionee
exceeds the amount required to be paid pursuant to this Section 4, the Company will provide to the
Optionee, as soon as practicable, cash or a check in an amount equal to the value of any fractional
portion of a share of Common Stock or OP Unit, and will issue a certificate to the Optionee for any
whole share(s) of Common Stock or OP Units exceeding the number of shares of Common Stock or OP
Units required to pay the Exercise Price for all Option Shares being purchased; or

          (iii) At the discretion of the Administrator, the Optionee may satisfy all of any portion of
the Total Exercise Price by means of a cashless exercise procedure.

          (c) Not less than 100 shares of Common Stock may be purchased at any time upon the exercise of
the Option, unless the number of shares of Common Stock so purchased constitutes the total number
of Option Shares for which the Option is then exercisable. The Option may be exercised only to
purchase whole shares of Common Stock, and in no case may a fractional share of Common Stock be
purchased. The right of the Optionee to purchase Option Shares for which the Option is then
exercisable may be exercised, in whole or in part, at any time or from time to time, prior to the
Expiration Date.

          (d) The Company may require the Optionee to pay, prior to the delivery of any Option Shares to
which the Optionee shall be entitled upon exercise of the Option, an amount equal to the Federal,
state and local income taxes and other amounts required by law to be withheld by the Company with
respect thereto. Alternatively, the Optionee may authorize the Company to withhold from the number
of Option Shares he or she would otherwise receive upon exercise of the Option, that number of
Option Shares having a Fair Market Value equal to the minimum statutory withholding taxes with
respect thereto.

          (e) This Option may not be exercised unless such exercise is in compliance with the Securities
Act of 1933, as amended (the “Securities Act”) and all applicable state securities laws as they are
in effect on the date of exercise and the requirements of any stock

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exchange or national market
system on which the Common Stock may be listed at the time of exercise. The Optionee understands
that the Company is under no obligation to register, qualify or list the Option Shares with the
Securities Exchange Commission, any state securities commission or any stock exchange or national
market system to effect such compliance.

          6. Definitions. For purposes of this Agreement:

          (a) “Cause” shall mean the termination of employment of the Optionee with the Company or a
Subsidiary as a result of (i) the performance by the Optionee of any activity involving fraud or
dishonesty, (ii) the conviction of the Optionee of a felony or crime involving moral turpitude,
(iii) the failure or refusal of the Optionee to reasonably or satisfactorily perform any material
duties or responsibilities reasonably required of him or her by the Company, (iv) the gross
negligence or willful neglect or malfeasance by the Optionee in the performance or non-performance
of his or her duties or responsibilities to the Company, or (v) any unauthorized act or omission by
the Optionee that is injurious in any material respect to the financial condition or business
reputation of the Company.

          (b) The Optionee’s employment will have terminated by reason of “Disability” if, in the
reasonable and good faith judgment of the Company, the Optionee is totally and permanently disabled
and is unable to return to or perform his or her duties on a full-time basis.

          7. Tax Withholding. The Company shall have the power and the right to deduct or
withhold, or require the Optionee to remit to the Company, an amount sufficient to satisfy any
Federal, state, and local taxes (including the Optionee’s FICA obligation) required by law to be
withheld as a result of any taxable event arising in connection with the Option, in accordance with
the terms of the Plan and applicable law.

          8. No Right to Employment. Nothing in the Plan or this Agreement shall confer on the
Optionee any right to continue in the employ of, or other relationship with, the Company, any
Company Subsidiary, the Partnership or any Partnership Subsidiary or limit in any way the right of
the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary to terminate the
Optionee’s employment or other relationship at any time, with or without cause.

          9. No Rights as a Stockholder. Neither the Optionee nor any of the Optionee’s
successors in interest shall have any rights as a stockholder of the Company with respect to any
shares of Stock subject to the Stock Option until the date such shares are credited in electronic
form in an account by the Company’s transfer agent or other designee or the date of issuance of a
stock certificate for such shares.

          10. Miscellaneous.

          (a) Entire Agreement. This Agreement and the Plan contain the entire understanding
and agreement of the Company and the Optionee concerning the subject matter

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hereof, and supersede
all earlier negotiations and understandings, written or oral, between the parties with respect
thereto.

          (b) Captions. The captions and section numbers appearing in this Agreement are
inserted only as a matter of convenience. They do not define, limit, construe or describe the
scope or intent of the provisions of this Agreement.

          (c) Counterparts. This Agreement may be executed in counterparts, each of which when
signed by the Company or the Optionee will be deemed an original and all of which together will be
deemed the same agreement.

          (d) Notices. Any notice or communication having to do with this Agreement must be
given by personal delivery or by certified mail, return receipt requested, addressed, if to the
Company or the Committee, to the attention of the Legal Department of the Company at the principal
office of the Company and, if to the Optionee, to the Optionee’s last known address contained in
the personnel records of the Company.

          (e) Succession and Transfer. Each and all of the provisions of this Agreement are
binding upon and inure to the benefit of the Company and the Optionee and their successors, assigns
and legal representatives; provided, however, that the Option granted hereunder shall not be
transferable by the Optionee (or the Optionee’s successor or legal representative) other than by
will or by the laws of descent and distribution and may be exercised during the lifetime of the
Optionee, only by the Optionee or by his or her guardian or legal representative.

          (f) Amendments. Subject to the provisions of the Plan, this Agreement may be amended
or modified at any time by an instrument in writing signed by the parties hereto.

          (g) Governing Law. This Agreement and the rights of all persons claiming hereunder
will be construed and determined in accordance with the laws of the State of Maryland without
giving effect to the choice of law principles thereof.

          (h) Plan Controls. This Agreement is made under and subject to the provisions of the
Plan, and all of the provisions of the Plan are hereby incorporated by reference into this
Agreement. In the event of any conflict between the provisions of this Agreement and the
provisions of the Plan, the provisions of the Plan shall govern. By signing this Agreement, the
Optionee confirms that he or she has received a copy of the Plan and has had an opportunity to
review the contents thereof.

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

	 	 	 	 	 
	 	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	OPTIONEE:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 

 

 

Exhibit A

NOTICE OF EXERCISE OF STOCK OPTION

                                        , 20__

Apartment Investment and Management Company

4582 South Ulster Street Parkway

Suite 1100

Denver, CO 80237

Attn: General Counsel

Ladies and Gentlemen:

     Reference is made to that certain Non-Qualified Stock Option Agreement, dated as of
                                         (the “Agreement”), by and between Apartment Investment and Management Company
(the “Company”) and                                         .

     I am hereby exercising the Option to purchase                      option shares at the exercise price
of $                     per share, for a total exercise price of $                    .

     I am paying 100% of the total exercise price with respect to the option shares as follows:

	 	—	 	By enclosing cash and/or a check payable to the Company in the amount of
$_                    .
	 
	 	—	 	By enclosing a stock certificate duly endorsed for transfer or accompanied by
an appropriately executed stock power in favor of the Company, representing                     
shares of Common Stock.
	 
	 	—	 	By enclosing a duly executed assignment of                      units of limited
partnership interest in AIMCO Properties, L.P. (“OP Units”) in favor of the Company and
a certificate representing such OP Units.
	 
	 	—	 	By cashless same-day sale. I authorize my broker to pay out of my account to
AIMCO, the total exercise amount listed above and, if applicable, all taxes due for a
Non-Qualified stock option.

     I am paying 100% of the local, state and Federal withholding taxes and/or all other taxes that
the Company has advised me are due as follows:

	 	—	 	By enclosing cash and/or a certified or cashier’s check payable to the Company
in the amount of $                    .
	 
	 	—	 	By hereby authorizing and directing the Company to withhold all amounts that
the Company has advised me are due ($                    ).

     I acknowledge that the Company has no obligation to issue a certificate evidencing any option
shares purchasable by me until the total exercise price of such option shares being exercised
hereby and all applicable taxes are fully paid.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	(Signature)	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Address:
	 	 

	 	 
	 

	 	
	 	 

	 	 
	 

	 	Phone:
	 	 

	 	 
	 

	 	SSN:Exhibit 4.4

 

AMENDMENT NO. 2 TO

REGISTRATION RIGHTS AGREEMENT

 

THIS
AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is entered into as of May 1,
2007, among Clean Energy Fuels Corp., a Delaware corporation f/k/a ENRG, Inc.
(the “Company”), and the
undersigned holders of capital stock of the Company.

 

BACKGROUND

 

A.            In connection with a proposed
initial public offering of the Company’s Common Stock (the “IPO”), the holders of registration rights
(the “Existing Registration Rights Holders”)
under the Registration Rights Agreement dated December 31, 2002, among the
Existing Registration Rights Holders and the Company (the “Rights Agreement”), amended the Rights
Agreement in accordance with the Amendment No. 1 to Registration Rights
Agreement dated August 8, 2006 (“Amendment
No. 1”), among the Existing Registration Rights Holders, the
Company, the Company Designees (defined below) and the Pickens Transferees
(defined below).

 

B.            Pursuant to Amendment No. 1, the
Company and the Existing Registration Rights Holders granted registration
rights to (i) certain stockholders who are employees or directors of the
Company listed under the caption “Company Designees” on Exhibit C (the “Company Designees”), and (ii) certain
stockholders who purchased or otherwise received shares of the Company’s Common
Stock from Boone Pickens listed on Exhibit B (the “Pickens Transferees”). However, the
registration rights granted under Amendment No. 1 expired on December 31, 2006,
in accordance with Section 1(f) of Amendment No. 1, and the Company
Designees and Pickens Transferees ceased to be parties to the Rights Agreement
at that time.

 

C.            Given the expiration of registration
rights described above, the Existing Registration Rights Holders desire to
amend the Rights Agreement again, pursuant to this Amendment, (i) to allow
Madeleine Pickens and the Company Designees to sell shares of Common Stock in
the initial closing of the IPO (the “Initial
Closing”), as provided in Section 1(b) of this Amendment; and (ii)
to allow the Pickens Transferees who sign the Adoption Agreement attached
hereto as Exhibit A to sell shares of Common Stock in the over-allotment
closing of the IPO (the “Over-Allotment
Closing”), as provided in Section 1(c) of this Amendment.

 

D.            In general, as a result of the
transactions contemplated by this Amendment, (i) each Existing Registration
Rights Holder is allocating to the Company Designees a portion of such Existing
Registration Rights Holder’s right under the Rights Agreement to sell shares of
Common Stock in the Initial Closing, (ii) Boone Pickens is allocating to
Madeleine Pickens a portion of his right (and potentially his entire right)
under the Rights Agreement to sell shares of Common Stock in the Initial
Closing, and (iii) Boone Pickens is allocating to the Pickens Transferees his
entire right under the Rights Agreement to sell shares of Common Stock in the
Over-Allotment Closing, subject to the Madeleine Pickens Over-Allotment Closing
Adjustment (defined in Section 1(c) of this Amendment). In light of the
registration rights granted to the Company Designees, Madeleine Pickens and the
Pickens Transferees pursuant to Section 1 of this Amendment, the Existing
Registration Rights Holders acknowledge that their rights to sell shares of
Common Stock in the Initial Closing and the Over-Allotment Closing shall be as
provided in Section 3 of this Amendment.

 

E.             For purposes of this Amendment, the
“Initial Closing Selling Stockholder Amount”
shall mean the number of shares of Common Stock permitted to be sold by selling
stockholders in the Initial Closing, as determined by the Company, in its
discretion, in consultation with the IPO underwriters. The

 

1

 

parties
to this Amendment acknowledge and agree as follows with respect to the Initial
Closing Selling Stockholder Amount:

 

•                  The Company, based on current expectations,
requires $150,000,000 in gross proceeds from the Initial Closing (the “Company Minimum Proceeds”), which amount is
subject to increase.

 

•                  The Amendment No. 1 to Form S-1 Registration
Statement dated March 27, 2007 (File No. 333-137124) relating to the IPO
contemplates that $300,000,000 of shares of Common Stock will be sold in the
Initial Closing, 50% of which is currently expected to be sold by the Company
and 50% of which is currently expected to be sold by the selling stockholders
as a group. However, these amounts are subject to change, and the Initial
Closing Selling Stockholder Amount may be decreased, in the Company’s
discretion in consultation with the IPO underwriters, to ensure that the
Company is able to sell a sufficient number of shares of Common Stock to
achieve the Company Minimum Proceeds at a public offering price that the
Company considers appropriate, in its discretion.

 

•                  If the IPO is successful and the total number
of shares of Common Stock proposed to be sold in the Initial Closing is
increased by up to 20% pursuant to Rule 462(b) promulgated under the Securities
Act of 1933, as amended (“Rule 462(b)”),
only the Company will sell the additional shares of Common Stock resulting from
this increase in offering size.

 

•                  The public offering price of the shares of
Common Stock to be sold in the IPO (the “Public
Offering Price”) shall be determined primarily based on an auction
in which prospective purchasers are required to bid for the shares; provided, however,
that the Public Offering Price is ultimately determined by the Company in its
discretion in consultation with the IPO underwriters based on the clearing
price resulting from the auction, as well as a number of other factors. Based
on the auction results and the Public Offering Price, the total number of
shares to be sold in the Initial Closing may increase or decrease, and
therefore the Initial Closing Selling Stockholder Amount may increase or
decrease.

 

F.             For purposes of this Amendment, the
“Over-Allotment Closing Selling Stockholder
Amount” shall mean the number of shares of Common Stock permitted to
be sold by selling stockholders in the Over-Allotment Closing, as determined by
the Company, in its discretion, in consultation with the IPO underwriters. The
parties to this Amendment acknowledge that the Over-Allotment Closing Selling
Stockholder Amount shall not exceed the product of (i) the total number of
shares of Common Stock sold in the Initial Closing (including any additional
shares of Common Stock sold pursuant to Rule 462(b)), multiplied by
(ii) 15%. The parties to this Amendment acknowledge and agree that the
Over-Allotment Closing Selling Stockholder Amount may be less than the amount
described in the previous sentence, and also that the Over-Allotment Closing
may not occur at all, depending on market circumstances.

 

G.            The Existing Registration Rights
Holders executing this Amendment hold sixty-six percent (66%) or more of the
Registrable Shares (as defined in the Rights Agreement) held by all Existing
Registration Rights Holders and, therefore, have the power under Section 9
of the Rights Agreement to amend the Rights Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth
herein, the undersigned holders of capital stock of the Company hereby agree
that the Rights Agreement shall be amended as follows:

 

2

 

1.             Adding Parties to Rights Agreement. The undersigned
Existing Registration Rights Holders hereby agree that Madeleine Pickens, each
of the Company Designees who have signed this Amendment and such Pickens
Transferees who sign the Adoption Agreement attached hereto as Exhibit A
shall be added as a “Holder” under the Rights Agreement and shall be subject to
such terms, conditions, restrictions and obligations as set forth in the Rights
Agreement; provided, however, that the rights of Madeleine
Pickens, the Company Designees and the Pickens Transferees rights shall be
limited as follows:

 

(a)           Subject to Section 1(e) of this
Amendment, Madeleine Pickens, the Company Designees and the Pickens Transferees
shall have such rights, restrictions and obligations under the Rights Agreement
only in connection with the Company’s IPO and the shares of Common Stock they
may sell in the IPO.

 

(b)           In the Initial Closing:

 

(i)            the Company Designees as a group
shall have the right to sell up to the number of shares of Common Stock equal
to the product of (X) the “Pro Rata Percentage” attributable to the Company
Designees as set forth on Table 1 of Exhibit C, multiplied by (Y) the
Initial Closing Selling Stockholder Amount, rounded to the nearest whole share
(the “Company Designee Permitted Shares”);

 

(ii)           Catherine M. Weaver shall have the
right to sell up to 4,500 shares of Common Stock and Barbara A. Johnson shall
have the right to sell up to 8,000 shares of Common Stock (such shares
collectively, the “Company Designee Fixed
Shares”);

 

(iii)          each Company Designee (other than
Catherine M. Weaver and Barbara A. Johnson) shall have the right to sell up to
the number of shares of Common Stock equal to the product of (X) the “Pro
Rata Percentage” of such Company Designee as set forth across such Company
Designee’s name on Table 2 of Exhibit C, multiplied by (Y) the
difference of (1) the Company Designee Permitted Shares, less (2) the Company
Designee Fixed Shares, rounded to the nearest whole share; and

 

(iv)          Madeleine Pickens shall have the right
to sell up to a number of shares of Common Stock equal to the lesser of (X)
1,000,000 shares of Common Stock, and (Y) the number of shares of Common Stock
Boone Pickens is permitted to sell in the Initial Closing as determined
pursuant to Section 3(a) of this Amendment (the “Madeleine Pickens Initial Closing Adjustment”); provided, however,
that the number of shares of Common Stock to be sold by Boone Pickens in the
Initial Closing shall be decreased by the Madeleine Pickens Initial Closing
Adjustment.

 

The
shares of Common Stock to be sold by Madeleine Pickens and the Company
Designees in the Initial Closing shall be deemed “Registrable Shares” under the Rights Agreement.

 

(c)           Except for such shares of Common
Stock as may be sold by Boone Pickens in accordance with the Madeleine Pickens
Over-Allotment Closing Adjustment (defined below), Boone Pickens (including
family trusts and other entities controlled by him) has waived the right to
sell all of the shares of Common Stock he is otherwise permitted to sell in the
Over-Allotment Closing (such shares, the “Pickens
Shares”). Each Pickens Transferee (including Madeleine Pickens) was
given the right to sell in the Over-Allotment Closing up to that number of
shares equivalent to (i) such Pickens Transferee’s “Pro Rata Percentage” set
forth on Exhibit B multiplied by (ii) the total number of Pickens
Shares. Some Pickens Transferees declined to sell any shares in the
Over-Allotment Closing, and those Pickens Shares were re-allocated pro rata to
those Pickens Transferees desiring to sell more shares in the Over-Allotment
Closing. The final allocation of Pickens Shares (by percentage) amongst the
Pickens Transferees is set forth on

 

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Exhibit
D. In the
Over-Allotment Closing, each of the Pickens Transferees  shall have the right to sell up to the number
of shares of Common Stock equal to the product of (i) the “Pro Rata Percentage”
of such Pickens Transferee as set forth across such Pickens Transferee’s name
on the table set forth on  Exhibit D,
multiplied by (ii) the Over-Allotment Closing Selling Stockholder Amount,
rounded to the nearest whole share; provided,
however, that: (X) Boone Pickens
shall have the right to sell in the Over-Allotment Closing a number of shares
of Common Stock equal to the product of (1) the “Pro Rata Percentage” of
Madeleine Pickens as set forth across her name on the table set forth on Exhibit
D, multiplied by (2) the Over-Allotment Closing Selling Stockholder Amount;
and (Y) Madeleine Pickens shall have no right to sell shares of Common Stock in
the Over-Allotment Closing (such transactions as described in “(X)” and “(Y)”
above, the “Madeleine Pickens Over-Allotment
Closing Adjustment”). The Pickens Shares shall be deemed
“Registrable Shares” for all purposes under the Rights Agreement.

 

(d)           Madeleine Pickens, the Company
Designees and Pickens Transferees shall have no right to transfer or assign any
rights under the Rights Agreement.

 

(e)           Upon consummation of the IPO, the
rights of Madeleine Pickens, the Company Designees and Pickens Transferees
under the Rights Agreement, including the right to require the Company to
register Registrable Shares held by them, shall automatically terminate and
Madeleine Pickens, the Company Designees and Pickens Transferees shall have no
further rights under the Rights Agreement other than as set forth in Sections 8
(a), (c), and (d); provided, however, that Madeleine Pickens, each
Company Designee and each Pickens Transferee shall continue to be bound by such
obligations and liabilities under the Rights Agreement in connection with their
participation in the Company’s IPO, including, but not limited to, the
indemnification obligations of Madeleine Pickens, the Company Designees and the
Pickens Transferees under Section 8 of the Rights Agreement.

 

(f)            If the IPO is not consummated for
any reason by December 31, 2007, then the rights and obligations of Madeleine
Pickens, the Company Designees and Pickens Transferees under the Rights
Agreement effected by this Amendment shall automatically terminate on that
date, they shall no longer be parties to the Rights Agreement and they shall
not have the right to sell any of their shares in a Company offering.

 

2.             Assumption of Obligations. Madeleine Pickens and each
undersigned Company Designee by his or her signature to this Amendment, and
each Pickens Transferee by such Pickens Transferee’s signature to the Adoption
Agreement, agrees to be bound by the terms, conditions, restrictions and
obligations as a Holder under the Rights Agreement with the same force and
effect as if Madeleine Pickens such Company Designee, or such Pickens
Transferee were originally a party thereto, including, but not limited to the
requirements set forth in Sections 5 and 6 of the Rights Agreement and the
indemnification obligations set forth in Section 8 of the Rights Agreement.
Madeleine Pickens, each Company Designee and each Pickens Transferee
acknowledges, however, that their rights under the Rights Agreement are subject
to the restrictions and limitations set forth in Section 1 of this Amendment.

 

3.             Resulting Participation Rights in IPO for Existing Registration Rights
Holders. In light of the registration rights granted to
Madeleine Pickens, the Company Designees and the Pickens Transferees pursuant
to Section 1, the Existing Registration Rights Holders acknowledge and agree as
follows with respect to their participation rights in the IPO:

 

(a)           In the Initial Closing, each Existing
Registration Rights Holder shall have the right to sell up to the number of
shares of Common Stock equal to the product of (i) the “Pro Rata Percentage”
attributable to such Existing Registration Rights Holder as set forth across
such Existing Registration Rights Holder’s name on Table 1 set forth on  Exhibit C, multiplied by (ii) the
Initial Closing Selling Stockholder Amount, rounded to the nearest whole share.

 

(b)           In the Over-Allotment Closing, each
Existing Registration Rights Holder shall have the right to sell up to the
number of shares of Common Stock equal to the product of (i) the “Pro Rata
Percentage” attributable to such Existing

 

4

 

Registration
Rights Holder as set forth across such Existing Registration Rights Holder’s
name on the table set forth on Exhibit D, multiplied by (ii) the
Over-Allotment Closing Selling Stockholder Amount, rounded to the nearest whole
share.

 

4.             Cutbacks. Notwithstanding anything in this Amendment to
the contrary, if the number of shares of Common Stock the Holders may sell
overall is cut back in the Initial Closing or the Over-Allotment Closing, as
applicable, pursuant to Section 5 of the Rights Agreement, each Holder shall be
cut back pro rata in accordance with such Holder’s “Pro Rata Percentage,” as
shown on Exhibit C and Exhibit D; provided, however,
that, regardless of any such cutback (so long as the Holders are not cut back
completely), (i) Catherine M. Weaver and Barbara A. Johnson shall continue to
be able to sell in the Initial Closing a number of shares equal to the Company
Designee Fixed Shares, and (ii) the Madeleine Pickens Initial Closing
Adjustment shall continue to be made.

 

5.             Termination of
Voting Proxy. Boone Pickens agrees that the irrevocable voting
proxies he received pursuant to Section 5 of that certain Stock Purchase and
Buy-Sell Agreement, dated February 1, 2006 (“Buy-Sell Agreement”), shall,
contingent and effective upon the occurrence of the Initial Closing,
automatically and forever terminate with respect to all shares of Common Stock
that are subject to such irrevocable voting proxies, with the effect that those
shares of Common Stock shall thereafter be free from any voting restrictions
imposed by the Buy-Sell Agreement and the irrevocable voting proxies.

 

6.             Amendment to Rights
Agreement. Section 2 of the Rights Agreement is amended to read
in its entirety as follows:

 

Company
Registration. If (but
without any obligation whatsoever to do so) the Company in its sole discretion
proposes to register any of its Common Stock under the Securities Act in
connection with the public offering of such securities solely for cash (other
than (i) a registration relating to the sale of securities to participants in a
Company stock or other compensation plan, or (ii) a Commission Rule 145
transaction), the Company shall, at such time, promptly give each Holder
written notice of such registration. Upon the written request of each Holder
given within twenty (20) days after mailing of such notice by the Company, the
Company shall cause to be registered under the Securities Act all of the
Registrable Shares that each such Holder has requested to be registered subject
to the underwriter cutback and other provisions of Section 5 hereof and
elsewhere in this Agreement; provided,
however, that, with respect to
the Company’s first Qualified Public Offering, the Holders, as a group, shall
have the right to sell in such offering only such number of  Registered Shares as may be permitted by the
Company, in its discretion, in consultation with the underwriters, and that
such aggregate amount available for sale by the Holders shall be allocated
among them as set forth in Amendment No. 2 to this Agreement.

 

7.             Remainder of Rights
Agreement Unchanged. Except as amended by this Amendment, the
Rights Agreement shall otherwise remain in full force and effect. Any further
amendment to the Rights Agreement or this Amendment shall require the consent
of the Existing Registration Rights Holders holding sixty-six percent (66%) or
more of the Registrable Shares per Section 9 of the Rights Agreement, and
any such amendment shall be binding on the Company Designees and Pickens
Transferees. 

 

8.             Governing Law.
This Amendment shall be governed by and construed under the laws of the State
of Delaware, without regard to its conflicts of laws provisions.

 

9.             Counterparts.
This Amendment may be executed in two or more original, facsimile or .PDF
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

10.           Entire
Agreement. This Amendment, including the exhibits and the
“Background” section, all of which are incorporated herein by reference,
together with the Rights Agreement, constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof or
thereof and supersede all prior agreements and undertakings by or among the
parties, both written and oral, among the parties, or any of them, with respect
to the subject matter hereof or thereof.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

5

 

IN
WITNESS OF WHICH, the undersigned Holders and the Company have executed this
Amendment as of the day and year first above written.

 

	
   

  	
  CLEAN
  ENERGY FUELS CORP.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Andrew
  J. Littlefair

  
	
   

  	
   

  	
  President
  and Chief Executive Officer

  

 

6

 

EXISTING REGISTRATION RIGHTS
HOLDERS:

 

 

	
  PERSEUS
  ENRG INVESTMENT, L.L.C

  	
   

  	
  WESTPORT
  INNOVATIONS, INC.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Boone
  Pickens

  	
   

  	
  Alan P.
  Basham

  
											

 

7

 

	
   

  	
   

  	
   

  	
   

  
	
  Madeleine
  Pickens

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  COMPANY
  DESIGNEES:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Andrew J.
  Littlefair

  	
   

  	
   

  	
  Peter J.
  Grace

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  James N.
  Harger

  	
   

  	
   

  	
  Dennis Ding

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Richard
  R. Wheeler

  	
   

  	
   

  	
  Barbara
  Johnson

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mitchell
  W. Pratt

  	
   

  	
   

  	
  Catherine
  Weaver

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Warren
  Mitchell

  	
   

  	
   

  	
  John
  Herrington

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Joseph B.
  Powers

  	
   

  	
   

  	
   

  	
   

  

 

8

 

EXHIBIT A

 

ADOPTION AGREEMENT

 

(for Pickens Transferees)

 

This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned
transferee of stock of Clean Energy Fuels Corp. (the “Company”). The
undersigned agrees that the undersigned is being granted certain registration
rights to sell shares of Company stock received from Mr. Pickens in the
Company’s IPO and that these rights are subject to the terms and conditions of
the Registration Rights Agreement dated as of December 31, 2002 (the
“Registration Rights Agreement”), among the Company and certain other
stockholders of the Company, and the Amendment No. 2 to the Registration Rights
Agreement dated as of May 1, 2007 (“Amendment No. 2”), and attached to this
Adoption Agreement. The undersigned acknowledges receipt of a copy of the
Registration Rights Agreement and Amendment No. 2, and agrees to be bound by
them in accordance with their terms.

 

EXECUTED
AND DATED           , 2007.

 

 

	
   

  	
   

  
	
   

  	
  Print
  name of stockholder as it appears on certificate

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Authorized
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title,
  if applicable

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Facsimile

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  E-mail

  	
   

  

 

A-1

 

Exhibit B

 

Pickens Transferees 

 

	
  Name

  	
   

  	
  Shares
  Held

  	
   

  	
  Pro Rata
  %*

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Littlefair, Andrew J.

  	
   

  	
  150,000

  	
   

  	
  2.49

  	
  %

  
	
  Harger, James N.

  	
   

  	
  200,000

  	
   

  	
  3.32

  	
  %

  
	
  Pratt, Mitchell W.

  	
   

  	
  55,000

  	
   

  	
  0.91

  	
  %

  
	
  Mitchell, Warren I.

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  J & L Herrington 2002 Family Tr.

  	
   

  	
  250,000

  	
   

  	
  4.15

  	
  %

  
	
  Boone Pickens Interests Ltd.

  	
   

  	
  1,000,000

  	
   

  	
  —

  	
   

  
	
  Assheim, Glen David

  	
   

  	
  5,000

  	
   

  	
  0.08

  	
  %

  
	
  Bassett, Ronald D.

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  G. Michael Boswell IRA - FCC Cus.

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  Bradshaw, Brian

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  Campbell, Drew A.

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  Carlin, Marti J.

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  Delile, Denise

  	
   

  	
  2,000

  	
   

  	
  0.03

  	
  %

  
	
  Ding, Denis C.K.

  	
   

  	
  10,000

  	
   

  	
  0.17

  	
  %

  
	
  Geymuller, Sally

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  Glover, Garnet D.

  	
   

  	
  8,000

  	
   

  	
  0.13

  	
  %

  
	
  Grant, Dick

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  M & R Ventures, LLC

  	
   

  	
  1,000,000

  	
   

  	
  16.61

  	
  %

  
	
  Lindholm, Chad M.

  	
   

  	
  2,500

  	
   

  	
  0.04

  	
  %

  
	
  Meaney, David W.

  	
   

  	
  5,000

  	
   

  	
  0.08

  	
  %

  
	
  Oberg, Eric

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  Perkins, Stephen R.

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  Pickens, Madeleine

  	
   

  	
  3,000,000

  	
   

  	
  49.84

  	
  %

  
	
  Powers, Joseph B.

  	
   

  	
  2,500

  	
   

  	
  0.04

  	
  %

  
	
  Price, Bretta

  	
   

  	
  500

  	
   

  	
  0.01

  	
  %

  
	
  Riley, Mark J.

  	
   

  	
  1,000

  	
   

  	
  0.02

  	
  %

  
	
  Ross, Michael

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  Rosser, Jack E.

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  Stillwell, Robert L.

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  Szewczyk, Aleksander A.

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  Tillett, Danny

  	
   

  	
  25,000

  	
   

  	
  0.42

  	
  %

  
	
  Whisler, Jon N.

  	
   

  	
  2,600

  	
   

  	
  0.04

  	
  %

  
	
  Plewes, John

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  Plewes, Dominique

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  Stovall, Deborah

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  Zoller, Pamela Pickens

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  Cordia, Elizabeth P.

  	
   

  	
  100,000

  	
   

  	
  1.66

  	
  %

  
	
  Frenkel, Eugene

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  Penrod, Christine

  	
   

  	
  50,000

  	
   

  	
  0.83

  	
  %

  
	
  TOTAL

  	
   

  	
  7,019,100

  	
   

  	
   

  	
   

  
	
  less Boone Pickens Interests

  	
   

  	
  (1,000,000

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
  6,019,100

  	
   

  	
  100.00

  	
  %

  

*Shares
purchased by Boone Pickens Interests Ltd. are excluded when calculating the pro
rata percentage.

 

B-1

 

Exhibit C

 

Allocation of Selling Stockholder

 

Shares in Initial Closing

 

TABLE 1 – ALLOCATION OF INITIAL CLOSING SELLING STOCKHOLDER SHARES
AMONG SELLING STOCKHOLDERS

 

	
  Name
  of Stockholder

  	
   

  	
  Pro
  Rata Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Existing
  Registration Rights Holders

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Boone Pickens (1)

  	
   

  	
  58.578620

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Perseus ENRG Investment,
  L.L.C.

  	
   

  	
  22.740690

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Westport Innovations Inc.

  	
   

  	
  7.205490

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Al Basham

  	
   

  	
  1.258860

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Sub
  Total:

  	
   

  	
  89.783660

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  “Company Designees”

  	
   

  	
  10.216340

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  GRAND
  TOTAL:

  	
   

  	
  100.000000

  	
  %

  

 

TABLE 2 – ALLOCATION OF COMPANY DESIGNEE PERMITTED SHARES AMONG COMPANY
DESIGNEES

 

	
  Name
  of Stockholder

  	
   

  	
  Pro
  Rata Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Company
  Designees

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Andrew J. Littlefair

  	
   

  	
  45.877055

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  James N. Harger

  	
   

  	
  17.542702

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Mitchell W. Pratt

  	
   

  	
  9.105126

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Richard R. Wheeler

  	
   

  	
  13.418080

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Catherine M. Weaver

  	
   

  	
  *[4,500
  shares]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Joseph B. Powers

  	
   

  	
  3.514259

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Denis C. K. Ding

  	
   

  	
  2.396086

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Peter J. Grace

  	
   

  	
  2.396086

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Barbara A. Johnson

  	
   

  	
  *[8,000
  shares]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Warren I. Mitchell

  	
   

  	
  5.111650

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  John Herrington

  	
   

  	
  0.638956

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  GRAND
  TOTAL:

  	
   

  	
  100.000000

  	
  %

  

	
   

  	
   

  	
  *Catherine
  M. Weaver and Barbara A. Johnson are entitled to sell a number of shares
  equal to the Company Designee Fixed Shares. See Section 1(b) of Amendment.

  
	
   

  	
   

  	
   

  
	
  (1)
  Madeleine Pickens

  	
   

  	
  Madeleine
  Pickens shall have the right to sell the lesser of (i) 1,000,000 shares, and
  (ii) the number of shares Boone Pickens is permitted to sell in the Initial
  Closing; and the shares Boone Pickens shall have the right to sell shall be
  reduced by the same amount. See Section 1(b) of Amendment.

  

 

C-1

 

Exhibit D

 

Allocation of Selling Stockholder

 

Shares in Over-Allotment Closing

 

TABLE 1 – ALLOCATION OF SHARES AMONG SELLING STOCKHOLDERS

 

	
  Name
  of Stockholder

  	
   

  	
  Pro
  Rata Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Existing
  Registration Rights Holders

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Boone Pickens(1)

  	
   

  	
  73.272000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Perseus ENRG Investment,
  L.L.C.

  	
   

  	
  19.478067

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Westport Innovations Inc.

  	
   

  	
  6.171700

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Al Basham

  	
   

  	
  1.078233

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Total:

  	
   

  	
  100.000000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Pickens
  Transferees(2)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Andrew J. Littlefair

  	
   

  	
  1.976367

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  James N. Harger

  	
   

  	
  2.635167

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Mitchell W. Pratt

  	
   

  	
  0.724667

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Warren I. Mitchell

  	
   

  	
  1.317567

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  J.L. Herrington 2002
  Family Trust

  	
   

  	
  3.293967

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Glen David Aasheim

  	
   

  	
  0.065867

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Ronald D. Bassett

  	
   

  	
  1.317567

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  G. Michael Boswell IRA —
  FCC Cust.

  	
   

  	
  0.658800

  	
  %

  

(1)          Shares allocated to Pickens Transferees, as
set forth below.

(2)          The allocation of shares amongst Pickens
Transferees reflects that certain Pickens Transferees declined to sell in the
Over Allotment the pro rata amount of shares available to them (as set forth on
Exhibit B); and these shares were re-allocated pro rata to Pickens Transferees
desiring to sell more shares.

 

D-1

 

	
  Name
  of Stockholder

  	
   

  	
  Pro
  Rata Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Brian Bradshaw

  	
   

  	
  0.658800

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Drew A. Campbell

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Marti J. Carlin

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Denise Delile

  	
   

  	
  0.026367

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Denis C. K. Ding

  	
   

  	
  0.131767

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Sally Geymuller

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Dick Grant

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  M&R Ventures, LLC

  	
   

  	
  13.175800

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Chad M. Lindholm

  	
   

  	
  0.032933

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  David W. Meaney

  	
   

  	
  0.065867

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Eric Oberg

  	
   

  	
  1.317567

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Stephen R. Perkins

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Madeleine Pickens(3)

  	
   

  	
  39.527433

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Joseph B. Powers

  	
   

  	
  0.032933

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Bretta Price

  	
   

  	
  0.006600

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Mark J. Riley 

  	
   

  	
  0.013167
  

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Michael Ross

  	
   

  	
  0.658800

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Jack E. Rosser

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert L. Stillwell

  	
   

  	
  1.317567

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Aleksander A. Szewczyk

  	
   

  	
  1.317567

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Danny Tillett

  	
   

  	
  0.329400

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Jon N. Whisler

  	
   

  	
  0.034267

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Eugene Frenkel

  	
   

  	
  0.658800

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL:

  	
   

  	
  73.272000

  	
  %

  

(3)       Shares allocated to Boone Pickens pursuant to
Madeleine Pickens Over-Allotment Closing Adjustment.  See Section 1(c) of Amendment.

 

D-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]