Document:

exhibit10_67.htm

EXHIBIT 10.67

 

 

AGREEMENT TO AMEND CERTAIN PROVISIONS

 

OF STANDSTILL AND GOVERNANCE AGREEMENT

 

 

THIS AGREEMENT (this “Agreement”) is entered into as of January 27, 2009, by and between Century Aluminum Company, a corporation organized and existing under the laws of the State of Delaware (the “Company”) and Glencore AG, a company organized and existing under the laws of Switzerland (“Glencore”).

 

WHEREAS, the Company proposes to offer newly-issued shares (the “Offered Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”), for sale to the public by means of a firm commitment underwritten public offering (including any sale of Common Stock pursuant to an underwriters’ over-allotment, the “Offering”);

 

WHEREAS, it is anticipated that a portion of the Offered Shares will be purchased in the Offering by Glencore and/or one or more of its Affiliates (the “Glencore Shares”);

 

WHEREAS, the Company and Glencore are parties to that certain Standstill and Governance Agreement dated as of July 7, 2008 (the “SAGA”) (all capitalized terms used and not defined herein shall have the meaning set forth in the SAGA);

 

WHEREAS, the Company and Glencore have agreed to amend certain provisions of the SAGA so that Glencore may increase its current Ownership Percentage of approximately 30.16% by the purchase of the Glencore Shares, and that Glencore and its Affiliates may exercise voting rights with respect to a number of shares of Company Common Stock equivalent to the Glencore Shares; and

 

WHEREAS, the Independent Directors of the Board of Directors of the Company and the Board of Directors of the Company have approved this Agreement;

 

NOW, THEREFORE, in order to provide for Glencore’s and its Affiliates’ purchase of the Glencore Shares in the Offering, the Company and Glencore do hereby agree as follows:

 

 

	
I.

	
Notwithstanding the definition of Permitted Ownership Percentage in Section 1.1 of the SAGA, Glencore and its Affiliates shall be permitted to increase its current Ownership Percentage of approximately 30.16% by purchasing the Glencore Shares in the Offering;

 

  

  

  

 

	
II.

	
After the purchase of the Glencore Shares in the Offering, Glencore’s Permitted Ownership Percentage until April 7, 2009 shall be the greater of (x) 28.5% and (y) the quotient, expressed as a percentage, of: (a) the sum of (i) the number of shares of Common Stock that equals 28.5% of the Company’s outstanding Common Shares immediately prior to the Offering, and (ii) the number of Glencore Shares; divided by (b) the number of outstanding Company Common Shares immediately following the Offering;

 

	
III.

	
Following April 7, 2009, Glencore’s Permitted Ownership Percentage shall be as currently set forth in the SAGA;

 

	
IV.

	
For the avoidance of doubt, it is acknowledged that Glencore and its Affiliates shall be entitled to exercise all voting rights with respect to a number of shares of Company Common Stock equivalent to the Glencore Shares and such Shares shall not be subject to Section 2.1(c) of the SAGA; provided that Section 2.1(c) shall continue to apply with respect to any increase in Glencore’s Ownership Percentage beyond the Permitted Ownership Percentage (as increased hereby) which is not otherwise permitted by the terms of the SAGA;

 

	
V.

	
Except for such terms of the SAGA as shall be modified hereby, the SAGA shall continue in full force and effect;

 

	
VI.

	
This Agreement shall be governed by the laws of the State of New York (without regard to its choice of law rules); and

 

	
VII.

	
Notwithstanding any other provision of this Agreement, the amendments to the SAGA provided for hereby shall become effective if and only if the Offering consummated and Glencore and/or its Affiliates purchase any Glencore Shares therein.

 

[Signature page follows]

 

  

  

  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

 

CENTURY ALUMINUM COMPANY

 

	  	  	  
	  	
By:

	
/s/ Michael A. Bless

	  	
Name:

	
Michael A. Bless

	  	
Title:

	
Executive Vice President and Chief Financial Officer

 

 

GLENCORE AG

 

	  	  	  
	  	
By:

	
/s/ A. Hubmann

	  	
Name:

	
A. Hubmann

	  	
Title:

	
Director

 

	  	  	  
	  	
By:

	
L. Grenacher Hagmann

	  	
Name:

	
L. Grenacher Hagmann

	  	
Title:

	
Directorexv10w44

EXHIBIT
10.44

FOURTH AMENDMENT TO CREDIT AGREEMENT

	 	 	THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of April 20, 2009,
by and between CRAY, INC., a Washington corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Bank”).

RECITALS

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions
of that certain Credit Agreement between Borrower and Bank dated as of December 29, 2006, as
amended from time to time (“Credit Agreement”).

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set
forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said
changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

     1. Notwithstanding any provision to the contrary in the Credit Agreement or in the Line
of Credit Note, the maximum amount available for advances and Letters of Credit under the Line of
Credit shall at all times be reduced by an amount equal to the Maximum Potential Exposure (defined
below) of all outstanding foreign exchange contracts between Borrower and Bank. If at any time, the
sum of (a) the outstanding principal balance of advances under the Line of Credit, (b) the amount
available to be drawn under outstanding Letters of Credit, (c) amounts drawn under Letters of
Credit and not yet reimbursed to Bank, and (d) the amount of the Maximum Potential Exposure exceeds
$1,690,000.00, Borrower shall on demand by Bank (a) make a principal reduction of the outstanding
principal balance of the Line of Credit in the amount of such excess, or (b) if no advances are
outstanding, provide cash collateral (maintained at Bank and which may be in the securities account
which secures Borrower’s obligations to Bank hereunder) in the amount of such excess as security
for Borrower’s liability under Letters of Credit and/or foreign exchange contracts in the amount of
such excess. The foregoing cash collateral requirement is in addition to Borrower’s requirement to
maintain the Collateral Value of the Securities Account equal to at least $2,190,000.00 as set
forth in the Amended and Restated Addendum to Security Agreement dated as of the date hereof
executed by Borrower and Bank.

     2. Section 1.1 (a) is hereby amended by deleting “One Million Three Hundred Ninety Eight
Thousand Three Hundred Eighty Four Dollars ($1,398,384.00)” as the maximum principal amount
available under the Line of Credit, and by substituting for said amount “One Million Six Hundred
Ninety Thousand Dollars ($1,690,000.00).”

     3. Section 1.1 (b) is hereby amended by deleting “One Million Three Hundred Ninety Eight
Thousand Three Hundred Eighty Four Dollars ($1,398,384.00)” as the maximum principal amount
available under the Letter of Credit Subfeature, and by substituting for said amount One Hundred
Ninety Thousand Dollars ($190,000.00).”

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     4. Section 1.1 (d) is hereby deleted in its entirety, and the following
substituted therefor:

     “(d)
Foreign Exchange Facility. Subject to the terms and conditions of this
Agreement, Bank hereby agrees to make available to Borrower a facility (the “Foreign Exchange
Facility”) under which Bank, from time to time up to and
including June 1, 2009, will enter into
“payment versus delivery” foreign exchange contracts for the account of Borrower for the purchase
and/or sale by Borrower in United States dollars of Japanese yen, Euros, Pound Sterling; provided
however, that no such foreign exchange contract shall be entered into if the Maximum Potential
Exposure (as defined below) at such time is, or if the contract were entered into, would be in
excess of One Million Five Hundred Thousand Dollars United States Dollars (US $1,500,000.00). No
foreign exchange contract shall be executed for a term in excess of twelve (12) months or for a
term which extends beyond June 1,2009. All foreign exchange transactions shall be subject to the
additional terms of a Foreign Exchange Agreement dated as of January 24, 2006 (“Foreign Exchange
Agreement”), all terms of which are incorporated herein by this reference. The term “Maximum
Potential Exposure” means at any time the amount of Borrower’s maximum potential liability to Bank
under (i) all foreign exchange contracts outstanding at such time, and (ii) as applicable, all
foreign exchange contracts requested by Borrower at such time, as determined by Bank.”

     5. Section 4.10 is hereby deleted in its entirety, and the following substituted therefor:

     “SECTION 4.10. LIQUIDITY. In addition to minimum balances in the Collateral account as
defined in the ADDENDUM TO SECURITIES AGREEMENT, Borrower (a) shall maintain liquid assets
(defined as cash, cash equivalents and/or publicly traded/quoted marketable securities acceptable
to Bank in its sole discretion) with an aggregate fair market value not at any time less than Two
Million One Hundred Ninety Thousand Dollars ($2,190,000.00). Further, not later than 30 days after
the end of each quarter Borrower shall provide to Bank copies of all Borrower’s current account
statements for deposit, brokerage and other accounts, together with such other information as Bank
may require to determine compliance with this covenant.”

     6. Except as specifically provided herein, all terms and conditions of the Credit Agreement
remain in full force and effect, without waiver or modification. All terms defined in the Credit
Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit
Agreement shall be read together, as one document.

     7. Borrower hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the
date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any
condition, act or event which with the giving of notice or the passage of time or both would
constitute any such Event of Default.

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR ENFORCING REPAYMENT
OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

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

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	WELLS FARGO BANK,	 	 
	CRAY, INC.	 	 	 	   NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Brian C. Henry
 

Brian C. Henry,
	 	 	 	By:
	 	/s/ Russell C. Carson
 

Russell C. Carson, Vice President
	 	 
	 

	 	Executive Vice President,	 	 	 	 	 	 	 	 
	 

	 	Chief Financial Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Kenneth W. Johnson
 

Kenneth W. Johnson,
	 	 	 	 	 	 	 	 
	 

	 	Senior V. P., General Counsel,	 	 	 	 	 	 	 	 
	 

	 	Corporate Secretary	 	 	 	 	 	 	 	 

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