Amendment to Employment Agreement by and among DSIT Solutions Ltd., Acorn Energy, Inc., and Michael H. Barth

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment, effective June 1, 2014, updates the employment agreement between DSIT Solutions Ltd., Acorn Energy, Inc., and Michael H. Barth. It restores a previous $10,000 annual reduction in the portion of Mr. Barth’s salary reimbursed by Acorn Energy to DSIT, increasing his salary accordingly. All other terms of the original agreement remain unchanged and are confirmed by the parties.

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EX-10.1 2 a101amendmenttoemploymenta.htm AMENDMENT TO EMPLOYMENT AGREEMENT - MICHAEL BARTH 10.1 Amendment to Employment Agreement - Michael Barth








AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT TO EMPLOYMENT AGREEMENT, dated as of June 1, 2014 (the “Amendment”) by and among DSIT SOLUTIONS LTD. (“DSIT”), ACORN ENERGY, INC., a Delaware corporation (with its successors and assigns, referred to as the “Corporation”) and MICHAEL H. BARTH, hereinafter referred to as “Barth.”

Preliminary Statement

DSIT and Barth previously entered into an Employment Agreement dated as of August 1, 2009 (the “Agreement”), as the same may have been amended, pursuant to which the Corporation reimburses DSIT for 75% of the salary and benefits payable to Mr. Barth thereunder. DSIT, the Corporation and Mr. Barth desire to amend the Agreement as set forth herein.

Agreement

The parties therefore agree as follows:

1.
Restoration of Prior Reduction in Contribution from the Corporation. The Corporation reimburses DSIT for 75% of Barth’s salary (the “Acorn Component”) and related costs. Effective January 1, 2014, the Acorn Component (and accordingly Barth’s salary) was reduced by $10,000 per annum (the “Reduction”). The parties now wish to restore the Reduction and hereby agree that effective June 1, 2014, the Acorn Component (as in effect following the Reduction) shall be increased by $10,000 per annum (thereby increasing Barth’s salary by such amount).

2.
Ratification. The parties 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.

/s/                    DSIT SOLUTIONS, LTD.
Michael H. Barth
                    
By:             /s/            
Benny Sela
Title: President & CEO

ACORN ENERGY, INC.

By:             /s/            
John A. Moore
Title: President & CEO