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We propose a silicon-compatible plasmonic electro-optic modulator employing a silicon racetrack ring resonator coupled to a bus waveguide. A silicon-plasmonic hybrid phase shifter clad with electro-optic polymer is introduced to achieve high-speed performance and low energy consumption. Simulations show that the proposed modulator can achieve an extinction ratio of more than 15 dB at 1550-nm wavelength under a 1.2-V bias voltage. The misalignment tolerance and fabrication feasibility of the modulator are also discussed.