Document:

exv4w1

Exhibit 4.1

THIRD SUPPLEMENTAL INDENTURE

     This Third Supplemental Indenture (this “Third Supplemental Indenture”), dated as of April 19,
2011, among MoneyGram Payment Systems Worldwide, Inc. (or its permitted successor), a Delaware
corporation (the “Company”), the Guarantors (as defined in the Indenture referred to herein) and
Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee and collateral
agent under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Base Indenture”), dated as of March 25, 2008, providing for the issuance of 13.25% Senior Secured
Second Lien Notes due 2018 (the “Notes”) and a first supplemental Indenture thereto and second
supplemental Indenture thereto (together with the Base Indenture, the “Indenture”);

     WHEREAS, Section 9.02 of the Indenture provides that the Company and the Trustee may amend or
supplement the Indenture with the consent of the Holders specified in Section 9.02;

     WHEREAS, Holders of 100% of the aggregate principal amount of the outstanding Notes have
provided written consent to this Third Supplemental Indenture; and

     WHEREAS, the execution of this Third Supplemental Indenture by the parties hereto is in all
respects authorized by the provisions of the Indenture, the Company has delivered to the Trustee an
officer’s certificate and an opinion of counsel with respect to such execution, and all things
necessary to make this Third Supplemental Indenture a valid agreement between the Company and the
Trustee in accordance with its terms have been done.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

     2. Amendments. The Indenture is hereby amended as follows:

          (a) Section 1.01 is hereby amended by inserting in alphabetical order the following
definitions:

“Recapitalization” means each of the transactions contemplated to occur
pursuant to Section 1.1 of the Recapitalization Agreement upon the Recapitalization
Closing Date.

 

 

“Recapitalization Agreement” means that certain Recapitalization Agreement, dated as
of March 7, 2011, among Holdco, the THL Investors and the GS Investors (each as
defined therein), as in effect on the date hereof.

“Recapitalization Closing Date” means the “Closing Date” as defined in the
Recapitalization Agreement.

“Recapitalization Consent Fee” means a fee payable in cash in immediately available
funds to the Holders in an aggregate principal amount of $5,000,000.

“Third Supplemental Indenture” means that certain Third Supplemental Indenture,
dated as of April 19, 2011, among the Company, the Guarantors and the Trustee.

“Third Supplemental Indenture Effective Date” means the “Effective Date” as defined
in the Third Supplemental Indenture.

          (b) Section 1.01 is hereby amended by:

          (i) amending clause (1)(d) of the definition of “Adjusted EBITDA” by adding “(including
the Recapitalization)” immediately following the reference to “recapitalization” appearing
therein;

          (ii) amending clause (f) of the definition of “Asset Sale” to read in full as follows:

“(f) (i) any disposition of property or assets or issuance of
securities by a Non-Guarantor to the Company or a Company
Subsidiary, and (ii) any disposition of property or assets by a
foreign Non-Guarantor to another foreign Non-Guarantor;”

          (iii) amending clause (5)(ii) of the definition of “Highly Rated Investments” to read
in full as follows:

“(ii) rated A3 or better by Moody’s and A- or better by S&P.”

          (iv) amending the definition of “Permitted Holdco Indebtedness” to (x) delete the word
“and” appearing at the end of clause (3) thereof, (y) renumbering clause (4) thereof to
clause (5) and (z) adding the following immediately following the end of clause (3)
thereof:

“(4) unsecured Indebtedness incurred by Holdco to the extent:

     (a) such Indebtedness could have been incurred by the
Company in compliance with Section 4.09(a) (it being
understood that so long as such Indebtedness of Holdco remains
outstanding, it shall be treated as outstanding Indebtedness
of the Company for purposes of determining

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whether other Indebtedness of the Company may be incurred
under Section 4.09(a));

     (b) no principal payments required under such
Indebtedness have a stated maturity prior to March 25, 2019;
and

     (c) the net proceeds of such Indebtedness are contributed as
equity to the capital of the Company; and”

          (v) amending clause (2) of the definition of “Permitted Investments” to read in full as
follows:

          “(2) (a) Investments in any foreign Non-Guarantor (other than SPEs)
outstanding on the Third Supplement Indenture Effective Date, (b)
Investments in any foreign Non-Guarantor (other than SPEs) that,
together with all other investments made pursuant to this clause (2)
following the Third Supplemental Indenture Effective Date, shall not
exceed $150.0 million, and (c) any Investments made by any foreign
Non-Guarantor in another foreign Non-Guarantor consisting of (x)
dispositions of property that are not Asset Sales or (y) loans,
guarantees or other extensions of credit;”

          (c) Section 4.07(a)(iii) is hereby amended by replacing the reference to Sections “(6) and
(7)” therein with “(6), (7) and (11)” and Section 4.07(a)(iii)(A) is hereby amended by changing the
reference to the “Closing Date” appearing therein to the “Third Supplemental Indenture Effective
Date.”

          (d) Section 4.07(b) is hereby amended by (i) replacing the language in clause (7)(G) therein
in its entirety with “(G) amounts required to be paid by Holdco (x) to service interest expense
and unpaid commitment fees in connection with Permitted Holdco Indebtedness incurred pursuant to
clause (4) of the definition of Permitted Holdco Indebtedness and (y) in connection with clause (5)
of the definition of Permitted Holdco Indebtedness;” (ii) deleting the reference to “or” appearing
at the end of clause (9) thereof; (iii) adding the word “or” at the end of clause (10) thereof, and
(iv) adding the following clause (11) immediately following the end of clause (10) thereof (and
prior to the first provision appearing thereafter):

“(11) the consummation of the Recapitalization on the Recapitalization Closing Date
in accordance with the Recapitalization Agreement, provided, that (a) the total cash
paid to holders of Capital Stock of Holdco after the Third Supplemental Indenture
Effective Date and through the consummation of the Recapitalization (which will be
funded by distributions by the Company to Holdco) does not exceed $254 million,
consisting of the sum of (x) $219 million paid pursuant to Section 1.1(d)(iii) of
the Recapitalization Agreement plus (y) an amount (not to exceed $35 million) equal
to the dividends payable on the Series B Participating Convertible Preferred Stock
of Holdco and the Series B-1 Participating

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Convertible Preferred Stock of Holdco pursuant to Section 1.1(d)(ii) of the
Recapitalization Agreement plus (z) additional Restricted Payments otherwise
permitted under this Section 4.07 (other than this clause (11)) and (b) concurrently
with the consummation of the Recapitalization, the Company shall have paid the
Recapitalization Consent Fee to the Holders of the Notes pro rata in accordance with
the principal amount of Notes held by the Holders.”

          (e) Section 4.09(a) is hereby amended to change the reference to $10.0 million appearing
therein to $25.0 million.

          (f) Section 4.09(b)(1) is hereby amended and restated in its entirety to read as follows:

“(1) the incurrence by the Company of pari passu secured Indebtedness under Credit
Facilities, the guarantee by the Guarantors of the Company’s obligations thereunder
and the issuance and creation of letters of credit and bankers’ acceptances
thereunder (with letters of credit and bankers’ acceptances being deemed to have a
principal amount equal to the face amount thereof), up to an aggregate principal
amount equal to the sum of (x) $575.0 million less the aggregate amount of all Net
Proceeds of Asset Sales or Specified SRI Sales applied by the Company since the
Third Supplemental Indenture Effective Date to repay any such Indebtedness under
Credit Facilities, and in the case of revolving facilities, that effect a
corresponding reduction in commitments thereunder, plus (y) up to $175.0 million of
incremental loans made under the Credit Facilities so long as the proceeds of such
incremental loans are used to effect an optional redemption of the Notes;”

          (g) Clause (9) of Section 4.09(b) is amended to read in full as follows:

“(9) (A) Indebtedness or preferred stock in an aggregate amount outstanding at any
time not to exceed $150.0 million of the Company or of a Subsidiary Guarantor owing
to a Non-Guarantor (other than an SPE) that is subordinated in right of payment to
the Note Guarantee of such Subsidiary Guarantor on terms satisfactory to the Initial
Purchasers, (B) Indebtedness or preferred stock in an aggregate amount outstanding
at any time not to exceed $150.0 million of a Non-Guarantor (other than an SPE)
owing to the Company or to a Subsidiary Guarantor, and (C) Indebtedness or preferred
stock of a foreign Non-Guarantor owing to another foreign Non-Guarantor; provided,
that any subsequent transfer of any such Indebtedness or preferred stock (except to
the Company or another Company Subsidiary) shall be deemed, in each case, to be an
incurrence of such Indebtedness that was not permitted by this clause (9);”

          (h) Section 4.09 is hereby amended (i) by deleting the “and” appearing at the end of clause
(20) thereof, (ii) replacing the “.” appearing at the end of clause (21) with “; and” and (iii)
adding the following clause (22) immediately following the end of clause (21) thereof:

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“(22) Indebtedness in respect of treasury, depositary and cash management services
or automated clearinghouse transfer of funds (including, without limitation,
controlled disbursement, return items, interstate depository network services,
corporate card services and international wire services) in the ordinary course of
business at any one time outstanding, in each case, arising under the terms of
customary agreements with any bank that provides the Company or any Company
Subsidiary such services.”

          (i) Section 4.11(b) is hereby amended (i) by deleting the “and” appearing at the end of clause
(7) thereof, (ii) replacing the “.” appearing at the end of clause (8) thereof with “; and” and
(iii) adding the following clause (9) immediately following the end of clause (8) thereof:

“(9) the consummation of the Recapitalization and the other transactions
contemplated by the Recapitalization Agreement.”

     3. PropertyBridge, Inc. Notwithstanding anything to the contrary contained in the
Indenture, no Opinion of Counsel shall be required to be delivered to the Trustee in connection
with any release of Collateral or of PropertyBridge, Inc. (“PB”) as a Guarantor in connection with
any sale of all or substantially all of the assets or capital stock of PB made in compliance with
the Indenture.

     4. Amendment to Intercreditor Agreement. The Intercreditor Agreement shall be amended
as follows (or a replacement intercreditor agreement on substantially similar terms acceptable to
the Required Holders entered into in connection with the Financing (as defined in the
Recapitalization Agreement) shall include terms of similar effect) and the Trustee, as Second
Priority Representative for and on behalf of the Second Priority Secured Parties, shall be
authorized and directed to enter into an amendment to the Intercreditor Agreement to give effect
thereto:

          (a) Section 1 shall be amended by adding the following defined term thereto in the proper
alphabetical order:

“Cash Management Obligations” means Indebtedness and other obligations incurred by
the Borrower or any other Loan Party under Section 4.09(b)(22) of the Indenture and
owed to any First Priority Lender (or any Affiliate thereof) or any Person who was a
First Priority Lender or Affiliate thereof at the time of the applicable
transaction.

          (b) The second recital shall be amended by changing the words “as in effect on the date
hereof” appearing in the parenthetical to read “as amended through the first, second and third
supplemental indentures thereto”.

          (c) Section 1 shall be amended by (i) adding the words “and Cash Management Obligations” in
clause (iii) of the definition of First Priority Obligations and in clause (b)(i) of the definition
of Maximum First Priority Obligations Amount, in each case immediately following the reference to
“Hedging Obligations” appearing therein, and (ii) clause (a) of the definition of Maximum First
Priority Obligations Amount to read in full as follows:

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“(a) $675 million plus the principal amount of incremental loans made to the Company
under the Credit Agreement permitted by Section 4.09(b)(1)(y) of the Existing Second
Priority Agreement,”

     5. Effect. This Third Supplemental Indenture shall become effective immediately upon
its execution by the parties hereto (such date, the “Effective Date”); provided that the
effectiveness of the amendments referred to in paragraphs (b)(iv), (c), (d), (f), (h) and (i) of
Section 2 of this Third Supplemental Indenture and Section 4 in its entirety of this Third
Supplemental Indenture shall be subject to (i) the consummation of the Recapitalization in
accordance with the terms of the Recapitalization Agreement without any waiver or modification
thereof (except to the extent such changes are approved in writing by the Required Holders), and
(ii) the consummation of the Financing to effect the Recapitalization in an amount and on terms
reasonably acceptable to the Required Holders, it being understood that Financing on terms, taken
as a whole, not materially less favorable to the Company than those set forth in the term sheet
attached as Annex B to the Recapitalization Agreement shall be deemed to be reasonably acceptable
to the Required Holders.

     6. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THIS THIRD SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

     7. Effect on Indenture. This Third Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and
delivered shall be bound hereby. Except as expressly set forth herein, the Indenture is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain
in full force and effect, including with respect to this Third Supplemental Indenture. This Third
Supplemental Indenture shall not be deemed to be a waiver of, or consent to, or a modification or
amendment of, any other term or condition of the Indenture or the Notes or to prejudice any other
right or rights which the Holders of the Notes may now have or may have in the future under or in
connection with the Indenture or any of the instruments or agreements referred to therein, as the
same may be amended from time to time.

     8. Separability Clause. In case any provision in this Third Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

     9. Counterparts. The parties may sign any number of copies of this Third Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. This Third Supplemental Indenture may be executed by any party hereto by original or
facsimile signature, or electronic format (including pdf) signature, and any facsimile or
electronic signature shall also be deemed valid, binding and enforceable as an original signature.

     10. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

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     11. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect
of the recitals contained herein, all of which recitals are made solely by the Guarantors and the
Company.

[Signature pages follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed and attested, all as of the date first above written.

Date: April 19, 2011

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS

WORLDWIDE, INC.

 	 
	 	By:  	/s/ Jim Shields
 	 
	 	Name:  	Jim Shields 	 
	 	Title:  	Chief Financial Officer 	 
	 

[Signature Page to Third Supplemental Indenture]

 

 

	 	 	 	 	 
	 	MONEYGRAM INTERNATIONAL, INC.

MONEYGRAM PAYMENT SYSTEMS, INC.

MONEYGRAM OF NEW YORK, LLC

PROPERTYBRIDGE, INC.

 	 
	 	By:  	/s/ Jim Shields
 	 
	 	Name:  	Jim Shields 	 
	 	Title:  	Chief Financial Officer 	 
	 

[Signature Page to Third Supplemental Indenture]

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY
 AMERICAS, a New
York banking
 corporation, as Trustee and
Collateral Agent      

 	 
	 	By:  	Deutsche Bank National Trust Company
 	 

	 	 	 	 	 
	 	By:  	                          /s/ David Contino
 	 
	 	 	David Contino 	 
	 	 	Vice President 	 

	 	 	 	 	 
	 	By:  	                          /s/ Irina Golovashchuk
 	 
	 	 	Irinia Golovashchuk 	 
	 	 	Assistant Vice President 	 

[Signature Page to Third Supplemental Indenture]Exhibit 10.1

Exhibit 10.1

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered
into as of this 1st day of April, 2011 (the “Effective Date”), by, between and among (i)
GEMMA POWER SYSTEMS, LLC, a Connecticut limited liability company (the “Company”), GEMMA
POWER, INC., a Connecticut corporation (“GPS-Connecticut”), GEMMA POWER SYSTEMS CALIFORNIA,
INC., a California corporation (“GPS-California”), GEMMA POWER HARTFORD, LLC, a Connecticut
limited liability company (“GPS-Hartford”), and GEMMA RENEWABLE POWER, LLC, a Delaware
limited liability company (“GRP”); and (ii) WILLIAM F. GRIFFIN, JR. (the
“Employee”).

RECITALS:

R-1. The Company is a wholly-owned subsidiary of Argan, Inc., a Delaware corporation
(“Argan”);

R-2. GPS-Connecticut and GPS-California are also wholly-owned subsidiaries of Argan;

R-3. GPS-Hartford and GRP are wholly-owned subsidiaries of the Company (GPS-Hartford, GRP,
GPS-Connecticut and GPS-California are sometimes hereinafter referred to together as the
“Affiliates”);

R-4. The Employee is a principal employee of the Company and the Affiliates (the Company and
the Affiliates are sometimes hereinafter referred to together as the “Companies”);

R-5. The Employee and the Company entered into that certain Employment Agreement dated as of
December 8, 2006, as amended by that certain First Amendment thereto dated February 8, 2008, and by
that certain Second Amendment thereto dated March 5, 2009 (the “Original Employment
Agreement”); and

R-6. The parties wish to enter into this Agreement to amend and restate the terms of the
Employee’s continued employment by the Company and the Affiliates, as set forth hereinafter.

NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants
set forth herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

1. Employment. Each of the Companies hereby agrees to continue to employ the
Employee, and the Employee hereby agrees to accept such continued employment, subject to the terms
and conditions set forth in this Agreement. This Agreement supersedes and replaces any previous oral or written agreement concerning the Employee’s
employment by the Company or the Affiliates.

 

 

 

2. Duties of the Employee. During the “Term” (as defined below) of employment
of the Employee, the Employee shall serve as Chief Executive Officer of the Company and of each of
the Affiliates, and shall faithfully and diligently perform all services as may be assigned to him
by the Board of Directors of the Company (the “Company Board”), and shall exercise such
power and authority as may from time to time be delegated to him by the Company Board. In
addition, during the Term, the Employee shall also serve as Vice Chairman of the Company Board and
of the Boards of Directors of GPS-Connecticut and GPS-California. The Employee shall perform all
services to be rendered by him hereunder to the best of his ability, and use his best efforts to
promote the interests of the Company and the Affiliates. Notwithstanding the foregoing, it shall
not be a breach or violation of this Agreement for the Employee to manage personal investments.

3. Term of Employment. Employment of the Employee pursuant to the terms and
provisions of this Agreement shall commence on the Effective Date, and shall continue for a term of
three (3) years thereafter (the “Initial Term”), unless earlier terminated as provided in
this Agreement. At the end of the Initial Term, the Employee’s employment hereunder shall
automatically renew for successive one year terms (each, a “Renewal Term”), subject to
earlier termination as provided in this Agreement, unless the Company or the Employee delivers
written notice to the other at least three (3) months prior to the expiration date of the Initial
Term or any Renewal Term, as the case may be, of its or his election not to renew the term of
employment. The period during which the Employee shall be employed by the Companies pursuant to
the terms and provisions of this Agreement is sometimes referred to herein as the “Term.”

4. Compensation.

4.1 Salary. Subject to Section 4.3 below, the Company shall pay the Employee
compensation at the annual rate of $600,000 (the “Salary”) during first year of the Initial
Term (i.e., April 1, 2011 through March 31, 2012), payable in installments consistent with the
Company’s normal payroll schedule, subject to applicable withholding and other taxes. Any
increases after the first year shall be negotiated in good faith. Not later than two (2) months
prior to the expiration of each year of the Initial Term or of any Renewal Term, as the case may
be, the Company and the Employee shall commence discussions aimed at determining a mutually
acceptable Salary for the then impending year.

4.2 Bonus. In addition to the Salary set forth in Section 4.1, for each fiscal year
of the Company occurring within, or partially within, the Term, the Employee shall be eligible for
such bonus(es) for special or extraordinary circumstances or occurrences as, in the sole discretion
of the Company Board, may merit special consideration for the Employee, subject to the provisions
of Section 4.3 below and to such approvals as may, in the judgment of the Company Board, be
necessary or appropriate from the Board

 

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of
Directors of Argan, or from the Compensation Committee or other committees of the Board of Directors of Argan; provided, however, that, subject to
the provisions of Section 11.2 and Section 11.3 hereof, as may be applicable, the Employee shall be
entitled to a minimum bonus of $400,000 for each fiscal year of the Company occurring within, or
partially within, the Term (prorated as necessary for any such partial fiscal year during the Term)
and payable upon the completion of each fiscal year (the “Minimum Bonus”). Notwithstanding
anything to the contrary in the foregoing, the parties agree that, for purposes of the Company’s
fiscal year ending January 31, 2012, if the Employee is employed by the Company on that date, then
the Employee will be entitled to 100% of the Minimum Bonus, notwithstanding the fact that the Term
of the Employee’s employment under this Agreement is deemed to commence as of April 1, 2011.

4.3 Apportionment of Salary, Bonus and Benefits. Notwithstanding anything to the
contrary contained in the foregoing provisions of this Section 4 and elsewhere in this Agreement,
Salary, Bonus and the costs of all benefit plans or programs in which the Employee participates, as
set forth in Section 5 below, or other benefits made available to the Employee, as set forth
elsewhere in this Agreement, shall be equitably apportioned among the Company and the Affiliates in
such manner as the Company and the Affiliates shall agree among themselves, and reconciliation of
all such Employee-related costs shall be effectuated through appropriate inter-company transfers
not less frequently than annually.

5. Benefit Plans; Insurance.

5.1 Benefit Plans. The Employee shall be permitted to participate in all employee
health, retirement and insurance benefit plans applicable to officers of the Companies, and such
other plans as may from time to time be made available or applicable to the Companies, consistent
with the policies of the Companies.

5.2 Key-Man Term Life Insurance. The Company and/or the Affiliates, as the case may
be, will maintain and will pay the premiums on a key-man term life insurance policy on the life of
the Employee. Such policy shall (a) name Argan as sole beneficiary, (b) be in the amount of not
less than Five Million Dollars ($5,000,000), and (c) remain in full force and effect for the Term,
or until the expiration of the term of said policy, if sooner. The Employee and each of the
Companies agree to take whatever action is reasonably required by the insurer to maintain such
policy in full force and effect for such time. Upon the termination of the Employee’s employment
hereunder for any reason, the Company and/or the Affiliates, as the case may be, shall assign to
the Employee any and all rights which it may have in and to said insurance policy for the value of
the prepaid unearned premium thereof.

6. Vacation. The Employee shall be entitled to unlimited paid vacation during the
Term; provided that the Employee is available by telephone during such periods of paid vacation.

 

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7. Expenses. The Companies shall reimburse the Employee, consistent with the
Companies’ expense reimbursement policies and procedures and subject to receipt of appropriate
documentation, for all reasonable and necessary out-of-pocket travel, business entertainment, and
other business expenses incurred or expended by the Employee incident to the performance of his
duties hereunder.

8. Working Facilities; Parking; Car Allowance. During the Term the Company shall
furnish the Employee with an office, secretarial help and such other facilities and services
suitable to his position and adequate for the performance of his duties hereunder; and will provide
the Employee with and pay for covered (if reasonably available) and reserved parking. In addition
to the payment for covered and reserved parking costs, the Company shall provide to the Employee a
car allowance in the amount of $1,500 per month, to be used by the Employee to defray the costs of
ownership, leasing, financing, maintenance and/or operation of a car or other vehicle.

9. Withholding. Notwithstanding anything in this Agreement to the contrary, all
payments required to be made by the Company hereunder to the Employee or his estate or
beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Company
may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu
of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept
other provisions for payment of taxes and withholding as required by law, provided it is satisfied
that all requirements of law affecting its responsibilities to withhold have been satisfied.

10. Termination of Employment.

10.1 For Cause. The Company may terminate the Employee’s employment at any time for
“Cause” (as defined below). For the purposes of this Agreement, “Cause” shall mean
(i) habitual drunkenness or any substance abuse which adversely affects the Employee’s performance
of his job responsibilities; (ii) any illegal use of drugs; (iii) commission of a felony
(including, without limitation, any violation of the Foreign Corrupt Practices Act); (iv)
dishonesty materially relating to the Employee’s employment; (v) any misconduct by the Employee
which would cause the Company or any of the Affiliates to violate any state or federal law relating
to sexual harassment or age, sex or other prohibited discrimination, or any intentional violation
of any written policy of the Companies adopted with respect to any such law; (vi) any other conduct
in the performance of the Employee’s employment which the Employee knows or should know (either as
a result of a prior warning by any of the Companies, custom within the industry or the flagrant
nature of the conduct) violates applicable law or causes any of the Companies to violate applicable
law in any material respect; (vii) failure to follow the lawful written instructions of the Company
Board, if such failure continues uncured for a period of ten (10) days after receipt by the
Employee of written notice from the Company stating that continuation of such failure would
constitute grounds for termination for Cause; (viii) any violation of the confidentiality or
non-competition provisions hereof; or (ix) any other material violation of this Agreement.

 

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10.2 Upon Death or Disability. The employment of the Employee shall automatically
terminate upon the death of the Employee and may be terminated by the Company upon the
“Disability” (as defined below) of the Employee. For purposes of this Section 10.2, the
Employee shall be deemed “Disabled” (and termination of his employment shall be deemed to
be due to such “Disability”) if an independent medical doctor (selected by the Company’s
applicable health or disability insurer) certifies that the Employee, for a cumulative period of
more than 120 days during any 365-day period, has been disabled in a manner which seriously
interferes with his ability to perform the essential functions of his job even with a reasonable
accommodation to the extent required by law. Any refusal by the Employee to submit to a medical
examination for the purpose of certifying Disability shall be deemed conclusively to constitute
evidence of the Employee’s Disability.

10.3 For Convenience of the Company. Notwithstanding any other provisions of this
Agreement, the Company shall have the right, upon ninety (90) days written notice to the Employee,
to terminate the Employee’s employment at the “Company’s Convenience” (i.e., for reasons
other than Cause, resignation for reasons other than “Good Reason” [as defined below],
death or Disability). For purposes hereof, resignation by the Employee for Good Reason also shall
be deemed to constitute termination by the Company at the Company’s Convenience.

10.4 Resignation; Good Reason.

(a) The Employee shall have the right to resign at any time upon ninety (90) days’ written
notice to the Company.

(b) For the purposes of this Agreement, resignation by the Employee as a result of the
following shall be deemed to constitute resignation for “Good Reason,” provided that and on
condition that the Employee has not consented to the action constituting Good Reason and such
resignation occurs within 15 days following the occurrence of such action (or, in the case of
clause (iii) below, following the expiration of the 45-day cure period), and that the Employee is
not Disabled (or incapacitated in a manner which would, with the passage of time and appropriate
doctor’s certification, constitute Disability) at the time of resignation: (i) a transfer of the
Company’s offices, or a transfer of the Employee (other than on a temporary basis), to a location
which would increase the Employee’s commute (by the most direct route) from his residence as of the
date hereof by more than 25 miles in each direction, or (ii) a material adverse change made by the
Company to the Employee’s duties, responsibilities and/or working conditions such that such duties,
responsibilities and/or working conditions are inappropriate and not customary for a chief
executive officer of a similarly situated company, or (iii) a material breach by the Company or any
of the Affiliates of this Agreement which breach continues uncured for a period of 45 days after
receipt by the Company of written notice thereof from the Employee specifying the breach.

 

5

 

11. Effect of Termination on Compensation.

11.1 Termination for Cause; Resignation. In the event (i) the Employee’s employment
with the Companies is terminated by the Company for Cause, or (ii) the Employee resigns (for
reasons other than Good Reason), none of the Companies shall have any further liability to the
Employee hereunder, whether for Salary, benefits, or otherwise, other than for Salary and benefits
accrued, reimbursement of expenses properly incurred, payment for all accrued vacation calculated
in accordance with the Company’s standard payroll practices, in each case through the date of
termination or resignation, and any other benefits required by applicable law (e.g., COBRA) for
which the Employee may be eligible.

11.2 Death or Disability. In the event the Employee’s employment with the Companies
terminates as a result of the death of the Employee or is terminated by the Company as a result of
the Disability of the Employee, the Employee or, in the event of his death, his surviving spouse
(or his estate, if there is no surviving spouse), shall be entitled to receive his Salary and
benefits accrued, reimbursement of expenses properly incurred, a pro rata share of the Minimum
Bonus (which proration shall be calculated upon the elapsed portion of the Company’s fiscal year in
which the employment termination occurs [for purposes of illustration, if the Employee were to
become Disabled as of September 1, 2012, then the Employee would be entitled to 7/12s of the
Minimum Bonus, covering the period of February 1, 2012 through August 31, 2012]), and payment for
all accrued vacation calculated in accordance with the Company’s standard payroll practices, in
each case through the date of termination, as well as applicable health, disability or death
benefits, if any, offered by the Company or the Affiliates, as the case may be, at the time
consistent with the policies of the Companies and subject to the eligibility requirements of such
benefits.

11.3. The Company’s Convenience or Good Reason.

(a) In the event the Employee’s employment with the Companies is terminated by the Company at
the Company’s Convenience or by the Employee for Good Reason, then the Employee shall be entitled
to (i) continue to receive his Salary for the duration of the Term, (ii) a pro rata share of the
Minimum Bonus (which proration shall be calculated upon the elapsed portion of the Company’s fiscal
year in which the employment termination occurs [for purposes of illustration, if the Employee’s
employment is terminated as of September 1, 2012, then the Employee would be entitled to 7/12s of
the Minimum Bonus, covering the period of February 1, 2012 through August 31, 2012])), and (iii)
continue to participate in the Companies’ health and benefit plans and programs described in
Section 5.1 other than the Companies’ 401(k) plan(s) and any other qualified retirement plan(s)
(but specifically excluding the vacation benefit described in Section 6) for the duration of the
Term, or, in the case of the Companies’ health plan(s), until the Employee becomes eligible for
health insurance from another source other than Medicare (e.g., another employer’s health insurance
program), if earlier; provided that such continued participation during such period does not cause
a plan,

 

6

 

program
or practice to cease to be qualified under any applicable law or regulation and is permitted by the plan or program, and that continuation under any such plan,
program or practice shall be limited to benefits customarily provided by the Companies to their
senior executives during the period of such continuation, and provided further that any such plan
or program shall be subject to modifications applicable to executive-level employees generally.
The compensation, allowances and benefits described in the foregoing provisions of this Section
11.3(a) (“Severance Benefits”) shall continue to be paid or provided at the times and in
the manner consistent with the standard payroll practices of the Companies for their active
executive-level employees. In addition, the Employee shall be entitled to receive his salary and
benefits accrued, reimbursement of expenses properly incurred and payment for all accrued vacation
calculated in accordance with the Company’s standard payroll practices, in each case through the
date of termination. Except as provided in this Section, no other compensation or benefits
hereunder shall be payable during the balance of the Term.

(b) As a condition to receiving the Severance Benefits described in clause (a) above, the
Employee shall be required to execute and deliver to the Company, and not to have revoked, the
written confirmation described in Section 12 and a general release of all claims the Employee may
have against the Company, the Affiliates or Argan, and their respective subsidiaries and
affiliates, and the officers, directors, shareholders, managers, members and agents of each of
them, in each case in such form as may be reasonably requested by the Company, including without
limitation all claims for wrongful termination, for employment discrimination under Title VII of
the Civil Rights Act of 1964, as amended, and claims under the Americans with Disabilities Act of
1990, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967, the Older
Workers Benefit Protection Act of 1990, the Civil Rights Act of 1866, the Family and Medical Leave
Act of 1993, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974 and
any equivalent state, local and municipal laws, rules and regulations). Notwithstanding the
foregoing, the Employee shall not be required to release any claims (i) for unpaid compensation or
other benefits remaining unpaid by the Company or the Affiliates at the time of termination, but
may be required to agree upon and acknowledge the amount, if any, thereof remaining unpaid if such
amount is calculable at the time, and (ii) which the Employee may have in connection with any
unexercised options to purchase common stock of Argan granted to the Employee under and pursuant to
any stock option plan maintained by Argan from time to time hereinafter.

(c) Upon the occurrence of any material breach of this Agreement after the effective date of
employment termination (it being understood that, without limitation, any breach of Sections 12, 13
or 14 of this Agreement shall be deemed material), the Company shall have no further liability to
pay Severance Benefits hereunder and may, in addition to exercising any other remedies it may have
hereunder or under law, immediately discontinue payment of remaining unpaid Severance Benefits.

11.4 Adjustments to Comply with American Jobs Creation Act. In the event any of the
severance payment provisions of this Section should prove to be inconsistent with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended, or the regulations thereunder, the Company and the Employee shall endeavor to
amend those severance payment provisions in order to eliminate any inconsistency with Section 409A
while ensuring, to the greatest extent possible, that the Employee will continue to be entitled to
the benefits provided under this Agreement without increase in the economic cost to either party.

 

7

 

11.5 COBRA Benefits. Should the Employee (i) be eligible for COBRA benefits (allowing
the Employee to maintain his health insurance benefits at his expense for up to the applicable
coverage period under COBRA) after the termination of his employment with the Companies for reasons
other than Cause, and (ii) make a timely affirmative election of continuation coverage under COBRA,
then, if and to the extent that continuation coverage under COBRA would apply to a period beyond
the period for which the Employee is entitled to participate in the Companies’ health plan(s)
pursuant to Section 11.3(a) above, the Company will pay the monthly premium costs thereof for
coverage for the Employee, and/or his spouse and dependent children, if any, for the period(s) for
which the Employee, or his spouse and any dependent children, as the case may be, are entitled to
continuation coverage under COBRA, or until the Employee, or his spouse or any dependent children,
as the case may be, become eligible for health insurance from another source other than Medicare
(e.g., another employer’s health insurance program), if earlier.

12. Confidentiality. The Employee recognizes and acknowledges that certain
information possessed by the Company and the Affiliates, and any subsidiaries and affiliates of
them, constitutes valuable, special, and unique proprietary information and trade secrets.
Accordingly, the Employee shall not, during the Term of his employment with the Companies, or at
any time thereafter, divulge, use, furnish, disclose or make available to any person, whether or
not a competitor of any of the Companies, any confidential or proprietary information concerning
the assets, business, or affairs of the Company or the Affiliates, of any affiliate or subsidiary
of them, or of its or their suppliers, customers, licensees or licensors, including, without
limitation, any information regarding trade secrets and information (whether or not constituting
trade secrets) concerning sources of supply, costs, pricing practices, financial data, business
plans, employee information, manufacturing processes, product designs, production applications and
technical processes (hereinafter called “Confidential Information”), except as may be
required by law or as may be required in the ordinary course of performing his duties hereunder.
The foregoing shall not be applicable to any information which now is or hereafter shall be in the
public domain other than through the fault of the Employee. Upon the expiration or termination of
the Employee’s employment, for any reason, whether voluntary or involuntary and whether by the
Company or the Employee, or at any time the Company may request, the Employee shall (a) surrender
to the Company all documents and data of any kind (including data in machine-readable form) or any
reproductions (in whole or in part) of any items relating to the Confidential Information, as well
as information stored in an electronic or digital format, containing or embodying Confidential
Information, including without limitation internal and external business forms, manuals, notes,
customer lists, and computer files and programs (including information stored in any electronic or

 

8

 

digital
format), and shall not make or retain any copy or extract of any of the foregoing, and (b) will confirm in writing
that (i) no Confidential Information exists on any computers, computer storage devices or other
electronic media that were at any time within the Employee’s control (other than those which remain
at, or have been returned to, the Company) and (ii) he has not disclosed any Confidential
Information to others outside of any of the Companies in violation of this Section. The Company
shall have the right at any time at its option to replace the hard drive in the Employee’s laptop
or other computer supplied by any of the Companies with another equivalent hard drive. As used in
this Agreement, “affiliate” means, with respect to the Company or any other entity, any
person or entity controlling, controlled by or under common control with, the Company or such other
entity, including without limitation Argan, and “control” for such purpose means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a person or entity, whether through the ownership of voting securities or voting
interests, by contract or otherwise.

13. Rights in the Company’s Property; Inventions.

13.1 Company Property. The Employee hereby recognizes the Companies’ proprietary
rights in the tangible and intangible property of the Companies and acknowledges that
notwithstanding the relationship of employment, the Employee will not obtain or acquire, and has
not obtained or acquired, through such employment any personal property rights in any of the
property of any of the Companies, including without limitation any writing, communications,
manuals, documents, instruments, contracts, agreements, files, literature, data, technical
information, secrets, formulas, products, methods, mailing lists, business models, business plans,
procedures, processes, devices, apparatuses, trademarks, trade names, trade styles, service marks,
logos, copyrights, patents, or other matters which are the property of any of the Companies.

13.2 Inventions. The Employee agrees that during the Term of his employment with the
Companies and for a period of three (3) months thereafter, any and all discoveries, inventions,
improvements and innovations (including all data and records pertaining thereto)
(“Inventions”), whether or not patentable, copyrightable or reduced to writing, which the
Employee may have conceived or made, or may conceive or make, either alone or in conjunction with
others and whether or not during working hours or by the use of the facilities of any of the
Company, which are related or in any way connected with the Business of the Company or the
Affiliates, or any affiliate or subsidiary thereof, are and shall be the sole and exclusive
property of the Company, or the Affiliates, or any such affiliate or subsidiary thereof, as the
case may be. The Employee shall promptly disclose all such Inventions to the Company, shall
execute at the request of the Company any assignments or other documents the Company may deem
necessary to protect or perfect its or any of the Affiliates’ or such affiliates’ or subsidiaries’
rights therein, and shall assist the Company, at the Company’s expense, in obtaining, defending and
enforcing the Companies’ rights therein. The Employee hereby appoints the Company as his
attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by
the Company to protect or perfect

 

9

 

its, or any of the Affiliates’ or such affiliates’ or
subsidiaries’, rights to any Inventions. For purposes of this
Agreement, the “Business” of the Company and the Affiliates, or any affiliate or subsidiary thereof, shall mean
the business of engineering and constructing power energy systems, providing consulting, owner’s
representative, operating, and maintenance services to the energy market, and such other businesses
or enterprises in which the Company or the Affiliates, or any affiliate or subsidiary thereof,
shall be actively engaged from time to time (collectively, the “Business”).

14. Non-Competition, Non-Solicitation Covenants.

14.1 Covenant Not to Compete. At all times during the Term and for a period of two
(2) years after the Term (the “Restrictive Period”), the Employee shall not, directly or
indirectly, alone or with others, engage in any competition with, or have any financial or
ownership interest in any sole proprietorship, corporation, company, partnership, association,
venture or business or any other person or entity (whether as an employee, officer, director,
partner, manager, member, agent, security holder, creditor, consultant or otherwise) that directly
or indirectly (or through any affiliated entity) competes with the Business of the Company or the
Affiliates, or any affiliate or subsidiary thereof; provided that such provision shall not apply to
(i) the Employee’s ownership of Argan stock; (ii) the Employee’s ownership of interests in entities
which may develop, own and operate (but not design or build) power plants; (iii) the acquisition by
the Employee, solely as an investment, of securities of any issuer that is registered under Section
12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and that are listed or admitted
for trading on any United States national securities exchange or that are quoted on the Nasdaq
Stock Market, or any similar system or automated dissemination of quotations of securities prices
in common use, so long as the Employee does not control, acquire a controlling interest in, or
become a member of a group that exercises direct or indirect control of, more than 5% of any class
of capital stock or other indicia of ownership of such issuer; or (iv) the Employee’s ownership of
a greater than 5% interest in Megawatt Solar and membership on its board of directors. For
purposes of clause (ii) of this Section 14.1 above, and for clause (b) of Section 14.2 below,
“develop” or “development of” power plants shall mean the usual and customary actions taken by an
owner or potential owner of a power plant to obtain licenses, permits or other governmental
approvals required in order to own and operate a power plant, but not the designing or constructing
of a power plant.

14.2 Non-Solicitation. At all times during the Restrictive Period, the Employee shall
not, directly or indirectly, for himself or for any other person, firm, corporation, company,
partnership, association, venture or business or any other person or entity: (a) solicit for
employment, employ or attempt to employ or enter into any contractual arrangement with any employee
or former employee (which, for purposes of this Section 14.2 shall mean anyone employed during the
24 month period ending on the date of termination of the Employee’s employment with the Companies)
of the Company, the Affiliates, or Argan, or any affiliate or subsidiary of any of them, except
Raymond J. Bednarz and Fred Kresse; and/or (b) call on or solicit any of the actual or targeted
prospective customers or clients, or any actual distributors or suppliers, of the Company (except
in connection with the Employee’s

 

10

 

development,
ownership and operation (but not the designing or building) of power plants), the Affiliates, or Argan, or any affiliate or
subsidiary of any of them, on behalf of himself or on behalf of any person or entity in connection
with any business that competes with the Business of the Company, the Affiliates, or any affiliate
or subsidiary of any of them, nor shall the Employee make known the names or addresses or other
contact information of such actual or prospective customers or clients, or any such actual
distributors or suppliers, or any information relating in any manner to the Company’s, or the
Affiliates’ or Argan’s, or any of their subsidiaries’ or affiliates’, trade or business
relationships with such actual or prospective customers or clients, or any such actual distributors
or suppliers, other than in connection with the performance by the Employee of his duties under
this Agreement.

15. Acknowledgment by the Employee. The Employee acknowledges and confirms that the
restrictive covenants contained in Sections 12, 13 and 14 hereof (including without limitation the
length of the term of the provisions of Section 14) are required by the Companies as an inducement
to enter into this Agreement, are reasonably necessary to protect the legitimate business interests
of the Companies, and are not overbroad, overlong, or unfair and are not the result of
overreaching, duress or coercion of any kind. The Employee further acknowledges that the
restrictions contained in Sections 12, 13 and 14 hereof are intended to be, and shall be, for the
benefit of and shall be enforceable by the Companies and their successors and assigns. The
Employee expressly agrees that upon any breach or violation of the provisions of Sections 12, 13,
or 14 hereof, the Companies, or any of them, shall be entitled, as a matter of right, in addition
to any other rights or remedies they may have, to: (a) temporary and/or permanent injunctive relief
in any court of competent jurisdiction as described in Section 16 hereof; and (b) such damages as
are provided at law or in equity. The existence of any claim or cause of action against any of the
Company, the Affiliates, or Argan, or their respective subsidiaries or affiliates, whether
predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of
any of the restrictions contained in Sections 12, 13 or 14 hereof.

16. Enforcement; Modification.

16.1 Injunction. It is recognized and hereby acknowledged by the parties hereto that
a breach by the Employee of any of the covenants contained in Sections 12, 13 or 14 of this
Agreement will cause irreparable harm and damage to the Companies. As a result, the Employee
recognizes and hereby acknowledges that each of the Companies shall be entitled to an injunction
from any court of competent jurisdiction enjoining and restraining any violation of any or all of
the covenants contained in Sections 12, 13 or 14 of this Agreement by the Employee or any of his
affiliates, associates, partners or agents, either directly or indirectly, and that such right to
injunction shall be cumulative and in addition to whatever other remedies the Companies may
possess.

16.2 Reformation by Court. In the event that a court of competent jurisdiction shall
determine that any provision of Sections 12, 13 or 14 is invalid or more restrictive than permitted
under the governing law of such jurisdiction, then only as to enforcement of Sections 12, 13 or 14 within the jurisdiction of such court, such provision shall be
interpreted or reformed and enforced as if it provided for the maximum restriction permitted under
such governing law.

 

11

 

16.3 Extension of Time. If the Employee shall be in violation of any provision of
Sections 12, 13 or 14, then each time limitation set forth in Sections 12, 13 or 14 shall be
extended for a period of time equal to the period of time during which such violation or violations
occur. If any of the Companies seeks injunctive relief from such violation in any court, then the
covenants set forth in Sections 12, 13 and 14 shall be extended for a period of time equal to the
pendency of such proceeding including all appeals by either of the Sellers.

16.4 Survival. The provisions of Sections 12, 13, 14 and 15, and of this Section 16,
shall survive the termination of this Agreement.

16.5 Purchase Agreement. Notwithstanding anything to the contrary contained in this
Agreement, nothing herein shall limit or otherwise affect the restrictive covenants applicable to
the Employee, as Seller, under and pursuant to the terms, covenants and conditions of that certain
Membership Interest Purchase Agreement dated December 8, 2006 (the “Purchase Agreement”) by
and among Argan, the Company, the Employee and the other parties named therein, including without
limitation the covenant not to compete for a period of five years from the Closing Date (as defined
in the Purchase Agreement), all of which such restrictive covenants shall remain in full force and
effect in accordance with the terms and conditions of the Purchase Agreement.

17. Assignment. Each of the Company and the Affiliates shall have the right to assign
this Agreement and its rights and obligations hereunder in whole, but not in part, to any
corporation or other entity with or into which the Company or such Affiliate, as the case may be,
may hereafter merge or consolidate or to which the Company or such Affiliate may transfer all or
substantially all of its assets, if in any such case said corporation or other entity shall by
operation of law or expressly in writing assume all obligations of the Company or such Affiliate
hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign
this Agreement or its rights and obligations hereunder. The Employee may not assign or transfer
this Agreement or any rights or obligations hereunder.

18. Benefits; Binding Effect. This Agreement shall be for the benefit of and binding
upon the parties hereto and their respective heirs, personal representatives, legal
representatives, successors and, where permitted and applicable, assigns, including, without
limitation, any successor to the Company or any Affiliate, whether by merger, consolidation, sale
of stock, sale of assets or otherwise.

19. Severability. The invalidity of any one or more of the words, phrases, sentences,
clauses, provisions, sections or articles contained in this Agreement shall not affect the
enforceability of the remaining portions of this Agreement or any part thereof, all of

 

12

 

which are
inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses, provisions, sections or articles
contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such
invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, provisions or
provisions, section or sections or article or articles had not been inserted. If such invalidity
is caused by length of time or size of area, or both, the otherwise invalid provision will be
considered to be reduced to a period or area which would cure such invalidity.

20. Waivers. The waiver by either party hereto of a breach or violation of any term
or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent
breach or violation.

21. Damages; Attorneys Fees. Nothing contained herein shall be construed to prevent
the Company or any Affiliate, on the one hand, or the Employee, on the other, from seeking and
recovering from the other damages sustained as a result of the other’s breach of any term or
provision of this Agreement. In the event that either party hereto seeks to collect any damages
resulting from, or the injunction of any action constituting, a breach of any of the terms or
provisions of this Agreement, then the party found to be at fault shall pay all reasonable costs
and attorneys’ fees of the other party.

22. Section Headings. The article, section and paragraph headings contained in this
Agreement are for reference purposes only, and shall not affect in any way the meaning or
interpretation of this Agreement.

23. No Third Party Beneficiary. Nothing expressed or implied in this Agreement is
intended, or shall be construed, to confer upon or give any person other than the parties hereto
and their respective heirs, personal representatives, legal representatives, successors and
permitted assigns, any rights or remedies under or by reason of this Agreement.

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

25. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Connecticut, without regard to principles of
conflict of laws.

26. Jurisdiction and Venue. Each of the parties irrevocably and unconditionally: (a)
agrees that any suit, action or legal proceeding arising out of or relating to this Agreement which
is expressly permitted by the terms of this Agreement to be brought in a court of law, shall be
brought in the Superior Court of the State of Connecticut for the Judicial District of Hartford or
in the United States District Court for the District of Connecticut; (b) consents to the
jurisdiction of each such court in any such suit, action or proceeding; (c) waives any objection
which it or he may have to the laying of venue of any such suit, action or proceeding in any of
such courts; and (d) agrees that service of any court papers may be effected on such party by mail, as provided in this Agreement,
or in such other manner as may be provided under applicable laws or court rules in such courts.

 

13

 

27. Notices. All notices required or permitted to be given hereunder shall be in
writing and shall be personally delivered by courier, sent by registered or certified mail, return
receipt requested, sent by overnight courier, or sent by confirmed facsimile transmission addressed
as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier
shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing
shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return
receipt thereof, or three days after deposit in the U.S. mail. Notice shall be sent: (a) if to the
Company or to any Affiliate, addressed to the Company or such Affiliate, as the case may be, One
Church Street, Suite 201, Rockville, Maryland 20850, Attention: Arthur F. Trudel; and (b) if to the
Employee, to his address as reflected on the payroll records of the Company, or to such other
address as either party shall request by notice to the other in accordance with this provision.

28. Entire Agreement. This Agreement constitutes the entire agreement between and
among the parties hereto with respect to the subject matter hereof and, upon its effectiveness,
shall supersede all prior agreements, understandings and arrangements, both oral and written,
between the Employee and the Company and/or the Affiliates with respect to such subject matter,
including without limitation the Original Employment Agreement. This Agreement may not be modified
in any way unless by a written instrument signed by the Companies and the Employee.

[SIGNATURES ON FOLLOWING PAGES]

 

14

 

IN WITNESS WHEREOF, each of the undersigned has executed, or has caused its duly authorized
representative to execute, this Agreement as of the date first above written.

	 	 	 	 	 
	 	THE COMPANY:

GEMMA POWER SYSTEMS, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE AFFILIATES:

GEMMA POWER, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GEMMA POWER SYSTEMS

     CALIFORNIA, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

15

 

	 	 	 	 	 

	 	 	 	 	 
	 	GEMMA POWER HARTFORD, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GEMMA RENEWABLE POWER, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE EMPLOYEE:

	 
	 	 
	 	

WILLIAM F. GRIFFIN, JR.
 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

16

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