Document:

Exhibit
10.26

 

EXECUTION VERSION

 

CHANGE IN CONTROL
SEVERANCE AGREEMENT

 

THIS CHANGE IN CONTROL
SEVERANCE AGREEMENT (the “Agreement”) is entered into as of May 5,
2008, by and among Noble Environmental Power, LLC, a Delaware limited liability
company (“Noble”) and C. Kay Mann
(the “Executive”).

 

The parties agree as follows:

 

1.             Definitions. 
For purposes of this Agreement, the following terms shall have the
following meanings:

 

(a)           “Board” shall mean the Board
of Directors of Noble or similar governing body of Noble.

 

(b)           “Cause” shall mean any of the
following: (1) the failure by the Executive to substantially perform her
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
specifying such failure; (2) the engagement by Executive in misconduct in
the performance of her duties as an employee of Noble, which misconduct is
materially injurious to Noble or any of the Noble Companies; (3) the
admission by the Executive to, the conviction of the Executive for, the
entrance into a plea of guilty or nolo
contendere by the Executive to, or the indictment of the Executive
for, any felony or crime involving moral turpitude; (4) any act of fraud
or dishonesty by the Executive in connection with the performance of her duties
as an employee of Noble or in the course of her 
employment with Noble, which act is materially injurious to Noble or any
of the Noble Companies; (5) any use by the Executive of narcotics, alcohol
or illicit drugs in a manner that has, or may reasonably be expected to have, a
detrimental effect on the Executive performing her duties as an employee of
Noble or on the reputation of Noble or any of the Noble Companies; or (6) a
material violation by the Executive of any policy sponsored by Noble or the
Noble Companies, which violation results in injury to Noble or any of the Noble
Companies.

 

(c)           “Change in Control” shall
mean:  (1) the consummation of the
sale, transfer, conveyance or other disposition (including any merger,
reorganization or consolidation) in one or a series of related transactions of
the voting equity securities of Noble or a similar transaction (or
transactions) (other than an initial public offering of equity securities of
Noble through a registration statement filed with the Securities and Exchange
Commission) such that immediately following such transaction (or transactions)
any “person” or related “group” of “persons” (as such terms are used in
Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934,
as amended) (other than Noble, a Noble Company, or an affiliate of Noble, or
any employee benefit plan sponsored by Noble, a Noble Company, or an affiliate
of Noble) beneficially owns more than fifty percent (50%) of the total voting
equity securities of Noble outstanding immediately after such transaction; (2) the
sale or transfer of all or substantially all of the assets of Noble to another 

 

 

entity which is not a Noble Company or
otherwise an affiliate of Noble; or (3) the consummation of a merger or
consolidation of Noble with any other entity that is not a Noble Company or
otherwise an affiliate of Noble, other than a merger or consolidation which
would result in the voting securities of Noble outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its parent) at least fifty
percent (50%) of the total voting power of the voting securities of Noble or
such surviving entity or its parent outstanding immediately after such merger
or consolidation.

 

(d)           “Employment Agreement” shall
mean that certain Employment Agreement, effective as of May 5, 2008, by
and between Noble and the Executive.

 

(e)           “Good Reason” shall mean the
occurrence of either of the following:  (1) a
material and adverse reduction in the nature or scope of the authority or title
held by the Executive, or duties assigned to the Executive, under the
Employment Agreement; (2) the relocation of Executive’s principal place of
employment more than fifty (50) miles from its location on the effective date
of the Employment Agreement; or (3) a change which results in Executive
reporting to someone other than the Chief Executive Officer of Noble.

 

Notwithstanding anything in the foregoing to
the contrary, Executive may terminate her 
employment for Good Reason only if: 
(i) the Executive provides written notice to Noble specifying the
event(s) purported to constitute Good Reason in reasonable detail, within
sixty (60) days following the occurrence of such event(s) (the “Notice”);
(ii) the Notice specifies a date for the Executive’s termination of
employment that is at least thirty (30) days after the Executive provides the
Notice to Noble; and (iii) Noble has not remedied the event(s) alleged
to constitute Good Reason by the Executive within such thirty (30) day period.

 

(f)            “Noble Company” shall mean
any entity that is directly or indirectly controlled by, in control of, or
under common control with, Noble.

 

2.             Effectiveness
of Agreement; Term.

 

(a)           The term of this Agreement shall
commence on the date that Noble completes an Initial Public Offering, and shall
end on the first anniversary of a Change in Control.  For purposes of this Section 2(a), an “Initial
Public Offering” shall mean the consummation of the sale by one or more
persons, in an underwritten public offering of shares of common equity of
Noble, that (i) is led by a nationally recognized financial institution
reasonably acceptable to the Board of Directors, (ii) is registered on a Form S-1
registration statement under the Securities Act of 1933, and (iii) has
gross proceeds (before underwriters’ discounts and selling commissions) of not
less than $50,000,000, following which such publicly-offered shares are listed
on the New York Stock Exchange or the NASDAQ National Market System.

 

 

(b)           Notwithstanding anything in this
Agreement to the contrary, the Board shall have the authority to amend or
terminate this Agreement, provided that such amendment or termination shall not
become effective until one year after the Board provides Executive with written
notice of such amendment or termination. 
For the avoidance of doubt, such amendment or termination shall not
apply to any Change in Control occurring during the one-year period prior to
the effectiveness of such amendment or termination.

 

3.             Severance
Benefits.

 

(a)           In the event Noble terminates the
Executive without Cause, or the Executive terminates her employment for Good
Reason, during the period commencing as of the Change in Control and ending
twelve (12) months following such Change in Control, and subject to Executive
executing within thirty (30) days following such termination of employment, and
not subsequently revoking, a general release of all claims arising under the
Employment Agreement or otherwise related to Executive’s employment by Noble,
which release shall be in a form to be provided by Noble, and subject to
Executive abiding in all material respects by her  obligations under this Agreement, Noble will
provide Executive with the following payments:

 

(i)            A cash amount equal to six (6) months
of Salary (as defined in the Employment Agreement) as of the date of Executive’s
termination of employment, 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”).

 

(ii)           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 her 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, (X) 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 (Y) 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.

 

 

4.             Timing of
Payments; Early Termination of Obligations.

 

(a)           Notwithstanding the foregoing:  (1) any portion of the Salary
Continuation 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; (2) the Executive shall not be entitled
to any Salary Continuation unless the Executive’s termination of employment
constitutes a “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h); and (3) each payment of Salary
Continuation is intended to constitute a separate payment from each other
payment of Salary Continuation 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 her
acceptance of such offer of employment. 
For the purposes of this Section 4(b), the Executive shall notify
Noble of her 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 her 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 or the Health Care
Continuation.

 

5.             Other
Terminations.  The parties agree that Executive will not be
entitled to any severance payments (including the Salary Continuation and the
Health Care Continuation) if, during the period commencing as of the Change in
Control and ending twelve (12) months following a Change in Control: (A) Noble
terminates her employment for Cause; (B) she  resigns without Good Reason; or (C) she  dies or terminates due to Disability (as
defined in the Employment Agreement).

 

6.             Exclusive
Remedy.  The parties agree that, except as set forth
in Section 3, or in the Employment Agreement, or as determined by the
terms of any employee benefit plan in which the Executive was participating as
of her termination of employment, or as otherwise required by law, Executive
will not be entitled to receive any compensation or benefits after termination
of her employment with Noble.

 

7.             Best Pay
Provision.  Notwithstanding the other provisions of this
Agreement, in the event that the amount of payments payable to the Executive
under this Agreement, together with any payments or benefits payable under any
other plan, program, arrangement or agreement maintained by (or on behalf of)
Noble, would constitute an 

 

 

“excess parachute payment” (within the
meaning of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”)), the payments under this Agreement shall be reduced (by
the minimum possible amounts) until no amount payable to the Executive under
this Agreement constitutes an “excess parachute payment” (within the meaning of
Section 280G of the Code); provided, however, that no such reduction shall
be made if the net after-tax payment (after taking into account Federal, state,
local, or other income and excise taxes) to which the Executive would otherwise
be entitled without such reduction would be greater than the net after-tax
payment (after taking into account Federal, state, local or other income and
excise taxes) to the Executive resulting from the receipt of such payments with
such reduction.  If, as a result of subsequent
events or conditions (including a subsequent payment or absence of a subsequent
payment under this Agreement or other plans, programs, arrangements or
agreements maintained by (or on behalf of) Noble), it is determined that
payments under this Agreement have been reduced by more than the minimum amount
required to prevent any such payments from constituting an “excess parachute
payment,” then an additional payment shall be promptly made to the Executive in
an amount equal to the additional amount that can be paid without causing any
payment to constitute an “excess parachute payment.”  All determinations required to be made under
this Section 7, including whether a payment would result in an “excess
parachute payment” and the assumptions to be utilized in arriving at such
determination, shall be made by a “Big Four” accounting firm selected by
Noble.  All determinations made by the “Big
Four” accounting firm under this Section 7 shall be final and binding upon
Noble and the Executive.

 

8.             Confidential
or Proprietary Information.

 

(a)           Except in connection with the
faithful performance of Executive’s duties as an employee of Noble or pursuant
to Section 8(c) or 8(d), Executive agrees that she  will not, at any time during her employment
with Noble or thereafter, directly, indirectly or otherwise, use, disseminate,
disclose or publish, or use for her 
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 she 
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 her
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:  (1) disclosing
information and documents when required by law, subpoena or court order
(subject to the requirements of Section 8(c) above); (2) disclosing
information and documents to her attorney or tax adviser for the purpose of
securing legal or tax advice; (3) disclosing the post-employment
restrictions in this Agreement in confidence to any potential new employer; or (4) retaining,
at any time, her  personal
correspondence, personal rolodex and documents related to her 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 8(c) and 8(d), to not disclose the terms
of this Agreement to any third party, except as provided in Section 8(d) and
except as provided in a proceeding under Section 13(j) hereof to
enforce the terms of this Agreement.

 

9.             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 her
attorney-in-fact to execute on her 
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.

 

10.           Non-Competition and Non-Solicitation.

 

(a)           While Executive is employed by
Noble, 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.

 

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 twelve (12) months preceding Executive’s termination.

 

(b)           While the Executive is employed by
Noble, 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:  (1) 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 while
Executive was employed by Noble;  (2) 
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;  (3) 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 (4) 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.

 

11.           Non-Disparagement. 
The Executive agrees, while she 
is employed by Noble 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, while Executive is employed by
Noble 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; provided, further,
that nothing in the foregoing shall preclude Noble, its officers or members of
the Board from making truthful statements that are required by applicable law,
regulation or legal process.

 

12.           Injunctive
Relief.  Executive acknowledges that a breach of the
covenants contained in Sections 8 through 11 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 8 through 11, 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.

 

13.           General
Provisions.

 

(a)           Interaction with Employment
Agreement.  Nothing in this Agreement is intended to, or
should be construed as, contradicting, superseding or modifying the Employment
Agreement, except that this Agreement, to the extent that it is in effect, and
not the Employment Agreement, shall govern if the Executive incurs a
termination of employment during the period commencing as of the Change in
Control and ending twelve (12) months following such Change in Control.  For the avoidance of doubt, if Executive
receives any severance payments (including the Salary Continuation and the
Health Care Continuation) pursuant to this Agreement, Executive shall not be entitled
to receive any severance payments under the Employment Agreement.

 

(b)           Notices. 
All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed given when (1) delivered
personally, (2) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (3) 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: Christopher Lowe

WITH A COPY TO:

Walter Q. Howard

 

 

If to Executive:

 

C. Kay Mann

5302 Cambridge

Sugar Land, Texas 77479

 

(c)           Successors and Binding Agreement.

 

(i)            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.

 

(ii)           Noble will require any successor to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent that Noble would have been required to perform it if no such
succession had taken place.

 

(iii)          For purposes of this Agreement, “Noble”
shall mean both Noble, as defined in the Recitals, and any successor of or to
Noble.

 

(iv)          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 her  obligations under this Agreement are personal
in nature and, without the consent of Noble, she  may not assign, transfer, or delegate this
Agreement or any rights or obligations hereunder, provided, that upon Executive’s death, Executive may assign
her  rights hereunder to Executive’s
estate or heirs.

 

(d)           Complete and Final Agreement. 
Executive agrees that this Agreement and the Employment 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 except those contained herein. 
This Agreement and the Employment 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 and the Employment
Agreement.

 

(e)           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 

 

 

she has had adequate opportunity to consult
with legal or other counsel of her choosing prior to execution of this
Agreement.

 

(f)            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.

 

(g)           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.

 

(h)           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 8 through 11 shall
survive any termination or expiration of this Agreement or the termination of
Executive’s employment for any reason whatsoever.

 

(i)            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.

 

(j)            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 8 through 11 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 twenty
(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.

 

(k)           Section 409A.

 

(i)            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 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.

 

(ii)           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 (A) 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 (B) comply with the
requirements of Section 409A of the Code.

 

 

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

 

	
   

  	
  Noble Environmental Power, LLC  

  
	
   

  	
   

  
	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
  Name: Walter Q. Howard

  
	
   

  	
  Position: President and CEO

  
	
   

  	
  Date:

  	
  May 5, 2008

  

 

 

	
  Witnessed:

  	
  /s/ Michael J. Palmieri

  	
   

  	
  /s/ C. Kay Mann

  
	
  Name:

  	
  Michael J. Palmieri

  	
   

  	
  C. Kay Mann

  
	
  Date:

  	
  May 5, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
  May 5, 2008Exhibit 10.27

 

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 John M. Quirke
(“Executive”).

 

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

 

WHEREAS, Noble desires to continue to employ Executive and to enter
into this Agreement enumerating the terms of such continuing employment, and
Executive desires to continue employment with Noble and to enter into 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.

 

(a)                                  Commencing on the
Effective Date, Executive shall be employed by Noble as Executive Vice
President Development, with such customary responsibilities, duties, and
authority as may be assigned from time to time by the Chief Executive Officer
of Noble.  Executive, in carrying out his
responsibilities, duties and authority under this Agreement, will report to the
Chief Executive Officer of Noble.

 

(b)                                 During the Term of
Employment (as defined below), 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.  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. 
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 Section 4 of this Agreement.  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 

 

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Executive’s employment under this Agreement
is referred to herein as the “Term of Employment.”

 

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 $360,000.00 (“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.  Such Salary shall be reviewed (and may be
adjusted) from time to time by the Board of Directors of Noble or similar
governing body of Noble (the “Board of Directors”), or an authorized
committee 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 67.00% 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.  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 similarly-situated
employees of Noble.

 

(c)                                  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.

 

(d)                                 Vacation.  During the Term of Employment, Executive will
be entitled to 20 work days of paid vacation each calendar year.  Vacation must be scheduled with sufficient
advance notice to take into account Noble’s business needs.  Executive will also be entitled to paid
holidays in accordance with Noble’s holiday policy.

 

(e)                                  Cooperation.  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 

 

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knowledge.  Noble shall reimburse
Executive for his reasonable expenses incurred in the course of such
cooperation.

 

(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)                                 Executive understands that Noble will grant
Executive, after the Effective Date, the opportunity to purchase   35,541 Series B Incentive Units
and 17,771 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 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 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 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 Executive Vice President
Development  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;

 

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(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)                                  Termination Without Cause.  Noble may terminate Executive’s
employment and this Agreement without Cause at any time by providing thirty
(30) days’ written notice to the Executive.

 

(d)                                 Resignation from Noble.  Executive may resign his employment with
Noble and terminate this Agreement for any reason at any time by providing
thirty (30) days’ written notice to Noble.

 

(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)), and subject to Executive executing within thirty (30)
days following such termination of employment, and not subsequently revoking, a
general release of all claims arising under this Agreement or otherwise related
to Executive’s employment by Noble, which release shall be in a form to be
provided by Noble, and subject to Executive abiding 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”); and

 

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(B)                                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) any portion of the
Salary Continuation 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; (2) the Executive shall not be entitled
to any Salary Continuation unless the Executive’s termination of employment
constitutes a “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h); and (3) each payment of Salary
Continuation is intended to constitute a separate payment from each other
payment of Salary Continuation 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 

 

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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 or the Health Care Continuation.

 

(iii)                               The parties agree that
Executive will not be entitled to any severance payments (including the Salary
Continuation and the Health Care Continuation) hereunder if: (A) Noble
terminates his employment for Cause pursuant to Section 4(b); (B) he
resigns from employment with Noble under Section 4(d); or (C) he dies
or terminates due to Disability under Section 4(a).

 

(iv)                              The parties agree that,
except as set forth in this Section 4(e), or as set forth in that certain
Change in Control Severance Agreement, dated as of May 5, 2008, by and between the Executive and Noble (the “Change in
Control Severance Agreement”), or as determined by the terms of any
employee benefit plan in which the Executive participated under Section 3(c),
or as set forth in the Third Amended and Restated Limited Liability Company
Operating Agreement, dated as of March 7, 2008, of Noble Environmental
Power, LLC, as amended from time to time, or as set forth in the Amended and
Restated Members’ Agreement, dated as of December 21, 2007, among Noble
Environmental Power, LLC and other parties thereto, as amended from time to
time, or as otherwise required by law, Executive will not be entitled to
receive any compensation or benefits after termination of his employment with
Noble.

 

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, 

 

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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 18 hereof to enforce the
terms of this Agreement.

 

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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 twelve (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;

 

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(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.                                       Injunctive Relief.  Executive acknowledges that a breach of the
covenants contained in Sections 5 through 8 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 8, 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.

 

10.                                 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: Christopher Lowe

WITH A COPY TO:

General Counsel

 

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If to Executive:

 

John M. Quirke

23 Haywagon Drive

Old Lyme, CT 06371

 

11.                                 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.

 

12.                                 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 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.

 

13.                                 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.

 

14.                                 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.

 

15.                                 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 

 

10

 

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.

 

16.                                 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.

 

17.                                 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.

 

18.                                 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 8 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.

 

19.                                 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.

 

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20.                                 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.

 

21.                                 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, if Executive
receives any severance payments (including the Salary Continuation 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]

 

12

 

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

 

 

	
   

  	
  Noble Environmental Power, LLC
  

  
	
   

  	
   

  
	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
   

  
	
   

  	
  Name:  Walter Q. Howard

  
	
   

  	
  Position: President and CEO

  
	
   

  	
  Date:

  	
  May 5, 2008

  

 

 

                 

	
   Witnessed:

  	
  /s/ Thomas R. Hiester

  	
   

  	
  /s/ John M. Quirke 

  
	
  Name:

  	
  Thomas R. Hiester

  	
   

  	
  John M. Quirke  

  
	
  Date:

  	
  May 2, 2008

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  May 2, 2008

  
							

 

13

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