Document:

exv10w1

 

SEVERANCE AGREEMENT

     THIS AGREEMENT is made and entered into by and between GOODRICH PETROLEUM CORPORATION, a
Delaware corporation, having an office at 808 Travis, Suite 1320, Houston, Texas, 77002
(hereinafter referred to as “Employer”), and JAMES DAVIS, (hereinafter referred to as “Davis”)
effective as of the 12th day of December, 2006.

     Attendant to Davis’s employment by Employer, Employer and Davis hereby agree, that if Davis’s
employment with the Company is terminated by the Company without “Cause” (as defined below), or
Davis’s employment with the Company is terminated because of a “Change of Control” (as defined
below), Company will pay, within three (3) months of termination of employment, Davis a cash lump
sum payment equal to two times Davis’s then current annual rate of total compensation. Also,
through the second anniversary of the employment termination, health and life insurance coverage
under the Company plans or the equivalent thereof shall be provided to Davis on the same basis as
its other senior executives.

     The term “Cause” is defined as (1) any material failure of Davis, after written notice to
perform his duties as an officer of the company; (2) commission of fraud, embezzlement or
misappropriation by Davis against the company; (3) material breech by Davis of fiduciary duties
owed to the Company; (4) conviction of Davis of a felony offense or a crime involving moral
turpitude.

     A “Change of Control” of the Company is deemed to have occurred if (1) there is a sale, lease
or other transfer of all or substantially all of the assets of the company; (2) the Company or its
shareholders adopt a plan relating to the liquidation or dissolution of the Company; (3) any person
or group of persons acting in concert becomes the beneficial owner of fifty percent (50%) or more
of the voting power of the Company’s securities generally entitled to vote in the election of
directors; or (4) there occurs a merger or consolidation of the Company unless, for at least six
months after the transaction, all of those persons who were beneficial owners of the Company’s
common stock before the transaction, beneficially own greater than fifty (50%) of the total voting
power of all securities generally entitled to vote in the election of directors, managers or
trustees of the surviving entity.

     This Agreement shall be binding upon and inure to the benefit of Employer, its successors,
legal representatives and assigns, and upon Davis, his heirs, executors, administrators,
representatives and assigns; provided, however, Davis agrees that his rights and obligations
hereunder are personal to him and may not be assigned without the express written consent of
Employer.

     This Agreement replaces and merges all previous agreements and discussions relating to the
same or similar subject matters between Davis and Employer and constitutes the entire agreement
between Davis and Employer with respect to the subject matter of this Agreement. This agreement
may not be modified in any respect by any verbal statement, representation or agreement made by any
employee, officer, or representative of employer or by any written agreement unless signed by an
officer of Employer who is expressly authorized by Employer to execute such document.

     If any provision of this Agreement or application thereof to anyone or under any circumstances
shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provisions or applications of this Agreement that can be given effect without the
invalid or unenforceable provision or application.

     Any controversy or claim arising out of or relating to this Agreement, the breach thereof,
Davis’s employment with Employer, or the termination thereof, shall be settled by arbitration in
accordance with the Commercial Arbitration Rules of the American Arbitration Association (AAA),

 

 

and judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. To select an arbitrator, each party shall strike a name from the list
submitted by AAA with the grieving party striking first. The arbitrator shall not have the power
to add to or ignore any of the terms and conditions of this Agreement. His decision shall not go
beyond what is necessary for the interpretation and application if this Agreement and obligations
of the parties under this Agreement. Cost of such arbitration, but not attorney’s fees, will be
paid by the losing party.

     The laws of the State of Texas will govern the interpretation, validity and effect of this
Agreement.

     This Agreement may be executed in any number of counterparts, all of which shall constitute
the same instrument.

     IN WITNESS WHEREOF, the undersigned intending to be legally bound, have executed this
Agreement as of the
5th day
of January, 2007, to be effective as of the
12th day of December, 2006.

	 	 	 	 	 
	 	GOODRICH PETROLEUM CORPORATION

 	 
	 	By:  	/s/
Walter G. Goodrich
 	 
	 	 	Name:  	Walter G. Goodrich 	 
	 	 	Title:  	Vice-Chairman and CEO 	 
	 
	 	

JAMES DAVIS

/s/ James Davis 
JAMES DAVISexv10w1

 

Exhibit 10.1

December 22, 2006

Mr. Michael El-Hillow

39 Maple Tree Avenue

Unit #22

Stamford, CT 06906

Dear Mike,

Evergreen Solar is very pleased to extend an offer of employment to you for the position of Chief
Financial Officer, reporting to Rick Feldt. As with all employees, your position and duties are
subject to change as the needs of the business may require. Also, you will be expected to follow
the policies and procedures of the Company, as they may exist and be revised during the course of
your employment. 

Base Compensation: Your starting gross base compensation will be $12,500 per pay period
(equivalent to $325,000 annually), paid bi-weekly. Additionally you will receive a one time
“sign-on” bonus in the gross amount of $25,000. This bonus will be paid to you within 14 days of
your start date.

Bonus Plan Participation: You will be eligible to participate in the Evergreen Solar Management
Incentive Plan. This plan provides you with the opportunity to earn an annual bonus, at
target, of up to 60% of your base salary based on the financial performance of the company and
specific strategic goal attainment. As with all executive compensation, the Board of Directors
retains the right to amend bonus plan design from one plan year to the next. Should a change in
the bonus plan be made, we will communicate that to all plan participants. Current plan details
will be provided to you shortly after your start date.

Relocation Expenses: The Company has agreed to reimburse you for relocation expenses associated
with your move to Massachusetts. All expenses must be reasonable and documented. Relocation
expenses are intended to cover, among other things, realtor’s fees, closing costs, movement of
household goods and house hunting trips. Upon acceptance of this offer I will provide you with the
contact information of the various relocation service providers that Evergreen Solar is contracted
with.

Temporary Living Expenses: As discussed, Evergreen Solar will provide you with a temporary living
allowance of up to $5,000 per month, for up to three months. All expenses must be reasonable and
documented.

 

 

December 22, 2006

Page 2

Benefits: As a full-time employee of Evergreen Solar you are eligible for our comprehensive
benefits program. This program presently includes medical insurance, disability insurance, life
insurance, paid time off (PTO), holiday pay, 401(k) savings plan, and others. You will receive
more detailed information regarding Evergreen’s benefits and policies on or before your first day
of employment. Where a particular benefit is subject to a formal plan document or government
regulations (for example, medical insurance, 401(k)), eligibility to participate in and receive any
particular benefit is governed solely by the applicable plan document. Should you have any
questions about the Company’s benefits, please feel free to request a copy of the plan document
and/or contact me directly. Evergreen Solar, of course, reserves the right on a prospective basis
to modify, change or eliminate its compensation, bonus or benefit programs, at the Company’s sole
discretion.

As referenced above the Company utilizes a Paid Time Off Plan (PTO), which combines traditional
sick and vacation time into one bank of hours. Your offer assumes four weeks of vacation, and six
sick days, or 208 PTO hours annually.

Restricted Stock: Subject to the approval of the Company’s Board of Directors, you will be granted
200,000 restricted shares of Evergreen Solar stock, with a four year vesting schedule, which is
subject to the terms and conditions of any Restricted Stock Plan and Restricted Stock Agreement.
Nothing in this paragraph or any of the referenced agreements shall alter the nature of the
employment relationship or otherwise create an express or implied contract or promise to employ you
for a specific period of time.

Evergreen Solar Non-competition, Nondisclosure and Developments and Dispute Resolution Agreement:
In order to protect the Company’s substantial investment of time and money in the creation and
maintaining of its Confidential Information and good-will with its customers, vendors and other
business partners, you are required to sign the Company’s Non-competition, Nondisclosure and
Developments Agreement (NCA), attached to this letter. Your obligations under the NCA shall
continue regardless of any change in your title or compensation, and regardless of the reasons for
any termination of employment.

Also, as we have explained to you, just as Evergreen Solar regards the protection of our trade
secrets, and other confidential information as a matter of great importance, we also respect that
you may have an obligation to your present and/or prior employers to safeguard the confidential
information of those companies. Evergreen Solar respects these obligations, and expects you to
honor them as well. To that end, we expect that you will not take any documents or other
confidential information from your employer if and when you depart. Further, we want to make it
perfectly clear you should not bring with you to Evergreen Solar, or use in the performance of your
responsibilities for our Company, any proprietary business or technical information, materials or
documents of a

 

 

December 22, 2006

Page 3

former employer. The Company also requires you to verify that the performance of your position at
Evergreen Solar does not and will not breach any valid agreement entered into by you prior to
employment with the Company (i.e., you have not entered into any agreements with previous employers
that are in conflict with your obligations to Evergreen Solar). Please provide us with a copy of
any such agreements.

Nature of Relationship/Interpretation of Letter

Mike, while we obviously are hopeful and confident that our relationship will be mutually
rewarding, satisfactory and sustaining, this letter shall not be construed as an agreement, either
express or implied, to employ you for any stated term, and shall in no way alter the Company’s
policy under which both you and the Company remain free to end the employment relationship at any
time and for any reason. Similarly, nothing in this letter shall be construed as an agreement,
either express or implied, to pay you any compensation of any kind, or grant you any benefit beyond
the end of your employment with the Company. Also, this letter constitutes our entire offer
regarding the terms and conditions of your employment by Evergreen Solar, and with the exception of
the Evergreen Solar NCA, it supersedes any prior agreements, or other promises or statements
(whether oral or written) regarding the offered terms of employment. Your employment with
Evergreen Solar shall be governed by and construed under the internal laws of the Commonwealth of
Massachusetts, without giving effect to conflict of law principles.

Finally, you also must complete an Employment Eligibility Verification Form, and submit (within 3
business days of employment) an original document establishing identity and employment eligibility.

We are hopeful that you will reach a favorable conclusion with regard to this offer, and if you do,
would anticipate an early January, 2007 start date.

Sincerely,

/s/ Gary T. Pollard

Gary T. Pollard

Vice President of Human Resources

	 	 	 
	Agreed and Accepted:
	 	 
	 
	 	 
	/s/ Michael El-Hillow

	 	1/2/07
	 

	 	 
	Michael El-Hillow

	 	Date

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