Document:

EX-10.3

Exhibit 10.3

Employment Agreement

     This
Employment Agreement (the “Agreement”) is entered into this
13th day of November,
2006 by and between Globe Specialty Metals, Inc. (the “Company”) and Alan Kestenbaum (“Executive”).

     WHEREAS, the Company desires to employ Executive on the terms and conditions set forth herein;
and

     WHEREAS, Executive has agreed to perform services for the Company as set forth below.

     NOW THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as
follows:

1. Position. Executive shall serve as the Company’s Chairman and Chief Executive Officer
(“CEO”), reporting to the Company’s Board of Directors (the “Board”), although Executive shall
have sole discretion to decline to continue to hold either the Chairman or the CEO position
without breach of this Agreement or modification of Executive’s compensation. Executive shall
perform such responsibilities that are normally associated with the CEO position, or Chairman
position if he shall decline to continue as CEO, and as otherwise may be assigned to Executive
from time to time by the Board, although the Company and Executive agree that Executive currently
engages in other businesses, including businesses in the metals industry, and he shall not perform
any of the services set forth in this Agreement on a full-time basis for the Company, but rather
shall devote at least 70% of his time as service as the Company’s Chairman and/or CEO. During the
term of this Agreement, Executive shall serve as a member of the Company’s Board of Directors with
no additional compensation other than as provided in this Agreement. Executive’s position shall
commence on the date this Agreement is executed (the “Commencement Date”).

2. Term. Executive’s employment will be for a term of four (4) years from the Commencement
Date, with automatic one (1) year renewal terms thereafter (collectively, the “Term”) unless
Executive or the Company give written notice to the other at least ninety (90) days prior to the
expiration of any Term of such party’s election not to further extend this Agreement. Any
termination of Executive’s employment will be governed by the terms set forth in this Agreement.
Termination of this Agreement shall be effectuated in writing, and notice of which shall be
provided at least thirty (30) days prior to the effective date of such termination.

3. Compensation and Benefits.

     (a) Executive’s base pay shall be at an annual rate of no less than $500,000.00, which shall
be payable in accordance with the Company’s customary payroll practices, minus customary
deductions for federal and state taxes and the like (the “Base Pay”). Executive’s Base Pay shall
be subject to annual upward adjustments at the discretion of the Board.

     (b) Bonuses and stock options shall be awarded at the discretion of the Board.

 

 

     (c) Executive shall be offered the various benefits currently offered by the Company
generally to its employees including, without limitation, life and health insurance. Any such
benefits may be modified or changed from time to time at the sole discretion of the Company. Where
a particular benefit is subject to a formal plan (for example, medical insurance), eligibility to
participate in and receive any particular benefit is governed solely by the applicable formal plan
document. Executive shall also be entitled to receive an automobile allowance in the sum of
$1200.00 per month. Executive shall be fully reimbursed for all reasonable and necessary business
expenses upon presentation of adequate documentation to the Company demonstrating same.

     (d) Executive will be granted forty (40) paid time off days (“PTO” days) for Executive’s use
for vacation, personal or sick leave. Executive’s accrued but unused PTO days shall not be paid to
Executive upon termination of employment. Executive shall also be entitled to observe as paid
holidays, in addition to state or Federal holidays that the Company observes, as many days of
religious observance as Executive chooses.

4. Change of Control and Severance.

     (a) In the event a Change of Control occurs during Executive’s employment, Executive shall be
entitled to a severance payment of $2.5 million ($2,500,000) to be paid in a lump sum within ten
(10) business days following the Change of Control, minus customary deductions for federal and
state taxes and the like.

     (b) A Change of Control means the occurrence of any of the following events:

          (i) Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended) becomes the “Beneficial Owner” (as defined in Rule
13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or
more of the total voting power represented by the Company’s then outstanding voting securities
(excluding for this purpose any such voting securities held by the Company or its Affiliates or by
any employee benefit plan of the Company) pursuant to a transaction or a series of related
transactions; or

          (ii) Merger/Sale of Assets. (A) A merger or consolidation of the Company whether or not
approved by the Board, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or the
parent of such corporation) at least 50% of the total voting power represented by the voting
securities of the Company or such surviving entity or parent of such corporation, as the case may
be, outstanding immediately after such merger or consolidation; or (B) the stockholders of the
Company approve an agreement for the sale or disposition by the Company of all or substantially all
of the Company’s assets; or

          (iii) Change in Board Composition. A change in the composition of the Board, as a result of
which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall
mean directors who either (A) are directors of the Company as of the Commencement Date, or (B) are
elected, or nominated for election, to the Board with the

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affirmative votes of at least a majority of the Incumbent Directors at the time of such election or
nomination (but shall not include an individual whose election or nomination is in connection with
an actual or threatened proxy contest relating to the election of directors to the Company).

     (d) In the event Executive is terminated without “Cause” as such term is defined below, or in
the event that Executive resigns “For Good Reason” as such term is defined below, Executive shall
be entitled to the payment of $2.5 million ($2,500,000), provided Executive first executes a
release in a form reasonably satisfactory to the Company, and shall likewise be entitled to
continued health insurance coverage for the balance of the Term at the Company’s expense
(respectively, the “Severance Pay” and “Benefits”). The Severance Pay shall be provided in a lump
sum and Benefits shall be paid and provided in equal regular installments until fully retired and
shall be further conditioned upon Executive’s compliance with Section 6 below. The Severance Pay
and Benefits set forth in this section are in lieu of, not in addition to, the payment set forth in
Section 4(a).

     (e) For purposes of this Agreement, “Cause” shall mean termination for:

          (i) Executive’s conviction or entry of nolo contendere to any felony or crime involving
moral turpitude, material fraud or embezzlement of the Company’s property; or

          (ii) Executive’s breach of any of the material terms of this Agreement, including the
confidentiality obligations set forth herein.

     (f) For
purposes of this Agreement, “For Good Reason” shall mean Executive’s resignation following:

          (i) a material breach by the Company of its obligations hereunder, provided Executive has
first given notice to the Company of such alleged breach and the Company has failed to cure same
within ten (10) days of receipt of such notice; or

          (ii) Executive’s compensation and benefits are materially reduced.

     (g) Severance Pay shall not be required under this Agreement if (i) Executive
terminates employment voluntarily, other than For Good Reason; or (ii) Executive is terminated
for Cause; or (iii) this Agreement terminates because of Executive’s death.

     (h) Notwithstanding any other provision with respect to the timing of payments under
this Section, if, at the time of Executive’s termination, Executive is deemed to be a “specified
employee” of the Company within the meaning of Code Section 409A, then limited only to the extent
necessary to comply with the requirements of Code Section 409A, any payments to which Executive may
become entitled under Section 4 which are subject to Code Section 409A (and not otherwise exempt
from its application) will be withheld until the first (1st) business day of the seventh (7th)
month following Executive’s termination of employment, at which time Executive shall be paid an
aggregate amount equal to the accumulated, but unpaid, payments otherwise due to Executive under
the terms of Section 4(d).

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     (i) The Company does not guarantee the tax treatment or tax consequences associated with any
payment or benefit set forth in this Agreement, including but not limited to consequences related
to Code Section 409A. Executive and the Company agree to both negotiate in good faith and jointly
execute an amendment to modify this Agreement to the extent necessary to comply with the
requirements of Code Section 409A; provided that no such amendment shall increase the total
financial obligation of the Company under this Agreement.

5. Indemnity. The Company shall indemnify Executive and hold Executive harmless from any
and all claims arising from or relating to Executive’s performance of Executive’s duties hereunder
to the fullest extent permitted by law and/or the Company’s Directors and Officers Liability
Insurance or applicable certificate of incorporation or bylaws or other applicable document.

6. Confidentiality and Non-Solicitation.

     (a) Definition: “Confidential Information” means all Company proprietary information,
technical data, trade secrets, know-how and any idea in whatever form, tangible or intangible,
including without limitation, research, product plans, customer and client lists, developments,
inventions, processes, technology, designs, drawings, marketing and other plans, business
strategies and financial data and information. “Confidential Information” shall also mean
information received by the Company from customers or clients or other third parties subject to a
duty to keep confidential.

     (b) Duty Not to Disclose: Executive will be exposed to and have access to the
Company’s Confidential Information. Executive agree to hold all Confidential Information in strict
confidence and trust for the sole benefit of the Company and he will not disclose, use, copy,
publish, summarize, or remove any Confidential Information from the Company’s premises, except as
specifically authorized in writing by the Company or in connection with the usual course of
Executive’s employment.

     (c) Documents and Materials: Executive further agrees that Executive will return all
Confidential Information, including all copies and versions of such Confidential Information
(including but not limited to information maintained on paper, disk, CD-ROM, network server, or any
other retention device whatsoever) and other property of the Company, to the Company immediately
upon cessation of Executive’s employment with the Company. These terms are in addition to any
statutory or common law obligations that Executive may have relating to the protection of the
Company’s Confidential Information or its property. These restrictions shall survive the
termination of employment.

     (d) Nonsolicitation.

          (i) During the Term and for a period of twelve (12) months after the termination of
Executive’s employment for any reason, Executive will not, directly or indirectly, recruit, solicit
or induce, or attempt to recruit, solicit or induce any employee or employees of the Company to
terminate their employment with, or otherwise cease their relationship with, the Company.

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          (ii) During the Term and for a period of twelve (12) months after termination of
Executive’s employment for any reason, Executive will not, directly or indirectly, solicit, divert
or take away, or attempt to solicit, divert or take away, the business or patronage of any of the
clients, customers or accounts, or prospective clients, customers or accounts, of the Company for
similar products that the Company produces.

     (e) If any restriction set forth in this Section is found by any court of competent
jurisdiction to be unenforceable because it extends for too long a period of time or over too great
a range of activities or in too broad a geographic area, it shall be interpreted to extend only
over the maximum period of time, range of activities or geographic area as to which it may be
enforceable.

     (f) The restrictions contained in this Section are necessary for the protection of the
business and goodwill of the Company and are considered by Executive to be reasonable for such
purpose. Executive agrees that any breach of this Section will cause the Company substantial and
irrevocable damage and therefore, in the event of any such breach, in addition to such other
remedies which may be available, the Company shall have the right to seek specific performance and
injunctive relief.

     (g) Executive represents that his performance of all the terms of this Agreement as an
employee of the Company does not and will not breach any (i) agreement to keep in confidence
proprietary information, knowledge or data acquired by him in confidence or in trust prior to his
employment with the Company or (ii) agreement to refrain from competing, directly or indirectly,
with the business of any previous employer or any other party.

7. Notices. All notices required or permitted under this Agreement shall be in writing and
shall be deemed effective upon (a) the date of receipt, if sent by personal delivery (including
delivery by reputable overnight courier), or (b) the date of receipt or refusal, if deposited in
the United States Post Office, by registered or certified mail, postage prepaid and return receipt
requested, or (c) by facsimile transmission at the address of record of Executive or the Company,
or at such other place as may from time to time be designated by either party in writing.

8. Assignment. This Agreement is not assignable by Executive but may be assigned by the
Company without Executive’s prior consent.

9. Merger Clause/Governing Law/Jury Waiver. This Agreement constitutes the entire agreement
regarding the terms and conditions of Executive’s employment with the Company. This Agreement
supersedes any prior agreements, or other promises or statements (whether oral or written)
regarding the terms of employment. This Agreement may only be amended in a writing that is executed
by both Executive and the Company. This Agreement shall be governed by the law of the State of
Delaware without regard to conflicts of laws. Executive hereby waives trial by jury with respect to
any action arising out of or relating to this Agreement or Executive’s employment by the Company.

[signature page follows]

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	 	 	Globe Specialty Metals,
Inc.	 	 
	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Theodore A. Heilman, Jr.	 	 
	 	 	Its:	 	 
	 	 
	 
	 	 	/s/ Alan Kestenbaum
	 	 	 	 	 
	 	 	Alan Kestenbaum	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Date executed	 	 

6EX-10.4

Exhibit 10.4

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT is made and entered into as of this 31 day of May, 2006, by and
between SOLSIL, INC., a Delaware corporation with offices at
[                                        ] (the “Corporation”), and Alan Kestenbaum, an individual residing at
                                                             (the “Executive”).

RECITALS:

     A. The Corporation is a company primarily engaged in the manufacture and sale of solar grade
silicon (the “Business”).

     B. The Corporation desires to secure the services of the Executive upon the terms and
conditions hereinafter set forth; and

     C. The Executive desires to render services to the Corporation upon the terms and conditions
hereinafter set forth.

     NOW, THEREFORE, the parties mutually agree as follows:

     1. Employment. The Corporation hereby employs the Executive and the Executive hereby
accepts employment as an executive of the Corporation, subject to the terms and conditions set
forth in this Agreement.

     2. Duties. The Executive shall serve as Chairman of the Corporation with such duties,
responsibilities and authority as are commensurate and consistent with his position, as may be,
from time to time, assigned to him by the Board of Directors of the Corporation (the “Board”). The
Executive shall report directly to the Board. During the Term of this Agreement, the Executive
shall devote up to 25% of his full business time and efforts necessary for the performance of his
duties hereunder. Notwithstanding the foregoing, nothing herein shall prevent the Executive from
being employed by, acting as consultant to, or otherwise rendering services of any nature for or
on behalf of any person or entity, making personal investments, or conducting private business
affairs and charitable and professional activities, provided such activities do not materially
interfere with the services required to be rendered to the Corporation hereunder and do not
violate the restrictive covenants set forth in Section 9 below.

     3. Term of Employment. The term of the Executive’s employment hereunder, unless
sooner terminated as provided herein (the “Initial Term”), shall be for a period of three
years commencing on the date hereof (the “Commencement Date”). The term of this Agreement
shall automatically be extended for additional one-year terms (each a “Renewal Term”)
unless either party gives prior written notice of non-renewal to the other party no later than
sixty days prior to the expiration of the Initial Term (“Non-Renewal Notice”), or the then
current Renewal Term, as the case may be. For purposes of this Agreement, the Initial Term and any
Renewal Term are hereinafter collectively referred to as the “Term.”

 

 

     4. Compensation of Executive.

          (a) The Corporation shall pay, the Executive as compensation for his services hereunder, in
accordance with the Corporation’s regular payroll practices, during the Term, the sum of One
Hundred Thousand Dollars ($100,000) per annum (the “Base Salary”), less such deductions as
shall be required to be withheld by applicable law. The Base Salary shall be increased (but shall
not be decreased) on an annual basis in an amount determined by the Board.

          (b) In addition to the Base Salary set forth in Section 4(a) above, the Executive shall be
entitled to such bonus compensation (in cash, capital stock or other property) as of the Board may
determine from time to time in its sole discretion.

          (c) The Corporation shall pay or reimburse the Executive for all out-of-pocket expenses
reasonable incurred or paid by the Executive in the course of his employment, consistent with the
Corporation’s policy for reimbursement of expenses.

          (d) The Executive shall be entitled to participate in such pension, profit sharing, group
insurance, hospitalization, and group health and benefit plans and all other benefits and plans as
the Corporation provides to its senior executives (the “Benefit Plans”).

          (e) The Executive shall be granted a ten-year non-qualified stock option to purchase 50
shares of common stock, par value $0.01 per share, of the Corporation at an exercise price of
$50,000 per share, under the Corporation’s 2006 Non-Qualified Stock Plan (the “Option”).
The Option shall vest and become exercisable with respect to 16.66 shares on the date hereof and
with respect to an additional 16.67 shares, on each of the first and second anniversaries of the
date hereof, provided however, that in the event the Executive is terminated without Cause or
resigns for Good Reason or upon a Change of Control (as such terms are defined below) all unvested
shares subject to the Option shall automatically vest and become immediately exercisable.

     5. Termination.

          (a) This Agreement and the Executive’s employment hereunder shall terminate upon the
happening of any of the following events:

               (i) upon the Executive’s death;

               (ii) upon the Executive’s Total Disability (as herein defined);

               (iii) upon the expiration of the Initial Term of this Agreement or any Renewal Term thereof,
if either party has provided a timely Non-Renewal Notice in accordance with Section 3, above;

               (iv) at the Corporation’s option, without Cause, upon sixty days prior written notice to the
Executive;

               (v) at the Executive’s option, without Good Reason, upon sixty days prior written notice to
the Corporation;

 

 

               (vi) at the Executive’s option, in the event of an act by the Corporation, defined in Section
5(c), below, as constituting Good Reason for termination by the Executive; and

               (vii) at the Corporation’s option, in the event of an act by the Executive, defined in
Section 5(d), below, as constituting Cause for termination by the Corporation.

          (b) For purposes of this Agreement, the Executive shall be deemed to be suffering from a
“Total Disability” if the Executive has failed to perform his regular and customary duties
to the Corporation for a period of 180 days out of any 360-day period and if before the Executive
has become “Rehabilitated” (as herein defined) due to a mental or physical incapacity resulting in
the Executive’s inability to continue to materially perform his regular and customary duties of
employment as determined by the Executive’s physician. As used herein, the term
“Rehabilitated” shall mean such time as the Executive is willing, able and commences to
devote his time and energies to the affairs of the Corporation to the extent and in the manner that
he did so prior to his Disability.

          (c) For purposes of this Agreement, the term “Good Reason” shall mean that the
Executive has resigned due to (i) the failure of the Corporation to meet any of its material
obligations to the Executive under this agreement between the Corporation and the Executive, (ii)
the material diminution of the Executive’s duties, responsibilities, title or authority, (iii) the
failure, other than for Cause, to elect the Executive to, or removal, other than for Cause, of the
Executive from, the Board or (iv) a Change of Control shall have occurred.

          (d) For purposes of this Agreement, the term “Cause” shall mean material, gross and
willful misconduct on the part of the Executive in connection with his employment duties hereunder
or conviction of a felony or act of dishonesty by the Executive.

          (e) For purposes of this Agreement, the term “Change of Control” shall mean (i) the direct or
indirect sale, lease, exchange or other transfer (other than a license in the ordinary course of
Business) of all or substantially all (more than 50%) of the assets of the Corporation to any
person or entity or group of persons or entities acting in concert as a partnership or other group
(a “Group of Persons”), (ii) the merger, consolidation or other business combination of the
Corporation with or into another corporation with the effect that the stockholders of the
Corporation, immediately following the merger, consolidation or other business combination, hold
less than 50% of the combined voting power of the then outstanding securities of the surviving
corporation of such merger, consolidation or other business combination having the right to vote
in the election of directors, (iii) the replacement of a majority of the Corporation’s Board of
Directors, or (iv) a person or Group of Persons shall, as a result of a tender or exchange offer,
open market purchases, privately negotiated purchases or otherwise, have become the beneficial
owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of
securities of the Corporation representing more than 50% of the combined voting power of the then
outstanding securities of the Corporation having the right to vote in the election of directors.

 

 

     6. Effects of Termination.

          (a) Upon termination of the Executive’s employment pursuant to Section 5(a)(i), the
Executive’s estate or beneficiaries shall be entitled to the following benefits: (i) three months’
Base Salary at the then current rate, payable in a lump sum, less withholding of applicable taxes;
and (ii) continued provision for a period of one year following the Executive’s death of benefits
under Benefit Plans extended from time to time by the Corporation to its senior executives.

          (b) Upon termination of the Executive’s employment pursuant to Section 5(a)(ii), the
Executive shall be entitled to the following benefits: (i) twelve months’ Base Salary at the then
current rate, to be paid from the date of termination in accordance with the Corporation’s regular
payroll practices, including the withholding of all applicable taxes; (ii) continued provision
during such twelve-month period of the benefits under Benefit Plans extended from time to time by
the Corporation to its senior executives; and (iii) payment on a prorated basis of any bonus or
other payments earned in connection with the Corporation’s then-existing bonus plan in place at
the time of termination.

          (c) Upon termination of the Executive’s employment pursuant to Section 5(a)(iii), where the
Corporation has offered to renew the term of the Executive’s employment for an additional one-year
period and the Executive chooses not to continue in the employ of the Corporation, the Executive
shall be entitled to receive the following benefits: (i) the accrued but unpaid compensation and
vacation pay through the date of termination; and (ii) any other benefits accrued to him under any
Benefit Plans outstanding at such time. In the event the Corporation tenders a Non-Renewal Notice
to the Executive, then the Executive shall be entitled to the same benefits as if the Executive’s
employment were terminated pursuant to Section 5(a)(iv) or Section 5(a)(vi); provided,
however, if such Non-Renewal Notice was triggered due to the Corporation’s statement that
the Executive’s employment was terminated due to Section 5(a)(v) (for “Cause”), then payment of
severance benefits shall be contingent upon a determination as to whether termination was properly
for Cause.

          (d) Upon termination of the Executive’s employment pursuant to Section 5(a)(iv) or (vi), the
Executive shall be entitled to the following benefits: (i) continued payment of Executive’s Base
Salary at the then current rate in monthly installments, less withholding of all applicable taxes
for the greater of (A) twelve (12) months from the date of termination or (B) that number of
months remaining in the Initial Term; (ii) continued provision during the twelve-month period
following the date of termination of the benefits under Benefit Plans extended from time to time
by the Corporation to its senior executives; (iii) payment on a prorated basis of any bonus or
other payments earned in connection with the Corporation’s then-existing bonus plan in place at
the time of termination; and (iv) upon Executive’s election, the Corporation shall cancel the
Executive’s Option and pay the Executive the difference between the fair market value of the
shares issuable upon exercise of the Option and the exercise price of those shares. Upon
termination of the Executive’s employment pursuant to Section 5(a)(v) or (vii), the Executive
shall be entitled to the following benefits: (i) accrued and unpaid Base Salary and vacation pay
through the date of termination, less withholding of applicable taxes; and (ii) continued
provision, for a period of one (1) month after the date of the Executive’s termination of

 

 

employment, of benefits under Benefit Plans extended to the Executive at the time of termination.

          Any payments required to be made hereunder by the Corporation to the Executive shall continue
to the Executive’s beneficiaries in the event of his death until paid in full.

     7. Vacations. The Executive shall be entitled to four weeks paid vacation per year.
The Executive shall take his vacation at such time or times as the Executive and the Corporation
shall determine is mutually convenient.

     8. Confidential Information. The Executive recognizes, acknowledges and agrees that
he has and shall continue to have access to proprietary and confidential information regarding the
Corporation, including but not limited to, its products, formulae, patents, sources of supply,
customer dealings, data, know-how, business plans, financial condition and prospects, provided
such information is not in or does not hereafter become part of the public domain, or become known
to others through no fault of the Executive (“Confidential
Information”). The Executive
acknowledges that such information is of great value to the Corporation, is the sole property of
the Corporation, and has been and shall be disclosed to him in confidence. The Executive shall
therefore retain in strict confidence and not, at any time, during or after his employment
hereunder, directly or indirectly, use, reveal, divulge, copy, transfer or make known to any
person or entity, any Confidential Information except in furtherance of the Business for the
benefit of the Corporation. The provisions of this Section 8 shall survive the termination or
expiration of this Agreement.

     9. Covenant Not To Compete or Solicit.

          (a) The Executive acknowledges and recognizes the highly competitive nature of the business
of the Corporation. The parties confirm that it is necessary for the protection of the Corporation
and accordingly, the Executive agrees as follows:

               (i) During the Term and, for a period of twelve months following the date the Executive
ceases to be a employed by the Corporation (the “Restricted Period”), the Executive shall
not, directly or indirectly, in the United States, (i) engage in any business that materially
competes with the primary business of the Corporation, (ii) enter the employ of, or render any
services to, any person or entity engaged in any business that materially competes with the
primary business of the Corporation in the portions of the Business so competing, (iii) acquire a
financial interest in, or otherwise become actively involved with, any person or entity engaged in
any business that materially competes with the primary business of the Corporation, other than as
an inactive investor holding not more than 5% of the outstanding publicly traded securities of an
entity which is registered under Section 12(b) or 12(g) of the Securities Act of 1934 or (iv)
interfere with, or attempt to interfere with, business relationships between the Corporation and
its customers, clients, suppliers or investors.

               (ii) During the Restricted Period, except in performance of this Agreement, the Executive
shall not, directly or indirectly, (i) solicit or encourage any employee of the Corporation to
leave the employment of the Corporation or (ii) hire any such employee

 

 

who was employed by the Corporation as of the date of the Executive’s termination of employment for
the Corporation.

               (iii) During the Restricted Period, the Executive shall not, directly or indirectly, solicit
or encourage to cease to work with the Corporation any employee or consultant then under contract
with the Corporation.

          (b) It is expressly understood and agreed that although the Executive and the Corporation
consider the restrictions contained in this Section 9 to be reasonable, if a final judicial
determination is made by a court of competent jurisdiction that the time or territory or any other
restriction contained in this Agreement is an unenforceable restriction against the Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to
such maximum time and territory and to such maximum extent as such court may judicially determine
or indicate to be enforceable. Alternatively, if a court of competent jurisdiction finds that any
restriction contained in this Agreement is unenforceable, and such restriction cannot be amended
so as to make it enforceable, such finding shall not affect the enforceability of any of the other
restrictions contained herein.

          (c) The provisions of this Section 9 shall survive the termination of the Executive’s
employment hereunder and until the end of the Restricted Period except in the event that this
Agreement is terminated pursuant to Section 5(a)(iv) or (vi), hereof, in which case such
provisions shall not survive termination of this Agreement.

     10. Miscellaneous.

          (a) The Executive acknowledges and agrees that the Corporation’s remedies at law for a breach
or threatened breach of any of the provisions of Section 8 and Section 9 would be inadequate and,
in recognition of this fact, the Executive agrees that, in the event of such a breach or
threatened breach, in addition to any remedies at law, the Corporation, without posting any bond,
shall be entitled to obtain equitable relief in the form of specific performance, temporary
restraining order, temporary or permanent injunction or any other equitable remedy which may then
be available.

          (b) Neither the Executive nor the Corporation may assign or delegate any of their rights or
duties under this Agreement without the express written consent of the other.

          (c) This Agreement constitutes and embodies the full and complete understanding and agreement
of the parties with respect to the Executive’s employment by the Corporation, supersedes all prior
understandings and agreements, whether oral or written, between the Executive and the Corporation,
and shall not be amended, modified or changed except by an instrument in writing executed by the
parties hereto. The invalidity or partial invalidity of one or more provisions of this Agreement
shall not invalidate any other provision of this Agreement. No waiver by either party of any
provision or condition to be performed shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same time or any prior or subsequent time.

 

 

          (d) This Agreement shall inure to the benefit of, be binding upon and enforceable against,
the parties hereto and their respective successors, heirs, beneficiaries and permitted assigns.

          (e) The headings contained in this Agreement are for convenience of reference only and shall
not affect in any way the meaning or interpretation of this Agreement.

          (f) All notices, requests, demands and other communications required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given when personally
delivered, sent by registered or certified mail, return receipt requested, postage prepaid, or by
private overnight mail service (e.g. Federal Express) to the party at the address set forth above
or to such other address as either party may hereafter give notice of in accordance with the
provisions hereof. Notices shall be deemed given on the sooner of the date actually received or
the third business day after sending.

          (g) This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware without giving effect to such state’s conflicts of laws provisions and each of
the parties hereto irrevocably consents to the jurisdiction and venue of the federal and state
courts located in the State of New York.

          (h) This Agreement may be executed in counterparts (including facsimile signatures), each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

          (i) The Executive acknowledges and agrees that the firm of Arent Fox PLLC represents the
Corporation and is not acting as counsel or providing legal advice to the Executive, the Executive
may have an interest adverse to the company’s interest with respect to the subject matter of this
Agreement and the Executive has his own legal counsel and is relying on such legal counsel with
respect to this Agreement and the transactions contemplated hereby.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
above.

	 	 	 	 	 	 	 
	 	 	SOLSIL, INC.	 	 
	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Arden Sims	 	 
	 	 	 	 	 
	 	 
	 	 	Arden Sims
	 	 	President and Chief Executive Officer
	 	 	 	 	 	 	 
	 	 	/s/ Alan Kestenbaum 	 	 
	 	 	Alan Kestenbaum

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