Document:

EX-10.1

Exhibit 10.1

LINE OF CREDIT AGREEMENT

This Line of Credit Agreement (this “Agreement”), dated as of December 29, 2008, is made by
and between ENER1 GROUP, INC., a Florida corporation (“Lender”), and ENER1, INC., a Florida
corporation (“Borrower”).

In consideration of the mutual covenants and agreements contained herein, the parties agree as
follows:

1. LINE OF CREDIT. Lender hereby agrees to establish a line of credit (the “Credit Line”) for
Borrower in the aggregate principal amount of Thirty Million United States Dollars (US$30,000,000)
(the “Credit Limit”), subject to adjustment as set forth in this Agreement.

2. CREDIT LINE DOCUMENTATION. All sums advanced pursuant to the Credit Line (each, an
“Advance”) shall be documented by Lender in Schedule I to this Agreement.

3. ADVANCES. Borrower may request an Advance at any time during the Draw Period in minimum
increments of Five Hundred Thousand United States Dollars (US$500,000) (or, if less, the remaining
balance of the Credit Line); provided, however, that in no event shall Borrower be entitled to
receive Advances that, in the aggregate, when added to the amount of all previous Advances then
outstanding, exceed (i) prior to March 31, 2009, Ten Million United States Dollars (US$10,000,000)
and (ii) following March 31, 2009, the Credit Limit. Borrower shall make requests for Advances by
delivering to Lender a written notice thereof specifying the amount of the requested Advance (a
“Draw Notice”). On or before the fifth (5th) Business Day following the receipt by
Lender of a Draw Notice, Lender shall issue instructions for the delivery, by wire transfer to an
account specified by Borrower in such Draw Notice, of the amount of the Advance set forth in such
notice. Lender may refuse to make a requested Advance if (a) such Advance would exceed the Credit
Limit as described above, or (b) an Event of Default occurs and is outstanding. Borrower may not
submit a Draw Notice to Lender more than once during any period of fourteen (14) consecutive
calendar days.

4. INTEREST. All funds advanced pursuant to this Agreement shall bear simple interest from the
date on which each Advance is made until it is paid in full at a rate of eight percent (8%) per
year, such year to consist, for the purpose of calculating such interest, of 360 days.

5. REPAYMENT. Borrower shall repay to Lender the entire outstanding principal of and all
unpaid interest accrued on the Credit Line on the earlier to occur of (i) the fifth
(5th) Business Day following the completion by Ener1, Inc. of an underwritten public
equity offering and (ii) the eighteen (18) month anniversary of the date on which the first Advance
is made hereunder (the “Repayment Date”) or, if any such date is not a Business Day, on the next
succeeding Business Day. All payments received hereunder shall be applied, first, to any costs or
expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses
due hereunder; second, to accrued interest; and third, to principal. Borrower may prepay its
indebtedness hereunder at any time without penalty, in which case Lender shall record the amount of
each such prepayment by appropriately annotating Schedule I to this Agreement.

6. USE OF FUNDS. Borrower will use the funds it receives pursuant to each Advance exclusively
to fund expenses (including capital expenditures) incurred in connection with its operations and
those of its subsidiaries.

7. OTHER OBLIGATIONS OF THE BORROWER. Borrower shall be obligated to Lender as follows until
Borrower has performed all of its obligations to Lender under this Agreement:

(i) To provide Lender with a written notification of any Event of Default immediately
upon learning of it; and

(ii) To timely inform Lender of any circumstances that may substantially affect any
substantial increase in the obligations of Borrower.

8. REPRESENTATIONS AND WARRANTIES. In order to induce Lender to enter into this Agreement and
to make Advances on the terms specified herein, Borrower represents and warrants to Lender as
follows:

(i) Borrower is duly organized, validly existing, and in good standing under the laws
of the State of Florida, with the power to own its assets and to transact business in
Florida and New York and in such other states where its business is presently conducted.

(ii) Borrower has the authority and power to execute and deliver this Agreement and to
perform any condition or obligation imposed under the terms hereof or thereof.

(iii) The execution, delivery and performance of this Agreement by Borrower will not
violate any provision of any applicable law, regulation, order, judgment, decree, charter
document, indenture, contract, agreement, or other undertaking to which Borrower is a party,
or which is binding on Borrower or its assets, and will not result in the creation or
imposition of a lien on any of its assets.

9. EVENTS OF DEFAULT. The occurrence of any of the following shall constitute an “Event of
Default” under this Agreement:

(i) Voluntary Bankruptcy or Insolvency Proceedings. Borrower shall (a) apply
for or consent to the appointment of a receiver, trustee, liquidator, or custodian of itself
or of all or a substantial part of its property, (b) admit in writing its inability to pay
its debts generally as they mature, (c) make a general assignment for the benefit of any of
its creditors, (d) be dissolved or liquidated in full or in part, (e) commence a voluntary
case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency, or other similar law now or hereafter
in effect or consent to any such relief or to the appointment of or taking possession of its
property by any official in an involuntary case or other proceeding commenced against it, or
(f) take any action for the purpose of effecting any of the foregoing.

(ii) Involuntary Bankruptcy or Insolvency Proceedings. Borrower seeks the
appointment of a receiver, trustee, liquidator, or custodian of Borrower or of all or a
substantial part of the property thereof, or an involuntary case or other proceedings
seeking liquidation, reorganization, or other relief with respect to Borrower or the debts
thereof under any bankruptcy, insolvency, or other similar law or hereafter in effect shall
be commenced and an order for relief entered or such proceeding shall not be dismissed or
discharged within sixty (60) days of commencement.

(iii) Failure to Pay Loan Amount when Due. Borrower fails to pay the entire
principal amount of and accrued interest on the Credit Line on the Repayment Date.

(iv) Breach of Reps and Warranties. Any representation, warranty or statement
made or deemed to be made by Borrower in this Agreement or in any notice or other document,
certificate or statement delivered by it pursuant to or in connection herewith proves to
have been incorrect or misleading in any material respect when made or deemed made and such
defect may be, in the reasonable opinion of Lender, prejudicial to the interests of Lender;

If an Event of Default occurs, Lender may demand immediate repayment of all amounts due under
this Agreement.

10. COMMITMENT FEE. As a commitment fee to Lender for providing the Credit Line (the
“Commitment Fee”), Borrower agrees to issue to Lender, within five (5) Business Days from the date
of this Agreement, two-year warrants in substantially the form attached hereto as Exhibit A
(“Warrants”), to purchase from Borrower One Million Two Hundred and Fifty Thousand (1,250,000)
shares of Ener1 Stock at an exercise price equal to US$8.25 per share (subject to adjustment for
stock splits, stock dividends and similar events).

11. ADVANCE FEE. In addition to the Commitment Fee, each time that Lender makes an Advance to
Borrower, Borrower will issue to Lender, within five (5) Business Days from the date such Advance
is made, Warrants to purchase a number of shares of Ener1 Stock equal to (A) the aggregate dollar
amount of such Advance divided by (B) Twenty United States Dollars (US$20.00) (subject to
adjustment for stock splits, stock dividends and similar events) at an exercise price equal to
US$8.25 per share (subject to adjustment for stock splits, stock dividends and similar events).

12. CERTAIN DEFINITIONS. For purposes of this Agreement, “Business Day” means any day other
than a Saturday, Sunday or other day on which the New York Stock Exchange or commercial banks in
the city of New York are permitted or required by law to close; “Draw Period” means the period
beginning on the date of this Agreement and ending at 5:00 p.m., Eastern Time, on the Repayment
Date and “Ener1 Stock” means the common stock, par value $.01 per share, of Ener1, Inc.

13. GOVERNING LAW AND DISPUTE SETTLEMENT. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made and to be performed
entirely within such state. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the City and County of New York for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address in effect for notices to it under this Warrant and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law.

14. NOTICES. All notices, requests, demands, and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered
personally or by verifiable facsimile transmission, unless such delivery is made on a day that is
not a Business Day, in which case such delivery will be deemed to be made on the next succeeding
Business Day and (ii) on the next Business Day after timely delivery to a reputable overnight
courier, to the parties at the following addresses:

(a) If to Ener1, Inc., to:

Ener1, Inc.

1540 Broadway, Suite 25C

New York, NY 10036

Attention: Gerard Herlihy

Fax: 212-920-3510

	 	(b)	 	If to Ener1 Group, Inc. to:

Ener1 Group, Inc.

1540 Broadway, Suite 25C

New York, NY 10036

Attention: Charles Gassenheimer

Fax: 212-920-3510

or to such other person or address as either party shall furnish by notice to the other party in
writing.

15. ATTORNEYS’ FEES. In the event of a dispute between the parties, the prevailing party
shall be entitled to all reasonable attorneys’ fees and costs incurred in connection with any
trial, arbitration, or other proceeding as well as all other relief granted in any suit or other
proceeding.

16. REMEDIES AND WAIVERS. No failure by Lender to exercise, and no delay in exercising, any
right or remedy under this Agreement will operate as a waiver thereof, nor will any single or
partial exercise of any right or remedy preclude any other or further exercise thereof or the
exercise of any other right or remedy. The rights, powers, remedies and privileges provided in
this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges
provided by law.

17. U.S. DOLLAR DENOMINATED. Except where specifically provided otherwise, all transactions
herein shall be in U.S. Dollars.

18. ENTIRE AGREEMENT. This Agreement contains the entire understanding between the parties
hereto and supersedes any and all prior agreements, understandings, and arrangements relating to
the subject matter hereof. No amendment, modification or other change to, or waiver of any
provision of, this Agreement may be made unless such amendment, modification or change is set forth
in writing and is signed by each of the parties hereto.

19. COUNTERPARTS. This Agreement may be executed in two counterparts, each of which shall be
deemed an original and both of which together shall constitute the same agreement. This Agreement,
once executed by a party, may be delivered to the other party hereto by facsimile transmission.

20. ASSIGNMENT. Lender may transfer all or part of its rights and obligations hereunder
without any prior notice to Borrower. Upon such transfer, the rights and obligations of Lender
hereunder so transferred shall be assigned automatically to the transferee thereof, and such
transferee shall thereupon be deemed to be a party to this Agreement as though an original
signatory hereto, as long as Borrower is, within a reasonable period of time following such
transfer, furnished with written notice of the name and address of such transferee.

21. HEADINGS. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

22. THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the benefit of, nor
may any provision hereof be enforced by, any other person.

1

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

	 	 	 
	ENER1, INC.	 	ENER1 GROUP, INC.
	By:      

Name: Gerard Herlihy

Title: Chief Financial Officer

	 	By:      

Name: Charles Gassenheimer

Title: Chief Executive Officer

2exhibit10-3.htm

     

    Exhibit
10.3

     

    FORM OF

    

    MYR
GROUP INC.

    

    2007
LONG-TERM INCENTIVE PLAN

    

    NON-QUALIFIED
STOCK OPTION AWARD AGREEMENT

    

    THIS AGREEMENT is made by and
between MYR GROUP INC.,
a Delaware corporation (the "Company"), and [_______________],
("Optionee"), as of [_________].

     

    RECITALS

     

    A.           The
Company has adopted and approved the MYR Group Inc. 2007 Long-Term Incentive
Plan (the "Plan"), a copy of which is attached to this Agreement;
and

     

    B.           The
Committee appointed to administer the Plan has determined that Optionee is
eligible to participate in the Plan and that it would be to the advantage and
best interest of the Company and its stockholders to grant the Option provided
for herein to Optionee; and

     

    C.           This
Agreement is prepared in conjunction with and under the terms of the
Plan.  Terms used herein but not otherwise defined herein shall have
the meanings ascribed to such terms in the Plan; and

     

    D.           Optionee
has accepted the grant of the Option and agreed to the terms and conditions
hereinafter stated.

     

    NOW
THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS AND OF THE PROMISES AND
CONDITIONS HEREIN CONTAINED, IT IS AGREED AS FOLLOWS:

     

    ARTICLE
I

    GRANT
OF OPTION

    Section 1.1 - Grant of Option.

     

    Subject
to the provisions of this Agreement and the provisions of the Plan, the Company
has granted effective [_________] (the
"Effective Date") to Optionee the right and option to purchase all or any part
of [        ]
shares of common stock, par value $.01 per share ("Stock"), of the
Company.  The Option granted pursuant to this Agreement is not
intended to qualify as an "incentive stock option" within the meaning of Section
422 of the Internal Revenue Code of 1986, as amended (the
"Code").

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Section 1.2 - Exercise Price.

     

    The
exercise price of the Option shall be $Per Share Offering
Price per share of Stock subject to the Option.

     

    ARTICLE
II

    VESTING
AND EXERCISABILITY

    Section 2.1 - Vesting and
Exercisability.

     

    (i)           Vesting
Schedule.  Except as otherwise provided herein or in the Plan, the
Option shall become 100 percent vested four years from the date of grant, if
Optionee has continuously provided services to the Company or a Subsidiary or
has been continuously employed by the Company or a Subsidiary until such
date.  Prior to becoming 100 percent vested, the Option shall become
exercisable in four cumulative installments as follows and shall remain
exercisable until the tenth anniversary of the date of grant (the "Option
Term"), subject to the forfeiture provisions set forth in Section
2.2(a):

     

    
      	 
      	
              %

            	
              Number of Shares

            	
              Date
      First Available

              For Exercise

            	 
      
	 
      	
               

              25%

            	
               

              [       ]

            	
               

              [          ]

            	 
      
	 
      	
               

              25%

            	
               

              [       ]

            	
               

              [          ]

            	 
      
	 
      	
               

              25%

            	
               

              [       ]

            	
              [          ]

            	 
      
	 
      	
               

              25%

            	
               

              [       ]

            	
              [          ]

            	 
      

    

    

    Section 2.2 - Expiration of
Option.

     

    (a) Except as set forth herein or in
subsections (b), (c), (d) or (e) below, an Option may not be exercised unless
the Optionee is then in the employ of, maintains an independent contractor
relationship with, or is a director of, the Company or a Subsidiary (or a
company or a parent or subsidiary company of such company issuing or assuming
the Option in a transaction to which Section 424(a) of the Code applies), and
unless the Optionee has remained continuously so employed, or continuously
maintained such relationship, since the date of grant of the
Option.

     

    (b) If the Optionee's employment or service
terminates because of Optionee's death or disability, all of the Optionee's
Options (regardless of the extent to which such Options are then exercisable)
shall remain exercisable until the earlier of (i) one (1) year following the
date of such termination of employment or service and (ii) expiration of the
term of the Option and shall thereafter terminate.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (c)      If the Optionee's employment or service
terminates upon the Optionee's retirement on or after the Optionee's
attainment
of his "normal retirement age" (as such term is defined in the Social Security
Act of 1935, as amended),
the portions of outstanding Options granted to the Optionee that are exercisable
as of the date of such termination of employment or service shall remain
exercisable until the earlier of (i) one (1) year following the date of such
termination of employment or service and (ii) expiration of the term of the
Option and shall thereafter terminate.  All additional portions of
outstanding Options granted to such Optionee which are not exercisable as of the
date of such termination of employment or service, shall terminate upon the date
of such termination of employment or service. 

     

    (d)     If the Optionee's employment or service
is terminated for Cause, all vested and unvested outstanding Options granted to
such Optionee shall terminate on the date of the Optionee's termination of
employment or service.

     

    (e)           If the Optionee's employment or service
with the Company and its Subsidiaries terminates (including by reason of the
Subsidiary which employs the Optionee ceasing to be a Subsidiary of the Company)
other than as described in subsections (b), (c) and (d) above, the portions of
outstanding Options granted to the Optionee that are exercisable as of the date
of such termination of employment or service shall remain exercisable until the
earlier of (i) 90 days following the date of such termination of employment or
service and (ii) expiration of the term of the Option and shall thereafter
terminate.  All additional portions of outstanding Options granted to
such Optionee which are not exercisable as of the date of such termination of
employment or service, shall terminate upon the date of such termination of
employment or service.

     

    ARTICLE
III

    EXERCISE
OF OPTION

     

    Section 3.1 - Manner of Exercise.

     

    (a)     The Option, to the extent then vested
and exercisable, shall be exercisable by delivery to the Company of a written
notice stating the number of shares as to which the Option is exercised pursuant
to this Agreement and a designation of the method of payment of the exercise
price with respect to Stock to be purchased.  An Option may not be
exercised for less than 100 shares of Stock (or the number of remaining shares
of Stock subject to the Option if less than 100).

     

    (b)     The exercise price of the Option, or
portion thereof, with respect to Stock to be purchased, shall be paid in full at
the time of exercise; payment may be made in cash, which may be paid by check,
or other instrument or in any other manner acceptable to the
Company.  In addition, any amount necessary to satisfy applicable
federal, state or local tax requirements shall be paid promptly upon
notification of the amount due.  The Committee may permit, in its sole
discretion, such amount to be paid in Stock previously

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    owned by the employee, or a portion of
Stock that otherwise would be distributed to such employee upon exercise of the
Option, or a combination of cash and such Stock.

     

    ARTICLE
IV

    MISCELLANEOUS

     

    Section 4.1 - Transferability of
Option.

     

    Unless
the Committee determines otherwise, the Option is nontransferable except by will
or the laws of descent and distribution.

     

    Section 4.2 - Taxes and
Withholdings.

     

    Not
later than the date of exercise of the Option granted hereunder, Optionee shall
pay to the Company or make arrangements satisfactory to the Committee regarding
payment of any federal, state or local taxes of any kind required by law to be
withheld upon the exercise of such Option.  The Company shall, to the
extent permitted or required by law, have the right to deduct from any payment
of any kind otherwise due to Optionee federal, state, and local taxes of any
kind required by law to be withheld upon the exercise of such
option.

     

    Section 4.3 - Restrictive
Covenants.

     

    If
the Optionee engages in any conduct in breach of any noncompetition,
nonsolicitation or confidentiality obligations to the Company under any
agreement, policy or plan, then such conduct shall also be deemed to be a breach
of the terms of the Plan and this Agreement. Upon such breach the Option shall
be cancelled and, if and to the extent the Option was exercised within a period
of 18 months prior to such breach, the Optionee shall be required to return to
the Company, upon demand, any cash or equity acquired by Optionee upon such
exercise or sale.

     

    Section 4.4 - Governing Law.

     

    This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware.  The Committee shall have final authority to
interpret and construe the Plan and this Agreement and to make any and all
determinations under them, and its decision shall be binding and conclusive upon
the Optionee and the Optionee's legal representative in respect of any questions
arising under the Plan or this Agreement.

     

    Section 4.5 - Notices.

     

    Any
notice to be given under the terms of this Agreement shall be in writing and
addressed to the Company at 12150 East 112th Avenue,
Henderson, Colorado, 80640, Attention:  Chief Legal Officer, and to
Optionee at the address set forth below or at such other address as either party
may hereafter designate in writing to the other by like notice.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    Section 4.6 - Effect of Agreement.

     

    Except
as otherwise provided hereunder, this Agreement shall be binding upon and shall
inure to the benefit of any successor or successors of the Company.

     

    Section 4.7 - Conflicts and
Interpretations.

     

    In
the event of any ambiguity in this Agreement, any term which is not defined in
this Agreement or any matters as to which this Agreement is silent, the Plan
shall govern.

     

    Section 4.8 - Amendment.

     

    This
Agreement may not be amended in any manner except by an instrument in writing
signed by both parties hereto.  The waiver by either party of
compliance with any provision of this Agreement shall not operate or be
construed as a waiver of any other provision of this Agreement or of any
subsequent breach of such party of a provision of this Agreement.

    

    

    (Remainder
of page intentionally left blank)

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the
Company has caused this Agreement to be executed on its behalf by a duly
authorized officer and Optionee has hereunto set Optionee's hand.

    

    
      	 
      	
              MYR
      GROUP INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    

    

    

    

    

    ___________________________________

    Signature
of Optionee:

    [Employee
Name

    

    

    Address

    S/C/Z

    

    Social Security
Number

    
      	
               6

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