Document:

f8k122409ex10v_amerenergy.htm

    Exhibit 10.5

     

     

    AGREEMENT OF CONVEYANCE,
TRANSFER AND ASSIGNMENT OF ASSETS AND ASSUMPTION OF
OBLIGATIONS

     

    This
Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of
Obligations (“Transfer
and Assumption Agreement”) is made as of November 30, 2009, by and
between CPX Uranium, Inc. (“CPX”), with an
address of 3266 West Galveston Road, #107 Apache Junction Arizona, 85220, NPX
Metals, Inc., with an address of 3266 West Galveston Road, #107 Apache Junction
Arizona, 85220 (“NPX” and collectively
with “CPX”, “Assignor”), and Green
Energy Fields, Inc a Nevada corporation (“Assignee”).

     

    WHEREAS, Assignor desires to
convey, transfer and assign to Assignee, and Assignee desires to acquire from
Assignor, all of the assets set forth on Schedule A attached
hereto (collectively, the “Assets”), and in
connection therewith, Assignee has agreed to assume certain of the liabilities
of Assignor relating to the Assets, on the terms and conditions set forth
herein; and

     

    WHEREAS, NPX owns 100% of the issued
and outstanding securities of CPX and desires to transfer, convey and assign the
CPX stock to Assignee, free and clear of all liens, claims, encumbrances and
liabilities (except as provided in Section 2 hereof).

    

    NOW THEREFORE, in
consideration of the mutual promises and agreements contained herein, the
parties hereto, intending to be legally bound hereby, agree as
follows:

    

    Section
1.       Assignment and
Sale.

    

    1.1.           Assignment
of Assets.  For good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged by Assignor, Assignor does hereby
assign, grant, bargain, sell, convey, transfer and deliver to Assignee, and its
successors and assigns, all of Assignor’s right, title and interest in, to and
under the Assets.

    

    1.2           Purchase
of Stock.  NPX hereby transfers, conveys and assigns 100% of
the issued and outstanding shares of common stock of CPX (the “Shares”) to
Assignee.  NPX represents and warrants that Schedule A sets forth the
true and correct capitalization of CPX, and that there are no outstanding
options, rights or interests in or to purchase any securities of CPX other than
as set forth on Schedule A.

    

    1.3           Closing.  The purchase and
sale of the Shares shall take place at a closing (the “Closing”), to be held at
such date, time and place at the law office of Sichenzia Ross Friedman &
Ference, LLP as shall be determined by the Assignee on notice to the
Assignor.

    

    At the
Closing:

    
      	
              a)  

            	
              NPX
      shall deliver to the Assignee a certificate (or certificates) for the
      Shares, along with a fully executed stock power duly endorsed in form for
      transfer to the Assignee;

            

    

    
      	
              b)  

            	
              The
      Assignee shall pay to the Assignor at the Closing: (A) 2,000,000 shares of
      the Common Stock, par value $0.0001 per share, of Assignee; plus (B) the
      amount set forth for operating expenses incurred by Assignor for the
      operation of the Assets through and following the Closing Date, as set
      forth on  Schedule A hereto (the “Purchase
      Price”).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.4           Further
Assurances.  Assignor shall from time to time after the date
hereof at the request of Assignee and without further consideration execute and
deliver to Assignee such additional instruments of transfer and assignment,
including without limitation any bills of sale, assignments of leases, deeds,
and other recordable instruments of assignment, transfer and conveyance, in
addition to this Transfer and Assumption Agreement, as Assignee shall reasonably
request to evidence more fully the assignment by Assignor to Assignee of the
Assets.

    

    Section
2.     Assumption.

    

    2.1           Assumed
Liabilities.  As of the date hereof, Assignee hereby assumes
and agrees to pay, perform and discharge, fully and completely, those
liabilities, commitments, contracts, agreements, obligations or other claims
against Assignor, whether known or unknown, asserted or unasserted, accrued or
unaccrued, absolute or contingent, liquidated or unliquidated, due or to become
due, and whether contractual, statutory, or otherwise associated with the Assets
assigned, as set forth on Schedule B attached
hereto (the “Liabilities”).

     

    Section
3.      Representations and
Warranties of the Assignor.

    

    Assignor hereby make the following
representations and warranties to the Assignee which shall survive the Closing
and sale of the Shares:

    
      	
              a)  

            	
              NPX
      owns the Shares free and clear of any and all liens, claims, encumbrances,
      preemptive rights, right of first refusal and adverse interests of any
      kind.

            

    

    
      	
              b)  

            	
              The
      Assets are owned by Assignors free and clear of any and all liens, claims,
      encumbrances, preemptive rights, right or first refusal and adverse
      interests of any kind.

            

    

    
      	
              c)  

            	
              Assignor
      has/have the requisite power and authority to enter into this Agreement
      and to consummate the transactions contemplated hereby and otherwise to
      carry out Assignor’s obligations
hereunder.

            

    

    
      	
              d)  

            	
              No
      consent, approval or agreement of any individual or entity is required to
      be obtained by the Assignor in connection with the execution and
      performance by the Assignor of this Agreement or the execution and
      performance by the Assignor of any agreements, instruments or other
      obligations entered into in connection with this
  Agreement.

            

    

    
      	
              e)  

            	
              There
      is no private or governmental action, suit, proceeding, claim, arbitration
      or investigation pending before any agency, court or tribunal, foreign or
      domestic, or, to the Assignor’s knowledge, threatened against the Assignor
      or any of Assignor’s’ properties\.

            

    

    
      	
              f)  

            	
              There
      is no judgment, decree or order against the Assignor that could prevent,
      enjoin, alter or delay any of the transactions contemplated by this
      Agreement.

            

    

    
      	
              g)  

            	
              There
      are no material claims, actions, suits, proceedings, inquiries, labor
      disputes or investigations pending or, to the Assignor’s knowledge,
      threatened against the Assignor or any of its assets, at law or in equity
      or by or before any governmental entity or in arbitration or
      mediation.

            

    

    
      	
              h)  

            	
              No
      bankruptcy, receivership or debtor relief proceedings are pending or, to
      the Assignor’s knowledge, threatened against the
  Assignor.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              i)  

            	
              The
      Assignor has complied with, is not in violation of, and has not received
      any notices of violation with respect to, any federal, state, local or
      foreign Law, judgment, decree, injunction or order, applicable to it, the
      conduct of its business, or the ownership or operation of its
      business.  References in this Agreement to “Laws” shall refer to
      any laws, rules or regulations of any federal, state or local government
      or any governmental or quasi-governmental agency, bureau, commission,
      instrumentality or judicial body (including, without limitation, any
      federal or state securities law, regulation, rule or administrative
      order).

            

    

    
      	
              j)  

            	
              The
      Assignor is aware of the Assignee’s business affairs and financial
      condition and has reached an informed and knowledgeable decision to sell
      the Shares and assign the Assets.

            

    

    
      	
              k)  

            	
              Other
      than the Liabilities, there are no liabilities, commitments, contracts,
      agreements, obligations or other claims against CPX or the Assets, whether
      known or unknown, asserted or unasserted, accrued or unaccrued, absolute
      or contingent, liquidated or unliquidated, due or to become due, and
      whether contractual, statutory, or otherwise associated with the
      Assets

            

    

    
      	
              l)  

            	
              All
      representations, covenants and warranties of the Assignor contained in
      this Agreement shall be true and correct on and as of the Closing with the
      same effect as though the same had been made on and as of such
      date.

            

    

    
      	
              m)  

            	
              NPX
      agrees to indemnify and hold harmless Assignee for and against any breach
      of the representations or warranties contained in this
      Agreement.

            

    

     

    Section
4.         Miscellaneous.

     

    
      	
              n)  

            	
              Entire
      Agreement.  This Agreement constitutes the entire
      agreement of the parties, superseding and terminating any and all prior or
      contemporaneous oral and written agreements, understandings or letters of
      intent between or among the parties with respect to the subject matter of
      this Agreement.  No part of this Agreement may be modified or
      amended, nor may any right be waived, except by a written instrument which
      expressly refers to this Agreement, states that it is a modification or
      amendment of this Agreement and is signed by the parties to this
      Agreement, or, in the case of waiver, by the party granting the
      waiver.  No course of conduct or dealing or trade usage or
      custom and no course of performance shall be relied on or referred to by
      any party to contradict, explain or supplement any provision of this
      Agreement, it being acknowledged by the parties to this Agreement that
      this Agreement is intended to be, and is, the complete and exclusive
      statement of the Agreement with respect to its subject
      matter.  Any waiver shall be limited to the express terms
      thereof and shall not be construed as a waiver of any other provisions or
      the same provisions at any other time or under any other
      circumstances.

            

    

    
      	
              o)  

            	
              Severability.  If
      any section, term or provision of this Agreement shall to any extent be
      held or determined to be invalid or unenforceable, the remaining sections,
      terms and provisions shall nevertheless continue in full force and
      effect.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              p)  

            	
              Notices.  All
      notices provided for in this Agreement shall be in writing signed by the
      party giving such notice, and delivered personally or sent by overnight
      courier, mail or messenger against receipt thereof or sent by registered
      or certified mail, return receipt requested, or by facsimile transmission
      or similar means of communication if receipt is confirmed or if
      transmission of such notice is confirmed by mail as provided in this
      Agreement  Notices shall be deemed to have been received on the
      date of personal delivery or telecopy or attempted
    delivery.

            

    

    
      	
              q)  

            	
              Governing
      Law.  This Agreement shall be governed and construed in
      accordance with the laws of the State of New York applicable to agreements
      executed and to be performed wholly within such State, without regard to
      any principles of conflicts of law.  Each of the parties
      hereby  irrevocably consents and agrees that any legal or
      equitable action or proceeding arising under or in connection with this
      Agreement shall be brought in the federal or state courts located in the
      County of New York in the State of New York, by execution and delivery of
      this Agreement, irrevocably submits to and accepts the jurisdiction of
      said courts, (iii) waives any defense that such court is not a convenient
      forum, and (iv) consent to any service of process made either (x) in the
      manner set forth in this Agreement (other than by telecopier), or (y) any
      other method of service permitted by
law.

            

    

    
      	
              r)  

            	
              Waiver of Jury
      Trial.  Each of the parties hereto hereby expressly
      waives any right to a trial by jury in the event of any suit, action or
      proceeding to enforce this Agreement or any other action or proceeding
      which may arise out of or in any way be connected with this Agreement or
      any of the other documents or agreements executed in connection
      herewith.

            

    

    
      	
              s)  

            	
              Parties to Pay Own
      Expenses.  Each of the parties to this Agreement shall be
      responsible and liable for its own expenses incurred in connection with
      the preparation of this Agreement, the consummation of the transactions
      contemplated by this Agreement and related
  expenses.

            

    

    
      	
              t)  

            	
              Successors.  This
      Agreement shall be binding upon the parties and their respective heirs,
      executors, administrators, legal representatives, successors and assigns;
      provided, however, that neither party may assign this Agreement or any of
      its rights under this Agreement without the prior written consent of the
      other party.

            

    

    
      	
              u)  

            	
              Further
      Assurances.  Each party to this Agreement agrees, without
      cost or expense to any other party, to deliver or cause to be delivered
      such other documents and instruments as may be reasonably requested by any
      other party to this Agreement in order to carry out more fully the
      provisions of, and to consummate the transaction contemplated by, this
      Agreement.

            

    

    
      	
              v)  

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

            

    

    
      	
              w)  

            	
              No Strict
      Construction.  The language used in this Agreement will
      be deemed to be the language chosen by the parties with the advice of
      counsel to express their mutual intent, and no rules of strict
      construction will be applied against any
party.

            

    

    
      	
              x)  

            	
              Headings.  The
      headings in the Sections of this Agreement are inserted for convenience
      only and shall not constitute a part of this
  Agreement.

            

    

    
      	
              y)  

            	
              Legal
      Representation.  Each party hereto acknowledges that it
      has been represented by independent legal counsel in the preparation of
      the Agreement.  Each party recognizes and acknowledges that
      counsel to the Assignee has represented other shareholders of
      the

            

    

    
      	
               
      

            	
              Assignee
      and may, in the future, represent others in connection with various legal
      matters and each party waives any conflicts of interest and other
      allegations that it has not been represented by its own
      counsel.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [SIGNATURE
PAGE TO AGREEMENT OF CONVEYANCE]

     

    IN WITNESS WHEREOF, this
Transfer and Assumption Agreement has been duly executed and delivered by the
parties hereto as of the date first above written.

    

    ASSIGNOR:

    NPX METALS, INC.

    

    

    By: Daniel
Bleak    
   

    Name:  Daniel
Bleak

    Title: President

    

    CPX URANIUM, INC.

    

    

    By: Jonathan
Lindsay                        

           Name:
Jonathan Lindsay

           Title:
Secretary

    

    

    ASSIGNEE:

    GREEN ENERGY FIELDS, INC.

    

    

    By: Joshua
Bleak                               
  

           Name:
Joshua Bleak 

           Title:
Presidentf8k122809ex10i_windtamer.htm

    Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

    

    This EMPLOYMENT AGREEMENT (the
“Agreement”)
is dated as of December 28, 2009 (the “Effective
Date”) between WINDTAMER
CORPORATION, a New York corporation (the “Company”),
and Mr. Adeeb Saba (“Mr. Saba”
or “Executive”).

    

    R
E C I T A L S:

    

    WHEREAS, the Company is in the
business of developing, manufacturing, licensing and selling wind
turbines;

    

    WHEREAS, the Company desires
to engage Mr. Saba as its Vice President of Operations on the terms and
conditions set forth herein;

    

                 WHEREAS, amounts paid pursuant
to this Agreement are intended to qualify as performance-based compensation
under Section 162(m) of the Internal Revenue Code (“Code”); and

    

                  WHEREAS, Saba desires to
accept such employment on the terms and conditions set forth
herein.

    

    P
R O V I S I O N S:

    

    NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties
agree as follows:

    

    1.           Employment;
Duties.

     

    (a)           The
Company hereby agrees to employ Mr. Saba as its Vice President of
Operations.  Mr. Saba hereby accepts such employment.  Mr.
Saba will report to the Company’s President until April 15, 2010, after which
Mr. Saba shall report to the Company’s Chief Executive Officer.  Mr.
Saba will perform those duties and have such authority and powers as are
customarily associated with his position of Vice President of Operations and
such other duties as the President of the Company may reasonably request from
time to time.

     
 

    (b)           Mr.
Saba shall be employed on a full time basis and shall devote substantially all
of his professional business time to the performance of his duties.

     

    2.           Term.                      The
term (the “Term”) of
this Agreement shall commence on December 28, 2009 (the “Start
Date”), and shall continue for three (3) years from the Start Date unless
otherwise terminated as provided herein (together with any Renewal Term, as
hereafter defined, shall be referred to as the “Term”).   This
Agreement shall automatically be extended for successive one (1) year terms
pursuant to the terms and conditions of this Agreement (each, a “Renewal
Term”), unless otherwise terminated by written notice from one party to
the other no less than sixty (60) days prior to the end of the Term or any
subsequent Renewal Term.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.           Compensation.

     

    (a)           Annual
Salary.  In consideration for the services rendered by Mr. Saba
on behalf of the Company during the Term, the Company shall pay Mr. Saba,
commencing on the Start Date, an annual salary of $175,000 (the “Base
Salary”), payable in accordance with the Company’s regular payroll
practices.  All forms of compensation referred to in this Agreement
are subject to withholding for applicable federal, state and local
taxes.

     

    (b)           Bonus.   In
addition to his Base Salary, Mr. Saba shall be entitled to receive bonus
payments as follows: four percent (4%) of all sales of the Company up to $2.5
million and one percent (1%) of all sales of the Company between $2.5 million
and $10 million recorded during calendar year 2010.  Bonus payments
shall be paid to Mr. Saba on a quarterly basis via the Company’s regular payroll
within two weeks after the Company releases its financial results on Form 10-Q
or Form 10-K for the applicable quarter.  Notwithstanding anything to
the contrary contained herein, in no event shall any quarterly bonus payment
paid to Mr. Saba pursuant to this Section 3(b) be greater than $43,750;
provided, however, that any earned but unpaid bonus payable pursuant to this
Section 3(b) shall carry forward to the next calendar quarter subject to the
maximum bonus payable set forth in the first sentence of this Section
3(b).  The bonus structure of Mr. Saba for calendar year 2011 and
beyond shall be mutually agreed to in writing by Mr. Saba and the Chief
Executive Officer of the Company.

     

    (c)           Stock Options. On the
Start Date, Mr. Saba shall be issued pursuant to the Company’s 2008 Equity
Incentive Plan stock options to purchase 400,000 shares of the Company’s Common
Stock with an exercise price equal to the last trade of the common stock on the
Effective Date, which shall vest 200,000 shares on the first anniversary of the
Start Date, 100,000 on the second anniversary of the Start Date and 100,000 on
the third anniversary of the Start Date

    

    4.           Benefits.  In
addition to the compensation set forth above, the Company shall provide Mr. Saba
with the following benefits during the Term:

     

    (a)           Mr.
Saba shall be entitled to four (4) weeks of vacation during each
calendar year (pro-rated for any partial calendar year) that he is employed
hereunder during which vacation his annual salary shall be paid in
full.  Any vacation not taken by Mr. Saba shall not carryover into the
succeeding year.  All unused and accrued vacation shall be paid to Mr.
Saba (or his estate) upon Mr. Saba’ termination of employment.  Such
vacation may only be taken at such time or times as are not inconsistent with
the reasonable business needs of the Company.

     

    (b)           The
Company shall provide Mr. Saba with up to 5 days of paid sick leave each
calendar year (pro-rated for any partial calendar year); unused sick days shall
not carryover into the succeeding year.  The Company also shall
provide Mr. Saba with holiday pay as provided by the Company to its other
executives.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (c)           
The Company shall make available family medical insurance for Mr. Saba under the
medical insurance plan provided to other executives of the Company or a
substantially similar plan. In addition, Mr. Saba and his dependents shall be
entitled to participate in such other benefits as may be extended to active
employees of the Company and their dependents including retirement,
profit-sharing, 401(k), group insurance, hospitalization, medical or other
benefits made available by the Company to its employees
generally.  Further, in the event that the Company desires to obtain
“key man” life insurance on the life of Mr. Saba during the Term, Mr. Saba shall
cooperate with the Company in obtaining such insurance.

     

                 
  5.           Expenses.  Mr.
Saba will be entitled to be paid or reimbursed according to Internal Revenue
Service ("IRS") guidelines for all expenses reasonably incurred by him in
connection with Mr. Saba's responsibilities to the Company, including, without
limitation, for travel, lodging, food, and entertainment.

     

    6.           Confidential
Information. Mr. Saba shall not, during the Term or at anytime during the
five (5) years after termination of his employment, disclose, except as required
or necessary in the course of his employment by the Company or as otherwise
authorized by the Company, any Confidential Information (as defined
herein).  “Confidential
Information” shall mean any information existing as of the date of this
Agreement, or thereafter developed, in which the Company has a proprietary
interest, including, but not limited to, information relating to its patents,
technology, research and development, technical data, trade secrets, know-how,
products, services, finances, operations, sales and marketing, customers and
customer information, licenses, orders for the purchase or sale of products,
personnel matters and/or other information relating to the Company, whether
communicated orally, electronically or in writing, or otherwise obtained by Mr. Saba as a result of
his employment, or through observation or examination of the Company’s
business.

    

    7.           Non-Competition
Covenant; Non Solicitation Covenant.

     

    (a)           During
the Term and for a period of one year thereafter, Mr. Saba agrees that he will
not, directly or indirectly (including, without limitation, whether as
consultant, an officer, employee or director), engage in any business that
manufactures, sells, designs, develops or distributes wind turbines capable of
generating a maximum of 100 kilowatts or less per unit or any business competing
directly with the business in which the Company or those businesses operated or
provided by the Company at such time.

     

    (b)           Notwithstanding
anything herein to the contrary, Mr. Saba shall not be prevented or limited from
(i) investing in the stock or other securities of any corporation whose stock or
securities are publicly owned and regularly traded on any public exchange, (ii)
serving as a director, officer or member of professional, trade, charitable and
civic organizations, or (iii) passively investing (not to exceed being a
beneficial owner of more than 1% of the outstanding Common Stock) his assets in
such a form and manner as will not conflict with the terms of this Agreement and
will not require services (whether as consultant, an officer, employee or
director) on the part of Mr. Saba in the operation of the business of the
entities in which such investments are made.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c)           In
furtherance of the foregoing, Mr. Saba shall not, during the aforesaid period of
non-competition as provided in Section 7(a), directly or indirectly, in
connection with any business involved in the manufacture, sale, design,
development or distribution of wind turbines capable of generating a maximum of
100 kilowatts or less per unit, or any business competing directly with the
business in which the Company was engaged, or in the process of developing
during Mr. Saba’s tenure with the Company, or solicit any customer or employee
of the Company who was a customer or employee of the Company during the tenure
of his employment.

     

    (d)           Mr.
Saba agrees that the prohibitions contained herein are reasonable and valuable
to the Company, and are express conditions of the Company’s decision to employ
him. If any court shall hold that the duration, scope or any other provision of
non-competition or any other restriction contained in this Section 7 is
unenforceable, it is our intention that same shall not thereby be terminated but
shall be deemed amended to delete therefrom such provision or portion
adjudicated to be invalid or unenforceable or, in the alternative, such
judicially substituted term may be substituted therefore.

    

    8.           Termination
of Agreement.  This Agreement shall terminate upon the occurrence of
the following events:

    

    (a)           This
Agreement shall terminate upon Executive’s death.

     

    (b)           The
Company may terminate this Agreement upon Executive’s “total disability” (“Disability”),
which shall mean incapacity due to physical or mental illness or disability,
which renders him absent, or unable to perform his duties hereunder on a full
time basis for a period of six (6) months, whether consecutive or cumulative,
within any twelve (12) month period.

     

    (c) The
Company may terminate this Agreement for “Good Cause” (as defined below) upon
thirty (30) days prior written notice to Executive, subject to any applicable
time to cure, which notice shall specify the reason(s) for
termination.  For purposes of this Agreement, “Good
Cause” means (i) willful disobedience by the Executive of a material and
lawful instruction of the Board of Directors or the Chief Executive Officer of
the Company; (ii) conviction of the Executive of any misdemeanor involving fraud
or embezzlement or similar crime or any felony; (iii) an order is entered by the
Securities and Exchange Commission, a state regulatory agency or an exchange on
which the Company’s securities are traded finding that Executive has violated
the securities laws; (iv) breach by the Employee of any material term, condition
or covenant of this Agreement; (v) excessive absences from work, other than for
illness or Disability.  In the case of any breach of Sections 8 (c)
(i), (iv) or (v) which is capable of being cured, termination will not occur
unless the breach is not cured within thirty (30) days after Company has
provided Executive with written notice thereof.

    

    (d) Executive
may terminate this Agreement upon thirty (30) days prior written notice to the
Company.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (e) This
Agreement may be terminated upon the mutual agreement of Company and
Executive.

    

    
      	
              9.  

            	
              Obligations
      Following Termination of
Agreement.

            

    

     

    (a) If this
Agreement is terminated pursuant to Section 8, the Company shall have no
obligation to pay any Severance Payments (as defined below) or benefits to
Executive; provided, however, Company shall be obligated to pay Executive (or in
the case of his death, his spouse, estate or representative) all unpaid salary,
earned bonuses, vacation and other benefits accrued through the date of
termination of this Agreement and shall provide such other benefits, such as
health insurance continuation in the manner required by Section 4980B of
the Code or other applicable law (“COBRA
Coverage”).

    

    (b) If this
Agreement is terminated by Company without “Good Cause” as defined in Section
8:

    

    (i) Executive
shall be paid all unpaid salary, earned bonuses, vacation and other benefits
accrued through the date of termination and shall receive such other benefits,
as may be required by statute, such as health insurance continuation coverage
under COBRA;

     

    (ii) Executive
shall receive as severance payment an amount equal to the Executive’s annual
salary at the rate in effect as of the date of Executive’s termination for the
remainder of the Term; provided, however, the aggregate amount of such severance
payments shall not be less than two times the Executive’s annual
salary.  Any severance payments are payable on normal pay dates during
the remainder of the Term in accordance with the Company’s pay policies in
effect prior to termination date.  In addition, for the twelve (12)
month period immediately after the termination of this Agreement, Company shall
continue to provide and pay the premium for the health insurance provided to
Executive (and his family, if applicable) immediately prior to the termination
of this Agreement and the Company shall take such actions as are necessary to
cause such COBRA Coverage not to be offset by the provision of benefits under
this Section 9(b)(ii) and to cause the period of COBRA Coverage under the
Company’s health insurance to commence at the end of the twelve (12) month
period. The Executive shall be responsible for the payment of any COBRA premium
during the subsequent continuation period (collectively, the payments under this
clause (ii) are referred to as “Severance
Payments”);

    

    (iii) Executive
shall not be required to mitigate damages of the amount of any salary
continuation payments provided for under this Section by seeking other
employment or otherwise, nor shall the amount of any payments provided for under
this Section be reduced by any compensation earned by Executive as a result of
employment by another employer or by any self employment after the date of
termination;

     

    
      
        
        

      

      
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    (iv) All
options for Company capital stock and restricted stock granted to Executive
pursuant to the Company’s 2008 Equity Incentive Plan including, without
limitation, those granted pursuant to Section 3(c) hereof, or otherwise, that
remain unvested shall immediately vest, and Executive shall have a period of 120
days following termination to exercise his vested options, subject to the
provisions of the Company’s 2008 Equity Incentive Plan and applicable IRS
regulations (provided that any delays in payment or settlement set forth in such
grant or award agreements that are required under Section 409A of the Code
shall remain effective).

    

    (c) Upon the
termination of this Agreement for any reason, any and all restrictions (other
than restrictions which are the result of applicable Federal securities laws and
regulations and those restrictions which Executive has entered into with a third
party on a contractual basis) on the transfer of shares of Company’s capital
stock then owned by Executive (which shall include any and all option shares
unvested at the time of the termination) shall be terminated as of the date of
termination of this Agreement.

    

    (d) All of
the obligations of the Company set forth in this Section 9 are contingent upon
the Executive complying with the provisions of section 6 (Confidential
Information) and Section 7 (Non-Competition Covenant; Non Solicitation
Covenant).  In the event that Executive does not comply with the
aforementioned sections of this Agreement, then Company shall not be obligated
to provide Executive with any of the benefits set forth in this Section
9.  In the case of any breach of Sections 6 or 7 which is capable of
being cured, termination of Severance Payments will not occur unless the breach
is not cured within thirty (30) days after Company has provided Executive with
written notice specifying the breach.

    

    (e) Notwithstanding
the foregoing provisions of this Section 9 or anything in this Agreement to
the contrary, the Medical Benefits that are not non-taxable medical benefits,
“disability pay” or “death benefit” plans within the meaning of Treasury
Regulation Section 1.409A-1(a)(5) shall be provided and administered in a
manner that complies with Treasury Regulation Section 1.409A-3(i)(1)(iv),
which requires that (i) the amount of such benefits provided during one
taxable year shall not affect the amount of such benefits provided in any other
taxable year, except that to the extent such benefits consist of the
reimbursement of expenses referred to in Section 105(b) of the Code, a
maximum, if provided under the terms of the plan providing such Medical Benefit,
may be imposed on the amount of such reimbursements over some or all of the
period in which such benefit is to be provided to the Executive, as described in
Treasury Regulation Section 1.409A-3(i)(iv)(B), (ii) to the extent
that any such benefits consist of reimbursement of eligible expenses, such
reimbursement must be made on or before the last day of the Executive’s taxable
year following the taxable year in which the expense was incurred and
(iii) no such benefit may be liquidated or exchanged for another
benefit.

     

    
      
        
        

      

      
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    10.           Indemnification.
The Company shall, to the maximum extent permitted by law, indemnify and hold
harmless Mr. Saba against any and all damages, liabilities and expenses,
including, without limitation, reasonable attorneys’ fees, judgments, fines,
expenses, fees, losses, claims, settlements, and other amounts actually and
reasonably incurred in connection with any actual or threatened action, suit or
proceeding, whether civil, criminal, arbitrational, administrative or
investigative, arising by reason of Mr. Saba’s employment by, or provision of
services to, the Company other than the willful violation of law by Mr.
Saba.  The Company agrees to obtain Directors and Officers Liability
insurance, and to include Mr. Saba in the coverage of this policy during the
term of this Agreement and for a period of two (2) years
thereafter.  The Company shall promptly advance, prior to the final
disposition of any proceeding, promptly following request therefor, all fees and
expenses incurred by Executive in connection with such action, suit or
proceeding upon receipt of an undertaking by or on behalf of Executive to repay
said amounts if it shall be determined ultimately that Executive is not entitled
to be indemnified under the provisions of this Agreement.

     

    11.           Work-for
Hire.  Except as otherwise may be agreed by the Company in
writing, in consideration of the employment of Mr. Saba by the Company, and free
of any additional obligations of the Company to make additional payment to him,
Mr. Saba agrees to irrevocably assign to the Company any and all inventions,
software, manuscripts, documentation, improvements or other intellectual
property whether or not protected by any state or federal laws relating to the
protection of intellectual property, relating to the present or future business
of the Company that are developed by Mr. Saba prior to the termination of his
employment with the Company, either alone or jointly with others, and whether or
not developed during normal business hours or arising within the scope of
his/her duties of employment.  Mr. Saba agrees that all such
inventions, software, manuscripts, documentation, improvement, trade secrets or
other intellectual property shall be and remain the sole and exclusive property
of the Company and shall be deemed the product of work for hire.  Mr.
Saba hereby agrees to execute such assignments and other documents as the
Company may consider appropriate to vest all right, title and interest therein
to the Company and hereby appoints the Company as Mr. Saba’s attorney-in-fact
with full powers to execute such document itself in the event Mr. Saba fails or
is unable to provide the Company with such signed documents.  This
provision does not apply to an invention for which no equipment, supplies,
facility, or intellectual property or trade secret information of the Company
was used and which was developed entirely on Mr. Saba’ own time, unless (a) the
invention relates (i) to the business of the Company, or (ii) to the Company’s
actual or demonstrably anticipated research or development, or (b) the invention
results from any work performed by Mr. Saba for the Company.

    

    12.           Miscellaneous.

    

    (a)           This
Agreement:

     

    (i)           shall
constitute the entire agreement between the parties hereto and supersedes all
prior agreements, written or oral, concerning the subject matter herein between
the Company and the Mr. Saba and there are no oral understandings, statements or
stipulations bearing upon the effect of this Agreement which have not been
incorporated herein;

    

    (ii)           may
be modified or amended only by a written instrument signed by each of the
parties hereto;

    

    (iii)           shall
bind and inure to the benefit of the parties hereto and their respective heirs,
successors and assigns;

     

    
      
        
        

      

      
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    (iv)           may
not be assigned by either party without a written agreement signed by all
parties hereto.  Any assignment not signed by all parties is null and
void; and

     

    (b)           If
any provision of this Agreement shall be held invalid or unenforceable by
competent authority, such provision shall be construed so as to be limited or
reduced to be enforceable to the maximum extent compatible with the law as it
shall then appear.  The total invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions
hereof and this Agreement shall be construed in all respects as if such invalid
or unenforceable provision were omitted.

     

    (c)           This
Agreement shall be construed in accordance with and governed by the laws of the
State of New York without reference to conflict of laws
principles.  Any litigation involving this Agreement shall be
adjudicated in a court with jurisdiction located in Monroe County, New York and
the parties irrevocably consent to the personal jurisdiction and venue of such
court.

     

    (d)           All
notices and other communications under this Agreement must be in writing and
must be given by personal delivery or first class mail, certified or registered
with return receipt requested, or by overnight currier service and will be
deemed to have been duly given upon receipt if personally delivered, five (5)
days after mailing, if mailed, or upon delivery if sent by overnight courier
service, to the respective persons named below:

    

    If to the Company:

    

    WindTamer
Corporation

    Attn:  Chief
Executive Officer

    156 Court
Street

    Geneseo,
NY 14454

    

    If to Mr. Saba:

    

    7644
Creekwood Estates

    Ontario,
NY 14519

    

    Any party
may change such party’s address for notices by notice duly given pursuant to
this Section.

    

    (e)           This
Agreement may be executed simultaneously in one or more counterparts, each one
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.  The parties may execute this Agreement
by facsimile signature.

     

    (f)           Failure
of either party at any time to require performance of any provision of this
Agreement shall not limit the party’s right to enforce the provision, nor shall
any waiver of any breach of any provision be a waiver of any succeeding breach
of any provision or a waiver of the provision itself for any other
provision.

     

    
      
        
        

      

      
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    (g)           If
any provision of this Agreement, or the application of such provision to any
person or circumstance, shall be held invalid, the remainder of this Agreement,
or the application of such provision to persons or circumstances other than
those as to which it is held invalid, shall not be affected
thereby.

    

    (h)           THE
PARTIES ACKNOWLEDGE THAT MR. SABA AND THE COMPANY HAVE EACH BEEN ADVISED THAT IT
IS IMPORTANT FOR EACH OF THEM TO SEEK SEPARATE LEGAL ADVISE AND REPRESENTATION
IN THIS MATTER.

    

    

    [Signature
Page Follows]

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    IN WITNESS WHEREOF, the
parties have executed this Agreement on the day and year first above
written.

    

    WINDTAMER
CORPORATION

    

    By:        /s/  Gerald
Brock         

    Name: Gerald Brock

          Title:   Chief
Executive Officer

    

    

    /s/  Adeeb Saba               

    Adeeb
Saba   

     

     

     

    10

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