Solar Thin Films
25 Highland Boulevard
Dix Hills, New York 11746
April 7, 2009
Mr. Peter
Lewis
505 Grove
Street
Haddonfield,
New Jersey 08033
Dear
Peter:
The purpose of
this letter is amend and modify the terms of your current
employment with Solar Thin Films, Inc. (“ Solar Thin
”) and its subsidiaries (collectively, with Solar Thin, the
“ Company ”). As you know, your
current employment agreement with Solar Thin (the “ Lewis
Employment Agreement ”) expires on June 1,
2010. This letter agreement will serve to amend the
terms and conditions of the Lewis Employment Agreement, as
follows:
1.
Resignation . You hereby agree to resign as
President and Chief Executive Officer of Solar Thin and the Company
effective as of March 31, 2009. In addition, you
hereby agree to resign as a member of the board of directors of
Solar Thin and the Company effective as of March 31,
2009.
2.
New Duties. Effective as of April 1, 2009,
you will be appointed as Group Vice President and General Manager
of the Thin Film Equipment Group of the Company. The
Thin Film Equipment Group shall consist of the manufacture and sale
of amorphous silicon thin film solar module manufacturing equipment
and equipment lines (the “ PV Equipment
”). In such connection, during the remaining Term
(as defined) of your employment, you will devote your full business
and professional time and attention to your duties on behalf of the
Company. You and your associates will be primarily
responsible for generating orders and sales of PV
Equipment. In addition, you will provide general
oversight of the manufacturing operations of the Kraft Elektronika
Zrt and Buda Solar subsidiaries of Solar Thin, and together with
Istvan Krafcsik and Attila Horvath, be responsible for generating
profits for the Thin Film Equipment Group. The board of
directors of Solar Thin may, from time to time, request your
attendance at board of directors meetings to give reports on the
Thin Film Equipment Group and to answer questions of the board, and
you agree to attend such board meetings as an invited
guest.
3.
Term and Salary. The term of the Lewis
Employment Agreement (the “ Term ”) will expire
on June 1, 2010. For the period commencing April 1, 2009
and ending September 30, 2009, your annual salary shall be fixed at
the rate of $225,000, payable in monthly installments of $18,750
each. For the period commencing October 1, 2009, you
monthly salary shall be reduced to the rate of $180,000 per annum,
payable in monthly installments of $15,000 each. At the
expiration of such term of the Lewis Employment Agreement, we will
discuss a mutually acceptable renewal or modification of such
agreement; it being understood, however, that neither you nor the
Company will have any obligation to renew, modify or otherwise
extend the term of the Lewis Employment Agreement beyond June 1,
2010.
4.
Payment of Accrued Salary. On the earlier
of June 30, 2009 or completion of an equity financi
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