Amendment to Employment Agreement
Exhibit 10.37
Amendment
to
This Amendment is made effective as of
November 2, 2009 by and between First Solar, Inc. a Delaware corporation having
its principal office at 000 Xxxx Xxxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxx, Xxxxxxx
00000 (hereinafter “Employer”) and Xxxxx Xxxxxxxxx (hereinafter
“Employee”)
WITNESSETH:
WHEREAS,
Employer and Employee are party to an Employment Agreement dated as of December
1, 2008 (the “Employment Agreement”);
WHEREAS,
Employer has promoted Employee to a new position and adjusted Employee’s
compensation to reflect his new role;
WHEREAS,
the parties wish to memorialize these action by amending the Employment
Agreement accordingly;
NOW, THEREFORE, in consideration of the
foregoing premises, and the mutual covenants, terms and conditions set forth
herein, and intending to be legally bound hereby, Employer and Employee hereby
agree that the Employment Agreement is amended as provided herein.
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1.
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Section
1.2 of the Employment Agreement is amended to replace the title “Vice President,
Technology” with the title “Chief Technology
Officer” and to replace the title of Employee’s supervisor from
“President” to “Chief Executive
Officer”.
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2.
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Section
2.1 of the Employment Agreement is amended to replace the stated Base
Salary of “$304,052” with “$350,000”.
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3.
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Section
2.2 of the Employment Agreement is amended to replace the annual bonus
eligibility percentage from “fifty percent (50%)” to
“sixty percent
(60%)”
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4.
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Except
as amended above, the Employment Agreement shall remain in full force and
effect.
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IN WITNESS WHEREOF, Employer has caused
this Agreement to be executed by one of its duly authorized officers and
Employee has individually executed this Agreement, each intending to be legally
bound, as of the date first above written.
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EMPLOYER
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EMPLOYEE
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/s/
Xxxxxx X. Xxxxxxxx
Xxxxxx
X. Xxxxxxxx
Chief
Executive Officer
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/s/
Xxxxx Xxxxxxxxx
Xxxxx
Xxxxxxxxx
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Date: 2/15/10
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