Document:

Exhibit
10.28

 

EXECUTION
VERSION

 

CHANGE IN CONTROL
SEVERANCE AGREEMENT

 

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

 

The parties agree as follows:

 

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

 

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

 

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

 

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

 

1

 

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

 

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

 

(e)           “Good Reason” shall mean the
occurrence of either of the following:  (1) a
material and adverse reduction in the nature or scope of the authority or title
held by the Executive, or duties assigned to the Executive, under the
Employment Agreement; or (2) the relocation of Executive’s principal place
of employment more than fifty (50) miles from its location on the effective
date of the Employment Agreement.

 

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

 

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

 

2.             Effectiveness
of Agreement; Term.

 

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

 

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

 

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Change in Control occurring during the
one-year period prior to the effectiveness of such amendment or termination.

 

3.             Severance
Benefits.

 

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

 

(i)            A cash amount equal to six (6) months
of Salary (as defined in the Employment Agreement) as of the date of Executive’s
termination of employment, less taxes and withholdings, which amount shall be
paid in accordance with the normal payroll practices of Noble over the six (6) month
period following the date of Executive’s termination of employment (the “Salary
Continuation”).

 

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

 

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

 

4.             Timing of
Payments; Early Termination of Obligations.

 

(a)           Notwithstanding the foregoing:  (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 

 

3

 

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 unless 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.  For the purposes of this Section 4(b),
the Executive shall notify Noble of his acceptance of an offer of employment,
and the terms and conditions of such offer, on the day of such acceptance.  If the Executive does not so notify Noble,
then Noble may recover from the Executive any Health Care Continuation paid
after the date that the Executive accepted such an offer of employment.  For the avoidance of doubt, if the Executive
would violate his obligations under this Agreement by accepting such an offer
of employment, or by performing any services pursuant to such an acceptance,
then Noble will no longer be subject to any obligation to pay the Salary
Continuation or the Health Care Continuation.

 

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

 

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

 

7.             Best Pay
Provision.  Notwithstanding the other provisions of this
Agreement, in the event that the amount of payments payable to the Executive
under this Agreement, together with any payments or benefits payable under any
other plan, program, arrangement or agreement maintained by (or on behalf of)
Noble, would constitute an “excess parachute payment” (within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”)), the
payments under this Agreement 

 

4

 

shall be reduced (by the minimum possible
amounts) until no amount payable to the Executive under this Agreement
constitutes an “excess parachute payment” (within the meaning of Section 280G
of the Code); provided, however, that no such reduction shall be made if the
net after-tax payment (after taking into account Federal, state, local, or
other income and excise taxes) to which the Executive would otherwise be
entitled without such reduction would be greater than the net after-tax payment
(after taking into account Federal, state, local or other income and excise
taxes) to the Executive resulting from the receipt of such payments with such
reduction.  If, as a result of subsequent
events or conditions (including a subsequent payment or absence of a subsequent
payment under this Agreement or other plans, programs, arrangements or
agreements maintained by (or on behalf of) Noble), it is determined that
payments under this Agreement have been reduced by more than the minimum amount
required to prevent any such payments from constituting an “excess parachute
payment,” then an additional payment shall be promptly made to the Executive in
an amount equal to the additional amount that can be paid without causing any
payment to constitute an “excess parachute payment.”  All determinations required to be made under
this Section 7, including whether a payment would result in an “excess
parachute payment” and the assumptions to be utilized in arriving at such
determination, shall be made by a “Big Four” accounting firm selected by
Noble.  All determinations made by the “Big
Four” accounting firm under this Section 7 shall be final and binding upon
Noble and the Executive.

 

8.             Confidential
or Proprietary Information.

 

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

 

5

 

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:  (1) disclosing
information and documents when required by law, subpoena or court order
(subject to the requirements of Section 8(c) above); (2) disclosing
information and documents to his attorney or tax adviser for the purpose of
securing legal or tax advice; (3) disclosing the post-employment
restrictions in this Agreement in confidence to any potential new employer; or (4) retaining,
at any time, his  personal
correspondence, personal rolodex and documents related to his own personal
benefits, entitlements and obligations.

 

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

 

9.             Inventions. 
All rights to discoveries, inventions, documents, improvements and
innovations (including all data and records pertaining thereto) related to the
business of Noble, whether or not patentable, copyrightable, registrable as a
trademark, or reduced to writing, that Executive may discover, invent, improve,
modify or originate during Executive’s employment, either alone or with others
and whether or not during working hours or by the use of the facilities of
Noble or the Noble Companies (“Inventions”), shall be the exclusive
property of Noble and the Noble Companies. 
Executive shall promptly disclose all Inventions to Noble, shall execute
at the request of Noble any assignments or other documents Noble may deem
reasonably necessary to protect or 

 

6

 

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.

 

10.           Non-Competition and Non-Solicitation.

 

(a)           While Executive is employed by
Noble, 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.

 

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

 

(b)           While the Executive is employed by
Noble, and for a period of twelve (12) months following Executive’s termination
of employment for whatever reason, 
Executive shall not directly or indirectly, individually or on behalf of
any other person or entity:  (1) divert
or attempt to divert from Noble any business with any customer, partner or
other person with which Noble had any business contact or association while
Executive was employed by Noble;  (2) 
induce or attempt to induce any customer, partner or other person with which
Noble had any business contact or association to reduce or refrain from doing
business with Noble or the Noble Companies; 
(3) induce or attempt to induce, or cause, other than by means of
any general solicitation by advertisement or otherwise, any employee or
consultant of Noble to terminate his or her employment or relationship with
Noble; or (4) recruit or hire, other than by means of any general
solicitation by advertisement or otherwise, any person who was an employee or
consultant of Noble after his or her employment or relationship with Noble has
terminated.

 

11.           Non-Disparagement. 
The Executive agrees, while he  is
employed by Noble and thereafter, to refrain from disparaging Noble and the
Noble Companies, including any of their services, technologies or practices, or
any of their directors, officers, agents, employees, former employees,
representatives or stockholders, either orally or in writing; provided,
however, that nothing in the foregoing shall preclude the Executive from making
truthful statements that are required by applicable law, regulation or legal
process.  Noble agrees, while Executive
is employed by Noble and thereafter, to refrain 

 

7

 

from disparaging the Executive; provided,
however, that Noble’s agreement to this non-disparagement clause shall be
limited to official statements issued by Noble as an organization and
statements of officers of Noble and members of the Board; provided, further,
that nothing in the foregoing shall preclude Noble, its officers or members of
the Board from making truthful statements that are required by applicable law,
regulation or legal process.

 

12.           Injunctive
Relief.  Executive acknowledges that a breach of the
covenants contained in Sections 8 through 11 will cause irreparable damage to
Noble and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law for any such breach will
be inadequate.  Accordingly, Executive
agrees that in the event of a breach of any of the covenants contained in
Sections 8 through 11, in addition to any other remedy which may be available
at law or in equity, Noble will be entitled to specific performance and
injunctive relief.

 

13.           General
Provisions.

 

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

 

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

 

If to Noble:

 

Noble Environmental Power, LLC

8 Railroad Avenue, Suite A

Essex, Connecticut 06426

Attention: Christopher Lowe

WITH A COPY TO:

General Counsel

 

8

 

If to Executive:

 

John M. Quirke

23 Haywagon Drive

Old Lyme, CT 06371

 

(c)           Successors and Binding Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

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

 

(j)            Mediation and Arbitration. 
Any dispute that may arise between Noble and Executive in reference to
this Agreement, or the interpretation, application or construction thereof, and
any matter, without limitation, arising out of Executive’s employment with
Noble, shall be submitted to mediation using a mediator or mediators and
procedures that are mutually acceptable to Executive and Noble.  If mediation is not successful, the dispute
shall be submitted to arbitration, conducted before an arbitrator in Middlesex
County, Connecticut in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association then
in effect.  Judgment may be entered on
the arbitration award in any court having jurisdiction; provided, however, that
Noble shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of the
provisions of Sections 8 through 11 of the Agreement, and Executive hereby
consents that such restraining order or injunction may be granted without
requiring Noble to post a bond.  Only
individuals who are on the AAA register of arbitrators may be selected as an
arbitrator.  Within twenty (20) days of
the conclusion of the 

 

10

 

arbitration hearing, the arbitrator(s) shall
prepare written findings of fact and conclusions of law.  It is mutually agreed that the written
decision of the arbitrator(s) shall be valid, binding, final and
non-appealable; provided however, that the parties agree that the arbitrator
shall not be empowered to award punitive damages against any party.  If for any reason this mediation and arbitration
clause becomes not applicable, then each party, to the fullest extent permitted
by applicable law, hereby irrevocably waives all right to a trial by jury as to
any issue relating hereto in any action, proceeding, or counterclaim arising
out of or relating to this Agreement or any other matter involving the parties
hereto.

 

(k)           Section 409A.

 

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

 

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

 

11

 

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

 

	
   

  	
  Noble Environmental Power, LLC
  

  
	
   

  	
   

  
	
   

  	
  /s/ Walter Q. Howard

  
	
   

  	
  Name:  Walter Q. Howard

  
	
   

  	
  Position: President and CEO

  
	
   

  	
  Date:

  	
  May 5, 2008

  

 

 

	
  Witnessed:

  	
  /s/ Thomas R. Hiester

  	
   

  	
  /s/ John M. Quirke 

  
	
  Name:

  	
  Thomas R. Hiester

  	
   

  	
  John M. Quirke  

  
	
  Date:

  	
  May 2, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  May 2, 2008

  
							

 

12exhibit101.htm

     

    
      

      

    

    EXHIBIT 10.1

     

    
      AMENDED
AND RESTATED EMPLOYMENT AGREEMENT BETWEEN

      GREATER
DELAWARE VALLEY SAVINGS BANK

      (doing
business as Alliance Bank)

      and

      Dennis
D. Cirucci

       

       

      THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated this
21st day of
May 2008 between Greater Delaware Valley Savings Bank, a Pennsylvania-chartered
savings bank doing business as Alliance Bank (the “Bank”), and Dennis D. Cirucci
(the “Executive”).  The Bank is a wholly owned subsidiary of Alliance
Bancorp, Inc. of Pennsylvania, a mid-tier holding company of the Bank (“Alliance
Bancorp”), which is a majority-owned subsidiary of Alliance Mutual Holding
Company, a federally-chartered mutual holding company (the
“MHC”).  Alliance Bancorp and the Bank are collectively referred to
herein as the “Employers”.

       

       

      WITNESSETH

       

      WHEREAS,
the Executive is presently employed as the President and Chief Executive Officer
of each of the Employers;

       

      WHEREAS,
the Bank desires to be ensured of the Executive’s continued active participation
in the business of the Employers;

       

      WHEREAS,
the Bank and the Executive have previously entered into an employment agreement
originally dated June 21, 2001 (the “Prior Agreement”);

       

      WHEREAS,
the Bank desires to amend and restate the Prior Agreement in order to make
changes to comply with Section 409A of the Internal Revenue Code of 1986, as
amended, as well as certain other changes; and

       

      WHEREAS,
in order to induce the Executive to remain in the employ of the Employers and in
consideration of the Executive’s agreeing to remain in the employ of the
Employers, the parties desire to specify the severance benefits which shall be
due the Executive in the event that his employment with the Employers is
terminated under specified circumstances.

       

      NOW
THEREFORE, in consideration of the mutual agreements herein contained, and upon
the other terms and conditions hereinafter provided, the parties hereby agree as
follows:

       

      1.           Definitions.  The
following words and terms shall have the meanings set forth below for the
purposes of this Agreement:

       

      (a)           Annual
Compensation.  The Executive’s “Average Annual Compensation”
for purposes of this Agreement shall be deemed to mean the average level of
compensation paid to the Executive by the Employers or any subsidiary thereof
during the most recent five taxable years preceding the year in which the Date
of Termination occurs and which was either (i) included in the Executive’s gross
income for tax purposes, including but not limited to Base Salary, bonuses and
amounts taxable to the Executive under any qualified or non-qualified employee
benefit plans of the Employers, or (ii) deferred at the election of the
Executive.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (b)           Base
Salary.  “Base Salary” shall have the meaning set forth in
Section 3(a) hereof.

       

      (c)           Cause.
Termination of the Executive’s employment for “Cause” shall mean termination
because of personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order or a material
breach of any provision of this Agreement.

       

      (d)           Change in
Control.  “Change in Control” shall mean a change in the
ownership of Alliance Bancorp or the Bank, a change in the effective control of
Alliance Bancorp or the Bank or a change in the ownership of a substantial
portion of the assets of Alliance Bancorp or the Bank, in each case as provided
under Section 409A of the Code and the regulations thereunder; provided,
however, that any second-step conversion and reorganization pursuant to which
the MHC ceases to exist shall not be deemed to be a Change in
Control.

       

      (e)           Code.  “Code”
shall mean the Internal Revenue Code of 1986, as amended.

       

      (f)           Date of
Termination.  “Date of Termination” shall mean (i) if the
Executive’s employment is terminated for Cause or for Disability, the date on
which the Notice of Termination is given, and (ii) if the Executive’s employment
is terminated for any other reason, the date specified in the Notice of
Termination.

       

      (g)           Disability.  Termination
by the Employers of the Executive’s employment based on “Disability” shall mean
termination because of any medically determinable physical or mental impairment
which qualifies the Executive for disability benefits under the applicable
long-term disability plan maintained by the Employers or any subsidiary or, if
no such plan applies, which would qualify the Executive for disability benefits
under the Federal Social Security System, provided that in each case the
medically determinable physical or mental impairment can be expected to result
in death or can be expected to last for a continuous period of not less than 12
months.

       

      (h)           Good
Reason.  Termination by the Executive of the Executive’s
employment for “Good Reason” shall mean termination by the Executive based upon
the occurrence of any of the following events:

       

      (i)           any
material breach of this Agreement by the Bank, including without limitation any
of the following: (A) a material diminution in the Executive’s base
compensation, (B) a material diminution in the Executive’s authority, duties or
responsibilities as prescribed in Section 2, or (C) any requirement that the
Executive report to a corporate officer or employee of the Employers instead of
reporting directly to the Boards of Directors of the Employers, or

       

      (ii)           any
material change in the geographic location at which the Executive must perform
his services under this Agreement;

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      provided,
however, that prior to any termination of employment for Good Reason, the
Executive must first provide written notice to the Employers within ninety (90)
days of the initial existence of the condition, describing the existence of such
condition, and the Employers shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Employers received the written
notice from the Executive.  If the Employers remedy the condition
within such thirty (30) day cure period, then no Good Reason shall be deemed to
exist with respect to such condition.  If the Employers do not remedy
the condition within such thirty (30) day cure period, then the Executive may
deliver a Notice of Termination for Good Reason at any time within sixty (60)
days following the expiration of such cure period.

       

      (i)           IRS.  IRS
shall mean the Internal Revenue Service.

       

      (j)           Notice of
Termination.  Any purported termination of the Executive’s
employment by the Bank for any reason, including without limitation for Cause,
Disability or Retirement, or by the Executive for any reason, including without
limitation for Good Reason, shall be communicated by a written “Notice of
Termination” to the other party hereto.  For purposes of this
Agreement, a “Notice of Termination” shall mean a dated notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision so
indicated, (iii) specifies a Date of Termination, which shall be not less than
thirty (30) nor more than ninety (90) days after such Notice of Termination is
given, except in the case of the Bank’s termination of the Executive’s
employment for Cause, which shall be effective immediately; and (iv) is given in
the manner specified in Section 10 hereof.

       

      (k)           Retirement.  “Retirement”
shall mean voluntary termination by the Executive in accordance with the
Employers’ retirement policies, including early retirement, generally applicable
to their salaried employees.

       

      2.           Term of
Employment.

       

      (a)           The
Bank hereby employs the Executive as its President and Chief Executive Officer,
and the Executive hereby accepts said employment and agrees to render such
services to the Bank on the terms and conditions set forth in this
Agreement.  The initial term of this Agreement shall expire June 30,
2010, subject to earlier termination as provided herein.  Beginning on
June 30, 2009, and on each annual anniversary thereafter, the term of this
Agreement shall be extended for a period of one year (such that at any time
thereafter the remaining term of this Agreement shall be from one to two years),
provided that neither the Bank nor the Executive has given notice to the other
party hereto in writing at least 60 days prior to such June 30 annual
anniversary date that the term of this Agreement shall not be extended
further.  References herein to the term of this Agreement shall refer
to both such initial term and such extended terms.  The Board of
Directors of the Bank shall review on a periodic basis (and no less frequently
than annually) whether to permit further extensions of the term of this
Agreement.  If either party hereto gives timely notice that the term
will not be extended as of any June 30 annual anniversary date, then this
Agreement shall terminate at the conclusion of its remaining term. As part of
such review, the Board of Directors shall consider all relevant factors,
including the Executive’s performance hereunder, and shall either expressly
approve further extensions of the term of this Agreement or decide to provide
notice to the contrary.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (b)           During
the term of this Agreement, the Executive shall perform such executive services
for the Bank as may be consistent with his titles and from time to time assigned
to him by the Bank’s Board of Directors.

       

      3.           Compensation and
Benefits.

       

      (a)           The
Bank shall compensate and pay the Executive for his services during the term of
this Agreement at a minimum base salary of $267,000 per year (“Base Salary”),
which may be increased from time to time in such amounts as may be determined by
the Bank’s Board of Directors and may not be decreased without the Executive’s
express written consent.  In addition to his Base Salary, the
Executive shall be entitled to receive during the term of this Agreement such
bonus payments as may be determined by the Bank’s Board of
Directors.

       

      (b)           During
the term of this Agreement, the Executive shall be entitled to participate in
and receive the benefits of any pension or other retirement benefit plan, profit
sharing, stock option, restricted stock grant plan, employee stock ownership, or
other plans, benefits and privileges given to employees and executives of the
Employers, to the extent commensurate with his then duties and responsibilities,
as fixed by the Boards of Directors of the Employers.  The Bank shall
not make any changes in such plans, benefits or privileges which would adversely
affect the Executive’s rights or benefits thereunder, unless such change occurs
pursuant to a program applicable to all executive officers of the Employers and
does not result in a proportionately greater adverse change in the rights of or
benefits to the Executive as compared with any other executive officer of the
Employers.  Nothing paid to the Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed
to be in lieu of the salary payable to the Executive pursuant to Section 3(a)
hereof.

       

      (c)           During
the term of this Agreement, the Executive shall be entitled to paid annual
vacation in accordance with the policies as established from time to time by the
Boards of Directors of the Employers.  The Executive shall not be
entitled to receive any additional compensation from the Bank for failure to
take a vacation, nor shall the Executive be able to accumulate unused vacation
time from one year to the next, except to the extent authorized by the Boards of
Directors of the Employers.

       

      (d)           In
the event the Executive’s employment is terminated due to Disability or
Retirement, the Bank shall provide continued life, medical, dental and
disability coverage substantially similar to the coverage maintained by the
Employers for the Executive immediately prior to his termination, in each case
subject to Section 3(f) below.  Such coverage shall be
provided for the period otherwise remaining in the term of this Agreement
but for such Disability or Retirement; however, nothing contained in this
Agreement shall reduce any rights the Executive may have to continuation of
insurance coverage beyond the period otherwise remaining in the term of this
Agreement pursuant to any policy of the Employers in existence from time to
time.

       

      (e)           In
the event of the Executive’s death during the term of this Agreement, the Bank
shall provide to the Executive’s spouse until such spouse reaches age 65
continued medical and dental coverage substantially similar to the coverage
maintained by the Employers for the Executive immediately prior to his death,
subject to Section 3(f) below.

       

      (f)           Any
insurance premiums payable by the Employers or any successors pursuant to
Section 3(d) or 3(e) above shall be payable at such times and in such amounts
(except that the coverage pursuant to Section 3(e) above shall be based on the
costs of providing individual spousal benefits) as if the Executive was still an
employee of the Employers, subject to any increases in such amounts imposed by
the insurance company or COBRA, and the amount of insurance premiums required to
be paid by the Employers in any taxable year shall not affect the amount of
insurance premiums required to be paid by the Employers in any other taxable
year; and provided further that if the participation of the Executive or his
spouse in any group insurance plan is barred, the Employers shall either arrange
to provide the Executive (or his spouse with respect to Section 3(e)) with
insurance benefits substantially similar to those which the Executive (or his
spouse with respect to Section 3(e)) was entitled to receive under such group
insurance plan or, if such coverage cannot be obtained, pay a lump sum cash
equivalency amount within thirty (30) days following the Date of Termination
based on the annualized rate of premiums being paid by the Employers as of the
Date of Termination.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      4.           Expenses.  The
Bank shall reimburse the Executive or otherwise provide for or pay for all
reasonable expenses incurred by the Executive in furtherance of or in connection
with the business of the Employers, including, but not by way of limitation,
automobile expenses and other traveling expenses, and all reasonable
entertainment expenses (whether incurred at the Executive’s residence, while
traveling or otherwise), subject to such reasonable documentation and other
limitations as may be established by the Boards of Directors of the
Employers.  If such expenses are paid in the first instance by the
Executive, the Bank shall reimburse the Executive therefor.  Such
reimbursement shall be paid promptly by the Bank and in any event no later than
March 15 of the year immediately following the year in which such expenses were
incurred.

       

      5.           Termination.

       

      (a)           The
Bank shall have the right, at any time upon prior Notice of Termination, to
terminate the Executive’s employment hereunder for any reason, including without
limitation termination for Cause, Disability or Retirement, and the Executive
shall have the right, upon prior Notice of Termination, to terminate his
employment hereunder for any reason.

       

      (b)           In
the event that (i) the Executive’s employment is terminated by the Bank for
Cause or (ii) the Executive terminates his employment hereunder other than for
Disability, Retirement, death or Good Reason, the Executive shall have no right
pursuant to this Agreement to compensation or other benefits for any period
after the applicable Date of Termination.

       

      (c)           In
the event that the Executive’s employment is terminated as a result of
Disability or Retirement or the Executive’s death during the term of this
Agreement, the Executive shall have no right pursuant to this Agreement to
compensation or other benefits for any period after the applicable Date of
Termination except as provided in Section 3 hereof.

       

      (d)           In
the event that either before or after a Change in Control (i) the Executive’s
employment is terminated by the Bank for other than Cause, Disability,
Retirement or the Executive’s death or (ii) such employment is terminated by the
Executive for Good Reason, then the Bank shall:

       

      (A)           pay
to the Executive, in a lump sum within ten business days following the Date of
Termination, a cash severance amount equal to two (2) times the Executive’s
Average Annual Compensation;

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (B)           maintain
and provide for a period ending at the earlier of (i) the expiration of the
remaining term of this Agreement as of the Date of Termination or (ii) the date
of the Executive’s full-time employment by another employer (provided that the
Executive is entitled under the terms of such employment to benefits
substantially similar to those described in this subparagraph (B)), at no cost
to the Executive, the Executive’s continued participation in all group
insurance, life insurance, health and accident insurance, and disability
insurance plans offered by the Employers in which the Executive was
participating immediately prior to the Date of Termination; provided that any
insurance premiums payable by the Bank or any successors pursuant to this
Section 5(d)(B) shall be payable at such times and in such amounts (except that
the Bank shall also pay any employee portion of the premiums) as if the
Executive was still an employee of the Employers, subject to any increases in
such amounts imposed by the insurance company or COBRA, and the amount of
insurance premiums required to be paid by the Bank in any taxable year shall not
affect the amount of insurance premiums required to be paid by the Bank in any
other taxable year; and provided further that if the Executive’s participation
in any group insurance plan is barred, the Bank shall either arrange to provide
the Executive with insurance benefits substantially similar to those which the
Executive was entitled to receive under such group insurance plan or, if such
coverage cannot be obtained, pay a lump sum cash equivalency amount within
thirty (30) days following the Date of Termination based on the annualized rate
of premiums being paid by the Bank as of the Date of Termination;
and

       

      (C)           pay
to the Executive, in a lump sum within thirty (30) days following the Date of
Termination, a cash amount equal to the projected cost to the Employers of
providing benefits to the Executive until the expiration of the remaining term
of this Agreement as of the Date of Termination pursuant to any other employee
benefit plans, programs or arrangements offered by the Employers in which the
Executive was entitled to participate immediately prior to the Date of
Termination (excluding (w) stock option and restricted stock plans of the
Employers, (x) bonus and other items of cash compensation included in Average
Annual Compensation, (y) retirement plans of the Employers and (z) other
benefits, or portions thereof, included in Average Annual Compensation), with
the projected cost to the Employers to be based on the costs incurred for the
calendar year immediately preceding the year in which the Date of Termination
occurs and with any automobile-related costs to exclude any depreciation on
Bank-owned automobiles.

       

      6.           Payment
of Additional Benefits under Certain Circumstances.

       

      (a)           If
the payments and benefits pursuant to Section 5 hereof, either alone or together
with other payments and benefits which the Executive has the right to receive
from the Employers, would constitute a “parachute payment” as defined in Section
280G(b)(2) of the Code (the “Initial Parachute Payment”), then the Bank shall
pay to the Executive, in a lump sum within ten business days
following  the Date of Termination, a cash amount equal to the sum of
the following:

       

      (A)           twenty
(20) percent (or such other percentage equal to the tax rate imposed by
Section 4999 of the Code) of the amount by which the Initial Parachute
Payment exceeds the Executive’s “base amount” from the Employers, as defined in
Section 280G(b)(3) of the Code, with the difference between the Initial
Parachute Payment and the Executive’s base amount being hereinafter referred to
as the “Initial Excess Parachute Payment”; and

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (B)  
such
additional amount (tax allowance) as may be necessary to compensate the
Executive for the payment by the Executive of state, local and federal income
and excise taxes on the payment provided under clause (A) above and on any
payments under this clause (B).  In computing such tax allowance, the
payment to be made under clause (A) above shall be multiplied by the “gross up
percentage” (“GUP”).  The GUP shall be determined as
follows:

       

      
        	
                GUP
      =

              	
                Tax
      Rate                      

              
	
                1 -
      Tax Rate

              

      

       

      The Tax
Rate for purposes of computing the GUP shall be the highest marginal federal,
state and local income and employment-related tax rate (including Social
Security and Medicare taxes), including any applicable excise tax rate under
clause (A) above, applicable to the Executive in the year in which the payment
under clause (B) above is made, and shall also reflect the phase-out of
deductions and the ability to deduct certain of such taxes.

       

      (b)           Notwithstanding
the foregoing, if it shall subsequently be determined in a final judicial
determination or a final administrative settlement to which the Executive is a
party that the actual excess parachute payment as defined in Section 280G(b)(1)
of the Code is different from the Initial Excess Parachute Payment (such
different amount being hereafter referred to as the “Determinative Excess
Parachute Payment”), then the Bank’s independent tax counsel or accountants
shall determine the amount (the “Adjustment Amount”) which either the Executive
must pay to the Bank or the Bank must pay to the Executive in order to put the
Executive (or the Bank, as the case may be) in the same position the Executive
(or the Bank, as the case may be) would have been if the Initial Excess
Parachute Payment had been equal to the Determinative Excess Parachute
Payment.  In determining the Adjustment Amount, the independent tax
counsel or accountants shall take into account any and all taxes (including any
penalties and interest) paid by or for the Executive or refunded to the
Executive or for the Executive’s benefit.  As soon as practicable
after the Adjustment Amount has been so determined, and in no event more than
thirty (30) days after the Adjustment Amount has been so determined, the Bank
shall pay the Adjustment Amount to the Executive or the Executive shall repay
the Adjustment Amount to the Bank, as the case may be.

       

      (c)           In
each calendar year that the Executive receives payments of benefits under this
Section 6, the Executive shall report on his state, local and federal
income tax returns such information as is consistent with the determination made
by the independent tax counsel or accountants of the Bank as described
above.  The Bank shall indemnify and hold the Executive harmless from
any and all losses, costs and expenses (including without limitation, reasonable
attorneys’ fees, interest, fines and penalties) which the Executive incurs as a
result of so reporting such information, with such indemnification to be paid by
the Bank to the Executive as soon as practicable and in any event no later than
March 15 of the year immediately following the year in which the amount subject
to indemnification was determined.  The Executive shall promptly
notify the Bank in writing whenever the Executive receives notice of the
institution of a judicial or administrative proceeding, formal or informal, in
which the federal tax treatment under Section 4999 of the Code of any amount
paid or payable under this Section 6 is being reviewed or is in
dispute.  The Bank shall assume control at its expense over all legal
and accounting matters pertaining to such federal tax treatment (except to the
extent necessary or appropriate for the Executive to resolve any such proceeding
with respect to any matter unrelated to amounts paid or payable pursuant to this
Section 6) and the Executive shall cooperate fully with the Employers in
any such proceeding.  The Executive shall not enter into any
compromise or settlement or otherwise prejudice any rights the Bank may have in
connection therewith without the prior consent of the Bank.

       

      
        
          
          

        

        
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      7.           Mitigation;
Exclusivity of Benefits.

       

      (a)           The
Executive shall not be required to mitigate the amount of any benefits hereunder
by seeking other employment or otherwise, nor shall the amount of any such
benefits be reduced by any compensation earned by the Executive as a result of
employment by another employer after the Date of Termination or otherwise,
except as set forth in Section 5(d)(B)(ii) hereof.

       

      (b)           The
specific arrangements referred to herein are not intended to exclude any other
benefits which may be available to the Executive upon a termination of
employment with the Employers pursuant to employee benefit plans of the
Employers or otherwise.

       

      8.           Withholding.  All
payments required to be made by the Bank hereunder to the Executive shall be
subject to the withholding of such amounts, if any, relating to tax and other
payroll deductions as the Bank may reasonably determine should be withheld
pursuant to any applicable law or regulation.

       

      9.           Assignability.  The
Bank may assign this Agreement and its rights and obligations hereunder in
whole, but not in part, to any corporation, bank or other entity with or into
which either of the Employers may hereafter merge or consolidate or to which
either of the Employers may transfer all or substantially all of its respective
assets, if in any such case said corporation, bank or other entity shall by
operation of law or expressly in writing assume all obligations of the Bank
hereunder as fully as if it had been originally made a party hereto, but may not
otherwise assign this Agreement or its rights and obligations
hereunder.  The Executive may not assign or transfer this Agreement or
any rights or obligations hereunder.

       

      10.           Notice.  For
the purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:

       

            To the
Bank:                 Secretary

      Greater
Delaware Valley Saving Bank

      (doing
business as Alliance Bank)

      541
Lawrence Road

      Broomall, Pennsylvania 19008

       

      To the
Executive:          Dennis D.
Cirucci

      At his
last address on file with

      the
Employers

       

      11.           Amendment;
Waiver.  No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and such officer or officers as may be
specifically designated by the Bank’s Board of Directors to sign on its
behalf.  No waiver by any party hereto at any time of any breach by
any other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.  In addition, notwithstanding anything in this
Agreement to the contrary, the Bank may amend in good faith any terms of this
Agreement, including retroactively, in order to comply with Section 409A of the
Code.

       

      
        
          
          

        

        
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      12.           Governing
Law.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the Commonwealth of
Pennsylvania.

       

      13.           Nature of
Obligations.  Nothing contained herein shall create or require
the Bank to create a trust of any kind to fund any benefits which may be payable
hereunder, and to the extent that the Executive acquires a right to receive
benefits from the Bank hereunder, such right shall be no greater than the right
of any unsecured general creditor of the Bank.

       

      14.           Headings.  The
section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this
Agreement.

       

      15.           Validity.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement,
which shall remain in full force and effect.

       

      16.           Changes in Statutes
or Regulations. If any statutory or regulatory provision referenced
herein is subsequently changed or re-numbered, or is replaced by a separate
provision, then the references in this Agreement to such statutory or regulatory
provision shall be deemed to be a reference to such section as amended,
re-numbered or replaced.

       

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

       

      18.           Regulatory
Prohibition.  Notwithstanding any other provision of this
Agreement to the contrary, any payments made to the Executive pursuant to this
Agreement, or otherwise, are subject to and conditioned upon their compliance
with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. §1828(k)) and
the regulations promulgated thereunder, including 12 C.F.R.
Part 359.

       

      19.           Payment of Costs and
Legal Fees and Reinstatement of Benefits.  In the event any
dispute or controversy arising under or in connection with the Executive’s
termination is resolved in favor of the Executive, whether by judgment,
arbitration or settlement, the Executive shall be entitled to the payment of (a)
all legal fees incurred by the Executive in resolving such dispute or
controversy, and (2) any back-pay, including Base Salary, bonuses and any other
cash compensation, fringe benefits and any compensation and benefits due to the
Executive under this Agreement, within thirty (30) days following the date such
judgment, arbitration or settlement becomes final and
non-appealable.

       

      20.           Indemnification.  The
Bank shall provide the Executive (including his heirs, executors and
administrators) with coverage under a standard directors’ and officers’
liability insurance policy at its expense, or in lieu thereof, shall indemnify
the Executive (and his heirs, executors and administrators) to the fullest
extent permitted under Pennsylvania law against all expenses and liabilities
reasonably incurred by him in connection with or arising out of any action, suit
or proceeding in which he may be involved by reason of his having been a
director or officer of the Bank, Alliance Bancorp or any of their subsidiaries
or affiliates (whether or not he continues to be a director or officer at the
time of incurring such expenses or liabilities).  Such expenses and
liabilities shall include, but shall not be limited to, judgments, court costs
and attorneys’ fees and the cost of reasonable settlements.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      21.           Entire
Agreement.  This Agreement embodies the entire agreement
between the Bank and the Executive with respect to the matters agreed to
herein.  All prior agreements between the Bank and the Executive with
respect to the matters agreed to herein are hereby superseded and shall have no
force or effect, including the Prior Agreement.

       

      IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written
above.

       

      
        
          	Attest:	 	GREATER DELAWARE VALLEY
	 	 	 SAVINGS
      BANK
	 	 	
                  (doing
      business as Alliance Bank)

                
	 	 	 	 
	 	 	 	 
	/s/Kathleen P.
      Lynch	 	By:	/s/John A.
      Raggi
	Kathleen P. Lynch,
      Corporate Secretary	 	 	John P.
      Raggi 
	 	 	 	Chairman of
      Independent Directors
	 	 	 	 
	 	 	 	 
	Attest:	 	EXECUTIVE
	 	 	 	 
	 	 	 	 
	/s/Kathleen P.
      Lynch	 	By: 	/s/Dennis D.
      Cirucci
	Kathleen P. Lynch,
      Corporate Secretary	 	 	Dennis D.
      Cirucci
	 	 	 	 

        

         

      

       

      
        
          
          

        

        
          10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]