Document:

MEMC Electronic Materials, Inc. 1995 Equity Incentive Plan

 Exhibit 10-cc 
  
 MEMC Electronic Materials, Inc. 
 1995 EQUITY INCENTIVE PLAN 
 as Amended and Restated on January 26, 2004 
  
 MEMC Electronic Materials, Inc. established the MEMC Electronic Materials,
Inc. 1995 Equity Incentive Plan effective as of the effective date of its registration statement for its initial public offering in 1995. The Plan has been amended from time to time, most recently in the form of a restatement dated August 3, 2000,
and a First Amendment to such restatement dated December 12, 2001. The Board of Directors of MEMC Electronic Materials, Inc. now wishes to amend the Plan to permit the award of stock units. 
  
 NOW, THEREFORE, the Plan is hereby amended and restated effective as of
January 26, 2004 to read in its entirety as follows: 
  
 1.
Purpose. The purpose of the MEMC Electronic Materials, Inc. 1995 Equity Incentive Plan as amended and restated herein (the “Plan”) is to provide an additional incentive to officers, other eligible key employees and directors of MEMC
Electronic Materials, Inc., a Delaware corporation (the “Company”), and its Subsidiaries (as hereinafter defined) upon whom responsibilities for the successful operation, administration and management of the Company rest and whose present
or potential contributions are important to the continued success of the Company, and to enable the Company to attract and retain in its employ and as directors highly qualified persons for the successful conduct of its business. It is intended that
this purpose will be effected through the granting of incentive and nonqualified Stock Options, Restricted Stock Awards, Performance Share Awards or Stock Unit Awards, as provided herein (as each term is hereinafter defined and collectively defined
as the “Awards”). 
  
 2. Definitions. For
purposes of the Plan, the following terms shall be defined as follows: 
  
 “Affiliate” and “Associate” have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  
 “Award” means an award to an Eligible
Employee (as hereinafter defined) in the form of Stock Options, Restricted Stock Awards, Performance Share Awards or Stock Unit Awards. 
  
 “Award Agreement” means an agreement granting an Award and containing such terms and conditions as the Committee deems
appropriate and that are not inconsistent with the terms of the Plan. 
  
 “Beneficial Owner” has the meaning ascribed to such term in Rule 13d-3 promulgated under the Exchange Act. 
  
 “Board” means the Board of Directors of the Company. 

 “Cause” means, when used in connection with the termination of a
Participant’s Employment, the termination of the Participant’s employment by the Company or any Affiliate which employs such Participant on account of (i) the failure of the Participant to make a good faith effort to substantially perform
his duties hereunder (other than any such failure due to the Participant’s Disability) or Participant’s insubordination with respect to a specific directive of the Participant’s supervisor or officer to which the Participant reports
directly or indirectly; (ii) Participant’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; (iii) breach by Participant of any material provision of any other written agreement with the Company or any of its Affiliates or material violation of any Company policy
applicable to Participant; or (iv) Participant’s commission of a crime that constitutes a felony or other crime of moral turpitude or fraud. If, subsequent to Participant’s termination of employment hereunder for other than Cause, it is
determined in good faith by the Company that Participant’s employment could have been terminated for Cause hereunder, Participant’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. 
  
 “Change in Control” means the occurrence of any of the following events: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all of the assets of the Company to any
Person or group of related persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any affiliates thereof other than to TPG Wafer Holdings LLC or any of its Affiliates (hereinafter “TPG”); (ii)
the approval by the holders of capital stock of the Company of any plan or proposal for the liquidation or dissolution of the Company; (iii) (A) any Person or Group (other than TPG) shall become the beneficial owner (within the meaning of Section
13(d) of the Exchange Act), directly or indirectly, of shares representing more than 40% of the aggregate voting power of the issued and outstanding stock entitled to vote in the election of directors, managers or trustees (the “Voting
Stock”) of the Company and such Person or Group actually has the power to vote such shares in any such election and (B) TPG beneficially owns (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, in the aggregate a
lesser percentage of the Voting Stock of the Company than such other Person or Group; (iv) the replacement of a majority of the Board of Directors of the Company over a two-year period from the directors who constituted the Board of Directors of the
Company at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the Board of Directors of the Company then still in office who either were members of such Board of Directors at the
beginning of such period or whose election as a member of such Board of Directors was previously so approved or who were nominated by, or designees of, TPG; (v) any Person or Group other than TPG shall have acquired the power to elect a majority of
the members of the Board of Directors of the Company; or (vi) a merger or consolidation of the Company with another entity in which holders of the Common Stock of the Company immediately prior to the consummation of the transaction hold, directly or
indirectly, immediately following the consummation of the transaction, 50% or less of the common equity interest in the surviving corporation in such transaction and TPG holds less than 20% of the outstanding Voting Stock of the Company. 

 

 - 2 - 

 “Code” means the Internal Revenue Code of 1986, as amended. 

 
 “Combined Voting Power” means the
combined voting power of the Company’s then outstanding voting securities. 
  
 “Committee” means the Compensation and Nominating Committee appointed by the Board pursuant to Section 3(a) hereof to
administer the Plan. 
  
 “Common
Stock” means the Voting Common Stock, par value $.01 per share, of the Company. 
  
 “Disability” means, with respect to any Participant, that, as a result of incapacity due to physical or mental illness,
such Participant is, or is reasonably likely to become, unable to perform his or her duties for more than six (6) consecutive months or six (6) months in the aggregate during any twelve (12) month period. 
  
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
  
 “Fair Market Value” means, on any given date, the closing price of the shares of Common Stock, as reported on the New York Stock Exchange for such date or such national securities exchange as may be designated by the Board
or, if Common Stock was not traded on such date, on the next preceding day on which Common Stock was traded. 
  
 “Good Reason” means, within the two year period following a Change in Control, (i) a material diminution in a
Participant’s duties and responsibilities other than a change in such Participant’s duties and responsibilities that results from becoming part of a larger organization following a Change in Control, (ii) a decrease in a Participant’s
base salary, bonus opportunity or benefits other than a decrease in benefits that applies to all employees of the Company or its Affiliates otherwise eligible to participate in the affected plan, or (iii) a relocation of a Participant’s primary
work location more than 50 miles from the work location immediately prior to the Change in Control, without written consent; provided that, within fifteen days following the occurrence of any of the events set forth herein, the Participant
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 the Participant’s right to terminate his
employment for Good Reason, and the Company shall not have cured such circumstances within fifteen days following the Company’s receipt of such notice. 
  
 “Incentive Stock Option” means a Stock Option which is an “incentive stock option” within the meaning of
Section 422 of the Code and designated by the Committee as an Incentive Stock Option in an Award Agreement. 
  

 - 3 - 

 “Nonqualified Stock Option” means a Stock Option which is not an
Incentive Stock Option. 
  
 “Parent” means any corporation which is a “parent corporation” within the meaning of Section 424(e) of the Code with respect to the Company. 
  
 “Participant” means an Eligible Employee to whom an Award has been granted under the Plan.

  
 “Performance Share Award”
means a conditional Award of shares of Common Stock granted to an Eligible Employee pursuant to Section 10 hereof. 
  
 “Person” means any person, entity or “group” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act. 
  
 “Restricted Stock
Award” means an Award of shares of Common Stock granted to an Eligible Employee pursuant to Section 9 hereof. 
  
 “Retirement” means retirement from active employment with the Company and its Subsidiaries on or after the attainment of
age 55, or such other retirement date as may be approved by the Committee for purposes of the Plan and specified in the applicable Award Agreement, but shall not include the termination of the directorship of a nonemployee director. 
  
 “Stock Option” means an Award to purchase
shares of Common Stock granted to an Eligible Employee pursuant to Section 8 hereof. 
  
 “Stock Unit Award” means an Award of a right to receive a share of Common Stock from the Company at a designated time in
the future (provided such Stock Unit Award is vested at such time) which is granted to a Participant pursuant to Section 11 herein and which is subject to the restrictions set forth in Section 11 herein or in any Stock Unit Award Agreement that
evidences such right. The participant does not have the rights of a stockholder until receipt of the Common Stock. 
  
 “Subsidiary” means any corporation which is a “subsidiary corporation” within the meaning of Section 424(f) of
the Code with respect to the Company. 
  
 “Ten Percent Shareholder” means an Eligible Employee who, at the time an Incentive Stock Option is to be granted to him or her, owns (within the meaning of Section 422(b)(6) of the Code,) stock possessing more than ten
percent (10%) of the total Combined Voting Power of all classes of stock of the Company, or of a Parent or a Subsidiary. 
  

 - 4 - 

 “Valuation Date” means the trading date immediately preceding the date
of the relevant transaction. 
  
 3. Administration of the
Plan. 
  
 (a) The Plan shall be administered
by the Committee, which shall be comprised of no fewer than two members of the Board who shall be appointed from time to time by the Board. Members of the Committee shall serve at the pleasure of the Board and the Board may from time to time remove
members from, or add members to, the Committee. All determinations of the Committee at a meeting shall be made by a majority of the members in attendance. Any decision or determination reduced to writing and signed by all the members shall be fully
as effective as if it had been made by a majority vote at a meeting duly called and held. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, and all
members of the Committee shall be indemnified by the Company to the fullest extent permitted by the certificate of incorporation or by-laws of the Company or applicable Delaware law with respect to any such action, determination or interpretation.

  
 (b) Within the limitations described herein,
the Committee shall administer the Plan, select the Eligible Employees to whom Awards will be granted, determine the number and type of Awards to be granted to each such Eligible Employee, determine the terms and conditions applicable to each Award
(which need not be identical), make any amendment or modification to any Award Agreement consistent with the terms of the Plan, and interpret, construe and implement the provisions of the Plan. The Committee shall have the authority to adopt rules
and regulations for administering the Plan which shall not be inconsistent with the terms of the Plan. Decisions of the Committee shall be binding on the Company, on all Eligible Employees and Participants and all other persons having any interest
in the Plan. The Company shall effect the granting of Awards under the Plan in accordance with the determinations made by the Committee, which shall be evidenced by an Award Agreement. 
  
 (c) The Committee shall have the authority to adopt such rules and regulations and to add such terms,
conditions and sub-schemes to the Plan as it deems necessary or desirable to permit or facilitate the granting of Awards under the Plan to, or obtain favorable tax treatment for, Eligible Employees resident for tax purposes in jurisdictions outside
the United States; provided, however, that any such rule, regulation, term, condition or sub-scheme shall not be inconsistent with the terms of the Plan. 
  
 (d) Any act that the Committee is authorized to perform hereunder may instead be performed by the Board at
its discretion, and to the extent that the Board so acts, references in the Plan to the Committee shall refer to the Board as applicable. In addition, the Committee in its discretion may delegate its authority to grant Awards pursuant to Section
3(b) to an officer or committee of officers, subject to specific limits and guidelines established by the Committee at the time of such delegation. In addition, the Committee in its discretion may delegate its authority to an officer or committee of
officers to amend Award 
  

 - 5 - 

 Agreements for purposes of delaying the start of the period during which a Participant may exercise his
or her Stock Options following termination of employment if the Participant is in possession of material nonpublic information regarding the Company at the time of his or her termination of employment. 
  
 4. Duration of Plan. The Plan shall remain in effect until terminated
by the Board of Directors and thereafter until all Awards granted under the Plan are satisfied by the issuance of shares of Common Stock or the payment of cash or are terminated under the terms of the Plan or under the Award Agreement entered into
in connection with the grant thereof. Notwithstanding the foregoing, no Awards may be granted under the Plan after the tenth anniversary of July 12, 1995. 
  
 5. Shares of Stock Subject to the Plan. Subject to the provisions of Section 14 (relating to adjustment for changes in capital stock) there are
reserved for issuance under the Plan an aggregate of 7,197,045 shares of Common Stock, less the number of shares that may be reserved for issuance under the Company’s Retirement Savings Plan or under any broad-based employee stock purchase plan
(the “Plan Maximum”). Such shares may be authorized but unissued or treasury shares. 
  
 Stock underlying outstanding Stock Options, Restricted Stock Awards, Performance Share Awards or Stock Unit Awards will reduce the Plan Maximum while such Stock Options, Restricted Stock Awards, Performance Share
Awards or Stock Unit Awards are outstanding. Shares underlying expired, canceled or forfeited Stock Options, Restricted Stock Awards, Performance Share Awards or Stock Unit Awards shall be added back to the Plan Maximum. When the exercise price of
Stock Options is paid by delivery of shares of Common Stock of the Company, or if the Committee approves the withholding of shares from a distribution in payment of the exercise price, the Plan Maximum shall be reduced by the net (rather than the
gross) number of shares issued pursuant to such exercise, regardless of the number of shares surrendered or withheld in payment. If the Committee approves the payment of cash to an optionee equal to the difference between the fair market value and
the exercise price of stock subject to a Stock Option, or if a Performance Share Award is paid in cash, the Plan Maximum shall be increased by the number of shares with respect to which such payment is applicable. Restricted Stock issued pursuant to
the Plan will reduce the Plan Maximum while outstanding even while subject to restrictions. Shares of Restricted Stock shall be added back to the Plan Maximum if such Restricted Stock is forfeited or is returned to the Company as part of a
restructuring of benefits granted pursuant to the Plan. Common Stock subject to a Stock Unit Award will reduce the Plan Maximum while such Stock Unit Award is outstanding, even while such Award is not vested. Shares of Common Stock subject to a
Stock Unit Award shall be added back to the Plan Maximum if such Stock Unit Award is forfeited or is canceled as part of a restructuring of benefits granted pursuant to the Plan. 
  
 6. Maximum Number of Shares per Eligible Employee. To satisfy the requirements under Section 162(m) of the Code, no
Eligible Employee whose Performance Award the Committee reasonably believes will be subject to Section 162(m) of the Code shall receive a grant of Awards with respect to more than 325,000 shares of Common Stock in any Plan year. 
  

 - 6 - 

 7. Eligible Employees. Awards may be granted by the Committee to individuals (“Eligible
Employees”) who are either directors or salaried employees of the Company or a Subsidiary with potential to contribute to the future success of the Company or its Subsidiaries. Awards shall not be affected by any change of duties or
positions so long as the holder continues to be an employee or director of the Company or of a Subsidiary. 
  
 8. Stock Options. Stock Options granted under the Plan may be in the form of Incentive Stock Options or Nonqualified Stock Options. Stock Options
granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem appropriate: 
  
 (a) Award Agreement. Stock Options shall be evidenced
by an Award Agreement in such form and containing such terms and conditions as the Committee deems appropriate and which are not inconsistent with the terms of the Plan. 
  
 (b) Terms of Stock Options Generally. Subject to the terms of the Plan and the applicable Award
Agreement, each Stock Option shall entitle the Participant to whom such Stock Option was granted to purchase, upon payment of the relevant exercise price, the number of shares of Common Stock specified in the Award Agreement. 
  
 (c) Exercise Price. The Exercise Price per share of
Common Stock purchasable under a Stock Option shall be determined by the Committee at the time of grant and set forth in the Award Agreement. 
  
 (d) Option Term. The term of each Stock Option shall be fixed by the Committee and set forth in the Award Agreement; provided,
however, that a Stock Option shall not be exercisable after the expiration of ten (10) years after the date the Stock Option is granted (five (5) years in the case of an Incentive Stock Option granted to a Ten Percent Shareholder). 

 
 (e) Exercisability. A Stock Option shall be
exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. The Committee may provide that Stock Options shall be exercisable in whole or in part based upon length of service or attainment of
specified performance criteria. The Committee, in its sole discretion, may provide for the acceleration of vesting of a Stock Option, in whole or in part, based on such factors or criteria (including specified performance criteria) as the Committee
may determine. Notwithstanding the above, no option may be exercised until the beginning of the two-month period immediately preceding the 10th anniversary of the Grant Date to the extent that the Company’s federal income tax deduction for the Option spread is precluded by Section 162(m) of the Code for the year in which the exercise
would occur. 
  
 (f) Method of Exercise. A
Stock Option may be exercised, in whole or in part, by giving written notice of exercise to the Company specifying the number of shares to be purchased. Such notice shall be accompanied by payment in full of the exercise price either by cash,
certified or bank check, note or other instrument acceptable to the Committee. 
  

 - 7 - 

 Except as set forth in Section 8(i) hereof, as determined by the Committee in its sole discretion,
payment of the exercise price may also be made in full or in part in shares of Common Stock with a Fair Market Value (determined as of the date of exercise of such Stock Option and, where such shares are withheld (as described below), net of the
applicable exercise price) at least equal to such full or partial payment. Common Stock used to pay the exercise price must be shares that are already owned by the Participant for at least six months. In its discretion, the Committee may also permit
any Participant to exercise an Option through a “cashless exercise” procedure involving a broker or dealer approved by the Committee, provided that the Participant has delivered an irrevocable notice of exercise (the “Notice”) to
the broker or dealer and such broker or dealer agrees: (A) to sell immediately the number of shares of Common Stock specified in the Notice to be acquired upon exercise of the Option in the ordinary course of its business, (B) to pay promptly to the
Company the aggregate exercise price (plus the amount necessary to satisfy any applicable tax liability), and (C) to pay to the Participant the balance of the proceeds of the sale of such shares over the amount determined under clause (B) of this
sentence, less applicable commissions and fees; provided, however, that the Committee may modify the provisions of this sentence to the extent necessary to conform the exercise of the Option to Regulation T under the Exchange Act. The manner
in which the exercise price may be paid may be subject to certain conditions specified by the Committee. If requested by the Committee, the Participant shall deliver the Award Agreement evidencing an exercised Stock Option to the Secretary of the
Company, who shall endorse thereon a notation of such exercise and return such Award Agreement to the Participant exercising the Option. No fractional shares (or cash in lieu thereof) shall be issued upon exercise of a Stock Option and the number of
shares that may be purchased upon exercise shall be rounded to the nearest number of whole shares. 
  
 (g) Rights as Shareholder. A Participant shall have no rights as a shareholder with respect to any shares of Common Stock issuable
upon exercise of a Stock Option until a certificate or certificates evidencing the shares of Common Stock shall have been issued to the Participant and, subject to Sections 14(b) and 14(c), no adjustment shall be made for dividends or distributions
or other rights in respect of any share for which the record date is prior to the date on which the Participant shall become the holder of record thereof. 
  
 (h) Special Rule for Incentive Stock Options. With respect to Incentive Stock Options granted under the Plan, if the aggregate Fair
Market Value (determined as of the date the Incentive Stock Option is granted) of the number of shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under all plans of the
Company or a Parent or Subsidiary exceeds One Hundred Thousand Dollars ($100,000) or such other limit as may be required by the Code, such Incentive Stock Options shall be treated, to the extent of such excess, as Nonqualified Stock Options. No
Incentive Stock Option shall be granted to any person who is not an employee at the time of grant. 
  

 - 8 - 

 (i) Payment Alternatives for Section 16 Persons. Persons subject to Section 16 of
the Exchange Act shall have the unfettered right (but not the obligation) to pay the exercise price in full or in part in shares of Common Stock with a Fair Market Value (determined as of the date of exercise of such Stock Option and, where such
shares are withheld (as described below), net of the applicable exercise price) at least equal to such full or partial payment. Common Stock used to pay the exercise price may be shares that are already owned by the Participant who is subject to
Section 16 of the Exchange Act, or such Participant shall have the right but not the obligation to direct the Company to withhold shares of Common Stock that would otherwise have been received by such Participant upon exercise of the Stock Option.
It is the intent of this provision that the transactions described in this subsection qualify for the exemption from short-swing profit liability under Section 16 of the Exchange Act pursuant to the “disposition to the issuer” exemption
set forth at Rule 16b-3(e) promulgated under Section 16 of the Exchange Act. 
  
 9. Restricted Stock Awards. Restricted Stock Awards granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with
the Plan, as the Committee shall deem appropriate: 
  
 (a) Award Agreement. Restricted Stock Awards shall be evidenced by an Award Agreement in such form and containing such restrictions, terms and conditions as the Committee deems appropriate and which are not inconsistent with the
terms of the Plan, including, without limitation, restrictions on the sale, assignment, transfer or other disposition of such shares and provisions requiring that a Participant forfeit such shares upon a termination of employment or directorship for
specified reasons within a specified period of time. 
  
 (b) Terms of Restricted Stock Awards Generally. Restricted Stock Awards may be granted under the Plan in such form as the Committee may from time to time approve. Restricted Stock Awards may be granted for no consideration or such
consideration as the Committee deems appropriate. Restricted Stock Awards may be granted alone or in addition to other Awards under the Plan. Subject to the terms of the Plan, the Committee shall determine the number of shares of Common Stock
subject to each Restricted Stock Award granted to a Participant, and the Committee may impose different terms and conditions on any particular Restricted Stock Award granted to any Participant. Each Participant receiving a Restricted Stock Award
shall be issued a certificate or certificates in respect of such shares of Common Stock at the time of grant. Such certificate shall be registered in the name of such Participant, and shall bear an appropriate legend referring to the terms,
conditions and restrictions applicable to such Award. The Committee may require that the certificate or certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any Restricted Stock Award, the Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 
  

 - 9 - 

 (c) Restriction Period. Restricted Stock Awards shall provide that, in order for a
Participant to vest in such Awards, such Participant must remain in the employment or directorship of the Company or its Subsidiaries, subject to such exceptions as the Committee may determine in its sole discretion for specified reasons for a
period commencing on the date of the Award and ending on such later date or dates as the Committee may designate at the time of the Award and set forth in the Award Agreement (the “Restriction Period”). During the Restriction
Period, a Participant may not sell, assign, transfer, pledge, encumber or otherwise dispose of shares of Common Stock received under a Restricted Stock Award. The Committee, in its sole discretion, may provide for the lapse of restrictions in
installments during the Restriction Period and may waive or accelerate such restrictions in whole or in part, based on such factors or criteria, including specified performance criteria, as the Committee may determine. Upon expiration of the
applicable Restriction Period (or lapse of restrictions during the Restriction Period), the Participant shall be vested in the Restricted Stock Award, or applicable portion thereof. 
  
 (d) Rights as Shareholder. Except as otherwise provided by the Committee in its sole discretion, a
Participant shall have, with respect to the shares of Common Stock received under a Restricted Stock Award, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any cash dividends. Stock
dividends issued with respect to shares covered by a Restricted Stock Award shall be treated as additional shares under the Restricted Stock Award and shall be subject to the same restrictions and other terms and conditions that apply to the shares
with respect to which such dividends are issued. 
  
 10.
Performance Share Awards. Performance Share Awards granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the Plan, as the Committee shall
deem appropriate: 
  
 (a) Award Agreement.
Performance Share Awards shall be evidenced by an Award Agreement in such form and containing such terms and conditions as the Committee deems appropriate and which are not inconsistent with the terms of the Plan. Each Award Agreement shall set
forth the number of shares of Common Stock to be received by a Participant upon satisfaction of certain specified performance criteria and subject to such other terms and conditions as the Committee deems appropriate. 
  
 (b) Terms of Performance Share Awards Generally.
Performance Share Awards may be granted under the Plan in such form as the Committee may from time to time approve. Performance Share Awards may be granted for no consideration or such consideration as the Committee deems appropriate. Performance
Share Awards may be granted alone or in addition to other Awards under the Plan. Subject to the terms of the Plan, the Committee shall determine the number of shares of Common Stock subject to each Performance Share Award granted to a Participant.

  

 - 10 - 

 (c) Performance Goals. Performance Share Awards shall provide that, in order for a
Participant to be entitled to receive shares of Common Stock under such Award, the Company and/or the Participant must achieve certain specified performance goals (“Performance Goals”) over a designated performance period
(“Performance Period”). The Performance Goals and Performance Period shall be established by the Committee in its sole discretion. The Committee shall establish the Performance Goals for each Performance Period before, or as soon as
practicable after, the commencement of the Performance Period. In setting Performance Goals, the Committee may use such measures as net earnings, operating earnings or income, absolute and/or relative return on equity or assets, earnings per share,
cash flow, pretax profits, earnings growth, revenue growth, comparison to peer companies, any combination of the foregoing, or such other measure or measures of performance, including individual measures of performance, in such manner as it deems
appropriate. Prior to the end of a Performance Period, with respect to any Participant the deductibility of whose Performance Award will not, in the reasonable belief of the Committee, be subject to Section 162(m) of the Code, the Committee may, in
its discretion, adjust the performance objectives to reflect a Change in Capitalization (as hereinafter defined) or any other event which may materially affect the performance of the Company, a Subsidiary or a division, including, but not limited
to, market conditions or a significant acquisition or disposition of assets or other property by the Company, a Subsidiary or a division. With respect to any Participant, the deductibility of whose Performance Award may, in the reasonable belief of
the Committee, be subject to Section 162(m) of the Code, the Committee shall not be entitled to exercise the discretion conferred upon it in the preceding sentence to the extent the existence or exercise of such discretion would result in a loss of
tax deductibility under such Section 162(m) of the Code. The extent to which a Participant is entitled to payment of a Performance Share Award at the end of the Performance Period shall be determined by the Committee, in its sole discretion, based
on the Committee’s determination of whether the Performance Goals established by the Committee in the granting of such Performance Share Award have been met. 
  
 (d) Payment of Awards. Payment in settlement of a Performance Share Award shall be made as soon as
practicable following the conclusion of the respective Performance Period, or at such other time as the Committee shall determine, in shares of Common Stock. 
  

(e) Rights as Shareholder. Except as otherwise provided by the Committee in the applicable Award Agreement, a Participant shall
have no rights as a shareholder with respect to a Performance Share Award until a certificate or certificates evidencing the shares of Common Stock shall have been issued to the Participant following the conclusion of the Performance Period, and,
subject to Sections 14(b) and 14(c), no adjustment shall be made for dividends or distributions or other rights in respect of any share for which the record date is prior to the date on which the Participant shall become the holder of record
thereof. 
  
 11. Stock Unit Awards. Stock Unit Awards
granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the Plan, as the Committee shall deem appropriate: 
  

 - 11 - 

 (a) Award Agreement. Stock Unit Awards shall be evidenced by an Award Agreement
containing such conditions, terms and conditions as the Committee deems appropriate, provided that such restrictions, terms and conditions are not inconsistent with this Section. Each Award Agreement shall set forth the number of shares of Common
Stock to be received by a Participant upon satisfaction of such terms and conditions as the Committee deems appropriate. 
  
 (b) Grant Date. The Grant Date of a Stock Unit Award shall be the date designated by the Committee and specified in the
Stock Unit Award Agreement as the date the Stock Unit Award is granted. 
  
 (c) Vesting Date of Stock Units. Each Stock Unit Award Agreement shall indicate the date or conditions, including the achievement of certain performance objectives, under which such Stock Unit Award
shall become vested; provided, however, that, unless otherwise provided in a Participant’s Stock Unit Award Agreement or the Committee determines otherwise at a later date, if within the two year period following a Change in Control the
Participant’s Employment is terminated by the Company or its Affiliate without Cause or by the Participant for Good Reason, all Stock Unit Awards held by such Participant shall become immediately vested as of the effective date of the
termination of such Participant’s Employment. 
  
 (d) Issuance of Certificates for Common Stock. As soon as practical after the time stated in the Stock Unit Award Agreement, shares of Common Stock equal to the number of vested Stock Unit Awards reflected in the applicable Stock
Unit Award Agreement shall be distributed to the Participant (or the beneficiary(ies) or personal representative of a deceased Participant). Distributions shall be made in shares of Common Stock, with fractional shares rounded up to the nearest
whole share. 
  
 (e) Termination
of Stock Unit Awards. The Committee may, at any time, in its absolute discretion, terminate any Stock Unit Award then outstanding, whether vested or not, provided, however, that the Company, in full consideration of such termination shall
pay with respect to each Stock Unit Award, whether or not vested on the date of such termination, an amount equal to the Fair Market Value of a share of Common Stock determined as of the Valuation Date coincident with or next succeeding the date of
termination. Such payment shall be made as soon as practicable after the payment amounts are determined, provided, however, that the Company shall have the option to make payments to the Participants by issuing a note to the Participant
bearing a reasonable rate of interest as determined by the Committee in its absolute discretion. 
  
 (f) Rights as Shareholders. A Participant will not have any stockholder rights, such as rights to vote or to receive
dividends or other distributions, with respect any Stock Unit Awards. A Participant will have only adjustment rights provided in this Plan and the cash dividend equivalent rights, if any, provided in the Stock Unit Award Agreement. 
  

 - 12 - 

 12. Termination of Employment. 
  
 (a) Disability or Retirement. Except as may otherwise be provided by the Committee in its sole
discretion at the time of grant or subsequent thereto, if a Participant’s employment with the Company and its Subsidiaries terminates by reason of Retirement or if a Participant’s employment (or, with respect to a nonemployee director, his
directorship) terminates by reason of Disability, (i) any Stock Option held by the Participant may thereafter be exercised, to the extent it was exercisable on the date of termination, for a period (the “Exercise Period”) of one (1)
year from the date of such Disability or Retirement or until the expiration of the stated term of the Stock Option, whichever period is shorter, and to the extent not exercisable on the date of termination, such Stock Option shall be forfeited;
provided, however, that if a Participant terminates employment by reason of Retirement and such Participant holds an Incentive Stock Option, the Exercise Period shall not exceed the shorter of three (3) months from the date of Retirement and
the remainder of the stated term of such Incentive Stock Option; provided further, however, that if the Participant dies during the Exercise Period, any unexercised Stock Option held by such Participant may thereafter be exercised to the extent it
was exercisable on the date of Disability or Retirement, by the legal representative or beneficiary of the Participant, for a period of one (1) year from the date of such death or until the expiration of the stated term of such Stock Option,
whichever period is shorter (or, in the case of an Incentive Stock Option, for a period equal to the remainder of the Exercise Period), and (ii) if such termination is prior to the end of the applicable Restriction Period (with respect to a
Restricted Stock Award), Performance Period (with respect to a Performance Share Award) or vesting period (with respect to a Stock Unit Award), the number of shares of Common Stock subject to such Award which have not been earned as of the date of
Disability or Retirement shall be forfeited. In determining whether to exercise its discretion under the first sentence of this Section 12(a) with respect to an Incentive Stock Option the Committee may consider the provisions of Section 422 of the
Code. 
  
 (b) Death. Except as may
otherwise be provided by the Committee in its sole discretion at the time of grant or subsequent thereto, if a Participant’s employment or directorship with the Company and its Subsidiaries terminates by reason of death, (i) any Stock Option
held by the Participant may thereafter be exercised, to the extent it was exercisable on the date of death, by the legal representative or beneficiary of the Participant, for a period of one (1) year from the date of the Participant’s death or
until the expiration of the stated term of such Stock Option, whichever period is shorter, and to the extent not exercisable on the date of death, such Stock Option shall be forfeited and (ii) if such termination is prior to the end of the
applicable Restriction Period (with respect to a Restricted Stock Award), Performance Period (with respect to a Performance Share Award) or vesting period (with respect to a Stock Unit Award), the number of shares of Common Stock subject to such
Award which have not been earned as of the date of death shall be forfeited. 
  

 - 13 - 

 (c) Other Terminations. Unless the Committee determines otherwise in its sole
discretion at the time of grant or subsequent thereto, (A) if a Participant’s employment or directorship with the Company and its Subsidiaries is terminated by the Company for Cause, (i) any Stock Option or portion thereof which has become
exercisable as of the date such Participant’s employment is terminated shall expire on the commencement of business on the date the Participant’s employment is terminated for Cause, and to the extent not exercisable as of the date of
termination, such Stock Option shall be forfeited, and (ii) if such termination is prior to the end of the applicable Restriction Period (with respect to a Restricted Stock Award), Performance Period (with respect to a Performance Share Award) or
vesting period (with respect to a Stock Unit Award), the number of shares of Common Stock subject to such Award which have not been earned as of the date of such termination shall be forfeited; or (B) if a Participant’s employment or
directorship with the Company and its Subsidiaries terminates for any reason other than Cause, death, Disability or Retirement, (i) any Stock Option held by the Participant may thereafter be exercised, to the extent it was exercisable on the date of
termination, for a period of ninety (90) days from the date of such termination or until the expiration of the stated term of such Stock Option, whichever period is shorter, and to the extent not exercisable on the date of termination, such Stock
Option shall be forfeited, and (ii) if such termination is prior to the end of the applicable Restriction Period (with respect to a Restricted Stock Award), Performance Period (with respect to a Performance Share Award) or vesting period (with
respect to a Stock Unit Award), the number of shares of Common Stock subject to such Award which have not been earned as of the date of termination shall be forfeited. In determining whether to exercise its discretion under this Section 12(c) with
respect to an Incentive Stock Option, the Committee may consider the provisions of Section 422 of the Code. 
  
 13. Non-transferability of Awards. No Awards under the Plan or any rights or interests therein may be sold, transferred, assigned, pledged or
otherwise encumbered or disposed of except by will or the laws of descent and distribution; provided, however, that with respect to any Award that is not an Incentive Stock Option, the foregoing restrictions shall not apply to the extent
determined by the Committee in its sole discretion at the time of grant and set forth in the applicable Award Agreement; provided further, however, that if so determined by the Committee, a Participant may, in the manner established by the
Committee, designate a beneficiary to exercise the rights of the Participant with respect to any Award upon the death of the Participant. During the lifetime of a Participant, Stock Options shall be exercisable only by, and payments in settlement of
Awards shall be payable only to, the Participant. 
  
 14.
Adjustment Upon Changes in Common Stock 
  
 (a)
Increase or Decrease in Issued Shares Without Consideration. Subject to any required action by the stockholders of the Company, in the event of any increase or decrease in the number of issued shares of Common Stock resulting from a
subdivision or consolidation of shares of Common Stock or the payment of an extraordinary stock dividend (but only on the shares of Common Stock), or any other increase or decrease in the number of such shares effected without receipt of
consideration by the Company, the Committee shall, make such adjustments with respect to the number of shares of Common Stock subject to the Awards and the exercise price per share of Common Stock, as the Committee may consider appropriate to
prevent the enlargement or dilution of rights. 
  

 - 14 - 

 (b) Certain Mergers. Subject to any required action by the stockholders of the
Company, in the event that the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of shares of Common Stock receive securities of another corporation), the
Awards outstanding on the date of such merger or consolidation shall pertain to and apply to the securities that a holder of the number of shares of Common Stock subject to any such Award would have received in such merger or consolidation (it being
understood that if, in connection with such transaction, the stockholders of the Company retain their shares of Common Stock and are not entitled to any additional or other consideration, the Awards shall not be affected by such transaction).

  
 (c) Certain Other Transactions. In the
event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the Company’s assets, (iii) a merger or consolidation involving the Company in which the Company is not the surviving corporation or (iv) a
merger or consolidation involving the Company in which the Company is the surviving corporation but the holders of shares of Common Stock receive securities of another corporation and/or other property, including cash, the Committee shall, in its
absolute discretion, have the power to: 
  
 (A)
provide for the exchange of any Award outstanding immediately prior to such event (whether or not then exercisable) for an award with respect to, as appropriate, some or all of the property for which the stock underlying such Award is exchanged and,
incident thereto, make an equitable adjustment, as determined by the Committee, in the exercise price of the Stock Options, if applicable, or the number of shares or amount of property subject to the Award or, if appropriate, provide for a cash
payment to the Participants in partial consideration for the exchange of the Awards as the Committee may consider appropriate to prevent dilution or enlargement of rights; 
  
 (B) cancel, effective immediately prior to the occurrence of such event, any Award outstanding immediately
prior to such event (whether or not then exercisable or vested), and in full consideration of such cancellation, pay to the Participant to whom such Award was granted an amount in cash, for each share of Common Stock subject to such Award, equal to:
(x) with respect to a Stock Option, the excess of (1) the value, as determined by the Committee in its absolute discretion, of securities and property (including cash) received by the holder of a share of Common Stock as a result of such event over
(2) the exercise price of such Option; (y) with respect to a Restricted Stock Award or a Performance Share Award, the value, as determined by the Committee in its absolute discretion, of the securities and property (including cash) received by the
holder of a share of Common Stock as a result of such event; and (z) with respect to a Stock Unit Award, the value, as determined by the Committee in its absolute discretion, of the securities and property (including cash) received by the holder of
a share of Common Stock as a result of such event, or 
  

 - 15 - 

 (C) provide for any combination of (A) or (B). 
  
 (d) Other Changes. In the event of any change in the
capitalization of the Company or a corporate change other than those specifically referred to in Sections 14(a), (b) or (c) hereof, the Committee shall, in its absolute discretion, make such adjustments in the number and class of shares subject to
Awards outstanding on the date on which such change occurs and, if applicable, in the per-share exercise price of each such Stock Option, as the Committee may, in its absolute discretion, consider appropriate to prevent dilution or enlargement of
rights. 
  
 (e) No Other Rights. Except as
expressly provided in this Plan or the Award Agreements evidencing the Awards, the Participants shall not have any rights by reason of (i) any subdivision or consolidation of shares of Common Stock or shares of stock of any class, (ii) the payment
of any dividend, any increase or decrease in the number of shares of Common Stock, or (iii) shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided
in this Plan or the Award Agreements evidencing the Awards, no issuance by the Company of shares of Common Stock or shares of stock of any class, or securities convertible into shares of Common Stock or shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock subject to an Award or, if applicable, the exercise price of any Stock Option. 
  
 15. Change in Control. Unless otherwise provided in a Participant’s Award Agreement or the Committee determines
otherwise at a later date, if within the two year period following a Change in Control the Participant’s employment is terminated by the Company or its Affiliate that employs such Participant without Cause or by the Participant for Good Reason,
all outstanding Stock Options, all Restricted Stock Awards, Performance Share Awards and Stock Unit Awards held by such Participant shall become immediately vested as of the effective date of the termination of such Participant’s employment.

  
 16. Amendment of the Plan. The Board may at any time
and from time to time terminate, modify, or amend the Plan in any respect, except that no termination, modification or amendment shall be effective without shareholder approval if such approval is required to comply with any law, regulation or stock
exchange rule. No termination or amendment of the Plan shall, without the consent of a Participant to whom any Awards shall previously have been granted, adversely affect his or her rights under such Awards. 
  
 17. Miscellaneous. 
  
 (a) Tax Withholding. 
  
 (i) The Company and its Subsidiaries shall have the right to
deduct from any cash payment made under the Plan any federal, state or local taxes of any kind required 
  

 - 16 - 

 to be withheld with respect to such payment. It shall be a condition to the obligation of the Company to
deliver shares of Common Stock pursuant to any Award under the Plan that the recipient of such Award pay to the Company such amount as may be required by the Company for the purpose of satisfying any liability for any such withholding taxes. Any
Award granted under the Plan may require the Company, or permit the recipient of such Award to elect, in accordance with any applicable rules established by the Committee, to withhold or to pay all or a part of the amount of such withholding taxes
in shares of Common Stock, provided, however, that regardless of whether set forth in the Award Agreement, any person subject to Section 16 of the Exchange Act shall have the unfettered right but not the obligation to direct and compel the
Company to withhold, or to accept from such person, such number of shares of Common Stock valued at the Fair Market Value on the date of such payment as is necessary to pay, in whole or in part, such person’s withholding tax obligation. Except
for elections made by persons subject to Section 16 of the Exchange Act, elections by all other Participants may be denied by the Committee in its sole discretion, or may be made subject to certain conditions specified by the Committee. Neither the
Board of Directors nor the Committee shall have any discretion with respect to the elections by persons subject to Section 16 of the Exchange Act in order that such transactions shall qualify for the exemption from short-swing profit liability
pursuant to the “disposition to the issuer” exemption set forth at Rule 16b-3(e) promulgated under Section 16 of the Exchange Act. 
  
 (ii) The applicable Award Agreement for an Incentive Stock Option shall provide that if a Participant makes a disposition, within the
meaning of Section 424(c) of the Code and the regulations promulgated thereunder, of any share of Common Stock issued to such Participant pursuant to the exercise of an Incentive Stock Option within the two (2)-year period commencing on the day
after the date of the grant or within the one (1)-year period commencing on the day after the date of transfer of such share of Common Stock to the Participant pursuant to such exercise, the Participant shall, within ten (10) days of such
disposition, notify the Company thereof, by delivery of written notice to the Company at its principal executive office. 
  
 (b) Loans. On such terms and conditions as shall be approved by the Committee, the Company may directly or indirectly lend money to
a Participant to accomplish the purposes of the Plan, including to assist such Participant to acquire or carry shares of Common Stock acquired upon the exercise of Stock Options granted hereunder, and the Committee may also separately lend money to
any Participant to pay taxes with respect to any of the transactions contemplated by the Plan. Notwithstanding the foregoing, no such loan shall be made to an executive officer or director of the Company. 
  
 (c) No Right to Grants or Employment. No Eligible
Employee or Participant shall have any claim or right to receive grants of Awards under the Plan. Nothing in the Plan or in any Award or Award Agreement shall confer upon any employee of the Company or any Subsidiary any right to continued
employment with the Company or any Subsidiary, as the case may be, or interfere in any way with the right of the Company or a Subsidiary to terminate the employment of any of its employees at any time, with or without cause. 
  

 - 17 - 

 (d) Unfunded Plan. The Plan shall be unfunded and the Company shall not be
required to segregate any assets that may at any time be represented by Awards under the Plan. Any liability of the Company to any person with respect to any Award under the Plan shall be based solely upon any contractual obligations that may be
effected pursuant to the Plan. No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  
 (e) Other Employee Benefit Plans. Payments received by a Participant under any Award made pursuant to
the provisions of the Plan shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan or similar arrangement provided by the Company. 
  
 (f) Securities Law Restrictions. The Committee may
require each Eligible Employee purchasing or acquiring shares of Common Stock pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in writing that such Eligible Employee is acquiring the shares for
investment and not with a view to the distribution thereof. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the
rules, regulations, and other requirements of the Securities and Exchange Commission, the New York Stock Exchange or any other stock exchange upon which the Common Stock is then listed, and any applicable federal or state securities law, and the
Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. No shares of Common Stock shall be issued hereunder unless the Company shall have determined that such issuance is in
compliance with, or pursuant to an exemption from, all applicable federal and state securities laws. 
  
 (g) Compliance with Rule 16b-3. Notwithstanding anything contained in the Plan or any Award Agreement to the contrary, if the
consummation of any Award under the Plan would result in the possible imposition of liability on a Participant pursuant to Section 16(b) of the Exchange Act, the Committee shall have the right, in its sole discretion, but shall not be obligated, to
defer such transaction to the extent necessary to avoid such liability, but in no event for a period in excess of 180 days. 
  
 (h) Deductibility Under Code Section 162(m). Awards granted under the Plan to Eligible Employees which the Committee reasonably
believes may be subject to Section 162(m) of the Code shall not be exercisable, and payment under the Plan in connection with such an Award shall not be made, unless and until the Committee has determined in its sole discretion that such exercise or
payment would no longer be subject to Section 162(m) of the Code. 
  

 - 18 - 

 (i) Award Agreement. Each Eligible Employee receiving an Award under the Plan
shall enter into an Award Agreement in a form specified by the Committee agreeing to the terms and conditions of the Award and such other matters as the Committee shall, in its sole discretion, determine. In the event of any conflict or
inconsistency between the Plan and any such Award Agreement, the Plan shall govern, and the Award Agreement shall be interpreted to minimize or eliminate any such conflict or inconsistency. 
  
 (j) Costs of Plan. The costs and expenses of
administering the Plan shall be borne by the Company. 
  
 (k) Governing Law. Except as to matters of federal law, the Plan and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to conflicts of law
principles. 
  
 (l) Effective Date of
Amendment. The Plan as amended and restated herein shall be effective on January 26, 2004. No Stock Unit Award shall be made under this Plan before approval of this January 26, 2004 amendment and restatement of the Plan by the shareholders of
the Company. 
  
 The undersigned hereby certifies that the Board
of Directors of the Company duly adopted this amended and restated Plan on January 26, 2004. 
  

			
	 By:
	 	 /s/ David L. Fleisher

		
	 Title:
	 	 Vice President, General Counsel and
 Corporate Secretary

		
	 Date:
	 	 January 26, 2004

  

 - 19 -MEMC Electronic Materials, Inc. 2001 Equity Incentive Plan

 Exhibit 10-dd 
  
 MEMC Electronic Materials, Inc. 
 2001 Equity Incentive Plan 
  
 Restated March 2, 2004 
  
 Recitals 
  
 The Board of Directors of MEMC Electronic Materials, Inc. established the
MEMC Electronic Materials, Inc. 2001 Equity Incentive Plan on December 10, 2001. The Board amended and restated the Plan effective as of March 1, 2002 to permit equity incentive awards to prospective employees, and to increase the number of shares
for which an option may be granted. The Board further amended and restated the Plan effective as of January 26, 2004 to permit the award of Stock Units and to expand the Plan to cover directors of MEMC Electronic Materials, Inc. The Board now wishes
to amend the Plan to increase the maximum number of shares of Common Stock that may be issued under the Plan from 7,000,000 to 15,000,000. 
  
 NOW, THEREFORE, the Plan is hereby amended and restated effective as of March 2, 2004 to read in its entirety as follows: 
  
 1. Purpose of the Plan 
  
 The purpose of this MEMC Electronic Materials, Inc. 2001 Equity Incentive
Plan is to promote the interests of the Company and its stockholders by providing the directors, key employees and consultants of the Company and its Affiliates with an appropriate incentive to encourage them to continue in the service and employ of
the Company or Affiliate and to improve the growth and profitability of the Company. 
  
 2. Definitions 
  
 As used in this Plan,
the following capitalized terms shall have the following meanings: 
  
 (a) “Affiliate” shall mean, with respect to any Person, 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.

  
 (b) “Award” shall mean an Option, a share of
Restricted Stock or a Stock Unit granted to a Participant pursuant to the terms of this Plan, as evidenced by an Award Agreement. 
  
 (c) “Award Agreement” shall mean, in the case of an Option, a Stock Option Grant Agreement, in the case of a grant of a share of
Restricted Stock, a Restricted Stock Agreement, and in the case of a Stock Unit, a Stock Unit Agreement. 
  
 (d) “Board” shall mean the Board of Directors of the Company. 
  
 (e) “Cause” shall mean, when used in connection with the termination of a Participant’s Employment,
the termination of the Participant’s Employment by the Company or any Affiliate which Employs such Participant on account of (i) the failure of the Participant to 

 make a good faith effort to substantially perform his duties hereunder (other than any such failure due to the
Participant’s Disability) or Participant’s insubordination with respect to a specific directive of the Participant’s supervisor or officer to which the Participant reports directly or indirectly; (ii) Participant’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; (iii) breach by Participant of any material provision of any other written agreement with the Company or any of its Affiliates or material violation of any Company policy applicable to Participant; or (iv) Participant’s
commission of a crime that constitutes a felony or other crime of moral turpitude or fraud. If, subsequent to Participant’s termination of employment hereunder for other than Cause, it is determined in good faith by the Company that
Participant’s employment could have been terminated for Cause hereunder, Participant’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. 
  
 (f) “Change in Control” shall mean
the occurrence of any of the following events: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all of the assets of the Company to any Person or group of related persons for purposes of
Section 13(d) of the Exchange Act (a “Group”), together with any affiliates thereof other than to TPG Wafer Holdings LLC or any of its Affiliates (hereinafter “TPG”); (ii) the approval by the holders of capital
stock of the Company of any plan or proposal for the liquidation or dissolution of the Company; (iii) (A) any Person or Group (other than TPG) shall become the beneficial owner (within the meaning of Section 13(d) of the Exchange Act), directly or
indirectly, of shares representing more than 40% of the aggregate voting power of the issued and outstanding stock entitled to vote in the election of directors, managers or trustees (the “Voting Stock”) of the Company and such
Person or Group actually has the power to vote such shares in any such election and (B) TPG beneficially owns (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, in the aggregate a lesser percentage of the Voting Stock
of the Company than such other Person or Group; (iv) the replacement of a majority of the Board of Directors of the Company over a two-year period from the directors who constituted the Board of Directors of the Company at the beginning of such
period, and such replacement shall not have been approved by a vote of at least a majority of the Board of Directors of the Company then still in office who either were members of such Board of Directors at the beginning of such period or whose
election as a member of such Board of Directors was previously so approved or who were nominated by, or designees of, TPG; (v) any Person or Group other than TPG shall have acquired the power to elect a majority of the members of the Board of
Directors of the Company; or (vi) a merger or consolidation of the Company with another entity in which holders of the Common Stock of the Company immediately prior to the consummation of the transaction hold, directly or indirectly, immediately
following the consummation of the transaction, 50% or less of the common equity interest in the surviving corporation in such transaction and TPG holds less than 20% of the outstanding Voting Stock of the Company. 
  
 (g) “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
  
 (h) “Commission” shall mean the U.S.
Securities and Exchange Commission. 
  

 - 2 - 

 (i) “Committee” shall mean the Committee appointed by the Board pursuant to Section 3 of
this Plan, or in the absence of such appointment, the Board. 
  
 (j) “Common Stock” shall mean the shares of common stock of the Company, par value $0.01 per share. 
  
 (k) “Company” shall mean MEMC Electronic Materials, Inc. 
  
 (l) “Disability” shall, with respect to any Participant, that, as a result of incapacity due to a physical
or mental illness, such Participant is, or is reasonably likely to become, unable to perform his or her duties for more than six (6) months or six (6) months in the aggregate during any twelve (12) month period. Notwithstanding the foregoing, if, as
of the date of determination, the Participant is party to an effective employment or consulting agreement or Award Agreement that contains a different definition of the term “Disability” (or any derivation of such term), the definition in
such agreement shall control. 
  
 (m) “Eligible
Employee” shall mean any employee, director or consultant who, in the judgment of the Committee, should be eligible to participate in this Plan due to the services they perform on behalf of the Company or an Affiliate. 
  
 (n) “Employment” shall mean employment with the Company or
any Affiliate, service as a director of the Company and service as a consultant for the Company or any Affiliate. “Employee” and “Employed” shall have correlative meanings. 
  
 (o) “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
  
 (p) “Exercise Date” shall
have the meaning set forth in Section 5.9 herein. 
  
 (q)
“Exercise Notice” shall have the meaning set forth in Section 5.9 herein. 
  
 (r) “Exercise Price” shall mean the price that the Participant must pay under the Option for each share of Common Stock as determined by the Committee for each Grant and specified in the Stock Option
Grant Agreement. 
  
 (s) “Fair Market Value”
shall mean, as of any date, the closing price of the share of Common Stock, as reported on the New York Stock Exchange for such date or such national securities exchange as may be designated by the Board or, if Common Stock was not traded on such
date, on the next preceding day on which Common Stock was traded. 
  
 (t) “Good Reason” shall mean, within the two year period following a Change in Control, (i) a material diminution in a Participant’s duties and responsibilities other than a change in such Participant’s duties and
responsibilities that results from becoming part of a larger organization following a Change in Control, (ii) a decrease in a Participant’s base salary, bonus opportunity or benefits other than a decrease in benefits that applies to all
employees of the Employer or its Affiliates otherwise eligible to participate in the affected plan, or (iii) a 
  

 - 3 - 

 relocation of a Participant’s primary work location more than 50 miles from the work location immediately prior to
the Change in Control, without written consent; provided that, within fifteen days following the occurrence of any of the events set forth herein, the Participant 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 the Participant’s right to terminate his employment for Good Reason, and the Company shall not have cured such
circumstances within fifteen days following the Company’s receipt of such notice. 
  
 (u) “Grant Date” shall mean, in the case of an Option, the Grant Date as defined in Section 5.3, in the case of Restricted Stock, the Grant Date as defined in Section 6.2, and, in the case of Stock
Units, the Grant Date as defined in Section 7.2. 
  
 (v)
“Inducement Award” means an Award granted to a Prospective Employee as an incentive to become an Employee and that is forfeitable if such individual does not become an Employee within the period of time designated by the Committee.

  
 (w) “Non-Qualified Stock Option” shall mean
an Option that is not an “incentive stock option” within the meaning of Section 422 of the Code. 
  
 (x) “Officer” shall mean the Company’s president, principal financial officer, principal accounting officer (of if there is no such
accounting officer, the controller), any vice president of the Company in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other
person who performs similar policy-making functions for the Company. Officers of the Company’s subsidiaries shall be deemed to be officers if they perform such policy-making function for the Company. 
  
 (y) “Option” shall mean the option to purchase Common Stock
granted to any Participant under the Plan. Each Option granted hereunder shall be a Non-Qualified Stock Option and shall be identified as such in the Stock Option Grant Agreement by which it is evidenced. 
  
 (z) “Option Spread” shall mean, with respect to an Option,
the excess, if any, of the Fair Market Value of a share of Common Stock as of the applicable Valuation Date over the Exercise Price. 
  
 (aa) “Participant” shall mean an Eligible Employee or a Prospective Employee to whom a Grant of an Award under the Plan has been made,
and, where applicable, shall include Permitted Transferees. 
  
 (bb) “Permitted Transferee” shall mean a Transferee who meets the requirements set forth in Section 5.6. 
  

 - 4 - 

 (cc) “Person” means an individual, partnership, corporation, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 (dd) “Plan” means the MEMC Electronic Materials, Inc. 2001 Equity Incentive Plan, as may be amended from time to time. 
  
 (ee) “Prospective Employee” means any individual to whom the
Committee wishes to grant an Inducement Award as an incentive to become an Employee. 
  
 (ff) “Restricted Stock” shall mean a share of Common Stock which is granted to a Participant pursuant to Section 6 herein and which is subject to the restrictions set forth in Section 6 herein or in
any Restricted Stock Agreement that evidences such grant for so long as such restrictions continue to apply to such share. 
  
 (gg) “Restricted Stock Agreement” shall mean the separate written agreement evidencing the grant of each share of Restricted Stock
pursuant to the Plan. 
  
 (hh) “Retirement” shall
mean retirement from active employment with the Company and its subsidiaries on or after the attainment of age 65, or after attainment of age 55 and completion of 10 years of service with the Company; or such other retirement date as may be approved
by the Committee for purposes of this Plan and specified in the applicable Award Agreement. 
  
 (ii) “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 (jj) “Stock Option Grant Agreement” shall mean the separate written agreement evidencing the grant of each Option pursuant to the Plan.

  
 (kk) “Stock Unit” shall mean the right to
receive a share of Common Stock from the Company at a designated time in the future (provided such Stock Unit is vested at such time) which is granted to a Participant pursuant to Section 7 herein and which is subject to the restrictions set forth
in Section 7 herein or in any Stock Unit Agreement that evidences such right. The participant does not have the rights of a stockholder until receipt of the Common Stock. 
  
 (ll) “Transfer” shall mean any transfer, sale, assignment, gift, testamentary transfer, pledge,
hypothecation or other disposition of any interest. “Transferable”, “Transferee” and “Transferor” shall have correlative meanings. 
  
 (mm) “Valuation Date” shall mean the trading date immediately preceding the date of the relevant
transaction. 
  
 (nn) “Vesting Date” shall mean,
in the case of an Option, the date an Option becomes exercisable pursuant to Section 5.4, in the case of Restricted Stock, the date a share of Restricted Stock vests pursuant to Section 6.3, and, in the case of Stock Units, the date a right to
receive a share of Common Stock vests pursuant to Section 7.3. 
  

 - 5 - 

 3. Administration of the Plan 
  
 The Plan shall be administered by the Committee, which shall be comprised of no fewer than two members of the Board who
shall be appointed from time to time by the Board. The Committee may delegate its authority to grant Awards to a subcommittee of such Committee comprised solely of outside directors. In the absence of a Committee, the Board shall function as the
Committee for all purposes under the Plan, and to the extent that the Board so acts, references in this Plan to the Committee shall refer to the Board as applicable. In addition, in 2001 the Chairman of the Board of Directors may grant Awards to
employees who are not Officers, up to a total aggregate of 5,000,000 shares, subject to the terms and conditions determined by him. In addition, the Committee, in its discretion, may delegate its authority to grant Awards to a director or an officer
or committee of officers of the Company, subject to reasonable limits and guidelines established by the Committee at the time of such delegation. 
  
 3.1 Powers of the Committee. In addition to the other powers granted to the Committee under this Plan, the Committee shall have the
discretionary power: (a) to determine to which of the Eligible Employees grants of Awards shall be made; (b) to make Inducement Awards to Prospective Employees; (c) to determine whether a grant of an Award will consist of an Option, Restricted
Stock, Stock Units or any combination thereof, (d) to determine the time or times when grants shall be made and to determine the number of shares of Common Stock subject to each such Award; (e) to prescribe the form of any Award Agreement evidencing
an Award and make any amendment or modification to any Award Agreement consistent with the terms of this Plan; (f) to determine the terms and conditions applicable to each Award (which need not be identical); (g) to adopt, amend and rescind such
rules and regulations as, in its opinion, may be advisable for the administration of this Plan; (h) to construe and interpret this Plan, such rules and regulations and the instruments evidencing the Awards; and (i) to make all other determinations
necessary or advisable for the administration of this Plan. 
  
 3.2 Determinations of the Committee. Any grant of an Award, determination, prescription or other act of the Committee made in good faith shall be final and conclusively binding upon all persons. 
  
 3.3 Indemnification of the Committee. No member of the Committee or
the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award. To the full extent permitted by law, the Company shall indemnify and hold harmless each person made or threatened to be made a party
to any civil or criminal action or proceeding by reason of the fact that such person, or such person’s testator or intestate, is or was a member of the Committee. 
  
 3.4 Inconsistent Terms. In the event of a conflict between the terms of this Plan and the terms of any
Award Agreement, the terms of this Plan shall govern. 
  

 - 6 - 

 4. Shares Subject to this Plan 
  
 Subject to adjustment as provided in this Section 4 and Section 9 hereof, the maximum number of shares of Common Stock
available for grant under this Plan shall be 15,000,000. To the extent that any Award granted under this Plan terminates, expires or is canceled without having been exercised, the shares covered by such Award shall again be available for grant under
this Plan. 
  
 No Eligible Employee whose Option(s) the Committee
reasonably believes will be subject to Section 162(m) of the Code shall receive a grant of an Option or Options with respect to more than 2,000,000 shares of Common Stock in any calendar year. 
  
 5. Options 
  
 5.1 Identification of Options. The Options granted under this Plan shall be clearly identified in the Stock Option
Grant Agreement as Non-Qualified Stock Options. 
  
 5.2
Exercise Price. The Exercise Price of any Option granted under this Plan shall be such price as the Committee shall determine (which may be equal to, less than or greater than the Fair Market Value of a share of Common Stock on the Grant Date
for such Options but shall not be less than par value per share) and which shall be specified in the Stock Option Grant Agreement; provided, however, that such price may not be less than the minimum price required by law. 
  
 5.3 Grant Date. The Grant Date of the Options shall be the date
designated by the Committee and specified in the Stock Option Grant Agreement as of the date the Option is granted. 
  
 5.4 Vesting Date of Options. Each Stock Option Grant Agreement shall indicate the date or conditions, including the achievement of certain
performance objectives, under which such Option shall become exercisable; provided, however, that, unless otherwise provided in a Participant’s Stock Option Grant Agreement or the Committee determines otherwise at a later date, if within
the two year period following a Change in Control the Participant’s Employment is terminated by the Company or its Affiliate without Cause or by the Participant for Good Reason, all outstanding Options held by such Participant shall become
immediately vested as of the effective date of the termination of such Participant’s Employment. 
  
 5.5 Limitation on Transfer. During the lifetime of a Participant, each Option shall be exercisable only by such Participant unless the Participant
obtains written consent from the Company to Transfer such Option to a specified Transferee (a “Permitted Transferee”) or the Participant’s Stock Option Grant Agreement provides otherwise. 
  
 5.6 Condition Precedent to Transfer of Any Option. It shall be a
condition precedent to any Transfer of any Option by any Participant that the Transferee, if not already a Participant in the Plan, shall agree prior to the Transfer in writing with the Company to be bound by the terms of the Plan and the Stock
Option Grant Agreement as if he had been an original signatory thereto. 
  

 - 7 - 

 5.7 Effect of Void Transfers. In the event of any purported Transfer of any Options in violation
of the provisions of the Plan, such purported Transfer shall, to the extent permitted by applicable law, be void and of no effect. 
  
 5.8 Exercise of Options. A Participant may exercise any or all of his vested Options by serving an Exercise Notice on the Company as provided in
Section 5.9 hereto; provided that no option granted on or after March 1, 2002 may be exercised until the beginning of the twelve-month period immediately preceding the 10th anniversary of the Grant Date, or the beginning of such other period as is prescribed in the Participant’s Stock Option Grant Agreement, to the extent
that the Company’s federal income tax deduction for the Option Spread is precluded by Section 162(m) of the Code for the year in which the exercise would occur; provided, further, that no option granted before March 1, 2002 may be exercised
until the beginning of the two-month period immediately preceding the 10th anniversary of the Grant Date to the
extent that the Company’s federal income tax deduction for the Option Spread is precluded by Section 162(m) of the Code for the year in which the exercise would occur. 
  
 5.9 Method of Exercise. Unless otherwise determined by the Committee, the Option shall be exercised by delivery of
written notice to the Company’s principal office (the “Exercise Notice”), to the attention of its Secretary, no less than five business days in advance of the effective date of the proposed exercise (the “Exercise
Date”). Such notice shall (a) specify the number of shares of Common Stock with respect to which the Option is being exercised, the Grant Date of such Option and the Exercise Date, (b) be signed by the Participant and (c) if the Option is
being exercised by the Participant’s Permitted Transferee(s), such Permitted Transferee(s) shall indicate in writing that they agree to and shall be bound by this Plan and Stock Option Grant Agreement as if they had been original signatories
thereto. The Exercise Notice shall include (i) payment in cash for an amount equal to the Exercise Price multiplied by the number of shares of Common Stock specified in such Exercise Notice, or (ii) if approved in advance by the Committee, a
certificate representing the number of shares of Common Stock with a Fair Market Value equal to the Exercise Price (provided the Participant has owned such shares at least six months prior to the Exercise Date) multiplied by the number of shares of
Common Stock specified in such Exercise Notice or a combination of cash and certificates or any other method otherwise approved by the Committee. In its discretion, the Committee may also permit any Participant to exercise an Option through a
cashless exercise procedure involving a broker or dealer approved by the Committee, provided that the participant complies with the procedures for such an exercise established by the Committee. 
  
 5.10 Certificates of Shares. Upon the exercise of the Options in
accordance with Section 5.9, certificates of shares of Common Stock shall be issued in the name of the Participant and delivered to such Participant as soon as practicable following the Exercise Date or such shares shall be held in the name of the
Participant in bank entry form by a broker/dealer designated by the Participant or the Company. 
  

 - 8 - 

 5.11 Termination of Options. The Committee may, at any time, in its absolute
discretion, without amendment to this Plan or any relevant Stock Option Grant Agreement, terminate the Options then outstanding, whether or not exercisable, provided, however, that the Company, in full consideration of such termination, shall
pay (a) with respect to any Option, or portion thereof, then outstanding, an amount equal to the Option Spread determined as of the Valuation Date coincident with or next succeeding the date of termination. Such payment shall be made as soon as
practicable after the payment amounts are determined, provided, however, that the Company shall have the option to make payments to the Participants by issuing a note to the Participant bearing a reasonable rate of interest as determined by
the Committee in its absolute discretion. 
  
 5.12 Rights as
Stockholder. Except as otherwise expressly provided herein, the Participants shall not have any rights as stockholders with respect to any shares of Common Stock covered by or relating to the Options granted pursuant to this Plan until the date
such Options vest and the Participants become the registered owners of such shares. Except as otherwise expressly provided in Section 9 hereof, no adjustment to the Options shall be made for dividends or other rights for which the record date occurs
prior to the date such Option becomes vested and a stock certificate is issued. 
  
 6. Restricted Stock 
  
 6.1 Grant of
Restricted Stock. The Committee may grant shares of Restricted Stock pursuant to this Plan. Each Grant of shares of Restricted Stock shall be evidenced by a Restricted Stock Agreement containing such conditions, terms and conditions as the
Committee deems appropriate, provided that such restrictions, terms and conditions are not inconsistent with this Section 6. 
  
 6.2 Grant Date. The Grant Date of a share of Restricted Stock shall be the date designated by the Committee and specified in the Restricted Stock
Agreement as the date the share of Restricted Stock is granted. 
  
 6.3 Vesting Date of Restricted Stock. Each Restricted Stock Agreement shall indicate the date or conditions, including the achievement of certain performance objectives, under which such shares of Restricted Stock shall become
vested; provided, however, that, unless otherwise provided in a Participant’s Restricted Stock Agreement or the Committee determines otherwise at a later date, if within the two year period following a Change in Control the
Participant’s Employment is terminated by the Company or its Affiliate without Cause or by the Participant for Good Reason, all shares of Restricted Stock held by such Participant shall become immediately vested as of the effective date of the
termination of such Participant’s Employment. 
  
 6.4
Limitation of Transfer of Restricted Stock Prior to Vesting. Prior to the date the shares of Restricted Stock become vested, each share of Restricted Stock shall not be Transferable under any circumstances and no transfer of a
Participant’s rights with respect to such share, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the Transferee with any interest or right in or with respect to such share, but immediately upon any attempt to
Transfer such rights, such share, and all of the rights related thereto, shall be cancelled and shall be forfeited by the Participant and the Transfer shall be of no force or effect. 
  

 - 9 - 

 6.5 Issuance of Certificates for Restricted Stock. 
  
 (a) Issuance of Certificates Issued Prior to Vesting. Reasonably
promptly after the receipt by the Company of the Restricted Stock Agreement executed by the Participant with respect to the shares of Restricted Stock granted by the Restricted Stock Agreement, the Company shall cause to be issued stock
certificates, registered in the name of the Participant, evidencing the Common Stock granted by the Restricted Stock Agreement. Each certificate shall contain such legends as the Committee deems appropriate. The Committee may require that the
certificate evidencing such share be held in custody by the Company until such share of Restricted Stock becomes vested, and that, as a condition of any Award of Restricted Stock, the Committee may require that the Participant deliver to the Company
a stock power, endorsed in blank, relating to the Common Stock covered by such Award. Alternately, the Committee may direct that the shares be issued in the name of a nominee or deposited in escrow pending removal of the restrictions. 
  
 (b) Issuance of Certificates Issued After Vesting. Reasonably promptly
after any such shares of Restricted Stock vests pursuant to Section 6.3 hereof, the Company shall cause to be issued and delivered to the Participant new certificates evidencing such Common Stock, containing such legends as the Committee deems
appropriate or such shares may be held in the Participant’s name in bank entry form by a broker/dealer designated by the Participant or the Company. 
  
 6.6 Termination of Restricted Stock. The Committee may, at any time, in its absolute discretion, terminate any Award of shares of Restricted Stock
then outstanding, whether vested or not, provided, however, that the Company, in full consideration of such termination shall pay with respect to each share of Restricted Stock, whether or not vested on the date of such termination, an amount
equal to the Fair Market Value determined as of the Valuation Date coincident with or next succeeding the date of termination. Such payment shall be made as soon as practicable after the payment amounts are determined, provided, however, that
the Company shall have the option to make payments to the Participants by issuing a note to the Participant bearing a reasonable rate of interest as determined by the Committee in its absolute discretion. 
  
 6.7 Rights as Shareholders. 
  
 (a) Dividends. Unless otherwise provided in the Restricted Stock
Award Agreement, ordinary and routine dividends paid in cash with respect to shares of Restricted Stock that are outstanding as of the relevant record date for such dividends shall be distributed to the Participant in the manner determined by the
Committee. Stock dividends issued with respect to shares covered by the Restricted Stock Award shall be treated as additional shares under the Restricted Stock Award and shall be subject to the same restrictions and terms and conditions that apply
to the shares with respect to which such dividends are issued. 
  

 - 10 - 

 (b) Voting. The Participant shall be entitled to vote the Restricted Stock, or in the case of
Restricted Stock held in custody by the Company, direct the Company as to the manner as to which the Restricted Stock shall be voted. 
  
 7. Stock Units 
  
 7.1 Grant of Stock Unit. The Committee may grant Stock Units pursuant to this Plan. Each Grant of Stock Units shall be evidenced by a Stock Unit
Agreement containing such conditions, terms and conditions as the Committee deems appropriate, provided that such restrictions, terms and conditions are not inconsistent with this Section 7. 
  
 7.2 Grant Date. The Grant Date of a Stock Unit shall be the date
designated by the Committee and specified in the Stock Unit Agreement as the date the Stock Unit is granted. 
  
 7.3 Vesting Date of Stock Units. Each Stock Unit Agreement shall indicate the date or conditions, including the achievement of certain performance
objectives, under which such Stock Units shall become vested; provided, however, that, unless otherwise provided in a Participant’s Stock Unit Agreement or the Committee determines otherwise at a later date, if within the two year period
following a Change in Control the Participant’s Employment is terminated by the Company or its Affiliate without Cause or by the Participant for Good Reason, all Stock Units held by such Participant shall become immediately vested as of the
effective date of the termination of such Participant’s Employment. 
  
 7.4 Limitation of Transfer of Stock Units. A Stock Unit shall not be Transferable under any circumstances and no transfer of a Participant’s rights with respect to such Stock Unit, whether voluntary or
involuntary, by operation of law or otherwise, shall vest in the Transferee any interest or right in or with respect to such Stock Unit, but immediately upon any attempt to Transfer such Stock Unit, such Stock Unit, and all of the rights related
thereto, shall be cancelled and shall be forfeited by the Participant and the Transfer shall be of no force or effect. 
  
 7.5 Issuance of Certificates for Common Stock. As soon as practical after the time stated in the Stock Unit Agreement, shares of Common Stock equal
to the number of vested Stock Units reflected in the applicable Stock Unit Agreement shall be distributed to the Participant (or the beneficiary(ies) or personal representative of a deceased Participant). Distributions shall be made in shares of
Common Stock, with fractional shares rounded up to the nearest whole share. 
  
 7.6 Termination of Stock Units. The Committee may, at any time, in its absolute discretion, terminate any Stock Unit Award then outstanding, whether vested or not, provided, however, that the Company, in
full consideration of such termination shall pay with respect to each Stock Unit, whether or not vested on the date of such termination, an amount equal to the Fair Market Value of a share of Common Stock determined as of the Valuation Date
coincident with or next succeeding the date of termination. Such payment shall be made as soon as practicable after the payment amounts are determined, provided, however, that the Company shall have the option to make payments to the
Participants by issuing a note to the Participant bearing a reasonable rate of interest as determined by the Committee in its absolute discretion. 
  

 - 11 - 

 7.7 Rights as Shareholders. A Participant will not have any stockholder rights, such as
rights to vote or to receive dividends or other distributions, with respect any Stock Units. A Participant will have only adjustment rights provided in this Plan and the cash dividend equivalent rights, if any, provided in the Stock Unit Agreement.

  
 8. Termination of Employment 
  
 8.1 Expiration of Options. With respect to each Participant, such
Participant’s Option(s), or portion thereof, which have not become exercisable shall expire on the date such Participant’s Employment is terminated for any reason unless otherwise specified in the Stock Option Grant Agreement. With respect
to each Participant, each Participant’s Option(s), or any portion thereof, which have become exercisable on the date such Participant’s Employment is terminated shall expire on the earlier of (i) the commencement of business on the date
the Participant’s Employment is terminated for Cause; (ii) 90 days after the date the Participant’s Employment is terminated for any reason other than Cause, death, Disability or Retirement; (iii) one year after the date of the
Participant’s Employment is terminated by reason of the Participant’s death; (iv) one year after the date the Participant’s Employment is terminated by reason of Disability or Retirement, provided, however, that if during such
one-year period following the termination of the Participant’s Employment by reason of Disability or Retirement the Participant dies, the Participant’s legal representative or beneficiary may exercise the Participant’s Option(s), or
any portion thereof, which have become exercisable on the date of the Participant’s Employment is terminated for a period of one year from the date of the Participant’s death; or (iv) the 10th anniversary of the Grant Date for such
Option(s). Notwithstanding the foregoing, the Committee may specify in the Stock Option Grant Agreement a different expiration date or period for any Option granted hereunder, and such expiration date or period shall supersede the foregoing
expiration period. 
  
 8.2 Expiration of Restricted Stock.
With respect to each Participant, such Participant’s shares of Restricted Stock which have not become vested on the date such Participant’s Employment is terminated for any reason shall be forfeited unless otherwise specified in the
Restricted Stock Agreement. 
  
 8.3 Expiration of Stock
Units. With respect to each Participant, such Participant’s Stock Units that have not become vested on the date such Participant’s Employment is terminated for any reason shall be forfeited unless otherwise specified in the Stock Unit
Agreement. 
  
 9. Adjustment Upon Changes in Company Stock

  
 (a) Increase or Decrease in Issued Shares Without
Consideration. Subject to any required action by the stockholders of the Company, in the event of any increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation of shares of Common Stock or
the payment of an extraordinary stock dividend (but only on the shares of Common Stock), or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company, the Committee shall, make such

  

 - 12 - 

 adjustments with respect to the number of shares of Common Stock subject to the Awards, the exercise price per share of
Common Stock, as the Committee may consider appropriate to prevent the enlargement or dilution of rights. 
  
 (b) Certain Mergers. Subject to any required action by the stockholders of the Company, in the event that the Company shall be the surviving
corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of shares of Common Stock receive securities of another corporation), the Awards outstanding on the date of such merger or consolidation
shall pertain to and apply to the securities that a holder of the number of shares of Common Stock subject to any such Award would have received in such merger or consolidation (it being understood that if, in connection with such transaction, the
stockholders of the Company retain their shares of Common Stock and are not entitled to any additional or other consideration, the Awards shall not be affected by such transaction). 
  
 (c) Certain Other Transactions. In the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all
or substantially all of the Company’s assets, (iii) a merger or consolidation involving the Company in which the Company is not the surviving corporation or (iv) a merger or consolidation involving the Company in which the Company is the
surviving corporation but the holders of shares of Common Stock receive securities of another corporation and/or other property, including cash, the Committee shall, in its absolute discretion, have the power to: 
  
 (A) provide for the exchange of any Award outstanding immediately prior to
such event (whether or not then exercisable) for an award with respect to, as appropriate, some or all of the property for which the stock underlying such Award is exchanged and, incident thereto, make an equitable adjustment, as determined by the
Committee, in the exercise price of the Options, if applicable, or the number of shares or amount of property subject to the Award or, if appropriate, provide for a cash payment to the Participants in partial consideration for the exchange of the
Awards as the Committee may consider appropriate to prevent dilution or enlargement of rights; 
  
 (B) cancel, effective immediately prior to the occurrence of such event, any Award outstanding immediately prior to such event (whether or not then exercisable or vested), and in full consideration of such
cancellation, pay to the Participant to whom such Award was granted an amount in cash, for each share of Common Stock subject to such Award, equal to: (x) with respect to an Option, the excess of (1) the value, as determined by the Committee in its
absolute discretion, of securities and property (including cash) received by the holder of a share of Common Stock as a result of such event over (2) the Exercise Price of such Option; (y) with respect to Restricted Stock, the value, as determined
by the Committee in its absolute discretion, of the securities and property (including cash) received by the holder of a share of Common Stock as a result of such event; and (z) with respect to a Stock Unit, the value, as determined by the Committee
in its absolute discretion, of the securities and property (including cash) received by the holder of a share of Common Stock as a result of such event, or 
  
 (C) provide for any combination of (A) or (B). 
  

 - 13 - 

 (d) Other Changes. In the event of any change in the capitalization of the Company or a corporate
change other than those specifically referred to in Sections 9(a), (b) or (c) hereof, the Committee shall, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such
change occurs and, if applicable, in the per-share exercise price of each such Option, as the Committee may, in its absolute discretion, consider appropriate to prevent dilution or enlargement of rights. 
  
 (e) No Other Rights. Except as expressly provided in this Plan or the
Award Agreements evidencing the Awards, the Participants shall not have any rights by reason of (i) any subdivision or consolidation of shares of Common Stock or shares of stock of any class, (ii) the payment of any dividend, any increase or
decrease in the number of shares of Common Stock, or (iii) shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in this Plan or the Award
Agreements evidencing the Awards, no issuance by the Company of shares of Common Stock or shares of stock of any class, or securities convertible into shares of Common Stock or shares of stock of any class, shall affect, and no adjustment by reason
thereof shall be made with respect to, the number of shares of Common Stock subject to an Award or, if applicable, the exercise price of any Option. 
  
 10. Withholding Taxes 
  
 10.1 Cash Remittance. Whenever shares of Common Stock are to be issued upon the exercise of an Option or the time specified in a Stock Unit
Agreement, or when shares of Restricted Stock vest, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy federal, state, local and foreign withholding tax requirements, if any,
attributable to such exercise, grant or lapse prior to the delivery of any certificate or certificates for such shares or the effectiveness of the lapse of such restrictions. Without limitation on the foregoing, the Company shall have the right to
require the Participant to remit to the Company or any of its Affiliates in cash an amount sufficient to satisfy any applicable tax liability, including, without limitation, that if the Company or any of its Affiliates is liable to account for or
deduct any tax, national insurance or other fiscal impositions or duties payable as a result of the exercise of the Option or the issue or transfer of shares of Common Stock from the salary or other earnings of the Participant in any relevant
payment period and such salary or earnings are insufficient to meet the liability of the Company or any of its Affiliates, then the Company shall have the right to require the Participant to remit to the Company or any of its Affiliates in cash an
amount sufficient to satisfy this liability. 
  
 10.2 Stock
Remittance. At the election of the Participant, subject to the approval of the Committee, when shares of Common Stock are to be issued upon the exercise of an Option or the time specified in a Stock Unit Agreement, or when shares of Restricted
Stock vest, the Participant may tender to the Company a number of shares of Common Stock owned by the Participant having a Fair Market Value at the tender date determined by the Committee to be sufficient to satisfy the federal, state and local
withholding tax requirements, if any, attributable to such exercise or grant but not greater than such withholding obligations. Such election shall satisfy the Participant’s obligations under Section 10.1 hereof, if any. 
  

 - 14 - 

 10.3 Stock Withholding. At the election of the Participant, subject to the approval of the
Committee, when shares of Common Stock are to be issued upon exercise of an Option or the time specified in a Stock Unit Agreement, or the grant of Restricted Stock, the Company shall withhold a number of such shares having a Fair Market Value at
the exercise date determined by the Committee to be sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise or grant but not greater than such withholding obligations. Such election
shall satisfy the Participant’s obligations under Section 10.1 hereof, if any. 
  
 11. Securities Matters 
  
 11.1
Registration. The Company shall be under no obligation to effect the registration pursuant to the Securities Act of any shares of Common Stock to be issued hereunder or to effect similar compliance under any state laws. Notwithstanding
anything hereof to the contrary, the Company shall not be obligated to cause to be issued or delivered any certificates evidencing shares of Common Stock pursuant to this Plan unless and until the Company is advised by its counsel that the issuance
and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded. The Committee may require, as a condition
to the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that such certificates bear such legends, as the
Committee deems necessary or advisable. 
  
 11.2 Effectiveness
of Option Exercise or Award. With respect to an Option, the exercise of such Option granted hereunder shall only be effective at such time as counsel to the Company shall have determined that the issuance and delivery of shares of Common Stock
pursuant to such exercise is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded. The Company may, in its sole discretion, defer the
effectiveness of an exercise of an Option hereunder or the issuance or transfer of shares of Common Stock pursuant to any Award pending or to ensure compliance under federal or state securities laws. The Company shall inform the Participant in
writing of its decision to defer the effectiveness of the exercise f an Option or the issuance or transfer of shares of Common Stock pursuant to any Award. During the period that the effectiveness of the exercise of an Option has been deferred, the
Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 
  
 12. Effective Date; Plan Term; Amendment of this Plan; Termination of this Plan 
  
 12.1 Effective Date. The effective date of this Plan shall be December 7, 2001. 
  
 12.2 Plan Term. The Committee shall not grant any Awards under this
Plan on or after the tenth anniversary of the date this Plan was adopted. All Awards which remain outstanding after such date shall continue to be governed by the Plan and the function of the Committee will be limited to supervising the
administration of Awards previously granted. 
  

 - 15 - 

 12.3 Amendment of this Plan. The Committee may, in its absolute discretion, from time to time
revise or amend this Plan, provided, however, that any such amendment shall not impair or adversely affect the Participants’ rights under this Plan or any outstanding Award without such Participant’s written consent. 
  
 12.4 Termination of this Plan. The Committee may at any time, in its
absolute discretion, suspend or terminate this Plan. No awards may be granted during any suspension of the Plan or after the Plan has been terminated. The termination of the Plan shall not affect any Awards previously granted. After the Plan
terminates, the function of the Committee will be limited to supervising the administration of Awards previously granted. 
  
 13. Miscellaneous 
  
 13.1 No Special Employment Rights. Nothing contained in this Plan shall confer upon the Participants any right with respect to the continuation of
their Employment or interfere in any way with the right of the Company or an Affiliate, subject to the terms of any separate employment agreements to the contrary, at any time to terminate such Employment or to increase or decrease the compensation
of the Participants from the rate in existence at the time of the grant of any Award. 
  
 13.2 Right of Offset. If a Participant becomes entitled to a distribution of benefits under this Plan, and if at such time the Participant has any outstanding debt, obligation, or other liability representing
an amount owing to the Company or any of its Affiliates, the Company, upon a determination by the Committee, and to the extent permitted by applicable law, may offset such amount so owing against the amount of benefits otherwise distributable. Such
determination shall be made by the Committee. 
  
 13.3 No
Obligation to Exercise an Option. The grant to the Participants of the Options shall impose no obligation upon the Participants to exercise such Options. 
  
 13.4 Notices. All notices and other communications hereunder shall be in writing and shall be given and shall be deemed to have been
duly given if delivered in person, by cable, telegram, telex or facsimile transmission, to the parties as follows: 
  
 If to the Participant, to the Participant’s last known address. 
  
 If to the Company: 
  
 MEMC Electronic Materials, Inc. 
 Attention: Vice-President, Human Resources 
 501 Pearl Dr. 
 St. Peters, MO 63376 
  
 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall only be effective
upon receipt. 
  

 - 16 - 

 13.5 Descriptive Headings. The headings in this Plan are for convenience of reference only and
shall not limit or otherwise affect the meaning of the terms contained herein. 
  
 13.6 Gender. All references herein to the masculine gender shall include the feminine. 
  
 13.7 Severability. In the event that any one or more of the provisions, subdivisions, words, clauses, phrases or sentences contained herein, or the
application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase or sentence in every other respect
and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights, powers and privileges of the Company and Participants shall be enforceable to the fullest
extent permitted by law. 
  
 13.8 Governing Law. This Plan
shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to the provisions governing conflict of laws. 
  
 13.9 Shareholder Approval. No Award of a Stock Unit shall be made under this Plan, no Award of any kind shall be made
under this Plan to a non-employee director of MEMC Electronic Materials, Inc., and no more than 7,000,000 shares of Common Stock shall be issued under this Plan, until approval of the amendments reflected in this March 2, 2004 restatement of the
Plan by the shareholders of the Company. 
  
 The undersigned
hereby certifies that the Board of Directors of the Company duly adopted this amended and restated Plan on March 2, 2004. 
  

			
	By:    	 	/s/    David L.
Fleisher                                       
 

	 Title:  
	 	 Vice President, General Counsel and Corporate Secretary

	 Date:
	 	 March 2, 2004

  

 - 17 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]