Document:

Form of Indemnification Agreement

 EXHIBIT 10.48 
  
 FORM OF INDEMNIFICATION AGREEMENT 
  
 This Indemnification Agreement (“Agreement”) is made as of
                , 2005 by and between Catalytica Energy Systems, Inc., a Delaware corporation (the “Company”), and
                 (“Indemnitee”). 
  
 RECITALS 
  
 WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company; 
  
 WHEREAS, in order to induce Indemnitee to continue to provide services to the
Company, the Company wishes to provide for the indemnification of, and advancement of expenses to, Indemnitee to the maximum extent permitted by law; 
  
 WHEREAS, the Amended and Restated Certificate of Incorporation (the “Charter”) and the bylaws of the Company require (i) indemnification
of the officers and directors of the Company to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”) and (ii) the advancement of expenses (including legal fees) incurred in any
proceeding for which indemnification is available in advance of such proceedings final disposition. 
  
 WHEREAS, the Charter and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that
contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification; 
  
 WHEREAS, the Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for the Company’s directors, officers,
employees, agents and fiduciaries, the significant and continual increases in the cost of such insurance and the general trend of insurance companies to reduce the scope of coverage of such insurance; 
  
 WHEREAS, the Company and Indemnitee further recognize the substantial
increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing
challenges for the Company; 
  
 WHEREAS, Indemnitee does not
regard the protection currently provided by applicable law, the Company’s governing documents and available insurance as adequate under the present circumstances, and the Indemnitee and certain other directors, officers, employees, agents and
fiduciaries of the Company may not be willing to continue to serve in such capacities without additional protection; 
  
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the increased difficulty in attracting and retaining
highly qualified persons such as Indemnitee is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to
indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and 
  
 WHEREAS, this Agreement is a supplement to and in furtherance of the
indemnification provided in the Charter and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
  
 NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows: 
  
 Section 1. Services to the Company. Indemnitee agrees to serve as a director of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation
or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any
of its subsidiaries or any Enterprise) and Indemnitee. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director of the Company for the applicable time period set forth in Section 15
hereto. 
  
 Section 2. Definitions. 
 As used in this Agreement: 
  
 (a) “Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of the Company or of any
other corporation, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 
  
 (b) “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary. 
  
 (c) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from
any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee. 
  

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 (d) “Independent Counsel” means a law firm, or a partner (or, if applicable, a member)
of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with
respect to matters concerning the Indemnitee under this Agreement or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable legal fees and related expenses of the Independent Counsel referred to above arising out of or relating to this Agreement or its engagement
pursuant hereto. 
  
 (e) The term “Proceeding” shall
include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of
the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director of the Company, by
reason of any action taken by him or her or of any action on his or her part while acting as director of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or
advancement of expenses can be provided under this Agreement; provided, however, that the term “Proceeding” shall not include any action, suit or arbitration initiated by Indemnitee to enforce Indemnitee’s rights under
this Agreement. 
  
 Section 3. Indemnity in Third-Party
Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding other than a Proceeding by or in the right of
the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf
in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal
proceeding, had no reasonable cause to believe that his or her conduct was unlawful. Indemnitee shall not enter into any settlement in connection with a Proceeding without (a) thirty (30) days prior notice to the Company and (b) the Company’s
prior written consent to the terms of such settlement, which consent shall not be unreasonably withheld. 
  
 Section 4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of
this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted 
  

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 in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.
No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the
Delaware Court of Chancery (the “Delaware Court”) or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court or such other court shall deem proper. 
  
 Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to
the extent that Indemnitee is a party to or a participant in and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or
matters in such Proceeding, the Company shall indemnify Indemnitee against (a) all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter and (b) any
claim, issue or matter related to any such successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter. 
  
 Section 6. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any
Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. 
  
 Section 7. Additional Indemnification. 
  
 (a) Notwithstanding any limitation in Sections 3, 4, or 5 hereof, the
Company shall indemnify Indemnitee to the fullest extent permitted by law if Indemnitee is, or is threatened to be made, a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with the Proceeding. 
  
 (b) For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted by law” shall include, but not be limited to:

  
 (i) to the fullest extent permitted by the provision of the
DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL or such provision thereof; and 
  

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 (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL
adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 
  
 Section 8. Exclusions. Notwithstanding any provision in this Agreement to the contrary, the Company shall not be obligated under this Agreement to
make any indemnity in connection with: 
  
 (a) any claim made
against Indemnitee for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity
provision; 
  
 (b) any claim made against Indemnitee for an
accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; 
  
 (c) any claim made against Indemnitee for
which payment is prohibited by applicable law; or 
  
 (d) any
claim initiated or brought voluntarily by Indemnitee and not by way of defense, except (i) with respect to actions or proceedings brought to establish or enforce a right to receive an advance of Expenses or indemnification of any amounts under this
Agreement or any other agreement or insurance policy or under the Charter or bylaws of the Company now or hereafter in effect relating to indemnification and the advancement of Expenses, (ii) in specific cases if the Board has approved the
initiation or bringing of such claim, or (iii) as otherwise required under the DGCL. 
  
 Section 9. Advances of Expenses. The Company shall advance, to the extent not prohibited by applicable law, the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be
made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such Expenses; provided, however. that ,
in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) from time
to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement which shall constitute an undertaking providing that the Indemnitee
undertakes to the fullest extent required by law to repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be
indemnified by the Company. This Section 9 shall not apply to 
  

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 any claim made by Indemnitee for which indemnity is excluded pursuant to Section 8. The right to advances under this
paragraph shall in all events continue until final disposition of any Proceeding, including any appeal therein. 
  
 Section 10. Procedure for Notification and Defense of Claim. 
  
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor.

  
 (b) The Company will be entitled to participate in the
Proceeding at its own expense. 
  
 Section 11. Procedure Upon
Application for Indemnification. 
  
 (a) Upon written request
by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by Independent Counsel in a written opinion to the
Board, a copy of which shall be delivered to Indemnitee and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with
the Independent Counsel making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such counsel upon reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating
with the Independent Counsel shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

 
 (b) The Independent Counsel shall be selected by Indemnitee and shall be
the same law firm or partner (or, if applicable, member) as is acting as “Independent Counsel” or in a similar role for other indemnitees under indemnification agreements similar to this Agreement, unless such law firm, partner (or, if
applicable, member), under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing Indemnitee and such other indemnitees. The Company may, within ten (10) days after written notice of such
selection, deliver to the Indemnitee a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of
“Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is
without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof, and the final disposition of the Proceeding, including any appeal therein, no
Independent Counsel shall have been selected and not objected to, the Indemnitee may petition a court of competent jurisdiction for resolution of any objection which 
  

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 shall have been made by the Company to the selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11(a)
hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable
standards of professional conduct then prevailing). 
  
 Section
12. Presumptions and Effect of Certain Proceedings. 
  
 (a) In making a determination with respect to entitlement to indemnification hereunder, the Independent Counsel making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has
submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by the Independent Counsel of any determination
contrary to that presumption. Neither the failure of the Company or of Independent Counsel to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company or by Independent Counsel that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption
that Indenmitee has not met the applicable standard of conduct. 
  
 (b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of guilty, nolo contendere or its equivalent, shall not (except as otherwise
expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed
to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 
  
 (c) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if
Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of
legal counsel for the Enterprise or the Board or counsel selected by any committee of the Board or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser, investment banker
or other expert selected with reasonable care by the Company or the Board or any committee of the Board. The provisions of this Section 12(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee
may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
  
 (d) The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this
Agreement. 
  

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 Section 13. Remedies of Indemnitee. 
  
 (a) Subject to Section 13(e), in the event that (i) a determination is made pursuant to Section 11 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 11(a) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement
within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to Section 3, 4 or 7 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification, Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification or advancement of Expenses. Indemnitee shall commence such proceeding seeking an adjudication within 180
days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 13(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee
to enforce his or her rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication. 
  
 (b) In the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 13 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced
pursuant to this Section 13 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 
  
 (c) If a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 13, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 
  
 (d) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 13 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are
incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by
the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 
  

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 (e) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to
indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein. 
  
 Section 14. Non-exclusivity, Survival of Rights; Insurance Subrogation. 
  
 (a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Company’s Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or
repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration
or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Charter, Bylaws and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other right or remedy. 
  
 (b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company or of any other Enterprise, Indemnitee shall be covered by such policy
or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the
terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
  
 (c) In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 
  
 (d) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise. 
  

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 (e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was
serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of Expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 
  
 Section 15. Duration of Agreement. This Agreement shall continue until and terminate upon the later of (a) ten (10) years after the date that
Indemnitee shall have ceased to serve as a director of the Company or (b) one (1) year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or
advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of Indemnitee and his or her heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. 
  
 Section 16.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement
(including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the
parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
  
 Section 17. Enforcement. 
  
 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce
Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director of the Company. 
  
 (b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the
Charter of the Company, the Bylaws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
  

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 Section 18. Modification and Waiver. No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a
continuing waiver. 
  
 Section 19. Noticed Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or
advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise. 
  
 Section 20. Notices. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed
or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: 
  

	 	(a)	If to Indemnitee, at such address as Indemnitee shall provide to the Company. 

  

	 	(b)	If to the Company to: 

  
 Catalytica Energy Systems, Inc. 
 Attn: CEO

 1388 N. Tech Blvd. 
 Gilbert,
AZ 85233 
  
 with a copy to: 
  
 Wilson Sonsini Goodrich & Rosati, P.C. 
 Attn: Brian C. Erb 
 650 Page Mill Road

 Palo Alto, CA 94304 
  
 or to any other address as may have been furnished to Indemnitee by the Company. 
  

Section 21. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any claim relating to an indemnifiable 
  

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 event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of
such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
  
 Section 22. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United
States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the
extent such party is not otherwise subject to service of process in the State of Delaware, The Corporation Trust Company, Wilmington, Delaware as its agent in the State of Delaware as such party’s agent for acceptance of legal process in
connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or
proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
  
 Section 23. Identical Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement. 
  
 (a) Miscellaneous. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
  

 -12- 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first
above written. 
  

			
	 CATALYTICA ENERGY SYSTEMS, INC.

		
	 By:
	 	  

	 	 	 [Name]

	 	 	 [Title]

		
	 By:
	 	  

	 	 	 [Indemnitee]

	 	 	 [Name]

  

 -13-Consulting Agreement

 EXHIBIT 10.49 
  
 CONSULTING AGREEMENT 
  
 THIS CONSULTING AGREEMENT (this “Agreement”) is made and entered into this 1st day of February 2005 (the “Effective
Date”) by and between Catalytica Energy Systems, Inc., located at 1388 Tech Blvd, Gilbert, Arizona 85233 (hereinafter referred to as “CESI”) and David Merrion, having an address at 4526 Lakeshore Court, Brighton, Michigan 48116
(hereinafter referred to as “Consultant”) (each a “Party” and together the “Parties”) 
  
 WHEREAS, CESI is involved in developing solutions to diesel engine emissions; 
  
 WHEREAS, Consultant has extensive experience in the diesel engine emission a technology; 
  
 WHEREAS, Consultant is a director of CESI and has been incurring substantial
time and costs in assisting CESI and its executive officers with diesel engine emission technology issues; and 
  
 WHEREAS, CESI desires to retain Consultant for assistance with diesel engine emission technology issues and related matters, and Consultant is willing to
provide such assistance in accordance with the terms of this Agreement; 
  
 NOW, THEREFORE, THE PARTIES AGREE as follows: 
  

	1.	Services 

  
 During the term of this Agreement, Consultant shall make available to CESI his services to advise and otherwise assist CESI and its
executive officers or their designees as required from time to time in the area of diesel engine emission technology and related areas, including: 
  

	 	(1)	Advising the executive officers of CESI or their designees on various diesel engine emission technology and proposed solutions to diesel engine emissions; 

 

	 	(2)	Advising the executive officers of CESI or their designees on the background and abilities of diesel engine emission solution partners and integrators; 

  

	 	(3)	Advising and assisting the diesel advisory board; 

  

	 	(4)	Reviewing contract proposals and related matters for diesel engine partners and integrators; and 

  

	 	(5)	Assisting the executive officers of CESI or their designees in other aspects of diesel engine technology as needed from time to time. 

  
 CESI shall make available to the Consultant any pertinent
files, records or information to assist Consultant in providing the services hereunder. 
  

	2.	Compensation 

  
 CESI agrees to pay Consultant, and Consultant agrees to accept for Consultant’s services under this Agreement quarterly compensation
in the amount of Seven Thousand Five Hundred Dollars 
  

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 ($7,500), plus approved travel and other reasonable out-of-pocket expenses incurred in rendering services
hereunder. CESI shall make all payments to Consultant for each quarter within Ten (10) days after the commencement of such quarter, with the first quarter’s compensation payable on a prorated basis commencing from the Effective Date and payable
within Ten (10) days thereafter. All expenses submitted to CESI for payment in accordance with this paragraph shall be paid within thirty (30) days of receipt of an invoice from Consultant itemizing the expenses incurred in rendering such services.
All payments, including reimbursements for actual expenditures, shall be included in Consultant’s gross income as compensation for services rendered and accordingly reported on Consultant’s IRS Form 1099. Consultant is responsible for
payment of all state and federal taxes (including FICA taxes) on income earned under this Agreement, as none will be withheld by CESI. 
  

	3.	Independent Contractor 

  
 It is agreed that Consultant is to have complete freedom of action as to the details, methods, and means of performing the consulting
services. It is further understood that Consultant has contracted with CESI only for the purposes and to the extent set forth in this Agreement and his relation to CESI is that of an independent contractor, and Consultant shall be free to dispose of
such portion of his entire time, energy, and skill as Consultant sees fit and to others as Consultant deems advisable so long as same does not create a conflict of interest between CESI and such others. Consultant shall not be considered under the
provisions of this Agreement or otherwise as having a status as an employee of CESI nor shall Consultant be entitled hereafter to participate in any plans, arrangements, or distributions by CESI relating to any pension, deferred compensation, bonus,
stock bonus, hospitalization, insurance, or other benefits extended to employees, since Consultant is performing the service hereunder as an independent contractor. Nothing herein shall prohibit Consultant from participating in any plans or benefits
provided in his capacity as a director of CESI to the same extent as any other director of CESI. 
  

	4.	Term and Termination 

  
 This Agreement shall come into being on the Effective Date and shall terminate on December 31, 2005. This Agreement may be renewed on an
annual basis with the consent of both Parties. In addition, if Consultant or CESI breaches any of the terms or conditions of this Agreement, the other Party may, without foregoing thereby any other rights or remedies it may have, at its option,
terminate this Agreement by providing notice of such breach which is not cured within Ten (10) days of receipt of such notice of breach. Termination under this paragraph shall not affect Consultant’s obligations under Paragraphs 5, 6 and 7
below. Further, in the event of any such early termination, Consultant shall be paid compensation accrued prior to termination, but Consultant shall not be entitled to any other payment on account of such termination, whether by way of claims for
damages, or for loss of anticipated profits, or otherwise. 
  

	5.	Ownership of Work Product 

  
 All work performed for CESI by Consultant hereunder (including, but not limited to, all information, data, reports, working notes,
drawings, design, and specifications developed or prepared by Consultant in connection with such work) shall become the property of CESI, unless specifically otherwise agreed upon in writing by CESI and Consultant. 
  

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	6.	Non-Disclosure 

  
 Consultant shall use his best efforts and exercise utmost diligence to protect, guard, and maintain the confidentiality of Confidential
Information (as defined in Paragraph 10). Except as required in performance of Consultant’s services for CESI, Consultant will never directly, indirectly, or otherwise, use, permit others to use, disseminate, disclose, lecture upon, or publish
articles concerning Confidential Information, without CESI’s prior written consent. Further, Consultant agrees to return Confidential Information supplied by CESI and any copies thereof upon completion of services relating to the Confidential
Information or upon CESI’s written request to do so. 
  

	7.	Inventions, etc. 

  
 All Inventions (as defined in Paragraph 10) made, conceived or completed by Consultant, individually or in conjunction with others, shall
be the sole and exclusive property of CESI if said Inventions: 
  

	 	(a)	are made with any of CESI’s equipment, supplies, facilities or trade secrets; or 

  

	 	(b)	are conceived or made by Consultant during the hours Consultant is working for CESI; or 

  

	 	(c)	relate to Confidential Information; or 

  

	 	(d)	result from any work performed by Consultant for CESI. 

  
 Consultant shall, without royalty or any other further consideration to Consultant therefore, but at the expense of CESI: 
  

	 	(aa)	as promptly as known or possessed by Consultant, disclose to CESI all information with respect to said inventions; 

  

	 	(bb)	whenever requested to do so by CESI, promptly execute and assign any and all applications, assignments and other instruments which CESI shall deem necessary to apply for and obtain
Letters Patent of the United States and of foreign countries for said Inventions, and to assign and convey to CESI or to CESI’s nominee the sole exclusive rights, title and interest in and to the Inventions or any applications or patents
thereon; 

  

	 	(cc)	whenever requested to do so by CESI deliver to CESI evidence for interference purposes or other legal proceedings and testify in any interference or other legal proceedings; and

  

	 	(dd)	do such other acts as may be necessary in the opinion of CESI to obtain and maintain United States and foreign Letters Patent for the Inventions. 

  
 The foregoing provisions (as appropriate) shall also apply
to copyrights for copyrightable subject matter and such subject matter or work relating to such subject matter shall be “work for hire” under the United States copyright laws. 
  

	8.	Survival of Certain Agreements 

  
 The covenants and agreements set forth in Paragraphs 5, 6 and 7 shall survive termination of this Agreement and Consultant’s services
hereunder, and remain in full force and effect regardless of the cause of such termination. 
  

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	9.	Binding Effect 

  
 This Agreement shall be binding upon Consultant, and, except as regards personal services, upon Consultant’s heirs, personal
representatives, executors and administrators, and shall inure to the benefit of CESI, its successors and assigns. 
  

	10.	Definitions 

  
 As used in this Agreement: 
  

	 	(a)	“Confidential Information” means information disclosed to Consultant or known by Consultant as consequence of or through performance of services for CESI whether or not
related to his duties at CESI and includes trade secrets or any other like information of value relating to the business and/or field of interest of any corporation, firm or partnership directly or indirectly controlled by CESI through more than
thirty percent (30%) ownership interest, including, but not limited to, information relating to inventions, disclosures, processes, systems, methods, formulas, patents, patent applications, machines, material, research activities and plans, cost of
production, contract forms, prices, volume of sales, promotional methods, and lists of names or classes of customers. Information shall be considered, for purposes of this Agreement, to be confidential if not known by the trade generally, even
though such information has been disclosed to one or more third parties pursuant to any other agreement entered into by CESI or any of its affiliates. 

  
 Confidential Information shall not include information which Consultant can show: 
  

	 	(aa)	was in the public domain at the time of disclosure; or 

  

	 	(ab)	after disclosure, becomes a part of the public domain by publication or otherwise through no violation of this Agreement; or 

  

	 	(ac)	was, at the time of disclosure, shown to be in possession of Consultant, and Consultant is able to so demonstrate possession of this Confidential Information in writing to CESI
within sixty (60) days of receipt of Confidential Information, or forego application of this provision; or 

  

	 	(ad)	is, subsequent to its disclosure to Consultant, disclosed to Consultant without obligation of confidence by a third party who did not acquire the same directly or indirectly from an
obligation of secrecy. 

  
 Confidential Information disclosed or developed under this Agreement shall not be deemed to be within the foregoing exceptions merely because such information is embraced by more general information in the public domain or in
Consultant’s possession. 
  

	 	(aaa)	“Inventions” means any and all discoveries, concepts and ideas, whether patentable or not, including, but not limited to, processes, methods, formulas, compositions,
techniques, articles and machines, as well as improvements thereof or know-how 

  

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 related thereto, relating to the business and/or field or interest of CESI or any corporation, firm or
partnership directly or indirectly controlled by CESI or through more than a thirty percent (30%) ownership interest. 
  

	11.	Assignment 

  
 This Agreement shall not be assignable by the Consultant or CESI without the prior written consent of the other Party; any attempted
assignment is void. 
  

	12.	Entire Agreement 

  
 This Agreement constitutes the entire agreement between the Parties with respect to the subject matter herein; no representations having
been made by any of the Parties except as are herein specifically set forth. No rights or obligations other than those expressly recited herein are to be implied from this Agreement. It may be amended only by an agreement in writing, signed by the
Party against whom enforcement of any waiver, amendment modification, extension or discharge is sought. Nothing herein shall require the Parties to enter into further agreements. 
  

	13.	Governing Law; Signatures 

  
 The validity, interpretation, and effect of this Agreement shall be governed in all aspects by Arizona laws. This Agreement may be
executed in counterparts and by facsimile signatures. 
  

	14.	Notices 

  
 Any correspondence or notifications concerning this Agreement may be delivered by any overnight delivery service or by certified mail,
return receipt requested, addressed as follows: 
  
 CESI: 
  
 Catalytica Energy Systems, Inc. 
 Attention: CFO 
 1388 Tech Blvd, Gilbert

 Arizona 85233 
  
 Consultant: 
  
 4526 Lakeshore Court 
 Brighton, Michigan
48116 
  
 Notice shall be deemed received one day
after overnight delivery and three days after mailing by certified mail. Either Party may change its address for notice by complying with the notification provisions of this paragraph. 
  

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 IN WITNESS WHEREOF, CESI and Consultant have executed this Agreement as of the date specified above.

  

	
	 CATALYTICA ENERGY SYSTEMS, INC.

	
	         /s/ Mike
Murry            

	         Mike Murry

	         President and CEO

  

	
	 CONSULTANT

	
	         /s/ David
Merrion            

	         David Merrion

  

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