Document:

EX-10.9

 

Exhibit 10.9

RETIREMENT AGREEMENT

     THIS RETIREMENT AGREEMENT (the “Agreement”) is made by and among Horizon Energy
Development, Inc., a New York corporation having offices at 6363 Main Street, Williamsville, New
York 14221 (“Horizon”), National Fuel Gas Company, a New Jersey corporation having offices at 6363
Main Street, Williamsville, New York 14221 (“National Fuel”) and Mr. Bruce H. Hale, 247 Brantwood
Road, Snyder, New York, 14226 (“Mr. Hale”) as of August 1, 2005.

     WHEREAS, National Fuel, Horizon and Mr. Hale (each a “party,” collectively, the “parties”)
mutually agree that each party shall receive certain consideration, on the terms set out in this
Agreement;

     NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:

	1.	 	As used within this Agreement, the terms “Company,” “we,” “our” or “us“ collectively refer to
National Fuel Gas Company and its subsidiary and affiliated companies, other related entities,
and successors or assigns. As used within this Agreement, the terms “Mr. Hale,” “employee,”
“you” or “your” refers to Bruce H. Hale.
	 
	2.	 	You have voluntarily decided to apply for retirement, effective August 1, 2005.

	3.	 	Consistent with your decision to retire, you hereby resign, effective August 1, 2005, any and
all positions as an officer, director, employee or equivalent of any Company entity. Your
separation from employment is by mutual agreement between you and the Company. Your
employment with the Company will terminate on July 31, 2005.

	4.	 	The Company agrees to pay you, minus all applicable taxes and withholdings, your regular pay
and benefits up to and including July 31, 2005.

	5.	 	(a)	 	You are entitled to certain accrued pension benefits, effective August 1, 2005, as
provided under the terms of the National Fuel Gas Company Retirement Plan (the “Retirement
Plan”), payable upon such dates and in such amounts determined in accordance with the terms
and conditions of the Retirement Plan. Notwithstanding the foregoing, the benefit for the
month of August 2005, only, may be paid at any time during the month of August 2005 and is
dependent on your timely providing the Retirement Plan Administrator with a benefit option
choice under the Retirement Plan. 

	 	(b)	 	You are entitled to certain supplemental pension benefits, effective August 1,
2005, as provided under the terms of the National Fuel Gas Company Executive Retirement
Plan (the “ERP”) payable upon such dates and in such amounts

 

 

	 	 	 	determined in accordance with the terms and conditions of the ERP, provided, that
any amounts that would otherwise have been payable to you under the ERP in January
2006 shall be paid to you in full in December 2005. Notwithstanding the foregoing,
the benefit for the month of August 2005, only, may be paid at any time during the
month of August 2005 and is dependent on your timely providing the ERP Plan
Administrator with a benefit option choice under the ERP.

	6.	 	Your Split Dollar Agreement and the related Collateral Assignment, and any and all rights you
may have under National Fuel ERISA benefit plans not mentioned in this Agreement, including
but not limited to the National Fuel Gas Company Deferred Compensation Plan and the National
Fuel Gas Company Tophat Plan, shall remain in effect in accordance with their terms, as the
same may be amended to comply with the requirements of Section 409A of the Internal Revenue
Code and are not affected by this Agreement The Company hereby consents to any automatic
borrowing by you of money from the insurance policy underlying that Split Dollar Agreement
that would be applied directly to the payment of any premiums on that policy when and if the
dividends on that policy are insufficient to fund the entire premium while you are not in
breach of this Agreement. The Company shall not borrow money from such insurance policy.

	7.	 	(a)	 	Beginning August 1, 2005, you will be entitled to retiree health coverage in the same
manner and form as is available to any supervisory employee who retires in 2005, which is any
and all family medical coverage offered under (i) the Company’s Traditional Indemnity Plan for
non-bargaining unit retirees, and (ii) the Prescription Drug Plan. The Company will withhold
the retiree medical contribution of $71 per month from your monthly benefit under the
Retirement Plan, beginning August 1, 2005, which contribution rate will remain in effect for
the duration of your coverage.

	 	(b)	 	Commencing August 1, 2005, you may elect COBRA continuation coverage for a period
of 18 months under the Company Dental Plan, at your expense. Assuming you elect COBRA
continuation coverage beginning August 1, 2005, in the event of your death prior to the
expiration of the 18-month COBRA continuation period, your spouse will be entitled to
continue such coverage under COBRA at her election, at her cost based on the COBRA
continuation rate in effect from time to time and for the duration provided under
COBRA.
	 
	 	(c)	 	Commencing August 1, 2005, you may elect COBRA continuation coverage for a
period of 18 months under the Company’s Executive Medical Plan at your expense.
Assuming you elect COBRA continuation coverage, beginning August 1, 2005, in the event
of your death prior to the expiration of the 18-month COBRA continuation period, your
spouse will be entitled to continue such coverage under COBRA at her election, at her
cost based on the COBRA continuation rate in effect from time to time and for the
duration provided under COBRA.

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	8.	 	National Fuel will pay you a supplemental annual pension benefit equivalent to one hundred
twenty thousand dollars ($120,000) expressed as a single life annuity, minus any and all
applicable taxes and withholding. You have been offered the choices of forms of payment of
this benefit from among the benefit option choices available to retirees under the Retirement
Plan, and you hereby elect the Period Certain and Life Annuity form of payment for this
benefit, which yields a pre-tax annual benefit of one hundred twelve thousand eight hundred
dollars ($112,800). This amount, minus any and all applicable taxes and withholding, will be
paid in equal monthly installments beginning August 2005 and continuing in the same manner and
for the same duration as if it were payable under the Retirement Plan, for your life but for
at least fifteen (15) years to your designated beneficiary, and otherwise as provided in the
Retirement Plan. Notwithstanding the foregoing, the benefit for the month of August 2005,
only, may be paid at any time during the month of August, 2005, and any payment
scheduled to be made to you pursuant to this paragraph 8 that would otherwise have been
payable to you in January 2006 shall be paid to you in full in December 2005. The Company
will make such payment by a check mailed to your then-current home address or via direct
deposit to an account so designated, in writing, by you.

	9.	 	The Company agrees to pay you by check mailed to your then-current home address or via direct
deposit to an account so designated, in writing, by you, an additional supplemental pension
payment in a lump sum of six hundred fifty thousand dollars ($650,000), less any and all
applicable taxes and withholding. Said lump sum payment shall be made on or about October 15,
2005. In the event of your death prior to October 15, 2005, this payment will be payable to
your Estate when due. For the avoidance of doubt, no portion of this payment is intended to
constitute any bonus for the fiscal year ending September 30, 2005, and none has been included
in the calculation of your pension benefits provided in paragraph 5 of this Agreement.

	10.	 	In consideration for the promises set forth in paragraphs 8 and 9 of this Agreement, you
hereby knowingly and voluntarily release, unconditionally waive and forever discharge the
Company and National Fuel Gas Supply Corporation, their successors and assigns, heirs,
executors and administrators, of and from all, and all manner of action and actions, cause and
causes of actions, suits, debts, dues, sums of money, accounts, reckoning, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses,
damages, judgments, extents, executions, claims and demands whatsoever, in law or in equity,
based on the Employment Continuation and Noncompetition Agreement, dated December 11, 1998 and
entered into among Mr. Hale, National Fuel Gas Supply Corporation and National Fuel.

	11.	 	In further consideration for the promises set forth in paragraphs 8 and 9 of this Agreement,
you hereby knowingly and voluntarily release and unconditionally waive any and all demands,
claims and causes of action, of whatever kind or nature, which you ever had, now have or which
you, your successors, assigns, heirs, executors or administrators can, shall or may have for
any reason as of the date you execute this Agreement against the Company or any of the
Company’s predecessors, successors, assigns, executors,

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	 	 	administrators, directors, officers, employees and agents (collectively “Releasees”)
regarding your employment and its termination, including, but not limited to:

	 	(a)	 	all demands, claims and causes of action for wages, benefits (including
benefits under the ERP), bonuses, severance pay, perquisites, or back wages, benefits
or bonuses other than those set forth in this Agreement or in any benefit plan, program
or policy of the Company not specifically referred to in this Agreement;
	 
	 	(b)	 	all demands, claims and causes of action under state or federal civil rights
and anti-discrimination laws, regulations or orders, including Executive Order 11246,
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of
1967, the Americans with Disabilities Act of 1990 and the New York Human Rights Law;
	 
	 	(c)	 	all demands, claims and causes of action that your employment or its
termination violated any alleged contractual relationship with the Company or was in
any way unreasonable, wrongful, or in violation of any Company policy; and
	 
	 	(d)	 	all demands, claims and causes of action for mental, physical or emotional
distress or harm, or defamation relating in any way to your employment or its
termination.

	12.	 	In conjunction with the provisions of paragraph 11 herein, the Company and you specifically
acknowledge and agree that:

	 	(a)	 	you do not waive any claim which may arise after the execution of this
Agreement;
	 
	 	(b)	 	you do not waive any claim with respect to performance by the Company of its
obligations under this Agreement.
	 
	 	(c)	 	you do not waive any right of indemnification by or contribution from the
Company which arises under the provisions of paragraph 18 of this Agreement, under the
Company’s by-laws or under the corporate laws of New York or New Jersey regarding the
relationship between a corporation and its officers;.
	 
	 	(d)	 	but for this Agreement, you would not be entitled to the benefits set forth in
paragraphs 8 and 9 of this Agreement;
	 
	 	(e)	 	the Company has advised you to review the Agreement, and specifically the
release contained in paragraph 11 herein, with your attorney prior to signing this
Agreement;
	 
	 	(f)	 	you were given this Agreement on July 27, 2005, and you understand you may
review this Agreement for up to twenty-one (21) days before being required to execute
this Agreement. You and the Company agree that the time period for you

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	 	 	 	to consider this Agreement before signing it will not be restarted if any changes,
material or non-material, are made to the Agreement after the date you first
received it. You and the Company also agree that, other than the accrued pension
benefits provided under the Retirement Plan and the ERP, no benefits provided under
this Agreement shall be payable unless and until the time periods referenced herein
and in paragraph (e) hereof expire and this Agreement becomes effective.
	 
	 	(g)	 	you may terminate this Agreement at any time within seven (7) days after your
execution of this Agreement. This Agreement shall not become effective until the time
to terminate it has expired.

	13.	 	As a part of the consideration for the compensation provided in this Agreement and for the
other covenants made by National Fuel in this Agreement, you agree to the following
confidentiality provisions:

	 	(a)	 	You agree that the contents of this Agreement are confidential and will not be
disclosed to any third party, other than your attorney, your wife, tax advisor,
financial advisor(s), the Internal Revenue Service, the New York State Tax Department
or the tax authority of any state or locality in which you are, or may be, subject to
income tax, unless you are compelled to do so by a court having jurisdiction over such
matter (in which case you will notify the Company as soon as possible of the activity
and cooperate with the Company in seeking relief from such compulsion) or as may be
necessary in connection with the enforcement of this Agreement. Notwithstanding the
previous sentence, you may disclose the provisions of this paragraph 13 and paragraphs
14 and 16 hereof to any prospective employer or any other person or entity for whom you
propose to provide services.
	 
	 	(b)	 	Notwithstanding anything to the contrary contained in this Agreement, or any
other express or implied agreement, arrangement or understanding, the parties and their
respective affiliates, employees, representatives and other agents may disclose to any
and all persons the tax structure and any of the tax aspects of the transaction(s)
contemplated by this Agreement, which are necessary to describe or support any United
States federal income tax benefits that may result therefrom or any materials necessary
to comply with United States federal or state securities laws. For the purposes of
this provision, “tax structure” is limited to facts relevant to the U.S. federal income
tax treatment of the transaction(s) and does not include information relating to the
identity of the parties, their affiliates, agents or advisors.
	 
	 	(c)	 	You hereby represent that you have returned to the Company any and all
corporate documents, records or copies of the same, information or property in your
possession of which you are aware, except those relating to either your own employment,
such as payroll stubs and benefits statements, or your shareholdings in the Company.
You agree to return to the Company any and all such

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	 	 	 	documents, records, copies, information and property which are or become subject to
your control in the future. The Company acknowledges receipt from you of corporate
documents and information you left behind on the Company’s premises. Your
performance of the obligations set forth in this paragraph 13(c) is a condition
precedent to your receipt of any benefits under paragraphs 8 and 9 of this
Agreement; however, upon a change of control of the Company (within the meaning of
Section 409A of the U.S. Internal Revenue Code as in effect on the date of this
Agreement), your performance of this condition shall no longer be such a condition
precedent, and any subsequent breach by you of this paragraph 13(c) would render you
subject only to the same remedies the Company would have for any other material
breach of this Agreement.
	 
	 	(d)	 	You shall hold in a fiduciary capacity for the benefit of National Fuel any and
all of the Company’s trade secrets and confidential and proprietary information in your
possession. You shall not, without the prior written consent of National Fuel, unless
compelled pursuant to an order of a court or other body having jurisdiction over such
matter (in which case you will notify the Company as soon as possible of the activity
and cooperate with the Company in seeking relief from such compulsion), at any time,
utilize or communicate or divulge to anyone other than the Company and those designated
by it, any of the Company’s trade secrets and confidential and proprietary information.
	 
	 	(e)	 	The prohibition against your use of the Company’s trade secrets and
confidential and proprietary information, other than for the benefit of National Fuel,
includes but is not limited to the exploitation of any products or services that embody
or are derived from the Company’s trade secrets or confidential and proprietary
information.
	 
	 	(f)	 	You agree to comply with (i) any and all applicable laws and regulations
regarding your actions and omissions while in possession of any material nonpublic
information about the Company which you may have at any time; and (ii) any and all
confidentiality agreements that the Company entered into with third parties, of which
you were made aware during your employment by the Company, under which the Company
promised that its Representatives (including you) would keep confidential certain
information described in those confidentiality agreements.
	 
	 	(g)	 	You represent, warrant and agree that you have no proprietary or ownership
rights or title to any of the Company’s trade secrets or confidential and proprietary
information and no legal right to use, disclose, disseminate, or publish any of the
Company’s trade secrets or confidential and proprietary information in any locality.
You acknowledge that if you were to work for or advise any entity in connection with a
potential acquisition of or merger with the Company, you would in the course of that
work inevitably use or disclose some of the Company’s trade secrets or confidential and
proprietary information.

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	 	(h)	 	The Company’s “trade secrets” and “confidential and proprietary information”
include, but are not limited to, any and all memoranda, software, data bases, computer
programs, interface systems, pricing and client information, records and “writings” as
hereinafter defined pertaining to the Company’s methods or practices of doing business
and marketing its services and products, whether or not developed or prepared by you
during the term of your employment with the Company. As used in the preceding
sentence, the term “writings” shall mean and include all works, expressed in words,
numbers or other verbal or numerical symbols, regardless of the physical manner in
which they are embodied, including, but not limited, to books, articles, manuscripts,
memoranda, computer programs, computer software systems, maps, charts, diagrams,
technical drawings, manuals, video and audio tape recordings, and photographs.
Notwithstanding the foregoing, the Company’s trade secrets and confidential and
proprietary information shall mean only such information or material not generally
known to the public (other than by act of you or your representatives in breach of this
Agreement).

	14.	 	In order to protect and safeguard the Company’s trade secrets and confidential information,
you agree that, during the period beginning August 1, 2005 and ending July 31, 2008:

	 	(a)	 	you will not, directly or indirectly and without the prior written consent of
National Fuel, engage in or be interested in (as owner, partner, shareholder, employee,
director, agent, consultant or otherwise), any business which is a “competitor” of the
Company, as hereafter defined, except as otherwise permitted under paragraph 14(c)
below;
	 
	 	(b)	 	for purposes of this Agreement, a “competitor” of the Company is any
corporation, sole proprietorship, partnership, joint venture, syndicate, trust or any
other form of organization or parent, subsidiary or division of any of the foregoing,
which, during such period or the immediately preceding fiscal year of such entity, was
engaged in (i) the transportation, distribution, purchase, brokering, marketing, or
trading of natural gas, electricity or other energy products or services which are
competitive to the Company’s products or services, or in any energy related project
that is competitive to the Company’s products, services or projects, provided that such
entity was engaged in such competitive business within 50 miles of the geographic area
in which the Company is engaged in business, or (ii) the development of cogeneration
facilities in Italy or Bulgaria;
	 
	 	(c)	 	the terms of this paragraph 14 shall not apply to:

	 	(i)	 	your present or future investments in the securities of
companies listed on a national securities exchange or traded on the
over-the-counter market to the extent such investments do not exceed 2% of the
total outstanding shares of such company,

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	 	(ii)	 	your engagement in or interest in any business with the prior
written consent of National Fuel.

	 	(d)	 	The parties acknowledge and agree that the foregoing restrictions contain
reasonable limitations as to the time, geographical area, and scope of activity to be
restrained and these restrictions do not impose any greater restraint than is necessary
to protect the goodwill and other legitimate business interests of the Company.

	15.	 	In consideration for your promises set forth in this Agreement, the Company agrees that:

	 	(a)	 	any inquiries by prospective employers or third parties will be handled as per
Company policy; that is, the dates of your employment and job title will be the only
information released by the Company;
	 
	 	(b)	 	the contents of this Agreement are confidential; the Company shall not disclose
the contents of this Agreement to anyone other than the directors, officers, employees
and agents of the Company or its affiliates who need to know except as
required, in the opinion of counsel, to comply with applicable law, regulation or
order;
	 
	 	(c)	 	the Company hereby knowingly and voluntarily releases and unconditionally
waives any and all demands, claims and causes of action against you, of whatever kind
or nature, which the Company ever had, now has or which it or its successors can, shall
or may have for any reason as of the date you execute this Agreement, except for claims
for fraud or other intentional misconduct discovered by the Company’s officers after
the execution of this Agreement; the Company does not release or waive any claim which
may arise after the execution of this Agreement; and
	 
	 	(d)	 	the Company shall not publicly or privately disparage you, either personally or
professionally; the parties agree that nothing in this paragraph shall be construed to
prevent any officer of the Company or any subsidiary or affiliate from discussing your
performance internally in the ordinary course of business.

	16.	 	In further consideration for the promises set forth in this Agreement, you agree that:

	 	(a)	 	you will not publicly or privately disparage the Company, or any of its
subsidiaries, affiliates, directors, officers or employees including any aspect of
their respective business, products, employees, management or Board of Directors, in
any manner, including but not limited to in any way which could materially adversely
affect the business of the Company or such subsidiaries or affiliates; and
	 
	 	(b)	 	you will not, directly or indirectly, take any action with the intended purpose
of interfering with, damaging or disrupting the assets or business operations or

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	 	 	 	affairs of the Company or its subsidiaries or affiliates; without limiting the
foregoing in any way, it shall be conclusively presumed that you have breached this
subparagraph 16(b) if, without the prior written consent of National Fuel or other
than at National Fuel’s written request, you

	 	(i)	 	voluntarily participate in any of the following, collectively
referred to as a “Proceeding”: any rate case, claim, litigation, arbitration,
mediation or administrative proceeding affecting the revenue, expenses, assets
or liabilities of the Company other than any claim, litigation, arbitration,
mediation or administrative proceeding that does not relate to a rate matter;
	 
	 	(ii)	 	voluntarily render any assistance in the preparation or
development of any position in a Proceeding; or
	 
	 	(iii)	 	submit any shareholder proposal, motion or resolution to the
Company to be discussed or voted upon by the Company’s shareholders. You
hereby grant the Secretary of National Fuel an irrevocable power of attorney to
withdraw for all purposes any such shareholder proposal.

	 	(c)	 	you will not, directly or indirectly and without the prior written consent of
National Fuel , work for, consult with, advise or represent (as employee, agent,
consultant or otherwise), any business which is a “customer” of the Company, as
hereafter defined, with respect to any matter or activity which would tend to reduce
the quantity or price of services or commodities provided by the Company to that
business;
	 
	 	(d)	 	for purposes of this Agreement, a “customer” of the Company is any
corporation, sole proprietorship, partnership, joint venture, syndicate, trust or any
other form of organization or parent, subsidiary or division of any of the foregoing,
which, during such period or the immediately preceding fiscal year of such entity,
purchased commodities, goods or services from the Company; and
	 
	 	(e)	 	you will not induce or otherwise entice, directly or indirectly, any employee
or officer of the Company to leave the Company, nor shall you attempt to hire any of
the Company’s employees or officers.

	17.	 	You waive any and all rights to employment at the Company, agree not to knowingly apply for,
solicit, seek or otherwise attempt to obtain employment with the Company, and further agree
that the Company is not or will not be at any time under any obligation to employ you. You
further agree that if you should apply for employment at the Company, the Company will have no
obligation to process your employment application or to hire you and that the failure to
process your employment application or to hire you shall not constitute a violation of any
federal, state or local law, regulation or order. Nothing in this Agreement shall preclude
you, however, from soliciting, seeking or otherwise attempting to obtain consulting work with
the Company as an independent contractor, or

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	 	 	from actually performing consulting services for the Company if retained by the Company, it
being understood that the Company is not and will not be under any obligation to engage you
as a consultant.

	18.	 	National Fuel shall indemnify you to the fullest extent permitted and in the manner provided
by the laws of the State of New Jersey including, without limitation, the indemnification
permitted by N.J.S. 14A:3-5(8), against all liabilities (including amounts paid or incurred in
satisfaction of settlements, judgments, fines and penalties) and expenses (including, without
limitation, attorneys’ fees and disbursements) imposed upon or incurred by you in connection
with any pending, threatened or completed civil, criminal, administrative or arbitrative
action, suit or proceeding (“Proceeding”) in which you may become involved by reason of your
being or having been a director or officer of the Company, or of serving or having served at
the request of the Company as a director, officer, trustee, employee or agent of, or in any
other capacity with, another foreign or domestic corporation, or any partnership, joint
venture, sole proprietorship, employee benefit plan, trust or other enterprise, whether or not
for profit. During the pendency of any such proceeding, the Company shall, to the fullest
extent permitted by law, promptly advance expenses (including, without limitation, attorneys’
fees and disbursements) that are incurred, from time to time, in connection therewith by you,
subject to the receipt by the Company of an undertaking of you as required by law. Unless
otherwise required by applicable law at that time, this undertaking shall be in the form of a
writing signed by you promising to immediately repay the advanced amounts if it shall
ultimately be determined that you are not entitled to indemnification under this section or
under applicable law at that time. The indemnification provided by this paragraph 18 shall
extend to your estate or personal representative.

	19.	 	This Agreement is made subject to approval and ratification by the Board of Directors of
National Fuel, to whom it will be presented and favorably recommended by management at the
next meeting of that Board, scheduled for September 8, 2005. If this Agreement is not so
approved and ratified, then the parties will negotiate in good faith to restore the parties as
nearly as possible to the positions in which they would have been if this Agreement had never
been executed, or to reach some other mutually agreeable arrangement.

	20.	 	The parties agree that the legal invalidity of any provision of this Agreement shall not make
this Agreement void or unenforceable, and that in such case this Agreement shall be construed
so as to preserve as much as possible of the parties’ respective interests which motivated
them to execute this Agreement. It is also agreed that this Agreement shall be construed and
enforced in accordance with the laws of the State of New York. The parties acknowledge that
they have mutually negotiated all provisions of this Agreement with the assistance of counsel.
The provisions of this Agreement shall be interpreted and construed in accordance with their
fair meanings, and not strictly for or against either party, regardless of which party may
have drafted this Agreement or any specific provisions.

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	21.	 	This Agreement constitutes the final, complete and exclusive agreement between Horizon and
you regarding your employment and its termination. You do not rely upon any oral promises in
signing this Agreement, and the only promises you rely on are those set forth in writing
herein. This Agreement may be modified or amended only by a written instrument signed by
Horizon and you.

	22.	 	This Agreement is personal to Mr. Hale and without the prior written consent of National Fuel
shall not be assignable by him other than by will or the laws of descent and distribution.
During his life Mr. Hale may also make inter vivos transfers of some or all of his rights
under this Agreement to members of his family or entities established for their benefit, but
Mr. Hale shall remain fully responsible for performance of all his obligations under this
Agreement, and the quantity and nature of all obligations of the Company and Horizon under
this Agreement shall be interpreted as though such transfer had not occurred. This Agreement
shall inure to the benefit of and be enforceable by Mr. Hale’s legal representatives.

	23.	 	This Agreement shall inure to the benefit of and be binding upon National Fuel and its
successors.

     IN WITNESS WHEREOF, each party has executed this Agreement as of the date indicated below.

NATIONAL FUEL GAS COMPANY

	 	 	 	 	 
	By:

	 	     /s/ P. C. Ackerman
	 	Date: 8/12/05
	 

	 	 	 	 
	 

	 	     P. C. Ackerman	 	 
	 

	 	     President	 	 
	 
	 	 	 	 
	HORZON ENERGY DEVELOPMENT, INC.	 	 
	 
	 	 	 	 
	By:

	 	     /s/ P. C. Ackerman
	 	Date: 8/12/05
	 

	 	 	 	 
	 

	 	     P. C. Ackerman	 	 
	 

	 	     President	 	 
	 
	 	 	 	 
	BRUCE H. HALE	 	 
	 
	 	 	 	 
	 

	 	     /s/ Bruce H. Hale
	 	Date: 8/12/05
	 

	 	 	 	 

11EX-10.10

 

Exhibit 10.10

COMMISSION AGREEMENT

          This Commission Agreement (“Agreement”) is entered into this___26th___day of August,
2005, but shall be effective as of August 1, 2005 subject to paragraph 15. This Agreement is made
by and between Bruce H. Hale, an individual residing at 247 Brantwood Road, Snyder, New York 124226
(hereinafter “Agent” or “Mr. Hale”), and Horizon Energy Development, Inc., a New York corporation
with U.S. offices at 6363 Main Street, Williamsville, New York 14221 (“Horizon”).

          WHEREAS, Mr. Hale has been employed by National Fuel Gas Company and/or its various
subsidiaries (including Horizon) from 1971 through July 31, 2005, and among other things, has
worked on and provided advice and expertise on matters relating to international investments and
overseas project development, specifically in the Czech Republic, Italy and Bulgaria; for purposes
of this Agreement, “National Fuel” shall refer, collectively, to National Fuel Gas Company, and all
of its affiliates and/or direct and indirect subsidiaries, including but not limited to Horizon;

          WHEREAS, Horizon owns, indirectly, interests in the following two projects (collectively the
“Projects”):

	 	(a)	 	The development of a new combined cycle gas turbine electric generating
facility, with a nominal capacity of 400 Mwe, to be located on a site in the area of
Montenero di Bisaccia, Regione Molise, Italy, and developed through Montenero Energia
S.r.l. which Horizon established with ACEA spa, an Italian electric utility, (the
“Italian Project”); and
	 
	 	(b)	 	The development of new combined cycle gas turbine cogeneration facilities
with a nominal capacity of 160 Mwe to be located on sites adjacent to the existing
Sofia and Sofia East cogeneration plants in Sofia, Bulgaria, and developed through
Sofia Energy EAD, a Bulgarian joint stock company, which Horizon established with
Toplofikacia Sofia EAD , (the “Bulgarian Project”);

          WHEREAS, Horizon desires to sell its interests in the Projects for cash, and desires to retain
Agent to facilitate that sale, subject to the terms and conditions of this Agreement;

          WHEREAS, during the course of Mr. Hale’s employment with National Fuel, Mr. Hale had access to
and became acquainted with National Fuel’s trade secrets and confidential and proprietary
information and materials, including but not limited to investment plans and strategies;

          WHEREAS, during the course of Mr. Hale’s employment with National Fuel, Mr. Hale was aware
that the confidentiality of National Fuel’s trade secrets and

 

 

confidential and proprietary information was required to be maintained by National Fuel’s
employees;

          WHEREAS, during the course of Mr. Hale’s employment with National Fuel, Mr. Hale was aware
that National Fuel’s international energy investment plans, oil and gas exploration and development
activities, and other business strategies were subject to restricted use and disclosure;

          WHEREAS, during the course of Mr. Hale’s employment with National Fuel, National Fuel took
steps to protect its trade secrets and confidential and proprietary information;

          WHEREAS, Mr. Hale recognizes that National Fuel’s business and goodwill are dependent upon
National Fuel’s trade secrets and confidential and proprietary information;

          WHEREAS, National Fuel will sustain great loss and damage if Mr. Hale discloses, utilizes or
causes to be disclosed or utilized National Fuel’s trade secrets and/or confidential and
proprietary information to third parties or for Mr. Hale’s own benefit;

          WHEREAS, in the absence of this Agreement, National Fuel would not otherwise continue to
disclose such confidential and proprietary information to Mr. Hale, or permit access to the same by
Mr. Hale.

          NOW THEREFORE, in consideration of the premises, mutual covenants, conditions, and terms to be
kept and performed, the parties hereto agree as follows:

          1. APPOINTMENT OF AGENT. Horizon hereby appoints Mr. Hale as Horizon’s agent to engage in
negotiations for, and otherwise facilitate, the sale of Horizon’s interest in the Italian Project
and the Bulgarian Project for cash. Mr. Hale shall not have the authority to sign binding
documents or make binding promises on behalf of Horizon or any affiliate of Horizon, except to the
extent provided in separate written instructions or authorizations signed by an officer of Horizon.

          2. TERM OF AGREEMENT. This Agreement shall become effective on August 1, 2005, and continue
for a period of one (1) year (the “initial period” or “initial term”), subject to the rights of
earlier termination set forth below, and subject to Mr. Hale’s right to receive a commission as set
forth below. This Agreement shall be renewable at the option of the parties for successive 1 year
periods, provided that the parties have executed an agreement regarding the terms of such renewal
at least 30 days prior to the end of the initial period or any successive period. Horizon shall
not refuse to extend this Agreement upon the same terms if active negotiations are underway at the
end of the initial term or any subsequent term. Agent shall have the option, upon thirty (30)
days’ written notice, to terminate this Agreement at any time, for whatever reason. In the event
that Agent fails to perform any of the terms and conditions of this Agreement, Horizon shall have
the option to give notice and immediately terminate this Agreement.

2

 

Upon termination by either party before the end of the initial term or any subsequent term,
Agent shall be entitled to reimbursement of reasonable expenses incurred through the date of
termination, provided the expenses are not in dispute at the time of termination. Upon termination
of this Agreement or upon Agent’s business failure, bankruptcy, receivership, etc., Agent will
immediately forward to Horizon all records furnished by Horizon under the terms of this Agreement.

          3. SCOPE OF WORK. Agent shall perform his obligations under this Agreement for Horizon as an
independent contractor with the fiduciary duties of loyalty and diligence to negotiate the best
sale prices and terms practicable for the Projects. Horizon will use its best efforts to assure
that Agent has access to information and the opportunity to discuss information and issues with
certain members of management (within the confidentiality provisions set forth herein), in order
that Agent may carry out his obligations hereunder. Agent shall provide reports to the individual
within the corporate structure of National Fuel and its affiliated companies who may be designated
from time to time. As of the effective date of this Agreement, Agent shall provide reports to
Philip C. Ackerman, President of National Fuel Gas Company. Before making any written or oral
representation to third parties on behalf of Horizon or any of its affiliated companies, Agent
warrants and agrees that he will receive specific, prior approval from an authorized officer of
Horizon or National Fuel Gas Company.

     4. COMMISSION. Horizon shall pay Agent a commission (the “Commission”) upon the terms
provided in this Agreement. Agent’s right to receive the Commission is expressly conditioned on,
and the Commission shall be earned by and paid to Agent if and only if, the sale of the Projects,
or either of them, is consummated prior to the expiration of this Agreement, or thereafter as
provided in Section 6 below, at a price and upon terms and conditions acceptable to Horizon in its
sole and absolute discretion. The Commission shall be paid only as and when the sale of the
Projects is consummated and sales proceeds are actually received by Horizon. For example, if the
Projects are sold under agreements which provide for the payment of some money at the closing,
adjusted by a working capital adjustment three months after the closing, and additional money two
years after the closing if a Project is in operation at that time, part of the Commission would be
calculated and paid at the closing based on the amount actually received by Horizon at the closing,
adjusted three months later in proportion to the working capital adjustment, and an additional
portion of the Commission would be calculated and paid two years after the closing based on the
actual receipt of that money as described in Section 4 below. A partial Commission may be earned
and paid upon the sale of one of the Projects as set forth below. The Commission shall constitute
the total and maximum compensation which shall be earned by and paid to Agent for his services
(other reimbursement of certain expenses as set forth in Section 7 below). If no sale of a Project
is consummated, Agent shall be entitled to a portion of earnest money, non-refundable or other
deposit retained by Horizon in connection with any sale transaction that is not consummated,
calculated in the same manner as set forth in Section 5 below.

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     5 CALCULATION OF COMMISSION. The Commission shall be calculated on a sliding scale based on
the Total Net Sale Proceeds from the sale of the Projects, as defined below:

	 	(a)	 	The Total Net Sale Proceeds from the sale of the Projects shall be equal to the gross
sales proceeds actually received, converted into U.S. dollars as of the date funds are
received by Horizon, less:

	 	(i)	 	all expenses of sale, including, but not limited to, attorney fees,
consultant fees and government fees, other than expenses for which Agent is entitled
to reimbursement pursuant to Section 6 below;
	 
	 	(ii)	 	all foreign or domestic income taxes, excise taxes, and other taxes which
Horizon or its affiliates are required to pay related to the sale of the Projects; and
	 
	 	(iii)	 	the “Post 8/1/05 Net Project Development Costs” defined as follows: for
purposes of this Agreement, the Post 8/1/05 Net Project Development Costs consist of
all expenses related to the Italian Project and the Bulgarian Project first accrued by
Horizon or its affiliates in connection with the Projects on or after August 1, 2005
after reduction by the amount of any such expenses for which Horizon or its affiliates
are reimbursed by any unaffiliated party.

	 	(b)	 	the Commission will be calculated as follows:

	 	(i)	 	one percent (1%) of the Total Net Sales Proceeds up to Total Net Sales
Proceeds of one million dollars ($1,000,000); plus
	 
	 	(ii)	 	two percent (2%) of the Total Net Sales Proceeds greater than one million
dollars ($1,000,000) up to Total Net Sales Proceeds of two million dollars
($2,000,000); plus
	 
	 	(iii)	 	three percent (3%) of the Total Net Sales Proceeds greater than two
million dollars ($2,000,000) up to Total Net Sales Proceeds of three million dollars
($3,000,000); plus
	 
	 	(iv)	 	an additional similarly increasing percentage of the Total Net Sales
Proceeds from each successive increment of one million dollars ($1,000,000) of Total
Net Sales Proceeds up to a maximum of 50 percent of the Total Net Sales Proceeds
greater than forty-nine million dollars ($49,000,000) up to the Total Net Sales
Proceeds of fifty million dollars ($50,000,000); plus
	 
	 	(v)	 	if any proceeds from the sale of one of the Projects are received by
Horizon more than three months after the closing of the sale of a Project,

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	 	 	 	such as pursuant to an “earn-out” or similar provision, those sale proceeds shall
be discounted by a prorated annual percentage rate of eight percent (8%) per year,
and then added to the Net Sales Proceeds as of the Closing, and the Commission
shall then be increased by applying the above formula to the Net Sales Proceeds as
so increased; less
	 
	 	(vi)	 	one-half (1/2) of the total expenses for which Horizon has reimbursed
Agent pursuant to Section 6 below.

	 	(c)	 	If the sale of one of the Projects is consummated before the sale of the other
Project, then a portion of the Commission shall be paid based on the formula set out in
paragraphs 5(a) and 5(b) above, provided that the Net Sales Proceeds from that project
exceed the Accumulated Net Project Development Costs related to both projects. Upon the
closing of the sale of the other Project, the remainder of the Commission shall be
calculated and paid as though both closings had occurred at the same time (except as
otherwise provided in paragraph 5(b)(v) above).

          6. SUBSEQUENT SALE. If Horizon declines to extend this Agreement when Agent is willing to
extend on the same terms beyond the initial term or beyond any subsequent term, and one or both of
the sales of the Projects are consummated within one hundred eighty (180) days after termination of
this Agreement to any buyer with whom Agent has had negotiations prior to such termination, then
Horizon will pay the Commission on such sale or sales. If Agent terminates this Agreement or
declines to extend it when Horizon is willing to extend on the same terms, then Horizon will owe
Agent no Commission on any sale consummated after termination of this Agreement.

          7. BUSINESS AND TRAVEL EXPENSES. Horizon shall reimburse Agent’s normal reasonable travel,
lodging, long distance communication, computer connection, and out of pocket expenses incurred in
connection with performance of services hereunder, subject to the reduction of the Commission by an
amount equal to one-half (1/2) of Agent’s expenses as set forth in paragraph 5(b)(vi) above. When
renting any vehicle for the purpose of performing services under this Agreement, Assignee will
purchase the available liability insurance, which is hereby deemed to be a normal reasonable travel
expense.

          8. NO CHANGE IN PENSION BENEFITS. The providing of services by Agent hereunder shall neither
decrease, nor increase, the calculation or payment of pension or other retirement benefits normally
payable to Mr. Hale as a result of his retirement as of August 1, 2005.

          9. TAXES.

	 	(a)	 	Agent shall be responsible for the payment of any and all local, state and federal
taxes, or other fees, imposed on the amounts made payable to Agent as a result of the
services rendered hereunder.

5

 

	 	(b)	 	Agent shall be responsible for the withholding and/or payment of any and all
applicable local, state and federal employment, payroll and/or income taxes associated
with any and all of Agent’s employees, provided that Agent shall not use any employees on
any of the work to be performed under this Agreement without the prior written consent of
Horizon. Agent agrees to indemnify and hold harmless National Fuel for or from any
failure, on the part of Agent, to withhold or remit such applicable taxes.
	 
	 	(c)	 	Upon request by Horizon, Agent shall provide documented proof that the
above-referenced taxes were paid, as required.

          10. INDEPENDENT CONTRACTOR. It is understood and agreed that, in performing all work
hereunder, Agent shall be an independent contractor, responsible for accomplishing the results
contracted for under this Agreement, and, as such, shall control the detail, manner and means of
providing consulting services pursuant to this Agreement. Accordingly, Agent shall not be required
to work any particular schedule, but shall use his best efforts to meet Horizon’s deadlines.
Further, Agent shall not, within reason, be required to work at any particular location. However,
Horizon shall provide reasonable and sufficient temporary office space and clerical and office
services support when Consultant’s presence is required at any of National Fuel’s offices in North
America. Neither party shall in any way represent that it is an employer or employee of the other
party. In certain circumstances, as specifically authorized by Horizon, Agent may act as an agent
of a National Fuel entity. As an independent contractor, Agent is not authorized to make any
contract, agreement, warranty or representation on behalf of Horizon or National Fuel, unless
specifically authorized in writing by a Horizon officer to do so.

          11. PROHIBITION AGAINST SUBCONTRACTING. Agent shall not subcontract out any of the work to
be performed by him under this Agreement without the prior written consent of Horizon.

          12. INDEMNITY.

	 	(a)	 	Agent will indemnify and hold National Fuel harmless from and against any and all
loss, damage, injury, suits, penalties, costs, liabilities and expenses (including, but
not limited to, legal expenses) arising out of any claim for loss of or damage to
property, including property of National Fuel or Agent, liability to, injury to, or death
of any person, including Agent, or an employee of National Fuel or Agent, caused by the
grossly negligent, reckless or intentionally tortious acts of Agent, or his officers,
employees, subcontractors or other agents, including but not limited to failure to comply
with federal, state and local laws, ordinances and regulations, both foreign and domestic,
applicable to services to be performed hereunder and all other applicable local, state
and federal laws, ordinances and regulations, both foreign and domestic. For purposes of
this paragraph only, “National Fuel” shall

6

 

	 	 	 	include National Fuel Gas Company and all of its direct and indirect subsidiaries, along
with any officer or employee of these entities.

	 	(b)	 	Horizon will indemnify and hold Agent harmless from and against any and all loss,
damage, injury, suits, penalties, costs, liabilities and expenses (including, but not
limited to, legal expenses) arising out of any claim related to the services performed
under this Agreement for loss of or damage to property, including property of National
Fuel or Agent, liability to, injury to, or death of any person, including Agent, or an
employee of National Fuel or Agent, unless caused by the grossly negligent, reckless or
intentionally tortious acts of Agent, or his officers, employees, subcontractors or other
agents, including but not limited to failure to comply with federal, state and local laws,
ordinances and regulations, both foreign and domestic, applicable to services to be
performed hereunder and all other applicable local, state and federal laws, ordinances and
regulations, both foreign and domestic.

          13. INSURANCE. Horizon shall carry statutory workers’ compensation insurance coverage,
commercial general liability insurance coverage, international commercial insurance coverage and
executive risk insurance coverage in an amount not less than $1,000,000. Horizon shall have Agent
named as additional insured (with the exception of the workers’ compensation policy) under the
above insurance policies in connection with any claims arising out of the services provided under
this Agreement. Each insurance policy provided by Horizon shall contain a waiver of the right of
subrogation, and the coverage will be provided (except as otherwise described in the immediately
following sentence) on a primary non-contributing basis and the limits will be exhausted before any
other insurance is to apply. The coverage provided by Horizon will, however, be on a secondary
non-contributing basis excess of any other applicable primary auto insurance policies carried by
Agent or his Assignee (as defined in paragraph 21) and the limits of any such primary auto
insurance will be exhausted before the coverage provided by Horizon hereunder is to apply. Horizon
shall maintain this insurance at all times during performance of this Agreement, provided however,
that in the event Horizon elects to not renew its international commercial insurance coverage upon
its expiration on June 6, 2006, Agent would no longer be covered under such policy and nothing
herein shall obligate Horizon to continue to renew or replace such policy.

          14. CONFIDENTIALITY.

	 	(a)	 	In performing his obligations under this Agreement, Agent and his employees,
officers, members and agents, if any, shall maintain all information gathered, developed
or communicated to Agent by National Fuel or any of their directors, officers, employees
or agents, in connection with the work performed hereunder in a confidential manner,
whether or not identified as a trade secret or as proprietary and confidential by National
Fuel. Agent agrees that Agent and his employees, officers, members and agents, if any,
will not duplicate, distribute, disclose, or otherwise provide such information, or
National Fuel’s trade secrets or proprietary and confidential information to anyone
without prior written

7

 

	 	 	 	authorization of a Horizon officer. The obligations created by this paragraph shall remain
in effect indefinitely and shall survive the termination of this Agreement.

	 	(b)	 	National Fuel’s “trade secrets” and “confidential and proprietary information”
include information and material concerning National Fuel which is not generally known to
the public, including but not limited to, any and all memoranda, software, data bases,
computer programs, interface systems, pricing and client information, and records
pertaining to National Fuel’s methods or practices of doing business and marketing its
services and products, whether or not developed or prepared by Agent during the term of
his employment with National Fuel or in connection with his providing consulting service
to National Fuel. National Fuel’s trade secrets and confidential and proprietary
information also include “writing” or “writings” which shall mean and include all works,
expressed in words, numbers or other verbal or numerical symbols, regardless of the
physical manner in which they are embodied, including, but not limited to, books,
articles, manuscripts, memoranda, computer programs, computer software systems, maps,
charts, diagrams, technical drawings, manuals, video and audio tape recordings, and
photographs, whether or not developed or prepared by Agent during the term of his
employment with National Fuel or in connection with his providing consulting services to
National Fuel. National Fuel’s trade secrets and confidential and proprietary information
do not include any information or material which is or becomes generally known to the
public (other than by act of Agent or his representatives in breach of this Agreement).

          15. BOARD APPROVAL. This Agreement is made subject to approval and ratification by the Board
of Directors of National Fuel Gas Company, to whom it will be presented and favorably recommended
by management at the next meeting of that Board, scheduled for September 8, 2005. If this
Agreement is not so approved and ratified, then the parties will negotiate in good faith to restore
the parties as nearly as possible to the positions in which they would have been if this Agreement
had never been executed, or to reach some other mutually agreeable arrangement.

          16. COMMUNICATIONS. All notices and other communications under this Agreement shall be in
writing and shall be given by hand delivery to the other party or by registered or certified mail,
return receipt requested, postage prepaid, to the appropriate party at the addresses specified
below or at such other addresses as either party shall have furnished to the other in writing in
accordance herewith. Notices and communications shall be effective when actually received by the
addressee.

	 	(a)	 	With respect to Agent:

Bruce H. Hale

247 Brantwood Road

Snyder, New York 14226

8

 

	 	(b)	 	With respect to Horizon:

P.C. Ackerman, President

Horizon Energy Development, Inc.

6363 Main Street

Williamsville, NY 14221

          17. AUDIT. Horizon shall have the right, upon reasonable notice, to examine and audit all of
Agent’s billings and all of the backup support data for those billings. Agent shall make available
said information to Horizon, upon request, at the offices of National Fuel.

          18. SOCIAL SECURITY AND FAIR LABOR STANDARDS. Agent covenants and agrees that it is bound by
and will observe and perform all duties required under the Social Security Act and the United
States Fair Labor Standards Act, and all other applicable local, state, and federal laws,
ordinances, and regulations.

          19. EQUAL EMPLOYMENT OPPORTUNITY. The Equal Opportunity clause in Section 202, Paragraphs 1
through 7 of Executive Order 11246, as amended; and Section 503 of the Rehabilitation Act of 1973,
29 U.S.C. §793, as amended; and Section 402 of the Vietnam Era Veterans Readjustment Assistance Act
of 1974, 38 U.S.C. §§42l1-12; and the Americans with Disabilities Act of 1990, 42 U.S.C. §12101,
et. seq., as amended, relating to equal employment opportunity; and the
implementing Rules and Regulations of the Office of Federal Contracts Compliance Programs as set
forth in 41 C.F.R. Chapter 60 are incorporated herein by specific reference.

          20. NON-WAIVER. Failure of either party to act or exercise its rights under this Agreement
upon the breach of any of the terms hereof by the other party shall not be construed as a waiver of
such a breach or prevent said party from thereafter enforcing strict compliance with any or all of
their terms hereof.

          21. NON-ASSIGNABILITY. The obligations of Agent hereunder are personal and cannot be
assigned or delegated to subcontractors or employees except as provided in this paragraph 21.
Agent may assign this Agreement to a limited liability company or other entity wholly owned by
Agent (“Assignee”), effective upon notice to Horizon signed by both Agent and the Assignee, which
notice must include:

	 	(a)	 	the full legal name, address and state of organization of the Assignee;
	 
	 	(b)	 	evidence of Agent’s sole ownership of the Assignee; and
	 
	 	(c)	 	the Assignee’s commitments that (i) the Assignee assumes all rights and
obligations under this Agreement, and (ii) all the Assignee’s services under this
Agreement must be performed by Agent individually unless Horizon expressly consents
otherwise in writing.

9

 

Upon the effective date of such an assignment, Agent shall individually be relieved of all direct
obligations under this Agreement, which shall become the direct obligations of the Assignee
(although Agent as an officer/employee of Assignee will continue to comply and help Assignee comply
with the confidentiality provisions of paragraph 14 of this Agreement). Horizon may not assign
this Agreement without the express written consent of Agent. Said consent shall not be
unreasonably withheld.

          22. GOVERNING LAW. This Agreement shall be governed by the laws of the State of New York
without giving effect to the conflict of laws provisions thereof.

          23. SEVERABILITY. If any clause, sentence, paragraph, provision or other part hereof shall
be adjudged by any court of competent jurisdiction to be invalid, the remainder hereof shall be
interpreted so as to achieve as closely as possible the intent of the parties as originally
expressed in this Agreement.

          24. CAPTIONS AND HEADINGS. The captions and headings herein are for convenience only and are
not to be construed as a part of this Agreement, nor shall the same be construed as defining or
limiting in any way the scope or intent of the provisions hereof.

          25. ENTIRE AGREEMENT. This Agreement contains and states the entire agreement of the parties
hereto and supersedes and cancels all prior written and oral agreements and understandings with
respect to the subject matter of this Agreement. Any modification to this Agreement must be agreed
upon in writing and signed by both parties.

          26. BINDING CONSIDERATION. Agent understands, represents, warrants, and agrees that the
consideration provided under this Agreement is in addition to anything of value to which he is
entitled.

          27. BINDING AGREEMENT. This Agreement is and shall be binding upon and inure to the benefit
of the parties hereto and their respective successors, heirs, executors, administrators and
assigns. Agent represents, warrants and agrees that he has read, understands and intends to be
bound by this Agreement and its recitals, terms, conditions and representations.

          IN WITNESS WHEREOF, the parties hereto have made and entered into this Agreement as of August
1, 2005.

10

 

	 	 	 	 	 	 	 	 	 
	HORIZON ENERGY DEVELOPMENT, INC.	 	 	 	BRUCE H. HALE	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ P. C. Ackerman
	 	 	 	/s/ Bruce H. Hale	 	 
	 

	 	 
	 	 	 	 	 	 
	Name: P. C. Ackerman	 	 	 	 	 	 
	Title: President	 	 	 	 	 	 

11

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