Document:

longtermincentiveplan.htm

    Exhibit
10.2

    
      

        Century Aluminum Company

        Long-Term
Incentive Plan

        (Adopted
Effective January 1, 2008)

        

        

        
          	
                  1.

                	
                  NAME

                

        

        

        The name
of this Plan is the Century Aluminum Company Long-Term Incentive Plan (the
“LTIP”).

        

        
          	
                  2.

                	
                  PURPOSE

                

        

        

        The
purpose of the LTIP is to advance the interests of the Company by giving
senior-level employees of the Company and its Subsidiaries who occupy key
executive positions the opportunity to earn long-term incentive awards through
achievement of performance goals and to acquire a proprietary interest in the
Company.

        

        
          	
                  3.

                	
                  DEFINITIONS

                

        

        

         

        “Board”
shall mean the Board of Directors of the Company.

         

         

        “Change
in Control” shall mean a Change in Control as defined in the Stock Incentive
Plan as in effect at such time.

         

         

        “Code”
shall mean the Internal Revenue Code of 1986, as amended.

         

         

        “Committee”
shall mean the Compensation Committee of the Board.

         

         

        “Company”
shall mean Century Aluminum Company.

         

         

        “Disability”
shall mean permanent and total disability as defined in Section 22(e)(3) of the
Code.

         

         

        “Earned
Performance Unit Award” shall mean the number of Performance Units actually
earned for a Plan Period, which may be more or less than the related Target
Award, subject to the terms of the LTIP.

         

         

        “LTIP
Award” has the meaning set forth in Section 5.A.

         

         

        “LTIP
Award Value” has the meaning set forth in Section 5.A.

         

         

        “Participant”
shall mean any full-time salaried employee of the Company or a Subsidiary who is
selected by the Committee to receive an LTIP Award under the LTIP.

         

         

        “Peer
Group” means the peer group established by the Committee from time to time,
which may be modified or amended at any time by the Committee.

         

         

        “Performance
Measures” shall include (1) strategic objectives, (2) free cash flow from
operations, (3) relative total shareholder return vis a vis the Peer Group, and
(4) such other objectives as the Committee deems to be of material importance to
the growth and profitability of the Company based on recommendations from and in
consultation with the Chief Executive Officer, as well as the Committee’s
independent analysis.  Performance Measures may be similar to (but
need not be the same as) goals and objectives for the Company as contained in
and submitted to the Board annually in Company business plans.

         

         

        “Performance
Units” shall mean that portion of an LTIP Award which is denominated in units,
each such unit having a fixed value of $1.00, which shall be paid in cash to a
Participant to the extent earned under the LTIP.

         

         

        “Plan
Periods” shall mean overlapping periods of three consecutive calendar years
each, the first of which such periods shall commence on January 1, 2008 and end
on December 31, 2010.

         

         

        “Retirement”
shall mean termination
of employment on or after the attainment of “normal retirement age” as defined
under the Company’s Employees Retirement Plan as in effect at the beginning of
the Plan Period.

         

         

        “Section
409A Change in Control” means a Change in Control that satisfies the
requirements for a change in the ownership or effective control of the Company,
or a change in the ownership of a substantial portion of the assets of the
Company, under Section 409A of the Code as determined pursuant to Treasury
Regulations or other applicable guidance issued under Section 409A.

         

         

        “Stock
Incentive Plan” shall mean the Century Aluminum Company Amended and Restated
1996 Stock Incentive Plan, as amended and restated from time to time, the
provisions of which are incorporated herein by reference, but shall not include,
and LTIP Awards shall not be subject to, the Century Aluminum Company Amended
and Restated 1996 Stock Incentive Plan Implementation Guidelines for Performance
Share Awards.

         

         

        “Subsidiary”
shall mean any corporation or other entity, or any partnership or other
enterprise, the voting stock or other form of equity of which, as the case may
be, is owned or controlled 50% or more, directly or indirectly, by the
Company.

         

         

        “Target
Award” shall mean the number of Performance Units initially awarded to a
Participant under the LTIP.

         

         

        “Termination
Other than for Cause” shall mean termination of a Participant's employment by
the Company or a Subsidiary other than for Cause and expressly excludes
voluntary termination by a Participant.  Termination for Cause shall
mean termination due to the Participant’s (i) commission of an act of theft,
embezzlement, fraud, or dishonesty, (ii) breach of fiduciary duty to the Company
or a Subsidiary, or (iii) failure to perform the material duties of the
Participant’s employment, other than due to death or Disability, which failure
continues after written notice and a reasonable opportunity to
cure.

         

         

        “Time-vesting
Performance Share Units” are contingent awards that entitle a Participant to
receive one share of the Company’s common stock for each Time-vesting
Performance Share Unit that is vested.

        

        
          	
                  4.

                	
                  TERM

                

        

        

        The LTIP
shall commence with the Plan Period that begins as of January 1, 2008, and shall
continue until such time thereafter as it may be terminated by the
Committee.

        

        
          	
                  5.

                	
                  LTIP
      AWARD

                

        

        

           

          
            	
                  	
                    A. 

                  	
                    General

                  

          

        

         

         

        
          	
                   
      

                	
                  1.

                	
                  On
      or before March 30 (or such later date as may be determined by the
      Committee) of the first calendar year of each Plan Period, the Committee,
      based on the recommendations of and in consultation with the Chief
      Executive Officer, as well as the Committee’s independent analysis, shall,
      in its discretion, establish a list of Participants eligible to
      participate in the LTIP for the subject Plan Period and shall grant to
      each Participant an award under the LTIP with respect to that Plan Period
      (an “LTIP Award”).

                

        

         

        
          	
                   
      

                	
                  2.

                	
                  If
      an employee is selected as a Participant at any time other than on or
      before the beginning of a Plan Period, the Committee may, in its
      discretion, based on the recommendations of and in consultation with the
      Chief Executive Officer, as well as the Committee’s independent analysis,
      award such Participant a full or pro-rated LTIP Award for that Plan
      Period.

                

        

         

        
          	
                   
      

                	
                  3.

                	
                  Each
      Participant’s LTIP Award shall be expressed in dollars as a percentage of
      his or her base salary in effect as of the first day of the Plan Period to
      which said LTIP Award pertain (the “LTIP Award
  Value”).

                

        

         

        
          	
                   
      

                	
                  4.

                	
                  50%
      of the LTIP Award Value of each LTIP Award shall be in the form of
      Performance Units and 50% of the LTIP Award Value of each LTIP Award shall
      be in the form of Time-vesting Performance Share
  Units.

                

        

        

                 

        
          	
                	
                  B. 

                	
                  Performance
      Units

                

        

        

        
          	
                   
      

                	
                  1.

                	
                  Grant
      of Award Opportunity

                

        

         

        
          	
                   
      

                	
                  a.

                	
                  The
      Target Award for each Participant shall be established by the Committee as
      the product obtained by multiplying the LTIP Award Value by
      0.50.

                

        

         

        
          	
                   
      

                	
                  b.

                	
                  The
      Committee shall establish Performance Measures and the relative weighting
      for each Performance Measure, based on the recommendations of, and in
      consultation with, the Chief Executive Officer, as well as the Committee’s
      independent analysis.

                

        

         

        
          	
                   
      

                	
                  c.

                	
                  For
      each Performance Measure that warrants the establishment of numerical
      goals, the Committee shall establish three levels of numerical goals:
      threshold, target, and outstanding, and the number of Performance Units
      that will be earned upon the achievement of each such goal, based on the
      recommendations of, and in consultation with, the Chief Executive Officer,
      as well as the Committee’s independent
analysis.

                

        

         

        
          	
                   
      

                	
                  d.

                	
                  With
      respect to strategic Performance Measures, high level goals will be
      described by the Committee qualitatively and the number of Performance
      Units that will be earned upon achievement of threshold, target and
      outstanding levels, based on the recommendations of, and in consultation
      with, the Chief Executive Officer, as well as the Committee’s independent
      analysis.

                

        

         

        
          	
                	
                  2.

                	
                  Award
      Determination

                

        

         

        
          	
                   
      

                	
                  a.

                	
                  During
      the calendar year that begins immediately following the end of a Plan
      Period, the Committee shall, based on the recommendations of, and in
      consultation with, the Chief Executive Officer, as well as the Committee’s
      independent analysis, determine in its discretion the extent to which
      Performance Measure goals have been met for that Plan Period,
      (including whether adjustments to such goals and/or actual results shall
      be made).  In doing so, the Committee shall determine the amount
      of each Participant’s Earned Performance Unit Award by measuring
      independently, at the conclusion of the Plan Period, Company achievement
      of Performance Measure goals for each Performance Measure for that Plan
      Period, and then taking the sum of the earned amounts for each Performance
      Measure.  Earned Performance Unit Awards may equal from zero up
      to two times a Target Award.

                

        

         

         

        
          	
                   
      

                	
                  b.

                	
                  The
      Committee shall have full and complete discretion, in light of
      considerations deemed appropriate by the Committee, to modify, based on
      the recommendations of and in consultation with the Chief Executive
      Officer, as well as the Committee’s independent analysis, any Earned
      Performance Unit Award to increase or decrease the amount otherwise
      payable hereunder.  This discretion shall include the right to
      make adjustments to the Performance Measure goals and/or actual results,
      to determine that an Earned Performance Unit Award shall be zero, to
      determine that an Earned Performance Unit Award exceeds the number of
      Performance Units actually earned for a Plan Period, and to provide for
      payment of an earned Performance Unit Award in an amount greater than 200%
      of the Target Award.

                

        

         

        
          	
                   
      

                	
                  3.

                	
                  Payment.

                

        

         

        
          	
                   
      

                	
                  a.

                	
                  Earned
      Performance Unit Awards shall be paid in cash during the calendar year
      that begins immediately after the end of the Plan Period at a rate of
      $1.00 per each Earned Performance
Unit.

                

        

         

        
          	
                   
      

                	
                  b.

                	
                  A
      pro-rated portion of an Earned Performance Unit Award shall be paid to a
      Participant whose employment by the Company or a Subsidiary is terminated
      prior to the end of a Plan Period due to death, Disability, Retirement,
      Termination Other than for Cause, or other reason approved by the
      Committee. The pro-rated portion payable to such Participant shall be
      determined by multiplying his or her Earned Performance Unit Award by a
      fraction, the numerator of which is the number of weeks of his or her full
      employment by the Company or a Subsidiary during such Plan Period and the
      denominator of which is 156.  Payment of a pro-rated Earned
      Performance Unit Award will be made when
      Earned Performance Unit Awards are otherwise paid under the
      LTIP.

                

        

         

         

        
          	
                   
      

                	
                  c.

                	
                  A
      Participant shall forfeit all opportunity to receive payment of
      Performance Units in the event of termination of his or her employment by
      the Company or a Subsidiary prior to the last day of the Plan Period for
      any reason other than death, Disability, Retirement, Termination Other
      than for Cause, or other reason approved by the
  Committee.

                

        

         

        
          	
                   
      

                	
                  C.

                	
                  Time-vesting Performance Share
      Units

                

        

         

        
          	
                   
      

                	
                  1.

                	
                  Amount

                

        

         

        The
aggregate number of Time-vesting Performance Share Units shall be the quotient
of 50% of the Participant’s LTIP Award Value divided by the average closing
price for the Company’s common stock for the 60 trading days immediately
preceding the date as of which the LTIP Award is made.  Time-vesting
Performance Share Units shall be granted pursuant to, and shall be subject to,
the provisions of the Stock Incentive Plan and the LTIP.  The number
of Time-vesting Performance Share Units granted shall not exceed any applicable
limits under the Stock Incentive Plan.  The Time-vesting Performance
Share Units granted to a Participant as part of his or her LTIP Award shall be
granted to the Participant as of the date on which his or her LTIP Award is
made.  The number of Time-vesting Performance Share Units is not
subject to adjustment, but is subject to vesting as set forth
below.

        

        
          	
                   
      

                	
                  2.

                	
                  Payment

                

        

         

        
          	
                   
      

                	
                  a.

                	
                  Time-vesting
      Performance Share Units granted to a Participant shall vest in full upon
      the last day of the Plan Period in respect of which such Time-vesting
      Performance Share Units are granted, or, earlier, upon the Participant’s
      termination of employment by the Company or a Subsidiary due to death,
      Disability, Termination Other than for Cause, or other reason approved by
      the Committee.

                

        

         

        
          	
                   
      

                	
                  b.

                	
                  Upon
      a Participant’s termination of employment by the Company or a Subsidiary
      due to Retirement, Time-vesting Performance Share Units granted to a
      Participant shall vest pro rata based on the number of whole months of the
      Plan Period which have passed prior to such termination, or in such
      greater amount as may be determined by the Committee in its sole
      discretion

                

        

         

         

        
          	
                   
      

                	
                  c.

                	
                  Vested
      Time-vesting Performance Share Units will be settled for an equivalent
      number of shares of Common Stock of the Company as soon as practicable but
      no later than 2-1/2 months after the date of vesting (or within such other
      time period as may be required under Section 409A); provided however, that
      the Time-vesting Performance Share Units of a Participant who vests upon
      Retirement shall be settled within 2-1/2 months after the last day of the
      Plan Period (or within such other time period as may be required under
      Section 409A).

                

        

         

        
          	
                   
      

                	
                  d.

                	
                  A
      Participant shall forfeit all opportunity to vest in or receive payment
      for his or her Time-vesting Performance Share Units in the event of
      termination of employment by the Company or a Subsidiary prior to the last
      day of the Plan Period for any reason other than death, Disability,
      Retirement, Termination Other than for Cause, or other reason approved by
      the Committee.  

                

        

        

        
          	
                   
      

                	
                  D.

                	
                  Change in
      Control

                

        

        

        
          	
                   
      

                	
                  1.

                	
                  Time-vesting
      Performance Share Units.  Upon a Change in Control of the
      Company, all Time-vesting Performance Share Units outstanding hereunder
      shall vest pursuant to the provisions of the Stock Incentive Plan, and
      shall be settled as soon as practicable but not later than 2-1/2 months
      after the Change in Control (or within such other time period as may be
      required under Section 409A).

                

        

         

        
          	
                   
      

                	
                  2.

                	
                  Performance
      Units.  Upon a Change in Control all Performance Units
      outstanding hereunder shall become Earned Performance Unit Awards in an
      amount equal to the Target Award, or a multiple of up to 200% of the
      Target Award as may be determined by the Committee for one or more
      Participants in light of considerations deemed appropriate by the
      Committee.  Payment of Earned Performance Unit Awards shall be
      made as soon as practicable but not later than 2-1/2 months after the
      Change in Control (or within such other time period as may be required
      under Section 409A).

                

        

         

        
          	
                   
      

                	
                  3.

                	
                  Section
      409A.  Notwithstanding the above, payment of Performance
      Units and settlement of Time-vesting Performance Share
      Units shall not be accelerated unless the Change in Control is also a
      Section 409A Change in
Control.

                

        

         

         

        
          	
                   
      

                	
                  4.

                	
                  Severance-Protection
      Agreements.  The acceleration of vesting, settling and
      payment of Time-vesting Performance Share Units and Performance Units
      pursuant to the LTIP and any Performance Unit Award Agreement or any
      Time-vesting Performance Share Unit Award Agreement hereunder shall not
      supersede, and shall be subject to, such greater rights as a Participant
      may be entitled to under any severance-protection or other agreement with
      the Company, subject to compliance with the requirements of Section
      409A.

                

        

         

        

        
          	
                   
      

                	
                  E.

                	
                  Recoupment

                

        

        

        LTIP
Awards shall be subject to recoupment by the Company under and in accordance
with the provisions of any Incentive Compensation Recoupment Policy that may be
adopted by the Board from time to time.

         

        
          	
                  6.

                	ADMINISTRATION

        

         

        

        
          	
                   
      

                	
                  A.

                	
                  Each
      grant of an LTIP Award shall be evidenced by (1) a Performance Unit Award
      Agreement, and (2) a Time-vesting Performance Share Unit Award Agreement,
      each of such agreements to be executed on behalf of the Company by an
      officer designated by the Committee and to be accepted by the Participant
      who receives such LTIP Award.  Each such agreement shall state
      that the portion of the LTIP Award to which it pertains is subject to all
      the terms and provisions of the LTIP and, in the case of Time-vesting
      Performance Share Units, the Stock Incentive Plan, and shall have such
      terms as the Committee shall approve, consistent with the provisions of
      the LTIP and, as applicable, the Stock Incentive
  Plan.

                

        

        

        
          	
                   
      

                	
                  B.

                	
                  The
      Committee has full power and authority to amend, modify, terminate,
      construe, interpret and administer the LTIP.  Any interpretation
      of the LTIP by the Committee or any action or decision by the Committee
      administering the LTIP shall be final and binding on all
      Participants.

                

        

         

        
          	
                   
      

                	
                  C.

                	
                  In
      carrying out its duties hereunder the Committee may in its discretion (1)
      appoint such committees comprised of some or all of the members of the
      Committee, with such powers as the Committee shall in each case determine,
      (2) authorize one or more members of the Committee or any agent to execute
      or deliver any instrument or instruments in behalf of the Committee, and
      (3) employ such counsel, agents and other services as the Committee may
      require.

                

        
          	
                   
      

                	
                  D.

                	
                  Pursuant
      to the direction of the Chief Executive Officer, the Company shall follow
      such procedures as the Chief Executive Officer or the Chief Executive
      Officer’s designees deem necessary and appropriate to implement the
      provisions of the LTIP.

                

        

         

         

        
          	
                  7.

                	
                  CHIEF EXECUTIVE
      OFFICER

                

        

         

        The
Committee shall make LTIP Awards to the Chief Executive Officer in its sole
discretion.  Notwithstanding anything contained herein to the
contrary, to the extent proscribed by the Nasdaq Marketplace Rules, the Charter
of the Committee and other applicable laws, rules and regulations, the Chief
Executive Officer shall not provide recommendations with respect to LTIP Awards
for the Chief Executive Officer.

         

        
          	
                  8.

                	
                  NON-ASSIGNABILITY

                

        

         

        Nothing
in the LTIP shall be deemed to make any rights granted pursuant hereto
assignable or transferable by a Participant except pursuant to the laws of
descent and distribution.  No rights under the LTIP may be
hypothecated or encumbered in any manner whatsoever, and creditors of
Participants shall have no right or power to obtain all or any portion of grants
made hereunder.  Any attempted assignment, hypothecation or
encumbrance by a Participant shall be null and void.  Each Participant
may, however, designate one or more beneficiaries under the LTIP on a form to be
supplied, upon request, by the Secretary of the Company.

        

        
          	
                  9.

                	
                  WITHHOLDING

                

        

         

        The
Company and its Subsidiaries shall, to the extent required by law, have the
right to deduct from payments of any kind due to a recipient hereunder, or to
otherwise require payment by said recipient, of the amount of any federal, state
or local taxes required by law to be withheld with respect to the amounts earned
under the LTIP.  In addition, subject to and in accordance with the
provisions of the Stock Incentive Plan and the applicable Performance Share
Award Agreement, a Participant may elect, with the Company’s concurrence, to
satisfy the withholding requirement with respect to Time-vesting Performance
Share Units by authorizing and directing the Company to withhold shares of
Common Stock of the Company having a fair market value equal to the minimum
required statutory withholding amount in connection with said applicable
Time-vesting Performance Share Unit Award Agreement.

        

        
          	
                  10.

                	
                  EMPLOYEE
      RIGHTS

                

        

        

        No
employee of the Company or any Subsidiary has a claim or right to be a
Participant in the LTIP, to continue as a Participant, or to be granted LTIP
Awards
under the LTIP.  The Company and its Subsidiaries are not obligated to
give uniform treatment to Participants, except as and to the extent required by
applicable law.  Participation in the LTIP does not create a contract
of employment between a Participant and the Company or any of its Subsidiaries,
and does not give a Participant the right to be retained in the employment of
the Company or its Subsidiaries; nor does it imply or confer any other rights.
Nothing contained in the LTIP shall be deemed to require the Company or its
Subsidiaries to deposit, invest or set aside any amounts for the payments of any
Awards; nor will anything be deemed to give any Participant any ownership,
security, or other rights in any assets of the Company or its
Subsidiaries.

        

        
          	
                  11.

                	
                  SECTION
    409A

                

        

        

        The LTIP
is intended to comply with the provisions of Section 409A of the Code and shall
be interpreted in a manner consistent with the requirements of such law to the
extent applicable.  If the Company determines that a Participant is a
“specified employee” (as defined under Section 409A) at the time of termination
of employment, payment of LTIP Awards shall be delayed until six months and one
day following termination of employment if the Company determines that such
delayed payment is required in order to avoid a prohibited distribution under
Section 409A(a)(2) of the Code.  In addition, to the extent that a
Participant’s benefits under the LTIP are payable upon a termination of
employment and are subject to Section 409A, a “termination of employment” shall
be interpreted to mean a “separation from service” which qualifies as a
permitted payment event under Section 409A of the Code.

        

        
          	
                  12.

                	
                  GOVERNING LAW AND
      VALIDITY

                

        

        

        The LTIP,
all LTIP Awards that may be granted hereunder, and all related matters shall be
governed by, and construed and enforced in accordance with, the laws of the
State of Delaware, and any applicable federal law.  The invalidity or
illegality of any provision herein shall not be deemed to affect the validity of
any other provision.   

        

        

        Adopted
by the Board of Directors on April 7, 2008.

        

        

        

        
          	 	 
      

                  /s/ John P. O'Brien

                	
                   

                   

                
	
                   
      

                	
                  John
      P. O’Brien

                

        

        
          	
                   
      

                	
                  Chairman
      of the
Boardperformanceshareunit.htm

    Exhibit
10.3

    
 

    
      CENTURY
ALUMINUM COMPANY

      LONG-TERM
INCENTIVE PLAN

      TIME-VESTING
PERFORMANCE SHARE UNIT AWARD AGREEMENT

      

      This
Agreement is made as of January 1, 2008, (the “Award Date”), between CENTURY
ALUMINUM COMPANY (the “Company”) and _________ (“Participant”).

      

      WITNESSETH:

      

      WHEREAS,
the Company has adopted the Century Aluminum Company Long-Term Incentive Plan
(the “LTIP”) authorizing the grant of awards of Time-vesting Performance Share
Units pursuant to the Company’s Amended and Restated 1996 Stock Incentive Plan
(the “Stock Incentive Plan”) to eligible individuals in connection with the
performance of services for the Company and its Subsidiaries (as defined in the
LTIP).  The LTIP, including the definition of terms, and the Stock
Incentive Plan are incorporated in this Agreement by reference and made a part
of it.  In the event of any conflict among the provisions of the LTIP
or Stock Incentive Plan documents and this Agreement, the LTIP and Stock
Incentive Plan documents shall prevail; and

      

      WHEREAS,
the Company regards Participant as a valuable contributor to the Company, and
has determined that it would be to the advantage and interest of the Company and
its stockholders to award to Participant the Time-vesting Performance Share
Units provided for in this Agreement, subject to conditions specified in this
Agreement, as an inducement to remain in the service of the Company or its
Subsidiaries and as an incentive for increased efforts during such
service;

      

      NOW,
THEREFORE, in consideration of the foregoing premises, and the mutual covenants
herein contained, the parties to this Agreement hereby agree as
follows:

      

      

      
        	
                1.  

              	
                Time-vesting
      Performance Share Units.

              

      

      

      
        	
                (a)  

              	
                Award.  The
      Company hereby awards to Participant ______ Time-vesting Performance Share
      Units pursuant to, and subject to all of the terms and provisions of the
      Company’s Stock Incentive Plan, for the Plan
  Period.

              

      

      

      
        	
                (b)  

              	
                Vesting and
      Payment.  The Time-vesting Performance Share Units will
      vest in full upon the last day of the Plan Period or, if earlier, upon the
      Participant’s  termination of employment with the Company and
      its Subsidiaries due to death, Disability , Termination Other than for
      Cause, or other reason approved by the Committee.  Upon a
      Participant’s termination of employment by the Company or a Subsidiary due
      to Retirement, Time-vesting Performance Share Units granted to a
      Participant shall vest pro rata based on the number of months of the Plan
      Period which have passed prior to such termination, or in such greater
      amount as may be determined by the Committee in its sole discretion. The
      vested Time-vesting Performance Share Units will be settled for an
      equivalent number of shares of common stock of the Company as soon as
      practicable but no later than 2-1/2 months after the date of vesting;
      provided, however, that if the Time-vesting Performance Share Units vest
      upon Retirement, the Time-vesting Performance Share Units shall be settled
      within 2-1/2 months after the last day of the Plan
      Period.   Participant shall forfeit all opportunity to vest
      in or receive payment for the Time-vesting Performance Share Units upon a
      termination of employment with the Company and its Subsidiaries prior to
      the last day of the Plan Period for any reason other than death,
      Disability, Retirement, Termination Other than for Cause, or other reason
      approved by the Committee.

              

      

      

      
        	
                2.  

              	
                Change of
      Control.  Notwithstanding anything to the contrary in
      this Agreement (but subject to the following sentence), upon a Change of
      Control of the Company, the Time-vesting Performance Share Units shall
      vest pursuant to the provisions of the Stock Incentive Plan and shall be
      settled as soon as practicable but not later than 2-1/2 months after the
      Change of Control (or within such other time period as may be required
      under Section 409A).  Notwithstanding the preceding sentence,
      the settlement of the Time-vesting Performance Share Units shall not be
      accelerated unless the Change of Control satisfies the requirements for a
      change in the ownership or effective control of the Company, or a change
      in the ownership of a substantial portion of the assets of the Company,
      under Section 409A of the Internal Revenue Code of 1986, as amended (the
      “Code”) as determined pursuant to Treasury Regulations or other applicable
      guidance issued under Section 409A.  Notwithstanding the
      provisions of Section 13, the acceleration of vesting of Time-vesting
      Performance Share Units pursuant to the Stock Incentive Plan, the LTIP and
      this provision shall not supersede, and shall be subject to, such greater
      rights as Participant may be entitled to under any severance protection or
      other agreement with the Company.

              

      

      

      
        	
                3.  

              	
                Change in Common Stock
      or Corporate Structure.  Upon any stock dividend, stock
      split, combination or exchange of shares of common stock, recapitalization
      or other change in the capital structure of the Company, corporate
      separation or division (including, but not limited to, split-up, spin-off
      or distribution to Company stockholders other than a normal cash
      dividend), sale by the Company of all or a substantial portion of its
      assets, rights offering, merger, consolidation, reorganization or partial
      or complete liquidation, or any other corporate transaction or event
      having an effect similar to any of the foregoing, the number of
      Time-vesting Performance Share Units subject to the LTIP Award granted
      hereunder shall be equitably and appropriately adjusted, and the
      securities subject to the Time-vesting Performance Share Units shall be
      equitably and appropriately substituted for new securities or other
      consideration,  as determined by the Committee in accordance
      with the provisions of the Stock Incentive Plan.  Any such
      adjustment made by the Committee shall be conclusive and binding upon the
      Participant, the Company and all other interested
  persons.

              

      

      

      
        	
                4.  

              	
                Designation of
      Beneficiaries.  On a form provided to the Company,
      Participant may designate a beneficiary or beneficiaries to receive, in
      the event of Participant’s death, all or part of any amounts to be
      distributed to Participant under the
Agreement.

              

      

      

      
        	
                5.  

              	
                Stock
      Certificates.  Upon the settlement of the Time-vesting
      Performance Share Units (and subject to payment by Participant of all
      applicable withholding taxes pursuant to Section 11), the Company shall
      cause a stock certificate to be delivered or book entry to be made
      covering the appropriate number of shares registered on the Company's
      books in the name of Participant.  All Time-vesting Performance
      Share Units which are issued under this Agreement shall be fully paid and
      non-assessable.

              

      

      

      
        	
                6.  

              	
                Voting,
      Dividends.  Participant shall have no rights as a
      stockholder (including no rights to vote or receive dividends or
      distributions) with respect to any Time-vesting Performance Share Units
      until Participant becomes a stockholder upon the settlement of such
      Time-vesting Performance Share Units in accordance with the terms and
      provisions of the Agreement and the Stock Incentive
      Plan.  Notwithstanding the foregoing, Participant will be
      entitled to receive dividend equivalents with respect to the Time-vesting
      Performance Share Units as provided in this Section 6.  Upon an
      ordinary cash dividend on the shares of common stock of the Company the
      record date of which is prior to the settlement or forfeiture of any
      Time-vesting Performance Share Units, the Company shall allocate for
      Participant an amount equal to the amount of such ordinary cash dividend
      multiplied by the number of Time-vesting Performance Share Units, and the
      Company shall pay immediately to Participant any such amounts upon the
      vesting and settlement of the corresponding Time-vesting Performance Share
      Units, provided that any rights to receive such amounts shall be forfeited
      upon the forfeiture of the corresponding Time-vesting Performance Share
      Units.

              

      

      

      
        	
                7.  

              	
                Data
      Privacy.  Participant hereby acknowledges that to perform
      its requirements under the LTIP and the Stock Incentive Plan, the Company
      and its Subsidiaries may process sensitive personal data about
      Participant.  Such data include but are not limited to the
      information provided above and any changes thereto and other appropriate
      personal and financial data about Participant.  Participant
      hereby gives explicit consent to the Company to process any such personal
      data and/or sensitive personal data.  The legal persons for whom
      such personal data are intended are the Company and any of its
      Subsidiaries and representatives, including stock brokers, stock record
      keepers or other consultants. Participant has been informed of his/her
      right of access and correction to his/her personal data by applying to the
      Company's director of human
resources.

              

      

      

      
        	
                8.  

              	
                Employee
      Rights.  Participant may not assign or transfer his or
      her rights under the Agreement except as expressly provided under the
      Stock Incentive Plan.  The Agreement does not create a contract
      of employment between Participant and the Company or any of its
      Subsidiaries, and does not give Participant the right to be retained in
      the employment of the Company or any of its Subsidiaries; nor does it
      imply or confer any other employment rights, or confer any ownership,
      security or other rights to Company assets.  The LTIP Award
      provided herein is solely within the discretion of the Company, is not
      intended to constitute a part of Participant’s wages, ongoing or
      otherwise, and no inference should be drawn or permitted that the grant
      herein suggests Participant will receive any subsequent grants. If any
      subsequent grant is in fact made, it shall be in the sole discretion of
      the Company and the Company is under no obligation to make any future
      grant or to consider making any future grant.  The value of the
      Time-vesting Performance Share Units awarded under the Agreement (either
      on the date of LTIP Award or at the time of vesting) shall not be included
      as compensation or earnings for purposes of any other benefit plan offered
      by the Company.

              

      

      

      
        	
                9.  

              	
                Recoupment.  The
      LTIP Award provided under the Agreement shall be subject to recoupment by
      the Company under and in accordance with the provisions of any Incentive
      Compensation Recoupment Policy that may be adopted by the Board from time
      to time.

              

      

      

      
        	
                10.  

              	
                Delaware
      Law.  This Agreement and all related matters shall be
      governed by, and construed and enforced in accordance with, the laws of
      the State of Delaware, and any applicable federal law.  The
      invalidity or illegality of any provision herein shall not be deemed to
      affect the validity of any other
provision.

              

      

       

      
        	
                11.  

              	
                Section
      409A.  Participant acknowledges that Participant’s
      receipt of certain benefits under this Agreement may be subject to Section
      409A of the Code.  If the Company determines that the
      Participant is a “specified employee” (as defined under Section 409A) at
      the time of termination of employment, payment shall be delayed until six
      months and one day following termination of employment if the Company
      determines that such delayed payment is required in order to avoid a
      prohibited distribution under Section 409A(a)(2) of the
      Code.  In addition, to the extent that Participant’s benefits
      under this Agreement are payable upon a termination of employment and are
      subject to Section 409A, a “termination of employment” shall be
      interpreted to mean a “separation from service” which qualifies as a
      permitted payment event under Section 409A of the
  Code.

              

      

       

      
        	
                12.  

              	
                Withholding.  The
      Company and its Subsidiaries shall have the right to deduct from any
      payments of any kind due to the recipient hereunder, or to otherwise
      require payment by the recipient, of the amount of any federal, state or
      local taxes required by law to be withheld with respect to the amounts
      earned under the Agreement.  In addition, subject to and in
      accordance with the provisions of the Stock Incentive Plan and the
      approval of the Company, the Participant may elect to satisfy the
      withholding requirement with respect to the Time-vesting Performance Share
      Units by authorizing and directing the Company to withhold shares of
      common stock of the Company having a fair market value equal to the
      minimum required statutory withholding amount with respect thereto, in
      accordance with such procedures as the Company may provide.  The
      Company is not responsible for any tax consequences to Participant
      relating to the Agreement.  Participant alone is responsible for
      these tax obligations, and hereby agrees to indemnify the Company from any
      loss or liability it suffers as a result of the failure by Participant to
      pay such tax obligations.

              

      

       

      
        	
                13.  

              	
                Entire Agreement;
      Interpretation; Amendment.  The LTIP, Stock Incentive
      Plan and this Agreement constitute the entire agreement between the
      Company and Participant pertaining to the subject matter hereof,
      supersedes all prior or contemporaneous written or verbal agreements and
      understandings between the parties in connection therewith, and shall not
      be modified or amended except by written instrument duly signed by the
      parties.  No waiver by either party of any default under the
      Agreement shall be deemed a waiver of any later default.  The
      various provisions of the Agreement are severable in their
      entirety.  Any determination of invalidity or unenforceability
      of any one provision shall have no effect on the continuing force and
      effect of the remaining provision.  The Committee shall have the
      sole and complete authority and discretion to decide any questions
      concerning the application, interpretation or scope of any of the terms
      and conditions of the Agreement, and its decisions shall be binding and
      conclusive upon all interested parties.  This Agreement shall be
      binding upon and inure to the benefit of the successors, assigns and heirs
      of the respective parties.

              

      

      

      IN
WITNESS WHEREOF, the parties hereto have duly executed this Time-vesting
Performance Share Unit Award Agreement as of the date first above
written.  The Participant also hereby acknowledges receipt of a copy
of the Century Aluminum Company Long-Term Incentive Plan and the Century
Aluminum Company Amended and Restated 1996 Stock Incentive Plan.

       

      
        
          
            	 Century
      Aluminum Company
	
                     

                     

                     

                    By

                  	
                     

                     

                     

                     

                  
	 	
                         Name,
      Title

                  

          

 

      

      
        
          	
                   
      

                   

                
	
                  Participant
      Signature

                
	
                   
      

                   

                
	
                  Participant
      Printed
Name

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