Amendment to Employment Offer Letter between Satcon Technology Corporation and Charles S. Rhoades
This amendment updates the original employment offer letter between Satcon Technology Corporation and Charles S. Rhoades. It changes the terms related to stock options and benefits upon termination, specifically removing a 12-month time limit after a change in control and clarifying the treatment of stock options. If a change in control occurs, all unvested stock options granted to Mr. Rhoades will immediately vest, and he may exercise them before the transaction closes. All other terms of the original offer letter remain unchanged.
Exhibit 10.2
| December 7, 2010 |
Mr. Charles S. Rhoades
645 Highland Avenue
Boulder, Colorado 80302
Dear Steve:
We hereby amend the Employment Offer Letter dated May 1, 2008 (the Offer Letter) between you and Satcon Technology Corporation (the Company) as follows:
1. The phrase within 12 months after the occurrence of a Change in Control set forth in the second sentence of the section of the Offer Letter entitled Payments and Benefits Upon Termination of Employment is hereby deleted.
2. The phrase stock options set forth in the second sentence of the section of the Offer Letter entitled Payments and Benefits Upon Termination of Employment is hereby deleted and the phrase the issuance of additional stock options is hereby substituted in place thereof.
3. In the event that a Change in Control (as such term is defined in the Companys amended 2005 Stock Incentive Plan (the Plan) occurs, all unvested shares under any stock options that have been issued to you pursuant to the Plan since your employment commenced and any other stock options hereafter issued to you by the Company (the Subsequently Issued Options) will vest, and you will have the right to exercise any Subsequently Issued Options at or prior to the closing of the Change in Control transaction. If you choose not to exercise, the Subsequently Issued Options will be accorded the same treatment as options outstanding under the Plan are accorded under the Change in Control transaction.
Except as herein modified, the Offer Letter is hereby ratified, approved and confirmed as of the date hereof.
Sincerely,
John M. Carroll, Chairman
Satcon Technology Corporation
AGREED TO AND ACCEPTED |
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/s/ Charles S. Rhoades |
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Charles S. Rhoades |
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