Document:

CC Filed by Filing Services Canada Inc. 403-717-3898

January 14, 2008

Golden Patriot, Corp.

626 RexCorp Plaza

Uniondale, NY

11556 USA

To the Board of Directors:

I, Negar Towfigh, tender my resignation as Secretary of Golden Patriot, Corp., effective immediately.   

Yours truly,

/s/ Negar Towfigh 

Negar Towfighex10_1.htm

    
      

    

    
      Exhibit
        10.1

      STILLWATER
        MINING COMPANY

       

      EMPLOYMENT
        AGREEMENT

       

      

      This
        Employment Agreement (the “Agreement”), dated as of February 4, 2008, is made by
        and between Stillwater Mining Company, a Delaware corporation (the “Company”),
        and Greg R. Struble (“Executive”) (each individually a “Party” and collectively,
        the “Parties”).

       

      R
        E C I T A L S

       

      WHEREAS,
        the Company desires to employ Executive and Executive desires to be employed
        by
        the Company pursuant to the terms and conditions of this Agreement.

       

      NOW,
        THEREFORE, in consideration of the promises and mutual covenants contained
        herein and for other good and valuable consideration, the Parties agree as
        follows:

       

      1.           
        Employment; Duties
        and
        Scope.

       

      (a)           
        Position.  Executive
        shall serve as the Company’s Executive Vice President and Chief Operating
        Officer.  In such capacity, the Executive shall report to the Chairman
        of the Board of Directors (the “Board”) and the Chief Executive
        Officer.  Executive shall have and perform such duties,
        responsibilities, and authorities as are customary for Executive Vice Presidents
        and Chief Operating Officers in corporations of similar size and businesses
        as
        the Company as they may exist from time to time and as are consistent with
        such
        positions and status.

       

      (b)           
        Duties; Obligations
        to
        the Company.  During the Employment Term, Executive shall
        devote his full business efforts and time to the Company and the Company
        will be
        entitled to all of the benefits and profits arising from or incident to all
        such
        work services and advice.  Executive shall be responsible for
        performing the business and professional services typically performed by
        an
        executive vice president and chief operating officer of any company, or as
        may
        reasonably assigned to him by the Chairman of the Board and Chief Executive
        Officer.  Executive agrees not to render commercial or professional
        services of any nature to any person or organization, whether or not for
        compensation, during the Employment Term without advance written approval
        of the
        Board, and Executive will not directly or indirectly engage or participate
        during the Employment Term in any business that is competitive in any manner
        with the Company’s business; provided, however, that this
        shall not preclude Executive from owning up to two percent (2%) of the
        outstanding equity securities of a corporation whose stock is listed on a
        national stock exchange or the Nasdaq.

       

      (c)    No
        Conflicting
        Obligations.  Executive represents and warrants to the Company
        that he is under no obligation or commitment, whether contractual or otherwise,
        that is inconsistent with his obligations under this
        Agreement.  Executive represents and warrants that he will not use or
        disclose, in connection with his employment by the Company, any trade secrets
        or
        other proprietary information or intellectual property in which Executive
        or any
        other person has any right, title, or interest and that his employment by
        the
        Company as contemplated by this Agreement will not infringe or violate the
        rights of any other person or entity.  Executive represents and
        warrants to the Company that he has returned all property and confidential
        information belonging to any prior employers.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.            Employment
        Term.

       

      (a)           
        The Initial Period of Executive’s employment pursuant to this Agreement shall
        begin February 4, 2008 (the “Commencement Date”) and shall end on February 3,
        2010 (“Initial Period”), unless otherwise terminated by either Party prior to
        the scheduled termination date as provided in Sections 8 and 9 of this
        Agreement.

       

      (b)           
        The Initial Period shall automatically be extended for successive one year
        periods (“Renewal Period”), if not already otherwise terminated as provided in
        this Agreement, unless either Party notifies the other no later than three
        (3)
        months prior to the scheduled termination of such Initial Period or Renewal
        Period, in which case Executive’s employment shall terminate upon the scheduled
        termination date of the applicable Initial Period or Renewal
        Period.

       

      (c)           
        In the event that this Agreement is not renewed because Executive has given
        the
        three-month notice prescribed in Section 2(b) on or before the expiration
        of the
        Initial Period or any Renewal Period, such non-renewal shall be treated as
        a
        Termination for Cause and Executive shall have the same entitlements as provided
        in Section 9(b)(i) below.

       

      (d)           
        The entire term of Executive’s employment pursuant to this Agreement from the
        Commencement Date until the date of expiration or termination of Executive’s
        employment pursuant to this Agreement shall be referred to herein as the
        “Employment Term.”

       

      3.           
        Cash
        Compensation.

       

      (a)           
        Base
        Salary.  During the Employment Term, the Company shall pay the
        Executive as compensation for his services a semi-monthly base salary at
        the
        annualized rate of three hundred and twenty five thousand dollars ($325,000),
        less applicable deductions and withholdings.  Such base salary shall
        be paid semi-monthly in accordance with normal Company payroll practices
        and
        procedures.  Executive’s base salary shall be reviewed for increase no
        less than every twelve (12) months and shall be subject to decrease only
        in the
        event (and only to the extent) of an across-the-board reduction for other
        senior
        management employees of the Company.  (The annualized base salary to
        be paid to Executive pursuant to this Section 3(a), together with any subsequent
        modifications thereto, shall be referred to in this Agreement as the “Base
        Salary.”)

       

      (b)           
        Bonuses.  Executive
        shall be eligible to earn an annual target bonus equal to 60% of his Base
        Salary
        (the “Target Bonus”) based upon satisfaction of criteria determined by the Board
        and/or its Compensation Committee for each year during the Employment Term,
        starting with the year commencing January 1, 2008 (except that for the year
        2008, the Target Bonus amount shall be $178,750 which is a pro rata portion
        of
        the Target Bonus for such period based on the Commencement
        Date).  Executive shall be eligible to earn a maximum bonus equal to
        120% of his Base Salary.  For 2008, the Company shall provide
        Executive with written notice of that period’s performance goals no later than
        February 28, 2008; thereafter, written notice of the performance goals shall
        be
        provided by February 28 of the applicable year.

      
        
          
          

        

        
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      4.           
        Employee
        Benefits.

       

      (a)           
        During the Employment Term, Executive shall be eligible to participate in
        such
        other of the Company’s employee benefit plans and to receive such benefits for
        which his position makes him eligible, in accordance with the Company’s plans
        and policies as in effect from time to time during the Employment Term, subject
        in each case to the generally applicable terms and conditions of the plan
        or
        policy in question and to the determinations of any person or committee
        administering such plan or policy.

       

      (b)           
        The Company shall provide the Executive with use of a Company vehicle during
        the
        Employment Term.

       

      (c)           
        Executive shall be entitled to four (4) weeks of vacation per year during
        the
        Employment Term.

       

      5.           
        Signing
        Bonus.  The Company shall provide the Executive a signing bonus
        in the amount of $100,000.  The Company will provide tax assistance
        (gross-up) on said signing bonus.  The Company will pay withholding
        tax for federal, state and FICA based on IRS “Supplemental Rates”.

       

      6.           
        Business Expense
        Reimbursements.  During the Employment Term, Executive shall be
        authorized to incur necessary and reasonable travel, entertainment and other
        business expenses in connection with the performance of his duties
        hereunder.  The Company shall reimburse Executive for such expenses
        upon presentation of an itemized account and appropriate supporting
        documentation, all in accordance with the Company’s generally applicable
        policies.

       

      6.           
        Relocation.  The
        Company will reimburse Executive for costs related to his relocation to Montana,
        in accordance with the Company’s standard relocation policy, provided, however,
        that the Company shall also provide the Executive with the option of having
        the
        Company’s relocation firm conduct an appraisal of Executive’s current home and
        purchase such home at the appraised value.

       

      7.           
        Equity.

       

      (a)           
        Subject to Board approval, Executive shall be granted $225,000 of the Company’s
        Common Stock in the form of Restricted Stock Units (RSUs), at the aggregate
        Fair
        Market Value of the Company’s common stock on the date of grant, pursuant to the
        Company’s 2004 Equity Incentive Plan, as amended May 3, 2007.  “Fair
        Market Value” means as of any given date, the closing sale price per share of
        the Company’s common stock reported on a consolidated basis for securities
        listed on the principal stock exchange or market on which the common stock
        is
        traded on the date as of which such value is being determined or, if there
        is no
        sale on that day, then on the last previous day on which a sale was
        reported.  The grant and vesting of the RSUs shall be subject to the
        terms of the notice of grant of the RSUs and the Company’s standard form of
        Restricted Stock Unit Agreement (“RSU Agreement”), and shall be contingent upon
        Executive executing such RSU Agreement.  The RSUs shall vest on the
        third (3rd)
        anniversary of the date of this Agreement, as specified in the RSU
        Agreement.  Executive may only receive the Company’s common stock to
        the extent that they have vested.

      
        
          
          

        

        
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      (b)           
        Executive also shall be eligible to participate in annual Long Term Incentive
        Plan which currentlyRSU grants, if any, by the Company to its executives.
        Whether any RSUs are granted and if so, the number of units which Executive
        may
        be granted, shall be entirely within the discretion of the Board and/or its
        Compensation Committee.

       

      8.           
        Termination of
        Employment. Notwithstanding the fixed term of Executive’s employment
        under this Agreement, the Company and Executive each may terminate Executive’s
        employment at any time for any or no reason with or without Cause (as defined
        in
        Section 9(b)(ii)), upon written notice to the other
        Party.  Executive’s employment will terminate automatically in the
        event of his death.  Any payments and/or benefits due Executive from
        the Company upon and/or after termination are specified in Section
        9.

       

      9.           
        Termination Payments
        and Benefits.

       

      (a)           
        Payments and
        Reimbursements Upon Any Termination of Employment.  In the
        event that Executive’s employment terminates for any reason, the Company shall
        pay Executive all Base Salary, any accrued but unpaid bonuses for the period
        prior to the year of termination of employment, and all accrued but unpaid
        vacation earned through the date of termination of employment, each less
        applicable withholdings and deductions, and any reimbursement of expenses
        owed
        pursuant to this Agreement within ten (10) days of the date of termination
        (“Termination Date”).  Only the amounts stated in this Section 9(a),
        and no severance payments or benefits, shall be due to Executive upon a
        termination of his employment on the scheduled termination date of the Initial
        Period or Renewal Period.

       

      (b)           
        Effect of Termination
        for Cause or Termination without Good Reason.

       

      (i)           
        In the event that the Company terminates Executive’s employment for Cause or
        Executive terminates employment (including any non-renewal by Executive)
        without
        Good Reason (as defined below):

       

      (A)           
        Executive shall receive all payments provided in Section 9(a)
        above;

       

      (B)           
        Executive’s vested RSUs, which have not transferred to Executive at time of
        Termination Date, shall be transferred in accordance with the terms and time
        limits of the applicable RSU Agreement; and

       

      (C)           
        any unvested RSUs shall be forfeited on the Termination Date.

       

      (ii)           
        Definition of
        Termination for Cause.  For the purposes of this Agreement, a
        termination of Executive’s employment for “Cause” means a termination of
        Executive’s employment by the Company based upon a determination that any one or
        more of the following has occurred: (A) misfeasance or nonfeasance of duty
        by Executive that which was intended to or does injure the reputation of
        Company
        or its business or relationships; (B) conviction of, or plea of guilty or
nolo contendere by Executive
        to, any felony or crime involving moral turpitude; (C) Executive’s willful and
        continued failure to substantially perform his duties under this Agreement
        (except by reason of physical or mental incapacity) after written notice
        from
        the Board and 15 days to cure such failure; (D) dishonesty by Executive in
        performance of his duties under this Agreement; or (E) willful and material
        breach of the restrictive covenants contained in this Agreement; provided however, that
        definitions (C) through (E) shall not provide Cause for termination if such
        termination occurs within two (2) years following a Change in
        Control.  A termination of Executive’s employment by the Company for
        any other reason will be a termination without “Cause.”

      
        
          
          

        

        
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      (c)           
        Effect of Termination
        Without Cause or Resignation for Good Reason Other Than Within Two Years
        Following A Change in Control.

       

      (i)           
        In the event that, at any time other than within two (2) years following
        a
        Change in Control, the Company terminates Executive’s employment without Cause
        or Executive resigns his employment for Good Reason, then, contingent upon
        Executive signing and not revoking the Severance Agreement and Release attached
        hereto as Exhibit A, and not breaching the provisions of Sections 14 and
        15
        hereof, the Company shall provide Executive with the following:

       

      (A)           all
        payments stated in Section 9(a) above;

       

      (B)           
        a pro rata portion of Executive’s Target Bonus, less applicable withholdings and
        deductions, which pro rata portion shall be determined by multiplying the
        Target
        Bonus by a fraction, the numerator of which is the number of days elapsed
        in the
        calendar year of the date of termination and the denominator of which is
        365
        (except for 2008, when the numerator equals the number of days elapsed since
        February 4, 2008 and the denominator is 332) payable within 10 days of the
        Termination Date;

       

      (C)           
        continued semi-monthly payments at Executive’s Base Salary rate, less applicable
        withholdings and deductions, for a period of twelve (12) months;

       

      (D)           
        continuation of Executive’s medical, health, and life insurance (as in effect
        immediately prior to the date of termination) for a period of twelve (12)
        months, or if not permissible or commercially reasonable to continue the
        same
        coverage of Executive under one or more of the insurance policies or plans,
        continued payment for a period of twelve (12) months of the after-tax cost
        to
        the Company of providing such coverage to Executive (as measured immediately
        prior to the date of termination); provided however, that such
        benefits or payments shall cease upon the date on which Executive is eligible
        for similar aggregate coverage from a subsequent employer; and

      
        
          
          

        

        
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      (E)           
        the applicable accelerated vesting of any stock grants, pursuant to the
        applicable stock Agreement.

       

      (ii)           
        Relevant
        Definitions.

       

      (A)           
        Change in
        Control.  For the purposes of this Agreement, a “Change in
        Control” shall mean and shall be deemed to have occurred if any of the following
        events shall have occurred:

       

      (1)           
        Any “person” (as such term is used in Sections 13(d) and 14(d) of the
        Securities Exchange Act of 1934, as amended (the “Exchange Act”) becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
        directly or indirectly, of securities of the Company (not including in the
        securities beneficially owned by such person any securities acquired directly
        from the Company or its affiliates) representing thirty percent (30%) or
        more of
        the combined voting power of the Company’s then outstanding voting securities,
        excluding any person who becomes such a beneficial owner in connection with
        a
        transaction described in clause (i) of subsection (3) below; or

       

      (2)           
        A change in the composition of the Board occurring within a two-year period,
        as
        a result of which fewer than a majority of the directors are Incumbent
        Directors. “Incumbent Directors” shall mean directors who either (i) are
        directors of the Company as of the date hereof, or (ii) are elected, or
        nominated for election, to the Board with the affirmative votes of at least
        two-thirds (2/3) of the Incumbent Directors at the time of such election
        or
        nomination (but shall not include an individual whose election or nomination
        is
        in connection with an actual or threatened election or proxy contest, including
        but not limited to a consent solicitation relating to the election of directors
        to the Company); or

       

      (3)           
        The consummation of a merger or consolidation of the Company or any direct
        or
        indirect subsidiary of the Company with any other corporation, other than
        (i) a
        merger or consolidation which would result in the voting securities of the
        Company outstanding immediately prior thereto continuing to represent (either
        by
        remaining outstanding or by being converted into voting securities of the
        surviving entity or any parent thereof) at least fifty-five percent (55%)
        of the
        combined voting power of the voting securities of the Company or such surviving
        entity or any parent thereof outstanding immediately after such merger or
        consolidation, or (ii) a merger or consolidation effected to implement a
        recapitalization of the Company (or similar transaction) in which no person
        is
        or becomes the beneficial owner, directly or indirectly, of securities of
        the
        Company (not including in the securities beneficially owned by such person
        any
        securities acquired directly from the Company or its affiliates) representing
        thirty percent (30%) or more of the combined voting power of the Company’s then
        outstanding securities; or

      
        
          
          

        

        
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      (4)           
        The consummation of a stockholder-approved sale, transfer, or other disposition
        by the Company of all or substantially all of the Company’s assets in complete
        liquidation or dissolution of the Company, other than a sale, transfer, or
        other
        disposition by the Company of all or substantially all of the Company’s assets
        to an entity, at least sixty percent (60%) of the combined voting power of
        the
        voting securities of which are owned by stockholders of the Company in
        substantially the same proportions as their ownership of the Company immediately
        prior to such sale.

       

      (5)           
        Notwithstanding the foregoing subsections (1) through (4), a Change in Control
        shall not be deemed to have occurred by virtue of the consummation of any
        transaction or series of integrated transactions immediately following which
        the
        record holders of the common stock of the Company immediately prior to such
        transaction or series of transactions continue to have substantially the
        same
        proportionate ownership in an entity which owns all or substantially all
        of the
        assets of the Company immediately following such transaction or series of
        transactions.

       

      (B)           
        Resignation for
        Good
        Reason.  For the purposes of this Agreement, a resignation for
“Good Reason” means a termination of Executive's employment at his initiative
        following the occurrence, without Executive's written consent, of one or
        more of
        the following events (except as a result of a prior termination):

       

      (1)           
        a material diminution or change, adverse to Executive, in Executive's positions,
        titles, duties or offices as set forth in Section 1, status, or nature of
        responsibilities within the Company;

       

      (2)           
        a decrease in Executive’s annual Base Salary or Target Bonus award opportunity
        below 60% of Base Salary (other than an across-the-board percentage reduction
        for senior management executives);

       

      (3)           
        a material reduction in the aggregate benefits for which Executive is eligible
        under the Company’s benefit plans (other than an across-the-board reduction in
        the aggregate benefits for senior management executives);

       

      (4)           
        any other failure by the Company to perform any material obligation under,
        or
        breach by the Company of any material provision of, this Agreement that is
        not
        cured within 10 business days of receipt of written notice from
        Executive;

       

      (5)           
        a relocation of the Company’s corporate offices outside of the State of
        Montana;

       

      (6)           
        discontinuance of the Company’s business; or

      
        
          
          

        

        
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      (7)           
        any failure to secure the agreement of any successor corporation or other
        entity
        to the Company to fully assume the Company's obligations under this
        Agreement.

       

      Any
        termination by the Executive for any reason other than those provided in
        subsections (1) – (7), above, or death or Disability, shall be termination
“without Good Reason.”

       

      (d)           
        Effect of Termination
        Without Cause or Resignation for Good Reason Within Two (2) Years Following
        A
        Change in Control.  If, upon or within two (2) years following
        a Change in Control, Executive resigns his employment with the Company for
        Good
        Reason or the Company terminates Executive’s employment without Cause, then, in
        lieu of the severance payments and benefits stated in Section 9(c) above,
        and
        contingent upon Executive signing and not revoking the Severance Agreement
        and
        Release attached hereto as Exhibit A, and not materially breaching the
        provisions of Sections 14 and 15 hereof, the Company shall provide Executive
        with the following:

       

      (i)           
        all payments stated in Section 9(a) above plus settlement of any amounts
        due
        under any Company plan, policy or practice;

       

      (ii)           
        a pro rata portion of Executive’s Target Bonus, less applicable withholdings and
        deductions, which pro rata portion shall be determined by multiplying the
        Target
        Bonus by a fraction, the numerator of which is the number of days elapsed
        in the
        calendar year of the date of termination and the denominator of which is
        365
        (except for 2008, when the numerator equals the number of days elapsed since
        February 4, 2008 and the denominator is 332) payable within thirty (30) days
        of
        the Termination Date;

       

      (iii)           
        a lump sum, payable within sixty (60) days of the Termination Date, equal
        to two
        (2) times the sum of (A) Executive’s Base Salary (or if a reduction of Base
        Salary is the reason for Executive’s termination for Good Reason, the Base
        Salary in effect immediately prior to such reduction) plus (B) the greater
        of
        (i) Executive’s Target Bonus, or (ii) the bonus paid to Executive for the most
        recent calendar year, less applicable withholdings and deductions;

       

      (iv)           
        continuation of Executive’s medical, health, and life insurance (as in effect
        immediately prior to the date of termination) for a period of twenty-four
        (24)
        months, or if not permissible or commercially reasonable to continue the
        same
        coverage of Executive under one or more of the insurance policies or plans,
        continued payment for a period of twenty-four (24) months of the after-tax
        cost
        to the Company of providing such coverage to Executive (as measured immediately
        prior to the date of termination); provided however, that such
        benefits or payments shall cease upon the date on which Executive is eligible
        for similar aggregate coverage from a subsequent employer; and

       

      (v)           
        the applicable accelerated vesting of any stock grants, pursuant to the
        applicable stock Agreement.

       

      (e)           
        Termination of
        Employment Due to Disability.

       

      (i)           
        In the event that Executive’s employment terminates due to Disability, Executive
        shall receive the following:

      
        
          
          

        

        
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      (A)           
        the payments stated in Section 9(a), provided that the Base Salary, less
        applicable withholdings and deductions, shall be paid at least through the
        date
        on which Executive is eligible to receive disability payments;

       

      (B)           
        A pro rata portion of the annual Target Bonus for the year in which Executive’s
        employment terminates, less applicable withholdings and deductions, calculated
        by multiplying the Target Bonus by a fraction, the numerator of which is
        the
        number of days elapsed in the year as of the date of termination, and the
        denominator of which is 365 (except for 2008 when numerator equals the number
        of
        days elapsed since February 4, 2008 and the denominator is 332) payable within
        10 days of the Termination Date;

       

      (C)           
        Disability benefits in accordance with the Company’s long-term disability
        plan;

       

      (D)           
        Executive’s vested RSUs, which have not transferred to Executive at time of
        Termination Date, shall be transferred in accordance with the terms and time
        limits of the applicable RSU Agreement; and

       

      (E)           
        any unvested RSUs shall be forfeited on the Termination Date.

       

      (ii)           
        A termination of Executive’s employment due to “Disability” shall mean a
        termination of Executive’s employment by the Board because physical or mental
        incapacity has rendered or will render Executive unable to perform his duties
        as
        Executive Vice President and Chief Operating Officer for a period of 180
        consecutive days.  The determination regarding the existence and
        expected or actual duration of such incapacity shall be made by a health
        professional mutually acceptable to the Company and Executive.  The
        Company shall provide 30 days’ written notice of a termination due to
        Disability, or payment in lieu thereof;

       

      (f)           
        Termination of
        Employment Due to Death.

       

      (i)           
        Executive’s employment shall terminate automatically in the event of his
        death.

       

      (ii)           
        In the event that Executive’s employment terminates due to his death, Executive
        (or Executive’s estate) shall receive the following:

       

      (A)           
        the payments stated in Section 9(a) above, except that the Base Salary, less
        applicable deductions and withholdings, shall be paid through the 90th day
        following the date of death;

       

      (B)           
        A pro rata portion of the annual Target Bonus for the year in which Executive’s
        employment terminates, less applicable deductions and withholdings, calculated
        by multiplying the annual Target Bonus by a fraction, the numerator of which
        is
        the number of days elapsed in the year of termination plus 90, and the
        denominator of which is 365 (except for 2008 when numerator equals the number
        of
        days elapsed since February 4, 2008 plus 90, and the denominator is 332)
        payable
        within 10 days of the Termination Date;

      
        
          
          

        

        
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      (C)           
        Executive’s vested RSUs, which have not transferred to Executive at time of
        Termination Date, shall be transferred in accordance with the terms and time
        limits of the applicable RSU Agreement; and

       

      (D)           
        any unvested RSUs shall be forfeited on the Termination Date.

       

      (g)           
        No Offset or
        Mitigation.  The payments specified in this Section 9 shall not
        be subject to mitigation or offset due to Executive’s employment subsequent to
        the Employment Term, provided, however,
        that the Executive does not breach Sections 14 and 15 hereof.

       

      10.           
        Excise Tax
        Gross-up.

       

      (a)           
        Subject to Section 10(b) below, if Executive becomes entitled to one or more
        payments (with a "payment" including, without limitation, the vesting of
        an
        option or other non-cash benefit or property), whether pursuant to the terms
        of
        this Agreement or any other plan, arrangement, or agreement with the Company
        or
        any affiliated company (the "Total Payments"), which are or become subject
        to
        the tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
        amended
        (the "Code") (or any similar tax that may hereafter be imposed) (the "Excise
        Tax"), the Company shall pay to Executive at the time specified below an
        additional amount (the "Gross-up Payment") (which shall include, without
        limitation, reimbursement for any penalties and interest that may accrue
        in
        respect of such Excise Tax) such that the net amount retained by Executive,
        after reduction for any Excise Tax (including any penalties or interest thereon)
        on the Total Payments and any federal, state and local income or employment
        tax
        and Excise Tax on the Gross-up Payment provided for by this Section 10, but
        before reduction for any federal, state, or local income or employment tax
        on
        the Total Payments, shall be equal to the sum of (A) the Total Payments,
        and (B)
        an amount equal to the product of any deductions disallowed for federal,
        state,
        or local income tax purposes because of the inclusion of the Gross-up Payment
        in
        Executive's adjusted gross income multiplied by the highest applicable marginal
        rate of federal, state, or local income taxation, respectively, for the calendar
        year in which the Gross-up Payment is to be made. For purposes of determining
        whether any of the Total Payments will be subject to the Excise Tax and the
        amount of such Excise Tax:

       

      (i)           
        The Total Payments shall be treated as "parachute payments" within the meaning
        of Section 280G(b)(2) of the Code, and all "excess parachute payments" within
        the meaning of Section 280G(b)(1) of the Code shall be treated as subject
        to the
        Excise Tax, unless, and except to the extent that, in the written opinion
        of
        independent compensation consultants, counsel or auditors of nationally
        recognized standing ("Independent Advisors") selected by the Company and
        reasonably acceptable to Executive, the Total Payments (in whole or in part)
        do
        not constitute parachute payments, or such excess parachute payments (in
        whole
        or in part) represent reasonable compensation for services actually rendered
        within the meaning of Section 280G(b)(4) of the Code in excess of the base
        amount within the meaning of Section 280G(b)(3) of the Code or are otherwise
        not
        subject to the Excise Tax;

      
        
          
          

        

        
          -
            10
            -

          
            

          

        

        
          
          

        

      

       

      (ii)           
        The amount of the Total Payments which shall be treated as subject to the
        Excise
        Tax shall be equal to the lesser of (A) the total amount of the Total Payments
        or (B) the total amount of excess parachute payments within the meaning of
        Section 280G(b)(1) of the Code (after applying clause (i) above);
        and

       

      (iii)           
        The value of any non-cash benefits or any deferred payment or benefit shall
        be
        determined by the Independent Advisors in accordance with the principles
        of
        Sections 280G(d)(3) and (4) of the Code.

       

      For
        purposes of determining the amount of the Gross-up Payment, Executive shall
        be
        deemed (A) to pay federal income taxes at the highest marginal rate of federal
        income taxation for the calendar year in which the Gross-up Payment is to
        be
        made; (B) to pay any applicable state and local income taxes at the highest
        marginal rate of taxation for the calendar year in which the Gross-up Payment
        is
        to be made, net of the maximum reduction in federal income taxes which could
        be
        obtained from deduction of such state and local taxes if paid in such year
        (determined without regard to limitations on deductions based upon the amount
        of
        Executive's adjusted gross income); and (C) to have otherwise allowable
        deductions for federal, state, and local income tax purposes at least equal
        to
        those disallowed because of the inclusion of the Gross-up Payment in Executive's
        adjusted gross income.  In the event that the Excise Tax is
        subsequently determined to be less than the amount taken into account hereunder
        at the time the Gross-up Payment is made, Executive shall repay to the Company
        at the time that the amount of such reduction in Excise Tax is finally
        determined (but, if previously paid to the taxing authorities, not prior
        to the
        time the amount of such reduction is refunded to Executive or otherwise realized
        as a benefit by Executive) the portion of the Gross-up Payment that would
        not
        have been paid if such Excise Tax had been applied in initially calculating
        the
        Gross-up Payment, plus interest on the amount of such repayment at the rate
        provided in Section 1274(b)(2)(B) of the Code.  In the event that the
        Excise Tax is determined to exceed the amount taken into account hereunder
        at
        the time the Gross-up Payment is made (including by reason of any payment
        the
        existence or amount of which cannot be determined at the time of the Gross-up
        Payment), the Company shall make an additional Gross-up Payment in respect
        of
        such excess (plus any interest and penalties payable with respect to such
        excess) at the time that the amount of such excess is finally
        determined.

       

      The
        Gross-up Payment provided for above shall be paid on the 30th day (or such
        earlier date as the Excise Tax becomes due and payable to the taxing
        authorities) after it has been determined that the Total Payments (or any
        portion thereof) are subject to the Excise Tax; provided, however,
        that if the amount of such Gross-up Payment or portion thereof cannot be
        finally
        determined on or before such day, the Company shall pay to Executive on such
        day
        an estimate, as determined by the Independent Advisors, of the minimum amount
        of
        such payments and shall pay the remainder of such payments (together with
        interest at the rate provided in Section 1274(b)(2)(B) of the Code), as soon
        as
        the amount thereof can be determined.  In the event that the amount of
        the estimated payments exceeds the amount subsequently determined to have
        been
        due, such excess shall constitute a loan by the Company to Executive, payable
        on
        the fifth day after demand by the Company (together with interest at the
        rate
        provided in Section 1274(b)(2)(B) of the Code).  If more than one
        Gross-up Payment is made, the amount of each Gross-up Payment shall be computed
        so as not to duplicate any prior Gross-up Payment.  The Company shall
        have the right to control all proceedings with the Internal Revenue Service
        that
        may arise in connection with the determination and assessment of any Excise
        Tax
        and, at its sole option, the Company may pursue or forego any and all
        administrative appeals, proceedings, hearings, and conferences with any taxing
        authority in respect of such Excise Tax (including any interest or penalties
        thereon); provided,
        however, that the Company's control over any such proceedings shall be
        limited to issues with respect to which a Gross-up Payment would be payable
        hereunder, and Executive shall be entitled to settle or contest any other
        issue
        raised by the Internal Revenue Service or any other taxing
        authority.  Executive shall cooperate with the Company in any
        proceedings relating to the determination and assessment of any Excise Tax
        and
        shall not take any position or action that would materially increase the
        amount
        of any Gross-Up Payment hereunder.

      
        
          
          

        

        
          -
            11
            -

          
            

          

        

        
          
          

        

      

       

      (b)           
        Modified
        Cut-Back.
Notwithstanding
        the foregoing Section 10(a), if it shall be determined
        that the amount of any payment due Executive pursuant to Section 10(a) above
        would result in less than $20,000 in net after-tax value to Executive, then
        no
        Gross-Up payment shall be made to Executive and the total payments due Executive
        pursuant to Section 10(a) shall be reduced to an amount that would not result
        in
        the imposition of any Excise Tax.

       

      11.           
        Indemnification.  The
        Company will hold harmless, indemnify, and provide a defense to Executive
        to the
        fullest extent permitted by Montana law with respect to any claims, actions,
        suits, or proceedings, brought against Executive by reason of, or arising
        out
        of, Executive’s service as, or the performance of Executive’s duties as, an
        employee, director, officer, and/or agent of the Company, provided that such
        claims, actions, suites, or proceedings are not found by a court or arbitrator
        to have arisen out of employee’s intentional misconduct or gross
        negligence.  The Company will pay, and subject to any legal
        limitations, advance all costs, expenses, and losses, including without
        limitation reasonable attorneys’ fees, costs of settlements, and consequential
        damages, actually and necessarily incurred by Executive in connection with
        the
        defense of any such claims, actions, suits, or proceedings, and in connection
        with any appeal thereof.

       

      12.           
        Directors’ and
        Officers’ Insurance.  The Company shall use commercially
        reasonable efforts to obtain and maintain directors’ and officers’ liability
        insurance coverage in an amount equivalent to that of a well-insured similarly
        situated company; provided, however, that, the failure to obtain and maintain
        such insurance after the Company has exercised such commercially reasonable
        efforts shall not be a breach of the Company’s obligations under this
        Agreement.  Any directors’ and officers’ liability insurance covering
        Executive shall continue to apply following the period in which Executive
        is
        serving as officer or director of the Company for actions or omissions during
        the period in which Executive was acting as officer or director.

       

      13.           
        Binding
        Arbitration.

       

      (a)           
        Executive and the Company each agree, to the extent permitted by law, to
        arbitrate before a single neutral arbitrator, in accordance with the National
        Rules for the Resolution of Employment Disputes of the American Arbitration
        Association (“AAA”) and Montana law regarding discovery, any dispute, claim, or
        controversy arising out of, relating to, or in connection with this Agreement,
        or the interpretation, validity, construction, performance, breach, or
        termination thereof, or Executive’s employment, recruitment to employment, or
        the termination of such employment, whether in tort or contract, pursuant
        to
        current or future statute or regulation, or otherwise, including but not
        limited
        to claims for wrongful termination, breach of contract or contractual
        obligation, discrimination, retaliation and harassment based on race, age,
        sex,
        disability, and/or any other basis under Title VII of the Civil Rights Act
        of
        1964, as amended, and any and all federal, state, and local laws and
        regulations, infliction of emotional distress, misrepresentation, fraud,
        and
        claims for wages, commissions, bonuses, severance, stock options, fringe
        benefits, and the like, except that the following will not be resolved by
        arbitration: any dispute, claim, or controversy regarding workers’ compensation
        benefits, unemployment insurance benefits, or disability insurance benefits,
        or
        regarding Sections 14 and/or 15 of this Agreement, and/or the validity,
        infringement, or enforceability of any trade secret, patent right, copyright,
        trademark, or any other intellectual property.

      
        
          
          

        

        
          -
            12
            -

          
            

          

        

        
          
          

        

      

       

      (b)           
        The Company shall pay the cost of the arbitration filing and hearing fees
        and
        the cost of the arbitrator, and any other expense or cost that is unique
        to
        arbitration or that Executive would not be required to bear if he were free
        to
        bring the dispute or claim in court. All reasonable costs and expenses
        (including fees and disbursements of counsel) incurred by Executive pursuant
        to
        this Section 13 shall be paid on behalf of or reimbursed to Executive promptly
        by the Company; provided, however,
        that in the event the arbitrator(s) determine(s) that any of Executive's
        litigation assertions or defenses are determined to be in bad faith or
        frivolous, no such reimbursements shall be due Executive, and any such expenses
        already paid to Executive shall be immediately returned by Executive to the
        Company.  The arbitration shall take place in the AAA location that is
        closest to the Company’s corporate offices in Montana.  The arbitrator
        shall apply Montana law, without reference to rules of conflicts of law,
        to the
        resolution of any dispute.  The arbitrator shall issue a written award
        that sets forth the essential findings and conclusions on which the award
        is
        based.  Judgment on the award rendered by the arbitrator may be
        entered in any court having jurisdiction thereof.  The award shall be
        subject to correction, confirmation, or vacation, as provided by Montana
        law and
        any applicable Montana case law setting forth the standard of judicial review
        of
        arbitration awards.  Notwithstanding the foregoing, the parties may
        apply to any court of competent jurisdiction for preliminary or interim
        equitable relief, or to compel arbitration in accordance with this Section
        13,
        without breach of this Section 13.

       

      (c)           
        Executive and the Company each understand and agree that the arbitration
        of any
        dispute or controversy shall be instead of a hearing or trial before a court
        or
        jury. Executive and the Company each understand that Executive and the Company
        are expressly waiving any and all rights to a hearing or trial before a court
        or
        jury regarding any dispute or controversy which they now have or which they
        may
        have in the future. Nothing in this Agreement shall be interpreted as
        restricting or prohibiting Executive from filing a charge or complaint with
        a
        federal, state, or local administrative agency charged with investigating
        and/or
        prosecuting such charges or complaints under any applicable federal, state,
        or
        municipal law or regulation.

       

      (d)           
        The terms of this Section 13 shall survive the expiration or termination
        for any
        reason of this Agreement.

       

      14.           
        Non-Competition
        and
        Non-Solicitation.

       

      (a)           
        Necessity of
        Covenants.  The Company and Executive acknowledge
        that:

       

      (i)             The
        Company’s business is highly competitive;

      
        
          
          

        

        
          -
            13
            -

          
            

          

        

        
          
          

        

      

       

      (ii)           
        The Company maintains Confidential Information and trade secrets (each described
        below), as discussed below, all of which are zealously protected and kept
        secret
        by the Company;

       

      (iii)           
        In the course of his employment, Executive will acquire certain of the Company’s
        Confidential Information, and in the event of any termination of Executive’s
        employment, the Company would be adversely affected if such information is
        used
        for the purposes of competing with the Company;

       

      (iv)           The
        Company transacts business throughout the world; and

       

      (v)            For
        these reasons, both the Company and Executive further acknowledge and agree
        that
        the restrictions contained herein are reasonable and necessary for the
        protection of their respective legitimate interests and that any violation
        of
        these restrictions would cause substantial injury to the Company.

       

      (b)           
        Covenant Not to
        Compete.  Executive agrees that from and after the Commencement
        Date and until the later of (x) one (1) year after the Termination Date (due
        to
        termination for any reason), and (y) the end of the period during which
        Executive is receiving severance payments and/or benefits from the Company
        under
        Section 9(c) or 9(d), he will not, without the express written permission
        of the
        Company, which may be given or withheld in the Company’s sole and absolute
        discretion, directly or indirectly own, manage, operate, control, lend money
        to,
        endorse the obligations of, or participate or be connected as an officer,
        director 5% or more stockholder of a publicly-held company, stockholder of
        a
        closely-held company, employee, partner, or otherwise, with any enterprise
        or
        individual engaged in mining or the processing of metals or minerals in the
        United States and throughout the world at the time of the termination of
        the
        Employment Term.  It is understood and acknowledged by both Executive
        and the Company that, because the Company transacts business worldwide, the
        term
        of this Section 14(b) shall be enforced throughout the United States and
        in any
        other country in which the Company is doing business as of the Termination
        Date.

       

      (c)           
        Covenant Not To
        Solicit.  Executive agrees that from and after the Commencement
        Date and until the later of (x) one (1) year after the Termination Date (due
        to
        termination for any reason), and (y) the end of the period during which
        Executive is receiving severance payments and/or benefits from the Company
        under
        Section 9(c) or 9(d), he will not, except on behalf of the Company or with
        the
        express written permission of the Company, which may be given or withheld
        in the
        Company’s sole discretion, directly or indirectly solicit, or attempt to solicit
        (on Executive’s own behalf or on behalf of any other person or entity) the
        employment or retaining of any employee or consultant of the Company or any
        of
        the Company’s affiliates.

       

      (d)           
        Disclosure of
        Outside
        Activities.  Executive, during the Employment Term, shall at
        all times keep the Company informed of any outside business activity and
        employment, and shall not engage in any outside business activity or employment
        which may be in conflict with the Company’s interests.

       

      (e)           
        Survival.  The
        terms of this Section shall survive the expiration or termination for any
        reason
        of this Agreement.

      
        
          
          

        

        
          -
            14
            -

          
            

          

        

        
          
          

        

      

       

      15.           
        Confidential
        Information and Trade Secrets.

       

      (a)           
        Nondisclosure
        of
        Confidential Information.  Executive has and will acquire
        certain “Confidential Information” of the Company throughout the Employment
        Term.  For purposes of this Agreement, “Confidential Information”
shall mean any information that is not generally known (including trade secrets)
        outside the Company and that is proprietary to the Company, relating to any
        phase of the Company’s existing or reasonably foreseeable business that is
        disclosed to Executive by the Company, including information conceived,
        discovered, or developed by Executive.  “Confidential Information”
includes, without limitation, business plans, financial statements and
        projections, operating forms (including contracts) and procedures, payroll
        and
        personnel records, marketing materials and plans, proposals, software codes
        and
        computer programs, project lists, project files, price information and cost
        information and any other document or information that is designated by the
        Company as “Confidential.”  For purposes of this Agreement, the term
“trade secret” shall include any formula, pattern, device, or compilation of
        information which is used in the Company’s business, and which provides to the
        holder of such trade secret an opportunity to obtain an advantage over
        competitors who do not know or use such trade secret.

       

      Executive
        agrees that he shall not use for his own benefit such Confidential Information
        or trade secrets acquired during the Employment Term.  Further,
        Executive shall not, without the written consent of the Board or a person
        duly
        authorized thereby, which consent may be given or withheld in the Company’s sole
        discretion, disclose to any person, other than an employee of the Company
        or a
        person to whom disclosure is reasonably necessary or appropriate in connection
        with the performance by Executive of his duties, any Confidential Information
        or
        trade secrets obtained by him during the Employment Term.

       

      (b)           
        Return of Confidential
        Information.  Upon any termination of employment, Executive
        agrees to deliver any Company property and any documents, notes, drawings,
        specifications, computer software, data and other materials of any nature
        pertaining to any Confidential Information that are held by Executive and
        will
        not take any of the foregoing, or any reproduction of any of the foregoing,
        that
        is embodied an any tangible medium of expression, provided that the foregoing
        shall not prohibit Executive from retaining his personal phone directories
        and
        rolodexes.

       

      (c)           
        Exceptions.  The
        restrictions and obligations in Section 15(a) shall not apply with respect
        to
        any Confidential Information which (i) is or becomes generally available
        to the
        public through any means other than a breach by Executive of his obligations
        under this Agreement; (ii) is disclosed to Executive without an obligation
        of
        confidentiality by a third party that is not an affiliate of the Company
        who has
        the right to make such disclosure; (iii) is developed by Executive independent
        of his performance of duties hereunder without use of or benefit from the
        Confidential Information; (iv) was in possession of Executive without
        obligations of confidentiality prior to receipt under this Agreement; or
        (v) is
        required to be disclosed by law.

       

      (d)           
        Survival.  The
        terms of this Section 15 shall survive the expiration or termination for
        any
        reason of this Agreement.

      
        
          
          

        

        
          -
            15
            -

          
            

          

        

        
          
          

        

      

       

      16.           
        Essential
        Covenants.  The covenants by Executive in Sections 14 and 15
        are essential elements of this Agreement and without Executive’s agreement to
        comply with such covenants, the Company would not have entered into this
        Agreement or employed Executive.

       

      17.           
        Injunctive
        Relief.  Executive acknowledges that the injury suffered as a
        result of a breach of any provision of this Agreement (including any provision
        of Sections 14 and 15) would be irreparable and that an award of monetary
        damages to the Company for such a breach would be an inadequate
        remedy.  Consequently, Executive agrees that the Company will have the
        right, in addition to any other rights it may have, to obtain injunctive
        relief
        to restrain any breach or threatened breach or otherwise to specifically
        enforce
        any provision of this Agreement, and the Company will not be required to
        post
        bond or other security in seeking such relief.

       

      18.           
        Assignment.  The
        Company shall have the right to assign this Agreement to its successors or
        assigns, and all covenants or agreements hereunder shall inure to the benefit
        of
        and be enforceable by or against its successors or assigns.  The term
“successors” and “assigns” shall include any person or entity which buys all or
        substantially all of the Company’s assets, or a controlling portion of its
        stock, or with which it merges or consolidates.  This Agreement and
        all rights of Executive hereunder shall inure to the benefit of, and be
        enforceable by, Executive’s personal or legal representatives, executors,
        administrators, successors, heirs, distributees, devisees, and
        legatees.  The rights, duties, and covenants of Executive under this
        Agreement may not be assigned.

       

      19.           
        No
        Waiver.  The failure of either party to demand strict
        performance and compliance with any part of this Agreement during the Employment
        Term shall not be deemed to be a waiver of the rights of such party under
        this
        Agreement or by operation of law.  Any waiver by either party of a
        breach of any provision of this Agreement shall not operate as or be construed
        as a waiver of any subsequent breach thereof.

       

      20.           
        Notices.  All
        notices, requests, demands and other communications called for hereunder
        shall
        be in writing and shall be deemed given if (a) delivered personally or by
        facsimile, (b) one (1) day after being sent by Federal Express or a similar
        commercial overnight service, or (c) three (3) days after being mailed by
        registered or certified mail, return receipt requested, prepaid and addressed
        to
        the parties or their successors in interest at the following addresses, or
        at
        such other addresses as the parties may designate by written notice in the
        manner aforesaid:

      

      
        	
                 

              	
                If
                  to the
                  Company:        

              	 	
                Stillwater
                  Mining Company

              
	 	 	 	
                1321
                  Discovery Drive

              
	 	 	 	
                Billings,
                  Montana 59102

              
	 	 	 	 
	 	
                If
                  to Executive:

              	 	
                at
                  the last residential address known by the
                  Company.

              

      

       

      21.           
        Severability.  In
        the event that any provision hereof becomes or is declared by a court of
        competent jurisdiction to be illegal, unenforceable or void, this Agreement
        shall continue in full force and effect without said provision.

       

      22.           
        Entire
        Agreement.  This Agreement, together with the Company’s
        Relocation Policy, and the applicable stock option and stock purchase agreements
        and notices of grant referenced herein, represent the entire agreement and
        understanding between the Company and Executive concerning Executive’s
        employment relationship with the Company, and supersede and replace any and
        all
        prior agreements and understandings concerning Executive’s employment
        relationship with the Company.

      
        
          
          

        

        
          -
            16
            -

          
            

          

        

        
          
          

        

      

       

      23.           
        No Oral Modification,
        Cancellation or Discharge.  This Agreement may only be amended,
        canceled or discharged in a writing signed by Executive and an authorized
        member
        of the Board.

       

      24.           
        Withholding.  The
        Company shall be entitled to withhold, or cause to be withheld, from payment
        any
        amount of withholding taxes required by law with respect to payments made
        to
        Executive in connection with his employment hereunder.

       

      25.           
        Key-Man
        Insurance.  Executive agrees that the Company may, from time to
        time, apply for and take out in its own name and at its own expense, life,
        health, accident, or other insurance upon Executive that the Company may
        deem
        necessary or advisable to protect its interests hereunder; and Executive
        agrees
        to submit to any medical or other examination necessary for such purposes
        and to
        assist and cooperate with the Company in preparing such insurance; and Executive
        agrees that he shall have no right, title, or interest in or to such
        insurance.

       

      26.           
        Attorneys’
Fees.  Should
        a dispute arise under this Agreement following a
        Change in Control, or should any action or proceeding be commenced to recover
        damages as a result of an alleged breach following a Change in Control of
        the
        terms of this Agreement, then the successor to the Company as a result of
        the
        Change in Control shall be required to pay the costs incurred by Executive
        in
        connection therewith, including reasonable attorneys’ fees, unless it is
        determined that the dispute, action, or proceeding was frivolous or brought
        by
        Executive in bad faith.

       

      27.           
        Governing
        Law.  This Agreement shall be governed by the laws of the State
        of Montana without reference to rules relating to conflict of law.

       

      28.           
        Counterparts.  This
        Agreement may be executed in two or more counterparts, each of which shall
        be
        deemed an original, but all of which together shall constitute one and the
        same
        instrument.

       

      29.           
        Acknowledgment.  Executive
        acknowledges that he has had the opportunity to discuss this matter with
        and
        obtain advice from his private attorney, has had sufficient time to, and
        has
        carefully read and fully understands all the provisions of this Agreement,
        and
        is knowingly and voluntarily entering into this Agreement.

       

      IN
        WITNESS WHEREOF, the undersigned have executed this Agreement, in the case
        of
        the Company by its duly authorized officer, as of the day and year first
        written
        above:

       

      ///

       

      ///

       

      ///

      
        
          
          

        

        
          -
            17
            -

          
            

          

        

        
          
          

        

      

       

      STILLWATER
        MINING COMPANY

       

      

      
        	
                /s/
Francis
                  R. McAllister

              	 	 
	
                By:  Francis
                  R.
                  McAllister 

              	 	 
	 	 	 
	
                Title:  Chief
                  Executive
                  Officer and Chairman 

              	 	 
	 	 	 
	 	 	 
	
                EXECUTIVE

              	 	 
	 	 	 
	
                /s/
Greg
                  R. Struble

              	 	 
	
                Greg
                  R. Struble

              	 	 

      

       

      
-
        18 -

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