Document:

Exhibit 10.13

 

CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS OF THIS AGREEMENT. THE
REDACTIONS ARE INDICATED WITH THREE ASTERISKS (“***”). A COMPLETE VERSION OF THIS AGREEMENT HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

RPS STANDARD FORM CONTRACT

 

BY AND BETWEEN

 

THE NEW YORK STATE ENERGY RESEARCH
AND DEVELOPMENT AUTHORITY

 

AND

 

NOBLE CHATEAUGAY WINDPARK, LLC

 

Dated: MARCH 14, 2007

 

 

Agreement No. 10076

 

This Agreement (“Agreement”)
is entered into as of March 14, 2007 (the “Effective Date”) by and between
the New York State Energy Research and Development Authority (“NYSERDA”), a
public benefit corporation, having a principal business address of 17 Columbia
Circle, Albany, New York 12203, and Noble Chateaugay Windpark, LLC (“Seller”),
a Delaware limited liability company, having a principal business address of 8
Railroad Avenue, Suite 8, Essex, Connecticut 06426. NYSERDA and Seller are
each referred to herein as a “Party” and are collectively referred to herein as
the “Parties.”

 

WHEREAS, the New
York State Public Service Commission (“PSC”) adopted a Renewable Portfolio
Standard (“RPS”) program to address the energy, economic, and environmental
objectives of New York State by creating the potential to build new industries
in the State based on clean, environmentally responsible energy technologies (See Case 03-E-0188, “Order Regarding
Retail Renewable Portfolio Standard” issued and effective September 24,
2004, and subsequent orders under Case No. 03-E-0188 (the “Orders”)) and
the Orders designate NYSERDA as the Central Procurement Administrator of the
RPS Program and all associated funding; and

 

WHEREAS, NYSERDA
has conducted a competitive Request for Proposals (“RFP 1037”) to procure
rights to RPS-eligible renewable energy attributes; and

 

WHEREAS, NYSERDA
RFP 1037, which is incorporated herein and made part hereof, provided, among
other things, that this RPS Standard Form Contract (“Agreement”) would be
employed to govern the rights and obligations of the Parties; and

 

WHEREAS, Seller
has participated in such competitive solicitation and has been selected by
NYSERDA as a winning bidder with respect to the Noble Chateaugay Windpark (“Bid
Facility”); and

 

WHEREAS, the
Seller desires to sell to NYSERDA, and NYSERDA desires to purchase from Seller,
the RPS-eligible renewable energy attributes (“RPS Attributes,” as defined
herein) associated with the energy production of the Bid Facility described in
the Application Package filed by Seller (which is incorporated herein, made
part hereof, and annexed hereto at Exhibit D), and the Bid Proposal during
the Contract Delivery Term, on the terms and subject to the conditions set
forth herein;

 

NOW, THEREFORE,
this Agreement has been entered into by the Parties to define, among other
things, their rights and obligations concerning the generation of RPS
Attributes by Seller and delivery of all right and title to RPS Attributes to
NYSERDA, and the payments by NYSERDA to Seller during the term of this
Agreement.

 

1

 

Article I

 

Definitions

 

The terms defined
in this Article I, whenever used in this Agreement (including in any Exhibit hereto),
shall have the respective meanings indicated below for all purposes of this
Agreement (each such meaning to be equally applicable to the singular and the
plural forms of the respective terms so defined). All references herein to a
Section, Article or Exhibit are to a Section, Article or Exhibit of
or to this Agreement, unless otherwise indicated. The words “hereby”, “herein”,
“hereof”, “hereunder” and words of similar import refer to this Agreement as a
whole (including any Exhibit) and not merely to the specific section, paragraph
or clause in which such word appears. The words “include”, “includes”, and “including”
shall be deemed, in every instance, to be followed by the phrase “without
limitation.” Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. Except as otherwise
expressly provided herein, all references to “dollars” and “$” shall be deemed
references to the lawful money of the United States of America.

 

Actual Annual Production:
The amount, in MWh, of the total electric energy produced by the Bid Facility
during any Contract Year, measured at the Injection Point.

 

Actual Annual Eligible
Production: The amount, in MWh, of the Actual Eligible
Production during a full Contract Year.

 

Actual Eligible
Production: The amount, in MWh, of the electric energy
produced by the Bid Facility during any period within a Contract Year, measured
at the Injection Point.

 

Actual Production:
The amount, in MWh, of the total electric energy production of the Bid Facility
during any period within a Contract Year.

 

Application Package:
The Application Package document submitted by Seller in response to RFP 1037,
which is incorporated herein, made part hereof, and annexed hereto as Exhibit D.

 

Bid Capacity:
Bid Capacity shall equal the Bid Quantity Percentage multiplied by the
Nameplate Capacity of the Bid Facility. The Bid Capacity under this Agreement
shall be 101.18 MW.

 

Bidder:
An entity submitting an Application Package and Bid Proposal in response to RFP
1037. Such entity need not be the owner of the Bid Facility, but must have
secured rights to the RPS Attributes from the Bid Facility sufficient to
satisfy all performance requirements stated in this RFP and the RPS Standard Form Contract.

 

Bid Facility:
The “Noble Chateaugay Windpark” electric generating station that has been
identified and described in the Application Package and Bid Proposal submitted
by Seller to RFP 1037, consisting of a specified Nameplate Capacity of 106.50
MW. The Noble Chateaugay Windpark is an Intermittent Bid Facility.

 

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Bid Price:
A single fixed production payment, expressed in $/MWh, applicable to each MWh
of RPS Attributes offered as performance throughout the Contract Delivery Term.
For all transactions contemplated and consummated under this Agreement, the Bid
Price shall be $17.75 per MWh.

 

Bid Quantity:
The amount, in MWh, of RPS Attributes the Bid Facility expects to proffer as
performance under the RPS Standard Form Contract over each Contract Year
during the Contract Delivery Term. This number will equal the Expected Annual
Eligible Production multiplied by the Bid Quantity Percentage. The Bid Quantity
must be the same for each Contract Year throughout the Contract Delivery Term.
For all transactions contemplated and consummated under this Agreement, the Bid
Quantity shall be *** MWh.

 

Bid Quantity Percentage:
The percentage of the Bid Facility’s Expected Annual Eligible Production that
will be committed to performance under this Agreement. For all transactions
contemplated and consummated under this Agreement, the Bid Quantity Percentage shall
be *** percent (***%), which Bid Quantity Percentage will be applied to Actual
Eligible Production in any period during the Contract Delivery Term to
establish compliance with contract requirements.

 

Commercial Operation:
A state of operational readiness under which (i) the Bid Capacity is
available and physically able to produce electric energy, and (ii) all
rights, abilities, permits and approvals to schedule and deliver energy to the
Injection Point have been obtained.

 

Commercial Operation
Milestone Date: The Commercial Operation Milestone Date shall
be November 1, 2008.

 

Contract Delivery Term:
The fixed duration of the period of performance under the RPS Standard Form Contract,
which shall commence on the later of (i) January 1, 2008 or (ii) the
first day of the month after the Bid Facility commences Commercial Operation
and which shall continue thereafter for ten Contract Years.

 

Contract Security:
All amounts provided to NYSERDA by Seller pursuant to Sections 15.01 hereto.

 

Contract Year:
A 12-month period commencing with the beginning of the Contract Delivery Term
and each anniversary thereof within the Contract Delivery Term.

 

Delivery Point:
The Delivery Point shall be the Injection Point.

 

Delivery Requirement:
The mandatory electricity delivery requirement applicable to performance under
this Agreement, as described at Article III hereto.

 

Expected Annual Eligible
Production: The amount, in MWh, of the Expected Average
Annual Production of the Bid Facility, measured at the Injection Point.

 

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Expected Average Annual
Production: The expected electric energy production of the
entire Bid Facility during any Contract Year.

 

External Bid Facility:
Any Bid Facility not located within the New York Control Area (NYCA); such Bid
Facilities are subject to the delivery requirement specified in Article III
(External Bid Facility Delivery Requirements).

 

Injection Point:
The generator bus or location where the administrator of the local control area
measures, or otherwise determines, energy delivery from the Bid Facility into
the local wholesale market.

 

Intermittent Bid Facility:
Intermittent Bid Facilities shall include the following: wind, solar, tidal,
ocean, and run-of-river hydroelectric.

 

Knowledge.
Knowledge shall mean actual knowledge of any officer or manager of Seller, or
the knowledge that any such person would be expected to have after conducting a
reasonable inquiry, whether or not such an inquiry was actually conducted.

 

Nameplate Capacity:
The gross generating capacity of the entire Bid Facility, in MW.

 

New York Control Area
(NYCA): The control area that is under the control of the
NYISO which includes transmission facilities listed in the ISO/TO Agreement
Appendices A-l and A-2, as amended from time-to-time.

 

NYISO:
The New York Independent System Operator, Inc. that administers the
wholesale power markets in New York and manages the physical electrical
operations of the New York Control Area (NYCA).

 

Quantity Obligation:
Shall mean, for any period during the Contract Delivery Term, the number of MWh
calculated as the Bid Quantity Percentage multiplied by the Actual Eligible
Production; subject, however, to adjustments pursuant to Article V
(Adjustments).

 

RPS-eligible Attributes:
Shall mean all environmental characteristics, claims, credits, benefits,
emissions reductions, offsets, allowances, allocations, howsoever
characterized, denominated, measured or entitled, attributable to the
generation of Actual Eligible Production by a Bid Facility. One RPS-eligible
Attribute shall be created upon the generation by a Bid Facility of one MWh of
Actual Eligible Production. RPS-eligible Attributes include but are not limited
to: (i) any direct emissions of pollutants to the air, soil or water; (ii) any
avoided emissions of pollutants to the air, soil or water including but not
limited to sulfur oxides (SOx), nitrogen oxides (NO), carbon monoxide (CO),
particulate matter and other pollutants; (iii) any avoided emissions of
carbon dioxide (C02), methane (CH4) and other greenhouse
gases (GHGs) that have been or may be determined by the United Nations
Intergovernmental Panel on Climate Change to contribute to the actual or
potential threat of altering the Earth’s climate by trapping heat in the
atmosphere; (iv) all sct-asidc allowances and/or allocations from
emissions trading programs, including but not limited to allocations available
under 6 NYCRR §§ 204, 237 and 238; and

 

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(v) all credits,
certificates, registrations, recordations, or other memorializations of
whatever type or sort, representing any of the above.

 

RPS-eligible Attributes
do not include (i) any energy, capacity, reliability or other power
products, such as ancillary services; (ii) production tax credits
associated with the construction or operation of the Bid Facility or other
financial incentives in the form of credits, reductions, or allowances
associated with the Bid Facility that are applicable to a state or federal income
taxation obligation; (iii) fuel-related subsidies or “tipping fees” that may be
paid to the Seller to accept certain fuels, or local subsidies received by the
generator for the destruction of particular pre-existing pollutants or the
promotion of local environmental benefits; or (iv) emission reduction
credits encumbered or used by the Bid Facility for compliance with local,
state, or federal operating and/or air quality permits.

 

RPS Attributes:
The RPS-eligible Attributes offered and delivered as performance during the
Contract Delivery Term. See Articles II, III, and IV.

 

Substitute Bid Facility:
Any Bid Facility that has submitted a complete Application Package and has been
qualified through Step One of RFP 1037 and is not committed to perform under a
Standard Form Contract awarded under RFP 1037 or any previous NYS RPS
procurement.

 

Article II

 

Purchase and Sale of Rights to RPS Attributes

 

Section 2.01.
On the terms and subject to the conditions and provisions of this Agreement,
Seller agrees to sell, assign, convey and deliver to NYSERDA, and NYSERDA
agrees to purchase from the Seller, all right, title and interest in the RPS
Attributes associated with the Quantity Obligation of the Bid Facility during
each month of the Contract Delivery Term.

 

Section 2.02.  Such right, title and interest shall include
perpetual and exclusive rights to all RPS Attributes, including but not limited
to the exclusive rights to claim, consistent with New York State Environmental
Disclosure rules: (a) that the energy associated with RPS Attributes was
generated by the Bid Facility; and (b) that New York State and or the RPS
Program is responsible for the reductions in emissions and/or other pollution
resulting from the generation of the Bid Facility’s energy.

 

Section 2.03.  At the time of such sale, assignment and
conveyance by Seller to NYSERDA, the RPS Attributes shall be free and clear of
all liens, judgments, encumbrances and restrictions.

 

Section 2.04.
Assignment and Transfer of Rights to RPS Attributes.  The assignment and transfer (“Transfer”) of
RPS Attributes to NYSERDA shall be accomplished through their inclusion on the
Certification and Assignment of Rights Form, which must accompany each invoice.
Should the PSC or NYSERDA create, sanction, adopt or begin participation in a
tracking system for accounting for generation attributes or certificates
associated with generation in the New York Control Area, Transfer will also
include the delivery of the attributes or

 

5

 

certificates associated
with each RPS Attribute, at the earliest time such certificates or attributes
become available for delivery, to an account designated by NYSERDA.

 

Section 2.05.  In the event that Seller must apply for or
take some other action under any emission-trading or other regime other than
the NY RPS in order to secure a claim, title, ownership, or rights of any type,
nature or sort to any RPS-eligible Attributes associated with Quantity
Obligations, or any certification, registration, verification or other
memorialization of the creation of such RPS-eligible Attributes by the Bid
Facility to which Seller may be entitled (Title), Seller shall (i) take
all actions necessary to apply for and secure such Title, to the maximum extent
to which Seller is entitled, (ii) provide NYSERDA with evidence of taking
such action; and (iii) Transfer such Title to NYSERDA whenever so secured.

 

Section 2.06.
NYSERDA’s obligations under this Agreement are expressly conditioned on the
eligibility of Seller’s Bid Facility, at the time of execution of this
Agreement and throughout the duration of the Contract Delivery Term, under the
Main Tier eligibility rules and requirements, as such requirements existed
on December 12, 2006, as originally stated at Appendix C to the September 24,
2004 Order and as modified by subsequent Orders. Bid Facilities selected under
this RFP will not be subject to subsequent changes in RPS eligibility rules;
however, in the event that the Bid Facility fails to maintain eligibility consistent
with the RPS requirements as they existed on December 12, 2006 such
ineligibility will extend to the attributes emanating from the Bid Facility

 

Section 2.07.  NYSERDA’s obligations to purchase RPS
Attributes and to make payment under this Agreement are conditional on the
ability of Seller to demonstrate to the satisfaction of the DPS that the
creation of and title to the RPS-eligible Attributes is sufficiently verifiable
for purposes of the New York Environmental Disclosure Program. Solely for purposes
of this Agreement, RPS Attributes emanating from Bid Facilities participating
in the NEPOOL Generation Information System or the Pennsylvania-Jersey-Maryland
Generation Attribute Tracking System are deemed sufficiently verifiable for
this purpose.

 

Section 2.08.  NYSERDA’s obligations to purchase RPS
Attributes and to make payment under this Agreement are conditional on the
commencement by the Bid Facility of Commercial Operation at a minimum of 80
percent of the Bid Capacity on or before the Commercial Operation Milestone
Date. The Commercial Operation Milestone date shall be November 1, 2008.

 

Section 2.09.  Subject to authorization by the PSC, NYSERDA
shall be free to sell, assign, transfer or otherwise subject to any
encumbrance, any of the RPS Attributes or the right, title and interest to the
RPS Attributes NYSERDA shall acquire under this Agreement, at any time and from
time to time to any entity and on such terms and conditions as NYSERDA may
desire. Any financial or other consideration received by NYSERDA from any such
action shall inure solely to NYSERDA’s benefit, to be applied as NYSERDA
determines as the Central Procurement Administrator of the RPS Program, and
shall not affect the Seller’s obligations under the terms of this Agreement.

 

6

 

Section 2.10.  Suspension of Performance. Seller may,
at its option, and upon sufficient notice to NYSERDA, suspend its obligation to
deliver RPS-eligible Attributes to NYSERDA, in whole or in part, if such RPS-eligible
Attributes are sold into the New York State voluntary market or pursuant to a
New York State Executive Order 111 or other mandated New York State
governmental procurement. Such notice must be written, as provided under Section 19.01
hereto, must be provided to NYSERDA at least one month prior to the
commencement of the requested suspension period, must identify the quantity of
the RPS-eligible Attributes as to which delivery is to be suspended and the
duration of such suspension, which shall be no less than six (6) months in
duration. The quantity suspended may be either a specific percentage of the
Quantity Obligation or a specific quantity of RPS Attributes to be suspended
each month during the suspension period; in either case the quantity to be suspended
must exceed the lower of (i) ten percent (10%) of the Bid Quantity or (ii) one
thousand (1,000) RPS-eligible Attributes per month. During each month during
the period of suspension, Seller shall present documentation to NYSERDA
establishing that the RPS-eligible Attributes created during the prior month as
to which delivery has been suspended were either (a) settled into an
account of an entity serving retail load in New York (“LSE”) or otherwise
accounted for as a part of the residual system mix for purposes of the
Environmental Disclosure Program administered by the Department of Public
Service, or (b) should a New York renewable energy generation certificate
system (“REC”) or other automated tracking system enter operation during the
suspension period, documentation from such system administrator verifying the
retirement of such RPS-eligible Attributes and/or RECs into a voluntary
customer account in New York, including accounts associated with compliance
with a mandated New York State governmental procurement. The suspension of
RPS-eligible Attributes shall not relieve or excuse Sellers from compliance
with the Delivery Requirement for suspended RPS Attributes.

 

Section 2.11.
Substitution of Bid Facility.  At
any time on or before September 1, 2007, Seller may request a novation or
modification to this Agreement to designate one or more Substitute Bid
Facilities in replacement of the Bid Facility designated herein for performance
under this Agreement. Such request must be in writing; consent by NYSERDA will
not be unreasonably denied. Consent by NYSERDA is conditioned on the ability of
NYSERDA and Seller to agree upon modifications to this Agreement necessary to
accomplish the substitution. Should NYSERDA consent to a substitution, all
amounts provided by Seller as Contract Security must remain in force or be
replaced prior to the execution of the novation or other modification. Under no
circumstance shall the Bid Quantity be increased. NYSERDA will not permit the
substitution of an External Bid Facility for a Bid Facility within the NYCA.

 

Article III

 

External Bid Facility Delivery Requirements.

 

Not applicable.

 

7

 

Article IV

 

Payment

 

Section 4.01.  Invoices. Seller shall submit monthly
invoices throughout the term of this Agreement for RPS Attributes created in
the prior month during the Contract Delivery Term. Such invoices shall be
addressed to the attention of “Accounts Payable,” and shall include a statement
of the amount due and payable by NYSERDA to Seller, which amount shall be
calculated in accordance with Section 4.02; such invoices shall also
identify any RPS Attributes which Seller wishes to carry forward to future
Contract Years, and may include a request for payment for RPS Attributes Transferred
in prior Contract Years pursuant to Section 4.05. All such invoices must
and shall be accompanied by a completed Certification and Assignment of Rights
Form, in the form provided at Exhibit B hereto, and must otherwise
demonstrate the Transfer of the RPS Attributes. All invoices must be
accompanied by a completed Hourly Data Report.

 

Section 4.02.
Payment. NYSERDA will make payment to Seller of the amount of Quantity
Obligation in MWh invoiced. NYSERDA may adjust payments to subsequent invoices
consistent with NYISO or other local control area billing settlement true-up
procedures, based on actual metered production data measured at the injection
point, actual and verified data reflecting deliveries to the Delivery Point
from the Bid Facility, and/or based on the number of RPS Attributes
Transferred. NYSERDA will not pay for RPS Attributes beyond the maximum it is
required to purchase under this Agreement, in accordance with Sections 4.04 and
4.05. Amounts payable in a given month shall be calculated as the
multiplicative product of (a) the Actual Eligible Production of the Bid
Facility during the prior month; (b) the Bid Quantity Percentage; and (c) the
Bid Price. In addition, payment will be made for RPS Attributes Transferred to
NYSERDA in accordance with Article II during a prior Contract Year, to the
extent such payment is consistent with Section 4.05 hereto.

 

Section 4.03.
Prompt Payment Policy. NYSERDA will make payments to the Seller in
accordance with and subject to its Prompt Payment Policy Statement, attached
hereto as Exhibit F. The Seller shall be notified by NYSERDA in accordance
with Section 5.04.4 of such Exhibit F of any information or
documentation that the Seller did not include with such invoice. Such payments
shall be made by check or wire transfer to an account designated by the Seller.
NYSERDA will not pay any invoice not accompanied by a completed Certification
and Assignment of Rights Form and a completed Hourly Data Report.

 

Section 4.04.
Maximum Commitment/Limitation. The maximum number of RPS Attributes
NYSERDA shall be obligated to purchase under this Agreement shall be equal to
105 percent of the Bid Quantity multiplied by the number of years in the
Contract Delivery Term. The maximum aggregate amount payable by NYSERDA to Seller
hereunder is *** ($***). Should Seller elect to suspend performance under Section 2.10,
such maximum aggregate amounts will be modified by subtracting any periods of
Suspension from the number of Contract Years, and by reducing the Bid Quantity
by the number of RPS Attributes suspended.

 

Section 4.05.
Carry Forward of RPS Attributes. During any Contract Year, the maximum
number of RPS Attributes NYSERDA shall be obligated to purchase under this
Agreement shall be equal to 110% percent of the Bid Quantity. Seller will be
permitted to carry forward RPS 

 

8

 

Attributes in excess of
110% of the Bid Quantity for payment in subsequent Contract Years during which
the Quantity Obligation is less than 110% of the Bid Quantity. All RPS
Attributes that Seller wishes to carry forward to subsequent Contract Years
must be Transferred to NYSERDA during the month following their creation; such
RPS Attributes must be assigned by the Certification and Assignment of Rights Form for
such month (See Section 2.04).

 

Article V

 

Adjustments

 

Section 5.01.
True-Up Adjustments. NYSERDA may adjust payments to subsequent invoices
consistent with NYISO or other control-area billing settlement true-up
procedures, based on actual metered production data reflecting deliveries to
the Delivery Point.

 

Section 5.02.
Other Adjustments. NYSERDA may adjust its contractual Payment
obligations under this Agreement under the following circumstances:

 

(a)       Not applicable.

 

(b)       Should an Intermittent Bid Facility’s
Quantity Obligation fail to achieve 80% of the Bid Quantity for three (3) consecutive
Contract Years, the Bid Quantity will be modified for the remainder of the
Contract Delivery Term to equal the average Actual Annual Eligible Production
over that three-year period multiplied by the Bid Percentage.

 

(c)       Not applicable.

 

(d)       Not applicable.

 

(e)       Should Seller fail to reasonably
demonstrate, through its submittal of the Economic Benefits Report as so
required by Section 6.03 below, the actualization of at least *** percent
of the sum of the Expected Total Dollars (in dollars per MW of Bid Capacity) of
the projected economic benefits included at Section 3 of the Bid Proposal
(Economic Benefits Created by the Bid Facility)($*** x *** = $***), NYSERDA may
reduce the Bid Price payable for the remainder of the Contract Delivery Term to
an amount equal to the Bid Price multiplied by (the demonstrated amount divided
by the Expected Total Dollars). Amounts included by Seller at Section 3,
subsection (a) (Payments to New York State and/or its Municipalities) that
have been or are subject to tax credits under the New York State Empire Zones
program will not be included in, nor will such amounts be recognized as
demonstrated for purposes of, this calculation.

 

9

 

Article VI

 

Records and Reports

 

Section 6.01.
Monthly Reports. Sellers shall submit with each invoice an hourly data
report (“Hourly Data Report”) including hourly electricity generation data
measured at the Injection Point, in Microsoft Excel format or such other format
to be agreed upon. NYSERDA will also require the Seller to provide detailed
monthly market accounting settlement or other pertinent data from the
administrator(s) of the energy market into which energy from the Bid
Facility was delivered and from the administrator of any attribute accounting
system operating in such control area. Seller may be required to waive
confidentiality, as to NYSERDA, for the direct transfer to NYSERDA by an energy
market administrator of transactional and/or delivery information and data
pertinent to the verification of RPS Attribute creation and electricity
delivery.

 

Section 6.02.
Progress Reports.  On a bi-monthly
or more frequent schedule beginning with the Effective Date and continuing
through the commencement of the Contract Delivery Term, Seller shall provide
written reports to NYSERDA, which reports shall be in letter form, and which
shall describe (1) Seller’s progress in obtaining and securing all required
environmental or other permits and/or local approvals; (2) the status of
development and/or construction planning or activities with regard to the Bid
Facility; (3) the status of the interconnection process between the Bid
Facility and the administrator of the control area; and (4) purchases,
delivery, and/or installation of any major equipment associated with the Bid
Facility. Such reports shall also include copies of any permits or approvals
granted and/or copies of any correspondence of any type denying or refusing any
permit or approval.

 

Section 6.03.
Economic Benefits Report. Sellers shall submit a report including
documentation demonstrating the actual economic benefits that resulted from the
construction and operation of the Bid Facility. Such report should include
copies of sufficient records and documentation relating to employment,
purchases, and other payments necessary to demonstrate the economic benefits
created by the Bid Facility under the categories listed under Section 3 of
RFP 1037. Seller will be required to submit such report within sixty (60) days
of the third anniversary of the Commercial Operation Milestone Date.

 

Section 6.04.
Annual Economic Report. Sellers shall submit, annually for the duration
of the Contract Delivery Term, a report identifying the number of short and
long-term jobs actually created as a result of the development, operation
and/or construction of the Bid Facility. Such report shall also include an
accounting of all payments made to any State, municipal or local governmental
entity, and any payments made for the usage of land or fuel purchases. Such
report shall be filed with NYSERDA within sixty (60) days of each anniversary
of the Commercial Operation Milestone Date.

 

Section 6.05.
Additional Documents. On or before March 27, 2007, Seller shall
provide to NYSERDA:

 

(a)  certificates,
dated as of the most recent practicable date prior to the Effective Date,
issued by the Delaware Secretary of State confirming the corporate good
standing of the Seller;

 

(b)  a
certificate of an appropriate officer of the Seller, dated as of the Effective
Date, in form and substance reasonably satisfactory to NYSERDA and certifying: (1) the
names 

 

10

 

and signatures of
the officers of the Seller authorized to sign a Certification and Assignment of
Rights Form and any other documents to be delivered hereunder, and (2) the
accuracy and completeness of resolutions of the Seller, authorizing and
approving all matters in connection with the transactions contemplated thereby.

 

(c)  Seller
shall promptly provide NYSERDA with updated and corrected versions of the
above-referenced certificates upon any change in the information provided
therein.

 

Section 6.06.
Maintenance of Records. The Seller shall keep, maintain, and preserve at
its principal office throughout the term of the Agreement and for a period of
seven (7) years following the expiration of this Agreement, full and
detailed books, accounts, and records pertaining to Seller’s performance under
the Agreement, including without limitation, all bills, invoices, payrolls,
subcontracting efforts and other data evidencing, or in any material way
related to, the direct and indirect costs and expenses incurred by the Seller
in the course of such performance.

 

Article VII

 

Audit

 

Section 7.01.
Audit. NYSERDA shall have the right from time to time and at all
reasonable times during the term of the Agreement and such period thereafter to
inspect and audit any and all books, accounts and records pertaining to Seller’s
performance under this Agreement, at the office or offices of the Seller where
they are then being kept, maintained and preserved. If such books, accounts and
records are not kept at an office within the State of New York, within a reasonable
time of a request by NYSERDA, Seller shall make such books, accounts and
records available to NYSERDA at NYSERDA’s offices or at an agreed upon location
within the State of New York. Any payment made under this Agreement shall be
subject to retroactive adjustment (reduction or increase) regarding amounts
included therein which are found by NYSERDA on the basis of any audit of the
Seller by an agency of the United States, the State of New York or NYSERDA not
to constitute a properly invoiced amount.

 

Section 7.02.
Eligibility Audit. NYSERDA may require periodic audits of the Bid
Facility to verify that the Bid Facility remains eligible under the eligibility
rules and requirements, as such requirements existed on December 12,
2006. Prior to any material modification of the Bid Facility, including but not
limited to any modification that is expected to result in a change in the
Nameplate Capacity of the Bid Facility, Seller shall provide NYSERDA with
written Notice and will provide to NYSERDA a written description of the planned
modification.

 

Article VIII

 

Assignments

 

Section 8.01.
General Restrictions. Except as specifically provided otherwise in this
Article, the assignment, transfer, conveyance, subcontracting or other disposal
of this Agreement 

 

11

 

or any of the Seller’s
rights, obligations, interests or responsibilities hereunder, in whole or in
part, without the express consent in writing of NYSERDA shall be void and of no
effect as to NYSERDA. Such consent shall not be unreasonably withheld.

 

Section 8.02.  Seller may, without NYSERDA’s prior written
consent, grant a security interest in or assign this Agreement as collateral in
connection with financing arrangements.

 

Section 8.03.  Either Party may, upon written notice, assign
its rights and obligations hereunder, or transfer such rights and obligations
by operation of law, to any entity with which or into which such Party shall
merge or consolidate or to which such Party shall transfer all or substantially
all of its assets, provided that such other entity agrees to be bound by the
terms hereof and provided further, that such other entity’s creditworthiness is
comparable to or higher than that of such Party at the time this Agreement was
executed and such Party is not relieved of any obligation or liability
hereunder as a result of such assignment.

 

Article IX

 

Seller’s Warranties and Guarantees

 

Section 9.01.  As a material inducement to NYSERDA to enter
into this Agreement, Seller makes the following warranties and guarantees, all
of which shall survive the execution and delivery of this Agreement:

 

(a)                    (1) that
Seller is a Delaware limited liability company duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization; (2) has
or will have all requisite corporate power, and has or will have all material
governmental permits necessary to own its assets or lease and operate its
properties and carry on its business as now being or as proposed to be
conducted, to construct, finance, own, maintain and operate the Bid Facility,
to execute and deliver this Agreement, and to consummate the transactions
contemplated herein; and (3) is qualified to do business and is in good
standing in all jurisdictions necessary for Seller to perform its obligations
under this Agreement.

 

(b)                   that the
execution, delivery and performance by Seller, the entry into this Agreement by
Seller, and the consummation of the transactions contemplated by this
Agreement: (1) have been duly authorized by all requisite corporate action
(including any required action of its members); and (2) will not (i) violate
any applicable provision of law, statute, rule, regulation or order of any
governmental agency of which Seller has Knowledge, or any provision of the
limited liability company agreement or other governing documents of Seller; (ii) violate,
conflict with, result in a material breach of or constitute (alone or with
notice or lapse of time or both) a material default or event of default under any
indenture, agreement (including the respective limited liability company
agreements of Seller), mortgage, deed of trust, note, lease, contract or other instrument
to which Seller is 

 

12

 

a party or by which it or
any of its property is bound; or (iii) result in the creation or
imposition of any lien upon any property or assets of the Seller.

 

(c)                    that the Bid
Facility is or will be eligible under the Order and that it will remain so
throughout the Contract Delivery Term.

 

(d)                   that the RPS
Attributes, as to which right and title is to be transferred to NYSERDA under
this Agreement, are eligible and compliant with the Renewable Portfolio
Standard;

 

(e)                    that the RPS
Attributes, as to which right and title is to be transferred to NYSERDA under
this Agreement, are free and clear of any liens, encumbrances and/or defects of
title;

 

(f)                      that the RPS
Attributes, as to which right and title is to be Transferred to NYSERDA under
this Agreement shall not have otherwise been, nor will be sold, retired,
claimed or represented as part of electricity output or sales, or used to
satisfy obligations in any other jurisdiction;

 

(g)                   that Seller
will comply with all general and special Federal, State, municipal and local
laws, ordinances and regulations, if any, that may in any way affect the
performance of this Agreement;

 

(h)                   that this
Agreement and each Certification and Assignment of Rights Form will be
duly executed and delivered by Seller and will constitute the legal, valid and
binding obligation of Seller enforceable against Seller in accordance with the
terms thereof;

 

(i)                       that the
Seller has no Knowledge of any patent issued under the laws of the United
States or any other matter which could constitute a basis for any claim that
Seller’s performance under this Agreement will infringe any patent or otherwise
interfere with any other right of any Person;

 

(j)                       that there
are no existing undisclosed or threatened legal actions, claims, or
encumbrances, or liabilities that may adversely affect Seller’s performance of
this Agreement or NYSERDA’s rights hereunder;

 

(k)                    that Seller
has no Knowledge that any information or document or statement furnished by the
Seller in connection with this Agreement contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statement
not misleading under the circumstances in which they were made;

 

(l)                       that Seller
shall not, and shall not cause or permit any voluntarily abandonment of the
development, construction or operation of the Facility;

 

13

 

(m)                 Seller certifies
that all information provided to NYSERDA with respect to State Finance Law
Sections 139-j and 139-k is complete, true and accurate as of the date
delivered.

 

Article X

 

NYSERDA’s Warranties and Guarantees

 

Section 10.01.
As a material inducement to Seller to enter into this Agreement, NYSERDA makes
the following warranties and guarantees, all of which shall survive the execution
and delivery of this Agreement:

 

(a)                    that NYSERDA
is an instrumentality of the State of New York and a public authority and
public benefit corporation, created under the New York State Public Authorities
Law, validly existing and in good standing under the laws of the State of New
York.

 

(b)                   that NYSERDA
has all necessary power and authority to execute and deliver this Agreement and
all other agreements contemplated herein and hereby and to consummate the
transactions contemplated hereby and thereby. The execution and delivery by
NYSERDA of this Agreement and all other agreements contemplated herein and
hereby and the consummation of the transactions contemplated hereby and thereby
have been or, if not yet executed and delivered, will be when executed and
delivered, and no other actions or proceedings on the part of NYSERDA are
necessary to authorize this Agreement or any other agreement contemplated
herein and hereby or the consummation of the transactions contemplated hereby
and thereby.

 

(c)                    that the
execution, delivery and performance by NYSERDA of this Agreement will not (1) violate
any applicable provision of law, statute, rule, regulation or order of any
governmental agency or, any provision of the Public Authorities Law; (2) violate,
conflict with, result in a material breach of or constitute (alone or with
notice or lapse of time or both) a material default or event of default under
any indenture, agreement, mortgage, deed of trust, note, lease, contract or
other instrument to which NYSERDA is a party or by which NYSERDA or any of its
property is bound; or (3) result in the creation or imposition of any lien
upon any property or assets of NYSERDA. This Agreement will not conflict with
any other agreement or contract to which NYSERDA is a party.

 

(d)                   that this
Agreement has been duly executed and delivered by NYSERDA and constitutes the
legal, valid and binding obligation of NYSERDA enforceable against NYSERDA in
accordance with the terms thereof.

 

(e)                    that NYSERDA
is familiar with and in compliance with all general and specific laws, except
where the failure to so comply would not result in a material adverse effect on
NYSERDA’s ability to perform its obligations.

 

14

 

(f)                      that there
is no action, suit or claim at law or in equity, or before or by a governmental
authority pending or, to the best knowledge of NYSERDA after due inquiry,
threatened against NYSERDA or affecting any of its properties or assets which
could reasonably be expected to result in a material adverse effect on NYSERDA’s
ability to perform its obligations.

 

(g)                   that as a
public benefit corporation and instrumentality of the State of New York,
NYSERDA may not file, and is not subject to the involuntary filing of a
petition for relief pursuant to the United States Bankruptcy Code.

 

Article XI

 

Indemnification

 

Section 11.01.
Indemnification. Seller shall protect, indemnify and hold harmless
NYSERDA and the State of New York from and against all liabilities, losses,
claims, damages, judgments, penalties, causes of action, costs and expenses
(including, without limitation, reasonable attorneys’ and/or experts’ fees and
expenses) imposed upon or incurred by or asserted against NYSERDA or the State
of New York resulting from, arising out of or relating to Seller’s performance
under this Agreement. The obligations of Seller under this Article shall
survive any expiration or termination of this Agreement, and shall not be
limited by any enumeration herein of required insurance coverage.

 

Article XII

 

Insurance

 

Section 12.01.
Maintenance of Insurance; Policy Provisions. The Seller, at no cost to
NYSERDA, shall maintain or cause to be maintained, commencing on or before April 15,
2007 and continuing throughout the duration of the Contract Deliver Term,
insurance of the types and in the amounts specified in the Section hereof
entitled Types of Insurance. All such insurance shall be evidenced by
insurance policies, each of which shall:

 

(a)                    name or be
endorsed to cover NYSERDA and the State of New York as additional insureds;

 

(b)                   provide that
such policy may not be cancelled or modified until at least 30 days after
receipt by NYSERDA of written notice thereof; and

 

(c)                    be reasonably
satisfactory to NYSERDA in all other respects.

 

Section 12.02.
Types of Insurance. Seller shall be required to maintain commercial
general liability insurance for bodily injury liability, including death, and
property damage liability, incurred in connection with the performance of this
Agreement, with minimum limits of $2,000,000 in respect of claims arising out
of personal injury or sickness or death of any one person; $2,000,000 in
respect of claims arising out of personal injury, sickness or death in any 

 

15

 

one accident or disaster;
and $2,000,000 in respect of claims arising out of property damage in any one
accident or disaster.

 

Section 12.03.
Delivery of Policies; Insurance Certificates. On or before April 15,
2007, Seller shall deliver to NYSERDA certificates of insurance issued by the
respective insurers, indicating the Agreement number thereon, evidencing the
insurance required by this Article and bearing notations evidencing the
payment of the premiums thereon or accompanied by other evidence of such
payment satisfactory to NYSERDA. In the event that any policy furnished or
carried pursuant to this Article will expire on a date prior to the
expiration date of this Agreement, Seller, not less than 15 days prior to such
expiration date, shall deliver to NYSERDA certificates of insurance evidencing
the renewal of such policies, and Seller shall promptly pay all premiums
thereon due. In the event of threatened legal action, claims, encumbrances, or
liabilities that may affect NYSERDA hereunder, or if deemed necessary by
NYSERDA due to events rendering a review necessary, upon request Seller shall
deliver to NYSERDA a certified copy of each policy.

 

Article XIII

 

Events of Default

 

Section 13.01.
Event of Default. For the purposes of this Agreement, “Event of Default”
shall mean any of the following:

 

(a)                     Representations
and Warranties. Any representation or warranty made in this Agreement that
shall prove to have been false or misleading in any material respect as of the
time made or deemed to be made; or

 

(b)                    Other Obligations.
A Party shall default in the performance of any of its obligations under this
Agreement and such default shall continue unremedied for a period of 30 days
after Seller receives Notice or otherwise has actual knowledge thereof; or

 

(c)                     Voluntary
Proceedings. A Party shall (a) apply for or consent to the appointment
of, or the taking of possession by, a receiver, custodian, trustee or
liquidator of itself or of all or a substantial part of its property; (b) make
a general assignment for the benefit of its creditors; (c) commence a
voluntary case under the Bankruptcy Code; (d) file a petition seeking to
take advantage of any other law relating to bankruptcy, insolvency,
reorganization, winding-up, or composition or readjustment of debts; (e) fail
to convert in a timely and appropriate manner, or acquiesce in writing to, any
petition filed against it in an involuntary case under the Bankruptcy Code; or (f) take
any corporate action for the purpose of effecting any of the foregoing; or

 

(d)                    Involuntary
Proceedings. A proceeding or case shall be commenced against a Party,
without its application or consent, in any court of competent jurisdiction,
seeking (a) its liquidation, reorganization, dissolution or winding-up, or
the composition or readjustment of its debts; (b) the appointment of a
trustee, receiver, custodian, liquidator or the like of all or any substantial
part of its assets; or (c) similar relief under any law relating to 

 

16

 

bankruptcy, insolvency,
reorganization, winding-up, or composition or adjustment of debts, and such
proceeding or case shall continue undismissed, or an order, judgment or decree
approving or ordering any of the foregoing shall be entered and continue
unstayed and in effect, for a period of 60 or more days; or an order for relief
against a Party, shall be entered in an involuntary case under the Bankruptcy
Code; or

 

(e)                     Judgments.
A judgment or judgments for the payment of money in the amount of $ 1,000,000
or more shall be rendered by a court or courts against Seller, and the same
shall not be paid or otherwise discharged for a period of more than 60 days
unless such judgment has been stayed, released or vacated; or

 

(f)                       Unauthorized
Transfer. The transfer or attempted transfer by Seller to any transferee
other than NYSERDA of any RPS Attribute associated with this Agreement, except
as authorized pursuant to Section 2.10 of this Agreement.

 

(g)                    Commercial
Operation. Failure of the Bid Facility to commence Commercial Operation at
a minimum of 80 percent of the Bid Capacity on or before the Commercial
Operation Milestone Date.

 

(h)                    Abandonment.
Seller’s abandonment of the Facility or its intentional delay of completion of
construction in connection therewith;

 

(i)                        Failure
to Produce. The failure of the Quantity Obligation of any Bid Facility to
achieve at least 65 percent of the Bid Quantity during any Contract Year.

 

(j)                        Failure
to Deliver. Not applicable.

 

(k)                     Failure to
Transfer RPS Attributes.  The failure
by Seller to Transfer rights to NYSERDA in the RPS Attributes associated with
the Quantity Obligation of the Bid Facility, in conformity with Article II.

 

Section 13.02.
Effect of an Event of Default. In addition to any other remedy available
to it under this Agreement or under applicable Law, upon any occurrence of an
Event of Default, the non-defaulting Party shall be entitled to suspend
performance of its obligations under this Agreement until the earlier of such
time as (a) such Event of Default has been cured, or (b) the non-defaulting
Party has elected to terminate this Agreement pursuant to Article XIV
below.

 

Article XIV

 

Termination

 

Section 14.01.
Termination. This Agreement may be terminated:

 

(a)                    at any time by
either NYSERDA or Seller if: (1) an Event of Default occurs (and following
the expiration of any applicable cure period), (2) the Party seeking to
terminate 

 

17

 

                        this
Agreement hereunder is the non-defaulting Party, and (3) the
non-defaulting Party has not waived such Event of Default in writing;

 

(b)                   at any time by
the mutual written consent of Seller and NYSERDA;

 

(c)                    unless
otherwise mutually agreed upon by NYSERDA and Seller in writing, on the
expiration of the Contract Delivery Term (subject to Section 18.03 of this
Agreement);

 

(d)                   by Seller, on
or before July 15, 2007;

 

(e)                    by Seller,
after January 1, 2008 and on or before January 8, 2008, if: (1) less
than 60 percent of the Bid Capacity of the Bid Facility has commenced
Commercial Operation by December 31, 2007; AND (2) the “placed in
service” eligibility deadline date under the Federal Production Tax Credit (see 26 U.S.C. § 45, et seq.) has NOT been extended beyond December 31,
2007 by at least ten (10) months;

 

(f)                      by NYSERDA
in the event it is found that the certification filed by the Seller in
accordance with State Finance Law Sections 139-j and 139-k was intentionally
false or intentionally incomplete;

 

(g)                   by NYSERDA in
the event it is found that the certification filed by the Seller in accordance
with New York State Tax Law Section 5-a was intentionally false when made.

 

Section 14.02.
Effect of Termination. Except as otherwise set forth in Section 18.03
below, in the event of a termination of this Agreement as provided in Section 14.01
above, neither Party shall have any further right or obligation hereunder. In
addition, the Parties hereto agree that irreparable damage would occur in the
event that NYSERDA could not obtain rights to RPS Attributes pursuant this
Agreement from the date of Event of Default in which Seller was the Defaulting
Party, and accordingly, each Party hereby agrees that NYSERDA shall be entitled
to elect to compel specific performance of this Agreement to compel the
delivery of Certification and Assignment Forms and Transfer of all RPS-eligible
Attributes that the Bid Facility produces following the date of any termination
for such an Event of Default in accordance with the terms hereof, together with
any other remedy at law or equity available to NYSERDA in connection therewith,
without the necessity of demonstrating the inadequacy of money damages. In
addition, for any termination by NYSERDA or Seller prior to the date of
commencement of Commercial Operations, NYSERDA shall be entitled only to
Stipulated Damages pursuant to Article XV.

 

Section 14.03.
Good Faith Negotiation. Both Parties agree that, should any dispute
arise during the term of this Agreement, the Parties will make a good faith,
though non-binding effort to reconcile any difference or dispute before the
filing of an action in any court.

 

18

 

Article XV

 

Contract Security

 

Section 15.01.
Seller has provided to NYSERDA Contract Security, in the form of cash,
certified funds, or a Letter of Credit conforming to the requirements below, in
an amount equal to the product of (1) Bid Quantity and (2) nine
dollars ($9.00).

 

Section 15.02.
Letter of Credit. A Letter of Credit shall be a clean unconditional and
irrevocable standby letter of credit in favor of NYSERDA as beneficiary, issued
for direct payment by a bank which is a member of the New York Clearinghouse
Association, substantially in the form of the letter of credit attached hereto
as Exhibit C (“Letter of Credit”), in a face amount equal to the Contract
Security Amount, and which Letter of Credit shall provide that the issuing bank
will pay to NYSERDA amounts in aggregate up to that same face amount upon
presentation of only the Sight Draft in the amount to be drawn and the Payment
Certificate, in the form of Annex A and Annex B, respectively, to the Letter of
Credit, and have an expiration date not shorter than one (1) year. Should
the Bid Facility not have commenced Commercial Operation by a date 30 days
prior to the expiration date of the letter of Credit, and Seller not having
provided NYSERDA or arranged with NYSERDA to provide a substitute Letter of
Credit prior to such expiration, NYSERDA shall be thereupon entitled to draw on
the Letter of Credit for the full amount then outstanding and the funds
received shall be held by NYSERDA until a substitute Letter of Credit has been
provided, or for application against subsequent obligations of Seller.

 

Section 15.03.
Replacement. Any assignee within Article VIII of this Agreement
shall, simultaneously with its receipt of the assignment, deliver to NYSERDA a
Replacement Letter of Credit meeting the requirements of this Article, and
NYSERDA shall, within twenty (20) business days after receipt of a compliant
Replacement Letter of Credit, return the original Letter of Credit to Seller.
Upon the failure of an assignee to deliver a compliant Replacement Letter of
Credit to NYSERDA simultaneously with its receipt of the assignment, NYSERDA
shall be thereupon entitled to draw on the Letter of Credit for the full amount
then outstanding and the funds received shall be held by NYSERDA for
application against subsequent obligations of Seller and/or the assignee under
this Agreement.

 

Section 15.04.
Refund of Security.  The amount
provided by Seller as Contract Security will be returned or refunded to Seller
by NYSERDA as follows:

 

a.                         In the
amount of fifty percent (50%) of the amount provided if the Bidder elects to
terminate this Agreement on or before July 15, 2007.

 

b.                        In its
entirety if the Bid Capacity of the Bid Facility that enters Commercial
Operation on or before the Commercial Operation Milestone Date is equal to or
greater than the Bid Capacity of the Bid Facility described in the Bid
Proposal.

 

c.                         At a
prorated amount if the Bid Capacity of the Bid Facility that enters Commercial
Operation on or before the Commercial Operation Milestone Date is less than the
Bid Capacity of the Bid Facility described in the Bid Proposal. Such amount
that will be returned, expressed as a percentage of the total Contract
Security, will be equal to Bid Capacity of the Bid Facility that enters
Commercial Operation on or before the Commercial Operation Milestone Date
divided by the Bid Capacity of the Bid Facility described in the Bid Proposal.

 

19

 

Section 15.05.
Retention Security. Amounts provided by Seller as Contract Security will
be retained by NYSERDA as follows:

 

a.                         In the
amount of (50%) of the amount provided if the Bidder elects to terminate this
Agreement on or before July 15, 2007;

 

b.                        At a
prorated amount if the Bid Capacity of the Bid Facility that is in Commercial
Operation on the Commercial Operation Milestone Date is less that the Bid
Capacity of the Bid Facility described in the Bid Proposal. Such amount that
will be retained, expressed a percentage of the total Contract Security, will
be equal to the Bid Capacity of the Bid Facility described in the Bid Proposal
minus the Bid Capacity of the Bid Facility that enters Commercial Operation on
or before the Commercial Operation Milestone Date; divided by the Bid Capacity
of the Bid Facility described in the Bid Proposal.

 

c.                         In its
entirety if the Seller elects to terminate the contract under Section 14.01(e) of
the RPS Standard Form Contract.

 

Section 15.06.
Stipulated Damages. NYSERDA and Seller hereby agree, acknowledge and
stipulate that NYSERDA’s retention of amounts provided by Seller as Contract
Security pursuant to Article XV, in the proportions stated within this
Article, is fair and reasonable under the circumstances and in light of the
uncertainty and inability to adequately quantify the harm that would result to
NYSERDA as a result of the events that permit NYSERDA to retain such amounts of
the Contract Security.

 

Article XVI

 

Force Majeure

 

Section 16.01.
Force Majeure. Neither Party hereto shall be liable for any failure or
delay in the performance of its respective obligations hereunder if and to the
extent that such delay or failure is due to a cause or circumstance beyond the
reasonable control of such Party, including, without limitation, acts of God or
the public enemy, expropriation or confiscation of land or facilities,
compliance with any law, order or request of any Federal, State, municipal or
local governmental authority, acts of war, rebellion or sabotage or damage resulting
therefrom, fires, floods, storms, explosions, accidents, riots, or strikes.
Variability in the frequency or force of the wind, of rainfall, or of water
levels will in no event constitute force majeure events. Failure by Seller to
obtain or secure any permit or approval or delay in obtaining any permit or
approval of any sort with regard to Seller’s performance under the Agreement
shall not constitute a force majeure event.

 

Article XVII

 

Compliance with Certain Laws

 

Section 17.01.
Governing Law; Venue. This Agreement shall be governed by, and construed
in accordance with the laws of the State of New York applicable to contracts
executed and to be performed in New York State without regard to its conflicts
of laws principles. The 

 

20

 

Parties irrevocably
acknowledge and accept that all actions arising under or relating to this
Agreement, and the transactions contemplated hereby and thereby shall be
brought exclusively in a United States District Court or New York State Court
located in Albany, New York having subject matter jurisdiction over such
matters, and each of the Parties hereby consents to and accepts such personal
jurisdiction of, and waives any objection as to the laying of venue in, such courts
for purposes of such action.

 

Section 17.02.
Laws of the State of New York. Seller shall comply with all of the
requirements set forth in Exhibit A hereto.

 

Section 17.03.
All Legal Provisions Deemed Included. It is the intent and understanding
of the Seller and NYSERDA that each and every provision of law required by the
laws of the State of New York to be contained in this Agreement shall be
contained herein, and if, through mistake, oversight or otherwise, any such
provision is not contained herein, or is not contained herein in correct form,
this Agreement shall, upon the application of either NYSERDA or the Seller,
promptly be amended so as to comply strictly with the laws of the State of New
York with respect to the inclusion in this Agreement of all such provisions.

 

Section 17.04.
Permits and Approvals. The Seller shall be responsible to obtain all
applicable permits and regulatory approvals that may be required in order to
develop and/or operate the Bid Facility over the duration of the Contract Delivery
Term. Neither the RPS Program nor selection under this RFP in any way replaces
or modifies the necessity or applicability of any permit or approval process by
any jurisdiction. NYSERDA’s obligations to make payments to Sellers will be
conditional on the acquisition of all such permits and approvals. Upon request
by NYSERDA Seller must demonstrate such acquisition and/or provide copies of
all permits and approvals acquired. Seller shall provide prompt Notice to
NYSERDA of the initiation of any criminal or regulatory investigation, hearing,
proceeding, or review process (“Process”) by any federal or State entity
regarding any actual or alleged violation of any permit or approval obtained or
applied for with respect to the Bid Facility, as well as of any modification,
penalty and/or fine that may be imposed or occur as a result of such a Process
or violation.

 

Section 17.05.
Other Legal Requirements. The references to particular laws of the State
of New York in this Article and elsewhere in this Agreement are not
intended to be exclusive and nothing contained in such Article, Exhibit and
Agreement shall be deemed to modify the obligations of the Seller to comply
with all legal requirements.

 

Article XVIII

 

Additional Provisions

 

Section 18.01.
Forward Contract. Each Party represents and warrants to the other that
it is a “forward contract merchant” within the meaning of the United States
Bankruptcy Code, that this Agreement is a “forward contract” within the meaning
of the United States Bankruptcy 

 

21

 

Code, and that the
remedies identified in this Agreement shall be “contractual rights” as provided
for in 11 U.S.C. § 556 as that provision may be amended from time to time.

 

Section 18.02.
Taxes. Seller shall be responsible for and obligated to pay all present
and future taxes, fees and levies that may be assessed by any entity upon the
Seller’s provision of Attributes to NYSERDA, or with respect to the creation of
the RPS Attributes and/or the energy with which they are associated, up to the
Delivery Point.

 

Section 18.03.
Term. Unless terminated earlier under this Article, this Agreement shall
expire upon the expiration of the Contract Delivery Term, provided that payment
has been made for all RPS Attributes as to which a Certification and Assignment
of Rights Form has been delivered to NYSERDA. Upon such date or upon
earlier Termination of this Agreement under Article XIV, neither Party
shall have any further obligation to the other, except that Sections 11.01,
17.01, 20.01, 21.02, 21.03, 21.04, and NYSERDA’s Payment obligation under Article IV
shall survive.

 

Section 18.04.
Waiver. Either Party to this Agreement may (a) extend the time for
the performance of any of the obligations or other acts of the other Party, (b) waive
any inaccuracies in the representations and warranties of the other Party
contained herein or in any document delivered by the other Party pursuant
hereto, or (c) waive compliance with any of the agreements or conditions
of the other Party contained herein. Any such extension or waiver shall be
valid only if set forth in an instrument in writing signed by the Party to be
bound thereby. Any waiver of any term or condition shall not be construed as a
waiver of any subsequent breach or a subsequent waiver of the same term or
condition, or a waiver of any other term or condition, of this Agreement. No
provision of this Agreement will be deemed to have been waived unless the
waiver is in writing; no delay by NYSERDA in exercising its rights hereunder,
including the right to terminate this Agreement, shall be deemed to constitute
or evidence any waiver by NYSERDA of any right hereunder. The rights granted in
this Agreement are cumulative of every other right or remedy that the enforcing
Party may otherwise have at law or in equity or by statute.

 

Section 18.05.
Independent Contractor. The status of the Seller under this Agreement
shall be that of an independent contractor and not that of an agent, and in
accordance with such status, Seller and its respective officers, agents,
employees, representatives and servants shall at all times during the term of
this Agreement conduct themselves in a manner consistent with such status and
by reason of this Agreement shall neither hold themselves out as, nor claim to
be acting in the capacity of, officers, employees, agents, representatives or
servants of NYSERDA nor make any claim, demand or application for any right or
privilege applicable to NYSERDA, including, without limitation, rights or
privileges derived from workers’ compensation coverage, unemployment insurance
benefits, social security coverage and retirement membership or credit.

 

Section 18.06.
Severability. If any provision of this Agreement shall be declared by
any court of competent jurisdiction to be illegal, void or unenforceable, all
other provisions of this Agreement shall not be affected and shall remain in
full force and effect. If any provision of this Agreement is so broad as to be
unenforceable, that provision shall be interpreted to be only so broad as will
enable it to be enforced.

 

22

 

Section 18.07.
Seller Expense. Seller shall, at its own expense, make all arrangements
necessary to interconnect the Bid Facility with a transmission or distribution
system and to comply with the Delivery Requirement. This requirement
encompasses Seller’s purchasing or arranging for all services including without
limitation transmission, ancillary services, any control area services, line
losses and transaction fees necessary to deliver energy to the New York Control
Area, in accordance with all rules and protocols of the NYISO, throughout
the Contract Delivery Term.

 

Section 18.08.
Environmental Disclosure. At the time of the execution of this
Agreement, New York does not employ any registry for the tracking,
registration, or trading of renewable or environmental attributes or credits,
but rather has instituted the Environmental Disclosure program, under which the
Department of Public Service will conduct Conversion Transactions to accomplish
verification of the transactions consummated hereunder. In the event that an
attribute or credit registry is adopted in the future, Seller and Buyer agree
to: (1) take such steps as are required under such system to continue to
transfer RPS Attributes to NYSERDA in accordance with the terms of this
Agreement; and (2) amend this Agreement as needed to effect its intent and
to comply with any requirements of such attribute or credit registry. Should
the PSC create, sanction, adopt or begin participation in a tracking system for
accounting for attributes or certificates associated with generation in the New
York Control Area, Seller shall deliver the attributes or certificates
associated with each RPS Attribute to an account designated by NYSERDA.

 

Section 18.09.
Covenant. Seller hereby covenants and promises that the Bid Facility is
or will be eligible under the Order and that it will remain so throughout the
Contract Delivery Term.

 

Article XIX

 

Notices, Entire Agreement, Amendment, Counterparts

 

Section 19.01.
Notices. All notices, demands and other communications hereunder shall
be effective only if given in writing and shall be deemed given when (a) delivered
in person, (b) delivered by private courier (with confirmation of delivery),
(c) transmitted by facsimile (with confirmation of transmission) or (d) five
Business Days after being deposited in the United States mail, first-class,
registered or certified, return receipt requested, with postage paid. For
purposes hereof, notices, demands and other communications shall be sent to the
following (or to such other address as the Seller or NYSERDA shall have
furnished to the other party in writing):

 

23

 

	
  To Seller:

  	
  Noble Chateaugay Windpark, LLC

  
	
   

  	
  c/o Noble Environmental Power

  
	
   

  	
  Attn: Charles C.
  Hinckley, CEO

  
	
   

  	
  8 Railroad Avenue

  
	
   

  	
  Essex, CT 06426

  
	
   

  	
   

  
	
  With a copy to:

  	
  Latham & Watkins, LLP

  
	
   

  	
  Attn: John Sachs

  
	
   

  	
  555 Eleventh Street, NW

  
	
   

  	
  Washington, DC
  20004-1304

  
	
   

  	
   

  
	
  To NYSERDA:

  	
  NYSERDA

  
	
   

  	
  Attn: Office of General
  Counsel

  
	
   

  	
  17 Columbia Circle

  
	
   

  	
  Albany, New York
  12203-6399

  

 

Section 19.02.
Entire Agreement; Amendment. This Agreement embodies the entire
agreement and understanding between NYSERDA and the Seller and supersedes all
prior agreements and understandings relating to the subject matter hereof.
Except as otherwise expressly provided for herein, this Agreement may be
amended, modified, changed, waived, discharged or terminated only by an
instrument in writing, signed by the Party against which enforcement of such
amendment, modification, change, waiver, discharge or termination is sought.

 

Section 19.03.
Counterparts. This Agreement may be executed in counterparts each of
which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

 

Article XX

 

Publicity

 

Section 20.01.
Publicity. Seller and/or the Bid Facility owner will collaborate with
NYSERDA’s Communications Unit, or RPS program staff, with regard to the
preparation of any press release, public announcement, publication or media
interview with respect to the Parties’ entry into this Agreement or the subject
matter thereof or which concerns NYSERDA or the RPS Program. Staff can be
contacted by calling 518-862-1090. In any such press release, public
announcement publication, or media interview Seller and/or the Owner of the Bid
Facility and/or its employees shall credit NYSERDA and the funding
participation of the Renewable Portfolio Standard in the activities of the Bid
Facility. Seller will not represent that positions taken or advanced by Seller
represent the opinion or position of NYSERDA or the State of New York.

 

Article XXI

 

Confidentiality

 

Section 21.01. In order to
enable NYSERDA and the administrator of the NYS Environmental Disclosure
Program to verify delivery of RPS Attributes, NYSERDA will require the Seller
to provide detailed monthly market accounting settlement or other pertinent
data from the administrator(s) of the energy market into which energy from
the Bid Facility was delivered. 

 

24

 

Seller may also be
required to waive confidentiality, as to NYSERDA, for the direct transfer to
NYSERDA by an energy market administrator of transactional and/or delivery
information and data pertinent to the verification of RPS Attribute creation
and delivery.

 

Section 21.02.
Freedom of Information Law. Seller acknowledges that NYSERDA is subject
to and must comply with the requirements of New York’s Freedom of Information
Law (“FOIL;” see Public Officers’ Law Article 6).

 

Section 21.03.
Claim of Confidentiality. Information of any tangible form including any
document that Seller wishes to be protected from disclosure to third parties,
including any information provided as a part of a Bid Proposal Package
submitted in response to RFP 916, must be marked “Confidential” or “Proprietary”
at the time such information is provided to NYSERDA.

 

Section 21.04.
Trade Secrets/Commercial Information. The FOIL Law (Public Officers Law
§ 87(d)(2)) provides an exception to disclosure for records or portions thereof
that “are trade secrets or are submitted to an agency by a commercial
enterprise or derived from information obtained from a commercial enterprise
and which if disclosed would cause substantial injury to the competitive
position of the subject enterprise.” If NYSERDA receives a request from a
third party for information or a document received from Seller and which has
been marked “Confidential” or “Proprietary,” NYSERDA will process such request
under the procedures provided by NYSERDA’s FOIL regulations (see www.nyserda.org/About/NYSERDA.Regulations.pdf).

 

 

IN WITNESS WHEREOF, the
Parties hereto have caused this Agreement to be executed and delivered by their
duly authorized representatives.

 

	
  NOBLE CHATEAUGAY
  WINDPARK, LLC

  	
  NEW YORK STATE ENERGY
  RESEARCH

  AND DEVELOPMENT AUTHORITY

  
	
   

  	
   

  
	
  By

  	
   /s/ Thomas F. Swank

  	
   

  	
  By

  	
  /s/ Robert G. Callender

  
	
   

  	
   

  	
   

  
	
  Name

  	
  Thomas F. Swank

  	
   

  	
  Name

  	
  Robert G. Callender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title

  	
  Vice President

  	
   

  	
  Title

  	
  Vice President for
  Programs

  
							

 

	
  STATE/PROVINCE OF 

  	
  )

  
	
   

  	
  ) SS:

  
	
  COUNTY/CITY OF 

  	
  )

  

 

 

25

 

On the 11th  day of July, 2008, before me, the
undersigned, personally appeared Thomas Swank, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that
by his/her/their signature(s) on the instrument, the individual(s), or the
person on behalf of which the individual(s) acted, executed the
instrument.

 

	
  /s/ Stephanie Kiem

  	
   

  
	
  Notary

  	
   

  

 

	
  STEPHANIE KIEM

  	
   

  
	
  NOTARY PUBLIC

  	
   

  
	
  MY COMMISSION EXPIRES DEC. 31,
  2012

  	
   

  

 

26Exhibit 10.30

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of August
15, 2008 (the “Effective Date”), by and between Noble Environmental
Power, LLC (“Noble”), Noble Services, Inc. (“Noble Services”),
and Christopher Lowe (the “Executive”).

 

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

 

WHEREAS, the Executive has entered into that certain Employment
Agreement, dated as of June 19, 2007, with Noble Services (the “Prior
Employment Agreement”);

 

WHEREAS, Noble would like to employ the Executive directly, rather than
indirectly through Noble Services, and the Executive would like to be employed
by Noble directly, rather than indirectly through Noble Services;

 

WHEREAS, in consideration of certain Units (as defined in the Fifth
Amended and Restated LLC Agreement) to be granted to the Executive pursuant to
the Fifth Amended and Restated Limited Liability Company Operating Agreement,
dated as of August 15, 2008 of Noble Environmental Power, LLC, as amended from
time to time (as amended, restated or otherwise modified from time to time, the
“Fifth Amended and Restated LLC Agreement”), as well as the promises and
mutual covenants contained herein, the Executive agrees to terminate the Prior
Employment Agreement, and Noble and the Executive agree to enter into this
Agreement to specify the terms of the Executive’s employment with Noble; and

 

WHEREAS, Noble Services would like to consent to the termination of the
Prior Employment Agreement, and the parties hereto acknowledge that the terms
of this Agreement, upon its effectiveness, shall supersede the Prior Employment
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, Noble Services, and Executive agree as
follows:

 

1.                                       Position, Duties, and Responsibilities.

 

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

 

(b)                                 During the Term of
Employment (as defined below), Executive shall devote substantially all of his
business time and attention to the business and affairs of 

 

 

Noble and/or the Noble Companies, and shall use his best efforts,
skills, and abilities to promote its interests. 
Executive agrees to observe and comply with the rules and policies
of Noble and the Noble Companies as adopted from time to time, including any rules and
policies that relate to Executive’s post-termination obligations to Noble and
the Noble Companies.  During the Term of
Employment (as defined below), it shall not be a violation of this Agreement
for the Executive to (i) with the prior approval of the Chief Executive
Officer of Noble or a majority of the Board of Directors of Noble or similar
governing body of Noble (the “Board of Directors”), serve on industry
trade, civic, charitable or for-profit corporate boards or committees; (ii) deliver
lectures or fulfill speaking engagements; or (iii) manage personal
investments, as long as such activities do not materially interfere with the
performance of the Executive’s duties and responsibilities hereunder.

 

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 Noble or Executive.  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 or under a Related Agreement (as defined below).  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 $360,000.00 (“Salary”),
less all applicable local, state, and federal taxes, and other withholdings and
deductions required by law or authorized by Executive, which shall be payable
at the times and in the installments consistent with Noble’s existing payroll
practices.  Such Salary shall be reviewed
(and may be increased) from time to time by the Board of Directors or an
authorized committee of the Board of Directors.

 

(b)                                 Annual Bonus.  Executive will be eligible for an annual
bonus, based primarily on Noble’s financial performance, including, as
applicable, the performance of the Noble Companies.  Executive shall be eligible for an annual
bonus at a target level of 67.00% of his Salary, upon fulfilling certain
financial goals and objectives that are established by the Board of Directors
with respect to the applicable performance period.  Whether such financial goals and objectives
are achieved will be determined in good faith 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 reasonably 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, but in no event
later than the last day to qualify such bonus as a “short-term deferral” under
Treasury Regulation Section 1.409A-1(b)(4).

 

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

 

(d)                                 Vacation.  During the Term of Employment, Executive will
be entitled to 25 work days of paid vacation each calendar year.  Vacation must be scheduled with sufficient
advance notice to take into account Noble’s business needs.  Executive will also be entitled to paid
holidays in accordance with Noble’s holiday policy.

 

(e)                                  Cooperation.  During the Term of Employment, and, as
reasonably necessary and  subject to Executive’s
reasonable availability, at all times thereafter, Executive agrees to fully,
and in good faith, cooperate with Noble with respect to any investigation,
claim or litigation involving Noble or the Noble Companies and relating to his
past, present or future duties with Noble or the Noble Companies, or to any
matters concerning Noble or the Noble Companies about which he has
knowledge.  Noble shall reimburse
Executive for his reasonable expenses incurred in the course of such
cooperation, and shall pay the Executive a reasonable per diem amount to be
reasonably agreed to by Noble and the Executive for his time.

 

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

 

(g)                                 Insurance.  During the Term of Employment, and at all
times thereafter, Noble will provide the Executive with directors’ and officers’
insurance liability coverage to cover any claims arising from his past, present
or future activities on behalf of Noble or the Noble Companies, in the same
manner as such insurance is provided to other similarly-situated officers or
directors of Noble.

 

(h)                                 Loan.  In the event that Executive incurs any income
or employment tax liability resulting from (i) the grant of, vesting of,
or lapse of restrictions on any of the 

 

 

Common Units (as defined in the Fifth Amended and Restated LLC
Agreement) or (ii) the conversion of such Common Units into common stock
of a successor of Noble (the “Common Stock”), then Noble shall, at the
request of Executive, to the extent permissible by applicable law (including,
without limitation, Section 402 of the Sarbanes-Oxley Act of 2002), lend
Executive an amount sufficient to pay any such federal, state and local income
and employment taxes.  Such loan shall be
a non-recourse loan with a reasonable interest rate and term (no less than five
years) and repayment of such loan shall be secured to the extent necessary by
the Executive’s Common Units or Common Stock, as the case may be.

 

4.                                       Termination of Employment.

 

(a)                                  Termination Due to Death or Disability.  Executive’s employment will terminate upon
his death or Disability.  For purposes of
this Agreement, “Disability” shall refer to Executive’s physical or mental
disability preventing him from carrying out substantially all of his duties as
Executive Vice President and Chief Financial Officer of Noble 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
material failure to carry out or comply with any lawful and reasonable
directive of the Board of Directors or Chief Executive Officer of Noble
consistent with the terms of this Agreement, 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 his duties as an
employee of Noble, which misconduct is materially injurious to Noble or any of
the Noble Companies;

 

(iii)          the
Executive admitting to, the Executive being convicted of, the Executive
entering of a plea of guilty or nolo
contendere to, or the Executive being indicted for, any felony or
crime involving moral turpitude;

 

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

 

(v)           the
Executive using narcotics, alcohol, or illicit drugs in a manner that has or
may reasonably be expected to have a detrimental effect on the 

 

 

performance by the Executive of his duties as an employee of Noble or
on the reputation of Noble or any of the Noble Companies; or

 

(vi)          the
Executive committing a material violation of any policy sponsored by Noble or
the other Noble Companies which results in a material 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 for Good Reason.  Executive may resign Executive’s employment
with Noble and terminate this Agreement for Good Reason at any time.  For purposes of this Agreement, “Good
Reason” shall mean (i) a material breach by any of the Noble Companies
of the terms of this Agreement, the Related Agreements or any other equity or
compensation written agreement between Noble Companies and Executive,
including, but not limited to, the failure of Noble to make any material
payment or provide any material benefit specified under this Agreement, (ii) any
material adverse change in the nature or scope of the Executive’s authority,
duties or responsibilities, (iii) the failure of Noble to continue the
Executive in the position of Executive Vice President and Chief Financial
Officer, (iv) any reduction in the Executive’s Salary (other than a
proportional reduction as part of a generalized reduction in the base salaries
of senior management of Noble not to exceed 5% of Salary then currently in
effect), (v) the failure of Noble and Noble Services to require their
respective liabilities under this Agreement to be assumed by their respective
successors, (vi) an amendment or change to the Fifth Amended and Restated
LLC Agreement, without the Executive’s written consent, that has a material and
adverse impact on the Executive’s rights or equity value under such agreement
other than an amendment or change that applies equally to common unit holders
of Noble, or (vii) the relocation of the site of the Executive’s principal
place of employment by a distance in excess of fifty (50) miles; provided,
however, that the Executive may
not resign his employment for Good Reason unless: (x) the Executive
provided Noble with at least thirty (30) days prior written notice of his
intent to resign for Good Reason (which notice must be provided within sixty
(60) days following the occurrence of the event(s) purported to constitute
Good Reason); and (y) Noble has not remedied the alleged violation(s) within
the thirty (30) day period.

 

(e)                                  Resignation from Noble other than for Good Reason.  Executive
may resign his employment with Noble and terminate this Agreement without Good
Reason  at any time by providing thirty
(30) days’ written notice to Noble.

 

(f)                                    Benefits upon Termination.

 

(i)                                     Accrued
Payments.  Upon termination of the
Executive’s employment for any reason, the Executive (or the Executive’s
estate) shall be entitled to receive a lump sum payment equal to the Executive’s
earned but unpaid 

 

 

Salary through the date of termination, any bonus if declared or earned
but not yet paid for a completed fiscal year, any expenses owed to the
Executive, any accrued vacation pay owed to the Executive, and any amount
arising from the Executive’s participation in, or benefits under any employee
benefit plans, programs or arrangements, which amounts shall be payable in
accordance with the terms and conditions of such employee benefit plans,
programs or arrangements.

 

(ii)                                  Severance Payments.  In addition to the amounts payable under Section 4(f)(i),
in the event Noble terminates the Executive without Cause (which shall not
include a termination under Section 4(a)) or the Executive resigns for
Good Reason, 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 substantially the
form attached as Exhibit A to the Prior Employment Agreement (as
amended or revised to comport with changes in applicable law), and subject to
the Executive abiding in all material respects by his obligations under
Sections 5, 6, 7, and 8 of the Agreement, Noble will provide the Executive with
the following payments:

 

(A)                              the greater of (I) a
cash amount equal to six (6) months of his Salary following the date of
the Executive’s termination of employment or (II) a cash amount equal to
the Salary he would have received had he remained employed through June 19,
2009, less taxes and withholdings, which amount shall be paid in accordance
with the normal payroll practices of Noble over the six (6) month period
or period up to June 19, 2009, as applicable, following the date of
Executive’s termination of employment (the “Salary Continuation”); and

 

(B)                                reimbursement (or
direct payment to the carrier), for the period ending on the later of June 19,
2009 or six (6) months following the Executive’s termination of employment
(the “Continuation Period”), for a portion of the premium costs incurred
by Executive (and his spouse and dependents, where applicable) to obtain COBRA
coverage pursuant to one of the group health plans sponsored by Noble (or a
Noble Company), which reimbursement (or direct payment) shall equal the premium
costs incurred by Noble (or a Noble Company, if applicable), for the
Continuation Period, on behalf of a similarly-situated employee, to obtain
coverage under the same group health plan sponsored by Noble (or a Noble
Company, if applicable) (the “Health Care Continuation”).

 

Notwithstanding anything in the foregoing to the contrary, (1) Executive
shall be entitled to receive the Health Care Continuation 

 

 

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

 

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

 

(A)                              Notwithstanding the foregoing:  (1) any portion of the Salary
Continuation or the Health Care Continuation which would otherwise have been
paid to the Executive or reimbursed before the first normal payroll payment
date falling on or after the fortieth (40th) day following the date of
Executive’s termination of employment (the “First Payment Date”) shall
be made on the First Payment Date; (2) the Executive shall not be entitled
to any Salary Continuation until the Executive’s termination of employment
constitutes a “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h); and (3) each payment of Salary
Continuation is intended to constitute a separate payment from each other
payment of Salary Continuation for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

(B)                                Notwithstanding the
foregoing, if the Executive accepts an offer of employment at any time during
the Continuation Period, which acceptance would not be in violation of the
obligations of the Executive under this Agreement, Noble shall no longer be
obligated to pay the Health Care Continuation, should the Executive become
eligible to participate in any other group health plan as a result of his
acceptance of such offer of employment, beginning on the Executive’s first day
of active employment (the “First Active Day”).  For the purposes of this Section 4(f)(iii)(B),
the Executive shall notify Noble of his acceptance of an offer of employment,
and the terms and conditions of such offer, within a reasonable period of time
of the date 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 First Active Day.  For the avoidance of doubt, if the Executive
would violate his obligations under this Agreement by accepting such an offer
of employment, or by performing any services pursuant to such an acceptance,
then Noble will no longer be subject to any obligation to pay the Salary
Continuation or the Health Care Continuation.

 

 

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

 

(v)                                 The parties agree
that, except as set forth in this Section 4(f), or as set forth in that
certain Change in Control Severance Agreement, dated as of August 15, 2008, by
and between the Executive and Noble (the “Change in Control Severance
Agreement”), or as determined by the terms of any employee benefit plan in
which the Executive participated under Section 3(c), or as set forth in
the Fifth 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 (the “Amended and Restated Members’ Agreement”), or as otherwise
required by law, Executive will not be entitled to receive any compensation or
benefits after termination of his employment with Noble.

 

(vi)                              The Executive shall have
no duty to mitigate the amount of any payment provided for hereunder by seeking
other employment, and any income earned by the Executive from other employment
or self-employment shall not be offset against any obligations of Noble to the
Executive hereunder, subject to the early termination of any obligation of
Noble to provide Health Care Continuation pursuant to Section 4(f)(iii)(B).

 

5.                                       Confidential or Proprietary Information.

 

(a)                                  Except
in connection with the faithful performance of Executive’s duties hereunder or
pursuant to Section 5(c) or 5(d), Executive agrees that he will not,
at any time during the Term of Employment or thereafter, directly, indirectly
or otherwise, use, disseminate, disclose or publish, or use for his benefit, or
for the benefit of any person, firm, corporation or other entity, any
Confidential or Proprietary Information of or relating to Noble or the Noble
Companies, nor shall he deliver to any person, firm, corporation or other
entity any document, record, notebook, computer program or similar repository
of or containing any such Confidential or Proprietary Information.  For purposes of this Agreement, “Confidential
or Proprietary Information” includes, without limitation: all trade
secrets, intellectual property in the form of patents, trademarks and
copyrights and applications therefor, ideas, inventions, works, discoveries,
improvements, information, documents, formulae, practices, processes, methods,
developments, source code, modifications, technology, techniques, data,
programs, other know-how or materials, owned, developed or possessed by Noble
or the Noble Companies, whether in tangible or intangible form, information
with respect to Noble’s or the Noble Companies’ operations, processes,
products, inventions, business practices, finances, principals, vendors,
suppliers, customers, potential 

 

 

customers, marketing methods, costs, prices,
contractual relationships, regulatory status, prospects and compensation paid
to employees or other terms of employment. 
The parties hereby stipulate and agree that as between them the
foregoing matters are important and material Confidential or Proprietary
Information, which affect the successful conduct of the businesses of Noble and
the Noble Companies (and any successor or assignee of Noble).

 

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

 

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

 

(d)                                 Nothing in this
Agreement shall prohibit Executive from (i) disclosing information and
documents when required by law, subpoena or court order (subject to the
requirements of Section 5(c) above), (ii) disclosing information
that has been or is hereafter made public through no act or omission of the
Executive in violation of this Agreement or any other confidentiality
obligation or duty owed to Noble or the Noble Companies and through no act or
omission of any other person which, to the knowledge of the Executive, has any
legally binding confidentiality obligation or duty to Noble or the Noble
Companies, (iii) disclosing information and documents to his attorney or
tax adviser for the purpose of securing legal or tax advice, (iv) disclosing
the post-employment restrictions in this Agreement in confidence to any
potential new employer, or (v) retaining, at any time, his personal
correspondence, personal rolodex and documents related to his own personal
benefits, entitlements and obligations.

 

(e)                                  The Executive agrees
that the terms of this Agreement constitute Confidential and Proprietary
Information, and agrees, subject to Section 5(c) and 5(d), to not
disclose the terms of this Agreement to any third party, except as provided in Section 5(d) and
except as provided in a proceeding under Section 18 hereof to enforce the
terms of this Agreement.

 

 

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

 

7.                                       Non-Competition and Non-Solicitation.

 

(a)                                  During the Term of
Employment and for a period of six (6) months following Executive’s
termination of employment for whatever reason, Executive shall not directly or
indirectly, individually or on behalf of any other person or entity, manage,
participate in, work for, consult with, render services for, or take an
interest in (as an owner, stockholder, partner or lender) any Competitor in an
area of business in which Competitor directly competes or seeks to directly
compete with Noble or the Noble Companies; provided,  however,
that Executive shall be permitted to acquire a passive stock or equity interest
in a publicly traded Competitor provided the stock or other equity interest
acquired is not more than five percent (5%) of the outstanding interest in such
Competitor.  Nothing herein shall prevent
Executive from engaging in any activity with, or holding any financial interest
in, a non-competitive affiliate of an entity engaged in a business that
competes with Noble, provided, that none of Executive’s activities or financial
interests in respect of such non-competitive affiliate would cause Executive to
otherwise breach his obligations under Sections 5, 6, 7 or 8 of this Agreement
in respect of the entity engaged in a business that competes with Noble,
including, without limitation, by undertaking any direct or indirect
communication, or participating in other activities, relating to or for the
benefit of the entity that is engaged in a business that competes with Noble.

 

(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 (the “Non-Solicitation
Period”), Executive shall not directly or indirectly, individually or on
behalf of any other person or entity:

 

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

 

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

 

(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 individual consultant of Noble
after his or her employment or relationship with Noble has terminated.

 

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

 

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

 

10.                                 Notices.  All notices and other communications required
or permitted hereunder shall be in writing and shall be deemed given when (a) delivered
personally, (b) delivered by certified or registered mail, postage
prepaid, return receipt requested, or (c) delivered by 

 

 

overnight courier (provided that a written
acknowledgment of receipt is obtained by the overnight courier) to the party
concerned at the address indicated below or to such changed address as such
party may subsequently give such notice of:

 

If to Noble or
Noble Services:

 

Noble Environmental Power, LLC

8 Railroad Avenue, Suite 8

Essex, Connecticut 06426

Attention: Walter Q. Howard

WITH A COPY TO:

General Counsel

 

If to
Executive:

 

Christopher Lowe

666 Greenwich Street

New York, NY 10014

 

WITH A COPY TO:

 

Robert M. Lia, Esq.

Boies, Schiller & Flexner LLP

575 Lexington Avenue, 7th Fl.

New York, NY 
10022

 

11.                                 Successors and Binding Agreement.

 

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

 

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

 

12.                                 Complete and Final Agreement.

 

(a)                                  Noble Services and
the Executive hereby agree to terminate the Prior Employment Agreement.  Without limiting any provision in this
Agreement, Noble, Noble Services, and the Executive hereby agree that the
following events do not, either individually or collectively, constitute “Good
Reason” under the Prior Employment Agreement, and that the Executive shall have
no rights 

 

 

whatsoever to payments or benefits under Section 7 of the Prior
Employment Agreement:  (i) the
termination of the Prior Employment Agreement by Noble Services and the
Executive as of the date hereof; (ii) the entry into this Agreement by
Noble, Noble Services, and the Executive as of the date hereof; or (iii) the
entry into the Change in Control Severance Agreement by Noble and the Executive
as of the date hereof.

 

(b)                                 Executive agrees that
this Agreement, the Fifth Amended and Restated LLC Agreement, the Change in
Control Severance Agreement, those certain subscription agreements, dated August
15, 2008, by and between Noble and Executive, the Stockholders Agreement of
Noble Environmental Power, LLC, dated August 15, 2008, the Restricted Stock
Agreement dated August 15, 2008, by and between Noble Environmental Power, Inc.
and the Executive, and the Amended and Restated Members’ Agreement
(collectively, the “Related Agreements”) reflect the complete agreement
between Noble, Noble Services, and the 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.  The Related Agreements constitute the
complete and final agreement by and between Noble, Noble Services, and the
Executive, and supersede any and all prior and contemporaneous negotiations,
representations, understandings, and agreements between Noble and/or Noble
Services and the Executive relating to the matters herein, including, without
limitation, the Prior Employment Agreement. 
Noble, Noble Services, and the Executive further intend that no
extrinsic evidence whatsoever may be introduced in any judicial, administrative
or other legal proceeding to vary the terms of the Related Agreements.

 

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

 

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

 

15.                                 Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall nevertheless remain in full
force and effect.  Further, the parties
agree that any invalid, illegal or unenforceable provision or restriction shall
be deemed modified so that it shall be enforced to the greatest extent
permissible under law.  To the extent
that any court of 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 Noble and the Executive agrees to such modification, waiver, or
discharge in writing.  No waiver by Noble
or the Executive pursuant to this Section 17 of a breach of any condition
or provision of this Agreement, or compliance therewith, shall be deemed a
waiver of any breach of similar or dissimilar provisions or conditions, or
compliance therewith, at the same or at any prior or subsequent time.  For the avoidance of doubt, any modification,
waiver or discharge by Noble of any provision of this Agreement pursuant to
this Section 17 shall be binding on Noble Services.

 

18.                                 Mediation and Arbitration.  Any dispute that may arise between Noble,
Noble Services, 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 or Noble Services,
shall be submitted to mediation using a mediator or mediators and procedures
that are mutually acceptable to Executive, Noble, and Noble Services.  If mediation is not successful, the dispute
shall be settled exclusively by 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 Noble, Noble
Services, and Executive agree that the arbitrator shall not be empowered to
award punitive damages against any party. 
The arbitrator or mediator, as the case may be, shall require the
non-prevailing party to pay the arbitrator’s or mediator’s full fees and
expenses or, if in the arbitrator’s or mediator’s opinion there is no
prevailing party, the arbitrator’s or mediator’s fees and expenses will be
borne equally by the parties thereto.  In
the event action is brought to enforce the provisions of this Agreement
pursuant to this Section 18, the non-prevailing parties shall be required
to pay the reasonable attorney’s fees and expenses of the prevailing parties to
the extent determined to be appropriate by the arbitrator or the mediator,
acting in its sole discretion.

 

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.                                 Legal Fees.  Noble
shall pay or reimburse the Executive for all reasonable legal fees incurred by
him in connection with the negotiation of this Agreement and any other
agreements documenting his employment arrangement with Noble, up to a maximum
of $10,000.

 

21.                                 Section 409A.

 

(a)                                  Notwithstanding
anything to the contrary in this Agreement, if at the time of Executive’s
termination of employment with Noble, Executive is a “specified employee” as
defined in Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), as determined by Noble in accordance with Section 409A
of the Code, and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then Noble will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction in the payments or
benefits ultimately paid or provided to Executive) until the date that is at
least six (6) months following Executive’s termination of employment with
Noble (or the earliest date permitted under Section 409A of the Code),
whereupon Noble will pay Executive a lump-sum amount equal to the cumulative
amounts that would have otherwise been previously paid to Executive under this
Agreement during the period in which such payments or benefits were deferred.  Thereafter, payments will resume in
accordance with this Agreement.

 

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

 

 

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

 

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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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noble Services, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Walter Q. Howard

  
	
   

  	
   

  	
  Position:

  	
  President and CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witnessed:

  	
   

  	
   

  	
  /s/ Christopher Lowe

  
	
  Name:

  	
   

  	
   

  	
  Christopher Lowe

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