Summary of Compensation Arrangements for Certain Named Executive Officers of MEMC Electronic Materials, Inc.
MEMC Electronic Materials, Inc. outlines the compensation for five executive officers not covered by employment agreements as of the 2005 fiscal year-end. These officers, employed at will, receive specified base salaries and may have their compensation or employment status changed at the Board's discretion. They are eligible for incentive awards under company plans and, except for certain officers hired after 2001, may participate in the company pension plan. The company may also provide relocation payments as needed. All terms are subject to change by the Compensation Committee.
Exhibit 10.48
Summary of Compensation Arrangements for Certain Named Executive Officers
Set forth below is a summary of the compensation paid by MEMC Electronic Materials, Inc. (the “Company”) to the five executive officers to be named in the Company’s 2006 annual proxy statement who are not covered by current employment agreements, as of the date of filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2005 (the “Form 10-K”). Each of these executive officers is an employee at will whose compensation and employment status may be changed at any time in the discretion of the Company’s Board of Directors.
Base Salaries. These executive officers receive base salaries in the amounts indicated below:
| Name and Position | 2006 Base Salary Amount | ||
| Nabeel Gareeb, Chief Executive Officer and President | $ | 610,000 | |
| Thomas E. Linnen, Senior Vice President and Chief Financial Officer (1) | $ | 250,000 | |
| Shaker Sadasivam, Senior Vice President, Research and Development | $ | 315,000 | |
| John A. Kauffmann, Senior Vice President, Sales and Marketing | $ | 300,000 | |
| Sean Hunkler, Senior Vice President, Manufacturing | $ | 350,000 | |
| (1) | Mr. Linnen stepped aside as Senior Vice President and Chief Financial Officer on April 27, 2006. |
The Compensation Committee adjusts these base salaries from time to time as the Committee deems appropriate, generally annually.
Incentive Awards. These executive officers are also eligible to participate in the Company’s incentive compensation plans as provided in the terms of such plans. Such plans, and any forms of awards thereunder providing for material terms, are included as exhibits to the Form 10-K.
Pension Plan. These executive officers are also eligible to participate in the MEMC Pension Plan on the same terms as the Company’s other covered employees. Because they commenced employment after December 31, 2001, Mr. Gareeb, Mr. Hunkler and Mr. Linnen are not covered by the MEMC Pension Plan.
Relocation Payments. From time to time the Company makes payments to executive officers to cover relocation expenses.
