Document:

exv10w1

 

EXHIBIT 10.1

Amendment of the Master Joint Venture Agreement

Q-Cells AG, registered in the companies’ register of the local court of Stendal under HRB
16621, Guardianstrasse 16, 06766 Thalheim, Germany (hereinafter “Q-Cells”), Evergreen Solar, Inc.,
registered in the register of the State of Delaware (USA) under no.: 2426798, 138 Bartlett Street,
Marlboro, Massachusetts 01752, USA) hereinafter “Evergreen”), Renewable Energy Corporation ASA,
registered in the Bronnoysundregisterene (norwegian companies’ register) under the organisational
number 97725861, Veritasveien 14, 1323 Hovik, Norway (hereinafter “REC”, and Q-Cells, Evergreen and
REC are hereinafter referred to as “the Shareholders” as well as altogether “the Parties”.), and
EverQ GmbH, registered in the companies’ register of the local court of Stendal under HRB 4769,
Sonnenallee 14-24, 06766 Bitterfeld-Wolfen, Germany, (hereinafter “EverQ”) entered into this
Amendment to the Master Joint Venture Agreement on October 23, 2007.

I.

Preamble

The Shareholders entered into a Master Joint Venture Agreement (register of deeds no. 287/2005 of
the notary public Dr. von Hartenstein, Berlin) on November 21, 2005. On September 29, 2006 the
Shareholders and EverQ entered into a Master Joint Venture Agreement and ancillary agreements
(register of deeds no. 267/2006 of the aforementioned notary public) by which the Master Joint
Venture Agreement of November 21, 2005 was amended. We refer to the aforesaid deeds.

EverQ normally has got more than 500 employees and therefore the provisions of the German Act of
One-Third-Participation (Drittelbeteiligungsgesetz — hereinafter “DrittelbG”) apply pursuant to §
1 subsection 1 no. 1 DrittelbG. The employees of EverQ have got the right of co determination
within the supervisory board of EverQ. Pursuant to § 4 subsection 1 DrittelbG one third of the
supervisory board of the company have to be employee representatives. To comply with the
requirements of the German Act of One-Third-Participation the Shareholders intend to amend the
provisions of the Articles of Association concerning the supervisory board of the company.
Therefore the provisions of the Master Joint Venture Agreement concerning the Supervisory Board
shall be amended as well.

 

 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein and with the
intention of being legally bound hereby, the Parties agree as follows:

II.

Supervisory Board

1. The definition “Annual Plan” in Article I, Section 1.2 (Sections and Articles refer to the
corresponding Section / Articles in the Master Joint Venture Agreement) shall be reworded as
follows:

““Annual Plan” shall mean an annual business and operations plan as prepared by the Management
Board.”

2. Article III, Section 3.3 (a) shall be reworded as follows:

“(a) Annual Plan. The Parties shall cause the Management Board of EverQ to prepare, and the
shareholders’ meeting to consider and approve, an Annual Plan with respect to each fiscal year of
EverQ no later than thirty (30) days prior to the commencement of each fiscal year.”

3. Article III, Section 3.5 (b) shall be reworded as follows:

“(b) A majority of the shareholders’ meeting shall have the ability to approve a Capacity
Expansion following a determination by such majority of the shareholders’ meeting that the Capacity
Expansion is in the best interest of EverQ.”

4. Article III, Section 3.6 shall be reworded as follows:

“3.6 Directors

(a) Pursuant to § 1 subsection 1 no. 3 DrittelbG EverQ shall have nine (9) Directors. Six Directors
shall be elected by the Shareholders’ Meeting according to the provisions of the Articles of
Association and the applicable statutory provisions. Three Directors shall be elected by the
employees of EverQ according to the provisions of the German Act of One-Third-Participation.

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(b) Each Shareholder shall have the right to nominate two Directors and two substitute Directors.
The Shareholders undertake to elect these nominated Directors and substitute Directors.

(c) Each Party shall cause conveniently and as far as legally admissible each Director nominated by
it to perform his duties as a Director fully in compliance with the terms of this Agreement and the
Articles of Association. None of the Parties shall be excused from the performance of this
Agreement on the account of the failure to control such Director nominated by it and appointed by
the Shareholders.

(d) In case that the Supervisory Board has to resolve on any transaction of the Management Board
according to Article 10.1 a) — c) and h) of the Articles of Association each Shareholder shall
cause conveniently and as far as legally admissible, however respecting the independence of the
Directors, the following: (i) The Directors appointed by the Shareholders’ Meeting shall vote in a
pre-voting outside the Supervisory Board on such transaction and (ii) in case that at least one
Director appointed by a Shareholder holding at least 15% in the share capital of EverQ votes
against such transaction in the pre-voting the Directors appointed by the Shareholders’ Meeting
shall vote against such transaction in the respective voting of the Supervisory Board. However, the
affirmative vote of any Director nominated by a Shareholder who is either a party of such
contractual transaction requiring the consent of the Supervisory Board or a controlling shareholder
in the party of such contractual transaction is not required.

(e) In case that the Supervisory Board has to resolve on any transaction of the Management Board
according to Article 10.1 d) — e) of the Articles of Association each Shareholder shall cause
conveniently and as far as legally admissible, however respecting the independence of the
Directors, the following: (i) The Directors appointed by the Shareholders’ Meeting shall vote in a
pre-voting outside the Supervisory Board on such transaction and (ii) in case that at least one
Director votes against such transaction in the pre-voting the Directors appointed by the
Shareholders’ Meeting shall vote against such transaction in the respective voting of the
Supervisory Board. However, the affirmative vote of any Director nominated by a Shareholder who is
either a party of such contractual transaction requiring the consent of the Supervisory Board or a
controlling shareholder in the party of such contractual transaction is not required.”

5. Article VI., Closing Conditions, is cancelled completely.

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6. Article IX Section 9.1 (b) shall be reworded as follows:

“(b) If EverQ determines to market, distribute or sell Cells, Wafers or Modules, as the case may
be, via intermediaries, distribution partners, sales agents or the like, it shall invite third
parties to declare their interest to participate in such marketing activities. In such a procedure,
the Parties shall be entitled to declare their interest as well. EverQ shall negotiate with all the
interested parties in good faith for not less than ninety (90) days, and upon mutual agreement, the
negotiation period may be continued as long as necessary or productive. The final decision shall be
subject to approval by the shareholders’ meeting.”

Evergreen Solar, Inc.

By: /s/ Philipp von Alvensleben

Renewable Energy Corporation ASA

By: /s/ Saskia Au

Q-Cells AG

By: /s/ Kathrin von Pohhammer

EverQ GmbH

By: /s/ Dr. Nikolaus Petersoen

4Exhibit 10(i)

Summary of Material Terms of

Special Bonus Program

In July, 2007, the Company issued Awards pursuant to a special bonus program that had been approved by the Compensation and Organization Committee on May 23, 2007 under the Company’s 1997 Long-Term Incentive Plan for certain members of management and key employees.

The program provides senior managers the opportunity to receive stock and other eligible participants the opportunity to receive cash in the event company-wide objectives relating to working capital turns and inventory turns are achieved by December 31, 2009 and the working capital turns objective is sustained for a period of at least six months.  The goals are designed to provide a financial incentive to participants to focus on company-wide objectives.  The Company believes the likelihood of missing the goals is at least as high as the likelihood of achieving the goals.  Bonuses will be distributed promptly following achievement of the established goals.

The performance goals that will provide the basis for determining bonus amounts have been approved by the Compensation and Organization Committee.  The maximum award payable to the Company’s Named Executive Officers is as follows:  John Lundgren, CEO, 10,000 shares of stock; James Loree, Executive Vice President and CFO, 7,000 shares; Donald R. McIlnay, Senior Vice President and President, Industrial Tools Group and Emerging Markets, 2,000 shares; and Hubert W. Davis, Jr., Senior Vice President, Business Transformation, 2,000 shares.AMENDMENT TO THE EMPLOYMENT CONTRACT

BETWEEN THE UNDERSIGNED

BETWEEN

Stanley Doors France SAS, a “société par actions simplifiée” whose registered office is located at rue Auguste Jouchoux, ZI de Trepillot, 25000 Besançon, France, registered with the Registry of Trade and Companies of Besançon under number 307 104 315 (the “Company”), represented by Mrs. Corinne Herzog, President, duly authorised for the purposes hereof,

AND

Thierry Paternot, whose address is 59 avenue de la Bourdonnais, 75007 Paris, France (“Mr. Paternot”),

THE PARTIES FIRST REMIND THAT

Mr. Paternot was employed, under an indefinite term employment contract signed with the Company on 15 February 2006 (“the Employment Contract”), as “President Europe”.

Mr. Paternot has resigned from the Employment Contract as of July 1st 2007 .

Considering the above, the Parties wish to organize the conditions under which Mr. Paternot will be leaving Stanley Group, in order to handle a smooth transmission of the files he was involved in.

The Parties therefore decided to enter into the present agreement under the following conditions.

 

 

IT IS HEREBY AGREED THAT, SUBJECT TO THE APPROVAL OF THE BOARD OF DIRECTORS OF THE STANLEY WORKS:

ARTICLE 1

The Parties recognize that Mr. Paternot’s resignation from the Employment Contract is effective on 1 July 2007, which constitutes the beginning of a six-month notice period in accordance with the provisions of Article 3 of the Employment Contract.

The Parties hereby agree that the end of the notice period, which shall normally take place on 31 December 2007, will be postponed up until 30 June 2008.

The Parties also acknowledge that, depending on the evolution of the files Mr. Paternot was involved in, the Company or Mr Paternot can free or be freed from continuing such notice period after March 1st 2008.

At the end of the notice period, determined in accordance with the present Article, the Employment Contract will be terminated.

ARTICLE 2

It is expressly agreed that Mr. Paternot shall not be eligible to the MICP applying within the Stanley Group during 2008 fiscal year but will be fully eligible for the 2007 MICP based on Mr Paternot’s full salary of € 500 000.

ARTICLE 3

Notwithstanding the provisions of the Restricted Stock Award Certificate issued to Mr. Paternot in 2006, the Parties agree that Mr. Paternot shall receive 2/3rd of any earned bonus payable in 2009 under the Long Term Performance Award Program (the “Program”) under The Stanley Works’ 1997 Long Term Incentive Plans, as amended, for the 2006-2008 performance period. The amount of such bonus earned shall be calculated based on the corporate goals that have been established for such period.

 

 

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Mr. Paternot will be entitled to exercise the stock options that have vested in 2007 (100,000 options) and that will vest in 2008 (50,000 options) during his employment, up until the Expiration Date set forth in the Stock Option Grant Certificate provided to Mr. Paternot when such options were granted (vested options will receive retiree treatment of full 10 year term).

Mr. Paternot will surrender the balance of his unvested options (50,000). 

Drafted in two original copies, on July 11, 07

 

	
      Read and approved
 	
       
 	
       
 
	
                        
 /s/ Thierry Paternot
 	
                         
 	
                        
 /s/ Corinne Herzog
 
	
                        Mr. Thierry PATERNOT
 	
                         
 	
                        For Stanley Doors France SAS
 
	
                         
 	
                         
 	
  Ms. Corinne Herzog
 

 

 

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STANLEY DOORS SAS 

24 rue Jouchoux

25009 Besançon

 

	
                         
 	
                         
 	
                        Thierry Paternot
 59 Avenue de la Bourdonnais
 75007 Paris  
 

July 11 2007 

Sir,

Following our various discussions related to the remuneration described in your works contract dated 15 February 2006.

We hereby gladly confirm that the components of your remuneration as provided in sections 4.1 and 4.2 of your works contract, including your remuneration as corporate officer and President of Facom SAS will not, as of September 1st 2007, cumulatively, give rise to an annual gross remuneration of less than two hundred and fifty thousand Euros (250 000€), nor be of more than such amount.

As a matter of form, we thank you for sending us a copy of this document with your approval and signature.

 

	
      Sincerely yours
 	
       
 	
       
 
	
                        /s/ Corinne Herzog
 	
                         
 	
                        
 /s/ Thierry Paternot
 
	
                        Corinne Herzog
 	
                         
 	
                        Thierry Paternot
 
	
                        President

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