Document:

Exhibit 10.1

 

SECOND AMENDMENT TO THE GFI GROUP INC.

2008 EQUITY INCENTIVE PLAN

 

This
Second Amendment (this “Second Amendment”) to the 2008 Equity Incentive Plan
(the “Plan”) of GFI Group Inc. (the “Company”) has been deemed advisable and
has been adopted pursuant to the terms of Section 10.1 of the Plan by the
Company’s Board of Directors and is effective as of March 21, 2010,
subject to stockholder approval.  Terms
used herein but not otherwise defined shall have the meanings given to such
terms in the Plan.

 

1.              Amendments to the Plan.  The first sentence of Article 4.1 of the
Plan, as amended by the First Amendment to the GFI Group Inc. 2008 Equity
Incentive Plan, is hereby further amended by deleting “14,900,000” and
substituting “21,900,000” therefor.”

 

2.              The Plan.  In all other respects the Plan
is ratified and shall, as so changed by this Second Amendment, continue in full
force and effect.

 

* * * * *

* * * * *Exhibit 10.1

 

EXECUTIVE INCENTIVE STOCK OPTION
AGREEMENT

BROADWIND
ENERGY, INC.

2007 EQUITY
INCENTIVE PLAN

 

THIS AGREEMENT is entered into and effective as of the
           day of
                                    ,
20      , by and between  Broadwind Energy, Inc., a Nevada
corporation  (the “Company”) and
                                
(“Participant”).

 

RECITALS

 

A.                                   Participant on
the date hereof is a key employee or officer of the Company or one of its
Affiliates; and

 

B.                                     The Company
wishes to grant incentive stock options to Participant pursuant to this
Agreement and the 2007 Equity Incentive Plan (the “Plan”);
and

 

C.                                     The
Administrator has authorized the grant of an incentive stock option to
Participant to give Participant an inducement to acquire a proprietary interest
in the Company and an added incentive to advance the interests of the Company
and has determined that, as of the effective date of this Agreement, the fair
market value of the Company’s common stock is
                                                          
Dollars
($                        )
per share.

 

AGREEMENTS

 

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

 

ARTICLE I.  GRANT OF OPTION

 

The Company hereby grants to Participant the right, privilege, and
option (the “Option”) to purchase up to
                                                
(                                  )
shares (the “Option  Shares”)
of the Company’s Common Stock, according to the terms and subject to the
conditions hereinafter set forth and as set forth in the Plan.  [The per
share price to be paid by Participant in the event of an exercise of the Option
shall be
                                            
Dollars
($                        )
OR: Because Participant owns stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or its
Parent or any Subsidiary, the per share price to be paid by Participant in the
event of an exercise of the Option shall be
                                        
Dollars
($                    ),
which is not less than one hundred ten percent (110%) of the fair market value
of the Company’s Common Stock at the date of grant of this Option.]  The
Option is intended to be an “incentive stock option,” as defined in
Section 422 of the Internal Revenue Code as amended (the “Code”), to the extent permitted by
Section 422(d) of the Code. 
Shares granted in excess of the 422(d) limit will be treated as a
nonqualified stock option.

 

ARTICLE II.  DURATION OF OPTION AND EXERCISABILITY

 

A.           Initial Period of
Exercisability.  Except as
provided in Articles II.B, II.C and III below, the
Option shall become exercisable according to the following schedule.  Once the Option becomes fully exercisable
Participant may continue to exercise this Option under the terms and conditions
of this Agreement

 

 

until the first of the
termination of this Option as provided herein or the Expiration Date (as
defined below).  If Participant does not
purchase upon an exercise of this Option the full number of shares which
Participant is then entitled to purchase, Participant may purchase upon any
subsequent exercise prior to this Option’s termination or Expiration Date such
previously unpurchased shares in addition to those Participant is otherwise
entitled to purchase.  Except as
otherwise provided in Articles II.B, II.C and III. below, the
term during which this Option may be exercised will continue until
5:00 p.m. (Central time) on [the date
that is no more than ten (10) years following the date of grant of this
Option OR: for greater than ten percent (10%) holders insert the date that is
no more than five (5) years following the date of grant of this Option] (the
“Expiration Date”).  In no event shall this Option be exercisable
after the Expiration Date.

 

	
  Vesting Date

  	
   

  	
  Number of
  Option Shares

  Available for Exercise

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

B.             Termination of Employment
for Reasons Other Than Death or Disability.  Except as provided in Article III
below, in the event Participant ceases to be a key employee or officer of the
Company or any Affiliate for any reason other than death or an event that
constitutes permanent and total disability within the meaning of
Section 22(e)(3) of the Code (“Disability”),
any unexercised portion of this Option which was exercisable as of the date of
such termination may be exercised, in whole or in part, by Participant before
the earlier of (i) the close of business on the three-month anniversary
date of such termination of employment, and (ii) the Expiration Date.  To the extent this Option was not exercisable
upon such termination of employment, or if Participant does not exercise the
unexercised portion of the Option that was exercisable within the time
specified in this Article II.B,
all rights of Participant under this Option shall terminate, and the Option
shall thereafter be void.

 

C.             Termination of Employment
Due to Death or Disability.  In the event Participant ceases to be a key
employee or officer of the Company or any Affiliate by reason of death or
Disability, any unexercised portion of this Option which was exercisable as of
the date of such termination may be exercised, in whole or in part, by
Participant (or by Participant’s heirs or legal representative(s) in the
event of death or Disability) before the earlier of (i) the close of
business on the twelve-month anniversary date of such termination of employment
and (ii) the Expiration Date.  To
the extent this Option was not exercisable upon such termination of employment,
or if Participant does not exercise the unexercised portion of the Option that
was exercisable within the time specified in this Article II.C,
all rights of Participant under this Option shall terminate, and the Option
shall thereafter be void.

 

ARTICLE III.  CHANGE OF CONTROL

 

A.           Acceleration.  Notwithstanding anything in the Plan or this
Agreement to the contrary, if, upon or within one year of a Change of Control
(as defined below), the Company or a succeeding entity terminates Participant’s
employment relationship, except in the event of a termination for Cause (as
defined in the Participant’s Employment Agreement, executed contemporaneously
with this Agreement), this Option shall become immediately and fully
exercisable upon such Change of Control and shall remain exercisable until the
earlier of (i) the Expiration Date, and (ii) the date determined by
the Administrator in connection with the terms of the Plan (including, without
limitation, upon consummation of the Change of Control, if so determined by the
Administrator).   If Participant does not
exercise this Option, as the case may be, within the time specified in this Article III.A, all rights of Participant under this
Option shall be forfeited. If Participant exercises this

 

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Option on a date that is
after the three-month anniversary of the date of his termination of employment,
this Option shall be treated as a nonqualified stock option and shall no longer
qualify as an incentive stock option under Code Section 422.

 

B.             Change of Control Defined.  For purposes of this Article III,
a “Change of Control” means:

 

i.                  The consummation of any
merger, consolidation, exchange, or reorganization to which the Company is a
party if the individuals and entities who were stockholders of the Company
immediately prior to the effective date of such transaction have, immediately
following the effective date of such transaction, beneficial ownership (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934) of less
than fifty percent (50%) of the total combined voting power of all classes of
securities issued by the surviving corporation;

 

ii.               The stockholders of the
Company approve any plan or proposal for the liquidation of the Company;

 

iii.            A sale, lease or other
transfer of all or substantially all of the assets of the Company to any person
or entity which is not an Affiliate of the Company; or

 

iv.           The acquisition, without
prior approval by resolution adopted by the Board, of direct or indirect
beneficial ownership (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934) of securities of the Company representing, in the
aggregate, fifty percent (50%) or more of the total combined voting power of
all classes of the Company’s then-issued and outstanding securities by any
person or entity or by a group of associated persons or entities acting in
concert; provided, however, that a Change of
Control will not be deemed to occur if such acquisition is initiated by
Participant or an entity in which Participant owns fifty percent (50%) or more
of the total combined voting power of all classes of such entity’s securities,
or if Participant or such entity is a member of the group of associated persons
or entities acting in concert.  In all cases,
the determination of whether a Change of Control has occurred shall be made in
accordance with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and the regulations,
notices and other guidance of general applicability issued thereunder.

 

C.             Limitation on Change of
Control Payments.  Participant
shall not be entitled to receive any Change of Control Payment, as defined
below, which would constitute a “parachute payment” for purposes of Code
Section 280G, or any successor provision, and the regulations
thereunder.  In the event any Change of
Control Payment payable to Participant would constitute a “parachute payment,”
Participant shall have the right to designate those Change of Control Payments
which would be reduced or eliminated so that Participant will not receive a “parachute
payment.”  For purposes of this Article III.C,
a “Change of Control Payment” shall mean
any payment, benefit or transfer of property in the nature of compensation paid
to or for the benefit of Participant under any arrangement which is considered
contingent on a Change of Control for purposes of Code Section 280G,
including, without limitation, any and all of the Company’s salary, bonus,
incentive, restricted stock, stock option, equity-based compensation or benefit
plans, programs or other arrangements, and shall include the acceleration of
this Option.

 

ARTICLE IV.  MANNER OF OPTION EXERCISE

 

A.           Notice.  This Option may be exercised by Participant
in whole or in part from time to time, subject to the conditions contained in
the Plan and herein, by delivery, in person or by registered mail, to the
Company at its principal executive office, of a written notice of
exercise.  Such notice shall be in a form
satisfactory to the Administrator, shall identify the Option, shall specify the
number of Option Shares with respect to which the Option is being exercised,
and shall be signed by the person or persons so exercising the Option.  Such notice shall be accompanied by payment
in full of the total purchase price of the Option Shares

 

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purchased; the exercise of
the Option shall be deemed effective upon receipt of such notice by the Company
and upon payment that complies with the terms of the Plan and this Agreement.  In the event that the Option is being
exercised, as provided by the Plan and Article II.C,
above, by Participant’s heirs or legal representative(s), the notice shall be
accompanied by appropriate proof of right of such person or persons to exercise
the Option.  As soon as practicable after
the effective exercise of the Option, Participant (or Participant’s heirs or
legal representative(s) in the event of death or Disability) shall be
recorded on the stock transfer books of the Company as the owner of the Option
Shares purchased, and the Company may deliver to Participant (or Participant’s
heirs or legal representative(s)) one or more duly issued stock certificates
evidencing such ownership.  All requisite
original issue or transfer documentary stamp taxes shall be paid by the
Company.

 

B.             Payment.  At the time of exercise of this Option,
Participant may determine whether to pay the total purchase price of the Option
Shares to be purchased solely in cash (including a personal check or a
certified or bank cashier’s check, payable to the order of the Company) or by
transfer from Participant to the Company of previously-owned shares of Common
Stock of the Company with a then current aggregate Fair Market Value equal to
such total purchase price, or by a combination of cash and such
previously-owned shares of Common Stock. 
The Administrator may reject Participant’s election to pay all or part
of the purchase price under this Option with previously-owned shares of common
stock and may require such purchase price to be paid entirely in cash if, in
the sole discretion of the Administrator, payment in previously-owned shares
would cause the Company to be required to recognize a charge to earnings in
connection therewith.  For purposes of
this Agreement, (a) “previously-owned shares”
shall mean shares of Common Stock of the Company that Participant has owned for
at least six months prior to the time of exercise, and (b) “Fair Market Value” will be determined as set forth in the
Plan.

 

C.             Investment Purpose.  The Company shall not be required to issue or
deliver any shares of Common Stock under this Option unless (a)(1) such
shares are covered by an effective and current registration statement under the
Securities Act of 1933 and applicable state securities laws or (2) if the
Administrator has determined not to so register such shares, exemptions from
registration under the Securities Act of 1933 and applicable state securities
laws are available for such issuance (as determined by counsel to the Company)
and the Company has received from Participant (or Participant’s
heirs(s) or legal representative(s), in the event of death or Disability)
any representations or agreements requested by the Company in order to permit
such issuance to be made pursuant to such exemptions, and (b) the Company
has obtained any other consent, approval or permit from any state or federal
governmental agency which the Administrator shall, in its sole discretion upon
the advice of counsel, deem necessary or advisable.  Unless a registration statement under the
Securities Act of 1933 is in effect with respect to the issuance or transfer of
Option Shares, transfer of such shares shall be restricted unless the Company
receives an opinion of counsel satisfactory to the Company to the effect that
registration under the Securities Act of 1933 and applicable state securities
laws is not required with respect to such transfer.

 

ARTICLE V.  NONTRANSFERABILITY

 

This Option shall not be transferable by Participant, either
voluntarily or involuntarily, or subject to any lien, directly or indirectly,
by operation of law or otherwise, except as provided in the Plan.  Any attempt to transfer or encumber this
Option other than in accordance with the Plan shall void this Option and this
Option, to the extent not fully exercised, shall terminate.

 

ARTICLE VI.  DISPOSITIONS AND WITHHOLDING TAXES

 

A.           Notification of
Disqualifying Disposition. 
Prior to making a disposition (as defined in Section 424(c) of
the Code) of any shares of Common Stock acquired pursuant to the exercise of
this Option before the expiration of two years after the date hereof or before
the expiration of one year after the date on

 

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which such shares of Common
Stock were transferred to Participant pursuant to exercise of this Option,
Participant shall send written notice to the Company of the proposed date of
such disposition, the number of shares to be disposed of, the amount of
proceeds to be received from such disposition and any other information relating
to such disposition that the Company may reasonably request.  The right of Participant to make such a
disposition shall be conditioned on the receipt by the Company of all amounts
necessary to satisfy any federal, state or local withholding tax requirements
attributable to such disposition.  The
Administrator shall have the right, in its sole discretion, to endorse any
certificates representing the Option Shares with a legend restricting transfer
and to cause a stop transfer order to be entered with the Company’s transfer
agent until such time as the Company receives the amounts necessary to satisfy
such withholding requirements or until the later of the expiration of two years
from the date hereof or one year from the date on which such shares were transferred
to Participant pursuant to the exercise of this Option.

 

B.             General Obligation.  The Company is entitled to (a) withhold
and deduct from future payments to Participant, or make other arrangements for
the collection of, all legally required amounts necessary to satisfy any
federal, state or local withholding tax requirements attributable to
Participant’s exercise of this Option, including, without limitation, a
disposition of shares of Common Stock described in Article VI.A
above, that causes this Option to cease to qualify as an “incentive stock
option” within the meaning of Section 422 of the Code and the regulations
thereunder, or (b) require Participant promptly to remit the amount of
such withholding to the Company before acting on any such disposition of shares
of Common Stock.  In the event that the
Company is unable to withhold such amounts, for whatever reason, Participant
hereby agrees to pay to the Company an amount equal to the amount the Company would
otherwise be required to withhold under federal, state or local law.

 

C.             Use of Shares.  The Administrator may, in its sole discretion
and subject to such rules as the Administrator may adopt, permit
Participant to satisfy, in whole or in part, any withholding tax obligation
which may arise in connection with the exercise of this Option either by
electing to have the Company withhold from the shares of Common Stock to be
issued upon the exercise of this Option that number of shares of common stock,
or by electing to deliver to the Company previously-owned shares of common
stock, in either case having a Fair Market Value (determined as set forth in
the Plan) on the date such tax is determined under the Code (the “Tax Date”) equal to the amount necessary to satisfy the
minimum required tax withholding amount based on the minimum statutory
withholding rates for federal and state tax purposes, including payroll taxes,
that are applicable to the supplemental income resulting from the option.  In no event may the Company withhold shares
having a Fair Market Value in excess of such statutory minimum required tax
withholding.  Participant’s election to
have the company withhold shares of Common Stock or to deliver previously-owned
shares of Common Stock upon exercise is irrevocable and is subject to the
consent of the Administrator and shall otherwise comply with such rules as
the Administrator may adopt to assure compliance with Rule 16b-3 or any
successor provision, as then in effect, of the General Rules and
Regulations under the Securities and Exchange Act of 1934, if applicable.  To the extent that shares of Common Stock may
be issued prior to the Tax Date to the electing Participant, Participant hereby
agrees to surrender that number of shares on the Tax Date having an aggregate
Fair Market Value (determined as set forth in the Plan) equal to the
withholding tax due.

 

ARTICLE VII.  CAPITAL ADJUSTMENTS

 

Pursuant and subject to Section 14 of the Plan, in the event of an
increase or decrease in the number of shares of common stock resulting from a
stock split, reverse stock split, stock dividend, combination of shares, rights
offering, reclassification of the common stock, or any other change in the
corporate structure or shares of the Company, the Administrator, in order to
prevent dilution or enlargement of the rights of Participant, may make
appropriate adjustment as to the number and kind of securities subject to this
Option.  Any such adjustment affecting
this Option shall be made without change in the aggregate purchase price
applicable to the unexercised portion of the Option but with an appropriate
adjustment in the price for each share or other unit of

 

5

 

any security subject to the Option. Without the consent of Participant,
however, no such change shall be made in the terms of the Option if such change
would disqualify the Option from treatment as an “incentive stock option”
within the meaning of Code Section 422, or any successor provision, or
would be considered a modification, extension or renewal of an option under
Code Section 424(h), or any successor provision.

 

ARTICLE VIII.  BINDING EFFECT

 

This Agreement shall be binding upon the heirs, executors,
administrators and successors of the parties hereto.

 

ARTICLE IX.  2007 EQUITY INCENTIVE PLAN

 

The Option represented by this Agreement has been granted under, and is
subject to the terms of, the Plan.  The
terms of the Plan are hereby incorporated by reference herein in their entirety
and Participant, by execution hereof, acknowledges having received a copy of
the Plan.  Capitalized terms not defined
herein shall have the meaning set forth in the Plan.  The provisions of this Agreement shall be
interpreted as to be consistent with the Plan and any ambiguities herein shall
be interpreted by reference to the Plan. 
In the event that any provision hereof is inconsistent with the terms of
the Plan, the latter shall prevail.

 

ARTICLE X.  NON-SOLICITATION

 

A.           Restrictive Covenant.  During the period beginning on the date of
this Option and ending on the later of (i) one year following the
termination of Participant’s employment with, or service to, the Company or an
Affiliate pursuant to ARTICLE II.  B or (ii) the expiration of
this Option pursuant to ARTICLE II.  A or ARTICLE II.  C, Participant shall not, except
with the express prior written consent of the Company:  (i) directly or indirectly, either for
Participant, or on behalf of any of the Company’s or any Affiliate’s
competitors (“Competitors”): (1) induce or
attempt to induce any employee, independent contractor or consultant of the
Company or any Affiliate to leave the employ of, or terminate its engagement
with, the Company or any Affiliate; or (2) in any way interfere with the
relationship between the Company or any Affiliate and any employee, independent
contractor or consultant of the Company or any affiliate; or (ii) directly
or indirectly, either for Participant, or on behalf of any of the Competitors,
solicit the business of any person or entity known to Participant to be a
customer of the Company or any of its Affiliates, where Participant, or any
person reporting to Participant, had an ongoing business relationship or had
made substantial efforts with respect to such customer during Participant’s
employment with, or service to, the Company or an Affiliate.

 

B.             Violation of Restrictive
Covenant. 
Participant, by accepting this Option, agrees that the foregoing
covenants are reasonable with respect to their duration and scope.  Participant further acknowledges that the restrictions
are reasonable and necessary for the protection of the legitimate business
interests of the Company and its Affiliates, that they create no undue
hardships, that any violation of these restrictions would cause substantial
injury to the Company and its Affiliates, and that such restrictions were a
material inducement to the Company to grant this Option.  In the event of any violation or threatened
violation of these restrictions, any and all rights of Participant under this
Option, whether unvested or vested, shall be forfeited and shall immediately
terminate and shall thereafter be void.

 

ARTICLE XI.  MISCELLANEOUS

 

A.           Employment or Other
Relationship; Rights as Stockholder.  Nothing in this Agreement shall be construed
to (a) limit in any way the right of the Company or any Affiliate to
terminate the status of Participant as an employee of the Company at any time,
or (b) be evidence of any agreement or understanding, express or implied,
that the Company or any Affiliate will employ Participant in any particular
position, at any particular rate of compensation or for any particular period
of time.  Participant shall have no
rights as a stockholder with

 

6

 

respect to shares subject to
the Option until such shares have been issued to Participant upon exercise of
the Option.  No adjustment shall be made
for dividends (ordinary or extraordinary, whether in cash, securities or other
property), distributions or other rights for which the record date is prior to
the date such shares are issued, except as provided in Section 14 of the
Plan.

 

B.             Securities Law Compliance.  The exercise of all or any parts of this
Option shall only be effective at such time as counsel to the Company shall
have determined that the issuance and delivery of Common Stock pursuant to such
exercise will not violate any state or federal securities or other laws.  Participant may be required by the Company,
as a condition of the effectiveness of any exercise of this Option, to agree in
writing that all Common Stock to be acquired pursuant to such exercise shall be
held, until such time that such Common Stock is registered and freely tradable
under applicable state and federal securities laws, for Participant’s own
account without a view to any further distribution thereof, that the
certificates for such shares shall bear an appropriate legend to that effect
and that such shares will be not transferred or disposed of except in
compliance with applicable state and federal securities laws.

 

C.             Lockup Period Limitation.  Participant agrees that in the event the
Company advises Participant that it plans an underwritten public offering of
its common stock in compliance with the Securities Act of 1933, as amended, and
that the underwriter(s) seek to impose restrictions under which certain
stockholders may not sell or contract to sell or grant any option to buy or
otherwise dispose of part or all of their stock purchase rights of the
underlying common stock, Participant hereby agrees that for a period not to
exceed 180 days from the prospectus, Participant will not sell or contract to
sell or grant an option to buy or otherwise dispose of this option or any of
the underlying shares of common stock without the prior written consent of the
underwriter(s) or its representative(s).

 

D.            Blue Sky Limitation.  Notwithstanding anything in this Agreement to
the contrary, in the event the Company makes any public offering of its
securities and determines in its sole discretion that it is necessary to reduce
the number of issued but unexercised stock purchase rights so as to comply with
any state securities or Blue Sky law limitations with respect thereto, the
Board of Directors of the Company shall have the right (i) to accelerate
the exercisability of this Option and the date on which this Option must be
exercised, provided that the Company gives Participant 15 days’ prior written
notice of such acceleration, and (ii) to cancel any portion of this Option
or any other option granted to Participant pursuant to this Agreement which is
not exercised prior to or contemporaneously with such public offering.  Notice shall be deemed given when delivered
personally or when deposited in the United States mail, first class postage
prepaid and addressed to Participant at the address of Participant on file with
the Company.

 

E.              Accounting Compliance.  Participant agrees that, in the event a
Change of Control occurs and Participant is an “affiliate” of the Company or
any Subsidiary (as defined in applicable legal and accounting principles) at
the time of such Change of Control, Participant will comply with all
requirements of Rule 145 of the Securities Act of 1933, as amended, and
the requirements of such other legal or accounting principles, and will execute
any documents necessary to ensure such compliance.  For purposes of this Agreement, the term “Change
of Control” shall have the meaning set forth in Article III
above.

 

F.              Stock Legend.  The certificates for any shares of Common
Stock purchased by Participant (or, in the case of death, Participant’s heirs
or legal representative(s)) shall bear an appropriate legend to reflect the
restrictions of this ARTICLE XI.   and Article IV.C,
provided, however, that failure to so
endorse any of such certificates shall not render invalid or inapplicable this ARTICLE XI.

 

G.             Shares Reserved.  The Company shall at all times during the
term of the option period reserve and keep available such number of shares as
will be sufficient to satisfy the requirements of this Agreement.

 

7

 

H.            Arbitration.  Any dispute arising out of or relating to
this Agreement or the alleged breach of it, or the making of this Agreement,
including claims of fraud and inducement, shall be discussed between the
disputing parties in a good faith effort to arrive at a mutual settlement of
any such controversy.  If,
notwithstanding, such dispute cannot be resolved, such dispute shall be settled
by binding arbitration.  Judgment upon
the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof.  The arbitrator
shall be a retired state or federal judge or an attorney who has practiced
securities or business litigation for at least ten (10) years.  If the parties cannot agree on an arbitrator
within twenty (20) days, any party may request that a judge of the Circuit
Court of Cook County, Illinois select an arbitrator.  Arbitration will be conducted pursuant to the
provisions of this Agreement and the commercial arbitration rules of the
American Arbitration Association, unless such rules are inconsistent with
the provisions of this Agreement. 
Limited civil discovery shall be permitted for the production of
documents and taking of depositions. 
Unresolved discovery disputes may be brought to the attention of the
arbitrator who may dispose of such disputes. 
The arbitrator shall have the authority to award any remedy or relief
that a court of this state could order or grant; provided,
however, that punitive or exemplary damages shall not be
awarded.  The arbitrator may award to the
prevailing party, if any, as determined by the arbitrator, all of its costs and
fees, including the arbitrator’s fee, administrative fees, travel expenses,
out-of-pocket expenses and reasonable attorney’s fees.  Unless otherwise agreed by the parties, the
place of any arbitration proceedings shall be Chicago, Illinois.

 

ARTICLE XII.  GOVERNING LAW

 

This Agreement and all rights and obligations hereunder shall be
construed in accordance with the Plan and governed by the laws of the State of
Delaware.

 

 

[Signature
Page Follows]

 

8

 

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

 

	
   

  	
   

  	
  BROADWIND ENERGY INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Its:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By execution hereof, the Participant acknowledges having received a
  copy of the Plan.

  	
   

  	
  PARTICIPANT

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