Document:

Exhibit 10.42

 

This RESTRICTED UNIT AGREEMENT (this “Agreement”)  is made as of this 30th day
of December 2006 (the “Grant
Date”),  between UPC
Wind Partners, LLC, a Delaware limited liability company (the “Company”),  and                   ;
(the “Executive”). Capitalized
terms used in this Agreement (including the Exhibits hereto) but not defined in
the body hereof are defined in Exhibit A.

 

WHEREAS,
the Third Amended and Restated Limited Liability Company Agreement of the
Company (as amended from time to time, the “LLC Agreement”)  authorizes the issuance from time to time by the
Company of Series B Units (the “Series B Units”), and provides further that
Series B Units may be issued in series based on the “Threshold Value”  (as defined in the LLC
Agreement) of such Series B Units;

 

WHEREAS,
the Company desires to issue to the Executive, and the Executive desires to
accept,
               
Series B-2 Units (all of such Series B Units issued to the Executive
pursuant hereto are referred to herein as the “Executive Units”);  and

 

WHEREAS,
the LLC Agreement requires that all Series B Units be issued subject to
restrictions as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.          Issuance
of Units.  The Company shall, and hereby does, issue the
Executive Units to the Executive on the Grant Date. The Executive Units are
issued by the Company for no consideration as “profits interests” within the
meaning of Revenue Procedures 93-27 and 2001-43. The Threshold Value for each
Executive Unit is $0.33.

 

2.          Units.

 

(a)         The
Executive Units are, and shall remain, subject to the terms and conditions of
the LLC Agreement.

 

(b)        As
an inducement to the Company to enter into this Agreement:

 

(i)       the Executive
shall, prior to or concurrently with the execution and delivery of this
Agreement, execute and deliver a Confidentiality and Non-Competition Agreement
in the form of Exhibit B (the “Confidentiality and Non-Competition Agreement”);

 

(ii)      the Executive acknowledges and agrees that no provision
contained herein shall entitle the Executive to remain in the employment of the
Company, or any of its Subsidiaries, or affect the right of any such entity to
terminate the Executive’s employment at any time for any reason;

 

(iii)     the Executive acknowledges and agrees that, except as provided
in any other agreement between the Company or any of its Subsidiaries and the
Executive, 

 

 

none of such entities shall have any duty or obligation to disclose to
the Executive, and the Executive shall have no right to be advised of, any
material information regarding any such entity, at any time prior to, upon or in
connection with the forfeiture of the Executive Units upon the termination of
the Executive’s employment with the Company; and

 

(iv)     the Executive agrees that his or her execution of this Agreement
evidences his or her intention to be bound by the terms of the LLC Agreement,
in addition to the terms of this Agreement, and acknowledges that the Executive
Units are subject to all of the restrictions applicable to Series B Units
as set forth in the LLC Agreement and in this Agreement.

 

3.          Unvested
Series B Units. Except as provided in Section 4 below,
the Executive Units shall be deemed “Unvested Series B Units” under the
LLC Agreement (“Unvested
Series B Units”),  shall be
subject to all of the restrictions on Unvested Series B Units (as well as
on Series B Units, in general) under the LLC Agreement and shall carry
only such rights as are conferred on Unvested Series B Units under the LLC
Agreement.

 

4.          Initiation of
Vesting; Tranches.

 

(a)         On the Grant
Date and on each other Capital Call Completion Date, a portion of the Executive
Units will begin to vest (such Executive Units that have begun to vest are
referred to herein as the “Vesting
Units”).  The Grant Date
and each date on which the last Capital Contribution is made in response to a
particular Capital Call of the Company shall be a “Capital Call Completion Date”.

 

(b)        On
the Grant Date, all of the Executive Units will become Vesting
Units.

 

(c)         The
number of Executive Units that become Vesting
Units on a particular Capital Call Completion Date (other than the Grant Date)
shall be equal to the total number of Executive Units multiplied by the Funding
Fraction. The “Funding Fraction”  shall, as calculated with respect to any Capital
Call Completion Date, be equal to the total number of Series A Units
issued pursuant to the Capital Call responded to on such Capital Call
Completion Date divided by the total number of authorized Series A Units.

 

(d)        All
of the Executive Units that become Vesting Units on a particular Capital Call
Completion Date shall be part of the same tranche (each, a “Tranche”)  of Vesting Units.

 

5.          Vesting
of Tranches of Vesting Units.

 

(a)         If
the Executive remains continuously employed by the Company from the Grant Date
through the first anniversary date of the Capital Call Completion Date on which
a Tranche of Vesting Units is created, then on such anniversary date one third
of the Vesting Units in such Tranche will become “Vested Series B Units”
under the LLC Agreement, which Vested Units shall no longer be deemed Vesting
Units, shall no longer be subject to the restrictions on Unvested Series B
Units (but shall remain subject to the restrictions on Series B Units, in 

 

2

 

general)
under the LLC Agreement and shall carry all of the rights conferred on Vested
Series B Units under the LLC Agreement (“Vested Units”).

 

(b)        If
the Executive remains continuously employed by the Company from the Grant Date
through the second anniversary date of the Capital Call Completion Date on
which a Tranche of Vesting Units is created, then on such anniversary date one
half of the Vesting Units (which, for the sake of clarity, will constitute one
third of the total number of Vesting Units originally part of such Tranche)
remaining in such Tranche will become Vested Units.

 

(c)         If
the Executive remains continuously employed by the Company from the Grant Date
through the third anniversary date of the Capital Call Completion Date on which
a Tranche of Vesting Units is created, then on such anniversary date all of the
Vesting Units remaining in such Tranche will become Vested Units.

 

(d)        Notwithstanding
anything to the contrary set forth herein, days on which the Executive is in
breach of the Confidentiality and Non-Competition Agreement, any employment
agreement between the Executive and the Company or any other agreement between
the Executive and the Company, regardless of whether the Company shall have
taken enforcement action with respect to such breach, shall be excluded from
the calculation of the number of days that have passed since the relevant
Capital Call Completion Dates for purposes of the vesting of Executive Units
pursuant to this Section 5; provided the Company has provided the
Executive with written notice of any such breach within 30 days after the Company
obtained knowledge thereof.

 

6.          Vesting
upon Change of Control.

 

(a)         In
the event of a sale or business combination (including any IPO Merger that
meets the following condition) that results in the majority of the
Series A Units being held by any Person or group of Persons who are not
Members on the Effective Date of the LLC Agreement or Affiliates of Persons who
are Members on the Effective Date of the LLC Agreement (a “Change of Control”)  or upon the occurrence of a
Liquidation Event, all Executive Units that shall not have previously become
Vested Units shall become Vested Units as of the date of such Change of Control
or Liquidation Event; provided that the Executive has remained
continuously employed by the Company from the Grant Date through the date of
such Change of Control or Liquidation Event.

 

(b)        Upon
a Change of Control, the Company shall have the right to require that the
Executive continue with the Company in substantially the same capacity and for
substantially the same compensation for a transition period of up to nine
months, at the Company’s discretion, following the date of such Change of
Control. In the event the Company exercises such right, ten percent (10%) of
the proceeds payable in such Change of Control with respect to such Executive’s
Vested Units shall be held back by the Company or its successor until the
Executive’s obligation to continue with the Company through such transitional
period has been satisfied. Upon the satisfaction of such obligation, such
proceeds shall promptly be released and delivered to the Executive. If the
Executive does not complete such transitional period with the Company, the
Executive shall forfeit such proceeds.

 

3

 

7.          Forfeiture
of Executive Units; Repurchase of Executive Units by the
Company.

 

(a)         If
(i) the Executive’s employment with the Company is terminated for Cause,
(ii) after any termination of the Executive’s employment with the Company,
the Executive materially breaches the terms of the Confidentiality and
Non-competition Agreement between the Executive and the Company, (iii) the
Executive resigns without Good Reason, the Executive, and any other Person who
shall be the holder of any of the Executive Units on the date of such
termination, breach or resignation, shall forfeit to the Company all of the
Executive Units and all rights arising from such Executive Units.

 

(b)        If
the Executive’s employment with the Company is terminated without Cause or if
the Executive resigns with Good Reason, (i) the Company will have the
right to repurchase any or all of the Vested Units at Fair Market Value and
(ii) the Executive shall forfeit to the Company all of his or her Unvested
Series B Units and all rights arising from such Unvested Series B
Units.

 

(c)         If
the Executive’s employment with the Company is terminated by reason of the
Executive’s death or because the Executive is determined to be Disabled by the
Board, (i) all Vesting Units will become Vested Units, (ii) the
Company will have the right to repurchase any or all of the Vested Units at
Fair Market Value and (iii) the Executive shall forfeit to the Company all
of his or her Unvested Series B Units (other than the Vesting Units) and
all rights arising from such Unvested Series B Units.

 

(d)        The
forfeitures of Executive Units and conversions into Vested Units under this
Section 7 shall occur immediately and without further action of the
Company, the Executive or any other Person upon the termination, resignation,
death or determination giving rise thereto.

 

8.          Procedure
for Repurchase of Vested Units by the Company.

 

(a)         The
Board shall determine the Fair Market Value of Vested Units used in the
calculations in Section 7(b) or 7(c). The Executive, the Executive’s
legal representative or guardian, or the executor of Executive’s estate, as
applicable, shall have the right to dispute in writing the Fair Market Value
determination within fifteen (15) days following receipt of the  Board’s
determination (the “Notice
Period”).  If the Company
has not received written notice of such a dispute within the Notice Period, the
Company shall pay the purchase price for the Vested Units no later than fifteen
(15) days after the end of the Notice Period, pursuant to Section 8(b). If
the Company has received written notice of such a dispute within the Notice
Period, then the Company and the Executive, the Executive’s legal
representative or guardian, or the executor of Executive’s estate, as
applicable, shall, for an additional thirty (30) days following receipt of such
written notice of dispute (such additional 30-day period, the “Resolution Period”),  attempt to reach agreement
on the Fair Market Value determination. If no resolution of this dispute is
finalized within the Resolution Period, the Fair Market Value determination
shall be submitted for review and final determination by an independent
valuation firm (the “Independent
Valuation Firm”)  jointly
selected by the Company and the Executive, the Executive’s legal representative
or guardian, or the executor of Executive’s estate, as applicable. The
Independent Valuation Firm shall review all relevant data, including any
necessary books and records of the 

 

4

 

Company,
to determine the changes to the Fair Market Value calculation, if any,
necessary to resolve only the disputed items or amounts. The determination by
the Independent Valuation Firm shall be made as promptly as practical, but in
no event, beyond thirty (30) days from its engagement, and shall be final and
binding on the parties hereto. In the event that the final Fair Market Value
determination differs by ten percent (10%) or less from the Fair Market Value
as determined by the Board, the costs of the Independent Valuation Firm shall
be borne by the Executive, the Executive’s legal representative or guardian, or
the executor of Executive’s estate, as applicable. In the event that the final
Fair Market Value calculation differs by more than ten percent (10%) from the
Fair Market Value as determined by the Board, the costs of the Independent
Valuation Firm shall be borne by the Company. Upon such final determination,
the Company shall pay the purchase price for the Vested Units within five
(5) business days, pursuant to Section 8(b).

 

(b)        The
Company shall deliver to the Executive, the Executive’s legal representative or
guardian, or the executor of Executive’s estate, as applicable, a check,
payable to the appropriate Person, for the aggregate purchase price calculated
in accordance with Sections 7 and 8(a) and payable pursuant to
Section 8(a) above.

 

(c)         The
Executive, the Executive’s legal representative or guardian or the executor of
Executive’s estate shall execute and deliver all documentation and agreements
reasonably requested by the Company to reflect a repurchase of Vested Units
pursuant to this Agreement, but neither the failure of the Executive, the
Executive’s legal representative or guardian, or the executor of Executive’s
estate, as applicable, to execute or deliver any such documentation, nor the
failure of the Executive, the Executive’s legal representative or guardian, or
the executor of the Executive’s estate, as applicable, to deposit the Company’s
check, shall affect the validity of a repurchase of Vested Units pursuant to
this Agreement.

 

9.          Increase
in Repurchase Payment upon Subsequent Change of Control or Qualified Public
Offering.

 

(a)         In
the event that a Change of Control or Qualified Public Offering occurs within
12 months after the Company shall have repurchased Vested Units from the
Executive pursuant to Section 7(b) or Section 7(c), the Company
shall be obligated to pay to the Executive the difference, if greater than
zero, between the (i) Fair Market Value of the repurchased Vested Units at
the time of such Change of Control or Qualified Public Offering and
(ii) the amount paid for such repurchased Vested Units pursuant to
Section 7(b) or Section 7(c), with the former amount adjusted
for any value increases attributable to Capital Contributions or similar events
occurring after the repurchase of the Vested Units, such adjustment being equal
to an amount determined by the Board acting in good faith. The determination of
the Board shall be conclusive, final and binding for all purposes hereunder.

 

(b)        The
Company shall deliver to the Executive payments required to be made pursuant to
Section 9(a) within 30 days following the applicable Change of Control or
Qualified Public Offering, which payments may, at the Company’s option, either
be made (i) in the form of a check, payable to the Executive, or (ii) in
the same form of consideration as received in connection with such Change of
Control or Qualified Public Offering by the Company or any Member.

 

5

 

10.       Representations
and Warranties of Executive. The Executive represents and
warrants to the Company as follows:

 

(a)         That
all of the representations and warranties made by the Executive pursuant of
Article IV of the LLC Agreement are true and correct as of the date
hereof.

 

(b)        That
this Agreement constitutes the legal, valid and binding obligation of the
Executive, enforceable in accordance with its terms, and that the execution,
delivery and performance of this Agreement by the Executive does not and will
not conflict with, violate or cause a breach of any agreement, contract or
instrument to which the Executive is a party or any judgment, order or decree
to which the Executive is subject.

 

(c)         That
the Executive believes that he or she has received all the information he or
she considers necessary in connection with his or her execution of this
Agreement, that the Executive has had an opportunity to ask questions and
receive answers from the Company and from counsel regarding the terms,
conditions and limitations set forth in this Agreement and the business,
properties, prospects and financial condition of the Company and its
subsidiaries and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or
expense) necessary to verify the accuracy of any information furnished to the
Executive or to which the Executive had access.

 

11.       General
Provisions.

 

(a)         Severability.
It is the desire and intent of the parties hereto that the provisions
of this Agreement be enforced to the fullest extent permissible under the laws
and public policies applied in each jurisdiction in which enforcement is
sought. Accordingly, if any particular provision of this Agreement shall be
adjudicated by a court of competent jurisdiction to be invalid, prohibited or
unenforceable for any reason, such provision, as to such
jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of
this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to
be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to
such jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction.

 

(b)        Entire
Agreement. This Agreement and the LLC Agreement embody the
complete agreement and understanding among the parties hereto with respect to
the subject matter hereof and supersede and preempt any prior understandings,
agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way.

 

(c)         Counterparts.
This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and
the same agreement.

 

6

 

(d)        Successors and Assigns. Except as otherwise provided herein,
this Agreement shall bind and inure to the benefit of and be enforceable by and
against the Executive, the Company and their respective successors, assigns,
heirs, representative and estate, as the case may be (including subsequent
holders of Executive Units); provided that the rights and obligations of the
Executive under this Agreement shall not be assignable except in connection with
a transfer of the Executive Units permitted under the LLC Agreement.
Notwithstanding anything else in this Agreement or in the LLC Agreement
(i) each Executive Unit shall remain subject to the terms of the LLC
Agreement and this Agreement regardless of who holds such Executive Unit and
(ii) the effect that the employment of the Executive by the Company or
events related to such employment have on the rights of and restrictions on the
Executive Units, including vesting, and the rights of the Company with regard
to the Executive Units, under this Agreement, shall not be altered by any
transfer of the Executive Units.

 

(e)         Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. The parties hereto hereby
irrevocably submit to the exclusive jurisdiction of the courts of the State of
Delaware and the federal courts of the United States of America located in
Delaware, and appropriate appellate courts therefrom, over any dispute arising
out of or relating to this Agreement or any of the transactions contemplated
hereby, and each party hereby irrevocably agrees that all claims in respect of
such dispute or proceeding may be heard and determined in such courts. The
parties hereby irrevocably waive, to the fullest extent permitted by applicable
law, any objection which they may now or hereafter have to the laying of venue
of any dispute arising out of or relating to this Agreement or any of the
transactions contemplated hereby brought in such court or any defense of
inconvenient forum for the maintenance of such dispute. Each of the parties
hereto agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
This consent to jurisdiction is being given solely for purposes of this
Agreement and is not intended to, and shall not, confer consent to jurisdiction
with respect to any other dispute in which a party to this Agreement may become
involved. Each of the parties hereto hereby consents to process being served by
any party to this Agreement in any suit, action or proceeding of the nature
specified in this Section 11(e) by the mailing of a copy thereof in
the manner specified by the provisions of Section 11(h). EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT.

 

(f)         Remedies. Each of the parties to this Agreement and any such
person granted rights hereunder whether or not such person is a signatory
hereto shall be entitled to enforce its rights under this Agreement
specifically to recover damages and costs (including reasonable attorney’s
fees) for any breach of any provision of this Agreement and to exercise all
other rights existing in its favor. The Executive agrees and acknowledges that
money damages may not be an adequate remedy for any breach by the Executive of
the provisions of this Agreement and that the Company and any such person
granted rights hereunder whether or not such person is a signatory hereto may
in its sole discretion apply to any court of law or equity of competent
jurisdiction for specific performance and/or other injunctive relief (without
posting any bond or deposit) in order to enforce or prevent any violations of
the provisions of this Agreement.

 

7

 

(g)        Amendment and Waiver. The provisions of this Agreement may
be amended and waived only with the prior written consent of the Company and
the Executive and no course of conduct or failure or delay in enforcing the
provisions of this Agreement shall be construed as a waiver of such provisions
or affect the validity, binding effect or enforceability of this Agreement or
any provision hereof.

 

(h)        Notices. Except as expressly set forth to the contrary in
this Agreement, all notices, requests or consents provided for or required to
be given hereunder shall be in writing and shall be deemed to be duly given if
personally delivered, telecopied and confirmed, or mailed by certified mail,
return receipt requested, or nationally recognized overnight delivery service
with proof of receipt maintained, at the following addresses (or any other address
that any such party may designate by written notice to the other parties)
below. Any such notice shall, if delivered personally, be deemed received upon
delivery; shall, if delivered by telecopy, be deemed received on the first
business day following confirmation; shall, if delivered by nationally
recognized overnight delivery service, be deemed received the first business
day after being sent; and shall, if delivered by mail, be deemed received upon
the earlier of actual receipt thereof or five business days after the date of
deposit in the United States mail.

 

If
to the Company, to:

 

UPC
Wind Partners, LLC

c/o UPC Wind Management, LLC

100 Wells Avenue

Suite 201

Newton, MA 02459

Attn: General Counsel

 

If
to the Executive, to:

 

 

(i)          Survival of Representations, Warranties and Agreements. All
representations, warranties and agreements contained herein shall survive the
consummation of the transactions contemplated hereby and the termination of
this Agreement.

 

(j)          Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of
this Agreement.

 

(k)         Construction. Where specific language is used to clarify by
example a general statement contained herein, such specific language shall not
be deemed to modify, limit or restrict in any manner the construction of the
general statement to which it relates. The language used in this Agreement
shall be deemed to be the language chosen by the parties to express their
mutual intent, and no rule of strict construction shall be applied against
any party.

 

8

 

(l)          WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(m)        Nouns and
Pronouns. Whenever the context may
require, any pronouns used herein shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural and vice versa.

 

(n)        Employment
Relationship. For purposes of this Agreement, the Executive
shall be considered to be in the employment of the Company as long as he
remains an employee of either the Company or any of its Subsidiaries. Without
limiting the scope of the preceding sentence, the Executive shall be considered
to have terminated employment with the Company at the time the entity or other
organization that employs the Executive ceases to be a Subsidiary of the
Company. Nothing in the issuance of the Executive Units and nothing in this
Agreement shall confer upon the Executive the right to continued employment by
the Company or affect in any way the right of the Company to terminate such
employment at any time. Any question as to whether and when there has been a
termination of the Executive’s employment, and the cause of such termination,
shall be determined by the Board and its determination shall be conclusive,
final and binding for all purposes hereunder.

 

9

 

IN WITNESS WHEREOF, the parties hereto have executed
this Restricted Unit Agreement as of the date first written above.

 

 

	
   

  	
  UPC
  WIND PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Name:
  Paul Gaynor

  
	
   

  	
  Title:
    Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  

 

 

SPOUSAL CONSENT

 

Executive’s
spouse, if any, is fully aware of, understands and fully consents and agrees to
the provisions of this Agreement and the LLC Agreement and their binding effect
upon any marital or community property interests she may now or hereafter own,
and agrees that the termination of her and Executive’s marital relationship for
any reason shall not have the effect of removing any Executive Units otherwise
subject to this Agreement from coverage hereunder and that her awareness,
understanding, consent and agreement are evidenced by her signature below.

 

 

EXHIBIT A

DEFINED TERMS

 

“Board”
means the Board of Managers of the Company.

 

“Capital Call”
has the meaning ascribed thereto in the LLC Agreement.

 

“Capital Contribution”
has the meaning ascribed thereto in the LLC Agreement.

 

“Cause”
means the following:

 

(a)           the Executive’s
conviction or plea of nolo contendere in
a court of law of any crime or offense, excluding minor traffic violations and
other minor offenses, or the Executive’s indictment or entering into a consent
decree relating to any violations of U.S. or foreign securities laws;

 

(b)           the Executive’s
willful misconduct or gross negligence in connection with the business or
affairs of the Company or any of its Subsidiaries;

 

(c)           the Executive’s
substance abuse, including abuse of alcohol, drugs or other substances or use
of illegal narcotics or substances, for which the Executive fails to undertake
treatment immediately after requested by the Board or to complete such
treatment and which abuse continues or resumes after such treatment period;

 

(d)           the Executive’s
misappropriation of funds or other acts of dishonesty involving the Company or
any of its Subsidiaries;

 

(e)           the Executive’s
continuing failure or refusal to perform the Executive’s duties or to carry out
in all material respects the lawful directives of the Board or similar
governing body of the Executive’s employer; or

 

(f)            the Executive’s
willful and material breach of the terms of the Confidentiality and
Non-Competition Agreement or any other agreement between the Executive and the
Company;

 

provided that (A) in the case of
the conduct described in foregoing subsection (b), if requested by the
Executive within 10 days after receipt of notice of termination of his
employment with the Company, the Executive is afforded a reasonable opportunity
to be heard before the Board and (B) in the case of conduct described in
the foregoing subsection (e), if requested by Executive within 10 days after
receipt of such notice of termination, such failure or refusal to perform or to
carry out such directives remains uncorrected for 30 days following such notice
of termination.

 

“Disabled”
means the Executive’s inability to perform, due to accident, physical
or mental illness, or other circumstance, on a full-time basis the employment
responsibilities which the Executive shall have historically been vested;
provided that such inability continues for a period exceeding 180 days during
any 12 consecutive months.

 

“Effective Date”
has the meaning ascribed thereto in the LLC Agreement.

 

A-1

 

“Fair Market Value”  means an estimate of the
price that could be obtained for the sale of the applicable Executive Units in
a negotiated, arm’s length transaction with a party unaffiliated with the
Company or the Executive, based on the estimated value of the future
distributions on such Executive Units.

 

“Good Reason”  means (a) a material
reduction in the employment responsibilities of the Executive (as in effect as
of the date hereof or subsequently agreed to by the parties) without the
consent of the Executive, (b) the Company requiring a change of the
location for performance of the employment responsibilities of the Executive
greater than 50 miles away from such location as of the Effective Date (not
including ordinary travel during the regular course of employment) without the
written consent of the Executive or (c) the Company’s failure to pay the
Executive’s salary without reason; provided, however, that (A) prior to
the Executive’s resignation for “Good Reason,” Executive must give written
notice to Company of any such reduction, change or failure and such reduction,
change or failure must remain uncorrected for 30 days following such written
notice, and (B) in no event will a termination of employment by the
Executive be considered to be for Good Reason if such termination occurs more than 60
days after the date such reduction, change or failure occurs.

 

“IPO Merger”  has the meaning ascribed
thereto in the LLC Agreement.

 

“Liquidation Event”  has the meaning ascribed
thereto in the LLC Agreement.

 

“Members”  has the meaning ascribed
thereto in the LLC Agreement.

 

“Person”  has the meaning ascribed
thereto in the LLC Agreement.

 

“Qualified Public Offering”  has the meaning ascribed
thereto in the LLC Agreement.

 

“Subsidiary”  has the meaning ascribed
thereto in the LLC Agreement.Exhibit
10.43

 

This RESTRICTED UNIT AGREEMENT
(this “Agreement”) is made as of
this [4th] day of [January] [2010] (the “Grant Date”),
between FIRST WIND HOLDINGS, LLC, a Delaware limited liability company (the “Company”), and [EMPLOYEE NAME] (the “Transferee”).  Capitalized terms used in this Agreement
(including the Exhibits hereto) but not defined in the body hereof are defined
in Exhibit A.

 

WHEREAS, the Fifth
Amended and Restated Limited Liability Company Agreement of the Company (as
amended from time to time, the “LLC Agreement”)
authorizes the issuance by the Company of 180,000,000 Series B Units (the “Series B Units”),
and provides further that Series B Units may be issued in series based on
the “Threshold Value”
(as defined in the LLC Agreement) of such Series B Units;

 

WHEREAS, the Company
desires to issue to the Transferee, and the Transferee desires to accept
[XXX,XXX B-5] Units (all of such Series B Units issued to the Transferee
pursuant hereto are referred to herein as the “Transferee
Units”); and

 

WHEREAS, the LLC
Agreement requires that all Series B Units be issued subject to
restrictions as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

1.    Issuance
of Units.  The Company shall, and hereby
does, issue the Transferee Units to the Transferee on the Grant Date.  The Transferee Units are issued by the Company
for no consideration as “profits interests” within the meaning of Revenue
Procedures 93-27 and 2001-43.  The
Threshold Value for each Transferee Unit is $.56.

 

2.    Units.

 

(a)   The Transferee Units are, and shall remain,
subject to the terms and conditions of the LLC Agreement.

 

(b)   As an inducement to the Company to enter into
this Agreement:

 

(i)    the
Transferee acknowledges and agrees that no provision contained herein shall
entitle the Transferee to remain in the employment of the Company, or any of
its Subsidiaries, or affect the right of any such entity to terminate the
Transferee’s employment at any time for any reason;

 

(ii)   the
Transferee acknowledges and agrees that, except as provided in any other
agreement between the Company or any of its Subsidiaries and the Transferee,
none of such entities shall have any duty or obligation to disclose to the
Transferee, and the Transferee shall have no right to be advised of, any
material information regarding any such entity, at any time prior to, upon or
in connection with the forfeiture of the Transferee Units upon the termination
of the Transferee’s employment with the Company; and

 

 

(iii)  the
Transferee agrees that his or her execution of this Agreement evidences his or
her intention to be bound by the terms of the LLC Agreement, in addition to the
terms of this Agreement, and acknowledges that the Transferee Units are subject
to all of the restrictions applicable to Series B Units as set forth in
the LLC Agreement and in this Agreement.

 

3.    Unvested
Series B Units.  Except as provided in Section 4
below, the Transferee Units shall be deemed “Unvested Series B Units”
under the LLC Agreement (“Unvested
Series B Units”), shall be subject to all of the restrictions on
Unvested Series B Units (as well as on Series B Units, in general)
under the LLC Agreement and shall carry only such rights as are conferred on
Unvested Series B Units under the LLC Agreement.

 

4.    Vesting
of Unvested Series B Units.

 

(a)   If the Transferee remains continuously as an
employee of the Company from the Grant Date through the first anniversary of
the Grant Date, then on such anniversary date one third of the Transferee Units
will become “Vested Series B Units” under the LLC Agreement, which Vested
Units shall no longer be subject to the restrictions on Unvested Series B
Units (but shall remain subject to the restrictions on Series B Units, in
general) under the LLC Agreement and shall carry all of the rights conferred on
Vested Series B Units under the LLC Agreement (“Vested Units”).

 

(b)   If the Transferee remains continuously as an
employee of the Company from the Grant Date through the second anniversary of
the Grant Date, then on such anniversary date one half of the remaining
Transferee Units (which, for the sake of clarity, will constitute one third of
the total number of Transferee Units granted hereunder) will become Vested
Units.

 

(c)   If the Transferee remains continuously as an
employee of the Company from the Grant Date through the third anniversary date
of the Grant Date, then on such anniversary date all of the remaining
Transferee Units will become Vested Units.

 

5.    Vesting
upon Change of Control.

 

(a)   In the event of a sale or business
combination (including any IPO Merger that meets the following condition) that
results in the majority of the Series A Units being held by any Person or
group of Persons who are not Members on the Effective Date of the LLC Agreement
or Affiliates of Persons who are Members on the Effective Date of the LLC
Agreement (a “Change of
Control”) or upon the occurrence of a Liquidation Event, all
Transferee Units that shall not have previously become Vested Units shall
become Vested Units as of the date of such Change of Control or Liquidation
Event; provided that the Transferee has remained continuously as an
employee of the Company from the Grant Date through the date of such Change of
Control or Liquidation Event.

 

(b)   Upon a Change of Control, the Company shall
have the right to require that the Transferee continue with the Company in
substantially the same capacity and for substantially the same compensation for
a transition period of up to nine months, at the 

 

2

 

Company’s discretion,
following the date of such Change of Control. 
In the event the Company exercises such right, ten percent (10%) of the
proceeds payable in such Change of Control with respect to such Transferee’s
Vested Units shall be held back by the Company or its successor until the
Transferee’s obligation to continue with the Company through such transitional
period has been satisfied.  Upon the
satisfaction of such obligation, such proceeds shall promptly be released and
delivered to the Transferee.  If the
Transferee does not complete such transitional period with the Company, the
Transferee shall forfeit such proceeds.

 

6.    Forfeiture
of Transferee Units; Repurchase of Transferee Units by the Company.

 

(a)   If
(i) the Transferee’s employment with the Company is terminated for Cause, (ii) after
any termination of the Transferee’s employment with the Company, the Transferee
willfully and materially breaches the terms of the Confidentiality and
Non-competition Agreement between the Transferee and the Company, (iii) the
Transferee resigns without Good Reason, the Transferee, and any other Person
who shall be the holder of any of the Transferee Units on the date of such
termination, breach or resignation, shall forfeit to the Company all of the
Transferee Units and all rights arising from such Transferee Units.

 

(b)   If the Transferee’s employment with the
Company is terminated without Cause or if the Transferee resigns with Good
Reason, (i) the Company will have the right to repurchase any or all of
the Vested Units at Fair Market Value and (ii) the Transferee shall
forfeit to the Company all of his or her Unvested Series B Units and all
rights arising from such Unvested Series B Units.

 

(c)   If the Transferee’s employment with the
Company is terminated by reason of the Transferee’s death or because the
Transferee is determined to be Disabled by the Board, (i) all Transferee
Units will become Vested Units, and (ii) the Company will have the right
to repurchase any or all of the Vested Units at Fair Market.

 

(d)   The forfeitures of Transferee Units and
conversions into Vested Units under this Section 6 shall occur immediately
and without further action of the Company, the Transferee or any other Person
upon the termination, resignation, death or determination giving rise thereto.

 

7.    Procedure
for Repurchase of Vested Units by the Company.

 

(a)   The Board shall determine the Fair Market
Value of Vested Units used in the calculations in Section 6(b) or
6(c).  The Transferee, the Transferee’s
legal representative or guardian, or the executor of Transferee’s estate, as
applicable, shall have the right to dispute in writing the Fair Market Value
determination within fifteen (15) days following receipt of the Board’s
determination (the “Notice
Period”).  If the Company
has not received written notice of such a dispute within the Notice Period, the
Company shall pay the purchase price for the Vested Units no later than fifteen
(15) days after the end of the Notice Period, pursuant to Section 7(b).  If the Company has received written notice of
such a dispute within the Notice Period, then the Company and the Transferee,
the Transferee’s legal representative or guardian, or the executor of
Transferee’s estate, as applicable, shall, for an additional thirty (30) days
following receipt of such written notice of dispute (such additional 30-day
period, the “Resolution
Period”), attempt 

 

3

 

to reach agreement on
the Fair Market Value determination.  If
no resolution of this dispute is finalized within the Resolution Period, the
Fair Market Value determination shall be submitted for review and final
determination by an independent valuation firm (the “Independent Valuation Firm”)
jointly selected by the Company and the Transferee, the Transferee’s legal
representative or guardian, or the executor of Transferee’s estate, as
applicable.  The Independent Valuation
Firm shall review all relevant data, including any necessary books and records
of the Company, to determine the changes to the Fair Market Value calculation,
if any, necessary to resolve only the disputed items or amounts.  The determination by the Independent
Valuation Firm shall be made as promptly as practical, but in no event, beyond
thirty (30) days from its engagement, and shall be final and binding on the
parties hereto.  In the event that the
final Fair Market Value determination differs by ten percent (10%) or less from
the Fair Market Value as determined by the Board, the costs of the Independent
Valuation Firm shall be borne by the Transferee, the Transferee’s legal
representative or guardian, or the executor of Transferee’s estate, as
applicable.  In the event that the final
Fair Market Value calculation differs by more than ten percent (10%) from the
Fair Market Value as determined by the Board, the costs of the Independent
Valuation Firm shall be borne by the Company. 
Upon such final determination, the Company shall pay the purchase price
for the Vested Units within five (5) business days, pursuant to Section 7(b).

 

(b)   The Company shall deliver to the Transferee,
the Transferee’s legal representative or guardian, or the executor of
Transferee’s estate, as applicable, a check, payable to the appropriate Person,
for the aggregate purchase price calculated in accordance with Sections 6 and 7(a) and
payable pursuant to Section 7(a) above.

 

(c)   The Transferee, the Transferee’s legal
representative or guardian or the executor of Transferee’s estate shall execute
and deliver all documentation and agreements reasonably requested by the
Company to reflect a repurchase of Vested Units pursuant to this Agreement, but
neither the failure of the Transferee, the Transferee’s legal representative or
guardian, or the executor of Transferee’s estate, as applicable, to execute or
deliver any such documentation, nor the failure of the Transferee, the
Transferee’s legal representative or guardian, or the executor of the
Transferee’s estate, as applicable, to deposit the Company’s check, shall
affect the validity of a repurchase of Vested Units pursuant to this Agreement.

 

8.    Increase
in Repurchase Payment upon Subsequent Change of Control or Qualified Public
Offering.

 

(a)   In the event that a Change of Control or
Qualified Public Offering occurs within 12 months after the Company shall have
repurchased Vested Units from the Transferee pursuant to Section 6(b) or
Section 6(c), the Company shall be obligated to pay to the Transferee the
difference, if greater than zero, between the (i) Fair Market Value of the
repurchased Vested Units at the time of such Change of Control or Qualified
Public Offering and (ii) the amount paid for such repurchased Vested Units
pursuant to Section 6(b) or Section 6(c), with the former amount
adjusted for any value increases attributable to Capital Contributions or
similar events occurring after the repurchase of the Vested Units, such
adjustment being equal to an amount determined by the Board acting in good
faith.  The determination of the Board
shall be conclusive, final and binding for all purposes hereunder.

 

4

 

(b)   The Company shall deliver to the Transferee
payments required to be made pursuant to Section 8(a) within 30 days
following the applicable Change of Control or Qualified Public Offering, which
payments may, at the Company’s option, either be made (i) in the form of a
check, payable to the Transferee, or (ii) in the same form of
consideration as received in connection with such Change of Control or
Qualified Public Offering by the Company or any Member.

 

9.    Representations
and Warranties of Transferee.  The Transferee represents and warrants to the Company as
follows:

 

(a)   That all of the representations and
warranties made by the Transferee pursuant of Article IV of the LLC
Agreement are true and correct as of the date hereof.

 

(b)   That this Agreement constitutes the legal,
valid and binding obligation of the Transferee, enforceable in accordance with
its terms, and that the execution, delivery and performance of this Agreement
by the Transferee does not and will not conflict with, violate or cause a
breach of any agreement, contract or instrument to which the Transferee is a
party or any judgment, order or decree to which the Transferee is subject.

 

(c)   That the Transferee believes that he or she
has received all the information he or she considers necessary in connection
with his or her execution of this Agreement, that the Transferee has had an
opportunity to ask questions and receive answers from the Company and from
counsel regarding the terms, conditions and limitations set forth in this
Agreement and the business, properties, prospects and financial condition of
the Company and its subsidiaries and to obtain additional information (to the
extent the Company possessed such information or could acquire it without
unreasonable effort or expense) necessary to verify the accuracy of any information
furnished to the Transferee or to which the Transferee had access.

 

10.  General
Provisions.

 

(a)   Severability.  It is the desire and intent of the parties
hereto that the provisions of this Agreement be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in
which enforcement is sought. 
Accordingly, if any particular provision of this Agreement shall be
adjudicated by a court of competent jurisdiction to be invalid, prohibited or
unenforceable for any reason, such provision, as to such jurisdiction, shall be
ineffective, without invalidating the remaining provisions of this Agreement or
affecting the validity or enforceability of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.  Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

(b)   Entire
Agreement.  This Agreement and
the LLC Agreement embody the complete agreement and understanding among the
parties hereto with respect to the subject matter hereof and supersede and
preempt any prior understandings, agreements or representations 

 

5

 

by or among the parties,
written or oral, which may have related to the subject matter hereof in any
way.

 

(c)   Counterparts.  This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

 

(d)   Successors
and Assigns.  Except as
otherwise provided herein, this Agreement shall bind and inure to the benefit
of and be enforceable by and against the Transferee, the Company and their
respective successors, assigns, heirs, representative and estate, as the case may
be (including subsequent holders of Transferee Units); provided that the rights
and obligations of the Transferee under this Agreement shall not be assignable
except in connection with a transfer of the Transferee Units permitted under
the LLC Agreement.  Notwithstanding
anything else in this Agreement or in the LLC Agreement (i) each
Transferee Unit shall remain subject to the terms of the LLC Agreement and this
Agreement regardless of who holds such Transferee Unit and (ii) the effect
that the employment of the Transferee by the Company or events related to such
employment have on the rights of and restrictions on the Transferee Units,
including vesting, and the rights of the Company with regard to the Transferee
Units, under this Agreement, shall not be altered by any transfer of the
Transferee Units.

 

(e)   Governing
Law.  THIS AGREEMENT IS
GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.  The parties hereto hereby irrevocably submit
to the exclusive jurisdiction of the courts of the State of Delaware and the
federal courts of the United States of America located in Delaware, and
appropriate appellate courts therefrom, over any dispute arising out of or
relating to this Agreement or any of the transactions contemplated hereby, and
each party hereby irrevocably agrees that all claims in respect of such dispute
or proceeding may be heard and determined in such courts.  The parties hereby irrevocably waive, to the
fullest extent permitted by applicable law, any objection which they may now or
hereafter have to the laying of venue of any dispute arising out of or relating
to this Agreement or any of the transactions contemplated hereby brought in
such court or any defense of inconvenient forum for the maintenance of such
dispute.  Each of the parties hereto
agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by
law.  This consent to jurisdiction is
being given solely for purposes of this Agreement and is not intended to, and
shall not, confer consent to jurisdiction with respect to any other dispute in
which a party to this Agreement may become involved.  Each of the parties hereto hereby consents to
process being served by any party to this Agreement in any suit, action or
proceeding of the nature specified in this Section 11(e) by the
mailing of a copy thereof in the manner specified by the provisions of Section 11(h).  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(f)    Remedies.  Each of the parties to this Agreement and any
such person granted rights hereunder whether or not such person is a signatory
hereto shall be entitled to enforce its rights under this Agreement
specifically to recover damages and costs (including reasonable attorney’s
fees) for any breach of any provision of this Agreement and to exercise all 

 

6

 

other rights existing in
its favor.  The Transferee agrees and
acknowledges that money damages may not be an adequate remedy for any breach by
the Transferee of the provisions of this Agreement and that the Company and any
such person granted rights hereunder whether or not such person is a signatory
hereto may in its sole discretion apply to any court of law or equity of
competent jurisdiction for specific performance and/or other injunctive relief
(without posting any bond or deposit) in order to enforce or prevent any
violations of the provisions of this Agreement.

 

(g)   Amendment
and Waiver.  The provisions of
this Agreement may be amended and waived only with the prior written consent of
the Company and the Transferee and no course of conduct or failure or delay in
enforcing the provisions of this Agreement shall be construed as a waiver of
such provisions or affect the validity, binding effect or enforceability of
this Agreement or any provision hereof.

 

(h)   Notices.  Except as expressly set forth to the contrary
in this Agreement, all notices, requests or consents provided for or required
to be given hereunder shall be in writing and shall be deemed to be duly given
if personally delivered, telecopied and confirmed, or mailed by certified mail,
return receipt requested, or nationally recognized overnight delivery service
with proof of receipt maintained, at the following addresses (or any other
address that any such party may designate by written notice to the other
parties) below.  Any such notice shall,
if delivered personally, be deemed received upon delivery; shall, if delivered
by telecopy, be deemed received on the first business day following confirmation;
shall, if delivered by nationally recognized overnight delivery service, be
deemed received the first business day after being sent; and shall, if
delivered by mail, be deemed received upon the earlier of actual receipt
thereof or five business days after the date of deposit in the United States
mail.

 

If
to the Company, to:

 

First
Wind Holdings, LLC

179
Lincoln Street

Suite 500

Boston,
MA 02111

Attention:
Human Resources

 

If
to the Transferee, to:

 

[Transferee
Name]

[Address]

 

(i)    Survival
of Representations, Warranties and Agreements.  All representations, warranties and
agreements contained herein shall survive the consummation of the transactions
contemplated hereby and the termination of this Agreement.

 

(j)    Descriptive
Headings.  The descriptive
headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement.

 

7

 

(k)   Construction.  Where specific language is used to clarify by
example a general statement contained herein, such specific language shall not
be deemed to modify, limit or restrict in any manner the construction of the
general statement to which it relates. 
The language used in this Agreement shall be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of
strict construction shall be applied against any party.

 

(l)    WAIVER OF
JURY TRIAL.  EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(m)  Nouns and
Pronouns.  Whenever the
context may require, any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and
pronouns shall include the plural and vice versa.

 

(n)   Employment Relationship. 
For purposes of this Agreement, the Transferee shall be considered to be
in the employment of the Company as long as he remains an employee of either
the Company or any of its Subsidiaries. 
Without limiting the scope of the preceding sentence, the Transferee
shall be considered to have terminated employment with the Company at the time
the entity or other organization that employs the Transferee ceases to be a
Subsidiary of the Company.  Nothing in
the issuance of the Transferee Units and nothing in this Agreement shall confer
upon the Transferee the right to continued employment by the Company or affect
in any way the right of the Company to terminate such employment at any
time.  Any question as to whether and
when there has been a termination of the Transferee’s employment, and the cause
of such termination, shall be determined by the Board and its determination
shall be conclusive, final and binding for all purposes hereunder.

 

8

 

IN WITNESS WHEREOF, the parties hereto have
executed this Restricted Unit Agreement as of the date first written above.

 

 

	
   

  	
  FIRST
  WIND HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Paul Gaynor

  
	
   

  	
  Title:
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRANSFEREE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Employee
  Name]

  

 

SIGNATURE PAGE TO

RESTRICTED UNIT AGREEMENT

 

 

EXHIBIT
A

DEFINED TERMS

 

“Board” means the Board of Managers of the Company.

 

“Capital Call” has the meaning ascribed thereto in the
LLC Agreement.

 

“Capital Contribution” has the meaning ascribed thereto
in the LLC Agreement.

 

“Cause” means the following:

 

(a)           the
Transferee’s conviction or plea of nolo
contendere in a court of law of any crime or offense, excluding
minor traffic violations and other minor offenses, or the Transferee’s
indictment or entering into a consent decree relating to any violations of U.S.
or foreign securities laws;

 

(b)           the
Transferee’s willful misconduct or gross negligence in connection with the
business or affairs of the Company or any of its Subsidiaries;

 

(c)           the
Transferee’s substance abuse, including abuse of alcohol, drugs or other
substances or use of illegal narcotics or substances, for which the Transferee
fails to undertake treatment immediately after requested by the Board or to
complete such treatment and which abuse continues or resumes after such
treatment period;

 

(d)           the
Transferee’s misappropriation of funds or other acts of dishonesty involving
the Company or any of its Subsidiaries;

 

(e)           the
Transferee’s continuing failure or refusal to perform the Transferee’s duties
or to carry out in all material respects the lawful directives of the Board or
similar governing body of the organization for which Transferee serves as an
employee; or

 

(f)            the
Transferee’s willful and material breach of the terms of the Confidentiality
Agreement or any other agreement between the Transferee and the Company;

 

provided that (A) in the case of the conduct
described in foregoing subsection (b), if requested by the Transferee within 10
days after receipt of notice of termination of his employment with the Company,
the Transferee is afforded a reasonable opportunity to be heard before the
Board and (B) in the case of conduct described in the foregoing subsection
(e), if requested by Transferee within 10 days after receipt of such notice of
termination, such failure or refusal to perform or to carry out such directives
remains uncorrected for 30 days following such notice of termination.

 

“Disabled” means the Transferee’s inability to perform,
due to accident, physical or mental illness, or other circumstance, on a
full-time basis the employment responsibilities which the Transferee shall have
historically been vested; provided that such inability continues for a period
exceeding 180 days during any 12 consecutive months.

 

“Effective Date” has the meaning ascribed thereto in the
LLC Agreement.

 

1

 

“Fair Market Value” means an estimate of the price that
could be obtained for the sale of the applicable Transferee Units in a
negotiated, arm’s length transaction with a party unaffiliated with the Company
or the Transferee, based on the estimated value of the future distributions on
such Transferee Units.

 

“Good Reason” means (a) a material reduction in the
employment responsibilities of the Transferee (as in effect as of the date
hereof or subsequently agreed to by the parties) without the consent of the
Transferee, (b) the Company requiring a change of the location for
performance of the employment responsibilities of the Transferee greater than
50 miles away from such location as of the Effective Date (not including
ordinary travel during the regular course of employment) without the written
consent of the Transferee or (c) the Company’s failure to pay the
Transferee’s salary without reason; provided, however, that (A) prior to
the Transferee’s resignation for “Good Reason,” Transferee must give written
notice to Company of any such reduction, change or failure and such reduction,
change or failure must remain uncorrected for 30 days following such written
notice, and (B) in no event will a termination of employment by the
Transferee be considered to be for Good Reason if such termination occurs more
than 60 days after the date such reduction, change or failure occurs.

 

“IPO Merger” has the meaning ascribed thereto in the LLC
Agreement.

 

“Liquidation Event” has the meaning ascribed thereto in
the LLC Agreement.

 

“Members” has the meaning ascribed thereto in the LLC
Agreement.

 

“Person” has the meaning ascribed thereto in the LLC
Agreement.

 

“Qualified Public Offering” has the meaning ascribed
thereto in the LLC Agreement.

 

“Subsidiary” has the meaning ascribed thereto in the LLC
Agreement.

 

2

 

ADDENDUM
AGREEMENT

 

This Addendum Agreement (this “Agreement”) is made this 4th day of January 2010, by and between
FIRSTNAME LASTNAME (the “Transferee”) and First Wind Holdings, LLC, a Delaware limited
liability company (the “Company”), pursuant to the terms of the Fifth Amended and
Restated Limited Liability Company Agreement of the Company dated as of July 17
2009, including all exhibits and schedules thereto (the “LLC Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to them in the LLC Agreement.

 

WITNESSETH:

 

WHEREAS, the Company and the Members entered into the LLC
Agreement to impose certain restrictions and obligations upon themselves, and
to provide certain rights, with respect to the Company and its Units; and

 

WHEREAS, the Company and the Members have required in the
LLC Agreement that all Persons to whom Units of the Company are transferred and
all other Persons acquiring Units must enter into an Addendum Agreement binding
the Transferee to the LLC Agreement to the same extent as if they were original
parties thereto and imposing the same restrictions and obligations on the
Transferee and the Units to be acquired by the Transferee as are imposed upon
the Members under the LLC Agreement;

 

NOW, THEREFORE, in consideration of the mutual promises of
the parties and as a condition of the purchase or receipt by the Transferee of
the Units, the Transferee acknowledges and agrees as follows:

 

1.             The Transferee has received and read the LLC Agreement
and acknowledges that the Transferee is acquiring Units subject to the terms
and conditions of the LLC Agreement.

 

2.             The Transferee agrees that the Units acquired or to be
acquired by the Transferee are bound by and subject to all of the terms and
conditions of the LLC Agreement, and hereby joins in, and agrees to be bound
by, and shall have the benefit of, all of the terms and conditions of the LLC
Agreement to the same extent as if the Transferee were an original party to the
LLC Agreement; provided, however,
that the Transferee’s joinder in the LLC Agreement shall not constitute
admission of the Transferee as a Member unless and until the Transferee is duly
admitted in accordance with the terms of the LLC Agreement.  This Addendum Agreement shall be attached to
and become a part of the LLC Agreement.

 

3.             The Transferee’s spouse shall, prior to or concurrently
with the execution and delivery of this Agreement, execute and deliver a
Spousal Consent Agreement in the form of Exhibit A (the “Spousal
Consent”).

 

4.             The Transferee shall, prior to or concurrently with the
execution and delivery of this Agreement, execute and deliver a confidentiality
and non-competition agreement in a form acceptable to the Board.

 

3

 

5.             Any notice required as permitted by the LLC Agreement
shall be given to Transferee at the address listed beneath the Transferee’s
signature below.

 

6.             The Transferee is acquiring NUMBER Series B-5
Units.

 

[Remainder of page intentionally left blank]

 

4

 

	
  TRANSFEREE:

  	
   

  
	
   

  	
   

  
	
  FIRSTNAME LASTNAME

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
  FIRSTNAME LASTNAME

  	
   

  
	
  Title:

  	
  TITLE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  
	
  STREET ADDRESS

  	
   

  
	
  CITY, STATE ZIP

  	
   

  

 

 

AGREED TO on
behalf of the Members of the Company pursuant to Section 7.1 of the LLC
Agreement.

 

	
   

  	
  FIRST WIND HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Paul Gaynor - Chief Executive Officer

  
	
   

  	
   

  	
  Printed Name and Title

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]