Document:

Exhibit 10.32

    

    AMENDED
AND RESTATED

    AGREEMENT
FOR RESTRICTED STOCK AWARD

    

    This
Amended and Restated Agreement for Restricted Stock Award (the "Agreement") is
between FIRST FINANCIAL
BANCORP., an Ohio corporation (the "Corporation"), and who, as of April
13, 2009, which is the effective date of this Agreement, is an employee of First
Financial Bank, National Association (the "Employee"):

    

    WHEREAS,
the Corporation established the 1999 Stock Incentive Plan for Officers and
Employees (the "Plan") and a Committee of the Board of Directors of the
Corporation designated in the Plan (the "Committee") approved the execution of
this Agreement containing the Restricted Stock Award to the Employee upon the
terms and conditions hereinafter set forth:

    

    NOW
THEREFORE, in consideration of the mutual obligations contained herein, it is
hereby agreed:

    

    
      	
              1.

            	
              Award
      of Restricted Stock.  The
      Corporation hereby awards to Employee as of the date of this Agreement
      shares of restricted common stock of the Corporation without par value
      ("Common Stock"), in consideration of services to be
      rendered.  The number of shares of restricted Common Stock is
      being adjusted to comply with 31 CFR Part 30 – TARP Standards for
      Compensation and Corporate Governance; Interim Final Rule, which became
      effective on June 15, 2010 (“TARP
Rules”).

            

    

    

    
      	
              2.

            	
              Restrictions
      on Transfer.  The shares
      of restricted Common Stock so received by the Employee and any additional
      shares attributable thereto received by the Employee as a result of any
      stock dividend, recapitalization, merger, reorganization or similar event
      are subject to the restrictions set forth herein and may not be sold,
      assigned, transferred, pledged or otherwise encumbered during the
      Restriction Period, except as permitted
hereby.

            

    

    

    
      	
              3.

            	
              Restriction
      Period.

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      term “Restriction Period” as used in this Agreement shall mean the period
      that begins as of the date of this Agreement and ends with respect to the
      restricted Common Stock granted under this Agreement as of the applicable
      anniversary date(s) of the date of this Agreement (the "Anniversary
      Dates") as set forth in Schedule
3(a).

            

    

    

    The
Restriction Period is being adjusted to comply with the TARP Rules.

    

    Notwithstanding
the foregoing, if the Committee determines that there has been a Change in
Control (as such term is defined in the Plan), the Restriction Period ends with
respect to such shares of restricted Common Stock, effective as of the date of
such Change in Control (as determined by the Committee).

     

    
      Schedule
3(a)

    

    

    
      
        
          
            
              	 
      	 	
                      Shares of Restricted Common Stock

                    	 
	
                      Anniversary Date

                    	 	
                      First Eligible to Vest on

                    	 
	
                      of this Agreement

                    	 	
                      Indicated Anniversary Date

                    	 
	
                      1st
      Anniversary Date

                    	 	 	
                      0%

                    	 
	
                      2nd
      Anniversary Date

                    	 	 	
                      50%

                    	 
	
                      3rd
      Anniversary Date

                    	 	 	
                      25%

                    	 
	
                      4th
      Anniversary Date

                    	 	 	
                      25%

                    	 

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              If,
      on the date of this Agreement, the Employee is subject to the limitations
      on bonus payments (“Bonus Limitations”) set forth in Section 111(b)(3)(D)
      of the Emergency Economic Stabilization Act of 2008 and the regulations
      promulgated thereunder (“EESA”), then , notwithstanding Section 3(a), the
      shares of restricted Common Stock with respect to which the Restriction
      Period has lapsed shall  only become transferable (as defined in
      26 C.F.R. 1.83-3(d)) based on the date on which the Corporation repays the
      percentage of aggregate financial assistance received under the Troubled
      Assets Relief Program (“TARP Funds”) as set forth in Schedule
      3(b).

            

    

    

    
      Schedule
3(b)

    

    

    
      
        
          
            	
                    Amount of TARP Funds Repaid

                  	 	
                    Shares of Common Stock First Eligible to Become Transferable

                  	 
	
                    25%

                  	 	 	
                    25%

                  	 
	
                    50%

                  	     	 	
                    25%

                  	 
	
                    75%

                  	 	 	
                    25%

                  	 
	
                    100%

                  	 	 	
                    25%

                  	 

          

        

      

    

     

    Notwithstanding
the foregoing:

     

    
      	
               
      

            	
              (i)

            	
              The
      Employee shall forfeit any restricted Common Shares for which the
      Restriction Period has lapsed or that have become transferable if the
      Employee does not continue performing substantial services for the
      Corporation for at least two years from the date of grant (other than due
      to the Employee’s earlier death, disability or the occurrence of a change
      in control event (as defined in 26 C.F.R.
    1.409A-3(i)(5)(i));

            

    

     

    
      	
               
      

            	
              (ii)

            	
              If,
      prior to the date that any restricted Common Shares for which the
      Restriction Period has not lapsed, the Committee determines that there has
      been a Change in Control, the Restriction Period with respect to any
      shares of restricted Common Stock for which the Restriction Period has not
      yet ended shall be determined pursuant to Schedule 3(a) (disregarding any
      provisions relating to a Change in Control);
  and,

            

    

     

    
      
        	
              	
                (iii) 

              	
                If
      the Employee does not make an election under Internal Revenue Code
      Section 83(b), the Committee may make a portion of the restricted
      Common Stock transferable that is reasonably required for the Employee to
      pay the federal, state, local or foreign taxes that are anticipated to
      apply to the income recognized due to the restricted Common Stock being
      deemed to be substantially vested (as defined in 26 CFR
      1.83-3(b)).  The portion of the restricted Common Stock made
      transferable for this purpose may occur at any time beginning with the
      date upon which the restricted Common Stock is deemed to be substantially
      vested and ending on December 31 of that calendar
    year.

              

      

    

     

    
      	
               
      

            	
              (c)

            	
              If
      on the date of this Agreement Employee is not subject to the Bonus
      Limitations, but, during the Restriction Period as defined in Section
      3(a), Employee becomes subject to the Bonus Limitations, the provisions of
      Section 3(b) shall apply to the portion of the restricted Commons Shares
      for which  the “Restriction Period” has not yet ended
      (“Remaining Restricted Common Stock”) and the second column of Schedule
      3(b) shall be applied to determine the transferability of such Remaining
      Restricted Common Stock rather than all shares of restricted Common Stock
      granted under this Agreement.

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      ending of the Restriction Period also may be referred to in this Agreement
      as the vesting of the restricted Common Stock or as when the Common Stock
      vests.  However, for any Employee to whom the Bonus Limitations
      apply, any reference to the ending of the Restriction Period shall mean
      the restricted Common Stock becoming substantially vested (as that term is
      defined in 26 C.F.R. 1.83-1(b))Subject to the provisions of Sections 3(b)
      and 3(c), the Committee may, at the time of the granting to the Employee
      of the restricted Common Stock or at any time thereafter, reduce or
      terminate the Restriction Period otherwise applicable to all or any
      portion of the restricted Common Stock, provided, however, that if the
      Employee is a Covered Employee (as defined in the Plan), any applicable
      Benchmarks have been satisfied, or the Covered Employee has terminated
      employment due to his or her death or Disability (as defined in the
      Plan).

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
              4.

            	
              Forfeiture
      Provision.  Notwithstanding
      any other provision of this Agreement, Employee hereby agrees that if his
      or her employment with the Corporation is terminated for any reason,
      voluntarily or involuntarily, whether by retirement, death, disability,
      resignation or dismissal for cause or otherwise, and such termination is
      prior to the ending of the Restriction Period applicable to any shares of
      the restricted Common Stock, the Employee's ownership and all related
      rights with respect to all shares of Common Stock for which the
      Restriction Period has not ended as of the employment termination date
      will be forfeited automatically on the date of termination, and the
      Corporation automatically will become the sole owner of such shares as of
      such date.

            

    

    

    
      	
               
      

            	
              References
      to the Corporation in this Section include the Corporation's subsidiaries
      and Affiliates.  A transfer of the Employee's employment between
      subsidiaries and/or Affiliates of the Corporation or between any
      subsidiary or Affiliate and the Corporation will not be considered a
      termination of employment for purposes of this
      Agreement.  Notwithstanding the foregoing, an Employee's
      employment will be considered terminated for purposes of this Agreement as
      of the date that the Employee's employing subsidiary or Affiliate ceases
      to be a subsidiary or Affiliate of the Corporation for any reason, unless
      prior to or as of such date the Employee's employment is transferred to
      the Corporation or to a remaining subsidiary or Affiliate of the
      Corporation.  For purposes of applying the Bonus Limitations,
      the Corporation’s Common Stock constitutes stock of an eligible issuer of
      service recipient stock (as defined in 26 C.F.R.
      1.409A-1(b)(5)(iii)(E)).

            

    

    

    
      	
              5.

            	
              Stock
      Certificates.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Upon
      award of the restricted Common Stock to the Employee, one or more stock
      certificates which evidence such shares of restricted Common Stock will be
      issued by the Corporation for the benefit of the Employee.  Each
      such stock certificate will be deposited with and held by the Corporation
      or its agent.  Any certificate for restricted Common Stock of
      the Corporation resulting from any stock dividend, recapitalization,
      merger, reorganization or similar event will also be deposited with and
      held by the Corporation or its agent.  All such stock
      certificates and Common Stock evidenced thereby will be subject to the
      forfeiture provisions, limitations on transferability and all other
      restrictions herein contained.  The Employee hereby agrees to
      deposit with the Corporation stock powers endorsed by the Employee in
      blank and in such number as requested by the
  Corporation.

            

    

    

    
      	
               
      

            	
              (b)

            	
              All
      stock certificates for shares of restricted Common Stock issued during the
      Restriction Period will bear the following
  legend:

            

    

    

    
      	
               
      

            	
              "The
      transferability of this certificate and the shares of stock represented
      hereby are subject to the terms and conditions (including forfeiture) of
      the First Financial Bancorp. 1999 Stock Incentive Plan for Officers and
      Employees and an Agreement for Restricted Stock Award.  Copies
      of such Plan and Agreement are on file at the offices of First Financial
      Bancorp., Cincinnati, Ohio."

            

    

    

    
      	
               
      

            	
              (c)

            	
              With
      regard to any shares of restricted Common Stock which cease to be subject
      to restrictions pursuant to Section 3, the Corporation will, within sixty
      (60) days of the date such shares cease to be subject to restrictions,
      transfer Common Stock for such shares free of all restrictions set forth
      in the Plan and this Agreement to the Employee or the Employee's designee,
      or in the event of such Employee's death subsequent to expiration of the
      Restriction Period, to the Employee's legal representative, heir or
      legatee.

            

    

    

    
      	
               
      

            	
              6.

            	
              Shareholder's
      Rights.  Subject to
      the terms of this Agreement, during the Restriction
  Period:

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      Employee will have, with respect to the restricted Common Stock, the right
      to vote all shares of the restricted Common Stock received under or as a
      result of this Agreement, including shares which are subject to the
      restrictions on transfer in Section 2 and to the forfeiture provisions in
      Section 4 of this Agreement.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (b)

            	
              Cash
      dividends paid with respect to restricted Common Stock during the
      Restriction Period will be paid in cash to the Employee at the same time
      that cash dividends are paid to the Corporation’s other shareholders,
      except to the extent prohibited by the Bonus Limitations.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Dividends
      payable in Common Stock with respect to the restricted Common Stock during
      the Restriction Period will be held subject to the vesting of the
      underlying restricted Common Stock and then automatically paid in the form
      of Common Stock to the Employee at the same time that the underlying
      Common Stock is transferred to the
Employee.

            

    

    

    
      	
              7.

            	
              Regulatory
      Compliance.  The issue
      of shares of restricted Common Stock and Common Stock will be subject to
      full compliance with all then-applicable requirements of law and the
      requirements of the exchange upon which Common Stock may be traded, as set
      forth in the Plan.

            

    

    

    
      	
              8.

            	
              Withholding
      Tax.  The
      Employee agrees that, in the event that the award and receipt of the
      restricted Common Stock or the expiration of restrictions thereon results
      in the Employee's realization of income which for federal, state or local
      income tax purposes is, in the opinion of counsel for the Corporation,
      subject to withholding of tax at source by the Employee's employer, the
      Employee will pay to such Employee's employer an amount equal to such
      withholding tax or make arrangements satisfactory to the Corporation
      regarding the payment of such tax (or such employer on behalf of the
      Corporation may withhold such amount from Employee's salary or from
      dividends paid by the Corporation on shares of the restricted Common Stock
      or any other compensation payable to the
  Employee).

            

    

    

    
      	
              9.

            	
              Investment
      Representation.  The
      Employee represents and agrees that if he or she is awarded and receives
      the restricted Common Stock at a time when there is not in effect under
      the Securities Act of 1933 a registration statement pertaining to the
      shares and there is not available for delivery a prospectus meeting the
      requirements of Section 10(A)(3) of said Act, (i) he or she will accept
      and receive such shares for the purpose of investment and not with a view
      to their resale or distribution, (ii) that upon such award and receipt, he
      or she will furnish to the Corporation an investment letter in form and
      substance satisfactory to the Corporation, (iii) prior to selling or
      offering for sale any such shares, he or she will furnish the Corporation
      with an opinion of counsel satisfactory to the Corporation to the effect
      that such sale may lawfully be made and will furnish the Corporation with
      such certificates as to factual matters as the Corporation may reasonably
      request, and (iv) that certificates representing such shares may be marked
      with an appropriate legend describing such conditions precedent to sale or
      transfer.

            

    

    

    
      	
              10.

            	
              Federal
      Income Tax Election.  The
      Employee hereby acknowledges receipt of advice that, pursuant to current
      federal income tax laws, (i) he or she has thirty (30) days from the date
      the restricted Common Stock was granted, April 13, 2009, in which to elect
      to be taxed in the current taxable year on the fair market value of the
      restricted Common Stock in accordance with the provisions of Internal
      Revenue Code Section 83(b), and (ii) if no such election is made, the
      taxable event will occur upon expiration of restrictions on transfer at
      termination of the Restriction Period and the tax will be measured by the
      fair market value of the restricted Common Stock on the date of the
      taxable event.  Employee shall notify the Corporation
      immediately if he or she makes a Section 83(b)
  election.

            

    

    

    
      	
              11.

            	
              Adjustments.  If, after
      the date of this Agreement, the Common Stock of the Corporation is, as a
      result of a merger, reorganization, consolidation, recapitalization,
      reclassification, split-up, spin-off, separation, liquidation, stock
      dividend, stock split, reverse stock split, property dividend, share
      repurchase, share combination, share exchange, issuance of warrants,
      rights or debentures or other change in corporate structure of the
      Corporation, increased or decreased or changed into or exchanged for a
      different number or kind of shares of stock or other securities of the
      Corporation or of another corporation,
then:

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (a)

            	
              there
      automatically will be substituted for each share of restricted Common
      Stock for which the Restriction Period has not ended granted under the
      Agreement the number and kind of shares of stock or other securities into
      which each outstanding share is changed or for which each such share is
      exchanged; and

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      Corporation will make such other adjustments to the securities subject to
      provisions of the Plan and this Agreement as may be appropriate and
      equitable; provided, however, that the number of shares of restricted
      Common Stock will always be a whole
number.

            

    

    

    
      	
              12.

            	
              Notices.  Each notice
      relating to this Agreement must be in writing and delivered in person or
      by registered mail to the Corporation at its office, 201 East Fourth
      Street, Suite 2000, Cincinnati, Ohio 45202, attention of the Secretary, or
      at such other place as the Corporation has designated by
      notice.  All notices to the Employee or other person or persons
      succeeding to his or her interest will be delivered to the Employee or
      such other person or persons at the Employee's address below specified or
      such other address as specified in a notice filed with the
      Corporation.

            

    

    

    
      	
              13.

            	
              Determinations
      of the Corporation Final.  Any dispute
      or disagreement which arises under, as a result of, or in any way relates
      to the interpretation or construction of this Agreement will be determined
      by the Board of Directors of the Corporation or by a committee appointed
      by the  Board of Directors of the Corporation (or any successor
      corporation).  The Employee hereby agrees to accept any such
      determination as final, binding and conclusive for all
      purposes.

            

    

    

    
      	
              14.

            	
              Successors.  All rights
      under this Agreement are personal to the Employee and are not transferable
      except that in the event of the Employee's death, such rights are
      transferable to the Employee's legal representatives, heirs or
      legatees.  This Agreement will inure to the benefit of and be
      binding upon the Corporation and its successors and
    assigns.

            

    

    

    
      	
              15.

            	
              Obligations
      of the Corporation.  The
      liability of the Corporation under the Plan and this Agreement is limited
      to the obligations set forth therein.  No term or provision of
      the Plan or this Agreement will be construed to impose any liability on
      the Corporation in favor of the Employee with respect to any loss, cost or
      expense which the Employee may incur in connection with or arising out of
      any transaction in connection
therewith.

            

    

    

    
      	
              16.

            	
              Governing
      Law.  This
      Agreement will be governed by and interpreted in accordance with the laws
      of the State of Ohio.

            

    

    

    
      	
              17.

            	
              Plan.  The Plan
      will control if there is any conflict between the Plan and this Agreement
      and on any matters that are not contained in this Agreement.  A
      copy of the Plan has been provided to the Employee and is incorporated by
      reference and made a part of this Agreement.  Capitalized terms
      used but not specifically defined in this Agreement will have the
      definitions given to them in the
Plan.

            

    

    

    
      	
              18.

            	
              Entire
      Agreement.  This
      Agreement and the Plan supersede any other agreement, whether written or
      oral, that may have been made or entered into by the Corporation and/or
      any of its subsidiaries and the Employee relating to the shares of
      restricted Common Stock that are granted under this
      Agreement.  Therefore, the agreement as of April 13, 2009
      between the Corporation and the Employee with respect to the grant of
      shares of restricted Common Stock is amended and restated in its
      entirety.   This Agreement and the Plan constitute the
      entire agreement by the parties with respect to such matters, and there
      are no agreements or commitments except as set forth herein and in the
      Plan.  The Employee hereby consents to any amendment to this
      Agreement to the extent required to comply with the Bonus Limitations or
      otherwise comply with the requirements of
EESA.

            

    

    

    
      	
              19.

            	
              Captions;
      Counterparts.  The
      captions in this Agreement are for convenience only and will not be
      considered a part of or affect the construction or interpretation of any
      provision of this Agreement.  This Agreement may be executed in
      any number of counterparts, each of which will constitute one and the same
      instrument.

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, this Agreement for Restricted Stock Award has been executed and
dated by the parties hereto as of the day and year first above
written.

    

    
      
        
          
            
              
                	
                        FIRST
      FINANCIAL BANCORP.

                      
	 
      	 
      
	
                        By:

                      	
                        

                      
	 
      	
                        Claude
      E. Davis

                      
	
                        Title:  

                      	
                        President
      & CEO

                      
	 
      	
                         

                      
	 
      	
                        Signature
      of
Employee

                      

              

            

          

        

      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    I hereby
direct that all cash dividends to which I am entitled on my shares of restricted
Common Stock under the foregoing Agreement as well as all notices and other
written communications in connection with such shares be mailed to me at the
following address:

    

    
      
        
          
            
              
                
                  	
                           

                        
	
                          Name
      of Employee

                        
	 
      
	
                           

                        
	
                          Street
      Address

                        
	 
      
	
                           

                        
	
                          City,
      State, and Zip Code

                        
	 
      
	
                           

                        
	
                          Social
      Security Number

                        
	 
      
	
                           

                        
	
                          Signature
      of
Employee

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
        7Exhibit
10.5

         

      March 23,
2010

    

    

    Ener1,
Inc.

    1540
Broadway, Suite 25C

    New York,
NY 10036

    

    
      Attention:  Charles
Gassenheimer

    

    Chief
Executive Officer

    

    Engagement
Letter

    

    Dear Mr.
Gassenheimer:

    

    This
confirms our understanding that Ener1, Inc. (the “Company”) has engaged Credit
Suisse Securities (USA) LLC (“Credit Suisse”) to advise the Company with
structuring one or more Private Placements (as defined herein) of equity,
equity-linked or debt securities of the Company (the “Securities”).

     

    
      Section
1.     Private
Placement; Services

    

     

    Credit
Suisse’s services under this agreement consist of advising the Company in
structuring and completing one or more proposed Private
Placements.  “Private Placement” means an offer and sale of Securities
made to one or both of the potential purchasers described on Annex B hereto
(each, a “Purchaser”) pursuant to exemptions from the registration requirements
under Section 4(2) and Regulation S under the Securities Act of 1933,
as amended (the “Act”). As used herein, the terms “offer” and “sale” have the
meanings specified in Section 2(3) of the Act. As adviser, Credit Suisse
will provide advice on the Securities to be sold; provided, however, that in no event
shall Credit Suisse be obligated to purchase the Securities for its own account
or for the account of its customers.

     

    Section
2.            Compensation

     

    As
compensation for our services hereunder, the Company agrees to pay Credit Suisse
an advisory fee (the “Advisory Fee”) equal to $300,000 on the first date on
which the closing of a Private Placement (a “Closing”) occurs.

     

    Section
3.            Expenses;
Payments

     

    In
addition to the compensation payable pursuant to Section 2, the Company agrees
to reimburse Credit Suisse promptly upon request for expenses resulting from or
arising out of this engagement, whether or not any Private Placement is
consummated or any Securities sold, including the fees and expenses of its legal
counsel and of any other advisor retained by Credit Suisse (it being understood
that the retention of any such advisor, other than legal counsel, will be made
with the prior approval of the Company, which approval will not be unreasonably
withheld or delayed).

     

    All fees
and expenses payable under this agreement are payable in U.S. dollars in
immediately available funds.  All fees, expenses and other payments
under this agreement shall be paid without giving effect to any withholding or
deduction of any tax or similar governmental assessment.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
4.            Information

     

    In
connection with Credit Suisse’s engagement, the Company will furnish to, or
cause to be furnished to, Credit Suisse all information concerning the Company
requested by Credit Suisse and will provide Credit Suisse with access to
officers, directors, employees, accountants, counsel and other representatives
(collectively, the “Representatives”) of the Company as may be requested by
Credit Suisse.  In performing our services hereunder, Credit Suisse
shall be entitled to rely without investigation upon all available information,
including information supplied to us by or on behalf of the Company or its
Representatives and shall not be responsible for the accuracy or completeness
of, or have any obligation to verify, the same or conduct any appraisal of
assets or liabilities.

     

    Credit
Suisse's undertakings under this agreement are subject to its continued
satisfaction with the results of our ongoing review of the Company's business
and affairs.

     

    No advice
rendered by Credit Suisse, whether formal or informal, may be disclosed to third
parties, in whole or in part, or summarized, excerpted from or otherwise
referred to, without our prior written consent, other than the disclosure of
such advice to the Company’s employees, representatives and agents with a need
to know such information.  In addition, neither Credit Suisse nor the
terms of this engagement may be otherwise referred to without Credit Suisse’s
prior written consent.  The obligations of the Company pursuant to
this paragraph shall survive any expiration or termination of this agreement or
Credit Suisse’s engagement hereunder.  Notwithstanding anything to the
contrary contained in this agreement, the Company (and each employee,
representative or other agent of the Company) may disclose to any and all
persons, without limitation of any kind, the tax treatment and tax structure of
any Private Placement and all materials of any kind (including opinions or other
tax analyses) that are provided to the Company relating to such tax treatment
and structure.

     

    Section
5.            Covenants
of the Company

     

    In
connection with all offers and sales of the Securities, the Company covenants
that it:

     

    
      
        	
              	
                a. 

              	
                will
      not offer or sell the Securities by means of any form of general
      solicitation or general
advertising;

              

      

    

     

    
      
        	
              	
                b. 

              	
                will
      not offer or sell the Securities to any person who is not an “accredited
      investor” as defined in Rule 501 under the
Act;

              

      

    

     

    
      
        	
              	
                c. 

              	
                will
      exercise reasonable care to ensure that any Purchasers of the Securities
      are not underwriters within the meaning of Section 2(11) of the Act and,
      without limiting the foregoing, that such purchases will comply with Rule
      502(d) under the Act;

              

      

    

     

    
      
        	
              	
                d. 

              	
                has
      not taken any action, directly or indirectly, including making any offer
      or sale of Securities (or a similar class as the Securities) that would
      cause any Private Placement contemplated hereby to fail to be entitled to
      the exemption from the registration requirements of the Act (other than
      offers or sales of securities under an employee benefit plan as defined in
      Rule 405 under the Act);

              

      

    

     

    
      
        	
              	
                e. 

              	
                will
      comply with the federal securities laws, the securities laws of any state
      within the United States and any other jurisdictions identified by Credit
      Suisse to permit the offer and sale of the Securities in such
      jurisdictions, including making applicable filings and or notices such as
      Form D pursuant to the requirements of Regulation D of the Act; provided,
      however, that the Company will not make any such filings or notices
      without giving Credit Suisse reasonable notice thereof and an opportunity
      to review;

              

      

    

     

    
      
        	
              	
                f. 

              	
                will
      cause to be furnished to Credit Suisse at each Closing:
      (i)  copies (addressed to Credit Suisse, if requested) of such
      agreements, opinions, certificates and other documents (including
      accountant’s letters) and (ii) opinions of Company’s outside and internal
      counsel that are delivered to Purchasers (addressed to Credit Suisse, if
      requested), including an opinion stating that the placement of Securities
      was exempt from registration under the
Act;

              

      

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      
        	
              	
                g. 

              	
                shall
      be deemed to make all the representations and warranties to Credit Suisse
      that the Company has made to the Purchasers in any purchase agreement or
      other document; and

              

      

    

     

    
      
        	
              	
                h. 

              	
                acknowledges
      and understands that it will not communicate in any manner, either through
      the media, or through the broad dissemination of electronic or hard copy
      information or materials that could be deemed to violate any laws
      pertaining to publicity associated with any Private
    Placement.

              

      

    

     

    Section
6.            Indemnification

     

    Since
Credit Suisse will be acting on behalf of the Company in connection with this
engagement, the Company and Credit Suisse agree to the indemnity provisions and
other matters set forth in Annex A, which is incorporated by reference into this
agreement and is an integral part hereof. The obligations of the Company
pursuant to Annex A shall survive any expiration or termination of this
agreement or Credit Suisse’s engagement hereunder.

     

    Section
7.            Additional
Business

     

    If at any
time on or before March 23, 2011, (the “Anniversary”), the Company considers any
issuance and sale of securities to the public (including for such purpose
SEC-registered, Rule 144A or Regulation S sale of securities of the Company),
and the Company determines in its sole discretion to engage an agent,
underwriter, initial purchaser, financial advisor or person acting in a similar
capacity with respect to any such transaction, the Company agrees to offer
Credit Suisse the right to the exclusive sole lead roles in connection
therewith, such as sole lead agent, arranger, bookrunning managing underwriter,
initial purchaser or placement agent and with at least 60% of the fees,
discounts or other economics. The Company further agrees that customary fees
will be paid for the services provided in connection with any such transactions
and that such engagements will involve the execution of standard Credit Suisse
form agreements.  The Company agrees that, regardless of whether or
not Credit Suisse is engaged in any capacity contemplated by this Section 7, the
Company will pay to Credit Suisse aggregate fees of not less than $1.8 million
on or before September 23, 2011 (the “Guaranteed Fee” and, together with the
Advisory Fee, the “Fees”), which amount will be offset against any fees actually
earned by Credit Suisse (but specifically excluding the Advisory Fee) acting in
any such or any similar capacity.

     

    Section
8.            Termination

     

    Credit
Suisse’s engagement hereunder may be terminated at any time by either Credit
Suisse or the Company, upon ten days’ prior written notice thereof to the other
party.  No termination of Credit Suisse’s engagement hereunder shall
affect (i) the Company’s obligation to pay any Fees earned or accrued prior
to any such termination and the Advisory Fee upon any Closing or to reimburse
Credit Suisse for expenses accrued prior to such termination as provided for
herein, (ii) the Company’s obligations under Annex A or (iii) the
provisions of Sections 5, 6 or 7 of this Agreement.

     

    Section
9.            Miscellaneous

     

    In
connection with this engagement, one or more affiliates of Credit Suisse may
perform a portion of the services to be provided hereunder and, to the extent
requested by Credit Suisse, the Company will pay a portion of the fees payable
to Credit Suisse hereunder to such affiliate(s) as long as such affiliate(s)
is/are registered with the SEC as a broker-dealer or are exempt from such
registration.

     

    The Company acknowledges and agrees that Credit
Suisse has been retained solely to act as
its advisor in connection with one or more Private
Placements and that no fiduciary relationship between the Company
and Credit Suisse has been created in respect of any transaction contemplated by this
engagement or Credit Suisse’s engagement
hereunder, regardless of whether Credit Suisse has advised or is advising the
Company on other matters. In
connection with this engagement, Credit Suisse is acting as an independent
contractor, with obligations owing solely to the Company and not in any other
capacity.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    The
Company agrees that Credit Suisse and/or one of its affiliates may purchase a
portion of the Securities on the same terms and conditions as the other
investors participating in any Private Placement. The
Company hereby agrees to waive all conflicts of interest, if any, that Credit
Suisse may have in connection with its engagement hereunder and any purchase of
Securities.

     

    The
Company acknowledges that Credit Suisse is part of the Credit Suisse Group (the
"CS Group"), a worldwide group of companies that is involved in a wide range of
banking, investment banking, private banking, private equity, asset management
and other investment and financial businesses and services, both for their own
account and for the accounts of clients and customers. Credit Suisse and the
other members of the CS Group provide a full range of securities services,
including securities trading and brokerage activities.  Credit Suisse
and the other members of the CS Group may acquire, hold or sell, for their own
accounts and the accounts of customers, equity, debt and other securities and
financial instruments (including bank loans and other obligations) of the
Company and any other company that may be involved in the transactions and other
matters contemplated by this agreement, as well as provide investment banking
and other financial services to such companies.  Credit Suisse and the
other members of the CS Group may have interests, or be engaged in a broad range
of transactions involving interests, that differ from those of the
Company.  The Company acknowledges and agrees that no member of the CS
Group has any obligation to disclose such interests or transactions (or
information relating thereto) to the Company and that Credit Suisse’s agreement
to provide services to the Company hereunder will not require any other business
or member of the CS Group to restrict its activities in any way or require the
CS Group to provide the Company with any information whatsoever about, or
derived from, those activities. Credit Suisse and the other members of the CS
Group and certain of their respective employees, including members of the team
performing this engagement, as well as certain private equity funds associated
or affiliated with the CS Group in which they may have financial interests, may
from time-to-time acquire, hold or make direct or indirect investments in or
otherwise finance a wide variety of companies, including parties with a
potential direct or indirect interest in any transaction to which this
engagement relates.  The CS Group has adopted policies and procedures
designed to preserve the independence of its research analysts whose views may
differ from those of the CS Group's investment banking department. Neither
Credit Suisse nor any other member of the CS Group shall be liable to account to
the Company for, or (to the extent permitted by law) disclose to the Company,
any charges or other remuneration made or received by it.

     

    The
Company acknowledges that Credit Suisse may, at its option and expense, and no
earlier than the first to occur of (i) the closing of definitive agreements
regarding any Private Placement or (ii) the public announcement of any Private
Placement, place announcements and advertisements or otherwise publicize such
Private Placement (which may include the reproduction of the Company’s logo and
a hyperlink to the Company’s website on Credit Suisse’s website) and in such
financial and other newspapers and journals as it may choose, stating that
Credit Suisse has acted as advisor to the Company in connection with such
Private Placement.

     

    The
Company understands that Credit Suisse is not undertaking to provide any legal,
accounting or tax advice in connection with this agreement.  Credit
Suisse shall not be responsible for the underlying business decision of the
Company to effect a transaction contemplated by this engagement or for the
advice or services provided by any of the Company’s other advisors or
contractors.

     

    Except as
otherwise required or requested by law or judicial or regulatory authority, all
non-public information concerning the Company that is given to Credit Suisse by
the Company or its Representatives in connection with this engagement and not
otherwise available to Credit Suisse will be used solely in the course of the
performance of our services hereunder and will be treated confidentially by us
for so long as it remains non-public.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    This
agreement shall be binding upon and inure to the benefit of the Company, Credit
Suisse and their respective successors and permitted assigns.  This
agreement may not be modified, and no provision hereof may be waived, except
pursuant to a written document executed by both parties.  Neither
party hereto may assign this agreement or any rights or obligations hereunder
without the prior written consent of the other party.  Except as
contemplated by Annex A, this agreement is not intended to confer rights upon
any persons not a party hereto (including security holders, employees or
creditors of the Company).  This agreement constitutes the entire
agreement between the parties and supersedes all prior agreements, both written
and oral, with respect to the subject matter hereof.  If any term,
provision, covenant or restriction herein (including Annex A) is held by a court
of competent jurisdiction to be invalid, void or unenforceable or against public
policy, the remainder of the terms, provisions and restrictions contained herein
shall remain in full force and effect and shall in no way be modified or
invalidated.

     

    All
aspects of the relationship created by this agreement or the engagement
hereunder, any other agreements relating to the engagement hereunder and all
claims or causes of action (whether in contract, tort or otherwise) that may be
based upon, arise out of or relate to this agreement or the engagement hereunder
shall be governed by and construed in accordance with the laws of the State of
New York, applicable to contracts made and to be performed therein and, in
connection therewith, the parties hereto consent to the exclusive jurisdiction
of the Supreme Court of the State of New York or the United States District
Court for the Southern District of New York, in each case sitting in New York
County and agrees to venue in such courts.  Notwithstanding the
foregoing, solely for purposes of enforcing the Company’s obligations under
Annex A, the Company consents to personal jurisdiction, service and venue in any
court proceeding in which any claim or cause of action relating to or arising
our of this agreement or the engagement hereunder is brought by or against any
Indemnified Person.  CREDIT SUISSE AND THE COMPANY EACH HEREBY AGREES
TO WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, COUNTER CLAIM OR
ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ENGAGEMENT
HEREUNDER.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    We are
delighted to accept this engagement and look forward to working with you on this
assignment.  Please confirm your agreement with the foregoing by
signing and returning to us the enclosed copy of this agreement.

    

    
      
        
          
            
              	Very
      truly yours,
	 
	
                      CREDIT
      SUISSE SECURITIES (USA) LLC

                    
	 
	
                      By:

                    	   
      
	 
      	
                      Name:

                    
	 
      	
                      Title:

                    

            

          

        

      

    

    

    [Signature page to the Engagement
Letter]

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    Accepted
and agreed to as of the date first written above:

    

    
      
        
          	
                  ENER1,
      INC.

                
	 
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

    

     

    [Signature page to the Engagement
Letter]

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    ANNEX
A

     

    In
further consideration of the agreements contained in our engagement letter (the
“engagement”), Ener1, Inc. (the “Company”) agrees to indemnify and hold harmless
Credit Suisse Securities (USA) LLC (“Credit Suisse”), its affiliates, the
respective members, directors, officers, partners, agents and employees of
Credit Suisse and its affiliates, and any person controlling Credit Suisse or
any of its affiliates (collectively, “Indemnified Persons”) from and against,
and the Company agrees that no Indemnified Person shall have any liability to
the Company or its owners, parents, affiliates, security holders or creditors
for, any losses, claims, damages or liabilities (including actions or
proceedings in respect thereof) (collectively, “Liabilities”) (A) related to or
arising out of (i) the Company’s actions or failures to act (including
statements or omissions made or information provided by the Company or its
agents), (ii) actions or failures to act by an Indemnified Person with the
Company’s consent or in reliance on the Company’s actions or failures to act,
(iii) or based upon any untrue statement or any alleged untrue statement of any
material fact contained in any written communication provided by or on behalf of
the Company to any actual or prospective purchaser of the Securities, or related
to, arising out of or based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, or (B) otherwise related to or arising out of the engagement,
Credit Suisse’s performance thereof or any other services Credit Suisse is asked
to provide to the Company (in each case, including related activities prior to
the date hereof), except that this Clause (B) shall not apply to any Liabilities
to the extent that they are finally determined by a court of competent
jurisdiction to have resulted primarily from the bad faith or gross negligence
of such Indemnified Person.  If such indemnification is for any reason
not available or insufficient to hold an Indemnified Person harmless (other than
pursuant to the immediately preceding sentence), the Company agrees to
contribute to the Liabilities involved in such proportion as is appropriate to
reflect the relative benefits received by the Company, on the one hand, and by
Credit Suisse, on the other hand, with respect to the engagement or, if such
allocation is determined by a court of competent jurisdiction to be unavailable,
in such proportion as is appropriate to reflect other equitable considerations
such as the relative fault of the Company on the one hand and of Credit Suisse
on the other hand; provided, however, that, to the
extent permitted by applicable law, the Indemnified Persons shall not be
responsible for expenses and Liabilities which in the aggregate are in excess of
the amount of all fees actually received by Credit Suisse from the Company in
connection with the engagement.  Relative benefits to the Company, on
the one hand, and Credit Suisse, on the other hand, with respect to the
engagement shall be deemed to be in the same proportion as (i) the total value
received or proposed to be received by the Company pursuant to the engagement,
as the case may be, whether or not consummated, contemplated by the engagement,
bears to (ii) all fees actually received by Credit Suisse in connection with the
engagement. Relative fault shall be determined, in the case of Liabilities
arising out of or based on any untrue statement or any alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company to Credit Suisse and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such untrue statement or omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act of
1933, as amended) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Company will not permit any
settlement or compromise to include, or consent to the entry of any judgment
that includes, a statement as to, or an admission of, fault, culpability or a
failure to act by or on behalf of an Indemnified Person, without such
Indemnified Person’s prior written consent. If any Indemnified Person becomes
involved in any capacity in any action, claim, suit, investigation or
proceeding, actual or threatened, brought by or against any person, including
stockholders of the Company, in connection with or as a result of the engagement
or any matter referred to in the engagement, and assuming such Indemnified
Person is entitled to indemnification hereunder pursuant to the terms hereof,
the Company also agrees to reimburse such Indemnified Persons for their expenses
(including, without limitation, reasonable legal fees and other costs and
expenses incurred in connection with investigating, preparing for and responding
to third party subpoenas or enforcing the engagement) as such expenses are
incurred.  Any amounts received pursuant to this indemnity (including
any amounts representing the reimbursement of costs or expenses) by an
Indemnified Person who is subsequently held by a court of competent jurisdiction
not to be entitled to be indemnified hereunder shall be promptly returned to the
Company. No Indemnified Person shall settle or agree to settle any action to
which it is a party and as to which it seek indemnification hereunder without
the Company’s prior written consent. The Company’s obligations pursuant to this
Annex A shall inure to the benefit of any successors, assigns, heirs and
personal representatives of each Indemnified Person and are in addition to any
rights that each Indemnified Person may have at common law or
otherwise.

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