Document:

EXHIBIT 10.3

 

Exhibit 10.3

SECOND AMENDMENT AGREEMENT

TO

EMPLOYMENT AGREEMENT

            THIS SECOND AMENDMENT AGREEMENT (this “Amendment”) is made as of June 28, 2005, by
and between Century Aluminum Company, a Delaware corporation (the “Company”), and Gerald J.
Kitchen (the “Executive”).

RECITALS

            A. The Company and the Executive are parties to an Employment Agreement, made as of January
1, 2002, as amended by that Amendment Agreement, dated as of December 9, 2003 (the “Employment
Agreement”).

            B. Pursuant to the terms of the Employment Agreement, Executive is entitled to receive upon
retirement, the retirement benefits specified in the Employment Agreement.

            C. Executive is also a participant under the Company’s Supplemental Retirement Income Benefit
Plan (“SERP”).

            D. The Company has amended the terms of the SERP, which affects the retirement benefits
afforded the Executive under the Employment Agreement.

            D. Executive and the Company have agreed to amend the Employment Agreement on the terms and
conditions set forth in this Amendment to conform the retirement benefits provided in the
Employment Agreement to those provide in the SERP.

            NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

            1. Retirement Benefits. The introduction to Section 4.2, Section 4.2(a), Section
4.2(b) and Section 4.2(c) of the Employment Agreement are hereby deleted and replace in their
entirety with the following:

“4.2 Retirement Benefits. Notwithstanding any provisions of the Qualified Plan or
the Internal Revenue Code of 1986, as at any time amended, and the regulations thereunder
(the “Code”), it is the intention of the parties that Executive shall receive, upon
his retirement, an annual retirement benefit of approximately $293,000, estimated as of the
date of this Amendment to equal 50% of Executive’s Targeted Retirement Income (as defined in
the Company’s Supplemental Retirement Income Benefit Plan, as amended, or “SERB
Plan”). Accordingly, Executive shall be entitled to receive retirement benefits as
follows:

      (a) Qualified Plan Benefits. The Executive shall be entitled to receive, upon his
retirement as provided for in the Company’s Employees’ Retirement Plan (the “Qualified
Plan”), benefits under the Qualified Plan computed as set forth in that plan.

      (b) Supplemental Executive Retirement Benefits. In addition to benefits the Executive
is entitled to receive under the Qualified Plan, Executive shall be a participant

 

 

in,
and be entitled to receive supplemental executive benefits under, the SERB Plan, which SERB Plan is
incorporated into this Agreement by this reference.

      (c) Vesting. The Supplemental Executive Retirement Benefits described in Section
4.2(b) shall be fully vested, and upon the termination of Executive’s employment, he shall
be entitled to receive the same as provided in Section 4.2(d); provided, however, if the
Executive is receiving disability payments from the Company, the Supplemental Executive
Retirement Benefits will be reduced by the amount of the disability payments.”

            2. Incorporation of Amendment Agreement. Except as explicitly set forth in this
Amendment, the parties do not intend to modify the terms and conditions of the Employment
Agreement, those terms and conditions shall remain in full force and effect, and they shall be
incorporated into this Amendment by this reference.

CENTURY ALUMINUM COMPANY

	 	 	 	 	 
	By:

	 	     /s/ Craig A. Davis
	 	 
	 

	 	 	 	 
	Title:

	 	Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 
	 

	 	     /s/ Gerald J. Kitchen	 	 
	 

	 	 	 	 
	 

	 	     Gerald J. KitchenEXHIBIT 10.4

 

Exhibit 10.4

SECOND AMENDMENT AGREEMENT

TO

EMPLOYMENT AGREEMENT

     THIS SECOND AMENDMENT AGREEMENT (this “Amendment”) is made as of June 28, 2005, by
and between Century Aluminum Company, a Delaware corporation (the “Company”), and David W.
Beckley (the “Executive”).

RECITALS

     A. The Company and the Executive are parties to an Employment Agreement, made as of January
1, 2002, as amended by that Amendment Agreement, dated as of December 9, 2003, and as further
amended by that Amendment Agreement, dated as of March 22, 2005 (the “Employment
Agreement”).

     B. Pursuant to the terms of the Employment Agreement, Executive is entitled to receive upon
retirement, the retirement benefits specified in the Employment Agreement.

     C. Executive is also a participant under the Company’s Supplemental Retirement Income Benefit
Plan (“SERP”).

     D. The Company has amended the terms of the SERP, which affects the retirement benefits
afforded the Executive under the Employment Agreement.

     D. Executive and the Company have agreed to amend the Employment Agreement on the terms and
conditions set forth in this Amendment to conform the retirement benefits provided in the
Employment Agreement to those provide in the SERP.

     NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

     1. Retirement Benefits. The introduction to Section 4.2, Section 4.2(a), Section
4.2(b) and Section 4.2(c) of the Employment Agreement are hereby deleted and replace in their
entirety with the following:

“4.2 Retirement Benefits. Notwithstanding any provisions of the Qualified Plan or
the Internal Revenue Code of 1986, as at any time amended, and the regulations thereunder
(the “Code”), it is the intention of the parties that Executive shall receive, upon
his retirement, an annual retirement benefit of approximately $258,000, estimated as of the
date of this Amendment to equal 50% of Executive’s Targeted Retirement Income (as defined in
the Company’s Supplemental Retirement Income Benefit Plan, as amended, or “SERB
Plan”). Accordingly, Executive shall be entitled to receive retirement benefits as
follows:

     (a) Qualified Plan Benefits. The Executive shall be entitled to receive, upon his
retirement as provided for in the Company’s Employees’ Retirement Plan (the “Qualified
Plan”), benefits under the Qualified Plan computed as set forth in that plan.

     (b) Supplemental Executive Retirement Benefits. In addition to benefits the Executive
is entitled to receive under the Qualified Plan, Executive shall be a participant

 

 

in, and be
entitled to
receive supplemental executive benefits under, the SERB Plan, which SERB Plan is
incorporated into this Agreement by this reference.

     (c) Vesting. The Supplemental Executive Retirement Benefits described in Section
4.2(b) shall be fully vested, and upon the termination of Executive’s employment, he shall
be entitled to receive the same as provided in Section 4.2(d); provided, however, if the
Executive is receiving disability payments from the Company, the Supplemental Executive
Retirement Benefits will be reduced by the amount of the disability payments.”

     2. Incorporation of Amendment Agreement. Except as explicitly set forth in this
Amendment, the parties do not intend to modify the terms and conditions of the Employment
Agreement, those terms and conditions shall remain in full force and effect, and they shall be
incorporated into this Amendment by this reference.

CENTURY ALUMINUM COMPANY

	 	 	 	 	 
	By:

	 	/s/ Gerald J. Kitchen
	 	 
	 

	 	 	 	 
	 

	 	Gerald J. Kitchen	 	 
	 
	 	 	 	 
	Title:

	 	Executive Vice President	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ David W. Beckley	 	 
	 

	 	 	 	 
	 

	 	David W. Beckley	 	 

-2-EXHIBIT 10.5

 

Exhibit 10.5

SECOND AMENDMENT OF THE

CENTURY ALUMINUM COMPANY

SUPPLEMENTAL RETIREMENT INCOME BENEFIT PLAN

     WHEREAS, Century Aluminum Company (the “Company”) adopted the Century Aluminum Company
Supplemental Retirement Income Benefit Plan effective as of January 1, 2001 (the “Plan”); and

     WHEREAS, the Company wishes to further amend the Plan to modify the manner in which the
enhanced retirement benefit (“EPB”) is calculated and to clarify the calculation of the unlimited
pension benefit (“UPB”); and

     WHEREAS, the Company may so amend the Plan with the approval of the Compensation Committee
under Section 13 thereof;

     NOW, THEREFORE, effective as of June 28, 2005, the Plan is amended as follows:

     1. Paragraph (a) of Section 5 Amount of Supplemental Retirement Income Benefit is amended to
read in full as follows:

     (a) Unlimited Pension Benefit (UPB). An annual retirement benefit for life shall be payable
under the Plan to a Participant equal to the additional annual benefit which would have accrued to
the Participant under the Pension Plan if certain annual benefit and compensation limitations
imposed by applicable law were disregarded and if the calculation of “Final Average Monthly
Compensation” under the Pension Plan was
modified as described in subparagraph (iii) below (the “unlimited pension benefit” or “UPB”),
the amount of which shall be determined as follows:

          (i) The limitation on annual benefits under the Pension Plan with respect to such Participant
under Section 415 of the Code shall be disregarded;

          (ii) The dollar limitation of Section 401(a)(17) of the Code on the amount of annual
compensation that may be taken into account under the Pension Plan shall be disregarded;

          (iii) “Final Average Monthly Compensation” under the Pension Plan shall be calculated by
reference to “Compensation” in any three calendar years (out of the last ten calendar years of
employment) which produces the highest monthly average; and

 

 

          (iv) The annual amount payable to the Participant under the Pension Plan (after the
limitations described in subparagraphs (i) and (ii) above and before the modification described in
subparagraph (iii) above) shall be credited against and shall reduce the UPB payable under the
Plan.

     2. The following concluding sentence is added to paragraph (b) Enhanced Retirement Benefit
(“ERB”) of Section 5:

Notwithstanding the immediately preceding sentence, the Participant’s ERB shall be adjusted as
follows:

          (i) Increased to the extent the Participant’s ERB would be higher
if his Targeted Retirement Income had been based on actual pay (base pay and
cash bonuses) during any three calendar years out of his last ten calendar year
of employment with the Company that produces the highest average annual pay;
and

          (ii) Reduced to the extent the Participant’s Supplemental Benefit
Accrual under Appendix A to the Pension Plan payable annually in excess of the
annual amount that would otherwise have been payable to the Participant under
the Pension Plan exceeds the Participant’s UPB.

     TO RECORD THE ADOPTION OF THIS SECOND AMENDMENT OF THE PLAN WITH THE APPROVAL OF THE
COMPENSATION COMMITTEE, Century Aluminum Company has caused this document to be executed on its
behalf by its duly authorized officer.

	 	 	 	 	 	 	 
	 	 	CENTURY ALUMINUM COMPANY	 	 
	 
	Dated: June 28, 2005

	 	By:
	 	     /s/ Gerald J. Kitchen
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Gerald J. Kitchen	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Executive Vice President	 	 

 2

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