Document:

exv10w22

Exhibit 10.22

AMENDED AND RESTATED REFINING AGREEMENT

     This AMENDED AND RESTATED REFINING AGREEMENT (including any exhibits hereto, this “Agreement”)
is made effective as of the 1st day of October 2010 (the “Effective Date”), by and
between the CHEMICALS CATALYST AND REFINING DIVISION OF JOHNSON MATTHEY INC., a Pennsylvania
corporation (“JM”), and STILLWATER MINING COMPANY, a Delaware corporation (“SMC”).

WITNESSETH:

     WHEREAS, SMC and JM have previously executed that certain Refining Agreement, dated as of
October 1, 1998, and that certain Refining Agreement, dated effective July 17, 2000 (the “Existing
Agreement”), which has a term expiring May 31, 2009; and

     WHEREAS, SMC and JM desire to amend and restate the Existing Agreement with this Agreement,
from 1 st October 2010 until 30 th September 2013.

     NOW THEREFORE, for and in consideration of the premises and of the several and mutual
agreements herein contained, value and sufficiency being hereby acknowledged, the Parties agree as
follows:

	1.	 	DEFINITIONS
	 
	 	 	Throughout this Agreement, the following terms shall mean:

	 	1.1	 	Agreed Content means the concentration of a metal found in the Filter Cake as
determined in accordance with Section 12 hereof and on which the return of metals by JM
to SMC and the payment of treatment, refining and assaying charges by SMC to JM shall
be based, subject to adjustment, if any, in the event the Final Assay differs from such
amount.

	 	1.2	 	Available Monthly Production means the actual amount of mined metal produced from the
Mines during any one calendar month.

	 	1.3	 	Business Day or Business Days means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in the United States are authorized or
obligated by law or executive order to close.

	 	1.4	 	Date of Delivery means the date the Filter Cake is received by JM as acknowledged in
accordance with Section 6.3 hereof.

	 	1.5	 	Day or Days means a calendar day or days.

 

 

	 	1.6	 	Facility means JM’s facilities capable of treating and refining Filter Cake located at
2001 Nolte Drive, West Deptford, New Jersey.

	 	1.7	 	Filter Cake means materials produced by SMC from the Mines and Secondary Material, in
each case containing principally platinum, palladium and rhodium and generally having the
composition as described in section 5.1 hereof.

	 	1.8	 	Final Assay means the final determination of the concentration of metals found in the
Filter Cake as determined in accordance with Section 12 hereof and on which a final
accounting of the return of metals by JM to SMC and the payment of treatment, refining and
assaying charges by SMC to JM shall be based.

	 	1.9	 	Force Majeure Event has the meaning set forth in Section 14.1.

	 	1.10	 	g means gram, i.e., 0.001 kg.

	 	1.11	 	hereof, herein, hereto, hereunder refers to this Agreement as a whole and not solely to
a particular subdivision thereof in which the same appear.

	 	1.12	 	Heraeus means Heraeus Metals Processing, Inc., located in Santa Fe Springs, California,
formerly known as PGP Industries, Inc.

	 	1.13	 	kg means kilogram, i.e., 1,000 g, or 32.15074 troy ounces.

	 	1.14	 	Lot means a quantity of Filter Cake delivered to JM in one shipment of approximately
150 to 300 pounds.

	 	1.15	 	Mines means SMC’s Stillwater Mine located in Nye, Montana, and the East Boulder Mine,
located 32 miles southeast of Big Timber, Montana.

	 	1.16	 	oz or ounce means troy ounce, i.e., 31.1035 grams.

	 	1.17	 	Party or Parties means JM and SMC, individually or collectively as the context implies,
and the successors and assigns of any Party which shall have become a Party hereto in
accordance with the terms hereof.

	 	1.18	 	Refining Charges means the charges per returnable ounce for JM to treat, refine and
assay the Filter Cake and the contained metals therein under this Agreement.

	 	1.19	 	Return Date means the date on which JM shall make available to SMC Returnable Metals to
SMC in accordance with Section 10.3.

	 	1.20	 	Returnable Metals means the metals contained in the Filter Cake to be refined and
returned to SMC’s account by JM in the quantities, at the purity levels and otherwise as
required by Section 10 hereof.

2

 

	 	1.21	 	Secondary Material means any material containing platinum group metals (collectively,
platinum, palladium and rhodium) and/or other precious metals that SMC processes.

	 	1.22	 	Shipment Assay means the determination of the concentrations of metals in the Filter
Cake made by SMC prior to shipment of the Filter Cake to the Facility.

	 	1.23	 	SMC Account means the account for Returnable Metals established with JM in accordance
with Section 10.4 hereof.
	 
	 	1.24	 	SMC Purchaser means any third party purchaser of SMC’s production

	 	1.25	 	Toll Material means Secondary Material received from a third party pursuant to a
tolling arrangement or agreement that requires SMC to process the material and to return the
material after such processing.

	 	1.26	 	US$ means United States dollars, the lawful currency of the United States of America.

	2.	 	DELIVERY OF FILTER CAKE; REFINING; RETURN OF METALS; SECONDARY MATERIALS

	 	2.1	 	Delivery of Filter Cake

	 	 	 	SMC shall deliver to JM Filter Cake in the quantities and with the composition set
forth in and otherwise in accordance with, the terms and conditions of this
Agreement.

	 	2.2	 	Refining of Filter Cake; Return of Metals

	 	 	 	Pursuant to the terms and conditions of this Agreement, JM shall take delivery of
the Filter Cake provided by SMC under this Agreement, and shall treat and refine the
Filter Cake and either (i) credit Returnable Metals to the SMC Account or to a pool
account established by SMC elsewhere or (ii) physically deliver the Returnable
Metals on behalf of SMC pursuant to written instructions from SMC and in accordance
with Section 10.2 hereof.

	 	2.3	 	Warranties of SMC

	 	 	 	SMC declares and warrants to JM that the execution and delivery of this Agreement by
SMC does not conflict with the laws of the United States or with any applicable laws
and regulations, and that SMC has the absolute right and authority to enter into and
to perform this Agreement in accordance with the terms and conditions hereof.

3

 

	 	2.4	 	Warranties of JM

	 	 	 	JM declares and warrants to SMC that the execution and delivery of this Agreement by
JM does not conflict with the laws of the United States or with any applicable laws
and regulations, and that JM has the absolute right and authority to enter into and
to perform this Agreement in accordance with the terms and conditions hereof.

	3.	 	TERMS, TERMINATION AND EXTENSION

	 	3.1	 	Term

	 	 	 	This Agreement will remain in force and effective from 1 st October 2010 through 30
th September 2013, unless extended or terminated by written agreement of the Parties
or according to the provisions of this Agreement.

	 	3.2	 	Early Termination

	 	 	 	Either party may terminate this Agreement by notifying the other party in writing at
least thirty (30) Days in advance of the date of such termination, without payment
of any penalty or other amounts except payment of charges due in accordance with
Section 11 for processing already performed, under the following circumstances:

	 	3.2.1	 	Force Majeure. A condition or conditions of force
majeure continue for the applicable periods set forth in Section 14.2 hereof;
or

	 	3.2.2	 	Change in Law. An order, statute, rule, regulation,
executive order, injunction, stay, decree or restraining order shall have been
enacted, entered, promulgated or enforced by any governmental or regulatory
authority or instrumentality or court of competent jurisdiction that imposes a
new tax or charge on the transactions contemplated by this Agreement or
otherwise materially adversely affects the transactions contemplated by this
Agreement, the market conditions thereof or the economic benefits to SMC
thereof; or

	 	3.2.3	 	Default by JM. JM commits a JM Event of Default as
specified in Section 13.2 hereof.

4

 

	4.	 	QUANTITIES

	 	4.1	 	Percentage of Available Monthly Production

	 	 	 	SMC shall ship to JM under this Agreement, and JM will treat, Filter Cake in
quantities that shall be an amount of Filter Cake which represents:

     (i) from the period of 1 st October 2010 through September 30 2013, Fifty
percent (50%) of (a) total Available Monthly Production of Filter Cake from the
Mines and (b) Filter Cake produced by SMC from its processing of Secondary Material
not supplied or leased by JM or Heraeus; and

     (ii) one hundred percent (100%) of the Filter Cake produced by SMC from its
processing of Secondary Material supplied or leased by JM to SMC.

	5.	 	QUALITY

	 	5.1	 	Historical Average Quality of Filter Cake and Minimum Requirements

	 	 	 	The average composition of Filter Cake produced by SMC in 2008 is set forth below.
The parties acknowledge and agree that the composition of the Filter Cake delivered
to JM will vary based on the percentage of Secondary Material contained in the
Filter Cake.

2008 Average Composition of Filter Cake

	 	 	 	 	 	 	 	 	 
	Item	 	Component	 	 	Average %	 
	1.
	 	Pt	 	 	    	 
	2.
	 	Pd	 	 	    	 
	3.
	 	Rh	 	 	    	 
	4.
	 	Au	 	 	    	 
	5.
	 	Ag	 	 	    	 
	6.
	 	Co	 	 	    	 
	7.
	 	Cu	 	 	    	 
	8.
	 	Fe	 	 	    	 
	9.
	 	Ni	 	 	    	 
	10.
	 	S	 	 	    	 
	11.
	 	Pb	 	 	    	 
	12.
	 	As	 	 	    	 
	13.
	 	Si	 	 	    	 
	14.
	 	Se	 	 	    	 
	15.
	 	Te	 	 	    	 

5

 

	 	5.2	 	Standard Charges; Alternative Charges

	 	 	 	The Lots shipped by SMC to JM for refining hereunder shall be subject to the
treatment, refining, and assaying charges listed in Exhibit D under the heading
“Standard Charges for Treatment, Refining and Assaying” (the “Standard Charges”);
provided, however, that in the event the assay of the combined palladium and
platinum content of any Lot shipped by SMC to JM is less than twenty-five percent
(25%), both parties reserve the rights to discuss terms for these lots of material

	 	5.3	 	Material Changes in Filter Cake Composition

	 	 	 	It is understood and agreed that the Filter Cake shall not contain any hazardous or
toxic materials, nor shall it contain any other impurities the solubility of which
will materially negatively impact the refining process, and in either case JM shall
have the absolute right to refuse to accept that particular Filter Cake for refining
or (at the sole option of JM) ask SMC to agree to different financial terms for this
Agreement as they relate to the Filter Cake containing such materials or impurities.
ANY AND ALL DIRECT COSTS AND LIABILITIES ARISING OUT OF OR RELATED TO THE FAILURE
OF SMC TO DELIVER FILTER CAKE WITHOUT SUCH MATERIALS AND IMPURITIES AS REQUIRED IN
THE PRECEDING SENTENCE SHALL BE THE SOLE AND ABSOLUTE RESPONSIBILITY OF SMC.

	6.	 	SHIPMENT AND DELIVERY; RECEIPT

	 	6.1	 	Shipment to JM

	 	 	 	Shipment shall be made at a regular rate during the term of this Agreement. The
Filter Cake will be shipped in Lots sealed in pails. No more than four (4) Lots may
be shipped by SMC to JM at a time without the prior verbal or written consent of JM.

	 	6.2	 	Delivery to JM

	 	 	 	SMC shall pay all costs to deliver the Filter Cake to the Facility, at which time
possession of the Filter Cake shall transfer to JM.

	 	6.3	 	Receipt by JM

	 	 	 	JM shall promptly notify SMC in writing when it has received Filter Cake at the
Facility. Acknowledgment by JM of delivery, on carrier’s receipt, will not
constitute agreement as to description, weight or composition of the Filter Cake
received.

6

 

	7.	 	RISK OF LOSS

	 	 	 	All risk of loss or damage to the Filter Cake and contained metals from all causes shall be
assumed by the Party in possession of such Filter Cake and/or Returnable Metals. Risk of
loss of the Filter Cake and Returnable Metals shall pass to JM upon receipt and acceptance
of the Filter Cake by JM. Risk of loss shall remain with JM as to any and all Returnable
Metals which have been credited to the SMC Account established in Section 10.4 hereof until
such time as such Returnable Metals have been transferred at the written direction of SMC.
Risk of loss shall pass to SMC (i) as to any and all Returnable Metals credited to a pool
account established by SMC elsewhere (other than the SMC Account), once such account has
been credited; and (ii) as to any and all Returnable Metals physically delivered to a
destination designated by SMC, once the Returnable Metals leave the Facility.

	8.	 	INSURANCE

	 	 	 	JM shall acquire and maintain adequate insurance to cover 100% of the value of the Filter
Cake and Returnable Metals while in JM’s possession and while JM bears the risk of loss. JM
shall furnish proof of such insurance (i) annually on the anniversary date of this Agreement
and (ii) within five (5) Business Days of a request from SMC for proof of insurance.

	9.	 	WEIGHING: SAMPLING: MOISTURE

	 	9.1	 	Procedures

	 	 	 	SMC shall provide JM with at least five (5) Business Days written or verbal notice
of the estimated date on which Lot or Lots of Filter Cake will be delivered to the
Facility. Except as provided in Section 9.4, weighing, sampling and moisture
determinations as to each Lot shall be conducted at the Facility by JM within 48
hours of receipt by JM of the Filter Cake in accordance with the procedures set
forth in Exhibit Aattached hereto and by this reference incorporated
herein. JM shall provide to SMC and retain for itself samples pursuant to the
procedures set forth in Exhibit A. JM shall treat the Filter Cake in
compliance with the procedures set forth in Exhibit A.

	 	9.2	 	SMC Representative

	 	 	 	SMC shall be entitled to be represented at weighing, sampling and moisture
determinations, at its own cost, by a supervising company whose nomination shall be
subject to JM’s approval, which approval shall not be unreasonably withheld. A list
of representatives approved by JM as of the date hereof is attached hereto as
Exhibit B. SMC’s designated representative with respect to a particular Lot
or Lots shall not be selected to act as an umpire for the assays from such Lot or
Lots in accordance with Section 12.4 hereof. SMC shall nominate any such
representative by providing written notice to JM which indicates the name of the
representative and the particular Lot or Lots which it is supervising on behalf of
SMC. Except as provided in Section 9.4, weighing, sampling and moisture

7

 

	 	 	 	determinations as to each Lot for which SMC has nominated a representative shall be
conducted at the Facility by JM of the Filter Cake. If no representative has been
so nominated by SMC or such representative is not present on the date and at the
time for weighing, sampling and moisture determination as provided in Section 9.1,
then SMC shall not be represented for that particular Lot or Lots.

	 	9.3	 	Separate Treatment of Lots

	 	 	 	Each Lot shall be considered complete and separate for all accounting purposes under
this Agreement.

	 	9.4	 	Alternative Procedures

	 	 	 	Weighing, sampling and moisture determinations as to each Lot shall be conducted by
JM in accordance with Section 9.1, except that SMC and JM may agree in writing to
certain alternative procedures to be followed for such weighing, sampling and
moisture determinations as to each Lot, which alternative procedures shall be
thereafter implemented for Lots delivered under this Agreement.

	10.	 	RETURNABLE METALS

	 	10.1	 	Percentage of Metal Returns; Purity

	 	10.1.1	 	Standard Form. JM shall return to SMC, in accordance with this
Agreement, the respective percentages of platinum, palladium and rhodium in the
Filter Cake in the form of sponge, and of gold and silver in the Filter Cake in
the form of grain, in each case conforming to the respective percentages of
minimum purity as set forth in Exhibit C.

	 	10.1.2	 	Ingot Form. SMC may direct JM to provide palladium and platinum in
the form of ingot by providing JM with seven (7) days prior notice. Ingot
shall be manufactured by JM at an additional fee of
$         per ounce of palladium
or platinum and shipped F.O.B. Facility, for the credit of SMC’s account.

	 	10.1.3	 	Other Forms. SMC may, upon the written consent of JM, direct JM to
provide Returnable Metals in other forms, such as solution, with the same
respective minimum purity levels as set forth in Exhibit C, provided
that in each such case, JM and SMC shall have agreed on an additional fee for
providing the metal in such other form and the time for return of the metal.

	 	10.2	 	Return of Metals

	 	 	 	JM shall credit the Returnable Metals to the SMC Account or to a pool account
established by SMC elsewhere or physically deliver the Returnable Metals on behalf
of SMC to a destination designated by SMC in writing, within the time periods set
forth in Section 10.3. If SMC wants Returnable Metals credited to a

8

 

	 	 	 	pool account other than the SMC Account or physically shipped on the Return Date (or
any subsequent date as designated by SMC), SMC must notify JM at least three (3)
Business Days in advance of the Return Date. Returnable Metals requiring physical
delivery shall be F.O.B. the Facility. The return of metals shall be based on the
Agreed Content, provided that in the event the Final Assay differs from the Agreed
Content, an adjustment will be made to the SMC Account to credit the SMC Account in
the event the Final Assay is greater than the Agreed Content or to debit the SMC
Account in the event the Final Assay is less than the Agreed Content.

	 	10.3	 	Time for Return of the Metals — Return Date

	 	.	 	For all Lots with respect to which Standard Charges apply, palladium, platinum,
gold, silver and rhodium shall be made physically available for shipment by JM for
SMC or credited to the SMC Account or pool account established elsewhere no later
than the number of Days set forth below after the later of (i) receipt by JM of the
Filter Cake containing such metal in accordance with Section 6.3 hereof or (ii) in
the event the non-sampling party has notified the sampling party of its nomination
of a representative as provided by Section 9.2, the date that is one Business Day
following receipt by JM of the Filter Cake.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Pd

    	 	Pt

    	 	 	Au

    	 	 	Ag

    	 	 	Rh

    	 

	 	10.4	 	SMC Account

	 	 	 	In order to establish proper accounting for the Returnable Metals due to SMC under
this Agreement, JM has established a precious metal account in the name of SMC (the
“SMC Account”), which will reflect the accurate amounts of each element of
Returnable Metal so held by JM, subject to the further orders of SMC. Returnable
Metals within the SMC Account shall be held by JM in Pennsylvania. JM shall store,
safeguard and insure all precious metals accounted for in the SMC Account, at no
charge to SMC. SMC may require physical delivery of Returnable Metals held in the
SMC Account, or it may draw upon the SMC Account to transfer to other third party
accounts upon written direction to JM.

	 	10.5	 	Warranties of JM Regarding Purity

	 	 	 	JM warrants that Returnable Metals refined on behalf of SMC according to the terms
of this Agreement shall have the following minimum levels of purity:

	 	 	 	 	 
	Platinum
	 	 	                %	 
	Palladium
	 	 	                        %	 
	Rhodium
	 	 	                        %	 
	Gold
	 	 	                        %	 
	Silver
	 	 	                        %	 

9

 

	 	 	 	THE FOREGOING WARRANTY IS MADE SOLELY TO SMC AND IS IN LIEU OF ALL OTHER WARRANTIES,
EXPRESSED OR IMPLIED, ARISING BY LAW OR CUSTOM INCLUDING WITHOUT LIMITATION ANY
IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. JM’s
liability for violation of the warranty of purity, if any, is limited to the
replacement by JM within three (3) Business Days after return to JM of the
nonconforming metal, with like metal fulfilling the minimum specified purity levels
above. Claims for rejected, nonconforming metal must be made (i) within seven (7)
Days of physical receipt by SMC of such nonconforming metal, with respect to metal
physically received by SMC or received for the SMC Account or for the account of SMC
elsewhere, or (ii) within seven (7) Days of receipt by SMC of notice from any SMC
Purchaser of such nonconforming metal, with respect to metal delivered to any SMC
Purchaser. Any claims not made within this time shall be deemed waived.

	11.	 	CHARGES

	 	11.1	 	Treatment, Refining and Assaying Charges

	 	 	 	SMC shall pay to JM the Standard charges determined in accordance with section 5.2
and as set forth in Exhibit D, which shall be the total amount due to JM for its
treatment, refining and assaying of the Filter Cake and the contained metals therein
under this agreement Except as set forth in this Section 11.1, in Section 10.1 and
in Section 12.4.5, no other charges shall be paid or payable by SMC to JM under this
Agreement without the mutual written agreement of the parties hereto.

	 	11.2	 	Calculation and Payment of Charges

	 	 	 	Treatment, refining and assaying charges shall be calculated based on the ounces of
each element of Returnable Metals determined by the Agreed Content to be present in
the Filter Cake (and shall apply pro rata to fractional amounts), provided that in
the event the Final Assay differs from the Agreed Content, SMC will be billed based
on the Agreed Content, and after a final accounting based on the Final Assay has
been completed, additional charges will be billed to SMC in the event the Final
Assay is greater than the Agreed Content or a credit to be applied to future charges
shall be made on SMC’s behalf in the event the Final Assay is less than the Agreed
Content. JM shall bill SMC on a monthly basis for charges by sending an invoice on
the last Business Day of the month to SMC via overnight courier. SMC shall pay to
JM the total invoiced amount no later than fourteen (14) Days after receipt by SMC
of the invoice from JM.

10

 

	12.	 	ASSAYS

	 	12.1	 	Assay Procedures

	 	 	 	The samples of Filter Cake, by Lot, shall be analyzed by each Party independently to
assay the content therein of Returnable Metals.

	 	12.2	 	Exchange of Assays

	 	 	 	The results of the assays of samples performed as described in Section 12.1 shall be
exchanged simultaneously by registered airmail or such other agreed method between
SMC and JM on a date to be agreed upon in advance, but in no event later than a date
sixty (60) Days after the Date of Delivery of the respective Lot.

	 	12.3	 	Splitting Difference in Parties’ Assays

	 	 	 	In order for the parties to arrive at the Agreed Content of a Lot by assay exchange,
JM’s assay for every precious metal analyzed must fall within the minimum relative
percentage variations permitted in Exhibit E hereto (the “Splitting Limits”)
from SMC’s assay. Therefore, when the assays for each precious metal are within the
applicable “Splitting Limit” the Agreed Content with respect to each such precious
metal shall be the average (mean) of the assays in question, and the Final Assay
shall equal the Agreed Content for the purpose of Section 10.2 and 11.2. If JM’s
assay for a precious metal is not within the “Splitting Limit” of SMC’s assay for
that metal, the Final Assay for that metal shall be determined by the Umpire Assay,
as more particularly set forth herein, unless otherwise agreed by both parties
hereto.

	 	12.4	 	Umpire Assay

	 	12.4.1	 	Rotation Among Umpires. In the event that a party’s matching assay
for a precious metal is not within the Splitting Limits as specified in Section
12.3 above, an umpire assay shall be made by one of the following umpires,
acting in rotation, sampled Lot by sampled Lot:

	 	 	 	A.H. Knight International Ltd

	 	 	 	Eccleston Grange, Prescot Rd.

	 	 	 	GB-WA 10 3BA St. Helens — Merseyside

	 	 	 	Great Britain

	 	 	 	Inspectorate Griffith Ltd

	 		 	2 Perry Road, Witham

	 	 	 	Essex, CM8 3TU

	 	 	 	England, Great Britain

	 	 	 	Le Doux & Company

	 		 	359 Alfred Avenue

	 	 	 	Teaneck, NJ 07666

11

 

	 	12.4.2	 	Agreed Content. In the event this Section 12.4 applies, then for
purposes of this Section 12.4 and of Sections 10.2 and 11.2, the Agreed Content
shall mean 100% of the lowest results of the assays performed by the Parties
pursuant to Section 12.1.

	 	12.4.3	 	Umpire Assay Between Parties’ Assays. Should the umpire assay fall
between the results of the two Parties or coincide with either, the
arithmetical mean of the umpire assay and the assay of the Party which is
nearer to the umpire assay shall be taken as the Final Assay. In the event that
the umpire assay is exactly between the assay of the two Parties, the umpire
assay shall be taken as the Final Assay.

	 	12.4.4	 	Umpire Assay Outside Exchanged Results. Should the umpire assay fall
outside the exchanged results, the assay of the Party which is nearer to the
umpire assay shall be taken as the Final Assay.

	 	12.4.5	 	Cost of Umpire Assay. The cost of the umpire assay shall be borne by
the Party whose result is further from the umpire’s. However, if the umpire
assay is the exact mean of the assays exchanged by the Parties, such cost shall
be borne equally by the Parties.

	 	12.4.6	 	Replacement of Existing Umpire. Either Party may recommend that an
existing umpire be replaced. Any such replacement shall be subject to unanimous
agreement of the Parties.

	 	12.5	 	Provisional Settlement of Assays

	 	 	 	In the event SMC or JM is unprepared to exchange assays in accordance with Section
12.2 prior to the return time set forth in Section 10.3, the Agreed Content of the
Lot shall be assumed to be equal to ninety-nine percent (99%) of the Shipment Assay.
SMC will be billed in accordance with Section 11.2.

	13.	 	DEFAULT

	 	13.1	 	SMC Event of Default

	 	 	 	If SMC shall fail to pay the charges as required by this Agreement (an “SMC Event of
Default”) and such SMC Event of Default is not cured within seven (7)
Business Days after receipt by SMC of notice thereof, JM shall have the right
to (i) retain or sell Returnable Metals for an amount equivalent to the total amount
of charges due plus interest for the applicable period, which shall be at the
one-month LIBOR rate ruling at the due date of the payment, as published in the Wall
Street Journal and (ii) suspend its further performance under this Agreement during
the continuance of the SMC Event of Default. Returnable Metals retained or sold by
JM under the terms of this Section 13.1 shall be valued or sold at the
Market Price for the applicable metal on the date of retention or sale.

12

 

	 	13.2	 	JM Event of Default

	 	 	 	A “JM Event of Default” shall occur if (i) JM fails to satisfy the minimum purity
levels for Returnable Metals and such failure is not cured in accordance with
Section 10.5 (i.e. within three (3) Business Days after return of metals to JM);
(ii) JM fails to return metal timely in accordance with Section 10 and such failure
is not cured within three (3) Business Days after receipt of notice thereof by JM;
(iii) JM is generally not paying its debts as such debts become due, or admits in
writing its inability to pay its debts generally or makes a general assignment for
the benefit of creditors, there is the appointment of a receiver for JM or any of
its assets, the filing by JM of a voluntary petition in bankruptcy or any form of
reorganization, the filing of an involuntary petition in bankruptcy against JM which
is not dismissed with prejudice within sixty (60) Days of such filing, or the making
of an assignment for the benefit of creditors of JM; or (iv) JM fails to satisfy any
of its other material obligations hereunder and such failure is not cured within
three (3) Business Days after receipt of notice thereof by JM. Upon a JM Event of
Default, SMC shall have the right to: (A) suspend its further performance under this
Agreement during the continuance of a JM Event of Default; (B) terminate this
Agreement as provided in Section 3.2.3, and all future obligations of SMC shall
cease and SMC shall retain sole ownership of all Filter Cake and Returnable Metals
from Filter Cake received by JM as of such date; and/or (C) pursue any other
remedies available to SMC under this Agreement and under applicable laws and legal
and equitable remedies.

	14.	 	FORCE MAJEURE

	 	14.1	 	Extension of Time

	 	 	 	If, at any time, either Party is delayed in or prevented from exercising its rights
or performing its obligations under this Agreement (other than payment of money),
which delays or preventions are caused by any cause beyond the reasonable control of
such Party including, without limiting the generality of the foregoing, acts of God,
accidents, strikes, insurrections, lockouts or other labor or industrial
disturbances, actions of any competent governmental authority or court orders,
future orders of any regulatory body having jurisdiction, acts of terrorists, acts
of the public enemy, wars (declared or undeclared), riots, sabotage, blockades,
embargoes, shortages of or inability to secure fuel, power, contractors, labor, raw
materials, railroad or transport facilities, failure of and damage to or destruction
of machinery, plant and equipment, earthquakes, tornadoes, snowslides, landslides,
lightning, weather conditions materially preventing or impairing work, fires,
storms, floods, washouts and explosions, and any other causes beyond the reasonable
control of the Party in question, whether of the kind enumerated herein or otherwise
(each, a “Force Majeure Event”), such Party shall not be liable for any such failure
or delay by it to perform its obligations hereunder and the period of all such
delays or preventions resulting from such causes or any of them shall be excluded in
computing and shall extend the term in Section 3.1 of this

13

 

	 	 	 	Agreement for a period of time equal to the lesser of the total duration of all such
instances or six (6) months.

	 	14.2	 	Notice Required; Option to Terminate

	 	 	 	Neither Party’s performance shall be excused or extended under this Section 14,
unless the Party claiming the Force Majeure Event shall give the other Party prompt
notice of the occurrence of such event and the expected duration thereof. The
non-claiming Party shall be entitled to terminate this Agreement without further
liability upon notice to the other Party in the event that a Force Majeure Event
shall continue for more than three (3) consecutive months. If the Force Majeure
Event continues for a period in excess of twelve (12) consecutive months, then
either Party may terminate this Agreement, without further liability, by written
notice to the other Party; provided, however, that if JM is incurring increased
costs as a result of Section 14.3 below, JM shall have the right to terminate this
Agreement, without further liability, after nine (9) months.

	 	14.3	 	Allocation of Resources

	 	 	 	In the event of a claim of a Force Majeure Event by JM, JM shall have an obligation
to allocate its available applicable refining services or other resources among all
of its customers, including SMC, on a pro rata basis in accordance with its
obligations thereto. If JM is required to allocate its resources as provided above,
and SMC disputes that it is receiving pro-rata treatment, JM will provide
documentation in support of its allocation to an independent third party, chosen by
mutual agreement of the Parties, for verification. If a Force Majeure Event affects
the Facility, JM will make reasonable efforts to arrange for the treatment and
refining of Filter Cake at facilities in the United Kingdom belonging to the Johnson
Matthey Group companies, upon such terms as agreed between the Parties and JM will
bear the excess costs of such treatment and refining, if any, over the costs to SMC
of treatment and refining by JM hereunder in the absence of such Force Majeure
Event. If JM is unable to arrange for such treatment and refining at facilities in
the United Kingdom belonging to the Johnson Matthey Group companies, JM will arrange
for the treatment and refining of Filter Cake at a third party facility or
facilities, and JM will bear the excess costs of such treatment and refining, if
any, over the costs to SMC of treatment and refining by JM hereunder in the absence
of such Force Majeure Event. In the event of a claim of a Force Majeure Event
by SMC, SMC shall have an obligation to allocate any available Filter Cake
(except Filter Cake from Secondary Materials), among all of its refiners, including
JM, on a pro rata basis in accordance with its obligations thereto.

	 	14.4	 	Effects on Parties

	 	 	 	Upon receipt of notice from JM of an occurrence of a Force Majeure Event in
accordance with Section 14.2, SMC shall be immediately entitled to ship Filter Cake
to an alternative treatment facility and divert any shipment already in route,

14

 

	 	 	 	and JM will bear the excess costs of such treatment and refining, if any, over the
costs to SMC of treatment and refining by JM hereunder in the absence of such Force
Majeure Event. JM shall cooperate with SMC as necessary or appropriate to
facilitate such diversion and alternative facility treatment and the orderly
transition back to JM upon cessation of the Force Majeure Event. If SMC has Toll
Material from JM that SMC has begun processing, SMC shall be entitled to ship the
resulting Filter Cake to an alternative treatment facility for refining, with the
cost of such refining to be borne by JM. If SMC has Toll Material from JM that SMC
has not begun processing, SMC shall notify JM, and JM shall have the option
of (i) having the Toll Material returned to JM at its own cost or (ii) having SMC
ship the resulting Filter Cake to an alternative treatment facility for refining,
with the cost of such refining to be borne by JM.

	 	14.5	 	Reasonable Best Efforts Required

	 	 	 	The Party claiming a Force Majeure Event shall use all reasonable best efforts to
eliminate such event insofar as possible with a minimum of delay; provided, however,
neither Party shall be required against its will to adjust or settle any labor
dispute or strike or to question the validity of any third party claim or to refrain
from pursuing its legal or equitable remedies against any third party.

	15.	 	CONFIDENTIALITY

	 	 	Each Party shall consider all information, documents and other materials provided hereunder
(collectively, “Confidential Information”) as confidential and proprietary information of
the disclosing Party, and the receiving Party agrees to maintain in confidence all such
Confidential Information and not to divulge such Confidential Information in whole or in
part to any third party and not to make use of such Confidential Information other than in
relation to meeting its obligations under this Agreement. This obligation shall not apply
to: (i) Confidential Information which at the time of disclosure is in the public domain; or
(ii) Confidential Information which, after disclosure, becomes part of the public domain by
publication or otherwise, other than by an unauthorized act or omission of the receiving
Party; or (iii) Confidential Information which the receiving Party is required by law or at
the request of any governmental organization to make public (such disclosure to be done in
a manner which maintains confidentiality to the fullest extent permitted by law or
regulation and, without limitiation of the foregoing, SMC shall make a commercially
reasonable effort to seek confidential treatment for the following provisions of this
Agreement: (i) Time for Return of metals; (ii) Percentage of Metal Returns; (iii) Purity
(including Exhibit C); (iv) Charges (including exhibit D) and (v) Exhibit A); or (iv)
Confidential Information which a receiving Party can show by written records was within its
possession prior to the time of the disclosure and was not under any obligation of
confidentiality; or (v) Confidential Information which the receiving Party rightly receives
from a third party lawfully possessing and lawfully entitled to disclose such Confidential
Information.

15

 

	16.	 	APPLICABLE LAW

	 	 	 	The parties to this Agreement are domiciled in two different states. In order to create
greater certainty with respect to their legal rights and obligations under this Agreement,
the parties desire to adopt as the substantive law of this Agreement the law of a state
which has highly developed commercial law and precedent and which is not the domicile of
either Party. The parties hereby agree that this Agreement shall be construed in accordance
with the laws of the State of New York as though this Agreement were performed in full in
the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of New York.

	17.	 	LIMITATION OF LIABILITY

	 	 	 	NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, UNDER NO CIRCUMSTANCES SHALL
EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOSS OF BUSINESS OPPORTUNITY, INCIDENTAL,
CONSEQUENTIAL, SPECIAL, PUNITIVE, REMOTE OR INDIRECT DAMAGES.

	18.	 	MODIFICATIONS

	 	 	 	This Agreement may not be changed, waived, discharged, or terminated orally except by an
instrument in writing specifically purporting to do so and signed by the Parties hereto.

	19.	 	SUCCESSORS AND ASSIGNS

	 	 	 	This Agreement shall be binding upon and inure to the benefit of the successors and
permitted assigns of the Parties.

	20.	 	ASSIGNMENT

	 	 	 	This Agreement may not be assigned by any Party without the prior written consent of the
other Party, which consent shall not be unreasonably withheld. Notwithstanding the
foregoing, the consent of the nonassigning Party shall not be required with respect to (a)
any assignment by a Party to provide security in connection with any financing, expressly
including, by way of example and not limitation, assignments of royalty, overriding
royalties or net profits interests or production payments, or (b) any merger, consolidation
or other reorganization or transfer by operation of law or any purchase or sale of
substantially all of the assets of one of the Parties. This Agreement is entered into
solely for the benefit of the Parties and not for the benefit of any other person or
entities. No other persons or entities may enforce it for their benefit nor shall they have
any claim or remedy for its breach.

16

 

	21.	 	NOTICES

	 	 	 	Except as otherwise required in this Agreement, all notices shall be given by facsimile or
email and shall be deemed received upon receipt of electronic confirmation of the same.

	 	 	 	Notices to JM shall be directed as follows:

	 	 	 	Johnson Matthey

	 		 	2001 Nolte Drive

	 	 	 	West Deptford, New Jersey 08066

	 	 	 	Attn: Refining Product Manager

	 	 	 	Telephone: (609) 384-7100

	 	 	 	Facsimile: (609) 384-7270

	 	 	 	Email:

	 	 	 	With a copy to:

	 	 	 	Johnson Matthey Inc.

	 		 	435 Devon Park Drive, Suite 600

	 	 	 	Wayne, Pennsylvania 19087

	 	 	 	Attn: Robert M. Talley, President- Corporate & General Counsel

	 	 	 	Telephone: (610) 971-3131

	 	 	 	Facsimile: (610) 971-3022

	 	 	 	Email:

	 	 	 	Notices to SMC shall be directed as follows:

	 	 	 	Stillwater Mining Company

	 	 	 	536 East Pike Avenue

	 	 	 	Columbus, Montana 59019

	 	 	 	Attn: Dave Shuck — Refinery Manager

	 	 	 	Telephone No.: 406-322-8802

	 	 	 	Facsimile No.: 406-322-5468

	 	 	 	Email: dshuck@stillwatermining.com

	 	 	 	With a copy to:

	 	 	 	Stillwater Mining Company
	 
	 		 	1321 Discovery Drive
	 
	 	 	 	Billings, Montana 59102
	 
	 	 	 	Attn: James Binando — SMC Marketing
	 
	 	 	 	Telephone No.: 406-373-8711
	 
	 	 	 	Facsimile No.: 406-373-8703
	 
	 	 	 	Email: jbinando@stillwatermining.com

17

 

	22.	 	ENTIRE AGREEMENT

	 	 	 	This Agreement represents the complete agreement between the Parties hereto and supersedes
all prior or contemporaneous oral or written agreements of the Parties to the extent they
relate in any way to the subject matter hereof.

	23.	 	COUNTERPARTS

	 	 	 	This Agreement may be executed by the Parties hereto in two or more counterparts, each of
which when so executed and delivered shall be an original, and it shall not be necessary in
making proof of this Agreement, as to any Party hereof, to produce or account for more than
one such counterpart executed by such Party.

	24.	 	WAIVER

	 	 	 	The waiver of any breach of this Agreement by either Party hereto shall in no way constitute
a waiver of any future breach, whether similar or dissimilar in nature.

	25.	 	HEADINGS

	 	 	 	The headings to all sections, subsections and exhibits shall not form a part of this
Agreement or of its exhibits, but shall be regarded as having been used for the convenience
of reference only.

	26.	 	OTHER MINES

	 	 	 	In the event that any mines other than the Mines become owned or operated by or on behalf of
SMC during the effectiveness of this Agreement, JM shall have the Option to quote for the
precious metal output.

[Signature page follows.]

18

 

     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized officers to be effective as of the Effective Date.

	 	 	 	 	 	 	 

	JOHNSON MATTHEY INC., 
CATALYSTS, CHEMICALS AND REFINING DIVISION	 	 	STILLWATER MINING COMPANY
	 
	 
	By: 	 /s/ Geoffrey P. Otterman	 	By: 	                 /s/ John R. Stark
	 	Name: 	. Geoffrey P. Otterman	 	 	Name: 	 John R. Stark
	 	Title:	 Division Director- Catalysts, Chemicals and Refining	 	 	Title:	 Vice President 

19

 

EXHIBIT A

Sampling Procedures for SMC Filter Cake

                
                
                
                
                
                

                
                
                

                
                
                

A-1

 

EXHIBIT B

List of Approved Representatives/Umpires

A.H. Knight International Ltd

Eccleston Grange, Prescot Rd.

GB-WA 10 3BA St. Helens — Merseyside

Great Britain

Inspectorate Griffith Ltd

2 Perry Road, Witham

Essex, CM8 3 TU

England, Great Britain

Le Doux & Company

359 Alfred Avenue

Teaneck, NJ 07666

B-1

 

EXHIBIT C

Percentage Return and Purity of Contained Metals

TABLE I

(effective 1 st October 2010 through September 30 2013

	 	 	 	 	 	 	 	 	 
	Metal	 	Percentage Return	 	 	Minimum Purity	 
	Silver (Ag)
	 	 	                        %	 	 	 	                        %	 
	Gold (Au)
	 	 	                        %	 	 	 	                        %	 
	Platinum (Pt)
	 	 	                        %	 	 	 	                        %	 
	Palladium (Pd)
	 	 	                        %	 	 	 	                        %	 
	Rhodium (Rh)
	 	 	                        %	 	 	 	                        %	 

In addition, JM and SMC to agree to a rigorous program to agree on assays with the goal of
significantly reducing the use of umpires.

C-1

 

EXHIBIT D

Refining Charges

Standard Refining Charges:

Effective October 1 2010 through September 30 2013

	 	 	 	 	 
	 	 	Charges per	 
	Metal	 	returnable ounce	 
	Platinum
	 	US$           

	Palladium
	 	US$           

	Gold
	 	US$           

	Rhodium
	 	US$           

	Silver
	 	US$           

For all
Lots, add US $         
 for each Lot.

EXHIBIT E

Splitting Limits

Should the difference between the results of the assays of both Parties be not more than:

	 	 	 	 	 
	For Pt:
	 	           
% relative;
	For Pd:
	 	           
% relative;
	For Au:
	 	           
% relative;
	For Ag:
	 	           
% relative;
	For Rh:
	 	           
% relative:

E-1exv10w52

Exhibit 10.52

PALLADIUM SALES AGREEMENT

     THIS PALLADIUM SALES AGREEMENT (this “Agreement”) is made and entered into this 17th day of
December, 2010, to be effective as of January 1, 2011 (the “Effective Date”), by and between
STILLWATER MINING COMPANY, a Delaware corporation, whose address is 1321 Discovery Drive, Billings,
Montana 59102 (“SMC”), and GENERAL MOTORS LLC, a Delaware limited liability company, whose address
is 100 Renaissance Center, Detroit, Michigan 48265-1000 (“GM”).

RECITAL

     GM and SMC are interested in entering into an agreement for the purchase and sale of
palladium, to be effective as of the Effective Date.

AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, SMC hereby agrees to sell and deliver and GM hereby agrees to purchase
palladium of the quantity and quality hereinafter set forth, upon the following terms and
conditions:

     Section 1. Definitions and Terminology. Unless the context indicates otherwise,
capitalized terms used in this Agreement and not defined elsewhere in this Agreement shall have the
meaning set forth in this Section 1.

          Business Day means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which U.S. national banking institutions are authorized or obligated by law or executive order to
close.

          Contract Year means the 12 consecutive calendar months commencing with January of each
calendar year.

          Delivery Date means the 24th day of each month during each Contract Year, or, if
such day is not a Business Day, the next Business Day.

          Delivery Point means GM’s pool account at any one of Johnson Matthey USA, Heraeus USA or BASF
USA, as designated by GM.

          London PM Fix Monthly Average means the average of the London PM Fix for Palladium for the
Pricing Days within a given calendar month.

          London PM Fix means the London Platinum & Palladium Market (LPPM) Fixings published at 2:00 pm
(London time) for Palladium as published on the LPPM website at www.lppm.org.uk.

          Metal means the Palladium to be sold under this Agreement.

          Ounce is a troy ounce equivalent to 31.1035 grams.

 

 

          Palladium means refined palladium in sponge form with .9995% minimum purity.

          Pricing Day means any day on which the London Platinum & Palladium Market publishes a 2:00 pm
(London time) price for Palladium.

          Pricing Month means the month prior to the month of delivery during which pricing is
determined pursuant to Section 4 of this Agreement.

     Section 2. Term. This Agreement shall have a term of three (3) years from January 1,
2011, through and including December 31, 2013. This Agreement is subject to earlier termination
pursuant to Section 9 of this Agreement and extension pursuant to Section 14. Unless this
Agreement is extended pursuant to Section 14 hereof, this Agreement will terminate on December 31,
2013 (except that the provisions of Sections 5, 8, 10, 11, 12, 15, 16, 18, 23, 25, 26, 27, 28 and
29 of this Agreement will survive such termination).

     Section 3. Quantity and Delivery. Beginning on January 24, 2011, SMC will sell and
deliver Metal FOB Delivery Point, to be credited to GM’s pool account, and GM will purchase the
following quantities of Palladium each month, which will be released from the Delivery Point on or
before each Delivery Date:

	 	 	 	 	 
	Contract Year	 	Ounces per Year	 
	2011
	 	 	                  	 
	 
	 	 	 	 
	2012
	 	 	                  	 
	 
	 	 	 	 
	2013
	 	 	                  	 

At least one month prior to each Delivery Date, GM will notify SMC in writing of the Delivery
Point. If GM does not timely notify SMC of the Delivery Point, SMC shall deliver the Metal to the
same Delivery Point(s) as the previous month.

     Section 4. Pricing. The price per Ounce to be paid to SMC by GM for the quantities of
Palladium delivered pursuant to Section 3 above shall be the London PM Fix Monthly Average for
Palladium for the Pricing Month               .

     Section 5. Payment Terms. Within five (5) Business Days after the end of each Pricing
Month (i.e., the fifth Business Day of a month of delivery), SMC will notify GM in writing via
facsimile as to the formula-based pricing computations set forth in Section 4 above for Metal to be
delivered by SMC pursuant to this Agreement during the month. The first of such notices shall be
due by January 7, 2011. GM will forward such payment amount for 100% of the quantities of
Palladium by wire transfer to SMC (pursuant to written wire transfer instructions which will be
provided by SMC) on or before the last Business Day of the month of delivery. Since January 2011
is the first month of delivery, the first payment shall be due on or before January 31, 2011. All
payments will be made in U.S. Dollars. If GM does not agree with SMC’s formula-based pricing
computations, GM shall timely notify SMC of the disagreement, and the parties shall seek resolution
of such dispute as to the calculation of the payment amount prior to the payment due date.

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with     “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 2

 

 

     Section 6. Suspension of Delivery for Failure to Pay. Ten days after receipt by GM of
written notice from SMC to GM of GM’s failure to pay pursuant to the terms of Section 5 above, SMC
may suspend delivery of Metal to GM until such time as payment has been received by SMC. This
right shall not be deemed to be an exclusive right or remedy.

     Section 7. Risk of Loss; Title. Title and risk of loss for all Metal delivered
hereunder shall pass to GM upon delivery to the Delivery Point.

     Section 8. Warranty. SMC warrants that the Metal supplied hereunder shall have a
minimum purity of .9995%, that SMC will convey good title thereto, and that the Metal will be
delivered free and clear of all liens and encumbrances created by SMC. In respect of Metal
supplied by release from SMC’s pool account to GM’s pool account, the parties agree that such Metal
shall be deemed to have a minimum purity of .9995%. OTHER THAN THOSE EXPRESSLY STATED IN THIS
SECTION 8, THERE ARE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES, EXPRESSED OR IMPLIED, OF ANY
KIND. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, SMC EXPRESSLY DISCLAIMS ANY WARRANTY OF
MERCHANTABILITY, FITNESS, OR SUITABILITY FOR A PARTICULAR PURPOSE OR USE, NOTWITHSTANDING ANY
COURSE OF PERFORMANCE, USAGE OF TRADE OR LACK THEREOF INCONSISTENT WITH THIS SECTION.SMC’S SOLE
LIABILITY FOR BREACH OF WARRANTY SHALL BE LIMITED TO REPLACEMENT OF THE NONCONFORMING METAL.

     Section 9. Default and Termination. Either party shall be entitled to terminate this
Agreement in the event of (i) the other party generally not paying its debts as such debts become
due, or admitting in writing its inability to pay its debts generally or making a general
assignment for the benefit of creditors, the appointment of a receiver for the other party or a
substantial part of its assets, the filing by the other party of a voluntary petition in bankruptcy
or any form of reorganization, or the filing of an involuntary petition in bankruptcy against the
other party which is not dismissed with prejudice within 60 days of such filing, or the making of
an assignment for the benefit of creditors of the other party; or (ii) a breach by the other party
of any of the material terms or conditions of this Agreement, which breach is not cured within [ten
(10)] days of notice of such breach by the non-breaching party. SMC shall be entitled to terminate
this Agreement in the event GM does any of the following: (i) acquire, or agree, offer or propose
to acquire, directly or indirectly, from SMC or any other person, any business or assets of, or
securities issued by, SMC or any subsidiary of SMC, or any right, warrant or option to acquire any
of the foregoing; (ii) propose to enter into, directly or indirectly, any merger or business
combination involving SMC or any of its subsidiaries; (iii) make any proposal or request to SMC or
any of its officers or directors relating, directly or indirectly, to any action referred to in
clause (i) or (ii) of this paragraph or to any modification or waiver of any provision of this
Section 9; (iv) make or participate in, directly or indirectly, any “solicitation” of “proxies” (as
those terms are used in the proxy rules of the Securities and Exchange Commission) to vote or seek
to advise or influence any person with respect to the voting of any voting securities of SMC or any
of its subsidiaries; (v) form, join or in any way participate in a “group” (within the meaning of
Section 13(d)(3) under the Securities Exchange Act of 1934, as amended) with respect to any voting
securities of SMC or any of its subsidiaries; (vi) act alone or in concert with others to seek to
control or influence the management, Board of Directors or policies of SMC;

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with  “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 3

 

 

(vii) advise, assist or enter into any discussions, negotiations, arrangements or understandings with any other person with
respect to any of the foregoing; or (viii) make any public statement or disclosure of any kind with
respect to any matter addressed by this paragraph (unless required by law) or take any other action
which might reasonably be expected to result in any such public disclosure.

     Section 10. Taxes and Assessments. GM shall be responsible for, and shall upon demand
of SMC pay or reimburse SMC for, the payment of all taxes, duties, levies, and fees imposed by any
governmental authority in any jurisdiction in connection with the transactions contemplated by this
Agreement. Notwithstanding the foregoing, any personal property taxes assessed with respect to the
Metal by any governmental authority shall be the responsibility of and shall be paid by the party
having title to the Metal at the time of assessment.

     Section 11. Claims. Claims as to shortage in quantity and deficiency in quality shall
be made by written notice from GM to SMC within five (5) Business Days after the delivery in
question, or else any such claims shall be deemed to have been waived. Except as set forth in
Section 8 and this Section 11, all other claims by GM shall be made by written notice from GM to
SMC within one (1) year after the delivery of the Metal in question, or else any such claims shall
be deemed to have been waived.

     Section 12. Limitation of Liability. SMC shall not be liable for any prospective or
speculative profits or special, indirect, consequential, punitive or exemplary damages, and SMC’s
liability with respect to this Agreement or any action in connection herewith whether in contract,
tort, or otherwise shall not exceed the price of that portion of the Metal on which liability is
asserted.

     Section 13. Compliance with Laws. To the extent applicable, SMC agrees to comply in
all material respects with all laws, ordinances, rules, codes, regulations and lawful orders of any
federal, state or local governmental authority applicable to
performance of this Agreement. SMC represents that neither it nor any of its subcontractors will utilize child, slave, prisoner, or
any other form of forced or involuntary labor in the supply of Metals under this Agreement nor will
it engage in any business practice that is in violation of the Foreign Corrupt Practices Act of
1977, as amended (the “FCPA”), or applicable similar laws. At GM’s request, SMC will certify in
writing its compliance with the foregoing. SMC agrees to comply with all applicable anti-corruption
laws, including the FCPA, and that neither it nor any of its subcontractors will directly or
indirectly corruptly provide or offer to provide, anything of value to or for the benefit of, any
official or employee of a governmental authority to obtain or retain any contract, business
opportunity, or other benefit, or to influence any act or decision of that person in his/her
official capacity.

     Section 14. Force Majeure.

          (a) Effect of Occurrence. In the event that either party is rendered unable, wholly
or in part, by force majeure applying to it, to carry out its obligations under this Agreement, it
is agreed that such obligations of such party, so far as they are affected by such force majeure,
shall be suspended during the continuance of any inability so caused, but for no longer period;
provided that GM shall not be excused by any event of force majeure from

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with  “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 4

 

 

making timely payments for
Metal delivered prior to the effective date of the notice of force majeure. The parties agree that
the various periods and terms provided for herein shall be extended for a period equivalent to such
period of force majeure. For example, if there is an event of force majeure that renders SMC
unable to deliver Metal for a period of three months, then the term of this Agreement would be
extended by three months, and GM would purchase Metal on a monthly basis during such extension.
The party claiming that an event of force majeure has occurred will promptly notify the other party
of the commencement and termination of any event of force majeure. Prompt notice of force majeure
(but in no event more than ten (10) days thereafter) shall be given by the party invoking it to the
other party, setting out the nature and full details thereof, the extent of the interruption and
the anticipated duration of the interruption.

          (b) Definition. The term “force majeure” as employed herein, shall mean causes beyond
the reasonable control of a party, including, but not limited to, acts of God, explosions, fires,
floods, breakdowns or damage to mine(s) or related equipment or facilities, failure of plant or
equipment to operate according to plans or specifications, war or warlike hostilities, riots,
strikes, labor disputes, lockouts, unavoidable accidents, uncontrollable delays in transportation,
non-availability of any means of transportation, any state or federal laws, regulations or
requirements (expressly including inability to obtain necessary governmental approvals, licenses or
permits on reasonably acceptable terms), geological, technical, metallurgical, mining, construction
or processing problems, non-availability of supplies, court orders, acts of military authority,
acts or failures to act of federal, state or local agencies or regulatory bodies and inability to
obtain timely refining of appropriate quantity of materials necessary to produce the required
amounts of Metal; provided, however, that performance shall be resumed within a reasonable period
of time after such cause has been removed; and provided further that neither party shall be
required against its will to adjust any labor dispute or to question the validity of or to refrain
from judicially testing the validity of any federal, state or local order, regulation or statute or
to refrain from pursuing its legal or equitable remedies against any third party. Notwithstanding
the foregoing, the parties agree that this Section 14 is not intended to provide relief from
economic conditions such as, but not limited to, market situations that provide lower or higher
prices than in effect under this Agreement.

     Section 15. Dispute Resolution. Except as otherwise provided in this Agreement, the
parties hereby agree that any dispute, controversy or claim arising under this Agreement, or the
breach thereof (a “Dispute”), shall first be subject to the informal dispute resolution procedures
set forth in this Section 15. The party asserting the existence of a Dispute as to the
interpretation of any provision of this Agreement or the performance by the other party of any of
its obligations hereunder shall notify the other party in writing of the nature of the asserted
Dispute. Within 10 Business Days of receipt of such notice, representatives from each party shall
arrange and have a personal or telephone conference in which they attempt to resolve such Dispute.
If those individuals are unable to resolve the Dispute within such time frame, either party may
resort to mediation, arbitration, litigation, or some other dispute resolution procedure.

     Section 16. Representations and Warranties. SMC represents and warrants that it is a
corporation duly incorporated and in good standing in the state of Delaware and that it is
qualified to do business and is in good standing in those states where necessary in order to carry
out the purposes of this Agreement. GM represents and warrants that it is a limited liability

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with  “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 5

 

 

company duly organized and in good standing in the state of Delaware and that it is qualified to do
business and is in good standing in those states where necessary in order to carry out the purposes
of this Agreement. Each of the parties further represents and warrants as follows:

          (a) Performance. It has the power and authority necessary to enter into and perform
this Agreement and all transactions contemplated herein and that all actions required to authorize
it to enter into and perform this Agreement have been properly taken;

          (b) No Breach. It will not breach any other agreement or arrangement by entering into
or performing this Agreement; and

          (c) Due Execution and Delivery. This Agreement has been duly executed and delivered
by it and is valid and binding upon it and enforceable against it in accordance with its terms;
provided, however, that no representation or warranty is made as to the remedy of specific
performance or other equitable remedies for the enforcement of this Agreement or any other
agreement contemplated hereby, and provided further that this representation is limited by
applicable bankruptcy, insolvency, moratorium, and other similar laws affecting generally the
rights and remedies of creditors and secured parties.

     Section 17. Notices. Any notice, election, report or other correspondence
(collectively, “Notices”) required or permitted hereunder shall be in writing and (i) delivered
personally to an officer of the party to whom directed; (ii) sent by registered or certified United
States mail, postage prepaid, return receipt requested; (iii) sent by reputable overnight courier;
or (iv) sent by facsimile transmission with confirmation of receipt. All such Notices shall be
addressed to the party to whom directed as follows:

	 	 	 	 	 

	 

	 	SMC:
	 	Stillwater Mining Company
	 

	 	 	 	1321 Discovery Drive
	 

	 	 	 	Billings, Montana 59102
	 

	 	 	 	Attn: Metals Marketing
	 

	 	 	 	Facsimile: (406) 373-8723
	 

	 	 	 	With a copy to: General Counsel
	 

	 	 	 	Facsimile: (406) 373-8723
	 
	 	 	 	 
	 

	 	GM:
	 	General Motors LLC
	 

	 	 	 	777 Joslyn Avenue
	 

	 	 	 	Pontiac, Michigan 48340-2925
	 

	 	 	 	Attn: GM Global PGM Commodity Manager, Global Purchasing and Supply
Chain
	 

	 	 	 	Facsimile: (248) 857-0064
	 

	 	 	 	With a copy to: Director, Non-Ferrous Materials, Global Purchasing and
Supply Chain
	 

	 	 	 	Facsimile: (248) 857-0064

Either party may, from time to time, change its address for future Notices hereunder by Notice in
accordance with this Section 17. All Notices shall be complete and deemed to have been given or
made (i) when delivered personally to an officer of the party to whom delivered, (ii) within

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with  “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 6

 

 

three
(3) Business Days of when sent if sent via registered or certified United States mail; (iii) when
sent if sent by reputable overnight courier, or (iv) when receipt is confirmed if sent by facsimile
transmission.

     Section 18. Confidentiality; Publicity. Each party will treat the pricing discount
provided in Section 4 as confidential and will not divulge such information to any third party
other than its legal and financial advisors or except as required by law or regulation. Neither
SMC nor GM will issue or approve an advertisement, promotional material, news release or other form
of publicity concerning this Agreement or the transactions contemplated herein without the prior
approval of the party as to the contents of such advertisement, promotional material, news release
or publicity and the timing of its release, which approval cannot be unreasonably withheld.

     Section 19. Entire Agreement. This Agreement represents the complete agreement
between the parties hereto and supersedes all prior or contemporaneous oral or written agreements
of the parties to the extent they relate in any way to the subject matter hereof.

     Section 20. Relationship of the Parties. Nothing contained in this Agreement shall be
deemed to constitute either party the partner of the other, nor, except as otherwise herein
expressly provided, to constitute either party the agent or legal representative of the other, nor
to create any fiduciary relationship between them. It is not the intention of the parties to
create, nor shall this Agreement be construed to create, any mining, commercial or other
partnership. Neither party shall have any authority to act for or to assume any obligation or
responsibility on behalf of the other party, except as otherwise expressly provided herein. The
rights, duties, obligations and liabilities of the parties shall be several and not joint or
collective. Each party shall be responsible only for its obligations as herein set out.

     Section 21. No Implied Covenants. There are no implied covenants contained in this
Agreement other than those of good faith and fair dealing.

     Section 22. Binding Effect; No Assignment. This Agreement shall bind and inure to the
benefit of, and be enforceable by, the parties hereto and may not be assigned by either party
without the consent of the other party, which consent shall not be unreasonably withheld,
except that the consent of the other party shall not be required for (i) any assignment by
SMC to provide security in connection with any financing, or (ii) any merger, consolidation or
other reorganization or transfer by operation of law, or by purchase of the business of or
substantially all of the assets of one of the parties (a “Corporate Transaction”), provided that
the party undergoing the Corporate Transaction shall have provided written notice to the other
party regarding such Corporation Transaction and, in the case of SMC, such notice shall include a
confirmation from SMC that there will be no changes to the fulfillment obligations under this
Agreement.

     Section 23. Amendment and Waiver. Except as otherwise provided herein, no modification,
amendment or waiver of any provision of this Agreement shall be effective against either party
unless such modification, amendment or waiver is approved in writing by the parties hereto. The
failure by either party to demand strict performance and compliance with any part of this Agreement
during the term of this Agreement shall not be deemed to be a waiver of the

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 7

 

 

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 or be construed as a waiver of any subsequent breach
thereof.

     Section 24. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of any other provision of this Agreement
in such jurisdiction or affect the validity, legality or enforceability of any provision in any
other jurisdiction, but this Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein.

     Section 25. Governing Law. The parties to this Agreement are domiciled in two
different states. In order to create greater certainty with respect to their legal rights and
obligations under this Agreement, the parties desire to adopt as the substantive law of this
Agreement the laws of the State of New York as though this Agreement were performed in full in the
State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of New York.

     Section 26. Construction. The parties agree that any rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not be applied in the
construction or interpretation of this Agreement. The parties acknowledge that each of them has
had the benefit of legal counsel of its own choice and has been afforded an opportunity to review
this Agreement with its legal counsel and that this Agreement shall be construed as if jointly
drafted by SMC and GM.

     Section 27. Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument.

     Section 28. Attorneys’ Fees. In the event of any controversy, claim, or dispute
between the parties hereto, arising out of or relating to this Agreement or the breach hereof, the
prevailing party shall be entitled to recover from the losing party reasonable expenses, attorneys’
fees, and costs.

     Section 29. Further Documents. At the request of either party, the parties shall
execute and deliver any further instruments, agreements, documents or other papers reasonably
requested by that party to effect the purposes of this Agreement and the transactions contemplated
hereby.

[SIGNATURES FOLLOW ON THE NEXT PAGE.]

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 8

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective
Date.

	 	 	 	 	 	 	 

	 
	STILLWATER MINING COMPANY	 	GENERAL MOTORS LLC
	 
	By: 	 /s/ John Stark	 	By: 	            /s/ Sherry W. Bonadies
	 	Name: 	 John Stark	 	 	Name: 	          Sherry W. Bonadies
	 	Title:	 Exec. Vice President	 	 	Title:	         Global Commodity Manager, Purchasing

Confidential treatment has been requested with respect to certain portions of this exhibit. Such

portions are marked with “        ” in place of the redacted language. Omitted portions are filed

separately with the Securities and Exchange Commission. 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}]]