Amendment to Employment Agreement
Exhibit 10.40
Amendment
to
This Amendment is made effective as of
November 16, 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 Xxxx Xxxxxxxxx Xxxxxxxxxx (hereinafter
“Employee”)
WITNESSETH:
WHEREAS,
Employer and Employee are party to an Employment Agreement dated as of February
20, 2009 (the “Employment Agreement”);
WHEREAS,
the Compensation Committee of the Company’s Board of Directors reviewed the base
salary of certain officers following which Employee’s base salary was increased
effective March 22, 2009;
WHEREAS,
Employer has promoted Employee to a new position effective December 1,
2009;
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, (i) in the first sentence, to
replace the title “General Counsel” with the title “Executive Vice
President, General Counsel and Secretary”, (ii) in the second sentence, to
replace the title of Employee’s supervisor from “Executive Vice President”
to “Chief Executive Officer”, and (iii) in the third sentence to replace
the phrase “or the Employer’s Chief Executive Officer” with the phrase “or
the Employer’s Board of Directors”.
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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 “$325,000” with
“$331,792”.
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3.
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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/ Xxxx Xxxxxxxxx Xxxxxxxxxx
Xxxx
Xxxxxxxxx Xxxxxxxxxx
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Date: 2-15-10
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