Document:

exv10w29

 

Exhibit
10.29

CENTURY ALUMINUM COMPANY

Nonqualified Stock Option Agreement

Pursuant to 1996 Stock Incentive Plan, as Amended

     Nonqualified Stock Option Agreement (the “Agreement”) dated as of «Date», between
Century Aluminum Company, a Delaware corporation (the “Company”) and «Name», a non-employee
director of the Company (the “Optionee”);

RECITALS:

     A. The Company desires to provide non-employee directors, and certain salaried officers and
other salaried key employees of the Company and its subsidiaries with a long-range incentive and
inducement to remain with the Company and its subsidiaries, and to encourage them to increase their
efforts to make the Company and its subsidiaries successful;

     B. The Company believes that granting to such individuals an option to purchase common stock,
par value $.01 per share, of the Company (“Common Stock”) may help in accomplishing the
above purpose; and

     C. The Company has adopted the Century Aluminum Company 1996 Stock Incentive Plan, as amended
(the “Plan”) and desires to grant a nonqualified stock option;

     NOW, THEREFORE, the parties hereto agree as follows:

GRANT OF OPTION

     1. The Company hereby grants to the Optionee, pursuant to the Plan, an option (the
“Option”) to purchase up to and including 3,000 shares of Common Stock at a price of
$«Option_Price» per share, upon the terms and conditions hereinafter contained. The Optionee
agrees to all the terms and conditions under which the Option is granted to the Optionee and agrees
to be bound thereby.

 

 

     2. This Option is granted pursuant to the Plan, a copy of which the Optionee acknowledges
having received. The provisions of the Plan are incorporated into this Agreement by this
reference. Capitalized terms used but not otherwise defined in this Agreement have the meanings
given to them in the Plan.

TERM AND VESTING

     3. Subject to earlier expiration pursuant to Section 5, this Option shall expire on the
10th anniversary of the date of this Agreement (the “Expiration Date”). This
Option may be exercised in whole or in part in whole numbers of shares prior to the Expiration
Date, subject to the following limitations:

a. one-fourth of the total number of shares covered under this Option may be
purchased by the Optionee on or after the date three months following the date of
grant;

b. one-fourth of the total number of shares covered under this Option may be
purchased by the Optionee on or after the date six months following the date of
grant;

c. one-fourth of the total number of shares covered under this Option may be
purchased by the Optionee on or after the date nine months following the date of
grant; and

d. one-fourth of the total number of shares covered under this Option may be
purchased by the Optionee on or after the first anniversary of the date of grant;

provided, however, in the event of a Change of Control of the Company, this Option
shall vest and become exercisable during the remaining term of the Option as provided in the Plan.

EXERCISE OF OPTION

     4. To exercise, the Optionee must give written notice of the number of shares to be purchased
and the manner of payment to the Company’s stock plan administration group. The shares may be
registered only in the name of the Optionee or in the Optionee’s name and the names of others as
joint tenants. The notice to be given to Wells Fargo upon any exercise of this Option shall be
substantially in the form annexed hereto as Exhibit I.

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EFFECT OF CESSATION AS A DIRECTOR

     5. If the Optionee ceases to be a director for any reason, the following shall apply:

a. Vesting. If the Optionee is under 62 years of age, the portion of this
Option that was not exercisable as of the date the Optionee ceased to be a director
(the “Unvested Portion”) shall be forfeited. If the Optionee is 62 years
old or older, the Unvested Portion shall, subject to Section 5.b below, continue to
vest for a period of up to 12 months following the date the Optionee ceased to be a
director.

b. Exercise. The vested portion of this Option may be exercised until the
earlier of the Expiration Date or the date 36 months after date the Optionee ceased
to be a director.

NONTRANSFERABILITY

     6. The Option granted hereunder may not be sold, transferred, hypothecated, pledged or
otherwise disposed of by the Optionee except by will or by the laws of descent and distribution,
pursuant to a qualified domestic relations order (as defined under the Code or Title I of the
Employee Retirement Income Security Act, or the rules thereunder), or for the benefit of any
immediate family member of the option holder. The option to acquire stock and all of the
Optionee’s rights hereunder shall terminate immediately if the Optionee: (a) attempts to or does
sell, assign, transfer, pledge, hypothecate or otherwise dispose of the Option or any rights
hereunder to any other person except as permitted above; or (b) becomes insolvent or bankrupt or
becomes involved in any matter so that the Option or any rights hereunder become subject to being
taken from the Optionee to satisfy the Optionee’s debts or liabilities.

EFFECT OF RECAPITALIZATION OR REORGANIZATION

     7. This Option shall be subject to adjustment as provided in Article II of the Plan.

     None of the shares of stock covered by the Option hereunder shall be considered, for any
purpose whatsoever, as outstanding shares prior to the issuance of stock certificates or the making
of the book entry therefor pursuant to exercise of the Option hereunder, and, except as
specifically set forth above, the Optionee shall have no rights in or to any dividends or other
distributions of cash or other property on or with respect to outstanding shares of stock covered
by this Option paid or payable to holders of record prior to such issuance.

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     8. The Option granted hereunder shall be binding upon the Company, its successors or assigns,
including any successor or resulting Company, either in a liquidation or merger of the Company into
another Company owning all of the outstanding voting stock of the Company or in any other
transaction whether by merger, consolidation or otherwise under which such succeeding or resulting
Company acquires all or substantially all the assets of the Company and assumes all its
obligations.

INTERPRETATION

     9. The Compensation Committee or its successors or assigns, shall have the sole and complete
authority and discretion to decide any questions concerning the application, interpretation or
scope of any of the terms and conditions of the Plan and this Agreement and its decisions shall be
binding and conclusive upon all interested parties.

MISCELLANEOUS

     10. The Company will not be required to issue any fractional shares of Stock pursuant to the
Plan. The Compensation Committee may provide for elimination of fractions or the settlement of
fractions in cash.

     11. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, as such laws are applied to contracts entered into and performed in such state.

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

	 	 	 	 	 
	 	CENTURY ALUMINUM COMPANY

 	 
	 	By:  	
 	 
	 	 	Name:  	Gerald J. Kitchen 	 
	 	 	Title:  	Executive Vice President 	 
	 
	 	 	 
	 	 	
 	 
	 	 	Optionee: 	 
	 	 	 	 
	 

4exv10w30

 

EXHIBIT 10.30

CENTURY ALUMINUM COMPANY

Incentive Stock Option Agreement

Pursuant to 1996 Stock Incentive Plan, as Amended

          Incentive Stock Option Agreement (the “Agreement”) dated as of «Grant_Date», between
Century Aluminum Company, a Delaware corporation (the “Company”) and «Name», an employee of
the Company and/or a subsidiary (the “Optionee”);

RECITALS:

          A. The Company desires to provide non-employee directors, and certain salaried officers and
other salaried key employees of the Company and its subsidiaries with a long-range incentive and
inducement to remain with the Company and its subsidiaries, and to encourage them to increase their
efforts to make the Company and its subsidiaries successful;

          B. The Company believes that granting to such individuals an option to purchase common stock,
par value $.01 per share, of the Company (“Common Stock”) may help in accomplishing the
above purpose; and

          C. The Company has adopted the Century Aluminum Company 1996 Stock Incentive Plan, as amended
(the “Plan”) and desires to grant an incentive stock option within the meaning of Section
422 of the Internal Revenue Code of 1986, as amended (the “Code”) under the Plan to the Optionee;

          NOW, THEREFORE, the parties hereto agree as follows:

GRANT OF OPTION

          1. The Company hereby grants to the Optionee, pursuant to the Plan, an option (the
“Option”) to purchase up to and including «Number_of_Options» shares of Common Stock at a
price of $«Option_Price» per share, upon the terms and conditions hereinafter contained. The
Optionee agrees to all the terms and conditions under which the Option is granted to the Optionee
and agrees to be bound thereby.

 

 

          2. This Option is granted pursuant to the Plan, a copy of which the Optionee acknowledges
having received. The provisions of the Plan are incorporated into this Agreement by this
reference. Capitalized terms used but not otherwise defined in this Agreement have the meanings
given to them in the Plan.

TERM AND VESTING

          3. Subject to earlier expiration pursuant to Section 5, this Option shall expire on the
10th anniversary of the date of this Agreement (the “Expiration Date”). This
Option may be exercised in whole or in part in whole numbers of shares prior to the Expiration
Date, subject to the following limitations:

     a. one-third of the total number of shares covered under this Option may be
purchased by the Optionee on or after the date hereof;

     b. one-third of the total number of shares covered under this Option may be
purchased by the Optionee on or after the first anniversary of the date hereof;

     c. one-third of the total number of shares covered under this Option may be
purchased by the Optionee on or after the second anniversary of the date hereof;

provided, however, upon a Change of Control of the Company, this Option shall vest
and become exercisable during the remaining term of the Option as provided in the Plan.

EXERCISE OF OPTION

          4. To exercise, the Optionee must give written notice of the number of shares to be purchased
and the manner of payment to the Company’s stock plan administration group. The shares may be
registered only in the name of the Optionee or in the Optionee’s name and the names of others as
joint tenants.

EFFECT OF TERMINATION OF EMPLOYMENT

          5. If the Optionee ceases to be an employee of the Company and/or a subsidiary for any reason
other than death, disability or retirement, the Option shall be forfeited and all rights hereunder
cancelled. If the Optionee ceases to be an employee of the Company and/or a subsidiary because of
death, disability or retirement, the following shall apply:

2

 

a. Vesting. If the Optionee is under 62 years of age, the portion of the
Option that was not exercisable (the “Unvested Portion”) as of the date the
Optionee ceased to be an employee (the “Termination Date”) shall be
forfeited. If the Optionee is 62 years old or older, the Unvested Portion shall,
subject to Section 5.b below, continue to vest.

b. Exercise. If the Optionee is under 62 years of age and the Optionee
retires, the Optionee shall have the right until the earlier of the Expiration Date
or 90 days after the Termination Date to purchase the number of shares, if any,
which the Optionee is then entitled to purchase under paragraphs 3 and 5.a above.
If the Optionee dies, becomes disabled or is 62 years old or older on the
Termination Date, the vested portion of the Option may be exercised until the
earlier of the Expiration Date or the date three years after the Termination Date.

NONTRANSFERABILITY

          6. The Option granted hereunder may not be sold, transferred, hypothecated, pledged or
otherwise disposed of by the Optionee except by will or by the laws of descent and distribution,
pursuant to a qualified domestic relations order (as defined under the Code or Title I of the
Employee Retirement Income Security Act, or the rules thereunder), or for the benefit of any
immediate family member of the option holder. The option to acquire stock and all of the
Optionee’s rights hereunder shall terminate immediately if the Optionee: (a) attempts to or does
sell, assign, transfer, pledge, hypothecate or otherwise dispose of the Option or any rights
hereunder to any other person except as permitted above; or (b) becomes insolvent or bankrupt or
becomes involved in any matter so that the Option or any rights hereunder become subject to being
taken from the Optionee to satisfy the Optionee’s debts or liabilities.

WITHHOLDING TAXES

          7. It is intended that the Option granted herein shall constitute an incentive stock option as
defined under Section 422 of the Code. Accordingly, it is recognized by the parties that disposing
of shares acquired pursuant to the exercise of the incentive stock option in a disqualifying
disposition (within the meaning of Section 421(b) of the Code) by the optionee may result in
taxable income to the Optionee as additional compensation, the amount of which is deductible by the
Company. Therefore, if such event occurs, the Optionee agrees to reimburse the Company (or permit
the Company to retain from option proceeds) an amount equal to not less than 20% of that
compensation, as determined by the Company, necessary to satisfy the Company’s withholding tax
liability to the Federal, state or local Governments with respect to such compensation.

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EFFECT OF RECAPITALIZATION OR REORGANIZATION

          8. This Option shall be subject to adjustment as provided in Article II of the Plan.

          None of the shares of stock covered by the Option shall be considered, for any purpose
whatsoever, as outstanding shares prior to the issuance of stock certificates or the making of the
book entry therefor pursuant to exercise of the Option hereunder, and, except as specifically set
forth above, the Optionee shall have no rights in or to any dividends or other distributions of
cash or other property on or with respect to outstanding shares of stock covered by the Option paid
or payable to holders of record prior to such issuance.

          9. The Option granted hereunder shall be binding upon the Company, its successors or assigns,
including any successor or resulting Company, either in a liquidation or merger of the Company into
another Company owning all of the outstanding voting stock of the Company or in any other
transaction whether by merger, consolidation or otherwise under which such succeeding or resulting
entity acquires all or substantially all the assets of the Company and assumes all its obligations.

EMPLOYMENT RIGHTS AND OBLIGATIONS

          10. The granting of the Option hereunder shall not alter or otherwise affect the rights of the
Company or of its subsidiaries to change the duties of the Optionee or the services to be performed
by the Optionee or the place of performance of such services or the Optionee’s compensation, or
lessen, restrict or otherwise affect the right of the Optionee’s employer to terminate the
Optionee’s employment at any time.

LIMITATIONS ON DISPOSITION OF INCENTIVE STOCK OPTION SHARES

          11. It is understood and intended that this option shall qualify as an incentive stock option
as defined in Section 422 of the Code. Accordingly, the Optionee understands that to obtain the
tax benefits of an incentive stock option under Section 421 of the Code, no sale or other
disposition may be made of any shares acquired upon exercise of the option within the one-year
period beginning on the day after the day of the transfer of such shares to him by the Company, nor
within the two-year period beginning on the day after the date of this Agreement. If the Optionee
intends to dispose or does dispose (whether by sale, exchange, gift, transfer or otherwise) of any
such shares within said periods, he will notify the Company in writing within 10 days after such
disposition. Further, the optionee understands that to obtain the tax benefits of an incentive
stock option, the optionee must be at all times beginning on the date of grant of the option and
ending on the day which is no earlier than three months before the date of exercise (or in the case
of death or disability, one year before the date of

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exercise) be an employee of the Company, a parent company or a subsidiary.

INTERPRETATION

          12. The Compensation Committee or its successors or assigns, shall have the sole and complete
authority and discretion to decide any questions concerning the application, interpretation or
scope of any of the terms and conditions of the Plan and this Agreement and its decisions shall be
binding and conclusive upon all interested parties.

MISCELLANEOUS

          13. The Company will not be required to issue any fractional shares of Stock pursuant to the
Plan. The Compensation Committee may provide for elimination of fractions or the settlement of
fractions in cash.

          14. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, as such laws are applied to contracts entered into and performed in such state.

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

	 	 	 	 	 
	 	 	CENTURY ALUMINUM COMPANY
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Optionee

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