Document:

EXHIBIT 10.21

 

Exhibit 10.21

INSIGHT HEALTH SERVICES HOLDINGS CORP.

STOCK OPTION AGREEMENT

     THIS AGREEMENT is entered into as of August 12, 2004 (the “Grant Date”) by and between InSight
Health Services Holdings Corp., a Delaware corporation (the “Company”), and Michael N. Cannizzaro
(the “Optionee”).

     WHEREAS, the Company desires to grant the Optionee a stock option to acquire shares of the
Company’s common stock, $0.001 par value per share (“Common Stock”); and

     WHEREAS, the Optionee desires to accept such option subject to the terms and conditions of
this Agreement.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
contained herein, the Company and the Optionee, intending to be legally bound, hereby agree as
follows:

     1. Grant of Option. As of the Grant Date, the Company grants to the Optionee a
nonqualified stock option (the “Option”) to purchase all (or any part) of twenty thousand (20,000)
shares of Common Stock (the “Shares”) on the terms and conditions hereinafter set forth. The Option
is not intended to be treated as an incentive stock option under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”).

     2. Exercise Price of Option. The exercise price (“Exercise Price”) for the Shares
covered by the Option shall be $19.82 per share.

     3. Vesting and Exercisability of Option. The Option shall be fully vested and
exercisable as of the Grant Date.

     4. Term of Option. The Option shall expire on the tenth anniversary of the Grant
Date.

     5. Manner of Exercise of Option.

     (a) The Optionee may exercise the Option by giving written notice to the Company stating the
number of Shares (which shall not be less than 100) to be purchased and accompanied by payment in
full of the Exercise Price for such Shares. Payment shall be either in cash or by a certified or
bank cashier’s check or checks payable to the Company.

     At any time when Common Stock is registered under Section 12 of the Securities Exchange Act of
1934, as amended, the Option may also be exercised by means of a “broker cashless exercise”
procedure approved in all respects in advance by the Board of Directors of the Company (the
“Board”), in which a broker: (i) transmits the Exercise Price for any Shares to the

 

 

Company in cash or acceptable cash equivalents, either (1) against the Optionee’s notice of
exercise and the Company’s confirmation that it will deliver to the broker stock certificates
issued in the name of the broker for at least that number of Shares having a fair market value
equal to the Exercise Price therefore, or (2) as the proceeds of a margin loan to the Optionee; or
(ii) agrees to pay the Exercise Price therefore to the Company in cash or acceptable cash
equivalents upon the broker’s receipt from the Company of stock certificates issued in the name of
the broker for at least that number of Shares having a fair market value equal to the Exercise
Price therefore. The Optionee’s written notice of exercise of the Option pursuant to a “cashless
exercise” procedure must include the name and address of the broker involved, a clear description
of the procedure, and such other information or undertaking by the broker as the Board shall
reasonably require. If payment is to be made in whole or in part in Shares underlying the Option,
the Optionee shall direct the Company to subtract from the number of Shares underlying the Option,
that number of Shares having a fair market value (as determined in good faith by the Board) equal
to the purchase price (or portion thereof) to be paid with such underlying Shares. Notwithstanding
the forgoing, if a “broker cashless exercise” would be deemed an extension of credit for purposes
of the Sarbanes-Oxley Act of 2002 or violate any other law or regulation, Optionee may not exercise
the Option in such manner.

     Upon such purchase, delivery of a certificate for paid-up, non-assessable Shares shall be made
at the principal office of the Company to the Optionee (or the person entitled to exercise the
Option pursuant to Section 7), not more than ten (10) days from the date of receipt of the notice
by the Company.

     (b) The Company shall at all times during the term of the Option reserve and keep available
such number of Shares as will be sufficient to satisfy the requirements of the Option.

     (c) Notwithstanding Section 5(a) of this Agreement, the Company may delay the issuance of
Shares covered by the Option and the delivery of a certificate for such Shares until one of the
following conditions is satisfied: (i) the Shares purchased pursuant to the Option are at the
time of the issuance of such Shares effectively registered or qualified under applicable federal
and state securities laws or (ii) such Shares are exempt from registration and qualification under
applicable federal and state securities laws.

     6. Administration. This Agreement shall be administered by the Board. The Board
shall be authorized to interpret this Agreement and to make all other determinations necessary or
advisable for the administration of this Agreement. The determinations of the Board in the
administration of this Agreement, as described herein, shall be final and conclusive. The
Secretary of the Company shall be authorized to implement this Agreement in accordance with its
terms and to take such actions of a ministerial nature as shall be necessary to effectuate the
intent and purposes thereof.

     7. Non-Transferability of Option. The right of the Optionee to exercise the Option
shall not be assignable or transferable by the Optionee otherwise than by will or the laws of
descent and distribution, and such Shares may be purchased during the lifetime of the Optionee only
by him. Any other such transfer shall be null and void and without effect upon any

2

 

attempted assignment or transfer, except as hereinabove provided, including without limitation
any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other
disposition contrary to the provisions hereof, or levy of execution, attachment, trustee process or
similar process, whether legal or equitable, upon the Option.

     8. Representation Letter and Investment Legend.

     (a) In the event that for any reason the Shares to be issued upon exercise of the Option shall
not be effectively registered under the Securities Act of 1933, as amended (the “1933 Act”), upon
any date on which the Option is exercised, the Optionee (or the person exercising the Option
pursuant to Section 7) shall give a written representation to the Company in the form attached
hereto as Exhibit A, and the Company shall place the legend described on Exhibit A, upon any
certificate for the Shares issued by reason of such exercise.

     (b) The Company shall be under no obligation to qualify Shares or to cause a registration
statement or a post-effective amendment to any registration statement to be prepared for the
purposes of covering the issuance of the Shares; provided, that the Company will use its reasonable
best efforts to comply with any available exemption from registration and qualification of the
Shares under applicable federal and state securities laws.

     9. Adjustments upon Changes in Capitalization.

     (a) In the event that the outstanding shares of the Common Stock of the Company are changed
into or exchanged for a different number or kind of shares or other securities of the Company or of
another corporation by reason of any reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, combination of shares, or dividends payable in capital stock,
appropriate adjustment shall be made in the number and kind of the Shares, and the Exercise Price
therefore, as to which the Option, to the extent not theretofore exercised, shall be exercisable.

     In addition, unless otherwise determined by the Board in its sole discretion, in the case of a
Change in Control (as hereinafter defined) of the Company, the purchaser of the Company’s assets or
stock may, in its discretion, deliver to the Optionee the same kind of consideration (net of the
Exercise Price for such Shares) that is delivered to the stockholders of the Company as a result of
the Change in Control, or the Board may, in its sole determination, cancel the Option, to the
extent not theretofore exercised, in exchange for consideration in cash or in kind, which
consideration in either case shall be equal in value to the value of those shares of stock or other
consideration the Optionee would have received had the Option been exercised (to the extent it has
not been exercised) and no disposition of the shares acquired upon such exercise had been made
prior to the Change in Control, less the Exercise Price therefore. Upon receipt of such
consideration by the Optionee, the Option shall immediately terminate and be of no further force
and effect. The value of the stock or other securities the Optionee would have received if the
Option had been exercised shall be determined in good faith by the Board. A “Change in Control”
shall be deemed to have occurred if (i) any person, or any two or more persons acting as a group,
and all affiliates of such person or persons (a “Group”) who prior to such time beneficially owned
less than 50% of the then outstanding capital stock of the Company

3

 

shall acquire shares of the Company’s capital stock in one or more transactions or series of
transactions, including by merger, and after such transaction or transactions such person or Group
and affiliates beneficially own 50% or more of the Company’s outstanding capital stock, or (ii) the
Company shall sell all or substantially all of its assets to any Group which, immediately prior to
the time of such transaction, beneficially owned less than 50% of the then outstanding capital
stock of the Company.

     (b) Upon dissolution or liquidation of the Company, the Option shall terminate, but the
Optionee shall have the right, immediately prior to such dissolution or liquidation, to exercise
the Option.

     (c) No fraction of a share of Common Stock shall be purchasable or deliverable upon the
exercise of the Option, but in the event any adjustment hereunder of the number of shares covered
by the Option shall cause such number to include a fraction of a share, such fraction shall be
adjusted to the nearest smaller whole number of shares.

     10. Rights as a Stockholder. The Optionee shall have no rights as a stockholder with
respect to any Shares which may be purchased pursuant to the Option unless and until a certificate
or certificates representing such Shares are duly issued and delivered to the Optionee. Except as
otherwise expressly provided herein, no adjustment shall be made for dividends or other rights for
which the record date is prior to the date the stock certificate is issued.

     11. Withholding Taxes. The Optionee hereby agrees, as a condition to any exercise of
the Option, to provide to the Company an amount sufficient to satisfy its obligation to withhold
certain federal, state and local taxes arising by reason of such exercise (the “Withholding
Amount”), if any, by remitting the Withholding Amount to the Company in cash; provided that, to the
extent that the Withholding Amount is not so provided, the Company may at its election withhold
from the Shares delivered upon exercise of the Option that number of Shares having a fair market
value (in the good faith judgment of the Board) equal to the Withholding Amount.

     12. Execution of Stockholders’ Agreement. The Optionee acknowledges that he has
previously executed and delivered the stockholders agreement by and among the Company and the
stockholders of the Company named therein (the “Stockholders’ Agreement”). The Optionee further
agrees that this Agreement, the Option and all Shares acquired by him upon exercise of the Option
will be subject to the terms and conditions of the Stockholders’ Agreement, as the same may have
been amended or modified in accordance with its terms.

     13. Governing Law. This Agreement shall be governed by the laws of the State of
Delaware, without regard to any conflicts of law principles thereof that would call for the
application of the laws of any other jurisdiction. Any action or proceeding seeking to enforce any
provision of, or based on any right arising out of, this Agreement may be brought against either of
the parties in the courts of the State of Delaware, or if it has or can acquire jurisdiction, in
the United States District Court for the District of Delaware, and each of the parties hereby
consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such
action or proceeding and waives any objection to venue laid therein. Process in any action or

4

 

proceeding referred to in the preceding sentence may be served on any party anywhere in the
world, whether within or without the State of Delaware.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officer
thereunto duly authorized, and the Optionee has executed this Agreement, all as of the day and year
first above written.

	 	 	 
	INSIGHT HEALTH
SERVICES

HOLDINGS CORP	 	
OPTIONEE
	By:  /s/ Brian G. Drazba

Name: Brian G. Drazba

Title: Executive Vice President and

Chief Financial Officer	 	
/s/ Michael N. Cannizzaro

Name: Michael N. Cannizzaro

 

Address: 1531 South Telegraph Rd.

                Lake Forest, IL 60045
	 	 	
Social Security Number: ***-**-****

5<PAGE>
                                                                    EXHIBIT 10.1

                         CONSENT AND FOURTH AMENDMENT TO
                           REVOLVING CREDIT AGREEMENT

         This CONSENT AND FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated
as of October 29, 2004 (this "Amendment"), is by and among (a) Century Aluminum
Company, a Delaware corporation ("Century Aluminum"), Berkeley Aluminum, Inc., a
Delaware corporation ("Berkeley"), Century Aluminum of West Virginia, Inc., a
Delaware corporation ("Century WV"), Century Kentucky, Inc., a Delaware
corporation ("Century K"), Metalsco, Ltd., a Georgia company ("Metalsco") and
NSA Ltd., a Kentucky limited partnership ("NSA" and, together with Century
Aluminum, Berkeley, Century WV, Century K and Metalsco, collectively, the
"Borrowers" and each individually a "Borrower"), (b) the lending institutions
which are or may become parties to the Credit Agreement (as defined below) from
time to time (collectively, the "Lenders") and (c) Fleet Capital Corporation as
agent ("Agent") for the Lenders. Capitalized terms used herein without
definition shall have the meanings assigned to such terms in the Credit
Agreement referred to below.

         WHEREAS, the Borrowers, the Lenders and the Agent are parties to a
Revolving Credit Agreement, dated as of April 2, 2001, as amended by the Consent
and First Amendment to Revolving Credit Agreement, dated as of March 12, 2003
(the "First Amendment"), as further amended by the Consent and Second Amendment
to Revolving Credit Agreement, dated as of March 31, 2003 (the "Second
Amendment"), and as further amended by the Consent and Third Amendment to
Revolving Credit Agreement, dated as of August 4, 2004 (the "Third Amendment")
(as further amended, restated, supplemented or otherwise modified and in effect
from time to time, the "Credit Agreement"), pursuant to which the Lenders have
committed to make loans or otherwise extend credit to the Borrowers on the terms
and subject to the conditions set forth therein.

         WHEREAS, from time to time after the date hereof, Century Aluminum
(directly or indirectly) intends to contribute or lend up to $75 million in the
aggregate to the Nordural Acquisition Subsidiary (or directly to Nordural) to
finance a planned expansion by Nordural and to provide working capital to
Nordural (the "Supplemental Nordural Investment"), which Supplemental Nordural
Investment shall be in addition to the Nordural Investment (as defined in the
Second Amendment) and the Additional Nordural Investment (as defined in the
Third Amendment).

         WHEREAS, under the Credit Agreement, the Supplemental Nordural
Investment is not permitted.

         WHEREAS, in accordance with the terms hereof, the Lenders and the Agent
have agreed to consent to the Supplemental Nordural Investment and modify
certain other provisions of the Credit Agreement in accordance with the terms
hereof.

         NOW, THEREFORE, in consideration of the foregoing premises and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrowers, the Lenders and the Agent hereby agree as
follows:
<PAGE>

         SECTION 1. AMENDMENT TO SECTION 1.1 OF THE CREDIT AGREEMENT.

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

                  "Bank Product Obligations. Every obligation of each Borrower
or its Subsidiaries under and in respect of any one or more of the following
types of services or facilities extended to such Borrower or such Subsidiary by
the Agent, any Lender or any Affiliate of the Agent or any Lender: (i) credit
and purchase cards, (ii) cash management or related services including the
automatic clearing house transfer of funds for the account of such Borrower
pursuant to agreement or overdraft and (iii) cash management, including
controlled disbursement services."

                  (b) The definition of "Loan Documents" in Section 1.1 of the
Credit Agreement is hereby amended by deleting the reference to "any interest
rate protection agreement between any Borrower and a Lender evidencing
Derivative Obligations" immediately before the period in such definition and
substituting the words "any agreement or document between any Borrower and a
Lender or an Affiliate of any Lender evidencing Derivative Obligations or Bank
Product Obligations" in lieu thereof.

                  (c) The definition of "Obligations" is hereby amended by
deleting such definition in its entirety and substituting the following
definition in lieu thereof:

                  "Obligations. All indebtedness, obligations and liabilities of
the Borrowers and their Subsidiaries to any of the Lenders, the Issuing Bank and
the Agent, individually or collectively, or any of their Affiliates existing on
the date of this Credit Agreement or arising thereafter, direct or indirect,
joint or several, absolute or contingent, matured or unmatured, liquidated or
unliquidated, secured or unsecured, arising by contract, operation of law or
otherwise, arising or incurred under this Credit Agreement or any of the other
Loan Documents or in respect of any of the Loans made or Reimbursement
Obligations incurred or any of the Notes, Letter of Credit Applications, Letters
of Credit, any Derivative Obligations with any of the Lenders, any Bank Product
Obligations with any of the Lenders, the Agent or any of their Affiliates or
other instruments at any time evidencing any thereof."

         SECTION 2. AMENDMENT TO SECTION 13.4 OF THE CREDIT AGREEMENT.

                  (a) Section 13.4(b) of the Credit Agreement is hereby amended
by deleting each reference to the parenthetical "(other than Derivative
Obligations)" in such Section and substituting the parenthetical "(other than
Derivative Obligations and Bank Product Obligations)" in lieu thereof.

                  (b) Section 13.4(c) of the Credit Agreement is hereby amended
by deleting such Section in its entirety and substituting the following new
Section 13.4(c) in lieu thereof:

                  "(c) Third, to the Obligations which are Derivative
Obligations and/or Bank Product Obligations, pro rata among the Lenders or their
Affiliates, as the case may be, who are participants in such Derivative
Obligations or such Bank Product Obligations;"

                                      -2-
<PAGE>

         SECTION 3. CONSENT TO TRANSACTIONS. The Borrowers have requested that
the Agent and the Lenders consent to the Supplemental Nordural Investment.
Notwithstanding the provisions of Section 9.3 of the Credit Agreement which
might limit or prohibit the Borrowers' ability to make the Supplemental Nordural
Investment, the Agent and the Lenders hereby consent to the Supplemental
Nordural Investment; provided that (A) the amount of the Supplemental Nordural
Investment shall not exceed $75 million in the aggregate, (B) at the time of any
advance of the Supplemental Nordural Investment, no Default or Event of Default
has occurred and is continuing or would result therefrom, and (C) at the time of
any advance of the Supplemental Nordural Investment, after giving effect to such
advance, the Borrowing Availability shall not be less than $50 million.

         SECTION 4. APPLICATION OF SECTION 10.1 OF THE CREDIT AGREEMENT. For the
avoidance of doubt, the Agent and the Lenders confirm and agree that the
Supplemental Nordural Investment will not be considered to be a Capital
Expenditure which would otherwise be restricted under the terms of Section 10.1
of the Credit Agreement.

         SECTION 5. CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective at such time as the Agent shall have received (i) a counterpart
signatuRe page to this Amendment duly executed and delivered by each of the
Borrowers and the Majority Lenders and (ii) payment from the Borrowers, for the
account of each Lender which returns an executed counterpart signature page to
this Amendment to the Agent on or prior to 5:00pm (Chicago time) on December 24,
2004, of an amendment fee equal to $5,000 for each such Lender.

         SECTION 6. AFFIRMATION OF THE BORROWERS. Each of the Borrowers hereby
affirms all of its Obligations under the Credit Agreement (as amended hereby)
aNd under each of the other Loan Documents to which it is a party and hereby
affirms its absolute and unconditional promise to pay to the Lenders such Loans
and other amounts as may be due under the Credit Agreement (as amended hereby)
and the other Loan Documents.

         SECTION 7. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers hereby
represents and warrants to the Lenders and the Agent as follows:

                  (a) Representations and Warranties. Each of the
representations and warranties contained in Section 7 of the Credit Agreement
were true and correct in all material respects when made, and, after giving
effect to this Amendment, are true and correct in all material respects on and
as of the date hereof, except to the extent of changes resulting from
transactions contemplated or permitted by the Credit Agreement (as amended
hereby) and the other Loan Documents, changes occurring in the ordinary course
of business that singly or in the aggregate do not result in a Material Adverse
Effect and to the extent that such representations and warranties relate
specifically to a prior date.

                  (b) Enforceability. The execution and delivery by each of the
Borrowers of this Amendment, and the performance by each of the Borrowers of
this Amendment and the Credit Agreement, as amended hereby, are within the
corporate authority of such Borrower and have been duly authorized by all
necessary corporate proceedings. This Amendment and the Credit Agreement, as
amended hereby, constitute valid and legally binding obligations of each of the
Borrowers, enforceable against it in accordance with their terms, except as
limited by

                                      -3-
<PAGE>

bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or affecting the enforcement of creditors' rights in general.

                  (c) No Default. No Default or Event of Default has occurred
and is continuing, and no Default or Event of Default will result from the
execution, delivery and performance by each of the Borrowers of this Amendment
or from the consummation of the transactions contemplated herein.

         SECTION 8. NO AMENDMENTS, ETC. Except as expressly provided in this
Amendment, (a) all of the terms and conditions of the Credit Agreement and the
otHer Loan Documents remain unchanged, and (b) all of the terms and conditions
of the Credit Agreement, as amended hereby, are hereby ratified and confirmed by
each of the Borrowers and remain in full force and effect. Nothing herein shall
be construed to be an amendment, consent or a waiver of any requirements of any
of the Borrowers or of any other Person under the Credit Agreement or any of the
other Loan Documents except as expressly set forth herein. Nothing in this
Amendment shall be construed to imply any willingness on the part of the Agent
or the Lenders to grant any similar or future amendment, consent or waiver of
any of the terms and conditions of the Credit Agreement or the other Loan
Documents.

         SECTION 9. EXECUTION IN COUNTERPARTS. This Amendment may be executed in
any number of counterparts and by each party on a separate counterpart, each Of
which when so executed and delivered shall be an original, but all of which
together shall constitute one instrument. In proving this Amendment, it shall
not be necessary to produce or account for more than one such counterpart signed
by the party against whom enforcement is sought.

         SECTION 10. GOVERNING LAW. This Amendment shall for all purposes be
construed in accordance with and governed by the laws of the State of New York
(excluding the laws applicable to conflict of laws, other than Section 5-1401 of
the New York General Obligations Law).

         SECTION 11. MISCELLANEOUS. The captions in this Amendment are for
convenience of reference only and shall not define or limit the provisions
hereof.

         SECTION 12. FEES AND EXPENSES. Each of the Borrowers agrees to pay to
the Agent, on demand by the Agent, all reasonable out-of-pocket costs and
expensEs incurred or sustained by the Agent in connection with the preparation
of this Amendment, including reasonable legal fees.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -4-
<PAGE>

         IN WITNESS WHEREOF, the undersigned have duly executed this Amendment
as a sealed instrument as of the date first set forth above.

                                      CENTURY ALUMINUM COMPANY

                             By:      /s/ Daniel J. Krofcheck
                                      ------------------------------------------
                                      Name: Daniel J. Krofcheck
                                      Title: VP and Treasurer

                                      CENTURY ALUMINUM OF WEST VIRGINIA, INC.

                             By:      /s/ Daniel J. Krofcheck
                                      ------------------------------------------
                                      Name: Daniel J. Krofcheck
                                      Title: VP and Treasurer

                                      BERKELEY ALUMINUM, INC.

                             By:      /s/ Daniel J. Krofcheck
                                      ------------------------------------------
                                      Name: Daniel J. Krofcheck
                                      Title: VP and Treasurer

                                      CENTURY KENTUCKY, INC.

                             By:      /s/ Daniel J. Krofcheck
                                      ------------------------------------------
                                      Name: Daniel J. Krofcheck
                                      Title: VP and Treasurer

                                      METALSCO, LTD.

                             By:      /s/ Daniel J. Krofcheck
                                      ------------------------------------------
                                      Name: Daniel J. Krofcheck
                                      Title: VP and Treasurer
<PAGE>

                                      NSA, LTD., BY METALSCO, LTD., ITS GENERAL
                                      PARTNER

                             By:      /s/ Daniel J. Krofcheck
                                      ------------------------------------------
                                      Name: Daniel J. Krofcheck
                                      Title: VP and Treasurer

<PAGE>

                                      FLEET CAPITAL CORPORATION,
                                      individually and as Agent

                             By:      /s/ Robert J. Lund
                                      ------------------------------------------
                                      Name: Robert J. Lund
                                      Title: Senior Vice President

<PAGE>

                                      THE CIT GROUP/BUSINESS CREDIT, INC.

                             By:      /s/ Juan R. Ramirez
                                      ------------------------------------------
                                      Name: Juan R. Ramirez
                                      Title: Assistant Vice President

<PAGE>

                             CONGRESS FINANCIAL CORPORATION

                             By:      /s/ Gerard C. Wordell
                                      ------------------------------------------
                                      Name: Gerard C. Wordell
                                      Title: Vice President

<PAGE>

                                      LASALLE BUSINESS CREDIT, LLC

                             By:      /s/ Bent Hammeleff
                                      ------------------------------------------
                                      Name: Bent Hammeleff
                                      Title: Vice President

<PAGE>

                                      GE BUSINESS CAPITAL CORPORATION (FORMERLY
                                      KNOWN AS, TRANSAMERICA BUSINESS CAPITAL
                                      CORPORATION)

                             By:      /s/ Matthew N. McAlpine
                                      ------------------------------------------
                                      Name: Matthew N. McAlpine
                                      Title: Duly Authorized Signatory

<PAGE>

                             CREDIT SUISSE FIRST BOSTON
                             ACTING THROUGH ITS NEW YORK BRANCH

                             By:      /s/ Alain Daoust
                                      ------------------------------------------
                                      Name: Alain Daoust
                                      Title: Director

                             By:      /s/ Peter Chauvin
                                      ------------------------------------------
                                      Name: Peter Chauvin
                                      Title: Vice President

<PAGE>

                                      CITIZENS BUSINESS CREDIT COMPANY, a
                                      Division of Citizens Leasing, Inc., a
                                      Massachusetts Corporation

                             By:      /s/ Paul A. Rebholz
                                      ------------------------------------------
                                      Name: Paul A. Rebholz
                                      Title: Vice President

<PAGE>

         Each of the undersigned Guarantors hereby acknowledges and consents to
the foregoing Amendment and agrees that the Guarantee, dated as of April 2,
2001, in favor of the Agent and the Lenders remains in full force and effect and
each Guarantor ratifies and confirms all of its obligations thereunder.

SKYLINER, INC.

/s/ Daniel J. Krofcheck
------------------------------------------
Name: Daniel J. Krofcheck
Title: VP and Treasurer

VIRGIN ISLANDS ALUMINA
CORPORATION LLC

/s/ Daniel J. Krofcheck
------------------------------------------
Name: Daniel J. Krofcheck
Title: VP and Treasurer

HANCOCK ALUMINUM LLC

/s/ Daniel J. Krofcheck
------------------------------------------
Name: Daniel J. Krofcheck
Title: VP and Treasurer

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