Document:

exh10_65.htm

    Exhibit
10.65

    

    

    

    

    

    

    

    

    MAXXAM
SUPPLEMENTAL SAVINGS PLAN

     

    

    (Effective
as of January 1, 2008)

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
          MI Supp
Svgs Plan (2008 amend’t).final.BLB.doc

        

         

      

      
         

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

    

    
      	 
      	
                     
      Page

            
	
              SECTION
      I - DEFINITIONS

            	
                           1

            
	
              1.1

            	
              Account

            	
              1

            
	
              1.2

            	
              Administrative
      Committee

            	
              1

            
	
              1.3

            	
              Board of
    Directors

            	
              1

            
	
              1.4

            	
              Code

            	
              1

            
	
              1.5

            	
              Company

            	
              1

            
	
              1.6

            	
              Disability

            	
              1

            
	
              1.7

            	
              Eligible
    Employees

            	
              2

            
	
              1.8

            	
              Employer

            	
              2

            
	
              1.9

            	
              Key Employee

            	
              2

            
	
              1.10

            	
              Participant

            	
              2

            
	
              1.11

            	
              Plan

            	
              2

            
	
              1.12

            	
              Savings Plan

            	
              2

            
	
              1.13

            	
              Valuation Date

            	
              2

            
	
              1.14

            	
              409A

            	
              2

            
	 
      
	
              SECTION
      II – BENEFITS

            	
              2

            
	
              2.1

            	
              Account
      Established

            	
              2

            
	
              2.2

            	
              Benefits

            	
              2

            
	
              2.3

            	
              Earnings Credited to
      Accounts

            	
              3

            
	
              2.4

            	
              Time and Form of Payment of
      Vested Benefits

            	
              3

            
	 
      	
              Beneficiary

            	
              3

            
	 
      
	
              SECTION
      III – LIABILITY FOR PAYMENTS

            	
              4

            
	
              3.1

            	
              In General

            	
              4

            
	
              3.2

            	
              Unfunded Plan

            	
              4

            
	 
      
	
              SECTION
      IV – ADMINISTRATION

            	
              4

            
	 
      
	
              SECTION
      V – AMENDMENT AND TERMINATION

            	
              4

            
	 
      
	
              SECTION
      VI – MISCELLANEOUS

            	
              5

            
	
              6.1

            	
              No Employment
      Rights

            	
              5

            
	
              6.2

            	
              Forfeiture of
      Cause

            	
              5

            
	
              6.3

            	
              Non-Alienation of
      Benefits

            	
              5

            
	
              6.4

            	
              Binding Effect

            	
              5

            
	
              6.5

            	
              Liability Limited and
      Indemnification

            	
              5

            
	
              6.6

            	
              Withholding

            	
              5

            
	
              6.7

            	
              Separability

            	
              6

            
	
              6.8

            	
              Captions

            	
              6

            
	
              6.9

            	
              Usage

            	
              6

            
	
              6.10

            	
              Governing Laws

            	
              6

            

    

    

    
      
        
          MI Supp
Svgs Plan (2008 amend’t).final.BLB.doc

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    MAXXAM
SUPPLEMENTAL SAVINGS PLAN

    (Effective
as of January 1, 2008)

    

    PREAMBLE

     

               MAXXAM
Inc. has established this Supplemental Savings Plan in order to provide certain
participants in the Savings Plan with certain retirement benefits they would
have received under the Savings Plan were it not for the section 415(c) and
section 401(a)(17) limits on benefits imposed by section 415(c) and section
401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”).  This
Plan is intended to be both an “excess benefit plan” exempt from all of the
provisions applicable to employee pension benefit plans under the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)
and, with respect to certain benefits, a supplemental employee retirement plan
that qualifies as a “top hat” plan exempt from most of the substantive
provisions of ERISA.  This Plan became subject to section 409A of the
Code (along with applicable regulations and other Department of Treasury
guidance of general application, “409A”)
on January 1, 2005, and this amendment and restatement of the Plan is intended
to comply with 409A.

    

    SECTION
I

    DEFINITIONS

     

               For
purposes of this Plan, the following terms shall have the meanings set forth
below.

    

               1.1           Account. The record of a
Participant’s accumulated benefit hereunder that is established pursuant to
Section 2.1.

     

               1.2           Administrative
Committee.  The
Administrative Committee appointed under the Savings Plan.

     

               1.3           Board of
Directors.  The Board of
Directors or Managers, or other person, entity or body performing similar
functions, of the Company or any Employer, or committee of such Board of
Directors delegated the authority to act with respect to this Plan.

     

               1.4           Code.  Such term shall
have the meaning assigned to it in the Preamble above.

     

               1.5           Company.  MAXXAM Inc., a
Delaware corporation, and any successor thereof by merger, consolidation or
otherwise.

     

               1.6           Disabled.  A Participant will be considered disabled
if he has any medically determinable physical or mental impairment which
prevents a Participant from engaging in any substantial gainful activity for an
Employer, if such condition can be expected to result in death or can be
expected to have a duration of at least 12 months, determined in accordance with
409A.

     

    
      
        
          

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               1.7           Eligible
Employees.  Each participant
in the Savings Plan shall automatically be eligible to participate in this Plan
for purposes of subsection 2.2.1.  Participants in the Savings Plan
who also are designated as eligible to receive supplemental benefits in
accordance with subsection 2.2.2 for a year shall be eligible to participate in
this Plan for purposes of subsection 2.2.2.  The Company’s Board of
Directors can change any such designation for any year by action taken prior to
the last day of such year.  Designations by the Company’s Board of
Directors with respect to subsection 2.2.2 shall be in its sole discretion,
without any obligation to treat similarly-situated individuals the
same.

     

               1.8           Employer.  The Company and
any other corporation, partnership or other entity treated with the Company as a
single employer under section 414 of the Code (an “Affiliate”)
that has adopted this Plan with the consent of the Company’s Board of
Directors.

     

               1.9           Key
Employee.  A “specified employee”
within the meaning of 409A.

     

               1.10        Participant.  An Eligible
Employee for whom a book-keeping account is maintained by the Company evidencing
an amount owed to such person by his or her Employer under the
Plan.

     

               1.11        Plan.  This MAXXAM
Supplemental Savings Plan.

     

               1.12        Savings
Plan.  The MAXXAM
Savings Plan.

     

               1.13        Valuation
Date.  Each December 31 and such other dates within the
calendar year as the Administrative Committee shall designate from time to time
and with respect to any Participant that has terminated employment, the date of
such termination.

     

              
1.14         409A.  Such term shall
have the meaning assigned to it in the Preamble above.

     

    

    SECTION
II

    BENEFITS

    

               2.1           Account
Established.  The Company shall establish a memorandum or
book-keeping account on its records for each Participant to evidence the
benefits and earnings accrued under Sections 2.2 and 2.3 by each
Participant.

     

               2.2           Benefits.

     

                              
2.2.1.      Section
415 Excess Benefits.  As of December 31 of each year commencing
with December 31, 2006, each Eligible Employee shall accrue an amount equal to
what he or she would have been allocated under the Savings Plan as Basic
Discretionary Contributions and Transition Contributions for the year but for
the application of the limit imposed by section 415(c) of the Code on the total
amount that could be credited as annual additions to such individual’s Savings
Plan account for that year.

     

                              
2.2.2.     Supplemental
Benefits.  As of December 31 of each year commencing with
December 31, 2006, each Eligible Employee who is designated as eligible for
supplemental benefits
under this subsection 2.2.2 for the year shall accrue an amount equal to the
Basic Discretionary Contributions and Transition Contributions that such
Eligible Employee would have been allocated under the Savings Plan for that year
on eligible compensation for the year (as defined in the Savings Plan but
disregarding references to section 401(a)(17) of the Code) in excess of the
compensation limit for that year under section 401(a)(17) of the Code (but
without duplication of any amounts credited to such Participant’s Account
pursuant to subsection 2.2.1).

     

    
      
        
          

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2.3           Earnings
Credited To
Accounts.  Effective as of the close of business on each
Valuation Date, earnings shall be credited to each Participant’s Account for the
period since the last Valuation Date in accordance with uniform rules
established by the Administrative Committee using the prime rate in effect at
the end of the month preceding the month containing such Valuation Date as
reported by the Wall Street Journal or such other rate as shall be determined by
the Company’s Board of Directors in its sole discretion.

     

               2.4           Time and
Form of Payment of Vested Benefits.  The vested
balance of a Participant’s Account shall be paid to or on behalf of the
Participant following his termination of employment in accordance with this
Section 2.4.  

     

                              
2.4.1       Vesting.  The
percentage of a Participant’s Account under the Plan that is vested shall be the
same percentage as his account under the Savings Plan as of the same
date.

     

                               2.4.2       Time and
Form of Payment to Participant.  A Participant’s vested Account
balance shall be paid to him in a single cash payment on the fifteenth (15th) day of
the month following the month in which he becomes Disabled or terminates
employment with the Employer and Affiliates, provided, however, if the
Participant is a Key Employee and payment is made on account of his termination
of employment (and not on account of his becoming Disabled, payment shall be
delayed for six months after the date of the Participant’s termination of
employment.  If payment of a Participant’s vested Account balance is
delayed for six months, interest shall be credited to such Participant’s vested
Account balance, through the date of expiration of the six-month period, at the
rate that would have applied if payment had not been delayed, and such delayed
payment shall be made fifteen (15) days following expiration of the six-month
waiting period.

     

                              
2.4.3       Death
Benefits.  If a Participant dies before receipt of payment from
the Plan, payment of the Participant’s vested Account balance shall be made
instead to his beneficiary or beneficiaries (as defined in Section 2.5
below).  Such payment(s) shall be made thirty (30) days after the
Participant’s death.  Notwithstanding the foregoing, if there is a
dispute or other uncertainty regarding a Participant’s beneficiary or
beneficiaries, such payment(s) shall be made thirty (30) days after such dispute
or uncertainty is fully and finally resolved.

     

                              
2.4.4       Payment
Grace Period.  Any payment made before or after a specified
payment date provided herein, but within the applicable grace period permitted
by 409A, shall be considered payment on the specified payment date for all
purposes under the Plan.

     

               2.5           Beneficiary.  The beneficiary
or beneficiaries to whom amounts are payable under this Plan after the death of
the Participant shall be the same as the beneficiary or beneficiaries
to whom amounts are payable (in the same proportions) under the Savings Plan
after the death of the Participant.

     

    
      
        
          

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    SECTION
III

    LIABILITY
FOR PAYMENTS

     

               3.1           In
General.  Benefits payable
under this Plan shall be the liability of the Employer that employed the
Participant with respect to whom benefits are payable.  If a
Participant is entitled to benefits under this Plan attributable to periods of
employment with more than one Employer, the Company shall determine the
apportionment of liability among such Employers, such apportionment to be
determined based upon the aggregate accruals for the Participant under Sections
2.2 and 2.3 during the Participant’s term of employment with each
Employer.

     

               3.2           Unfunded
Plan.  While this Plan
refers to the crediting of amounts to a Participant’s Account from time to time,
all Accounts maintained under the Plan are book-entry, memorandum accounts only,
and do not represent an interest in any trust, fund or specific asset or
property.  Any obligation of an Employer to pay benefits hereunder
shall be an unsecured promise, and any right to enforce such obligation shall be
solely as a general creditor of the Employer.

     

    SECTION
IV

    ADMINISTRATION

     

               The
Administrative Committee shall administer the Plan.  The
Administrative Committee shall have full discretionary authority to determine
all questions arising in connection with the Plan, including its interpretation
and the determination of eligibility for benefits, and may adopt procedural
rules and employ and rely upon such legal counsel, actuaries, accountants and
agents as it may deem advisable to assist in the administration of the
Plan.  Absent manifest error, the decisions of the Administrative
Committee shall be conclusive and binding on all persons.

     

    SECTION
V

    AMENDMENT
AND TERMINATION

     

               The
Company may waive, modify or amend, in whole or in part, any or all of the
provisions of the Plan, or suspend or terminate the Plan entirely at any time;
provided, that any such waiver, modification, amendment, suspension or
termination is permitted by 409A; and further provided that no such
modification, amendment, suspension or termination shall reduce the benefits
accrued by the Participant (including earnings credited to his Account as of the
most recent Valuation Date) up to the date of the modification, amendment,
suspension or termination.  Any such action by the Company shall be
binding on all Employers.  Any participating Employer (other than the
Company) may withdraw from the Plan by action of its Board of Directors and by
giving at least 20 business days advance written notice to the Company unless
the Company waives such notice or agrees on any shorter period of advance
notice.  As of the effective date of such withdrawal the Plan shall be
deemed to be frozen with respect to the
withdrawing Employer, and no additional benefits (including credited earnings)
shall accrue with respect to individuals employed by such Employer after that
date.

    
      
        
          

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    SECTION
VI

    MISCELLANEOUS

    

               6.1           No
Employment Rights.  The establishment
of the Plan shall not be construed as conferring any rights upon any employee or
any person for a continuation of his employment, nor shall it be construed as
limiting in any way the right of any Employer to discharge any employee or to
treat him without regard to the effect which such treatment might have upon him
as a Participant under the Plan.

     

               6.2           Forfeiture
for Cause.  Notwithstanding
any provision of this Plan to the contrary, if a Participant or former
Participant is found guilty (by a court of competent jurisdiction) of any act of
fraud or dishonesty against an Employer, then all rights which the Participant
or his beneficiary may have under this Plan shall be retroactively forfeited,
any obligation of an Employer to make accruals or payments hereunder shall
terminate, any accruals or payments made hereunder shall be considered null and
void, and any such payments shall be recoverable by the
Employer(s).

     

               6.3           Non-Alienation
of Benefits.  Except as otherwise provided by law, no benefit,
interest, or payment under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or
charge, whether voluntary or involuntary, and no attempt to so anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge the same shall be
valid, nor shall any such benefit, interest, or payment be in any way liable for
or subject to the debts, contracts, liabilities, engagements or torts of the
person entitled to such benefit, interest, or payment or be subject to
attachment, garnishment, levy, execution or other legal or equitable
process.

     

               6.4           Binding
Effect.  This Agreement
shall inure to the benefit of and be binding upon the successors and assigns of
participating Employers and the heirs, administrators, executors and personal
representatives of the Participant.

     

               6.5           Liability
Limited and Indemnification.  No member of the
Administrative Committee or of the Board of Directors of an Employer shall be
personally liable for any act or omission done or failed to be done by such
member in the course of administering or otherwise acting with respect to this
Plan, except as provided by law or the in articles of incorporation, bylaws, or
other organizational documents of an Employer.  Moreover, each member
of the Administrative Committee and the Board of Directors of each Employer
shall be indemnified to the fullest extent provided for in the applicable
Employer’s articles of incorporation, bylaws, or other organizational documents,
from any expense, liability or loss incurred or suffered by any of such persons
as a result of administering or otherwise acting with respect to this
Plan.

     

               6.6           Withholding.  Benefit payments
hereunder shall be subject to withholding, to the extent required by applicable
tax or other laws, or an order of a court of competent
jurisdiction.

     

    
      
        
          

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               6.7           Separability.  If any provision
of this Plan is held invalid or unenforceable, to the extent necessary to
effectuate the purposes of this Plan, its invalidity or unenforceability shall
not affect any other provisions of the Plan and the Plan shall be construed and
enforced as if such provisions had not been included therein.

     

               6.8           Captions.  Except for the
definitions in Section I, the captions contained herein and the table of
contents prefixed hereto are inserted only as a matter of convenience and for
reference, and in no way define, limit, enlarge or describe the scope or intent
of this Plan nor in any way shall affect the Plan or the construction of any
provision thereof.

     

               6.9           Usage.  Whenever
applicable, the masculine gender, when used in the Plan, shall include the
feminine or neuter gender, and the singular shall include the
plural.

     

               6.10        Governing
Laws.  The Plan shall be
governed by and construed and administered under the internal laws of the State
of Texas (without regard to any provisions relating to conflict of laws), except
to the extent that such laws are preempted by Federal law.

     

    EXECUTED
as of the year and date set forth on the cover page hereof.

    

    

    
      	 
      	 
      	
              MAXXAM
      INC.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      M. Emily Madison

            
	 
      	 
      	
              M.
      Emily Madison

            
	 
      	 
      	
              Vice
      President, Finance

            

    

    

    

    
      
        
          

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        6exh10_71.htm

    
      Exhibit
10.71

      

      MAXXAM
INC.

      RESTRICTED
STOCK AGREEMENT

      

      Restricted Stock Agreement (the
"Agreement") effective as of December 13, 1999, between MAXXAM Inc., a Delaware
corporation (the "Company"), and Charles E. Hurwitz (the
"Participant").

      

      The Company maintains the MAXXAM 1994
Omnibus Employee Incentive Plan (the "Plan"), which is incorporated into and
forms a part of this Agreement, and the Participant has been selected by the
162(m) Compensation Committee (the "Committee") of the Board of Directors (the
"Board") of the Company to receive a Restricted Stock award (the "Award") based
on the Participant's performance.

      

      The Award shall be subject to the terms
and conditions of the Plan and those set forth below, including the continued
employment of the Participant with the Company.

      

      In consideration of the Award, the
Participant is willing to accept the Award provided in this Agreement and is
willing to abide by the obligations imposed under this Agreement and the
Plan.

      

      In consideration of the premises and
the mutual agreements set forth below, the parties hereto agree as
follows:

      

      1.           Grant
of Award.  The Company hereby grants to the Participant a total of
256,808 shares of common stock, par value $.50 per share, of the Company (the
"Stock"), subject to the restrictions described below. This Award is made as of
the date first set forth above (the "Grant Date"). Within 90 days of the Grant
Date, a stock certificate representing the number of shares of Stock awarded to
the Participant pursuant to this Agreement shall be delivered to the
Participant.

      

      2.           Lapse
of Restricted Period.  The period during which the Stock is subject to
forfeiture and restrictions on transferability, each as described herein (the
"Restricted Period"), shall commence on the Grant Date and shall lapse with
respect to the Stock on the earlier of: (a) the 15th anniversary of the Grant
Date, (b) the death of the Participant or (c) the permanent and total disability
of the Participant. The Restricted Period shall not lapse under any other
circumstances, including upon a change in control of the Company or the sale,
lease, transfer, conveyance or other disposition, in one or a series of related
transactions, of all or substantially all of the assets of the Company or the
merger, consolidation, reorganization, liquidation or dissolution of the
Company.

      

      3.           Rights
as a Shareholder.  Except for the restrictions set forth herein, the
Participant shall have all the rights of a shareholder with respect to Stock,
including, without limitation, the right to vote the Stock.

      

      4.           Nontransferability.  No
shares of the Stock may be assigned, sold, transferred, pledged, hypothecated or
otherwise encumbered by the Participant during the Restricted Period, except as
hereinafter provided.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5.           Restrictive
Legend.  Any certificate issued to the Participant in respect of
shares of the Stock shall be registered in the name of the Participant and shall
bear the following (or similar) legend:

      

      
        	
                 
      

              	
                “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE "CONTROL" SECURITIES
      BECAUSE OF THE POSITION THE HOLDER HAS WITH THE COMPANY AS AN AFFILIATE.
      AS SUCH, THEY MAY NOT BE OFFERED OR SOLD, AND NO TRANSFER OF THEM MAY BE
      MADE, UNLESS (1) THEY ARE SOLD IN COMPLIANCE WITH RULE 144 OF THE
      SECURITIES ACT OF 1933, AS AMENDED, OR (2) THE HOLDER IS NO LONGER AN
      AFFILIATE OF THE COMPANY. FURTHER, THE TRANSFER OF THE SECURITIES
      REPRESENTED BY THIS CERTIFICATE IS RESTRICTED UNDER THE TERMS OF THE
      MAXXAM 1994 OMNIBUS EMPLOYEE INCENTIVE PLAN. A COPY OF SUCH PLAN WILL BE
      FURNISHED TO THE HOLDER HEREOF WITHOUT CHARGE UPON WRITTEN REQUEST TO THE
      CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED
      OFFICE."

              

      

      

      6.           Death,
Disability or Termination of Employment.  If the Participant ceases to
be in the employ of the Company at any time during the Restricted Period by
reason of death or permanent disability, the Restricted Period covering all
shares of the Stock shall immediately lapse. If the Participant ceases to be in
the employ of the Company at any time during the Restricted Period for any
reason other than his death or permanent disability, all shares of the Stock
shall revert back to the Company, effective on the date of such
termination.

      

      7.           Issuance
of New Certificates.  Upon the lapse of the Restricted Period with
respect to any shares of the Stock, such shares shall no longer be subject to
the restrictions imposed under this Agreement, and the Company shall issue or
have issued new share certificates without the legend described in Section 5 of
this Agreement in exchange for those previously issued.

      

      8.           Taxes.  The
Company is authorized to withhold from any payment relating to the Stock, or any
other payment to the Participant, amounts of withholding and other taxes due in
connection with any transaction involving the Stock, and to take such other
action as the Committee may deem advisable to enable the Company and the
Participant to satisfy obligations for the payment of withholding taxes and
other tax obligations relating to the Stock. This authority shall include
authority to withhold or receive shares of stock of the Company or other
property, including cash, from the Participant and to make cash payments in
respect thereof in satisfaction of the Participant's tax
obligations.

      

      9.           Adjustments.  The
Stock shall be subject to the same adjustment, if any, accorded to all other
outstanding shares of Company common stock in the event of (i) any change in the
total number of shares of Company common stock outstanding or the number or kind
of securities into which such shares of Company common stock have been
converted, (ii) any reorganization or change in the Company's capital structure,
or (iii) any other transaction or event having an effect similar to the
foregoing.

      

      10.           No
Right to Continued Status as Employee.  No provision in this Agreement
shall be construed (i) to confer upon the Participant the right to remain in the
employ of the Company or (ii) to interfere in any way with the right and
authority of the Company, either to increase or decrease the compensation
of the Participant at any time or to terminate any employment, service or other
relationship between the Company and the Participant.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      11.           Compliance
with Legal and Exchange Requirements.  Notwithstanding any other
provision of this Agreement, the Company shall not be required to deliver any
shares of Stock or Company common stock under this Agreement if the delivery of
such shares would constitute a violation by the Participant or by the Company of
any provision of any law or regulation of any governmental authority, including,
without limitation, any federal or state securities laws or regulations.
Notwithstanding any other provision of this Agreement, if at any time the
Company shall determine, in its sole discretion, that the listing, registration
or qualification of any shares of the Stock or Company common stock upon any
securities exchange or under any state or federal law, or the consent or
approval of any government regulatory body, is necessary or desirable as a
condition of, or in connection with, the delivery of shares of stock hereunder,
the Stock shall not vest in whole or in part unless the listing, registration,
qualification, consent or approval has been effected or obtained free of any
conditions not acceptable to the Company. Specifically with respect to the
Securities Act of 1933, as amended (the "Act"), unless a registration statement
under the Act is in effect with respect to the shares of Stock covered by this
Agreement, the Company shall not be required to deliver such shares of Stock
unless the Company has received evidence satisfactory to it that the Participant
may acquire the shares of Stock pursuant to an exemption from registration under
the Act. These determinations by the Company shall be final, binding and
conclusive. Notwithstanding any other provision of this Agreement, as to any
jurisdiction that expressly imposes the requirement that the Stock shall not
vest unless and until registered or subject to an available exemption from
registration, the vesting of the Stock (under circumstances in which the laws of
the jurisdiction apply) shall be deemed conditional upon the effectiveness of
the registration or the availability of the exemption.

      

      12.           Participant
Bound by Plan.  Notwithstanding anything in this Agreement to the
contrary, the terms of this Agreement shall be subject to the terms of the Plan,
a copy of which may be obtained by the Participant from the office of the
Secretary of the Company. Any term defined in the Plan shall have the same
meaning in this Agreement. In the event of any conflict between the provisions
of this Agreement and the Plan, the provisions of the Plan shall
control.

      

      13.           Governing
Law.  This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without giving effect to the conflict of
laws principles thereof.

      

      14.           Administration.  The
authority to manage and control the operation and administration of this
Agreement shall be vested in the members of the Committee as of the Grant Date,
and only such members shall have the power and authority, in their sole
discretion, to waive or eliminate any of the restrictions to which the Stock is
subject. Any interpretation of this Agreement by such Committee members and any
decision made by them with respect to the Agreement is final and binding. Should
either of the members of the Committee as of the Grant Date (singly or jointly)
cease to be a member of the Committee at any time during the Restricted Period,
such members shall continue to manage and control the operation and
administration of this Agreement. Further, should only one of such members of
the Committee as of the Grant Date survive or be solely competent to manage or
administer this Agreement during the Restricted Period, such surviving competent
member shall
solely continue to manage and administer this Agreement. Notwithstanding
anything to the contrary provided for in this Agreement, in the event that both
such Committee members shall be unwilling or unable to act as set forth in this
Section 14, no elimination of any of the restrictions to which the Stock is
subject shall be valid without the affirmative vote of the holders of a majority
of the shares of voting stock of the Company held by persons other than holders
that are affiliates of the Participant. The term "affiliates" shall have the
meaning set forth in Rule 12b-2 of the Securities Exchange Act of 1934, as
amended.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      15.           Benefits.  This
Agreement shall be binding upon and inure to the benefit of the parties hereto.
This Agreement is for the sole benefit of the parties hereto and not for the
benefit of any other party.

      

      16.           Severability.  If
any provision of this Agreement shall be determined to be illegal and
unenforceable by any court of law, such provision shall be enforced to the
maximum extent possible and the remaining provisions shall be severable and
enforceable in accordance with their terms.

      

      17.           Amendments.  No
modification, amendment or waiver or any provision of this Agreement shall be
effective unless it is in writing and signed by the parties hereto.

      

      18.           Counterparts.  This
Agreement may be executed in counterparts, each of which shall constitute one
and the same instrument.

      

      19.           Entire
Agreement.  This Agreement and all determinations, decisions, actions
and interpretations of the Committee pursuant hereto, constitute the entire
agreement between the parties hereto with respect to the Award, and supercede
all prior oral or written agreements, commitments or
understandings.

      

      IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed as of March 1, 2000, to be effective as of
December 13, 1999.

      

      

      
        	 
      	 
      	
                MAXXAM
      INC.

              
	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Bernard L. Birkel

              
	 
      	 
      	
                Name:

              	
                Bernard
      L. Birkel

              
	 
      	 
      	
                Title:

              	
                Secretary

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                /s/
      Charles E. Hurwitz

              	 
      	 
      
	
                Charles
      E. Hurwitz

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]