Document:

ex10-4.htm

Exhibit 10.4

 

LOCK-UP AGREEMENT

 

May 4, 2017

 

Ormat Technologies, Inc.

6225 Neil Road

Reno, Nevada 89511-1136

 

Attention: Board of Directors

 

Ladies and Gentlemen:

 

Reference is made to the Stock Purchase Agreement dated as of May 4, 2017 (the "Purchase Agreement"), by and among FIMI ENRG Limited Partnership, FIMI ENRG, L.P. (such entities, collectively, "FIMI"), Bronicki Investments, Ltd. ("Bronicki"), Doron Blachar, an individual and Chief Financial Officer of the Corporation, the undersigned Chief Executive Officer of the Corporation, and Orix Corporation ("Orix"). Under the Purchase Agreement, among other things, the undersigned will sell to Orix the CEO Shares and will receive from Orix the CEO Consideration (each such term as defined in the Purchase Agreement), all subject to and in accordance with the terms and conditions of the Purchase Agreement.

 

In connection with the transactions contemplated by the Purchase Agreement, Ormat Technologies Inc. (the "Company") is entering into, or will enter into, that certain Commercial Cooperation Agreement, Governance Agreement, and Registration Rights Agreement, each by and between the Company and Orix and dated, or to be dated, on or about the date of the Purchase Agreement or the date of closing thereunder, as the case may be. The Purchase Agreement, Cooperation Agreement, Governance Agreement and Registration Rights Agreement are referred to as the "Transaction Agreements" and the transactions contemplated therein are collectively referred to as the "Proposed Transaction."

 

In connection with the Proposed Transaction, the Board of Directors of the Company (the "Board") has approved, adopted and authorized certain resolutions to accelerate the remaining vesting period applicable to the unvested stock options previously granted to the undersigned, subject to the terms and conditions of this Lockup Agreement (the "Lockup Agreement"), such that all such stock options (the "Accelerated Stock Options") shall be exercisable by the undersigned, in his discretion (but subject to the terms and conditions hereof), immediately upon the effective date of said resolutions.

 

In connection therewith, and as consideration therefore, the undersigned hereby agrees that, except as otherwise provided herein or with the prior written consent of the Compensation Committee of the Board, he will not

 

	 	
			1.

				
			During the period commencing on the date hereof and ending on the date that is 365 days thereafter (the "Initial Lockup Period"), sell, transfer or otherwise dispose of, directly or indirectly, any shares of common stock of the Corporation resulting from the exercise of that portion of the Accelerated Stock Options granted to the undersigned on June 14, 2016; and

			

 

 

 

 

	 	
			2.

				
			During the period commencing on the first day after the end of the Initial Lockup Period and ending on the date that is 180 days thereafter (the "Second Lockup Period"), sell, transfer or otherwise dispose of, directly or indirectly, more than 50,000 shares of common stock of the Corporation resulting from the exercise of that portion of the Accelerated Stock Options granted to the undersigned on June 14, 2016.

			

 

From and after the end of the Second Lockup Period, the undersigned shall be under no further restriction pursuant to this Lockup Agreement and shall be entitled, at his discretion, to sell, transfer or otherwise dispose of, directly or indirectly any portion or all of the remaining 50,000 shares of common stock of the Corporation resulting from the exercise of that portion of the Accelerated Stock Options granted to the undersigned on June 14, 2016.

 

Notwithstanding anything contained herein, in the employment agreement between the undersigned and the Company (the "Employment Agreement"), or in any other agreement, document or instrument by and between the Company and the undersigned to the contrary, the undersigned agrees that he shall not exercise any Accelerated Stock Options prior to the end of the Initial Lockup Period or the Second Lockup Period, as applicable, to the extent such Accelerated Stock Options are not required to be exercised in connection with the Proposed Transaction, and the undersigned shall immediately forfeit all such Accelerated Stock Options if, at the end of the Initial Lockup Period or the Second Lockup Period, as applicable, the undersigned shall not be employed by the Company other than by reason of a termination by the Company without Cause (as such term is defined in the Employment Agreement) or a termination by the undersigned for Good Reason (as such term is defined in the Employment Agreement).

 

The restrictions contained in this Lockup Agreement shall not apply, and the undersigned shall be free to sell, transfer or otherwise dispose of any shares of common stock of the Corporation resulting from the exercise of the Accelerated Stock Options without regard to the Initial Lockup Period or the Second Lockup Period in the event that Section 6.4 of the Employment Agreement is effective to cause the accelerated vesting of any stock options granted to the undersigned, or in the event that any comparable section of any amendment, modification, restatement, substitute or replacement employment agreement between the Company and the undersigned is in effect that has the result of automatically vesting any stock options granted to the undersigned. 

 

This Lockup Agreement applies only to the Accelerated Stock Options that are not required to be exercised in connection with the Proposed Transaction and shall not apply and shall not be deemed to apply to any other stock options or other incentive compensation which may be granted to the undersigned after the date hereof in accordance with the Employment Agreement or otherwise. 

 

Very truly yours,

 

/s/ Isaac Angel

 

Isaac Angel

 

2

 

 

 

 

Agreed and Accepted:

 

Ormat Technologies, Inc.

 

By:     /s/ Doron Blachar          

Name: Doron Blachar

Title: CFO     

 

 

 

 

3ex10-5.htm

Exhibit 10.5

 

May 4, 2017

 

Ormat Technologies, Inc.

6225 Neil Road

Reno, Nevada 89511-1136

 

Attention: Board of Directors

 

Ladies and Gentlemen:

 

Reference is made to the Stock Purchase Agreement dated as of May 4, 2017 (the "Purchase Agreement"), by and among FIMI ENRG Limited Partnership, FIMI ENRG, L.P. (such entities, collectively, "FIMI"), Bronicki Investments, Ltd. ("Bronicki"), Isaac Angel, an individual and Chief Executive Officer of the Corporation, the undersigned Chief Financial Officer of the Corporation, and Orix Corporation ("Orix"). Under the Purchase Agreement, among other things, the undersigned will sell to Orix the CFO Shares and will receive from Orix the CFO Consideration (each such term as defined in the Purchase Agreement), all subject to and in accordance with the terms and conditions of the Purchase Agreement.

 

In connection with the transactions contemplated by the Purchase Agreement, Ormat Technologies Inc. (the "Company") is entering into, or will enter into, that certain Commercial Cooperation Agreement, Governance Agreement, and Registration Rights Agreement, each by and between the Company and Orix and dated, or to be dated, on or about the date of the Purchase Agreement or the date of closing thereunder, as the case may be. The Purchase Agreement, Cooperation Agreement, Governance Agreement and Registration Rights Agreement are referred to as the "Transaction Agreements" and the transactions contemplated therein are collectively referred to as the "Proposed Transaction."

 

In connection with the Proposed Transaction, the Board of Directors of the Company (the "Board") has approved, adopted and authorized certain resolutions to accelerate the remaining vesting period applicable to the unvested stock options previously granted to the undersigned, such that all such stock options (the "Accelerated Stock Options") shall be exercisable by the undersigned immediately upon the effective date of said resolutions.

 

Notwithstanding the foregoing acceleration, the undersigned hereby agrees that so long as he continues to be and remains employed in his current position during such period, he will not, commencing on the date hereof and ending on June 30, 2018, sell, transfer or otherwise dispose of, directly or indirectly, any shares of common stock of the Corporation resulting from the exercise of that portion of the Accelerated Stock Options granted to the undersigned on June 14, 2016. For the avoidance of doubt, this restriction shall not apply if the undersigned resigns or is terminated from his position with the Corporation (for any reason) prior to June 30, 2018. 

 

From and after June 30, 2018, the undersigned shall be under no further restriction hereunder and shall be entitled, at his discretion, to sell, transfer or otherwise dispose of, directly or indirectly any portion or all of the shares of common stock of the Corporation resulting from the exercise of that portion of the Accelerated Stock Options granted to the undersigned on June 14, 2016.

 

 

 

 

The undertaking contained herein applies only to the Accelerated Stock Options and shall not apply and shall not be deemed to apply to any other stock options or other incentive compensation which may be granted to the undersigned after the date hereof in accordance with his Employment Agreement or otherwise. 

 

Very truly yours,

 

/s/ Doron Blachar

 

Doron Blachar

 

 

Agreed and Accepted:

 

Ormat Technologies, Inc.

 

By:     /s/ Isaac Angel          

Name: Isaac Angel

Title: CEO     

 

 

 

2Exhibit

CONSULTING AGREEMENT

This Consulting Agreement (“Agreement”) is made and entered into effective as of the 1st day of May 2017 by and between Double Eagle Consulting Ltd. (“Consultant”) and The Hillman Group Canada ULC (“Company”).
  
1.    Consultant agrees to perform such consulting services as the Company and the Consultant may from time to time agree to, subject to the Consultant’s availability, during the term (“Term”) of this Agreement, which shall commence on the date hereof and shall continue for two (2) years unless earlier terminated in accordance with the provisions hereof.  Any Company requests for consulting services shall be in writing and first approved by Company’s Chief Executive Officer or Chief Financial Officer and may include requests on behalf of the affiliates of the Company. 

2.    In consideration of the services to be rendered by Consultant pursuant to this Agreement, Company shall pay or cause to be paid to Consultant compensation of C$2,500 (plus HST) per day of services rendered (“Consulting Fees”).  The Consulting Fees shall be payable on a monthly basis during the Term, within thirty (30) days of receipt of the Consultant’s invoice. Any and all amounts payable to Consultant hereunder are conditioned upon Consultant’s continued and full performance of the agreements and covenants set forth herein.  In the event that Consultant defaults in the performance of any agreement or covenant set forth herein, Company shall have the right to terminate this Agreement immediately and no further amounts shall be due to Consultant.  Section 6 shall survive termination of this Agreement.  

3.    Consultant or any of its employees, including Richard C. Paulin (“Consultant’s Principal”), shall not be entitled under this Agreement to participate in or receive any benefits under any benefit plan or program of Company (including, without limitation, medical, dental, disability, group life, retirement savings plan or program, paid vacation, or holidays).

4.    Company agrees to reimburse Consultant for all ordinary and reasonable business-related expenses that are incurred during the performance of the consulting services upon submission of receipts for same and subject to the approval of Company in the normal course, within thirty (30) days of the receipt of invoice for such expense.

5.    Consultant shall make reasonable commercial efforts to be first available to the Company in the event of a conflict of availability to provide services hereunder.

6.    Company and Consultant agree that it is their intent and purpose that Consultant is an independent contractor and not an employee of Company and further agree that Consultant shall be so considered for all purposes.  Consultant shall retain sole financial responsibility for all workers’ compensation, unemployment compensation, withholding and employment taxes and any other taxes due to federal, provincial, or local governments or agencies on account of Consultant in connection with the consulting services provided pursuant to this Agreement or otherwise.  Consultant is not and shall not be deemed to be an agent or legal representative of Company for any purpose whatsoever.  Unless otherwise authorized by Company in writing, Consultant is not authorized to transact business, accept orders, incur obligations, either express or implied, bill for goods or other services, or otherwise act in the name of, or on behalf of Company, or to make any promise, warranty, or representation on behalf of Company.  

7.    Consultant and Consultant’s Principal shall not be held liable for any investment or business decisions made by Company. Consultant shall indemnify and hold Company harmless from and against any and all damage, loss, cost, or expense of any nature whatsoever, including but not limited to attorneys fees, incurred by Company by reason of any unauthorized act of Consultant or its agents or employees.

8.    This Agreement may be terminated by either party, at any time, upon provision of thirty (30) days written notice to the other.  

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

CONSULTANT:                    COMPANY:

Double Eagle Consulting Ltd.                The Hillman Group Canada ULC

By:    /s/ Richard C. Paulin                By:    /s/ Gregory J. Gluchowski, Jr.        
Richard C. Paulin                     Gregory J. Gluchowski, Jr.
Chief Executive Officer

1

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