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                                                                    EXHIBIT 10.1

                       STRATEGIC COLLABORATION AGREEMENT
                                    BETWEEN
                          CHEVRON ENERGY SOLUTIONS, LP
                                      AND
                         SATCON TECHNOLOGY CORPORATION

Chevron Energy Solutions, LP ("CHEVRON ES"), 345 California Street, San
Francisco, CA 94104 and SatCon Technology Corporation ("SatCon"), 161 First
Street, Cambridge MA 02142 (together the "Parties") agree to this strategic
collaboration arrangement ("Collaboration Agreement") dated January 23, 2002.

WHEREAS the intent of this Collaboration Agreement is to set forth flexible
parameters for CHEVRON ES and SatCon to work together on power quality or power
generation solutions from time to time.

WHEREAS CHEVRON ES and SatCon have determined that each Party has particular
skills and offers certain services that, when combined with the other Party's
skills and services, can deliver greater value and enhanced solutions to certain
potential customers than each can individually. The goal of this Collaboration
Agreement is to set forth the basis by which the Parties may jointly pursue and
develop solutions that leverage the core competencies and value propositions of
both entities.

It is anticipated that the Parties will work together in the manner described
below:

1.   SatCon and CHEVRON ES will work together to build a case study or
     "hypothetical pilot" (hereinafter "case study") to test in-plant power
     quality or power generation concepts with the intention of using these
     concepts as the building blocks for developing an integrated, bundled
     in-plant power quality or power generation solution (which projects are
     referred to hereinafter as a "PQ/G Project" or "PQ/G Solution"). At the
     conclusion of the case study, the Parties may decide to jointly market the
     PQ/G Solution to those customers that they specifically agree upon.
     Furthermore, should the Parties pursue joint marketing efforts, the Parties
     shall mutually agree in writing to the scope and parameters of the joint
     marketing prior to the issuance of any press release, collateral material
     creation and distribution or any other marketing or media activities
     related to the Parties' joint activities under this Collaboration
     Agreement. The parties shall mutually agree in writing prior to the press
     release, collateral material creation and distribution or any other
     marketing or media activities related to the Parties' joint activities
     under this Collateral Agreement.

2.   Each Party also may pursue any customer and market, develop and implement
     energy-related projects of any kind independently and without the
     involvement or participation of the other Party, and each Party recognizes
     that the other Party

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     may have current or future projects and/or relationships that may not be
     subject to this Collaboration Agreement.

3.   Either party may also offer to the other any PQ/G Project it believes would
     be a suitable candidate for joint development and implementation under a
     definitive project-specific agreement ("Project Agreement"). The offering
     Party may designate such Project as "exclusive" such that, if the Parties
     fail to enter into a Project Agreement with respect to such Project, and
     provided the non-offering Party is not then in discussions with respect to
     the Project, the non-offering Party will not directly or indirectly solicit
     or enter into any arrangement to provide any services contemplated by this
     Collaboration Agreement to or for the benefit of such Project customer for
     a period of six months following the date on which the offering Party
     declares (i) its intention to withdraw the PQ/G Project from consideration
     for joint development and implementation, (ii) its intention to withdraw
     from this Collaboration Agreement, or (iii) that negotiations for a PQ/G
     Project Agreement have reached an impasse, whichever occurs earlier.

4.   The terms and conditions for the development and implementation of a PQ/G
     Project, and governing the relationship between the Parties, will be set
     forth in a Project Agreement to be negotiated between the Parties. The
     Project Agreement will address, among other matters, transaction structure,
     financing, the Parties' scope and participation, sharing and recovery of
     development costs incurred before (if any) and after execution of the
     Project Agreement, and compensation.

5.   Each Party shall be responsible for all of its costs incurred in connection
     with this Collaboration Agreement, including its pre-development and
     development costs incurred with respect to a solution as to which the
     Parties do not enter into a Project Agreement, unless the Parties agree
     otherwise.

6.   The Parties contemplate that CHEVRON ES and SatCon will participate in the
     "case study" in the following manner:

     o    Opportunity assessment and scope development

     o    Identification of solution engineering, building blocks and solution
          elements including but not limited to risk assessment, construction
          solutions, procurement, commissioning and interconnection

     o    Identification of communication and other software applications to
          support the solution

     o    Identification of project licensing/permitting requirements and other
          regulatory and legal issues

     o    Identification of operation and maintenance services

     o    Identification of measurement, monitoring and verification options

7.   The parties also contemplate that in addition to any assistance CHEVRON ES
     provides regarding the tasks set forth in paragraph 6 above, CHEVRON ES
     will also provide:

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     o    A specific case study or past example from which the hypothetical
          pilot will be developed

8.   If CHEVRON ES independently enters into a contract to implement a PQ/G
     Project, CHEVRON ES may provide SatCon the opportunity to be a
     subcontractor to CHEVRON ES to provide services within SatCon's
     capabilities. Should SatCon independently enter into a contract to
     implement a PQ/G Project, SatCon may provide CHEVRON ES the opportunity to
     be a subcontractor to SatCon to provide services within CHEVRON ES'
     capabilities. The Parties may enter into a preferred supplier agreement
     ("supplier agreement") in anticipation of providing these services.

9.   If the parties determine that it is in their best interest to execute a
     supplier agreement then CHEVRON ES may, at its discretion, cooperate in the
     marketing of SatCon's static and rotary UPS products and other products as
     the parties may agree. The non-exclusive supplier agreement shall provide
     CHEVRON ES with preferred pricing, delivery and access to SatCon's
     application engineering resources for UPS products in return for CHEVRON ES
     granting SatCon preferred supplier status for executed, mutually identified
     PQ/G solutions agreements. It is agreed that prior to the execution of the
     supplier agreement, both parties must mutually agree that they meet a
     threshold level of being competitive in their area of participation. The
     parties further agree that if they move forward with execution of the
     supplier agreement, that it is their intent to negotiate in good faith the
     terms of such agreement within six (6) months of the date of this
     Collaboration Agreement. However, if the agreement is not executed within
     that timeframe, the parties may continue negotiations or may determined not
     to go forward with such an agreement at that time.

10.  This Collaboration Agreement will commence immediately upon its execution
     by the Parties and will remain in effect one (1) year from the date of
     execution, unless terminated earlier by either party on written notice. On
     about June 30, 2002, the parties will review and assess the success of
     their activities under the Collaboration Agreement, and make any changes or
     modifications they deem appropriate, which may include restructuring or
     terminating the relationship.

11.  During the term of this Collaboration Agreement the Parties agree not to
     solicit directly or indirectly any employees of the other Party to
     terminate their employment.

12.  Under no circumstances will either Party be liable to the other for any
     claims, losses or damages of any kind or nature and under any theory of
     liability. Each party agrees to indemnify the other for any losses, claims,
     liabilities, or damages arising from or related to the indemnifying Party's
     activities described in this Collaboration Agreement except to the extent
     caused by the indemnified party's gross negligence or willful misconduct.

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13.  This Collaboration Agreement is subject to the Mutual Nondisclosure
     Agreement between SatCon and CHEVRON ES dated October 29, 2001.

14.  While the parties contemplate entering into one or more Project Agreements
     and other contracts, as described in this Collaboration Agreement, neither
     party is under any obligation to do so, nor shall either party have any
     liability to the other in the event no such Agreement or other contracts
     are agreed to. The terms of this Collaboration Agreement are not binding on
     the Parties and impose no obligations of any kind on either Party, except
     that Paragraphs 2, 5, 10, 11 and 12 shall be binding on the Parties in
     accordance with their terms.

15.  The parties may enter into further agreements to further the purpose of
     this Collaboration Agreement and agree to continue expedited discussions to
     resolve any issues that may arise under this Collaboration Agreement, which
     issues may include, without limitation, the following:

     o    Compensation

     o    Control of the customer relationship

     o    Relationship of each party to the other

     o    Identification of their respective roles on each PQ/G Project (e.g.,
          developer/project manager/general contractor)

     o    Cost recovery in the event a PQ/G Project fails to close

     o    Geographic scope

     o    Exclusivity

     o    Ownership or interest in intellectual property

     o    Term and termination

16.  This Collaboration Agreement does not change, amend or supercede any
     existing agreements between the Parties.

17.  The Parties agree to joint marketing and media activities as determined
     reasonably necessary by mutual consultation. Furthermore, the parties shall
     mutually agree in writing prior to the press release, collateral material

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     creation and distribution or any other marketing or media activities
     related to the Parties' joint activities under this Collaboration
     Agreement.

AGREED AND ACCEPTED BY:

SATCON TECHNOLOGY CORPORATION           CHEVRON ENERGY SOLUTIONS, LLC

BY: /s/ Michael C. Turmelle             BY: /s/ Jeffrey M. Jacobs
    ---------------------------             --------------------------
    (SIGNATURE)                             (SIGNATURE)

NAME: Michael C. Turmelle               NAME: Jeffrey M. Jacobs
      -------------------------             --------------------------

TITLE: Chief Operating Officer          TITLE: Senior Vice President
      -------------------------             --------------------------

DATE: 1/23/02                           DATE: 1/23/02

Satcon Technology and Chevron Energy Solutions LP
Strategic Collaboration Agreement
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Exhibit 10.14.7    
  

 
 

EMPLOYMENT AGREEMENT    
  

        This EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of January 1, 2002, by and between PACIFIC CREST CAPITAL, INC., a Delaware
corporation (herein after referred to as "EMPLOYER") and KIMBERLEE VON DISTERLO (hereinafter referred to as "EMPLOYEE"), on the following terms and conditions: 

        1.    TERM OF AGREEMENT; DUTIES

        (a)  Term. EMPLOYER hereby agrees to employ EMPLOYEE as the Senior Vice President of EMPLOYER for a two year period,
commencing on the date hereof, and EMPLOYEE hereby agrees to accept such employment for such period, subject to earlier termination under the circumstances provided herein. The term of this Agreement
shall be extended automatically to cover successive periods of one year each unless, at least one year prior to the end of the original or any renewal term hereof, EMPLOYEE gives written notice to the
President of EMPLOYER, or EMPLOYER gives written notice to EMPLOYEE, of an intent to terminate this Agreement at the end of such term. 

        (b)  Duties. EMPLOYEE, subject to the direction and control of the Board of Directors, shall devote all of EMPLOYEE'S
productive time, attention and energies to discharging, and shall perform, such executive duties and managerial responsibilities as may from time to time be specified by EMPLOYER, and will use
EMPLOYEE'S best efforts to promote the interest of EMPLOYER and its subsidiaries and affiliates and the performance of such duties and responsibilities shall be EMPLOYEE'S exclusive employment for
compensation; provided, however, that nothing herein contained shall be deemed to limit EMPLOYEE'S right to make passive investments in non-affiliated companies. 

        (c)  Extension of Term of Employment Upon Certain Corporate Changes. For purposes of this paragraph (c), "Extension
Date" shall mean the effective date of a transaction pursuant to which (i) EMPLOYER ceases to be an independent publicly owned corporation, (ii) all or substantially all of the assets of
EMPLOYER (including by not limited to the stock of EMPLOYER'S subsidiaries) are sold, (iii) all or substantially all of the assets, or a majority of the outstanding capital stock, of Pacific
Crest Bank are sold to a purchaser which is not controlled by EMPLOYER, (iv) EMPLOYER is merged with or into another corporation which is to be the surviving corporation, or (v) a
majority of the outstanding capital stock of EMPLOYER becomes owned or held, directly or indirectly, in such transaction or series of transactions by a person or entity other than EMPLOYER, its
subsidiary or affiliate, or by a "group" as such term is defined in Rule 13 d-1 of the Securities and Exchange Act of 1934, which prior to such transaction or series of transactions
did not include EMPLOYER, its subsidiaries or affiliates. Notwithstanding paragraph (a) of this Section 1, the term of employment hereunder shall automatically be extended on the first
to occur of any Extension Date. On such Extension Date, the term of employment hereunder shall be extended to cover the two-year period commencing on such Extension Date. 

        2.    COMPENSATION. EMPLOYER shall compensate EMPLOYEE for the services to be rendered by EMPLOYEE hereunder during the term of
EMPLOYEE'S employment, including all services to be rendered as an officer and executive of EMPLOYER, its subsidiaries and affiliates, at an annual base rate to be determined from time to time, and in
no event less frequently than annually, during the term of this Agreement as follows (the "Base Rate"): 

        (a)  The
Base Rate shall be $95,184 per year during the period from the date hereof through December 31, 2002; and 

1

 

        (b)  The
Base Rate for each subsequent calendar year or portion thereof during which this Agreement is in effect shall be no less than the Base Rate for the prior calendar
year and may be increased at the sole discretion of the Board of Directors of EMPLOYER based on the performance of EMPLOYER and the individual merit of EMPLOYEE. 

        The
applicable Base Rate shall be payable not less frequently than monthly in accordance with the regular salary procedure from time to time adopted by EMPLOYER. There shall be deducted
from all compensation paid to EMPLOYEE such sums, including but not limited to Social Security, income tax withholding, employment insurance, and any and all other such deductions as EMPLOYER is by
law obligated to withhold. Notwithstanding anything to the contrary contained herein, the salary of EMPLOYEE may be increased by the Board of Directors of EMPLOYER but shall, for any employment year
covered by this Agreement, be at least at a Base Rate herein above set forth, plus any incentive arrangements to be determined by the Board of Directors. 

        EMPLOYEE
shall be reimbursed for EMPLOYEE'S reasonable and actual out-of-pocket expenses incurred by EMPLOYEE in performance of EMPLOYEE'S duties and
responsibilities hereunder, provided EMPLOYEE shall first furnish proper vouchers and expense accounts setting forth the information required by the United States Treasury Department for deductible
business expenses. 

        EMPLOYEE
shall be entitled to participate in and shall be included in such insurance, pension, profit sharing, stock options, stock purchase and other employee benefit plans ("Benefit
Plans") of EMPLOYER as are in effect from time to time during the term of this Agreement for other employees of EMPLOYER who are employed by EMPLOYER in similar executive capacities as EMPLOYEE;
provided, however, that nothing in this Agreement shall in any way require EMPLOYEE to be covered by any Benefit Plan if EMPLOYEE'S participation is not required by the terms of the Benefit Plan. 

        3.    DISABILITY. If, on account of any physical or mental disability, EMPLOYEE shall fail or be unable to perform under this
Agreement for any period of one hundred twenty (120) consecutive days or for an aggregate period of one hundred twenty (120) or more days during any consecutive twelve-month period, then
and in that event EMPLOYER may, at its option, at any time thereafter, upon written notice to EMPLOYEE, terminate the employment relationship provided for in this Agreement. In such event, EMPLOYEE'S
requirement to render services hereunder and EMPLOYER'S requirement to compensate EMPLOYEE hereunder shall terminate and come to an end upon the date such notice is given as if such date were the
termination of this Agreement; provided, however, that if EMPLOYER terminates the employment relationship as a result of EMPLOYEE'S disability, then EMPLOYEE shall be entitled to receive, as
disability compensation, payments at the Base Rate previously set forth for the remaining term of this Agreement payable not less frequently than monthly. The option to terminate the employment in the
event of a disability herein provided is separate, distinct and additional to any right on the part of EMPLOYER to terminate this Agreement, as provided in Section 6 hereof. EMPLOYER may, at
its option, apply for disability income insurance and, if so, any obligation on the part of EMPLOYER to pay EMPLOYEE any payments on account of any physical or mental disability of EMPLOYEE as
specified above, shall be credited with the amount of any payments to EMPLOYEE under any such disability income policy but not any payments to EMPLOYEE under any state disability insurance. 

        4.    DEATH. In the event that EMPLOYEE should die during the term hereof, this Agreement will terminate. In such event,
EMPLOYEE'S personal representative shall be entitled to receive, as a death benefit, in addition to any other payments which EMPLOYEE'S personal representative may be entitled to receive under any
Benefit Plans, payments for a period of 12 months at the Base Rate that would have then been payable to EMPLOYEE under this Agreement payable not less frequently than monthly. 

        EMPLOYER
may maintain life insurance on the life of EMPLOYEE, in favor of the EMPLOYER. EMPLOYEE shall have no interest whatsoever in any such policy or policies, except as 

2

 

otherwise provided in any split dollar life insurance agreements, but EMPLOYEE shall at the request of EMPLOYER submit to such medical examinations, supply such information, consent to such blood
tests and execute such documents as may be required by the insurance company or companies to whom EMPLOYER has applied for such insurance. 

        5.    VACATION. EMPLOYEE shall be entitled to vacation time for each calendar year during the term of this Agreement in
accordance with EMPLOYER'S vacation policy for senior management executives from time to time in effect. 

        6.    TERMINATION FOR CAUSE. The EMPLOYER shall have the unrestricted right to discharge the EMPLOYEE at any time for cause.
Cause for discharge, to be determined in the EMPLOYER'S sole discretion, shall include, but shall not be limited to, theft or embezzlement by the EMPLOYEE from the EMPLOYER or its affiliates; fraud or
other acts of dishonesty by the EMPLOYEE in the conduct of the EMPLOYER'S business or the fulfillment of EMPLOYEE'S assigned responsibilities hereunder; gross neglect by the EMPLOYEE of EMPLOYEE'S
duties hereunder; the EMPLOYEE'S conviction of, or plea of nolo contendere to, any felony or any crime involving moral turpitude; the EMPLOYEE'S failure
to follow the lawful and reasonable instructions of the Board of Directors of EMPLOYER or the President; or any material breach by the EMPLOYEE of any term, provision or covenant of this Agreement.
The occurrence of any event constituting cause for discharge shall permit but not require the EMPLOYER to terminate the EMPLOYEE for cause; provided, however, that the EMPLOYER'S decision not to
terminate the EMPLOYEE upon the occurrence of an event constituting cause for discharge shall not operate as a waiver of its rights provided in this Section 6 or otherwise. The decision to so
terminate the EMPLOYEE, to impose lesser discipline, to take other action, or to take no action in response to any such occurrence shall be in the EMPLOYER'S sole and exclusive discretion. 

        If
the EMPLOYER terminates the EMPLOYEE for cause, the EMPLOYER shall be obligated to provide to the EMPLOYEE only the Base Rate salary provided for in Section 2 through the date
of termination of the EMPLOYEE at the rate in effect on the date of such termination of the EMPLOYEE. 

        7.    CONFIDENTIAL INFORMATION; COMPETITION. 

        (a)  EMPLOYEE
acknowledges that, in the course of employment hereunder, EMPLOYEE has and will become acquainted with confidential information belonging to EMPLOYER. This
information may relate to persons, firms and corporations which are or become customers or accounts of EMPLOYER or of a subsidiary or affiliate of EMPLOYER during the term of this Agreement. None of
the confidential information which EMPLOYEE may have or may obtain prior to the termination of this Agreement shall be disclosed to any other person either before or after the termination of the
Agreement without the prior written permission of EMPLOYER, except such disclosures as may be necessary to the performance by EMPLOYEE of EMPLOYEE'S duties hereunder or unless such information is a
part of the public domain, is within the prior knowledge of any such other person or is published anywhere without EMPLOYEE'S fault. EMPLOYEE shall return all tangible evidence of all such
confidential information to EMPLOYER prior to or at the termination of EMPLOYEE'S employment. 

        (b)  EMPLOYEE
expressly convenants and agrees that for a period of two years after the date of termination of EMPLOYEE'S employment with EMPLOYER, EMPLOYEE will not, acting
alone or in conjunction with others, directly or indirectly, solicit business of any type engaged in by EMPLOYER (or any subsidiary or affiliate of EMPLOYER) from any person or business which is an
account, customer of client of EMPLOYER (or any subsidiary or affiliate of EMPLOYER), or induce or attempt to influence any such account, customer or client to curtail or cancel its business with
EMPLOYER (or any subsidiary or affiliate of EMPLOYER). 

3

 

        (c)  Because
the remedy at law for any breach of the provisions of this Section 7 would be inadequate, EMPLOYEE hereby consents to the granting, by any court having
jurisdiction and without the necessity of providing actual monetary loss, of an injunction or other equitable relief enjoining any breach of such provisions. 

        (d)  EMPLOYEE
and EMPLOYER recognize that the laws and public policies of the various states of the United States may differ as to the validity and enforceability of
covenants and undertakings similar to those set forth in paragraph (b) of Section 7. It is the intention of EMPLOYER and EMPLOYEE that the provisions of paragraph (b) of
Section 7 shall be enforced to the fullest extent permissible under the laws and public policies of each state and jurisdiction in which such enforcement is sought, and the unenforceability (or
the modification to conform to such laws or public policies) of any provisions of such paragraph shall not render unenforceable, or impair, the remainder of the provisions of such paragraph.
Accordingly, if any provisions of such paragraph shall be determined to be invalid or unenforceable, either in whole or in part, under the laws or public policies of any state or jurisdiction in which
enforcement is sought, as to such state or jurisdiction the provisions of such paragraph shall be deemed amended to delete or modify, as necessary, the offending provision and to alter the balance
hereof in order to render it valid and enforceable in such state or jurisdiction. 

        (e)  Notwithstanding
any termination of EMPLOYEE'S employment, all of the covenants and agreements of EMPLOYEE under this Section 7 shall continue in full force and
effect in accordance with the terms hereof, even if such termination is for cause pursuant to Section 6. 

        8.    NOTICES. All notices, requests, demands and other communications provided for by this Agreement shall be in writing and
shall be deemed to have been given at the time delivered, if personally delivered, or twenty-four hours after deposit thereof for mailing at any general or branch United States Post Office
enclosed in a registered or certified postpaid envelope and addressed to either EMPLOYER or EMPLOYEE as the case may be, at 30343 Canwood Street, Agoura Hills, California 91301. The parties hereto may
designate a different place at which notice shall be given, provided, however, that any such notice of change of address shall be effective only upon receipt. 

        9.    ENTIRE UNDERSTANDING. This Agreement sets forth the entire understanding of the parities hereto with respect to the
subject matter hereof and no other representations, warranties or agreements
whatsoever have been made to EMPLOYEE, except any such incentive arrangements as may be set forth in a written Bonus Plan applicable to EMPLOYEE. This agreement shall not be modified, amended, or
terminated except by another instrument in writing executed by the parties hereto. 

        10.  GOVERNING LAW. This Agreement and all rights, obligations and liabilities arising hereunder shall be construed and
enforced in accordance with the laws of the State of California. 

        11.  ATTORNEY'S FEES. In the event it becomes necessary to commence any proceeding or action to enforce the provisions of this
Agreement, the Court before whom the same shall be tried may award to the prevailing party all costs and expenses thereof, including but not limited to reasonable attorney fees, the usual, customary
and lawfully recoverable Court costs, and all other expenses in connection therewith. 

4

 

        The
parities hereto have executed this Agreement on the day and year first above written. 

	 	 	"EMPLOYEE"
	

 	
 	

/s/  KIMBERLEE VON DISTERLO      
 KIMBERLEE VON DISTERLO
	

 	
 	

"EMPLOYER"
	

 	
 	

PACIFIC CREST CAPITAL, INC.
	

 	
 	

By:	
 	

/s/  GARY WEHRLE      
 GARY WEHRLE

Title: Chairman of the Board

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Exhibit 10.14.7

EMPLOYMENT AGREEMENT

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