Exhibit 10.50
GT Solar
International, Inc.
243 Daniel Webster Highway
Merrimack, New Hampshire 03054
EMPLOYMENT AGREEMENT AMENDMENT FOR CODE
SECTION 409A
December 31, 2008
Robert W. Woodbury
13 Plumbley Rd.
Upton, MA 01568
Dear Mr. Woodbury,
This letter agreement (the “
Amendment ”) shall amend the Employment Agreement (the
“ Employment Agreement ”), dated as of
January 2, 2008, between you (the “ Executive
”) and GT Solar International, Inc. (the “
Company ”). All capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the
Employment Agreement. Except as modified by this Amendment,
the Employment Agreement shall remain in full force and effect, and
this Amendment shall not serve in any manner as a waiver or a
novation of the Executive’s duties or obligations under the
Employment Agreement; provided, that in the event that any
provision in this Amendment conflicts with the Employment Agreement
or any other agreement, policy, plan or arrangement between the
Executive and the Company, the terms of this Amendment shall
govern.
You agree and acknowledge that
notwithstanding any other provision of the Employment Agreement to
the contrary, the Employment Agreement is hereby amended as
follows:
1.
Clause (i) of paragraph
4(b) of the Employment Agreement is amended and restated in
its entirety as follows:
“continue to receive his Base Salary (paid
in accordance with the Company’s general payroll practices in
effect on the Termination Date) as special severance payments from
the Termination Date for a period of twelve (12) months
thereafter (the “ Severance Period ”) as
provided in paragraph 4(h) and delayed as required in
paragraph 4(i) below (the date on which Executive’s
employment under this Agreement terminates for any reason shall be
referred herein as the “ Termination Date ”);
and”
2.
Clause (ii) of paragraph
4(b) of the Employment Agreement is amended as
follows:
The parenthetical at the end of the first
sentence beginning “provided that if any stock of the
Company…” and concluding “if earlier, upon
Executive’s death” is deleted and replaced with the
non-parenthetical clause “and subject to the provisions of
Paragraph 4(h) and 4(i) below.”
3.
A new paragraph 4(h) is added
to the Employment Agreement as follows:
