GT Solar Incorporated Compensation Adjustment Letter to Howard Smith (April 2007)
GT Solar Incorporated has notified Howard Smith that, effective April 1, 2007, his annual base salary will be increased to $205,000. He is also eligible for a target bonus equal to 40% of his base salary, subject to the company's bonus plan, which may be amended at any time. The letter confirms the Board of Directors' approval of these changes and notes that further details about the bonus plan will be provided separately.
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Exhibit 10.35
| [GT Solar Logo] | GT Solar Incorporated 243 Daniel Webster Highway Merrimack, NH 03054, U.S.A. Phone: +1 603 ###-###-#### Fax: +1 603 ###-###-#### e-Mail: ***@*** Web: www.gtsolar.com |
April 12, 2007
Howard Smith
112 Atlantic Avenue
North Hampton, NH 03862
Dear Howard,
I am pleased to inform you that the GTSolar, Inc. Board of Directors has approved a market-based adjustment to your base salary. Effective April 1, 2007, your new base salary on an annualized basis shall be $205,000. Your target bonus at 100% of plan objectives shall be 40% of your base salary. Details surrounding the bonus plan shall be delivered under separate cover once ratified by the Board of Directors. As is the case with incentive plans, the company reserves the right to amend the terms of the bonus plan including bonus target amounts at any time.
The adjustments to your compensation have been authorized in recognition of the overall growth of our business and are the result of an initiative aimed at gaining improved overall alignment of compensation structures with the market.
Thank you for your contributions to the success or our business. I look forward to our mutual success.
Sincerely,
/s/ Thomas Zarrella
Thomas Zarrella
President & Chief Executive Officer
cc: Personnel File
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- Exhibit 10.35
