NATURE OF CONTRACT. This Agreement provides for an additional bonus (the "Special Incentive Bonus") to be paid by MEMC to Employee in consideration for Employee's continuous employment throughout the period of April 1, 1998 through June 30, 1999 (the "Retention Period"). Nothing contained in this Agreement shall be construed to be a contract of employment for any term, nor as conferring upon Employee the right to continue in the employment of MEMC in Employee's present capacity or in any other capacity. Nothing contained in this Agreement shall be construed to preclude either party from terminating the employment relationship at any time. It is expressly understood by the parties that this Agreement relates exclusively to additional compensation for Employee's services and is not intended to be the entire employment contract. This Agreement merely supplements Employee's employment contract with MEMC. The Special Incentive Bonus provided by this Agreement is in addition to the cash compensation and other fringe benefits provided to Employee pursuant to any plan or plans maintained by MEMC for its employees generally.
Appears in 4 contracts
Samples: Memc Electronic (Memc Electronic Materials Inc), Memc Electronic (Memc Electronic Materials Inc), Special Incentive Bonus Agreement (Memc Electronic Materials Inc)
