EXHIBIT 10.10
AMENDMENT
TO
EMPLOYMENT AGREEMENT
This Amendment, dated as of December 15, 1998, to the Employment Agreement,
dated as of August 10, 1998 (the "Employment Agreement"), is by and between
Stillwater Mining Company, a corporation duly organized and existing under the
laws of the State of Delaware (the "Company"), and Xxxxxxx X. Xxxxxxx
("Employee").
WHEREAS, the Company and Employee desire to amend the Employment Agreement
to reflect the Company's declaration of a 50% stock dividend to be paid on
December 31, 1998, and to automatically reflect similar events in the future;
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the parties
agree as follows:
I. Article 6.1(b)(xi) of the Employment Agreement is hereby amended and
restated in its entirety as follows:
(xi) After January 1, 1999, failure by the Company to grant on an
annual basis stock options to purchase at least 120,000 shares of
Common Stock, assuming performance targets are satisfied, or to
provide that such options will vest on death or disability of
Employee.
II. A new Article 21 is hereby added to the Employment Agreement as follows:
ARTICLE 21
ADJUSTMENT FOR CHANGES IN CAPITAL STRUCTURE
If there is any change, increase or decrease, in the outstanding shares of
the Company's Common Stock which is effected without receipt of additional
consideration by the Company, by reason of a stock dividend, stock split,
recapitalization, merger, consolidation, combination or exchange of stock, or
other similar circumstances, or if there is a spin-off or other distribution of
assets to the Company's stockholders, the Company shall make an appropriate
adjustment to any references in the Agreement to a stated number of shares,
options or other rights to similar equity securities to reflect such change,
increase or decrease, in the Company's capital structure.
IN WITNESS WHEREOF, the Company has hereunto signed its name and Employee
hereunder has signed his name, all as of the day and year first-above written.
STILLWATER MINING COMPANY
By:/s/ Signature illegible
_______________________________________________
Name:
Title:
EMPLOYEE
/s/ Xxxxxxx X. Xxxxxxx
_________________________________________________
Xxxxxxx X. Xxxxxxx
