Document:

Separation Agreement and General Release

	
	 Exhibit 10.55
  
 Separation Agreement and General Release

	 Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
 Page 1

 SEPARATION AGREEMENT 
 AND GENERAL RELEASE 
 This Separation Agreement and General Release
(“Agreement”) is made and entered into by and between Mignon Cabrera (“Ms. Cabrera”) and MEMC Electronic Materials, Inc. (“MEMC”). In consideration of the following promises, the parties agree as
follows: 
  

	 	1.	Termination of Employment/Notice Period 

 (a) As of May 6, 2009, Ms. Cabrera was relieved of the day-to-day activities of her position as Senior Vice President, Human Resources, although she remained employed by MEMC. Ms. Cabrera’s active employment with MEMC
will be terminated effective as of June 5, 2009 (the “Termination Date”). As of the Termination Date, Ms. Cabrera’s employment relationship with MEMC will end. Except as provided herein, Ms. Cabrera will receive
no other wages, payments, or benefits of any kind after the Termination Date. 
 (b) Ms. Cabrera agrees that between May 6, 2009
and June 5, 2009 (the “Notice Period”), and continuing through the Severance Period, as defined in Section 3(c) below, she will, without further compensation other than as set forth in this Agreement, be available to
assist MEMC as reasonably requested by MEMC at mutually agreeable time(s) and places(s) regarding activities pertaining to her prior responsibilities with MEMC and do such other things as are reasonably requested by MEMC to provide for an orderly
transition of her employment responsibilities. In addition, during the Notice Period and continuing through the Severance Period, Ms. Cabrera agrees to assist MEMC, and if necessary to testify through a deposition or at trial, with respect to
matters related to periods during which she was employed by MEMC. MEMC will reimburse Ms. Cabrera for reasonable and necessary out-of- pocket business expenses incurred by her in connection with the services provided under this
Paragraph 1(b), including (i) business travel expenses when travel is required and pre-approved by MEMC and (ii) other items agreed to by MEMC in advance of being incurred. Such services shall be provided by Ms. Cabrera in her
capacity as an employee of MEMC (or former employee of MEMC) and shall be at such times and of such scope as are reasonably requested by the Chief Executive Officer of MEMC. These services will typically not exceed five hours (5) hours per
week. This covenant from Ms. Cabrera is a material part of this Agreement, and without this covenant, MEMC would not enter into this Agreement. The obligations of Ms. Cabrera to provide assistance under this Paragraph 1(b) shall terminate
in the event of Ms. Cabrera’s death or incapacity. 
 (c) As of May 6, 2009, Ms. Cabrera shall automatically and without
taking any further actions be deemed to have resigned from all officer and director positions then held by her with MEMC and all of its subsidiaries and joint ventures, if any, and the MEMC Foundation. If requested by MEMC, Ms. Cabrera agrees
to sign appropriate resignation letters to document such resignation(s). 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

	 	2.	Acknowledgements. 

 (a) Ms. Cabrera
affirms that she has reported all hours worked as of the date she signs this Agreement (the “Date of Agreement”) and has received all compensation, wages, bonuses, commissions and benefits to which she is entitled, except that any
unused paid time off (PTO) Ms. Cabrera has remaining as of the Termination Date, and which has not been paid as of the Termination Date, shall be paid in a lump sum at the next normal salaried payroll cycle date, subject to all withholdings and
deductions currently applicable to compensation received by an employee of MEMC. 
 (b) Before the Termination Date, Ms. Cabrera may
have been a participant in incentive or bonus plan(s) of MEMC, including but not limited to any 2009 Quarterly Incentive Plan(s), and/or any 2009 executive bonus or incentive plan(s) adopted by MEMC. Both parties agree and acknowledge that
Ms. Cabrera is not entitled to any bonus payments, earned or unearned, accrued or unaccrued, that are not paid to her as of the Termination Date. 
 (c) Both parties agree and acknowledge that Ms. Cabrera is not entitled to any payments, earned or unearned, accrued or unaccrued, under any employment agreement or other agreement with MEMC to which
Ms. Cabrera is a party, including the employment agreement between Ms. Cabrera and MEMC, effective August 28, 2006, a copy of which is attached hereto as Exhibit 1 (the “Employment Agreement”), except that
Ms. Cabrera will be paid the thirty (30) day notice period referenced in the Employment Agreement, which shall be paid pursuant to MEMC’s normal payroll cycles, subject to all withholdings and deductions currently applicable to
compensation received by an employee of MEMC, as described below in Paragraph 3(a). 
 (d) Both parties agree and acknowledge that pursuant
to certain equity incentive plans or other stock option agreements of MEMC, MEMC has granted Ms. Cabrera options to purchase shares of common stock of MEMC and restricted stock units (“RSUs”) of MEMC. Any stock options or RSUs granted
to Ms. Cabrera that are not vested as of the Termination Date shall be forfeited. Any stock options granted to Ms. Cabrera that are vested as of the Termination Date shall remain exercisable for 90 days after the Termination Date in
accordance with the terms of such options. Such stock options and RSUs shall also be subject to all other terms of the applicable stock option agreements or RSU agreements. Ms. Cabrera understands and agrees that she has no right or entitlement
to any other shares, options or RSUs pursuant to any other agreement with the Company. 
 (e) Ms. Cabrera affirms that she has been
granted any leaves to which she was entitled under the Family and Medical Leave Act, or related state or local leave or disability accommodation laws. 
 (f) Ms. Cabrera affirms that she has no known workplace injuries or occupational diseases. 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 (g) Ms. Cabrera affirms that she has not divulged any MEMC proprietary or confidential
information, and will continue to maintain the confidentiality of such information pursuant to her Employment Agreement. 
 (h)
Ms. Cabrera further affirms that she has not been or is not being retaliated against for reporting any allegations of wrongdoing by MEMC or its officers, including any allegations of corporate fraud. 
 3. Severance Consideration. In connection with Ms. Cabrera’s termination, MEMC and Ms. Cabrera have agreed to settle all
matters relating to Ms. Cabrera’s employment relationship with MEMC and the termination of such relationship. In exchange for Ms. Cabrera’s promises and obligations herein, the parties agree as follows: 
 (a) Notice Period. Pursuant to the terms of this Agreement, the thirty (30) day paid notice period set forth in
Ms. Cabrera’s Employment Agreement is referenced above in Paragraph 2(c). If Ms. Cabrera opts not to sign this Agreement, the 30-day notice period will instead be paid out immediately, subject to all withholdings and deductions
currently applicable to compensation received by an employee of MEMC, but without any 401(k) contributions being deducted. During the Notice Period, Ms. Cabrera will not continue to receive or accrue any additional PTO, such as vacation days
and holidays. 
 (b) Benefits. Pursuant to the terms of this Agreement and except as otherwise set forth herein,
during the Severance Period, Ms. Cabrera shall have continued eligibility for all U.S. benefit programs (as those plans may exist from time to time) through the Severance Period, provided that Ms. Cabrera (i) contributes the same
amount for such benefit coverage as similarly situated employees and provided further that MEMC continues to provide such coverage for active non-union employees; and (ii) will not continue to receive or accrue any additional PTO, such as
vacation days and holidays, or 401(k) contributions by the Company. 
 (c) Severance Payments. Ms. Cabrera
will be paid a total severance amount pursuant to this Agreement equal to one year salary, or $244,000 (the “Severance Amount”). The Severance Amount will be paid according to MEMC’s normal salaried payroll cycles from
June 6, 2009 through June 5, 2010 (such period, the “Severance Period”), prorated for any partial cycles, and will be subject to all withholding and deductions currently applicable to compensation received by an employee
of MEMC. 
 (d) Relocation Allowance for Movement of Personal Goods and Household Effects. No later than thirty
(30) days after the Effective Date of this Agreement, MEMC will pay Ms. Cabrera a relocation allowance of $50,000, in a lump sum, with no tax or other gross-up. 
 The payments and benefits provided herein are made in lieu of any and all payments or benefits that might otherwise be available to Ms. Cabrera arising out of her employment with MEMC, excluding
Ms. Cabrera’s non-forfeitable rights to her accrued benefits (within the meaning of Sections 203 and 204 of ERISA), if any, under the MEMC Pension Plan and the MEMC Retirement Savings Plan, as such plans may be hereafter amended, and
Ms. Cabrera’s right, if any, to continued COBRA coverage. Ms. Cabrera acknowledges and agrees that the payments and benefits provided herein are in full settlement of her employment relationship, Employment Agreement, and termination
from employment with MEMC. 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 4. Ms. Cabrera’s Agreement Not to File Suit. In consideration of the
payments and benefits set out in Paragraph 3 above, Ms. Cabrera agrees for herself and on behalf of, as applicable, her heirs, beneficiaries, executors, administrators, successors, assigns, and anyone claiming through or under any of the
foregoing (collectively “Releasers”), that she will not file or otherwise submit any, claim, complaint or action to any court, or any other forum, (nor will she permit any person, group of persons, or organization to take such action on
her behalf except as otherwise provided by law) against MEMC, nor file or otherwise submit any such claim, complaint or action against any subsidiary, affiliate or parent company of MEMC, or against any officer, agent, employee, successor or assign
of MEMC (or of any such subsidiary, affiliate or parent company of MEMC) (collectively “Releasees”), arising out of any action or non-action on the part of MEMC or on the part of any such above-referenced entity or any officer, agent or
employee of MEMC or of any such entity for any act or event that occurred on or prior to the Date of Agreement. Said claims, complaints and actions include, but are not limited to (a) any breach of an actual or implied contract of employment
between Ms. Cabrera and MEMC, (b) any claim of unjust, wrongful, or tortious discharge (including any claim of fraud, negligence, whistle blowing, or intentional infliction of emotional distress), (c) any claim of defamation or other
common-law action, (d) any claim of violations arising under the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e, et seq., 42 U.S.C. § 1981, the Age Discrimination in Employment Act, 29 U.S.C. §§ 621,
et seq., the Americans with Disabilities Act, 42 U.S.C. §§ 12101, et seq., the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. §§ 201, et seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C.
§§ 701, et seq., the Employee Retirement Income Security Act (“ERISA”), 29 U.S.C. §§ 1001, et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. §§ 2101,
et seq., the Older Worker Benefit Protection Act (“OWBPA”) 29 U.S.C. §§ 621, et seq., and (e) all other claims arising under any other federal, state, or local law regulation or ordinance. Notwithstanding the
foregoing, nothing in this Agreement prevents Ms. Cabrera from filing a charge with the Equal Employment Opportunity Commission (the “EEOC”) or participating in any investigation or proceeding conducted by the EEOC; however,
Ms. Cabrera understands and agrees that she is waiving any right to receive any monetary relief or other personal relief as a result of such EEOC proceeding or any subsequent legal action brought by him, the EEOC, or any other party.

 5. Ms. Cabrera’s Release of Claims. In consideration of the payments and benefits set out in Paragraph 3
above, Ms. Cabrera agrees for herself and all Releasors, to release and forever discharge MEMC and all Releasees from any and all matters, claims, demands, damages, causes of action, debts, liabilities, controversies, judgments and suits of
every kind and nature whatsoever, foreseen, unforeseen, known or unknown, including claims, complaints and actions described in Paragraph 4, which have arisen or could arise between Ms. Cabrera and/or Releasors, on the one hand, and MEMC and/or
Releasees, on the other hand, from matters which occurred on or prior to the Date of Agreement, which matters include, but are not limited to, Ms. Cabrera’s employment with MEMC and her termination of employment from MEMC. Ms. Cabrera
agrees that she has not assigned to any third party any matter, claim, demand, damage, debt, cause of action, liability, controversy, judgment, and suit released or waived hereunder. Furthermore, Ms. Cabrera will not accept any proceeds from
any suit, claim or action, which any third party may bring on her behalf. 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 6. Obligations under Employment Agreement  
 (a) Ms. Cabrera agrees that he has continuing obligations to MEMC pursuant to the Employment Agreement and this Agreement. Such obligations in the
Employment Agreement include but are not limited to the noncompete obligation in that Employment Agreement (which lasts two years) and the confidentiality obligation regarding Confidential Information (as defined in the Employment Agreement) in that
Employment Agreement (which lasts forever), which obligations shall continue in full force and effect, whether this Agreement becomes effective or not. 
 (b) Any violation of the obligations of Ms. Cabrera in this Agreement, including but not limited to Section 6(a) above, or the Employment Agreement by Ms. Cabrera will constitute a material breach of
this Agreement and shall subject Ms. Cabrera to immediate forfeiture and/or repayment of all benefits received or payments made pursuant to this Agreement. In the event of such material breach, MEMC shall send Ms. Cabrera an affidavit of
an executive officer of MEMC setting forth the facts of which MEMC is then aware that constitute such material breach, and demanding immediate repayment of all benefits received by Ms. Cabrera or payments made to Ms. Cabrera pursuant to
this Agreement, and Ms. Cabrera shall be required to (a) demonstrate non-breach of the Agreement, acceptable to MEMC, within five (5) business days of receipt of such affidavit or (b) repay such benefits or payments within five
(5) business days of receipt of such affidavit. MEMC expressly reserves the right to pursue all other legal and equitable remedies available to MEMC by virtue of any breach of the Employment Agreement or any promise made in this Agreement
(including Paragraph 10 below), including the right to pursue other legal and equitable remedies in addition to the repayment of the benefits or payments described above. 
 7. Mutual Non-disparagement. Ms. Cabrera represents that she will not, in any way, disparage MEMC or any subsidiary, affiliate or parent of MEMC, or any officer, agent, employee, customer, successor
assign of any of them, or make or solicit any comments, statements or the like to the media or to others that may be considered to be derogatory or detrimental to the good name or business reputation of any of the aforementioned persons or entities.
MEMC represents that MEMC, its officers and directors will not, in any way, disparage Ms. Cabrera or make or solicit any comments, statements or the like to the media or to others that may be considered to be derogatory or detrimental to the
good name or business reputation of Ms. Cabrera. 
 8. No Admission of Wrongdoing. The parties agree that nothing in this
Agreement is an admission of any wrongdoing by either party. 
 9. Return of MEMC Property. Ms. Cabrera agrees to return
to MEMC all property in her possession that belongs to MEMC. 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 10. CONFIDENTIALITY OF AGREEMENT. MS. CABRERA AGREES TO KEEP THE TERMS OF
THIS AGREEMENT CONFIDENTIAL EXCEPT AS SHE MIGHT BE LAWFULLY COMPELLED TO GIVE TESTIMONY BY A COURT OF COMPETENT JURISDICTION OR AS SHE MAY BE REQUIRED BY LAW, REGULATION, GOVERNMENTAL AUTHORITY OR SIMILAR BODY TO DISCLOSE. THIS MEANS THAT EXCEPT AS
STATED ABOVE, SHE WILL NOT, AT ANY TIME, TALK ABOUT, WRITE ABOUT OR OTHERWISE PUBLICIZE THIS AGREEMENT, OR ITS NEGOTIATION, EXECUTION OR IMPLEMENTATION, EXCEPT (A) WITH AN ATTORNEY WHO MAY BE ADVISING HER IN CONNECTION WITH THIS AGREEMENT;
(B) WITH A FINANCIAL CONSULTANT OR EXECUTIVE OUTPLACEMENT COUNSELOR; (C) WITH HER SPOUSE OR PARENTS; (D) WITH ANY TAXING AUTHORITIES; (E) AS NECESSARY TO ENFORCE THIS AGREEMENT; OR (F) WITH RESPECT TO THE FACTUAL INFORMATION
CONTAINED IN PARAGRAPH 1 AND 2 HEREOF AND THE CONTINUING OBLIGATIONS OF MS. CABRERA UNDER THE EMPLOYMENT AGREEMENT, PROVIDED THAT SAID PERSONS TO WHOM DISCLOSURE IS PERMITTED PURSUANT TO (A), (B) AND (C) OF THIS PARAGRAPH 10 PROMISE TO
KEEP THE INFORMATION THAT MAY BE REVEALED TO THEM CONFIDENTIAL AND NOT TO DISCLOSE IT TO OTHERS. 
 11. Arbitration. Except
for the enforcement of any rights to equitable relief pursuant to Paragraph 6, Ms. Cabrera and MEMC agree that any dispute, controversy or claim (between Ms. Cabrera and MEMC) arising out of, based upon or relating to this Agreement or its
breach, whether denominated as torts or contract claims or as statutory or regulatory claims (including claims for discrimination or discharge based upon race, sex, age, religion, disability or other prohibited grounds), whether arising before,
during or after termination of Ms. Cabrera’s employment, and also including any dispute about whether any particular controversy is arbitrable under the terms of this Paragraph, shall be resolved by binding arbitration before one
(1) arbitrator. Procedurally, but not substantively, the arbitration will be governed by the then current Rules for Resolution of Employment Disputes of the American Arbitration Association (i.e., only the procedural arbitration rules will be
used in any such arbitration, but not the substantive arbitration rules). Any arbitration herein would be held in St. Louis County, Missouri. Judgment on an arbitration award rendered by the Arbitrator may be entered in any court having jurisdiction
thereof. Subject to Paragraph 15 hereof, the Arbitrator shall have the authority to award costs of the Arbitration (including attorney’s fees) in a manner consistent with the controlling substantive law of the claim at issue. Similarly, subject
to Paragraph 15 hereof, the Arbitrator shall have the authority to award damages (or other relief) consistent with the substantive law of the claim being asserted. 
 12. KNOWING AND VOLUNTARY AGREEMENT. MS. CABRERA HEREBY REPRESENTS, DECLARES AND AGREES THAT SHE VOLUNTARILY ACCEPTS THE PROVISIONS OF THIS AGREEMENT FOR THE PURPOSE OF MAKING A FULL AND FINAL
COMPROMISE AND SETTLEMENT OF ALL MATTERS RELATING TO 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 
MS. CABRERA’S EMPLOYMENT RELATIONSHIP WITH MEMC AND ITS TERMINATION. MS. CABRERA IS ADVISED TO CONSULT AN ATTORNEY. MS. CABRERA UNDERSTANDS THE
EFFECT OF SIGNING THIS AGREEMENT. 
 13. Entire Agreement. This Agreement, when signed, including any Exhibits, contains
the entire agreement between the parties and, except as specifically referenced herein, there are no other understandings or agreements, written or oral, between them on the subject except as expressly stated herein. This Agreement, except as
specifically referenced herein, fully supersedes and amends any and all prior agreements or understandings, if any, between Ms. Cabrera and MEMC on any matter that is addressed in this Agreement. This Agreement cannot be amended or modified
except by a written document signed by both an executive officer of MEMC and Ms. Cabrera. Separate copies of this document shall constitute original documents which may be signed separately, but which together will constitute one single
agreement. 
 14. Governing Law, Invalidity of Provisions. This Agreement shall be construed and governed by the substantive
laws of the State of Missouri (except its laws and decisions regarding conflicts of law, which shall be disregarded in their entirety). If any part or provision of this Agreement is determined to be invalid or unenforceable under applicable law, the
validity or enforceability of the remaining provisions shall be unaffected. To the extent that any provision of this Agreement is adjudicated to be invalid or unenforceable because it is overbroad, that provision shall not be void, but rather shall
be limited only to the extent required by applicable law and enforced as so limited. 
 15. Consequences of Violation of this
Agreement. If it is finally determined by a court or arbitrator that a party has violated any of its promises contained in this Agreement, then such party shall reimburse the other party for all reasonable costs incurred by the other party,
including reasonable attorneys’ fees, in enforcing or defending its rights under this Agreement. If a court or arbitrator does not specifically find that a party has violated any of its promises contained in this Agreement, then such court or
arbitrator may not award such costs or fees against such party. 
 16. Severance Offer Expiration. Ms. Cabrera
acknowledges that she received this Agreement on May 8, 2009. Ms. Cabrera acknowledges that she has been given the opportunity to take twenty-one (21) days within which to consider this Agreement before making a decision to sign this
Agreement. If Ms. Cabrera does not sign this Agreement and return to Bradley D. Kohn of MEMC the original Agreement signed by him, pursuant to the terms set forth herein, on or before 5:00 p.m. Central Standard Time on May 29, 2009, the
severance offer represented by this Agreement shall be deemed withdrawn and this Agreement shall be null and void, and of no further effect. 
 17.
Consideration Period, Revocation Period, and Effective Date. This Agreement shall not be effective until seven (7) calendar days after the date Ms. Cabrera signs and delivers this Agreement to MEMC. During this seven-day
period (the “Revocation Notice Period”), Ms. Cabrera may revoke this Agreement by giving written notice to Bradley D. Kohn of MEMC at 501 Pearl Drive (City of 

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 
O’Fallon), St. Peters, Missouri 63376, that Ms. Cabrera has decided to revoke the Agreement (the “Revocation Notice”). If no such
Revocation Notice is timely presented by Ms. Cabrera, this Agreement shall be fully effective and binding upon the parties in accordance with its terms on the eighth (8th) calendar day after the date that Ms. Cabrera signed and delivered this Agreement to MEMC (“Effective
Date”). 
 18. Effect of Failure to Deliver Agreement or Revocation of Agreement. If Ms. Cabrera fails to deliver
a properly signed original of the Agreement so that it is received by Bradley D. Kohn at MEMC by 5:00 p.m. Central Standard Time on May 29, 2009 or if that Agreement is revoked by Ms. Cabrera within the Revocation Notice Period, then this
Agreement is void and of no effect, and Ms. Cabrera will not be entitled to the benefits of this Agreement, including those set forth in Paragraph 3, and MEMC will instead immediately pay out the remaining days in her 30-day notice period
described in her Employment Agreement. 
 19. Binding Agreement and Assignment. This Agreement shall be binding upon and
inure to the benefit of Ms. Cabrera and the Releasees, and to MEMC and the Releasors; further, this Agreement and the benefits provided hereunder are not assignable by Ms. Cabrera without MEMC’s express written consent. 
 20. By signing this Agreement, Ms. Cabrera acknowledges: 
 (a) SHE HAS READ THIS AGREEMENT COMPLETELY. 
 (b) SHE HAS HAD AN OPPORTUNITY TO CONSIDER THE TERMS OF THIS AGREEMENT. 
 (c) SHE HAS BEEN
ADVISED TO CONSULT WITH AN ATTORNEY OF HER CHOOSING PRIOR TO EXECUTING THIS AGREEMENT. 
 (d) SHE KNOWS THAT SHE IS GIVING UP
IMPORTANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT. 
 (e) SHE UNDERSTANDS AND MEANS EVERYTHING THAT SHE HAS SAID IN THIS
AGREEMENT, AND SHE AGREES TO ALL ITS TERMS. 
 (f) HE IS NOT RELYING ON MEMC OR ANY REPRESENTATIVE OF MEMC TO EXPLAIN THIS
AGREEMENT OR her RIGHTS TO HIM. 
 (g) SHE HAS HAD AN OPPORTUNITY TO CONSULT AN ATTORNEY AND OTHER ADVISORS TO EXPLAIN THIS
AGREEMENT AND ITS CONSEQUENCES TO HER BEFORE SHE SIGNED IT, AND SHE HAS AVAILED HERSELF OF THIS OPPORTUNITY TO WHATEVER EXTENT SHE DESIRED. 
 (h) SHE HAS SIGNED THIS AGREEMENT VOLUNTARILY AND ENTIRELY OF HER OWN FREE WILL WITHOUT ANY PRESSURE FROM MEMC OR ANY REPRESENTATIVE OF MEMC. 

	
	Separation Agreement and General Release
	 Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
 Page 9

	
	 
	 

  

 IN WITNESS WHEREOF, the undersigned parties have signed this Agreement. 
  

							
		 		 	MEMC ELECTRONIC MATERIALS, INC.
		 		 	
		 		 	By:	 	/s/ Bradley D. Kohn
		 		 		 	Bradley D. Kohn
		 		 		 	Vice President and General Counsel
			
		 		 	MIGNON CABRERA
			
	Date: May 29,
2009                                         
               	 		 	/s/ Mignon Cabrera
		 		 	(Ms. Cabrera’s Signature)

  

	
	Separation Agreement and General Release
	Ms. Mignon Cabrera and MEMC Electronic Materials, Inc.
	
	 
	 

  

 Exhibit 1 
 Employment Agreement between Ms. Mignon Cabrera and MEMC 
 signed on August 28, 2006Binding Term Sheet

 Exhibit 10.56 
 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED 
 REDACTED VERSION 
 Binding Term Sheet

 Solar Plant Company (SPC) 
 - CONFIDENTIAL - 
 Between 
 MEMC Electronic
Materials, Inc (or any of its wholly owned subsidiaries) 
 501 Pearl Drive (City of O’Fallon) 
 PO Box 8 
 St. Peters, MO 63376 
 - in the following called MEMC - 
 and 
 Q-Cells SE 
 OT Thalheim, 
 Sonnenallee 17-21 
 Bitterfeld-Wolfen 
 Germany 
 - in the following called Q-Cells - 

Preamble 
 This Term Sheet summarizes the
discussions both parties had during the last month around forming a solar plant company (“SPC”) for building large scale solar plants and fixes the commercial terms of such a venture. Given the time pressure of forming such a venture
before first delivery of cells for the project in June, this letter is meant to have the character of a binding term sheet which the parties’ lawyers will turn into a full legal documentation by the end of July at the latest. 
 1. Description of the Solar Plant Company (“SPC”) 
 MEMC and
Q-Cells jointly want to establish a company which invests in solar plants. The company would contract turn key the engineering, planning and construction (EPC) of the solar plants and the EPC company will be responsible for procuring all components
including modules. 

 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED 
 REDACTED VERSION 
 1.1. Objectives of the SPC 
  

	 	•	 	 The purpose of this SPC is to ensure the realization of a 50 MWp photovoltaic PV project. 

  

	 	•	 	 The SPC intends to sell the PV project to a 3rd party upon completion and return the sales proceeds back to original investors. If mutually agreed by the partners these sales
proceeds can be used to finance additional projects. If no agreement is reached the funds will be transferred back to the joint venture partners. 

 1.2. Mechanics of the concept 
  

	 	•	 	 The total project cost is estimated to be Euro [*****]. MEMC will provide 50% (€ [*****]) of the required funds and Q-Cells will provide 50%
(€ [*****]) of the required funds as equity to a new company, the SPC, and own the respective shares of the new company. The equity contributions will be sufficient to fund the entire project and there will be no additional funding
requirements. Common shares issued to each owner will not have voting rights. The equity investors may elect to bring in third party debt financing. 

  

	 	•	 	 MEMC and Q-Cells will provide the required equity funding in 3 payment batches as outlined in Attachment 1 (Payment Schedule). 

  

	 	•	 	 Q-Cells has already started the work to secure a purchaser for the SPC. 

  

	 	•	 	 The SPC will contract Q-Cells International (QCI) to develop, acquire and build the turn-key plant. QCI will act as the EPC Company. 

 

	 	•	 	 QCI will build a turn key system for the SPC where invoices for actual cost plus normal profit for products and services rendered will be submitted to SPC for
payment in accordance with normal business practice. 

  

	 	o	QCI will then order the Cells from Q-Cells, who will order the Wafers from MEMC. 

  

	 	o	QCI would then also order the rest of the system components (Module Tolling and BOS) in line with project requirements. 

 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED 
 REDACTED VERSION 
  

	 	•	 	 The target price for the system will reflect [*****]. Both parties have the obligation to absorb the expected losses and the right to receive the expected
residual returns of the entity on a pro-rata basis based on equity shares owned. 

 1.3. Governance structure 
  

	 	•	 	 QCI will be chartered to provide a high quality project execution including secured permits, high quality components and standardized execution.

  

	 	•	 	 The investors Q-Cells SE and MEMC will each have two seats on the SPC board. Decisions can only be made in full agreement. 

  

	 	o	The primary role of the acting board will be as financial Investors in the SPC 

  

	 	o	The board will also decide on the sale of the SPC, the sale of equity shares in the SPC, or any other capital measure to be taken 

  

	 	•	 	 MEMC will have the right to determine the entity classification election for the SPC for US federal income tax purposes and Q-Cells agrees to cooperate to provide
any consent required for this election. 

 1.4. Exit & Dilution 
  

	 	•	 	 Both investors are allowed to sell their stake in the SPC partially or fully at any time 30 days after having informed the other party about the intention to do so.
The selling party has the obligation to offer their stake prior to selling it to a 3rd party to the other investor who has the right of first refusal. There will be a lockup period of 180 days for both investors unless there is full agreement of the board to do otherwise. 

 2. Status of the project 
  

	 	•	 	 Upon formation of the SPC, it will acquire the lease to a property designated for the building of a PV plant with a size of roughly 50 MW. Part of the site already
has a building permit (47 MW), a grid connection point is reserved and a high voltage transformer station could be in place by end of October. 

  

	 	•	 	 QCI will strive for getting at least into a position to start building by end of June. 

 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED 
 REDACTED VERSION 
  

	 	•	 	 The project received already all necessary permits to start physically building the project and benefiting from the German Feed in Tariff (EEG).

 3. Economics of the project 
  

	 	•	 	 The economics for the project will look the following way: 

  

	 	o	Q-Cells provides the turnkey system at a cost of [*****] € / Wp (Current quotes of investors for such plants are Euro [*****] to Euro [*****])

  

	 	o	MEMC delivers wafers to Q-Cells SE for [*****] € per Wafer. 

  

	 	o	Q-Cells SE delivers modules to Q-Cells International for [*****] € / Wp. 

  

	 	•	 	 The above prices are considered to be within a reasonable range of fair market values at the time of this Term Sheet and expected fair values at the time of
delivery. 

 4. Next steps and timeline 
 In order to move fast on creating the SPC the parties agree the following next steps and timelines: 
 Q-Cells/QCI 

 

	 	•	 	 Provide all necessary documents including site information, project plan, permits, legal documents to MEMC. 

  

	 	•	 	 Start the project construction, cell and wafer ordering right after signing of the binding Term Sheet. 

  

	 	•	 	 Produce a full blown project plan for the project including forecasted cash and earnings. 

 Both parties 
  

	 	•	 	 Founding the SPC by end of June latest 15th
 of July (including naming of the board members and documentation of project approval criteria). 

  

	 	•	 	 Transferring 1/3 of the required funds to the SPC immediately upon formation of the SPC. 

 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED 
 REDACTED VERSION 
 5. Confidentiality 
  

	 	•	 	 The existence and terms of this Term Sheet are confidential. Neither Party may communicate the existence and terms of this Term Sheet to third parties except to the
Parties’ shareholders, directors, managers, employees and advisors, and to financial institutions for the specific purposes related to transaction financing. No other communication in relation to the transactions contemplated by this Term Sheet
shall be made without the prior written consent of the other Party. This obligation shall last for a period of two years after the term of this Term Sheet. 

 6. Applicable Law and dispute resolution 
  

	 	•	 	 This Term Sheet shall be governed by and interpreted in accordance the laws of Germany. All disputes arising out of or in connection with this Term Sheet shall be
submitted to the exclusive jurisdiction of Berlin / Germany. 

 Signed and agreed in
                         in four original copies on          June 2009.

  

									
					
	Q-Cells	 	Anton Milner	 		 	MEMC	 	Ken Hannah
					
	By:	 	/s/ Anton Milner	 		 	By:	 	/s/ Ken Hannah
		 		 		 		 	

 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED 
 REDACTED VERSION 
 Attachement 1: Payment Schedule 
 First transfer: [*****] 

 

	 	•	 	 MEMC: [*****]; Q-Cells: [*****] 

 Second transfer: [*****] 
  

	 	•	 	 MEMC: [*****]; Q-Cells: [*****]  

 Third transfer: [*****] 
  

	 	•	 	 MEMC: [*****]; Q-Cells: [*****]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]