0001753926-23-001175.txt : 20230901 0001753926-23-001175.hdr.sgml : 20230901 20230901143228 ACCESSION NUMBER: 0001753926-23-001175 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230901 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230901 DATE AS OF CHANGE: 20230901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Greenbacker Renewable Energy Co LLC CENTRAL INDEX KEY: 0001563922 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55610 FILM NUMBER: 231232064 BUSINESS ADDRESS: STREET 1: C/O GREENBACKER CAPITAL MANAGEMENT LLC STREET 2: 230 PARK AVENUE, SUITE 1560 CITY: NEW YORK STATE: NY ZIP: 10169 BUSINESS PHONE: 646-237-7884 MAIL ADDRESS: STREET 1: C/O GREENBACKER CAPITAL MANAGEMENT LLC STREET 2: 230 PARK AVENUE, SUITE 1560 CITY: NEW YORK STATE: NY ZIP: 10169 8-K 1 g083733_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): September 1, 2023 (September 1, 2023)

 

Commission file number: 000-55610

 

GREENBACKER RENEWABLE ENERGY CO LLC

(Exact Name of Registrant as Specified in its Charter)

 

Delaware 80-0872648
(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

230 Park Avenue, Suite 1560

New York, NY 10169

(646) 237-7884

(Address, including zip code and telephone number, including area code, of registrants Principal Executive Office)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act.

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

 

Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act.

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Limited liability company interests   N/A   N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

   

 

 

Item 5.02.Departure of Directors or Certain Officers’ Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Departure of Directors or Certain Officers

 

On September 1, 2023 (the “Effective Date”), Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC (“GREC LLC”) and each of their affiliates, the “Company”) and Mehul Mehta entered into a separation agreement (the “Separation Agreement”), pursuant to which (i) Mr. Mehta’s role as Chief Investment Officer of the Company will terminate on September 1, 2023 (the “Separation Date”), and (ii) the Company will engage Mr. Mehta as a consultant.

 

Pursuant to the Separation Agreement, subject to certain conditions and Mr. Mehta’s execution, delivery, and non-revocation of a release of claims, Mr. Mehta will be eligible to receive certain payments and benefits, each less all applicable tax withholdings and deductions, including the following: (i) a lump sum cash severance payment of $1,250,000, payable in thirty-two (32) equal installments in accordance with the Company’s normal payroll practices during the 16-month period following the termination of the Consulting Agreement (as defined below); (ii) if Mr. Mehta remains otherwise eligible, and chooses to elect continuation coverage for himself and his eligible dependents under the Company’s group health benefits plan(s) in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), reimbursement for a period of up to twelve (12) months following the Separation Date (or, if less for the period that Mr. Mehta is eligible for such COBRA continuation coverage) for the excess of (a) the amount that Mr. Mehta is required to pay monthly to maintain such continuation coverage under COBRA, over (b) the amount that Mr. Mehta would have paid monthly to participate in the Company’s group health benefits plan(s) had Mr. Mehta continued to be an employee of the Company, provided that the Company reimbursement described in this provision will terminate earlier as of the date on which Mr. Mehta becomes eligible for any health benefits as a result of subsequent employment or service; (iii) a grant of 84,899.25289 Restricted Share Units (the “RSUs”), 66 2/3% of which will vest on February 17, 2024 and be cash settled, shortly thereafter and 33 1/3% of which will vest on February 17, 2025 and be cash settled, shortly thereafter; (iv) 6,820 GB EO Holder LLC Series E Tier 1 Membership Interests and 109,873 GB EO Holder LLC Series E Tier 2 Membership Interests that Mr. Mehta holds will vest on May 19, 2024; and (vi) the ability to have certain GREC LLC Class P-I Shares repurchased, depending on whether the Company’s current Share Repurchase Program has been terminated or suspended. Pursuant to the Separation Agreement, Mr. Mehta will forfeit the restricted share units in respect of 84,899.35 Class P-I shares granted to him on May 23, 2023. Pursuant to the Separation Agreement, Mr. Mehta is required to comply with certain restrictive covenants regarding nondisclosure of Company information, non-disparagement, non-competition and non-solicitation of Company customers and employees.

 

In addition, on September 1, 2023 (the “Transition Date”), the Company and Mr. Mehta entered into a consulting agreement (the “Consulting Agreement”), pursuant to which Mr. Mehta will provide certain consulting, transition and other services (the “Services”) to the Company during the period commencing on the Transition Date and ending on January 2, 2024 (the “Term”), or such earlier date as the Consulting Agreement is terminated by the Company in accordance with the Consulting Agreement. In consideration for the Services performed during the Term, the Company shall pay Mr. Mehta a fee, in cash, at the rate of $41,667.00 per month, payable in arrears and in accordance with the Company’s normal payroll schedule.

 

The foregoing descriptions of the Separation Agreement and Consulting Agreement and the transactions contemplated thereby are summaries and are subject to, and qualified in their entirety by, the full text of the Separation Agreement and Consulting Agreement, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated by reference herein.

 

 2 

 

  

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.  
Description
10.1   Separation Agreement, dated as of September 1, 2023, by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Mehul Mehta
10.2   Consulting Agreement, dated as of September 1, 2023, by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Mehul Mehta
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 3 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: September 1, 2023 Greenbacker Renewable Energy Company LLC
   
   
  By: /s/Charles Wheeler
  Name: Charles Wheeler
  Title: Chief Executive Officer, President and Director

 

 

 

 4 

 

EX-10.1 2 g083733_ex10-01.htm SEPARATION AGREEMENT

Exhibit 10.1

 

SEPARATION AGREEMENT

 

This Separation Agreement (this “Separation Agreement”) is made and entered into as of September 1, 2023 (the “Effective Date”), by and between Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC (“GREC LLC”) and each of their affiliates, the “Company”), and Mehul Mehta (“you”). This Separation Agreement sets forth certain terms of your separation from the Company, including certain waivers and releases by you, in order to receive certain separation payments and benefits, as set forth in detail below.

 

By signing this Separation Agreement, you and the Company agree as follows:

 

1.               Status of Employment

 

(a)             You and the Company have agreed that your employment with the Company will end on September 1, 2023. The date on which your employment with the Company actually ends will be the “Separation Date.”

 

(b)             You hereby resign, effective as of the Separation Date, from all directorships, officerships and other similar positions with the Company and its affiliates. You shall sign all appropriate documentation prepared by the Company in connection with such resignations to evidence or confirm the terms thereof. After the Separation Date, you will have no authority to bind the Company to any contractual obligations, whether written, oral or implied, and you shall not represent or purport to represent the Company in any manner whatsoever to any third party unless authorized to do so in writing by the Chief Executive Officer of the Company or unless directed to do so by the terms of any consulting agreement in effect between you and the Company or between Bedrock Renewables LLC and any successor thereto (“Bedrock”) and the Company.

 

2.               Consulting Agreement

 

(a)             As a condition to entering into this Separation Agreement, you and the Company agree to execute and enter into the Consulting Agreement attached hereto as Exhibit A.

 

3.               Severance Benefits

 

(a)             Provided that you continue to abide by the terms of this Separation Agreement and the Restrictive Covenants Agreement (as defined below), and in consideration for you signing this Separation Agreement and the attached Release no earlier than the Separation Date and no later than 21 days following the Separation Date, and letting the Release become effective as set forth in this Separation Agreement and in the Release, you will receive the following benefits (the “Severance Benefits”):

 

(i)              you will receive severance in the aggregate amount of $1,250,000, less applicable tax withholdings and deductions, payable in thirty-two (32) equal installments in accordance with the Company’s normal payroll practices during the 16-month period following the termination of the Consulting Agreement;

 

(ii)            if you are eligible for, and elect to receive, continued coverage for you and, if applicable, your eligible dependents under the Company’s group health benefits plan(s) in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall reimburse you for a period of up to twelve (12) months following the Separation Date (or, if less, for the period that you are eligible for such COBRA continuation coverage) for the excess of (i) the amount that you are required to pay monthly to maintain such continued coverage under COBRA, over (ii) the amount that you would have paid monthly to participate in the Company’s group health benefits plan(s) had you continued to be an employee of the Company, provided that the Company reimbursement described in this provision shall terminate earlier as of the date on which you become eligible for any health benefits as a result of subsequent employment or service;

 

(iii)          that number of RSUs (as defined in Section 8(c) below) granted on the Effective Date with a Fair Market Value (as defined in the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan) as of May 23, 2023 of $500,000 will vest on February 17, 2024 and be cash settled, net of applicable taxes, shortly thereafter;

 

(iv)           an additional number of RSUs granted on the Effective Date with a Fair Market Value of $250,000 as of May 23, 2023 will vest on February 17, 2025 and be cash settled, net of applicable taxes, shortly thereafter;

 

(v)            6,820 GB EO Holder LLC Series E Tier 1 Membership Interests and 109,873 GB EO Holder LLC Series E Tier 2 Membership Interests will vest on May 19, 2024, though for the avoidance of doubt no payments or distributions would be made in respect of the Series E Membership Interests unless and until the relevant benchmark targets are satisfied and such units have achieved the relevant target capital account in accordance with their terms (for the avoidance of doubt, the Tranche 1, Tranche 2 and Tranche 3 Class EO Common Shares (Earnout Shares) that you received on May 19, 2022 will remain subject to the vesting, noforfeitablility and earnout provisions of the documents governing those grants);

 

 1 

 

 

(vi)           GREC LLC Class P-I Share Repurchases:

 

(A)           if GREC LLC, in its sole discretion, terminates or suspends GREC LLC’s existing share repurchase program for all eligible participants, then on or after May 20, 2024, you may request GREC LLC to repurchase up to 50% of any vested GREC LLC Class P-I shares that you hold at the time of such request, at a price equal to the then-current monthly adjusted share value used by GREC LLC for Class P-I shares, so long as such repurchase complies with any applicable law and so long as, in GREC LLC’s judgment acting reasonably, such repurchase does not (1) place an undue burden on GREC LLC’s liquidity, (2) adversely affect GREC LLC’s operations or (3) risk having a material adverse impact on GREC LLC as a whole. Any such request must be received by GREC LLC no later than 4 p.m. (Eastern time) on the date that is thirty (30) days prior to (i) June 30, 2024, or, (ii) if the repurchase request is made in a subsequent quarter, the quarter end date of the quarter in which the request is made. Any such request will be satisfied in cash on or after June 30, 2024, or, if the repurchase request is received in a subsequent quarter, it will be satisfied in cash on or after the quarter end date of the quarter in which the request is received. If GREC LLC determines that it cannot immediately satisfy the repurchase request on the day on which the request is received but the request is satisfied within 90 days following the receipt of the request, the request will be satisfied using the monthly adjusted share value in effect on the date on which the repurchase request is received, and if the repurchase is satisfied during any successive 90-day period following the receipt of the request, the repurchase will be effected using the monthly adjusted share value in effect on the first day of the relevant 90 day period; and

 

(B)           unless GREC LLC, in its sole discretion, has terminated or suspended its existing share repurchase program for all eligible participants, you may otherwise participate in GREC LLC’s existing share repurchase program on or after May 20. 2024 in respect of any vested GREC LLC Class P-I shares that you hold at that time;

 

(vii)         you and the Company agree that sections 7 and 8 of the Restrictive Covenants Agreement (as defined in Section 8(a)(ii) below) are hereby amended by replacing words “Restricted Period” with “any period when you are employed or engaged by a member of the Company Group and the period of sixteen (16) months commencing on the termination of the Consulting Agreement”; and

 

(viii)       you and the Company agree that section 8 of the Restrictive Covenants Agreement (as defined below) is hereby amended by adding the following sentence at the end thereof: “Notwithstanding anything in this agreement or the Plan to the contrary, (x) the Company, with the approval of the Chief Executive Officer of the Company, may waive all or any part of the non-competition obligations set forth in this Section 8 if the Company determines it is appropriate to do so, (y) the Company’s obligation to provide Severance Benefits under Section 3 of Separation Agreement shall cease if the Company waives any part of the non-competition obligations set forth in this Section 8, and (z) effective as of the Separation Date, neither Bedrock nor any of its subsidiaries and/or affiliates shall be considered an entity engaged in a Restricted Business for purposes of this Section 8.”

 

(b)             In the event you become covered under another employer’s group health plan or otherwise cease to be eligible for COBRA benefits, you must immediately notify the Company in writing of such event. The COBRA reimbursement benefit described in Section 3(a)(ii) shall terminate earlier as of the date on which you become eligible for any health benefits as a result of subsequent employment or service.

 

4.               Limitations

 

(a)             Nothing in this Separation Agreement shall be binding upon the parties to the extent it is void or unenforceable for any reason, including, without limitation, as a result of any law regulating competition or proscribing unlawful business practices; provided, however, that to the extent that any provision in this Separation Agreement could be modified to render it enforceable under applicable law, it shall be deemed so modified and enforced to the fullest extent allowed by law.

 

5.               Waiver and Release

 

(a)             In exchange for the Severance Benefits that the Company will provide to you under this Separation Agreement, you agree to execute and not revoke the Release attached as Exhibit B.

 

6.               Covenant Not To Sue

 

(a)             You understand that following the Release Effective Date (as defined in the Release), the Release will be final and binding. Except as set forth herein, you promise that you will not pursue any claim that you have settled by the Release. You further understand that nothing in this release generally prevents you from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the EEOC, NLRB, or any other federal, state or local agency charged with the enforcement of any employment laws, although by signing this release you are waiving your right to individual relief based on claims asserted in such a charge or complaint. The Company agrees that this Separation Agreement does not extend to, release or modify any rights to indemnification or advancement of expenses to which you are entitled from the Company or its insurers under the Company’s corporate governing instruments.

 

 2 

 

 

7.               Breaches

 

(b)             The Company represents that at the Effective Date to the best of the Company’s knowledge there are no circumstances that would have been a basis for a termination of your employment for Cause (as such term is defined in the Greenbacker Renewable Energy Corporation Executive Protection Plan). Notwithstanding any provision of this Separation Agreement to the contrary, in the event that the Company determines that you were eligible to receive the Severance Benefits pursuant to Section 3 but, after such determination, the Company subsequently acquires evidence or determines that: (i) you failed to abide by the terms of this Separation Agreement or the Restrictive Covenants Agreement (as defined in Section 8(a)(ii) below); or (ii) a Cause (as such term is defined in the Greenbacker Renewable Energy Corporation Executive Protection Plan) condition existed prior to the Separation Date that, had the Company been fully aware of such condition, would have given the Company the right to terminate your employment for Cause, then the Company’s obligation to provide Severance Benefits shall cease, and you shall promptly return to the Company any Severance Benefits paid or provided by the Company prior to the date that the Company determines that the conditions of this Section 7(a) have been satisfied.

 

(c)             You agree that upon any breach of any provision of this Separation Agreement or the Restrictive Covenants Agreement (as defined below), the Company will have no further obligation to pay or provide any unpaid Severance Benefits and will be entitled to equitable and/or injunctive relief and, because the damages for such a breach or threatened breach will be impossible or impractical to determine and will not therefore provide a full and adequate remedy, the Company will also be entitled to specific performance by you.

 

(d)             No amount owing to you under this Separation Agreement shall be subject to set-off or reduction by reason of any claims which the Company has or may have against you. However, nothing in this Separation Agreement shall limit or prevent the Company from also pursuing any other or additional remedies it may have for breach of any other agreement you may have signed. Despite any breaches, your other obligations under this Separation Agreement will remain in full force and effect.

 

(e)             You will be entitled to recover actual damages if the Company materially breaches this Separation Agreement, including any unexcused late or non-payment of any amounts owed under this Separation Agreement, or any unexcused failure to provide any other benefits specified in this Separation Agreement. Failure by either party to enforce any term of condition of this Separation Agreement at any time shall not preclude that party from enforcing that provision, or any other provision, at a later time.

 

8.               Affirmations and Acknowledgments

 

(a)             You affirm that:

 

(i)              you have not, except as expressly permitted by and consistent with the Company’s policies (including pursuant to non-disclosure agreements entered into with third parties), divulged any financial, proprietary or confidential information of the Company and will continue to maintain the confidentiality of such information consistent with the Company’s policies, your agreement(s) with the Company and/or any applicable common law;

 

(ii)            you remain subject to the non-solicitation obligations set forth in section 7 of the restrictive covenants agreement dated as of November 16, 2022, by and between you and the Company (as amended, the “Restrictive Covenants Agreement”); and

 

(iii)          you remain subject to the non-competition obligations set forth in section 8 of the Restrictive Covenants Agreement.

 

(b)             You understand and acknowledge that that the restricted share units in respect of 84,899.25289 Class P-I Common Shares of GREC LLC that were granted to you on May 23, 2023 are forfeited by their terms on the Separation Date.

 

(c)             You understand and acknowledge that (i) you are being granted unvested restricted share units in respect of that number of Greenbacker Renewable Energy Company LLC common shares (the “RSUs”) with a Fair Market Value as of May 23, 2023 of $750,000; (ii) if you abide by the terms of this Separation Agreement and the Restrictive Covenants Agreement, (A) that number of RSUs with a grant date Fair Market Value (as defined in the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan) of $500,000 will vest on February 17, 2024, and (B) that number of RSUs with a grant date Fair Market Value of $250,000 will vest on February 17, 2025; and (iii) you will forfeit without consideration any RSU that does not vest in accordance with the terms of this Separation Agreement.

 

(d)             You understand and acknowledge that (i) you hold 10,230 unvested GB EO Holder LLC Series E Tier 1 Membership Interests (the “Series E Tier 1 Membership Interests”) and 164,810 unvested GB EO Holder LLC Series E Tier 2 Membership Interests (the “Series E Tier 2 Membership Interests”) as of the date of this Separation Agreement; (ii) 6,820 Series E Tier 1 Membership Interests and 109,873 Series E Tier 2 Membership Interests will vest on May 19, 2024, in accordance with, and subject to the qualifications on payments and distributions set forth in Section 3 above, if you abide by the terms of this Separation Agreement and the Restrictive Covenants Agreement; and (iii) you will forfeit without consideration any Series E Tier 1 Membership Interest or Series E Tier 2 Membership Interest that does not vest in accordance with the terms of this Separation Agreement.

 

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(e)             You agree that you may specifically retain and continue to use the Greenbacker financial model identified on Exhibit C attached hereto.

 

9.               Covenants

 

(a)             You promise, covenant and agree that you will never say, write, express, communicate or relate anything defamatory or maliciously false about the Company or any of the Released Parties (as defined in the Release), or any of their business practices and activities, to any third person or entity, except when otherwise required by process of law. This provision is not intended to restrict your rights under Section 7 of the National Labor Relations Act. The Company agrees that none of the Company's Chief Executive Officer, Chief Financial Officer or Chief Operations Officer or the President of Greenbacker Capital Management or Executive Vice Presidents of the Company Jeff Sheridan or Brandon Praznik shall say, write, express, communicate or relate anything defamatory or maliciously false about you to any third person or entity, except when otherwise required by process of law.

 

(b)             You promise, covenant and agree not to discuss the contents of this Separation Agreement with any person except your financial, legal or tax advisor or spouse (each of whom shall be informed of this confidentiality provision and must first agree to keep this information confidential), or when otherwise required by law or process of law. The foregoing provision is not intended to prevent you from providing truthful and accurate information as otherwise required by applicable law or for the specific purpose of enforcing the terms of this Separation Agreement, or from communicating with other employees about the terms and conditions of your employment. This provision is not intended to restrict your right under Section 7 of the National Labor Relations Act.

 

(c)             On and after the Separation Date, you will cooperate with and assist the Company and their representatives and attorneys as reasonably requested by the Company, including, but not limited to, with respect to any audit, investigation, litigation, arbitration, dispute resolution, or any business matter for which the Company believes you have knowledge or documentation. Such cooperation and assistance includes (i) being available for interviews, depositions and/or testimony in regard to any matters in which you are or have been involved or with respect to which you have relevant information if requested by the Company; and (ii) preserving any information and documents in your possession, custody or control which are subject to any applicable litigation preservation directives. The Company will reimburse you for reasonable expenses you may incur for travel in connection with this obligation to assist the Company. With respect to an obligation to assist under this Section 9(c) which requires a material amount of your time, the Company shall pay you a reasonable per diem for your time spent in providing assistance in respect of such obligation.

 

10.            Taxes

 

(a)             The Company may deduct or withhold from any compensation or benefits any applicable federal, state or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this Separation Agreement. All payments made to you pursuant to this Separation Agreement are subject to all applicable federal, state and local tax and other withholdings required by law. You acknowledge and agree that all taxes imposed on you by reason of the payments and benefits hereunder are your sole responsibility and that neither the Company nor any affiliate is in any way indemnifying you or holding you harmless in respect of any such taxes. The Company shall not be liable you for any tax, interest, or penalties you may owe as a result of compensation paid under this Separation Agreement, and the Company shall not have any obligation to indemnify or otherwise protect you from the obligation to pay any taxes.

 

(b)             It is the intention of the Company that all payments or benefits provided under this Separation Agreement that are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if any, comply with Section 409A of the Code and this Separation Agreement shall be construed and applied in a manner consistent with this intent. Notwithstanding anything to the contrary herein, the Company does not guarantee the tax treatment of any payments or benefits under this Separation Agreement, including without limitation under the Code, federal, state, local or foreign tax laws and regulations. In no event may you, directly or indirectly, designate the calendar year of any payment under this Separation Agreement.

 

11.            Nature of Agreement

 

(a)             By signing this Separation Agreement, you acknowledge that you are doing so freely, knowingly and voluntarily. You acknowledge that in signing this Separation Agreement you have relied only on the promises written in this Separation Agreement and Release, and not on any other promise made by the Company. This Separation Agreement is not, and will not be considered, an admission of liability or of a violation of any applicable contract, law, rule, regulation, or order of any kind.

 

(b)             This Separation Agreement, along with the Release and the Restrictive Covenants Agreement, contain the entire agreement between the Company and you regarding your departure from the Company. This Separation Agreement may not be altered, modified, waived or amended except by a written document signed by a duly authorized representative of the Company and you.

 

(c)             Except as otherwise explicitly provided, this Separation Agreement will be interpreted and enforced in accordance with the laws of the state of New York. The headings in this document are for reference only and shall not in any way affect the meaning or interpretation of this Separation Agreement. Nothing in this Separation Agreement shall be binding on the parties to the extent it is void or unenforceable. The provisions of this Separation Agreement are severable. If any provision of this Separation Agreement is ruled unenforceable or invalid, such ruling shall not affect the enforceability or validity of other provisions of this Separation Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, you and the Company have executed this Separation Agreement as of the dates set forth below.

 

  Mehul Mehta
   
  /s/ Mehul Mehta                                             
       
   
  Greenbacker Renewable Energy Corporation
   
  By:   /s/ Natallia Camargo                               
  Name: Natallia Camargo
  Title: Chief People Officer

 

[Signature Page to Separation Agreement]

 

 5 
EX-10.2 3 g083733_ex10-02.htm CONSULTING AGREEMENT

Exhibit 10.2

 

GREENBACKER RENEWABLE ENERGY CORPORATION

 

CONSULTING AGREEMENT

 

This CONSULTING AGREEMENT (this "Agreement"), dated as of September 1, 2023, is made by and between Greenbacker Renewable Energy Corporation (the "Company"), and Mehul Mehta, (the "Consultant"), a resident of New York.

 

WHEREAS, the Consultant is currently an employee of the Company who serves as the Chief Investment Officer of Greenbacker Renewable Energy Company LLC ("GREC"); and

 

WHEREAS, the Company and the Consultant mutually desire to transition the Consultant's role with the Company from that of an employee of the Company to that of a non-employee consultant to the Company, effective as of the date hereof (the "Transition Date").

 

NOW THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.               Services.

 

(a)             The Company hereby engages the Consultant, and the Consultant hereby accepts such engagement, as an independent contractor to provide certain services to the Company on the terms and conditions set forth in this Agreement. During the Term (as defined below), the Consultant shall provide consulting services with regard to the business and operations of the Company, its subsidiaries and its affiliates as requested by the Company's Chief Executive Officer, which may include all or some of the services set forth on Schedule A (the "Services"). The Consultant shall perform the Services in a professional manner in accordance with all applicable federal, state, and local laws and regulations and generally recognized industry standards for similar services, and shall devote sufficient resources to ensure that the Services are performed in a timely and reliable manner.

 

(b)             The Consultant shall furnish, at the Consultant's own expense, the materials, equipment, supplies, and other resources necessary to perform the Services; provided, however, that the Company will provide the Consultant with a laptop computer that the Consultant will return upon the expiration or termination of this Agreement. The Company may also create Company e-mail accounts for the Consultant.

 

(c)             The Company shall provide the Consultant with access to its premises and systems to the extent necessary for the performance of the Services. While on the Company's premises or using the Company's equipment, the Consultant shall comply with all applicable policies of the Company relating to business and office conduct, health and safety, and use of the Company's facilities, supplies, information technology, equipment, networks, and other resources.

 

2.               Term. The term of this Agreement shall commence on the Transition Date and shall continue through January 2, 2024, unless earlier terminated in accordance with Section 7 (the "Term").

 

3.               Fees and Expenses.

 

(a)             With respect to the performance of the Services, the Company shall pay the Consultant a fee, in cash, at the rate of $41,667 per month, payable in arrears, for all Services performed during the Term, payable in accordance with the Company's normal payroll schedule.

 

(b)             The Consultant shall receive an IRS Form 1099-MISC from the Company and shall be solely responsible for all federal, state, and local taxes applicable to the Consultant. The Company shall not be responsible for withholding or paying any income, payroll, Social Security, or other federal, state, or local taxes with respect to any payments made to the Consultant pursuant to this Agreement. The Consultant shall be solely responsible for any travel or other costs or expenses incurred by the Consultant in connection with the performance of the Services and in no event shall the Company reimburse the Consultant for any such costs or expenses.

 

4.               Relationship of the Parties.

 

(a)             The Consultant is engaged as an independent contractor of the Company and this Agreement shall not be construed to create any association, partnership, joint venture, employment, or agency relationship between the Consultant and the Company for any purpose. The Consultant has no authority (and shall not hold itself out as having authority) to act as an agent of the Company or bind the Company and shall not make any agreements or representations on the Company's behalf.

 

(b)             The Consultant shall not be eligible to participate in any employee benefit plans offered by the Company to its employees, including, but not limited to, any vacation, group medical or life insurance, disability, profit sharing, retirement, fringe or other benefit plan.

 

 

 1 

 

 

5.               Confidentiality.

 

(a)             The Consultant acknowledges that the Consultant may have access to information that is treated as confidential and proprietary by the Company, including, without limitation, information pertaining to business operations and strategies, customers, pricing, finances, or personnel, in each case whether spoken, written, printed, electronic, or in any other form or medium (collectively, the "Confidential Information"). Any Confidential Information that the Consultant has access to in connection with the performance of the Services shall be subject to the terms and conditions of this clause. The Consultant agrees to treat all Confidential Information as strictly confidential, not to disclose Confidential Information or permit it to be disclosed, in whole or part, to any third party without the prior written consent of the Company and not to use any Confidential Information for any purpose except as required in the performance of the Services. The Consultant shall notify the Company immediately in the event the Consultant becomes aware of any loss or disclosure of any Confidential Information.

 

(b)             Nothing in this Agreement shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. The Consultant agrees to provide written notice of any such order to an authorized officer of the Company within five (5) days of receiving such order, but in any event sufficiently in advance of making any disclosure to permit the Company to contest the order or seek confidentiality protections, as determined in the Company's sole discretion. The Consultant is hereby notified that 18 U.S.C. § 1833(b) states as follows: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal."

 

6.               Indemnification. The Consultant shall defend, indemnify, and hold harmless the Company and its affiliates and their officers, directors, employees, agents, successors, and assigns from and against all losses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs, or expenses of whatever kind (including reasonable attorneys' fees) arising out of or resulting from (i) any fraud or misrepresentation by the Consultant, (b) any material breach of any provision of this Agreement by the Consultant, or (c) any gross negligence or willful misconduct by the Consultant.

 

7.               Termination.

 

(a)             The Company may terminate this Agreement upon written notice to the Consultant. In the event of termination pursuant to this clause, the Company shall pay the Consultant on the date of the termination of this Agreement any amounts then due and payable under this Agreement for any Services completed up to and including the date of such termination. Unless the Company terminates this Agreement for Cause, the Company shall also upon termination of this Agreement pay for all Services that were to have been provided by the Consultant through the end of the Term. "Cause" shall mean (i) willful misconduct by the Consultant in the performance of the Services or the indictment, plea of guilty or nolo contendare or conviction of the Consultant of a felony or any crime of moral turpitude, (ii) gross neglect of or willful refusal or failure by the Consultant to perform the Services, or (iii) the Consultant’s breach of this Agreement.

 

(b)             Upon expiration or termination of this Agreement for any reason, or at any other time upon the Company's written request, the Consultant shall promptly:

 

(i)              deliver to the Company all materials, equipment, and other property of the Company provided by the Company for use by the Consultant;

 

(ii)            deliver to the Company all tangible documents and other media of the Company, including any copies of such documents or other media; and

 

(iii)          permanently erase all Confidential Information in the Consultant's possession, including, but not limited to, erasing all Confidential Information from the Consultant's computer and phone systems.

 

8.               Assignment. The Consultant shall not assign any rights or delegate or subcontract any obligations under this Agreement without the Company's prior written consent. Any assignment in violation of the foregoing shall be deemed null and void. The Company may freely assign its rights and obligations under this Agreement at any time. Subject to the limits on assignment stated above, this Agreement will inure to the benefit of, be binding on, and be enforceable against each of the parties hereto and their respective successors and assigns.

 

9.               Governing Law, Jurisdiction, and Venue. This Agreement and all matters arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any conflict of laws principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought in any state or federal court located in the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of these courts and waive the defense of inconvenient forum to the maintenance of any action or proceeding in such venue.

 

 2 

 

 

10.            Miscellaneous.

 

(a)             This Agreement, together with any related exhibits or schedules, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

 

(b)             This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto.

 

(c)             If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

 

(d)            This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

[signature page follows]

 

 3 

 

IN WITNESS HEREOF, the parties hereto signed their names as of the day and year first written above.

 

  Greenbacker Renewable Energy Corporation
   
   
  By:   /s/ Natallia Camargo                               
  Name: Natallia Camargo
  Title: Chief People Officer
   
   
  Mehul Mehta
   
   
  /s/ Mehul Mehta                                             
   
   

 

 

 

 4 

 

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