Document:

p0811_ex4-1.htm

 

Exhibit 4.1

 

 

WINDGEN ENERGY, INC.

14550 N. Frank Lloyd Wright Blvd., Suite 100

Scottsdale, Arizona 85260

August 1, 2010

WindGen Energy, Inc. Employees and Consultants,

The Company’s Board of Directors has decided to make available to all employees and consultants, pursuant to the Company's 2010 Employees and Consultants Compensation Plan (the "Plan"), shares of the Company’s common stock at a negotiated price of not less than 100% of the average trading price during the week prior to the shares being issued.

To participate in the Plan, all you have to do is execute this letter in the space below, and indicate the amount of compensation you wish to have allocated to this Plan and for employees, the pay period from which your salary will be credited. Your free-trading shares will be delivered to you within a few days.

 

 

	 	WINDGEN ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	
Dated:   _____________, 2010

	
By: 

	 	 
	 	 	
Ronald Conquest

Chairman of the Board

and Chief Executive Officer

	 
	 	 	 	 

 

	
 

	 	  	
 

	 
	
Amount of Compensation

	 	  	
Employee/Consultant Signature

	 
	  	 	  	  	 
	  	 	  	  	 
	
 

	 	  	
 

	 
	
Period From

	 	  	
Name of Employee/Consultant

	 
	
Which To Be Paid

	 	  	
(Please Print)Exhibit
10.1

 

GT SOLAR
INTERNATIONAL, INC.

 

 

EXECUTIVE INCENTIVE PROGRAM

 

FY 2011

 

 

GT SOLAR INTERNATIONAL, INC.

 

EXECUTIVE INCENTIVE PROGRAM

 

FY 2011

 

1.                                      FISCAL YEAR 2011

 

The FY 2011 Executive Incentive
Program (the “Program”) of GT Solar International, Inc. (the “Company”)
shall commence on April 4, 2010 and continue through and including April 2,
2011 (“FY 2011”).

 

2.                                      ADMINISTRATION

 

The Program shall be administered by
the Compensation Committee (the “Committee”) of the Board of Directors
of the Company (the “Board”). 
Subject to the provisions of the Program, the Committee may establish
from time to time such regulations, provisions, procedures and conditions of
the Program which, in its opinion, may be advisable in the administration of
the Program.  No member of the Committee
shall be liable for any action or determination made in good faith with respect
to the administration of the Program, eligibility under the Program or the
bonuses awarded under the Program.

 

3.                                      ELIGIBILITY

 

The Committee shall determine, in
its sole discretion, any and all executives of the Company that will be
eligible to participate in the Program (each, a “Participant”;
collectively, the “Participants”). 
Participants will be eligible to participate in the Program only upon execution
of a participant agreement with the Company as set forth in Exhibit A
hereto (a “Participant Agreement”). 
Each Participant Agreement shall be subject to the terms and conditions
of the Program and may contain additional terms and conditions (which may vary
from Participant to Participant).  Unless
otherwise specified in such Participant Agreement, the date on which
Participant is deemed to be a participant in the Program (the “Participation
Date”) shall be the date on which the individual started employment with
the Company during FY 2011.

 

As soon as practicable after the
Participation Date and from time to time thereafter, the Committee, in
accordance with Section 5(B)(iii) below, shall adopt in
writing certain goals and objectives (“MBO Goals”) to be achieved by
Participant over the course of FY 2011. 
Such goals and objectives may vary among Participants.  MBO Goals for the Chief Executive Officer
shall reflect those of the executive team and be developed by the Committee
following consultation with and proposal by the Chief Executive Officer on
business priorities for the plan year.

 

 

4.                                      Plan Performance Components

 

MBO Goals

 

“MBO Goals” for FY 2011 refers to
the goal plan assigned to each individual executive.  The MBO plan for FY 2011 is reflected in Exhibit B.

 

5.                                      BONUS PAYMENTS

 

A.                                    Determination Date

 

The amount, if any, to be paid to
each Participant under the Program (the “Bonus Payment”) shall be
determined by the Committee after the conclusion of FY 2011 following the audit
of the Company’s financial statements by its independent accountants (the “Determination
Date”).  Bonus Payments shall be
disbursed following conclusion of the FY 2011 plan year as soon as
administratively practicable after the Determination Date or on such earlier date
as the Committee may determine in its sole discretion.  All amounts earned under the Program reflect
gross dollar amounts and are, therefore, subject to applicable withholding and
taxation.

 

B.                                    Bonus Calculation

 

Each Participant’s Bonus Payment, if
any, shall be determined in the following manner: 

 

(i)                                    Target Bonus

 

The Participant Agreement for each
Participant will specify such Participant’s “Target Bonus” (which will be based
upon a percentage of Participant’s base salary).  Adjustments to base salary during the course
of FY 2011, or partial year participation due to a start date during the plan
year, shall result in a corresponding adjustment to target bonus eligibility on
a pro-rated basis.

 

(ii)                                MBO Process

 

In order to ensure close
alignment  between the  Bonus Payment and each participant’s goal
attainment, the Committee, in consultation with the CEO, shall retain
discretionary authority to determine the Bonus Payment based upon an evaluation
of each participant’s performance and contribution during the plan year.

 

The
Committee shall determine the MBO Goals applicable to each Participant as
follows:

 

Such Participant shall submit to the
Chief Executive Officer of the Company an initial proposal for such Participant’s
MBO Goals for FY 2011.  The Chief
Executive Officer shall review such proposal, and at the Chief Executive
Officer’s sole discretion, discuss such proposal with such Participant and/or
modify such proposal.  The Chief
Executive Officer shall then submit such proposal (after 

 

 

giving effect to any modifications
the Chief Executive Officer may have made in his or her sole discretion) to the
Committee.  The Committee shall review
such proposal, and at the Committee’s sole discretion, discuss such proposal
with the Chief Executive Officer, consult with the Board on such proposal,
and/or modify such proposal.

 

Although the specific objectives
will be determined by the Committee and will vary for each Participant, the
following is intended to provide general guidance regarding the competencies
that may be considered in determining a Participant’s MBO Goals:

 

1.                                       Achieving corporate goals and objectives specified for FY
2011;

 

2.                                       Developing and executing plans and functional goals that
directly or indirectly influence the organization’s ability to achieve its
financial goals for FY 2011;

 

3.                                       Effectively managing operations through leadership of teams,
timely communication and the deployment of business processes and systems
that  support the organization’s  growth;

 

4.                                       Contributing to an organizational culture where people can
grow and contribute;  Actively supporting
a culture that values safety, operational excellence, initiative, innovation,
teamwork and quality in everything we do;

 

5.                                       Working as a productive and vital member of the management
team;  Building productive collaborative
relationships with peers to meet organizational challenges together as a
team;  Being responsive to the needs of
other team members and cultivating a service mentality internally within the
line of authority;

 

6.                                       Achievement of functional financial measurements;

 

The
Committee, after consultation with the Chief Executive Officer and/or the Board
at the Committee’s sole discretion, shall determine such Participant’s MBO
Goals at its sole discretion and using such criteria as it deems reasonable for
each Participant with reference to each Participant’s specific functional
objectives.

 

C.                                    Pro-rata Bonus Payments

 

In
the event that the Participation Date of a Participant occurs after the
commencement of FY 2011, such Participant shall be eligible for a pro-rated
Bonus Payment calculated based on the number of days such Participant was
employed by the Company during FY 2011. 
Unless otherwise provided in a written agreement between the Company and
Participant, no Participant shall be entitled to receive a Bonus Payment if,
prior to April 2, 2011, such Participant’s employment with the Company is
terminated for any reason.

 

 

6.                                      AUTHORITY

 

The Committee shall have final
authority to make all determinations specified in or permitted or deemed
necessary under the Program.

 

7.                                      MISCELLANEOUS

 

A.                                    Assignment and Transfer

 

No Bonus Payment or any rights or
interests therein shall be assignable or transferable by a Participant.

 

B.                                    No Guarantee of Employment / No Equity Rights

 

Nothing
contained in the Program shall be construed to create or imply a guarantee of
employment for any period of time. 
Unless otherwise provided in a written agreement between Participant and
the Company, employment with the Company is considered to be at-will and may be
terminated at any time by Participant or the Company.

 

C.                                    Withholding

 

The Company shall have the power and
the right to deduct or withhold, or require a Participant to remit to the
Company, an amount sufficient to satisfy any federal, state, local and foreign
taxes of any kind (including, but not limited to, the Participant’s FICA and
SDI obligations) which the Committee, in its sole discretion, deems necessary
to be withheld or remitted to comply with the Internal Revenue Code of 1986, as
amended, and/or any other applicable law, rule or regulation with respect
to any Bonus Payment. Subject to applicable law, each Participant agrees that
the Company may satisfy withholding obligations from any source of funds
available to the Company and otherwise payable to Participant, including salary
payments.

 

D.                                    Governing Law

 

All questions pertaining to the
validity, construction and administration
of the Program and any Participant’s Participant Agreement shall be determined
in accordance with the laws of the State of New Hampshire.

 

E.                                      Amendment and Termination of Program

 

The Committee shall have the right
in its sole discretion to amend the Program at any time and from time to time; provided
that no such amendment shall materially and adversely affect the rights of any
Participant without the consent of such Participant.

 

 

F.                                      Severability

 

The invalidity or unenforceability
of any provisions of the Program in any jurisdiction shall not affect the
validity, legality or enforceability of the remainder of the Program in such
jurisdiction or the validity, legality or enforceability of any provision of
the Program in any other jurisdiction, it being intended that all rights and
obligations of the parties hereunder shall be enforceable to the fullest extent
permitted by law.

 

*  
*   *   *   *

 

 

EXHIBIT A

 

PARTICIPANT
AGREEMENT

 

GT SOLAR INTERNATIONAL, INC.

 

PARTICIPANT AGREEMENT TO THE

EXECUTIVE INCENTIVE PROGRAM

 

Participant Agreement made as of
[DATED] (this “Agreement”) between GT Solar International, Inc., a
Delaware corporation (the “Company”), and [                ]
(“Participant”). 
Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the FY 2011 Executive Incentive Program (the “Program”).

 

1.                                       Right to Participate. 
The Company hereby grants to
Participant the right to participate in the Program pursuant to the terms and
conditions thereto.

 

2.                                       Participant Acknowledgment.  Attached hereto as Exhibit A is a
copy of the Program.  Participant hereby
acknowledges receipt of a copy of the Program and agrees to be bound by all
terms and provisions thereof.

 

3.                                       Participation Date.  Participant’s Participation Date shall be [April 4,
2010].

 

4.                                       Target Bonus.  For purposes of the Program, Participant’s
Target Bonus shall equal
$[              ]
(representing
[            ]%) of
Participant’s base salary during FY 2011. 
Adjustments to base salary during the course of FY 2011, or partial year
participation due to a start date during the plan year, shall result in a
corresponding adjustment to target bonus eligibility on a pro-rated basis.

 

5.                                       Individual Goal Achievement.  Participant acknowledges and agrees that the
Bonus Payment, if any, will be subject to Participant achieving certain
individual goals and standards identified by the Committee.  The criteria used in assessing individual
performance, the weight to be assigned such criteria and such Participant’s
Performance Achievement Percentage shall be determined by the Committee in its
sole discretion.  The Bonus Payment, if
any, will be calculated in accordance with the Program.

 

6.                                       Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of any successors to the Company and all persons lawfully
claiming under Participant.

 

7.                                       Complete Agreement.  This Agreement, those documents expressly
referred to herein and other documents of even date herewith embody the
complete agreement and understanding among the parties and supersede and
preempt any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof
in any way.

 

8.                                       Future Incentive Bonus Plans.  The Company may in the future adopt one or
more incentive plans or programs, with regard to which the Committee shall
retain the exclusive right in its sole discretion to determine the applicable
terms and to identify the persons eligible to 

 

 

participate.  Nothing in this Agreement shall be understood
to grant or guarantee Participant a right to participate in any such plan or
program.

 

*   *  
*   *   *

 

 

IN WITNESS WHEREOF, the Company and
Participant have executed this Agreement as of the date first above written.

 

	
   

  	
  GT SOLAR
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name of Participant]

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