Document:

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                            STILLWATER MINING COMPANY
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                              Consulting Agreement
                               for Stephen Kearney

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                            STILLWATER MINING COMPANY

                              Consulting Agreement
                               for Stephen Kearney

<TABLE>
<CAPTION>
                                                                                            Page
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<S>                                                                                         <C>
 1.      Definitions...................................................................         1

 2.      Consulting Services...........................................................         2

 3.      Compensation for Consulting Services..........................................     2 - 3

 4.      Payments Due Upon Termination of Consulting Agreement.........................         3

 5.      Covenant Not to Compete; Nonsolicitation; Disclosure..........................     3 - 4

 6.      Confidentiality; Non-Disparagement............................................     4 - 5

 7.      Release.......................................................................         5

 8.      Remedies......................................................................         5

 9.      Assistance in Litigation......................................................         5

10.      Successors....................................................................     5 - 6

11.      Notices.......................................................................         6

12.      Interpretation................................................................         6

13.      Arbitration...................................................................         6

14.      Other Benefits................................................................         6

15.      No Duty to Mitigate...........................................................         6
</TABLE>

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                            STILLWATER MINING COMPANY

                              Consulting Agreement
                               for Stephen Kearney

                  THIS CONSULTING AGREEMENT by and between STILLWATER MINING
COMPANY, a Delaware corporation (the "Company"), and Stephen Kearney ("Kearney")
shall become effective as of December 31, 2001 (the "Effective Date").

                               W I T N E S S E T H

                  WHEREAS, the Company wishes to retain Kearney's services as a
Management Specialist-Consultant and Kearney desires to accept the benefits and
obligations of this Consulting Agreement during the period, which consulting
services are to be provided hereunder, subject to the terms and conditions
herein set forth.

                  NOW, THEREFORE, in consideration of the foregoing, the mutual
covenants contained herein, and other good and valuable consideration the
receipt and adequacy of which the Company and Kearney hereby acknowledge, the
Company and Kearney hereby agree as follows:

         1.       DEFINITIONS.

                  (a)      "Cause" shall mean (i) misfeasance or nonfeasance of
duty by Kearney that was intended to or does injure the reputation of Company or
its business or relationships; (ii) conviction of, or a plea of guilty or nolo
contendere by Kearney to, any felony or crime; (iii) Kearney's failure to
substantially perform his duties under this Consulting Agreement (except by
reason of his Disability) after written notice from the Board and 15 days to
cure such failure; (iv) dishonesty by Kearney in the performance of his duties
under this Consulting Agreement; (v) willful and material breach of the
restrictive covenants contained in this Consulting Agreement; or (vi) any
violation by Kearney of his fiduciary obligations as a member of the Company's
Board of Directors (the "Board").

                  (b)      "Disability" means that Kearney has, in the Company's
reasonable judgment, become physically or mentally incapacitated, and as a
result, is or will be unable to perform his duties for a period of ninety (90)
days or more.

                  (c)      "Voluntary Termination" means a termination by
Kearney of his consulting arrangement with the Company at his own initiative
other than due to his death or disability.

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         2.       CONSULTING SERVICES.

                  The provisions of this Section 2 will apply during the
Consulting Term:

                  (a)      Consulting Term. For purposes of this Consulting
Agreement, the Consulting Term shall be the period from the Effective Date until
the earliest of (i) the first anniversary of such Effective Date (unless
extended by mutual agreement of the parties), (ii) any termination of the
consulting arrangements by Kearney, or (iii) any termination of Kearney's
provision of consulting services by the Company.

                  (b)      Provision of Consulting Services by Kearney. During
the Consulting Term, Kearney shall consult with the Company for approximately
50% of the hours worked by the Chief Executive Officer during the same time
period, or 20 hours per week, whichever is greater. The Board, a Board
committee, or the Chief Executive Officer, shall specify matters as to which
Kearney shall consult. Such services shall be performed at the location (or
locations) deemed appropriate by the Company or any of the above individuals.

                  (c)      Company Support. The Company will provide office
space reasonably acceptable to Kearney for use in the performance of his
consulting services, together with secretarial assistance and other facilities
and amenities customary for the support of a provider of executive level
services to the Company.

                  (d)      Non-Exclusive Commitment. Except to the extent
Kearney is limited under Sections 5 and 6, this Consulting Agreement and
Kearney's commitment under this Section 2 shall not restrict or limit Kearney
during or after the Consulting Term (i) in making personal investments which are
not in conflict with his duties to the Company and managing personal and family
financial and legal affairs, (ii) in undertaking public speaking engagements,
and (iii) in serving as a director of (or similar position with) any other
business or any educational, charitable, community, civic, religious, or similar
type of organization, so long as such activities do not preclude or render
unlawful Kearney's consulting service to the Company or otherwise materially
inhibit the performance of Kearney's duties under this Consulting Agreement or
materially impair the business of the Company or its subsidiaries.

         3.       COMPENSATION FOR CONSULTING SERVICES.

                  As compensation for the services to be rendered hereunder by
Kearney during the Consulting Term, the Company agrees to pay to Kearney the
compensation set forth in this Section 3:

                  (a)      Consulting Fee. During the Consulting Term, the
Company will pay to Kearney during the Consulting Term a monthly cash-consulting
fee equal to $12,500 ("Monthly Consulting Fee").

                  (b)      Non-Employee Director's Compensation. Kearney shall
be entitled to be paid any fees otherwise payable to a non-employee Director
while serving in such capacity during the Consulting Term, and shall not be
excluded from payment of such fees on account of the payment of consulting fees
or other compensation relating to consulting services provided to the Company
under this Consulting Agreement.

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                  (c)      Additional Bonus. Upon each anniversary of the
Effective Date during the Consulting Term, Kearney shall be entitled to be
considered for an additional award as determined by the Board in its sole and
absolute discretion. This award shall be targeted at 40% of the total consulting
fees paid to Kearney over the prior 12 months (excluding any amounts paid to
Kearney for his Board service) with a potential maximum payout of 80% of such
consulting fees. The actual timing and form of such payment, if the Board is
determines any payment is due, shall be at the Board's sole and absolute
discretion.

                  (d)      Option Grant. Kearney shall be granted options within
30 days of the Effective Date of this Consulting Agreement to purchase 40,000
shares of the Company's common stock, such options to have a strike price equal
to the fair market value of the Company's common stock on the grant date. The
options shall vest on the first anniversary of the grant date. This option grant
shall be in addition to any stock option grants made to Kearney from his service
as a non-employee Director of the Company.

                  (e)      Reimbursement of Expenses. The Company will promptly
reimburse Kearney for all reasonable business expenses and disbursements
incurred by Kearney in the performance of Kearney's duties during the Consulting
Term, in a manner consistent with the Company's reimbursement policies for
senior executives as in effect from time to time.

         4.       PAYMENTS DUE UPON TERMINATION OF CONSULTING AGREEMENT.

                  (a)      Voluntary Termination or Termination for Cause. In
the event of any Voluntary Termination of Kearney's consulting arrangement by
Kearney or termination of such arrangement for Cause by the Company, (i) Kearney
shall be entitled to receive any earned but unpaid consulting fees, (ii)
Kearney's unvested stock options shall be immediately cancelled, and (iii) all
remaining vested options held by Kearney shall be exercisable for a period of
one year from the date of termination.

                  (b)      Involuntary Termination or Termination Without Cause.
In the event of any termination of the consulting arrangement other than (i) a
termination by the Company for Cause or (ii) a termination by Kearney other than
a Voluntary Termination; then (x) Kearney shall be entitled to receive the
remaining Monthly Consulting Fees on the same payment schedule that would have
occurred had such termination not taken place, and (y) all unvested options
granted by the Company hereunder and held by Kearney at the termination date
shall become fully vested and exercisable, and shall remain exercisable for the
remainder of the stated term of such options.

         5.       COVENANT NOT TO COMPETE; NONSOLICITATION; DISCLOSURE.

                  (a)      Non-Competition. Kearney agrees that from and after
the date hereof during the Consulting Term and for a period of one (1) year
thereafter, he will not, without the Company's written permission which may be
given or withheld in the Company's sole and absolute discretion, directly or
indirectly own, manage, operate, control, lend money to, endorse the obligations
of, or participate or be connected as an officer, director, five (5%) percent or
more stockholder of a publicly-held company, stockholder of a closely-held
company, employee, partner, or otherwise, with any enterprise or individual
engaged in a business which is competitive with the Platinum Group Metals
business conducted by the Company. It is

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understood and acknowledged by both parties that, inasmuch as the Company
transacts business worldwide, this covenant not to compete shall be enforced
throughout the United States and in any other country in which the Company is
doing business as of the date of termination of Kearney's provision of
consulting services.

                  (b)      Non-Solicitation. During the Consulting Term and for
a period of one year thereafter, Kearney shall not personally (and shall not
personally cause others to) (i) take any action to solicit or divert any
material business or customers away from the Company, (ii) induce customers,
potential customers, suppliers, agents or other persons under contract or
otherwise associated or doing business with the Company to terminate, reduce or
alter any such association or business, or (iii) induce any person employed by
the Company to (A) terminate such employment arrangement, (B) accept employment
with another person, or (C) interfere with the customers or suppliers or
otherwise with the Company in any manner.

                  (c)      Disclosure of Outside Activities. During the term of
his provision of consulting services to the Company and for a period of one year
thereafter, Kearney, shall at all times keep the Company informed of any outside
business activity and employment, and shall not engage in any outside business
activity or employment which may be in conflict with the Company's interests.

         6.       CONFIDENTIALITY; NONDISPARAGEMENT.

                  (a)      Non-Disclosure of Confidential Information. Kearney
has acquired and will acquire certain "Confidential Information" of the Company.
"Confidential Information" shall mean any information that is not generally
known, including trade secrets, outside the Company and that is proprietary to
the Company, relating to any phase of the Company's existing or reasonably
foreseeable business, which is disclosed to Kearney by the Company including
information, conceived, discovered or developed by Kearney. Confidential
Information includes, but shall not be limited to, business plans, financial
statements and projections, operating forms (including contracts) and
procedures, payroll and personnel records, marketing materials and plans,
proposals, software codes and computer programs, project lists, project files,
price information and cost information and any other document or information
that is designated by the Company as "Confidential." The term "trade secret"
shall be defined as follows:

                  A trade secret may consist of any formula, pattern, device or
                  compilation of information which is used in one's business,
                  and which provides to the holder an opportunity to obtain an
                  advantage over competitors who do not know or use it.

Accordingly, Kearney agrees that he shall never use for his own benefit such
Confidential Information or trade secrets acquired during the term of this
Consulting Agreement for his own benefit. Further, during the Consulting Term
and for three years thereafter, Kearney shall not, without the Board's written
consent or a person duly authorized thereby, which consent may be given or
withheld in the Company's sole and absolute discretion, disclose to any person,
other than an employee of the Company or a person to whom disclosure is
reasonably necessary or appropriate in connection with the performance by
Kearney of his duties, any Confidential Information or trade secrets obtained by
him while providing services to the Company.

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                  (b)      Non-Disparagement. Kearney agrees that, during the
Consulting Term and at all times thereafter, he will not make any disparaging
statements about the Company or its directors, officers or employees; provided
that this prohibition shall not apply to truthful testimony as a witness,
compliance with other legal obligations, or truthful assertion of or defense
against any claim or breach of this Consulting Agreement, or to Kearney's
truthful statements or disclosures to the Company's officers or directors, and
shall not require Kearney to make false statements or disclosures. The Company
agrees that, during the Consulting Term and at all times thereafter, neither the
directors nor the officers of the Company nor any spokesperson for the Company
shall make any disparaging statements about Kearney; provided that this
prohibition shall not apply to truthful testimony as a witness, compliance with
other legal obligations, truthful assertion of or defense against any claim of
breach of this Consulting Agreement, or truthful statements or disclosures to
Kearney, and shall not require false statements or disclosures to be made.

         7.       RELEASE. Kearney agrees that, as a condition to receipt of the
payments and benefits provided hereunder upon termination of Kearney's
consulting relationship with the Company, Kearney will execute a release
agreement, in a form reasonably satisfactory to the Company and Kearney,
releasing any and all claims arising out of Kearney's consulting relationship
(other than enforcement of this Consulting Agreement, Kearney's rights under any
of the Company's incentive compensation and employee benefit plans and programs
to which Kearney is entitled under this Consulting Agreement or otherwise, and
any claim for any tort for personal injury not arising out of or related to
Kearney's termination of employment or service).

         8.       REMEDIES. In the event of a breach or threatened breach by
Kearney of the provisions of Section 5 or Section 6 of this Consulting
Agreement, the Company shall be entitled to seek an injunction restraining
Kearney from violating either of said provisions, or any other remedy, including
the recovery of damages from Kearney. If Kearney breaches any of the provisions
of Section 5 or Section 6 of this Consulting Agreement, nothing herein shall be
construed as preventing the Company from withholding any payment or payments
required to be made hereunder to Kearney.

         9.       ASSISTANCE IN LITIGATION. During the Consulting Term and at
all times thereafter until the death or Disability of Kearney, Kearney shall,
upon reasonable notice, furnish such information and proper assistance to the
Company as may reasonably be required by the Company in connection with any
litigation in which it or any of its subsidiaries or affiliates is or may become
a party. The Company will promptly reimburse Kearney for all reasonable business
expenses and disbursements incurred by Kearney in providing such information and
assistance in connection with litigation.

         10.      SUCCESSORS.

                  (a)      Nonassignable by Kearney. This Consulting Agreement
is personal to Kearney and, without the Company's prior written consent, shall
not be assignable by Kearney otherwise than by will or the laws of descent and
distribution. This Consulting Agreement shall inure to the benefit of and be
enforceable by Kearney's legal representatives.

                  (b)      Company Successors and Assigns. This Consulting
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

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                  (c)      Obligations of Successor. The Company shall require
any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the Company's business and/or assets
to assume expressly and agree to perform this Consulting Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. As used in this Consulting Agreement,
"Company" shall mean the Company as hereinbefore defined and any successor to
its business and/or assets as aforesaid which assumes and agrees to perform this
Consulting Agreement by operation of law or otherwise.

         11.      NOTICES. All communications hereunder shall be in writing and
delivered or mailed by registered mail to the Company at 536 East Pike Avenue,
Columbus, MT 59019, Attention: Board of Directors, and to Kearney, at Regular
Mail: Private Bag X7, Suite 47, Parkview 2122, Johannesburg, South Africa or Fed
Ex Address: 3 Park Manor, 109 Kerry Road, Parkview 2193, Johannesburg, South
Africa unless another address has been given to the other party hereto in
writing.

         12.      INTERPRETATION. No provision of this Consulting Agreement may
be altered or waived except in writing and executed by the other party hereto.
No party shall be bound in any manner by any warranties, representations or
guarantees, except as specifically set forth in this Consulting Agreement. This
Consulting Agreement shall be interpreted under the laws of the State of
Colorado, without regard to principles of conflicts of laws.

         13.      ARBITRATION. The parties agree that any dispute or controversy
arising under or in connection with this Consulting Agreement shall be submitted
to and determined by arbitration in Denver, Colorado in accordance with the
Commercial Arbitration Rules of the American Arbitration Association and agree
to be bound by the decision in any such arbitration provision.

         14.      OTHER BENEFITS. Nothing in this Consulting Agreement shall be
interpreted as reducing or eliminating any benefits to which Kearney or
Kearney's beneficiaries are entitled, without regard to this Consulting
Agreement, under any plan or program of the Company following a termination of
consulting services for any reason.

         15.      NO DUTY TO MITIGATE. In the event of any termination of
consulting services triggering benefits under this Consulting Agreement, Kearney
shall be under no obligation to seek other employment, and there shall be no
offset against any amounts due to Kearney under this Consulting Agreement on
account of the remuneration attributable to any subsequent employment that
Kearney may obtain. Any amounts due under this Consulting Agreement upon
termination of consulting services are in the nature of severance payments, or
liquidated damages, or both, and are not in the nature of a penalty.

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                  IN WITNESS WHEREOF, Kearney has hereunto set his hand and the
Company has caused this instrument to be duly executed as of the day and year
first above written.

                                     STILLWATER MINING COMPANY

                                     By: /s/ Francis R. McAllister
                                         ---------------------------------------
                                     Name:  Francis R. McAllister
                                     Title: Chairman and Chief Executive Officer

                                     /s/ Stephen Kearney
                                     -------------------------------------------
                                     Stephen Kearney, individually

                                        7<PAGE>

                            THIRD AMENDMENT AGREEMENT
                                       TO
                     PALLADIUM AND PLATINUM SALES AGREEMENT

         THIS THIRD AMENDMENT AGREEMENT (this "Amendment") is made and entered
into as of this 13th day of March, 2002, by and between STILLWATER MINING
COMPANY, a Delaware corporation, whose address is 737 Palladium Place, Columbus,
MT 59019 ("SMC"), and FORD MOTOR COMPANY, a Delaware corporation, whose address
is One Parklane Boulevard, Parklane Towers East Suite 1500, Dearborn, Michigan
("Ford").

         SMC and Ford are parties to a Palladium and Platinum Sales Agreement
dated as of August 13, 1998 (as amended by the First Amendment Agreement dated
as of October 27, 2000, and by the Second Amendment Agreement dated as of March
27, 2001, the "Original Contract," and, as the same may be amended from time to
time, the "Agreement"). Ford has requested and SMC has agreed to an amendment to
the Agreement to provide Ford with audit rights, and SMC has requested and Ford
has agreed to clarify by way of example the pricing of year-end deliveries, in
each case subject to the terms and conditions hereof.

         Accordingly, the parties hereto agree as follows:

         SECTION 1.        Definitions; Interpretation.

                  (a)      Terms Defined in Agreement. All capitalized terms
used in this Amendment and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

                  (b)      Interpretation. Headings in this Amendment are for
convenience of reference only and are not part of the substance hereof.

         SECTION 2.        Amendments to the Agreement.

                  (a)      Amendments. The Agreement shall be amended as
follows, effective as of January 1, 2002, upon satisfaction of the conditions
set forth in Section 3:

                  (i)      Section 4 shall be amended by adding a new Section
                  4(c) to read as follows:

                  (c)      Year-End Delivery and Pricing. The parties agree that
during the term of the Agreement, the price to be paid by Ford for actual
deliveries made by SMC to Ford during any calendar year shall be the pricing set
forth in this Section 4 for such Contract Year, and that the price paid by Ford
for the delivery made by SMC to Ford on December 31, 2001 was based on Contract
Year 2001 pricing and that the price to be paid by Ford for all deliveries made
by SMC to Ford during calendar year 2002, including the last delivery made
during December 2002, will be based on Contract Year 2002 pricing.

                  (ii)     A new Section 30 shall be added to read as follows:

<PAGE>

         Section 30.       Inspection Rights. During the term of this Agreement
and upon reasonable advance notice, Ford shall have the right, during normal
business hours, to send its authorized representatives to examine documents,
records, and materials in the possession or under the control of SMC as they
pertain to (i) quantity of production in Sections 3(a), 3(b), 3(c), 3(e) and
3(f) and (ii) the pricing of Metal under Sections 4 and 5. Ford's rights of
inspection will be subject to SMC's right to safeguard its own and its other
customers' confidential information and subject to Ford's agreement to keep all
nonpublic information confidential. SMC will make all commercially reasonable
efforts to separate pertinent information from other confidential information in
order to facilitate Ford's inspection. SMC shall maintain all pertinent books
and records relating to this Agreement during the term of this Agreement (and
any extensions) and for a period of two years following termination of this
Agreement. All costs and expenses of personnel sent by Ford to conduct any
inspection will be borne by Ford.

                  (b)      References Within Agreement. Each reference in the
Agreement to "this Agreement" and the words "hereof," "herein," "hereunder," or
words of like import, shall mean and be a reference to the Agreement as amended
by this Amendment.

         SECTION 3.        Conditions of Effectiveness. The effectiveness of
Section 2 of this Amendment shall be subject to the satisfaction of the
following condition precedent:

                  (a)      Agreement. SMC and Ford shall have each received a
signed counterpart of this Amendment, or a facsimile copy thereof, signed by the
other party hereto.

         SECTION 4.        Miscellaneous.

                  (a)      Agreement Otherwise Not Affected. Except as expressly
amended pursuant hereto, the Agreement shall remain unchanged and in full force
and effect and is hereby ratified and confirmed in all respects.

                  (b)      No Reliance. Each party hereto hereby acknowledges
and confirms to the other that such party is executing this Amendment on the
basis of its own investigation and for its own reasons without reliance upon any
agreement, representations, understanding or communication by or on behalf of
any other Person.

                  (c)      Binding Effect. This Amendment shall be binding upon,
inure to the benefit of and be enforceable by each party hereto and their
respective successors and assigns.

                  (d)      Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK UPON THE
SAME TERMS AND CONDITIONS AS THOSE SET FORTH IN SECTION 26 OF THE AGREEMENT.

                  (e)      Complete Agreement; Amendments. This Amendment
contains the entire and exclusive agreement of the parties hereto with reference
to the matters discussed herein and therein. This Amendment supersedes to the
extent inconsistent all prior commitments, drafts, communications, discussions
and understandings, oral or written, with respect thereto. This Amendment may
not be modified, amended or otherwise altered except in accordance with the
terms of Section 24 of the Agreement.

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                  (f)      Severability. Whenever possible, each provision of
this Amendment shall be interpreted in such manner as to be effective and valid
under all applicable laws and regulations. If, however, any provision of this
Amendment shall be prohibited by or invalid under any such law or regulation in
any jurisdiction, it shall, as to such jurisdiction, be deemed modified to
conform to the minimum requirements of such law or regulation, or, if for any
reason it is not deemed so modified, it shall be ineffective and invalid only to
the extent of such prohibition or invalidity without affecting the remaining
provisions of this Amendment, or the validity or effectiveness of such
provisions in any other jurisdiction.

                  (g)      Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute but one and the same agreement.

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

                                  STILLWATER MINING COMPANY

                                  By: /s/ Francis R. McAllister
                                      ------------------------------------------
                                  Name:  Francis R. McAllister
                                  Title: Chairman and Chief Executive Officer

                                  By: /s/ Robert C. Lapple
                                      ------------------------------------------
                                  Name:  Robert C. Lapple
                                  Title: Vice President Metal Marketing

                                  FORD MOTOR COMPANY

                                  By: /s/ Pony Brown
                                      ------------------------------------------
                                  Name:  Pony Brown
                                  Title: Executive Director of Metals Purchasing

                                  By: /s/ Jeff Wellman
                                      ------------------------------------------
                                  Name:  Jeff Wellman
                                  Title: Executive Director of Raw Materials
                                  Purchasing

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