Document:

Retirement Agreement dated December 29, 2003-Stolze

 Exhibit 10-ee 
  
 EXECUTION COPY 
  
 RETIREMENT AGREEMENT  
  
 This Retirement Agreement (“Agreement”) is made and entered into by and between James M. Stolze (“Mr. Stolze”) and MEMC Electronic
Materials, Inc. (“MEMC”). In consideration of the following promises, the parties agree as follows: 
  
 1. Retirement. Mr. Stolze acknowledges that he will retire from employment with MEMC effective as of January 31, 2004 (the “Retirement
Date”). As of the Retirement Date, Mr. Stolze’s employment relationship with MEMC will end. In connection with Mr. Stolze’s retirement, MEMC and Mr. Stolze have agreed to settle all matters relating to Mr. Stolze’s employment
relationship with MEMC and its termination. 
  
 2.
Retirement Status of Employee. Mr. Stolze retires and irrevocably resigns from MEMC effective as of the Retirement Date, which retirement and resignation is hereby accepted by MEMC. Notwithstanding the foregoing, unless Mr.
Stolze’s consulting services are earlier terminated pursuant to Paragraph 4(b), Mr. Stolze will serve as a consultant of MEMC from the Retirement Date through January 3, 2005 (the “Consulting Termination Date”). As of December 31,
2003, Mr. Stolze shall automatically and without taking any further actions be deemed to have resigned from his position as Executive Vice President and Chief Financial Officer of MEMC (but not as an employee of MEMC which employment shall continue
through the Retirement date). As of the Retirement Date, Mr. Stolze shall automatically and without taking any further actions be deemed to have resigned from all other officer and director positions then held by him with MEMC and all of its
subsidiaries and joint ventures. Notwithstanding the foregoing, if requested by MEMC, Mr. Stolze shall resign from some or all of such officer and director positions as of such other date(s) prior to the Retirement Date as may be requested by MEMC.
If requested by MEMC, Mr. Stolze agrees to sign appropriate resignation letters to document his resignation(s). 
  
 3. Separation Payments and Benefits. In consideration and recognition of past services rendered and in exchange for Mr. Stolze’s
promises and obligations herein and as payment in full of the amounts to which Mr. Stolze is entitled from MEMC under any plan of MEMC in which Mr. Stolze is a participant, including without limitation the MEMC 2002 Annual Incentive Plan, any 2003
bonus or incentive compensation plan adopted by MEMC, and/or under any employment agreement with MEMC to which Mr. Stolze is a party, including the Employment Agreement between Mr. Stolze and MEMC entered into as of January 1, 2002 (the
“Employment Agreement”), subject to Paragraph 4(b) and so long as Mr. Stolze adheres to the promises and agreements set out in this Agreement, MEMC shall provide the following to Mr. Stolze if this Agreement becomes effective: 

 

	 	(a)	A base salary at an annual rate of $302,000.00 payable in semi-monthly or bi-weekly installments (subject to applicable tax withholding), prorated for any partial semi-monthly or
bi-weekly periods, from the effective date hereof until the Retirement Date, in accordance with the MEMC salaried payroll cycle. 

  

 Retirement Agreement 
 James M. Stolze and MEMC Electronic Materials, Inc. 
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	 	(b)	A consulting fee at an annual rate of $24,000.00 payable in semi-monthly installments of approximately $1,000.00, prorated for any partial semi-monthly periods, from the Retirement
Date through the Consulting Termination Date for consulting services to be provided by Mr. Stolze as outlined in Paragraph 4(a). Mr. Stolze, as a self-employed individual, shall be solely responsible for paying any income or earnings taxes or
self-employment taxes resulting from the consulting services performed under this Agreement and MEMC does not assume any responsibility for such payments. 

  

	 	(c)	Provided Mr. Stolze complies with the terms and conditions of this Agreement through the date of payment, MEMC will pay Mr. Stolze the sum of $63,800.00 in cash (subject to
applicable tax withholding) in accordance with the 2002 Annual Incentive Plan, at the same time and in the same manner as such payments are made to other eligible employees. In addition, provided Mr. Stolze complies with the terms and conditions of
this Agreement through the date of payment, MEMC will pay Mr. Stolze the amount (subject to applicable tax withholding) due from the 2003 Incentive Plan related to Mr. Stolze’s performance in 2003, including $21,100 for the first quarter 2003,
$4,500 for the second quarter of 2003, $20,400 for the third quarter of 2003 and such additional amount, if any, as Mr. Stolze earns (based on his performance) for the fourth quarter of 2003; such payment under the 2003 Incentive Plan to be made in
the same manner and at the same time as such payments are made to other eligible executives. 

  

	 	(d)	Continued eligibility for all U.S. benefit programs (as those plans may exist from time to time) through the Retirement Date, provided that Mr. Stolze contributes the same amount
for such benefit coverages as other similarly situated employees (which contributions will be withheld from the payments provided in subparagraph (a) above), and provided that MEMC continues to provide such coverage for active non-union employees.

  

	 	(e)	 So long as Mr. Stolze continues to adhere to the promises and agreements set out in this Agreement, during the period commencing on the effective date hereof until
the Retirement Date, Mr. Stolze shall continue to vest in the stock options granted to him under the MEMC 1995 Equity Incentive Plan (the “1995 Plan”), the MEMC 2001 Equity Incentive Plan (the “2001 Plan”) and the stand-alone
Stock Option Grant Agreement between Mr. Stolze and MEMC dated as of January 1, 2002 for 215,000 shares of MEMC common stock (the “Stand-Alone Option Agreement” and, together with the 2001 Plan and the 1995 Plan, the “Plans”).
Any stock options granted to Mr. Stolze under the Plans that are not vested as of the Retirement Date shall be forfeited. Any stock options granted to Mr. Stolze under the 1995 Plan prior to January 1, 2002 which are vested as of the Retirement Date
shall remain exercisable for 60 days following the Retirement Date. Any stock options granted to Mr. Stolze under the 1995 Plan after December 31, 2001, under the 2001 Plan and under the Stand-Alone 

  

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 James M. Stolze and MEMC Electronic Materials, Inc. 
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Option Agreement which are vested as of the Retirement Date shall remain exercisable for 90 days following the Retirement Date. Such stock options shall be
subject to the terms of the applicable stock option agreements. 

  

	 	(f)	So long as Mr. Stolze continues to adhere to the promises and agreements set out in this Agreement, during the period commencing on the effective date hereof until the Consulting
Termination Date, MEMC understands that Mr. Stolze will continue to vest in his “Profits Interest” in TPG Wafer Management LLC. 

  
 The payments and benefits provided herein are made in lieu of any and all payments or benefits that might otherwise be available to Mr. Stolze arising out
of his employment with MEMC, excluding Mr. Stolze’s non-forfeitable rights to his 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 Mr. Stolze’s right, if any, to continued COBRA coverage after the Retirement Date. Mr. Stolze acknowledges and agrees that the payments and benefits provided herein are in full settlement of any amounts or benefits
to which he might be entitled under any employment agreements with MEMC. 
  
 4. Mr. Stolze’s Agreement to Provide Services; Termination. 
  
 (a) Services. 
  

	 	(i)	Services as Employee. Mr. Stolze agrees that during the period commencing on the effective date hereof until December 31, 2003 he will continue to perform his duties and
responsibilities as outlined in Section 1 of the Employment Agreement in his capacity of Executive Vice President and Chief Financial Officer of MEMC. In addition, during the period between January 1, 2004 and the Retirement Date, Mr. Stolze agrees
that he will, in his capacity as an employee of MEMC, (A) assist MEMC regarding activities pertaining to his prior responsibilities with MEMC and (B) provide such services as are necessary or useful to provide for a transition of his employment
responsibilities. 

  

	 	(ii)	 Consulting Services. During the period commencing on the Retirement Date until the Consulting Termination Date, Mr. Stolze agrees that he will provide
consulting services to the Company on such projects relating to accounting, finance and/or business development matters as are assigned to Mr. Stolze by the Chief Financial Officer and/or Chief Executive Officer of MEMC. Mr. Stolze shall provide
such consulting services in his capacity as an independent contractor without additional compensation beyond that specified in Paragraph 3 above. Such consulting services shall be at such times, of such scope, and on such other terms and conditions
as are requested by the Chief Financial Officer and/or Chief Executive 

  

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 James M. Stolze and MEMC Electronic Materials, Inc. 
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Officer of MEMC. If requested by MEMC, Mr. Stolze will sign a confidentiality agreement that will cover information obtained by, or otherwise made available
to, Mr. Stolze in his capacity as a consultant. MEMC will reimburse Mr. Stolze for reasonable and necessary business expenses incurred by Consultant in connection with the consulting services, 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. 

  
 (b) Termination. Notwithstanding any other provision contained herein, on and after the Retirement Date until the Consulting Termination Date, (i)
MEMC may terminate Mr. Stolze’s consulting services for Cause by giving written notice to Mr. Stolze and (ii) Mr. Stolze may terminate the consulting services for any reason by giving written notice to MEMC. The effective date of the
termination (the “Termination Date”) shall be set forth in such notice. For purposes of this Agreement, “Cause” shall mean (i) the failure of Mr. Stolze to make a good faith effort to substantially perform his duties or services
hereunder (other than any such failure due to Mr. Stolze’s Disability (as defined in the Employment Agreement)) or Mr. Stolze’s insubordination with respect to a specific directive of the Chief Executive Officer of MEMC; (ii) Mr.
Stolze’s dishonesty, gross negligence in the performance of his duties or services hereunder or engaging in willful misconduct; (iii) Mr. Stolze’s failure to meet reasonable performance expectations in the performance of his duties or
services; (iv) breach by Mr. Stolze of any material provision of this Agreement or material violation of MEMC policy applicable to Mr. Stolze; or (v) Mr. Stolze’s commission of a crime that constitutes a felony or other crime of moral turpitude
or fraud. Any dispute about whether Mr. Stolze was terminated for Cause shall be resolved by arbitration as provided in Paragraph 14 hereof. 
  
 (c) Consequences of Termination. In the event that Mr. Stolze terminates his consulting services for any reason or MEMC terminates Mr.
Stolze’s consulting services for Cause, in either case prior to the Consulting Termination Date, (A) he shall continue to receive the payments set forth in Paragraph 3(b) above through the Termination Date and (B) he shall forfeit all rights to
payments under Paragraph 3(c) to the extent not yet paid. In addition, MEMC understands that effective as of the Termination Date, Mr. Stolze will no longer continue to vest in his “Profits Interest” in TPG Wafer Management LLC.

  
 5. Mr. Stolze’s Agreement Not to File Suit.
In consideration of the payments and benefits set out in paragraph 3 above, Mr. Stolze agrees for himself and on behalf of, as applicable, his heirs, beneficiaries, executors, administrators, successors, assigns, and anyone claiming by, through or
under any of the foregoing, that he will not file or otherwise submit any charge, claim, complaint or action to any agency, court, organization, or judicial forum (nor will he permit any person, group of persons, or organization to take such action
on his behalf except as otherwise provided by law) against MEMC, nor file or otherwise submit any such charge, 

  

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claim, complaint or action against any subsidiary, affiliate or parent company of MEMC, or against any officer, agent, employee, attorney, representative,
successor or assign of MEMC (or of any such subsidiary, affiliate or parent company of MEMC) 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, employee, attorney or
representative of MEMC or of any such entity for any act or event that occurred on or prior to the Consulting Termination Date. Said claims, complaints and actions include, but are not limited to (a) any breach of an actual or implied contract of
employment between Mr. Stolze 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. 
  
 6. Mr.
Stolze’s Release of Claims. Mr. Stolze hereby agrees for himself, and as applicable, his heirs, beneficiaries, executors, administrators, successors, assigns and anyone claiming by, through or under any of the foregoing, to release and
forever discharge MEMC and its subsidiaries, affiliates, and parent companies, and their respective officers, agents, employees, attorneys, representatives, successors and assigns, 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 5, which have arisen or could arise between
Mr. Stolze, on the one hand, and MEMC or the persons and related entities listed above, on the other hand, from matters which occurred on or prior to the Consulting Termination Date, which matters include, but are not limited to, Mr. Stolze’s
separation of employment from MEMC. 
  
 7. Mr. Stolze’s
Release and Waiver of Other Claims. Except as expressly provided in this Agreement, Mr. Stolze agrees, for himself, and, as applicable, for and on behalf of his heirs, beneficiaries, executors, administrators, successors, assigns, and anyone
claiming by, through or under any of the foregoing, to further release and waive any claims related to pay, vacation pay, insurance or welfare benefits or any other benefits of employment with MEMC arising from events occurring on or prior to the
Consulting Termination Date. Notwithstanding any provision of this Agreement, this Agreement does not include any release or waiver of Mr. Stolze’s non-forfeitable rights to his 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 Mr. Stolze’s right, if any, to continued COBRA coverage after the Retirement Date, which rights are not released
hereby but survive unaffected 

  

 Retirement Agreement 
 James M. Stolze and MEMC Electronic Materials, Inc. 
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by this Agreement. In addition, this Agreement does not include any release or waiver of any rights Mr. Stolze has or may have, whether arising under law,
contract or otherwise, to be indemnified as an officer or former officer of MEMC. 
  
 8. MEMC’s Release of Claims. MEMC hereby releases, remises and forever discharges Mr. Stolze from any and all claims or other causes of action it may have against Mr. Stolze on account of any
contract, supposed liability, or thing done or omitted for all times in the past to the Consulting Termination Date. 
  
 9. Obligations Under Employment Agreement. Mr. Stolze agrees that he has continuing obligations to MEMC pursuant to Section 5 of the
Employment Agreement between Mr. Stolze and MEMC entered into as of January 1, 2002, a copy of which is attached hereto as Exhibit 1 (the “Employment Agreement”) provided that the provisions of paragraph 13 below shall supersede the
non-solicitation provisions included in the second paragraph under “Competitive Activity” of the exhibit to the Employment Agreement. Any violation of those obligations by Mr. Stolze constitutes a material breach of this Agreement and
subjects Mr. Stolze to forfeiture of all benefits and payments pursuant to this Agreement. MEMC expressly reserves the right to pursue all other legal and equitable remedies available to it by virtue of any breach of Section 5 of the Employment
Agreement or any promise made in this Agreement, including paragraphs 12 and 13, below. 
  
 10. Nondisparagement. Mr. Stolze represents that he will not, in any way, disparage MEMC or any subsidiary, affiliate or parent of MEMC, or any officer, agent, employee, attorney, representative,
successor or 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 it will not, in any way, disparage Mr. Stolze 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 Mr. Stolze. 
  
 11. No Admission of
Wrongdoing. The parties agree that nothing in this Agreement is an admission of any wrongdoing by either party. 
  
 12. CONFIDENTIALITY OF AGREEMENT. MR. STOLZE AGREES TO KEEP THE TERMS OF THIS AGREEMENT CONFIDENTIAL EXCEPT AS HE MIGHT BE LAWFULLY
COMPELLED TO GIVE TESTIMONY BY A COURT OF COMPETENT JURISDICTION OR AS HE MAY BE REQUIRED BY LAW, REGULATION, GOVERNMENTAL AUTHORITY OR SIMILAR BODY TO DISCLOSE. THIS MEANS THAT EXCEPT AS STATED ABOVE, HE 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 HIM IN CONNECTION WITH THIS AGREEMENT; (B) WITH A FINANCIAL CONSULTANT 

  

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 James M. Stolze and MEMC Electronic Materials, Inc. 
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OR EXECUTIVE OUTPLACEMENT COUNSELOR; (C) WITH HIS SPOUSE; (D) WITH ANY TAXING AUTHORITIES; (E) AS NECESSARY TO ENFORCE THIS AGREEMENT; OR (F) WITH RESPECT
TO THE FACTUAL INFORMATION CONTAINED IN PARAGRAPHS 1, 2 AND 13 HEREOF AND THE CONTINUING OBLIGATIONS OF MR. STOLZE UNDER SECTION 5 OF THE EMPLOYMENT AGREEMENT, PROVIDED THAT SAID PERSONS TO WHOM DISCLOSURE IS PERMITTED PURSUANT TO (A), (B) AND (C)
OF THIS PARAGRAPH 12 PROMISE TO KEEP THE INFORMATION THAT MAY BE REVEALED TO THEM CONFIDENTIAL AND NOT TO DISCLOSE IT TO OTHERS. NOTWITHSTANDING THE FOREGOING, THE PROVISIONS OF THIS PARAGRAPH 12 SHALL TERMINATE WITH RESPECT TO ANY INFORMATION THAT
MEMC DISCLOSES IN A PUBLIC FILING WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  
 13. NON-SOLICITATION. DURING THE PERIOD COMMENCING ON THE EFFECTIVE DATE OF THIS AGREEMENT AND ENDING ON THE SECOND ANNIVERSARY OF THE RETIREMENT DATE, MR. STOLZE WILL NOT, DIRECTLY OR INDIRECTLY, FOR
HIS OWN ACCOUNT OR FOR THE ACCOUNT OF ANY OTHER PERSON OR ENTITY, ANYWHERE IN THE UNITED STATES OR ANYWHERE ELSE IN THE WORLD WHERE MEMC OR ANY OF ITS SUBSIDIARIES OR AFFILIATES ARE CONDUCTING BUSINESS, (I) SOLICIT FOR EMPLOYMENT, EMPLOY OR
OTHERWISE INTERFERE WITH THE RELATIONSHIP OF MEMC OR ANY OF ITS SUBSIDIARIES OR AFFILIATES WITH ANY NATURAL PERSON THROUGHOUT THE WORLD WHO IS OR WAS EMPLOYED BY OR OTHERWISE ENGAGED TO PERFORM SERVICES FOR MEMC OR ANY OF ITS SUBSIDIARIES OR
AFFILIATES IN A SALES, ACCOUNTING, FINANCIAL OR MANAGERIAL CAPACITY AT ANY TIME DURING WHICH MR. STOLZE WAS EMPLOYED BY MEMC OR (II) INDUCE ANY SALES, ACCOUNTING, FINANCIAL OR MANAGERIAL EMPLOYEE OF MEMC OR ANY OF ITS SUBSIDIARIES OR AFFILIATES (A)
TO ENGAGE IN ANY ACTIVITY WHICH MR. STOLZE IS PROHIBITED FROM ENGAGING IN UNDER THIS AGREEMENT OR (B) TO TERMINATE HIS OR HER EMPLOYMENT WITH MEMC OR ANY OF ITS SUBSIDIARIES OR AFFILIATES. FOR PURPOSES OF THIS PARAGRAPH 13, “SOLICIT” MEANS
ANY COMMUNICATION OF ANY KIND WHATSOEVER, REGARDLESS OF BY WHOM INITIATED, INVITING, ENCOURAGING OR REQUESTING ANY PERSON OR ENTITY TO TAKE OR REFRAIN FROM TAKING ANY ACTION. THE PROVISIONS OF THIS PARAGRAPH 13 SHALL SUPERSEDE THE NON-SOLICITATION
PROVISIONS INCLUDED IN THE SECOND PARAGRAPH UNDER “COMPETITIVE ACTIVITY” OF THE EXHIBIT TO THE EMPLOYMENT AGREEMENT. 
  
 14. Arbitration. Except for the enforcement of any rights to equitable relief pursuant to paragraphs 9, 12 or 13, Mr. Stolze and MEMC agree
that any dispute, controversy or claim (between Mr. Stolze and MEMC or any of its subsidiaries, affiliates, or parent companies, or any 

  

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 James M. Stolze and MEMC Electronic Materials, Inc. 
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of their respective officers, agents, employees, attorneys, representatives, successors or assigns) arising out of, based upon or relating to Mr.
Stolze’s employment, the termination of his employment, 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 Mr. Stolze’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, the arbitration will be governed by the then-current Rules for Resolution of Employment Disputes of the American Arbitration Association. 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. The Arbitrator shall have the authority to award costs of the
Arbitration (including attorney’s fees) in a manner consistent with the controlling substantive claim at issue. Similarly, the Arbitrator shall have the authority to award damages (or other relief) consistent with the substantive claim being
asserted. 
  
 15. KNOWING AND VOLUNTARY AGREEMENT.
MR. STOLZE HEREBY REPRESENTS, DECLARES AND AGREES THAT HE VOLUNTARILY ACCEPTS THE PROVISIONS OF THIS AGREEMENT FOR THE PURPOSE OF MAKING A FULL AND FINAL COMPROMISE AND SETTLEMENT OF ALL MATTERS RELATING TO MR. STOLZE’S EMPLOYMENT
RELATIONSHIP WITH MEMC AND ITS TERMINATION. MR. STOLZE IS ADVISED TO CONSULT AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT. MR. STOLZE UNDERSTANDS THE EFFECT OF SIGNING THIS AGREEMENT. 
  
 16. Entire Agreement. This Agreement, including any Exhibits, when signed, 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 Mr. Stolze 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 MEMC and Mr. Stolze. Separate copies of this document shall constitute original documents which may be signed separately, but which together will constitute one single agreement. 
  
 17. Governing Law, Invalidity of Provisions. This Agreement
shall be construed and governed by the 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 over-broad, that
provision shall not be void, but rather shall be limited only to the extent required by applicable law and enforced as so limited. 
  

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 18. Consequences of Violation of this Agreement. If it is finally determined by a court
or arbitrator that either party has violated any of the 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. 
  
 19.
Severance Offer Expiration. If Mr. Stolze does not sign this Agreement before a Notary Public and return the original Agreement signed by him, pursuant to the terms set forth herein, on or before January 13, 2004, the severance offer
represented by this Agreement shall be deemed withdrawn and this Agreement shall be null and void, and of no further effect. 
  
 20. Consideration Period, Revocation Period, and Effective Date. Mr. Stolze acknowledges that he has been given at least 21 days within
which to consider this Agreement before making a decision to sign this Agreement. This Agreement shall not be effective until seven (7) calendar days after the date Mr. Stolze signs and delivers this Agreement to MEMC. During this seven-day period,
Mr. Stolze may revoke this Agreement by giving written notice to the Senior Vice President, Human Resources of MEMC at 501 Pearl Drive (City of O’Fallon), P.O. Box 8, St. Peters, Missouri 63376, that Mr. Stolze has decided to revoke the
Agreement (“Revocation Notice”). If no such Revocation Notice is timely presented by Mr. Stolze, 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 Mr. Stolze signed and delivered this Agreement to MEMC. 
  
 21. Procedure for Mr. Stolze to Accept and Effectuate Agreement.
If Mr. Stolze decides to sign this Agreement, he must sign before a Notary Public and deliver the original of the signed and notarized Agreement to the Senior Vice President, Human Resources of MEMC, at 501 Pearl Drive (City of
O’Fallon), P.O. Box 8, St. Peters, Missouri 63376, on or before January 13, 2004. 
  
 22. Binding Agreement and Assignment. This Agreement shall be binding upon and inure to the benefit of Mr. Stolze and Mr. Stolze’s heirs and representatives, and to MEMC, its successors and assigns;
further, this Agreement and the benefits provided hereunder are not assignable by Mr. Stolze without MEMC’s express written consent. 
  
 23. By signing this Agreement, Mr. Stolze acknowledges: 
  
 A. HE HAS READ THIS AGREEMENT COMPLETELY. 
  
 B. HE HAS HAD AN OPPORTUNITY TO CONSIDER THE TERMS OF THIS AGREEMENT. 
  
 C. HE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY OF HIS CHOOSING PRIOR TO EXECUTING THIS AGREEMENT.

  

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 D. HE KNOWS THAT HE IS GIVING UP IMPORTANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT.

  
 E. HE UNDERSTANDS AND MEANS EVERYTHING THAT
HE HAS SAID IN THIS AGREEMENT, AND HE AGREES TO ALL ITS TERMS. 
  
 F. HE IS NOT RELYING ON MEMC OR ANY REPRESENTATIVE OF MEMC TO EXPLAIN THIS AGREEMENT OR HIS RIGHTS TO HIM. 
  
 G. HE HAS HAD AN OPPORTUNITY TO CONSULT AN ATTORNEY AND OTHER ADVISORS TO EXPLAIN THIS AGREEMENT AND ITS CONSEQUENCES TO HIM BEFORE HE
SIGNED IT, AND HE HAS AVAILED HIMSELF OF THIS OPPORTUNITY TO WHATEVER EXTENT HE DESIRED. 
  
 H. HE HAS SIGNED THIS AGREEMENT VOLUNTARILY AND ENTIRELY OF HIS OWN FREE WILL WITHOUT ANY PRESSURE FROM MEMC OR ANY REPRESENTATIVE OF
MEMC. 
  
 [Remainder of Page Intentionally Left Blank] 

 

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 THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES (SEE PARAGRAPH 14).

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

			
	JAMES M. STOLZE
	
	 /s/ James M. Stolze

	 (Mr. Stolze’s Signature)

		
	 Date:
	 	   Dec. 29, 2003

  

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	MEMC ELECTRONIC MATERIALS, INC.
		
	 By:
	 	 /s/ Nabeel Gareeb

	 Nabeel Gareeb

	 Name of Company Representative

		
	 Title:
	 	 CEOEmployment Agreement dated as of January 1, 2002-Fleisher

 Exhibit 10-kk 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of this 1st day of January, 2002 by and between MEMC Electronic Materials Inc., a
Delaware corporation (the “Company”), and David L. Fleisher, Jr. (“Executive”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company desires to continue to employ Executive as an executive officer of the Company and Executive desires to continue such employment on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
promises contained herein and for other good and valuable consideration, the Company and Executive hereby agree as follows: 
  
 1. Term; Position and Responsibilities. Unless Executive’s employment shall sooner terminate pursuant to Section 4 hereof, the Company shall
employ Executive on the terms and subject to the conditions of this Agreement for a three-year term commencing on November 13, 2001 (the “Commencement Date”) and ending on the day immediately preceding the third anniversary of the
Commencement Date. The period during which Executive is employed by the Company pursuant to this Agreement shall be referred to as the “Employment Period.” During the Employment Period, Executive shall serve as an executive officer
of the Company and shall have such duties and responsibilities as are customarily assigned to individuals serving in such position and such other duties as the Company specifies from time to time. Executive shall comply with all policies and
procedures of the Company. Executive shall devote all of his skill, knowledge, commercial efforts and working time to the conscientious and faithful performance of his duties and responsibilities for the Company (except for (i) vacation time as set
forth in Section 3(b) hereof and absence for sickness or similar disability and (ii) to the extent that it does not interfere with the performance of Executive’s duties hereunder, (A) such reasonable time as may be devoted to the fulfillment of
Executive’s civic responsibilities, (B) such reasonable time as may be necessary from time to time for personal financial matters and (C) certain other activities with the prior written consent of the Chief Executive Officer of the Company).

  
 2. Compensation. 
  
 (a) Base Salary. As compensation for the services to
be performed by Executive during the Employment Period, from the Commencement Date through the end of calendar year 2001, the Company shall pay Executive a base salary at an annualized rate of $150,000, payable in installments on the Company’s
regular payroll dates. Beginning on January 1, 2002, Executive’s base salary shall be reduced by twenty percent (20%) until such time as the Company attains certain financial objectives as may be established by the Board of Directors of the
Company (the “Board”), from time to time, in its sole discretion. In the event Executive’s base salary is restored to the annualized rate specified for calendar year 2001 above, Executive’s base salary shall be reviewed
from time to time and may be 

  

 
adjusted by the Board, in its sole discretion. Notwithstanding the foregoing, Executive’s base salary shall not be decreased except if such decrease is
part of a base salary reduction applicable to a broad class of management employees. The annual base salary payable to Executive under this Section 2 shall hereinafter be referred to as the “Base Salary”. 
  
 (b) Annual Bonus. During the Employment Period,
Executive shall have the opportunity to earn an annual bonus (an “Annual Bonus”), with a target bonus of 25% of Executive’s Base Salary (the “Target Bonus”) and a maximum bonus of 44% of Executive’s Base
Salary (the “Maximum Annual Bonus”), in respect of each calendar year pursuant to the terms of the Company’s Annual Incentive Plan then existing for such calendar year; provided, however, that, except as may be provided in
Section 4(f) hereof, the Annual Bonus for any calendar year shall be payable to Executive only if Executive is employed by the Company on the date on which such Annual Bonus is paid. The amount of any Annual Bonus and all other terms and conditions
related thereto (including without limitation any performance criteria and the form of payment of such Annual Bonus) shall be determined by the Board, in its sole discretion. 
  
 (c) Stock Options 
  
 (i) Initial Grant. As soon as reasonably practicable after the date of this Agreement, the Company
shall cause the Board or a committee thereof to grant to Executive a non-qualified option to purchase 25,000 shares of common stock of the Company, at an exercise price per share equal to fair market value per share as of the date of grant, (the
“Initial Performance Option”) and an additional non-qualified option to purchase 25,000 shares of common stock of the Company, at an exercise price equal to $1.50 per share (the “Initial Service Option” and together
with the Initial Performance Option, referred to herein as the “Initial Options”). The terms and conditions of the Initial Options shall be governed by the Company’s 1995 Equity Incentive Plan, as it may be amended from time to
time (the “1995 Plan”), and shall be evidenced by a separate stock option agreement executed by the Company and Executive (the “Initial Stock Option Agreement”) which shall contain terms consistent with this Section
2(c)(i) and other customary terms. The Initial Stock Option Agreement shall provide, among other things, for the following: 
  
 (A) The Initial Service Option shall become exercisable in four equal annual installments on each of the first, second, third and fourth
anniversaries of the Commencement Date, provided that Executive remains continuously employed by the Company through each such date; 
  
 (B) Notwithstanding the foregoing, to the extent that the exercise of any portion of the Initial Service Option would result in the
Company losing its deduction under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor thereto, such Initial Service Option shall not be exercisable until the earlier of the date the
Company will receive its deduction under Section 162(m) of the Code and the date that is nine years and ten months from the applicable grant date. 
  

 (C) The Initial Performance Option shall vest on the seventh anniversary of the
Commencement Date if Executive is actively employed by the Company on such anniversary; provided, however, that the vesting of the Initial Performance Options, or any portion thereof, may be accelerated based upon the achievement of financial
and operating objectives that will be established by the Company prior to February 28, 2002, provided Executive is actively employed with the Company on the date of such acceleration; 
  
 (D) The Initial Options shall expire on the tenth anniversary of the date of grant, provided that such
Initial Options shall be subject to earlier expiration upon termination of employment in accordance with the Initial Stock Option Agreement; and 
  
 (E) Upon Executive’s termination of employment other than a termination by the Company for Cause, Executive shall have at least
ninety (90) days after the Date of Termination (as hereinafter defined) to exercise any or all of the Initial Options that have become vested as of the Date of Termination. 
  
 (ii) Existing Options; Subsequent Grant. 
  
 (A) Optional Cancellation of Existing Options. The
Company intends to permit Executive on or about June 1, 2002, to cancel any and all of his rights to or in his option to purchase 18,600 shares of common stock of the Company granted to him prior to the Commencement Date (the “Existing
Option”), such cancellation to be effective as of June 1, 2002. Until Executive elects to cancel his Existing Option (if he elects to do so at all), such Existing Option shall continue to be governed by the terms of the applicable plan and
stock option agreement under which the Existing Option was awarded to Executive (collectively, the “Existing Stock Option Agreement”). 
  
 (B) Subsequent Grant. In the event that Executive elects to cancel his Existing Option as provided in Section 2(c)(ii)(A) above
and subject to Executive’s continuous employment with the Company, as soon as reasonably practicable following January 1, 2003, the Company shall cause the Board or a committee thereof to grant Executive non-qualified options (the
“Subsequent Options”) to purchase at least 5,000 shares of common stock of the Company (the “Subsequent Option Shares”). The Subsequent Options granted on or about January 1, 2003 shall have an exercise price per
share equal to the “fair market value” (as such term is defined in the 1995 Plan) per share at the date of grant. The Subsequent Options with respect to fifty percent (50%) of such Subsequent Option Shares shall be referred to herein as
the “Subsequent Service Option” and the Subsequent Options with respect to the remaining Subsequent Option Shares shall be referred to herein as the “Subsequent Performance Option.” The terms and conditions of the
Subsequent Options shall be evidenced by a stock option agreement (the “Subsequent Stock Option Agreement” and together with the Initial Stock Option Agreement and the Existing Stock Option Agreement, collectively referred to herein
as the “Stock Option Agreements”). The Subsequent Stock Option Agreement shall contain terms consistent with this Section 2(c)(ii)(B) and other customary terms, including the following: 
  
 (1) the Subsequent Service Option shall become exercisable
in four equal annual installments on each of the first, second, third and fourth anniversaries of the grant date, provided that Executive remains continuously employed by the Company through each such date; 
  

 (2) the Subsequent Performance Option shall vest on the seventh anniversary of the grant
date if Executive is actively employed with the Company on such anniversary; provided, however, that the vesting of the Subsequent Performance Option, or any portion thereof, may be accelerated based upon the achievement of financial and operating
objectives established by the Company prior to February 28, 2003, provided Executive is actively employed with the Company on the date of such acceleration; 
  
 (3) the Subsequent Options shall expire on the tenth anniversary of the date of grant, provided that such Subsequent Options shall be
subject to earlier expiration upon termination of employment in accordance with the Subsequent Stock Option Agreement; and 
  
 (4) upon Executive’s termination of employment other than a termination by the Company for Cause, Executive shall have at least
ninety (90) days after the Date of Termination (as hereinafter defined) to exercise any or all of the Subsequent Options that are vested as of the Date of Termination. 
  
 3. Employee Benefits. 
  
 (a) Participation in Employee Benefit Plans. During the Employment Period, Executive shall be eligible to participate in the
employee benefit plans and programs maintained by the Company from time to time and generally available to the senior executives of the Company including to the extent maintained by the Company life, medical, dental, accidental and disability
insurance plans and profit sharing, pension, retirement, deferred compensation and savings plans, in accordance with the terms and conditions thereof as in effect from time to time. 
  
 (b) Vacation. During the Employment Period, Executive shall be entitled to the same amount of annual
vacation that Executive is entitled to on the date of this Agreement on an annualized basis, as may be increased from time to time consistent with the Company’s past practices, provided that in no case will there be any carryover accumulation.

  
 4. Termination of Employment. Executive’s
employment may be terminated prior to the end of the employment term specified in Section 1 hereof as follows: 
  
 (a) Termination Due to Death or Disability. Executive’s employment may be terminated by the Company due to Executive’s
Disability (as defined below). In the event that Executive’s employment hereunder terminates due to his death or is terminated by the Company due to Executive’s Disability, no termination benefits shall be payable to or in respect of
Executive except as provided in Section 4(f)(ii). For purposes of this Agreement, “Disability” shall mean a physical or mental condition entitling Executive to benefits under the long-term disability policy maintained by the
Company, as such policy may be amended from time to time. Executive’s employment shall be deemed to have terminated as a result of Disability on the date as of which he is first entitled to receive disability benefits under such policy.

  

 (b) Termination by the Company for Cause. Executive’s employment may be
terminated by the Company for Cause (as defined below). In the event of a termination of Executive’s employment by the Company for Cause, no termination benefits shall be payable to or in respect of Executive except as provided in Section
4(f)(ii). For purposes of this Agreement, “Cause” shall mean (i) the failure of Executive to make a good faith effort to substantially perform his duties hereunder (other than any such failure due to Executive’s Disability) or
Executive’s insubordination with respect to a specific directive of the Chief Executive Officer of the Company or resolution of the Board; (ii) Executive’s dishonesty, gross negligence in the performance of his duties hereunder or engaging
in willful misconduct, which in the case of any such gross negligence, has caused or is reasonably expected to result in direct or indirect material injury to the Company or any of its Affiliates (as defined below); (iii) breach by Executive of any
material provision of this Agreement or of any other written agreement with the Company or any of its Affiliates or material violation of any Company policy applicable to Executive; or (iv) Executive’s commission of a crime that constitutes a
felony or other crime of moral turpitude or fraud. If, subsequent to Executive’s termination of employment hereunder for other than Cause, it is determined in good faith by the Company that Executive’s employment could have been terminated
for Cause hereunder, Executive’s employment shall, at the election of the Company, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 
  
 (c) Termination Without Cause. Executive’s
employment may be terminated by the Company Without Cause (as defined below). In the event of a termination of Executive’s employment by the Company Without Cause, no termination benefits shall be payable to or in respect of Executive except as
provided in Section 4(f)(i). A termination “Without Cause” shall mean a termination of Executive’s employment by the Company during the employment term specified in Section 1 hereof other than due to Executive’s death,
Disability or for Cause. 
  
 (d) Termination
by Executive. In the event that Executive terminates his employment for Good Reason, Executive shall be entitled to the termination benefits described in Section 4(f)(i). In the event that Executive terminates his employment without Good Reason,
no termination benefits shall be payable to or in respect of Executive except as provided in Section 4(f)(ii). A termination of employment by Executive for “Good Reason” shall mean a termination by Executive of his employment with
the Company following the occurrence, without Executive’s consent, of any of the following events: (i) a material reduction in Executive’s total compensation opportunity unless such reduction is part of a reduction applicable to a broad
class of management employees or (ii) relocation of Executive’s principal work location to more than twenty-five (25) miles from Executive’s current principal work location, provided that, (x) within thirty (30) days following the
occurrence of any of the events set forth herein, Executive shall have delivered written notice to the Company of his intention to terminate his employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to
give rise to Executive’s right to terminate his employment for Good Reason, and the Company shall not have cured such circumstances to the reasonable satisfaction of Executive within thirty (30) days after receipt of such notice and (y)
Executive delivers a Notice of Termination to the Company in accordance with Section 4(e) within ten (10) days following the Company’s failure to cure 

  

 
such circumstances within the time period specified above. A termination “Without Good Reason” shall mean a termination of Executive’s
employment by Executive during the employment term specified in Section 1 hereof other than a termination of Executive’s employment by Executive for Good Reason in accordance with the foregoing procedures. 
  
 (e) Notice of Termination; Date of Termination.

  
 (i) Notice of Termination. Any
termination by the Company pursuant to Section 4(a), 4(b) or 4(c), or by Executive pursuant to Section 4(d), shall be communicated by a Notice of Termination addressed to the other party to this Agreement in accordance with the notice provisions of
Section 9(f). A “Notice of Termination” shall mean a notice stating that Executive or the Company, as the case may be, is electing to terminate Executive’s employment with the Company and stating the proposed effective date of
such termination, provided such effective date shall not be sooner than the dates provided in Section 4(e)(ii). 
  
 (ii) Date of Termination. The term “Date of Termination” shall mean (i) if Executive’s employment is
terminated by his death, the date of his death, (ii) if Executive’s employment is terminated by the Company for any reason, the date on which Notice of Termination is given or, if later, the effective date of termination specified in such
Notice of Termination, (iii) if Executive’s employment is terminated due to Executive’s Disability, the date specified in the applicable Notice of Termination, provided that such date shall not be less than thirty (30) days after the date
on which Notice of Termination is given, and (iv) if Executive’s employment is terminated by Executive for any reason, the date specified in the applicable Notice of Termination, provided that such date shall not be less than thirty (30) days
after the date on which Notice of Termination is given. 
  
 (f) Payments Upon Certain Terminations. 
  
 (i) Termination by the Company Without Cause or by Executive for Good Reason. In the event Executive’s employment is
terminated by the Company Without Cause or by Executive for Good Reason at any time during the Employment Period, Executive (or, following his death, to Executive’s estate) shall be entitled to (i) his Base Salary through the Date of
Termination, to the extent not yet paid and (ii) his Annual Bonus, if any, earned in the calendar year immediately preceding the calendar year in which the Date of Termination occurs, to the extent not yet paid, in each case, to be paid in cash
within thirty (30) days after the Date of Termination. In addition, in the event Executive’s employment is terminated by the Company Without Cause or by Executive for Good Reason, in either case, prior to the end of the employment term
specified in Section 1 hereof, subject to the effectiveness of Executive’s execution of a general release and waiver of all claims against the Company, its Affiliates and their respective officers and directors in a form reasonably satisfactory
to the Company and subject to Executive’s compliance with the terms and conditions contained in this Agreement, Executive (or, following his death, Executive’s estate) shall be entitled to the continuation of Executive’s Base Salary
for the one-year period beginning on the Date of Termination (the “Severance Period”). 
  

 (ii) Termination Due to Executive’s Death or Disability, by the Company for
Cause, or by Executive without Good Reason. If Executive’s employment shall terminate upon his death or Disability, by the Company for Cause, or by Executive without Good Reason, the Company shall pay to Executive (or, in the event of
Executive’s death, to his estate), his Base Salary through the Date of Termination, to the extent not yet paid, within thirty (30) days following the Date of Termination, and solely in the event that Executive’s employment is terminated
due to his death or Disability, the Company shall pay to Executive (or, in the event of Executive’s death, to his estate), Executive’s Annual Bonus, if any, earned in the calendar year immediately preceding the calendar year in which the
Date of Termination occurs, to the extent not yet paid. 
  
 (iii) Except as specifically set forth in this Section 4(f), Executive shall not be entitled to receive any payments or benefits under any such plan, policy, program or practice providing any bonus or incentive
compensation or severance compensation or benefits (and the provisions of this Section 4(f) shall supersede the provisions of any such plan, policy, program or practice, including without limitation the Company’s Severance Plan for Senior
Officers), except as may be required with respect to any vested benefits under any tax-qualified plan maintained or contributed to by the Company or Section 4980B of the Code. For avoidance of doubt, upon any termination of Executive’s
employment, any outstanding Initial Options or Subsequent Options not yet vested as of the Date of Termination shall expire and be canceled effective as of the Date of Termination; provided, however, that Executive shall be entitled to retain any
vested Existing Options, Initial Options, and Subsequent Options in accordance with the applicable option plans and/or agreements. 
  
 (g) Resignation upon Termination. Effective as of any Date of Termination under this Section 4 or otherwise, Executive shall
automatically and without taking any further actions be deemed to have resigned from all positions then held by him with the Company and all of its Affiliates. 
  

5. Existing Agreement. 
  
 The provisions of the existing agreement between Executive and the Company dated March 25, 1996, a copy of which is attached as Exhibit A (the
“Existing Confidentiality Agreement”), under the headings “Confidential Information”, “Competitive Activity” and “Ideas, Inventions or Discoveries” shall continue in full force and effect and are herein
incorporated by reference. In the event of any inconsistency between the provisions of this Agreement and the provisions of the Existing Confidentiality Agreement, the provisions of this Agreement shall control. 
  
 6. Injunctive Relief with Respect to Covenants; Forum, Venue and
Jurisdiction. Executive acknowledges and agrees that the covenants, obligations and agreements of Executive contained in Section 5 and the Existing Confidentiality Agreement relate to special, unique and extraordinary matters and that a
violation of any of the terms of such covenants, obligations or agreements will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to an
injunction, restraining order or such other equitable relief (without the requirement to post bond or any other security) as a court of competent jurisdiction may deem necessary or appropriate to restrain 

  

 
Executive from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other
rights and remedies the Company may have. 
  
 7. Waiver of
Rights to Benefits and Payments Under Certain Benefit Plans. In full and final consideration for the benefits and payments provided hereunder, Executive hereby waives all of his rights and entitlements (contingent or otherwise) to any and all
benefits and payments (including without limitation all accrued and vested benefits) under the MEMC Electronic Materials, Inc. Supplemental Executive Pension Plan (1998 Restatement), the MEMC Electronic Materials, Inc. Severance Plan for Senior
Officers, the MEMC Electronic Materials, Inc. 2001 Annual Incentive Plan and all predecessor and successor plans thereto, unless such successor plan specifically provides benefits to Executive. 
  
 8. Entire Agreement. This Agreement, the Existing Confidentiality
Agreement and the Stock Option Agreements constitute the entire agreement among the parties hereto with respect to Executive’s employment and his right to compensation and benefits, including without limitation severance or termination pay. All
prior correspondence and proposals (including, but not limited to, summaries of proposed terms) and all prior promises, representations, understandings, arrangements and agreements relating to such subject matter (including, but not limited to,
those made to or with Executive by any other Person and those contained in any prior offer, employment, consulting or similar agreement entered into by Executive and the Company or any predecessor thereto or Affiliate thereof, including without
limitation the Company’s Severance Plan for Senior Officers) are merged herein and superseded hereby. 
  
 9. Miscellaneous. 
  
 (a) Binding Effect; Assignment. This Agreement shall be binding on and inure to the benefit of the Company and its successors and
permitted assigns. This Agreement shall also be binding on and inure to the benefit of Executive and his heirs, executors, administrators and legal representatives. This Agreement shall not be assignable by any party hereto without the prior written
consent of the other parties hereto, except as provided pursuant to this Section 9(a). The Company may effect such an assignment without prior written approval of Executive upon the transfer of all or substantially all of its business and/or assets
(by whatever means). 
  
 (b) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to principles of conflicts of laws. 
  
 (c) Taxes. The Company may withhold from any payments made under this Agreement all applicable taxes,
including but not limited to income, employment and social insurance taxes, as shall be required by law. 
  
 (d) Amendments. No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge
is approved by the Board or a Person authorized thereby and is agreed to by Executive. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  

 (e) Severability. In the event that any one or more of the provisions of this
Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. In addition, if any of the provisions of Section 5
or the Existing Confidentiality Agreement is for any reason held by a court to be excessively broad as to duration, geographical scope, activity, subject matter or otherwise then such provision will be construed or judicially modified so as to
thereafter be limited or reduced to the extent required to be enforceable in accordance with applicable law; it being understood and agreed that the parties hereto regard such restrictions as reasonable and compatible with their respective rights.

  
 (f) Notices. Any notice or other
communication required or permitted to be delivered under this Agreement shall be (i) in writing, (ii) delivered personally, by courier service or by certified or registered mail, first-class postage prepaid and return receipt requested, (iii)
deemed to have been received on the date of delivery or, if so mailed, on the third business day after the mailing thereof, and (iv) addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in
accordance with the terms hereof): 
  
 (A) If to
the Company, to it at: 
  
 MEMC Electronic
Materials, Inc. 
 501 Pearl Drive (City of O’Fallon) 
 P.O. Box 8 
 St. Peters, Missouri 63376 
 Attention: General Counsel 
  
 (B) if to Executive, to him at his residential address as
currently on file with the Company. 
  
 Copies of any notices or
other communications given under this Agreement shall also be given to: 
  
 Cleary, Gottlieb, Steen & Hamilton 
 One Liberty Plaza 
 New York, New York 10006  
 Attention: A. Richard Susko, Esq. 
  
 (g) Voluntary Agreement; No Conflicts. Executive hereby represents and warrants to the Company that he is legally free to accept and perform his employment with the Company, that he has no obligation to any
other person or entity that would affect or conflict with any of Executive’s obligations pursuant to such employment, and that the complete performance of the obligations pursuant to Executive’s employment will not violate any order or
decree of any governmental or judicial body or contract by which Executive is bound. The Company will not request or require, and Executive agrees not to use, in the course of Executive’s employment with the Company, any information obtained in
Executive’s employment with any previous employer to the extent that such use would violate any contract by which Executive is bound or any decision, law, regulation, order or decree of any governmental or judicial body. 
  
 (h) Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. A facsimile of a signature shall be deemed to be and have the effect of an original signature. 
  

 (i) Headings. The section and other headings contained in this Agreement are for
the convenience of the parties only and are not intended to be a part hereof or to affect the meaning or interpretation hereof. 
  
 (j) Certain Definitions. 
  
 “Affiliate”: with respect to any Person, means any other Person that, directly or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first
Person is also a Subsidiary. 
  
 “Control”: with
respect to any Person, means the possession, directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or
credit arrangement, as trustee or executor, or otherwise. 
  
 “Person”: any natural person, firm, partnership, limited liability company, association, corporation, company, trust, business trust, governmental authority or other entity. 
  
 “Subsidiary”: with respect to any Person, each corporation
or other Person in which the first Person owns or Controls, directly or indirectly, capital stock or other ownership interests representing 50% or more of the combined voting power of the outstanding voting stock or other ownership interests of such
corporation or other Person. 
  
 *    *    *    *    *    * 
  
 IN WITNESS WHEREOF, the Company has duly executed this Agreement by its authorized representatives and Executive has hereunto set his hand, in each case
effective as of the date first above written. 
  

			
	 MEMC ELECTRONIC MATERIALS, INC.

		
	By:	 	/s/    JOHN MARREN        
	 	 	

	 Name:
	 	John Marren
	 Title:
	 	Chairman of the Board of Directors
	
	EXECUTIVE:
		
	 	 	/s/    DAVID L. FLEISHER, JR.        
	 	 	

	 Name:
	 	David L. Fleisher, Jr.

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