Document:

Exhibit
4.2

 

STOCKHOLDERS AGREEMENT

 

OF

 

NOBLE ENVIRONMENTAL POWER, LLC

 

AUGUST 15, 2008

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  BOARD RIGHTS; INVESTOR RIGHTS; AND MANAGEMENT ARRANGEMENTS

  	
   

  	
  1

  
	
  (a)

  	
  Board of Directors

  	
   

  	
  1

  
	
  (b)

  	
  Controlled Company Disqualification Event

  	
   

  	
  4

  
	
  (c)

  	
  Classified Board

  	
   

  	
  5

  
	
  (d)

  	
  Committees

  	
   

  	
  6

  
	
  (e)

  	
  Compliance

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  TRANSFERS

  	
   

  	
  6

  
	
  (a)

  	
  Transfer Restrictions

  	
   

  	
  6

  
	
  (b)

  	
  Additional Transfer Restrictions

  	
   

  	
  8

  
	
  (c)

  	
  Rockfield Financing

  	
   

  	
  8

  
	
  (d)

  	
  Transfer Notice

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  DRAG-ALONG RIGHTS

  	
   

  	
  9

  
	
  (a)

  	
  Drag-Along Right

  	
   

  	
  9

  
	
  (b)

  	
  Notice

  	
   

  	
  9

  
	
  (c)

  	
  Exercise

  	
   

  	
  10

  
	
  (d)

  	
  Time Limitation

  	
   

  	
  10

  
	
  (e)

  	
  Investor Expenses

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  TAG-ALONG RIGHTS

  	
   

  	
  11

  
	
  (a)

  	
  Notice

  	
   

  	
  11

  
	
  (b)

  	
  Tag-Along Right

  	
   

  	
  11

  
	
  (c)

  	
  Exercise

  	
   

  	
  12

  
	
  (d)

  	
  Certain Restrictions

  	
   

  	
  13

  
	
  (e)

  	
  Time Limitation

  	
   

  	
  13

  
	
  (f)

  	
  Investor Expenses

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  REGISTRATION RIGHTS

  	
   

  	
  13

  
	
  (a)

  	
  Demand Registrations

  	
   

  	
  13

  
	
  (b)

  	
  Piggyback Registrations

  	
   

  	
  17

  
	
  (c)

  	
  Holdback Agreements; Suspension of
  Registration Statement

  	
   

  	
  18

  
	
  (d)

  	
  Expenses

  	
   

  	
  19

  
	
  (e)

  	
  Registration Procedures

  	
   

  	
  19

  
	
  (f)

  	
  Conditions to Investor Rights;
  Indemnification by Investors

  	
   

  	
  23

  
	
  (g)

  	
  Indemnification and Contribution

  	
   

  	
  23

  
	
  (h)

  	
  Rule 144

  	
   

  	
  26

  
	
  (i)

  	
  Termination of Registration Rights

  	
   

  	
  26

  
	
  (j)

  	
  Delay of Registration

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  LEGEND ON CERTIFICATES

  	
   

  	
  27

  
	
  (a)

  	
  Legends

  	
   

  	
  27

  

 

i

 

	
  SECTION 7.

  	
  DURATION OF AGREEMENT

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  INFORMATION RIGHTS

  	
   

  	
  28

  
	
  (a)

  	
  Financial Statements and Other Information

  	
   

  	
  28

  
	
  (b)

  	
  Confidential Information

  	
   

  	
  29

  
	
  (c)

  	
  Other Information

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  REGULATORY MATTERS

  	
   

  	
  29

  
	
  (a)

  	
  Cooperation of Other Stockholders

  	
   

  	
  30

  
	
  (b)

  	
  Covenant Not to Amend

  	
   

  	
  30

  
	
  (c)

  	
  Exception

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  EFFECTIVENESS OF AGREEMENT

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  DEFINITIONS

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
   

  	
  38

  
	
  (a)

  	
  Successors, Assigns and Transferees

  	
   

  	
  38

  
	
  (b)

  	
  Competitive Opportunity

  	
   

  	
  38

  
	
  (c)

  	
  Specific Performance

  	
   

  	
  38

  
	
  (d)

  	
  Governing Law

  	
   

  	
  39

  
	
  (e)

  	
  Submission to Jurisdiction; Waiver of Jury
  Trial

  	
   

  	
  39

  
	
  (f)

  	
  Descriptive Headings

  	
   

  	
  39

  
	
  (g)

  	
  Notices

  	
   

  	
  39

  
	
  (h)

  	
  Recapitalization, Exchange, Etc. Affecting
  the Company’s Shares

  	
   

  	
  40

  
	
  (i)

  	
  Counterparts

  	
   

  	
  40

  
	
  (j)

  	
  Severability

  	
   

  	
  40

  
	
  (k)

  	
  Amendment

  	
   

  	
  41

  
	
  (l)

  	
  Tax Withholding

  	
   

  	
  42

  
	
  (m)

  	
  Integration

  	
   

  	
  42

  
	
  (n)

  	
  Further Assurances

  	
   

  	
  42

  
	
  (o)

  	
  Interpretation

  	
   

  	
  42

  
	
  (p)

  	
  No Third Party Beneficiaries

  	
   

  	
  42

  
	
  (q)

  	
  No Recourse

  	
   

  	
  43

  
	
  (r)

  	
  Indemnification

  	
   

  	
  43

  
	
  (s)

  	
  Termination of Certain Other Agreements

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1

  	
  —

  	
  SCHEDULE OF INVESTORS

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  
	
   

  	
   

  	
   

  
	
  A

  	
  —

  	
  FORM OF STOCKHOLDER JOINDER

  
	
  B

  	
  —

  	
  AMENDED AND RESTATED REGULATORY SIDELETTER

  
						

 

ii

 

NOBLE
ENVIRONMENTAL POWER, LLC

STOCKHOLDERS AGREEMENT

 

This STOCKHOLDERS AGREEMENT (the “Agreement”),
dated as of August 15, 2008 and effective as of the Effective Time (as
defined below), is by and among Noble Environmental Power, LLC, a Delaware
limited liability company (including its successors, the “Company”), and
the parties listed on Schedule I, as amended from time to time. Each
party listed on Schedule I is sometimes referred to herein individually
as an “Investor” and collectively as the “Investors” (and the
terms “Investor” and “Investors” may also include other Persons,
as provided in the definition of such terms in Section 11 hereof). The
Company and the Investors are sometimes referred to herein individually by name
or as a “Party” and collectively as the “Parties.”  The definitions of certain capitalized terms
used herein are set forth in Section 11 hereto.

 

RECITALS

 

WHEREAS, as of the date of this Agreement,
the Investors and the Company are parties to the Fifth Amended and Restated
Limited Liability Company Operating Agreement, dated August 15, 2008 as
amended from time to time (the “Operating Agreement”), and the Amended
and Restated Members’ Agreement, dated December 21, 2007, as amended from
time to time (the “Members’ Agreement”);

 

WHEREAS, the Company will convert into a
Delaware corporation, and in connection therewith each unit (“Unit”) of
the Company shall be converted into shares of the Company’s common stock, par
value $0.01 per share (“Common Stock”) pursuant to the terms of the
Operating Agreement and a certificate of incorporation of the Company (as may
be amended from time to time, the “Certificate of Incorporation”) that
will be made effective at the Effective Time;

 

WHEREAS, the Company is contemplating
registering shares of Common Stock, for sale to the public in an initial public
offering (the “Initial Public Offering”) pursuant to a Registration
Statement of the Company to be filed on Form S-1 with the Securities and
Exchange Commission; and

 

WHEREAS, each of the Investors and the
Company desire to provide for certain matters relating to their respective
current and future holdings of Common Stock and the governance of the Company
after the Initial Public Offering;

 

NOW, THEREFORE, in consideration of the
foregoing, and the mutual agreements set forth herein and other good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the Parties hereto, intending to be legally bound, hereby agree
as follows:

 

AGREEMENT

 

SECTION 1.                        BOARD
RIGHTS; INVESTOR RIGHTS; AND MANAGEMENT ARRANGEMENTS

 

(a)                                  Board of Directors.
From and after the Effective Time, each Investor, severally and not jointly, in
its capacity as a stockholder of the Company, agrees to vote or otherwise give 

 

1

 

such Investor’s consent in respect of all Common Stock (whether now or
hereafter acquired) held of record or beneficially owned by such Investor and
to take all such Necessary Action, and the Company shall take all Necessary
Action, in order to cause:

 

(i)                                     the authorized
number of directors on the board of directors of the Company (the “Board”)
to be (x) ten (10) directors immediately after the Effective Time, (y) eleven
(11) directors within ninety (90) days after the Effective Time and (z) thirteen
(13) directors within one (1) year after the Effective Time, in accordance
with this Section 1(a), subject, in each case, to a decrease or an
increase in the size of the Board necessary to comply with the NASDAQ Global
Market listing requirements following a Controlled Company Disqualification
and/or to comply with clause (ii) below;

 

(ii)                                  the election to the
Board of:

 

(A)                              that number of directors
designated by the JPMP Investor (each, a “JPMP Designee”) which when
added to the number of JPMP Designees who are then directors and will continue
to serve as directors without regard to such vote, consent or Necessary Action
is: (x) up to five (5) so long as (a) the JPMP Investor,
together with its Permitted Transferees (as contemplated by clause (ii) of
the definition of Permitted Transfer), collectively owns Shares representing at
least 10% of the shares of Common Stock outstanding, (b) there shall not
have occurred a Controlled Company Disqualification and (c) there are
either one (1) or two (2) Independent Directors pursuant to Section 1(a)(ii)(E);
(y) up to six (6) so long as (a) the JPMP Investor, together
with its Permitted Transferees (as contemplated by clause (ii) of the
definition of Permitted Transfer), collectively owns Shares representing at
least 10% of the shares of Common Stock outstanding, (b) there shall not
have occurred a Controlled Company Disqualification and (c) there are
three (3) or more Independent Directors pursuant to Section 1(a)(ii)(E) and
Section 1(A)(ii)(F); or (z) up to three (3) so long as
the JPMP Investor, together with its Permitted Transferees (as contemplated by
clause (ii) of the definition of Permitted Transfer), collectively owns
Shares representing at least 5% of the shares of Common Stock outstanding and
is not otherwise entitled to appoint JPMP Designees pursuant to clauses (x) or
(y) of this Section 1(a)(ii)(A); provided, that there
shall be no JPMP Designees if the total number of Shares owned by the JPMP
Investor, together with its Permitted Transferees (as contemplated by clause (ii) of
the definition of Permitted Transfer), represents less than 5% of the shares of
Common Stock outstanding; provided, further, that the designation
of JPMP Designees is a right but not an obligation of the JPMP Investor. The
right of the JPMP Investor to designate JPMP Designees shall be transferable to
a Permitted Transferee of the JPMP Investor but to no other transferee;

 

(B)                                that number of
directors designated by the CPPIB Investor (each, a “CPPIB Designee”)
which when added to the number of CPPIB Designees who are then directors and
will continue to serve without regard to such vote, consent or Necessary Action
is: (x) up to two (2) so long as the CPPIB Investor, together
with its Permitted Transferees (as contemplated by clause (ii) of the
definition of 

 

2

 

Permitted Transfer), collectively own Shares
representing at least 10% of the shares of Common Stock outstanding and there shall
not have occurred a Controlled Company Disqualification; or (y) one (1) so
long as the CPPIB Investor, together with its Permitted Transferees (as
contemplated by clause (ii) of the definition of Permitted Transfer),
collectively owns Shares representing at least 5% of the shares of Common Stock
outstanding and is not otherwise entitled to appoint CPPIB Designees pursuant
to clauses (x) of this Section 1(a)(ii)(B); provided,
that there shall be no CPPIB Designees if the total number of Shares owned by
the CPPIB Investor, together with its Permitted Transferees (as contemplated by
clause (ii) of the definition of Permitted Transfer), represents less than
5% of the shares of Common Stock outstanding; provided, further,
that the designation of CPPIB Designees is a right but not an obligation of the
CPPIB Investor. The right of the CPPIB Investor to designate CPPIB Designees
shall be transferable to a Permitted Transferee of the CPPIB Investor but to no
other transferee;

 

(C)                                the Executive Chairman(1),
who shall be designated by the JPMP Investor for so long as the JPMP Investor
is entitled to designate at least three (3) JPMP Designees pursuant to Section 1(a)(ii)(A),
it being agreed that the designation of the Executive Chairman is a right but
not an obligation of the JPMP Investor and that the JPMP Investor’s right to
designate the Executive Chairman shall not count towards the number of
directors that the JPMP Investor is entitled to appoint pursuant to Section 1(a)(ii)(A);

 

(D)                               the Chief Executive
Officer(2) of the Company;

 

(E)                                 a number of directors
designated and determined by a majority of the board of directors to be
independent consistent with the NASDAQ Manual Section 4200 (each, an “Independent
Director”) as follows: (x) one (1) Independent Director,
designated promptly after the Effective Time (the “First Independent
Director”); (y) two (2) Independent Directors designated by a
majority of the board of directors within ninety (90) days after the Effective
Time (including the designee described in clause (x)); and (z) three (3) Independent  Directors designated by a majority of the
board of directors within one (1) year after the Effective Time (including
the two (2) designees described in clause (y)); and

 

(F)                                 such number of
additional Independent Directors as determined by a majority of the directors
on the Board upon recommendation of the Nominating and Corporate Governance
Committee; provided, however, that the Board shall not designate
more than three additional Independent Directors if such designation would
cause the Board to have more than thirteen (13) authorized directors in total; 

 

(1)          The
initial Executive Chairman shall be Charles Hinckley.

(2)          The
initial Chief Executive Officer shall be Walt Howard.

 

3

 

all of the foregoing designees shall hold
office, subject to their earlier removal in accordance with Section 1(a)(iii)
and applicable law, until their respective successors shall have been elected;

 

(iii)                               the removal from the
Board (with or without cause) of any director upon the written request to the
Board of the Investor having the right to designate such director, including
the removal of the Executive Chairman upon the written request of the JPMP
Investor;

 

(iv)                              upon any vacancy in the
Board as a result of any individual designated by the JPMP Investor or the
CPPIB Investor pursuant to clause (ii) above ceasing to be a member of the
Board, whether by resignation, death, disability, disqualification or otherwise
(but not as a result of the loss of a right to appoint a designee pursuant to Section 1(a)(ii) and/or
the removal of a director pursuant to Section 1(a)(v)), the
election to the Board of an individual (including the Executive Chairman)
designated by the JPMP Investor or the CPPIB Investor, as applicable depending
on whether such vacancy was previously held by a JPMP Director or a CPPIB
Director;

 

(v)                                 the removal from the
Board (with or without cause) of the appropriate number of JPMP Designees and
CPPIB Designees as directors, as applicable, in the event that the right to
designate (x) any of the JPMP Designees that the JPMP Investor is entitled
to designate pursuant to Section 1(a)(ii)(A) or (y) any
of the CPPIB Designees that the CPPIB Investor is entitled to designate
pursuant to Section 1(a)(ii)(B), shall have terminated, in each
case, to the extent that a sufficient number of JPMP Designees or CPPIB
Designees, as applicable, have not resigned from the Board, it being understood
and agreed that in the event of any such loss of entitlement, the JPMP Investor
or the CPPIB Investor, as applicable, shall designate for removal, and use
commercially reasonable efforts to cause the removal of, such JPMP Designees or
CPPIB Designees, as applicable, immediately following such loss of entitlement;
provided, that upon the occurrence of a Controlled Company
Disqualification such that the JPMP Investor and the CPPIB Investor would lose
all rights to designate directors (except pursuant to Section 1(a)(ii)(A)(z)
or Section 1(a)(ii)(B)(y)), the resignation or removal of the JPMP
Designees and CPPIB Designees shall instead be controlled by Section 1(b);

 

(vi)                              upon any vacancy in the
Board as a result of any Independent Director or the Chief Executive Officer
ceasing to be a member of the Board, whether by resignation, termination of
employment, death, disability, disqualification, removal or otherwise, the
election to the Board of an individual nominated by the Board (or the
Nominating and Corporate Governance Committee of the Board ).

 

(b)                                 Controlled
Company Disqualification Event. If, immediately prior to a Controlled
Company Disqualification, the membership of the Board at such time would not
comply with the listing requirements of the NASDAQ Global Market, (A) each
of the JPMP Investor and the CPPIB Investor shall choose one (1) of their
respective designees to be removed from the Board following a Controlled
Company Disqualification, after giving effect to applicable transition periods,
if any, (unless such removal would cause the CPPIB Investor to have no
remaining designees, in which case the sole remaining CPPIB Designee shall not
be removed 

4

 

unless the CPPIB Investor, together with its Permitted Transferees (as
contemplated by clause (ii) of the definition of Permitted Transfer),
holds fewer than 5% of the shares of Common Stock outstanding) and (B) the
directors remaining in office shall elect Independent Directors to fill each of
the vacancies created by such resignations following a Controlled Company
Disqualification (after giving effect to applicable transition periods, if any).
If, after giving effect to the foregoing, the membership of the Board would
still not comply with the requirements of the NASDAQ Global Market (after
giving effect to applicable transition periods, if any), each Investor,
severally and not jointly, in its capacity as a stockholder of the Company,
agrees to vote or otherwise give such Investor’s consent in respect of all
Common Stock (whether now or hereafter acquired) held of record or beneficially
owned by such Investor and to take all such Necessary Action, and the Company
shall take all Necessary Action to cause the Company to comply with the NASDAQ
Global Market listing requirements with respect to the composition of the Board
(after giving effect to applicable transition periods, if any) by either (x) causing
additional JPMP Designees to be removed or (y) increasing the size of the
Board, or both; provided, that so long as the JPMP Investor, together
with its Permitted Transferees (as contemplated by clause (ii) of the
definition of Permitted Transfer), holds at least 5% of shares of Common Stock
outstanding and there shall exist three (3) or fewer JPMP Designees on the
Board, no additional JPMP Designees shall be removed pursuant to this Section 1(b) without
the consent of the JPMP Investor.

 

(c)                                  Classified Board.
The Certificate of Incorporation and the by-laws of the Company will, at the
Effective Time, provide that the directors of the Company, subject to any rights
of the holders of shares of any class or series of preferred stock of the
Company, shall be classified with respect to the time for which they severally
hold office into three (3) classes, as nearly equal in number as possible.
One class’s (“Class I”) term will expire at the first annual
meeting of the stockholders following the date hereof, another class’s (“Class II”)
term will expire at the second annual meeting of the stockholders following the
date hereof and another class’s (“Class III”) term will expire at
the third annual meeting of stockholders following the date hereof; provided,
that the term of each director shall continue until the election and
qualification of a successor and be subject to such director’s earlier death,
resignation or removal. Thereafter, at each annual meeting of stockholders of
the Company, subject to any rights of the holders of shares of any class or
series of preferred stock of the Company, the successors of the directors whose
term expires at that meeting shall be elected to hold office for a term
expiring at the annual meeting of stockholders held in the third year following
the year of such directors’ election. The directors designated pursuant to Section 1(a)(ii) shall
initially be allocated among the three (3) classes of the Board as
follows: (i) the Executive Chairman, the Chief Executive Officer and the
First Independent Director shall be allocated to Class I; (ii) two (2) JPMP
Designees and one (1) CPPIB Designee shall be allocated to Class II; (iii) up
to three (3) JPMP Designees and one (1) CPPIB Designee shall be
allocated to Class III; and (iv) the Independent Directors shall be
allocated as evenly as possible in ascending order among Class I, Class II
and Class III, and each additional JPMP Designee that JPMP Investor elects
to designate with such Independent Directors pursuant to Section 1(a)(ii)(A) shall
also be allocated as evenly as possible.

 

(d)                                 Committees. The
Parties agree to take all Necessary Action to cause the creation and
maintenance of, until a Controlled Company Disqualification: (A) an Audit
Committee of the Board (the “Audit Committee”) consisting of (I) at
the Effective Time, the First Independent Director, two (2) JPMP Designees
(who shall initially be Christopher Behrens and John Warner) 

 

5

 

and one (1) CPPIB Designee, (II) within three (3) months
after the Effective Time, the First Independent Director and one additional
Independent Director and one (1) JPMP Designee and (III) within
twelve (12) months after the Effective Time, the First Independent Director and
two Independent Directors; (B) a Compensation Committee of the Board (the “Compensation
Committee”) consisting of two (2) JPMP Designees (who shall initially
be Christopher Behrens and Stephen Murray), one (1) CPPIB Designee and,
within twelve (12) months after the Effective Time, an Independent Director; provided,
that if the JPMP Investor or the CPPIB Investor no longer has the right to
appoint at least one (1) JPMP Designee or CPPIB Designee, as applicable,
the JPMP Designee or the CPPIB Designee, as applicable, may be removed from the
Compensation Committee by the Board and replaced with a director designated by
the Board upon the recommendation of the Nominating and Corporate Governance
Committee; and (C) a Nominating and Corporate Governance Committee of the
Board (the “Nominating and Corporate Governance Committee”) consisting
of two (2) JPMP Designees (who shall initially be Nancy-Ann DeParle and
Stephen Murray), one (1) CPPIB Designee and the Executive Chairman and,
within twelve (12) months after the Effective Time, an Independent Director; provided,
that if the JPMP Investor or the CPPIB Investor no longer has the right to
appoint at least one (1) JPMP Designee or CPPIB Designee, as applicable,
the JPMP Designee or the CPPIB Designee, as applicable, may be removed from the
Nominating and Corporate Governance Committee by the Board and replaced with a
director designated by the Board. Following a Controlled Company Disqualification
(after giving effect to applicable transition periods, if any), the JPMP
Designees, the CPPIB Designees, the Chief Executive Officer and the Executive
Chairman who are members of the Audit Committee, the Compensation Committee and
the Nominating and Corporate Governance Committee shall be removed from such
committees by the JPMP Investor, the CPPIB Investor and the Board, as
applicable, to the extent necessary to comply with applicable law and NASDAQ
Global Market listing requirements and shall be replaced with directors
designated by the Board.

 

(e)                                  Compliance. Notwithstanding
anything in this Agreement to the contrary, the Board and all committees of the
Board will operate in such a way as to permit the Company to comply with
applicable laws and maintain its listing on the NASDAQ Global Market.

 

SECTION 2.                        TRANSFERS

 

(a)                                  Transfer
Restrictions. Each of the Investors agrees and acknowledges that, except as
provided in this Section 2, it will not, directly or indirectly
(through one or more of its Affiliates or otherwise), Transfer any Shares
except:

 

(i)                                     for Transfers made
by the JPMP Investor or the CPPIB Investor and their Permitted Transferees in
compliance with and subject to the provisions of Sections 3 and 4;

 

(ii)                                  for Transfers made by
an Investor (other than the JPMP Investor or the CPPIB Investor) after the
second anniversary of the Effective Time; provided that such Investor
(other than the JPMP Investor or the CPPIB Investor), does not Transfer
pursuant to the foregoing more than fifty percent (50%) of the Shares held by
such Investor (which shall, in the case of an Executive, only apply to the
vested Shares so 

 

6

 

held) at the Effective Time prior to the date
that is six months following the second anniversary of the Effective Time;

 

(iii)                               if the JPMP Investor or
its Permitted Transferee (as contemplated by clause (ii) of the definition
of Permitted Transfer) Transfers any Shares (other than a Transfer contemplated
by clauses (ii) or (iii) of the definition of Permitted Transfer)
after the Effective Time (whether directly or through the exercise of its
Tag-Along Rights pursuant to Section 4), each of the Other
Investors (a Non-Selling Investor pursuant to Section 4 or
otherwise) may transfer up to a number of Shares equal to the same percentage
of the Shares held by such Other Investor as of the Effective Time (that, in
the case of the Executives, have vested at the time of such contemplated
Transfer) as is equal to the percentage that the aggregate number of Shares so
Transferred by the JPMP Investor or its Permitted Transferee (which is a
Permitted Transferee as contemplated by clause (ii) of the definition of
Permitted Transfer) (other than a Transfer contemplated by clauses (ii) or
(iii) of the definition of Permitted Transfer) represents of the number of
Shares held by the JPMP Investor and its Permitted Transferees (which are
Permitted Transferees under clause (ii) of the definition of Permitted
Transfer) at the Effective Time;

 

(iv)                              for Transfers made by an
Investor with the prior approval of the Board in compliance with and subject to
the provisions of Sections 3 and 4;

 

(v)                                 for Permitted
Transfers (other than Transfers described in clause (iv) of the definition
of Permitted Transfer) in compliance with and subject to the provisions of Sections
3 and 4;

 

(vi)                              for Transfers made by an
Investor pursuant to and in accordance with the terms of Section 5,
except, prior to the date that is six months following the second anniversary
of the Effective Time, for Transfers that are initiated by an Investor (other
than the JPMP Investor or the CPPIB Investor) acting as a Demand Investor
exercising Demand Registration Rights hereunder, which Transfers shall be
subject to the restrictions set forth in Section 2(a)(ii); or

 

(vii)                           for Transfers made by (or
for the benefit of) an Investor who is also an Executive (or in the case of a
trust which is an Investor, the grantor of the trust is an Executive, or in the
case of Rockfield, a member thereof is also an Executive, but in that case only
with respect to a percentage of the Shares held by Rockfield not exceeding the
Executive’s percentage interest in Rockfield) following his or her death or
Disability (as such term is defined in the Restricted Stock Agreement entered
into between the Executive and the Company).

 

For the avoidance of doubt, each of the Other
Investors may Transfer shares pursuant to Section 3 or Section 4
if such Transfer would otherwise be permitted by this Section 2(a).

 

(b)                                 Additional Transfer
Restrictions. Notwithstanding the foregoing, no Investor shall, directly or
indirectly (through one or more of its Affiliates or otherwise), Transfer any
Shares (other than in a Transfer pursuant to a Public Sale), without the prior
written consent of the 

 

7

 

Requisite Stockholder Majority, to any Person that competes in any
material respect with the business conducted by the Company or any of its
Subsidiaries at the time of such proposed Transfer.

 

(c)                                  Rockfield
Financing. Notwithstanding any other provision of this Agreement to the
contrary, the pledge of the member interests of Rockfield to its financing
sources in existence (or specifically contemplated) on the date hereof or
permitted assignees thereof, the pledge of the Shares held by Rockfield to its
financing sources in existence (or specifically contemplated) on the date
hereof or permitted assignees thereof, and any foreclosure thereon or in
connection therewith, shall not be considered a Transfer in violation of this Section 2
or otherwise in violation of this Agreement; provided, that such
financing source or permitted assignees thereof agrees upon a foreclosure of
Shares held by Rockfield within two years and six months of the Effective Date
with the Parties to be bound by and to comply with this Agreement but solely in
respect of such Shares. Notwithstanding the foregoing, in no event shall such
foreclosing party or the recipient of securities in connection with such
foreclosure be subject to the provisions of Section 1 of this Agreement.

 

(d)                                 Transfer Notice.
Prior to any proposed Transfer of any Shares that is not made pursuant to a
Public Sale, the Investor holding such Shares to be Transferred shall give
written notice to the Company of its intention to effect such Transfer (the “Transfer
Notice”). Such Transfer Notice shall set forth in reasonable detail the
terms and conditions of such proposed Transfer, including (i) the
percentage of such Investor’s Shares that would be Transferred, (ii) the
number of Shares proposed to be Transferred (the “Offered Shares”), (iii) the
proposed amount and form of consideration to be paid for the Offered Shares and
(iv) all other material terms of the proposed Transfer. In the event that
the terms and/or conditions set forth in the Transfer Notice are thereafter
amended in any material respect, the Transfer Notice shall be of no further
force and effect and the transferring Investor shall give a new Transfer Notice
containing such amended terms and conditions. Subject to compliance with Section 2,
3 and 4 (including any applicable time periods set forth in those
Sections), and subject to Section 5(c), the Investor holding such
Shares to be Transferred shall have the right, after receipt by the Company and
the other Investors of the Transfer Notice, to Transfer Shares in accordance
with the terms set forth in such Transfer Notice.

 

SECTION 3.                        DRAG-ALONG
RIGHTS

 

(a)                                  Drag-Along Right.
At any time prior to the fifth anniversary of the Effective Time, so long as
any group of Investors and their Permitted Transferees (as contemplated by
clause (ii) of the definition of Permitted Transfer) hold in the aggregate
at least fifty percent (50%) of the outstanding shares of the Stock, such group
(collectively, the “Drag-Along Sellers”) may require each other Investor
(the “Required Sellers”) to participate in any Major Sale to an
Independent Third Party (a “Drag-Along Transferee”) in a bona fide arm’s
length transaction or series of transactions (including pursuant to a stock
sale, asset sale, recapitalization, tender offer, merger or other business
combination transaction or otherwise) (such transaction or series of
transactions, an “Exit Sale”) at the purchase price and upon the terms
and subject to the conditions of the Exit Sale (all of which shall be set forth
in the Drag-Along Notice and which may not be less favorable to the Required
Sellers than the terms applicable to the Drag-Along Sellers). In connection
with an Exit Sale, the Company may also require each Required Seller to 

 

8

 

vote in favor of such Exit Sale or act by written consent approving the
same with respect to all Shares owned by such Required Seller, as necessary or
desirable to authorize, approve and adopt the Exit Sale. Without limiting the
foregoing, if an Exit Sale requires the approval of the Company’s stockholders,
each Investor shall waive any dissenters’ rights, appraisal rights or similar
rights in connection with such Exit Sale. In the event that an Exit Sale is
proposed pursuant to this Section 3, all outstanding proposals to
Transfer Shares outside of such Exit Sale shall immediately be withdrawn and no
Transfer of Shares outside of such Exit Sale shall be consummated until the
expiration of the time period provided for in Section 3(d). The
consummation of an Exit Sale by the Drag-Along Sellers shall be subject to the
sole discretion of the Drag-Along Sellers, who shall have no liability or
obligation whatsoever (other than compliance with this Section 3)
to any Required Sellers participating therein in connection with such Required
Sellers’ Transfer of Shares.

 

(b)                                 Notice. The
rights set forth in Section 3(a) shall be exercised by the
Drag-Along Sellers giving written notice (the “Drag-Along Notice”) to
each Required Seller and the Company, at least ten (10) Business Days
prior to the date on which the Drag-Along Sellers expect to consummate the
Transfer giving rise to such Drag-Along Right. In the event that the terms
and/or conditions set forth in the Drag-Along Notice are thereafter amended in
any material respect, the Drag-Along Sellers shall give written notice (an “Amended
Drag-Along Notice”) of the amended terms and conditions of the proposed
Transfer to each Required Seller and the Company. Each Drag-Along Notice and
Amended Drag-Along Notice shall set forth: 
(i) the name of the Drag-Along Transferee and the amount of Shares
proposed to be purchased by such Drag-Along Transferee, (ii) the proposed
amount and type of consideration and material terms and conditions of payment
offered by the Drag-Along Transferee, and (iii) a summary of any other
material terms pertaining to the Transfer.

 

(c)                                  Exercise. All
Transfers of Shares to the Drag-Along Transferee pursuant to this Section 3
shall be consummated simultaneously at the offices of the Company, unless the
Drag-Along Sellers elect otherwise, on the later of (i) a Business Day not
less than ten (10) nor more than sixty (60) days after the Drag-Along
Notice is received by such Required Sellers and the Company or (ii) the
third Business Day following receipt of all material Governmental Approvals and
any approval of the Company’s stockholders as may be required by applicable
law, or at such other time and/or place as each of the parties to such
Transfers may agree. The delivery of stock certificates shall be made on such
date, against payment of the purchase price for such Shares, duly endorsed for
Transfer or with duly executed stock powers or similar instruments, or such
other instrument of Transfer of such Shares as may be reasonably requested by
the Drag-Along Sellers and the Company, with all stock transfer taxes paid and
stamps affixed. Each Required Seller shall receive the same form and amount of
consideration received by the Drag-Along Sellers per Share. To the extent that
the Parties (or any successors thereto) are to provide any indemnification or
otherwise assume any other post-closing liabilities, the Drag-Along Sellers and
all Required Sellers selling Shares in a transaction under this Section 3
shall do so severally and not jointly (and on a pro rata basis in accordance
with the Shares being sold by each) and their respective potential liability
thereunder shall not exceed the proceeds received. Furthermore, each Required
Seller shall only be required to give customary representations and warranties,
including title to Shares conveyed, legal authority and capacity, and
non-contravention of other agreements to which it is a party, with respect to
which indemnification or other post-closing liabilities shall be several and
not joint (and only as to the representations and warranties given by 

 

9

 

such Required Seller) and their respective potential liability
thereunder shall not exceed the proceeds received; provided, that in
connection with such transaction no Investor shall be required to enter into
any non-competition agreement. Each Required Seller shall be required to enter
into any instrument, undertaking or obligation necessary or reasonably requested
and deliver all documents necessary or reasonably requested in connection with
such sale (as specified in the Drag-Along Notice) in compliance with this Section 3.

 

(d)                                 Time Limitation.
If at the end of the 90th day after the receipt of the Drag-Along Notice
or, if applicable, the Amended Drag-Along Notice, the Drag-Along Sellers have
not completed the proposed Transfer, the Drag-Along Notice or Amended
Drag-Along Notice, as applicable, shall be null and void, and it shall be
necessary for a separate Drag-Along Notice to be delivered, and the terms and
provisions of this Section 3 separately complied with, in order to
consummate such Transfer pursuant to this Section 3; provided, that
such ninety (90) day time period may be extended at the option of the Drag-Along
Sellers for a reasonable period of time not to exceed an additional one hundred
eighty (180) days to the extent that the failure to complete the proposed
Transfer has resulted from the failure to obtain the necessary Governmental
Approvals or, if applicable, hold a meeting of the Company’s stockholders as
may be required by applicable law, with respect to the Exit Sale.

 

(e)                                  Investor Expenses.
The Company will pay the reasonable fees and expenses of legal counsel (and
such local counsel as may be appropriate) for each of the Principal Investors
and Rockfield in connection with any transaction that is the subject of this Section 3.

 

SECTION 4.                        TAG-ALONG
RIGHTS

 

(a)                                  Notice. Subject
to Section 4(d), if at any time, prior to the fifth anniversary of
the Effective Time, the JPMP Investor or the CPPIB Investor (or their Permitted
Transferees (as contemplated by clause (ii) of the definition of Permitted
Transfer)) proposes to Transfer Shares held by such Investor (a “Tag-Along
Seller”) to any Person, whether in one transaction or in a series of
related transactions, then such Tag-Along Seller shall comply with the
provisions of this Section 4. In addition to the information
required to be provided in the Transfer Notice pursuant to Section 2(d),
the Tag-Along Seller shall provide additional information with respect to the
proposed Transfer as reasonably requested by the Non-Selling Investors to the
Company. Following receipt of such additional information, the Company shall
promptly deliver such additional information to the Non-Selling Investors.

 

(b)                                 Tag-Along Right.
The Company shall give each Investor other than the Tag-Along Seller
(collectively, the “Non-Selling Investors”) a notice within two (2) Business
Days after the receipt of the Transfer Notice informing such Non-Selling
Investor of their opportunity to participate in a tag-along sale pursuant to
this Section 4, which notice shall include a copy of the Transfer
Notice. The Non-Selling Investors shall have the right, exercisable upon
written notice to the Tag-Along Seller within seven (7) Business Days of
the receipt of the Transfer Notice by the Non-Selling Investors (the “Tag-Along
Election Period”) to elect to participate in the proposed Transfer by the
Tag-Along Seller to any Person (the “Tag-Along Transferee”) on the terms
and conditions set forth in such Transfer Notice (such participation rights
being hereinafter referred to as “Tag-Along Rights”), it being
understood that the foregoing shall not require a Non-Selling Investor to
transfer or assign any right to which such Non-Selling Investor is not entitled

 

10

 

pursuant to this Agreement or in violation of any provision of this
Agreement or to perform any other act of which it is incapable in order to
exercise its Tag-Along Right. Any Non-Selling Investor that has not notified
the Tag-Along Seller of its intent to exercise Tag-Along Rights within the
Tag-Along Election Period shall be deemed to have elected not to exercise such
Tag-Along Rights with respect to the sale contemplated by such Transfer Notice,
and the Tag-Along Seller and the Non-Selling Investors who have exercised such
Tag-Along Rights shall thereafter be free to Transfer to the Tag-Along
Transferee at a per share price no greater than the per share price set forth
in the Transfer Notice with respect to such Transfer and on other terms and
conditions that are not materially more favorable to the Tag-Along Seller and
the Non-Selling Investors who have exercised such Tag-Along Rights than those
set forth in such Transfer Notice, without any further obligation to such
Non-Selling Investor(s) pursuant to this Section 4(b) that
have not provided notice to exercise Tag-Along Rights. Each Non-Selling
Investor that elects to exercise Tag-Along Rights may participate with respect
to the Shares owned by such Non-Selling Investor in an amount equal to the
product obtained by multiplying (i) the aggregate number of Shares owned
by such Non-Selling Investor on the date of the sale by (ii) a fraction,
the numerator of which is equal to the number of Shares proposed to be sold by
the Tag-Along Seller and the denominator of which is the aggregate number of
Shares owned by the Tag-Along Seller (the “Eligible Shares”). If one or
more Non-Selling Investors elects not to include the maximum number of Eligible
Shares in a proposed sale, the Tag-Along Seller shall give prompt notice to
each other participating Non-Selling Investor and each of such participating
Non-Selling Investors may sell in the proposed sale a number of additional
Shares owned by it equal to its pro rata portion (based upon the aggregate
number of Shares owned by such Non-Selling Investor relative to the aggregate
number of Shares owned by all Investors) of the number of Shares eligible to be
included, but not included, in the proposed Transfer by the Non-Selling
Investors not including their maximum number of Eligible Shares. Such
additional Shares which any such Non-Selling Investor proposes to sell shall
not be included in the calculation of Eligible Shares of such Non-Selling
Investor. To the extent that the total number of Shares proposed to be sold by
the Tag-Along Seller and the number of Eligible Shares proposed to be
Transferred by all of the Non-Selling Investors collectively exceeds the number
of Shares that the Tag-Along Transferee is willing to acquire, the number of
Shares that the Tag-Along Seller and each Non-Selling Investor propose to
Transfer will be reduced pro rata based upon the relative number of Shares that
the Tag-Along Seller and each such Non-Selling Investor had proposed to
Transfer.

 

(c)                                  Exercise. At
the closing of the Transfer to any Tag-Along Transferee pursuant to this Section 4,
the delivery of stock certificates shall be made on such date by the Tag-Along
Seller and such Non-Selling Investors exercising Tag-Along Rights, against
payment of the purchase price for such Shares (directly or through the Company’s
transfer agent), duly endorsed for Transfer or with duly executed stock powers
or similar instruments, or such other instrument of Transfer of such Shares as
may be reasonably requested by the Tag-Along Transferee and the Company, with
all stock transfer taxes paid and stamps affixed. The consummation of such
proposed Transfer shall be subject to the sole discretion of the Tag-Along
Seller, who shall have no liability or obligation whatsoever (other than
compliance with this Section 4) to any Non-Selling Investor participating
therein in connection with such Non-Selling Investor’s Transfer of Shares. Each
Non-Selling Investor exercising Tag-Along Rights shall receive the same amount
and form of consideration received by the Tag-Along Seller per each Share on
the same terms and conditions as the Tag-Along Seller. To the extent that the
Parties (or any successors thereto) are to provide any indemnification or
otherwise assume any other post-closing liabilities, the 

 

11

 

Tag-Along Seller and all Non-Selling Investors exercising Tag-Along
Rights shall do so severally and not jointly (and on a pro rata basis in
accordance with the Shares being Transferred by each), and their respective
potential liability thereunder shall not exceed the proceeds received. Furthermore,
each Non-Selling Investor shall only be required to give customary
representations and warranties, including title to Shares conveyed, legal
authority and capacity, and non-contravention of other agreements to which it
is a party, with respect to which indemnification or other post-Closing
liabilities shall be several and not joint (and only as to the representations
and warranties given by such Non-Selling Investor) and their respective
potential liability thereunder shall not exceed the proceeds received; provided,
that in connection with such transaction no Investor shall be required to enter
into any non-competition agreement. If any Governmental Approval is required in
connection with any such Transfer of Shares and such Governmental Approval has
not been completed or obtained on or prior to the date scheduled for closing,
the closing of Transfer of Shares shall take place on the third Business Day
after such Governmental Approval has been completed or obtained. Each
participating Investor shall be required to enter into any instrument,
undertaking, obligation or make any filing necessary or reasonably requested
and deliver all documents necessary or reasonably requested in connection with
such Transfer (as specified in the Transfer Notice) as a condition to the
exercise of such holder’s rights to Transfer Shares under this Section 4.

 

(d)                                 Certain
Restrictions. Notwithstanding the foregoing, no Tag-Along Rights of any
Investor (other than, in the case of clause (v), the JPMP Investor, and, if the
JPMP Investor has exercised its rights under this Section 4,
Rockfield) shall apply hereunder with respect to (v) any Transfer made by
the CPPIB Investor prior to the second anniversary of the date hereof, (w) any
Permitted Transfer within the meaning of clauses (ii), (iii) or (iv) of
the definition of Permitted Transfer, (x) any Transfer pursuant to a
Public Sale, (y) any Exit Sale in which Drag-Along Sellers have exercised
in full their drag-along rights pursuant to Section 3, including
any public tender offer launched by a third party or (z) any Transfer made
by the JPMP Investor or the CPPIB Investor, if immediately prior to such
Transfer such Transferring Person (along with its Permitted Transferees (as
contemplated by clause (ii) of the definition of Permitted Transfer)) no
longer holds at least 5% of the shares of Common Stock outstanding.

 

(e)                                  Time Limitation.
If at the end of the 90th day after the end of the Tag-Along
Election Period the Tag-Along Seller has not completed the proposed Transfer,
the Transfer Notice shall be null and void, and it shall be necessary for a
separate Transfer Notice to be delivered, and the terms and provisions of this Section 4
separately complied with, in order to consummate such Transfer pursuant to this
Section 4; provided, that such ninety (90) day time period
may be extended at the option of the Tag-Along Seller for a reasonable period
of time not to exceed an additional one hundred eighty (180) days to the extent
that the failure to complete the proposed Transfer has resulted from the
failure to obtain the necessary Governmental Approvals with respect to the
Transfers.

 

(f)                                    Investor
Expenses. The Company will pay the reasonable fees and expenses of legal
counsel (and such local counsel as may be appropriate) for each of the
Principal Investors and Rockfield in connection with any transaction that is
the subject of this Section 4.

 

12

 

SECTION 5.         REGISTRATION RIGHTS

 

(a)           Demand
Registrations.

 

(i)            Right
to Demand Registration.  Subject to
the terms of any holdback agreement as provided in Section 5(c) and the
limitations provided in this Section 5(a), each Investor shall have the
right at any time following the Effective Time to make a written request of the
Company for registration (including a Shelf Registration) with the Commission,
under and in accordance with the provisions of the Securities Act, of all or
part of the Registrable Stock beneficially owned and held of record by such
Investor (each a “Demand Registration” and such Investor, the “Demanding
Investor”); provided, that the Company may defer such Demand
Registration for a single period not to exceed ninety (90) days during any
one-year period if (x) the Board determines in the exercise of its
reasonable judgment that to effect such Demand Registration at such time would
have a material adverse effect on the Company, including interfering with any
pending or potential acquisition or disposition by the Company, or a securities
offering of the Company (a “Potential Transaction”), (y) the Board
determines in the exercise of its reasonable judgment after consultation with
its outside counsel that, during the pendency of a Potential Transaction, the
disclosure of such Potential Transaction would be required in connection with
such Demand Registration within forty-eight (48) hours after the Company’s
receipt of such Demand Registration request and that such disclosure would have
a material adverse effect on such Potential Transaction or (z) the Company
is in possession of material non-public information, and the Board determines
in its reasonable judgment after consultation with outside counsel that the
disclosure of such material non-public information would be required in
connection with such Demand Registration and that such disclosure would be
detrimental to the Company.  Within five (5) days
after receipt of the request for a Demand Registration in accordance with Section 5(a)(i),
the Company will send written notice (the “Demand Notice”) of such
registration request and its intention to comply therewith to all of the
Investors and, subject to Section 5(a)(iii) below, the Company
will include in such registration all the Registrable Stock with respect to
which the Company has received written requests from any Investors for
inclusion therein within twenty (20) Business Days after the date such Demand
Notice is received.  All requests made
pursuant to this Section 5(a)(i) will specify the aggregate
quantity of Registrable Stock requested to be registered.  If any Investor is not initially a Demanding
Investor but would otherwise qualify to be a Demanding Investor in accordance
with this Section 5(a) (including with respect to the value of
the Registrable Stock to be sold by that particular Investor), then such
Investor may elect in its request to the Company to participate in the
registration to be treated as a Demanding Investor.  Upon receipt of a Demand Notice, the Company
shall use its commercially reasonable efforts to effect registration of the
Registrable Stock to be registered in accordance with the intended method of
distribution specified in writing by the Demanding Investor as soon as
practicable and to maintain the effectiveness of such registration until the
first to occur of (A) the completion of such distribution or (B) ninety
(90) days (one-hundred eighty (180) days in the case of a Shelf Registration); provided,
however, that if the Company becomes and is at the time of its receipt
of a Demand Notice a “well-known seasoned issuer” (as defined in Rule 405

 

13

 

promulgated under the Securities Act) and is eligible to file an “automatic
shelf registration statement” (as defined in Rule 405 promulgated under
the Securities Act), the Company shall cause any Shelf Registration pursuant to
this Section 5 to be effected pursuant to an “automatic shelf
registration statement” (as defined in Rule 405 promulgated under the
Securities Act).  If available to the
Company, the Company will effect such registration on Form S-3 or any
equivalent or successor form under the Securities Act in which event it shall
use its commercially reasonable efforts to maintain the effectiveness of such
registration for a period of one-hundred eighty (180) days.  Notwithstanding the foregoing, in no event
shall any Investor be permitted to act as a Demanding Investor pursuant to the
first sentence of this Section 5(a)(i) prior to the second anniversary
of the Effective Time (and may not act as a Demanding Investor pursuant to the
first sentence of this Section 5(a)(i) with respect to greater than
fifty percent (50%) of the Registrable Stock held by such Investor (which
shall, in the case of an Executive, only apply to the vested Registrable Stock
so held) at the Effective Time prior to the date that is six months following
the second anniversary of the Effective Time), unless otherwise approved by the
Board; provided, that the restrictions contained in this sentence shall
not apply to the JPMP Investor or the CPPIB Investor.

 

(ii)           Number
of Demand Registrations. 
Notwithstanding the foregoing Section 5(a)(i) and
subject to the restrictions therein and herein, (A) only the JPMP Investor
and the CPPIB Investor shall have the right to make Demand Registrations on Form S-1;
the JPMP Investor shall be entitled to make no more than five (5) such
Demand Registrations on Form S-1 and the CPPIB Investor shall be entitled
to make no more than two (2) such Demand Registrations on Form S-1;
and (B) each Investor shall have the right to an unlimited number of
Demand Registrations of their respective Registrable Stock on Form S-3 or
any equivalent or successor form under the Securities Act (provided the Company
shall have qualified to use Form S-3 or any successor form under the
Securities Act), but no more than two such Demand Registrations shall be
effected within any twelve (12)-month period pursuant to this clause (B); provided,
however, the Company need not effect a Demand Registration on behalf of
any such Investor(s) unless such Investor(s) are requesting a Demand
Registration with respect to an amount of Shares of Registrable Stock with an
aggregate value to the public of at least twenty-five million dollars
($25,000,000) or, solely in the case of a Demand Registration made by
Rockfield, of at least fifteen million dollars ($15,000,000).  The Company shall not be required to cause a
registration pursuant to Section 5(a)(i) to be declared
effective within a period of ninety (90) days after the date any other Company
Registration Statement was declared effective pursuant to a Demand Registration
request or a filing for the Company’s own behalf.  A Demand Registration may be withdrawn prior
to the filing of the Registration Statement with respect to such Demand
Registration by the Investor that made such Demand Registration request and a
Registration Statement may be withdrawn prior to the effectiveness thereof by
the Investor(s) holding a majority of the Registrable Stock included
therein, and, in either such event, such withdrawal shall not be treated as a
Demand Registration for purposes of this Section 5(a)(ii).  Notwithstanding the foregoing, any Investor
may elect to withdraw from participation in any offering by notifying the
Company at least 48 hours prior to the effective time of a registration
statement.

 

14

 

(iii)          Priority
on Demand Registrations.  If in any Demand Registration the managing
underwriter or underwriters thereof if such registration is underwritten,
advise the Company that in its or their reasonable opinion the number of
securities proposed to be sold in such Demand Registration exceeds the number
that can be sold in such offering without having a material adverse effect on
the success of the offering, including an impact on the selling price and other
terms of such offering (an “Underwriter Cutback”), the Company will
include in such registration only the number of securities that, in the
reasonable opinion of such underwriter or underwriters can be sold without
having a material adverse effect on the success of the offering (it being
understood that the inclusion of any such additional Registrable Stock may be
determined in and of itself to have a material adverse effect on the offering),
as follows: first, the
Registrable Stock which the Demanding Investor(s) and the JPMP Investor,
the CPPIB Investor and Rockfield, to the extent that they have exercised “piggyback”
registration rights pursuant to Section 5(a)(i) (the “First
Priority Parties”) (pro rata among all such Demanding Investors and the
First Priority Parties on the basis of the relative percentage of Registrable
Stock then held by all Demanding Investors and the First Priority Parties who
have requested that shares of Registrable Stock owned by them be so included)
propose to sell; second, the
Registrable Stock which the Investors, not including the Demanding Investor(s) and
the First Priority Parties, (pro rata among all such Investors (which are not
Demanding Investor(s) or the First Priority Parties) on the basis of the
relative percentage of Registrable Stock then held by all Investors (which are
not Demanding Investor(s) or the First Priority Parties) who have
requested that Registrable Stock owned by them be so included) propose to sell
(it being further agreed and understood, however, that such underwriters shall
have the right to eliminate entirely the participation of such Investors (which
are not Demanding Investor(s)) or the First Priority Parties); third, the comparable securities of any
Persons holding the Company’s securities eligible to participate in such
offering, pro rata among all such Persons on the basis of the relative
percentage of such securities then held by all such Persons who have requested
that securities owned by them be so included; and fourth, the securities proposed to be sold by the Company in
such offering, if any.  For purposes of
any Underwriter Cutback pursuant to this Section 5(a)(iii), all
Registrable Stock proposed to be sold by any Investor (including the Demanding
Investor(s)) shall also include any Registrable Stock proposed to be sold by
the partners, retired partners, shareholders or Affiliates of such Investor, or
the estates and family members of any such Investor or such partners or retired
partners, any trusts for the benefit of any of the foregoing Persons and, at
the election of such Investor or such partners, retired partners, trusts or
Affiliates, and such Investor and other Persons shall be deemed to be a single
selling Investor, and any pro rata reduction with respect to such Investor
shall be based upon the aggregate amount of Registrable Stock proposed to be
sold by all entities and individuals included in such selling Investor, as
defined in this sentence. 
Notwithstanding anything to the contrary in this Section 5(a),
in no event shall any Investor (other than the CPPIB Investor) be entitled to
register any Registrable Stock pursuant to this Section 5(a) in
excess of its pro rata portion of the number of shares of Registrable Stock
being registered in such offering by the JPMP Investor and its Permitted
Transferees (which are Permitted Transferees as contemplated by clause (ii) of
the definition of Permitted Transfer) on or before the date thereof (on the
basis of the relative percentage of Registrable Stock held by such Investor and
such

 

15

 

Permitted Transferees at the Effective Time against such percentage
held by the JPMP Investor at the Effective Time) prior to the second
anniversary of the date hereof, unless otherwise approved by the Board.

 

(iv)          Selection
of Underwriters.  If a Demand Registration is to be an underwritten
offering, the Demanding Investor(s) holding a majority of the Registrable
Stock to be included in such Demand Registration will select a managing
underwriter or underwriters, as may be reasonably approved by the Company.

 

(b)           Piggyback
Registrations. If the Company proposes to register under the Securities Act
any securities of the Company, whether or not for sale for its own account and
other than pursuant to a Demand Registration (it being understood that an
Investor may include its Registrable Stock in a registration effected pursuant
to a Demand Registration in accordance with Section 5(a)), on a form and
in a manner which would permit registration of the Registrable Stock held by an
Investor for sale to the public under the Securities Act, the Company shall
give written notice of the proposed registration to each Investor not later
than thirty (30) days prior to the filing thereof (for the avoidance of doubt,
the “piggyback” registration rights set forth in this Section 5(b) shall
only apply to the extent that the registration of the Company’s securities is
in connection with a sale of the Company’s securities for cash solely for
capital raising purposes, and not any other type of registration, including,
without limitation, registrations on Form S-8 or any successor form
thereto relating to employee benefits plans or registrations relating to the
issuance of Shares issued solely as consideration for bona fide acquisitions,
business combinations, mergers or strategic alliances).  Following the second anniversary of the date
hereof (or earlier with the approval of the Board), each Investor shall have
the right to request that all or any part of its Registrable Stock be included
in such registration; provided, that the JPMP Investor and the CPPIB
Investor shall each have the right to request that all or any part of its
Registrable Stock be included in such registration at any time; and provided,
further, that if prior to the second anniversary of the date hereof the
JPMP Investor includes any Registrable Stock in any registration, each Investor
shall have the right to request that a portion of its Registrable Stock be
included in such registration (which such portion shall not be in excess of the
pro rata portion of the number of shares of Registrable Stock being registered
in such offering by the JPMP Investor and its Permitted Transferees (which are
Permitted Transferees as contemplated by clause (ii) of the definition of
Permitted Transfer) on or before the date thereof (on the basis of the relative
percentage of Registrable Stock held by such Investor at the Effective Time
against such percentage held by the JPMP Investor and such Permitted
Transferees at the Effective Time)). 
Each Investor can make such a request by giving written notice to the
Company within ten (10) Business Days after the receipt of the Company’s
notice of the proposed registration; provided, however, that if
the registration is an underwritten registration and there is an Underwriter
Cutback, the Company will include in such registration only the number of
securities that, in the reasonable opinion of such underwriter or underwriters
can be sold without having a material adverse effect on the success of the
offering (it being understood that the inclusion of any such additional
Registrable Stock may be determined in and of itself to have a material adverse
effect on the offering), as follows: first,
the securities which the Company proposes to sell; second, the Registrable Stock of such Investors, pro rata
among all such Investors on the basis of the relative percentage of Registrable
Stock then held by all Investors who have requested that Registrable Stock
owned by them be so included (it being further agreed and understood, however,
that such underwriters shall have the right to eliminate entirely the
participation of the Investors); and third,

 

16

 

the comparable securities of any Persons holding the Company’s
securities eligible to participate in such offering, pro rata among all such
Persons on the basis of the relative percentage of such securities then held by
all such Persons who have requested that securities owned by them be so
included.  Registrable Stock proposed to
be registered and sold pursuant to an underwritten offering for the account of
any Investor shall be sold to the prospective underwriters, on the terms and
subject to the conditions of one or more underwriting agreements negotiated
between the holders of Registrable Stock to which such Registration Statement
relates, the Company and the prospective underwriters. Any Investor who holds
Registrable Stock being registered in any offering shall have the right to
receive a copy of the form of underwriting agreement and shall have an
opportunity to hold discussions with the lead underwriter of the terms of such
underwriting agreement. The Company may withdraw any Registration Statement at
any time before it becomes effective, or postpone or terminate the offering of
securities, without obligation or liability to any Investor.

 

(c)           Holdback
Agreements; Suspension of Registration Statement.

 

(i)            Notwithstanding
any other provision of this Section 5, each Investor agrees that
(if so required by the underwriters in an underwritten offering and provided
that such condition is applicable equally to all Investors) it will not (and it
shall be a condition to the rights of each Investor under this Section 5
that such Investor does not) offer for Public Sale any Registrable Stock during
the thirty (30) days before and a period not to exceed ninety (90) days after
the effective date of any Registration Statement filed by the Company in
connection with any underwritten Public Sale of securities of the Company
(except as part of such underwritten registration or as otherwise permitted by
such underwriters); provided, however, that in each case, no
Investor shall object to shortening such period if the underwriter agrees that
shortening such period would not materially and adversely affect the success of
the offering; and provided  further, that no Investor shall be
released from such restrictions as provided in this Section 5(c) unless
all Investors are similarly so released pro rata based upon the relative number
of Registrable Stock owned by such Investors at such time.

 

(ii)           If,
at any time when a registration statement effected pursuant to this Section 5
is effective and a Prospectus relating thereto is required to be delivered
under the Securities Act, the Company becomes aware that such Prospectus
included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing, to the extent that the amendment
or supplement to such Prospectus are necessary to correct such untrue statement
of a material fact or omission to state a material fact would require
disclosure of material information which the Company has a bona fide business
purpose for preserving as confidential and, if applicable, the Company provides
the Investors participating in such registration written notice thereof
promptly after the Company makes such determination, the Investors shall
suspend sales of Registrable Stock pursuant to such registration statement and
the Company shall not be required to comply with its obligations under this Section 5
until the earlier of (A) the date upon which such material information is
disclosed to the public or ceases to be material or (B) if
applicable, ninety (90) days after the Investors’ receipt of such
written notice.

 

17

 

(d)           Expenses.  Except as otherwise required by state
securities or blue sky laws or the rules and regulations promulgated
thereunder, all expenses, disbursements and fees incurred by the Company and
the Investors in connection with any registration under this Section 5
shall be borne by the Company, except that the following expenses shall be
borne by the Investors incurring the same: (i) the costs and expenses
of counsel to such Investor to the extent such Investor retains counsel (except
the costs of one legal counsel for all Investors, which shall be selected by
the JPMP Investor if the JPMP Investor is participating in such registration
and otherwise by the holders of a majority of the Shares to be included in the
registration), to the extent retained, which shall be borne by the Company); (ii) discounts,
commissions, fees or similar compensation owing to underwriters, selling
brokers, dealer managers or other industry professionals, to the extent relating
to the distribution or sale of such Investor’s Registrable Stock; and (iii) transfer
taxes with respect to the Registrable Stock sold by such Investor.

 

(e)           Registration
Procedures.  In connection with any
registration of Registrable Stock under the Securities Act pursuant to this
Agreement, the Company will consult with each Investor whose Registrable Stock
is to be included in any such registration concerning the form of underwriting
agreement, shall provide to such Investor the form of underwriting agreement
prior to the Company’s execution thereof and shall provide to such Investor and
its representatives such other documents (including comments by the Commission
on the Registration Statement) as such Investor shall reasonably request in
connection with its participation in such registration. The Company will
furnish each Investor whose Registrable Stock is registered thereunder and each
underwriter, if any, with a copy of the Registration Statement and will supply
each such Investor and each underwriter, if any, with copies of any Prospectus
included therein (including a preliminary prospectus), in such quantities as
may be reasonably necessary for the purposes of the proposed sale or
distribution covered by such registration. 
The Company shall not, however, be required to maintain the Registration
Statement effective or to supply copies of a Prospectus for a period beyond
ninety (90) days after the effective date of such Registration Statement
(one-hundred eighty (180) days in the case of a Shelf Registration), or such
longer period as is otherwise set forth herein or agreed to by the Company,
and, at the end of such period, the Company may deregister any securities
covered by such Registration Statement and not then sold or distributed. In the
event that the Company prepares and files with the Commission a Registration
Statement providing for the sale of Registrable Stock pursuant to its
obligations under this Section 5, the Company will:

 

(i)            upon
filing a Registration Statement or any Prospectus related thereto, furnish to
the Investors whose Registrable Stock is covered by such Registration Statement
and the underwriters, if any, copies of all such documents;

 

(ii)           prepare
and file with the Commission such amendments and post-effective amendments to
the Registration Statement as may be necessary to keep such Registration
Statement effective for the ninety (90) day period (one-hundred eighty (180)
days in the case of a Shelf Registration) referenced in Section 5(a)(i);

 

(iii)          cause
the related Prospectus to be supplemented by any required Prospectus
supplement, and as so supplemented, to be filed pursuant to Rule 424 under
the Securities Act; and, comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration
Statement during the

 

18

 

applicable period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement or
supplement to such Prospectus;

 

(iv)          promptly
notify the Investors and the managing underwriters, if any, and (if requested
by any such Person or entity) confirm such advice in writing, (A) when any
Prospectus has been filed, and, with respect to any Registration Statement, when
the same has become effective, (B) of any request by the Commission or any
state securities commission for amendments or supplements to a Registration
Statement or related Prospectus or for additional information, (C) of the
issuance by the Commission or any state securities commission of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, (D) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any of the
Registrable Stock for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose, and (E) of the existence of any fact
which results in a Registration Statement or a Prospectus containing an untrue
statement of a material fact or omitting to state a material fact required to
be stated therein or necessary to make the statements therein not misleading;

 

(v)           use
its commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement;

 

(vi)          if
requested by the managing underwriters or an Investor, promptly incorporate
into a Prospectus such information as the managing underwriters or the
Investors holding a majority of the Registrable Stock being sold by Investors
agree should be included therein relating to the sale of such Registrable
Stock, including information with respect to the amount of Registrable Stock
being sold to such underwriters, the purchase price being paid therefor by such
underwriters and with respect to any other terms of the underwritten (or best
efforts underwritten) offering of the Registrable Stock to be sold in such
offering; and make all required filings of such Prospectus as soon as notified
of the matters to be incorporated in such Prospectus;

 

(vii)         furnish
to such Investor and each managing underwriter at least one (1) signed
copy of the Registration Statement (including, for the avoidance of doubt, all
documents incorporated therein by reference and all exhibits (including those
incorporated by reference));

 

(viii)        deliver
to such Investors and the underwriters, if any, as many copies of the
Prospectus (including each preliminary prospectus) as such Persons may
reasonably request;

 

(ix)           prior
to any Public Sale of Registrable Stock, register or qualify or cause to be
registered or qualified such Registrable Stock for offer and sale under the
securities or blue sky laws of such jurisdictions within the United States as
any Investor or underwriter reasonably requests in writing and do any and all
other acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Registrable Stock covered by the applicable Registration
Statement; provided, however, that the Company will not be
required to qualify generally to do business in any jurisdiction

 

19

 

where it is not then so qualified or to take any action which would
subject it to general service of process or taxation in any such jurisdiction
where it is not then so subject;

 

(x)            cooperate
with the Investors and the managing underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Stock
to be sold pursuant to such Registration Statement and not bearing any
restrictive legends, and enable such Registrable Stock to be in such
denominations and registered in such names as the managing underwriters may
request at least two (2) Business Days prior to any sale of Registrable
Stock to the underwriters;

 

(xi)           if
any fact described in clause (E) of Section 5(e)(iv) exists,
prepare a supplement or post-effective amendment to the applicable Registration
Statement or the related Prospectus or file any other required document so
that, as thereafter delivered to the purchasers of the Registrable Stock being
sold thereunder, such Prospectus will not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein not misleading;

 

(xii)          cause
all Registrable Stock covered by the Registration Statement to be listed on
each securities exchange or interdealer quotation system on which similar
securities issued by the Company are then listed;

 

(xiii)         provide
and cause to be maintained a transfer agent and registrar for all such
Registrable Stock covered by such Registration Statement not later than the
effective date of such Registration Statement;

 

(xiv)        obtain
an opinion from the Company’s counsel and a “cold comfort” letter from the
Company’s independent auditors in customary form and covering such matters as
are customarily covered by such opinions and “cold comfort” letters delivered
to underwriters in underwritten public offerings, which opinion and letter
shall be reasonably satisfactory to the underwriter, if any, and to the
Investors owning a majority of the Registrable Stock being registered in such
offering, and furnish to each Investor participating in the offering and to
each underwriter, if any, a copy of such opinion and letter addressed to such Investor
or underwriter;

 

(xv)         deliver
promptly to each Investor participating in the offering and each underwriter,
if any, copies of all correspondence between the Commission and the Company,
its counsel or auditors and all memoranda relating to discussions with the
Commission or its staff with respect to the Registration Statement, other than
those portions of any such correspondence and memoranda which contain
information subject to attorney-client privilege with respect to the Company,
and, upon receipt of such confidentiality agreements as the Company may
reasonably request, make reasonably available for inspection by any seller of
such Registrable Stock covered by such Registration Statement, by any
underwriter, if any, participating in any disposition to be effected pursuant
to such Registration Statement and by any attorney, accountant or other agent
retained by any such seller or any such underwriter, all pertinent financial
and other records, pertinent corporate documents and properties of the Company,
and cause all of the Company’s officers, directors and employees to supply all
information reasonably

 

20

 

requested by any such seller, underwriter, attorney, accountant or
agent in connection with such Registration Statement;

 

(xvi)        provide
a CUSIP number for all Registrable Stock included in such Registration
Statement, not later than the effective date of the applicable Registration
Statement;

 

(xvii)       enter
into such agreements (including an underwriting agreement in form reasonably
satisfactory to the Company) and take all such other reasonable actions in
connection therewith in order to expedite or facilitate the disposition of such
Registrable Stock, and to the extent required by the underwriter, participate
in a road show arranged by the underwriter with Investors holding a majority of
the Registrable Stock included in such Registration Statement;

 

(xviii)      make
available for inspection by a representative of the Investors the Registrable
Stock being sold pursuant to such Registration Statement, any underwriter
participating in any disposition pursuant to a Registration Statement, and any
attorney or accountant retained by such Investors or underwriter, all financial
and other records, any pertinent corporate documents and properties of the
Company reasonably requested by such representative, underwriter, attorney or
accountant in connection with such Registration Statement; provided, however,
that any records, information or documents that are designated by the Company
in writing as confidential shall be kept confidential by such Persons unless
disclosure of such records, information or documents is required by court or
administrative order;

 

(xix)         otherwise
use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission and relevant state securities commissions, and
make generally available to the Investors earning statements satisfying the
provisions of Section 12(a) of the Securities Act no later than forty-five
(45) days after the end of any twelve (12)-month period (or one-hundred twenty
(120) days, if such period is a fiscal year) commencing at the end of any
fiscal quarter in which Registrable Stock of such Investor is sold to
underwriters in an underwritten offering, or, if not sold to underwriters in
such an offering, beginning with the first month of the Company’s first fiscal
quarter commencing after the effective date of a Registration Statement, which
statements shall cover said twelve (12)-month periods; and

 

(xx)          take
all such other commercially reasonable actions as are necessary or advisable in
order to expedite or facilitate the disposition of such Registrable Stock,
including using commercially reasonable efforts to cause appropriate officers
and employees to be available, on a customary basis and upon reasonable notice,
to meet with prospective Investors in presentations, meetings, road shows and
due diligence sessions.

 

(f)            Conditions to
Investor Rights; Indemnification by Investors.  It shall be a condition to each Investor’s
rights hereunder to have Registrable Stock owned by it registered that:

 

21

 

(i)            such
Investor shall cooperate with the Company in all reasonable respects by
supplying information and executing documents relating to such Investor or the
Registrable Stock owned by such Investor in connection with such registration
which are reasonably requested by the Company;

 

(ii)           such
Investor shall enter into such undertakings and take such other action relating
to the conduct of the proposed offering which the Company or the underwriters
may reasonably request as being necessary to ensure compliance with federal and
state securities laws and the rules or other requirements of FINRA or otherwise
to effectuate the offering; and

 

(iii)          such
Investor shall execute and deliver an agreement to indemnify and hold harmless
the Company and each underwriter (as defined in the Securities Act), and each
Person, if any, who controls such underwriter within the meaning of the
Securities Act, against such losses, claims, damages or liabilities (including
reimbursement for legal and other expenses) to which such underwriter or
controlling Person may become subject under the Securities Act or otherwise, in
such manner as is customary for registrations of the type then proposed and, in
any event, comparable in scope to indemnities given by the Company in
connection with such registration, but only with respect to information
furnished by such Investor in writing and specifically for use in the
Registration Statement or Prospectus in connection with such registration and
with respect to such Investor’s failure to deliver Prospectuses as required
under the Securities Act.

 

(g)           Indemnification
and Contribution.

 

(i)            In
the event of any registration under the Securities Act of any Registrable Stock
of Investors pursuant to this Section 5, the Company hereby
covenants and agrees to indemnify and hold harmless each Investor and their
respective partners, directors, officers, employees, managers, members, agents,
control persons (within the meaning of Section 15 of the Securities Act)
and Permitted Transferees (collectively, “Indemnified Persons”) from and
against any losses, claims, damages or liabilities, including reimbursement, as
incurred, for legal and other reasonable expenses to which such Indemnified
Person may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities arise out of
or are based upon any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement or Prospectus contained
therein (in the case of any Prospectus or preliminary prospectus, in light of
the circumstances under which they were made) or in any preliminary prospectus
relating to a Shelf Registration, or arise out of or are 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 not misleading (in
the case of any Prospectus or preliminary prospectus, in light of the
circumstances under which they were made); provided, however,
that (i) the Company shall not be liable to a particular Investor in any
such case to the extent that such loss, claim, damage or liability arises out
of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in a Registration Statement or Prospectus or
in any preliminary prospectus relating to a Shelf Registration in reliance upon
and in conformity with written information pertaining to such Investor and
furnished to the Company by or on

 

22

 

behalf of such Investor specifically for inclusion therein and (ii) with
respect to any untrue statement or omission or alleged untrue statement or
omission made in any preliminary prospectus relating to a Shelf Registration,
the indemnity agreement contained in this Section 5(g)(i) shall
not inure to the benefit of any Investor (and/or the Indemnified Persons
related to such Investor) with respect to any losses, claims, damages or
liabilities related to the purchase of Registrable Stock by a Person to the
extent that a Prospectus relating to such Registrable Stock was required to be
delivered by such Investor or underwriter under the Securities Act in
connection with such purchase and any such loss, claim, damage or liability of
such Investor (and/or the Indemnified Persons related to such Investor) results
from the fact that there was not delivered to such Person, at or prior to the
written confirmation of the sale of such Registrable Stock to such Person, a
copy of the final Prospectus (including any amendments and supplements thereto)
if the Company had previously furnished a copy thereof to such Investor or
underwriter; provided, further, however, that this
indemnity agreement will be in addition to any liability which the Company may
otherwise have to such Indemnified Person. The Company shall also indemnify
underwriters in connection with a disposition of Registrable Stock by the
Investors, and such underwriters’ respective directors, officers and control
persons (within the meaning of Section 15 of the Securities Act) to the
same extent as provided above with respect to the indemnification of the such
Investors if requested by a majority of the Investors participating in the
registration.

 

(ii)           In
the event of any registration under the Securities Act of any Registrable Stock
of Investors pursuant to this Section 5, each Investor, severally
and not jointly, hereby covenants and agrees to indemnify and hold harmless the
Company and its directors, officers, agents and control persons (within the
meaning of Section 15 of the Securities Act) from and against any losses,
claims, damages or liabilities to which the Company or any such controlling
person may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or Prospectus or in
any preliminary prospectus relating to a Shelf Registration, or arise out of or
are based upon the omission or alleged omission to state therein a material
fact necessary to make the statements therein not misleading, but in each case
only to the extent that the untrue statement or omission or alleged untrue
statement or omission was made in reliance upon and in conformity with written
information pertaining to such Investor and furnished to the Company by or on
behalf of such Investor specifically for inclusion therein; and, subject to the
immediately preceding limitation, shall reimburse, as incurred, the Company for
any legal or other expenses reasonably incurred by the Company or any such
controlling person in connection with investigating or defending any loss,
claim, damage, liability or action in respect thereof.  This indemnity agreement will be in addition
to any liability which such Investor may otherwise have to the Company, its
directors, officers or any of its control persons (within the meaning of Section 15
of the Securities Act).

 

(iii)          Promptly
after receipt by an indemnified party under this Section 5(g) of
notice of the commencement of any action or proceeding (including a
governmental investigation), such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section 5(g),
notify the indemnifying party of

 

23

 

the commencement thereof; provided, that the failure to notify
the indemnifying party shall not relieve it from any liability that it may have
under Section 5(g)(i) or (ii) except to the extent that
it has been materially prejudiced (through the forfeiture of substantive rights
or defenses) by such failure; and provided, further, that the
failure to notify the indemnifying party shall not relieve it from any
liability that it may have to an indemnified party otherwise than under Section 5(g)(i) or
(ii).  In case any such action is
brought against any indemnified party, and it notifies the indemnifying party
of the commencement thereof, the indemnifying party will be entitled to
participate therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party and after notice from
the indemnifying party to such indemnified party of its election so to assume the
defense thereof the indemnifying party will not be liable to such indemnified
party under this Section 5(g) for any legal or other expenses,
other than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof.  No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened action in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement (x) includes an unconditional
release of such indemnified party from all liability on any claims that are the
subject matter of such action, and (y) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

 

(iv)          The
agreements contained in this Section 5(g) shall survive the
sale of the Registrable Stock pursuant to a Registration Statement and shall
remain in full force and effect, regardless of any termination or cancellation
of this Agreement or any investigation made by or on behalf of any indemnified
party.

 

(v)           In
order to provide for just and equitable contribution in circumstances in which
the indemnity agreement provided for in this Section 5 is for any
reason held to be unenforceable although applicable in accordance with its
terms in respect of any losses, liabilities, claims, damages, judgments and
expenses suffered by an indemnified party referred to herein, each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, liabilities, claims, damages, judgments and expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party (including, in each case,
that of their respective officers, directors, employees and agents) on the
other hand, in connection with the statements or omissions which resulted in
such losses, liabilities, claims, damages, judgments or expenses, as well as
any other relevant equitable considerations. 
The relative fault of the indemnifying party and of the indemnified party
shall be determined 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 indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.  The amount paid or payable by
a party as a result of the losses, liabilities, claims, damages, judgments and
expenses referred to above shall be

 

24

 

deemed to include, subject to the limitations set forth in Section 5(g)(vi),
any legal or other fees or expenses reasonably incurred by such party in
connection with investigating or defending any action or claim.  The parties agree that it would not be just
and equitable if contribution pursuant to this Section 5(g) were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in this Section 5(g)(v).  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

 

(vi)          Notwithstanding
the provisions of this Section 5(g), an Investor shall not be
required to pay (through contribution or indemnity) any amount in excess of the
amount by which (A) the total price at which the Registrable Stock sold to
the Public by such indemnifying Investor and its Affiliates and Permitted
Transferees exceeds (B) the amount of any damages which such indemnifying
Investor and its Affiliates and Permitted Transferees have otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.

 

(vii)         Notwithstanding
anything to the contrary contained in this Section 5(g), this Section 5(g) shall
not limit the fiduciary obligations of the Investors or their representatives
who are directors serving on the Board.

 

(h)           Rule 144.
The Company covenants that it will use commercially reasonable efforts to file
the reports required to be filed by it under the Securities Act and the
Exchange Act, and the rules and regulations adopted by the Commission
thereunder.  Upon the request of any
Investor, the Company will deliver to such Investor a written statement as to
whether it has complied with such requirements and shall also take such other
reasonable actions that are necessary to permit an Investor who is eligible to
sell Shares pursuant to Rule 144 to sell such Shares in compliance with Rule 144.

 

(i)            Termination of
Registration Rights.  Each Investor’s
entitlement to registration rights pursuant to this Section 5 shall
expire as to any share of  Registrable
Stock upon (A) such Registrable Stock ceasing to be subject to this
Agreement, (B) the sale of such Registrable Stock pursuant to an effective
Registration Statement, (C) the sale of such Registrable Stock pursuant to
Rule 144, or (D) the date upon which such Registrable Stock has been
transferred to a Person who is not an Investor and in connection therewith, an
unlegended stock certificate for such share has been issued and the sale of
such share of Stock has been permitted absent registration under the Securities
Act.  Furthermore, not earlier than the
second anniversary of the Effective Time, any Person that has foreclosed in
respect of, or holds securities as a result of a foreclosure in respect of,
Rockfield’s financing of its Shares may elect by notice to the Company to cause
the provisions of this Section 5 that might otherwise apply to
cease to apply to such Person 20 days after the delivery of such notice; provided,
that the provisions of Section 5(c) shall continue to apply to
such Person until 90 days after the delivery of such notice.

 

(j)            Delay of
Registration.  No Investor shall have
any right to obtain or seek an injunction restraining or otherwise delaying any
such registration as the result of any controversy that might arise with
respect to the interpretation or implementation of this Section 5.

 

25

 

SECTION 6.                          LEGEND ON CERTIFICATES

 

(a)                                  Legends.  To the extent applicable, each certificate
representing one or more Shares held by any Investor shall bear each of the
following legends until such time as the Shares represented thereby are no
longer subject to the provisions hereof or, in the case of clause (i) below,
at such time as Rule 144 or any similar exemption under the Securities Act
is available for the sale of all such Investor’s shares during a three-month
period without registration, without reference to Rule 144(k) under
the Securities Act or with respect to any Shares acquired by an Investor at or
after the Effective Time which are not “restricted securities” as defined in Rule 144:

 

(i)            “THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

(ii)           “THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD,
ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF OR EXCHANGED UNLESS
SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OR
EXCHANGE COMPLIES WITH THE PROVISIONS OF THE STOCKHOLDERS AGREEMENT, DATED AS
OF AUGUST 15, 2008, AS AMENDED FROM TIME TO TIME, AMONG THE COMPANY AND THE
STOCKHOLDERS PARTY THERETO, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
THE COMPANY.”

 

(iii)          Any
legend required by the Blue Sky laws of any state to the extent such laws are
applicable to the shares represented by the certificate so legended.

 

SECTION 7.                          DURATION OF AGREEMENT

 

This Agreement shall terminate and be of no further force or effect,
except with respect to the provisions set forth in Sections 4, 5, 6, 7, 10,
11 and 12, upon the earlier to occur of (i) the unanimous agreement of
the CPPIB Investor and the JPMP Investor; provided, that the approval of
either such Investor shall not be required if such Investor is no longer
entitled to appoint a director pursuant to Section 1(a) and (ii) the
date on which both the JPMP Investors and the CPPIB Investors, and their
respective Permitted Transferees (as contemplated by clause (ii) of the
definition of Permitted Transfer), no longer satisfy the conditions necessary
to designate at least one (1) director to the Board pursuant to Section 1(a).  For the avoidance of doubt, in no event shall
this Agreement apply to any transferee of Shares permitted pursuant to this
Agreement unless such transferee becomes a party to this Agreement or this
Agreement expressly provides that such transferee must become a party to, and
be bound by, the terms of this Agreement.

 

26

 

SECTION 8.                          INFORMATION RIGHTS

 

(a)                                  Financial
Statements and Other Information. The Company shall deliver to each Principal
Investor and Rockfield (it being understood that Rockfield by notice to the
Company may elect not to receive all or part of any of the following
information):

 

(i)            as
soon as is available and in any event within forty-five (45) days after the end
of each of the first three quarters of each fiscal year of the Company,
consolidated balance sheets of the Company and any Subsidiary of the Company as
of the end of such period, and consolidated statements of income and cash flows
of the Company and any Subsidiary of the Company for the period then ended,
prepared in conformity with generally accepted accounting principles in the
United States applied on a consistent basis, except as otherwise noted therein,
and subject to the absence of footnotes and to year-end adjustments;

 

(ii)           as
soon as is available and in any event within ninety (90) days after the end of
each fiscal year of the Company, a consolidated balance sheet of the Company
and any Subsidiaries of the Company as of the end of such year, and consolidated
statements of income and cash flows of the Company and any Subsidiary of the
Company for the year ended prepared in conformity with generally accepted
accounting principles in the United States applied on a consistent basis,
except as otherwise noted therein, together with an auditor’s report thereon of
a firm of established national reputation; and

 

(iii)          to
the extent the Company is required by law or pursuant to the terms of any
outstanding indebtedness of the Company to prepare such reports, any annual
reports, quarterly reports, current reports and other periodic reports pursuant
to Section 13 or 15(d) of the Exchange Act, as amended, actually
prepared by the Company as soon as available.

 

(b)           Confidential
Information.

 

(i)            From
and after the date hereof, the Investors shall not and, in each case, shall
cause each of their respective Permitted Transferees and other representatives
not to, directly or indirectly, disclose, reveal, divulge or communicate to any
Person other than authorized representatives of the Company or, solely in the
case of Rockfield, its financing sources (with respect to information provided
pursuant to this Agreement only), or use or otherwise exploit for its own
benefit or for the benefit of anyone other than the Company, any confidential
information obtained pursuant to this Section 8 of or relating to
the business conducted by the Company, unless (i) compelled to disclose by
judicial or administrative process or by other requirements of law or
Governmental Authorities or (ii) disclosed in an action brought by a party
hereto in pursuit of its rights or in the exercise of its remedies hereunder; provided,
however, that in the event disclosure is required by applicable law, the
Investors shall, to the extent reasonably possible, provide the Company with
prompt notice of such requirement prior to making any disclosure so that the
Company may seek an appropriate protective order.  For purposes of this Section 8(b),
“confidential information” does not include, and there shall be no obligation
hereunder with respect to, information that (i) is generally available to
the public on the 

 

27

 

date of this Agreement or (ii) becomes generally available to the
public other than as a result of a disclosure not otherwise permissible
thereunder.

 

(ii)           The
Investors, and in the event of a foreclosure by Rockfield’s financing sources
as contemplated by Section 2(c), such financing sources, understand
and agree that they may be in receipt of material, non-public information
relating to the Company and if in such receipt agree to adhere to the insider
trading policies of the Company applicable to executive officers of the Company
as may be in effect from time to time, including, for the avoidance of doubt,
reasonable and customary policies relating to permissible sales that may occur
during “trading windows” (as such term is customarily used).

 

(c)           Other Information.

 

(i)            The
Company and any Subsidiary of the Company shall provide to each Principal
Investor, and as applicable create and/or generate, any information as a
Principal Investor may reasonably request, including true and correct copies of
all documents, reports, financial data and other information.

 

(ii)           The
Company shall deliver to each Principal Investor, as soon as is available and
in any event within thirty (30) days after the end of each month of each fiscal
year of the Company, consolidated balance sheets of the Company and any
Subsidiary of the Company as of the end of such period, and consolidated
statements of income and cash flows of the Company and any Subsidiary of the
Company for the period then ended, prepared in conformity with generally
accepted accounting principles in the United States applied on a consistent
basis, except as otherwise noted therein, and subject to the absence of
footnotes and to year-end adjustments.

 

(iii)          The
Company shall inform each Principal Investor in advance, unless otherwise
instructed by written notice from such Principal Investor, with respect to any
significant corporate actions, including extraordinary dividends or
distributions, mergers, acquisitions or dispositions of assets, issuances of
significant amounts of debt or equity and material amendments to its
certificate of incorporation or bylaws.

 

(iv)          If
no member, manager, officer, director or consultant of Rockfield is an officer
or director of the Company and the financing sources of Rockfield existing on
the date of this Agreement have requested that Rockfield and the Company
provide such financing sources with information about the Company, such
financing sources may, upon reasonable notice to the Company (but in no event
more than once every six months), have access to the physical assets and
personnel of the Company during normal business hours for a review in
reasonable detail of results, operations and other information material to an
investment in the Company; provided, that such access does not
unreasonably disrupt personnel and operations of the business of the Company
and shall be at Rockfield’s or such financing sources’ sole expense.  For the avoidance of doubt and without
limitation to Rockfield’s general rights to enforcement hereunder, this Section 8(c)(iv) shall
be enforceable by Rockfield and amendments, modifications, 

 

28

 

extensions or waivers of this Section 8(c)(iv) that
are adverse to Rockfield’s financing sources shall be deemed adverse to
Rockfield to the same extent.

 

SECTION 9.                            REGULATORY MATTERS

 

(a)                                  Cooperation
of Other Stockholders.  Each Investor
agrees to cooperate with the Company in all reasonable respects in complying
with the terms and provisions of the letter agreement between the Company and
the JPMP Investor, a copy of which is attached hereto as Exhibit B,
regarding regulatory matters (the “Amended and Restated Regulatory
Sideletter”), including voting to approve the Certificate of Incorporation
(and any amendments thereto), the Company’s bylaws or this Agreement in a
manner reasonably acceptable to the Parties and the JPMP Investor entitled to
make such request pursuant to the Amended and Restated Regulatory Sideletter in
order to remedy a Regulatory Problem (as defined in the Amended and Restated
Regulatory Sideletter).

 

(b)                                 Covenant
Not to Amend.  The Company and each
Party agrees not to amend or waive the voting or other provisions of the
Certificate of Incorporation, the Company’s bylaws or this Agreement if such
amendment or waiver would cause the JPMP Investors to have a Regulatory
Problem.  The JPMP Investors agree to
notify the Company as to whether or not it would have a Regulatory Problem
promptly after the JPMP Investors have notice of such amendment or waiver.

 

(c)                                  Exception.  Anything contained in this Section 9
to the contrary notwithstanding, no Investor shall be required under this Section 9
to take any action or abstain from taking any action that would adversely
affect such Investor’s investment in the Company or reasonable expectations
related to the transactions contemplated by such investment.

 

SECTION 10.                     EFFECTIVENESS OF AGREEMENT

 

This Agreement shall become effective at the
Effective Time.  Prior to the Effective
Time, this Agreement shall have no force or effect, and no Investor shall have
any rights, obligations or claims against or with respect to the Company or any
other Investor pursuant to this Agreement (it being understood that prior to
the Effective Time, the Operating Agreement and Members’ Agreement shall remain
in full force and effect).

 

SECTION 11.                     DEFINITIONS

 

(a)                                  As
used in this Agreement, the following terms have the following meanings:

 

“3% Owner” has the meaning set forth
in the definition of Independent Third Party below.

 

“Affiliate” means with respect to a
specified Person, any Person that directly or indirectly controls, is
controlled by, or is under common control with, the specified Person.  As used in this definition, the term “control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise.

 

29

 

“Affiliated Fund” means, (i) with respect to any specified
Person, an investment fund that is an Affiliate of such Person (including
entities investing solely on behalf of the Investor or such fund) or an entity
that is directly or indirectly wholly-owned by such Investor or one or
more of such funds (other than a portfolio company of any such fund) and (ii) with
respect to CPPIB, any other wholly-owned Subsidiary of the Canada Pension Plan
Investment Board.

 

“Agreement” has the meaning set forth
in the preamble.

 

“Amended and Restated Regulatory
Sideletter” has the meaning set forth in Section 9(a).

 

“Amended Drag-Along Notice” has the
meaning set forth in Section 3(b).

 

“Audit Committee” has the meaning set
forth in Section 1(d).

 

“Board” has the meaning set forth in Section 1(a)(i).

 

“Business Day” means any day that is
not a Saturday, a Sunday or other day on which banks are required or authorized
by law to be closed in New York, New York.

 

“Charitable Organization” means a
charitable organization as described by Section 501(c)(3) or any
successor provision of the Internal Revenue Code of 1986, as in effect from
time to time.

 

“Class I” has the meaning set
forth in Section 1(c).

 

“Class II” has the meaning set
forth in Section 1(c).

 

“Class III” has the meaning set
forth in Section 1(c).

 

“Commission” means the United States
Securities and Exchange Commission.

 

“Common Stock” has the meaning set
forth in the recitals.

 

“Company” has the meaning set forth in
the preamble.

 

“Compensation Committee” has the
meaning set forth in Section 1(d).

 

“Competitive Opportunity” has the
meaning set forth in Section 12(b).

 

“Controlled Company Disqualification”
means the first anniversary following the first date on which the Company
ceases to qualify as a “Controlled Company” as defined under the NASDAQ Manual Section 4350(c)(5).

 

“Convertible Securities” means any
evidence of indebtedness, shares of stock or other securities (other than
Options or Warrants) which are directly or indirectly convertible into or
exchangeable or exercisable for shares of Stock.

 

“CPPIB Designee” has the meaning set
forth in Section 1(a)(ii)(B).

 

30

 

“CPPIB Investor” means CPP Investment
Board (USRE II) Inc.

 

“Demand Notice” has the meaning set
forth in Section 5(a)(i).

 

“Demand Registration” has the meaning
set forth in Section 5(a)(i).

 

“Demanding Investor” has the meaning
set forth in Section 5(a)(i).

 

“Drag-Along Notice” has the meaning
set forth in Section 3(b).

 

“Drag-Along Sellers” has the meaning
set forth in Section 3(a).

 

“Drag-Along Transferee” has the
meaning set forth in Section 3(a).

 

“Effective Time” means the time and
date of the consummation of the Initial Public Offering.

 

“Eligible Shares” has the meaning set
forth in Section 4(b).

 

“Equivalent Shares” means, at any date
of determination, (a) as to any outstanding shares of Stock, such number
of shares of Stock and (b) as to any outstanding Options, Warrants or
Convertible Securities, the maximum number of shares of Stock for which or into
which such Options, Warrants or Convertible Securities may at the time be
exercised, converted or exchanged (or which will become exercisable,
convertible or exchangeable on or prior to, or by reason of, the transaction or
circumstances in connection with which the number of Equivalent Shares is to be
determined).

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations in effect
thereunder.

 

“Executive” means each of Charles
Hinckley, Walt Howard, John M. Quirke, Thomas Swank, Christopher Lowe, C. Kay
Mann and any other Named Executive Officer (as defined in Item 402 of Regulation
S-K) of the Company.

 

“Exit Sale” has the meaning set forth
in Section 3(a).

 

“FINRA” means the Financial Industry
Regulatory Authority.

 

“First Independent Director” has the
meaning set forth in Section 1(a)(ii)(E).

 

“First Priority Parties” has the meaning
set forth in Section 5(a)(iii).

 

“Governmental Approval” means, with
respect to any Transfer of Shares, any consent or other action by, or filing
with, any Governmental Authority required in connection with such Transfer and
the expiration or early termination of any applicable statutory waiting period
in connection with such action or filing.

 

“Governmental Authority” means any
domestic or foreign government or political subdivision thereof, whether on a
federal, state or local level and whether executive, legislative or 

 

31

 

judicial in nature, including any agency,
authority, board, bureau, commission, court, department or other
instrumentality thereof.

 

“Indemnitees” has the meaning set
forth in Section 12(r).

 

“Indemnified Liabilities” has the
meaning set forth in Section 12(r).

 

“Indemnified Persons” has the meaning
set forth in Section 5(g)(i).

 

“Independent Director” has the meaning
set forth in Section 1(a)(ii)(E).

 

“Independent Third Party” means any
Person who, immediately prior to the contemplated transaction, (i) does
not own, either directly or through one or more intermediaries, in excess of 3%
of the Shares (any Person owning in excess of 3% of the Shares being referred
to herein as a “3% Owner”) and (ii) is not an Affiliate of any such
3% Owner.

 

“Initial Investor Shares” means that
number of Shares held by an Investor immediately following the Effective Time,
as the same may be adjusted for stock splits, stock dividends, recapitalizations,
pro-rata sell-downs or similar events.

 

“Initial Public Offering” has the
meaning set forth in the Recitals.

 

“Investor” or “Investors” has
the meaning set forth in the preamble.

 

“JPMP Designee” has the meaning set
forth in Section 1(a)(ii)(A).

 

“JPMP Investor” means JPMP Noble Wind
Energy, LLC.

 

“Litigation” has the meaning set forth
in Section 12(e).

 

“Major Sale” means any one of the
following: (i) a change in the ownership or control of the Company
effected through a transaction or series of transactions (including by way of
merger, consolidation, business combination or similar transaction involving
the Company or any of its Subsidiaries) whereby any “person” or related “group”
of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of
the Exchange Act) (other than the Company, any of its Subsidiaries, an employee
benefit plan maintained by the Company or any of its Subsidiaries, or a “person”
that, prior to such transaction, directly or indirectly controls, is controlled
by, or is under common control with, the Company) directly or indirectly
acquires beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act), of more than fifty percent (50%) of the Stock then outstanding,
or of Shares possessing more than fifty percent (50%) of the total combined
voting power of the Stock outstanding, in either case immediately after such
transaction or series of transactions; or (ii) the sale, lease, transfer,
conveyance or other disposition (other than by way of a transaction that would
not be deemed a Major Sale pursuant to clause (i) above), in one or a
series of related transactions, of all or substantially all of the assets of
the Company, or the Company and its Subsidiaries taken as a whole, to any “person”
(as defined above).

 

“Members’ Agreement” has the meaning
set forth in the recitals.

 

32

 

“Necessary Action” means, with respect
to a specified result, all actions (to the extent permitted by applicable law)
necessary to cause such result, including (i) voting or providing written
consent or proxy with respect to any Shares, (ii) calling and attending
meetings in person or by proxy for purposes of obtaining a quorum and causing
the adoption of stockholders’ resolutions and amendments to the Certificate of
Incorporation or the Company’s bylaws, (iii) executing agreements and
instruments and (iv) making, or causing to be made, all filings,
registrations or similar actions that are required to achieve such result.

 

“Nominating and Corporate Governance
Committee” has the meaning set forth in Section 1(d)(ii).

 

“Non-Selling Investor” has the meaning
set forth in Section 4(b).

 

“Offered Shares” has the meaning set
forth in Section 2(d).

 

“Operating Agreement” has the meaning
set forth in the recitals.

 

“Options” means any options to
subscribe for, purchase or otherwise directly acquire Stock, other than any
such option held by the Company or any right to purchase shares pursuant to
this Agreement.

 

 “Other
Investors” means all Investors that are not the CPPIB Investor or the JPMP
Investor, and their Permitted Transferees (as contemplated by clause (ii) of
the definition of Permitted Transfer).

 

“Party” and “Parties” has the
meaning set forth in the preamble.

 

“Permitted Transfer” means:  (i) a Transfer approved by the Requisite
Stockholder Majority, (ii) a Transfer to an Affiliated Fund of such
Investor or, in the case of an Investor who is also an Executive, a Transfer to
a trust for estate planning purposes solely for the benefit of such Executive
and/or his or her spouse, children or grandchildren, parents, grandparents or
siblings; (iii) a Transfer made by the JPMP Investor pursuant to and in
accordance with the Amended and Restated Regulatory Sideletter; or (iv) a
Transfer made pursuant to the registration rights as set forth in Section 5;
provided that such transferee, in the case of clauses (i), (ii) and
(iii) above shall agree in writing with the Parties to be bound by, and to
comply with, all applicable provisions of and to be deemed to be an Investor
for purposes of this Agreement; provided, further, that such
transferee in the case of clause (iii) above shall agree in writing with
the Parties to be bound by, and to comply with this Agreement other than Section 9.  For the avoidance of doubt, (A) any
Permitted Transfer by the JPMP Investor or the CPPIB Investor (or their
Permitted Transferees) made pursuant to clause (i) of this definition is
subject to the provisions of Section 4, and (B) a transferee
of Shares may, but shall not be required to (unless otherwise provided above),
agree in writing with the Parties to be bound by, and to comply with, all
applicable provisions of and to be deemed to be an Investor for purposes of
this Agreement.

 

“Permitted Transferee” means any
Person who acquires Shares pursuant to clauses (i) and (ii) of the
definition of Permitted Transfer; provided, that a Permitted Transferee
that has acquired Shares pursuant to clause (ii) of the definition of
Permitted Transfer shall no longer be considered 

 

33

 

a Permitted Transferee for purposes of Sections
1 and 3 at the time such Permitted Transferee ceases to be an
Affiliated Fund of the relevant transferor.

 

“Person” includes any individual,
corporation, association, partnership (general or limited), joint venture,
trust, estate, limited liability company, or other legal entity or
organization.

 

“Potential Transaction” has the
meaning set forth in Section 5(a)(i).

 

“Principal Investor” means the JPMP
Investor and the CPPIB Investor; provided, that any Principal Investor
shall cease to be a Principal Investor at such time as when such Principal
Investor ceases to hold Shares representing at least twenty-five percent (25%)
of the Initial Investor Shares held by such Principal Investor (in each case,
as may be adjusted for stock splits, stock dividends, recapitalizations,
pro-rata selldowns or similar events). 
If at any time there is only one (1) Principal Investor, references
in this Agreement to “the Principal Investors” or “each Principal Investor”
shall mean that sole Principal Investor then remaining.

 

“Prospectus” means the prospectus
included in any Registration Statement (including, without limitation, a
prospectus that discloses information previously omitted from a prospectus
filed as part of an effective Registration Statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion
of the Shares covered by such Registration Statement, and all other exhibits,
amendments and supplements to the Prospectus, including, without limitation,
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus.

 

“Public Sale” means a Transfer
pursuant to (i) a bona fide public offering pursuant to an effective
registration statement filed under the Securities Act or (ii) Rule 144
(other than in a privately negotiated sale).

 

“Registrable Stock” means, with
respect to any Investor, all Stock held by such Investor, including any Stock
received, directly or indirectly, with respect to or in exchange of, or
substitution for or conversion of such Stock, including by way of dividend or
distribution, recapitalization, merger, consolidation or other reorganization,
other than Stock (w) that has not yet vested in accordance with its terms,
(x) sold by an Investor in a transaction in which such Investor’s rights
under this Agreement are not assigned, (y) sold pursuant to an effective
registration statement under the Securities Act or (z) sold in a
transaction exempt from the registration and prospectus delivery requirements
of the Securities Act (including transactions under Rule 144) so that all
transfer restrictions and restrictive legends with respect thereto, if any, are
removed upon the consummation of such sale.

 

“Registration Statement” means any
registration statement of the Company under the Securities Act which permits
the public offering of any of the Shares pursuant to the provisions herein,
including, without limitation, the Prospectus, amendments and supplements to
such registration statement, including post-effective amendments, all exhibits
and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.

 

34

 

“Regulatory Problem” has the meaning
set forth in the Amended and Restated Regulatory Sideletter.

 

“Required Sellers” has the meaning set
forth in Section 3(a).

 

“Requisite Stockholder Majority” means, at the time of approval
or consent, the approval or consent of the Principal Investors, provided,
however, if the Principal Investors do not agree to provide or reject
any action, then the Principal Investor that holds more Shares shall be
entitled to give such consent or approval unilaterally; provided, further,
that if there is no Principal Investor, then the Requisite Stockholder Majority
shall mean the approval of the Investors holding Shares with a majority of the
voting power of the Shares held by all Investors.

 

“Rockfield” means Rockfield Noble Holding, LLC.

 

“Rule 144” means Rule 144, or any successor thereto,
promulgated under the Securities Act.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations in effect
thereunder.

 

“Shares” means (a) all shares of
Stock, whenever issued, including all shares of Stock issued upon the exercise,
conversion or exchange of any Options, Warrants or Convertible Securities and (b) all
Options, Warrants and Convertible Securities (treating such Options, Warrants
and Convertible Securities as a number of Shares equal to the number of
Equivalent Shares represented by such Options, Warrants and Convertible
Securities for all purposes of this Agreement except as otherwise specifically
set forth herein).  For the avoidance of
doubt, “Shares” shall include all Shares issued to an Investor after the
Effective Time, which such Shares shall be subject to the rights and restrictions
set forth in this Agreement, including any Shares issued to Charles Hinckley or
any of his designees under the employment agreement in effect between Charles
Hinckley and the Company or acquired through any Company-based directed share
program.

 

“Shelf Registration” shall mean a
registration which covers the Registrable Stock requested to be included
therein pursuant to the provisions of Section 5(a)(i) on an
appropriate form or any similar successor or replacement form pursuant to Rule 415
of the Securities Act, and which form shall be available for the sale of the
Registrable Stock in accordance with the intended method or methods of
distribution thereof.

 

“Stock” means Common Stock, together
with any other classes or series of equity securities of the Company.

 

“Subsidiary” or “Subsidiaries”
of any Person means any corporation, partnership, joint venture or other legal
entity of which such Person (either alone or through or together with any other
Person), owns, directly or indirectly, 50% or more of the stock or other equity
interests which are generally entitled to vote for the election of the board of
directors or other governing body of such corporation or other legal entity.

 

35

 

“Successor Entity” has the meaning set
forth in Section 12(k).

 

“Tag-Along Election Period” has the
meaning set forth in Section 4(b).

 

“Tag-Along Rights” has the meaning set
forth in Section 4(b).

 

“Tag-Along Seller” has the meaning set
forth in Section 4(a).

 

“Tag-Along Transferee” has the meaning
set forth in Section 4(b).

 

“Transfer” means a transfer, sale,
assignment, pledge, hypothecation or other disposition or exchange, including
any Transfer of a voting or economic interest in securities or other property;
and “Transferring” or “Transferred” have correlative meanings.  If any Permitted Transferee which acquired
Shares pursuant to clause (ii) of the definition of Permitted Transfer
shall cease to be an Affiliated Fund of the relevant transferor, it shall be
deemed a Transfer by the relevant transferor of all such Shares as of the date
on which the Permitted Transferee ceases to be an Affiliated Fund.

 

“Transfer Notice” has the meaning set
forth in Section 2(d).

 

“Underwriter Cutback” has the meaning
set forth in Section 5(a)(iii).

 

“Warrants” means any warrants to
subscribe for, purchase or otherwise directly acquire Stock or Convertible
Securities.

 

SECTION 12.       MISCELLANEOUS

 

(a)           Successors, Assigns
and Transferees. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any Party, in whole or in part,
(whether by operation of law, stock sale, merger, consolidation or otherwise),
without the prior written consent of the Parties, and any attempt to make such
assignment without such written consent shall be null and void.  Notwithstanding the foregoing, a Party may
assign its rights, interests and obligations hereunder to a transferee of
Shares hereunder without obtaining the prior written consent of the Parties
solely in connection with (x) Transfers of Shares to a Permitted
Transferee made in compliance with the provisions of this Agreement or (y) any
foreclosure on or in connection with the pledge of member interests of
Rockfield to its financing sources in existence (or specifically contemplated)
on the date hereof or permitted assignees thereof and the pledge of the Shares
held by Rockfield to its financing sources in existence (or specifically
contemplated) on the date hereof or permitted assignees thereof.  This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective legal representatives,
heirs, legatees, successors, and permitted assigns and any other Permitted
Transferee of Shares hereunder and shall also apply to any Shares acquired by
Investors after the date hereof.

 

(b)           Competitive
Opportunity.  If any Investor or any
of its Affiliates acquires knowledge of a potential transaction or matter which
may be an investment or business opportunity or prospective economic or
competitive advantage in which the Company could have an interest or
expectancy, in each case, in a jurisdiction other than in the United States of
America (a “Competitive Opportunity”) or otherwise is then exploiting
any Competitive Opportunity, the 

 

36

 

Company shall have no interest in, and no expectation that, such
Competitive Opportunity be offered to it, any such interest or expectation
being hereby renounced so that each Investor (other than any such Investor who
is bound by any employment, consulting, non-competition or other agreements
that prohibit such actions) shall (i) have no duty to communicate or
present such Competitive Opportunity to the Company and (ii) have the
right to hold any such Competitive Opportunity for such Investor’s (and its
agents’, partners’ or affiliates’) own account and benefit or to recommend,
assign or otherwise transfer or deal in such Competitive Opportunity to Persons
other than the Company or any Affiliate of the Company.

 

(c)           Specific
Performance.  Each Party, in addition
to being entitled to exercise all rights provided herein or granted by law,
including recovery of damages, shall be entitled to specific performance of
each other Party’s obligations under this Agreement, and each Party agrees to
waive any requirement for the security or posting of any bond in connection
with  such remedy.  The Parties agree that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by any
of them of the provisions of this Agreement and each hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be
adequate.

 

(d)           Governing Law.  This Agreement shall be governed by and
construed in accordance with the internal laws, and not the law of conflicts
which would result in the application of the laws of another jurisdiction, of
the State of New York.

 

(e)           Submission to
Jurisdiction; Waiver of Jury Trial. 
Each of the Parties hereby irrevocably and unconditionally consents to
submit to the exclusive jurisdiction of both (x) the Supreme Court of the
State of New York and (y) the United States District Court for the
Southern District of New York for any action, proceeding or investigation in
any court or before any Governmental Authority (“Litigation”) arising
out of or relating to this Agreement, (and agrees not to commence any
Litigation relating thereto except in such court), and further agrees that
service of any process, summons, notice or document by U.S. registered mail to
its respective notice address, as provided for in this Agreement, shall be
effective service of process for any Litigation brought against it in any such
court.  Each of the Parties hereby
irrevocably and unconditionally waives any objection to the laying of venue of
any Litigation arising out of this Agreement or the transactions contemplated
hereby in (x) the Supreme Court of the State of New York and (y) the
United States District Court for the Southern District of New York and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such Litigation brought in any such court has been
brought in an inconvenient forum.  Each of the Parties irrevocably and unconditionally
waives, to the fullest extent permitted by applicable law, any and all rights
to trial by jury in connection with any Litigation arising out of or relating
to this Agreement or the transactions contemplated hereby.

 

(f)            Descriptive
Headings. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement.

 

(g)           Notices. All
notices, requests or consents provided for or permitted to be given under this
Agreement shall be in writing and shall be given either by depositing such
writing in the United States mail, addressed to the recipient, postage paid and
certified with return receipt requested, or by depositing such writing with a
reputable overnight courier for next day delivery, 

 

37

 

or by delivering such writing to the recipient in person, by courier or
by facsimile transmission.  A notice,
request or consent given under this Agreement shall be deemed received when
actually received if personally delivered, when transmitted, if transmitted by
facsimile with electronic confirmation, the day after it is sent, if sent for
next day delivery and upon receipt, if sent by mail.  All such notices, requests and consents shall
be delivered as follows:

 

	
  (i)

  	
  if to the
  Company, addressed to it at:

  
	
   

  
	
  Noble
  Environmental Power, LLC

  
	
  8 Railroad
  Avenue, Suite 8

  
	
  Essex,
  Connecticut 06426

  
	
  Attention: General Counsel

  
	
  Telephone:

  	
  860-581-5100

  
	
  Facsimile:

  	
  860-767-7198

  
	
   

  
	
  with a copy (which shall not constitute notice) to:

  	
   

  
	
   

  	
   

  
	
  Latham & Watkins LLP

  	
   

  
	
  885 Third Avenue

  	
   

  
	
  New York, NY 10022

  	
   

  
	
  Fax: (212) 751-4864

  	
   

  
	
  Attn: David S. Allinson

  	
   

  
	
   

  	
   

  
	
  and

  	
   

  
	
   

  	
   

  
	
  Latham & Watkins LLP

  	
   

  
	
  555 Eleventh Street, NW

  	
   

  
	
  Suite 1000

  	
   

  
	
  Washington, DC 20004

  	
   

  
	
  Fax: (202) 637-2201

  	
   

  
	
  Attn: John Sachs

  	
   

  
	
   

  	
   

  
	
  and

  	
   

  
				

 

(ii) if to an Investor, in accordance with the address of each
such other Investor on Schedule 1 hereto (or to the address on the signature page of
such other Investor).

 

(h)           Recapitalization,
Exchange, Etc. Affecting the Company’s Shares.  The provisions of this Agreement shall apply,
to the full extent set forth herein, with respect to any and all Shares or any
successor or assign of the Company (whether by merger, consolidation, sale of
assets, conversion to a corporation or otherwise) that may be issued in respect
of, in exchange for, or in substitution of, the Shares and shall be
appropriately adjusted for any dividends, splits, reverse splits, combinations,
recapitalizations, and the like occurring after the date hereof.

 

(i)            Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to constitute one and the same agreement.

 

38

 

(j)            Severability.  In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal, or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other respect
and of the remaining provisions contained herein shall not be in any way
impaired thereby.

 

(k)           Amendment.  This Agreement may be amended, modified or
extended, and the terms, conditions and provisions hereof may be waived, only
by a written agreement approved by the Requisite Stockholder Majority; provided,
that the written consent of each other Party or Parties shall be required for
any such amendment, modification, extension or waiver that, individually in the
aggregate with all other amendments, modifications, extensions and waivers,
disproportionately affects (including by the withholding of a benefit) in any
material and adverse manner such Party or Parties or their rights or
obligations hereunder relative to the other Parties and provided, further,
that Sections 2(c), 5(i), 8(b)(ii), 12(a)(y) and the first sentence of
this Section 12(k) of this Agreement may not be amended, modified,
extended or waived without the written consent of Rockfield; provided, further,
that all Parties hereunder shall have reasonable prior notice of any and all
proposed amendments, modifications, extensions or waivers of to the terms,
conditions and provisions hereof.  At any
time hereafter, Persons acquiring Shares in compliance with the provisions of
this Agreement may be made parties hereto by executing a signature page in
the form attached as Exhibit A hereto, which signature page shall
be countersigned by the Company and shall be attached to this Agreement and
become a part hereof without any further action of any other Party hereto.  Except as otherwise provided herein, in the
event that (A) the Company or any successor or assign consolidates with or
merges into any other Person and shall not be the continuing or surviving
corporation or entity in such consolidation or merger, (B) the Company or
any successor or assign transfers all or substantially all of its properties
and assets to any Person, or (C) a sale of the Company is consummated
pursuant to Section 3 and the Investors receive non-publicly traded
equity securities in connection with such transaction, then in the case of
either (A) or (B), proper provision shall be made and all Investors shall
execute such documents and agreements as reasonably requested by the Principal
Investors so that this Agreement shall be given full force and effect with
respect to such surviving corporation or entity or such Person that acquires
all or substantially all of the properties and assets of the Company or any
successor or assign (any such surviving corporation, entity or Person, a “Successor
Entity”), as the case may be, and the rights and obligations of each Party
hereto shall continue in full force and effect such that each Party shall have
the same rights and obligations with respect to the applicable Successor Entity
and its securities as it has with respect to the Company and the Shares, and in
the case of (C) proper provision shall be made and all Investors shall
execute such documents and agreement as reasonably requested by the Principal
Investors so that the provisions of Section 2, Section 3,
Section 4 and Section 5 shall survive (as may be
amended as reasonably determined by the Principal Investors) with respect to
such non-publicly traded equity securities. 
Without any approval of any Investors, the Company shall be permitted,
but not obligated, to amend this Agreement following the Effective Time for the
purpose of changing references to Noble Environmental Power, LLC to instead
refer to a successor entity, as well as any conforming changes that are
required in such context. 
Notwithstanding anything to the contrary contained in this Section 12(k),
this Section 12(k) shall not limit the fiduciary obligations of the
Investors or their representatives who are serving as members of the Board.

 

39

 

(l)            Tax Withholding.  The Company shall be entitled to require
payment in cash or deduction from other compensation payable to any Investor of
any sums required by federal, state or local tax law to be withheld with
respect to the issuance, vesting, exercise, repurchase or cancellation of any
Shares.

 

(m)          Integration.  This Agreement and the Amended and Restated
Regulatory Sideletter constitute the entire agreement among the Parties hereto
pertaining to the subject matter hereof and supersede all prior agreements and
understandings pertaining thereto.

 

(n)           Further Assurances.  In connection with this Agreement and the
transactions contemplated thereby, each Investor shall execute and deliver any
additional documents and instruments and perform any additional acts that may
be necessary or appropriate to effectuate and perform the provisions of this
Agreement and such transactions.

 

(o)           Interpretation.

 

(i)            This
Agreement shall be deemed to be collectively prepared by the Parties, and no
ambiguity herein shall be construed for or against any Party based upon the
identity of the author of this Agreement or any provision hereof.   All references to “$” or “dollars” shall be
to the lawful currency of the United States.

 

(ii)           Unless
the context of this Agreement otherwise requires: (a) words of any gender
include each other gender; (b) words using the singular or plural number
also include the plural or singular number, respectively; (c) the terms “hereof,”
“herein,” “hereby,” “hereunder” and derivative or similar words refer to this
entire Agreement and not any particular Section in which such words
appear; (d) the terms “Article” or “Section” refer to the specified Article or
Section of this Agreement; (e) the word “including” shall mean “including,
without limitation;” (f) each defined term has its defined meaning
throughout this Agreement, whether the definition of such term appears before
or after such term is used; (g) the word “or” shall be disjunctive but not
exclusive; and (h) the phrase “including” shall be deemed to be followed
by “without limitation.”

 

(iii)          References
to agreements and other documents shall be deemed to include all subsequent
amendments and other modifications thereto.

 

(iv)          References
to statutes shall include all regulations promulgated thereunder and references
to statutes or regulations shall be construed as including all statutory and
regulatory provisions consolidating, amending or replacing the statute or
regulation.

 

(p)           No Third Party
Beneficiaries.  Neither this
Agreement, nor any provision contained herein, shall create a third-party
beneficiary relationship or otherwise confer any right, entitlement or benefit
upon any Person other than the Parties to this Agreement and their permitted
assigns.

 

(q)           No Recourse.  Notwithstanding anything that may be
expressed or implied in this Agreement, the Company and each Investor covenant,
agree and acknowledge that no recourse under this Agreement or any document or
instrument delivered in connection with this Agreement shall be had against any
current or future director, officer, employee, agent, general or limited 

 

40

 

partner or member of any Investor or any Affiliate or assignee thereof,
as such, whether by the enforcement of any assessment or by any legal or
equitable proceeding, or by virtue of any statute, regulation or other
applicable law, it being expressly agreed and acknowledged that no personal
liability whatsoever shall attach to, be imposed upon or otherwise be incurred
by any current or future director, officer, employee, agent, general or limited
partner or member of any Investor or any Affiliate or assignee thereof, as
such, for any obligation of any Investor under this Agreement or any documents
or instruments delivered in connection with this Agreement for any claim based
on, in respect of or by reason of such obligations or their creation.

 

(r)            Indemnification.  The Company hereby covenants and agrees to
indemnify, exonerate and hold each of the JPMP Investor, the CPPIB Investor and
Rockfield, and each of their respective partners, shareholders, members,
Affiliates, directors, officers, fiduciaries, managers, controlling Persons,
employees and agents and each of the partners, shareholders, members, Affiliates,
directors, officers, fiduciaries, trustees, managers, controlling Persons,
employees and agents (and, solely in connection with the Initial Public
Offering, any Charitable Organization which has received Shares as a
distribution, either directly or indirectly, from such JPMP Investor or CPPIB
Investor) of each of the foregoing (collectively, the “Indemnitees”)
free and harmless from and against any and all actions, causes of action,
suits, claims, liabilities, losses, damages and costs and out-of-pocket
expenses in connection therewith (including reasonable attorneys’ fees and
expenses) incurred by any of the Indemnitees before or after the date of this
Agreement (collectively, the “Indemnified Liabilities”), as a result of,
arising out of, or in any way relating to (i) this Agreement, the Initial
Public Offering and any other transaction to which the Company is a party or
any other circumstance with respect to the Company (other than any such
Indemnified Liabilities to the extent that such Indemnified Liabilities arise
out of any breach by such Indemnitee or its associated or affiliated
Indemnitees or other related Persons as determined by a court of competent
jurisdiction in a final nonappealable judgment of this Agreement or any other
agreements or instruments to which such Indemnitee is or becomes a party or
otherwise becomes bound) or (ii) operations of, or services provided by
any of the Indemnitees to, the Company from time to time; provided that
the foregoing indemnification rights shall not be available to the extent that
any such Indemnified Liabilities arose on account of such Indemnitee’s gross
negligence or willful misconduct, and further provided that, if and to the
extent that the foregoing undertaking may be unavailable or unenforceable for
any reason, the Company hereby agree to make the maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities which is
permissible under applicable law. The rights of any Indemnitee to
indemnification hereunder will be in addition to any other rights any such
Person may have under any other agreement or instrument referenced above or any
other agreement or instrument to which such Indemnitee is or becomes a party or
is or otherwise becomes a beneficiary or under law or regulation. None of the
Indemnitees shall in any event be liable to the Company for any act or omission
suffered or taken by such Indemnitee that does not constitute gross negligence
or willful misconduct. The Company agrees to pay or reimburse each Investor for
all reasonable costs and expenses (including reasonable attorneys fees,
charges, disbursement and expenses) incurred by such Investor in connection
with (i)  any amendment, supplement, modification or waiver of or to any
of the terms or provisions of this Agreement, (ii) the consent of such
Investor to any departure by the Company or any of its Subsidiaries from the
terms of any provision of this Agreement and (iii) the enforcement by such
Investor of any right granted to it or provided for hereunder.    Notwithstanding
anything to the contrary contained in this

 

41

 

Section 12(r),
this Section 12(r) shall not limit the fiduciary obligations
of the Investors or their representatives who are serving as members of the
Board.

 

(s)           Termination of
Certain Other Agreements. The parties hereto agree that, effective as of
the Effective Time, the Operating Agreement and the Members’ Agreement shall be
terminated and of no further force or effect without any further action on the
part of any party, and each party thereto hereby releases each other party
thereto from all rights and obligations under the Operating Agreement and the
Members’ Agreement effective as of the Effective Time.

 

[Signature pages follow]

 

42

 

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

 

	
   

  	
  NOBLE ENVIRONMENTAL POWER, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Walter Q. Howard

  
	
   

  	
   

  	
  Name:  Walter
  Q. Howard

  
	
   

  	
   

  	
  Title:  President
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMP Investor

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMP WIND ENERGY (NOBLE), LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JPMP
  Wind Energy, LLC

  
	
   

  	
   

  	
  Its
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CCMP
  Capital Advisors, LLC

  
	
   

  	
   

  	
  As
  Attorney in Fact

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Christopher Behrens

  
	
   

  	
   

  	
  Name:  Christopher
  Behrens

  
	
   

  	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CPPIB Investor:

  
	
   

  	
   

  	
   

  
	
   

  	
  CPP INVESTMENT BOARD (USRE II) INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andre Bourbonnais

  
	
   

  	
   

  	
  Name:  Andre
  Bourbonnais

  
	
   

  	
   

  	
  Title:  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John Breen

  
	
   

  	
   

  	
  Name:  John
  Breen

  
	
   

  	
   

  	
  Title:  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ROCKFIELD NOBLE HOLDING, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name:  Charles
  C. Hinckley

  
	
   

  	
   

  	
  Title:  Manager

  
				

 

 

[STOCKHOLDERS AGREEMENT]

 

 

	
   

  	
  Executive Investors:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Charles
  C. Hinckley

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CC HINCKLEY CO, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name:  Charles
  C. Hinckley

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHARLES C. HINCKLEY 2006 TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name:  Charles
  C. Hinckley

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMILY ANN HINCKLEY 2006 TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name:  Charles
  C. Hinckley

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HINCKLEY FAMILY 2006 TRUST

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Charles C. Hinckley

  
	
   

  	
   

  	
  Name:  Charles
  C. Hinckley

  
	
   

  	
   

  	
  Title:

  

 

 

[STOCKHOLDERS AGREEMENT]

 

 

	
   

  	
   

  	
  /s/
  Walter Q. Howard

  
	
   

  	
   

  	
  Walter
  Howard

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  John M. Quirke

  
	
   

  	
   

  	
  John
  M. Quirke

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE QUIRKE DOWNES TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John M. Quirke

  
	
   

  	
   

  	
  Name:  John
  M. Quirke

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE QUIRKE FAMILY TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John M. Quirke

  
	
   

  	
   

  	
  Name:  John
  M. Quirke

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Thomas Swank

  
	
   

  	
   

  	
  Thomas
  Swank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Christopher Lowe

  
	
   

  	
   

  	
  Christopher
  Lowe

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  C. Kay Mann

  
	
   

  	
   

  	
  C.
  Kay Mann

  

 

 

[STOCKHOLDERS AGREEMENT]

 

 

SCHEDULE 1

 

SCHEDULE OF INVESTORS AND ADDRESSES

 

	
  INVESTOR

  	
   

  	
  ADDRESS

  
	
  JPMP
  Wind Energy (Noble), LLC

  	
   

  	
  c/o
  CCMP Capital Advisors, LLC

  
	
   

  	
   

  	
  245
  Park Avenue, 16th Floor

  
	
   

  	
   

  	
  New
  York, NY 10167

  
	
   

  	
   

  	
  Attention:
  

  	
  Christopher
  Behrens

  
	
   

  	
   

  	
   

  	
  John
  Warner

  
	
   

  	
   

  	
  Telephone:
  

  	
  212-600-9673

  
	
   

  	
   

  	
  Facsimile:

  	
  917-464-4911

  
	
   

  	
   

  	
   

  
	
  CPP
  Investment Board (USRE II) Inc.

  	
   

  	
  c/o
  Canada Pension Plan Investment Board

  
	
   

  	
   

  	
  One
  Queen Street East

  
	
   

  	
   

  	
  Suite
  2700

  
	
   

  	
   

  	
  Toronto,
  Ontario M5C 2W5

  
	
   

  	
   

  	
  Attention:
  

  	
  Andre
  Bourbonnais

  
	
   

  	
   

  	
   

  	
  Robert
  Grossi

  
	
   

  	
   

  	
  Telephone:
  

  	
  416-868-8582

  
	
   

  	
   

  	
  Facsimile:
  

  	
  416-868-8684

  
	
   

  	
   

  	
   

  
	
  Rockfield
  Noble Holding, LLC*

  	
   

  	
  26
  Riverview Street

  
	
   

  	
   

  	
  Essex,
  CT 06426

  
	
   

  	
   

  	
  Telephone:

  	
  860-767-8554

  
	
   

  	
   

  	
  Facsimile:
  

  	
  860-767-7198

  
	
   

  	
   

  	
   

  
	
  Charles
  C. Hinckley*

  	
   

  	
  26
  Riverview Street

  
	
  CC
  Hinckley Co, LLC*

  	
   

  	
  Essex,
  CT 06426

  
	
  Charles
  C. Hinckley 2006 Trust*

  	
   

  	
  Telephone:
  

  	
  860-767-8554

  
	
  Ellen
  Ann Hinckley 2006 Trust*

  	
   

  	
  Facsimile:
  

  	
  860-767-7198

  
	
  Hinckley
  Family 2006 Trust*

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Walter
  Howard

  	
   

  	
  13
  Nott Lane

  
	
   

  	
   

  	
  Essex,
  CT 06426

  
	
   

  	
   

  	
   

  
	
  John
  M. Quirke

  	
   

  	
  23
  Haywagon Drive

  
	
  The
  Quirke Downes Trust

  	
   

  	
  Old
  Lyme, CT 06371

  
	
  The
  Quirke Family Trust

  	
   

  	
  Telephone:
  

  	
  860-395-7014

  
	
   

  	
   

  	
  Facsimile:
  

  	
  860-767-7198

  
	
   

  	
   

  	
   

  
	
  Thomas
  Swank

  	
   

  	
  110
  Randi Drive

  
	
   

  	
   

  	
  Madison,
  CT 06443

  
	
   

  	
   

  	
  Telephone:
  

  	
  203-245-0437

  
	
   

  	
   

  	
  Facsimile:
  

  	
  860-767-7198

  

 

 

	
  INVESTOR

  	
   

  	
  ADDRESS

  
	
  Christopher
  Lowe

  	
   

  	
  666
  Greenwich Street, # 521

  
	
   

  	
   

  	
  New
  York, NY 10014

  
	
   

  	
   

  	
   

  
	
  C.
  Kay Mann

  	
   

  	
  81
  Whippoorwill Road

  
	
   

  	
   

  	
  Old
  Lyme, CT 06371

  

 

*A
COPY OF A NOTICE TO ANY OF THESE INVESTORS SHALL BE SENT TO:

 

Taft Stettinius & Hollister LLP, 425 Walnut Street,
Cincinnati, OH 45202, Attn: Gerald S. Greeneberg, 513-357-9670, FAX
513-381-0205Exhibit 4.3

 

NOBLE ENVIRONMENTAL POWER, LLC

RESTRICTED STOCK AGREEMENT

 

This Restricted Stock Agreement (the “Agreement”)
is entered into as of August 15, 2008, by and between Noble Environmental
Power, LLC, a Delaware limited liability company (the “Company”), and
                    
(“Holder”).

 

WHEREAS, on the applicable date set forth on Exhibit A,
Holder purchased from the Company Common Units (as defined in the LLC Agreement
and referred to herein as the “Units”);

 

WHEREAS, the Units were governed by certain
Subscription Agreements by and between the Company and Holder, the Fifth
Amended and Restated Limited Liability Company Operating Agreement of the
Company, as amended from time to time (the “LLC Agreement”), and the
Amended and Restated Members’ Agreement of the Company, dated December 21,
2007, as amended from time to time (the “Members’ Agreement”);

 

WHEREAS, in connection with a Qualified IPO
(as defined in the LLC Agreement), the Units shall be converted into shares of
common stock of Noble Environmental Power, Inc. (the “Common Stock”),
which entity will be the successor to the Company, and into the type of Common
Stock set forth on Exhibit A (collectively referred to as the  “Restricted Shares”);

 

WHEREAS, pursuant to the terms of the LLC
Agreement, the Board of Managers has approved this Agreement which will govern
the Restricted Shares following a Qualified IPO; and

 

WHEREAS, the Company and Holder wish to enter
into this Agreement which will govern and set forth the terms of the Restricted
Shares.

 

NOW, THEREFORE, in consideration of the
mutual covenants contained herein and other good and valuable consideration,
including the conversion of the Series A Performance Shares and the Series B
Performance Shares, the receipt and sufficiency of which are hereby
acknowledged, the Company and Holder hereby agree as follows:

 

ARTICLE I.

 

GENERAL

 

1.1                                Effective Date. The parties agree that the terms
set forth in this Agreement shall become effective on the date of the first
Qualified IPO (the “Effective Date”) and shall not become effective if
the Qualified IPO does not occur; provided that Section 2.6(c) shall
apply to the Holder on the date first set forth above.

 

1.2                                Restricted Shares. Holder is the holder of Restricted
Shares. The Restricted Shares shall be subject to the terms and conditions of
this Agreement. The Restricted Shares shall be deemed to include associated Dividends (as defined below).

 

1.3                                Ownership, Rights as a Shareholder
and Custody.
Holder is the owner of the Restricted Shares and has all the rights of a
shareholder with respect thereto, including the right to vote such Restricted
Shares and to receive all dividends or other distributions paid with respect to
such Restricted Shares; provided, that, any such dividends and distributions,
whether payable in cash or shares of Common 

 

1

 

Stock, (the “Dividends”)
shall be subject to the transfer restrictions set forth in Section 2.6(a) (the
“Transfer Restrictions”), and a risk of forfeiture to the same extent as
the Restricted Shares with respect to which such Dividends have been distributed and the Committee (as defined
below) may impose additional resale or other conditions on the Restricted
Shares as it may determined in its sole discretion. Accordingly, Holder shall
only be entitled to receive such Dividends when the Restricted Shares (with
respect to which such Dividends have been distributed) vest pursuant to Article II
below. Such ownership of Restricted Shares and Dividends paid in the form of
Common Stock shall be evidenced by book entries on the records of the Company. Unless
provided otherwise pursuant to another agreement between the Holder and the
Company or its successor, promptly following the vesting of Restricted Shares
and the lapse of the Transfer Restrictions pursuant to this Agreement, shares
evidencing such Restricted Shares and cash and/or stock, as applicable
evidencing such Dividends shall be transferred into Holder’s brokerage account
or participant trust maintained with the Company’s agent or, in the Company’s
sole discretion, stock certificate(s) shall be issued and delivered to
Holder (or his/her permitted transferees) by the Company with such legends as
shall be determined by the Company.

 

ARTICLE II.

 

FORFEITURE, VESTING, NON-TRANSFERABILITY

 

2.1                                Forfeiture. Unless otherwise determined by the
Committee, any Restricted Shares which have not vested as of the date Holder
incurs a Termination of Employment (as defined below) shall automatically be
forfeited by Holder on the date of such Termination of Employment without any
additional consideration therefore and without any further action by the
Company. The Committee in its discretion may accelerate the vesting of any
Restricted Shares.

 

2.2                                Vesting of Series A Incentive Shares. The Series A Incentive Shares
shall be fully vested on the Effective Date.

 

2.3                                Vesting of Series A Performance
Shares. Subject
to Holder not incurring a Termination of Employment prior to vesting, the Series A
Performance Shares shall vest if the average closing price of the Common Stock
over any sixty (60) day period following the Lockup Period Expiration Date (as
defined below) and on or prior to the date five years following the Effective
Date (the “Final Date”) implies a 200% return on the JPMP Holder’s
Capital Contributions (as defined in the LLC Agreement) and at least a 30% IRR
(as defined in the LLC Agreement) (collectively, the “Implied Return”)
measured from the date of each Capital Contribution (as defined in the LLC
Agreement) by the JPMP Holder (as defined in the LLC Agreement) was made until
the date the average closing price of the Common Stock price over any such
60-day period achieves the Implied Return. The performance vesting provision in
the previous sentence shall be referred to as the “Series A Performance
Vesting Hurdle.”  In the event the Series A
Performance Vesting Hurdle is not achieved prior to the Final Date, then the Series A
Performance Shares shall be forfeited. Whether or not the Implied Return is
achieved shall be determined by the Committee and the Implied Return may be
achieved whether or not a JPMP Holder is a Company shareholder at the relevant
time.

 

2.4                                Vesting of Series B Incentive
Shares. The Series B
Incentive Shares shall vest in accordance with the vesting schedule set forth
on Exhibit A, as long as Holder does not incur a Termination of
Employment prior to the applicable vesting date.

 

2.5                                Vesting of Series B Performance
Shares. The Series B
Performance Shares shall vest if the vesting provisions in Sections 2.5(a) and
(b) are satisfied prior to the date Holder incurs a Termination of
Employment.

 

2

 

(a)                                 Series B Performance Vesting. Subject to the vesting provisions
in Section 2.5(b), the Series B Performance Shares shall vest if the
average closing price of the Common Stock over any sixty (60) day period
following the Lockup Period Expiration Date and on or prior to the Final Date  implies the Implied Return measured from the date of each
Capital Contribution (as defined in the LLC Agreement) by the JPMP Holder was
made until the date the average closing price of the Common Stock price over
any such 60-day period achieves the Implied Return. The performance vesting
provision in the previous sentence shall be referred to as the “Series B
Performance Vesting Hurdle.”  In the
event the Series B Performance Vesting Hurdle is not achieved prior to the
Final Date, then the Series B Performance Shares shall be forfeited. Whether
or not the Implied Return is achieved shall be determined by the Committee and
the Implied Return may be achieved whether or not a JPMP Holder is a Company
shareholder at the relevant time.

 

(b)                                Series B Time Vesting. Subject to Section 2.5(a),
the Series B Performance Shares shall become vested on the later of (A) the
date the Series B Performance Vesting Hurdle is achieved, and (B) the
date set forth on Exhibit A with respect to the applicable portion
of such Series B Performance Shares. In no event shall the Series B
Performance Shares vest pursuant to this Section 2.5(b) if the Series B
Performance Vesting Hurdle is not achieved.

 

2.6                                Nontransferability.

 

(a)                                 General. Except as provided in Section 2.6(b),
no right or interest of Holder in unvested Restricted Shares may be pledged,
encumbered, or hypothecated to or in favor of any Person (as defined below)
other than the Company, or shall be subject to any lien, obligation, or
liability of Holder to any other Person other than the Company. No unvested
Restricted Shares shall be assigned, transferred, or otherwise disposed of by
Holder other than by will or the laws of descent and distribution or pursuant
to beneficiary designation procedures approved from time to time by the
Committee.

 

(b)                                Permitted Assignees. Notwithstanding the Transfer
Restrictions, to the extent and under such terms and conditions as determined
by the Committee, Holder may assign or transfer the unvested Restricted Shares
(each transferee thereof, a “Permitted Assignee”) (i) to Holder’s
spouse, children or grandchildren (including any adopted and step children or
grandchildren), parents, grandparents or siblings, (ii) to a trust for the
benefit of Holder and/or one or more of the Persons referred to in clause (i),
or (iii) to a partnership, limited liability company or corporation in
which Holder or the persons referred to in clause (i) are the only
partners, members or shareholders; provided, however, that such Permitted
Assignee shall be bound by and subject to all of the terms and conditions of
this Agreement relating to the transferred Restricted Shares and shall execute
an agreement satisfactory to the Company evidencing such obligations.

 

(c)                                 Lock-up Period. Executive hereby agrees that, if
so requested by the Company or any representative of the underwriters (the “Managing
Underwriter”) in connection with the Qualified IPO, Executive shall not sell or
otherwise transfer any Restricted Shares during such period as may be requested
in writing by the Managing Underwriter and agreed to in writing by the Company.

 

2.7                                Adjustment Upon Changes in
Capitalization, Merger or Asset Sale.

 

(a)                                 Changes in Capitalization. Subject to any required action by
the shareholders of the Company, the number of Restricted Shares subject to
this Agreement, shall be equitably adjusted, as determined by the Committee,
for any change in the number of issued shares of Common Stock resulting from a
stock split, reverse stock split, stock dividend, spin-off, combination or
reclassification of the Common Stock, or any other change in the number of
issued shares of Common Stock effected without receipt of consideration by the
Company; provided, however, that a conversion of any convertible securities of
the Company shall not be deemed to have been “effected without receipt of
consideration.”

 

3

 

Such adjustment, if
any, shall be made by the Committee, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number of Restricted
Shares subject to this Agreement.

 

(b)                                Merger or Asset Sale. In the event of a merger of the
Company with or into another corporation, or the sale of substantially all of
the assets of the Company, the Agreement shall be assumed by the successor
corporation or a parent or subsidiary of the successor corporation. In the
event that the successor corporation or a parent or subsidiary of the successor
corporation refuses to assume the Agreement, the vesting and Transfer
Restrictions set forth in this Agreement shall immediately lapse.

 

ARTICLE III.

 

REGISTRATION RIGHTS

 

If Holder is not an Investor, Holder shall be
entitled to registration rights pursuant to this Article III as
follows:

 

3.1                                Piggyback Registrations. If the Company proposes to
register under the Securities Act any securities of the Company, whether or not
for sale for its own account, on a form and in a manner which would permit
registration of the Restricted Shares held by Holder for sale
to the public under the Securities Act, the Company shall give written notice
of the proposed registration to Holder not later than thirty (30)
days prior to the filing thereof (for the avoidance of doubt, the “piggyback”
registration rights set forth in this Section 3.1 shall only apply to the
extent that the registration of the Company’s securities is in connection with
a sale of the Company’s securities for cash solely for capital raising
purposes, and not any other type of registration, including, without
limitation, registrations relating to employee benefits plans or the issuance
of the Company’s securities issued as consideration for acquisitions, business
combinations, mergers or strategic alliances). Holder can make
such a request by giving written notice to the Company within ten (10) Business
Days after the receipt of the Company’s notice of the proposed registration; provided,
however, that if the registration is an underwritten registration and the
managing underwriter or underwriters thereof advise the Company that in its or
their reasonable opinion the number of securities proposed to be sold in such
registration exceeds the number that can be sold in such offering without
having a material adverse effect on the success of the offering, including an
impact on the selling price and other terms of such offering (an “Underwriter
Cutback”), the Company will include in such registration only the
number of securities that, in the reasonable opinion of such underwriter or
underwriters can be sold without having a material adverse effect on the
success of the offering (it being understood that the inclusion of
any such additional Restricted Shares may be
determined in and of itself to have a material adverse effect on the offering), as
follows: first, the securities which the Company
proposes to sell; second, the Registrable
Stock (as defined in the Stockholders Agreement) of the Investors, pro rata
among all such Investors on the basis of the relative percentage of Registrable
Stock then held by all Investors who have requested that Registrable
Stock owned by them be so included, in accordance with the terms
of the Stockholders Agreement; third the Restricted
Shares of all Holders, pro rata among all such
Holders on the basis of the relative percentage of Restricted Shares then held
by all Holders who have requested that Restricted Shares owned by
them be so included (it being further agreed and understood, however, that such
underwriters shall have the right to eliminate entirely the participation of
the Holders) and fourth, the comparable securities
of any Persons holding the Company’s securities
eligible to participate in such offering, pro rata among all such Persons
on
the basis of the relative percentage of such securities then held by all such
Persons who have requested that securities owned by them be so included. For
purposes of any Underwriter Cutback pursuant to this Section 3.1, all Restricted
Shares proposed to be sold by any Holder shall also include any Restricted
Shares proposed to be sold by the partners or retired partners or
Affiliates

 

4

 

of such Holder, or the estates and
family members of any such Holders or such partners or retired partners, any
trusts for the benefit of any of the foregoing Persons and, at the election of
such Holders or such partners, retired partners, trusts or Affiliates, and such
Holder and other Persons shall be deemed to be a single selling Holder, and any
pro rata reduction with respect to such Holder shall be based upon the
aggregate amount of Restricted Shares proposed to be sold by all
entities and individuals included in such selling Holder, as defined in this
sentence. Restricted Shares proposed to be registered
and sold pursuant to an underwritten offering for the account of Holder shall
be sold to the prospective underwriters, on the terms and subject to the
conditions of one or more underwriting agreements negotiated between the
holders of Restricted Shares to which such Registration
Statement relates, the Company and the prospective underwriters. Any Holder who
holds Restricted Shares being registered in any offering shall have the right
to receive a copy of the form of underwriting agreement and shall have an
opportunity to hold discussions with the lead underwriter of the terms of such
underwriting agreement. The Company may withdraw any Registration Statement at
any time before it becomes effective, or postpone or terminate the offering of
securities, without obligation or liability to any Holder.

 

3.2                                Holdback Agreements; Suspension of
Registration Statement.

 

(a)                                 Notwithstanding any other provision
of this Section 3, Holder agrees that (if so required by the underwriters
in an underwritten offering and provided that such condition is applicable
equally to all Holders) it will not (and it shall be a condition to the rights
of Holder under this Section 3 that Holder does not) offer for Public Sale
any Restricted Shares during the thirty (30) days before and a period not to
exceed ninety (90) days after the effective date of any Registration Statement
filed by the Company in connection with any underwritten Public Sale of
securities of the Company (except as part of such underwritten registration or
as otherwise permitted by such underwriters); provided, however,
that in each case, Holder shall not object to shortening such period if the
underwriter agrees that shortening such period would not materially and
adversely affect the success of the offering; and provided, further,
that Holder shall not be released from such restrictions as provided in this Section 3.2(a) unless
all Holders are similarly so released pro rata based upon the relative number of
Restricted Shares owned by such Holders at such time.

 

(b)                                If,
at any time when a registration statement effected pursuant to this Section 3
is effective and a Prospectus relating thereto is required to be delivered
under the Securities Act, the Company becomes aware that such Prospectus
included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing, to the extent that the amendment
or supplement to such Prospectus are necessary to correct such untrue statement
of a material fact or omission to state a material fact would require
disclosure of material information which the Company has a bona fide business
purpose for preserving as confidential, and, if applicable, the Company
provides Holder written notice thereof promptly after the Company makes such
determination (to the extent Holder is participating in such registration),
Holder shall suspend sales of its Restricted Shares being registered pursuant
to such registration statement and the Company shall not be required to comply
with its obligations under this Section 3 until the earlier of (A) the
date upon which such material information is disclosed to the public or ceases
to be material or (B) if applicable, ninety (90) days after Holder’s
receipt of such written notice.

 

3.3                                Expenses. Except
as otherwise required by state securities or blue sky laws or the rules and
regulations promulgated thereunder, all expenses, disbursements and fees
incurred by the Company and Holder in connection with any registration under
this Section 3 shall be borne by the Company, except that the following
expenses shall be borne by the Holders incurring the same: (i) the
costs and expenses of counsel to Holder to the extent Holder retains counsel; (ii) discounts,
commissions, fees or similar compensation owing to underwriters, selling
brokers, dealer managers or other industry professionals, to

 

5

 

the extent relating to the
distribution or sale of Holder’s Restricted Shares; and (iii) transfer
taxes with respect to the Restricted Shares sold by Holder.

 

3.4                                Registration
Procedures. In connection with any registration of Restricted
Shares under the Securities Act pursuant to this Agreement, the
Company will consult with each Holder whose Restricted Shares is to be included
in any such registration concerning the form of underwriting agreement, shall
provide to such Holder the form of underwriting agreement prior to the Company’s
execution thereof and shall provide to such Holder and its representatives such
other documents (including comments by the Commission on the Registration
Statement) as such Holder shall reasonably request in connection with its
participation in such registration. The Company will furnish each Holder whose Restricted
Shares is registered thereunder and each underwriter, if any, with a
copy of the Registration Statement and will supply each such Holder and each
underwriter, if any, with copies of any Prospectus included therein (including
a preliminary prospectus), in such quantities as may be reasonably necessary
for the purposes of the proposed sale or distribution covered by such
registration. The Company shall not, however, be required to maintain the
Registration Statement effective or to supply copies of a Prospectus for a
period beyond ninety (90) days after the effective date of such Registration
Statement, or such longer period as is otherwise set forth herein or agreed to
by the Company, and, at the end of such period, the Company may deregister any
securities covered by such Registration Statement and not then sold or
distributed. In the event that the Company prepares and files with the
Commission a Registration Statement providing for the sale of Restricted
Shares pursuant to its obligations under this Section 3, the
Company will:

 

(a)                                 upon filing a Registration Statement
or any Prospectus related thereto, furnish to the Holders
whose Restricted Shares is covered by such Registration Statement and the
underwriters, if any, copies of all such documents;

 

(b)                                cause the related Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented, to
be filed pursuant to Rule 424 under the Securities Act; and, comply with
the provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement during the applicable period
in accordance with the intended methods of disposition by the sellers thereof
set forth in such Registration Statement or supplement to such Prospectus;

 

(c)                                 promptly notify the Holders
and the managing underwriters, if any, and (if requested by any such Person or
entity) confirm such advice in writing, (A) when any Prospectus has been
filed, and, with respect to any Registration Statement, when the same has
become effective, (B) of any request by the Commission or any state
securities commission for amendments or supplements to a Registration Statement
or related Prospectus or for additional information, (C) of the issuance
by the Commission or any state securities commission of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, (D) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any of the
Restricted Shares for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose, and (E) of the existence of any fact
which results in a Registration Statement or a Prospectus containing an untrue
statement of a material fact or omitting to state a material fact required to
be stated therein or necessary to make the statements therein not misleading;

 

(d)                                use its commercially reasonable
efforts to obtain the withdrawal of any order suspending the effectiveness of a
Registration Statement;

 

(e)                                 if requested by the managing
underwriters or an Holder, promptly incorporate into a Prospectus
such information as the managing underwriters or the Holders holding a
majority of the Restricted Shares being sold by Holders agree should
be included therein relating to the sale of such Restricted Shares, including
information with respect to the amount of Restricted Shares being sold to such
underwriters, the purchase price being paid therefor by such underwriters and
with respect to any other

 

6

 

terms of the
underwritten (or best efforts underwritten) offering of the Restricted Shares
to be sold in such offering; and make all required filings of such Prospectus
as soon as notified of the matters to be incorporated in such Prospectus;

 

(f)                                   furnish to such Holder
and each managing underwriter at least one (1) signed copy of the
Registration Statement (including, for the avoidance of doubt, all documents
incorporated therein by reference and all exhibits (including those
incorporated by reference));

 

(g)                                deliver to such Holders
and the underwriters, if any, as many copies of the Prospectus (including each
preliminary prospectus) as such Persons may reasonably request;

 

(h)                                prior to any Public Sale of
Restricted Shares, register or qualify or cause to be registered or qualified
such Restricted Shares for offer and sale under the securities or blue sky laws
of such jurisdictions within the United States as any Holder
or underwriter reasonably requests in writing and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions
of the Restricted Shares covered by the applicable Registration Statement; provided,
however, that the Company will not be required to qualify generally to
do business in any jurisdiction where it is not then so qualified or to take
any action which would subject it to general service of process or taxation in
any such jurisdiction where it is not then so subject;

 

(i)                                    cooperate with the Holders
and the managing underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Restricted Shares to be sold pursuant to
such Registration Statement and not bearing any restrictive legends, and enable
such Restricted Shares to be in such denominations and registered in such names
as the managing underwriters may request at least two (2) Business Days
prior to any sale of Restricted Shares to the underwriters;

 

(j)                                    if any fact described in clause (E) of
Section 3.4(c) exists, prepare a supplement or post-effective
amendment to the applicable Registration Statement or the related Prospectus or
file any other required document so that, as thereafter delivered to the
purchasers of the Restricted Shares being sold thereunder, such Prospectus will
not contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein not misleading;

 

(k)                                 cause all Restricted Shares covered
by the Registration Statement to be listed on each securities exchange or
interdealer quotation system on which similar securities issued by the Company
are then listed;

 

(l)                                    provide and cause to be maintained a
transfer agent and registrar for all such Restricted Shares covered by such
Registration Statement not later than the effective date of such Registration
Statement;

 

(m)                              obtain an opinion from the Company’s
counsel and a “cold comfort” letter from the Company’s independent auditors in
customary form and covering such matters as are customarily covered by such
opinions and “cold comfort” letters delivered to underwriters in underwritten
public offerings, which opinion and letter shall be reasonably satisfactory to
the underwriter, if any, and to the Holders owning a
majority of the Restricted Shares being registered in such offering, and
furnish to each Holder participating in the offering and to each
underwriter, if any, a copy of such opinion and letter addressed to such Holder
or underwriter;

 

(n)                                deliver promptly to each Holder
participating in the offering and each underwriter, if any, copies of all
correspondence between the Commission and the Company, its counsel or auditors
and all memoranda relating to discussions with the Commission or its staff with
respect to the Registration Statement, other than those portions of any such
correspondence and memoranda which contain

 

7

 

information subject
to attorney-client privilege with respect to the Company, and, upon receipt of
such confidentiality agreements as the Company may reasonably request, make
reasonably available for inspection by any seller of such Restricted Shares
covered by such Registration Statement, by any underwriter, if any,
participating in any disposition to be effected pursuant to such Registration
Statement and by any attorney, accountant or other agent retained by any such
seller or any such underwriter, all pertinent financial and other records,
pertinent corporate documents and properties of the Company, and cause all of
the Company’s officers, directors and employees to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such Registration Statement;

 

(o)                                provide a CUSIP number for all
Restricted Shares included in such Registration Statement, not later than the
effective date of the applicable Registration Statement;

 

(p)                                enter into such agreements
(including an underwriting agreement in form reasonably satisfactory to the
Company) and take all such other reasonable actions in connection therewith in
order to expedite or facilitate the disposition of such Restricted Shares, and
to the extent required by the underwriter, participate in a road show arranged
by the underwriter with Holders holding a majority of the Restricted
Shares included in such Registration Statement;

 

(q)                                make available for inspection by a
representative of the Holders the Restricted Shares being sold
pursuant to such Registration Statement, any underwriter participating in any
disposition pursuant to a Registration Statement, and any attorney or
accountant retained by such Holders or underwriter, all financial and other
records, any pertinent corporate documents and properties of the Company
reasonably requested by such representative, underwriter, attorney or
accountant in connection with such Registration Statement; provided, however,
that any records, information or documents that are designated by the Company
in writing as confidential shall be kept confidential by such Persons unless
disclosure of such records, information or documents is required by court or administrative
order;

 

(r)                                   otherwise use its commercially
reasonable efforts to comply with all applicable rules and regulations of
the Commission and relevant state securities commissions, and make generally
available to the Holders earning statements satisfying the
provisions of Section 12(a) of the Securities Act no later than
forty-five (45) days after the end of any twelve (12)-month period (or
one-hundred twenty (120) days, if such period is a fiscal year) commencing at
the end of any fiscal quarter in which Restricted Shares of such Holder
is sold to underwriters in an underwritten offering, or, if not sold to
underwriters in such an offering, beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of a Registration
Statement, which statements shall cover said twelve (12)-month periods; and

 

(s)                                 take all such other commercially
reasonable actions as are necessary or advisable in order to expedite or
facilitate the disposition of such Restricted Shares, including using
commercially reasonable efforts to cause appropriate officers and employees to
be available, on a customary basis and upon reasonable notice, to meet with
prospective Holders in presentations, meetings, road shows
and due diligence sessions.

 

3.5                                Conditions
to Holder Rights; Indemnification by Holders. It shall
be a condition to Holder’s rights hereunder to have Restricted Shares owned by
it registered that:

 

(a)                                 Holder shall cooperate with the
Company in all reasonable respects by supplying information and executing
documents relating to Holder or the Restricted Shares owned by Holder in
connection with such registration which are reasonably requested by the
Company;

 

8

 

(b)                                Holder shall enter into such
undertakings and take such other action relating to the conduct of the proposed
offering which the Company or the underwriters may reasonably request as being
necessary to ensure compliance with federal and state securities laws and the rules or
other requirements of the Financial Industry Regulatory Authority or
otherwise to effectuate the offering; and

 

(c)                                 Holder shall execute and deliver an
agreement to indemnify and hold harmless the Company and each underwriter (as
defined in the Securities Act), and each Person, if any, who controls such
underwriter within the meaning of the Securities Act, against such losses,
claims, damages or liabilities (including reimbursement for legal and other
expenses) to which such underwriter or controlling Person may become subject
under the Securities Act or otherwise, in such manner as is customary for
registrations of the type then proposed and, in any event, comparable in scope
to indemnities given by the Company in connection with such registration, but
only with respect to information furnished by such Holder in writing and
specifically for use in the Registration Statement or Prospectus in connection
with such registration and with respect to such Holder’s failure to deliver
Prospectuses as required under the Securities Act.

 

3.6                                Indemnification and Contribution.

 

(a)                                 In the
event of any registration under the Securities Act of any Restricted
Shares of Holder pursuant to this Section 3,
the Company hereby covenants and agrees to indemnify and hold harmless Holder and its
respective partners, directors, officers, employees, managers, members, agents,
control persons (within the meaning of Section 15 of the Securities Act)
and Permitted Assignees (collectively, “Indemnified Persons”) from and
against any losses, claims, damages or liabilities, including reimbursement for
legal and other expenses to which such Indemnified Person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such
losses, claims, damages or liabilities arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a
Registration Statement or Prospectus contained therein (in the case of any
Prospectus or preliminary prospectus, in light of the circumstances under which
they were made), or arise out of or are 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 not misleading (in the case of any
Prospectus or preliminary prospectus, in light of the circumstances under which
they were made); provided, however, that the Company shall not be
liable to Holder (and the Indemnified Persons related to Holder) in any
such case to the extent that such loss, claim, damage or liability arises out
of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in a Registration Statement or Prospectus in
reliance upon and in conformity with written information pertaining to Holder (and/or the
Indemnified Persons related to Holder) and furnished to the
Company by or on behalf of Holder (and/or the Indemnified
Persons related to Holder) specifically for inclusion
therein; provided, further, however, that this indemnity
agreement will be in addition to any liability which the Company may otherwise
have to such Indemnified Person. The Company shall also indemnify underwriters
in connection with a disposition of Restricted Shares by Holder, and such
underwriters’ respective directors, officers and control persons (within the
meaning of Section 15 of the Securities Act) to the same extent as
provided above with respect to the indemnification of the Holders if
requested by a majority of the Holders participating in the
registration.

 

(b)                                In the
event of any registration under the Securities Act of any Restricted
Shares of Holder pursuant to this Article 3,
Holder hereby covenants and agrees to indemnify and hold harmless
the Company and its directors, officers, agents and control persons (within the
meaning of Section 15 of the Securities Act) from and against any losses,
claims, damages or liabilities to which the Company or any such controlling
person may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or Prospectus, or
arise out of or are based upon the omission or alleged omission to state
therein a material fact necessary to make the statements therein not
misleading, but in each case only to the extent that the untrue statement

 

9

 

or omission or alleged untrue
statement or omission was made in reliance upon and in conformity with written
information pertaining to Holder and furnished to the
Company by or on behalf of Holder specifically for inclusion
therein; and, subject to the immediately preceding limitation, shall reimburse,
as incurred, the Company for any legal or other expenses reasonably incurred by
the Company or any such controlling person in connection with investigating or
defending any loss, claim, damage, liability or action in respect thereof. This
indemnity agreement will be in addition to any liability which such Holder may
otherwise have to the Company, its directors, officers or any of its control
persons (within the meaning of Section 15 of the Securities Act).

 

(c)                                 Promptly
after receipt by an indemnified party under this Section 3.6 of notice of
the commencement of any action or proceeding (including a governmental
investigation), such indemnified party will, if a claim in respect thereof is
to be made against the indemnifying party under this Section 3.6, notify
the indemnifying party of the commencement thereof; provided, that the
failure to notify the indemnifying party shall not relieve it from any
liability that it may have under Section 3.6(a) or (b) except to
the extent that it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the indemnifying party shall not relieve it from any
liability that it may have to an indemnified party otherwise than under Section 3.6(a) or
(b). In case any such action is brought against any indemnified party, and it
notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party and after notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof the indemnifying party will not
be liable to such indemnified party under this Section 3.6 for any legal
or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened action in respect of
which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party unless such settlement (x) includes
an unconditional release of such indemnified party from all liability on any
claims that are the subject matter of such action, and (y) does not
include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.

 

(d)                                The agreements contained in this Section 3.6
shall survive the sale of the Restricted Shares pursuant to a
Registration Statement and shall remain in full force and effect, regardless of
any termination or cancellation of this Agreement or any investigation made by
or on behalf of any indemnified party.

 

(e)                                 In order
to provide for just and equitable contribution in circumstances in which the
indemnity agreement provided for in this Article 3 is for
any reason held to be unenforceable although applicable in accordance with its
terms in respect of any losses, liabilities, claims, damages, judgments and
expenses suffered by an indemnified party referred to herein, each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, liabilities, claims, damages, judgments and expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party (including, in each case,
that of their respective officers, directors, employees and agents) on the
other hand, in connection with the statements or omissions which resulted in
such losses, liabilities, claims, damages, judgments or expenses, as well as
any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined 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 indemnifying party or by
the indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount
paid or payable by a party as a result of the losses, liabilities, claims,

 

10

 

damages, judgments and expenses referred
to above shall be deemed to include, subject to the limitations set forth in Section 3.6(f),
any legal or other fees or expenses reasonably incurred by such party in
connection with investigating or defending any action or claim. The parties
agree that it would not be just and equitable if contribution pursuant to this Section 3.6
were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in this
Section 3.6(e). No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

 

(f)                                   Notwithstanding
the provisions of this Section 3.6, Holder shall not be required to
pay (through contribution or indemnity) any amount in excess of the amount by
which (A) the total price at which the Restricted Shares sold to
the public by Holder and its Affiliates and Permitted Assignees exceeds (B) the
amount of any damages which Holder and its Affiliates and
Permitted Assignees have otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.

 

3.7                                Rule 144. The Company covenants that
it will use commercially reasonable efforts to file the reports required to be
filed by it under the Securities Act and the Exchange Act, and the rules and
regulations adopted by the Commission thereunder. Upon the request of Holder, the
Company will deliver to Holder a written statement as to
whether it has complied with such requirements.

 

3.8                                Termination of Registration Rights. Holder’s
entitlement to registration rights pursuant to this Section 3 shall expire
as to any share of Restricted Shares upon (A) such Restricted Shares
ceasing to be subject to this Agreement, (B) the sale of such Restricted
Shares pursuant to an effective Registration Statement, (C) the sale of
such Restricted Shares pursuant to Rule 144, or (D) the date upon
which such Restricted Shares has been transferred to a Person who is not a Holder and in
connection therewith, an unlegended stock certificate for such share has been
issued and the sale of such share of Restricted Shares has been permitted
absent registration under the Securities Act.

 

3.9                                Delay of Registration. Holder shall not have any right to
obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to
the interpretation or implementation of this Section 3.

 

ARTICLE IV.

 

OTHER PROVISIONS

 

4.1                                Definitions. For purposes of this Agreement,
the terms set forth below shall have the following meanings:

 

(a)                                 “Affiliate” means with respect to a
specified Person, any Person that directly or indirectly controls, is
controlled by, or is under common control with, the specified Person. As used
in this definition, the term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by
contract or otherwise.

 

(b)                                “Business Day” means any day that
is not a Saturday, a Sunday or other day on which banks are required or
authorized by law to be closed in New York, New York.

 

(c)                                 “Commission” means the United
States Securities and Exchange Commission.

 

(d)                                “Committee” means the Board
of Directors of the Company or a committee appointed by the Board to administer
this Agreement.

 

11

 

(e)                                 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations in effect thereunder.

 

(f)                                   “Investor” means each Investor party to the
Stockholders Agreement.

 

(g)                                “JPMP Holder” means JPMP Wind Energy (Noble), LLC and
any Permitted Transferee (as defined in the LLC Agreement).

 

(h)                                “JPMP Investor” means JPMP Wind Energy (Noble), LLC.

 

(i)                                    “Lockup Period Expiration Date” means the later of (i) one
hundred eighty (180) days following the Effective Date and (ii) such lockup
period expiration date as may be required by the underwriters in connection
with the Qualified IPO.

 

(j)                                    “Person”
includes any individual, corporation, association, partnership (general or
limited), joint venture, trust, estate, limited liability company, or other
legal entity or organization.

 

(k)                                 “Prospectus” means the
prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective Registration Statement in reliance
upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Restricted Shares covered by such Registration
Statement, and all other exhibits, amendments and supplements to the
Prospectus, including, without limitation, post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

 

(l)                                    “Public Sale”
means a Transfer pursuant to (i) a bona fide public offering pursuant to
an effective registration statement filed under the Securities Act or (ii) Rule 144.

 

(m)                              “Registration Statement” means any registration statement of the Company under the
Securities Act which permits the public offering of any of the Restricted
Shares pursuant to the provisions herein, including, without limitation, the
Prospectus, amendments and supplements to such registration statement,
including post-effective amendments, all exhibits and all material incorporated
by reference or deemed to be incorporated by reference in such registration
statement.

 

(n)                                “Rule 144” means Rule 144, or any successor
thereto, promulgated under the Securities Act (other than in a privately
negotiated sale)

 

(o)                                “Securities Act”
means the Securities Act of 1933, as amended, and the rules and
regulations in effect thereunder.

 

(p)                                “Series A Incentive Shares” means the Common
Stock designated as Series A Incentive Shares on Exhibit A.

 

(q)                                “Series A Incentive Units” means the Units
designated as Series A Incentive Units on Exhibit A.

 

(r)                                   “Series A Performance Shares” means the Common
Stock designated as Series A Performance Shares on Exhibit A.

 

(s)                                 “Series A Performance Units” means the Units
designated as Series A Performance Units on Exhibit A.

 

12

 

(t)                                   “Series B Incentive Shares” means the Common
Stock designated as Series B Incentive Shares on Exhibit A.

 

(u)                                “Series B Incentive Units” means the Units
designated as Series B Incentive Units on Exhibit A.

 

(v)                                “Series B Performance Shares” means the Common
Stock designated as Series B Performance Shares on Exhibit A.

 

(w)                              “Series B Performance Units” means the Units
designated as Series B Performance Units on Exhibit A.

 

(x)                                  “Stockholders Agreement” means that certain
Stockholders Agreement, dated as of August 15, 2008 by and between the
Company and the Investors party thereto.

 

(y)                                “Termination of Employment” means the time when the
engagement of Holder as an employee of the Company or any of its subsidiaries
is terminated for any reason, with or without cause, including, but not by way
of limitation, by resignation, discharge, death or retirement, but excluding (a) terminations
where there is simultaneous commencement by the former Holder of a relationship
with the Company or one of its subsidiaries as an employee and (b) at the
discretion of the Committee, terminations which result in a temporary severance
of the service relationship. To the extent that the Holder is a trust or other
entity related to an employee of the Company, then the references herein to the
employment or termination of the Holder shall refer to such employee.

 

(z)                                  Transfer” means a transfer, sale, assignment, pledge, hypothecation
or other disposition or exchange, including any Transfer of a voting or
economic interest in securities or other property; and “Transferring” or “Transferred”
have correlative meanings.

 

Any term defined in the LLC Agreement shall be defined as set forth in
the last version of the LLC Agreement whether or not the LLC Agreement remains
in effect following the date of this Agreement.

 

4.2                                Covenants. Holder
agrees to be bound by the terms of Exhibit C, which shall be part of this
Agreement.

 

4.3                                Taxes. Holder
shall be solely responsible for any tax consequences associated with the
Restricted Shares and shall make appropriate arrangements for the payment to
the Company (or its subsidiary, as applicable) of all amounts, if any, which
the Company (or its subsidiary, as applicable) is required to withhold under
applicable law with respect to the Restricted Shares. The Company may refuse to
issue any Restricted Shares to Holder until Holder satisfies the tax
withholding obligations. To the maximum extent permitted by law, the Company
(or its subsidiary, as applicable) has the right to retain without notice from
Restricted Shares transferable to Holder upon vesting or from compensation
payable to Holder, shares of Common Stock or cash having a value sufficient to
satisfy the tax withholding obligation in the event the tax withholding
obligation is not satisfied by the Holder.

 

4.4                                Not a Contract of Employment.
Nothing in this Agreement shall confer upon Holder any right to continue to
serve as an employee or other service provider of the Company or any of its
subsidiaries.

 

4.5                                Governing Law. The laws
of the State of Delaware shall govern the interpretation, validity,
administration, enforcement and performance of the terms of this Agreement
regardless of the law that might be applied under principles of conflicts of
laws.

 

13

 

4.6                                Administration of the Agreement. The Committee shall have the authority, in its discretion,
to construe and interpret the terms of this Agreement, to prescribe, amend and
rescind rules and regulations relating to the Agreement and to make all
other determinations deemed necessary or advisable for administering the
Agreement. The Committee’s decisions and interpretations shall be final and
binding on Holder and all other persons.

 

4.7                                Amendment, Suspension and Termination. This Agreement may be wholly or partially amended or
otherwise modified, suspended or terminated at any time or from time to time by
the Committee, provided, that,
except as may otherwise be provided, directly or indirectly, in this Agreement,
no amendment, modification, suspension or termination of this Agreement shall
adversely effect the Restricted Shares without the prior written consent of
Holder.

 

4.8                                Notices. Notices
required or permitted hereunder shall be given in writing and shall be deemed
effectively given upon personal delivery or upon deposit in the United States
mail by certified mail, with postage and fees prepaid, addressed to Holder to
his address shown in the Company records, and to the Company at its principal
executive office.

 

4.9                                Successors and Assigns.
The Company may assign any of its rights under this Agreement to single or
multiple assignees, and this Agreement shall inure to the benefit of the successors
and assigns of the Company. Subject to the restrictions on transfer herein set
forth, this Agreement shall be binding upon Holder and his or her heirs,
executors, administrators, successors and assigns.

 

4.10                          Entire Agreement. This
Agreement, together with the Stockholders Agreement, to the extent the Holder
is a party to the Stockholders Agreement, and the exhibits constitute the
entire agreement among the parties hereto pertaining to the subject matter of
this Agreement and supersede all prior agreements and understandings pertaining
thereto. Notwithstanding the foregoing, any other confidentiality agreement,
non-solicitation/non-servicing agreement or any other type of restrictive
covenant agreement that Holder has entered into prior to the date hereof or may
enter into after the date hereof with Holder or any of its affiliates shall
remain in full force and effect. No oral understandings, oral statements, oral
promises or oral inducements between the parties hereto relating to this
Agreement exist. No representations, warranties, covenants or conditions,
express or implied, whether by statute or otherwise, other than as set forth in
this Agreement, have been made by the parties hereto. The parties hereto agree
that, effective as of the Effective Date, the LLC Agreement and the Members’
Agreement shall be terminated and of no further force or effect without any
further action on the part of any party, and each party thereto hereby releases
each other party thereto from all rights and obligations under the LLC
Agreement and the Members’ Agreement effective as of the Effective Date.

 

4.11                          Execution. This
Agreement may be executed in two or more counterparts, or by facsimile
transmission, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument.

 

***

 

14

 

By his or her signature and the Company’s signature below, Holder
agrees to be bound by the terms and conditions of this Agreement, including Exhibit C.
Holder has reviewed the Agreement in its entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Agreement and fully
understands all provisions of this Agreement. If Holder is married, his or her
spouse has signed the Consent of Spouse attached to this Agreement as Exhibit B.

 

	
  NOBLE
  ENVIRONMENTAL POWER, LLC:

  	
  HOLDER:

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name: 

  	
  Walter Q. Howard

  	
   

  	
  Name:  

  	
  INSERT NAME

  
	
  Title:

  	
  President and Chief
  Executive Officer

  	
   

  	
    

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Address: 

  	
  8 Railroad Avenue,
  Suite 8

  	
   

  	
  Address: 

  	
   

  
	
   

  	
  Essex, Connecticut 06426

  	
   

  	
   

  	
   

  
	
   

  	
  Attention:  General Counsel

  	
   

  	
   

  	
   

  
	
   

  	
  Facsimile:  860-767-7198

  	
   

  	
   

  	
   

  

 

15

 

EXHIBIT A

TO RESTRICTED STOCK AGREEMENT(1) 

 

[NAME OF HOLDER]

 

Series A Units

 

	
  Date of 

  Original

  Issuance

  	
   

  	
  Series A

  Incentive

  Units

  	
   

  	
  Series A

  Incentive

  Shares

  	
   

  	
  Series A

  Performance

  Units

  	
   

  	
  Series A

  Performance

  Shares

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Series B Units

 

	
  Date of

  Original

  Issuance

  	
   

  	
  Vesting

  Commencement

  Date

  	
   

  	
  Series B

  Incentive

  Units

  	
   

  	
  Series B

  Incentive

  Shares

  	
   

  	
  Series B

  Performance

  Units

  	
   

  	
  Series B

  Performance

  Shares

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Vesting Schedule

 

Subject to the terms of the
Restricted Stock Agreement, the Series B Incentive Shares and Series B
Performance Shares (collectively, the “Series B Shares”) shall vest
as follows:

 

•                 25% of the Series B
Shares shall vest on the first anniversary of the Vesting Commencement Date;

 

•                 25% of the Series B
Shares shall vest on the second anniversary of the Vesting Commencement Date;

 

•                 25% of the Series B
Shares shall vest on the third anniversary of the Vesting Commencement Date;
and

 

•                 25% of the Series B
Shares shall vest on the fourth anniversary of the Vesting Commencement Date.

 

Holder Initials:

 

(1) The
“Date of Original Issuance” for new purchases will be filled in after the
purchase and the Common Stock amounts will be filled in following the Public
Sale by the Company. The Vesting Commencement Date will be the Date of Original
Issuance.

 

A-1

 

EXHIBIT B

TO RESTRICTED STOCK
AGREEMENT

 

CONSENT OF SPOUSE

 

I,
                                        ,
spouse of
                              ,
have read and approve the foregoing Agreement. In consideration of issuing to
my spouse the shares of the common stock of Noble Environmental Power, LLC set
forth in the Restricted Stock Agreement, I hereby appoint my spouse as my
attorney-in-fact in respect to the exercise of any rights under the Restricted
Stock Agreement and agree to be bound by the provisions of the Restricted Stock
Agreement insofar as I may have any rights in said Restricted Stock Agreement
or any shares of the common stock of Noble Environmental Power, LLC issued
pursuant thereto under the community property laws or similar laws relating to
marital property in effect in the state of our residence as of the date of the
signing of the foregoing Restricted Stock Agreement.

 

	
  Dated:
                                ,

  	
   

  
	
   

  	
  Signature of Spouse

  

 

B-1

 

EXHIBIT C

TO RESTRICTED STOCK
AGREEMENT

 

Holder agrees that he or she
is bound by the provisions in this Exhibit C and that such provisions
shall be part of the Restricted Stock Agreement. Terms not defined herein shall
have the same meaning as set forth in the Restricted Stock Agreement.

 

1.1                                Confidential or Proprietary Information.

 

(a)                                  Except in connection with the faithful performance of the
Holder’s duties as an employee of the Company or any of its subsidiaries or
pursuant to Sections 1.1(c) or 1.1(d) of this Exhibit C, the
Holder will not, at any time during the Holder’s employment with the
Company or thereafter, directly, indirectly or otherwise, use, disseminate,
disclose or publish, or use for the Holder’s benefit, or for the benefit of any
person, firm, corporation or other entity, any Confidential or Proprietary
Information of or relating to the Company or any entity that directly or
indirectly controls, is controlled by or is under common control with the
Company (along with the Company, the “Company Group;” references to the
Company Group contained in this Exhibit C shall refer both to each member
of the Company Group and the Company Group as a whole), nor shall the Holder
deliver to any person, firm, corporation or other entity any document, record,
notebook, computer program or similar repository of or containing any such
Confidential or Proprietary Information. For purposes of this Exhibit C, “Confidential
or Proprietary Information” includes, without limitation: all trade
secrets, intellectual property in the form of patents, trademarks and
copyrights and applications therefor, ideas, inventions, works, discoveries,
improvements, information, documents, formulae, practices, processes, methods,
developments, source code, modifications, technology, techniques, data,
programs, other know-how or materials, owned, developed or possessed by the
Company Group, whether in tangible or intangible form, information with respect
to the Company Group’s operations, processes, products, inventions, business
practices, finances, principals, vendors, suppliers, customers, potential
customers, marketing methods, costs, prices, contractual relationships,
regulatory status, prospects and compensation paid to employees or other terms
of employment. The parties hereby stipulate and agree that as between them the
foregoing matters are important and material Confidential or Proprietary
Information, which affect the successful conduct of the businesses of the
Company Group (and any successor or assignee of the Company Group).

 

(b)                                 Upon the Holder’s Termination of Employment, whether at the
instance of the Holder or the Company and for whatever reason, the Holder will
promptly deliver to the Company all correspondence, records, drawings, manuals,
letters, notes, notebooks, computers, cell phones, reports, programs, data,
audio or videotapes (or other information contained on any digital information
medium), plans, proposals, financial documents, or any other documents or
materials containing Confidential or
Proprietary Information, information otherwise owned by the Company Group, or
information concerning the customers, business plans, marketing
strategies, products or processes of the Company Group. The Holder shall also
return any materials or information received in connection with the Holder’s
employment with the Company Group from clients, prospects or vendors of the
Company Group.

 

(c)                                  The Holder may respond to a lawful and valid subpoena or
other legal process; provided, however, that the Holder shall
give the Company the earliest possible notice thereof, and shall, as much in
advance of the return date as possible, make available to the Company and its
counsel the documents and other information sought. The Holder shall assist
such counsel at the Company’s expense in resisting or otherwise responding to
such subpoena or process.

 

(d)                                 Nothing in this Exhibit C shall prohibit the Holder from
(i) disclosing information and documents when required by law, subpoena or
court order (subject to the requirements of Section 1.1(c) of this Exhibit C),
(ii) disclosing information that has been or is hereafter made public

 

C-1

 

through no act or omission of the Holder in violation of this
Exhibit C or any other confidentiality obligation or duty owed to the
Company Group and through no act or omission of any other person which, to the
knowledge of the Holder, has any legally binding confidentiality obligation or
duty to the Company Group; (iii) disclosing information and documents to
the Holder’s attorney or tax adviser for the purpose of securing legal or tax
advice, (iv) disclosing the post-employment restrictions in this Exhibit C
in confidence to any potential new employer, or (v) retaining, at any
time, the Holder’s personal correspondence, personal rolodex and documents
related to the Holder’s own personal benefits, entitlements and obligations.

 

1.2                        Inventions. All
rights to discoveries, inventions, documents, improvements and innovations
(including all data and records pertaining thereto) related to the business of
the Company, whether or not patentable, copyrightable, registrable as a
trademark, or reduced to writing, that the E Holder may discover, invent,
improve, modify or originate during the Holder’s employment, either alone or
with others and whether or not during working hours or by the use of the
facilities of the Company Group (“Inventions”), shall be the exclusive
property of the Company Group. The Holder shall promptly disclose all
Inventions to the Company, shall execute at the request of the Company any
assignments or other documents the Company may deem reasonably necessary to
protect or perfect the rights of the Company Group therein, and shall assist
the Company Group, upon reasonable request and at the Company’s expense, in
obtaining, defending and enforcing the Company Group’s rights. The Holder
hereby appoints the Company as the Holder’s attorney-in-fact to execute on the
Holder’s behalf any assignments or other documents reasonably deemed necessary
by the Company to protect or perfect the Company Group’s rights to any
Inventions.

 

1.3                                Non-Competition and Non-Solicitation.

 

(a)                                  While the Holder is employed by the Company or any of its
subsidiaries and for the period beginning on the date of Holder’s Termination
of Employment for any reason and ending six (6) months later, the Holder
shall not directly or indirectly, individually or on behalf of any other person
or entity, manage, participate in, work for, consult with, render services for,
or take an interest in (as an owner, stockholder, partner or lender) any
Competitor in an area of business in which Competitor directly competes or
seeks to directly compete with the Company Group.

 

(b)                                 For purposes of this Exhibit C, “Competitor” means any
business, company or individual which is in the business, or is actively
seeking to be in the business, of developing, constructing, managing, owning or
operating wind energy projects in: (i) Connecticut; (ii) Maine; (iii) Michigan;
(iv) New Hampshire; (v) New York; (vi) Texas; (vii) Vermont;
(viii) Wyoming; or (ix) any other state in the United States in which
the Company Group operates, or has been developing, wind energy projects within
the twelve (12) months preceding the Holder’s termination of employment.

 

(c)                                  While the Holder is employed by the Company Group and for a
period of six (6) months following the Holder’s termination of employment
for whatever reason, the Holder shall not directly or indirectly, individually
or on behalf of any other person or entity:

 

·                 divert or
attempt to divert from the Company Group any business with any customer,
partner or other person with which the Company Group had any business contact
or association while the Holder was employed by the Company;

·                 induce or
attempt to induce any customer, partner or other person with which the Company
Group had any business contact or association to reduce or refrain from doing
business with the Company Group;

 

C-2

 

·                 induce or
attempt to induce, or cause, other than by means of any general solicitation by
advertisement or otherwise, any employee or consultant of the Company Group to
terminate his or her employment or relationship with the Company Group; or

·                 recruit or hire, other than
by means of any general solicitation by advertisement or otherwise, any person
who was an employee or consultant of the Company Group after his or her
employment or relationship with the Company Group has terminated; provided that
in no event shall this clause prohibit the Holder from engaging the services of
well-established accounting, legal, consulting or financial services firms.

 

1.4                                Non-Disparagement. The
Holder agrees, while Holder is employed by the Company and
thereafter, to refrain from disparaging the Company Group, including any of
their services, technologies or practices, or any of their directors, officers,
agents, employees,  former employees,
representatives or stockholders, either orally or in writing; provided, however,
that nothing in the foregoing shall preclude the Holder from making truthful
statements that are required by applicable law, regulation or legal process. The
Company agrees, while the Holder is employed by the Company and thereafter, to
refrain from disparaging the Holder; provided, that the Company’s
agreement to this non-disparagement clause shall be limited to official
statements issued by the Company as an organization and statements of officers
of the Company and members of the Board of Managers of the Company (or similar
governing body of the Company); provided,  further, that nothing
in the foregoing shall preclude the Company, its officers or members of the
Board of Managers of the Company (or similar governing body of the Company)
from making truthful statements that are required by applicable law, regulation
or legal process.

 

1.5                                Injunctive Relief. The
Holder acknowledges that a breach of the covenants contained in this Exhibit C
will cause irreparable damage to the Company and its goodwill, the exact amount
of which will be difficult or impossible to ascertain, and that the remedies at
law for any such breach will be inadequate. Accordingly, the Holder agrees that
in the event of a breach of any of the covenants contained in this Exhibit C,
in addition to any other remedy which may be available at law or in equity, the
Company will be entitled to specific performance and injunctive relief.

 

1.6                                Other Agreements. The
provisions in this Exhibit C are in addition to, and will in no way limit
the application of, any other covenant, restriction, undertaking,
representation or warranty made by or in respect of the Holder to the Company
in any other agreement.

 

C-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]