Document:

cik0000885568-ex101_6.htm

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made as of the 1st day of January 2020, by and between OLD DOMINION ELECTRIC COOPERATIVE, a utility aggregation cooperative organized under the laws of the Commonwealth of Virginia (the “Employer”), and Marcus M. Harris (the “Executive”).

 

In consideration of the mutual covenants contained herein, Employer and Executive agree as follows:

 

1.Employment.  Employer agrees to employ Executive, and Executive agrees to employment by Employer on the terms and conditions hereinafter set forth.

 

2.Capacity.  Executive shall serve Employer as President and Chief Executive Officer of Employer and may serve as an officer of other entities owned in whole or in part by the Employer, with such powers and duties as may be set forth in the bylaws or as otherwise prescribed from time to time by Employer, which duties shall include, without limitation, strategic and long range planning for, and oversight of the day-to-day operations of Employer.  Executive’s continued employment with Employer is conditioned upon performance and results as set forth herein.

 

3.Effective Date and Term.  The commencement date of this Agreement shall be as of January 1, 2020 (the “Commencement Date”).  Subject to the provisions of Section 6, the term of Executive’s employment hereunder shall be three (3) years from the Commencement date through December 31, 2022, and shall be automatically extended for an additional one (1) year period unless either the Executive or the Employer gives written notice one (1) year prior to the Expiration Date of such party’s election not to extend the terms of this Agreement (the “Term”).  The last day of the Term is herein sometimes referred to as the “Expiration Date.”

 

4.Compensation and Benefits.  The regular compensation and benefits payment to Executive under this Agreement shall be as follows:

 

(a)Salary.  For all services rendered by Executive under this Agreement Employer shall pay Executive a salary at the rate of $775,000.00 per year.  Executive’s salary shall be payable bi-weekly in accordance with Employer’s usual practice for its officers.  Performance reviews shall be conducted every calendar year.  Salary adjustments shall be considered at each year end and shall be awarded at the discretion of the Board of Directors of Employer.

 

(b)Regular Benefits.  Executive shall be entitled to participate in all benefit plans available to employees of Employer, such plans are more specifically outlined in the Employee Benefits Package (a copy of which has been provided to Executive), including medical insurance, basic life insurance, long-term disability, retirement and security plans, savings plans (401K), business travel accident insurance, exercise club privileges, and other benefit plans that may from time to time be approved or in effect for senior executives of Employer.  Such participation shall be subject to (i) the terms of the applicable plan documents, 

 

 

(ii) generally applicable policies of Employer and (iii) the discretion of the Board of Directors of Employer or the administrative or other committee provided for in or contemplated by such plan.  Such benefits shall be subject to review, alteration and/or cancellation in the discretion of the Board of Directors of Employer, in accordance with the usual practice of Employer with respect to review of benefits for its officers.

 

(c)Bonus Availability.  Executive may be eligible for an annual bonus based on the criteria established by the Board which shall be determined on an annual basis.  Such bonus shall be at the discretion of the Board of Directors.

 

(d)Business Expenses.  Employer shall reimburse Executive for all reasonable travel and other business expenses incurred by him in the performance of his duties and responsibilities subject to such reasonable requirements with respect to substantiation and documentation as may be specified by Employer.

 

(e)Vacation and Sick Leave.  Executive shall be entitled to five (5) weeks of vacation during each calendar year.  Executive’s sick leave accrual shall follow the standard sick leave policy.

 

(f)Automobile.  Employer shall provide Executive, for his personal use, a company vehicle at a price not to exceed $50,000.00.  “Personal use” excludes all non-business use by individuals other than Executive except in the case of an emergency.    Executive shall be responsible for paying the tax on income attributable to the provision of such vehicle.

 

(g)Deferred Compensation.  Employer will provide for the payment of supplemental nonqualified deferred compensation at the discretion of the Board of Directors in an amount within the statutory maximums permitted under Section 457 of the Internal Revenue Code.  Benefits shall be payable upon retirement or other termination of employment, and they shall be fully funded and earmarked for payment using a Rabbi Trust.

 

5.Extent of Service.  During his employment hereunder, Executive shall, subject to the discretion and supervision of the Board of Directors of Employer, devote his full business time, best efforts and business judgment, skill and knowledge to the advancement of Employer’s interest and to the discharge of his duties and responsibilities hereunder.  He shall not engage in any other business activity, except as may be approved by the Board of Directors of Employer.  “Business activity” shall not include Executive’s investment or ownership in publicly held corporations or entities whose securities are tracked on recognized national or regional stock exchanges; provided such investment or ownership is at all times during the term of this agreement less than 5% of the outstanding shares of said corporation or entity.

 

6.Termination and Termination Benefits.  Notwithstanding the provisions of Section 3, Executive’s employment hereunder shall terminate under the following circumstances and shall be subject to the following provisions:

 

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(a)Death.  In the event of Executive’s death during Executive’s employment hereunder, Executive’s employment shall terminate on the date of his death without further liability on the part of the Employer under this Agreement.

(b)Termination by Employer for Cause.  Executive’s employment hereunder may be terminated without further liability on the part of Employer effective immediately by a majority vote of the Board of Directors for cause by written notice to Executive setting forth in reasonable detail the nature of such Cause.  Only the following shall constitute “Cause” for such termination:

(i)gross incompetence, insubordination, gross negligence, willful misconduct in office or breach of a material fiduciary duty, which includes a breach of confidentiality as defined in Section 8(b), owed to Employer or any subsidiary or affiliate thereof;

 

(ii)conviction of a felony, a crime of moral turpitude or commission of an act of embezzlement or fraud against Employer or any subsidiary or affiliate thereof;

 

(iii)Executive’s material failure to perform a substantial portion of his duties and responsibilities hereunder; but only after Employer provides Executive written notice of such failure and gives him thirty (30) days to remedy the situation, or such failures reoccur after such written notice and an opportunity to cure has been provided; 

 

(iv)deliberate dishonesty of Executive with respect to Employer or any subsidiary or affiliate thereof; and 

 

(v)a violation of one of Employer’s written policies which is not cured, if curable, within thirty (30) days after written notice is delivered to Executive or such violation reoccurs after such written notice and an opportunity to cure has been provided.

 

(c)Termination by Executive.  Executive may terminate his employment hereunder with or without Good Reason (as defined below) by written notice to the Board of Directors of Employer effective 60 days after receipt of such notice by the Board of Directors.  In the event that Executive terminates his employment hereunder for Good Reason, Executive shall be entitled to the salary specified in Section 6(e).  Executive shall not be required to render any further services to Employer.  Upon termination of employment by Executive without Good Reason, Executive shall be entitled to no further compensation under this Agreement.  “Good Reason” shall be the failure by Employer to comply with the provisions of Section 4(a) or material breach by Employer of any other provision of this Agreement, which failure or breach shall continue for more than 30 days after the date on which the Board of Directors of Employer receive such notice.

 

(d)Termination by Employer Without Cause.  Executive’s employment with Employer may be terminated without Cause by a majority of the Board of Directors of Employer, effective immediately upon delivery of written notice of such termination to Executive.

 

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(e)Certain Termination Payments.  In the event of termination of Executive’s employment hereunder by Employer without Cause or by Executive with Good Reason, Executive shall be entitled to the following:

 

(i)During the Term, Employer shall continue to pay Executive for a one-year period immediately following the date of termination, salary at the rate in effect on the date of termination.  Payment of such salary shall be made on the same periodic date as salary payments would have been made to Executive had he not been terminated.  Other than such salary, no other benefits will accrue or be paid during this period except that Employer shall also pay the premiums for medical insurance to Executive for this one-year period on the same basis as if Executive were still employed, except that Employer’s obligation to pay the premiums for such medical insurance shall cease if Executive becomes eligible for such coverage by virtue of his employment with another company or entity.

 

(ii)In the event that Executive becomes employed in any capacity during the one-year period immediately following the date of termination, Employer’s obligation to pay Executive’s salary pursuant to Section 6(e)(i) herein shall be reduced by the amount of Executive’s compensation at his new employer.

 

(f)Compliance with Covenants; Release; Resignations.  Any payments or benefits made or provided pursuant to Section 6(e) hereof are subject to the following: 

 

(i)Executive’s compliance with the provisions of Section 8 hereof; 

 

(ii)on behalf of the Executive and his estate, heirs and representatives, the execution by Executive of a release in form and substance reasonably satisfactory to the Employer and its legal counsel releasing the Employer, its member cooperatives, their affiliates and each of the Employer’s and member cooperative’s respective officers, directors, employees, agents, independent contractors, representatives, shareholders, successors and assigns (all of which persons and entities shall be third party beneficiaries of such release with full power to enforce the provisions thereof) from any and all claims related to this Agreement (other than claims to enforce the provisions of Section 6, and claims for earned vested amounts under any employee benefit plan and other claims that cannot by law be waived); and

 

(iii)Executive’s delivery to the Employer of a resignation from all offices, directorships and fiduciary positions with the Employer and its affiliates.

 

(g)Litigation and Regulatory Cooperation.  Executive shall cooperate fully with Employer in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of Employer that relate to events or occurrences that transpired while Executive was employed by Employer.  Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of Employer at mutually convenient times.  Executive shall also cooperate fully with Employer in connection with any examination or review of any federal or state regulatory authority as any such examination or review relates to events or occurrences that transpired when Executive was 

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employed by Employer.  If such cooperation is required after Executive ceases to be employed by Employer, Employer shall pay Executive for such cooperation at a fee of two hundred dollars ($200.00) per hour, payable monthly in arrears, and will reimburse Executive for any reasonable out-of-pocket expenses incurred in connection therewith.

 

7.Disability.  If, due to physical or mental illness, Executive shall be disabled so as to be unable to perform substantially all of his duties and responsibilities hereunder, which disability lasts for more than an uninterrupted period of at least 180 days or a total of at least 240 days in any calendar year (as determined by the opinion of an independent physician selected by the Board of Directors of the Company), Employer, acting through its Board of Directors, may designate another executive to act in his place without further liability under this Agreement except for those benefits offered Executive pursuant to any long-term disability plans of Employer.

 

8.Noncompetition and Confidential Information.

 

(a)Noncompetition.  During a period of one year following the date of termination of Executive’s employment with Employer occasioned by a failure to extend employment beyond the Expiration Date or termination by Employer for Cause pursuant to Section 6(b) hereof, or by Executive in the event that such termination is not for Good Reason, Executive will not directly or indirectly, whether as owner, partner, member, shareholder, officer, director, manager, consultant, agent, employee, co-venturer, or otherwise, or through any Person (as defined in Section 10), compete by serving another electric utility which is a member of the PJM Interconnection in the same or similar capacity as he serves Employer under this Agreement; nor will he attempt to hire any employee of Employer, assist in such hiring by any other Person, or solicit or encourage any customer of Employer to terminate its relationship with Employer or to conduct with any other Person any business or activity that such customer conducts with Employer.

 

(b)Confidential Information.  Executive agrees and acknowledges that, by reason of his employment by and service to Employer, he will have access to confidential information of Employer (and its affiliates, vendors, customers, and others having business dealings with it) including, without limitation, information and knowledge pertaining to products, sales and profit figures, customer and client lists and information related to relationships between Employer and its affiliates, customers, vendors, and others having business dealings with it (collectively, the “Confidential Information”).  Executive acknowledges that the Confidential Information is a valuable and unique asset of Employer (and its affiliates, vendors, customers, and others having business dealings with it) and covenants that, both during and after the term of his employment by Employer, he will not disclose any Confidential Information to any person or use any Confidential Information (except as his duties as an employee of Employer may require) without the prior written authorization of the Board of Directors of Employer.  Executive further agrees that all files, letters, memoranda, reports, records, data, sketches, drawings, program listings or other written, photographic, or other tangible materials containing Confidential Information, whether created by Executive or others, that shall come into his custody or possession, shall be delivered to Employer, upon the earlier of (i) a request by employer or (ii) termination of Executive’s employment.  After such delivery, Executive shall 

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not retain any such records or copies thereof or any such tangible property.  The obligation of confidentiality imposed by this Section shall not apply to information that is required by law, regulation or judicial or governmental authorities to be disclosed or that otherwise becomes part of the public domain by means other than Executive’s non-observance of his obligations hereunder.

 

(c)Rights and Remedies Upon Breach.  If Executive breaches, or threatens to commit a breach of, any of the provisions of Section 8 herein (collectively, the “Restrictive Covenants”), Employer shall have the following rights and remedies, each of which shall be independent of the other and shall be severally enforceable, and all of which shall be in addition to, and not in lieu of, any other rights and remedies available to Employer under law or in equity:

 

(i)Specific Performance.  Executive recognizes and agrees that the violation of the Restrictive Covenants may not be reasonably or adequately compensated in damages and that, in addition to any other relief to which Employer may be entitled by reason of such violation, it shall also be entitled to injunctive and equitable relief and, pending determination of any dispute with respect to such violation, no bond or security shall be required in connection herewith.  If any dispute arises with respect to this Section 8, without limiting in any way any other rights or remedies to which Employer may be entitled, Executive agrees that the Restrictive Covenants shall be enforceable by a decree of specific performance.

 

(ii)Accounting.  Employer shall have the right and remedy to require Executive to account for and pay over to Employer all compensation, profits, monies, accruals, increments or other benefits (collectively, “Benefits”) derived or received by Executive as a result of any transactions constituting a breach of any of the Restrictive Covenants, and Executive shall account for and pay overall such Benefits to the Company.

 

(d)Severability of Covenants.  If any of the Restrictive Covenants, or any part thereof, or any of the other provisions of this Section 8 are held by a court of competent jurisdiction or any other governmental authority to be invalid, void, unenforceable or against public policy for any reason, the remainder of the Restrictive Covenants or such other provisions shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and such court or authority shall be empowered to substitute, to the extent enforceable, provisions similar thereto or other provisions so as to provide to Employer, to the fullest extent permitted by applicable law, the benefits intended by such provisions.

 

(e)Definition and Survival.  For purposes of this Section 8 only, the term “Employer” shall mean Old Dominion Electric Cooperative and any of its subsidiaries and/or affiliates.  All provisions of this Section 8 shall survive termination of this Agreement.

 

9.Conflicting Agreements.  Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which he is a party or by which he is bound, and that he is not subject to any covenants against competition or similar covenants that would affect the performance of his obligations hereunder.

 

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10.Definition of “Person”.  For all purposes of this Agreement, the term “Person” shall mean an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization.

 

11.Withholding.  All payments made by Employer under this Agreement shall be net of any tax or other amounts required to be withheld by Employer under applicable law.

 

12.Assignment; Successors and Assigns, etc.  Neither Employer nor Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other party; provided, however, that Employer may assign its rights under this Agreement without the consent of Executive in the event that Employer shall hereafter effect a reorganization, consolidate with or merge into any other Person (as defined in section 10), or transfer all or substantially all of its properties or assets to any other Person.  This Agreement shall inure to the benefit of and be binding upon Employer and Executive, their respective successors, executors, administrators, heirs and permitted assigns.  In the event of Executive’s death prior to the completion by Employer of all payments due him under this Agreement, Employer shall continue such payments to Executive’s beneficiary designated in writing to Employer prior to his death (or to his estate, if he fails to make such designation).

 

13.Enforceability.  If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

14.Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

15.Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid (in which case notice shall be deemed to have been given on the third day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice shall be deemed to have been given on the day after delivery to such courier service) to Executive at the last address Executive has filed in writing with Employer or, in the case of Employer, at the main offices of Employer, to the attention of the Board of Directors.

 

16.Amendment.  This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative of Employer.

 

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17.Governing Law.  This is a Virginia contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Virginia, without regard to its conflict of laws provisions.

 

18Arbitration.  Except as otherwise provided in Section 8(c) of this Agreement, any controversy or claim arising out of or relating to this Agreement, or any breach thereof, shall be settled by arbitration in Richmond, Virginia in accordance with the rules of the American Arbitration Association then in effect and judgment upon such award rendered by the arbitrators may be entered in any court having jurisdiction thereof.  The board of arbitrators shall consist of one arbitrator to be appointed by the Employer, one by the Executive, and one by the two arbitrators so chosen.  The cost of arbitration shall be allocated between the parties as determined by the arbitrators.

 

19.Entire Agreement.  This Agreement constitutes the entire understanding among the parties, superseding any previous understandings, oral or written, pertaining to the subject matter contained herein.  No party has relied or will rely upon any oral or other written representation or oral or written information made or given to such party by any other party, representative of such party or anyone acting on its behalf.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Employer, by its duly authorized officers, and by Executive, as of the date first above written.

 

 

OLD DOMINION ELECTRIC COOPERATIVE

 

 

By: /s/ Kent D. Farmer

      Name:  Kent D. Farmer

      Title:    Chairman of the Board

 

 

 

/s/ Marcus M. Harris

Marcus M. Harris 

 

 

Address:Exhibit 10.1

 

THIRD AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This Third Amended
and Restated Employment Agreement (“Agreement”) is made and entered into as of December 23, 2019 (the “Amendment
Effective Date”) by and between Enviva Management Company, LLC, a Delaware limited liability company (the “Company”),
and John K. Keppler (“Executive”) and supersedes and replaces in its entirety the Second Amended and Restated
Employment Agreement (the “Prior Agreement”) dated February 27, 2019 by and between the Company and Executive.

 

1.           
Employment. During the period commencing on the Amendment Effective Date and for the duration of the Employment
Period (as defined in Section 4 below) (the “Specified Employment Period”), the Company shall continue to employ
Executive, and Executive shall continue to serve, as Chairman, President and Chief Executive Officer of the Company, Enviva Holdings
GP, LLC, a Delaware limited liability company (“Holdings GP”) and the general partner of Enviva Holdings, LP,
a Delaware limited partnership (“Holdings”), and such other Affiliates of the Company as may be designated by
the Board of Directors of Holdings GP (the “Holdings Board”) from time to time.

 

2.           
Duties and Responsibilities of Executive.

 

(a)              
During the Employment Period, Executive shall devote Executive’s full business time and attention to the business
of the Company and its Affiliates, as applicable, and will not hold any outside employment or consulting position. Executive’s
duties pursuant to this Agreement will include those normally incidental to the positions identified in Section 1, as well as such
additional duties as may be assigned to Executive by the Holdings Board from time to time.

 

(b)              
Executive represents and covenants that Executive is not the subject of or a party to any employment agreement, non-competition
or non-solicitation covenant, non-disclosure agreement, or any other agreement, covenant, understanding, or restriction that would
prohibit Executive from executing this Agreement and fully performing Executive’s duties and responsibilities hereunder,
or would in any manner, directly or indirectly, limit or affect the duties and responsibilities that may now or in the future be
assigned to Executive hereunder.

 

(c)              
Executive acknowledges and agrees that Executive owes the Company and its Affiliates fiduciary duties, including duties
of care, loyalty, fidelity, and allegiance, such that Executive shall act at all times in the best interests of the Company and
its Affiliates and shall not appropriate any business opportunity of the Company or its Affiliates for Executive. Executive agrees
that the obligations described in this Agreement are in addition to, and not in lieu of, the obligations Executive owes the Company
and its Affiliates under common law. The Parties acknowledge and agree that Executive may provide services (including as an executive,
employee, director, or otherwise) to multiple Affiliates of the Company and, in providing such services, Executive will not be
violating Executive’s obligations hereunder so long as Executive abides by the terms of Sections 7, 8, and 9 below in the
course of performing such services.

 

     

     

    

 

3.           
Compensation.

 

(a)              
Base Salary. During the Specified Employment Period, the Company shall pay to Executive an annualized base salary
of $725,000 (the “Base Salary”) in consideration for Executive’s services under this Agreement, payable
on a not less than biweekly basis, in conformity with the Company’s customary payroll practices for executives as in effect
from time to time.

 

(b)              
Annual Bonus. During the Specified Employment Period, Executive shall be eligible for discretionary bonus compensation
for the 2019 calendar year and for each subsequent complete calendar year that Executive is employed by the Company hereunder (each,
a “Bonus Year”) pursuant to the applicable incentive or bonus compensation plan of the Company, if any, that
is applicable to similarly situated executives of the Company (each, an “Annual Bonus”). Each Annual Bonus shall
have a target value that is not less than 150% of Executive’s Base Salary as in effect on the first day of the Bonus Year
to which such Annual Bonus relates (the “Minimum Target Annual Bonus”); provided, however, that the Minimum
Target Annual Bonus for the 2019 calendar year shall not be less than 150% of Executive’s Base Salary as in effect on the
Amendment Effective Date. The performance targets that must be achieved in order to realize certain bonus levels shall be established
by the Holdings Board or a committee thereof annually, in its sole discretion, and communicated to Executive in accordance with
terms of the applicable incentive or bonus plan, if any, or if no such plan has been adopted, within the first 90 days of each
applicable Bonus Year following 2019 (the most recently established target value for Executive’s Annual Bonus is referred
to herein as the “Target Annual Bonus”). Each Annual Bonus, if any, will be paid as soon as administratively
feasible after the Holdings Board or a committee thereof certifies whether the applicable performance targets for the applicable
Bonus Year have been achieved, but in no event later than March 15 following the end of such Bonus Year.

 

(c)              
Long-Term Incentive Plan. With respect to the 2020 calendar year and each subsequent calendar year during the Specified
Employment Period, Executive shall be eligible to receive annual awards under the Enviva Partners, LP equity compensation plan
as in effect from time to time (the “LTIP”) with a target value equal to 450% of Executive’s Base Salary
as in effect on the first day of such calendar year (the “Target Annual LTIP Award”). All awards granted to
Executive under the LTIP, if any, shall be on such terms and conditions as the board of directors (the “Partners Board”)
of Enviva Partners GP, LLC, a Delaware limited liability company and the general partner of Enviva Partners, LP (the “MLP”),
or a committee thereof shall determine from time to time and shall be subject to and governed by the terms and provisions of the
LTIP as in effect from time to time and the award agreements evidencing such awards. Nothing herein shall be construed to give
Executive any rights to any amount or type of grant or award except as provided in such award to Executive provided in writing
and authorized by the Partners Board (or a committee thereof).

 

4.           
Term of Employment. The current term of Executive’s employment under this Agreement is the period commencing
on the Amendment Effective Date and ending on the first anniversary of the Amendment Effective Date (the “Current Term”).
On the first anniversary of the Amendment Effective Date and on each subsequent anniversary of the Amendment Effective Date thereafter,
the term of Executive’s employment under this Agreement shall automatically renew and extend for a period of 12 months (each
such 12-month period being a “Renewal Term”) unless written notice of non-renewal is delivered by either party
to the other not less than 60 days prior to the expiration of the then-existing Current Term or Renewal Term, as applicable. Notwithstanding
any other provision of this Agreement to the contrary, Executive’s employment pursuant to this Agreement may be terminated
at any time in accordance with Section 6. The period from the Amendment Effective Date through the expiration of this Agreement
or, if sooner, the termination of Executive’s employment pursuant to this Agreement, regardless of the time or reason for
such termination, shall be referred to herein as the “Employment Period.”

 

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5.           
Reimbursement of Business Expenses; Benefits. Subject to the terms and conditions of this Agreement, Executive
shall be entitled to the following reimbursements and benefits during the Employment Period:

 

(a)           
Reimbursement of Business Expenses. The Company agrees to reimburse Executive for Executive’s reasonable business-related
expenses incurred in the performance of Executive’s duties under this Agreement; provided that Executive timely submits
all documentation for such reimbursement, as required by Company policy in effect from time-to-time. Any reimbursement of expenses
under this Section 5(a) or Section 12 shall be made by the Company upon or as soon as practicable following receipt of supporting
documentation reasonably satisfactory to the Company (but in any event not later than the close of Executive’s taxable year
following the taxable year in which the expense is incurred by Executive); provided, however, that, upon the termination
of Executive’s employment with the Company, in no event shall any additional reimbursement be made prior to the date that
is six months after the date of such termination (or, if earlier, prior to the date of Executive’s death) to the extent such
payment delay is required under Section 409A(a)(2)(B) of the Internal Revenue Code. In no event shall any reimbursement be made
to Executive for such expenses incurred after the date that is five years after the date of the termination of Executive’s
employment with the Company. Executive is not permitted to receive a payment in lieu of reimbursement under this Section 5(a)
or Section 12.

 

(b)           
Benefits. Executive shall be eligible to participate in the same benefit plans or fringe benefit policies in which
other similarly situated Company employees are eligible to participate, subject to applicable eligibility requirements and the
terms and conditions of such plans and policies as in effect from time to time. The Company shall not, by reason of this Section
5(b), be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long
as such changes are similarly applicable to similarly situated Company employees generally.

 

6.           
Termination of Employment.

 

(a)          
Company’s Right to Terminate Executive’s Employment for Cause. The Company shall have the right to terminate
Executive’s employment at any time for Cause. For purposes of this Agreement, “Cause” shall mean Executive’s:

 

(i)           
material breach of any policy established by the Company or any of its Affiliates that (x) pertains to health and safety
and (y) is applicable to Executive;

 

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(ii)          
engaging in acts of disloyalty to the Company or its Affiliates, including fraud, embezzlement, theft, commission of a felony,
or proven dishonesty; or

 

(iii)         
willful misconduct in the performance of, or willful failure to perform a material function of, Executive’s duties
under this Agreement.

 

(b)         
Company’s Right to Terminate for Convenience. The Company shall have the right to terminate Executive’s
employment without Cause, at any time and for any reason or no reason at all.

 

(c)          
Executive’s Right to Terminate for Good Reason. Executive shall have the right to terminate Executive’s
employment with the Company at any time for Good Reason. For purposes of this Agreement, “Good Reason” shall
mean:

 

(i)           
a material diminution in Executive’s authority, duties, title, or responsibilities;

 

(ii)          
a material diminution in Executive’s Base Salary, Minimum Target Annual Bonus, or Target Annual LTIP Award;

 

(iii)         
the relocation of the geographic location of Executive’s principal place of employment by more than 100 miles from
the location of Executive’s principal place of employment as of the Amendment Effective Date; or

 

(iv)         
the Company’s delivery of a written notice of non-renewal of this Agreement to Executive.

 

Notwithstanding the foregoing provisions
of this Section 6(c) or any other provision of this Agreement to the contrary, any assertion by Executive of a termination for
Good Reason shall not be effective unless all of the following conditions are satisfied: (A) the condition described in Section
6(c)(i), (ii), (iii), or (iv) giving rise to Executive’s termination of Executive’s employment must have arisen without
Executive’s written consent; (B) Executive must provide written notice to the Company of such condition within 30 days of
the date on which Executive knew of the existence of the condition; (C) the condition specified in such notice must remain uncorrected
for 30 days after receipt of such notice by the Company; and (D) the date of Executive’s termination of Executive’s
employment must occur within 30 days after the end of such cure period.

 

(d)         
Death or Disability. Executive’s employment with the Company shall terminate upon the death or Disability of
Executive. For purposes of this Agreement, a “Disability” shall exist if Executive is unable to perform the
essential functions of Executive’s position, with reasonable accommodation (if applicable), due to an illness or physical
or mental impairment or other incapacity that continues for a period in excess of 90 days, whether consecutive or not, in any period
of 365 consecutive days. The determination of a Disability will be made by the Company after obtaining an opinion from a doctor
of the Company’s choosing. Executive agrees to provide such information and participate in such examinations as may be reasonably
required by said doctor in order to form his or her opinion. If requested by the Company, Executive shall submit to a mental or
physical examination to be performed by an independent physician selected by the Company to assist the Company in making such determination.

 

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(e)        
Executive’s Right to Terminate for Convenience. Executive shall have the right to terminate Executive’s
employment with the Company for convenience at any time upon 60 days’ advance written notice to the Company; provided
that if Executive provides a notice of termination pursuant to this Section 6(e), the Company may designate an earlier termination
date than that specified in Executive’s notice. The Company’s designation of such an earlier date will not change the
nature of Executive’s termination, which will still be deemed a voluntary resignation by Executive pursuant to this Section 6(e).

 

(f)          
Effect of Termination.

 

(i)          
If Executive’s employment hereunder shall terminate (1) pursuant to Section 4 at the expiration of the then-existing
Current Term or Renewal Term, as applicable, as a result of a non-renewal of this Agreement by Executive or (2) pursuant to Section
6(a) or 6(e), then all compensation and all benefits to Executive hereunder shall terminate contemporaneously with such termination
of employment, except that Executive shall be entitled to (x) payment of all earned, unpaid Base Salary within 30 days of Executive’s
last day of employment, or earlier if required by law, (y) reimbursement for all incurred but unreimbursed expenses for which Executive
is entitled to reimbursement in accordance with Section 5(a) and Section 12, and (z) benefits to which Executive may be entitled
pursuant to the terms of any plan or policy described in Section 5(b).

 

(ii)        
If Executive’s employment terminates (1) pursuant to Section 6(b) or 6(c) or (2) due to Executive’s death or
Disability pursuant to Section 6(d), then all compensation and all benefits to Executive hereunder shall terminate contemporaneously
with such termination of employment, except that (I) Executive shall be entitled to receive the compensation and benefits described
in clauses (x) through (z) of Section 6(f)(i); and (II) if Executive executes, on or before the Release Expiration Date (as defined
below), and does not revoke within the time provided by the Company to do so, a release of all claims in a form satisfactory to
the Company (which shall be substantially similar to the form of release attached hereto as Exhibit A) (the “Release”)),
then, provided that Executive abides by the terms of Sections 7, 8, 9, 10, and 12:

 

(A)            
The Company shall pay to Executive an amount (the “Severance Payment”) equal to the product of (x) 1.5
(or, if such termination occurs within 12 months following a Change in Control (as defined below), 2.0) and (y) the sum of Executive’s
Base Salary as in effect on the date of the termination of Executive’s employment (the “Termination Date”)
and Executive’s Target Annual Bonus as of the Termination Date. The Severance Payment will be divided into 36 (or, if such
termination occurs within 12 months following a Change in Control, 48) substantially equal installments. On the Company’s
first regularly scheduled pay date that is on or after the date that is 60 days after the Termination Date, the Company shall pay
to Executive, without interest, a number of such installments equal to the number of such installments that would have been paid
during the period beginning on the Termination Date and ending on the Company’s first regularly scheduled pay date that is
on or after the date that is 60 days after the Termination Date had the installments been paid on a biweekly basis commencing on
the Company’s first regularly scheduled pay date coincident with or next following the Termination Date, and each of the
remaining installments shall be paid on a biweekly basis thereafter; provided, however, that (1) to the extent, if
any, that the aggregate amount of the installments of the Severance Payment and any payments under Section 6(f)(ii)(C) that would
otherwise be paid pursuant to the preceding provisions of this Section 6(f)(ii)(A) or Section 6(f)(ii)(C) after March 15 of
the calendar year following the calendar year in which the Termination Date occurs (the “Applicable March 15”)
exceeds the maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to
Executive in a lump sum on the Applicable March 15 (or the first business day preceding the Applicable March 15 if the Applicable
March 15 is not a business day) and the installments of the Severance Payment payable after the Applicable March 15 shall be reduced
by such excess (beginning with the installment first payable after the Applicable March 15 and continuing with the next succeeding
installment until the aggregate reduction equals such excess), and (2) all remaining installments of the Severance Payment, if
any, that would otherwise be paid pursuant to the preceding provisions of this Section 6(f)(ii)(A) after December 31 of the
calendar year following the calendar year in which the Termination Date occurs shall be paid with the installment of the Severance
Payment, if any, due in December of the calendar year following the calendar year in which the Termination Date occurs.

 

    5

     

    

 

(B)             
All outstanding awards granted to Executive pursuant to the LTIP prior to the Termination Date that remain unvested as of
the Termination Date shall immediately become fully vested as of the Termination Date; provided, however, that with
respect to any such LTIP awards that were granted subject to a performance requirement (other than continued service by Executive)
that has not been satisfied and certified by the Partners Board (or a committee thereof) as of the Termination Date, then (1) if
the Termination Date occurs within six months prior to the expiration of the performance period applicable to such LTIP award,
such LTIP award shall become vested based on actual performance upon the expiration of such performance period; and (2) if the
Termination Date occurs at any other time during the performance period applicable to such LTIP award, such LTIP award shall become
vested as of the Termination Date based on target performance.

 

(C)             
If Executive timely and properly elects to continue coverage for Executive and Executive’s spouse and eligible dependents,
if any, under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”), similar in the amounts and types of coverage provided by the Company to Executive prior to
the Termination Date, then for a period of 18 months following the Termination Date or such earlier date as provided in this Section 6(f)(ii)(C),
the Company shall promptly reimburse Executive on a monthly basis for the entire amount Executive pays to effect and continue such
coverage; provided, however, that Executive’s rights to such reimbursements under this Section 6(f)(ii)(C)
shall terminate upon the earlier of (1) the time Executive becomes eligible to be covered under a group health plan sponsored by
another employer (and Executive shall promptly notify the Company in the event that Executive becomes so eligible) or (2) the date
Executive is no longer eligible to receive COBRA continuation coverage. Notwithstanding anything in the preceding provisions of
this Section 6(f)(ii)(C) to the contrary, (x) the election of COBRA continuation coverage and the payment of any premiums
due with respect to such COBRA continuation coverage will remain Executive’s sole responsibility, and the Company will assume
no obligation for payment of any such premiums relating to such COBRA continuation coverage and (y) if the provision of the benefit
described in this Section 6(f)(ii)(C) cannot be provided in the manner described above without penalty, tax, or other adverse
impact on the Company, then the Company and Executive shall negotiate in good faith to determine an alternative manner in which
the Company may provide a substantially equivalent benefit to Executive without such adverse impact on the Company. If (1) Executive’s
termination of employment pursuant to this Section 6(f)(ii) occurs within 12 months following a Change in Control and (2)
Executive has not become eligible to be covered under a group health plan sponsored by another employer by the earlier of the date
that is 18 months after the Termination Date or December 1 of the calendar year following the calendar year in which the Termination
Date occurs (such earlier date being the “COBRA Payment Trigger Date”), then, on the Company’s first regularly
scheduled pay date following the COBRA Payment Trigger Date (but in no event later than December 31 of the calendar year following
the calendar year in which the Termination Date occurs), the Company shall pay to Executive a lump sum cash payment equal to six
times the amount Executive paid to effect and continue coverage for himself and his spouse and eligible dependents, if any, under
the Company’s group health plan for the full calendar month next preceding the COBRA Payment Trigger Date.

 

    6

     

    

 

For purposes of this Section
6(f)(ii), in the event of Executive’s death, references to Executive (other than in Section 6(f)(ii)(C)) shall include Executive’s
estate, and references to Executive in Section 6(f)(ii)(C) shall include Executive’s spouse and eligible dependents, if any,
who are “qualified beneficiaries” (within the meaning of COBRA and the regulations thereunder) with respect to Executive’s
death.

 

(iii)         
Executive acknowledges Executive’s understanding that if the Release is not executed and returned to the Company on
or before the Release Expiration Date, and the required revocation period has not fully expired without revocation of the Release
by Executive, then Executive shall not be entitled to any payments or benefits pursuant to Section 6(f)(ii). As used herein, the
“Release Expiration Date” is that date that is 21 days following the date upon which the Company delivers the
Release to Executive (which shall occur no later than seven days after the Termination Date) or, in the event that such termination
of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is
defined in the Age Discrimination in Employment Act of 1967, as amended), the date that is 45 days following such delivery date.

 

(iv)        
For purposes of this Agreement, a “Change in Control” shall mean the occurrence of one or more of the
following transactions:

 

    7

     

    

 

(A)        
the sale or disposal by Holdings of all or substantially all of its assets to any person other than an Affiliate of Holdings;

 

(B)         
the merger or consolidation of Holdings with or into another partnership, corporation, or other entity, other than a merger
or consolidation in which the unitholders in Holdings immediately prior to such transaction retain a greater than 50% equity interest
in the surviving entity;

 

(C)        
the failure of Riverstone Holdings LLC and its Affiliates (collectively, “Riverstone”) to possess, directly
or indirectly, the power to direct or cause the direction of the management and policies of Holdings, whether through the ownership
of voting securities, by contract, or otherwise; or

 

(D)         
the occurrence of one or more of the following events:

 

(1)              
the sale or disposal by the MLP of all or substantially all of its assets to any person other than an Affiliate of the MLP;

 

(2)              
the merger or consolidation of the MLP with or into another partnership, corporation, or other entity, other than a merger
or consolidation in which the unitholders in the MLP immediately prior to such transaction retain a greater than 50% equity interest
in the surviving entity; or

 

(3)              
the failure of Riverstone to possess, directly or indirectly, the power to direct or cause the direction of the management
and policies of the MLP, whether through the ownership of voting securities, by contract, or otherwise.

 

(g)         
Meaning of Termination of Employment. For all purposes of this Agreement, Executive shall be considered to have terminated
employment with the Company when Executive incurs a “separation from service” with the Company within the meaning of
Section 409A(a)(2)(A)(i) of the Internal Revenue Code; provided, however, that whether such a separation from service
has occurred shall be determined based upon a reasonably anticipated permanent reduction in the level of bona fide services to
be performed to no more than 25% of the average level of bona fide services provided in the immediately preceding 36 months.

 

7.           
Conflicts of Interest; Disclosure of Opportunities. Executive agrees that Executive shall promptly disclose
to the Holdings Board any conflict of interest involving Executive upon Executive becoming aware of such conflict. Executive further
agrees that, throughout the Employment Period and for one year thereafter, Executive shall offer to the Company and its Affiliates,
as applicable, all business opportunities relating to the acquisition, development, ownership, and operation of facilities that
collect, process, and transform wood-based biomass into renewable energy feedstock, including wood pellets, regardless of where
such business opportunities arise.

 

8.          
Confidentiality. Executive acknowledges and agrees that, in the course of Executive’s employment with
the Company, Executive has been provided with and had access to (and, during the Employment Period, Executive will continue to
be provided with, and have access to) valuable Confidential Information (as defined below). In consideration of Executive’s
receipt of and access to such Confidential Information and in exchange for other valuable consideration provided hereunder, and
as a condition of Executive’s employment hereunder, Executive agrees to comply with this Section 8.

 

    8

     

    

 

(a)       
Executive covenants and agrees, both during the Employment Period and thereafter that, except as expressly permitted by
this Agreement or by directive of the Holdings Board, Executive shall not disclose any Confidential Information to any Person and
shall not use any Confidential Information except for the benefit of the Company or any of its Affiliates. Executive shall take
all reasonable precautions to protect the physical security of all documents and other material containing Confidential Information
(regardless of the medium on which the Confidential Information is stored). The covenants in this Section 8(a) shall apply to all
Confidential Information, whether now known or later to become known to Executive during the Employment Period.

 

(b)        
Notwithstanding Section 8(a), Executive may make the following disclosures and uses of Confidential Information:

 

(i)            
disclosures to other executives or employees of the Company or its Affiliates who have a need to know the information in
connection with the business of the Company or its Affiliates;

 

(ii)           
disclosures and uses that are incidental to Executive’s provision of services to the Company and its Affiliates consistent
with the terms of this Agreement or that are approved by the Holdings Board;

 

(iii)          
disclosures for the purpose of complying with any applicable laws or regulatory requirements; or

 

(iv)          
disclosures that Executive is legally compelled to make by deposition, interrogatory, request for documents, subpoena, civil
investigative demand, order of a court of competent jurisdiction, or similar process, or otherwise by law.

 

(c)        
Upon the expiration of the Employment Period and at any other time upon request of the Company, Executive shall surrender
and deliver to the Company all documents (including electronically stored information) and other material of any nature containing
or pertaining to all Confidential Information in Executive’s possession and shall not retain any such document or other material.
Within 10 days of any such request, Executive shall certify to the Company in writing that all such materials have been returned
to the Company.

 

(d)        
All non-public information, designs, ideas, concepts, improvements, product developments, discoveries, and inventions, whether
patentable or not, that are conceived, made, developed, or acquired by Executive, individually or in conjunction with others, during
the period Executive is or has been employed or affiliated with the Company or any of its Affiliates (whether during business hours
or otherwise and whether on the Company’s premises or otherwise) that relate to the Company’s or any of its Affiliates’
business or properties, products, or services (including all such information relating to corporate opportunities, business plans,
trade secrets, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations,
opinions, interpretations, acquisition prospects, the identity of customers or their requirements, the identity of key contacts
within customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques,
prospective names and marks) is defined as “Confidential Information.” Moreover, all documents, videotapes,
written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications,
computer programs, e-mail, voicemail, electronic databases, maps, drawings, architectural renditions, models, and all other writings
or materials of any type including or embodying any of such information, ideas, concepts, improvements, discoveries, inventions,
and other similar forms of expression are and shall be the sole and exclusive property of the Company or its Affiliates and be
subject to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement.

 

    9

     

    

 

(e)          
Nothing in this Agreement shall prohibit or restrict Executive from lawfully (i) initiating communications directly
with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation
by any governmental or regulatory agency, entity, or official(s) (collectively, “Governmental Authorities”)
regarding a possible violation of any law, (ii) responding to any inquiry or legal process directed to Executive individually
from any such Governmental Authorities, (iii) testifying, participating, or otherwise assisting in an action or proceeding
by any such Governmental Authorities relating to a possible violation of law, or (iv) making any other disclosures that are
protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets
Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that (x) is made (A) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law, or
(y) is made to Executive’s attorney in relation to a lawsuit for retaliation against Executive for reporting a suspected
violation of law, or (z) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal. Nor does this Agreement require Executive to obtain prior authorization from the Company or its Affiliates before
engaging in any conduct described in this Section 8(e), or to notify the Company or its Affiliates that Executive has engaged in
any such conduct.

 

9.           
Non-Competition; Non-Solicitation.

 

(a)          
The Company shall continue to provide Executive access to Confidential Information for use only during the Employment Period,
and Executive acknowledges and agrees that the Company will be entrusting Executive, in Executive’s unique and special capacity,
with continuing to develop the goodwill of the Company, and in consideration thereof and in consideration of the continued access
to Confidential Information, and as a condition of Executive’s employment hereunder, Executive has voluntarily agreed to
the covenants set forth in this Section 9. Executive further agrees and acknowledges that the limitations and restrictions
set forth herein, including the geographical and temporal restrictions on certain competitive activities, are reasonable in all
respects and are material and substantial parts of this Agreement intended and necessary to protect the Company’s legitimate
business interests, including the preservation of its Confidential Information and goodwill.

 

    10

     

    

 

(b)         
Executive agrees that, during the period set forth in Section 9(c) below, Executive shall not, without the prior written
approval of the Company, directly or indirectly, for Executive or on behalf of or in conjunction with any other person or entity
of whatever nature:

 

(i)           
engage or participate within the Market Area in competition with the Company in any business in which either the Company
or its Protected Affiliates engaged in, or had plans to become engaged in of which Executive was aware during the Employment Period
or the period set forth in Section 9(c) below, which business includes the acquisition, development, ownership, and operation
of facilities that collect, process, and transform wood-based biomass into renewable energy feedstock, including wood pellets (the
“Business”). As used herein, the term “Protected Affiliates” means any Affiliate of the Company
for which Executive provided services during the Employment Period, or about which Executive obtained Confidential Information
during the Employment Period.

 

(ii)          
appropriate any Business Opportunity of, or relating to, the Company or its Affiliates located in the Market Area, or engage
in any activity that is detrimental to the Company or its Affiliates or that limits the Company’s or an Affiliate’s
ability to fully exploit such Business Opportunities or prevents the benefits of such Business Opportunities from accruing to the
Company or its Affiliates; or

 

(iii)         
solicit any employee of the Company or its Affiliates to terminate his or her employment therewith.

 

(c)          
Timeframe of Non-Competition and Non-Solicitation Agreement. Executive agrees that the covenants of this Section 9
shall be enforceable during the Employment Period and for a period of one year following the termination of the Employment Period,
regardless of the reason for such termination.

 

(d)          
Because of the difficulty of measuring economic losses to the Company and its Affiliates as a result of a breach of the
foregoing covenants, and because of the immediate and irreparable damage that could be caused to the Company and its Affiliates
for which they would have no other adequate remedy, Executive agrees that the foregoing covenant may be enforced by the Company
and its Affiliates, in the event of breach by Executive, by injunctions and restraining orders and that such enforcement shall
not be the Company’s and its Affiliates’ exclusive remedy for a breach but instead shall be in addition to all other
rights and remedies available to the Company and its Affiliates, both at law and in equity.

 

(e)          
The covenants in this Section 9 are severable and separate, and the unenforceability of any specific covenant (or any
portion thereof) shall not affect the provisions of any other covenant (or any portion thereof). Moreover, in the event any court
of competent jurisdiction or arbitrator, as applicable, shall determine that the scope, time, or territorial restrictions set forth
in this Section 9 are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent
that the court or arbitrator deems reasonable, and this Agreement shall thereby be reformed.

 

    11

     

    

 

(f)          
For purposes of this Section 9, the following terms shall have the following meanings:

 

(i)            
“Business Opportunity” shall mean any commercial, investment, or other business opportunity relating
to the Business.

 

(ii)           
“Market Area” shall mean any location or geographic area within 75 miles of a location where the Company
or its Affiliates conducts Business, or has plans to conduct Business of which Executive is aware, during the Employment Period.

 

(g)         
All of the covenants in this Section 9 shall be construed as an agreement independent of any other provision in this
Agreement, and the existence of any claim or cause of action of Executive against the Company, whether predicated on this Agreement
or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.

 

10.        
Ownership of Intellectual Property. Executive agrees that the Company or its applicable Affiliate shall own,
and Executive agrees to assign and does hereby assign, all right, title, and interest (including patent rights, copyrights, trade
secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout
the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designs, know-how,
ideas, and information authored, created, contributed to, made, or conceived or reduced to practice, in whole or in part, by Executive
during the period that Executive is or has been employed or affiliated with the Company or any of its Affiliates that either (a)
relate, at the time of conception, reduction to practice, creation, derivation, or development, to the Company’s or any of
its Affiliates’ business or actual or anticipated research or development, or (b) were developed on any amount of the Company’s
time or with the use of any of the Company’s or its Affiliates’ equipment, supplies, facilities, or trade secret information
(all of the foregoing collectively referred to herein as “Company Intellectual Property”), and Executive will
promptly disclose all Company Intellectual Property to the Company. All of Executive’s works of authorship and associated
copyrights created during the Employment Period and in the scope of Executive’s employment shall be deemed to be “works
made for hire” within the meaning of the Copyright Act. Executive agrees to perform, during and after the Employment Period,
all reasonable acts deemed necessary by the Company to assist the Company or its applicable Affiliate, at the Company’s or
such Affiliate’s expense, in obtaining and enforcing its rights throughout the world in the Company Intellectual Property.
Such acts may include, but are not limited to, execution of documents and assistance or cooperation (i) in the filing, prosecution,
registration, and memorialization of assignment of any applicable patents, copyrights, mask work, or other applications, (ii) in
the enforcement of any applicable patents, copyrights, mask work, moral rights, trade secrets, or other proprietary rights, and
(iii) in other legal proceedings related to the Company Intellectual Property.

 

11.         
Arbitration.

 

(a)          
Subject to Section 11(d), any dispute, controversy, or claim between Executive and the Company or any of its Affiliates
arising out of or relating to this Agreement or Executive’s employment with the Company or services provided to any Affiliate
of the Company will be finally settled by arbitration in New York, New York before, and in accordance with the rules for the resolution
of employment disputes then in effect of, the American Arbitration Association (“AAA”). The arbitration award
shall be final and binding on both parties.

 

    12

     

    

 

(b)        
Any arbitration conducted under this Section 11 shall be heard by a single arbitrator (the “Arbitrator”)
selected in accordance with the then-applicable rules of the AAA. The Arbitrator shall expeditiously (and, if possible, within
90 days after the selection of the Arbitrator) hear and decide all matters concerning the dispute. Except as expressly provided
to the contrary in this Agreement, the Arbitrator shall have the power to (i) gather such materials, information, testimony, and
evidence as the Arbitrator deems relevant to the dispute before him or her (and each party will provide such materials, information,
testimony, and evidence requested by the Arbitrator, except to the extent any information so requested is proprietary, subject
to a third-party confidentiality restriction, or to an attorney-client or other privilege), and (ii) grant injunctive relief and
enforce specific performance. The decision of the Arbitrator shall be rendered in writing, be final and binding upon the disputing
parties, and the parties agree that judgment upon the award may be entered by any court of competent jurisdiction; provided
that the parties agree that the Arbitrator and any court enforcing the award of the Arbitrator shall not have the right or authority
to award punitive or exemplary damages to any disputing party.

 

(c)         
Each side shall share equally the cost of the arbitration and bear its own costs and attorneys’ fees incurred in connection
with any arbitration, unless the Arbitrator determines that compelling reasons exist for allocating all or a portion of such costs
and fees to the other side.

 

(d)        
Notwithstanding Section 11(a), an application for emergency or temporary injunctive relief by either party (including
any such application to enforce the provisions of Sections 8, 9, or 10 herein) shall not be subject to arbitration under this Section 11;
provided, however, that the remainder of any such dispute (beyond the application for emergency or temporary injunctive
relief) shall be subject to arbitration under this Section.

 

(e)        
By entering into this Agreement and entering into the arbitration provisions of this Section 11, THE PARTIES EXPRESSLY
ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL.

 

(f)         
Nothing in this Section 11 shall prohibit a party to this Agreement from (i) instituting litigation to enforce any
arbitration award or (ii) joining another party to this Agreement in a litigation initiated by a person or entity that is not a
party to this Agreement.

 

12.         
Defense of Claims. Executive agrees that, during the Employment Period and thereafter, upon reasonable request
from the Company, Executive will cooperate with the Company or its Affiliates in the defense of any claims or actions that may
be made by or against the Company or its Affiliates that relate to Executive’s actual or prior areas of responsibility, except
if Executive’s reasonable interests are adverse to the Company or its Affiliate(s), as applicable, in such claim or action.
The Company agrees to pay or reimburse Executive for all of Executive’s reasonable travel and other direct expenses incurred,
or to be reasonably incurred, to comply with Executive’s obligations under this Section 12, provided Executive provides
reasonable documentation of same and obtains the Company’s prior approval for incurring such expenses.

 

    13

     

    

 

13.         
Withholdings. The Company may withhold and deduct from any payments made or to be made pursuant to this Agreement
(a) all federal, state, local, and other taxes as may be required pursuant to any law or governmental regulation or ruling and
(b) any deductions consented to in writing by Executive.

 

14.         
Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference
only and shall in no way limit, define, or otherwise affect the provisions hereof. Any and all Exhibits or Attachments referred
to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes. The words “herein,”
“hereof,” “hereunder,” and other compounds of the word “here” shall refer to the entire Agreement
and not to any particular provision hereof. The use herein of the word “including” following any general statement,
term, or matter shall not be construed to limit such statement, term, or matter to the specific items or matters set forth immediately
following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation,”
“but not limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed to refer
to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term, or
matter. Unless the context requires otherwise, all references herein to an agreement, instrument, or other document shall be deemed
to refer to such agreement, instrument, or other document as amended, supplemented, modified, and restated from time to time to
the extent permitted by the provisions thereof.  All references to “dollars” or “$” in this Agreement
refer to United States dollars.  Wherever the context so requires, the masculine gender includes the feminine or neuter, and
the singular number includes the plural and conversely.

 

15.         
Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to
the laws of the State of New York without regard to the conflict of law principles thereof. With respect to any claim or dispute
related to or arising under this Agreement, the parties hereby consent to the arbitration provisions of Section 11 above and
recognize and agree that should any resort to a court be necessary and permitted under this Agreement, then they consent to the
exclusive jurisdiction, forum, and venue of the state and federal courts located in New York, New York.

 

16.         
Entire Agreement and Amendment. This Agreement contains the entire agreement of the parties with respect to
the matters covered herein; moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral
or written, between the parties hereto concerning the subject matter hereof. Without limiting the scope of the preceding sentence,
except as otherwise expressly provided in this Section 16, all understandings and agreements preceding the Amendment Effective
Date and relating to the subject matter hereof (including the Prior Agreement) are hereby null and void and of no further force
or effect, and this Agreement shall supersede all other agreements, written or oral, that purport to govern the terms of Executive’s
employment (including Executive’s compensation) with the Company or any of its Affiliates. Executive acknowledges and agrees
that the Prior Agreement is hereby terminated and has been satisfied in full, as has any other employment agreement between Executive
and the Company or any of its Affiliates. In entering into this Agreement, Executive expressly acknowledges and agrees that Executive
has received all sums and compensation that Executive has been owed, is owed, or ever could be owed pursuant to the agreement(s)
referenced in the previous sentence and for services provided to the Company and any of its Affiliates through the date that Executive
signs this Agreement, with the exception of any unpaid base salary for the pay period that includes the date on which Executive
signs this Agreement. Notwithstanding anything in the preceding provisions of this Section 16 to the contrary, the parties
expressly acknowledge and agree that this Agreement does not supersede or replace, but instead complements and is in addition to,
all equity compensation agreements between Executive and the Company or any of its Affiliates. This Agreement may be amended only
by a written instrument executed by both parties hereto.

 

    14

     

    

 

17.        
Waiver of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver. No
waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition
or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent
breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure
of either party hereto to take any action by reason of any breach will not deprive such party of the right to take action at any
time while such breach continues.

 

18.        Assignment. This Agreement is personal to Executive, and neither this
Agreement nor any rights or obligations hereunder shall be assignable or otherwise transferred by Executive. The Company may
assign this Agreement to any successor (whether by merger, purchase, or otherwise) to all or substantially all of the equity,
assets, or businesses of the Company, if such successor expressly agrees to assume the obligations of the Company
hereunder.

 

19.       
Affiliates. For purposes of this Agreement, the term “Affiliates” is defined as any person
or entity Controlling, Controlled by, or Under Common Control with the Company. The term “Control,” including
the correlative terms “Controlling,” “Controlled By,” and “Under Common Control
with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies
(whether through ownership of securities or any partnership or other ownership interest, by contract, or otherwise) of a person
or entity. For the purposes of the preceding sentence, Control shall be deemed to exist when a person or entity possesses, directly
or indirectly, through one or more intermediaries (a) in the case of a corporation, more than 50% of the outstanding voting securities
thereof, (b) in the case of a limited liability company, partnership, limited partnership, or joint venture, the right to more
than 50% of the distributions therefrom (including liquidating distributions), or (c) in the case of any other person or entity,
more than 50% of the economic or beneficial interest therein.

 

20.       
Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly
received (a) when delivered in person, (b) on the first business day after such notice is sent by air express overnight courier
service, or (c) on the third business day following deposit in the United States mail, registered or certified mail, return receipt
requested, postage prepaid and addressed, in each case, to the following address, as applicable:

 

(1)          If
to the Company, addressed to:

 

Enviva Management Company, LLC 

7200 Wisconsin Ave. Suite 1000

Bethesda, MD 20814

Attention: General Counsel

 

    15

     

    

 

(2)          If
to Executive, addressed to the most recent address the Company has in its employment records for Executive.

 

21.        
Counterparts. This Agreement may be executed in any number of counterparts, including by facsimile or “.pdf”
or similar electronic format, each of which when so executed and delivered shall be an original, but all such counterparts shall
together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages,
each signed by one party, but together signed by both parties hereto.

 

22.        
Deemed Resignations. Unless otherwise agreed to in writing by the Company and Executive prior to the termination
of Executive’s employment, any termination of Executive’s employment shall constitute (a) an automatic resignation
of Executive as an officer of the Company, Holdings GP, and each other Affiliate of the Company, as applicable, (b) an automatic
resignation of Executive from the board of directors (or similar governing body) of the Company or any Affiliate of the Company
(if applicable), and (c) an automatic resignation from the board of directors or any similar governing body of any corporation,
limited liability entity, or other entity in which the Company or any Affiliate holds an equity interest and with respect to which
board or similar governing body Executive serves as the Company’s or such Affiliate’s designee or other representative
(if applicable).

 

23.         
Effect of Termination. The provisions of Sections 6(f), 7-12, 22, and 24 and those provisions necessary
to interpret and enforce them, shall survive any termination of the employment relationship between Executive and the Company.

 

24.         
Third-Party Beneficiaries. Each Affiliate of the Company shall be a third-party beneficiary of Executive’s
obligations under Sections 7, 8, 9, 10, and 22 and shall be entitled to enforce such obligations as if a party hereto.

 

25.         
Severability. Subject to Section 9(e), if an arbitrator or court of competent jurisdiction determines
that any provision of this Agreement (or part thereof) is invalid or unenforceable, then the invalidity or unenforceability of
that provision (or part thereof) shall not affect the validity or enforceability of any other provision (or part thereof) of this
Agreement, and all other provisions (or part thereof) shall remain in full force and effect.

 

    16

     

    

 

26.         
Section 409A. Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement
are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the applicable Treasury regulations
and administrative guidance issued thereunder (collectively, “Section 409A”) or an exemption therefrom and shall
be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section
409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from
Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement
shall be treated as a separate payment. Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit
provided for herein would be subject to additional taxes and interest under Section 409A if Executive’s receipt of such payment
or benefit is not delayed until the earlier of (i) the date of Executive’s death or (ii) the date that is six months after
the Termination Date (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be
provided to Executive (or Executive’s estate, if applicable) until the Section 409A Payment Date. Notwithstanding the foregoing,
the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant
with, Section 409A and in no event shall the Company or any of its Affiliates be liable for all or any portion of any taxes, penalties,
interest, or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

 

[The remainder of this page was left
blank intentionally; the signature page follows.]

 

    17

     

    

 

IN WITNESS WHEREOF,
Executive and the Company each have caused this Agreement to be executed in its name and on its behalf, effective for all purposes
as provided above.

 

	 	EXECUTIVE
	 	 
	 	 
	 	/s/ John K. Keppler
	 	John K. Keppler
	 	 
	 	 
	 	ENVIVA MANAGEMENT COMPANY, LLC
	 	 
	 	 
	 	By:	/s/ Joseph N. Lane
	 	 	Joseph N. Lane
	 	 	Executive Vice President, Human Capital

 

Signature
Page to 

Third
Amended and Restated 

Employment
Agreement

(John
K. Keppler)

 

    

     

    

 

EXHIBIT A

FORM OF RELEASE AGREEMENT

 

This Release Agreement
(this “Agreement”) constitutes the release referred to in that certain Third Amended and Restated Employment
Agreement (the “Employment Agreement”) dated as of December [•], 2019, by and between John K. Keppler (“Executive”)
and Enviva Management Company, LLC (the “Company”). Capitalized terms used but not defined herein shall have
the meanings assigned to them in the Employment Agreement.

 

(a)         For
good and valuable consideration, including the Company’s provision of certain severance payments (or a portion thereof) to
Executive in accordance with Section 6(f)(ii) of the Employment Agreement, Executive hereby releases, discharges, and forever acquits
(A) the Company, its subsidiaries and all of its other Affiliates, (B) Enviva Partners GP, LLC, Enviva Partners, LP, Holdings,
Holdings GP, their respective subsidiaries, and their other Affiliates, and (C) the past, present, and future stockholders, officers,
members, partners, directors, managers, employees, agents, attorneys, heirs, representatives, successors, and assigns of the entities
specified in clauses (A) and (B) above, in their personal and representative capacities (collectively, the “Company Parties”),
from liability for, and hereby waives, any and all claims, damages, or causes of action of any kind related to Executive’s
employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter on
or prior to the date of the execution of this Agreement including, without limitation, (1) any alleged violation through the date
of this Agreement of: (i) the Age Discrimination in Employment Act of 1967, as amended (including as amended by the Older Workers
Benefit Protection Act); (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil Rights Act of 1991; (iv) Sections
1981 through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as
amended; (vi) the Immigration Reform Control Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended; (viii)
the National Labor Relations Act, as amended; (ix) the Occupational Safety and Health Act, as amended; (x) the Family and Medical
Leave Act of 1993; (xi) any federal, state, or local anti-discrimination law; (xii) any federal, state, or local wage and hour
law; (xiii) any other local, state, or federal law, regulation, or ordinance; and (xiv) any public policy, contract, tort, or common
law claim; (2) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in or with respect to
a Released Claim; (3) any and all rights, benefits, or claims Executive may have under any employment contract, incentive compensation
plan, or equity incentive plan with any Company Party or to any ownership interest in any Company Party except as expressly provided:
(I) in Section 6(f)(ii) of the Employment Agreement; and (II) pursuant to the terms of any equity compensation agreement between
Executive and a Company Party (including any Restricted Unit Agreement with Holdings or any Award Agreement (as defined in the
LTIP) relating to an award granted to Executive pursuant to the LTIP), and (4) any claim for compensation or benefits of any kind
not expressly set forth in the Employment Agreement or any equity compensation agreement (collectively, the “Released
Claims”). In no event shall the Released Claims include (a) any claim that arises after the date Executive signs this
Agreement, (b) any claim to vested benefits under an employee benefit plan or equity compensation plan, or (c) any claims for contractual
payments under Section 5(a) or Section 6(f)(ii) of the Employment Agreement. This Agreement is not intended to indicate
that any such claims exist or that, if they do exist, they are meritorious. Rather, Executive is simply agreeing that, in exchange
for the consideration recited in the first sentence of this paragraph, any and all potential claims of this nature that Executive
may have against the Company Parties, regardless of whether they actually exist, are expressly settled, compromised, and waived.
By signing this Agreement, Executive is bound by it. Anyone who succeeds to Executive’s rights and responsibilities, such
as heirs or the executor of Executive’s estate, is also bound by this Agreement. This release also applies to any claims
brought by any person or agency or class action under which Executive may have a right or benefit. Notwithstanding the release
of liability contained herein, nothing in this Agreement prevents Executive from filing any non-legally waivable claim (including
a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission, National Labor Relations Board,
Occupational Safety and Health Administration, Securities and Exchange Commission, Financial Industry Regulatory Authority (FINRA),
or any other federal, state, or local governmental agency, authority, or commission (each, a “Governmental Agency”)
or participating in any investigation or proceeding conducted by any Governmental Agency. Executive understands that this Agreement
does not limit Executive’s ability to communicate with any Governmental Agency or otherwise participate in any investigation
or proceeding that may be conducted by any Governmental Agency (including by providing documents or other information to a Governmental
Agency) without notice to the Company or any other Company Party. This Agreement does not limit Executive’s right to receive
an award from a Governmental Agency for information provided to a Governmental Agency. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE
TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

 

    	 	EXHIBIT A-1	 

     

    

 

(b)         Executive
agrees not to bring or join any lawsuit or arbitration proceeding against any of the Company Parties in any court relating to any
of the Released Claims. Executive represents that Executive has not brought or joined any lawsuit or filed any charge or claim
against any of the Company Parties in any court or before any government agency and has made no assignment of any rights Executive
has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released
Claims.

 

(c)          By
executing and delivering this Agreement, Executive acknowledges that:

 

(i)       Executive
has carefully read this Agreement;

 

(ii)      Executive
has had at least [twenty-one (21)] [forty-five (45)] days to consider this Agreement before the execution and delivery hereof to
the Company [Add if 45 days applies: , and Executive acknowledges that attached to this Agreement are (1) a list of the positions
and ages of those employees selected for termination (or participation in the exit incentive or other employment termination program);
(2) a list of the ages of those employees not selected for termination (or participation in such program); and (3) information
about the unit affected by the employment termination program of which Executive’s termination was a part, including any
eligibility factors for such program and any time limits applicable to such program];

 

(iii)     Executive
has been advised, and hereby is advised in writing, that Executive may, at Executive’s option, discuss this Agreement with
an attorney of Executive’s choice and that Executive has had adequate opportunity to do so;

 

    	 	EXHIBIT A-2	 

     

    

 

(iv)     Executive
fully understands the final and binding effect of this Agreement; the only promises made to Executive to sign this Agreement are
those stated in the Employment Agreement and herein; and Executive is signing this Agreement knowingly, voluntarily, and of Executive’s
own free will, and that Executive understands and agrees to each of the terms of this Agreement; and

 

(v)      With
the exception of any sums that Executive may be owed pursuant to Section 6(f)(ii) of the Employment Agreement, Executive has
been paid all wages and other compensation to which Executive is entitled under the Agreement and received all leaves (paid and
unpaid) to which Executive was entitled during the Employment Period.

 

Notwithstanding the
initial effectiveness of this Agreement, Executive may revoke the delivery (and therefore the effectiveness) of this Agreement
within the seven-day period beginning on the date Executive delivers this Agreement to the Company (such seven-day period being
referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing
signed by Executive and must be delivered to the General Counsel of the Company before 11:59 p.m., New York, New York time, on
the last day of the Release Revocation Period. If an effective revocation is delivered in the foregoing manner and timeframe, this
Agreement shall be of no force or effect and shall be null and void ab initio. No consideration shall be paid if this Agreement
is revoked by Executive in the foregoing manner.

 

Executed on this _____
day of __________, _____.

 

 

 

		 
		John K. Keppler

 

    	 	EXHIBIT A-3

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