Document:

GCI-2014.09.28-EX10-1

                                                                                         Exhibit10-1                                                   
Gannett Co., Inc.
Gannett Leadership Team Transition Severance Plan
1.Purpose of Plan.  The purpose of this Gannett Leadership Team Transition Severance Plan (this “Plan”) is to ensure that employees of Gannett Co., Inc. (the “Company”) and its subsidiaries who are members of the Gannett Leadership Team (“GLT”) and who are designated as participants in the Plan by the Executive Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) for severance benefits in the event of certain involuntary terminations of employment in connection with the proposed spinoff (the “Spinoff”) of the publishing business of the Company into a separate entity (“SpinCo”).  

2.Certain Defined Terms.  Certain terms used herein have the definitions given to them in the first place in which they are used, and all other defined terms have the meanings set forth below in this Section 2.

(a)“Annual Base Salary” means a Participant’s regular rate of annual base salary as in effect immediately preceding such Participant’s Qualifying Termination.

(b)“Cause” means a termination of a Participant’s employment following the occurrence of any of the following events, each of which shall constitute a “Cause” for such termination:

(i)embezzlement, fraud, misappropriation of funds, breach of fiduciary duty or other act of material dishonesty committed by a Participant or at his or her direction;

(ii)failure by a Participant to perform adequately the duties of his or her position, as a result of neglect, refusal or other poor performance, that he or she does not remedy within thirty (30) days after receipt of written notice from the Company;

(iii)violation of the Company’s employment policies by a Participant; or

(iv)conviction of, or plea of guilty or nolo contendere by a Participant to a felony or any crime involving moral turpitude.

(c)“Qualifying Termination” means a termination of a Participant’s employment by the Company (other than for Cause) arising in connection with the Spinoff during the Term.  Any determination as to whether a termination is a Qualifying Termination shall be made in the reasonable, good faith discretion of the Committee.  In no event shall a termination due to a Participant’s death or disability constitute a Qualifying Termination under this Plan.  The date of a Qualifying Termination shall be the last day of a Participant’s active employment with the Company, which shall be the date on which a Participant receives written notice from the Company of such termination or such later date as specified in such notice (not to exceed thirty (30) days after the date of delivery of such notice).

(d)“Recent Annual Bonus” means the greater of (i) a Participant’s most recent annual bonus earned immediately prior to the date of termination under the applicable incentive plan of the Company, and (ii) the average of the annual bonuses earned in respect of the three (3) most recently completed fiscal years of the Company immediately prior to the date of termination under the applicable incentive plan of the Company.  In determining the Recent Annual Bonus of a Participant who immediately following the Spinoff is employed by SpinCo, any annual bonus that was earned in respect of service with the Company prior to the Spinoff will be included.

(e)“Severance Multiple” means (i) with respect to Participants with less than fifteen (15) Years of Service as of the date of a Qualifying Termination, one (1), and (ii) with respect to Participants with fifteen (15) or more Years of Service as of the date of a Qualifying Termination, one and one-half (1.5).

(f)“Year of Service” means any whole or partial year of service, with the aggregate number of Years of Service for any Participant rounded up for any partial Year of Service.  The determination of Years of Service with respect to a Participant who as of immediately following the Spinoff is employed by SpinCo shall include any periods of service with the Company and its subsidiaries. 

3.Eligible Employees.  This Plan shall apply solely with respect to employees of the Company who are members of the GLT and who are designated by the Committee as participants as set forth on Schedule I (the employees covered by this Plan, the “Participants”).  Designation as a Participant shall be effective as of the date of such Committee action (except as otherwise specified on Schedule I). 

4.Term of the Plan.  This Plan shall be effective during the period (the “Term”) between the date it is approved by the Committee (the “Effective Date”) and the first anniversary of the date on which the distribution effectuating the Spinoff occurs (the “Expiration Date”), provided, that the occurrence of the Expiration Date shall not affect any unsatisfied obligations under this Plan that have arisen prior to the Expiration Date with respect to Participants who have received notice of a Qualifying Termination prior to the Expiration Date.

5.Administration of the Plan.  This Plan shall be administered by the Committee.  All actions taken and all determinations by the Committee shall be final and binding on all persons claiming any interest in or under this Plan. 

6.Amendment or Termination of Plan.  Prior to the occurrence of the Spinoff, this Plan may be amended or terminated by a majority of the Board.  Following the Spinoff, this Plan may not be amended or terminated prior to the Expiration Date in any respect that adversely affects the rights or benefits of any Participant, without the written consent of an affected Participant.  The termination of this Plan on the Expiration Date shall not affect any obligations under this Plan that have arisen prior to the Expiration Date but have not yet been satisfied. 

7.Benefits under this Plan.  Upon a Qualifying Termination, a Participant shall, subject to the terms and conditions of this Plan including Section 8, be entitled to receive a severance payment (the “Severance Amount”) equal to (a) the Participant’s Severance Multiple, multiplied by (b) the sum of the Participant’s (i) Annual Base Salary and (ii) Recent Annual Bonus.  In addition, a Participant shall be paid in accordance with normal payroll practices all earned but 

unpaid compensation, accrued vacation and accrued but unreimbursed expenses required to be reimbursed through the date of termination (the “Accrued Obligations”).  Notwithstanding the foregoing, in the event that a Participant experiences a Qualifying Termination under circumstances that entitle the Participant to compensation and benefits under the Gannett Co., Inc. Transitional Compensation Plan (the “Transitional Plan”), the Participant shall receive compensation and benefits under the Transitional Plan and not under this Plan.

8.Release Requirement.  A Participant shall not be entitled to the Severance Amount unless the Participant has signed and not revoked, within thirty (30) days after the date of such Participant’s Qualifying Termination, a release and covenant agreement substantially in the form attached hereto as Exhibit A (the “Release and Restrictive Covenant Agreement”).   

9.Timing and Form of Payment of Severance Amount.  Subject to the Release and Restrictive Covenant Agreement becoming effective no later than the thirtieth (30th) day after the date on which a Participant’s Qualifying Termination occurs, the Severance Amount shall be payable in a lump sum on the thirtieth (30th) day after the date of the Participant’s Qualifying Termination.

10.No Mitigation/Offset.  A Participant shall not be required to mitigate damages or the amount of any payment provided for under this Plan by seeking other employment or otherwise, nor shall any payments hereunder be subject to offset in respect of any claims that the Company may have against a Participant, nor shall the amount of any payment provided for under this Plan be reduced by any compensation earned as a result of such Participant’s employment with another employer. 

11.Legal Expenses.  If, with respect to any alleged failure by the Company to comply with the terms of this Plan, a Participant institutes or responds to legal action to assert or defend the validity of, enforce his or her rights under, or recover damages for breach of the terms of this Plan or, following termination of employment, the Release and Restrictive Covenant Agreement and thereafter the Company is found in a judgment no longer subject to review or appeal to have breached this Plan or, following termination of employment, the Release and Restrictive Covenant Agreement in any material respect, then the Company shall indemnify the Participant for his or her reasonable attorneys’ fees and costs in connection with such legal action.

12.Severability; Waiver.  If any provision of this Plan or the application thereof is held invalid or unenforceable, the invalidity or unenforceability thereof shall not affect any other provisions of this Plan which can be given effect without the invalid or unenforceable provision, and to this end the provisions of this Plan are to be severable.  No waiver by either party of any breach by the other party of any provision or conditions of this Plan shall be deemed to be a waiver of any other provision or condition at the same or any prior or subsequent time.

13.Employment Status.  This Plan does not constitute a contract of employment or impose on a Participant or the Company or its subsidiaries any obligation to retain the Participant as an employee or change the status of such Participant’s employment to anything other than “at will”.  The Company reserves the right to terminate a Participant for any or no reason at its convenience.

14.Tax Withholdings.  The Company may withhold from any payments due to a Participant hereunder, such amounts as the Company may determine are required to be withheld under applicable federal, state and local tax laws.  

15.Section 409A.   

(a)General.  It is intended that payments and benefits made or provided under this Plan shall not result in penalty taxes or accelerated taxation pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  Any payments that qualify for the “short-term deferral” exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception.  For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Plan shall be treated as a separate payment of compensation for purposes of applying the exclusion under Section 409A of the Code for short-term deferral amounts, the separation pay exception or any other exception or exclusion under Section 409A of the Code.  In no event may a Participant, directly or indirectly, designate the calendar year of any payment under this Plan.  Despite any contrary provision of this Plan, any references to termination of employment or date of termination shall mean and refer to the date of a Participant’s “separation from service,” as that term is defined in Section 409A of the Code and Treasury regulation Section 1.409A-1(h).

(b)Delay of Payment.  Notwithstanding any other provision of this Plan to the contrary, if a Participant is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to a Participant under this Plan during the six (6)-month period immediately following a Participant’s separation from service (as determined in accordance with Section 409A of the Code) on account of a Participant’s separation from service shall be accumulated and paid to such Participant on the first (1st) business day of the seventh (7th) month following such Participant’s separation from service (the “Delayed Payment Date”).  If such Participant dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of such Participant’s estate on the first to occur of the Delayed Payment Date or thirty (30) calendar days after the date of his or her death. 

(c)Reimbursement and In-Kind Benefits.  Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Participant’s lifetime (or, if longer, through the twentieth (20th) anniversary of the Effective Date) or during a shorter period of time specified in this Plan); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

16.Successors.  This Plan shall be binding upon the successors and assigns of the Company.  From and after the Spinoff, without any further action required, SpinCo shall assume all liabilities and obligations with respect to any Participant who becomes an employee of SpinCo as of immediately following the Spinoff.  From and after the effective date of the Spinoff, with respect to any Participant who becomes an employee of SpinCo as of immediately following the Spinoff, references to the “Company” shall be references to SpinCo, references to the “Committee” shall be references to the applicable committee of the SpinCo Board of Directors and references to the “Board” shall be references to the SpinCo Board of Directors, in each case, unless the context clearly indicates otherwise.

17.Governing Law.  This Plan shall be governed by and construed under and in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws.

Exhibit A
Release of Claims and Restrictive Covenant Agreement
This Release of Claims and Restrictive Covenant Agreement (this “Agreement”) is entered into between [___] and Gannett Co., Inc. (the “Company”) in connection with your separation of employment from the Company in accordance with the Gannett Co., Inc. Gannett Leadership Team Transition Severance Plan (the “Plan”). Capitalized terms used and not defined herein shall have the meanings provided in the Plan. The parties agree to the following:
1.Date of Termination. Your final day as an employee of the Company is ___________, ____ (the “Date of Termination”).

2.Severance Amount.  Provided that you execute this Agreement and that it becomes effective in accordance with paragraph 9 hereof, on ___________, _____, you will receive a lump sum cash payment in the amount of $__________, less legally-required withholdings, payable at such times as provided in the Plan.  In addition, regardless of whether you execute this Agreement, you will be entitled to payment of the Accrued Obligations, less legally-required withholdings, payable at such times as provided in the Plan. 

3.Release Deadline.  You will receive the benefits described in paragraph 2 above only if you sign this Agreement on or before _____________, _____.  In exchange for and in consideration of the benefits offered to you by the Company in paragraph 2 above, you agree to the terms of this Agreement.

4.Release of Claims.  You agree that this is a full and complete Release of Claims.  Accordingly, you and the Company agree as follows:

(a)The Release of Claims means that you agree to give up forever any and all legal claims, or causes of actions, you may have, or think you have, against the Company, any of its subsidiaries, related or affiliated companies, including any predecessor or successor entities, including following the proposed spinoff of the publishing business of the Company, the entities containing such business (“SpinCo”), and their respective directors, officers, and employees (collectively, the “Company Parties”).  This Release of Claims includes all legal claims that arose at any time before or at the time you sign this Agreement; it also includes those legal claims of which you know and are aware, as well as any legal claims of which you may not know or be aware, including claims for breach of contract, claims arising out of any employment agreement you may have or under the Plan, claims of intentional or negligent infliction of emotional distress, defamation, breach of implied covenant of good faith and fair dealing, and any other claim arising from, or related to, your employment by the Company.  In addition, the Company Parties agree to give up forever any and all legal claims, or causes of action, they may have or think they may have against you, including all legal claims that arose at any time before or at the time you sign this Agreement, whether known to the Company Parties or not.

Notwithstanding the foregoing, by executing this Release of Claims, (i) you will not forfeit or release your right to receive your vested benefits under the Gannett Retirement Plan, the Gannett Co., Inc. 401(k) Savings Plan, the Gannett Supplemental Retirement Plan and the Gannett Co., Inc. Deferred Compensation Plan (but you will forfeit your right to receive any further 

severance or annual bonus award); any rights to indemnification and advancement of expenses under the Company’s By-laws and/or directors’ and officers’ liability insurance policies; any other rights under the Plan that are intended to survive a termination of employment; or any legal claims or causes of action arising out of actions allegedly taken by the Company after the date of your execution of this Agreement; and (ii) none of the Company Parties will forfeit or release any right to recoup compensation under the clawback provisions of under any plan or policy of the Company or applicable law; any rights under the Plan which are intended to survive a termination of employment (including, but not limited to, your restrictive covenant and confidentiality obligations); any claims based on your fraud or conduct which was committed in bad faith or arising from your active and deliberate dishonesty; any claims for which you have no rights to indemnification and advancement of expenses under the Company’s By-laws and/or directors’ and officers’ liability insurance policies; or any legal claims or causes of action arising out of actions allegedly taken by you after the date of your execution of this Agreement.  The matters referenced in clauses (i) and (ii) of this paragraph are referred to as the “Excluded Matters.”
(b)Several laws of the United States and of the Commonwealth of Virginia create claims for employees in various circumstances.  These laws include the Age Discrimination in Employment Act of 1967, as amended by the Older Worker Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Rehabilitation Act of 1973, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Americans With Disabilities Act, the Genetic Information Non-discrimination Act, and the Virginia Human Rights Act.  Several of these laws also provide for the award of attorneys’ fees to a successful plaintiff.  You agree that this Release of Claims specifically includes any possible claims under any of these laws or similar state and federal laws, including any claims for attorneys’ fees.

(c)By referring to specific laws we do not intend to limit the Release of Claims to just those laws.  All legal claims for money damages, or any other relief that relate to or are in any way connected with your employment with the Company or any of its subsidiaries, related or affiliated companies, are included within this Release of Claims, even if they are not specifically referred to in this Agreement.  The only legal claims that are not covered by this Release of Claims are the Excluded Matters.  

(d)Except for the Excluded Matters, we agree that neither party will say later that some particular legal claim or claims are not covered by this Release of Claims because we or you were unaware of the claim or claims, because such claims were overlooked, or because you or we made an error.

(e)We specifically confirm that, as far as you or the Company know, no one has made any legal claim in any federal, state or local court or government agency relating to your employment, or the ending of your employment, with the Company.  If, at any time in the future, such a claim is made by you or the Company, or someone acting on behalf of you or the Company, or by some other person or a governmental agency, you and the Company agree that each will be totally and completely barred from recovering any money damages or remedy of any kind, except in the case of any legal claims or causes of action arising out of any of the Excluded Matters.  This provision is meant to include claims that are solely or in part on your behalf, or on behalf of the Company, or claims which you or the Company have or have not authorized.  

(f)This Agreement, and the Release of Claims, will not prevent you from filing any future administrative charges with the United States Equal Employment Opportunity 

Commission (“EEOC”) or a state fair employment practices (“FEP”) agency, nor from participating in or cooperating with the EEOC or a state FEP agency in any investigation or legal action undertaken by the EEOC or a state FEP agency.  However, this Agreement, and the Release of Claims, does mean that you may not collect any monetary damages or receive any other remedies from charges filed with or actions by the EEOC or a state FEP agency.

5.Restrictive Covenants.

(a)You agree that in consideration for the payments under paragraph 2 above, for a period of one (1) year after the Date of Termination (the “Restricted Period”), you will not, without the written consent of the Company, obtain or seek a position with a Competitor (as defined below) in which you will use or are likely to use any confidential information or trade secrets of the Company, or which you would have duties for such Competitor within the United States that involve Competitive Services (as defined below) and that are the same or similar to those services actually performed by you for the Company.

(b)You understand and agree that the relationship between the Company and each of its employees constitutes a valuable asset of the Company and may not be converted to your own use.  Accordingly, you hereby agree that during the Restricted Period, you shall not, directly or indirectly, on your own behalf or on behalf of another person, solicit or induce any employee of the Company to terminate his or her employment relationship with the Company or any affiliate of the Company or to enter into employment with another person or entity.  The foregoing shall not apply to employees who respond to solicitations of employment directed to the general public or who seek employment at their own initiative.

(c)For purposes of this paragraph 5, “Competitive Services” means the provision of goods or services that are competitive with any goods or services offered by [the Company as of the date of this Agreement, including, but not limited to newspapers, non-daily publications, television, radio, cable, digital, Internet, and other news and information services,] and “Competitor” means any individual or any entity or enterprise engaged, wholly or in part, in Competitive Services.  The parties acknowledge that the Company may from time to time during the term of this Agreement change or increase the line of goods or services it provides, and you agree to amend this Agreement from time to time to include such different or additional goods and services to the definition of “Competitive Services” for purposes of this paragraph 5.

(d)You agree that due to your position of trust and confidence the restrictions contained in this paragraph 5 are reasonable, and the benefits conferred on you in this Agreement are adequate consideration, and since the nature of the Company’s business is national in scope, the geographic restriction herein is reasonable.

(e)You agree that you will not make any statements, oral or written, or cause or allow to be published in your name, or under any other name, any statements, interviews, articles, books, web logs, editorials or commentary (oral or written) that are critical or disparaging of the Company or SpinCo, or any of their operations, or any of their officers, employees or directors.  Likewise, the Company and SpinCo, each agree that it will not make, and will use reasonable efforts to ensure that directors and officers of the Company and SpinCo, respectively, do not make, any statements, oral or written, or cause to be published in the Company’s or SpinCo’s name, any statements, interviews, articles, editorials or commentary (oral or written) that are critical or disparaging of you.  It is understood that merely because a personal statement is made by a 

Company or SpinCo employee does not mean that it is made “in the Company’s name” or “in SpinCo’s name”. 

(f)You acknowledge that a breach of this paragraph 5 would cause irreparable injury and damage to the Company and/or SpinCo, as applicable, which could not be reasonably or adequately compensated by money damages, and each of the Company and SpinCo acknowledge that a breach of paragraph 5(e) would cause irreparable injury and damage to you, which could not be reasonably or adequately compensated by money damages.  Accordingly, each of you, the Company and SpinCo acknowledge that the remedies of injunction and specific performance shall be available in the event of such a breach, and the non-breaching party shall be entitled to money damages, costs and attorneys’ fees, and other legal or equitable remedies, including an injunction pending trial, without the posting of bond or other security.  Any period of restriction set forth in this paragraph 5 shall be extended for a period of time equal to the duration of any breach or violation thereof.

(g)In the event of your breach of this paragraph 5, in addition to the injunctive relief described above, the Company’s remedy shall include the forfeiture and return to the Company of any payment made to you or on your behalf under paragraph 2 above.

(h)In the event that any provision of this paragraph 5 is held to be in any respect an unreasonable restriction, then the court so holding may modify the terms thereof, including the period of time during which it operates or the geographic area to which it applies, or effect any other change to the extent necessary to render this paragraph 5 enforceable, it being acknowledged by the parties that the representations and covenants set forth herein are of the essence of this Agreement.

(i)You and the Company agree not to disclose or discuss the existence or the details of this Agreement with anyone other than our respective attorneys, accountants and/or your immediate family members, unless required by law.

6.Mutual Cooperation.  You agree to fully cooperate and assist the Company in the defense of any investigations, claims, charges, arbitrations, grievances, or lawsuits brought against the Company or any of its operations, or any officers, employees or directors the Company or any of its operations, as to matters of which you have personal knowledge necessary, in the Company’s judgment, for the defense of the action.  You agree to provide such assistance reasonably consistent with the requirements of your other obligations and the Company agrees to pay your reasonable out-of-pocket expenses incurred in connection with this assistance and such expenses will be paid in accordance with Treasury Regulation 1.409A-3(i)(1)(iv)(A).  The Company agrees to fully cooperate and assist you in the defense of any third-party claims, charges, arbitrations, grievances or lawsuits brought against you as a co-defendant with the Company or any of its operations, officers, employees or directors, except with respect to any such matters arising out of clause (ii) of the Excluded Matters.

7.Entire Agreement.  You agree that this Agreement contains all of the details of the agreement between you and the Company with respect to the subject matter hereof.  Nothing has been promised to you, either in some other written document or orally, by the Company or any of its officers, employees or directors, that is not included in this Agreement.

8.Time to Consider; Effectiveness.  Please review this Agreement carefully.  We advise you to talk with an attorney before signing this Agreement.  So that you may have enough opportunity to think about this offer, you may keep this Agreement for twenty-one (21) days from the date of termination of your employment.  You acknowledge that this Agreement was made in connection with your participation in the Plan and was available to you both prior to and immediately at the time of your termination of employment.  For that reason you acknowledge and agree that the twenty-one (21)-day consideration period identified in this paragraph commenced to run, without any further action by the Company immediately upon your being advised of the termination of your employment.  Consequently, if you desire to execute this Agreement, you must do so no later than _______________, ______.  Should you accept all the terms by signing this Agreement on or before _____________, _____, you may nevertheless revoke this Agreement within seven (7) days after signing it by notifying ______________ in writing of your revocation.  We will provide a courtesy copy to your attorney, if you retain one to represent you.  If you wish to accept this Agreement, please confirm your acceptance of the terms of the Agreement by signing the original of this Agreement in the space provided below.  The Agreement will become effective, and its terms will be carried out beginning on the day following the seven (7)-day revocation period.

9.Knowing and Voluntary.  By signing this Agreement you agree that you have carefully read this Agreement and understand its terms.  You also agree that you have had a reasonable opportunity to think about your decision, to talk with an attorney or advisor of your choice, that you have voluntarily signed this Agreement, and that you fully understand the legal effect of signing this Agreement. 

	
			
	Date:  
	 
	 

	 
	 
	[Employee]

	 
	 
	 

	 
	 
	 

	 
	 
	GANNETT CO., INC.

	 
	 
	 

	Date:  
	 
	By:SWC - 09.30.2014 - 10-Q - Exhibit 10.2

CONFIDENTIAL TREATMENT REQUESTED BY
STILLWATER MINING COMPANY
Exhibit 10.2
Portions of this Exhibit have been redacted pursuant to a request for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act.  Omitted information marked “[***]” in this Exhibit has been filed with the Securities and Exchange Commission together with such request for confidential treatment.

MASTER GOODS AND SERVICES AGREEMENT 
This MASTER GOODS AND SERVICES AGREEMENT (including any exhibits hereto, this “Agreement”) is made effective as of the 1st day of July 2014 (the “Effective Date”), by and between JOHNSON MATTHEY INC., a Pennsylvania corporation (“JM”), and STILLWATER MINING COMPANY, a Delaware corporation (“SMC”). 
WITNESSETH:
WHEREAS, SMC and JM have a longstanding relationship whereby JM has performed refining services for SMC and SMC has supplied precious metals to JM; 
WHEREAS, of even date herewith, SMC and JM have entered into a Precious Metals Supply Agreement, attached hereto and incorporated herein as Exhibit E (the “Supply Agreement”); and 
WHEREAS, SMC and JM desire to strengthen the above relationships, including by (i) the provision of market analysis information by JM to SMC, (ii) the referral of smelting business by JM to SMC; and (iii) the technical collaboration of the Parties to streamline sampling and assay procedures and work on other refining issues of mutual interest. 
NOW THEREFORE, for and in consideration of the premises and of the several and mutual agreements herein contained, the value and sufficiency of which being hereby acknowledged, the Parties agree as follows: 
1.DEFINITIONS.
Throughout this Agreement, the following terms shall mean: 
1.1.    Agreed Content means the concentration of a metal found in the Filter Cake as determined in accordance with Section 12 hereof and on which the return of metals by JM to SMC and the payment of treatment, refining and assaying charges by SMC to JM shall be based, subject to adjustment, if any, in the event the Final Assay differs from such amount. 
1.2.    Available Monthly Production means the actual amount of mined metal produced from the Mines during anyone calendar month. 

MASTER GOODS AND SERVICES AGREEMENT - 1

1.3.    Business Day or Business Days means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a Day on which banking institutions in the United States are authorized or obligated by law or executive order to close. 
1.4.    Date of Delivery means the date the Filter Cake is received by JM as acknowledged in accordance with Section 6.3 hereof. 
1.5.    Day or Days means a calendar day or days. 
1.6.    Facility means JM’s facilities capable of treating and refining Filter Cake located at 2001 Nolte Drive, West Deptford, New Jersey. 
1.7.    Filter Cake means materials produced by SMC from the Mines and Secondary Material, in each case containing principally platinum, palladium and rhodium and generally having the composition as described in Section 5.1 hereof. 
1.8.    Final Assay means the final determination of the concentration of metals found in the Filter Cake as determined in accordance with Section 12 hereof and on which a final accounting of the return of metals by JM to SMC and the payment of treatment, refining and assaying charges by SMC to JM shall be based. 
1.9.    Force Majeure Event has the meaning set forth in Section 14.1. 
1.10.    g means gram, i.e., 0.001 kg. 
1.11.    hereof, herein, hereto, hereunder refers to this Agreement as a whole and not solely to a particular subdivision thereof in which the same appear. 
1.12.    kg means kilogram, i.e., 1,000 g, or 32.15074 troy ounces. 
1.13.    Lot means a quantity of Filter Cake delivered to JM in one shipment or approximately [***] pounds or such other Lot size as the Parties may agree pursuant to Section 9.4. 
1.14.    Mines means SMC's Stillwater Mine located in Nye, Montana, and the East Boulder Mine, located 32 miles southeast of Big Timber, Montana. 
1.15.    oz or ounce means troy ounce, i.e., 31.1035 grams. 
1.16.    Party or Parties means JM and SMC, individually or collectively as the context implies, and the successors and assigns of any Party which shall have become a Party hereto in accordance with the terms hereof. 
1.17.    Refining Charges means the charges per returnable ounce for JM to treat, refine and assay the Filter Cake and the contained metals therein under this Agreement. 

MASTER GOODS AND SERVICES AGREEMENT - 2

1.18.    Return Date means the date on which JM shall make available to SMC Returnable Metals to SMC in accordance with Section 10.3. 
1.19.    Returnable Metals means the metals contained in the Filter Cake to be refined and returned to SMC's account by JM in the quantities, at the purity levels and otherwise as required by Section 10 hereof. 
1.20.    Secondary Material means any material containing platinum group metals (collectively, platinum, palladium and rhodium) and/or other precious metals that SMC processes. 
1.21.    Shipment Assay means the determination of the concentrations of metals in the Filter Cake made by SMC prior to shipment of the Filter Cake to the Facility. 
1.22.    SMC Account means the account for Returnable Metals established with JM in accordance with Section 10.4 hereof. 
1.23.    SMC Purchaser means any third Party purchaser of SMC’s production. 
1.24.    Toll Material means Secondary Material received from a third Party pursuant to a tolling arrangement or agreement that requires SMC to process the material and to return the material after such processing. 
1.25.    US$ means United States dollars, the lawful currency of the United States of America. 
		
	2.
	DELIVERY OF FILTER CAKE; REFINING; RETURN OF METALS; SECONDARY MATERIALS 

2.1.    Delivery of Filter Cake 
SMC shall deliver to JM Filter Cake in the quantities and with the composition set forth in and otherwise in accordance with, the terms and conditions of this Agreement. 
2.2.    Refining of Filter Cake; Return of Metals 
Pursuant to the terms and conditions of this Agreement, JM shall take delivery of the Filter Cake provided by SMC under this Agreement, and shall treat and refine the Filter Cake and either (i) credit Returnable Metals to the SMC Account or to a pool account established by SMC elsewhere, or (ii) physically deliver the Returnable Metals on behalf of SMC pursuant to written instructions from SMC and in accordance with Section 10.2 hereof, or (iii) purchase such Returnable Metals pursuant to Section 10.6 hereof. 
2.3.    Warranties of SMC 
SMC declares and warrants to JM that the execution and delivery of this Agreement by SMC does not conflict with the laws of the United States or with any applicable laws and regulations, 

MASTER GOODS AND SERVICES AGREEMENT - 3

and that SMC has the absolute right and authority to enter into and to perform this Agreement in accordance with the terms and conditions hereof. 
2.4.    Warranties of JM
JM declares and warrants to SMC that the execution and delivery of this Agreement by JM does not conflict with the laws of the United States or with any applicable laws and regulations, and that JM has the absolute right and authority to enter into and to perform this Agreement in accordance with the terms and conditions hereof. 
2.5.    Toll-Smelting Opportunities 
JM offers SMC favored nation status during the term of this Agreement and will in good faith endeavor to refer to SMC Secondary Material that requires smelting as a step in the refining process.  The Parties acknowledge that the foregoing is part of an overall goal of growing the third party material smelting/refining business for the benefit of both SMC and JM.  The Parties will agree sampling and assaying procedures for this Secondary Material, including by the adaptation of any streamlined procedures agreed pursuant to Section 9.4 below or Section 12.6 below.  The type of Secondary Material preferred by SMC is automobile catalytic converters; other types of Secondary Material toll smelting opportunities will be discussed on a case-by-case basis. 
The minimum amounts of Secondary Material that JM will endeavor to refer to SMC for toll smelting annually are as follows; provided that SMC returns the smelted material to JM to complete the refining process: 
2014 - [***]
2015 - [***]
2016 - [***]
2017 - [***]
2018 - [***] 

For any year during the term of this Agreement in which SMC fails to secure [***] tons of Secondary Materials smelting opportunities, the cash payment under Section 5.4 below shall be increased to $[***].  
2.6.    Pursuant to the overall goal of growing the Secondary Materials smelting/refining business for the benefit of both SMC and JM, JM and SMC will explore opportunities, including the following: 
i) SMC as backup to the Johnson Matthey facility in Brimsdown, UK.  If Brimsdown's lower grade feed is suitable for SMC, overflow can be diverted to SMC; 
ii) Slag from JM furnaces at a value of $[***]/ ton.  Logistics are a hurdle to work through, as is the presence of insoluble Iridium and Ruthenium, which must be returned to JM;

MASTER GOODS AND SERVICES AGREEMENT - 4

iii) Leveraging JM' s strong relationship with its network of suppliers and partners; and 
iv) Discussion of additional markets not currently serviced by SMC and JM.

Opportunities must make best use of SMC's smelter and JM's network of suppliers, partners and refineries.  The Parties agree to meet quarterly to discuss these opportunities.  The frequency of these meetings can be changed upon agreement of both parties. 
3.    TERMS, TERMINATION AND EXTENSION
3.1.    Term 
This Agreement will remain in force and effective from 1st January 2014 through 31st December 2018, unless extended or terminated by written agreement of the Parties or according to the provisions of this Agreement. 

3.2.    Early Termination 
Either Party may terminate this Agreement by notifying the other Party in writing at least thirty (30) Days in advance of the date of such termination, without payment of any penalty or other amounts except payment of charges due in accordance with Section 11 for processing already performed and/or under Section 10.6 for metals already supplied, under the following circumstances: 
3.2.1.    Force Majeure.  A condition or conditions of force majeure continue for the applicable periods set forth in Section 14.2 hereof; or 
3.2.2.    Change in Law.  An order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any governmental or regulatory authority or instrumentality or court of competent jurisdiction that imposes a new tax or charge on the transactions contemplated by this Agreement or otherwise materially adversely affects the transactions contemplated by this Agreement, the market conditions thereof or the economic benefits to SMC thereof; or 
3.2.3.    Default by JM.  JM commits a JM Event of Default as specified in Section 13.2 hereof. 
3.3.    Notwithstanding the foregoing, SMC, in its sole discretion, may terminate this Agreement after four (4) years, in which event SMC shall pay liquidated damages to JM in the amount of $[***] per troy ounce of Returnable Metals, the amount being calculated as the average of the Returnable Metals refined by JM under this Agreement in years 3 and 4. 
3.4.    Termination of this Agreement does not terminate the Supply Agreement, which may be terminated only in accordance with its terms.  For the avoidance of doubt, termination of 

MASTER GOODS AND SERVICES AGREEMENT - 5

this Agreement also terminates JM’s obligations to make the payments referred to in Section 2.5 above and Section 5.4 below. 
4.    QUANTITIES
SMC shall ship to JM under this Agreement, and JM will treat, Filter Cake in quantities that shall be an amount of Filter Cake which represents from the period of 1st July 2014 through the remainder of the term of this Agreement, one hundred percent (100%) of: (a) total Available Monthly Production of Filter Cake from the Mines and (b) Filter Cake produced by SMC from its processing of Secondary Material. 
5.    QUALITY AND TECHNICAL COLLABORATION 
5.1.    Historical Average Quality of Filter Cake and Minimum Requirements 
The average composition of Filter Cake produced by SMC in 2013/2014 is set forth below.  The Parties acknowledge and agree that the composition of the Filter Cake delivered to JM will vary based on the percentage of Secondary Material contained in the Filter Cake. 
2013/2014 Average Composition of Filter Cake

	
			
	Item
	Component
	Average%

	 
	 
	 

	1.    
	Pt
	[***]

	2.    
	Pd
	[***]

	3.    
	Rh
	[***]

	4.    
	Au
	[***]

	5.    
	Ag
	[***]

	6.    
	Co
	[***]

	7.    
	Cu
	[***]

	8.    
	Fe
	[***]

	9.    
	Ni
	[***]

	10.    
	S
	[***]

	11.    
	Pb
	[***]

	12.    
	As
	[***]

	13.    
	Si
	[***]

	14.    
	Se
	[***]

	15.    
	Te
	[***]

5.2.    Standard Charges; Alternative Charges
The Lots shipped by SMC to JM for refining hereunder shall be subject to the treatment, refining, and assaying charges listed in Exhibit C under the heading "Standard Charges for Treatment, Refining and Assaying" (the "Standard Charges"); provided, however, that in the 

MASTER GOODS AND SERVICES AGREEMENT - 6

event the assay of the combined palladium and platinum content of any Lot shipped by SMC to JM is less than [***], both Parties reserve the rights to discuss terms for these lots of material. 
5.3.    Material Changes in Filter Cake Composition
It is understood and agreed that the Filter Cake shall not contain any hazardous or toxic materials, nor shall it contain any other impurities the solubility of which will materially negatively impact the refining process, and in either case JM shall have the absolute right to refuse to accept that particular Filter Cake for refining or (at the sole option of JM) ask SMC to agree to different financial terms for this Agreement as they relate to the Filter Cake containing such materials or impurities.  ANY AND ALL DIRECT COSTS AND LIABILITIES ARISING OUT OF OR RELATED TO THE FAILURE OF SMC TO DELIVER FILTER CAKE WITHOUT SUCH MATERIALS AND IMPURITIES AS REQUIRED IN THE PRECEDING SENTENCE SHALL BE THE SOLE AND ABSOLUTE RESPONSIBILITY OF SMC. 
5.4.    Technical Collaboration 
In addition to the efforts described in Section 9.4 below and Section 12.6 below, during the term of this Agreement the Parties for their mutual benefit will also explore ways to collaborate to increase the precious metal concentration of the Filter Cake, with a focus on base metal removal, and will technically evaluate [***],  as well as collaborate on any other areas of mutual interest as mutually agreed.  Within six (6) months after the Effective Date, the Parties will each nominate technical representatives who will meet (which may be telephonically) to discuss collaboration and/or evaluation topics of mutual interest.  The Parties acknowledge and agree that no technology developed in the collaboration will be implemented without mutual agreement. 
The terms and conditions governing the technical collaboration, including under Sections 9.4 and 12.6 below, shall be mutually agreed in good faith.  Ownership of intellectual property (“IP”) arising from the collaboration shall be with the Party creating the arising IP and, if jointly created, the arising IP shall be jointly owned, provided, for the avoidance of doubt, that neither Party is granted any license to the other Party's background IP except as may be otherwise mutually agreed in writing.  SMC and JM agree to cooperate in executing such documents and other papers in a timely manner that are necessary to permit the filing and prosecution of any patent applications and/or copyright registrations covering any arising IP from the collaboration.  Where SMC and JM agree that patent application(s) should be filed claiming jointly-owned arising IP, the parties shall jointly file, prosecute, issue and maintain patent applications and patents for the countries where it is agreed that applications should be filed and shall equally share all outside legal fees and expenses associated with the filing, prosecution and issuance of such patent applications and the maintenance of such applications and any resulting patents.  Each Party shall be solely responsible for any in house expenditures that it incurs in the filing, prosecution, issuance and maintenance of such applications and resulting patents. 
In connection with the above evaluation and/or technical collaboration, JM will make an annual payment of $[***] in arrears to SMC over the initial five (5) year term of this Agreement.  

MASTER GOODS AND SERVICES AGREEMENT - 7

Except for the foregoing and except to the extent otherwise agreed as reflected in an executed joint development agreement, each Party will bear its own costs of any evaluation or technical collaboration. 
6.    SHIPMENT AND DELIVERY; RECEIPT
6.1.    Shipment to JM 
Shipment shall be made at a regular rate during the term of this Agreement.  The Filter Cake will be shipped in Lots sealed in pails.  No more than eight (8) Lots may be shipped by SMC to JM at a time without the prior verbal or written consent of JM. 
6.2.    Delivery to JM 
SMC shall pay all costs to deliver the Filter Cake to the Facility, at which time possession of the Filter Cake shall transfer to JM in accordance with Section 6.3. 
6.3.    Receipt by JM 
JM shall promptly notify SMC in writing when it has received Filter Cake at the Facility.  Acknowledgment by JM of delivery, on carrier's receipt, will not constitute agreement as to description, weight or composition of the Filter Cake received. 
7.    RISK OF LOSS
All risk of loss or damage to the Filter Cake and contained metals from all causes shall be assumed by the Party in possession of such Filter Cake and/or Returnable Metals.  Risk of loss of the Filter Cake and Returnable Metals shall pass to JM upon receipt and acceptance of the Filter  Cake by JM.  Risk of loss shall remain with JM as to any and all Returnable Metals which have been credited to the SMC Account established in Section 10.4 hereof until such time as such Returnable Metals have been transferred at the written direction of SMC.  Risk of loss shall pass to SMC (i) as to any and all Returnable Metals credited to a pool account established by SMC elsewhere (other than the SMC Account), once such account has been credited; and (ii) as to any and all Returnable Metals physically delivered to a destination designated by SMC, once the Returnable Metals leave the Facility. 
8.    INSURANCE 
JM shall acquire and maintain adequate insurance to cover 100% of the value of the Filter Cake and Returnable Metals while in JM's possession and while JM bears the risk of loss.  JM shall furnish proof of such insurance (i) annually on the anniversary date of this Agreement and (ii)  within five (5) Business Days of a request from SMC for proof of insurance. 
9.    WEIGHING; SAMPLING; MOISTURE 
9.1.    Procedures 

MASTER GOODS AND SERVICES AGREEMENT - 8

SMC shall provide JM with at least five (5) Business Days written or verbal notice of the estimated date on which Lot or Lots of Filter Cake will be delivered to the Facility.  Except as provided in Section 9.4, weighing, sampling and moisture determinations as to each Lot shall be conducted at the Facility by JM within 48 hours of receipt by JM of the Filter Cake in accordance with the procedures set forth in Exhibit A attached hereto and by this reference incorporated herein.  JM shall provide to SMC and retain for itself samples pursuant to the procedures set forth in Exhibit A.  JM shall treat the Filter Cake in compliance with the procedures set forth in Exhibit A. 
9.2.    SMC Representative
SMC shall be entitled to be represented at weighing, sampling and moisture determinations, at its own cost, by a supervising company whose nomination shall be subject to JM's approval, which approval shall not be unreasonably withheld.  A list of representatives approved by JM as of the date hereof is attached hereto as Exhibit B.  SMC's designated representative with respect to a particular Lot or Lots shall not be selected to act as an umpire for the assays from such Lot or Lots in accordance with Section 12.4 hereof.  SMC shall nominate any such representative by providing written notice to JM which indicates the name of the representative and the particular Lot or Lots which it is supervising on behalf of SMC.  Except as provided in Section 9.4, weighing, sampling and moisture determinations as to each Lot for which SMC has nominated a representative shall be conducted at the Facility by JM of the Filter Cake.  If no representative has been so nominated by SMC or such representative is not present on the date and at the time for weighing, sampling and moisture determination as provided in Section 9.1, then SMC shall not be represented for that particular Lot or Lots. 
9.3.    Separate Treatment of Lots 
Each Lot shall be considered complete and separate for all accounting purposes under this Agreement. 
9.4.    Alternative Procedures 
Weighing, sampling and moisture determinations as to each Lot shall be conducted by JM in accordance with Section 9.1, except that SMC and JM may agree in writing to certain alternative procedures to be followed for such weighing, sampling and moisture determinations as to each Lot, which alternative procedures shall be thereafter implemented for Lots delivered under this Agreement and Exhibit A shall be revised accordingly.  Notwithstanding the timelines for collaboration under Section 5.4 above, within thirty (30) days after the Effective Date, the Parties will name their respective representatives who will meet (which may be telephonically) to discuss the process for determining and implementing such alternative procedures, including alternative assay procedures under Section 12.6 below.  The parties will endeavor in good faith to define and implement mutually agreed alternative procedures by July 1, 2015. 
10.    RETURNABLE METALS 
10.1.    Percentage of Metal Returns; Purity 

MASTER GOODS AND SERVICES AGREEMENT - 9

10.1.1.    Standard Form.  JM shall return to SMC, in accordance with this Agreement, the respective percentages of platinum, palladium and rhodium in the Filter Cake in the form of sponge, and of gold and silver in the Filter Cake in the form of grain, in each case conforming to the respective percentages of minimum purity as set forth in Exhibit C. 
10.1.2.    Ingot Form.  SMC may direct JM to provide palladium and platinum in the form of ingot by providing JM with seven (7) Business Days prior notice.  Ingot shall be manufactured by JM at an additional fee of $[***] per ounce of palladium or platinum shipped F.O.B. Facility, for the credit of SMC's account. 
10.1.3.    Other Forms.  SMC may, upon the written consent of JM, direct JM to provide Returnable Metals in other forms, such as solution, with the same respective minimum purity levels as set forth in Exhibit C, provided that in each such case, JM and SMC shall have agreed on an additional fee for providing the metal in such other form and the time for return of the metal. 
10.2.    Return of Metals
JM shall credit the Returnable Metals to the SMC Account and, except as to Returnable Metals that JM subsequently purchases, the remainder of the Returnable Metals shall remain in the SMC Account or be credited to a pool account established by SMC elsewhere or physically delivered on behalf of SMC to a destination designated by SMC in writing, within the time periods set forth in Section 10.3.  If SMC wants Returnable Metals not purchased by JM credited to a pool account other than the SMC Account or physically shipped on the Return Date (or any subsequent date as designated by SMC), SMC must notify JM at least three (3) Business Days in advance of the Return Date.  Returnable Metals requiring physical delivery shall be F.O.B. the Facility.  The return of metals shall be based on the Agreed Content, provided that in the event the Final Assay differs from the Agreed Content, an adjustment will be made to the SMC Account to credit the SMC Account in the event the Final Assay is greater than the Agreed Content or to debit the SMC Account in the event the Final Assay is less than the Agreed Content. 
10.3.    Time for Return of the Metals -Return Date 
For all Lots with respect to which Standard Charges apply, palladium, platinum, gold, silver and rhodium shall be made physically available for shipment by JM for SMC or credited to the SMC Account or pool account established elsewhere no later than the number of Days set Forth in Exhibit C after the later of: (i) receipt by JM of the Filter Cake containing such metal in accordance with Section 6.3 hereof; or (ii) in the event the non-sampling Party has notified the sampling Party of its nomination of a representative as provided by Section 9.2, the date that is one Business Day following receipt by JM of the Filter Cake. 
10.4.    SMC Account
In order to establish proper accounting for the Returnable Metals due to SMC under this Agreement, JM has established a precious metal account in the name of SMC (the “SMC 

MASTER GOODS AND SERVICES AGREEMENT - 10

Account”), which will reflect the accurate amounts of each element of Returnable Metal so held by JM, subject to the further orders of SMC.  Returnable Metals within the SMC Account shall be held by JM in New Jersey.  JM shall store, safeguard and insure all precious metals accounted for in the SMC Account, at no charge to SMC.  SMC may require physical delivery of Returnable Metals held in the SMC Account, or it may draw upon the SMC Account to transfer to other third party accounts upon written direction to JM. 
10.5.    Warranties of JM Regarding Purity 
JM warrants that Returnable Metals refined on behalf of SMC according to the terms of this Agreement shall have the following minimum levels of purity: 
Platinum        [***]%
Palladium         [***]%
Rhodium         [***]%
Gold             [***]%
Silver             [***]%

THE FOREGOING WARRANTY IS MADE SOLELY TO SMC AND IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED, ARISING BY LAW OR CUSTOM INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.  JM's liability for violation of the warranty of purity, if any, is limited to the replacement by JM within three (3) Business Days after return to JM of the nonconforming metal, with like metal fulfilling the minimum specified purity levels above.  Claims for rejected, nonconforming metal must be made (i) within seven (7) Days of physical receipt by SMC of such nonconforming metal, with respect to metal physically received by SMC or received for the SMC Account or for the account of SMC elsewhere, or (ii) within seven (7) Days of receipt by SMC of notice from any SMC Purchaser of such nonconforming metal, with respect to metal delivered to any SMC Purchaser.  Any claims not made within this time shall be deemed waived. 
10.6.    Purchase of Returnable Metals 
JM will purchase from SMC Returnable Metals in accordance with the Supply Agreement. 
11.    CHARGES 
11.1.    Treatment, Refining and Assaying Charges
SMC shall pay to JM the Standard Charges determined in accordance with Section 5.2 and as set forth in Exhibit C, which shall be the total amount due to JM for its treatment, refining and assaying of the Filter Cake and the contained metals therein under this Agreement.  Except as set forth in this Section 11.1 and in Section 12.4.5, no other charges shall be paid or payable by SMC to JM under this Agreement without the mutual written agreement of the Parties hereto. 
11.2.    Calculation and Payment of Charges

MASTER GOODS AND SERVICES AGREEMENT - 11

Treatment, refining and assaying charges shall be calculated based on the ounces of each element of Returnable Metals determined by the Agreed Content to be present in the Filter Cake (and shall apply pro rata to fractional amounts), provided that in the event the Final Assay differs from the Agreed Content, SMC will be billed based on the Agreed Content, and after a final accounting based on the Final Assay has been completed, additional charges will be billed to SMC in the event the Final Assay is greater than the Agreed Content or a credit to be applied to future charges shall be made on SMC's behalf in the event the Final Assay is less than the Agreed Content.  JM shall bill SMC on a monthly basis for charges by sending an invoice on the last Business Day of the month to SMC via overnight courier.  SMC shall pay to JM the total invoiced amount no later than fourteen (14) Days after receipt by SMC of the invoice from JM. 
12.    ASSAYS 
12.1.    Assay Procedures 
The samples of Filter Cake, by Lot, shall be analyzed by each Party independently to assay the content therein of Returnable Metals. 
12.2.    Exchange of Assays 
The results of the assays of samples performed as described in Section 12.1 shall be exchanged simultaneously by registered air mail or such other agreed method between SMC and JM on a date to be agreed upon in advance, but in no event later than a date sixty (60) Days after the Date of Delivery of the respective Lot. 

12.3.    Splitting Difference in Parties' Assays 
In order for the Parties to arrive at the Agreed Content of a Lot by assay exchange, JM’s assay for every precious metal analyzed must fall within the minimum relative percentage variations permitted in Exhibit D hereto (the “Splitting Limits”) from SMC's assay.  Therefore, when the assays for each precious metal are within the applicable “Splitting Limit” the Agreed Content with respect to each such precious metal shall be the average (mean) of the assays in question, and the Final Assay shall equal the Agreed Content for the purpose of Section 10.2 and 1l.2.  If JM’s assay for a precious metal is not within the “Splitting Limit” of SMC’ s assay for that metal, the Final Assay for that metal shall be determined by the Umpire Assay, as more particularly set forth herein, unless otherwise agreed by both Parties or pursuant to Section 12.6 below. 
12.4.    Umpire Assay 
12.4.1.    Rotation Among Umpires.  In the event that a Party’s matching assay for a precious metal is not within the Splitting Limits as specified in Section 12.3 above, an umpire 

MASTER GOODS AND SERVICES AGREEMENT - 12

assay shall be made by one of the following umpires, acting in rotation, sampled Lot by sampled Lot: 
A.H. Knight International Ltd 
Eccleston Grange, Prescot Rd. 
GB-W A 10 3BA St. Helens -Merseyside 
Great Britain 

Inspectorate Griffith Ltd 
2 Perry Road, Witham 
Essex, CM8 3TU 
England, Great Britain 

Le Doux & Company 
359 Alfred Avenue 
Teaneck, NJ 07666 

12.4.2.    Agreed Content.  In the event this Section 12.4 applies, then for purposes of this Section 12.4 and of Sections 10.2 and 11.2, the Agreed Content shall mean 100% of the lowest results of the assays performed by the Parties pursuant to Section 12.1. 
12.4.3.    Umpire Assay Between Parties' Assays.  Should the umpire assay fall between the results of the two Parties or coincide with either the arithmetical mean of the umpire assay and the assay of the Party which is nearer to the umpire assay shall be taken as the Final Assay.  In the event that the umpire assay is exactly between the assay of the two Parties, the umpire assay shall be taken as the Final Assay. 
12.4.4.    Umpire Assay Outside Exchanged Results.  Should the umpire assay fall outside the exchanged results, the assay of the Party which is nearer to the umpire assay shall be taken as the Final Assay. 
12.4.5.    Cost of Umpire Assay.  The cost of the umpire assay shall be borne by the Party whose result is further from the umpire's.  However, if the umpire assay is the exact mean of the assays exchanged by the Parties, such cost shall be borne equally by the Parties. 
12.4.6.    Replacement of Existing Umpire.  Either Party may recommend that an existing umpire be replaced.  Any such replacement shall be subject to unanimous agreement of the Parties. 
12.5.    Provisional Settlement of Assays 
In the event SMC or JM is unprepared to exchange assays in accordance with Section 12.2 prior to the return time set forth in Section 10.3, the Agreed Content of the Lot shall be assumed to be equal to [***] of the Shipment Assay.  SMC will be billed in accordance with Section 11.2. 
12.6.    Alternate Assay Procedures 

MASTER GOODS AND SERVICES AGREEMENT - 13

Assaying and settlement procedures shall be consistent with Sections 12.1 through 12.5 provided that SMC and JM may agree in writing to certain alternative procedures to be followed for such assaying and settlement procedures, which alternative procedures shall be thereafter implemented for Lots delivered under this Agreement.  The parties will endeavor in good faith to define and implement mutually agreed alternate assay procedures by July 1, 2015. 
13.    DEFAULT 
13.1.    SMC Event of Default 
If SMC shall fail to pay the charges as required by this Agreement (an “SMC Event of Default”) and such SMC Event of Default is not cured within seven (7) Business Days after receipt by SMC of notice thereof, JM shall have the right to (i) retain or sell Returnable Metals for an amount equivalent to the total amount of charges due plus interest for the applicable period, which shall be at the one-month LIBOR rate ruling at the due date of the payment, as published in the Wall Street Journal and (ii) suspend its further performance under this Agreement during the continuance of the SMC Event of Default.  Returnable Metals retained or sold by JM under the terms of this Section 13.1 shall be valued or sold at the market price as determined by JM in its reasonable discretion for the applicable metal on the date of retention or sale. 
13.2.    JM Event of Default 
A “JM Event of Default” shall occur if: (i) JM fails to satisfy the minimum purity levels for Returnable Metals and such failure is not cured in accordance with Section 10.5 (i.e., within three (3) Business Days after return of metals to JM); (ii) JM fails to return metal timely in accordance with Section 10 and such failure is not cured within three (3) Business Days after receipt of notice thereof by JM; (iii) JM is generally not paying its debts as such debts become due, or admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors, there is the appointment of a receiver for JM or any of its assets, the filing by JM of a voluntary petition in bankruptcy or any form of reorganization, the filing of an involuntary petition in bankruptcy against JM which is not dismissed with prejudice within sixty (60) Days of such filing, or the making of an assignment for the benefit of creditors of JM; or (iv) JM fails to satisfy any of its other material obligations hereunder and such failure is not cured within three (3) Business Days after receipt of notice thereof by JM.  Upon a JM Event of Default, SMC shall have the right to: (A) suspend its further performance under this Agreement during the continuance of a JM Event of Default; (B) terminate this Agreement as provided in Section 3.2.3, and all future obligations of SMC shall cease and SMC shall retain sole ownership of all Filter Cake and Returnable Metals from Filter Cake received by JM as of such date and not purchased by JM as of such date; and/or (C) pursue any other remedies available to SMC under this Agreement and under applicable laws and legal and equitable remedies. 
14.    FORCE MAJEURE 
14.1.    Extension of Time 

MASTER GOODS AND SERVICES AGREEMENT - 14

If, at any time, either Party is delayed in or prevented from exercising its rights or performing its obligations under this Agreement (other than payment of money), which delays or preventions are caused by any cause beyond the reasonable control of such Party including, without limiting the generality of the foregoing, acts of God, accidents, strikes, insurrections, lockouts or other labor or industrial disturbances, actions of any competent governmental authority or court orders, future orders of any regulatory body having jurisdiction, acts of terrorists, acts of the public enemy, wars (declared or undeclared), riots, sabotage, blockades, embargoes, shortages of or inability to secure fuel, power, contractors, labor, raw materials, railroad or transport facilities, failure of and damage to or destruction of machinery, plant and equipment, earthquakes, tornadoes, snow slides, mudslides, lightning, weather conditions materially preventing or impairing work, fires, storms, floods, washouts and explosions, and any other causes beyond the reasonable control of the Party in question, whether of the kind enumerated herein or otherwise (each, a “Force Majeure Event”), such Party shall not be liable for any such failure or delay by it to perform its obligations hereunder and the period of all such delays or preventions resulting from such causes or any of them shall be excluded in computing and shall extend the term in Section 3.1 of this Agreement for a period of time equal to the lesser of the total duration of all such instances or six (6) months. 

14.2.    Notice Required; Option to Terminate 
Neither Party's performance shall be excused or extended under this Section 14, unless the Party claiming the Force Majeure Event shall give the other Party prompt notice of the occurrence of such event and the expected duration thereof.  The non-claiming Party shall be entitled to terminate this Agreement without further liability upon notice to the other Party in the event that a Force Majeure Event shall continue for more than three (3) consecutive months.  If the Force .Majeure Event continues for a period in excess of twelve (12) consecutive months, then either Party may terminate this Agreement, without further liability, by written notice to the other Party; provided, however, that if JM is incurring increased costs as a result of Section 14.3 below, JM shall have the right to terminate this Agreement, without further liability, after nine (9) months. 
14.3.    Allocation of Resources 
In the event of a claim of a Force Majeure Event by JM, JM shall have an obligation to allocate its available applicable refining services or other resources among all of its customers, including SMC, on a pro rata basis in accordance with its obligations thereto.  If JM is required to allocate its resources as provided above, and SMC disputes that it is receiving pro-rata treatment, JM will provide documentation in support of its allocation to an independent third Party, chosen by mutual agreement of the Parties, for verification.  If a Force Majeure Event affects the Facility, JM will make reasonable efforts to arrange for the treatment and refining of Filter Cake at facilities in the United Kingdom belonging to the Johnson Matthey Group companies, upon such terms as agreed between the Parties and JM will bear the excess costs of such treatment and refining, if any, over the costs to SMC of treatment and refining by JM hereunder in the absence of such Force Majeure Event.  If JM is unable to arrange for such treatment and refining at 

MASTER GOODS AND SERVICES AGREEMENT - 15

facilities in the United Kingdom belonging to the Johnson Matthey Group companies, JM will arrange for the treatment and refining of Filter Cake at a third party facility or facilities, and JM will bear the excess costs of such treatment and refining, if any, over the costs to SMC of treatment and refining by JM hereunder in the absence of such Force Majeure Event.  In the event of a claim of a Force Majeure Event by SMC, SMC shall have an obligation to allocate any metal among all of its purchasers with whom it has a binding contract to sell metal, including JM, on a pro rata basis in accordance with its obligations thereto. 
14.4.    Effects on Parties 
Upon receipt of notice from JM of an occurrence of a Force Majeure Event in accordance with Section 14.2, to the extent JM cannot accommodate SMC under Section 14.3 above, SMC shall be immediately entitled to ship Filter Cake to an alternative treatment facility and divert any shipment already in route, and JM will bear the excess costs of such treatment and refining, if any, over the costs to SMC of treatment and refining by JM hereunder in the absence of such Force Majeure Event.  JM shall cooperate with SMC as necessary or appropriate to facilitate such diversion and alternative facility treatment and the orderly transition back to JM upon cessation of the Force Majeure Event.  If SMC has Toll Material from JM that SMC has begun processing, SMC shall be entitled to ship the resulting Filter Cake to an alternative treatment facility for refining, with the cost of such refining to be borne by JM.  If SMC has Toll Material from JM that SMC has not begun processing, SMC shall notify JM, and JM shall have the option of (1) having the Toll Material returned to JM at its own cost or (ii) having SMC ship the resulting Filter Cake to an alternative treatment facility for refining, with the cost of such refining to be borne by JM. 
14.5.    Reasonable Best Efforts Required
The Party claiming a Force Majeure Event shall use all reasonable best efforts to eliminate such event in so far as possible with a minimum of delay: provided, however, neither Party shall be required against its will to adjust or settle any labor dispute or strike or to question the validity of any third party claim or to refrain from pursuing its legal or equitable remedies against any third party. 
15.    CONFIDENTIALITY 
15.1.    Confidentiality
Each Party shall consider all information, documents and other materials provided hereunder (collectively, "Confidential Information") as confidential and proprietary information of the disclosing Party, and the receiving Party agrees to maintain in confidence all such Confidential Information and not to divulge such Confidential Information in whole or in part to any third party and not to make use of such Confidential Information other than in relation to meeting its obligations under this Agreement.  This obligation shall not apply to: (i) Confidential Information which at the time of disclosure is in the public domain; or (ii) Confidential Information which, after disclosure, becomes part of the public domain by publication or otherwise, other than by an unauthorized act or omission of the receiving Party; or (iii) 

MASTER GOODS AND SERVICES AGREEMENT - 16

Confidential Information which the receiving Party is required by law or at the request of any governmental organization to make public (such disclosure to be done in a manner which maintains confidentiality to the fullest extent permitted by law or regulation and, without limitation of the foregoing.  SMC shall make a commercially reasonable effort to seek confidential treatment for the following provisions of this Agreement (a) Time for Return of metals; (b) Percentage of Metal Returns; (c) Purity (including Exhibit C); (d) Charges (including Exhibit C); and (e) Exhibit A); or (iv) Confidential Information which a receiving Party can show by written records was within its possession prior to the time of the disclosure and was not under any obligation of confidentiality; or (v) Confidential Information which the receiving Party rightly receives from a third Party lawfully possessing and lawfully entitled to disclose such Confidential Information. 

15.2.    Public Announcement 
The Parties agree that all public announcements, press releases, or contacts with national, state or local governmental officials, regarding the existence of this Agreement or the Parties' activities conducted under this Agreement shall only be made with the coordination and prior written agreement of both Parties unless such public announcement, press release, or contact with governmental official, is required by operation of law or is required, or deemed appropriate by a Party, to be reported to a national, state or local governmental agency having jurisdiction over that Party's activities.  In the event that a Party is required by operation of law to make a statement with respect to activities conducted under this Agreement, the Party required to make such statement agree to endeavor to advise the other Party of the contents and the associated legal rationale for such statement. 

16.    APPLICABLE LAW
The Parties are domiciled in two different states.  In order to create greater certainty with respect to their legal rights and obligations under this Agreement, the Parties desire to adopt as the substantive law of this Agreement the law of a state which has highly developed commercial law and precedent and which is not the domicile of either Party.  The Parties hereby agree that this Agreement shall be construed in accordance with the laws of the State of New York as though this Agreement were performed in full in the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the law's of any jurisdiction other than the State of New York. 
17.    LIMITATION OF LIABILITY
NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, UNDER NO CIRCUMSTANCES SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOSS OF BUSINESS OPPORTUNITY, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, REMOTE OR INDIRECT DAMAGES. 

MASTER GOODS AND SERVICES AGREEMENT - 17

18.    MODIFICATIONS
This Agreement may not be changed, waived, discharged, or terminated orally except by an instrument in writing specifically purporting to do so and signed by the Parties hereto. 
19.    SUCCESSORS AND ASSIGNS 
This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties. 
20.    ASSIGNMENT 
This Agreement may not be assigned by any Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld.  Notwithstanding the foregoing, the consent of the non-assigning Party shall not be required with respect to (a) any assignment by a Party to provide security in connection with any financing, expressly including, by way of example and not limitation, assignments of royalty, overriding royalties or net profits, interests or production payments, or (b) any merger, consolidation or other reorganization or transfer by operation of law or any purchase or sale of substantially all of the assets of one of the Parties.  This Agreement is entered into solely for the benefit of the Parties and not for the benefit of any other person or entities.  No other persons or entities may enforce it for their benefit nor shall they have any claim or remedy for its breach. 
21.    NOTICES
Except as otherwise required in this Agreement, all notices shall be given by facsimile or email and shall be deemed received upon receipt of electronic confirmation of the same. 
Notices to JM shall be directed as follows: 

Johnson Matthey 
2001 Nolte Drive West Deptford, New Jersey 08066 
Attn: Refining Product Manager 
Telephone: (609) 384-7100 
Facsimile: (609) 384-7270 Email: 

With a copy to: 

Johnson Matthey Inc. 
435 Devon Park Drive, Suite 600 Wayne, Pennsylvania 19087 
Attn: Robert M. Talley, President-Corporate & General Counsel 
Telephone: (61O) 971-313 I 
Facsimile: (610) 971-3022 
Email: 

Notices to SMC shall be directed as follows: 

MASTER GOODS AND SERVICES AGREEMENT - 18

Stillwater Mining Company
536 East Pike Avenue Columbus, Montana 59019 
Attn: Dave Shuck -Refinery Manager 
Telephone No.: 406-322-8802 
Facsimile No.: 406-322-5468 
Email: dshuck@stillwatermining.com 

With a copy to: 

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

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

23.    COUNTERPARTS
This Agreement may be executed by the Parties hereto in two or more counterparts, each of which when so executed and delivered shall be an original, and it shall not be necessary in making proof of this Agreement, as to any Party hereof,  to produce or account for more than one such counterpart executed by such Party. 
24.    WAIVER 
The waiver of any breach of this Agreement by either Party hereto shall in no way constitute a waiver of any future breach, whether similar or dissimilar in nature. 
25.    HEADINGS 
The headings to all sections, subsections and exhibits shall not form a part of this Agreement or of its exhibits, but shall be regarded as having been used for the convenience of reference only.

26.    OTHER MINES
In the event that any mines other than the Mines become owned or operated by or on behalf of 

MASTER GOODS AND SERVICES AGREEMENT - 19

SMC during the effectiveness of this Agreement, TM shall have the right of first refusal to refine the precious metal bearing output and, separately, to purchase the refined metal, each on the then-current terms of this Agreement. 
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized officers to be effective as of the Effective Date, regardless of the date signed. 
JOHNSON MATTHEY INC.                STILLWATER MINING COMPANY

By:    /s/ Robert A. Bullen-Smith            By:     /s/ Michael J. McMullen        
Name:  Robert A. Bullen-Smith            Name:     Michael J. McMullen            
Title:     General Manager Refining NA & Asia    Title:   President and CEO            

MASTER GOODS AND SERVICES AGREEMENT - 20

EXHIBIT A 
SAMPLING PROCEDURES FOR SMC FILTER CAKE 
The Filter Cake is delivered in closed drums, one lot comprising [***] pounds.  Each packing unit is individually inspected for intact seals, and weighed precisely to 1g.  Every lot is clearly defined (1) by a lot number of SMC and (2) by an 8-digit lot number of JM. 
To generate representative samples the material has to be divided step by step, the particle size of the intermediate samples being in a reasonable ratio to the weight. 
The material is charged to the SR40 rotary sampler and a one (1) kg quality sample is split out for final processing.  Another one (l) kg sample is taken for backup. 
This sample then is dried in a laboratory furnace for [***]. weight loss is calculated in % and recorded in the same sampling report. 
The [***] sample [***] and [***] to achieve particle size below [***].  This is the quality sample for laboratory assay. 
The samples of [***] for the assays are partitioned by a laboratory scale rotary sampler.  It generates 8 equal samples which are tightly closed in plastic bags and enclosed by an outer bag, four of them being sealed with seals of both Parties.  The outer bag is clearly signed with the important data like lot number and settlement weight. 
The samples are distributed as follows: 
2 sealed samples for SMC (one for assay, one for umpire) 
2 sealed samples for JM (one for assay, one for umpire) 
4 unsealed samples for internal use or being joined to main material 
All figures needed for assay calculation are recorded to a report. 
Net weight of lot received 
[***] 
Moisture of filter cake 

MASTER GOODS AND SERVICES AGREEMENT - 21

EXHIBIT B 
LIST OF APPROVED REPRESENTATIVES/UMPIRES 
A.B. Knight International Ltd 
Eccleston Grange Prescot Rd. 
GB-WA 10 3BA St. Helens -Merseyside Great Britain 

Inspectorate Griffith Ltd
2 Perry Road, Witham 
Essex, CMS 3 TU 
England, Great Britain 

Le Doux & Company
359 Alfred Avenue
Teaneck, NJ 07666 

MASTER GOODS AND SERVICES AGREEMENT - 22

EXHIBIT C
REFINING CHARGES EFFECTIVE JULY 1, 2014: 
Refining Settlement Time
	
						
	Metal
	Concentration Range
	Return
	Charge
	Year 1-3
	Year 4-5

	Palladium
	[***]
	[***]
	[***]
	[***]
	[***]

	Palladium
	[***]
	[***]
	[***]
	[***]
	[***]

	Palladium
	[***]
	[***]
	[***]
	[***]
	[***]

	 
	 
	 
	 
	 
	 

	Platinum
	[***]
	[***]
	[***]
	[***]
	[***]

	Platinum
	[***]
	[***]
	[***]
	[***]
	[***]

	Platinum
	[***]
	[***]
	[***]
	[***]
	[***]

	 
	 
	 
	 
	 
	 

	Rhodium
	[***]
	[***]
	[***]
	[***]
	[***]

	 
	 
	 
	 
	 
	 

	Gold
	[***]
	[***]
	[***]
	[***]
	[***]

	 
	 
	 
	 
	 
	 

	Silver
	[***]
	[***]
	[***]
	[***]
	[***]

Lot Charges: US $[***] for each lot

MASTER GOODS AND SERVICES AGREEMENT - 23

EXHIBIT D 
SPLITTING LIMITS 
Should the difference between the results of the assays of both Parties be not more than: 
For PI: [***]        relative;
For Pd: [***]        relative;
For Au: [***]        relative;
For Ag: [***]        relative;
For Rh: [***]        relative;

MASTER GOODS AND SERVICES AGREEMENT - 24

EXHIBIT E 
Portions of this Exhibit have been redacted pursuant to a request for confidential treatment under Rule 24b-2 of the General Rules and Regulations under the Securities Exchange Act.  Omitted information marked “[***]” in this Exhibit has been filed with the Securities and Exchange Commission together with such request for confidential treatment.

PRECIOUS METALS SUPPLY AGREEMENT 
Precious Metals Supply Agreement (this “Agreement”), effective July 1, 2014 (“Effective Date”), by and between STILLWATER MINING COMPANY, a corporation organized under the laws of the State of Delaware and having offices at 1321 Discovery Drive, Billings, MT 59102, (“Supplier”) and JOHNSON MATTHEY INC., a corporation organized under the laws of the State of Pennsylvania and having offices at 435 Devon Park Drive, Wayne, Pennsylvania 19087 (“Purchaser”).  Each of Supplier and Purchaser shall be referred to individually as a “Party” and collectively as the “Parties.” 
W I T N E S S E T H: 
WHEREAS, Purchaser is Supplier's refiner for precious metal-bearing materials under a Master Goods and Services Agreement, effective as of the Effective Date (the “MGSA”), into which this Agreement has been incorporated and pursuant to which Purchaser outturns commercial grade Precious Metals (as that term is defined in Section 1.1) belonging to Supplier; 
WHEREAS, Precious Metals outturned by Purchaser and belonging to Supplier originate from two sources: (1) primary mine output ("Mine Output"), and (2) secondary recycling feed ("Secondary Output"); 
WHEREAS, Supplier is a seller of Precious Metals and Purchaser requires supply of Precious Metals; and 
WHEREAS, Purchaser desires to purchase Precious Metals from Supplier and Supplier desires to sell Precious Metals to Purchaser under the terms and conditions hereinafter set forth. 
NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants, and agreements hereinafter set forth, Supplier and Purchaser, intending to be legally bound, hereby agree as follows: 
27.    SUPPLY AND PURCHASE. 
		
	27.1.
	Mine Output.  During the Term (as that term is defined in Section 2.1), Supplier agrees to supply to Purchaser, and Purchaser agrees to purchase from Supplier, subject to the exceptions listed in Section 1.7 below and under the terms of this Agreement, one hundred percent (100%) of the refined platinum, palladium and 

MASTER GOODS AND SERVICES AGREEMENT - 25

rhodium precious metals (individually and collectively, “Precious Metals”) originating from the Mine Output. 
For the first consecutive twelve month period commencing on the Effective Date, the following shall apply to Precious Metals originating from the Mine Output: 
Rhodium will be purchased at the [***]; provided that on any given trading day, absent agreement otherwise, Purchaser's purchases will be capped at[***] oz. 
Platinum and Palladium can be priced one of two ways, provided the method shall be chosen prior to the commencement of the pricing period for such metal or the setting of the benchmark pricing* upon which the price to Purchaser is calculated: 
1)    The [***] between [***] price and the [***] (for purposes of establishing the [***] calculation, both price settings must occur or else neither price setting for that day will be used), or 
2)    On the [***] business day [***] the pricing period (the “pricing period” in this case being an agreed upon period for metal shipped or received at Purchaser’s facilities, not to exceed [***] calendar days), Purchaser will calculate a price that reflects the [***] for palladium sponge or platinum sponge, as applicable, against the [***]. The [***] will be determined by [***] in such sponge. Purchaser will [***]. [***] will be one of the [***] will be included in each pricing period’s [***].
For either method chosen, the following shall apply: 
Supplier acknowledges that Purchaser will [***] being purchased [***] in the pricing period and will be deemed to have purchased an [***] platinum and/or palladium on [***] (a [***] being defined as a day in which an [***] and the [***] for platinum and/or palladium is published.  As such, a pricing period cannot begin retroactively. 
*Should the[***] or[***] for the relevant metal cease to exist, Purchaser and Supplier will work together in good faith to agree on a suitable transparent, market-determined pricing mechanism. 

		
	27.2.
	Pricing Method Changes.  The pricing methods specified in Section 1.1 above shall apply to the first twelve months of this Agreement (July 1, 2014 -June 30, 2015).  For each twelve month period thereafter, the parties covenant to negotiate in good faith the pricing terms or mechanisms pursuant to which Purchaser shall purchase Supplier's Mine Output.  The pricing or pricing mechanism for each such year shall be agreed no later than June 30 of the preceding year.  For any year for which the parties have not agreed the pricing or pricing mechanisms, the pricing mechanism in section 1.1 will remain as the default pricing provision for that 12-month period.  However, Supplier will have the option to be released from its obligation to sell 100% of its Mine Output to Purchaser for such year; provided that, for any such year or years in which the parties do not agree on pricing or pricing mechanisms, this Agreement shall not terminate and the refining charges under the MGSA shall be increased by [***] per troy oz of recovered Precious 

MASTER GOODS AND SERVICES AGREEMENT - 26

Metals for the affected year(s).  The parties acknowledge that this Agreement and the MGSA are related agreements and that Purchaser will lose part of the benefit of the overall bargain if Supplier is not obligated to sell 100% of its Mine Output to Purchaser and, therefore, the increase in refining fees is agreed to be liquidated damages and not a penalty. 
		
	27.3.
	Secondary Output.  During the Term, Supplier agrees to give Purchaser the opportunity to quote for all such Precious Metals (on an individual Precious Metal basis). 

		
	27.4.
	Supplier's PGM Account.  Purchaser and Supplier have established a metal account for Supplier under the MGSA.  Supplier's metal account will be credited with Precious Metals outturned by Purchaser for Supplier under the MGSA.  As and when Purchaser purchases Precious Metal from Supplier pursuant to this Agreement, Purchaser shall debit Supplier's metal account accordingly. 

		
	27.5.
	Title.  All right, title and interest in and to the Precious Metals sold hereunder shall pass to Purchaser upon the Purchaser's receipt of the Precious Metals in accordance with Section 4 below. 

		
	27.6.
	Warranty.  Supplier represents and warrants that it has good, valid and marketable title to the Precious Metals to be purchased by Purchaser and shall transfer to Purchaser such title free and clear of all mortgages, security interests, liens and other financial encumbrances of any kind. 

		
	27.7.
	Exceptions.  The Parties acknowledge and agree that Supplier will continue to supply Precious Metals to Tiffany & Co. for the duration of the Term.  Accordingly, those quantities are permanently excluded from Supplier's obligation to offer for sale to Purchaser and Purchaser's obligation to purchase the affected quantities of Precious Metals. 

28.    TERM AND TERMINATION. 
		
	28.1.
	Term: Renewal Terms.  This Agreement shall commence on the Effective Date and expire on June 30, 2019 (the “Term”). 

		
	28.2.
	Breach.  Each Party shall have the right to terminate this Agreement immediately upon written notice to the other Party if at any time such other Party (the “Defaulting Party”) commits a breach of any covenant or agreement in this Agreement and such Defaulting Party fails to cure said breach within ten (10) business days of being notified in writing of such breach by the non-defaulting Party. 

		
	28.3.
	Insolvency.  Each Party shall have the right to terminate this Agreement immediately upon written notice to the other Party if at any time such other Party (the “Defaulting Party”) goes into liquidation, a receiver or trustee is appointed 

MASTER GOODS AND SERVICES AGREEMENT - 27

for its property or estate, or it makes an assignment for the benefit of creditors, and whether any of the aforesaid events be the outcome of the voluntary act, or otherwise. 
		
	28.4.
	Unilateral Termination.  Supplier has the right to unilaterally terminate this Agreement by providing not less than two (2) calendar quarters written notice. Upon such termination, the MGSA shall remain in full force and effect; provided that the refining charges in the MGSA shall be increased by [***] per troy oz of recovered PGM for the remaining term of the MGSA.  The parties agree that such increase in refining fees is liquidated damages and not a penalty. 

29.    SUPPLIER CUSTOMER METAL PROVISIONS. 
Purchaser acknowledges that Supplier's suppliers of Secondary Output may from time to time decide not to sell their Precious Metal to Supplier either immediately or at all.  For such circumstances, at Supplier's request, Purchaser shall establish an unallocated pool account under Supplier's name to hold Supplier's customer Precious Metal that is being held and not priced.  Supplier shall be able to freely transfer metal to/from their metal account under the MGSA and this customer holding account at no charge to Supplier or its customer.
30.    PAYMENT AND DELIVERY TERMS. 
For each purchased quantity, Supplier shall issue an invoice in US Dollars to Purchaser and payment of such invoice will be due to the Supplier no later than two (2) business days following the date the Precious Metal is debited from Supplier's metal account as specified in Section 1.4.  Delivery is on the last business day of the calendar month and, except as otherwise agreed, the delivery point is loco Supplier's metal account under the MGSA.  All invoice payments shall be made in US Dollars and payable to Supplier via wire transfer to the following account: 
Wells Fargo Bank NA- Billings, Montana
[***] - Account Number
[***] - ABA Routing Number
[***] - Swift Code
31.    MARKET ANALYSIS AND MARKETING 
		
	31.1.
	To the extent permitted by applicable law, Purchaser will regularly update Supplier on market information regarding global supply and demand characteristics for platinum, palladium and rhodium.  Twice a year, Purchaser will make a market analysis presentation to Supplier's board of directors.  While Purchaser will provide this information in good faith, Supplier acknowledges that Purchaser cannot guarantee the accuracy of the information provided or any results that Supplier may obtain in reliance upon it.  

MASTER GOODS AND SERVICES AGREEMENT - 28

		
	31.2.
	For contract years in which Purchaser is purchasing 100% of Supplier's Mine Output, at Supplier's request, Purchaser will also discuss marketing strategies to increase market interest in Precious Metals and how Purchaser and Supplier can work together on marketing 

32.    MISCELLANEOUS. 
		
	32.1.
	Waiver.  Any waiver by either Patty of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of that provision or of any breach of any other provision of this Agreement.  The failure of either Party to insist upon strict adherence to any term of this Agreement on one or more occasions will not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  Any waiver must be in writing and signed by the Party against whom enforcement is sought. 

		
	32.2.
	Assignment.  Neither Party shall assign or transfer this Agreement, in whole or in part, without the prior written consent of the other Party, except that either Party shall have the right to assign this Agreement, in whole or in part, to any Affiliate (as that term is hereinafter defined) thereof.  For purposes of this Agreement, "Affiliate" means, with respect to a Party, any Entity directly or indirectly controlling (as hereinafter defined), controlled by or under common control with such Party.  For purposes of this Agreement, (i) "Entity" means, other than a Party, any corporation, partnership, association, trust or other such organization and (ii) "controlling, controlled by, and control" mean, as appropriate, the power to direct or influence the management and policies, whether through the ownership of voting securities, by contract or otherwise. 

		
	32.3.
	Successors.  This Agreement shall be binding upon and inure solely to the benefit of Supplier and Purchaser, their successors and permitted assigns. 

		
	32.4.
	Severability.  If any term of this Agreement shall be found to be invalid, illegal or unenforceable, it is the intention of the Parties that the remainder of this Agreement shall not be affected thereby; provided that each Party's rights under this Agreement are not materially adversely affected.  It is further the intention of the Parties that in lieu of each such provision which is invalid, illegal or unenforceable, there be substituted or added as part of this Agreement a provision which shall be as similar as possible in the economic and business objectives intended by the Parties as of the Effective Date to such invalid, illegal or unenforceable provision, but which shall be valid, legal and enforceable.  In the event either Party's rights are materially adversely affected as a result of a change in this Agreement as contemplated by this Section 5.4, such Party may terminate this Agreement by notice in writing to the other Party. 

		
	32.5.
	Force Majeure and Other Events.  No failure, omission, or delay by either Party in the performance of such Party's obligations under this Agreement shall be deemed 

MASTER GOODS AND SERVICES AGREEMENT - 29

a breach of this Agreement if such failure, omission or delay arises from any cause or causes beyond the reasonable control of such Party including, but not limited to, any of the following which, for the purpose of this Agreement, shall each be regarded as a “Force Majeure Event” and beyond the reasonable control of the Party in question: 
		
	•
	Acts of God such as storms, floods, and earthquakes; 

		
	•
	acts or omissions of any Government Authority; 

		
	•
	compliance with requests, recommendations, rules, regulations or orders of any Governmental Authority; 

		
	•
	fire; 

		
	•
	accidents; 

		
	•
	acts of the public enemy, terrorist attacks, or war; 

		
	•
	quarantine restrictions; 

		
	•
	strikes; lockout disputes or other labor disputes; or 

		
	•
	transportation embargoes, or failures or delays in transportation. 

For purposes of this Agreement, "Governmental Authority" means any governmental department, commission, board, bureau, agency, court or other instrumentality of any supranational organization of sovereign states, country, state, province, territory, commonwealth, municipality or other political subdivision thereof. 
		
	32.6.
	Notices.  All notices and reports required under, and other communications with respect to, this Agreement shall be in writing and given or sent to the Party to be notified at its respective address set forth in the preamble to this Agreement either personally and thereby deemed to be given on that day, or by facsimile transmission and thereby deemed to be given on the day following or by registered letter and thereby deemed to be given on the third day following the day of posting. 

		
	32.7.
	Applicable Laws.  Each of the Parties agrees to comply with all laws, statutes, regulations and ordinances of any Governmental Authority having jurisdiction over or related to any Precious Metal and/or other subject matter of this Agreement with respect to the exercise or performance by such Party of its rights and obligations, respectively, hereunder. 

		
	32.8.
	Relationship of the Parties.  During the Term, Supplier and Purchaser shall act as independent contractors and nothing herein shall be construed so as to constitute Supplier or Purchaser as being a partner, joint venturer, agent or representative of the other for any purpose whatsoever.  Neither Supplier nor Purchaser shall engage in any conduct which might create the impression or inference that the other Party is a partner, joint venture, agent or representative thereof.  Each of Supplier and Purchaser shall be solely responsible for the discharge of its respective obligations and liabilities to third parties and shall have no right to 

MASTER GOODS AND SERVICES AGREEMENT - 30

indemnity or contribution from the other Party in respect therefor except insofar as expressly provided in Section 6.9 of this Agreement. 
		
	32.9.
	Indemnification. 

32.9.1.    Obligations of Purchaser.  Without prejudice to any other right or remedy Supplier may have under this Agreement or otherwise, Purchaser shall indemnify, defend and hold harmless Supplier, its Affiliates and their respective directors, officers, employees and agents (individually, a “Supplier Indemnitee”) from and against all damages, losses, liabilities, costs, expenses, claims, demands, suits, penalties, judgments and administrative or judicial orders, including reasonable attorneys’ fees and expenses, (“Claims”) incurred, assessed or sustained by or against any such Supplier Indemnitee with respect to, resulting from or arising out of: 
(1)    any negligence or willful misconduct of Purchaser in the performance of this Agreement; or 
(2)    any breach by Purchaser of its obligations under this Agreement. 
32.9.2.    Obligations of Supplier.  Without prejudice to any other right or remedy Purchaser may have under this Agreement or otherwise, Supplier shall indemnify, defend and hold harmless Purchaser, its Affiliates and their respective directors, officers, employees and agents (individually, a "Purchaser Indemnitee") from and against all Claims incurred, assessed or sustained by or against any such Purchaser Indemnitee with respect to, resulting from or arising out of: 
(1)    any negligence or willful misconduct of Supplier in the performance of this Agreement; or 
(2)    any breach by Supplier of its obligations, representations or warranties under this Agreement. 
32.9.3.    Each Party's obligation to indemnify under this Section 5.9 shall be reduced proportionately to the extent that the negligence or willful misconduct of the other Party or its Affiliates and their respective directors, officers, employees or agents has contributed to the Claims. 
32.9.4.    LIMITATION.  NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY GENERAL, INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR LIKE DAMAGES, HOWSOEVER NAMED, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS OF SUCH OTHER PARTY. 
32.9.5.    Notification.  Each of Supplier and Purchaser shall provide notice in writing to the other Party promptly upon such notifying Party's knowledge of the institution of any and all claims, suits, actions, and proceedings referred to in Section 

MASTER GOODS AND SERVICES AGREEMENT - 31

6.9.1 and Section 6.9.2, respectively, giving due regard to any required deadline for answering or otherwise responding to the claim, suit, action, or proceeding in question.  Neither Party shall settle any claim, suit, action, or proceeding on behalf of the other Party without first consulting with such Party and obtaining its consent, which shall not be unreasonably withheld or delayed. 
32.9.6.    Survival.  This Section 6.9 shall survive termination of this Agreement for that period of time ending concurrently with the date on which the statute of limitations for contractual obligations under the governing law of this Agreement expires. 
		
	32.10.
	Confidentiality.  The Parties acknowledge that this Agreement and the terms and conditions herein shall be treated as confidential information and shall not be divulged, in whole or in part, to any third party, including Affiliates, without the prior approval of the other Party and neither Party will make use of such confidential information other than in relation to the performance of its obligations hereunder, provided however, such confidentiality obligations shall not be construed to prevent disclosure where legally required or to prevent the use of such information to enforce a Party's rights under this Agreement. 

		
	32.11.
	Taxes.  Each Party shall be responsible for (and remit as prescribed by the laws of any duly constituted taxing authority with jurisdiction) any sales, use, value added, goods and services, transfer or similar taxes, or any surcharges or escheat requirements (collectively, the “Taxes”) imposed upon that Party by the laws of such jurisdiction in effect at the time Precious Metals are provided.  For jurisdictions where the Taxes are imposed by statute upon Purchaser, without statutory provision for recovery from Supplier, Purchaser shall bear the Taxes in full and without reimbursement.  For jurisdictions where the Taxes are imposed by statute upon Supplier and for which Supplier has a responsibility to collect and remit, Supplier shall separately itemize the Taxes on each invoice for which the Taxes are applicable.  When applicable, Purchaser shall timely provide Supplier with the required documentation to exempt the Precious Metals from the Taxes or to evidence Purchaser's authority to remit the Taxes directly.  Supplier will rely on such good faith documentation and therefore will not be responsible for such Taxes. 

		
	32.12.
	Entire Agreement.  This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and hereby supersedes all prior discussions, negotiations and agreements, whether oral or written, between them with respect to the same.  No term, condition or other provision set forth in any purchase order, order acknowledgment or the like shall supersede any term, condition or other provision of this Agreement and, with respect to any inconsistency or ambiguity created thereby, this Agreement shall control. 

		
	32.13.
	Amendment.  This Agreement may not be amended except in writing, signed by authorized representatives of both Supplier and Purchaser, which writing shall include an affirmative statement that this Agreement is being amended thereby. 

MASTER GOODS AND SERVICES AGREEMENT - 32

		
	32.14.
	Headings.  The headings contained in this Agreement are for convenience of reference only, are not considered a part of this Agreement, and shall in no way affect or alter the meaning or effect of any of the provisions of this Agreement. 

		
	32.15.
	Counterparts.  This Agreement may be executed simultaneously in one (1) or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.  Facsimile signatures and PDF files containing signatures shall be considered original for all purposes. 

		
	32.16.
	Governing Law.  This Agreement shall be construed and the rights and obligations of the Pal1ies determined, in accordance with the laws of the State of New York, USA, without giving effect to its conflicts of law rules or principles. 

ACCEPTED AND AGREED: 

JOHNSON MATHEY INC.                STILLWATER MINING COMPANY

By:    /s/ Timothy Murray            By:     /s/ Michael J. McMullen        
Name:  Timothy Murray            Name:     Michael J. McMullen            
Title:     General Manager, PMM N.A         Title: President and CEO            

MASTER GOODS AND SERVICES AGREEMENT - 33

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