Document:

Exhibit
10.47

 

Exhibit B

to Merger Agreement

 

 

 

 

EXCHANGE AGREEMENT

 

among

 

FIRST WIND HOLDINGS INC.

 

FIRST WIND HOLDINGS, LLC

 

and

 

THE SERIES B MEMBERS OF
FIRST WIND HOLDINGS, LLC

 

Dated as of
          , 2010

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1

  
	
  DEFINED TERMS

  
	
   

  
	
  Section 1.01. 
  Definitions

  	
  2

  
	
  Section 1.02.  Other
  Definitional and Interpretative Provisions

  	
  4

  
	
   

  	
   

  
	
  ARTICLE 2

  
	
  EXCHANGE

  
	
   

  
	
  Section 2.01.  Exchanges

  	
  5

  
	
  Section 2.02.  Adjustment

  	
  9

  
	
  Section 2.03.  Expiration

  	
  9

  
	
  Section 2.04.  Reservation
  of Class A Shares; Listing

  	
  9

  
	
  Section 2.05. 
  Recapitalization

  	
  10

  
	
   

  	
   

  
	
  ARTICLE 3

  
	
  TRANSFER RESTRICTIONS

  
	
   

  
	
  Section 3.01.  General
  Restrictions on Transfer

  	
  10

  
	
  Section 3.02.  Legends

  	
  10

  
	
  Section 3.03.  Permitted
  Transferees

  	
  11

  
	
   

  	
   

  
	
  ARTICLE 4

  
	
  OTHER AGREEMENTS; MISCELLANEOUS

  
	
   

  
	
  Section 4.01.  Expenses

  	
  11

  
	
  Section 4.02.  Notices

  	
  12

  
	
  Section 4.03.  Permitted
  Transferees

  	
  12

  
	
  Section 4.04. 
  Severability

  	
  13

  
	
  Section 4.05. 
  Counterparts

  	
  13

  
	
  Section 4.06.  Entire
  Agreement; No Third Party Beneficiaries

  	
  13

  
	
  Section 4.07.  Further Assurances

  	
  13

  
	
  Section 4.08.  Dispute
  Resolution.

  	
  13

  
	
  Section 4.09.  Governing
  Law

  	
  13

  
	
  Section 4.10.  Consent to
  Jurisdiction

  	
  13

  
	
  Section 4.11.  WAIVER OF
  JURY TRIAL

  	
  14

  
	
  Section 4.12. 
  Amendments; Waivers

  	
  14

  
	
  Section 4.13.  Assignment

  	
  14

  
	
  Section 4.14.  Tax
  Treatment

  	
  14

  

 

i

 

EXCHANGE AGREEMENT

 

among

 

FIRST WIND HOLDINGS INC.

 

FIRST WIND HOLDINGS, LLC

 

and

 

THE SERIES B MEMBERS OF
FIRST WIND HOLDINGS, LLC

 

EXCHANGE AGREEMENT, dated as of
          , 2010 (this “Agreement”), among First Wind Holdings Inc., a Delaware
corporation (“WIND”), First Wind Holdings, LLC,
a Delaware limited liability company (the “Company”) and
the holders from time to time of Series B Membership Interests in the Company
listed on Exhibit A hereto (collectively, the “Series B
Members”).  Capitalized terms
used but not simultaneously defined are defined in or by reference to Section
1.01.

 

W I T N E S S E T H:

 

WHEREAS, in connection with the closing of its
initial public offering of Class A Shares (the “IPO”),
WIND intends to consummate the transactions described in the Registration
Statement on Form S-1 originally filed with the Commission on July 31, 2008, as
amended (Registration No. 333-152671);

 

WHEREAS, immediately prior to the closing of the
IPO, pursuant to the Agreement and Plan of Merger among WIND, the Company and
First Wind Merger, LLC, a Delaware limited liability company (the “Merger Agreement”), the existing ownership interests in the
Company of the Series B Members, represented by Units, will be converted into
Series B Membership Interests in the Company and Class B Shares of WIND, and
each of the Series B Members will own the number of Series B Membership
Interests and Class B Shares set forth opposite its name on Exhibit A hereto;

 

WHEREAS, the parties hereto desire to provide for
the possible future exchange following the IPO of Series B Membership Interests
(concurrently with the surrender of Class B Shares), for Class A Shares of
WIND, on the terms and subject to the conditions set forth herein;

 

WHEREAS, WIND shall have no obligation to acquire
from a Series B Member any Series B Membership Interests and Class B Shares
unless such Series B Member exercises its Exchange Right with respect to such
Series B Membership Interests and Class B Shares in accordance herewith; and

 

WHEREAS, the parties intend that an Exchange
consummated hereunder be treated for U.S. federal income tax purposes, to the
extent permitted by law, as a taxable sale of Series B Membership Interests and
Class B Shares;

 

 

NOW, THEREFORE, the parties hereto hereby agree as
follows:

 

ARTICLE
1

DEFINED
TERMS

 

Section 1.01. 
Definitions.  As used
in this Agreement, the following terms have the following meanings:

 

“Affiliate”
means, when used with respect to a specified Person, any Person which (a)
directly or indirectly Controls, is Controlled by or is Under Common Control
with such specified Person, (b) is an executive officer, director, general
partner, trustee or manager of such specified Person or of a Person described
in clause (a), or (c) is a Relative of such specified Person or of an
individual described in clauses (a) or (b).

 

“Agreement”
is defined in the preamble.

 

“Business Combination
Transaction” is defined in the Amended and Restated Certificate of
Incorporation of WIND.

 

“Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks
in Boston, Massachusetts or New York City, New York are authorized by law to
close.

 

“Class A Shares”
means shares of Class A common stock, par value $0.001 per share, of WIND.

 

“Class B Shares”
means shares of Class B common stock, par value $0.001 per share, of WIND.

 

“Closing”
means the closing of an Exchange pursuant to Section 2.01.

 

“Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor
federal income tax code.

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor thereto.

 

“Company”
is defined in the preamble.

 

“Control,”
including the correlative terms “Controlling,” “Controlled by” and “Under Common Control with”
means possession, directly or indirectly (through one or more intermediaries),
of the power to direct or cause the direction of management or policies
(whether through ownership of securities or any partnership or other ownership
interest, by contract or otherwise) of a Person.

 

2

 

“Exchange,”
when used as a noun, means an exchange by a Series B Member of one or more
Series B Membership Interests and Class B Shares for Class A Shares pursuant to
Section 2.01 of this Agreement.  “Exchange,” when used as a verb and “Exchanging,” when used as an adjective,
shall have correlative meanings.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended from time to time.

 

“Exchange Rate”
means the number of Class A Shares for which a Series B Membership Interest
(together with the corresponding Class B Share, subject to adjustment as
provided in Section 2.02) is entitled to be Exchanged from time to time, as
provided in Section 2.02.

 

“Exchange Request”
means a written notice to WIND, delivered at least 20 days in advance of any
Exchange, setting forth the number of Series B Membership Interests to be
Exchanged for Class A Shares and the number of Class B Shares to be delivered
to WIND for cancellation, as described in Section 2.01(a).

 

“Exchange Right”
means the right of a Series B Member to exchange from time to time one or more
Series B Membership Interests (together with the corresponding Class B Shares,
subject to adjustment based on the Exchange Rate then in effect) for Class A
Shares pursuant to Section 2.01.

 

“Fiscal Quarter”
means each fiscal quarter ending on the last day of each of March, June,
September and December of any Fiscal Year.

 

“Fiscal Year”
means a period commencing January 1 and ending December 31 of each year.

 

“Governmental
Entity” means any court, administrative agency, regulatory body,
commission or other governmental authority, board, bureau or instrumentality,
domestic or foreign, and any subdivision thereof.

 

“IPO”
is defined in the recitals.

 

“Liens”
means any and all liens, charges, security interests, options, claims,
mortgages, pledges, proxies, voting trusts or agreements, obligations,
understandings or arrangements or other restrictions on title or transfer of
any nature whatsoever.

 

“LLC Agreement”
means the Limited Liability Company Agreement of the Company dated as of
          , 2010.

 

“Merger Agreement”
is defined in the recitals.

 

“Notice”
is defined in Section 4.02.

 

“Permitted
Transferee” is defined in the LLC Agreement.

 

3

 

“Person”
means any natural person, corporation, limited partnership, general
partnership, limited liability company, joint stock company, joint venture,
association, company, estate, trust, bank trust company, land trust, business
trust, or other organization, whether or not a legal entity, custodian,
trustee-executor, administrator, nominee or entity in a representative capacity
and any government or agency or political subdivision thereof.

 

“Registration
Rights Agreement” means the Registration Rights Agreement dated as
of the date hereof among WIND and the other parties thereto.

 

“Relative” means
any Person’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships and any Person sharing such Person’s household (other than
a tenant or employee).

 

“Restricted Class A Shares”
is defined in Section 3.01.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended from time to time.

 

“Secretary”
is defined in Section 2.01(d)(i).

 

“Series B
Membership Interests” means the Series B Membership Interests, as
defined in the LLC Agreement.

 

“Series B Members”
is defined in the preamble.

 

“Tax Receivable
Agreement” means the Tax Receivable Agreement dated as of the date
hereof among WIND, the Company and the other parties thereto.

 

“Transaction
Documents” means this Agreement, the LLC Agreement, the Registration
Rights Agreement and the Tax Receivable Agreement.

 

“WIND” is
defined in the preamble.

 

Section 1.02.  Other
Definitional and Interpretative Provisions. 
The words “hereof,” “herein” and “hereunder” and words of
like import used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement.  The headings and captions herein are included
for convenience of reference only and shall be ignored in the construction or
interpretation hereof.  References to
Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this
Agreement unless otherwise specified. 
Any capitalized term used in any Exhibit Aut not otherwise defined
therein has the meaning ascribed to such term in this Agreement.  Any singular term in this Agreement shall be
deemed to include the plural, and any plural term the singular.  Whenever the words “include,” “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without
limitation,” whether or not they are in fact followed by those words or words
of like import.  “Writing,” “written” and
comparable terms refer to printing, typing and other means of 

 

4

 

reproducing words (including electronic media) in a
visible form.  References to any
agreement or contract are to that agreement or contract as amended, restated,
modified or supplemented from time to time in accordance with the terms
thereof.  References to any Person
include the successors and permitted assigns of that Person.  References from or through any date mean,
unless otherwise specified, from and including or through and including,
respectively.

 

ARTICLE
2

EXCHANGE

 

Section 2.01.  Exchanges.  (a)  Permissible Exchanges.  (i) Upon the terms and subject to the
conditions of this Article 2, each Series B Member may, at any time and from
time to time, elect to Exchange in one or more Exchanges up to one hundred
percent (100%) of its or his Series B Membership Interests by delivering an
Exchange Request to WIND.

 

(ii)   Upon delivery to WIND, no Exchange Request
may be revoked less than five Business Days prior to the scheduled Closing of
the applicable Exchange (and WIND shall have received notice of such revocation
no later than such 5th Business Day) unless the Series B Member that
has delivered such Exchange Request reimburses all out-of-pocket costs incurred
by WIND or the Company with respect to such requested Exchange; provided, however,
that a Series B Member that has delivered an Exchange Request shall be entitled
without reimbursing such costs either (x) to revoke such Exchange Request at
any time prior to the Closing of the applicable Exchange or (y) to delay the
Closing of the requested Exchange pursuant to this Section 2.01(a)(ii), in each
case, after the occurrence of one or more of the following events (the date of
such Closing to be determined pursuant to Section 2.01(b)(i):  (A) any registration statement pursuant to
which the Class A Shares were to be registered for such Series B Member at or
immediately following the Closing shall have ceased to be effective pursuant to
any action or inaction by the Commission; (B) WIND shall have failed to cause
any related prospectus to be supplemented by any required prospectus supplement
necessary to effect such sale; (C) WIND shall have exercised its right to
defer, delay or suspend the filing or effectiveness of a registration statement
(whether pursuant to the Registration Rights Agreement or otherwise), and such
deferral, delay or suspension shall affect the ability of such Series B Member
to have his Class A Shares registered at or immediately following the Closing;
(D) WIND shall have disclosed to such Series B Member any material non-public
information concerning WIND, the receipt of which results in such Series B
Member being prohibited or restricted from selling Class A Shares at or
immediately following the Closing without disclosure of such information (and
WIND does not permit disclosure); (E) any stop order relating to the
registration statement pursuant to which the Class A Shares were to be
registered by such Series B Member at or immediately following the Closing
shall have been issued by the Commission; (F) the Closing, or the closing of
the registered offering or the effectiveness of any registration, shall have
been delayed due to any facts or circumstances; (G) there shall have occurred a
material disruption in the securities markets generally or in the market or
markets in which the Class A Shares are then traded; (H) there shall be in
effect an injunction, a restraining order or a decree of any nature of any
Governmental Entity that restrains or prohibits the Exchange of Series B Membership
Interests for Class A Shares, the transfer of Class B Shares for cancellation
or the registration or sale of 

 

5

 

any Class A Shares
pursuant to a registration statement; or (I) WIND shall have failed to comply
in all material respects with its obligations under the Registration Rights
Agreement, and such failure shall have affected the ability of such Series B
Member to consummate the registration or sale of Class A Shares in a manner not
expressly contemplated in clauses (A) through (H) above; provided, however,
that in no event shall the Series B Member who is seeking to delay such Closing
or revoke such Exchange Request and relying on any of the matters contemplated
in clauses (A) through (H) above have controlled or intentionally influenced
any facts, circumstances or Persons in connection therewith in order to provide
such Series B Member with a basis for such delay or revocation.

 

(iii)  Each Exchange Request shall set forth the
number of Series B Membership Interests such Series B Member wishes to Exchange
for Class A Shares at the applicable Closing and the number of Class B Shares
to be delivered for cancellation at the Closing (which shall be equal to the
number of Series B Membership Interests to be Exchanged, subject to adjustment
based on the Exchange Rate in effect at the applicable Closing).  If any Exchange Request is made in connection
with a contemplated underwritten offering of Class A Shares and such
underwritten offering includes any option being granted to the underwriters or
any other Person to acquire an additional number of Class A Shares in
connection with such offering, then (A) each Exchange Request related to Series
B Membership Interests to be Exchanged for Class A Shares that will be included
in such underwritten offering shall also specify the maximum number of
additional Series B Membership Interests that the Series B Member desires to
have Exchanged in the event that such option is exercised (it being understood
that (x) the party exercising such option may have the right to do so in part,
in which case the additional Series B Membership Interests Exchanged in
connection with such offering will be limited to the amount necessary to
fulfill the delivery obligation with respect to the Class A Shares that are
actually to be acquired upon exercise of such option, and (y) the allocation of
Class A Shares to be acquired pursuant to an exercise of any such option among
the Persons participating in such offering may not be known at the time of the
delivery of the original Exchange Request, in which case the maximum number of
additional Series B Membership Interests to potentially be Exchanged will be
communicated to WIND pursuant to a supplement to the Exchange Request delivered
promptly following the time at which such determination is made, which
supplement to the Exchange Request need not be delivered 20 days in advance of
the applicable Exchange) and (B) the Closing of the Exchange of any additional
Series B Membership Interests to fulfill a Series B Member’s delivery
obligation with respect to the Class A Shares that are to be acquired upon
exercise of any such option will occur immediately prior to the time that
delivery of the Class A Shares is to be made.

 

(iv)  Each Series B Member shall represent in the
Exchange Request that such Series B Member owns the Series B Membership
Interests and Class B Shares to be delivered at the applicable Closing pursuant
to Section 2.01(d)(i) and Section 2.01(d)(ii), free and clear of all Liens, except
as set forth therein and other than transfer restrictions imposed by or under
applicable securities laws and this Agreement and the LLC Agreement, and, if
there are any Liens identified in the Exchange Request, such Series B Member
shall covenant that such Series B Member will deliver at the applicable Closing
evidence reasonably satisfactory to WIND that 

 

6

 

all such Liens (other
than transfer restrictions imposed by or under applicable securities laws and
this Agreement and the LLC Agreement) have been released.

 

(v)   No Exchange shall be permitted (and, if
attempted, shall be void ab initio)
if, in the good faith determination of the Company, such Exchange would pose a
material risk that the Company would be a “publicly traded partnership” as
defined in Section 7704 of the Code.

 

(vi)  Each Exchange pursuant to this Section 2.01(a)
shall be at the Exchange Rate in effect at the applicable Closing.

 

(b)   Closing.  (i) If an Exchange Request has been delivered
pursuant to Section 2.01(a)(i), then (subject to Section 2.01(c)) the Closing
of such Exchange shall occur on the date that is the later of (x) the fifth
Business Day following the last Business Day of the Fiscal Quarter during which
such Exchange Request has been delivered and (y) the fifth Business Day
following the date on which the conditions giving rise to any delay pursuant to
Section 2.01(a)(ii) cease to exist. 
Subject to the immediately preceding sentence, parties shall effect the
Closing at such time, at such place, and in such manner, as WIND shall
reasonably specify.

 

(ii)   If WIND enters into an agreement to
consummate a Business Combination Transaction, WIND shall give each Series B
Member at least 20 Business Days’ notice of the closing thereof, if
practicable, and WIND shall cause such agreement to provide that, at the
request of a Series B Member, such Series B Member shall be entitled to
Exchange his Series B Membership Interests for Class A Shares immediately prior
to the closing of the Business Combination Transaction in order for such Series
B Member to be able to receive the amount and type of consideration payable
pursuant to such Business Combination Transaction to holders of Class A Shares,
and such agreement shall provide that such Series B Member shall be entitled to
revoke such request on up to two Business Days’ notice to WIND prior to the
closing thereof.  If any Person commences
a tender offer or exchange offer for any of the outstanding shares of WIND’s
stock, WIND shall use reasonable efforts to cause such Person to provide that
the terms of such offer shall entitle such Series B Member, at the request of
such Series B Member, to Exchange his Series B Membership Interests for Class A
Shares immediately prior to the consummation of such tender offer or exchange
offer in order for such Series B Member to participate in such tender offer or
exchange offer, and to permit such Series B Member to revoke such request on up
to two Business Days’ notice to such Person prior to the closing thereof.  The Closing for any Exchange occurring
pursuant to this Section 2.01(b)(ii) shall occur immediately prior to, but
remain subject to the consummation immediately after of, the Business
Combination Transaction, tender offer or exchange offer, as applicable, and
such Exchange shall be reversed immediately if such Business Combination
Transaction, tender offer or exchange offer, as applicable, shall fail to be
consummated after such Exchange.

 

(iii)  Upon the occurrence of a Closing, (A) all
rights of the Exchanging Series B Member as holder of the Series B Membership
Interests being Exchanged shall terminate, (B) the Class B Shares delivered at
the Closing shall be automatically cancelled on the books and records of WIND
and shall no longer be deemed to be issued and outstanding capital stock of 

 

7

 

WIND, and (C) such
Exchanging Series B Member shall be treated for all purposes as the holder of
the Class A Shares delivered at the Closing.

 

(c)   Closing Conditions.  (i) The obligation of any of the parties to
consummate an Exchange pursuant to this Section 2.01 shall be subject to the
condition that there shall be no injunction, restraining order or decree of any
nature of any Governmental Entity that is then in effect that restrains or
prohibits the Exchange of Series B Membership Interests for Class A Shares or
the transfer of Class B Shares for cancellation.

 

(ii)   The obligation of WIND to consummate an
Exchange pursuant to this Section 2.01 shall be subject to the delivery by the
Exchanging Series B Member of the items specified in clauses (i), (ii) and
(iii) of Section 2.01(d).

 

(d)   Closing Deliveries.  At or prior to each Closing, with respect to
each Series B Member that requests the Exchange contemplated for such Closing:

 

(i)    to the extent that such Series B Member’s
Series B Membership Interests are certificated, such Series B Member shall
deliver to WIND one or more certificates representing the number of Series B
Membership Interests specified in the applicable Exchange Request (or an
affidavit of loss in lieu thereof in customary form, but without any
requirement to post a bond or furnish any other security), accompanied by
security transfer powers, in form reasonably satisfactory to the corporate secretary
of WIND (the “Secretary”), duly
executed in blank by such Series B Member or such Series B Member’s duly
authorized attorney, to be Exchanged for Class A Shares based on the Exchange
Rate in effect at the applicable Closing;

 

(ii)   such Series B Member shall deliver to WIND
for cancellation one or more certificates representing a number of Class B
Shares equal to the number of such Series B Member’s Series B Membership
Interests specified in such Exchange Request, subject to adjustment based on
the Exchange Rate in effect at the applicable Closing (or an affidavit of loss
in lieu thereof in customary form, but without any requirement to post a bond
or furnish any other security), accompanied by security transfer powers, in
form reasonably satisfactory to the Secretary, duly executed in blank by such
Series B Member or such Series B Member’s duly authorized attorney;

 

(iii)  such Series B Member shall represent in
writing, and at WIND’s request deliver confirmatory evidence reasonably
satisfactory to WIND, that no Liens exist on the Series B Membership Interests
and Class B Shares delivered pursuant to Sections 2.01(d)(i) and 2.01(d)(ii)
(other than transfer restrictions imposed by or under applicable securities
laws, the LLC Agreement and this Agreement), or that such Liens have been
released;

 

(iv)  if such Series B Member delivers to WIND,
pursuant to Section 2.01(d)(i) or 2.01(d)(ii), a certificate representing a
number of Series B Membership Interests or Class B Shares that is greater than
the number of Series B Membership Interests or Class

 

8

 

B Shares specified
in the applicable Exchange Request, WIND will deliver (or cause the Company to
deliver) to such Series B Member certificates representing the excess Series B
Membership Interests or Class B Shares, as applicable; and

 

(v)   WIND shall deliver to such Series B
Member a certificate representing the number of Class A Shares that such Series B
Member is entitled to receive for Series B Membership Interests in the
Exchange.

 

Section 2.02.  Adjustment.  On the date hereof, the Exchange
Rate shall be 1 for 1.  The Exchange Rate
shall be adjusted accordingly if there is: (a) any subdivision (by any
unit split, unit distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse unit split,
reclassification, reorganization, recapitalization or otherwise) of the Series B
Membership Interests that is not accompanied by an identical subdivision or
combination of the Class A Shares and Class B Shares; or (b) any
subdivision (by any stock split, stock dividend or distribution,
reclassification, reorganization, recapitalization or otherwise) or combination
(by reverse stock split, reclassification, reorganization, recapitalization or
otherwise) of the Class A Shares and Class B Shares that is not
accompanied by an identical subdivision or combination of the Series B
Membership Interests.  If there is any
reclassification, reorganization, recapitalization or other similar transaction
in which the Class A Shares are converted or changed into another
security, securities or other property, then upon any subsequent Exchange, an
Exchanging Series B Member shall be entitled to receive the amount of such
security, securities or other property that such Exchanging Series B
Member would have received if such Exchange had occurred immediately prior to
the effective date of such reclassification, reorganization, recapitalization
or other similar transaction, taking into account any adjustment as a result of
any subdivision (by any split, distribution or dividend, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse
split, reclassification, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such
reclassification, reorganization, recapitalization or other similar
transaction.  For the avoidance of doubt,
if there is any reclassification, reorganization, recapitalization or other
similar transaction in which the Class A Shares are converted or changed
into another security, securities or other property, this Section 2.02
shall continue to be applicable, mutatis
mutandis, with respect to such security or other property.

 

Section 2.03. 
Expiration.  In the
event that the Company is dissolved, liquidated or wound up pursuant to the LLC
Agreement or otherwise, any Exchange Right shall expire upon final distribution
of the assets of the Company pursuant to the terms and conditions of the LLC
Agreement.

 

Section 2.04.  Reservation
of Class A Shares; Listing.  WIND
shall at all times reserve and keep available out of its authorized but
unissued Class A Shares, solely for the purpose of issuance upon an
Exchange, such number of Class A Shares as shall be issuable upon any such
Exchange; provided that nothing
contained herein shall be construed to preclude WIND from satisfying its
obligations in respect of any such Exchange by delivery of purchased Class A
Shares (which may or may not be held in the treasury of WIND).  If any Class A Shares require 

 

9

 

registration with or approval of any
Governmental Entity under any federal or state law before such Class A
Shares may be issued upon an Exchange, WIND shall cause such Class A
Shares to be duly registered or approved, as the case may be.  WIND shall list the Class A Shares
required to be delivered upon any such Exchange prior to such delivery upon
each national securities exchange upon which the outstanding Class A
Shares are listed at the time of such Exchange (it being understood that any
such shares may be subject to transfer restrictions under applicable securities
laws).  WIND covenants that all Class A
Shares issued upon an Exchange will, upon issuance, be validly issued, fully
paid and non-assessable.

 

Section 2.05. 
Recapitalization.  This
Agreement shall apply to the Series B Membership Interests held by the Series B
Members and their Permitted Transferees as of the date hereof, as well as any Series B
Membership Interests hereafter acquired by a Series B Member and his
Permitted Transferees.  This Agreement
shall apply to, mutatis mutandis,
and all references to “Series B Membership Interests” shall be deemed to
include, any security, securities or other property of the Company which may be
issued in respect of, in exchange for or in substitution of Series B
Membership Interests, by reason of any distribution or dividend, split, reverse
split, combination, reclassification, reorganization, recapitalization, merger,
exchange (other than an Exchange) or other transaction.

 

ARTICLE 3

TRANSFER
RESTRICTIONS

 

Section 3.01.  General
Restrictions on Transfer.  (a) Each
Series B Member understands and agrees that the Class A Shares
received by such Series B Member in any Exchange (any such Class A
Shares, “Restricted Class A Shares”)
may not be Transferred except as permitted by Section 3.02(b) or
3.03.

 

(b)   Without limitation of Section 3.01(a),
each Series B Member understands and agrees that, until registered under
the Securities Act, the Restricted Class A Shares are restricted
securities under the Securities Act and the rules and regulations
promulgated thereunder.  Each Series B
Member agrees that he or it shall not Transfer any Restricted Class A
Shares (or solicit any offers in respect of any Transfer of any Restricted Class A
Shares), except in compliance with the Securities Act, any other applicable
securities or “blue sky” laws, and the terms and conditions of this Agreement.

 

(c)   Any attempt to Transfer any Restricted Class A
Shares not in compliance with this Agreement shall be void ab initio, and WIND shall not, and shall
cause any transfer agent not to, give any effect in WIND’s stock records to
such attempted Transfer.

 

Section 3.02.  Legends.  (a) In addition to any other legend that
may be required, subject to Section 3.02(b), each certificate for
Restricted Class A Shares issued to a Series B Member (or any of such
Series B Member’s Permitted Transferees) shall bear a legend in
substantially the following form:

 

10

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES
LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
IN COMPLIANCE THEREWITH.  THIS SECURITY
IS ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE
EXCHANGE AGREEMENT DATED AS OF
          , 2010, AS THE SAME
MAY BE AMENDED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS THEREOF,
COPIES OF WHICH MAY BE OBTAINED UPON REQUEST FROM THE CORPORATE SECRETARY
OF FIRST WIND HOLDINGS INC. OR ANY SUCCESSOR THERETO.

 

(b)   If any Restricted Class A Shares is
eligible to be sold pursuant to Rule 144(b)(1) under the Securities
Act (or any successor provision), upon the written request of the holder
thereof, accompanied (if WIND shall so request) by an opinion of counsel
reasonably acceptable to WIND, WIND shall issue to such holder a new
certificate evidencing such Restricted Class A Shares without the first
sentence of the legend required by Section 3.02(a) endorsed
thereon.  If any Restricted Class A
Share ceases to be subject to any and all restrictions on Transfer set forth in
this Article 3, then WIND, upon the written request of the holder thereof,
shall issue to such holder a new certificate evidencing such Restricted Class A
Share without the second sentence of the legend required by Section 3.02(a) endorsed
thereon.

 

Section 3.03.  Permitted
Transferees.  Subject to this Article 3,
each Series B Member acquiring Restricted Class A Shares may at any
time Transfer any or all of his Restricted Class A Shares to one or more
of his Permitted Transferees or to any other Person in a transaction not in
contravention of, and in accordance with, the LLC Agreement, so long as (a) such
transferee shall have agreed in writing to be bound by the terms of this
Agreement as provided in Section 4.03 and (b) the Transfer to such
transferee is in compliance with the Securities Act and any other applicable
securities or “blue sky” laws.

 

ARTICLE 4

OTHER
AGREEMENTS; MISCELLANEOUS

 

Section 4.01.  Expenses.  Each party hereto shall bear his
or its own expenses in connection with the consummation of any of the
transactions contemplated hereby, whether or not any such transaction is
ultimately consummated, except that WIND shall bear any transfer taxes, stamp
taxes or duties, or other similar taxes in connection with, or arising by
reason of, any Exchange and WIND shall promptly cooperate in all filings
required to be made under the Hart-Scott-Rodino Antitrust Improvement Act of
1976, as amended, in connection with any Exchange (but WIND shall not be
obligated to bear, and shall be reimbursed by the applicable Series B
Member for, the expenses of any such filing or of any information request from
any Governmental Entity relating thereto); provided,
however, that if any certificate
is to be issued pursuant to Section 2.01(d)(v) in a name other than
that of the Series B Member that requested the Exchange, then the Person
or Persons requesting the issuance thereof shall pay to WIND the 

 

11

 

amount of any transfer taxes, stamp taxes or
duties, or other similar taxes in connection with, or arising by reason of,
such Exchange or shall establish to the reasonable satisfaction of WIND that
such tax has been paid or is not payable.

 

Section 4.02.  Notices.  All notices, requests, consents
and other communications hereunder (each, a “Notice”)
to any party shall be in writing and shall be delivered in person or sent by
facsimile (provided a copy is thereafter promptly delivered as provided in this
Section 4.02) or nationally recognized overnight courier, addressed to
such party at the address or facsimile number set forth in Exhibit A
hereto, or below with respect to WIND, or such other address or facsimile
number as may hereafter be designated in writing by such party to the other
parties:

 

If to WIND, to:

 

First Wind Holdings Inc.

179 Lincoln Street, Suite 500

Boston, MA 
02111

Telephone: 617-960-2888

Facsimile: 617-960-2889

Attention: General Counsel

 

with a copy (which shall not constitute notice to
WIND) to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 
10017

Telephone: 212-450-4565

Facsimile: 212-701-5565

Attention: Joseph A. Hall

 

Each Notice shall be deemed received on the date
sent to the recipient thereof in accordance with this Section 4.02, if
sent prior to 5:00 p.m. in the place of receipt and such day is a Business
Day; otherwise, such Notice shall be deemed not to have been received until the
next succeeding Business Day.

 

Section 4.03.  Permitted
Transferees.  (a) To the
extent that a Series B Member (or an applicable Permitted Transferee of
such Series B Member) validly transfers after the date hereof any or all
of his Series B Membership Interests and corresponding Class B Shares
to a Permitted Transferee of such Person or to any other Person in a
transaction not in contravention of, and in accordance with, the LLC Agreement,
then the transferee thereof shall have the right to execute and deliver a
joinder to this Agreement, in form and substance reasonably satisfactory to
WIND.  Upon execution of any such
joinder, such transferee shall, with respect to such transferred Series B
Membership Interests and Class B Shares, be entitled to all of the rights
and bound by each of the obligations applicable to the relevant transferor
hereunder; provided that (x) the
transferor 

 

12

 

shall remain entitled to all of the rights
and bound by each of the obligations with respect to Series B Membership
Interests and Class B Shares that were not so transferred.

 

Section 4.04. 
Severability.  The
provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 
If any provision of this Agreement, or the application thereof to any
Person or entity or any circumstance, is found to be invalid or unenforceable
in any jurisdiction, (a) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and
enforceable, the intent and purpose of such invalid or unenforceable provision
and (b) the remainder of this Agreement and the application of such
provision to other Persons or circumstances shall not be affected by such
invalidity or unenforceability, nor shall such invalidity or unenforceability
affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction.

 

Section 4.05. 
Counterparts.  This
Agreement may be executed (including by facsimile transmission with counterpart
pages) in one or more counterparts, each of which shall be deemed an original
and all of which shall, taken together, be considered one and the same
agreement, it being understood that both parties need not sign the same
counterpart.

 

Section 4.06.  Entire
Agreement; No Third Party Beneficiaries. 
This Agreement (a) constitutes the entire agreement and
supersedes all other prior agreements, both written and oral, among the parties
with respect to the subject matter hereof and (b) is not intended to
confer upon any Person, other than the parties hereto and their Permitted
Transferees, any rights or remedies hereunder.

 

Section 4.07.  Further
Assurances.  Each party hereto
shall execute, deliver, acknowledge and file such other documents and take such
further actions as may be reasonably requested from time to time by any other
party hereto to give effect to and carry out the transactions contemplated
herein.

 

Section 4.08.  Dispute
Resolution. The provisions of Article 14 of the LLC Agreement
are hereby incorporated herein in their entirety.

 

Section 4.09.  Governing
Law.  This Agreement and the
rights of the parties hereunder will be governed by, construed and enforced in
accordance with the laws of the State of New York without regard to conflicts
of law principles thereof.

 

Section 4.10.  Consent to
Jurisdiction.  The parties
hereto agree that any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby shall be brought and
maintained exclusively in the United States District Court for the Southern
District of New York or the Supreme Court of the State of New York located in
the County of New York.  Each of the
parties irrevocably consents to submit to the personal jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any such suit,
action or proceeding.  Process in any
such suit, action or proceeding in such courts may be served, and shall be
effective, on any party 

 

13

 

anywhere in the world, whether within or
without the jurisdiction of any such court, by any of the methods specified for
the giving of Notices pursuant to Section 4.02.  Each of the parties irrevocably waives, to
the fullest extent permitted by law, any objection or defense that it may now
or hereafter have based on venue, inconvenience of forum, the lack of personal
jurisdiction and the adequacy of service of process (as long as the party was
provided Notice in accordance with the methods specified in Section 4.02)
in any suit, action or proceeding brought in such courts.

 

Section 4.11.  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.

 

Section 4.12.  Amendments;
Waivers.  (a) No
provision of this Agreement may be amended or waived unless such amendment or
waiver is approved in writing by WIND, the Company and Series B Members
holding at least sixty-six and two-thirds percent (66-2/3%) of the outstanding Series B
Membership Interests.

 

(b)   No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege.  The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

 

Section 4.13. 
Assignment.  Except as
contemplated by Section 4.03 and except that the rights to have a legend
removed from a certificate representing Restricted Class A Shares in
accordance with Section 3.02(b) shall be deemed automatically
assigned in connection with any transfer not prohibited hereunder, neither this
Agreement nor any of the rights or obligations hereunder shall be assigned by
any of the parties hereto without the prior written consent of the other
parties.  Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of and be
enforceable by the parties and their respective successors, assigns and
Permitted Transferees.

 

Section 4.14.  Tax
Treatment.  The parties to
this Agreement intend that this Agreement shall be treated as part of the
partnership agreement of the Company pursuant to Section 761(c) of
the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the
Treasury Regulations promulgated thereunder. 
Except as otherwise required by applicable law: (a) the parties
shall report an Exchange consummated hereunder as a taxable sale of Series B
Membership Interests by a Series B Member to WIND (in conjunction with an
associated cancellation of Class B Shares); and (b) no party shall
take a contrary position on any income tax return, amendment thereof or
communication with a taxing authority.

 

[Signature pages follow]

 

14

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective authorized
representatives as of the day and year first above written.

 

	
   

  	
  FIRST WIND HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FIRST WIND HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  D. E. SHAW MWP ACQUISITION HOLDINGS, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MADISON DEARBORN CAPITAL PARTNERS IV, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  [NAME]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Exhibit A

 

	
   

  	
   

  	
  Immediately Following IPO

  	
   

  
	
  Name and Address of Series B Member

  	
   

  	
  Number of

  Series B

  Membership

  Interests

  Owned

  	
   

  	
  Number of

  Class B

  Shares

  Owned

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  D. E. Shaw MWP
  Holdings, L.L.C.

  [Address]

  Facsimile:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Madison Dearborn
  Capital Partners IV, L.P.

  [Address]

  Facsimile:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Name]

  [Address]

  Facsimile:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Name]

  [Address]

  Facsimile:ex_101.htm

    

      

       

       

      Exhibit
10.1

      

       

      TERMINATION
OF ADMINISTRATIVE SERVICES AGREEMENT

       

       

      This Termination of Administrative Services Agreement, dated as
of August 16, 2010 (this "Agreement"), by and
among Buyer, ICx Technologies, Inc., a Delaware corporation (the "Company"), and
Wexford Capital LP, a Delaware limited partnership that is a successor by merger
to Wexford Capital LLC, Connecticut limited liability company ("Wexford")

       

       

      WHEREAS,
as of the date hereof, the Company and Wexford are parties to an Administrative
Services Agreement, dated as of October 1, 2005, as amended as of October 1,
2006 (as amended, the "Services
Agreement");

       

       

      WHEREAS,
as a condition to their willingness to enter into the Agreement and Plan of
Merger (the "Merger
Agreement") dated as of the date hereof by and among FLIR Systems, Inc.,
an Oregon corporation ("Parent"), Indicator
Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent
("Merger Sub"),
and the Company, Parent and Merger Sub have requested that Wexford, and in order
to induce Parent and Merger Sub to enter into the Merger Agreement, Wexford has
agreed to, enter into this Agreement;

       

       

      WHEREAS,
capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Merger Agreement.

       

       

      NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration given to each party hereto, the receipt of which is hereby
acknowledged, the parties agree as follows:

       

       

      
        	
                1.  

              	
                Agreement to
      Terminate.  Notwithstanding any other provision of the
      Services Agreement to the contrary, the parties hereby agree that upon the
      Effective Time (a) other than as set forth below, the Services Agreement
      shall automatically terminate in all respects (without any further action
      on the part of any party hereto) and shall be of no further force or
      effect except as set forth in this Agreement and (b) any requirement for
      notice with respect to the termination of the Services Agreement is hereby
      waived.

              

      

       

       

      
        	
                2.  

              	
                Reimbursement of
      Reimbursable Expenses.

              

      

       

       

      
        	
                (a)  

              	
                Prior
      to the Effective Time, Wexford may submit to the Company bills for
      reimbursement and related documentation concerning any not yet reimbursed
      reimbursable expenses under Section 4 of the Services Agreement, and all
      such bills shall be paid by the Company to Wexford consistent with the
      customary practice between Wexford and the Company, but in any event not
      later than the date on which the Effective Time
  occurs.

              

      

       

       

      
        	
                (b)  

              	
                In
      the event that there are any reimbursable expenses under Section 4 of the
      Services Agreement that were not covered by bills submitted by Wexford
      pursuant to Section 2(a) of this Agreement, Wexford may submit to the
      Company bills for reimbursement and related documentation once the amounts
      of such reimbursable expenses are known, and each such bill shall be paid
      by the Company to Wexford within five Business Days following receipt by
      the Company of such bill.

              

      

       

       

      
        	
                3.  

              	
                Indemnification.  The
      provisions of Section 6 (Exculpation; Indemnification), Section 9 (No
      Raid) and Section 10 (Miscellaneous) of the Services Agreement shall
      survive termination of the Services
Agreement.

              

      

       

       

      
        	
                4.  

              	
                Termination.  In
      the event that the Merger Agreement shall be terminated without the
      Effective Time having occurred, this Agreement shall terminate at the same
      time as such termination.

              

      

       

       

      
        	
                5.  

              	
                Miscellaneous.

              

      

       

       

      
        	
                (a)  

              	
                Further
      Assurances.  The parties will, from time to time, execute
      and deliver, or cause to be executed and delivered, such additional
      documents or take, or cause to be taken, such additional acts as may be
      necessary to give full effect to the terms and intent of this
      Agreement.

              

      

       

       

      
        	
                (b)  

              	
                Governing
      Law.  This Agreement shall be governed by, and construed
      in accordance with the laws of the State of Delaware, without giving
      effect to any choice or conflict of laws provision or rule (whether of the
      State of Delaware or any other jurisdiction) that would cause the
      application of the Laws of any jurisdiction other than the State of
      Delaware.

              

      

       

       

      
        	
                (c)  

              	
                Entire
      Agreement.  This Agreement, together with the Services
      Agreement, constitutes the entire agreement and supersedes all prior
      agreements and understandings, both written and oral, among the parties
      with respect to the subject matter
hereof.

              

      

       

       

      
        	
                (d)  

              	
                Counterparts.  This
      Agreement may be executed in multiple counterparts, all of which shall
      together be considered one and the same
  agreement.

              

      

       

       

      
        	
                (e)  

              	
                Amendments.  The
      parties hereto may only modify or amend this Agreement by a written
      agreement executed and delivered by duly authorized signatories of the
      respective parties which expressly states that it is intended to modify or
      amend this Agreement.

              

      

       

       

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized signatories as of the day and year first
above written.

       

       

      ICX
TECHNOLOGIES, INC.

       

      By:       /s/ Colin
Cumming

      Name:           Colin
Cumming

      Title:           CEO

       

      WEXFORD
CAPITAL LP

       

      By:       /s/ Joseph M.
Jacobs

      Name: Joseph M. Jacobs

      Title:           President

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