Document:

Exhibit 10.24

 

EXECUTION VERSION

 

CHANGE IN CONTROL
SEVERANCE AGREEMENT

 

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

 

The parties agree as follows:

 

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

 

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

 

(b)                                 “Cause” shall mean any of the
following: (1) the failure by the Executive to substantially perform his
duties as an employee of Noble, which failure is not remedied by the Executive
within thirty (30) days after receiving written notice from the Board
specifying such failure; (2) the engagement by Executive in misconduct in
the performance of his duties as an employee of Noble, which misconduct is
materially injurious to Noble or any of the Noble Companies; (3) the
admission by the Executive to, the conviction of the Executive for, the
entrance into a plea of guilty or nolo
contendere by the Executive to, or the indictment of the Executive
for, any felony or crime involving moral turpitude; (4) any act of fraud
or dishonesty by the Executive in connection with the performance of his duties
as an employee of Noble or in the course of his employment with Noble, which
act is materially injurious to Noble or any of the Noble Companies; (5) any
use by the Executive of narcotics, alcohol or illicit drugs in a manner that
has, or may reasonably be expected to have, a detrimental effect on the
Executive performing his duties as an employee of Noble or on the reputation of
Noble or any of the Noble Companies; or (6) a material violation by the Executive
of any policy sponsored by Noble or the Noble Companies, which violation
results in injury to Noble or any of the Noble Companies.

 

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

 

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

 

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

 

(e)                                  “Good Reason” shall mean the
occurrence of any of the following:  (1) a
material and adverse reduction in the nature or scope of the duties assigned to
the Executive under the Employment Agreement; (2) a material reduction in
Salary (as defined in the Employment Agreement) received by the Executive
immediately prior to the Change in Control, other than any such reduction in
Salary (as defined in the Employment Agreement) that results from the
implementation by Noble of a general salary reduction plan among all of its
senior executives, provided, that such general salary reduction plan shall not reduce the
Salary (as defined in the Employment Agreement) received by the Executive
immediately prior to the Change in Control by more than twenty-five (25)
percent; (3) the relocation of Executive’s principal place of employment
more than fifty (50) miles from its location on the effective date of the
Employment Agreement; or (4) any failure by any successor to all or
substantially all of the assets or business of Noble to assume this Agreement.

 

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

 

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

 

2.                                       Effectiveness of Agreement; Term.

 

(a)                                  The term of this Agreement shall
commence on the date that Noble completes a Qualified IPO, and shall end on the
first anniversary of a Change in Control. 
For purposes of this Section 2, a “Qualified IPO” shall have the
meaning ascribed to such term in the Third Amended and Restated Limited
Liability Company Operating Agreement, dated as of March 7, 2008, of Noble
Environmental Power, 

 

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LLC,
as amended from time to time (the “Third Amended and Restated LLC Agreement”).

 

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

 

3.                                       Severance
Benefits.

 

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

 

(i)                                     A cash amount equal to twelve (12)
months of Salary (as defined in the Employment Agreement) as of the date of
Executive’s termination of employment, less taxes and withholdings, which
amount shall be paid in accordance with the normal payroll practices of Noble
over the twelve (12) month period following the date of Executive’s termination
of employment (the “Salary Continuation”).  Notwithstanding anything in the foregoing to
the contrary, if the Executive terminates his employment for Good Reason under Section 1(e)(2),
then the Salary Continuation shall be calculated using the Salary (as defined
in the Employment Agreement) that Executive was entitled to receive immediately
prior to the Change in Control.

 

(ii)                                  A cash amount equal to (A) the
bonus that Executive would have been eligible to receive pursuant to Section 3(b) of
the Employment Agreement, for the performance period in which Executive incurs
a termination from employment, had the Executive remained employed with Noble
until the January 1 following the date of his termination of employment,
or such other date the Board may have required under Section 3(b) of
the Employment Agreement, multiplied by (2) a fraction, the numerator of
which is the number of days that the Executive had been employed with Noble
during the performance period in which Executive incurs a termination of
employment, and the denominator of which is the total number of days in such
performance period (the “Prorated Bonus”).  For 

 

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the avoidance of doubt, the Prorated Bonus
shall be calculated based on the performance of Noble for the entirety of the
performance period in which the Executive incurs a termination of employment,
as such performance is determined by the Board in its sole discretion, which
determination shall be made when the Board determines the bonuses payable to
other executive officers of Noble for the same performance period.

 

(iii)                               Reimbursement (or direct payment to
the carrier), for twelve (12) months following the Executive’s termination of
employment (the “Continuation Period”), for a portion of the premium
costs incurred by Executive (and his spouse and dependents, where applicable)
to obtain COBRA coverage pursuant to one of the group health plans sponsored by
Noble (or a Noble Company), which reimbursement (or direct payment) shall equal
the premium costs incurred by Noble (or a Noble Company, if applicable), for
the Continuation Period, on behalf of a similarly-situated employee, to obtain
coverage under the same group health plan sponsored by Noble (or a Noble
Company, if applicable) (the “Health Care Continuation”).

 

Notwithstanding anything in the foregoing to
the contrary, (X) Executive shall be entitled to receive the Health Care
Continuation only if Executive is participating in a group health plan
sponsored by Noble (or a Noble Company) as of the date on which Executive
incurs a termination of employment, and (Y) the Executive shall be
responsible, during the Continuation Period, for premium costs for COBRA
coverage in excess of the Health Care Continuation, and the Executive shall be
responsible, after the Continuation Period, for all premium costs for COBRA
coverage, if the Executive continues to elect such COBRA coverage.

 

4.                                       Timing of
Payments; Early Termination of Obligations.

 

(a)                                  Notwithstanding the foregoing:  (i) subject to Section 4(a)(ii),
Executive shall receive the Prorated Bonus when bonuses under the performance
period in question are paid to other executive officers of Noble, in the year
following the year in which the Executive incurs a termination of employment,
but in no event after the end of such year; (ii) any portion of the Salary
Continuation, the Prorated Bonus, or the Health Care Continuation which would
otherwise have been paid to the Executive or reimbursed before the first normal
payroll payment date falling on or after the fortieth (40th) day following the
date of Executive’s termination of employment (the “First Payment Date”)
shall be made on the First Payment Date; (iii) the Executive shall not be
entitled to any Salary Continuation or Prorated Bonus unless the Executive’s
termination of employment constitutes a “separation from service” within the
meaning of Treasury Regulation Section 1.409A-1(h); and (iv) each
payment of Salary Continuation is intended to constitute a separate payment
from each other payment of Salary Continuation and from the payment of the
Prorated Bonus for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

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(b)                                 Notwithstanding the foregoing, if
the Executive accepts an offer of employment at any time during the
Continuation Period, which acceptance would not be in violation of the
obligations of the Executive under this Agreement, Noble shall no longer be
obligated to pay the Health Care Continuation, should the Executive become
eligible to participate in any other group health plan as a result of his
acceptance of such offer of employment. 
For the purposes of this Section 4(b), the Executive shall notify
Noble of his acceptance of an offer of employment, and the terms and conditions
of such offer, on the day of such acceptance. 
If the Executive does not so notify Noble, then Noble may recover from
the Executive any Health Care Continuation paid after the date that the
Executive accepted such an offer of employment. 
For the avoidance of doubt, if the Executive would violate his
obligations under this Agreement by accepting such an offer of employment, or
by performing any services pursuant to such an acceptance, then Noble will no
longer be subject to any obligation to pay the Salary Continuation, the
Prorated Bonus, or the Health Care Continuation.

 

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

 

6.                                       Exclusive
Remedy.  The parties agree that, except as set forth
in Section 3, or in the Employment Agreement, or as determined by the
terms of any employee benefit plan in which the Executive was participating as
of his termination of employment, or in the Third Amended and Restated LLC Agreement,
or the Amended and Restated Members’ Agreement, dated as of December 21,
2007, among Noble Environmental Power, LLC and other parties thereto, as
amended from time to time, or as otherwise required by law, Executive will not
be entitled to receive any compensation or benefits after termination of his
employment with Noble.

 

7.                                       Best Pay
Provision.  Notwithstanding the other provisions of this
Agreement, in the event that the amount of payments payable to the Executive
under this Agreement, together with any payments or benefits payable under any
other plan, program, arrangement or agreement maintained by (or on behalf of)
Noble, would constitute an “excess parachute payment” (within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”)), the
payments under this Agreement shall be reduced (by the minimum possible
amounts) until no amount payable to the Executive under this Agreement
constitutes an “excess parachute payment” (within the meaning of Section 280G
of the Code); provided, however, that no such reduction shall be made if the
net after-tax payment (after taking into account Federal, state, local, or
other income and excise taxes) to which the Executive would otherwise be
entitled without such reduction would be greater than the net after-tax payment
(after taking into account Federal, state, local or other income and excise
taxes) to the Executive resulting from the receipt of such payments with such
reduction.  If, as a result of subsequent
events or conditions (including a subsequent payment or absence of a subsequent

 

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payment under this Agreement or other plans,
programs, arrangements or agreements maintained by (or on behalf of) Noble), it
is determined that payments under this Agreement have been reduced by more than
the minimum amount required to prevent any such payments from constituting an “excess
parachute payment,” then an additional payment shall be promptly made to the
Executive in an amount equal to the additional amount that can be paid without
causing any payment to constitute an “excess parachute payment.”  All determinations required to be made under
this Section 7, including whether a payment would result in an “excess
parachute payment” and the assumptions to be utilized in arriving at such
determination, shall be made by a “Big Four” accounting firm selected by
Noble.  All determinations made by the “Big
Four” accounting firm under this Section 7 shall be final and binding upon
Noble and the Executive.

 

8.                                       Confidential
or Proprietary Information.

 

(a)                        Except in connection with the
faithful performance of Executive’s duties as an employee of Noble or pursuant
to Section 8(c) or 8(d), Executive agrees that he will not, at any
time during his employment with Noble or thereafter, directly, indirectly or
otherwise, use, disseminate, disclose or publish, or use for his benefit, or
for the benefit of any person, firm, corporation or other entity, any
Confidential or Proprietary Information of or relating to Noble or the Noble
Companies, nor shall he deliver to any person, firm, corporation or other
entity any document, record, notebook, computer program or similar repository
of or containing any such Confidential or Proprietary Information.  For purposes of this Agreement, “Confidential
or Proprietary Information” includes, without limitation: all trade
secrets, intellectual property in the form of patents, trademarks and
copyrights and applications therefor, ideas, inventions, works, discoveries,
improvements, information, documents, formulae, practices, processes, methods,
developments, source code, modifications, technology, techniques, data,
programs, other know-how or materials, owned, developed or possessed by Noble
or the Noble Companies, whether in tangible or intangible form, information
with respect to Noble’s or the Noble Companies’ operations, processes,
products, inventions, business practices, finances, principals, vendors,
suppliers, customers, potential customers, marketing methods, costs, prices,
contractual relationships, regulatory status, prospects and compensation paid
to employees or other terms of employment. 
The parties hereby stipulate and agree that as between them the
foregoing matters are important and material Confidential or Proprietary
Information, which affect the successful conduct of the businesses of Noble and
the Noble Companies (and any successor or assignee of Noble).

 

(b)                       Upon termination of Executive’s
employment with Noble, whether at the instance of Executive or Noble and for
whatever reason, Executive will promptly deliver to Noble all correspondence,
records, drawings, manuals, letters, notes, notebooks, computers, cell phones,
reports, programs, data, audio or videotapes (or other information contained on
any digital information medium), plans, proposals, financial documents, or any
other documents or materials
containing Confidential or Proprietary Information, information otherwise owned
by Noble 

 

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or the Noble Companies, or
containing information concerning the customers, business plans, marketing
strategies, products or processes of Noble or the Noble Companies. Executive
shall also return any materials or information received in connection with his
employment from clients, prospects or vendors of Noble or the Noble Companies.

 

(c)                                  Executive may respond to a lawful
and valid subpoena or other legal process; provided, however, that Executive
shall give Noble the earliest possible notice thereof, and shall, as much in
advance of the return date as possible, make available to Noble and its counsel
the documents and other information sought. 
Executive shall assist such counsel at Noble’s expense in resisting or
otherwise responding to such subpoena or process.

 

(d)                                 Nothing in this Agreement shall
prohibit Executive from:  (1) disclosing
information and documents when required by law, subpoena or court order
(subject to the requirements of Section 8(c) above); (2) disclosing
information and documents to his attorney or tax adviser for the purpose of
securing legal or tax advice; (3) disclosing the post-employment
restrictions in this Agreement in confidence to any potential new employer; or (4) retaining,
at any time, his personal correspondence, personal rolodex and documents
related to his own personal benefits, entitlements and obligations.

 

(e)                                  The Executive agrees that the terms
of this Agreement constitute Confidential and Proprietary Information, and
agrees, subject to Section 8(c) and 8(d), to not disclose the terms
of this Agreement to any third party, except as provided in Section 8(d) and
except as provided in a proceeding under Section 13(j) hereof to
enforce the terms of this Agreement.

 

9.                                       Inventions. 
All rights to discoveries, inventions, documents, improvements and
innovations (including all data and records pertaining thereto) related to the
business of Noble, whether or not patentable, copyrightable, registrable as a
trademark, or reduced to writing, that Executive may discover, invent, improve,
modify or originate during Executive’s employment, either alone or with others
and whether or not during working hours or by the use of the facilities of
Noble or the Noble Companies (“Inventions”), shall be the exclusive
property of Noble and the Noble Companies. 
Executive shall promptly disclose all Inventions to Noble, shall execute
at the request of Noble any assignments or other documents Noble may deem
reasonably necessary to protect or perfect its rights therein or the rights of
any Noble Company therein, and shall assist Noble, upon reasonable request and
at Noble’s expense, in obtaining, defending and enforcing Noble’s rights
therein and/or the rights of any Noble Company therein.  Executive hereby appoints Noble as his
attorney-in-fact to execute on his behalf any assignments or other documents
reasonably deemed necessary by Noble to protect or perfect its rights or the
rights of any Noble Company to any Inventions.

 

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10.                                 Non-Competition and Non-Solicitation.

 

(a)                                  While Executive is employed by Noble
and for a period of twelve (12) months following Executive’s termination of
employment for whatever reason (the “Restricted Period”), Executive
shall not directly or indirectly, individually or on behalf of any other person
or entity, manage, participate in, work for, consult with, render services for,
or take an interest in (as an owner, stockholder, partner or lender) any
Competitor in an area of business in which Competitor directly competes or
seeks to directly compete with Noble or the Noble Companies.

 

For purposes of this Agreement, “Competitor”
means any business, company or individual which is in the business, or is
actively seeking to be in the business, of developing, constructing, managing,
owning or operating wind energy projects in: (i) Connecticut; (ii) Maine;
(iii) Michigan; (iv) New Hampshire; (v) New York; (vi) Texas;
(vii) Vermont; (viii) Wyoming; or (ix) any other state in the
United States in which Noble operates, or has been developing, wind energy
projects within the twelve (12) months preceding Executive’s termination.

 

(b)                                 While the Executive is employed by
Noble and during the Restricted Period, Executive shall not directly or
indirectly, individually or on behalf of any other person or entity:  (1) divert or attempt to divert from
Noble any business with any customer, partner or other person with which Noble
had any business contact or association while Executive was employed by
Noble;  (2)  induce or attempt to
induce any customer, partner or other person with which Noble had any business
contact or association to reduce or refrain from doing business with Noble or
the Noble Companies;  (3) induce or
attempt to induce, or cause, other than by means of any general solicitation by
advertisement or otherwise, any employee or consultant of Noble to terminate
his or her employment or relationship with Noble; or (4) recruit or hire,
other than by means of any general solicitation by advertisement or otherwise,
any person who was an employee or consultant of Noble after his or her
employment or relationship with Noble has terminated.

 

11.                                 Non-Disparagement. 
The Executive agrees, while he is employed by Noble and thereafter, to
refrain from disparaging Noble and the Noble Companies, including any of their
services, technologies or practices, or any of their directors, officers,
agents, employees, former employees, representatives or stockholders, either
orally or in writing; provided, however, that nothing in the foregoing shall
preclude the Executive from making truthful statements that are required by
applicable law, regulation or legal process. 
Noble agrees, while Executive is employed by Noble and thereafter, to
refrain from disparaging the Executive; provided, however, that Noble’s
agreement to this non-disparagement clause shall be limited to official
statements issued by Noble as an organization and statements of officers of
Noble and members of the Board; provided, further, that nothing in the
foregoing shall preclude Noble, its officers or members of the Board from
making truthful statements that are required by applicable law, regulation or
legal process.

 

12.                                 Injunctive
Relief.  Executive acknowledges that a breach of the
covenants contained in Sections 8 through 11 will cause irreparable damage to
Noble and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law 

 

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for any such breach will be inadequate.  Accordingly, Executive agrees that in the
event of a breach of any of the covenants contained in Sections 8 through 11,
in addition to any other remedy which may be available at law or in equity,
Noble will be entitled to specific performance and injunctive relief.

 

13.                                 General
Provisions.

 

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

 

(b)                       Notices. 
All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed given when (1) delivered
personally, (2) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (3) delivered by overnight courier
(provided that a written acknowledgment of receipt is obtained by the overnight
courier) to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

 

If to Noble:

 

Noble Environmental Power, LLC

8 Railroad Avenue, Suite A

Essex, Connecticut 06426

Attention: Chris Lowe

WITH A COPY TO:

General Counsel

 

If to Executive:

 

26 Riverview Street

Essex, CT 06426

 

(c)                        Successors and Binding Agreement.

 

(i)                            This Agreement shall be binding upon
and inure to the benefit of Noble and any successor of or to Noble, including
without limitation any purchaser of all or substantially all of the assets of
Noble.

 

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

 

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

 

(iv)                     This Agreement shall inure to the
benefit of and be enforceable by Executive’s personal or legal representatives,
executors, administrators, successors, heirs, distributees, and/or
legatees.  Executive agrees that his
obligations under this Agreement are personal in nature and, without the
consent of Noble, he may not assign, transfer, or delegate this Agreement or
any rights or obligations hereunder, provided,
that upon Executive’s death, Executive may assign his rights hereunder to
Executive’s estate or heirs.

 

(d)                       Complete and Final Agreement. 
Executive agrees that this Agreement and the Employment Agreement
reflect the complete agreement between Noble and Executive, and that there are
no written or oral understandings, promises or agreements related to this
Agreement that have been made to him except those contained herein.  This Agreement and the Employment Agreement
constitute the complete and final agreement by and between the parties, and
supersede any and all prior and contemporaneous negotiations, representations,
understandings, and agreements between the parties relating to the matters
herein.  The parties further intend that
no extrinsic evidence whatsoever may be introduced in any judicial,
administrative or other legal proceeding to vary the terms of this Agreement
and the Employment Agreement.

 

(e)                        Construction / Counsel. 
This Agreement shall be deemed drafted equally by both the parties.  Its language shall be construed as a whole
and according to its fair meaning, with no presumption that any language shall
be construed against any party. 
Paragraph headings used herein are for convenience and are not part of
this Agreement and shall not be used in construing it.  Executive acknowledges that he has had
adequate opportunity to consult with legal or other counsel of his choosing
prior to execution of this Agreement.

 

(f)                          Governing Law. 
Any dispute, controversy, or claim of whatever nature arising out of or
relating to this Agreement or breach thereof shall be governed by and
interpreted under the laws of the State of Connecticut, without regard to
conflict of law principles.

 

(g)                       Validity. 
The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall nevertheless remain in full force and effect.  Further, the parties agree that any invalid,
illegal or unenforceable provision or restriction shall be deemed modified so
that it shall be enforced to the greatest extent 

 

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permissible under law.  To the extent that any court of competent
jurisdiction determines any provision or restriction herein to be overly broad,
or unenforceable, such court is hereby empowered and authorized to limit such
provisions or restrictions so that it is enforceable for the longest duration
of time, within the largest geographical area and with the broadest scope, as
permitted by law.

 

(h)                       Survival of Provisions. 
Notwithstanding any other provision of this Agreement, the parties’
post-termination obligations and the parties’ other respective rights,
including, without limitation, the provisions of Sections 8 through 11 shall survive
any termination or expiration of this Agreement or the termination of Executive’s
employment for any reason whatsoever.

 

(i)                           Waiver. 
No provision of this Agreement may be modified, waived, or discharged
unless such modification, waiver, or discharge is agreed to in writing signed
by Executive and Noble.  No waiver by
either party hereto at any time of any breach by the other party hereto or
compliance with any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time.

 

(j)                           Mediation and Arbitration. 
Any dispute that may arise between Noble and Executive in reference to
this Agreement, or the interpretation, application or construction thereof, and
any matter, without limitation, arising out of Executive’s employment with
Noble, shall be submitted to mediation using a mediator or mediators and
procedures that are mutually acceptable to Executive and Noble.  If mediation is not successful, the dispute
shall be submitted to arbitration, conducted before an arbitrator in Middlesex
County, Connecticut in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association then
in effect.  Judgment may be entered on
the arbitration award in any court having jurisdiction; provided, however, that
Noble shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of the
provisions of Sections 8 through 11 of the Agreement, and Executive hereby
consents that such restraining order or injunction may be granted without
requiring Noble to post a bond.  Only individuals
who are on the AAA register of arbitrators may be selected as an
arbitrator.  Within twenty (20) days of
the conclusion of the arbitration hearing, the arbitrator(s) shall prepare
written findings of fact and conclusions of law.  It is mutually agreed that the written
decision of the arbitrator(s) shall be valid, binding, final and
non-appealable; provided however, that the parties agree that the arbitrator
shall not be empowered to award punitive damages against any party.  If for any reason this mediation and
arbitration clause becomes not applicable, then each party, to the fullest
extent permitted by applicable law, hereby irrevocably waives all right to a
trial by jury as to any issue relating hereto in any action, proceeding, or
counterclaim arising out of or relating to this Agreement or any other matter
involving the parties hereto.

 

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(k)                        Attorneys’ Fees. 
In the event of any legal proceeding, whether under Section 13(j) or
otherwise, which proceeding relates to this Agreement or any term or provision
hereof, Noble shall be responsible for paying a maximum of $10,000 of attorneys’
fees incurred by the Executive in connection with such proceeding, provided,
however, that the Executive shall reimburse Noble for such attorneys’ fees if
the Executive does not materially prevail in such proceeding.

 

(l)                           Section 409A.

 

(i)                            Notwithstanding anything to the
contrary in this Agreement, if at the time of Executive’s termination of
employment with Noble, Executive is a “specified employee” as defined in Section 409A
of the Code, as determined by Noble in accordance with Section 409A of the
Code, and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then Noble will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction in the payments or
benefits ultimately paid or provided to Executive) until the date that is at
least six (6) months following Executive’s termination of employment with
Noble (or the earliest date permitted under Section 409A of the Code),
whereupon Noble will pay Executive a lump-sum amount equal to the cumulative
amounts that would have otherwise been previously paid to Executive under this
Agreement during the period in which such payments or benefits were
deferred.  Thereafter, payments will
resume in accordance with this Agreement.

 

(ii)                         Additionally, in the event that
following the date hereof, Noble or the Executive reasonably determines that
any payments or benefits payable under this Agreement may be subject to Section 409A
of the Code, Noble and the Executive shall work together to adopt such amendments
to this Agreement or adopt other policies or procedures (including amendments,
policies and procedures with retroactive effect), or take any other
commercially reasonable actions necessary or appropriate to (A) exempt the
payments and benefits payable under this Agreement from Section 409A of
the Code and/or preserve the intended tax treatment of the payments and
benefits provided with respect to this Agreement or (B) comply with the
requirements of Section 409A of the Code.

 

12

 

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

 

 

	
   

  	
  Noble Environmental Power, LLC  

  
	
   

  	
   

  
	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
  Name: Walter Q. Howard

  
	
   

  	
  Position: President and CEO

  
	
   

  	
  Date:

  	
  May 5, 2008

  
	
   

  	
   

  
	
   

  	
   

  
	
  Witnessed:

  	
  /s/ Michael J. Palmieri

  	
   

  	
  /s/ Charles C. Hinckley

  
	
  Name:

  	
   Michael J. Palmieri

  	
   

  	
  Charles C. Hinckley

  
	
  Date:

  	
   May 5, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   May 5, 2008

  
								

 

13Exhibit 10.25

 

EXECUTION VERSION

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of May 5,
2008  (the “Effective Date”), by and
between Noble Environmental Power, LLC (“Noble”) and C. Kay Mann (“Executive”).

 

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

 

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

 

NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, Noble and Executive agree as follows:

 

1.             Representations; Position, Duties, and Responsibilities.

 

(a)           Representations.  Executive represents that (i) she
has as of the Effective Date or will thereafter successfully complete pre-employment
screening required by Noble, which includes reference checks, background
checks, and drug screening, (ii) she has as of the Effective Date or will
thereafter execute all forms required by the Human Resources Department of
Noble in connection with her employment, and (iii) her employment by Noble
has not and will not breach any agreement between the Executive and any former
employer, including any non-competition agreement or any agreement to
keep in confidence or to refrain from using any information Executive acquired
prior to her employment by Noble. 
Executive acknowledges and agrees that Noble has relied upon her
representations in this Section 1(a) in entering into an employment
relationship with the Executive and in entering into this Agreement, and that
if Noble discovers, after the date hereof, that any of the representations in
this Section 1(a) are not truthful or accurate, then Noble shall be
deemed to have Cause under Section 4(b)(vi) to terminate the employment
of the Executive.

 

(b)           Position and Duties.  Commencing on the Effective Date,
Executive shall be employed by Noble as Senior Vice President, General Counsel
and Secretary, with such customary responsibilities, duties, and authority as
may be assigned from time to time by the Chief Executive Officer of Noble.  Executive, in carrying out her  responsibilities, duties and authority under
this Agreement, will report to the Chief Executive Officer of Noble.

 

(c)           Responsibilities.  During the Term of Employment (as defined
below), Executive shall devote substantially all of her  business time and attention to the business
and affairs of Noble and/or the Noble Companies, and shall use her  best efforts, skills, and abilities to
promote its interests.  Executive agrees
to observe and 

 

1

 

comply with the rules and policies of Noble and the Noble
Companies as adopted from time to time, including any rules and policies
that relate to Executive’s post-termination obligations to Noble and the Noble
Companies.

 

2.             At-Will Employment.  Noble and Executive acknowledge that
Executive’s employment hereunder is and shall continue to be at-will (as
defined under applicable law), and may be terminated at any time, with or without
Cause, at the option of either party.  If
Executive’s employment terminates for any reason, Executive shall not be
entitled to any payments, benefits, damages, awards or compensation other than
as specifically provided in Section 4 of this Agreement.  No provision of this Agreement shall be
construed as conferring upon Executive a right to continue as an employee of
Noble.  On the date on which Executive’s
employment with Noble terminates, for whatever reason, unless specifically
otherwise agreed in writing between Executive and Noble, Executive shall cease
to hold any position (whether as an officer, director, manager, employee,
trustee, fiduciary, or otherwise) with Noble or any of the Noble
Companies.  The period of Executive’s
employment under this Agreement is referred to herein as the “Term of
Employment.”

 

3.             Compensation
and Benefits.  Executive will be eligible to receive the
following compensation and benefits during the Term of Employment:

 

(a)           Annual Base Salary.  In consideration of the services to be
rendered by Executive under this Agreement, Noble will pay Executive an annual
salary of $315,000.00 (“Salary”), less all applicable local, state, and
federal taxes, and other withholdings and deductions required by law or
authorized by Executive, which shall be payable at the times and in the
installments consistent with Noble’s existing payroll practices.  Such Salary shall be reviewed (and may be
adjusted) from time to time by the Board of Directors of Noble or similar
governing body of Noble (the “Board of Directors”), or an authorized
committee of the Board of Directors.

 

(b)           Annual
Bonus.  Executive will be
eligible for an annual bonus, based primarily on Noble’s financial performance,
including, as applicable, the performance of the Noble Companies.  Executive shall be eligible for an annual
bonus at a target level of  50.00% of her
Salary, upon fulfilling certain financial goals and objectives that are
established by the Board of Directors with respect to the applicable
performance period.  Whether such
financial goals and objectives are achieved will be determined by the Board of
Directors in its sole discretion. 
Executive will not be eligible for an annual bonus unless Executive
remains employed by Noble through January 1 of the calendar year following
the applicable performance period, or such longer period as may be required by
the Board of Directors or under the applicable bonus plan.  Any annual bonus earned by the Executive
shall be paid to Executive when bonuses under the performance period in
question are paid to similarly-situated employees of Noble.

 

(c)           2008 Guaranteed Bonus.
  Notwithstanding anything in this
Agreement to the contrary, Executive shall be entitled to receive a guaranteed
minimum bonus of  

 

2

 

$100,000.00 for calendar year 2008 (the “2008 Guaranteed Bonus”),
provided that Executive remains employed by Noble until the date on which
annual bonuses for calendar year 2008 are paid to similarly-situated employees
of Noble, subject to Section 4(e) (the “Bonus Payment Date”).  Subject to Section 4(e), the Executive
shall receive the 2008 Guaranteed Bonus on the Bonus Payment Date.

 

(d)           Benefits.  The parties acknowledge and agree that during
the Term of Employment, Executive shall be entitled to participate in certain
employee benefits plans, programs and arrangements, as offered by Noble to
similarly-situated employees.  These
employee benefits shall be governed by the applicable documents, which are
subject to change.

 

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

 

(f)            Cooperation.  During the Term of Employment, and at all
times thereafter, Executive agrees to fully, and in good faith, cooperate with
Noble with respect to any investigation, claim or litigation involving Noble or
the Noble Companies and relating to her 
past, present or future duties with Noble or the Noble Companies, or to
any matters concerning Noble or the Noble Companies about which she has knowledge.  Noble shall reimburse Executive for her  reasonable expenses incurred in the course of
such cooperation.

 

(g)           Business
Expenses.  During the Term
of Employment, Executive shall be reimbursed for all reasonable, ordinary, and
necessary expenses incurred for business activities on behalf of Noble or the
Noble Companies by Executive in the performance of her  duties. 
All reimbursable expenses must be appropriately documented in reasonable
detail by Executive and submitted in accordance with the Travel and Business
Expense Reimbursement Policy of Noble in effect at that time.

 

(h)           Relocation.  Executive agrees to establish a residence in
the Essex, Connnecticut  area on or prior
to July 11, 2008.  The Executive
shall be eligible to receive reimbursement for reasonable expenses incurred in
connection with her relocation from Sugar Land, Texas to the Essex, Connecticut
area, up to a maximum of $60,000 (the “Relocation Expenses” ). Noble
shall reimburse the Relocation Expenses in a timely manner; provided, that,
Executive documents the Relocation Expenses in reasonable detail and promptly
submits these expenses to Noble. 
Executive hereby agrees that she will repay any reimbursements made by
Noble of the Relocation Expenses within thirty (30) days after (i) she
resigns her employment with Noble, or (ii) Noble terminates her employment
for Cause, in each case within twelve (12) months of the Effective Date (the “Relocation
Repayment”).  In the event that the
Relocation Repayment is due but not paid by Executive within the period
specified in the previous sentence, Executive agrees that Noble has the right
to offset the Relocation Repayment against any other 

 

3

 

amounts that might otherwise be payable to her by Noble or any Noble
Companies, except any amounts that may constitute non-qualified deferred
compensation under Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”).

 

(i)            Series B Incentive
and Performance Units.  Executive understands that Noble will grant
Executive, after the Effective Date, the opportunity to purchase 10,000 Series B
Incentive Units and 5,000 Series B Performance Units (the “Grant”), which Grant
is contingent on (X) the Executive remaining employed by Noble as of the
time of Grant, and (Y) the Executive executing (i) the versions of
the Limited Liability Company Operating Agreement of Noble and the Members’
Agreement of Noble that are are referred to in the applicable subscription
agreement approved by the Board of Directors and provided by Noble to Executive
in order to effectuate such purchase and that will govern the terms of the Series B
Incentive Units and Series B Performance Units, and (ii) any other
documents ancillary to the Grant required by Noble.  For purposes of this Section 3(i), the
terms “Series B Incentive Units” and “Series B Performance Units”
shall be as defined in that version of the Limited Liability Company Operating
Agreement of Noble that will govern such Series B Incentive Units and Series B
Performance Units.

 

4.             Termination of Employment.

 

(a)           Termination
Due to Death or Disability. 
Executive’s employment will terminate upon her  death or Disability.  For purposes of this Agreement, “Disability”
shall refer to Executive’s physical or mental disability preventing her  from carrying out substantially all of
her  duties as Senior Vice President,
General Counsel and Secretary for a period of four consecutive months (or 25
weeks in any 12-month period).  If Executive
and Noble disagree as to the existence of a Disability, the dispute shall be
resolved by an independent medical doctor selected by Executive and Noble.

 

(b)           Involuntary
Termination.  Executive’s
employment hereunder may be terminated immediately by Noble, at any time, for
Cause by written notice.  For purposes of
this Agreement, “Cause” shall mean:

 

(i)            Executive’s failure to substantially
perform her  duties as an employee of
Noble, which failure is not remedied by the Executive within thirty (30) days
after receiving written notice from the Board of Directors specifying such failure;

 

(ii)           the engagement by Executive in misconduct in
the performance of her  duties as an
employee of Noble, which misconduct is materially injurious to Noble or any of
the Noble Companies;

 

(iii)          the Executive admitting to, the Executive
being convicted of, the Executive entering of a plea of guilty or nolo contendere to, or the 

 

4

 

Executive being indicted for, any felony or crime involving moral
turpitude;

 

(iv)          the Executive committing any act of fraud or
dishonesty in connection with the performance of her  duties as an employee of Noble or in the
course of Executive’s employment with Noble, which act is materially injurious
to Noble or any of the Noble Companies;

 

(v)           the Executive using narcotics, alcohol, or
illicit drugs in a manner that has or may reasonably be expected to have a
detrimental effect on the performance by the Executive of her  duties as an employee of Noble or on the
reputation of Noble or any of the Noble Companies; or

 

(vi)          the Executive committing a material violation
of any policy sponsored by Noble or the other Noble Companies which results in
injury to Noble or any of the Noble Companies.

 

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

 

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

 

(e)           Benefits
upon Termination.

 

(i)            Severance Payments.  In the event Noble terminates the Executive
without Cause (which shall not include a termination under Section 4(a)),
and subject to Executive executing within thirty (30) days following such
termination of employment, and not subsequently revoking, a general release of
all claims arising under this Agreement or otherwise related to Executive’s
employment by Noble, which release shall be in a form to be provided by Noble,
and subject to Executive abiding in all material respects by her obligations
under this Agreement, Noble will provide Executive with the following payments:

 

(A)          the 2008 Guaranteed Bonus, if the 2008
Guaranteed Bonus had not yet been paid to the Executive (the “Guaranteed
Bonus Severance”);

 

(B)           a cash amount equal to six (6) months
of her  Salary, less taxes and
withholdings, which amount shall be paid in accordance with the normal payroll
practices of Noble over the six (6) month period following the date of
Executive’s termination of employment (the “Salary Continuation”); and

 

5

 

(C)           reimbursement (or direct payment to the
carrier), for six (6) months following the Executive’s termination of
employment (the “Continuation Period”), for a portion of the premium
costs incurred by Executive (and her 
spouse and dependents, where applicable) to obtain COBRA coverage
pursuant to one of the group health plans sponsored by Noble (or a Noble
Company), which reimbursement (or direct payment) shall equal the premium costs
incurred by Noble (or a Noble Company, if applicable), for the Continuation
Period, on behalf of a similarly-situated employee, to obtain coverage under
the same group health plan sponsored by Noble (or a Noble Company, if
applicable) (the “Health Care Continuation”).

 

Notwithstanding anything in the foregoing to the contrary, (1) Executive
shall be entitled to receive the Health Care Continuation only if Executive is
participating in a group health plan sponsored by Noble (or a Noble Company) as
of the date on which Executive incurs a termination of employment, and (2) the
Executive shall be responsible, during the Continuation Period, for premium
costs for COBRA coverage in excess of the Health Care Continuation, and the
Executive shall be responsible, after the Continuation Period, for all premium
costs for COBRA coverage, if the Executive continues to elect such COBRA
coverage.

 

(ii)           Timing of Payments;
Early Termination of Obligations.

 

(A)          Notwithstanding the foregoing:  (1) subject to Section 4(e)(ii)(A)(2),
Executive shall receive the Guaranteed Bonus Severance on the Bonus Payment
Date, which Bonus Payment Date shall fall in the year following the year in
which Noble terminates the Executive without Cause; (2) any portion of the
Guaranteed Bonus Severance, the Salary Continuation, or the Health Care
Continuation which would otherwise have been paid to the Executive or
reimbursed before the first normal payroll payment date falling on or after the
fortieth (40th) day following the date of Executive’s termination of employment
(the “First Payment Date”) shall be made on the First Payment Date; (3) the
Executive shall not be entitled to any Guaranteed Bonus Severance or Salary
Continuation unless the Executive’s termination of employment constitutes a “separation
from service” within the meaning of Treasury Regulation Section 1.409A-1(h);
and (4) each payment of Salary Continuation is intended to constitute a
separate payment from each other payment of Salary Continuation and from
payment of the Guaranteed Bonus Severance for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

6

 

(B)           Notwithstanding the foregoing, if the
Executive accepts an offer of employment at any time during the Continuation
Period, which acceptance would not be in violation of the obligations of the
Executive under this Agreement, Noble shall no longer be obligated to pay the
Health Care Continuation, should the Executive become eligible to participate
in any other group health plan as a result of her acceptance of such offer of
employment.  For the purposes of this Section 4(e)(ii)(B),
the Executive shall notify Noble of her 
acceptance of an offer of employment, and the terms and conditions of
such offer, on the day of such acceptance. 
If the Executive does not so notify Noble, then Noble may recover from
the Executive any Health Care Continuation paid after the date that the
Executive accepted such an offer of employment. 
For the avoidance of doubt, if the Executive would violate her  obligations under this Agreement by accepting
such an offer of employment, or by performing any services pursuant to such an
acceptance, then Noble will no longer be subject to any obligation to pay the
Guaranteed Bonus Severance, the Salary Continuation or the Health Care
Continuation.

 

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

 

(iv)          The parties agree that, except as set forth
in this Section 4(e), or as set forth in that certain Change in Control
Severance Agreement, dated as of May 5, 2008, by
and between the Executive and Noble (the “Change in Control Severance
Agreement”), or as determined by the terms of any employee benefit plan in
which the Executive participated under Section 3(d), or as otherwise
required by law, Executive will not be entitled to receive any compensation or
benefits after termination of her employment with Noble.

 

5.             Confidential or Proprietary Information.

 

(a)           Except in connection with the faithful
performance of Executive’s duties hereunder or pursuant to Section 5(c) or
5(d), Executive agrees that she will not, at any time during the Term of
Employment or thereafter, directly, indirectly or otherwise, use, disseminate,
disclose or publish, or use for her 
benefit, or for the benefit of any person, firm, corporation or other
entity, any Confidential or Proprietary Information of or relating to Noble or
the Noble Companies, nor shall she deliver to any person, firm, corporation or
other entity any document, record, notebook, computer program or similar
repository of or containing any such Confidential or Proprietary
Information.  For purposes of this
Agreement, 

 

7

 

“Confidential or Proprietary Information” includes, without
limitation: all trade secrets, intellectual property in the form of patents,
trademarks and copyrights and applications therefor, ideas, inventions, works,
discoveries, improvements, information, documents, formulae, practices,
processes, methods, developments, source code, modifications, technology,
techniques, data, programs, other know-how or materials, owned, developed or
possessed by Noble or the Noble Companies, whether in tangible or intangible
form, information with respect to Noble’s or the Noble Companies’ operations,
processes, products, inventions, business practices, finances, principals,
vendors, suppliers, customers, potential customers, marketing methods, costs,
prices, contractual relationships, regulatory status, prospects and
compensation paid to employees or other terms of employment.  The parties hereby stipulate and agree that
as between them the foregoing matters are important and material Confidential
or Proprietary Information, which affect the successful conduct of the
businesses of Noble and the Noble Companies (and any successor or assignee of
Noble).

 

(b)           Upon termination of Executive’s employment
with Noble, whether at the instance of Executive or Noble and for whatever
reason, Executive will promptly deliver to Noble all correspondence, records,
drawings, manuals, letters, notes, notebooks, computers, cell phones, reports,
programs, data, audio or videotapes (or other information contained on any
digital information medium), plans, proposals, financial documents, or any
other documents or materials
containing Confidential or Proprietary Information, information otherwise owned
by Noble or the Noble Companies, or containing information concerning
the customers, business plans, marketing strategies, products or processes of
Noble or the Noble Companies.  Executive
shall also return any materials or information received in connection with her  employment from clients, prospects or vendors
of Noble or the Noble Companies.

 

(c)           Executive may respond to a lawful and valid
subpoena or other legal process; provided, however, that Executive shall give
Noble the earliest possible notice thereof, and shall, as much in advance of
the return date as possible, make available to Noble and its counsel the
documents and other information sought. 
Executive shall assist such counsel at Noble’s expense in resisting or
otherwise responding to such subpoena or process.

 

(d)           Nothing in this Agreement shall prohibit
Executive from (i) disclosing information and documents when required by
law, subpoena or court order (subject to the requirements of Section 5(c) above),
(ii) disclosing information and documents to her  attorney or tax adviser for the purpose of
securing legal or tax advice, (iii) disclosing the post-employment
restrictions in this Agreement in confidence to any potential new employer, or (iv) retaining,
at any time, her  personal
correspondence, personal rolodex and documents related to her own personal
benefits, entitlements and obligations.

 

(e)           The Executive agrees that the terms of this
Agreement constitute Confidential and Proprietary Information, and agrees,
subject to Section 5(c) and 5(d), to not 

 

8

 

disclose the terms of this Agreement to any third party, except as
provided in Section 5(d) and except as provided in a proceeding under
Section 18 hereof to enforce the terms of this Agreement.

 

6.             Inventions.  All rights to discoveries, inventions,
documents, improvements and innovations (including all data and records
pertaining thereto) related to the business of Noble, whether or not
patentable, copyrightable, registrable as a trademark, or reduced to writing,
that Executive may discover, invent, improve, modify or originate during
Executive’s employment, either alone or with others and whether or not during
working hours or by the use of the facilities of Noble or the Noble Companies (“Inventions”),
shall be the exclusive property of Noble and the Noble Companies.  Executive shall promptly disclose all
Inventions to Noble, shall execute at the request of Noble any assignments or
other documents Noble may deem reasonably necessary to protect or perfect its
rights therein or the rights of any Noble Company therein, and shall assist
Noble, upon reasonable request and at Noble’s expense, in obtaining, defending
and enforcing Noble’s rights therein and/or the rights of any Noble Company
therein.  Executive hereby appoints Noble
as her  attorney-in-fact to execute on
her behalf any assignments or other documents reasonably deemed necessary by
Noble to protect or perfect its rights or the rights of any Noble Company to
any Inventions.

 

7.             Non-Competition and Non-Solicitation.

 

(a)           During the Term of Employment and for a
period of six (6) months following Executive’s termination of employment
for whatever reason, Executive shall not directly or indirectly, individually
or on behalf of any other person or entity, manage, participate in, work for, consult
with, render services for, or take an interest in (as an owner, stockholder,
partner or lender) any Competitor in an area of business in which Competitor
directly competes or seeks to directly compete with Noble or the Noble
Companies.

 

(b)           For purposes of this Agreement, “Competitor”
means any business, company or individual which is in the business, or is
actively seeking to be in the business, of developing, constructing, managing,
owning or operating wind energy projects in: (i) Connecticut; (ii) Maine;
(iii) Michigan; (iv) New Hampshire; (v) New York; (vi) Texas;
(vii) Vermont; (viii) Wyoming; or (ix) any other state in the
United States in which Noble operates, or has been developing, wind energy
projects within the twelve (12) months preceding Executive’s termination.

 

(c)           During the Term of Employment and for a
period of twelve (12) months following Executive’s termination of employment
for whatever reason, Executive shall not directly or indirectly, individually
or on behalf of any other person or entity:

 

(i)            divert or attempt to divert from Noble any
business with any customer, partner or other person with which Noble had any
business contact or association during the Term of Employment;

 

9

 

(ii)           induce or attempt to induce any customer,
partner or other person with which Noble had any business contact or
association to reduce or refrain from doing business with Noble or the Noble
Companies;

 

(iii)          induce or attempt to induce, or cause, other
than by means of any general solicitation by advertisement or otherwise, any
employee or consultant of Noble to terminate his or her employment or
relationship with Noble; or

 

(iv)          recruit or hire, other than by means of any
general solicitation by advertisement or otherwise, any person who was an
employee or consultant of Noble after his or her employment or relationship
with Noble has terminated.

 

8.             Non-Disparagement.  The Executive agrees, during the Term of
Employment and thereafter, to refrain from disparaging Noble and the Noble
Companies, including any of its services, technologies or practices, or any of
its directors, officers, agents, employees, 
former employees, representatives or stockholders, either orally or in
writing; provided, however, that nothing in the foregoing shall preclude the
Executive from making truthful statements that are required by applicable law,
regulation or legal process.  Noble
agrees, during the Term of Employment and thereafter, to refrain from
disparaging the Executive; provided, however, that Noble’s agreement to this
non-disparagement clause shall be limited to official statements issued by
Noble as an organization and statements of officers of Noble and members of the
Board of Directors; provided, further, that nothing in the foregoing shall
preclude Noble, its officers or members of the Board of Directors from making
truthful statements that are required by applicable law, regulation or legal
process.

 

9.             Injunctive Relief.  Executive acknowledges that a breach of the covenants
contained in Sections 5 through 8 will cause irreparable damage to Noble and
its goodwill, the exact amount of which will be difficult or impossible to
ascertain, and that the remedies at law for any such breach will be inadequate.  Accordingly, Executive agrees that in the
event of a breach of any of the covenants contained in Sections 5 through 8, in
addition to any other remedy which may be available at law or in equity, Noble
will be entitled to specific performance and injunctive relief.

 

10.           Notices.  All notices and other communications required
or permitted hereunder shall be in writing and shall be deemed given when (a) delivered
personally, (b) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (c) delivered by overnight courier
(provided that a written acknowledgment of receipt is obtained by the overnight
courier) to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

 

                If to
Noble:

 

Noble Environmental Power, LLC

8 Railroad Avenue, Suite A

Essex, Connecticut 06426

Attention: Christopher Lowe

WITH A COPY TO:

Walter Q. Howard

 

10

 

If to Executive:

 

C. Kay Mann

5302 Cambridge

Sugar Land, Texas 77479

 

11.           Successors and Binding Agreement.

 

(a)           This Agreement shall be binding upon and
inure to the benefit of Noble and any successor of or to Noble, including
without limitation any purchaser of all or substantially all of the assets of
Noble.

 

(b)           This Agreement shall inure to the benefit of
and be enforceable by Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, and/or legatees.  Executive agrees that her  obligations under this Agreement are personal
in nature and, without the consent of Noble, she  may not assign, transfer, or delegate this
Agreement or any rights or obligations hereunder, provided, that upon Executive’s death, Executive may assign
her  rights hereunder to Executive’s
estate or heirs.

 

12.           Complete and Final Agreement.   Executive agrees that this Agreement and the
Change in Control Severance Agreement reflect the complete agreement between
Noble and Executive, and that there are no written or oral understandings,
promises or agreements related to this Agreement except those contained
herein.  This Agreement and the Change in
Control Severance Agreement constitute the complete and final agreement by and
between the parties, and supersede any and all prior and contemporaneous
negotiations, representations, understandings, and agreements between the
parties relating to the matters herein. 
The parties further intend that no extrinsic evidence whatsoever may be
introduced in any judicial, administrative or other legal proceeding to vary
the terms of this Agreement or the Change in Control Severance Agreement.

 

13.           Construction / Counsel.  This Agreement shall be deemed drafted
equally by both the parties.  Its
language shall be construed as a whole and according to its fair meaning, with
no presumption that any language shall be construed against any party.  Paragraph headings used herein are for
convenience and are not part of this Agreement and shall not be used in
construing it.  Executive acknowledges
that she has had adequate opportunity to consult with legal or other counsel of
her choosing prior to execution of this Agreement.

 

14.           Governing Law.  Any dispute, controversy, or claim of
whatever nature arising out of or relating to this Agreement or breach thereof
shall be governed by and interpreted under the laws of the State of
Connecticut, without regard to conflict of law principles.

 

11

 

15.           Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall nevertheless remain in full
force and effect.  Further, the parties
agree that any invalid, illegal or unenforceable provision or restriction shall
be deemed modified so that it shall be enforced to the greatest extent
permissible under law.  To the extent
that any court of competent jurisdiction determines any provision or
restriction herein to be overly broad, or unenforceable, such court is hereby
empowered and authorized to limit such provisions or restrictions so that it is
enforceable for the longest duration of time, within the largest geographical
area and with the broadest scope, as permitted by law.

 

16.           Survival of Provisions.  Notwithstanding any other provision of this
Agreement, the parties’ post-termination obligations and the parties’ other
respective rights, including, without limitation, the provisions of Sections 5
through 8 shall survive any termination or expiration of this Agreement or the
termination of Executive’s employment for any reason whatsoever.

 

17.           Waiver. 
No provision of this Agreement may be modified, waived, or discharged
unless such modification, waiver, or discharge is agreed to in writing signed
by Executive and Noble.  No waiver by
either party hereto at any time of any breach by the other party hereto or
compliance with any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time.

 

18.           Mediation and Arbitration.  Any dispute that may arise between Noble and
Executive in reference to this Agreement, or the interpretation, application or
construction thereof, and any matter, without limitation, arising out of
Executive’s employment with Noble, shall be submitted to mediation using a
mediator or mediators and procedures that are mutually acceptable to Executive
and Noble.  If mediation is not
successful, the dispute shall be submitted to arbitration, conducted before an
arbitrator in Middlesex County, Connecticut in accordance with the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association
then in effect.  Judgment may be entered
on the arbitration award in any court having jurisdiction; provided,
however, that Noble shall be entitled to seek a restraining order or
injunction in any court of competent jurisdiction to prevent any continuation
of any violation of the provisions of Sections 5 through 8 of the Agreement and
Executive hereby consents that such restraining order or injunction may be
granted without requiring Noble to post a bond. 
Only individuals who are on the AAA register of arbitrators may be
selected as an arbitrator.  Within 20
days of the conclusion of the arbitration hearing, the arbitrator(s) shall
prepare written findings of fact and conclusions of law.  It is mutually agreed that the written
decision of the arbitrator(s) shall be valid, binding, final and
non-appealable; provided however, that the parties agree that the arbitrator
shall not be empowered to award punitive damages against any party.  If for any reason this mediation and
arbitration clause becomes not applicable, then each party, to the fullest
extent permitted by applicable law, hereby irrevocably waives all right to a
trial by jury as to any issue relating hereto in any action, proceeding, or
counterclaim arising out of or relating to this Agreement or any other matter
involving the parties hereto.

 

12

 

19.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same Agreement.

 

20.           Section 409A.

 

(a)           Notwithstanding anything to the contrary in
this Agreement, if at the time of Executive’s termination of employment with
Noble, Executive is a “specified employee” as defined in Section 409A of
the Code, as determined by Noble in accordance with Section 409A of the
Code, and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then Noble will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction in the payments or
benefits ultimately paid or provided to Executive) until the date that is at
least six (6) months following Executive’s termination of employment with
Noble (or the earliest date permitted under Section 409A of the Code),
whereupon Noble will pay Executive a lump-sum amount equal to the cumulative
amounts that would have otherwise been previously paid to Executive under this
Agreement during the period in which such payments or benefits were
deferred.  Thereafter, payments will
resume in accordance with this Agreement.

 

(b)           Additionally, in the event that following
the date hereof Noble or the Executive reasonably determines that any payments
or benefits payable under this Agreement may be subject to Section 409A of
the Code, Noble and the Executive shall work together to adopt such amendments
to this Agreement or adopt other policies or procedures (including amendments,
policies and procedures with retroactive effect), or take any other
commercially reasonable actions necessary or appropriate to (i) exempt the
payments and benefits payable under this Agreement from Section 409A of
the Code and/or preserve the intended tax treatment of the payments and
benefits provided with respect to this Agreement or (ii) comply with the
requirements of Section 409A of the Code.

 

13

 

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

 

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left blank]

 

14

 

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

 

 

	
   

  	
  Noble Environmental Power, LLC  

  
	
   

  	
   

  
	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
   

  
	
   

  	
  Name: Walter Q. Howard

  
	
   

  	
  Position: President and CEO

  
	
   

  	
  Date:

  	
  May 5, 2008

  

 

 

	
  Witnessed:

  	
  /s/ Michael J. Palmieri

  	
   

  	
  /s/ C. Kay Mann

  
	
  Name:

  	
  Michael J. Palmieri

  	
   

  	
  C. Kay Mann

  
	
  Date:

  	
  May 5, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
  May 5, 2008

  
							

 

15

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