Document:

Exhibit

Exhibit 10.1
	
			
	

	Momentive Performance Materials Inc.
260 Hudson River Road
Waterford, NY 12188
momentive.com
	 

	 
	 
	 

April 20, 2015

Dear Erick:
I am very pleased to confirm our offer of employment for the position of  Senior Vice President and Chief Financial Officer of Momentive Performance Materials Inc. (the “Company” or “MPM”).  This position is based in Waterford, New York and will report directly to me.  
Attached is a summary of the terms of the offer and the benefits available to you. This offer of employment is contingent upon meeting the following requirements:
Your execution and delivery of the enclosed Non-Disclosure, Fair Competition and Inventions Agreement.
Successful completion of a background investigation.
Successful completion of a drug screen within 24 hours of acceptance of this offer.
Reference verification.

Please acknowledge acceptance of this offer by completing the offer acceptance section at the end of the attached term sheet. This offer letter contains the final terms and conditions of your employment and you acknowledge that you are not relying on any other terms or conditions.  We also ask that you kindly complete and return (i) the Non-Disclosure, Fair Competition and Inventions Agreement, (ii) the enclosed Consent to Request Consumer Report form and (iii) the Momentive Background Data Questionnaire.  This offer of employment is in effect until April 27th, 2015
On your first day of employment, please bring with you documents that establish your identity and authorization to work in the U.S. in compliance with Form 1-9 required by the Federal government. A list of acceptable documents is enclosed.  A representative from the site will contact you with further details on any other requirements prior to your first day.
If you have any questions or there is anything requiring clarification, please do not hesitate to give me a call at (518) 233-3895.  Erick, we look forward to your joining MPM and believe you will play a key role in building long term value toward our future success.
Sincerely,

Jack Boss
President & CEO

MOMENTIVE PERFORMANCE MATERIALS INC.
FOR:  ERICK ASMUSSEN

	
		
	Position: 
	Senior Vice President and Chief Financial Officer  

	 
	 

	Anticipated Start Date: 
	May 11th, 2015

	 
	 

	Base Salary (Year 1): 
	$425,000, paid bi-weekly

	 
	 

	Annual Incentive
Compensation:
	You will be eligible to participate in MPM’s 2015 annual incentive compensation program (the “2015 ICP”) with a target incentive award of 65% of your annualized base salary.  Payment under the plan will be based on achieving the specific goals identified by the business for the plan year.  Any earned 2015 ICP bonus will be made in 2016 based on business results.  The terms of this plan and eligibility for participation are reviewed annually by the Compensation Committee of the Board.

	 
	 

	Severance:
	If you are terminated by the Company without “cause” and other than due to your death or disability, the Company shall provide you with severance equal to twelve (12) months of your annualized base salary, payable in installments in accordance with the Company’s normal payroll practices.  Such severance shall be subject to your execution and delivery of an effective general release of claims within 30 days following such termination, in the form provided by the Company.  “Cause” is generally defined as violation of law, fraud, misappropriation, embezzlement, dishonesty, failure to follow lawful directions, negligence or willful misconduct.  Additional benefits related to Executive Outplacement and COBRA benefit continuation are outlined in the Company’s Severance Guidelines, a copy of which is enclosed.  

	 
	 

	Equity:
	You shall be eligible to participate in the MPM Holdings Inc. Management Equity Plan (the “Equity Plan”).  Within 60 days following your start date, you shall be nominated to the Compensation Committee of the Board of Directors of MPM Holdings Inc. for approval of (x) a grant of 117,600 options to acquire shares of MPM Holdings Inc.’s common stock at an exercise price no less than the fair market value as of the date of grant, and (y) a grant of restricted stock units covering 50,400 shares of MPM Holdings Inc.’s common stock, in each case subject to vesting conditions set forth in the applicable award agreements.  Any awards granted to you under the Equity Plan will be subject to the terms and conditions of the Equity Plan and the award agreements provided to you. 

	 
	 

	Relocation:
	You will be covered under the Momentive Relocation Policy­ Guaranteed Offer Program, which we will be happy to discuss with you either before or after your first day of employment.  The benefits offered to you under this program are outlined in the enclosed Relocation attachment.  Before initiating any action with your move, or if you have any questions, please contact Janet Berg at (614) 225-2019.

	 
	 

	Benefits:
	New employees are eligible for health benefits coverage from the first day of employment.  Enclosed is a copy of our Health and Welfare benefits guide and our Retirement benefits summary (see inside the front cover of the Health & Welfare benefits guide for enrollment instructions).  Please review the information so that you may make appropriate choices regarding your benefits.  To be eligible, you must elect benefits within your first 45 days of employment.  Once on board, if you have questions regarding your benefits or enrollment you may contact HR Connect at 1-877-888-7599.  The benefits are subject to change from time to time as determined by the Company.

	 
	 

	Vacation:
	You will be eligible for 4 weeks of vacation annually, which must be used by the end of each year.

	 
	 

	Company Agreements:
	Enclosed is the Non-Disclosure, Fair Competition and Inventions Agreement which is required to be read, understood and signed and returned by you.  Compliance with the Code of Business Ethics and the Antitrust Compliance Manual is a condition of employment. Compliance with additional MPM policies will be required.

	 
	 

	Terms of Plans:
	Some of the above are highlights of various plans or programs, and all are subject to the terms of the actual plans and programs, which are subject to change from time to time.

	 
	 

	“AT WILL” Statement:
	This offer of employment is for an “AT WILL” position, which means that either you or the Company can end this relationship at any time.

	
		
	Governing Law
	This offer letter, including this summary of the terms of the offer and the benefits available to you, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws.

	 
	 

	Entire Agreement
	This offer letter, including this summary of the terms of the offer and the benefits available to you, represents the entire understanding between the Company and its affiliates and you regarding your offer of employment, and any previous or current discussions, negotiations, or understandings that are not set forth in this letter are superseded.

OFFER ACCEPTED:

_____________________________ 
Erick Asmussen

Date:_________________________EX-4.4

 Exhibit 4.4 
  

							
		 	Forum	  	Vedanta Resources Plc Remuneration Committee Meeting	  	
				
		 	Date	  	11th November 2014	  	
				
		 	Agenda Item	  		  	
				
		 	Agenda Name	  	Performance Share Plan – 2014 Tranche	  	
				
		 	 Presented by

 
	  	 Rajesh Padmanabhan

 
	  	

 Performance Share Plan (“PSP”) is a conditional share plan for rewarding performance on a pre-determined
performance criteria i.e. Total Shareholder Return (“TSR”) over 3-year performance period and continued employment with the Group. 
  

	1.	Coverage: 

 35% of the professional population (i.e. employees in grade M7 and
above) covered – 2326 employees. 
  

	2.	Grant of options: VR Plc Options will be awarded to employees under the PSP effective 15th November 2014 as per below options matrix derived from
average fixed pay of each grade. 

  

																	
	 Category
	  	I	 	  	II	 	  	III	 	  	IV	 
	 SVP, M1
	  	 	16,500	  	  	 	13,000	  	  	 	10,500	  	  	 	8,000	  
	 VP, M1
	  	 	13,000	  	  	 	10,000	  	  	 	7,000	  	  	 	4,000	  
	 AVP, M2
	  	 	8,500	  	  	 	6,500	  	  	 	5,000	  	  	 	3,500	  
	 GM, M2
	  	 	6,500	  	  	 	5,200	  	  	 	3,900	  	  	 	2,600	  
	 M3
	  	 	4,500	  	  	 	3,600	  	  	 	2,700	  	  	 	1,800	  
	 M4
	  	 	3,000	  	  	 	2,400	  	  	 	1,800	  	  	 	1,200	  
	 M5
	  	 	2,000	  	  	 	1,600	  	  	 	1,200	  	  	 	800	  
	 M6
	  	 	1,100	  	  	 	900	  	  	 	700	  	  	 	500	  
	 M7
	  	 	900	  	  	 	700	  	  	 	500	  	  	 	300	  

 Note: The above grid is normalized at the Group level to factor consistencies and criticalities. 

 

	3.	Performance Period: 

 For vesting condition, the performance period considered will be 36
months from 1st April 2014 to 31st March 2017. 
  

	4.	Performance Conditions: 

 The options awarded under PSP shall vest after 3 years from
date of grant based on the Group’s relative Total Shareholder Return (“TSR”) performance against the peer group of resource companies (as detailed out below) and continued employment with the Group. 

 

									
	Alcoa	 	Anglo American	 	Antofagasta	 	BHP Billiton	 	Boliden
	Dragon Oil	 	First Quantum	 	Glencore Xstrata	 	Grupo Mexico	 	Hindalco Industries
	Oz Minerals	 	Petrofac	 	Rio Tinto	 	Tullow Oil	 	Vale

 The TSR performance of a company shall be calculated by reference to three month averaging periods prior to the
start and end of the performance period. 
 If any member of the Comparator Group ceases to exist, its shares cease to be listed on a
recognized stock exchange, or otherwise is so changed as to make it, in the opinion of the Committee, unsuitable as a member of the Comparator Group, the Committee may: (a) exclude that company; (b) in the event of a takeover, replace that
company with the acquiring company; (c) include a substitute for that company; (d) track the future performance of that company by reference to an index; or (e) treat the company in any other way it decides is appropriate. 

  
 Performance Share Plan / Vedanta / Remco
/ November 2014 

	5.	Vesting Schedule: 

 The options shall cliff vest on completion of three years from the
date of grant based on achievement of performance conditions and completion of tenure with Group. 
  

									
	 Category
	  	Based on TSR Performance	 	 	Based on Tenure	 
	 EDs / Exco Members
	  	 	100	% 	 	 	—  	  
	 P / M1 (SVP / VP)
	  	 	80	% 	 	 	20	% 
	 M2 (AVP / GM)
	  	 	50	% 	 	 	50	% 
	 M3 – M7
	  	 	40	% 	 	 	60	% 

 However, for an employee to be eligible for performance-based vesting, he/she should continue to be in
employment at the date of vesting. Options are then exercisable up until the tenth anniversary of grant unless they lapse earlier. 
 Note: For the
tenure-based vesting, individual performance of the employee will be taken into consideration. 
  

	6.	Vesting proportion: 

 At the end of the performance period, the company will be ranked in
accordance to TSR performance against the companies in the comparator group with threshold vesting of 30% at median and scaling upto 100% vesting at upper quintile as below: 
  

					
	 Rank
	  	Percentage of share that vest	 
	 1 – 3 (Top quintile)
	  	 	100	% 
	 4
	  	 	90	% 
	 5
	  	 	75	% 
	 6
	  	 	60	% 
	 7
	  	 	45	% 
	 8
	  	 	30	% 
	 9 – 16 (Below median)
	  	 	Nil	  

  

	7.	Financial Implication: The average number of options per employee is 2361 and the total financial impact is $ 92 mn approx. Table below details out the cost implication of the proposed tranche as well as previous
tranches: 

  

																	
	 Details
	  	LTIP 2011	 	 	ESOP 2012	 	 	ESOP 2013	 	 	Proposed PSP
Tranche 2014	 
	 No of employees covered
	  	 	2684	  	 	 	2818	  	 	 	2485	  	 	 	2326	  
	 % age of eligible population covered
	  	 	30	% 	 	 	39	% 	 	 	45	% 	 	 	35	% 
	 No of options allocated
	  	 	2,862,100	  	 	 	4,652,550	  	 	 	3,963,750	  	 	 	5,491,000	  
	 Share Price (in GBP)
	  	 	19	  	 	 	9.5	  	 	 	12	  	 	 	10	  
	 Exchange rate
	  	 	72	  	 	 	87	  	 	 	80	  	 	 	100	  
	 Value per option
	  	 	1368	  	 	 	826.50	  	 	 	960	  	 	 	1000	  
	 Average no of options per employee
	  	 	1,066	  	 	 	1,651	  	 	 	1,595	  	 	 	2,361	  
	 Average share value per employee
	  	Rs	 14.58 L	  	 	Rs	 13.64 L	  	 	Rs	 15.31 L	  	 	Rs	 23.61 L	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total Financial Impact
	  	Rs	 391.53 cr	  	 	Rs	 384.53 cr	  	 	Rs	 380.52 cr	  	 	Rs	 549.10 cr	  
	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	  	$	 86.90 m	  	 	$	 69.92 m	  	 	$	 63.42 m	  	 	$	 91.52 m	  
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

 Note: The share price assumed is GBP 10 for PSP 2014. 

  
 Performance Share Plan / Vedanta / Remco
/ November 2014 

	8.	PSP coverage for new joinees: Currently we are in the process of recruitment and induction of senior-level high resources in the following critical positions across the Group, likely to join us in FY 15.

  

					
	 Sl No
	  	 Position
	  	 
	 1
	  	CEO Designate – ZI	  	
	 2
	  	CEO – Aluminium & Power Sector	  	
	 3
	  	Group Treasury Head	  	
	 4
	  	Group Legal Counsel	  	
	 5
	  	Group Company Secretary, SSL	  	

 In line with our philosophy of providing competitive remuneration package that attracts and motivates high
quality resources, we intend to cover them in PSP scheme effective their joining. 
 The above resources will be granted options effective
1st day of the immediately succeeding quarter in line with PSP scheme wherein vesting will be on completion of the 36-month performance period from the date of grant subject to achievement of performance conditions and continued employment as on the
date of vesting. 
 We recommend for a prior approval of 100,000 options to line with the aforesaid proposal. 

 

			
	Enclosed:	  	Annexure A – Proposal for Executive Directors and PDMR
		  	Annexure B – Guidelines for calculating the number of options for employees
		  	Annexure C – List of employees covered in PSP 2014

  
 Performance Share Plan / Vedanta / Remco
/ November 2014 

 Annexure A: PSP 2014 proposal for Executive Directors and PDMR 

Executive Directors, VR Plc: 
  

																									
	 Position
	  	INR Base	 	  	GBP Base	 	  	Total Base
(in GBP)	 	  	Number of
options proposed	 	  	Value of
options at £10
(in GBP)	 	  	% of Base	 
	 Executive Chairman
	  	 	—  	  	  	 	1,608,000	  	  	 	1,608,000	  	  	 	225,000	  	  	 	2,250,000	  	  	 	140	% 
	 Dy Executive Chairman
	  	 	92,650,000	  	  	 	85,000	  	  	 	1,011,500	  	  	 	140,000	  	  	 	1,400,000	  	  	 	138	% 
	 Chief Executive Officer
	  	 	—  	  	  	 	1,000,000	  	  	 	1,000,000	  	  	 	170,000	  	  	 	1,700,000	  	  	 	170	%* 

 Note: * PSP coverage is governed by the appointment contract. Share price of GBP 8.8 considered for calculating grant numbers.

 PDMR list: The other PDMR members will be awarded options as proposed below: 

 

									
	 Sl No
	  	 Co
	  	 Name
	  	Options Proposed for PSP 2014
(Share Price - 
£ 10 ; GBP : INR - 100)	 
	 1
	  	Corp	  	 Tarun Jain
	  	 	95,000	  
	 2
	  	Corp	  	 D D Jalan
	  	 	50,000	  
	 3
	  	Corp	  	 Agnivesh Agarwal
	  	 	50,000	  
	 4
	  	SSL, J	  	 SK Roongta
	  	 	40,000	  
	 5
	  	ZI	  	 R Kishore Kumar
	  	 	30,000	  
	 6
	  	HZL	  	 Akhilesh Joshi
	  	 	30,000	  
	 7
	  	Corp	  	 Dilip Golani
	  	 	27,500	  
	 8
	  	SC	  	 P Ramnath
	  	 	22,000	  
	 9
	  	SSL, J	  	 Abhijit Pati
	  	 	22,000	  
	 10
	  	HZL	  	 Sunil Duggal
	  	 	22,000	  
	 11
	  	IOB	  	 Pramod Unde
	  	 	22,000	  
	 12
	  	KCM	  	 Steven Din
	  	 	22,000	  
	 13
	  	Corp	  	 Rajesh Padmanabhan
	  	 	20,000	  
	 14
	  	Proj	  	 M Siddiqi
	  	 	16,500	  
	 15
	  	Corp	  	 Ashwin Bajaj
	  	 	16500	  
	 16
	  	Balco	  	 Ramesh Nair
	  	 	15,000	  
	 17
	  	Corp	  	 Roma Balwani
	  	 	13,000	  
	 18
	  	Corp	  	 Deepak Kumar
	  	 	11,000	  

  
 Performance Share Plan / Vedanta / Remco
/ November 2014 

 Annexure B: Guidelines on coverage in PSP 

 

	 	•	 	35% of professional population will be eligible for coverage 

  

	 	•	 	Employees with a rating of not less than ‘Good’ in the last appraisal will be eligible. 

  

	 	•	 	M6 entry level freshers should have completed atleast 1 year of service as on 1st August 2014 and M7 entry level freshers should have completed alteast 2 years
of service as on 1st August 2014. 

  

	 	•	 	Employees due to retire in the next 6 months will not be eligible. 

  

	 	•	 	The eligible population to be plotted on performance and potential matrix with 70% weighting on performance and 30% weighting on potential. 

 

	 	•	 	Performance scoring based on latest appraisal rating will be as follows: 

  

							
	 Rating
	 	 Excellent
	 	 Very Good
	 	 Good

	Score	 	100	 	80	 	60

  

	 	•	 	Potential scoring will be based on pre-determined criteria as below: 

  

							
	 Potential Level
	 	 High Potential
	 	 Medium Potential
	 	 Low Potential

	Score	 	100	 	80	 	60

 Factors determining potential levels: 
  

	 	•	 	Key strategic initiatives over and above the work responsibilities and the impact on the unit/business/group at large. 

  

	 	•	 	Key talent (identified in succession pipeline / scalable to large role, role / person - criticality). 

  

	 	•	 	Demonstrated mobility having moved over units / functions / locations. 

  

	 	•	 	Stakeholder relations including external influence, if any. 

  

	 	•	 	Based final weighted average score employees will be categorized in four categories as below with I being the highest rating. 

  

																	
	 Category
	  	I	 	 	II	 	 	III	 	 	IV	 
	 Population Distribution
	  	 	10	% 	 	 	15	% 	 	 	55	% 	 	 	20	% 

  
 Performance Share Plan / Vedanta / Remco
/ November 2014

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