Document:

Amendment to Commercial Agreement

 Exhibit 10.31 
 AMENDMENT TO COMMERCIAL AGREEMENTS 
 THIS AMENDMENT TO COMMERCIAL
AGREEMENTS (this “Amendment”), dated October 1, 2012, but effective as of the Effective Date (as defined in the Agreements), is by and between WWF Operating Company, a Delaware corporation (f/k/a WhiteWave Foods
Company), on the one hand (“WW”), and Morningstar Foods, LLC, a Delaware limited liability company, on the other hand (“MS”). 
 RECITALS 
 A. WW and MS previously entered into a Co-packing
Agreement dated August 1, 2012, pursuant to which MS agreed to manufacture and sell certain products to WW on the terms set forth therein (as amended by that certain Amendment 1 to Co-packing Agreement dated September 11, 2012, the
“Co-packing Agreement”). 
 B. WW and MS previously entered into a Transitional Sales Agreement dated
August 1, 2012, pursuant to which the parties agreed to certain terms in connection with the transition of certain products to WW’s order to cash system (the “Non-LOL TSA”). 

C. WW and MS previously entered into a Transitional Sales Agreement dated August 1, 2012, pursuant to which the parties agreed to
certain terms in connection with the transition of certain Land O’ Lakes products to WW’s order to cash system (the “LOL TSA”). 
 D. Each of the Agreements were to be effective as of the Effective Date (as defined therein). 
 E. WW and MS wish to amend the Agreements as set forth herein. 
 NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, each intending to be bound hereby, agree as follows: 

1. Capitalized Terms. Capitalized terms contained in this Amendment and not otherwise defined shall have the meaning ascribed to
them in the applicable Agreement. 
 2. Payment Terms. The parties wish to amend the payment terms in each Agreement as
follows: 
 To the extent the Effective Date is prior to January 1, 2013, then, for any invoice issued pursuant to any
Agreement that is dated prior to January 1, 2013, the amount payable under such invoice will be due on the last day of the month immediately following the month in which the applicable invoice date falls (e.g., an invoice dated
November 15, 2012 will be due and payable on or before December 31, 2012). For any invoice dated on or after January 1, 2013, such invoice shall be paid in accordance with the applicable payment terms set forth in the applicable
Agreement. 
 3. Binding Effect and Assignment. This Amendment shall be binding upon and inure to the benefit of the
parties hereto, their respective successors and permitted assigns, except as is otherwise expressly provided herein or in the Agreements. 
 4. The Agreements. All other terms and provisions of the Agreements not expressly modified by this Amendment shall remain in full force and effect and are hereby expressly ratified and confirmed.

 5. Titles. The titles of the articles, sections and subsections of this Amendment are
for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of any provisions of this Amendment. The words “herein,” “hereof,” “hereto” and “hereunder”
and other words of similar import refer to this Amendment as a whole and not to any particular Article, Section or other subdivision. 
 6. Execution. This Amendment may be executed in any number of original, facsimile, or portable document format (pdf) counterparts, each of which when so executed and delivered shall be an original,
but all of which together shall constitute one instrument. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
proper and duly authorized representatives as of the date first set forth above. 
  

									
	 WWF OPERATING COMPANY
	 		 	MORNINGSTAR FOODS, LLC
					
	 By:
	  	 /s/ Kelly J. Haecker
	 		 	 By:
	 	 /s/ Cindy Seideman

					
	 Name:
	  	 Kelly J. Haecker
	 		 	 Name:
	 	 Cindy Seideman

					
	 Title:
	  	 Chief Financial Officer
	 		 	 Title:
	 	 VP, Finance & CFOAmendment to Commercial Agreement

 Exhibit 10.32 
 AMENDMENT TO COMMERCIAL AGREEMENTS 
 THIS AMENDMENT TO COMMERCIAL
AGREEMENTS (this “Amendment”), dated October 1, 2012, but effective as of the Effective Date (as defined in the Agreements), is by and between WWF Operating Company, a Delaware corporation (f/k/a WhiteWave Foods
Company), on the one hand (“WW”), and Suiza Dairy Group, LLC, a Delaware limited liability company and Dean Dairy Holdings, LLC, a Delaware limited liability company, on the other hand (collectively with each of their
wholly-owned subsidiaries other than Buyer, “FDD”). 
 RECITALS 

A. WW and FDD previously entered into a Co-packing Agreement dated August 2, 2012 pursuant to which FDD agreed to manufacture and
sell certain products to WW on the terms set forth therein (as amended by that certain Amendment 1 to Co-packing Agreement dated September 11, 2012, the “Co-packing Agreement”). 

B. WW and FDD previously entered into a Product Sales and Distribution Agreement dated August 1, 2012, pursuant to which FDD agreed
to purchase certain products from WW for distribution and resale to FDD’s customers (the “S&D Agreement”). 
 C. WW and FDD previously entered into a Cream Supply Agreement dated August 1, 2012 pursuant to which WW would purchase Grade A Cream from FDD (the “Cream Agreement” and
together with the Co-packing Agreement and the S&D Agreement, the “Agreements”). 
 D. Each of the
Agreements were to be effective as of the Effective Date (as defined therein). 
 E. WW and FDD wish to amend the Agreements as
set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties, each intending to be bound hereby, agree as follows: 

1. Capitalized Terms. Capitalized terms contained in this Amendment and not otherwise defined shall have the meaning ascribed to
them in the applicable Agreement. 
 2. Payment Terms. The parties wish to amend the payment terms in each Agreement as
follows: 
 To the extent the Effective Date is prior to January 1, 2013, then, for any invoice issued pursuant to any
Agreement that is dated prior to January 1, 2013, the amount payable under such invoice will be due on the last day of the month immediately following the month in which the applicable invoice date falls (e.g., an invoice dated
November 15, 2012 will be due and payable on or before December 31, 2012). For any invoice dated on or after January 1, 2013, such invoice shall be paid in accordance with the applicable payment terms set forth in the applicable
Agreement. 
 3. Binding Effect and Assignment. This Amendment shall be binding upon and inure to the benefit of the
parties hereto, their respective successors and permitted assigns, except as is otherwise expressly provided herein or in the Agreements. 
 4. The Agreements. All other terms and provisions of the Agreements not expressly modified by this Amendment shall remain in full force and effect and are hereby expressly ratified and confirmed.

 5. Titles. The titles of the articles, sections and subsections of this Amendment are
for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of any provisions of this Amendment. The words “herein,” “hereof,” “hereto” and “hereunder”
and other words of similar import refer to this Amendment as a whole and not to any particular Article, Section or other subdivision. 
 6. Execution. This Amendment may be executed in any number of original, facsimile, or portable document format (pdf) counterparts, each of which when so executed and delivered shall be an original,
but all of which together shall constitute one instrument. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
proper and duly authorized representatives as of the date first set forth above. 
  

									
	 WWF OPERATING COMPANY
	 		 	 SUIZA DAIRY GROUP, LLC
 DEAN DAIRY HOLDINGS, LLC

					
	 By:
	  	 /s/ Kelly J. Haecker
	 		 	By:	  	 /s/ Gregg A. Tanner

					
	 Name:
	  	 Kelly J. Haecker
	 		 	Name:	  	 Gregg A. Tanner

					
	 Title:
	  	 Chief Financial Officer
	 		 	Title:	  	 PresidentAmendment Number Two to Credit Agreement

 Exhibit 10.1 
 AMENDMENT NUMBER TWO TO CREDIT AGREEMENT 
 THIS AMENDMENT NUMBER TWO TO
CREDIT AGREEMENT (this “Amendment”), dated as of May 29, 2012, is entered into by and among STILLWATER MINING COMPANY, a Delaware corporation (“Borrower”), the lenders identified on the signature
pages hereof (such Lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and, collectively, as the “Lenders”), WELLS FARGO CAPITAL
FINANCE, LLC, a Delaware limited liability company, as the administrative agent (in such capacity, together with its successors and assigns in such capacity, “Agent”), and as lead arranger, and as book runner, and in light of
the following: 
 W I T N E S S E T H 

WHEREAS, Borrower, Lenders, and Agent are parties to that certain Credit Agreement, dated as of December 23, 2011 (as
amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, Borrower has requested that Agent and Lenders make certain amendments to the Credit Agreement; 

WHEREAS, upon the terms and conditions set forth herein, Agent and Lenders are willing to accommodate Borrower’s requests to
make certain amendments to the Credit Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Defined Terms. All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement
(including Schedule 1.1 thereto), as amended hereby. 
 2. Amendments to Credit Agreement. 

(a) Schedule 1.1 of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order:

 “2012 Notes” means Borrower’s convertible senior notes due 2032 which are to be issued pursuant to the
Convertible Notes Indenture. 
 “Convertible Notes Indenture” means that certain Indenture for Debt Securities
dated as of November 29, 2010 between Borrower and Law Debenture Trust Company of New York as supplemented by the First Supplemental Indenture, Borrower and Law Debenture Trust Company of New York. 

“First Amendment” means that certain Amendment Number Two to Credit Agreement dated as of May 29, 2012 by and among
Borrower, Agent and the Lenders party thereto. 
 “First Supplemental Indenture” means the First Supplemental
Indenture between Borrower and Law Debenture Trust Company of New York, governing the terms of Borrower’s convertible senior notes due 2032 which is in form and substance in accordance with the provisions of the description of notes that is
attached as Exhibit B to the First Amendment. 

  
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 (b) Schedule 1.1 of the Credit Agreement is hereby amended by amending the definition
of “Change in Control” appearing therein by (i) deleting the “and” appearing at the end of clause (d) thereof, (ii) replacing the period appearing at the end of clause (e) thereof with “; and”, and
(iii) inserting the following clause (f) in its entirety after clause (e) thereof: 
 “(f) the occurrence of
any “Fundamental Change” as such term is defined in the Convertible Notes Indenture.” 
 (c) Schedule 1.1
of the Credit Agreement is hereby amended by amending and restating clause (j) of the definition of “Permitted Dispositions” appearing therein in its entirety as follows: 

“(j) (i) the sale or issuance of Qualified Equity Interests of Borrower, (ii) the sale or issuance of Equity Interests of
any Loan Party to any other Loan Party, (iii) the sale or issuance of Equity Interests of any Non-Loan Party to any Non-Loan Party, (iv) the sale or issuance of Equity Interests of any Non-Loan Party to any Loan Party in connection with a
Permitted Investment by such Loan Party, and (v) the issuance of the 2012 Notes,” 
 (d) Schedule 1.1 of the
Credit Agreement is hereby amended by amending the definition of “Restricted Payment” appearing therein by replacing the word “repayment” in clause (y) thereof with the word “payment”. 

(e) Section 6.6(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(i) optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of Borrower or its Subsidiaries (it being
understood and agreed that payments of regularly scheduled principal and interest and prepayments of principal and interest that are required to be made in cash shall be permitted, but that any payment that may be made either in cash (or other
immediately available funds) or in Equity Interests issued by Borrower and which Borrower elects to make in cash (or other immediately available funds) shall be deemed to constitute an optional prepayment that may only be made in cash (other
immediately available funds) to the extent permitted by the provisions of this Section 6.6(a)), other than (A) the Obligations in accordance with this Agreement, and (B) Permitted Intercompany Advances, or” 

(f) Section 6.12 of the Credit Agreement is hereby amended and restated in its entirety as follows. 

“6.12 Limitation on Issuance of Equity Interests. Borrower will not, and will not permit any of its Subsidiaries to
issue or sell or enter into any agreement or arrangement for the issuance or sale of any of its Equity Interests, except for (a) the issuance or sale of Qualified Equity Interests by Borrower, (b) Equity Interests of a Loan Party to
another Loan Party, (c) Equity Interests of a Non-Loan Party to another Non-Loan Party, (d) Equity Interests of a Non-Loan Party to a Loan Party so long as the acquisition of such Equity Interests by a Loan Party constitutes a Permitted
Investment, (e) the issuance or sale of the 2012 Notes, and (f) any Permitted Disposition described under clauses (j), (p) and (q) of the definition thereof.” 

3. Agreement. Notwithstanding anything to the contrary set forth in the Credit Agreement or any other Loan Document, Agent and the
undersigned Lenders hereby agree that if and when a portion of the proceeds of the issuance of the 2012 Notes are used to repay in full the outstanding principal balance of the Notes (such portion of such proceeds, the “Payoff
Proceeds”), the portion of the Indebtedness evidenced by the 2012 Notes in the amount of the Payoff Proceeds shall be deemed to constitute Refinancing Indebtedness in respect of the Indebtedness evidenced by the Notes. 

  
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 4. Conditions Precedent to Amendment. The satisfaction of each of the following shall
constitute conditions precedent to the effectiveness of the Amendment (such date being the “Amendment Effective Date”): 
 (a) Agent shall have received this Amendment, duly executed by the parties hereto, and the same shall be in full force and effect. 
 (b) Agent shall have received the reaffirmation and consent of each Guarantor attached hereto as Exhibit A, duly executed and delivered by an authorized official of each Guarantor;

 (c) After giving effect to this Amendment, the representations and warranties herein and in the Credit Agreement and the
other Loan Documents shall be true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true, correct and complete
in all material respects as of such earlier date). 
 (d) No injunction, writ, restraining order, or other order of any nature
prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against Borrower, any Guarantor, Agent, or any Lender. 

(e) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing or shall result from the
consummation of the transactions contemplated herein. 
 (f) All other documents and legal matters in connection with the
transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be in form and substance satisfactory to Agent. 
 5. Representations and Warranties. Borrower hereby represents and warrants to Agent and Lenders as follows: 
 (a) Each Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (ii) is qualified to do business in any state
where the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as
proposed to be conducted, to enter into this Amendment and the other Loan Documents to which it is a party and to carry out the transactions contemplated hereby and thereby. 
 (b) As to each Loan Party, the execution, delivery, and performance by such Loan Party of this Amendment and the other Loan Documents to which it is a party (i) have been duly authorized by all
necessary action of such Loan Party, and (ii) do not and will not (A) violate any material provision of federal, state, or local law or regulation applicable to such Loan Party or its Subsidiaries, the Governing Documents of such Loan
Party or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on such Loan Party or its Subsidiaries, (B) conflict with, result in a breach of, or constitute (with due notice or lapse of time
or both) a default under any Material 

  
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 Contract of such Loan Party (except those as to which waivers or consents have been obtained) where any such
conflict, breach or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (C) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of such Loan
Party, other than Permitted Liens, or (D) require any approval of any holder of Equity Interest of such Loan Party or any approval or consent of any Person under any Material Contract of such Loan Party, other than consents or approvals that
have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse
Effect. 
 (c) This Amendment has been duly executed and delivered by such Loan Party. This Amendment and each Loan Document to
which such Loan Party is a party is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles (whether
enforcement is sought in equity or at law) or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 (d) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force
by any Governmental Authority against Borrower, any Guarantor, Agent or any Lender. 
 (e) No Default or Event of Default has
occurred and is continuing as of the Amendment Effective Date, and no condition exists which constitutes a Default or an Event of Default. 
 (f) The representations and warranties in the Credit Agreement and the other Loan Documents are true, correct and complete in all material respects (except that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties
relate solely to an earlier date, in which case such representations and warranties shall be true, correct and complete in all material respects as of such earlier date). 
 (g) This Amendment has been entered into without force or duress, of the free will of such Loan Party, and the decision of such Loan Party to enter into this Amendment is a fully informed decision and
such Person is aware of all legal and other ramifications of each such decision. 
 (h) It has read and understands this
Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this Amendment, has read this Amendment in full and final form, and has been advised by its counsel of its
rights and obligations hereunder. 
 6. Payment of Costs and Fees. Borrower agrees to pay all reasonable and documented
out-of-pocket costs and expenses of Agent (including, without limitation, the reasonable fees and disbursements of outside counsel to Agent) in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents
and instruments relating hereto. 
 7. Choice of Law and Venue; Jury Trial Waiver; Judicial Reference. 

(a) THE VALIDITY OF THIS AMENDMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO
WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED 

  
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 HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (b) THE PARTIES AGREE
THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AMENDMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK;
PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY
MAY BE FOUND. THE PARTIES HERETO WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN
ACCORDANCE WITH THIS SECTION 7(b). 
 (c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY
HERETO HEREBY WAIVE ITS RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). THE PARTIES HERETO REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AMENDMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (d) THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AMENDMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AGAINST ANY LOAN PARTY OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (e) EACH PARTY HERETO AGREES THAT SUCH PARTY WILL NOT MAKE
ANY CLAIM BY SUCH PARTY TO THIS AMENDMENT AGAINST ANY OTHER PARTY, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN
RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH PARTY HERETO HEREBY
WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 

  
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 (f) IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A STATE COURT OF THE STATE OF
CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN CLAUSE (C) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS: 

(i) WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL
REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE
IN THE COUNTY OF LOS ANGELES, CALIFORNIA. 
 (ii) THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL
REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY,
PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY INJUNCTIONS). THIS CLAUSE (f) DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND
REMEDIES DESCRIBED IN CLAUSES (A)—(D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS CLAUSE (f) WITH RESPECT TO ANY OTHER MATTER. 

(iii) UPON THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR
JUSTICE. IF THE PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE
SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES. 

(iv) EXCEPT AS EXPRESSLY SET FORTH IN THIS AMENDMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING
IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE,
EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE
PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT 

  
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REPORTER. HOWEVER, SUCH COSTS SHALL BE REIMBURSED BY THE OTHER PARTY (OR PARTIES) IF THE PARTY INCURRING SUCH COSTS ULTIMATELY PREVAILS IN THE REFERENCE PROCEEDING, AS DETERMINED BY THE
REFEREE. THE REFEREE’S FEES SHALL LIKEWISE BE BORNE BY THE PARTY (OR PARTIES) WHICH DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE. 
 (v) THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND
SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. 
 (vi) THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL
LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING DISPOSITIVE MOTIONS SUCH AS MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL
REPORT HIS OR HER DECISIONS (INCLUDING ANY DECISIONS RELATED TO SPECIFIC ISSUES AND THE REFEREE’S ULTIMATE DECISION AS TO THE ENTIRE CASE), WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE AN
ULTIMATE DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S ULTIMATE DECISION MUST STAND AS THE DECISION OF THE COURT, AND UPON FILING OF THE STATEMENT OF DECISION WITH THE CLERK OF THE COURT, JUDGMENT MAY
BE ENTERED THEREON IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

 (vii) THE PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE
DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL
APPLY CONSISTENT WITH THE FOREGOING PROVISIONS OF THIS SECTION 7, TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AMENDMENT. 
 8. Counterpart Execution. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed
to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as
effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed
counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

  
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 9. Further Assurances. Borrower shall execute and deliver all agreements, documents
and instruments, in form and substance satisfactory to Agent, and take all actions as Agent may reasonably request from time to time to perfect and maintain the perfection and priority of the security interests of Agent in the Collateral and to
consummate fully the transactions contemplated under this Amendment and the other Loan Documents. 
 10. Effect on Loan
Documents. 
 (a) The Credit Agreement, as amended hereby, and each of the other Loan Documents, as amended as of the date
hereof, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment shall not operate, except as expressly
set forth herein, as a waiver of, consent to, or a modification or amendment of, any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document. Except for the amendments to the Credit Agreement and Guaranty
and Security Agreement expressly set forth herein, the Credit Agreement, the Guaranty and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect. The amendments, consents, waivers and modifications set
forth herein are limited to the specified hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse future non-compliance with the Loan Documents nor operate as a waiver of
any Default or Event of Default, shall not operate as a consent to any further or other matter under the Loan Documents and shall not be construed as an indication that any future waiver of covenants or any other provision of the Credit Agreement
will be agreed to, it being understood that the granting or denying of any waiver which may hereafter be requested by Borrower remains in the sole and absolute discretion of Agent and Lenders. 

(b) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”,
“thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. 
 (c) To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with any of the terms or conditions of the Credit Agreement after giving effect to
this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby. 

(d) This Amendment is a Loan Document. 
 (e) Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”. The words “hereof”, “herein”, “hereby”,
“hereunder”, and similar terms in this Amendment refer to this Amendment, as the case may be, as a whole and not to any particular provision of this Amendment, as the case may be. Section, subsection, clause, schedule, and exhibit
references herein are to this Amendment unless otherwise specified. Any reference in this Amendment to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth
herein). The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties. Any reference herein to the satisfaction,

  
 8 

 
repayment, or payment in full of the Obligations shall mean (a) the payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued and
unpaid with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (ii) all Lender Group Expenses that have accrued and are unpaid regardless of whether demand has been made
therefor, (iii) all fees or charges that have accrued hereunder (including the Letter of Credit Fee and the Unused Line Fee) and are unpaid, (b) in the case of contingent reimbursement obligations with respect to Letters of Credit,
providing Letter of Credit Collateralization, (c) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization, (d) the receipt by Agent of cash collateral in order to
secure any other contingent Obligations for which a claim or demand for payment has been made on or prior to such time or in respect of matters or circumstances known to Agent or a Lender at such time that are reasonably expected to result in any
loss, cost, damage, or expense (including attorneys fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent Obligations, (e) the payment or repayment in full in
immediately available funds of all other outstanding Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge
Agreements provided by Hedge Providers) other than (i) Contingent Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding
without being required to be repaid or cash collateralized, and (iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and (f) the termination
of all of the Commitments of the Lenders. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.

 11. Entire Agreement. This Amendment, and the terms and provisions hereof, the Credit Agreement and the other Loan
Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior or contemporaneous amendments or understandings with respect to the subject matter
hereof, whether express or implied, oral or written. 
 12. Reaffirmation of Obligations. Borrower hereby reaffirms its
obligations under each Loan Document to which it is a party. Borrower hereby further ratifies and reaffirms the validity and enforceability of all of the liens and security interests heretofore granted, pursuant to and in connection with the
Guaranty and Security Agreement or any other Loan Document, to Agent, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges that all of such Liens and security interests, and
all Collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from and after the date hereof. 
 13. Ratification. Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and the other Loan Documents effective as of the date hereof
and as amended hereby. 
 14. Severability. In case any provision in this Amendment shall be invalid, illegal or
unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

[Signature pages follow.] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered as of the date first above written. 
  

			
	 STILLWATER MINING COMPANY,
 a Delaware corporation, as Borrower

		
	By: 	 	/s/ Gregory A. Wing
		 	Name: Gregory A. Wing
		 	Title: Chief Financial Officer

 
			
	 WELLS FARGO CAPITAL FINANCE, LLC,
 a Delaware limited liability company,
 as Agent, as Lead Arranger, as Book
Runner, and as
 a Lender

		
	By: 	 	/s/ Paras Shah
		 	Name: Paras Shah
		 	Title: Vice President

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 a national banking association,
 as Syndication Agent, and as a Lender

		
	By: 	 	/s/ Christopher Fudge
		 	Name: Christopher Fudge
		 	Title: Vice President

 
			
	 UNION BANK, N.A.,
 a national banking association, as a Lender

		
	By: 	 	/s/ Greg Stewart
		 	Name: Greg Stewart
		 	Title: Vice President

 
			
	 FIRST INTERSTATE BANK,
 a national banking association, as a Lender

		
	By: 	 	/s/ Susan M. Riplett
		 	Name: Susan M. Riplett
		 	Title: Vice President

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