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Amendment to Employment Agreement

Employment Agreement Amendment

Amendment to Employment Agreement | Document Parties: FIRST SOLAR, INC. | First Solar, Inc You are currently viewing:
This Employment Agreement Amendment involves

FIRST SOLAR, INC. | First Solar, Inc

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Title: Amendment to Employment Agreement
Date: 2/28/2011
Industry: Semiconductors     Sector: Technology

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Exhibit 10.46

 

Amendment to

Employment Agreement

 

This Amendment by and between First Solar, Inc. a Delaware corporation having its principal office at 350 West Washington Street, Suite 600, Tempe, Arizona 85281 (hereinafter “Employer”) and Jens Meyerhoff (hereinafter “Employee”)

 

WITNESSETH :

 

WHEREAS, Employer and Employee are party to an Employment Agreement dated as of December 30, 2008, as amended July 28, 2009 (the “Employment Agreement”);

WHEREAS, effective July 1, 2010, the Employer advised Employee of its desire to employ Employee in a different role (while continuing to serve in his current role as chief financial officer on an interim basis) and Employee expressed his desire to be so employed;

WHEREAS, effective as of January 1, 2011, Employer named an interim chief financial officer; and

WHEREAS, the Employer's relocation promise to Employee has expired; and

WHEREAS, the parties wish to memorialize the changes to their relationship 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 effective as of July 1, 2010:

 

1.    

The first two sentences of Section 1.2 of the Employment Agreement are amended and replaced with the following:

 

Employer hereby employs Employee as its President, Utility Systems. In addition, Employer shall continue to employ Employee as its Chief Financial Officer until December 31, 2010. Employee hereby accepts such positions.

 

2.    

Section 1.5(b)(i) of the Employment Agreement is amended to replace the phrase “18 months” with “twenty-four (24) months.”

 

3.    

Section 1.5(b)(iii) and 1.5(c) of the Employment Agreement are amended to replace the phrase “eighteen (18) months” with the phrase “twenty-four (24) months”.

 

4.    

Section 1.5(d)(ii) of the Employment Agreement is restated in its entirety to read as follows:

 

(ii)      Other Equity Awards . In the event of (A) the termination of Employee's employment with Employer due to Employee's death, (B) the termination of Employee's employment with Employer due to Disability, or (C) the termination of Employee's employment by Employer without Cause, then, except as otherwise provided in Section 1.5(d)(i) with respect to the Initial Equity Award and excep


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