Document:

Written Description of Cash Incentive Plan Covering Executive Officers

 Exhibit 10.28 
 Written Description of 
 MEMC Electronic Materials, Inc. Cash Incentive
Plan 
 Covering Executive Officers 
 MEMC Electronic Materials, Inc. (“MEMC” or the “Company”) maintains a cash incentive plan that covers the Chief Executive Officer and the Company’s other executive officers. Under
current practice, the Compensation Committee (the “Committee”) makes annual cash awards under the plan to executive officers to recognize and reward Company and individual performance. 

For each participant, the Committee establishes threshold, target and maximum bonus levels that are defined as a percentage of the
participant’s base salary. The “threshold” level of performance for a particular performance goal represents the lowest level of performance for which any bonus would be earned on that performance goal. The “maximum” level
of performance represents the level for which the maximum bonus would be earned for that particular goal, and the “target” represents the target level of performance. The actual bonus, if any, attributable to each performance goal is
calculated based on the actual performance compared to these “threshold,” “target” and “maximum” performance levels. The “threshold,” “target” and “maximum” levels for each category of
executives under the plan are generally as follows: 
  

													
	 	  	Threshold	 	 	Target	 	 	Max	 
	 CEO
	  	 	50	% 	 	 	100	% 	 	 	200	% 
	 EVP
	  	 	38	% 	 	 	75	% 	 	 	150	% 
	 SVP
	  	 	25	% 	 	 	50	% 	 	 	100	% 
	 VP
	  	 	15-20	% 	 	 	30-40	% 	 	 	50-80	% 

 The plan has two main
components: a Company milestone component and a personal goal component. The Company-based and personal performance metrics account for varying levels of the total potential award under the 2010 short term incentive plan as follows: 

 

									
	 	  	Company Metrics	 	 	Personal Metrics	 
	 CEO,
	  	 	100	% 	 	 	0	% 
	 EVP, SVP
	  	 	80	% 	 	 	20	% 
	 VP
	  	 	60	% 	 	 	40	% 

 As a result, the bonus
paid to the CEO, if any, is 100% tied to Company metrics. The Company’s other executive officer s have a number of quarterly, semi-annual and/or annual performance objectives including those tied to the Company’s financial performance,
along with a number of individual performance and financial objectives applicable to each executive officer’s functional area. These objectives are reviewed and approved by the Committee on an annual basis. Based on the achievement against
these performance objectives, the executive officers are entitled to receive cash awards, which are generally paid on an annual basis. 
 The plan is non-contractual. The Company maintains the right to terminate or amend the cash incentive plan at any time.Summary of Director Compensation

 Exhibit 10.35 
 Summary of Director Compensation 
 Set forth below is a summary of the
compensation paid by MEMC Electronic Materials, Inc. (the “Company”) to its outside directors who are not employees of the Company or any subsidiary of the Company. Directors that are also employees of the Company receive no additional
compensation for their service as a director. 
 Initial Election to the Board of Directors 

Upon initial election to the MEMC Board of Directors, all outside directors are awarded non-qualified stock options for 10,000 shares of MEMC common
stock. These options will have a strike price equal to the market value at date of grant and vest ratably over four years. 
 Annual
Compensation 
 Restricted Stock Units (RSUs) 
  

	 	•	 	 Annually (as of the date of the Annual Stockholder Meeting for that year), each person whose term on the Board of Directors extends for an additional
year or who is expected to be nominated for re-election at such Annual Meeting of Stockholders, shall be awarded restricted stock units (RSUs) for shares of MEMC common stock having a value of approximately $185,000 on the date of grant (based on
the closing price of MEMC common stock on the date of grant). Each RSU shall represent the right to receive one share of MEMC common stock. The actual number of RSUs to be awarded shall be determined in increments of 100 RSUs such that the value of
the MEMC common stock underlying the RSUs is as close to $185,000 as possible. 

  

	 	•	 	 The RSUs shall vest 100% on the first anniversary of the date of grant. 

 Cash Compensation 
 The directors shall receive the following cash compensation:

  

	 	•	 	 An annual retainer of $50,000. 

  

	 	•	 	 An additional retainer of $50,000 for the Chairman of the Board. 

 

	 	•	 	 An additional retainer of $40,000 for the Chairman of the Audit Committee and an additional retainer of $10,000 for each other member of the Audit
Committee. 

  

	 	•	 	 An additional retainer of $20,000 for the Chairman of the Compensation Committee and an additional retainer of $5,000 for each other member of the
Compensation Committee. 

  

	 	•	 	 An additional retainer of $5,000 for the Chairman of the Nominating and Corporate Governance Committee. 

 

	 	•	 	 An additional fee of $1,000 for each Board and Committee meeting attended. 

 Reimbursable Expenses 
 All reasonable out-of-pocket expenses incurred by a director for
attending Board or Committee meetings will be reimbursed by the Company.Summary of Compensation Arrangements for Certain Named Executive Officers

 Exhibit 10.36 
 Summary of Compensation Arrangements for Certain Named Executive Officers 

Set forth below is a summary of the compensation paid by MEMC Electronic Materials, Inc. (the “Company”) to the executive
officers to be named in the Company’s 2011 annual proxy statement who are not covered by current employment agreements, as of the date of filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 (the
“Form 10-K”) and are continuing as an executive officer of the Company as of January 15, 2011. None of the below executive officers has an employment agreement with the Company. Each of these executive officers is an employee at will
whose compensation and employment status may be changed at any time in the discretion of the Company’s Board of Directors 

Base Salaries. These executive officers currently receive base salaries in the amounts indicated below: 

 

					
	 Name and Position
	  	2011 Base Salary
Amount	 
	 Kenneth H. Hannah, Executive Vice President; President—Solar Materials
	  	$	475,000	  
	 David A. Ranhoff, Senior Vice President—Sales and Marketing
	  	$	360,000	  
	 Stephen O’Rourke, Senior Vice President—Chief Strategy Officer
	  	$	350,000	  

 The Compensation
Committee adjusts these base salaries from time to time as the Committee deems appropriate each year, generally annually. The Committee reviews and discusses the written performance appraisal for each executive officer with the Chief Executive
Officer. The above information reflects the base salaries for our named executive officers approved by the Committee in February 2011. 
 Incentive Awards. These executive officers are also eligible to participate in the Company’s incentive compensation plans as provided in the terms of such plans, including the Company’s
short term incentive awards plan (which provides for cash incentive awards) and the Company’s long-term incentive awards plan (e.g., the Company’s 2001 and 2010 Equity Incentive Plans). Such plans, and any forms of awards thereunder
providing for material terms, are included as exhibits to the Form 10-K as appropriate. 
 Pension Plan. These executive
officers are also eligible to participate in the Company Pension Plan on the same terms as the Company’s other covered employees. Because all the executives named above commenced employment with MEMC after December 31, 2001, none of the
executive officers above participate in the MEMC Pension Plan. 
 Relocation Payments. From time to time the Company
makes payments to executive officers to cover relocation expenses.f8k021711ex10i_soact.htm

Exhibit 10.1

 

 

AGREEMENT is to be effective as of the 17th day of February-2011 by and between Equititrend Advisors, LLC, maintaining its principal offices at 11995 El Camino Real, Ste 301, San Diego, CA 92130 (hereinafter referred to as "Equititrend"), and So ACT NETWORK, INC. , which maintains its principal offices at 10685-B Hazelhurst Drive #6572 Houston, Texas 77043 , (hereinafter referred to as "Client").

 

WITNESETH:

 

WHEREAS, Equititrend is engaged in the business of providing and rendering public relations and communications services, and has knowledge, expertise and personnel to render the requisite services to Client; and

 

WHEREAS, Client is desirous of retaining Equititrend for the purpose of obtaining public relations and corporate communications services, so as to better, more fully and more effectively deal and communicate with its shareholders and the investment community.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, it is agreed as follows:

 

Engagement of Equititrend. Client herewith engages Equititrend, and Equititrend agrees to render to Client public relations, communications, advisory and consulting services.

 

The consulting services to be provided by Equititrend shall include, but are not limited to, the development, implementation and maintenance of an ongoing program to increase the investment community's awareness of Client's activities and to stimulate the investment community's interest in Client. Client acknowledges that Equititrend's ability to relate information regarding Client's activities is directly related to the information provided by Client to Equititrend.

 

Client acknowledges that Equititrend will devote such time as is reasonably necessary to perform the services for Client, having due regard for Equititrend's commitments and obligations to other business for which it performs consulting services.

 

Term and Termination.The term of this Agreement shall be for a period of six (6) months, commencing on the effective date hereof. If the parties hereto desire to extend the relationship, the parties will renew this Agreement or enter into a new Agreement. Either party may terminate this Agreement immediately on written notice to the other party, if the other party has committed a material breach of any term of this Agreement. In the absence of any such breach, either party may terminate this Agreement on 30 days' written notice to the other party.

 

Treatment of Confidential Information. Company shall not disclose, without the consent of Client, any financial and business information concerning the business, affairs, plans and programs of Client which are delivered by Client to Equititrend in connection with Equititrend's services hereunder, provided such information is plainly and prominently marked in writing by Client as being confidential (the "Confidential Information"). Equititrend will not be bound by the foregoing limitation in the event:

 

	
(I)  

	
The Confidential Information is otherwise disseminated and becomes public information,

 

or

 

	
(II)  

	
Equititrend is required to disclose the Confidential Information pursuant to a subpoena or other judicial order.

 

  

  

  

 

Representajion by Equititrend of Other Clients. Client acknowledges and consents to Equititrend rendering public relations, consulting and/or communications services to other clients of Equititrend engaged in the same or similar business as that of Client.

 

Indemnification by Client as to Information Provided to Equititrend. Client acknowledges that Equititrend, in the performance of its duties, will be required to rely upon the accuracy and completeness of information supplied to it by Client's officers, directors, agents and/or employees. Client agrees to indemnify, hold harmless and defend Equititrend, its officers, agents and/or employees from any proceeding or suit which arises out of or is due to the inaccuracy or incompleteness of any material or information supplied by Client to Equititrend.

 

Indemnification by Equiti-Trend. Equititrend agrees to indemnify, hold harmless and defend Client, its officers, agents and/or employees from any proceeding or suit which arises out of or is due to the actions, negligent or otherwise, of Equititrend, its subsidiaries, agents, employees or affiliates in the performance of its obligations under the Agreement.

 

Independent Contractor.It is expressly agreed that Equititrend is acting as an independent contractor in performing its services hereunder. Client shall carry no workers compensation insurance or any health or accident insurance on Equititrend or consultant's employees. Client shall not pay any contributions to social security, unemployment insurance, Federal or state withholding taxes nor provide any other contributions or benefits that might be customary in an employer-employee relationship.

 

Non-Assignment, This Agreement shall not be assigned by either party without the written consent of the other party.

 

Compensation. SEE SCHEDULE Al

 

Notices. Any notice to be given by either party to the other hereunder shall be sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to such party at the address specified on the first page of this Agreement or such other address as either party may have given to the other in writing.

 

Modification and Waiver, This Agreement may not be altered or modified except by writing signed by each of the respective parties hereof. No breach or violation of this Agreement shall be waived except in writing executed by the party granting such waiver.

 

Entire Agreement. This writing constitutes the entire Agreement between the parties, and replaces and supersedes any previous agreement that may exist. This Agreement can only be modified by a written contract signed by both parties. In the event that any party brings suit to enforce any part of this Agreement, the prevailing party shall recover attorney fees and legal costs.

 

Governing Law/Venue. This Agreement shall be governed under the laws of the State of California, and any claim arising here from shall be submitted to a court of competent jurisdiction located in San Diego County, California.

 

  

  

  

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

 

EQUITI•TREND ADVISORS, LLC

 

	Company Name	 	 	 
	 	 	 	 	 
	
By: 

	/s/ James J. Mahoney	 	Date:	2-18-2011
	 	James J. Mahoney,	 	 	 
	 	Managing Director	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Thomas N. Mahoney	 	Date:	2-18-2011
	 	Thomas N. Mahoney, 	 	 	 
	 	Managing Director	 	 	 
	 	 	 	 	 

 

 

	SO ACT NETWORK, INC.	 	 	 
	 	 	 	 	 
	
By: 

	/s/ John Blaisure	 	Date:	 
	 	John Blaisure 	 	 	 
	 	CEO	 	 	 
	 	 	 	 	 

 

  

  

  

 

SCHEDULE A-1

 

For the services to be rendered and performed by Equiti•trend during the term of this Agreement, Client shall, upon acceptance of this Agreement, Pay to Equititrend Advisors, LLC:

 

Five hundred thousand (500,000) restricted 144 shares of SOAN stock due upon the execution of the Agreement; for (6) months of services.

 

EQUITI•TREND ADVISORS, LLC

 

	Company Name	 	 	 
	 	 	 	 	 
	
By: 

	/s/ James J. Mahoney	 	Date:	2-18-2011
	 	James J. Mahoney,	 	 	 
	 	Managing Director	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Thomas N. Mahoney	 	Date:	2-18-2011
	 	Thomas N. Mahoney, 	 	 	 
	 	Managing Director	 	 	 
	 	 	 	 	 

 

 

	SO ACT NETWORK, INC.	 	 	 
	 	 	 	 	 
	
By: 

	/s/ John Blaisure	 	Date:	 
	 	John Blaisure 	 	 	 
	 	CEO

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