Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.8    
    

FORM OF CONTINUITY AGREEMENT FOR KEY EMPLOYEES 

        This
Agreement (the "Agreement") is dated as of                        , 2005 by and between Tronox Incorporated, a Delaware
corporation (the "Company"), and                        (the "Executive").
 

        WHEREAS,
the Company's Board of Directors considers the continued services of key executives of the Company to be in the best interests of the Company and its stockholders; and 

        WHEREAS,
the Company's Board of Directors desires to assure, and has determined that it is appropriate and in the best interests of the Company and its stockholders to reinforce and
encourage the continued attention and dedication of key executives of the Company to their duties of employment without personal distraction or conflict of interest in circumstances which could arise
from the occurrence of a change in control of the Company; and 

        WHEREAS,
the Company's Board of Directors has authorized the Company to enter into continuity agreements with those key executives of the Company and any of its respective subsidiaries
(all of such entities, together with the Company, are hereinafter referred to as an "Employer"), such agreements to set forth the severance compensation which the Company agrees under certain
circumstances to pay such executives; and 

        WHEREAS,
the Executive is a key executive of an Employer and has been designated as an executive to be offered such a continuity compensation agreement with the Company. 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Company and the Executive agree as follows: 

        1.    Term.    This Agreement shall become effective on the date the Company first offers shares of its Class A
common stock in an initial public offering (the "Effective Date") and remain in effect until the third anniversary thereof; provided,  however, that this
Agreement shall automatically renew for an additional year on each successive anniversary of the Effective Date, unless an Employer
informs the Executive, in writing, at least 180 days prior to the renewal date, that this Agreement shall not be renewed. The foregoing shall constitute the "Term" of this Agreement for
purposes hereof. 

        2.    Change in Control.    No compensation or other benefit pursuant to Section 4 hereof shall be payable
under this Agreement unless and until either (i) a Change in Control of the Company (as hereinafter defined) shall have occurred while the Executive is employed by an Employer and the
Executive's employment by an Employer thereafter shall have terminated in accordance with Section 3 hereof or (ii) the Executive's employment by an Employer shall have terminated in
accordance with Section 3(a)(ii) hereof prior to the occurrence of the Change in Control. Except as provided in Section 2(e) hereof, for purposes of this Agreement, a "Change in Control"
shall be deemed to have occurred if, beginning on the Effective Date and before the end of the Term of this Agreement: 

        (a)   any
person ("Person") as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as used in Section 13(d)
and 14(d) thereof, including a "group" as defined in Section 13(d) of the Exchange Act but excluding the Company and any subsidiary and any employee benefit plan sponsored or maintained by the
Company or any subsidiary (including any trustee of such plan acting as trustee), directly or indirectly, becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), of securities of the Company representing 25% or more of the combined voting power of the Company's then outstanding securities (other than indirectly as a result of the Company's redemption of
its securities); or 

        (b)   the
consummation of any merger or other business combination of the Company, sale of 50% or more of the Company's assets, liquidation or dissolution of the Company or
combination of the foregoing transactions (the "Transactions") other than a Transaction immediately following which the shareholders of the Company and any trustee or fiduciary of any Company employee
benefit plan 

 

immediately
prior to the Transaction own at least 60% of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business combination;
(B) the purchaser of or successor to the Company's assets; (C) both the surviving corporation and the purchaser in the event of any combination of Transactions; or (D) the parent
company owning 100% of such surviving corporation, purchaser or both the surviving corporation and the purchaser, as the case may be; or 

        (c)   within
any twenty-four month period, the persons who were directors immediately before the beginning of such period (the "Incumbent Directors") shall cease
(for any reason other than death) to constitute at least a majority of the Board or the board of directors of a successor to the Company. For this purpose, any director who was not a director at the
beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the recommendation of or with the approval of, at least two-thirds
of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who commenced or threatened to commence an election contest or proxy solicitation by
or on behalf of a Person (other than the Board) or who has entered into an agreement to effect a Change in Control or expressed an intention to cause such a Change in Control); or 

        (d)   a
majority of the members of the Board of Directors in office immediately prior to a proposed transaction determine by a written resolution that such proposed
transaction, if taken, will be deemed a Change in Control and such proposed transaction is consummated. 

        (e)   The
following events shall not constitute a Change in Control under this Agreement and shall not be considered in determining whether a Change in Control has occurred: 

        (i)    the
sale or purchase of the Company's Class A common stock in connection with the initial public offering of such stock; 

        (ii)   the
distribution to Kerr-McGee shareholders of the shares of the Company's Class B common stock that Kerr-McGee owns subsequent to the
Effective Date; 

        (iii)  Kerr-McGee
Corporation exchanging shares of the Company's Class B common stock that it owns subsequent to the completion of the initial public
offering of such stock with its shareholders in return for shares of Kerr-McGee Corporation; 

        (iv)  any
event that qualifies as a "change in control" under the terms of any agreement providing for continuity compensation under similar terms and conditions as this
Agreement if such agreement was entered into by the Executive and Kerr-McGee Corporation before the Effective Date of this Agreement and remains in effect on the date of the qualifying
event; or 

        (v)   if
the Executive is not a party to an agreement described in Section 2(e)(iv), above, any event that would qualify as a "change in control" under the terms of
this Agreement if the term "Kerr-McGee Corporation" were substituted for the term "Company" in Section 2 hereof and this Section 2(e) were disregarded. 

        3.    Termination of Employment; Definitions.    

        (a)    Termination without Cause by the Company or for Good Reason by the Executive.    

        (i)    The
Executive shall be entitled to the compensation provided for in Section 4 hereof, if within two years after a Change in Control, the Executive's employment by
an Employer shall be terminated (A) by an Employer for any reason other than (I) the Executive's Disability or Retirement, (II) the Executive's death or (III) for Cause, or
(B) by the Executive with Good Reason (all terms are as hereinafter defined), unless such termination occurs with the Executive's prior written consent expressly waiving the rights provided
hereunder. 

        (ii)   In
addition, the Executive shall be entitled to the compensation provided for in Section 4 hereof if, (A) in the event that an agreement is signed which,
if consummated, would 

2

 

result
in a Change of Control and, within 12 months thereafter, the Executive is terminated without Cause by the Company (other than on account of Executive's Death or Disability) or terminates
employment with Good Reason prior to the Change in Control, (B) such termination is at the request or instigation of the acquiror or merger partner or otherwise in connection with the
anticipated Change in Control, and (C) within said 12 month period, such Change in Control actually occurs. 

        (b)    Disability.    For purposes of this Agreement, "Disability" shall mean the Executive's absence from the
full-time performance of the Executive's duties (as such duties existed immediately prior to such absence) for 180 consecutive business days, when the Executive is disabled as a result of
incapacity due to physical or mental illness. 

        (c)    Retirement.    For purposes of this Agreement, "Retirement" shall mean the Executive's voluntary termination of
employment pursuant to late, normal or early retirement under a pension plan sponsored by an Employer, as defined in such plan, but only if such retirement occurs prior to a termination by an Employer
without Cause or by the Executive for Good Reason. 

        (d)    Cause.    For purposes of this Agreement, "Cause" shall mean: 

        (i)    the
willful and continued failure of the Executive to perform substantially all of his or her duties with an Employer (other than any such failure resulting from
incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to such Executive by the Board of
Directors (the "Board") of the Company which specifically identifies the manner in which the Board believes that the Executive has not substantially performed his or her duties; 

        (ii)   the
willful engaging by the Executive in gross misconduct which is materially and demonstrably injurious to the Company or any Employer; or 

        (iii)  the
conviction of, or plea of guilty or nolo contendere to, a felony. 

        Termination
of the Executive for Cause shall be made by delivery to the Executive of a copy of a resolution duly adopted by the affirmative vote of not less than a three-fourths majority
of the non-employee Directors of the Company or of the ultimate parent of the entity which caused the Change in Control (if the Company has become a subsidiary) at a meeting of such
Directors called and held for such purpose, after 30 days prior written notice to the Executive specifying the basis for such termination and the particulars thereof and a reasonable
opportunity for the Executive to cure or otherwise resolve the behavior in question prior to such meeting, finding that in the reasonable judgment of such Directors, the conduct or event set forth in
any of clauses (i) through (iii) above has occurred and that such occurrence warrants the Executive's termination. 

        (e)    Good Reason.    For purposes of this Agreement, "Good Reason" shall mean the occurrence, within the Term of
this Agreement, of any of the following without the Executive's written consent expressly waiving the rights provided hereunder: 

        (i)    any
material and adverse diminution in the Executive's duties or responsibilities with the Company (or any affiliate thereof) from those in effect immediately prior to
the Change in Control; 

        (ii)   any
reduction in the Executive's annual base salary or any adverse change in bonus opportunity or participation in cash bonus programs in effect immediately prior to
the Change in Control; 

        (iii)  any
requirement that Executive be based at a location more than 35 miles from the location at which the Executive was based immediately prior to the Change in Control
(or a 

3

 

substantial
increase in the amount of travel Executive is required to do because of a relocation of the executive offices); 

        (iv)  any
failure by the Company to obtain from any successor to the Company an agreement reasonably satisfactory to the Executive to assume and perform this Agreement, as
contemplated by Section 10(a) hereof; or 

        (v)   any
amendment, reduction or termination of any benefit plan, program or arrangement, which has the effect of causing the Executive to have benefits which are not
substantially similar, in the aggregate, to those benefits provided to the Executive immediately prior to the Change in Control. 

        Notwithstanding
the foregoing, in the event Executive provides the Company with a Notice of Termination (as defined below) referencing this Section 3(e), the Company shall have
30 days thereafter in which to cure or resolve the behavior otherwise constituting Good Reason. Any good faith determination by Executive that Good Reason exists shall be presumed correct and
shall be binding upon the Company. 

        (f)    Notice of Termination.    Any purported termination of the Executive's employment (other than on account of
Executive's death) with an Employer, if such termination occurs after the occurrence of a Change in Control or under circumstances specified under Section 3(a)(ii) above, shall be communicated
by a Notice of Termination to the Executive, if such termination is by an Employer, or to an Employer, if such termination is by the Executive. For purposes of this Agreement, "Notice of Termination"
shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive's employment under the provisions so indicated. For purposes of this Agreement, no purported termination of Executive's employment with an Employer
shall be effective without such a Notice of Termination having been given. 

        4.    Compensation Upon Termination After a Change in Control.    

        Subject
to Section 9 hereof, if within two years of a Change in Control, the Executive's employment by an Employer shall be terminated in accordance with Section 3(a) (the
"Termination"), the Executive shall be entitled to the following payments and benefits: 

        (a)    Severance.    The Company shall pay or cause to be paid to the Executive a cash severance amount equal to
(i) two (2) times the sum of (A) the Executive's annual base salary on the date of the Change in Control (or, if higher, the annual base salary in effect immediately prior to the
giving of the Notice of Termination) and (B) the higher of: (x) the average of the actual bonuses earned by the Executive in respect of the three years prior to the year in which the
Change in Control occurs under the Company's incentive award program, or (y) the Executive's target bonus for the year of Termination, plus (ii) in lieu of continuation of any of the
Executive's perquisites as provided to the Executive prior to the Change in Control (or, if greater, at the time of Termination), a cash payment equal to 7 percent of the Executive's annual
base salary as in effect on the date of the Change in Control for each of the two (2) years following the date of Termination. This cash severance amount shall be payable in a lump sum. 

        (b)    Additional Payments and Benefits.    The Executive shall also be entitled to: 

        (i)    a
lump sum cash payment equal to the sum of (A) the Executive's accrued but unpaid annual base salary through the date of Termination, (B) the unpaid
portion, if any, of bonuses previously earned by the Executive pursuant to the Company's Executive incentive award program, plus the pro rata portion of the bonus to be paid for the year in which the
date of Termination occurs (calculated through the date of Termination), (C) an amount, if any, equal to 

4

 

compensation
previously deferred (excluding any qualified plan deferral) and any accrued vacation pay, in each case, in full satisfaction of Executive's rights thereto, and (D) an amount, if
any, equal to the value of the number of performance units that the Executive would have earned if the performance period for such performance units had ended on the date of the Change in Control or,
if greater, the target number of performance units under the award. 

        (ii)   a
lump sum cash payment equal to the aggregate sum of (A) additional pension contributions in an amount equal to the Company's contributions under the Company's
401(k) plan, profit sharing or other savings pension plans (or such other qualified and nonqualified defined contribution pension plans as then in effect) for the two (2) year period following
the date of Termination (the "Separation Period") (based on assumed rates of Executive's contributions at the level of participation in effect as of the last date Executive was permitted to
participate); and (B) the difference between the discounted present value (i.e., lump sum value) of the annuity benefit the Executive is entitled to receive under the Company's qualified and
nonqualified defined benefit retirement programs in which the Executive is a participant calculated through the date of Termination and the discounted present value (i.e., lump sum value) of the
annuity benefit the Executive would be entitled to receive under such retirement programs calculated after adding an additional five years of credit to age and service up to a maximum of age 65
as if the executive had been paid at the rate used to calculate the payments under Section 4(a), provided that the additional credits added with respect to each retirement program shall not
exceed five years when added to any additional credits already provided by the terms of the such programs in respect of the Termination covered hereby. 

        (iii)  continued
medical, dental, vision, and life insurance coverage (excluding accident, death, and disability insurance) for the Executive and the Executive's eligible
dependents or, to the extent such coverage is not commercially available, such other arrangements reasonably acceptable to the Executive, on the same basis as in effect prior to the Change in Control
or the Executive's Termination, whichever is deemed to provide for more substantial benefits, for a period ending on the earlier of (A) the end of the Separation Period or (B) the
commencement of comparable coverage by the Executive with a subsequent employer; 

        (iv)  unless
it would adversely affect the Company's ability to use pooling of interest accounting in a Change in Control transaction in which such accounting is intended to
be used, immediate 100%
vesting of all outstanding stock options, stock appreciation rights and restricted stock granted or issued by any Employer to the extent not previously vested on or following the Change of Control;
and 

        (v)   all
other accrued or vested benefits in accordance with the terms of the applicable plan (with an offset for any amounts paid under Section 4(b)(i)(C), above). 

        All
lump sum payments under this Section 4 shall be paid within 15 business days after Executive's date of Termination, provided,  however, that such
payment shall be made 30 days after Termination in the event that the Company requires the Executive to sign a release at the
time of Termination. Discounted present value (i.e., lump sum value) for purposes of subsection (ii) above shall be calculated using a discount factor equal to one percentage point below the
rate of interest, per annum, publicly announced by The Chase Manhattan Bank, N.A. as its prime rate in effect at its principal office in New York City, and using the actuarial factors set forth in the
defined benefit retirement program. 

        (c)    Outplacement.    If so requested by the Executive, outplacement services shall be provided by a professional
outplacement provider selected by Executive; provided, however, that such outplacement services shall be
provided the Executive at an aggregate total cost to the Company of not more than ten (10) percent of such Executive's annual base salary. 

5

 

        (d)    Withholding.    Payments and benefits provided pursuant to this Section 4 shall be subject to any
applicable payroll and other taxes required to be withheld. 

        5.    Compensation Upon Termination for Death, Disability or Retirement.    

        If
an Executive's employment is terminated by reason of Death, Disability or Retirement prior to any other termination, Executive will receive: 

        (a)   the
sum of (i) Executive's accrued but unpaid salary through the date of Termination, (ii) the pro rata portion of the Executive's target bonus for the
year of Executive's Death or Disability (calculated through the date of Termination), and (iii) an amount equal to any compensation previously deferred and any accrued vacation pay; and 

        (b)   other
accrued or vested benefits in accordance with the terms of the applicable plan (with an offset for any amounts paid under item (a)(iii), above). 

        6.    Excess Parachute Payments.    

        (a)   (i) If
it is determined (as hereafter provided) that any payment or distribution by the Company or any Employer to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including
without limitation any stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a "Severance
Payment"), would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) by reason of being "contingent on a change in ownership or control" of the
Company, within the meaning of Section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to
such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the "Excise Tax"), then the Executive shall receive the greater of
(x) the Severance Payment, after payment by the Executive of the Excise Tax imposed on the Severance Payment and (y) the amount of the Severance Payment (calculated on a net
after-tax basis) which could be paid to the Executive under Section 280G of the Code without causing any loss of deduction to the Company under such Section (the "Capped
Payment"). 

        (ii)   Subject
to the provisions of Section 6(a)(i) hereof, all determinations required to be made under this Section 6, including whether an Excise Tax is
payable by the Executive and the amount of such Excise Tax, shall be made by the nationally recognized firm of certified public accountants (the "Accounting Firm") used by the Company prior to the
Change in Control (or, if such Accounting Firm declines to serve, the Accounting Firm shall be a nationally recognized firm of certified public accountants selected by the Executive). The Accounting
Firm shall be directed by the Company or the Executive to submit its preliminary determination and detailed supporting calculations to both the Company and the Executive within 15 calendar days after
the Termination Date, if applicable, and any other such time or times as may be requested by the Company or the Executive. If the Accounting Firm determines that any Excise Tax is payable by the
Executive, the Company shall either (x) make payment of the Severance Payment, less all amounts withheld in respect of the Excise Tax, as required applicable law, or (y) reduce the
Severance Payment by the amount which, based on the Accounting Firm's determination and calculations, would provide the Executive with the Capped Payment, and pay to the Executive such reduced amount.
If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall, at the same time as it makes such determination, furnish the Executive with an opinion that he has
substantial authority not to report any Excise Tax on his/her federal, state, local income or other tax return. 

6

 

        (iii)  The
federal, state and local income or other tax returns filed by the Executive (or any filing made by a consolidated tax group which includes the Company) shall be
prepared and filed on a consistent
basis with the determination of the Accounting Firm with respect to the Excise Tax payable by the Executive. The Executive shall make proper payment of the amount of any Excise Tax, and at the request
of the Company, provide to the Company true and correct copies (with any amendments) of his/her federal income tax return as filed with the Internal Revenue Service and corresponding state and local
tax returns, if relevant, as filed with the applicable taxing authority, and such other documents reasonably requested by the Company, evidencing such payment. 

        7.    Expenses.    In addition to all other amounts payable to the Executive under this Agreement, the Company shall
pay or reimburse the Executive for reasonable legal fees (including without limitation, any and all court costs and reasonable attorneys' fees and expenses) incurred by the Executive in connection
with or as a result of any claim, action or proceeding brought by the Company or the Executive with respect to or arising out of this Agreement or any provision hereof;  provided, however, that the Company shall have no obligation to pay any such legal fees, if
(i) in the case of an action brought by the Executive, the Company is successful in establishing with the court that the Executive's action was frivolous or otherwise without any reasonable
legal or factual basis; or (ii) in connection with any such claim, action or proceeding arising out of Section 12 of this Agreement. 

        8.    Obligations Absolute; Non-Exclusivity of Rights; Joint Several Liability.    

        (a)   The
obligations of the Company to make the payments to the Executive, and to make the arrangements, provided for herein shall be absolute and unconditional and shall not
be reduced by any circumstances, including without limitation any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or any third
party at any time. 

        (b)   Nothing
in this Agreement shall prevent or limit the Executive's continuing or future participation in any benefit, bonus, incentive or other plan or program provided by
the Company or any other Employer and for which the Executive may qualify, nor shall anything herein limit or reduce such rights as the Executive may have under any agreements with the Company or any
other Employer. 

        (c)   Each
entity included in the definition of "Employer" and any successors or assigns shall be joint and severally liable with the Company under this Agreement. 

        9.    Not an Employment Agreement; Effect On Other Rights.    

        (a)   This
Agreement is not, and nothing herein shall be deemed to create, a contract of employment between the Executive and the Company. The Company may terminate the
employment of the Executive by the Company at any time, subject to the terms of this Agreement and/or any employment agreement or arrangement between the Company and the Executive that may then be in
effect. 

        (b)   This
Agreement supersedes all prior agreements covering change in control or any other subject matter covered by this Agreement and Executive hereby represents that the
Executive has no other oral or written representations, understandings or agreements with the Company or any of its officers, directors or representatives covering any such subject matter and agrees
that any and all prior written agreements relating to such subject matter shall be terminated effective as of the date of execution of this Agreement and shall be of no further force or effect. 

        10.    Successors; Binding Agreement, Assignment.    

        (a)   The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business of the
Company, by agreement to expressly, absolutely and unconditionally assume and agree to perform this Agreement in the same 

7

 

manner
and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any
such succession shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive's employment with the Company or such successor for Good Reason immediately
prior to or at any time after such succession. As used in this Agreement, "Company" shall mean (i) the Company as hereinbefore defined, and (ii) any successor to all the stock of the
Company or to all or substantially all of the Company's business or assets which executes and delivers an agreement provided for in this Section 10(a) or which otherwise becomes bound by all
the terms and provisions of this Agreement by operation of law, including any parent or subsidiary of such a successor. 

        (b)   This
Agreement shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive should die while any amount would be payable to the Executive hereunder if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to the Executive's estate or designated beneficiary. Neither this Agreement nor any right arising hereunder may be
assigned or pledged by the Executive. 

        11.    Notice.    For purpose of this Agreement, notices and all other communications provided for in this Agreement
or contemplated hereby shall be in writing and shall be deemed to have been duly given when personally delivered, delivered by a nationally recognized overnight delivery service or when mailed United
States certified or registered mail, return receipt requested, postage prepaid, and addressed, in the case of the Company, to the Company at: 

Tronox
Incorporated

123 Robert S. Kerr Avenue

P.O. Box 25861

Oklahoma City, Oklahoma 73125

Attention: Chief Executive Officer

(with a copy to General Counsel) 

and
in the case of the Executive, to the Executive at the address set forth on the execution page at the end hereof. 

        Either
party may designate a different address by giving notice of change of address in the manner provided above, except that notices of change of address shall be effective only upon
receipt. 

        12.    Confidentiality.    

        (a)   The
Executive shall retain in confidence any and all confidential information concerning the Company and its respective business which is now known or hereafter becomes
known to the Executive, except as otherwise required by law and except information (i) ascertainable or obtained from public information, (ii) received by the Executive at any time after
the Executive's employment by the Company shall have terminated, from a third party not employed by or otherwise affiliated with the Company or (iii) which is or becomes known to the public by
any means other than a breach of this Section 12. Upon the Termination of employment, the Executive will not take or keep any proprietary or confidential information or documentation belonging
to the Company. 

        (b)   The
Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Section 12 would be
inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall
be entitled to cease making any payments or providing any benefit otherwise required by this Agreement during the pendency of any dispute involving such Section and to obtain equitable relief in the
form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which 

8

 

may
then be available. Upon the resolution of such dispute, any payments or benefits required by this Agreement which were suspended during the pendency of the dispute shall be paid or provided to the
Executive if it is determined that no breach of this Section 12 occurred. 

        This
paragraph 12 shall survive this Agreement. 

        13.    Release.    In the event that the Company requests a release from the Executive, in the form attached hereto as
Exhibit A, then as a condition to providing any payments or benefits under this Agreement, the Executive shall deliver such release. 

        14.    Miscellaneous.    No provision of this Agreement may be amended, altered, modified, waived or discharged unless
such amendment, alteration, modification, waiver or discharge is agreed to in writing signed by the Executive and such officer of the Company as shall be specifically designated by the Committee or by
the Board of Directors of the Company. No waiver by either party, at any time, of any breach by the other party of, or of compliance by the other party with, any condition or provision of this
Agreement to be performed or complied with by such other party shall be deemed a waiver of any similar or dissimilar provision or condition of this Agreement or any other breach of or failure to
comply with the same condition or provision at the same time or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject
matter hereof have been made by either party which are not expressly set forth in this Agreement. 

        15.    Severability.    If any one or more of the provisions of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. To the extent permitted by applicable law, each party hereto
waives any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. 

        16.    Governing Law; Venue.    The validity, interpretation, construction and performance of this Agreement shall be
governed exclusively by the laws of the State of Delaware without giving effect to its conflict of laws rules. For purposes of jurisdiction and venue, the Company and each Employer hereby consents to
jurisdiction and venue in any suit, action or proceeding with respect to this Agreement in any court of competent jurisdiction in the state in which Executive resides at the commencement of such suit,
action or proceeding and waives any objection, challenge or dispute as to such jurisdiction or venue being proper. 

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

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

	 	 	TRONOX INCORPORATED.
	

 	
 	

By:	
 	

    

	

 	
 	

    

9

 
Exhibit A  

RELEASE  

        [                        ] ("Executive"), for and in consideration
of the payments and benefits that Executive shall receive under this Agreement,
hereby executes the following General Release ("Release") and agrees as follows: 

        1.     Executive,
on behalf of Executive, Executive's agents, assignees, attorneys, successors, assigns, heirs and executors, to, and Executive does hereby fully and completely
forever release the Company and its affiliates, predecessors and successors and all of their respective past and/or present officers, directors, partners, members, managing members, managers,
Executives, agents, representatives, administrators, attorneys, insurers and fiduciaries in their individual and/or representative capacities (hereinafter collectively referred to as the "Releasees"),
from any and all causes of action, suits, agreements, promises, damages, disputes, controversies, contentions, differences, judgments, claims, debts, dues, sums of money, accounts, reckonings, bonds,
bills, specialties, covenants, contracts, variances, trespasses, extents, executions and demands of any kind whatsoever, which Executive or Executive's heirs, executors, administrators, successors and
assigns ever had, now have or may have against the Releasees or any of them, in law, admiralty or equity, whether known or unknown to Executive, for, upon, or by reason of, any matter, action,
omission, course or thing whatsoever occurring up to the date this Release is signed by Executive, including, without limitation, in connection with or in relationship to Executive's employment or
other service relationship with the Company or its affiliates, the termination of any such employment or service relationship and any applicable employment, compensatory or equity arrangement with the
Company or its respective affiliates; provided that such released claims shall not include any claims to enforce Executive's rights under, or with respect to, this Release (such released claims are
collectively referred to herein as the "Released Claims"). 

        2.     Notwithstanding
the generality of clause (1) above, the Released Claims include, without limitation, (a) any and all claims under Title VII of the
Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Civil Rights Act of 1971, the Civil Rights Act of 1991, the Fair Labor Standards Act, the Executive Retirement Income
Security Act of 1974, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, and any and all other federal, state or local laws, statutes, rules and regulations pertaining to
employment or otherwise, and (b) any claims for wrongful discharge, breach of contract, fraud, misrepresentation or any compensation claims, or any other claims under any statute, rule,
regulation or under the common law, including compensatory damages, punitive damages, attorney's fees, costs, expenses and all claims for any other type of damage or relief. 

        3.     This
means that, by signing this Release, the Executive shall have waived any right to which the Executive may have had to bring a lawsuit or make any claim against the
Releasees based on any acts or omissions of the releasees up to the date of the signing of this Release. 

        4.     Executive
represents that he has read carefully and fully understands the terms of this Release, and that Executive has been advised to consult with an attorney and have
had the opportunity to consult with an attorney prior to signing this Release. Executive acknowledges that he is executing this Release voluntarily and knowingly and that he has not relied on any
representations, promises or agreements of any kind made to Executive in connection with Executive's decision to accept the terms of this Release, other than those set forth in this Release. Executive
acknowledges that Executive has been given at least twenty-one (21) days to consider whether Executive wants to sign this Release and that the Age Discrimination in Employment Act
gives Executive the right to revoke this Release within seven (7) days after it is signed, and Executive understands that he will not receive any payments due him under this Release until such
seven (7) day revocation period (the "Revocation Period") has passed and then, only if Executive has not revoked this Release. To the extent Executive has executed this Release within less than 

10

 

twenty-one
(21) days after its delivery to Executive, Executive hereby acknowledges that his decision to execute this Release prior to the expiration of such twenty-one
(21) day period was entirely voluntary. 

	 	 	TRONOX INCORPORATED
	

    
 Executive	
 	

    
 Title:

Name:

11

QuickLinks

EXHIBIT 10.8QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.9    
    

FORM OF  

 TRONOX INCORPORATED 2005 LONG TERM INCENTIVE PLAN  

 
 
  FORM OF
  TRONOX INCORPORATED 2005 LONG TERM INCENTIVE PLAN    
    

 
 

TABLE OF CONTENTS    
    

	Article
 
	 	 
	 	Page

	I	 	Purpose	 	1
	

II	
 	

Definitions	
 	

1
	

III	
 	

Administration	
 	

3
	

IV	
 	

Eligibility	
 	

4
	

V	
 	

Limitations on Awards	
 	

4
	

VI	
 	

Stock Options	
 	

5
	

VII	
 	

Stock Appreciation Rights	
 	

6
	

VIII	
 	

Restricted Stock	
 	

6
	

IX	
 	

Performance Awards	
 	

7
	

X	
 	

Adjustment Upon Changes in Stock	
 	

7
	

XI	
 	

Change in Control	
 	

8
	

XII	
 	

Miscellaneous	
 	

9
	

XIII	
 	

Amendment and Termination	
 	

10
	

XIV	
 	

Duration of the Plan	
 	

10

i

   FORM OF

TRONOX INCORPORATED 2005 LONG TERM INCENTIVE PLAN  

Article I  

Purpose  

        The purpose of the Tronox Incorporated 2005 Long Term Incentive Plan (the "Plan") is to provide incentive opportunities for Non-Employee Directors and
employees, and to align their personal financial interest with the Company's stockholders. The Plan includes provisions for stock options, stock appreciation rights, restricted stock and performance
related awards. 

Article II  

Definitions  

	a)
	"Award" shall mean an award under the Plan of Options, SARs, Restricted Stock or a Performance Award.

	b)
	"Board or Board of Directors" shall mean the Board of Directors of the Company.

	c)
	"Cause" shall mean (i) the continued failure of the Employee to perform substantially all of his or her duties as an Employee
(other than any such failure resulting from incapacity due to physical or mental illness); (ii) the willful engaging by the Employee in gross misconduct which is materially and demonstrably
injurious to the Company; or (iii) the conviction of, or plea of guilty or nolo contendere to, a felony.

	d)
	"Code" shall mean the Internal Revenue Code of 1986, as amended from time to time.

	e)
	"Company" shall mean Tronox Incorporated and any successor corporation by merger or otherwise.

	f)
	"Committee" shall mean the Board or a committee of the Board designated by the Board. The Committee shall be responsible for
administering the Plan pursuant to Article III herein.

	g)
	"Employee" shall mean any person employed by the Company, a Subsidiary or Limited Liability Company on a full-time salaried
basis, including officers thereof. The term "Employee" shall not include a person hired as an independent contractor, leased employee, consultant or a person otherwise designated by the Company at the
time of hire as not eligible to participate in the Plan, even if such person is determined to be an "employee" by any governmental or judicial authority.

	h)
	"Fair Market Value" of Stock shall mean the average of the highest price and the lowest price at which Stock shall have been sold on the
applicable date as reported in the Wall Street Journal as New York Stock Exchange Composite Transactions for that date. In the event that the applicable date is a date on which there were no such
sales of Stock, the Fair Market Value of Stock on such date shall be the average of the highest price and the lowest price at which Stock shall have been sold on the last trading day preceding such
date. Notwithstanding the foregoing, the "Fair Market Value" of Stock on the date the Company first offers shares of Stock in an initial public offering shall be equal to the initial public offering
price.

	i)
	"Incentive Stock Option" or "ISO" shall mean an Option which complies with the terms and
conditions set forth in Section 422 of the Code and applicable regulations thereunder. Options designated as ISOs shall be interpreted and administered in order to comply with all the
provisions of Section 422 of the Code and applicable regulations, including without limitation the requirement that the aggregate Fair Market Value (determined at the time the Option is
granted) of Stock with respect to which ISOs are exercisable for the first time by an individual during a calendar year under all plans of the Company, any Subsidiary and any LLC shall not exceed
$100,000. 

1

 
	j)
	"Indicators of Performance" shall mean the following criteria used by the Committee to establish a performance goal under
Section 3.4: Pretax Income, Net Income, Earnings Per Share, Sales Volume, Revenue, Expenses, Return on Assets, Return on Equity, Return on Investment, Net Profit Margin, Operating Profit
Margin, Cash Flow, Total Stockholder Return, Capitalization, Liquidity, Production Volume, Results of Customer Satisfaction Surveys and other measures of Quality, Safety, Productivity, Cost Management
or Process Improvement.

	k)
	"Limited Liability Company" or "LLC" shall mean any Limited Liability Company in which
the Company or a Subsidiary owns fifty percent (50%) or more of the Limited Liability Company.

	l)
	"Non-Employee Director" shall mean any person serving as a director of the Company who is not an employee of the Company.

	m)
	"Option" or "Stock Option" shall mean a right granted under the Plan to an Optionee to
purchase a stated number of shares of Stock at a stated exercise price.

	n)
	"Optionee" shall mean an Employee or Non-Employee Director who has received a Stock Option granted under the Plan.

	o)
	"Performance Award" shall mean an Award issued under Article IX.

	p)
	"Performance Period" shall mean a period established by the Committee of not less than one year during which performance shall be
measured under a Performance Award.

	q)
	"Restricted Stock" shall mean Stock which is issued pursuant to Article VIII of the Plan.

	r)
	"Restriction Period" shall mean that period of time as determined by the Committee during which Restricted Stock is subject to such
terms, conditions and restrictions as shall be assigned by the Committee.

	s)
	"Retirement" shall mean retirement of an Employee after attaining age and service requirements of the Company pension plan in which the
employee participates. For this purpose, "service" for U.S. Employees shall be measured under the rules for determining vesting service under the Company's tax-qualified defined benefit
plan for U.S. Employees. "Retirement" for Non-Employee Directors shall mean termination from service on the Board for any reason other than Total Disability or death.

	t)
	"Stock" shall mean the class A common stock of the Company.

	u)
	"Stock Appreciation Right" or "SAR" shall mean a right granted in accordance with
Article VII of the Plan.

	v)
	"Subsidiary" shall mean any corporation (other than the Company) in which the Company, a Subsidiary or a Limited Liability Company of
the Company owns fifty percent (50%) or more of the total combined voting power of all classes of stock, provided that, with regard to Incentive Stock Options, "Subsidiary" shall have the meaning
provided under Section 424(f) of the Code.

	w)
	"Total Disability" and "Totally Disabled" shall have such meaning as that defined under
the Company's group insurance plan covering total disability and determinations of Total Disability shall be made by the insurance company providing such coverage on the date on which the Employee,
whether or not eligible for benefits under such insurance plan, becomes Totally Disabled. However, in the absence of such insurance plan or in the event the individual is a Non-Employee
Director, the Committee shall make such determination. 

2

 
Article III  

Administration  

        3.1    The Committee.    The Plan shall be administered by the Committee. Subject to such
approvals and other authority as the Board may reserve to itself from time to time, the Committee shall, consistent with the provisions of the Plan, from time to time establish such rules and
regulations and appoint such agents as it deems appropriate for the proper administration of the Plan, and make such determinations under, and such interpretations of, and take such steps in
connection with the Plan or the Awards as it deems necessary or advisable. 

        3.2    Authority of the Committee.    Subject to the provisions herein, the Committee shall
have the full power (a) to determine the Employees and Non-Employee Directors who shall receive Awards under the Plan, (b) to determine the size and types of Awards to be
issued under the Plan, (c) to determine the terms and conditions of such Awards in a manner consistent with the Plan, (d) to construe and interpret the Plan and any agreement or
instrument entered into under the Plan, and resolve any ambiguities with respect to any of the terms and provisions hereof as written and as applied to the operation of the Plan, (e) to
establish, amend or waive rules and regulations for the Plan's administration, and (f) to amend the terms and conditions of any outstanding Award to the extent such terms and conditions are
within the sole discretion of the Committee as provided in the Plan and subject to the limitations and restrictions otherwise applicable under the Plan, including those contained in
Article XIII which among other restrictions prohibit the repricing of options without further shareholder approval. Notwithstanding the foregoing, the Committee shall not amend an Award in a
manner that would have a materially adverse effect on the grantee's rights or obligations under the Award without the consent of the grantee. 

        The
Committee may take any action consistent with the terms of the Plan which the Committee deems necessary to comply with any laws or regulatory requirements of a foreign country or to
avoid adverse tax consequences under any such law or requirements. Such actions may include modifying the terms and conditions governing any Awards, including issuing restricted stock units in lieu of
Restricted Stock, or establishing any local country plans as sub-plans to this Plan, each of which may be attached as an appendix hereto. 

        As
permitted by law, the Committee may delegate its authority hereunder, including without limitation delegating to a Company officer the authority to issue Awards covering a specified
number of shares of Stock to Employees who are not officers. 

        3.3    Decisions Binding.    All determinations and decisions of the Committee as to any
disputed question arising under the Plan or an Award, including questions of construction and interpretation, shall be final, binding and conclusive upon all parties. 

        3.4    Awards Subject to Performance Goals.    The Committee may determine that an Award shall
be subject to the satisfaction of such performance goals as established by the Committee. As determined by the Committee, achievement of the performance goals may be measured (a) individually,
alternatively or in any combination, (b) with respect to the Company, a subsidiary, division, business unit, product line, product, or any combination of the foregoing, or (c) on an
absolute basis, or relative to a target, to a designated comparison group, to results in other periods, to an index, or to other external measures. 

        In
determining whether a performance goal is met, the Committee may exclude the impact of any event or occurrence which the Committee determines should appropriately be excluded, such as
a restructuring or other nonrecurring charge, an event either not directly related to the operations of the Company or not within the reasonable control of the Company's management, or a change in
accounting standards required by U. S. generally accepted accounting principles. 

        For
an Award that is subject to performance goals and that is intended to qualify as "performance-based compensation" under Section 162(m) of the Code, the following additional
provisions shall 

3

 

apply: (a) the
applicable performance goals will be based on one or more Indicators of Performance, (b) the Committee may adjust downwards, but not upwards, the amount payable
pursuant to such Award upon attainment of the performance goals, (c) the Committee may not waive the achievement of the applicable performance goals except in the case of the death or
disability of the grantee, or under such other conditions where such waiver will not jeopardize the treatment of other Awards as "performance-based compensation" under Section 162(m), and
(d) the Award shall otherwise comply with the requirements of Section 162(m), or any successor provision thereto, and the regulations thereunder. 

        3.5    Effect of Code Section 409A.    To the extent that any Award under this plan is
or may be considered to involve a nonqualified deferred compensation plan or deferral subject to Section 409A of the Code, the terms and administration of such Award shall comply with the
provisions of such Section, applicable IRS guidance and good faith reasonable interpretations thereof and, to the extent necessary, shall be modified, replaced, or terminated in the discretion of the
Committee. 

Article IV  

Eligibility  

        Those Employees who, in the judgment of the Committee, may contribute to the profitability and growth of the Company, a Subsidiary, or Limited Liability Company
and all Non-Employee Directors, shall be eligible to receive Awards under the Plan, provided that only Employees shall be eligible for grants of ISOs. 

Article V  

Limitations on Awards  

        5.1    Limits on Issuance of Shares.    The Stock to be distributed under the Plan may be
either authorized and issued shares or unissued shares, including but not limited to shares held as treasury shares. The maximum number of shares of Stock which may be issued under the Plan shall be
                        . The following additional limitations shall apply to the issuance of Stock under the Plan pursuant to
various types of Awards: 

	 
	 	Type of Awards
 
	 	Maximum Issuance

	(a)	 	Restricted Stock and Performance Awards to Employees	 	      shares
	

(b)	
 	

Stock Options and Restricted Stock to Non-Employee Directors, but no more than            shares of Restricted Stock	
 	

      shares
	

(c)	
 	

Incentive Stock Options	
 	

      shares

Any
shares of Stock that are subject to an Award which for any reason lapses, is cancelled, or is terminated without the issuance of such shares shall again be available for Awards under the Plan. 

        5.2    Limits on Awards to Employees.    No Employee shall be awarded, during the term of the
Plan, (a) Restricted Stock covering more than            shares of Stock, or (b) Options and SARs covering more
than            shares of Stock. No Employee shall be granted
Performance Awards under Article IX during a calendar year that could result in a payment of more than $            in cash and/or shares of Stock, based on the Fair Market Value of the
Stock as of the first day of the performance period. 

4

 

Article VI  

Stock Options  

        6.1    Grant of Options.    

        (a)   The
Committee may, at any time and from time to time, grant Options under the Plan to eligible Employees or Non-Employee Directors, for such numbers of
shares and having such terms as the Committee shall designate, subject to the provisions of the Plan. The Committee will also determine the type of Option granted (e.g., ISO, nonstatutory, other
statutory Options as from time to time may be permitted by the Code) or a combination of various types of Options. The date on which an Option shall be granted shall be the date of the Committee's
authorization of such grant. Any individual at any one time and from time to time may hold more than one Option granted under the Plan or under any other Stock plan of the Company. 

        (b)   Each
Option shall be evidenced by a Stock Option Agreement in such form and containing such provisions consistent with the provisions of the Plan as the Committee from
time to time shall approve. 

        6.2    Exercise Price.    The price at which shares of Stock may be purchased under an Option
shall not be less than 100% of the Fair Market Value of the Stock on the date the Option is granted. 

        6.3    Option Period.    The period during which an Option may be exercised shall be
determined by the Committee; provided, that such period will not be longer than ten years from the date on which the Option is granted in the case of ISOs, and ten years and one day in the case of
other Options. The date or dates on which portion(s) of an Option may be exercised during the term of an Option shall be determined by the Committee and may vary from Option to Option. The Committee
may also determine to accelerate the time at which portion(s) of an outstanding Option may be exercised. 

        6.4    Termination of Service.    An Option shall terminate and may no longer be exercised
three months after the Optionee ceases to be an Employee for any reason other than termination for Cause, Total Disability, death or Retirement. Unless an Employee's Stock Option Agreement provides
otherwise, all Options shall terminate and may no longer be exercised upon an Optionee's termination for Cause. If an Employee's employment is terminated by reason of Total Disability or Retirement,
all Options held by the Employee will vest and may be exercised within the period not to exceed the lesser of four years following such termination or the remaining term of the Option award. If the
Optionee is an Employee and dies while in the employ of the Company, a Subsidiary or LLC, or within three months after the termination of such employment (except termination for Cause), the vesting
provisions of an Option held by the Employee will lapse and such Option may, within the lesser of four years after the Optionee's death or the remaining term of the Option award, be exercised by the
legal representative of the Optionee's estate, or if it has been distributed as part of the estate, by the person or persons to whom the Optionee's rights under the Option shall pass by will or by the
applicable laws of descent and distribution. If a Non-Employee Director's service is terminated due to Retirement or Total Disability, all Options held by the Non-Employee
Director will vest and such Options may be exercised within the remainder of the Option's term. If a Non-Employee Director dies while in the service of the Company, all Options held by the
Non-Employee Director will vest and such Options may be exercised within the remainder of the term of the Option by the legal representative of the Optionee's estate, or if it has
been distributed as part of the estate, by the person or persons to whom the Optionee's rights under the Option shall pass by will or by the applicable laws of descent and distribution. In no event
may an Option be exercised to any extent by anyone after the expiration or termination of the Option. 

        6.5    Payment for Shares.    To the extent permitted under applicable law and the relevant
Stock Option Agreement, the exercise price of an Option shall be paid to the Company in full at the time of exercise at the election of the Optionee (1) in cash, (2) in shares of Stock
having a Fair Market Value equal to the 

5

 

aggregate
exercise price of the Option and satisfying such other requirements as may be imposed by the Committee, (3) partly in cash and partly in such shares of Stock, (4) to the extent
permitted by the Committee, through the withholding of shares of Stock (which would otherwise be delivered to the Optionee) with an aggregate Fair Market Value on the exercise date equal to the
aggregate exercise price of the Option or (5) through the delivery of irrevocable instructions to a broker to deliver promptly to the Company an amount equal to the aggregate exercise price of
the Option. The Committee may limit the extent to which shares of Stock may be used in exercising Options. No Optionee shall have any rights to dividends or other rights of a stockholder with respect
to shares of Stock subject to an Option until the Optionee has given written notice of exercise of the Option, paid in full for such shares of Stock and, if applicable, has satisfied any other
conditions imposed by the Committee pursuant to the Plan. 

Article VII  

Stock Appreciation Rights  

        7.1    Grant.    An SAR shall represent a right to receive a payment in cash equal to the
excess of the Fair Market Value of a specified number of shares of Stock on the date the SAR is exercised over an amount (the SAR exercise price) which shall be no less than the Fair Market Value of
the shares on the date the SAR was granted (or the option price for SARs granted in tandem with an Option), as set forth in the applicable Award agreement. Each SAR shall be evidenced by an Award
agreement that shall specify the SAR exercise price, the duration of the SAR, the number of shares of stock to which the SAR pertains, whether the SAR is granted in tandem with the grant of an Option
or is freestanding, and such other provisions as the Committee shall determine. SARs shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in
each instance approve and which shall be set forth in the applicable Award agreement, which need not be the same for each grant of for each grantee. 

        7.2    Exercise.    SARs granted in tandem with the grant of an Option may be exercised for
all or part of the shares of Stock subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option. SARs granted in tandem with the grant of an
Option may be exercised only with respect to the shares of Stock for which its related Option is then exercisable. SARs granted independently from the grant of an Option may be exercised upon the
terms and conditions contained in the applicable Award agreement. 

        7.3    Termination.    The Award agreement for a SAR shall set forth the extent to which a
grantee shall have the right to exercise an SAR following termination of the grantee's service. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among
all SARs, and may reflect distinctions based on the reasons for termination. 

Article VIII  

Restricted Stock  

        8.1    Terms of Grant.    At the time of making a grant of Restricted Stock or making payment
of an Award in Restricted Stock to an Employee or Non-Employee Director, the Committee shall establish a Restriction Period and assign such terms, conditions and other restrictions to the
Restricted Stock as it shall determine. 

        8.2    Restricted Stock—Rights.    Restricted Stock will be represented by a Stock
certificate registered in the name of the Restricted Stock recipient. Such certificate, accompanied by a separate duly endorsed stock power, shall be deposited with the Company. The recipient shall be
entitled to receive dividends during the Restriction Period and shall have the right to vote such Restricted Stock and all other stockholder's rights, with the exception that (i) the recipient
will not be entitled to delivery of the Stock certificate during the Restriction Period, (ii) the Company will retain custody of the Restricted Stock during the Restriction Period and
(iii) a breach of the terms and conditions established by the Committee 

6

 

pursuant
to the Award will cause a forfeiture of the Restricted Stock. The Committee may, in addition, prescribe additional restrictions, terms and conditions upon or to the Restricted Stock. 

        8.3    Termination of Service.    If an Employee or Non-Employee Director
terminates service by reason of Total Disability, death or Retirement prior to the expiration of a Restriction Period for a
grant of Restricted Stock, the Restriction Period will lapse and the shares will be delivered to the recipient. Unless the Committee provides otherwise, a termination of service for other reasons
prior to the expiration of the applicable Restriction Period will result in the forfeiture of the Restricted Stock. 

        8.4    Restricted Stock Agreement.    Each grant of, or payment of an Award in, Restricted
Stock shall be evidenced by a Restricted Stock Agreement in such form and containing such terms and conditions not inconsistent with the provisions of the Plan as the Committee from time to time shall
approve. 

Article IX  

Performance Awards  

        9.1    Eligibility for Awards.    The Committee shall designate Employees as eligible to
receive Performance Awards under the Plan and shall establish applicable Performance Periods and performance goals for any such Awards. 

        9.2    Performance Awards.    Performance Awards may be in the form of performance shares,
which are units valued by reference to shares of Stock or performance units, which are units valued by reference to financial measures or property other than Stock, and shall be subject to such terms
and conditions and other restrictions as the Committee shall assign. At the time of making grants of Performance Awards, the Committee shall establish such terms and conditions as it shall determine
applicable to such Awards. Performance Awards may be paid out in cash, Stock, Restricted Stock, other property or a combination thereof. Recipients of Performance Awards are not required to provide
consideration other than the rendering of service. 

        9.3    Partial Performance Period Participation.    Subject to applicable restrictions under
Section 162(m) of the Code, the Committee shall determine the extent to which an Employee shall participate in a partial Performance Period because of becoming eligible after the beginning of
such Performance Period. In the event an Employee terminates employment due to death, Total Disability or Retirement after completing at least one month of the Performance Period for an Award, such
Employee shall be entitled to a pro rata portion of the Award if the applicable performance goals are met, payable in accordance with procedures established by the Committee. Unless the Committee
provides otherwise, if an Employee terminates employment for any other reason prior to the end of a Performance Period for an Award, he shall not be entitled to any payment under the Award. 

Article X  

Adjustment Upon Changes In Stock  

        Subject to the limitations of Article XIII, the Committee shall appropriately adjust the number of shares or kind of Stock which may be issued pursuant to
this Plan, the other limits on Stock issuable under the Plan under Article V, and the number of shares covered by, and the exercise price of, each outstanding Award, for any increase or
decrease in the total number of issued and outstanding Stock (or change in kind) resulting from any change in the Stock through a merger, consolidation, reorganization, recapitalization, subdivision
or consolidation of shares or other capital adjustment or the payment of a stock dividend or other increase or decrease (or change in kind) in such shares. In the event of any such adjustment,
fractional shares shall be eliminated. 

7

 

Article XI  

Change In Control  

        Notwithstanding anything to the contrary in the Plan, in the event of a Change in Control: 

        (i)    If
during a Restriction Period(s) applicable to Restricted Stock issued under the Plan, all restrictions imposed hereunder on such Restricted Stock shall lapse effective
as of the date of the Change in Control; 

        (ii)   If
during a Performance Period(s) applicable to a Performance Award granted under the Plan, an Employee shall earn the number of performance shares or performance units
which the Employee would have earned as if target performance under the Award was obtained; and 

        (iii)  Any
outstanding Options or SARs that are not exercisable shall become exercisable effective as of the date of a Change in Control. If a grantee's employment or service
is terminated within 24 months of the effective date of a Change in Control, to the extent that any Option or SAR was exercisable at the time of the grantee's termination, such Option or SAR
may be exercised within four years following the date of termination or expiration of the Award if sooner. 

        For
purposes of the Plan, a "Change in Control" shall be deemed to have occurred if after the date the Company first offers shares of Stock in an initial public offering: 

        (a)   Any
person ("Person") as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as used in Section 13(d)
and 14(d) thereof, including a "group" as defined in Section 13(d) of the Exchange Act, but excluding the Company and any subsidiary and any employee benefit plan sponsored or maintained by the
Company or any subsidiary (including any trustee of such plan acting as trustee), directly or indirectly, becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), of securities of the Company representing 25% or more of the combined voting power of the Company's then outstanding securities (other than indirectly as a result of the Company's redemption of
its securities); or 

        (b)   The
consummation of any merger or other business combination of the Company, sale of 50% or more of the Company's assets, liquidation or dissolution of the Company or
combination of the foregoing transactions (the "Transactions") other than a Transaction immediately following which the shareholder of the Company and any trustee or fiduciary of any Company employee
benefit plan immediately prior to the Transaction own at least 60% of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business
combination; (B) the purchaser or successor to the Company's assets; (C) both the surviving corporation and the purchaser in the event of any combination of Transactions; or
(D) the parent company owning 100% of such surviving corporation, purchaser or both the surviving corporation and the purchaser, as the case may be; or 

        (c)   Within
any twenty-four month period, the persons who were directors immediately before the beginning of such period (the "Incumbent Directors") shall cease
(for any reason other than death) to constitute at least a majority of the Board or the board of directors of a successor to the Company. For this purpose, any director who was not a director at the
beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the recommendation of or with the approval of, at least two-thirds
of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who commenced or threatened to commence an election contest or proxy solicitation by
or on behalf of a Person (other than the Board) or who has entered into an agreement to effect a Change in Control or expressed an intention to cause such a Change in Control); or 

        (d)   A
majority of the members of the Board of Directors in office immediately prior to a proposed transaction determine by a written resolution that such proposed
transaction, if taken, will be deemed a Change in Control and such proposed transaction is consummated. 

8

 

        The
following events shall not constitute a Change in Control and shall not be considered in determining whether a Change in Control has occurred: (i) the sale or purchase of the
Company's common stock in connection with the initial public offering of such stock; (ii) the distribution to Kerr-McGee Corporation shareholders of the shares of the Company's
common stock that Kerr-McGee Corporation and its affiliates own subsequent to the completion of the initial public offering of such stock; or (iii) Kerr-McGee
Corporation exchanging shares of the Company's common stock that it owns subsequent to the completion of the initial public offering of such stock with its shareholders in return for shares of
Kerr-McGee Corporation. 

Article XII  

Miscellaneous  

        12.1    Effect on Other Plans.    Except as otherwise required by law, no action taken under
the Plan shall be taken into account in determining any benefits under any pension, retirement, thrift, profit sharing, group insurance or other benefit plan maintained by the Company or any
Subsidiaries, unless such other plan specifically provides for such inclusion. 

        12.2    Transfer Restrictions.    Except as provided in Article XII,
Section 12.3, no Award shall be transferable other than by will or the laws of descent and distribution. Any Option or SAR shall be exercisable (i) during the lifetime of the grantee,
only by the grantee or, to the extent permitted by the Code, by an appointed guardian or legal representative of the grantee, and (ii) after death of the grantee, only by the grantee's legal
representative or by the person who acquired the right to exercise such Option or SAR by bequest or inheritance or by reason of the death of the grantee. 

        12.3    Transfer of Options.    The Committee may, in its discretion, authorize all or a
portion of the Options to be granted to an Optionee to be on terms which permit transfer by such Optionee to an immediate family member of the Optionee who acquires the options from the Optionee
through a gift or a domestic relations order. For purposes of this Article XII, Section 12.3, "family member" includes any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law, including adoptive relationships, trusts for the exclusive benefit of these persons and any other entity owned solely
by these persons, provided that the Stock Option Agreement pursuant to which such Options are granted must be approved by the Committee and must expressly provide for transferability in a manner
consistent with this Section and provided further that subsequent transfers of transferred options shall be prohibited except those in accordance with Article XII, Section 12.2.
Following transfer, any such Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. The events of termination of service of
Article VI, Section 6.4 hereof shall continue to
be applied with respect to the original Optionee, following which the options shall be exercisable by the Transferee only to the extent and for the periods specified in Article VI,
Section 6.4. 

        12.4    Withholding Taxes.    The Company shall have the right to withhold from any settlement
hereunder any federal, state, or local taxes required by law to be withheld, or require payment in the amount of such withholding. If settlement hereunder is in the form of Stock, such withholding may
be satisfied by the withholding of shares of Stock by the Company, unless the grantee shall pay to the Company an amount sufficient to cover the amount of taxes required to be withheld, and such
withholding of shares does not violate any applicable laws, rules or regulations of federal, state or local authorities. 

        12.5    Transfer of Employment and Leave of Absence.    Transfer of employment between the
Company, a Subsidiary or Limited Liability Company, or between Limited Liability Companies and Subsidiaries shall not constitute termination of employment for the purpose of the Plan. Whether any
leave of absence shall constitute termination of employment for the purposes of the Plan shall be determined in each case by the Committee. 

9

 

        12.6    Administrative Expenses.    All administrative expenses associated with the
administration of the Plan shall be borne by the Company. 

        12.7    Titles and Headings.    The titles and headings of the articles in this Plan are for
convenience of reference only and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

        12.8    No Guarantee of Continued Employment.    No grant of an Award to an Employee under the
Plan or any provisions thereof shall constitute any agreement for or guarantee of continued employment by the Company and no grant of an Award to a Non-Employee Director shall constitute
any agreement for or guarantee of continuing as a Non-Employee Director. 

        12.9    Proceeds.    The proceeds received by the Company from the sale of Stock under the
Plan shall be added to the general funds of the Company and shall be used for corporate purposes as the Board shall direct. 

        12.10    Governing Law.    The Plan shall be governed and construed in accordance with the
laws of Delaware, except to the extent that federal law applies. 

        12.11    Award Deferrals.    Employees and non-employee directors who are eligible
to participate in a deferred compensation plan may elect to defer receipt of amounts under an Award in accordance with the terms of the plan. 

Article XIII  

Amendment And Termination  

        The Board may at any time terminate or amend this Plan in such respect as it shall deem advisable. Notwithstanding the foregoing, the Board may not, without
further approval of the stockholders of the Company, amend the Plan in a manner that requires such approval under the rules of the New York Stock Exchange, the Code, or any other applicable law,
including any amendment that materially increases the maximum number of shares of Stock issuable under the Plan or results in the repricing of Options. No amendment or termination of the Plan shall,
without the consent of the grantee of an Award, have a materially adverse effect on the grantee's rights or obligations under the Award. 

Article XIV  

Duration Of The Plan  

        The effective date of this Plan shall be                  , 2005. If not sooner terminated by
the Board, this Plan shall terminate on                  , 2015. No
Awards shall be made after the Plan has terminated. Awards granted before the termination of the Plan shall remain outstanding and the terms of the Plan shall continue to apply to such Awards. 

	

 	
 	

 	
 	

 
	 	 	TRONOX INCORPORATED
	

 	
 	

By:	
 	

 
	 	 	 	 	

10

QuickLinks

EXHIBIT 10.9

FORM OF TRONOX INCORPORATED 2005 LONG TERM INCENTIVE PLAN

TABLE OF CONTENTS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]