Document:

Exhibit 10.20

 

Execution Copy

 

UNIT

SUBSCRIPTION AGREEMENT

 

March 7 , 2008

 

The undersigned, CPP INVESTMENT BOARD (USRE
II) INC. (the “Subscriber”), hereby agrees to subscribe for
and purchase from NOBLE ENVIRONMENTAL POWER,
LLC, a Delaware limited liability company (the “Company”),
and the Company hereby agrees to sell and issue to the Subscriber, the number
of Series B preferred units (the “Preferred Units”) of the Company
set forth on the Subscriber’s signature page hereto (such Preferred Units
to be issued, the “Purchased Units”) in consideration of the payment to
the Company of $100.00 per Purchased Unit (the “Subscription Price”),
the sufficiency of which is hereby acknowledged.

 

On the date hereof, the Subscriber shall deposit the Subscription Price
into an account identified to the Subscriber by the Company (the “Deposit
Account”) by wire transfer of immediately available funds.  Upon receipt of the Subscription Price, the
Company shall immediately issue the Purchased Units to the Subscriber.

 

The
Company represents and warrants that the Purchased Units, when issued, will be
duly authorized, validly issued, fully paid and nonassessable.

 

The
Subscriber represents and warrants to the Company that the representations and
warranties of the Subscriber set forth in Section 8 of the Third
Amended and Restated Operating Agreement of the Company, dated March 7,
2008 (the “Operating Agreement”), as amended from time to time, are true
and correct in all material respects on and as of the date hereof as if made by
the Subscriber on and as of the date hereof (except to the extent expressly
made as of an earlier date, in which case such representations shall be true
and correct in all material respects as of such earlier date, and except to the
extent such representations and warranties are qualified by materiality, in
which case such representations shall be true and correct).

 

As
evidence of the restrictions on transfer, the following legends will be placed
on the certificates, if any, evidencing the Purchased Units:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS.  THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR
LAWS.”

 

*****

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the
undersigned have executed this Unit Subscription Agreement as of the date first
written above.

 

	
   

  	
  CPP INVESTMENT BOARD (USRE II) INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andre Bourbonnais

  
	
   

  	
   

  	
  Name:

  	
  Andre Bourbonnais

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Myra Libensen

  
	
   

  	
   

  	
  Name:

  	
  Myra Libensen

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NOBLE ENVIRONMENTAL POWER, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles C. Hinckley

  
	
   

  	
   

  	
  Name:

  	
  Charles C. Hinckley

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

 

Number of Series B Preferred Units subscribed for:

1,100,000Exhibit 10.21

 

EXECUTION VERSION

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of May 5,
2008 (the “Effective Date”), by and between Noble Environmental Power,
LLC (“Noble”) and Walter Q. Howard (“Executive”).

 

WHEREAS, Noble, its parent and its affiliates (collectively, the “Noble
Companies”) develop, construct and operate wind-powered electricity
generation facilities;

 

WHEREAS, Noble desires to employ Executive and to enter into an
agreement embodying the terms of employment and Executive desires to enter into
this Agreement and to accept such employment, subject to the terms and
provisions of this Agreement;

 

NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, Noble and Executive agree as follows:

 

1.                                       Position, Duties and Responsibilities.   Commencing as of April 1, 2008,
Executive shall be employed as the President and Chief Executive Officer of
Noble with such customary responsibilities, duties and authority that are
consistent with the position and as may be assigned from time to time by the
Board of Directors of Noble or similar governing body of Noble (the “Board
of Directors”).  Executive, in
carrying out his duties under this Agreement, will report to the Board of
Directors.  During the Term of
Employment, Executive shall devote substantially all of his business time and
attention to the business and affairs of Noble and/or the Noble Companies, and
shall use his best efforts, skills, and abilities to promote its
interests.  Executive agrees to observe
and comply with the rules and policies of Noble and the Noble Companies as
adopted from time to time, including any rules and policies that relate to
Executive’s post-termination obligations to Noble and the Noble Companies.

 

2.                                       At-Will Employment.

 

(a)                        Noble and Executive acknowledge
that Executive’s employment hereunder is and shall continue to be at-will (as
defined under applicable law), and may be terminated at any time, with or
without Cause, at the option of either party. 
No provision of this Agreement shall be construed as conferring upon
Executive a right to continue as an employee of Noble.  On the date on which Executive’s employment
with Noble terminates, for whatever reason, unless specifically otherwise
agreed in writing between Executive and Noble, Executive shall cease to hold
any position (whether as an officer, director, manager, employee, trustee,
fiduciary, or otherwise) with Noble or any of the Noble Companies.  The period of Executive’s employment under
this Agreement, which shall be deemed to begin on April 1, 2008, is
referred to herein as the “Term of Employment.”

 

(b)                       If Executive’s employment
terminates for any reason, Executive shall not be entitled to any payments,
benefits, damages, awards or compensation other than 

 

 

as specifically provided in (i) Section 4
of this Agreement, (ii) the Change in Control Severance Agreement, dated
as of May 5, 2008, by and between the Executive and Noble (the “Change
in Control Severance Agreement”), (iii) any employee benefit plan in
which the Executive participated under Section 3(d) of this
Agreement, or (iv) as otherwise required by law.

 

3.                                       Compensation and Benefits. 
Executive will be eligible to receive the following compensation and
benefits during the Term of Employment:

 

(a)                        Annual Base Salary. 
In consideration of the services to be rendered by Executive under this
Agreement, Noble will pay Executive an annual salary of four hundred twenty
thousand dollars ($420,000) (the “Salary”), less all applicable local,
state, and federal taxes, and other withholdings and deductions required by law
or authorized by Executive, which shall be payable at the times and in the
installments consistent with Noble’s existing payroll practices.  Executive will be considered for merit
increases to his Salary during the Term of Employment based on performance in
the sole discretion of the Board of Directors.

 

(b)                       Annual Bonus. 
Executive will be eligible for an annual bonus, based primarily on Noble’s
financial performance, including, as applicable, the performance of the Noble
Companies.  Executive shall be eligible
for an annual bonus at a target level of one hundred (100) percent of his Salary,
upon fulfilling certain financial goals and objectives that are established by
the Board of Directors with respect to the applicable performance period.  Whether such financial goals and objectives
are achieved will be determined by the Board of Directors in its sole
discretion.  Except as provided in Section 4(e) herein
or as provided in the Change in Control Severance Agreement, Executive will not
be eligible for an annual bonus unless Executive remains employed by Noble
through January 1 of the calendar year following the applicable
performance period, or such longer period as may be required by the Board of
Directors or under the applicable bonus plan. 
Any annual bonus earned by the Executive shall be paid to Executive when
bonuses under the performance period in question are paid to other executive
officers of Noble.  For the avoidance of
doubt, the initial performance period with respect to the annual bonus for the
Executive under this Section 3(b) shall commence on April 1,
2008, and subsequent performance periods shall commence on January 1 each
calendar year thereafter, unless such subsequent performance periods are
changed by the Board of Directors in its discretion.

 

(c)                        Bonus for
Delay in Employment.  In
consideration for the Executive agreeing to delay his employment with Noble
until the Effective Date, the Executive will be entitled to receive a one-time
bonus of $35,000, which Noble will pay in one lump sum as soon as
administratively practicable after the Effective Date.

 

(d)                       Benefits.  The parties
acknowledge and agree that during the Term of Employment, Executive shall be
entitled to participate in certain employee benefits plans, programs and
arrangements, as offered by Noble to similarly-situated

 

 

employees. 
These employee benefits shall be governed by the applicable documents,
which are subject to change.  During the
Term of Employment, Executive will also be entitled to the use of an automobile
provided by Noble in accordance with its automobile policy.

 

(e)                                  Claims, Insurance and Indemnification.

 

(i)                           During
the Term of Employment, and at all times thereafter, Executive agrees to fully,
and in good faith, cooperate with Noble with respect to any investigation,
claim or litigation involving Noble or the Noble Companies and relating to his
past, present or future duties with Noble or the Noble Companies, or to any
matters concerning Noble or the Noble Companies about which he has
knowledge.  Noble shall reimburse
Executive for his reasonable expenses incurred in the course of such cooperation.

 

(ii)                        During
the Term of Employment, and at all times thereafter, Noble will provide
Executive with directors’ and officers’ insurance liability coverage to cover
any claims arising from his past, present or future activities on behalf of
Noble or the Noble Companies, in the same manner as such insurance is provided
to other similarly-situated officers or directors of Noble, subject to the
terms of the applicable insurance policies.

 

(f)                                    Business Expenses.  During the Term of Employment, Executive shall
be reimbursed for all reasonable, ordinary, and necessary expenses incurred for
business activities on behalf of Noble or the Noble Companies by Executive in
the performance of his duties.  All
reimbursable expenses must be appropriately documented in reasonable detail by
Executive and submitted in accordance with the Travel and Business Expense
Reimbursement Policy of Noble in effect at that time.

 

(g)                                 Relocation.            Executive
agrees to establish a residence in the Essex, Connecticut area on or prior to April 30,
2008.  The Executive shall be eligible to
receive reimbursement for reasonable expenses incurred in connection with the
relocation of household items owned by the Executive from Philadelphia,
Pennsylvania to the Essex, Connecticut area, up to a maximum of $15,000 (the “Relocation
Costs”).  In addition, in connection
with his relocation, Executive shall be eligible to receive reimbursement for
up to three (3) months of executive housing, subject to advance approval
by the Board of Directors (the “Housing Costs”).  Noble shall reimburse the Relocation Costs
and the Housing Costs in a timely manner; provided, that, Executive documents
the Relocation Costs and the Housing Costs in reasonable detail and promptly
submits the Relocation Costs and the Housing Costs to Noble.

 

(h)                                 Vacation.  During the Term of Employment, Executive
shall be entitled to four (4) weeks of paid vacation per year, in addition
to paid holidays in accordance with Noble’s holiday policy.

 

 

(i)                                     Legal Fees.  Noble will reimburse the Executive up to
$20,000 with respect to reasonable legal fees incurred by the Executive in
connection with the negotiation  or
review of this Agreement; provided, that, such legal fees are incurred by the
Executive on or prior to the Effective Date. 
The Executive will promptly
provide Noble with reasonably acceptable information regarding such legal fees
and reimbursement will be made as soon as administratively possible following
the receipt by Noble of such information, which reimbursement will be made no
later than the last day of the calendar year following the calendar year in
which the legal fees were incurred by the Executive.

 

(j)                                     Series A and B Incentive and Performance
Units.  Executive understands that Noble will grant
Executive, after the Effective Date, the opportunity to purchase   2,599 Series A Incentive Units,
5,944 Series A Performance Units, 58,889 Series B Incentive Units and
29,445 Series B Performance Units (the “Grant”), which Grant is contingent on (X) the
Executive remaining employed by Noble as of the time of Grant, and (Y) the
Executive executing (i) the versions of the Limited Liability Company
Operating Agreement of Noble and the Members’ Agreement of Noble that are are
referred to in the applicable subscription agreement approved by the Board of
Directors and provided by Noble to Executive in order to effectuate such
purchase and that will govern the terms of the Series A Incentive Units, Series A
Performance Units, Series B Incentive Units and Series B Performance
Units, and (ii) any other documents ancillary to the Grant required by
Noble.  For purposes of this Section 3(j),
the terms “Series A Incentive Units,” “Series A Performance Units,” “Series B
Incentive Units” and “Series B Performance Units” shall be as defined in
that version of the Limited Liability Company Operating Agreement of Noble that
will govern the Series A Incentive Units, Series A Performance Units,
Series B Incentive Units and Series B Performance Units.

 

4.                                       Termination of Employment.

 

(a)                                  Termination Due to Death or Disability.  Executive’s employment will terminate upon
his death or Disability.  For purposes of
this Agreement, “Disability” shall refer to Executive’s physical or
mental disability preventing him from carrying out substantially all of his
duties as President and Chief Executive Officer of Noble for a period of four
consecutive months (or 25 weeks in any 12-month period).  If Executive and Noble disagree as to the
existence of a Disability, the dispute shall be resolved by an independent
medical doctor selected by Executive and Noble.

 

(b)                                 Involuntary Termination.  Executive’s employment hereunder may be
terminated immediately by Noble, at any time, for Cause by written notice.  For purposes of this Agreement, “Cause”
shall mean:

 

(i)                                    Executive’s
failure to substantially perform his duties as an employee of Noble, which
failure is not remedied by the Executive within thirty (30) 

 

 

days after receiving written notice from the Board of Directors
specifying such failure;

 

(ii)                                  the
engagement by Executive in misconduct in the performance of his duties as an
employee of Noble, which misconduct is materially injurious to Noble or any of
the Noble Companies;

 

(iii)                               the
Executive admitting to, the Executive being convicted of, the Executive
entering of a plea of guilty or nolo
contendere to, or the Executive being indicted for, any felony or
crime involving moral turpitude;

 

(iv)                              the
Executive committing any act of fraud or dishonesty in connection with the
performance of his duties as an employee of Noble or in the course of Executive’s
employment with Noble, which act is materially injurious to Noble or any of the
Noble Companies;

 

(v)                                 the
Executive using narcotics, alcohol, or illicit drugs in a manner that has or
may reasonably be expected to have a detrimental effect on the performance by
the Executive of his duties as an employee of Noble or on the reputation of
Noble or any of the Noble Companies; or

 

(vi)                              the
Executive committing a material violation of any policy sponsored by Noble or
the other Noble Companies which results in injury to Noble or any of the Noble
Companies.

 

(c)                                  Voluntary Termination.  Subject to Section 4(b) and 4(d),
either Executive or Noble may voluntarily terminate Executive’s employment and
this Agreement at any time by providing thirty (30) days’ written notice to the
other party.

 

(d)                                 Termination for Good Reason.  Executive may voluntarily terminate Executive’s
employment and this Agreement at any time for Good Reason by providing thirty
(30) days’ written notice to Noble specifying the event(s) purported to
constitute Good Reason in reasonable detail (which notice must be provided
within 60 days following the occurrence of such event(s)); provided, however,
that Executive may not resign his employment for Good Reason unless Noble has
not remedied the event(s) alleged by the Executive to constitute Good
Reason within the 30-day period.  As used
herein “Good Reason” shall mean the occurrence of any of the following: (i) a
material and adverse reduction in the nature or scope of the responsibilities,
duties or authority held by the Executive pursuant to this Agreement; (ii) a
material reduction in Salary, other than any such reduction in Salary that
results from the implementation by Noble of a general salary reduction plan
among all of its senior executives; or (iii) the relocation of Executive’s
principal place of employment more than 50 miles from its location on the
commencement of the Term of Employment, which location shall be the offices of
Noble in Essex, Connecticut.

 

 

(e)                                  Benefits upon Termination.

 

(i)                                     Severance
Payments.  In the event Noble
terminates the Executive without Cause (which shall not include a termination
under Section 4(a)) or Executive terminates his employment for Good
Reason, and provided that Executive executes within 30 days following such
termination of employment a general release of all claims arising under this
Agreement or otherwise related to Executive’s employment by Noble in a form to
be provided by Noble which is not subsequently revoked, and provided that
Executive abides in all material respects by his obligations under this
Agreement, Noble will provide Executive with the following payments:

 

(A)         a cash amount equal to six (6) months of
his Salary, less taxes and withholdings, which amount shall be paid in
accordance with the normal payroll practices of Noble over the six (6) month
period following the date of Executive’s termination of employment (the “Salary
Continuation”);

 

(B)           a cash amount equal to (1) the bonus
that Executive would have been eligible to receive pursuant to Section 3(b),
for the performance period in which Executive incurs a termination from
employment, had the Executive remained employed with Noble until the January 1
following the date of his termination of employment, or such other date the
Board of Directors may have required under Section 3(b), multiplied by (2) a
fraction, the numerator of which is the number of days that the Executive had
been employed with Noble during the performance period in which Executive incurs
a termination of employment, and the denominator of which is the total number
of days in such performance period (the “Prorated Bonus”).  For the avoidance of doubt, the Prorated
Bonus shall be calculated based on the performance of Noble for the entirety of
the performance period in which the Executive incurs a termination of
employment, as such performance is determined by the Board of Directors in its
sole discretion, which determination shall be made when the Board of Directors
determines the bonuses payable to other executive officers of Noble for the
same performance period; and

 

(C)           reimbursement (or direct payment to the
carrier), for six (6) months following the Executive’s termination of
employment (the “Continuation Period”), for a portion of the premium
costs incurred by Executive (and his spouse and dependents, where applicable)
to obtain COBRA coverage pursuant to one of the group health plans sponsored by
Noble (or a Noble Company), which reimbursement (or direct payment) shall equal
the premium costs incurred by Noble (or a Noble Company, if applicable), for
the Continuation Period, on behalf of a similarly-situated 

 

 

employee, to obtain coverage under the same group health plan sponsored
by Noble (or a Noble Company, if applicable) (the “Health Care Continuation”).

 

Notwithstanding anything in the foregoing to the contrary, (1) Executive
shall be entitled to receive the Health Care Continuation only if Executive is
participating in a group health plan sponsored by Noble (or a Noble Company) as
of the date on which Executive incurs a termination of employment, and (2) the
Executive shall be responsible, during the Continuation Period, for premium
costs for COBRA coverage in excess of the Health Care Continuation, and the
Executive shall be responsible, after the Continuation Period, for all premium
costs for COBRA coverage, if the Executive continues to elect such COBRA
coverage.

 

(ii)                                  Timing
of Payments; Early Termination of Obligations.

 

(A)         Notwithstanding the foregoing:  (1) subject to Section 4(e)(ii)(A)(2),
Executive shall receive the Prorated Bonus when bonuses under the performance
period in question are paid to other executive officers of Noble, in the year
following the year in which the Executive incurs a termination of employment,
but in no event after the end of such year; (2) any portion of the Salary
Continuation, the Prorated Bonus, or the Health Care Continuation which would
otherwise have been paid to the Executive or reimbursed before the first normal
payroll payment date falling on or after the fortieth (40th) day following the
date of Executive’s termination of employment (the “First Payment Date”)
shall be made on the First Payment Date; (3) the Executive shall not be
entitled to any Salary Continuation or Prorated Bonus unless the Executive’s
termination of employment constitutes a “separation from service” within the
meaning of Treasury Regulation Section 1.409A-1(h); and (4) each
payment of Salary Continuation is intended to constitute a separate payment
from each other payment of Salary Continuation and from the payment of the
Prorated Bonus for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

(B)           Notwithstanding the foregoing, if the
Executive accepts an offer of employment at any time during the Continuation Period,
which acceptance would not be in violation of the obligations of the Executive
under this Agreement, Noble shall no longer be obligated to pay the Health Care
Continuation, should the Executive become eligible to participate in any other
group health plan as a result of his acceptance of such offer of
employment.  For the purposes of this Section 4(e)(ii)(B),
the Executive shall notify Noble of his acceptance of an offer of employment,
and the terms

 

 

and conditions of such offer, on the day of such acceptance.  If the Executive does not so notify Noble,
then Noble may recover from the Executive any Health Care Continuation paid
after the date that the Executive accepted such an offer of employment.  For the avoidance of doubt, if the Executive
would violate his obligations under this Agreement by accepting such an offer
of employment, or by performing any services pursuant to such an acceptance,
then Noble will no longer be subject to any obligation to pay the Salary
Continuation, the Prorated Bonus, and the Health Care Continuation.

 

(iii)                            The
parties agree that Executive will not be entitled to any severance payments if:
(A)  Noble terminates his employment for Cause pursuant to Section 4(b);
(B) he voluntarily resigns under Section 4(c); or (C) he dies or
terminates due to Disability during the Term of Employment.

 

5.                                       Confidential or Proprietary Information.

 

(a)                                  Except
in connection with the faithful performance of Executive’s duties hereunder or
pursuant to Section 5(c) or 5(d), Executive agrees that he will not,
at any time during the Term of Employment or thereafter, directly, indirectly
or otherwise, use, disseminate, disclose or publish, or use for his benefit, or
for the benefit of any person, firm, corporation or other entity, any Confidential
or Proprietary Information of or relating to Noble or the Noble Companies, nor
shall he deliver to any person, firm, corporation or other entity any document,
record, notebook, computer program or similar repository of or containing any
such Confidential or Proprietary Information. 
For purposes of this Agreement, “Confidential or Proprietary
Information” includes, without limitation: all trade secrets, intellectual
property in the form of patents, trademarks and copyrights and applications
therefor, ideas, inventions, works, discoveries, improvements, information,
documents, formulae, practices, processes, methods, developments, source code,
modifications, technology, techniques, data, programs, other know-how or
materials, owned, developed or possessed by Noble or the Noble Companies,
whether in tangible or intangible form, information with respect to Noble’s or
the Noble Companies’ operations, processes, products, inventions, business
practices, finances, principals, vendors, suppliers, customers, potential
customers, marketing methods, costs, prices, contractual relationships,
regulatory status, prospects and compensation paid to employees or other terms
of employment.  The parties hereby
stipulate and agree that as between them the foregoing matters are important
and material Confidential or Proprietary Information, which affect the
successful conduct of the businesses of Noble and the Noble Companies (and any
successor or assignee of Noble).

 

(b)                                 Upon
termination of Executive’s employment with Noble, whether at the instance of
Executive or Noble and for whatever reason, Executive will promptly deliver to
Noble all correspondence, records, drawings, manuals, letters, notes,
notebooks, computers, cell phones, reports, programs, data, audio or videotapes

 

 

(or other information contained on any digital information medium),
plans, proposals, financial documents, or any other documents or materials containing Confidential or Proprietary
Information, information otherwise owned by Noble or the Noble Companies, or
containing information concerning the customers, business plans,
marketing strategies, products or processes of Noble or the Noble
Companies.  Executive shall also return
any materials or information received in connection with his employment from
clients, prospects or vendors of Noble or the Noble Companies.

 

(c)                                  Executive
may respond to a lawful and valid subpoena or other legal process; provided,
however, that Executive shall give Noble the earliest possible notice thereof,
and shall, as much in advance of the return date as possible, make available to
Noble and its counsel the documents and other information sought.  Executive shall assist such counsel at Noble’s
expense in resisting or otherwise responding to such subpoena or process.

 

(d)                                 Nothing
in this Agreement shall prohibit Executive from (i) disclosing information
and documents when required by law, subpoena or court order (subject to the
requirements of Section 5(c) above), (ii) disclosing information
and documents to his attorney or tax adviser for the purpose of securing legal
or tax advice, (iii) disclosing the post-employment restrictions in this
Agreement in confidence to any potential new employer, or (iv) retaining,
at any time, his personal correspondence, personal rolodex and documents
related to his own personal benefits, entitlements and obligations.

 

(e)                                  The
Executive agrees that the terms of this Agreement constitute Confidential and
Proprietary Information, and agrees, subject to Section 5(c) and
5(d), to not disclose the terms of this Agreement to any third party, except as
provided in Section 5(d) and except as provided in a proceeding under
Section 19 hereof to enforce the terms of this Agreement.

 

6.                                       Inventions.  All rights to discoveries, inventions,
documents, improvements and innovations (including all data and records
pertaining thereto) related to the business of Noble, whether or not
patentable, copyrightable, registrable as a trademark, or reduced to writing,
that Executive may discover, invent, improve, modify or originate during
Executive’s employment, either alone or with others and whether or not during
working hours or by the use of the facilities of Noble or the Noble Companies (“Inventions”),
shall be the exclusive property of Noble and the Noble Companies.  Executive shall promptly disclose all
Inventions to Noble, shall execute at the request of Noble any assignments or
other documents Noble may deem reasonably necessary to protect or perfect its
rights therein or the rights of any Noble Company therein, and shall assist
Noble, upon reasonable request and at Noble’s expense, in obtaining, defending
and enforcing Noble’s rights therein and/or the rights of any Noble Company
therein.  Executive hereby appoints Noble
as his attorney-in-fact to execute on his behalf any assignments or other
documents reasonably deemed necessary by Noble to protect or perfect its rights
or the rights of any Noble Company to any Inventions.

 

 

7.                                       Non-Competition and
Non-Solicitation.

 

(a)                                  During the Term
of Employment and for a period of six (6) months following Executive’s
termination of employment for whatever reason, Executive shall not directly or
indirectly, individually or on behalf of any other person or entity, manage,
participate in, work for, consult with, render services for, or take an
interest in (as an owner, stockholder, partner or lender) any Competitor in an
area of business in which Competitor directly competes or seeks to directly
compete with Noble or the Noble Companies.

 

(b)                                 For purposes of
this Agreement, “Competitor” means any business, company or individual
which is in the business, or is actively seeking to be in the business, of
developing, constructing, managing, owning or operating wind energy projects
in: (i) Connecticut; (ii) Maine; (iii) Michigan; (iv) New
Hampshire; (v) New York; (vi) Texas; (vii) Vermont; (viii) Wyoming;
or (ix) any other state in the United States in which Noble operates, or
has been developing, wind energy projects within the 12 months preceding
Executive’s termination.

 

(c)                                  During the Term
of Employment and for a period of twelve (12) months following Executive’s
termination of employment for whatever reason, Executive shall not directly or
indirectly, individually or on behalf of any other person or entity:

 

(i)         divert or attempt to divert
from Noble any business with any customer, partner or other person with which
Noble had any business contact or association during the Term of Employment;

 

(ii)        induce or attempt to induce
any customer, partner or other person with which Noble had any business contact
or association to reduce or refrain from doing business with Noble or the Noble
Companies;

 

(iii)       induce or
attempt to induce, or cause, other than by means of any general solicitation by
advertisement or otherwise, any employee or consultant of Noble to terminate
his or her employment or relationship with Noble; or

 

(iv)       recruit or
hire, other than by means of any general solicitation by advertisement or
otherwise, any person who was an employee or consultant of Noble after his or
her employment or relationship with Noble has terminated.

 

8.                                       Non-Disparagement.  The Executive agrees, during the Term of
Employment and thereafter, to refrain from disparaging Noble and the Noble
Companies, including any of their services, technologies or practices, or any
of their directors, officers, agents, employees, former employees,
representatives or stockholders, either orally or in writing; provided,
however, that nothing in the foregoing shall preclude the Executive from making
truthful statements that are required by applicable law, regulation or legal
process.  Noble agrees, during the Term
of Employment and thereafter, to refrain from disparaging the Executive;
provided, however, that Noble’s agreement to this 

 

 

non-disparagement clause shall be limited to
official statements issued by Noble as an organization and statements of
officers of Noble and members of the Board of Directors; provided, further,
that nothing in the foregoing shall preclude Noble, its officers or members of
the Board of Directors from making truthful statements that are required by
applicable law, regulation or legal process.

 

9.                                       Former Employers.  The Executive represents that the Executive’s
employment by Noble does not and will not breach any agreement with any former
employer, including any non-compete agreement or any agreement to keep in
confidence or refrain from using information acquired by the Executive prior to
the Executive’s employment by Noble. 
During the Term of Employment, the Executive agrees that the Executive
will not violate any non-solicitation agreements the Executive entered into
with any former employer or improperly make use of, or disclose, any
information or trade secrets of any former employer or other third party, nor
will the Executive bring onto the premises of Noble or use any unpublished
documents or any property belonging to any former employer or other third
party, in violation of any lawful agreement with that former employer or third
party.

 

10.                                 Injunctive Relief.  Executive acknowledges that a breach of the
covenants contained in Sections 5 through 9 will cause irreparable damage to
Noble and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law for any such breach will
be inadequate.  Accordingly, Executive
agrees that in the event of a breach of any of the covenants contained in
Sections 5 through 9, in addition to any other remedy which may be available at
law or in equity, Noble will be entitled to specific performance and injunctive
relief.

 

11.                                 Notices.  All notices and other communications required
or permitted hereunder shall be in writing and shall be deemed given when (a) delivered
personally, (b) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (c) delivered by overnight courier
(provided that a written acknowledgment of receipt is obtained by the overnight
courier) to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

 

	
  If to Noble:

  	
   

  
	
   

  	
   

  
	
   

  	
  Noble Environmental Power, LLC

  
	
   

  	
  8 Railroad Avenue, Suite A

  
	
   

  	
  Essex,
  Connecticut 06426

  
	
   

  	
  Attention:
  Chris Lowe

  
	
   

  	
   

  
	
   

  	
  WITH
  A COPY TO:

  
	
   

  	
  General
  Counsel

  
			

 

 

	
  If to Executive:

  
	
   

  
	
   

  	
  Walter Q. Howard

  
	
   

  	
  10 Brighton View Road

  
	
   

  	
  Fairfield, CT 06824

  
	
   

  	
   

  
	
   

  	
  WITH A COPY TO:

  
	
   

  	
   

  
	
   

  	
  Cummings & Lockwood LLC

  
	
   

  	
  Six Landmark Square

  
	
   

  	
  Stamford, CT 06901

  
	
   

  	
  Attention: Michael P. Kaelin

  

 

12.                                 Successors and Binding Agreement.

 

(a)                        This Agreement
shall be binding upon and inure to the benefit of Noble and any successor of or
to Noble, including without limitation any purchaser of all or substantially
all of the assets of Noble.

 

(b)                       This Agreement
shall inure to the benefit of and be enforceable by Executive’s personal or
legal representatives, executors, administrators, successors, heirs,
distributees, and/or legatees.  Executive
agrees that his obligations under this Agreement are personal in nature and,
without the consent of Noble, he may not assign, transfer, or delegate this
Agreement or any rights or obligations hereunder, provided, that upon Executive’s death, Executive may assign his
rights hereunder to Executive’s estate or heirs.

 

13.                                 Complete and Final Agreement.   Executive agrees that this Agreement and the
Change in Control Severance Agreement reflect the complete agreement between
Noble and Executive, and that there are no written or oral understandings,
promises or agreements related to this Agreement that have been made to him
except those contained herein.  This
Agreement and the Change in Control Severance Agreement constitute the complete
and final agreement by and between the parties, and supersede any and all prior
and contemporaneous negotiations, representations, understandings, and
agreements between the parties relating to the matters herein.  The parties further intend that no extrinsic
evidence whatsoever may be introduced in any judicial, administrative or other
legal proceeding to vary the terms of this Agreement or the Change in Control
Severance Agreement.

 

14.                                 Construction / Counsel.  This Agreement shall be deemed drafted
equally by both the parties.  Its
language shall be construed as a whole and according to its fair meaning, with
no presumption that any language shall be construed against any party.  Paragraph headings used herein are for
convenience and are not part of this Agreement and shall not be used in
construing it.  Executive acknowledges
that he has had adequate opportunity to consult with legal or other counsel of
his choosing prior to execution of this Agreement.

 

 

15.                                 Governing Law.  Any dispute, controversy, or claim of
whatever nature arising out of or relating to this Agreement or breach thereof
shall be governed by and interpreted under the laws of the State of
Connecticut, without regard to conflict of law principles.

 

16.                                 Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall nevertheless remain in full
force and effect.  Further, the parties
agree that any invalid, illegal or unenforceable provision or restriction shall
be deemed modified so that it shall be enforced to the greatest extent
permissible under law.  To the extent
that any court of competent jurisdiction determines any provision or
restriction herein to be overly broad, or unenforceable, such court is hereby
empowered and authorized to limit such provisions or restrictions so that it is
enforceable for the longest duration of time, within the largest geographical
area and with the broadest scope, as permitted by law.

 

17.                                 Survival of Provisions.  Notwithstanding any other provision of this
Agreement, the parties’ post-termination obligations and the parties’ other
respective rights, including, without limitation, the provisions of Sections 5
through 8 shall survive any termination or expiration of this Agreement or the
termination of Executive’s employment for any reason whatsoever.

 

18.                                 Waiver. 
No provision of this Agreement may be modified, waived, or discharged
unless such modification, waiver, or discharge is agreed to in writing signed
by Executive and Noble.  No waiver by
either party hereto at any time of any breach by the other party hereto or
compliance with any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time.

 

19.                                 Mediation and Arbitration.  Any dispute that may arise between Noble and
Executive in reference to this Agreement, or the interpretation, application or
construction thereof, and any matter, without limitation, arising out of
Executive’s employment with Noble, shall be submitted to mediation using a
mediator or mediators and procedures that are mutually acceptable to Executive
and Noble.  If mediation is not
successful, the dispute shall be submitted to arbitration, conducted before an
arbitrator in Middlesex County, Connecticut in accordance with the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association
then in effect.  Judgment may be entered
on the arbitration award in any court having jurisdiction; provided, however,
that Noble shall be entitled to seek a restraining order or injunction in any
court of competent jurisdiction to prevent any continuation of any violation of
the provisions of Sections 5 through 9 of the Agreement and Executive hereby
consents that such restraining order or injunction may be granted without
requiring Noble to post a bond.  Only
individuals who are on the AAA register of arbitrators may be selected as an
arbitrator.  Within 20 days of the
conclusion of the arbitration hearing, the arbitrator(s) shall prepare
written findings of fact and conclusions of law.  It is mutually agreed that the written
decision of the arbitrator(s) shall be valid, binding, final and
non-appealable; provided however, that the parties agree that the arbitrator
shall not be empowered to award punitive damages against any party.  If for any reason this mediation and
arbitration clause becomes not applicable, then each party, to the fullest
extent permitted by applicable law, hereby 

 

 

irrevocably waives all right to a trial by
jury as to any issue relating hereto in any action, proceeding, or counterclaim
arising out of or relating to this Agreement or any other matter involving the
parties hereto.

 

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

 

21.                                 Section 409A.

 

(a)                        Notwithstanding
anything to the contrary in this Agreement, if at the time of Executive’s
termination of employment with Noble, Executive is a “specified employee” as
defined in Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), as determined by Noble in accordance with Section 409A
of the Code, and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then Noble will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction in the payments or
benefits ultimately paid or provided to Executive) until the date that is at
least six (6) months following Executive’s termination of employment with
Noble (or the earliest date permitted under Section 409A of the Code),
whereupon Noble will pay Executive a lump-sum amount equal to the cumulative
amounts that would have otherwise been previously paid to Executive under this
Agreement during the period in which such payments or benefits were
deferred.  Thereafter, payments will
resume in accordance with this Agreement.

 

(b)                       Additionally,
in the event that following the date hereof Noble or the Executive reasonably
determines that any payments or benefits payable under this Agreement may be
subject to Section 409A of the Code, Noble and the Executive shall work
together to adopt such amendments to this Agreement or adopt other policies or
procedures (including amendments, policies and procedures with retroactive
effect), or take any other commercially reasonable actions necessary or
appropriate to (i) exempt the payments and benefits payable under this
Agreement from Section 409A of the Code and/or preserve the intended tax
treatment of the payments and benefits provided with respect to this Agreement
or (ii) comply with the requirements of Section 409A of the Code.

 

22.                                 Interaction with Change in Control Severance
Agreement.  Nothing in
this Agreement is intended to, or should be construed as, contradicting,
superseding or modifying the Change in Control Severance Agreement, except that
the Change in Control Severance Agreement, to the extent that it is in effect,
and not this Agreement, shall govern any severance payments made to the
Executive, if the Executive incurs a termination of employment during the
period commencing as of the Change in Control (as such term is defined in the
Change in Control Severance Agreement) and ending twelve (12) months following
such Change in Control (as such term is defined in the Change in Control Severance
Agreement).  For the avoidance of doubt, (a) if
the Change 

 

 

in Control Severance Agreement is not in
effect at any time, then this Agreement shall govern whether the Executive
shall be eligible to receive any severance payments upon incurring a
termination of employment with Noble, and (b) if Executive receives any
severance payments (including the Salary Continuation, the Prorated Bonus, and
the Health Care Continuation) pursuant to this Agreement, Executive shall not
be entitled to receive any severance payments under the Change in Control
Severance Agreement.

 

[remainder
of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date first set forth above.

 

 

	
   

  	
  Noble Environmental Power, LLC  

  
	
   

  	
   

  
	
   

  	
  /s/ Christopher Lowe

  
	
   

  	
   

  
	
   

  	
  Name:
  Christopher Lowe

  
	
   

  	
  Position:
  Chief Financial Officer

  
	
   

  	
  Date:
  May 5, 2008

  
	
   

  	
   

  
	
   

  	
   

  
	
  Witnessed:

  	
  /s/ Michael J. Palmieri

  	
   

  	
  /s/ Walter Q. Howard

  
	
  Name:

  	
  Michael J. Palmieri

  	
   

  	
  Walter
  Q. Howard

  
	
  Date:

  	
  May 5, 2008

  	
   

  	
   

  
	
   

  	
  Date:

  	
  5
  May 08

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]