-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RJzcT/3Vy4DP/rjyY1UXYqo0gadEH7TP5w7SLAsyfxnIxGlkRN/Ef5SvC/+bkV1z shoGTvKtN2443LspMWztWA== 0000893838-99-000088.txt : 19990325 0000893838-99-000088.hdr.sgml : 19990325 ACCESSION NUMBER: 0000893838-99-000088 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 19990323 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MEMC ELECTRONIC MATERIALS INC CENTRAL INDEX KEY: 0000945436 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 561505767 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-52339 FILM NUMBER: 99570695 BUSINESS ADDRESS: STREET 1: 501 PEARL DR CITY: ST PETERS STATE: MO ZIP: 63376 BUSINESS PHONE: 3142795500 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: VEBA CORP /NY/ CENTRAL INDEX KEY: 0001072601 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 742183834 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 605 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10158 BUSINESS PHONE: 2129222714 MAIL ADDRESS: STREET 1: 605 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10158 SC 13D/A 1 SCHEDULE 13D/AMEND. NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (1) (Amendment No. 1) MEMC Electronic Materials, Inc. - ------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $.01 per share - ------------------------------------------------------------------------------- (Title of Class of Securities) 552715 10 4 - ------------------------------------------------------------------------------- (CUSIP Number) - ------------------------------------------------------------------------------- Morton E. Grosz, Esq. Chadbourne & Parke LLP 30 Rockefeller Plaza New York, NY 10112 (212) 408-5100 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 22, 1999 - ------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. |_| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss. 240.13d-7 for other parties to whom copies are to be sent. (1) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 2 of 30 Pages - --------------------- ---------------------- - -------- ---------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) VEBA Aktiengesellschaft - -------- ---------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------- ---------------------------------------------------------------------- 3 SEC USE ONLY - -------- ---------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------- ---------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------- ---------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Germany - ------------------ ------- ---------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 36,890,072 shares of Common Stock, par value $.01 per share, of the Issuer ("Common Stock"), see Item 5, Interest in Securities of the Issuer; does not include shares of Common Stock which may be acquired pursuant to the transactions described in Item 4, Purpose of Transaction ------- ---------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY - 0 - ------- ---------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 36,890,072 shares of Common Stock, see Item 5, Interest in Securities of the Issuer; does not include shares of Common Stock which may be acquired pursuant to the transactions described in Item 4, Purpose of Transaction ------- ---------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH - 0 - - ------------------ ------- ---------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 36,890,072 shares of Common Stock, see Item 5, Interest in Securities of the Issuer; does not include shares of Common Stock which may be acquired pursuant to the transactions described in Item 4, Purpose of Transaction - -------- ---------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 66.0% See Item 5, Interest in Securities of the Issuer - -------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC, CO - -------- ---------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 3 of 30 Pages - --------------------- ---------------------- - -------- ---------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) VEBA Corporation 74-2183834 - -------- ---------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------- ---------------------------------------------------------------------- 3 SEC USE ONLY - -------- ---------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC, AF - -------- ---------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------- ---------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------ ------- ---------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 21,490,942 shares of Common Stock, par value $.01 per share, of the Issuer ("Common Stock"), see Item 5, Interest in Securities of the Issuer; does not include shares owned by any other Reporting Person ------- ---------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY - 0 - ------- ---------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 21,490,942 shares of Common Stock, see Item 5, Interest in Securities of the Issuer; does not include shares owned by any other Reporting Person ------- ---------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH - 0 - - ------------------ ------- ---------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 21,490,942 shares of Common Stock, see Item 5, Interest in Securities of the Issuer; does not include shares owned by any other Reporting Person - -------- ---------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 38.4% (Does not include shares owned by any other Reporting Person) - -------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC, CO - -------- ---------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 4 of 30 Pages - --------------------- ---------------------- - -------- ---------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) VEBA Zweite Verwaltungsgesellschaft mbH - -------- ---------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------- ---------------------------------------------------------------------- 3 SEC USE ONLY - -------- ---------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------- ---------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------- ---------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Germany - ------------------ ------- ---------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 15,399,130 shares of Common Stock, par value $.01 per share, of the Issuer ("Common Stock"), see Item 5, Interest in Securities of the Issuer; does not include shares of Common Stock which may be acquired pursuant to the transactions described in Item 4, Purpose of Transaction; does not include shares owned by any other Reporting Person ------- ---------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY - 0 - ------- ---------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 15,399,130 shares of Common Stock, see Item 5, Interest in Securities of the Issuer; does not include shares of Common Stock which may be acquired pursuant to the transactions described in Item 4, Purpose of Transaction; does not include shares owned by any other Reporting Person ------- ---------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH - 0 - - ------------------ ------- ---------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 15,399,130 shares of Common Stock, see Item 5, Interest in Securities of the Issuer; does not include shares of Common Stock which may be acquired pursuant to the transactions described in Item 4, Purpose of Transaction; does not include shares owned by any other Reporting Person - -------- ---------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------- ---------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 27.5% See Item 5, Interest in Securities of the Issuer; does not include shares owned by any other Reporting Person - -------- ---------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC, CO - -------- ---------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 5 of 30 Pages - --------------------- ---------------------- This Amendment No. 1 (the "Amendment No. 1") amends the Schedule 13D filed on October 30, 1998 (the "Schedule 13D") by VEBA Aktiengesellschaft, a German corporation ("VEBA AG"), and VEBA Corporation, a Delaware corporation and a direct and indirect subsidiary of VEBA AG ("VEBA Corporation", and together with VEBA AG, the "Reporting Persons"). One of the purposes of this Amendment No. 1 is to include VEBA Zweite Verwaltungsgesellschaft mbH, a German limited liability company and a direct wholly-owned subsidiary of VEBA AG ("VEBA Zweite"), as a Reporting Person. Except as specifically amended hereby, the Schedule 13D remains in full force and effect. Items 1-6 of the Schedule 13D are hereby amended and restated in their entirety as follows: Item 1. Security and Issuer. This statement relates to shares of common stock, par value $0.01 per share (the "Common Stock") of MEMC Electronic Materials, Inc., a Delaware corporation (the "Company"). The principal executive offices of the Company are located at 501 Pearl Drive, St. Peters, Missouri 63376. Item 2. Identity and Background. (a) This statement is filed jointly by VEBA Aktiengesellschaft, a German corporation ("VEBA AG"), VEBA 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 6 of 30 Pages - --------------------- ---------------------- Corporation, a Delaware corporation and a direct and indirect wholly-owned subsidiary of VEBA AG ("VEBA Corporation"), and VEBA Zweite Verwaltungsgesellschaft mbH, a German limited liability company and a direct wholly-owned subsidiary of VEBA AG ("VEBA Zweite", and together with VEBA AG and VEBA Corporation, the "Reporting Persons"). The Reporting Persons are filing this statement jointly pursuant to a Joint Filing Agreement attached to this Amendment No. 1 as Exhibit 48. (b) The address of VEBA AG's principal office is Bennigsenplatz 1, 40474 Dusseldorf, Germany. The address of VEBA Corporation's principal office is 605 Third Avenue, New York, New York 10158. The address of VEBA Zweite's principal office is Bennigsenplatz 1, 40474 Duesseldorf, Germany. The name, business address and principal occupation of each of the directors and executive officers of each of VEBA AG, VEBA Corporation and VEBA Zweite are set forth on Schedule I hereto and incorporated by reference herein. (c) The principal business of VEBA AG is to be a management holding company for one of the largest industrial groups in Germany on the basis of market capitalization at year-end 1998. VEBA AG is organized into six separate business divisions: electricity, chemicals, oil, real estate management, distribution/logistics, and telecommunications. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 7 of 30 Pages - --------------------- ---------------------- The principal business of VEBA Corporation is to be a holding company for VEBA AG's interests in the United States. The principal business of VEBA Zweite is to be a holding company for the shares of Common Stock of the Company acquired, or which may be acquired, by VEBA Zweite as reported herein. (d) During the last five years, none of the Reporting Persons nor, to the best of their knowledge, any of the executive officers or directors of any of the Reporting Persons, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of the Reporting Persons nor, to the best of their knowledge, any of the executive officers or directors of any of the Reporting Persons, has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Each of the executive officers and directors of each of VEBA AG, VEBA Corporation and VEBA Zweite is a citizen of the country specified in Schedule I hereto and incorporated by reference herein. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 8 of 30 Pages - --------------------- ---------------------- Item 3. Source and Amount of Funds or Other Consideration. The source and, as more fully described in Item 4 below, the amount of funds used by VEBA Zweite in connection with the transactions described herein will be provided pursuant to the terms of the long-term credit agreement dated February 10, 1999 (the "Credit Agreement") between VEBA AG and VEBA Zweite. The Credit Agreement is on such terms and subject to such conditions as are customary for intercompany loan arrangements between VEBA AG and its operating subsidiaries. The preceding summary of the Credit Agreement is not intended to be complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed as Exhibit 49 to this Amendment No. 1 and which is incorporated herein by reference. The source and, as more fully described in Item 4 below, the amount of funds used by VEBA AG in connection with the transactions described herein will be provided from the working capital of VEBA AG. Item 4. Purpose of Transaction. Pursuant to the Purchase Agreement, dated as of October 22, 1998 (as amended, the "Purchase Agreement"), between VEBA Corporation and the Company, VEBA Corporation and VEBA Zweite (pursuant to the Assignment Agreement described below) agreed, subject to the satisfaction or waiver of various conditions set forth in the Purchase Agreement, to purchase for a per share purchase price equal to the volume weighted average trading price of the Common Stock for a specified five day consecutive trading day 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 9 of 30 Pages - --------------------- ---------------------- period (the "Per Share Purchase Price") a number of shares of Common Stock approximately equal to $106,100,000 divided by the Per Share Purchase Price. The Per Share Price has since been determined to be $6.89. The purpose of entering into the Purchase Agreement was to assist the Company in raising an aggregate amount of approximately $200 million of additional capital through a combination of the direct sale of shares of Common Stock and the Rights Offering (described below). On October 22, 1998, the Company filed with the Securities and Exchange Commission (the "SEC")a Registration Statement on Form S-3 (as amended, the "Form S-3") relating to a distribution on a pro rata basis to all stockholders of the Company (other than VEBA Corporation and VEBA Zweite) of rights which entitle the holders thereof to purchase one share of Common Stock for each right as well as additional shares of Common Stock to the extent that other rights holders do not exercise their rights (the "Rights Offering"). In the Rights Offering, the Company will issue for $6.89 per share (which is the same Per Share Purchase Price paid by VEBA Zweite under the Purchase Agreement) a number of shares of Common Stock approximately equal to $93,900,000 divided by the Per Share Purchase Price. The purpose of the Rights Offering is to allow all stockholders of the Company (other than VEBA Corporation and VEBA Zweite) to restore their proportionate interest in the Company at 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 10 of 30 Pages - --------------------- ---------------------- the same price per share previously offered to VEBA Zweite under the Purchase Agreement. In connection with the Rights Offering, VEBA Corporation and the Company entered into the Standby Agreement, dated as of October 22, 1998 (the "Standby Agreement"), pursuant to which VEBA Corporation and VEBA Zweite (pursuant to the Assignment Agreement described below) agreed, subject to the satisfaction or waiver of various conditions set forth in the Standby Agreement, to purchase all shares of Common Stock not otherwise subscribed for by other stockholders in the Rights Offering. The purpose of entering into the Standby Agreement is to assist the Company in raising an aggregate amount of approximately $93,900,000, to the extent that rights are not exercised in the Rights Offering. Pursuant to the Assignment and Assumption Agreement, dated as of December 30, 1998 (the "Assignment Agreement"), VEBA Corporation assigned to VEBA Zweite all of its rights to purchase shares of Common Stock pursuant to the Purchase Agreement and the Standby Agreement. The Assignment Agreement was entered into so that any future appreciation or depreciation in the value of the shares purchased pursuant to the Purchase Agreement and the Standby Agreement would accrue to VEBA Zweite. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 11 of 30 Pages - --------------------- ---------------------- On March 19, 1999, VEBA Corporation and the Company entered into an amendment (the "Registration Rights Amendment") to the Registration Rights Agreement dated as of July 12, 1995 between Huels Corporation and the Company (as amended, the "Registration Rights Agreement"). The purpose of entering into the Registration Rights Amendment was to reflect the change of record ownership of 21,490,942 shares of Common Stock (the "Original Shares") as a result of the merger described in Item 5(a) below and to include in the definition of "Registrable Stock" in the Registration Rights Agreement, and extend the benefits of the Registration Rights Agreement to, (i) all shares of Common Stock that have been or may be acquired by VEBA Zweite as a result of the transactions contemplated by the Purchase Agreement and the Standby Agreement and (ii) any shares of Common Stock acquired by VEBA AG and any of its direct or indirect subsidiaries after the date of the Purchase Agreement and the Standby Agreement. Pursuant to the Registration Rights Agreement, VEBA AG and its affiliates and transferees that hold shares of Common Stock (each such person, a "Holder") has the right to demand registration under the Securities Act of 1933 (as amended, the "Securities Act") of any or all of the Registrable Stock (as defined in the Registration Rights Agreement). The demand rights must be exercised for at least 25% of the Registrable Stock. The Company may be 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 12 of 30 Pages - --------------------- ---------------------- required to effect up to three such demand registrations. The selling Holder(s) will bear the expenses of any such demand registration. The Company is not obligated to take any action to register the Registrable Stock: (i) during the period starting 30 days prior to the estimated date of filing of, and ending 90 days after the effective date of, any other registration statement filed by the Company under the Securities Act; (ii) more than once during any six-month period; and (iii) for up to 90 days after a request from a Holder if one of the Company's officers certifies that the Company's Board of Directors has determined that such registration would interfere with a material transaction then being pursued by the Company. In addition, except in certain circumstances and subject to certain limitations, if the Company proposes to register any shares of Common Stock under the Securities Act, the Holder(s) will be entitled to require the Company to include all or a portion of the Registrable Stock in such registration. The expenses of any such "piggyback" registration, other than underwriting discounts and commissions relating to the Registrable Stock to be sold by the Holder(s), shall be borne by the Company. In connection with any registration statement filed pursuant to the Registration Rights Agreement, the Company has agreed to indemnify the Holder(s) and their affiliates and any underwriter against certain liabilities, including liabilities under the Securities Act. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 13 of 30 Pages - --------------------- ---------------------- On March 22, 1999, VEBA Zweite purchased, pursuant to the Purchase Agreement, 15,399,130 shares of Common Stock at a purchase price of $6.89 per share. On March 22, 1999, the SEC declared the Form S-3 effective and the rights were distributed to the stockholders of the Company (other than VEBA Corporation and VEBA Zweite) pursuant to the Rights Offering described above. The preceding summary of certain provisions of the Purchase Agreement, the Standby Agreement, the Registration Rights Agreement, the Assignment Agreement and the Registration Rights Amendment is not intended to be complete and is qualified in its entirety by reference to the full text of such agreements, copies of which are filed as Exhibits 2-4 to the Schedule 13D and Exhibits 54 and 55 to this Amendment No. 1, respectively, and which are incorporated herein by reference. VEBA AG has indirectly owned the Original Shares continuously for more than nine years. VEBA Corporation currently owns the Original Shares. VEBA Zweite currently owns 15,399,130 shares of Common Stock as a result of the transactions contemplated by the Purchase Agreement and VEBA Zweite may own additional shares of Common Stock as a result of the transactions contemplated by the Standby Agreement. Each of the Reporting Persons may own additional shares of 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 14 of 30 Pages - --------------------- ---------------------- Common Stock upon exercise of any rights purchased on the New York Stock Exchange during the Rights Offering. VEBA AG remains the ultimate beneficial owner of all shares of Common Stock owned by VEBA Corporation and VEBA Zweite. VEBA Corporation is owned by VEBA AG (approximately 66.9%) and VEBA Electronics U.S. Holding GmbH ("VEBA Holding GmbH") (approximately 33.1%). VEBA Holding GmbH is indirectly wholly-owned by VEBA AG. VEBA Zweite is directly wholly-owned by VEBA AG. Depending upon the business affairs of the Company, market and general economic conditions, the availability of Common Stock at favorable prices, alternative investment opportunities available to the Reporting Persons, the strategic value to the Reporting Persons of the Common Stock or control of the Company and other factors deemed relevant by the Reporting Persons, in addition to the Common Stock acquired as a result of the transactions described above, the Reporting Persons may acquire, or acquire rights to acquire, additional shares of Common Stock or other securities of the Company by means of open market purchases, brokerage transactions, privately negotiated transactions, tender offer, or otherwise. The Reporting Persons may also propose a business combination, merger, tender offer or other form of transaction involving the Company. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 15 of 30 Pages - --------------------- ---------------------- Alternatively, the Reporting Persons may retain their existing shares of Common Stock or dispose of some or all of their shares of Common Stock in the open market, in privately negotiated transactions or otherwise, depending upon market conditions and other factors. In addition, VEBA Corporation and/or VEBA Zweite may transfer all or a portion of the Common Stock that they own to VEBA AG and/or its subsidiaries. The foregoing represents a range of possible activities the Reporting Persons currently may take with respect to the Common Stock. It should be noted, however, that the possible activities of the Reporting Persons are subject to change at any time. Except as described herein, none of the Reporting Persons has any present plan or proposal which relates to, or could result in, any of the events referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. However, the Reporting Persons will continue to review the business of the Company and, depending upon one or more of the factors referred to above, may in the future propose that the Company take one or more of such actions. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 16 of 30 Pages - --------------------- ---------------------- Item 5. Interest in the Securities of the Issuer. (a) VEBA Corporation is the record owner of 21,490,942 shares of the Common Stock as a result of the merger of Huels Corporation, the former owner of such shares and a former wholly-owned subsidiary of VEBA Corporation, with and into VEBA Corporation on September 30, 1998. Such shares constitute approximately 38.4% of the total number of outstanding shares of the Common Stock (based on the number of shares of Common Stock reported as outstanding in the Form S-3). Such shares will constitute approximately 30.9% of the total number of shares of Common Stock that will be outstanding after the consummation of the Rights Offering and the transactions contemplated by the Standby Agreement. VEBA Zweite is the record owner of 15,399,130 shares of the Common Stock as a result of the share purchase pursuant to the Purchase Agreement. Such shares constitute approximately 27.5% of the total number of outstanding shares of the Common Stock (based on the number of shares of Common Stock reported as outstanding in the Form S-3). Such shares will constitute approximately 22.1% of the total number of shares of Common Stock that will be outstanding after the consummation of the Rights Offering and the transactions contemplated by the Standby Agreement, assuming no additional shares are purchased by VEBA Zweite pursuant to the Standby Agreement. As described in Item 4 above, 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 17 of 30 Pages - --------------------- ---------------------- VEBA Zweite may be required to purchase additional shares of Common Stock pursuant to the Standby Agreement. Except as set forth below, no executive officer or director of any of the Reporting Persons is the beneficial owner of any shares of the Common Stock: Mr. Joern Stuehmeier, Vice President-Finance of VEBA Corporation and President of Fidelia Corporation, is the owner, jointly with his wife, of 2,500 shares of Common Stock. Mr. Stuehmeier does not beneficially own one percent or more of the total number of outstanding shares of the Common Stock (based on the number of shares Common Stock reported outstanding in the Form S-3). (b) VEBA AG, directly and indirectly (acting through its wholly-owned subsidiaries, VEBA Corporation, VEBA Zweite and VEBA Holding GmbH), has sole power to vote or direct the vote, and to dispose or to direct the disposition of the shares of Common Stock beneficially owned by VEBA AG. As a result, VEBA AG may be deemed to beneficially own the shares of the Common Stock owned of record by VEBA Corporation and VEBA Zweite. Mr. Stuehmeier has shared power to vote or direct the vote, and to dispose or direct the disposition of 2,500 shares of Common Stock of the Company which he owns jointly with his wife. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 18 of 30 Pages - --------------------- ---------------------- (c) Except as described in Item 4 above, there have not been any transactions in the Common Stock effected by or for the account of any of the Reporting Persons or any executive officer or director of any of the Reporting Persons during the past 60 days. (d) Except as stated in this Item 5, to the best knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock owned by the Reporting Persons. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relation-ships with Respect to Securities of the Issuer. See Item 4 above for a description of the Purchase Agreement, the Standby Agreement, the Registration Rights Agreement, the Assignment Agreement and the Registration Rights Amendment, copies of which are filed as Exhibits 2-4 to the Schedule 13D and Exhibits 54 and 55 to this Amendment No. 1, respectively, and which are incorporated herein by reference. The Company and VEBA AG and its affiliates amended, effective as of September 1, 1998, their existing credit agreements (the "Amended Credit Agreements") to, among other things, extend the maturity dates of outstanding loans to 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 19 of 30 Pages - --------------------- ---------------------- the Company that mature prior to January 1, 2001 until their respective maturity date anniversaries in 2001, and increase the interest rates payable by the Company on all of the Company's existing debt to VEBA AG and its affiliates. The increased interest rates reflect the longer maturities and are priced at interest rate spreads applicable to an average industrial borrower at a specified credit rating. The interest rates payable on the loans that are extended until 2001 will be adjusted at the time of extension to reflect the then-current interest rate spreads applicable to an average industrial borrower at a specified credit rating. The Amended Credit Agreements provide that if VEBA AG and its affiliates own less than a majority of the outstanding Common Stock on and after January 1, 2001, then the interest rates payable by the Company will be the higher of (a) the interest rate currently set forth in each such loan agreement or (b) an interest rate determined as of the change of control date for an average industrial borrower at a specified credit rating based on the remaining term of each such loan agreement. In addition, in such event the Company will become subject to certain affirmative covenants set forth in the Amended Credit Agreements. The annual commitment fee payable by the Company on the undrawn portion of loans pursuant to the Amended Credit Agreements is 1/4 of one percent. Additionally, the Amended 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 20 of 30 Pages - --------------------- ---------------------- Credit Agreements require the Company, subject to certain exceptions in the ordinary course of the Company's business, to not allow any encumbrances, such as mortgages and security interests, to be placed on its assets. Pursuant to the Revolving Credit Agreement, dated as of September 23, 1998 (the "1998 Revolving Credit Agreement"), by and between the Company and VEBA AG, VEBA AG has agreed to provide $100 million of additional debt financing to the Company on a revolving basis at interest rate spreads applicable to an average industrial borrower at a specified credit rating. The other terms of the Revolving Credit Agreement are similar to those of the Amended Credit Agreements. Pursuant to the Revolving Credit Agreement, dated as of February 26, 1999 (the "1999 Revolving Credit Agreement") by and between the Company and VEBA Corporation, VEBA Corporation has agreed to provide $75 million of additional debt financing to the Company on terms similar to those of the 1998 Revolving Credit Agreement, except for a shorter term. The 1999 Revolving Credit Agreement terminated on March 19, 1999 without any amounts having been drawn thereunder by the Company. The preceding summary of certain provisions of the Amended Credit Agreements, the 1998 Revolving Credit Agreement and the 1999 Revolving Credit Agreement is not 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 21 of 30 Pages - --------------------- ---------------------- intended to be complete and is qualified in its entirety by reference to the full text of such agreements, copies of which are filed as Exhibits 5-25 to the Schedule 13D and Exhibit 56 to this Amendment No. 1, respectively, and which are incorporated herein by reference. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Item 7. Material to be Filed as Exhibits. The following Exhibits are added after Exhibit 47 to the Schedule 13D: Exhibit 48. Joint Filing Agreement, dated as of March 23, 1999 by and among VEBA AG, VEBA Corporation and VEBA Zweite. Exhibit 49. Credit Agreement dated as of February 10, 1999 between VEBA AG and VEBA Zweite (German language version with non-binding English translation). Exhibit 50. Power of Attorney dated December 21, 1998 from VEBA Zweite to the persons specified therein. Exhibit 51. Power of Attorney dated December 23, 1998 from VEBA Zweite to the persons specified therein. Exhibit 52. First Amendment to Purchase Agreement dated as of December 30, 1998 between the Company and VEBA Corporation is incorporated by reference to Exhibit 10.1(a) to the Form S-3 (Amendment No. 2) filed on December 31, 1998. Exhibit 53. Second Amendment to Purchase Agreement dated as of February 15, 1999 between the Company and VEBA Zweite is incorporated by reference to Exhibit 10.1(b) to the Form S-3 (Amendment No. 3) filed on March 2, 1999. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 22 of 30 Pages - --------------------- ---------------------- Exhibit 54. Assignment and Assumption Agreement, dated as of December 30, 1998 by and among VEBA Corporation and VEBA Zweite. Exhibit 55. First Amendment to Registration Rights Agreement dated as of March 19, 1999 by and among the Company, VEBA Corporation and VEBA Zweite. Exhibit 56. Revolving Credit Agreement dated as of February 26, 1999 by and between VEBA Corporation and the Company is incorporated by reference to Exhibit 10.4 to the Form S-3 (Amendment No. 3) filed on March 2, 1999. 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 23 of 30 Pages - --------------------- ---------------------- SIGNATURE After reasonable inquiry and the best of my knowledge and belief, the undersigned certify that the information set forth in the statement is true, complete and correct. Date: March 23, 1999 VEBA Aktiengesellschaft By: /s/ Hans Michael Gaul -------------------------------- Name: Dr. Hans Michael Gaul Title: Chief Financial Officer By: /s/ Rolf Pohlig -------------------------------- Name: Dr. Rolf Pohlig Title: Executive Vice President Date: March 23, 1999 VEBA Corporation By: /s/ Heinz H. Puetthoff -------------------------------- Name: Dr. Heinz H. Puetthoff Title: President By: /s/ A. Paul Brandimarte, Jr. -------------------------------- Name: A. Paul Brandimarte, Jr. Title: Vice President Date: March 23, 1999 VEBA Zweite Verwaltungsgesellschaft mbH By: /s/ Rolf Pohlig -------------------------------- Name: Dr. Rolf Pohlig Title: Managing Director By: /s/ Claus-Peter von der Fecht -------------------------------- Name: Claus-Peter von der Fecht Title: Prokurist 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 24 of 30 Pages - --------------------- ---------------------- SCHEDULE I DIRECTORS AND EXECUTIVE OFFICERS OF VEBA AG The name, business address, present principal occupation or employment and citizenship, and the name, principal business and address of any corporation or other organization in which such employment is conducted, of each of the directors and executive officers of VEBA AG is set forth below.
Principal Occupation, if other Position with than as Executive Officer of Citizen- Name and Business Address VEBA AG VEBA AG ship - ------------------------- ------------- ------------------------------ -------- Hermann Josef Strenger Member of the Supervisory Chairman of the Supervisory German Vorsitzender des Board, Chairman Board, Bayer AG, Leverkusen Aufsichtsrates VEBA AG Chairman Kaiser-Wilhelm-Alee, Gebaude Q 26 51368 Leverkusen Hubertus Schmoldt Member of the Supervisory Chairman of the Board of German Vorsitzender der Board, Deputy Chairman Management, IG BERGBAU, CHEMIE, Industriegewerkschaft Bergbau, ENERGIE Chemie, Energie Konigsworther Platz 6 30167 Hannover Ralf Blauth Member of the Supervisory Industrial Clerk German DEGUSSA-HUELS AG Board (Industriekaufmann) Paul-Baumann-Strasse 1 45764 Marl Dr. Rolf-E. Breuer Member of the Supervisory Spokesperson of the Board of German Sprecher des Vorstandes Board Management, Deutsche Bank AG DEUTSCHE BANK AG Taunusanlage 12 60325 Frankfurt Dr. Gerhard Cromme Member of the Supervisory Chairman of the Board of German Vorsitzender des Board Management, Fried. Krupp AG Vorstandes Hoesch-Krupp FRIED, KRUPP AG HOESCH-KRUPP Altendorfer Strasse 103 45143 Essen 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 25 of 30 Pages - --------------------- ---------------------- Rainer Duecker Member of the Supervisory Power plant worker German PREUSSENELEKTRA AG Board Tresckowstrasse 5 30457 Hannover und: PREUSSENELEKTRA AG Betriebsstelle Lubeck Bargerbruck 4 23617 Stockelsdorf Henner Hecht-Wieber Member of the Supervisory Electrician German Raab Karcher Board Tankstellentechnik Niederlassung Dusseldorf Ronsdorfer Strasse 96 40233 Dusseldorf Wolf-Ruediger Hinrichsen Member of the Supervisory M.A. Economics German VEBA AG Board (Diplom-Volkswirt) Volks-und Energiewirtschaft Bennigsenplatz 1 40474 Dusseldorf Ulrich Hocker Member of the Supervisory Managing Director, Deutsche German Hauptgeschaftsfuhrer Board Schutzvereinigung fur Deutsche Schutzvereinigung Wertpapierbesitz e. V. fur Wertpapierbesitz e.V. Humboldstrasse 9 40237 Dusseldorf Postfach 14 02 43 40072 Dusseldorf Dr. h.c. Andre Leysen Member of the Supervisory Chairman of the Administrative Belgian Vorsitzender des Board Board, Gevaert N.V. Verwaltungsrates der GEVAERT N.V. Septestraat 27 B-2640 Mortsel Dr. Klaus Liesen Member of the Supervisory Chairman of the Supervisory German Vorsitzender des Board Board, Ruhrgas AG Aufsichtsrates der RUHRGAS AG Huttropstrasse 60 45138 Herbert Mai Member of the Supervisory Chairman, Gewerkschaft German Vorsitzender der Board Oeffentliche Dienste, Transport Gewerkschaft OTV und Verkehr Theodor-Heuss-Strasse 2 70174 Stuttgart 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 26 of 30 Pages - --------------------- ---------------------- Dagobert Millinghaus Member of the Supervisory Accounting and Administration German BRENNTAG AG Board Humboldtring 15 45472 Mulheim/Ruhr Margret Moenig-Raane Member of the Supervisory 1st Chairman, Gewerkschaft German Vorsitzender der Board Handel Banken Versicherungen Gewerkschaft Handel, Banken und Versicherungen Kanzlerstrasse 8 40472 Dusseldorf Dr. Henning Schulte-Noelle Member of the Supervisory Chairman of the Board of German Vorsitzender des Board Management, Allianz AG Vorstandes der ALLIANZ AG Koniginstrasse 28 80802 Munchen Morris Tabaksblat Member of the Supervisory Chairman, Unilever N.V. Dutch Chairman & CEO Board Unilever NV Weena 455 NL-3013 AL Rotterdam P.O. Box 760 NL-3000 Rotterdam Kurt F. Viermetz Member of the Supervisory Non-Executive Director, J.P. German Non-Executive Director Board Morgan & Co., Inc. J.P. MORGAN & CO. INCORPORATED 23 Wall Street (30/15 B) New York, N.Y. 10260-0023 U.S.A. uber J.P. MORGAN GmbH, Frankfurt: BorsenstraBe 2-4 60313 Frankfurt/Main Dr. Bernd Voss Member of the Supervisory Member of the Board of German Mitglied des Vorstandes Board Management, Dresdner Bank AG DRESDNER BANK AG Jurgen-Ponto-Platz 1 60329 Frankfurt/Main Dr. Peter Weber Member of the Supervisory President of the Union of Employees German DEGUSSA-HUELS AG Board with Managerial Functions, Degussa- Bau 1047 Huels AG Paul-Baumann-Strasse 1 45764 Marl 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 27 of 30 Pages - --------------------- ---------------------- Kurt Weslowski Member of the Supervisory Chemical Worker German VEBA OEL AG Board Werk Scholven Pawiker Strasse 30 45896 Gelsenkirchen Ulrich Hartmann* Member of the Board of German Management, Chairman and Chief Executive Officer Alain D. Bandle* Member of the Board of Swiss Management, Telecommunications Gunther Beuth* Member of the Board of Chairman of the Board of German Management Management of Raab Karcher AG-VEBA Immobilien Management Wilhelm Bonse-Geuking* Member of the Board of Chairman of the Board of German Management Management of VEBA Oel AG Dr. Hans Michael Gaul* Member of the Board of German Management; Chief Financial Officer Dr. Hans-Dieter Harig* Member of the Board of Chairman of the Board of German Management Management of PreussenElektra AG Dr. Manfred Krueper* Member of the Board of German Management; Group Resource Management Helmut Mamsch* Member of the Board of German Management, Group Strategic Development Dr. Wulf Bernotat* Member of the Board of Chairman of the Board of German Management Management of Stinnes AG
*The business address of each of these persons is: VEBA Aktiengesellschaft, Bennigsenplatz 1, 40474, Germany 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 28 of 30 Pages - --------------------- ---------------------- DIRECTORS AND EXECUTIVE OFFICERS OF VEBA CORPORATION The name, business address, present principal occupation or employment and citizenship, and the name, principal business and address of any corporation or other organization in which such employment is conducted, of each of the directors and executive officers of VEBA Corporation is set forth below.
Principal Occupation, if other Position with VEBA than as Executive Officer of Citizen- Name Corporation VEBA Corporation ship - ---- ------------------ ------------------------------ -------- Helmut Mamsch** Director Member of Board of Management German of VEBA AG Ulrich Hartmann** Director Chairman of Board of Management German of VEBA AG Dr. Hans Michael Gaul** Director Member of Board of Management German of VEBA AG; Chief Financial Officer, VEBA AG Dr. Heinz-Helmer Puetthoff** Director, President German A. Paul Brandimarte, Jr.** Director, Vice President, USA General Counsel and Secretary Joseph J. Supp** Vice President-Tax USA Joern A. Stuehmeier** Vice President-Finance President, Fidelia Corporation, German Wilmington, Delaware James W. Balch** Controller USA
** The business address of each of these persons is: VEBA Corporation, 605 Third Avenue, New York, NY 10158 13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 29 of 30 Pages - --------------------- ---------------------- DIRECTORS AND EXECUTIVE OFFICERS OF VEBA ZWEITE VERWALTUNGSGESELLSCHAFT MBH The name, business address, present principal occupation or employment and citizenship, and the name, principal business and address of any corporation or other organization in which such employment is conducted, of each of the directors and executive officers of VEBA Zweite Verwaltungsgesellschaft mbH ("VEBA Zweite") is set forth below.
Principal Occupation, if other than as Executive Officer of Position with VEBA Zweite, and address Citizen- Name VEBA Zweite thereof ship - ---- ------------- ------------------------------ -------- Ulrich Hueppe Managing Director Executive Vice President of German VEBA AG, Bennigsenplatz 1, 40474 Duesseldorf, Germany Rolf Pohlig Managing Director Executive Vice President of German VEBA AG, Bennigsenplatz 1, 40474 Duesseldorf, Germany
13D - --------------------- ---------------------- CUSIP No. 552715 10 4 Page 30 of 30 Pages - --------------------- ---------------------- EXHIBIT INDEX Exhibit 48. Joint Filing Agreement, dated as of March 23, 1999 by and among VEBA AG, VEBA Corporation and VEBA Zweite. Exhibit 49. Credit Agreement dated as of February 10, 1999 between VEBA AG and VEBA Zweite (German language version with non-binding English translation). Exhibit 50. Power of Attorney dated December 21, 1998 from VEBA Zweite to the persons specified therein. Exhibit 51. Power of Attorney dated December 23, 1998 from VEBA Zweite to the persons specified therein. Exhibit 52. First Amendment to Purchase Agreement dated as of December 30, 1998 between the Company and VEBA Corporation is incorporated by reference to Exhibit 10.1(a) to the Form S-3 (Amendment No. 2) filed on December 31, 1998. Exhibit 53. Second Amendment to Purchase Agreement dated as of February 15, 1999 between the Company and VEBA Zweite is incorporated by reference to Exhibit 10.1(b) to the Form S-3 (Amendment No. 3) filed on March 2, 1999. Exhibit 54. Assignment and Assumption Agreement, dated as of December 30, 1998 by and among VEBA Corporation and VEBA Zweite. Exhibit 55. First Amendment to Registration Rights Agreement dated as of March 19, 1999 by and among the Company, VEBA Corporation and VEBA Zweite. Exhibit 56. Revolving Credit Agreement dated as of February 26, 1999 by and between VEBA Corporation and the Company is incorporated by reference to Exhibit 10.4 to the Form S-3 (Amendment No. 3) filed on March 2, 1999. EX-99 2 EXHIBIT 48 EXHIBIT 48 JOINT FILING AGREEMENT The undersigned hereby agree to jointly file a statement on Schedule 13D, together with any amendments thereto, with the SEC pursuant to the requirements of Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended. This Joint Filing Agreement may be signed in counterpart copies. Date: March 23, 1999 VEBA Aktiengesellschaft By: /s/ Hans Michael Gaul ----------------------------------- Name: Dr. Hans Michael Gaul Title: Chief Financial Officer By: /s/ Rolf Pohlig ----------------------------------- Name: Dr. Rolf Pohlig Title: Executive Vice President Date: March 23, 1999 VEBA Corporation By: /s/ Heinz H. Puetthoff ----------------------------------- Name: Dr. Heinz H. Puetthoff Title: President By: /s/ A. Paul Brandimarte, Jr. ----------------------------------- Name: A. Paul Brandimarte, Jr. Title: Vice President Date: March 23, 1999 VEBA Zweite Verwaltungsgesellschaft mbH By: /s/ Rolf Pohlig ----------------------------------- Name: Dr. Rolf Pohlig Title: Managing Director By: /s/ Claus-Peter von der Fecht ----------------------------------- Name: Claus-Peter von der Fecht Title: Prokurist EX-99 3 EXHIBIT 49 Exhibit 49 Rahmenvertrag fuer die Vergabe von Darlehen und die Einraeumung von Kreditlinien innerhalb des VEBA-Konzerns zwischen der VEBA Aktiengesellschaft Bennigsenplatz 1 40474 Duesseldorf -Darlehensgeberin- und der VEBA Zweite Verwaltungsgesellschaft mbH Bennigsenplatz 1 40474 Duesseldorf - Darlehensnehmerin - Praeambel Die Parteien beabsichtigen, die Vergabe von Darlehen und die Einraeumung von Kreditlinien innerhalb des VEBA-Konzerns zu vereinheitlichen. Zu diesem Zweck gelten fortan fur alle Absprachen uber Einzeldarlehen und die Einraeumung von Kreditlinien (einschliesslich der Ziehungen aus solchen Kreditlinien) zwischen der Darlehensgeberin und der Darlehensnehmerin (hiernach "Einzelabschluesse") die nachfolgenden Bedingungen. ss. 1 Einzelabschluesse (1) Haben sich die Parteien ueber einen Einzelabschluss fernmuendlich oder sonstwie geeinigt, wird die Darlehensgeberin der Darlehensnehmerin nach Wahl der Darlehensgeberin diese Abrede brieflich, per Telefax oder per Datenfernuebertragung bestaetigen. Der Einzelabschluss gilt als genehmigt, wenn die Darlehensnehmerin gegen die Bestaetigung nicht innerhalb einer Frist von 7 Bankarbeitstagen - gerechnet ab deren Zugang - gegenueber der Darlehensgeberin brieflich, per Telefax oder per Datenfernuebertragung widerspricht. (2) Die Bestimmungen eines gem. Abs. 1 bestaetigten Einzelabschlusses gehen diesem Rahmenvertrag vor, soweit sie Regelungen enthalten, die im Widerspruch zum Rahmenvertrag stehen. (3) Die Bestimmungen dieses Rahmenvertrages gelten fuer alle Einzelabschluesse, die nach dem Inkrafttreten dieses Rahmenvertrages genehmigt werden bzw. als genehmigt gelten. Dies gilt auch dann, wenn in solchen Einzelabschluessen nicht auf diesen Rahmenvertrag Bezug genommen wird. ss. 2 Zahlungen (1) Die Darlehensgeberin ueberweist den im Einzelabschluss vereinbarten Darlehensbetrag auf das Konto der Darlehensnehmerin. Handelt es sich nicht um ein Verrechnungskonto, sind die standardmaessig vereinbarten Konten zu benutzen und die vereinbarten Ablaeufe fuer telefonische Auftraege einzuhalten. Jede Partei traegt ihre mit einer Zahlung verbundenen Kosten selbst. (2) Falls die Darlehensnehmerin und die Darlehensgeberin ihren Sitz in demselben Staat haben, ist die Darlehensnehmerin verpflichtet, die von ihr an die Darlehensgeberin zu entrichtenden Zahlungen an den im Einzelabschluss genannten Terminen in der vereinbarten Hoehe kostenfrei und ohne Abzuege, ohne Einbehalt oder Belastungen fuer Steuern, Gebuehren oder sonstige Abgaben, gleich welcher Art, nach den Weisungen der Darlehensgeberin zu leisten. Dies gilt nicht fuer solche Abgaben, die als Steuern von den Zahlungen nach Massgabe gesetzlicher Vorschriften erhoben werden. (3) Falls die Darlehensnehmerin und die Darlehensgeberin ihren Sitz nicht in demselben Staat haben, ist die Darlehensnehmerin verpflichtet, die von ihr an die Darlehensgeberin zu entrichtenden Zahlungen an den im Einzelabschluss genannten Terminen in der vereinbarten Hoehe kostenfrei und ohne Abzuege, Einbehalt oder Belastungen fuer Steuern, Gebuehren oder sonstige Abgaben, gleich welcher Art, nach den Weisungen der Darlehensgeberin zu leisten. Falls die Darlehensnehmerin zum Abzug oder zum Einbehalt derartiger Abgaben verpflichtet ist, wird die Darlehensnehmerin die Darlehensgeberin durch zusaetzliche Zahlungen genau so stellen, als ob derartige Abgaben nicht erhoben wuerden. (4) Eine Leistung durch teilweise oder vollstaendige Aufrechnung durch eine der Vertragsparteien gegenueber der anderen Vertragspartei ist nur zulaessig, wenn die gegenseitigen Forderungen zwischen den Parteien unstrittig sind. (5) Ist der Faelligkeitstag fuer Zahlungen gemaess den Bestimmungen dieses Rahmenvertrages am Zahlungsort kein Bankarbeitstag, so ist die Leistung am unmittelbar folgenden Bankarbeitstag zu erbringen. Faellt dieser Tag jedoch in den naechsten Kalendermonat, so ist die Zahlung an dem Bankarbeitstag zu leisten, der dem Faelligkeitstag unmittelbar vorausgeht. ss. 3 Zinssatz (1) Die Parteien vereinbaren pro Einzelabschluss eine Verzinsung des Darlehens auf variabler Basis oder auf Festzinsbasis. Die fuer die jeweilige Waehrung anzuwendende Usance wird im Einzelabschluss vereinbart. Die vorgenannten Regelungen gelten auch fuer Ziehungen aus Kreditlinien. (2) Im Falle der Vereinbarung eines Zinses auf variabler Basis einigen sich die Parteien auf einen Basis-Satz - gegebenenfalls zuzueglich eines Aufschlages. Der Basis-Satz wird an dem Tag, an dem dieser Satz zu bestimmen ist, von der Darlehensgeberin festgestellt und der Darlehensnehmerin mitgeteilt. Die Zinsen sind am Ende des Berechnungszeitraumes faellig und zahlbar. Der aufgrund dieses Rahmenvertrages und des Einzelabschlusses zu zahlende variable Zinsbetrag ist das Produkt aus a) dem vereinbarten Darlehensbetrag bzw. dem Ziehungsbetrag aus einer Kreditlinie, b) dem vereinbarten variablen Zinssatz sowie c) der Anzahl der tatsaechlich abgelaufenen Tage des Berechnungszeitraums, fuer den der Zins zu berechnen ist, dividiert durch die Zahl 360 ("365/360"). Hiervon abweichende Usancen werden im Einzelabschluss vereinbart und in der Bestaetigung fixiert. (3) Im Falle der Vereinbarung der Verzinsung auf Festzinsbasis wird der Zinssatz im Einzelabschluss festgelegt. Wird nichts anderes vereinbart, werden die Zinsen auf jaehrlicher Basis berechnet. Die Zinsen sind nachtraeglich jaehrlich faellig und zahlbar. Der jeweils zu zahlende Zinsbetrag ist das Produkt aus a) dem vereinbarten Darlehensbetrag bzw. dem Ziehungsbetrag aus einer Kreditlinie, b) dem vereinbarten Festzinssatz sowie c) dem Quotienten berechnet aus der Anzahl der abgelaufenen Tage des Berechnungszeitraums - berechnet auf der Basis eines 360-Tage-Jahres mit 12 Monaten zu je 30 Tagen - dividiert durch die Zahl 360 ("360/360"). Absatz 2 Satz 5 gilt entsprechend. (4) "Berechnungszeitraum" gem. Abs. 2 und 3 ist der Zeitraum, der mit der Valutierung des Darlehens bzw. mit der Ziehung aus einer Kreditlinie gem. ss. 2 Abs. 1 dieses Rahmenvertrages oder - bei entsprechender Vereinbarung im Einzelabschluss - mit einem Zahlungstermin (einschliesslich) beginnt und mit dem darauffolgenden Zahlungstermin (ausschliesslich) endet. (5) Bereitstellungsprovisionen sind im Einzelabschluss bei der Einraeumung einer Kreditlinie zu vereinbaren. ss. 4 Verzug (1) Erfolgt die Zahlung gem. ss. 2 Abs. 2 bzw. Abs. 3 dieses Rahmenvertrages aus von der Darlehensnehmerin zu vertretenden Gruenden nicht rechtzeitig, so werden bis zum Zeitpunkt des Eingangs der Zahlung des faelligen Betrages Zinsen zu folgendem Satz berechnet: vereinbarter Satz plus 1 %. (2) Die Geltendmachung eines hoeheren Schadens ist nicht ausgeschlossen. ss. 5 Besicherung Grundsaetzlich werden die Darlehen und Kreditlinien nicht besichert. Wird einer nicht hundertprozentigen Teilkonzern-Tochtergesellschaft ein Darlehen gewaehrt oder eine Kreditlinie eingeraeumt, erfolgt eine Besicherung durch Kreditauftrag der jeweiligen Teilkonzern-Fuehrungsgesellschaft. ss. 6 Betriebsstoerung Keine Vertragspartei haftet der anderen Vertragspartei fuer Schaeden, die durch hoehere Gewalt oder sonstige von der zuerst genannten Vertragspartei nicht zu vertretende Umstaende (Netzunterbrechung, Streik, Aussperrungen, Verfuegungen von hoher Hand im In- und Ausland und aehnliche Faelle) bei der anderen Vertragspartei eintreten. ss. 7 Uebertragung (1) Die Darlehensgeberin ist zur teilweisen oder vollstaendigen Abtretung ihrer Rechte aus diesem Rahmenvertrag und/oder aus Einzelabschluessen befugt. In diesem Fall wird die Darlehensgeberin darauf hinwirken, dass die Bestimmungen des Rahmenvertrages und der von der Uebertragung erfassten Einzelabschluesse auch fuer den Erwerber dieser Rechte gelten. Die Abtretung bedarf zu ihrer Wirksamkeit der schriftlichen Anzeige an die Darlehensnehmerin. (2) Eine Uebertragung der Verpflichtungen der Darlehensnehmerin aus diesem Rahmenvertrag und/oder aus Einzelabschluessen auf Dritte (einschliesslich anderer im VEBA-Konzern verbundener Unternehmen) bedarf der Zustimmung der Darlehensgeberin. Eine Verpflichtung zur Erteilung dieser Zustimmung besteht nicht. ss. 8 Kuendigung eines Einzelabschlusses (1) Die ordentliche Kuendigung eines Einzelabschlusses einschliesslich einer Kreditlinie ist ausgeschlossen. Die Moeglichkeit der Kuendigung aus wichtigem Grund bleibt hiervon unberuehrt. Ein wichtiger Grund liegt insbesondere dann vor, (a) wenn eine Aenderung in der steuerlichen Behandlung der Zahlung eintritt oder mit erheblicher Wahrscheinlichkeit eintreten wird; (b) eine wesentliche Verschlechterung der Vermoegensverhaeltnisse der Darlehensnehmerin festgestellt wird; (c) die Darlehensnehmerin aus dem VEBA-Konzern (Konsolidierungskreis) ausscheidet; (d) bei Eroeffnung des Konkurs- oder Vergleichsverfahrens gegen die Darlehensnehmerin. Im Falle der Kuendigung aus wichtigem Grund findet zwischen den Parteien ein Vorteilsausgleich statt. Falls im Falle des ss. 8 Abs. 1c dieses Vertrages die Darlehensnehmerin einen Vorteilsausgleich geltend macht, wird dieser Vorteilsausgleich nur nach ausdruecklicher Zustimmung der Darlehensgeberin an die Darlehensnehmerin ausgezahlt. Darueber hinausgehende Schadensersatzansprueche bedurfen im Falle der Kuendigung gem. (a) des Nachweises durch die gekuendigte Partei, in allen uebrigen Faellen des Nachweises durch die kuendigende Partei. (2) Der Einzelabschluss kann ueberdies von den Parteien jederzeit einvernehmlich ganz oder teilweise mit einer Frist von 7 Bankarbeitstagen aufgehoben werden. Im Falle der Einigung auf eine vorzeitige Vertragsaufhebung erfolgt zwischen den Parteien ein Vorteilsausgleich auf Basis der Marktkonditionen fuer die entsprechende Restlaufzeit. (3) Verlangt die Darlehensnehmerin eine vorzeitige Aufhebung eines Einzelabschlusses und kann hierueber eine Einigung nicht erzielt werden, und liegen die Voraussetzungen des Abs. 1 nicht vor, hat die Darlehensnehmerin Anspruch auf Abschluss eines marktgerechten Gegengeschaeftes fuer die Restlaufzeit in Hoehe des Betrages, fuer den die Aufhebung verlangt wird. Diese Regelung gilt auch bei der vorzeitigen Aufhebung einer Ziehung aus einer Kreditlinie, nicht jedoch bei der vorzeitigen Aufhebung einer Kreditlinie als Ganzes. ss. 9 Beendigung des Rahmenvertrages (1) Dieser Rahmenvertrag wird auf unbestimmte Frist geschlossen. Jede Vertragspartei hat das Recht, den Rahmenvertrag mit einer Frist von 3 Monaten zum Jahresende schriftlich zu kuendigen. In diesem Fall sind noch nicht abgewickelte Einzelabschluesse auch nach Vertragsbeendigung nach diesem Rahmenvertrag abzuwickeln. (2) Unabhaengig von Abs. 1 endet dieser Rahmenvertrag ohne Kuendigung, wenn die Darlehensnehmerin aus dem VEBA-Konzern ausscheidet (Konsolidierungs-kreis) oder ueber ihr Vermoegen ein Konkurs- oder Vergleichsverfahren eroeffnet wird. (3) Fuer eine Kuendigung des Rahmenvertrages aus wichtigem Grund gilt im uebrigen ss.8 Abs. 1 dieses Rahmenvertrages entsprechend. ss. 10 Verschiedenes (1) Jedwede Aenderung dieses Rahmenvertrages bedarf der Schriftform. Dies gilt auch fur eine Aenderung dieser Schriftformklausel. (2) Der Rahmenvertrag und die Einzelabschluesse unterliegen ausschliesslich dem deutschen Recht. (3) Sollte dieser Rahmenvertrag oder ein Einzelabschluss unwirksam sein oder sich als unwirksam erweisen oder sollten die Parteien einen regelungsbeduerftigen Punkt versehentlich nicht geregelt haben, wird hierdurch die Wirksamkeit der uebrigen Bestimmungen nicht beruehrt. In einem derartigen Fall gilt eine solche Bestimmung als vereinbart, die die Vertragsparteien in Kenntnis der unwirksamen Bestimmung bzw. zur Ausfuellung der Luecke im Sinne und im Geiste dieses Vertrages vereinbart haetten. Duesseldorf, den 10. Februar 1999 VEBA Aktiengesellschaft VEBA Zweite Verwaltungs- gesellschaft mbH /s/ Michael C. Wilhelm /s/ Rolf Pohlig - -------------------------- --------------------- (ppa. Michael C. Wilhelm) (Dr. Rolf Pohlig) /s/ i.V. Thomas Fehl - -------------------------- (i.V. Thomas Fehl) Non-binding English translation of the VEBA Master Agreement dated 10.02.1999 Master Agreement for Awarding Loans and Credit Lines within the VEBA Group between VEBA AG Bennigsenplatz 1 40474 Duesseldorf - Lender - and VEBA Zweite Verwaltungsgesellschaft mbH Bennigsenplatz 1 40474 Duesseldorf - Borrower - (Lender and Borrower shall be referred to as "Parties" hereinafter) Introduction The Parties intend to create a uniform guideline for awarding loans (hereinafter: "Loans") and credit lines (hereinafter: "Credit Lines") within the VEBA Group. For this purpose the following conditions shall govern all agreements (hereinafter: "Single Transactions") regarding individual Loans as well as any award of Credit Lines (including any drawing rights arising from such Credit Lines) between the Parties. Section 1 Single Transactions (1) If the Parties have come to an agreement per telephone or by some other means, the Lender shall confirm the agreement via mail, facsimile or remote data transmission to the Borrower. The Single Transaction is considered approved if the Borrower does not make objections to the conditions of the agreement within 7 bank business days including the date on which the agreement was received. Objections, if any exist, shall be sent to the Lender via mail, facsimile or remote data transmission. (2) Provisions of Single Transactions that have been approved according to paragraph 1 and include terms inconsistent with the Master Agreement have priority over this Master Agreement. (3) All Single Transactions that are approved or considered approved after this Master Agreement enters into force, are subject to the Master Agreement's provisions. This rule shall also apply when Single Transactions do not specifically make reference to this Master Agreement. Section 2 Payments (1) The Lender shall transfer the sum stipulated in the Single Transaction to the Borrower's bank account. If this account is not a clearing account, the stipulated standard accounts shall be used and procedures for orders per telephone are to be complied with. Each Party is responsible for any costs arising from the transfer of said payments. (2) If the Parties' corporate offices are located in the same country, the Borrower is obliged to make all payments to the Lender in the amount and on the due date set forth in the Single Transaction. These payments shall be made in compliance with instructions set forth by the Lender without any deduction, withholding or charge for taxes, fees or any other kind of levies. However, this rule shall not apply to taxes imposed on payments in accordance with legal provisions. (3) If the Parties' corporate offices are not located in the same country, the Borrower is obliged to make payments to the Lender in the amount and on the due date set forth in the Single Transaction. These payments shall be made in compliance with instructions set forth by the Lender without any deduction, withholding or charge for taxes, fees or any other kind of levies. If the Borrower is obliged to deduct or withhold such levies, the Borrower shall make additional payments to the Lender to fully offset them. (4) Any partial or complete offset declared by one Party to the other Party is permitted only when the reciprocal claims are not disputed between the Parties. (5) If the due date for a payment to be made in accordance with the provisions of this Master Agreement does not fall on a bank business day at the place of payment, payment shall be made on the next bank business day. If the next bank business day carries over to the next month, payment shall be made on the bank business day prior to the due date. Section 3 Interest Rate (1) The Parties agree upon a variable or fixed interest rate for each Single Transaction. The currency's usage shall be stipulated in the Single Transaction. The aforementioned provisions also apply to all withdrawals from Credit Lines. (2) If a variable interest rate is agreed upon, the Parties shall stipulate a base interest rate to which a surcharge may be added. The Lender shall determine the base interest rate on the day the interest rate is stipulated and inform the Borrower thereof. Any interest is due and payable at the end of each calculation period. The variable interest rate payable on the basis of this Master Agreement and the Single Transaction is computed by multiplying a) the stipulated Loan or Credit Line withdrawal amount, b) the stipulated variable interest rate and c) the actual number of days that transpire within the calculation period on which interest accrues, divided by 360 ("365/360"). Usages that deviate from this shall be stipulated in the Single Transaction and fixed in the confirmation (e.g. "365/ 365"). (3) If a fixed interest rate is agreed upon, the interest rate shall be set forth in the Single Transaction. Interest is calculated on a per-annum basis unless specified otherwise. Interest due is payable annually at the end of the interest-rate periods. The payable interest rate is computed by multiplying a) the stipulated Loan or sum withdrawn from the Credit Line, b) the stipulated fixed interest rate and c) the quotient derived from the number of days that transpire within a calculation period calculated on a 360-day-per-year basis with 12 months (each having 30 days) divided by 360 ("360/360"). Paragraph 2, sentence 5 applies mutatis mutandis. (4) The term "calculation period" according to paragraphs 2 and 3 refers to the period beginning with and including the Loan's or Credit Line withdrawal's value date according to paragraph 2, section 1 of this Master Agreement and ending with and excluding the subsequent payment due date. A Single Transaction may also stipulate this period as beginning with and including a payment due date and ending with and excluding the next payment due date. (5) Provisions for the availability of funds shall be agreed upon in Single Transactions when a Credit Line is granted. Section 4 Default (1) If payment is not made in due course, according to paragraph 2 sections 2 or 3 of this Master Agreement due to reasons for which the Borrower is responsible, the stipulated interest rate plus 1% shall be applied until the amount due is received. (2) The aforementioned clause does not rule out the enforcement of any higher compensation. Section 5 Collateral As a rule, Loans and Credit Lines are not collateralized. If a Loan or Credit Line is awarded to a subsidiary in which VEBA does not hold a 100 percent stake ("Teilkonzern-Tochtergesellschaft"), a collateral may be stipulated through a credit order by the holding company of such subsidiary ("Teilkonzern-Fuhrungsgesellschaft"). Section 6 Operational Breakdown Neither Party is liable for any damages incurred by the other Party caused by Acts of God or other circumstances incurred by one Party for which the other Party cannot be held responsible (i.e. power outages, strikes, lock-outs, domestic and foreign acts of government and the like). Section 7 Assignment (1) The Lender has the right to partially or wholly assign the rights it is granted through this Master Agreement and/or Single Transactions. In such a case, the Lender shall exercise its influence so that the provisions of the Master Agreement and the Single Transactions covered by the assignment will also apply to the assignee. In order to become effective, this assignment requires that the Borrower will be given written notice thereof. (2) The Lender must approve any assignment of obligations referenced in this Master Agreement and/or Single Transactions by the Borrower to third parties (including other companies affiliated with the VEBA Group). This approval is not obligatory. Section 8 Termination of a Single Transaction (1) Termination of a Single Transaction or Credit Line subject to a period of notice ("ordentliche Kuendigung") is not permitted. This rule does not apply to termination without notice for a special reason ("Kuendigung aus wichtigem Grund"). Such special reason is given, but is not limited to the following circumstances: (a) the payment's fiscal treatment changes or is very likely to change; (b) a substantial deterioration of the Borrower's financial conditions is ascertained; (c) the Borrower leaves the VEBA Group (i.e. the companies consolidated in VEBA's balance sheet); (d) bankruptcy or composition proceedings are initiated against the Borrower. Mutual compensation of benefits shall occur between the Parties in the event of termination without notice for a special reason. If the Borrower claims mutual compensation of benefits according to paragraph 8 section 1c of this Master Agreement, such compensation shall be paid to the Borrower only with the Lender's express consent. In the event of termination according to item (a), the Party which has received notice of termination must produce sufficient evidence of further damage claims. In all other cases, it is upon the terminating Party to produce sufficient evidence. (2) Furthermore, the Parties may entirely or partially annul Single Transactions by mutual consent at any time with a 7-bank-business-day prior notice. If the Parties agree on terminating the contract prematurely, the Parties are compensated for damages for the contract's remaining duration on the basis of market conditions. (3) If the Borrower demands the premature annulment of a Single Transaction and a mutual agreement cannot be reached, then, provided the conditions under paragraph 1 are not fulfilled, the Borrower has the right to a counter-transaction in line with market conditions for the remaining duration of the contract in the amount for which a premature annulment has been demanded. This provision also applies to any premature annulment of a Credit Line withdrawal. It does not, however, apply to a premature annulment of an entire Credit Line. Section 9 Termination of the Master Agreement (1) This Master Agreement is concluded for an indefinite time period. Each Party has the right to terminate the Master Agreement with a 3-month prior notice to the end of the calendar year. In this instance, Single Transactions that have not yet been settled shall be settled according to this Master Agreement even after termination of the Master Agreement. (2) Notwithstanding paragraph 1, this Master Agreement shall expire without termination if the Borrower leaves the VEBA Group (i.e. the companies consolidated in VEBA's balance sheet), or if bankruptcy or conciliation proceedings are initiated regarding the Borrower's assets. (3) Paragraph 8, section 1 of this Master Agreement applies mutatis mutandis to the termination of the Master Agreement without notice for a special reason ("Kuendigung aus wichtigem Grund"). Section 10 Miscellaneous (1) All changes to this Master Agreement must be made in writing. This rule also applies to changes made to this requirement of writing. (2) The Master Agreement and the Single Transactions are exclusively governed by and shall be construed in accordance with German law. (3) The validity of the Master Agreement's remaining provisions shall remain unaffected in case this Master Agreement or any Single Transaction should be proven null and void, or if the parties have not settled an item by mistake. In such a case, such (a) void provision(s) shall be automatically replaced and deemed to be agreed upon by such (a) provision(s) that the Parties would have agreed upon, and which is (are) covered by the meaning and intentions of this Master Agreement, would they have known the validity of the provision(s) or the loophole in the Master Agreement. EX-99 4 EXHIBIT 50 EXHIBIT 50 Letterhead of VEBA Zweite Verwaltungsgesellschaft mbH Bennigsenplatz 1 40474 Duesseldorf Tel. 0211/4579-1 POWER OF ATTORNEY We, VEBA Zweite Verwaltungsgesellschaft, Bennigsenplatz 1, 40474 Duesseldorf, Germany, represented by Dr. Rolf Pohlig as Director, hereby appoint Dr. Michael Bangert, Dr. Klaus Gruendler, Mrs. Judith Witte, Dr. Friedrich Oschmann, Mr. Frank Jungfermann and Mr. Jens-Uwe Herrmann of VEBA Aktiengesellschaft, Bennigsenplatz 1, 40474 Duesseldorf, Germany, each acting alone with power to execute and deliver on our behalf the Purchase Agreement between MEMC Electronic Materials, Inc. and ourselves, the Registration Rights Agreement between MEMC Electronic Materials, Inc. and ourselves, the Escrow Agreement between MEMC Electronic Materials, Inc., ourselves and Chadbourne & Parke LLP (collectively the "Agreements"), and the Amendment to Schedule 13D required to be filed with the Securities and Exchange Commission in connection with the private placement by MEMC Electronic Materials, Inc. as issuer, and ourselves, as buyer, of MEMC Common Stock pursuant to the terms of the Purchase Agreement, and to take any other action necessary in connection with the Agreements and the filing of Schedule 13D. The appointed are exempt from the restrictions of section 181 of the German Civil Code. Duesseldorf, 21 December 1998 VEBA Zweite Verwaltungsgesellschaft /s/ Rolf Pohlig - ---------------------------- (Dr. Rolf Pohlig) EX-99 5 EXHIBIT 51 EXHIBIT 51 Letterhead of VEBA Zweite Verwaltungsgesellschaft mbH Bennigsenplatz 1 40474 Duesseldorf Tel. 0211/4579-1 POWER OF ATTORNEY We, VEBA Zweite Verwaltungsgesellschaft, Bennigsenplatz 1, 40474 Duesseldorf, Germany, represented by Dr. Rolf Pohlig as Director, hereby appoint Dr. Michael Bangert, Dr. Klaus Gruendler, Mrs. Judith Witte, Dr. Friedrich Oschmann, Mr. Frank Jungfermann and Mr. Jens-Uwe Herrmann of VEBA Aktiengesellschaft, Bennigsenplatz 1, 40474 Duesseldorf, Germany, each acting alone with power to execute and deliver on our behalf the Assignment and Assumption Agreement between VEBA Corporation and ourselves (the "Agreement"), in connection with the private placement by MEMC Electronic Materials, Inc. as issuer, of MEMC Common Stock pursuant to the terms of a Purchase Agreement between MEMC and VEBA Corporation, and to take any other action necessary in connection with the Agreement. The appointed are exempt from the restrictions of section 181 of the German Civil Code. Duesseldorf, 23 December 1998 VEBA Zweite Verwaltungsgesellschaft mbH /s/ Rolf Pohlig - ------------------------------- (Dr. Rolf Pohlig) EX-99 6 EXHIBIT 54 Exhibit 54 ASSIGNMENT AND ASSUMPTION AGREEMENT ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of December 30, 1998 (the "Agreement") by and between VEBA Corporation, a Delaware corporation ("Assignor"), and VEBA Zweite Verwaltungsgesellschaft mbH, a German limited liability company ("Assignee"). WHEREAS, Assignor entered into that certain Purchase Agreement dated as of October 22, 1998 (the "Purchase Agreement"), by and among Assignor and MEMC Electronic Materials, Inc. ("MEMC") and that certain Standby Agreement dated as of October 22, 1998 (the "Standby Agreement", and together with the Purchase Agreement, the "MEMC Agreements"), by and among Assignor and MEMC; WHEREAS, pursuant to Section 7.4 of the Purchase Agreement and Section 6.4 of the Standby Agreement, Assignor may assign its rights under each of the MEMC Agreements to Assignee without the consent of MEMC; and WHEREAS, Assignor desires to assign its rights under the MEMC Agreements to Assignee, and Assignee desires to accept such assignment. NOW, THEREFORE, it is agreed as follows: 1. For good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Assignor assigns and transfers to Assignee, as of the date hereof, all of Assignor's rights under the Purchase Agreement to purchase the Common Shares (as defined in the Purchase Agreement), all of Assignor's rights under the Standby Agreement to purchase the Common Stock (as defined in the Standby Agreement and referred to hereinafter as the "Common Shares") and any other rights and benefits afforded to it under the MEMC Agreements. Such assignment shall not discharge Assignor from its obligations under the MEMC Agreements. 2. Assignee accepts such assignment as of the date hereof. As between Assignor and Assignee, Assignee assumes all of Assignor's obligations arising after the date hereof under the MEMC Agreements. 3. Assignee is acquiring the Common Shares solely by and for its own account as principal, for investment purposes only, and not for the account of any other person and not with a view to, or for, distribution, assignment, fractionalization or resale or distribution to others in whole or in part in violation of the Securities Act. 4. Assignee understands that the offering and the sale of the Common Shares are intended to be exempt from registration under the Securities Act pursuant to Section 4(2) of the Securities Act. Assignee is not acquiring the Common Shares as a result of (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio or (ii) any seminar meeting whose attendees had been invited as a result of, subsequent to, or pursuant to any of the foregoing. 5. Assignee is an accredited investor within the meaning of Regulation D under the Securities Act. 6. Assignee acknowledges that the Common Shares, in its hands, will be restricted securities under the Securities Act which may not be sold or offered for sale in the absence of an effective registration statement as to such Common Shares under the Securities Act or an opinion of counsel satisfactory to MEMC that such registration is not required. Assignee agrees it will not transfer, by way of gift or otherwise, or sell the Common Shares or any part thereof, unless such Common Shares have been registered under the Securities Act and any applicable state securities laws or it first obtains, at its own expense, if requested by MEMC, an opinion of counsel reasonably satisfactory to MEMC that the transfer of such Common Shares may be effected without registration under the Securities Act and any applicable state securities laws. Assignee acknowledges that the certificates evidencing the Common Shares will contain a legend to such effect. 7. This Agreement is made subject to and in accordance with the provisions of each of the MEMC Agreements. MEMC shall be a third party beneficiary of Assignee's agreements and acknowledgments under paragraphs 3, 4, 5 and 6 above. 8. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York, without regard to conflict of law principles thereof. IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement as of the day and year first above written. VEBA Corporation, as Assignor By: /s/ Heinz H. Puetthoff ----------------------------------- Name: H.H. Puetthoff Title: President VEBA Zweite Verwaltungsgesellschaft mbH, as Assignee By: /s/ Friedrich Oschmann ----------------------------------- Name: Dr. Friedrich Oschmann Title: Attorney-in-fact EX-99 7 EXHIBIT 55 Exhibit 55 FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT THIS FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT is made and entered into the 19th day of March, 1999 ("Amendment"), between MEMC Electronic Materials, Inc., a Delaware corporation (the "Company"), and VEBA Corporation, a Delaware corporation ("VEBA"). WHEREAS, the Company and Huels Corporation ("Huels") entered into a Registration Rights Agreement dated as of July 12, 1995 (the "Agreement"); WHEREAS, on September 30, 1998, Huels merged with and into VEBA and thus VEBA became the successor in interest to Huels under the Agreement; WHEREAS, on the date hereof VEBA (as successor to Huels) is the owner of 21,490,942 shares of the Company's Common Stock, par value $.01 per share (the "Common Stock"); WHEREAS, the Company and VEBA entered into (i) a Purchase Agreement dated as of October 22, 1998 (as amended on December 29, 1998 and February 14, 1999, the "Purchase Agreement") pursuant to which VEBA agreed to purchase and the Company agreed to issue to VEBA a number of shares of Common Stock equal to 106,100,000 divided by the Purchase Price (as defined in the Purchase Agreement) rounded up to the nearest whole number and (ii) a Standby Agreement dated as of October 22, 1998 (the "Standby Agreement") pursuant to which VEBA agreed to purchase and the Company agreed to issue to VEBA the shares of Common Stock offered in a registered rights offering (the "Rights Offering") to all of the Company's existing stockholders (other than VEBA and its affiliates) and not otherwise subscribed for by the other stockholders of the Company prior to the expiration time of such rights; WHEREAS, it is a condition to the closing under each of the Purchase Agreement and the Standby Agreement that the Agreement shall have been amended to include all shares of Common Stock acquired or to be acquired or purchased or to be purchased by VEBA, VEBA Aktiengesellschaft, a German stock corporation ("VEBA AG"), or any Subsidiaries of VEBA AG after October 22, 1998. NOW, THEREFORE, in consideration of the mutual covenants, promises, representations, warranties and conditions set forth in this Amendment, the parties hereto, intending to be legally bound, hereby agree as follows: 1. All references in the Agreement to "Huels Corporation" and "Huels" are hereby amended by deleting each such reference and substituting in lieu thereof "VEBA Corporation" or "VEBA," respectively. 2. The definitions of "Holder" and "Registrable Stock" in Section 1 of the Agreement are hereby deleted in their entirety and the following definitions are substituted in lieu thereof: ""Holder" shall mean (i) VEBA, VEBA AG and any Subsidiary of VEBA AG that beneficially owns on the date hereof, or hereinafter acquires or purchases, shares of Common Stock and (ii) any transferee or assignee to whom the rights under this Agreement are assigned in accordance with the provisions of Section 9 hereof; "Purchase Agreement" shall mean that certain Purchase Agreement dated as of October 22, 1998, as amended from time to time, by and among the Company and VEBA; "Registrable Stock" shall mean the Common Stock beneficially owned on the date hereof, or hereafter acquired or purchased, by VEBA, VEBA AG or any Subsidiary of VEBA AG, including, without limitation, any Common Stock (i) acquired by VEBA, VEBA AG or any Subsidiary of VEBA AG as a result of the transactions contemplated by the Purchase Agreement or the Standby Agreement or upon exercise of any rights to purchase Common Stock, (ii) purchased on the open market by VEBA, VEBA AG or any Subsidiary of VEBA AG or (iii) issued to VEBA, VEBA AG or any Subsidiary of VEBA AG as a dividend or other distribution or by way of a stock split. For purposes of this Agreement, any Registrable Stock shall cease to be Registrable Stock when (x) a registration statement covering such Registrable Stock has been declared effective and such Registrable Stock has been disposed of pursuant to such effective registration statement or (y) such Registrable Stock is sold or distributed pursuant to Rule 144 (or any similar or successor provision (but not Rule 144A)) under the Securities Act. "Standby Agreement" shall mean that certain Standby Agreement dated as of October 22, 1998, as amended from time to time, by and among the Company and VEBA. "Subsidiary" shall mean, with respect to any person or entity, any other person or entity of which more than 50% of the capital stock or other ownership interest is owned, or is controlled, either directly or indirectly, by such person or entity. "VEBA AG" shall mean VEBA Aktiengesellschaft, a German corporation and the direct and indirect owner of 100% of the common stock of VEBA." 3. Section 2, paragraph (a) of the Agreement is hereby amended by inserting at the end thereof the following: "Within 10 days following the receipt of each notice under this Section 2, the Company shall give all Holders (other than the Requesting Holders) written notice of the receipt thereof, which written notice shall include a copy of the notice by the Requesting Holders. Upon the written request of any Holder received by the Company no later than 15 days after the Company's notice, the Company shall use its best efforts to cause to be included in the Demand Registration all of the Registrable Stock that each such Holder has so requested to be included." 4. The following new Section 18 is hereby inserted after Section 17 of the Agreement: "Section 18. Third Party Beneficiaries." Each Holder shall be deemed to be a third party beneficiary of this Agreement and shall have the right to enforce directly against the Company all of the provisions contained in this Agreement, as amended from time to time, notwithstanding that it is not a signatory to this Agreement." 5. Unless otherwise provided herein, any term in initial capital letters used as a defined term but not defined in this Amendment shall have the meaning set forth in the Agreement. 6. Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect. 7. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed as of the date first above written. VEBA CORPORATION By: /s/ Heinz H. Puetthoff ------------------------------- Name: Dr. Heinz H. Puetthoff Title: President MEMC ELECTRONIC MATERIALS, INC. By: /s/ James M. Stolze ------------------------------- Name: James M. Stolze Title: Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----