AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT, dated as of March 15, 2011 (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”), 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 amended to delete the phrase “third anniversary of the date hereof” and substitute in its place “the fourth anniversary of the date hereof.”
2. Adjustment of Base Salary. The first two sentences of Section 3(a) Compensation, Base Salary, are hereby amended to provide that effective November 1, 2010, Xxxxx’x base salary shall be $300,000 per annum.
3. 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.
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XXXX X. XXXXX
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By:
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Xxx X. Xxxxxxx, Xx.
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Vice President, General Counsel & Secretary
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By:
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Xxxxxxx Xxxxxx, Director on behalf
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of the Board of Directors
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