THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT, dated as of March 1, 2012 (the “Amendment”) by and between ACORN ENERGY, INC., a Delaware corporation (with its successors and assigns, referred to as the “Corporation”) and XXXX X. XXXXX hereinafter referred to as “Xxxxx.”
Preliminary Statement
The Corporation and Xxxxx previously entered into an Employment Agreement dated as of March 4, 2008 (the “Agreement”), as previously amended, and the Corporation and Xxxxx hereby desire to amend the Agreement as set forth herein.
Agreement
Xxxxx and the Corporation therefore agree as follows:
1. | Extension of Term. The first sentence of Section 1, Commencement of Employment Term, is hereby deleted and the following substituted in its place: |
The parties acknowledge that XXXXX commenced employment with the Corporation as Chief Executive Officer prior to the date hereof and shall continue to serve in that capacity until the earlier of any “Extension Term End” or the date his employment is terminated by either or both of the parties in accordance with the provisions of this Agreement other than this Section 1(the “Term”). Notwithstanding anything in Section 6 to the contrary, the Term shall end as of the 4th day of any month (the “Extension Term End”) if either the Corporation or Xxxxx shall have given the other written notice of termination 10 days prior to such date.
2. | Ratification. Xxxxx and the Corporation hereby ratify and confirm the terms of the Agreement as amended hereinabove. |
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
XXXX X. XXXXX
By:
Xxxxxxx X. Xxxxxxx
Vice President, General Counsel & Secretary
By:
Xxxxxxx Xxxxxx, Director on behalf
of the Board of Directors
