Document:

Exhibit 10.6(i)

Christine
B. Munson

RETIREMENT AGREEMENT

          This
Agreement is made by and between Christine B. Munson (“Munson” or “you”) and
First Horizon National Corporation, its predecessors, successors, assigns,
subsidiaries, parents, affiliates, and their respective directors, officers,
employees and agents, attorneys and representatives, past, present, and future
(the “Company”). This arrangement is offered in recognition of your many years
of service with the Company and is accompanied with the Company’s hope that it
will assist you during the transition period that follows.

          You
acknowledge that you have had up to 21 days to evaluate this Agreement. After
signing this Agreement, you have seven days during which you may revoke your decision.
The evaluation period will end on the earlier of the date you sign this
agreement or on November 19, 2012.

The Company and you agree as follows: 

1.
Agreement

          Your
signature at the conclusion of this document represents your knowing and voluntary
acceptance of this Agreement. You acknowledge that you have not been pressured
in any way to sign this Agreement and that you have executed it of your own
free will. This Agreement should be returned to Salomon Mizrahi, 300 Court
Avenue, Sixth Floor, Memphis, Tennessee 38103, after you have fully executed
it. By its execution of this Agreement, the Company acknowledges and confirms
that nothing herein is intended to adversely affect any benefits, or the amount
thereof, to which you are or may otherwise be entitled under plans or programs
applicable to you except as expressly provided herein.

2.
Retirement

          Effective
the close of business December 31, 2012 (your “Retirement Date”), you agree to
fully and finally retire: as Executive Vice President, Corporate Banking of the
Company and of First Tennessee Bank National Association (the “Bank”); as a
director and officer of any of their subsidiaries at which you may be serving
as director and/or officer; as an executive officer within the meaning of the
bylaws of the Company and its subsidiaries; and as an officer and employee in
any other capacity of the Company and the Bank. 

3.
Consideration by the Company

          In
consideration of your agreement to retire from on the Retirement Date, your
release, your waiver of certain change in control benefits, and your other
agreements as set forth in this Section and elsewhere in this Agreement, the
Company agrees to provide you with the supplemental consideration specified in
this Section. You acknowledge that you are not otherwise entitled to the
supplemental consideration provided by this Section. In the event of your
death, termination due to disability, or dismissal by the Company without good
cause shown at any time after you sign this Agreement and prior to the payment
of any of the supplemental consideration amounts provided by this Section, your
entitlement to such amounts will not be adversely affected and, in the case of
your death, any payments for which a beneficiary has not already been duly designated
will be paid to your estate.

(A) GENERAL PROVISIONS ((i) through (iv)

          (i)
Fulfillment Payments

          You
will receive a one-time cash payment in the gross amount of $425,000 on the
last payday of 2012. The size of this payment is approximately equal in amount
to your 2012 cash salary rate. This payment, which does not constitute “salary”
for any purpose, will be subject to ordinary payroll treatment and applicable
tax withholding.

          You
will receive a one-time cash payment on the last payday of 2012 in a gross
amount equal to $14,500. This cash amount represents approximately twelve
months of COBRA health insurance premi-

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ums. This payment will be subject to ordinary payroll
treatment and applicable tax withholding. Other than calculating the amount,
this benefit is not related to any offer by the Company to you of, or any
decision by you to purchase, COBRA coverage following your Retirement Date.
Nothing in this Agreement is a commitment by the Company to offer COBRA or by
you to purchase COBRA coverage.

          (ii)
Cash Salary and Salary Stock Units (SSUs)

          You
will continue to be paid your current cash salary through your Retirement Date.

          Your
SSUs are not cash salary. Your unpaid 2011 SSUs will be paid in accordance with
their normal schedule (i.e., you will receive the scheduled payments in
December 2012). You will continue to have credited to you SSUs for the
remainder of 2012 at your current crediting rate. Your 2012 SSUs will be paid
in 2013 in accordance with their normal schedule (i.e., SSUs credited in the
first half of 2012 will be paid in June or July 2013 and the balance will be
paid in December 2013). The service condition to your 2012 SSUs that you remain
employed with the Company through the scheduled vesting or payment date is
modified: the revised service condition is that you must remain employed with
the Company as provided in this Agreement through your Retirement Date.

          If
a change in control event occurs, payment of SSUs will not be accelerated
except at the Company’s election. If they are not accelerated and if the change
in control event is transactional (as defined below), then the SSUs will be
converted from units based on Company shares into units based on the consideration
(cash and/or securities) for which Company shares are exchanged, into which
they are converted, in such transaction. If the transactional change in control
event is a liquidation of the Company, the SSUs will be cancelled and payment
will be made to you as if each SSU were a share of Company common stock. Any
such exchange, conversion, or liquidation of the SSUs will be done by the
Company so as to avoid, to the extent practicable, any enlargement or dilution
of value measured at the consummation date of the change in control event.

          (iii)
2012 MIP Bonus

          Your
eligibility for an annual bonus for the 2012 plan year as provided under your
bonus opportunity established in February 2012 under the MIP will not be
cancelled or pro-rated as a result of your retirement under this Agreement, nor
will it be enhanced in amount. The amount (if any) and timing of payment of any
such bonus will be determined in accordance with the MIP and that bonus
opportunity. However, the form of payment of any bonus earned is changed under
this Agreement to 100% cash; no equity awards will be granted to you in partial
payment of the bonus. The applicable terms and conditions of your 2012 bonus
opportunity include, among other things: achievement of pre-established goals
for 2012, including achievement under your personal plan; application of the
Company’s compensation recovery policy and other clawback policies and
practices; continuation of employment through the payment date; and the
possible exercise of negative discretion by the Compensation Committee. The
service condition to your 2012 MIP bonus opportunity that you remain employed
with the Company through the scheduled payment date is modified: the revised
service condition is that you must remain employed with the Company as provided
in this Agreement through your Retirement Date. 

          If
a transactional change in control event occurs and the transaction is
consummated before payment of your 2012 MIP bonus, the requirement in the MIP
that you be discharged as a result of the change in control event will be
waived. 

          (iv)
Financial Services

          The
Company will continue to pay for financial planning services related to the
2012 personal tax year at the same level currently provided.

(B) PROVISIONS FOR EQUITY AWARDS ((v) and (vi))

          Except
as expressly provided below, the service condition to your outstanding equity
awards that you remain employed with the Company through the scheduled vesting
or payment date (as applicable) is

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modified: the revised service condition is that you
must remain employed with the Company as provided in this Agreement through
your Retirement Date. Subsections (v) and (vi) below describe the vesting
and/or payment of certain awards at certain future times. In each case, the
benefit provided by this Agreement is limited to the Company’s modification of
the service condition as provided above. Other conditions to payment or vesting
that may be provided in the terms of such awards, such as unfulfilled performance
conditions or non-competition conditions, remain unchanged by this Agreement
and continue in effect unless otherwise expressly provided in this Agreement.
The applicable change in control provisions are modified as provided below. In
all cases any gross amount of cash or shares payable to you will be reduced by
applicable withholding taxes. Also, you will no longer be eligible for future
equity award grants of any sort (except in connection with SSUs as provided
above) for the remainder of 2012.

          You
and the Company agree that the numbers of shares, units, and other amounts set
forth in the remainder of this section and correspondingly in the summary table
appended to this Agreement represent the Company’s determination of the amounts
in conformity with the language in this section. That language represents the
agreement of the parties. At the time this Agreement is signed the Company and
you acknowledge that the accuracy of such numbers has not been fully confirmed.
The parties agree that if at any time prior to payment either party determines
that any such number is erroneous, the correct number shall be substituted for
the incorrect one. The parties further agree to share underlying data
cooperatively with the goal that all parties come to an acceptance that such
numbers are correct.

          (v)
Service-Vested (non-performance) Restricted Stock and Stock Options

          A
total of 37,802 shares of unvested service-vested restricted stock are
outstanding at this time. This represents the full amount of your currently
outstanding unvested restricted stock awards, including awards related to your
2011 MIP bonus. All shares will vest on your Retirement Date. Delivery may be
made in January 2013 for administrative convenience of the Company. 

          Currently
you have stock options granted at various times with various exercise prices.
Some are vested (exercisable) and others, granted in 2011 and 2012, are not
vested. The vesting of the then-unvested portions of your options will be
accelerated on your Retirement Date, and the expiration date of each option
which is wholly or partly unvested at that time will be the third anniversary
of your Retirement Date or the original expiration date, whichever is sooner.
No other conditions or requirements of your options are modified or waived.
Your fully vested stock options may be affected by your retirement under their
original terms but are not modified by this Agreement, as provided in Section
8.

          (vi)
Performance Stock Units (PSUs)

          2009 PSU
Award. The amount of your 2009 PSU award remaining outstanding is
20,525 units. This amounts has not been pro-rated or otherwise reduced by this
Agreement. The performance condition for your 2009 award has been fully met.
Half of this award was paid in 2012 and the other half is scheduled for payment
in 2013 on the fourth anniversary of grant. The service requirement for the
2013 payment of this award will be waived on your Retirement Date but payment
will not be accelerated. Like all PSUs, this award is intended to be paid in
shares.

          2010 PSU
Award. The amount of your 2010 PSU award is 17,982 units. This
amount has not been pro-rated or otherwise reduced by this Agreement. The
performance condition for your 2010 award was modified for the Company’s 2010
stock offering. As modified, the performance condition has been met at the 50%
level for each award based on performance during 2011. Future modifications to
the 2010 performance condition, which would affect all 2010 PSU awards including
yours, continue to be possible. The last two remaining performance period years
are 2012 and 2013. The final performance level can rise above the current 50%,
to a maximum of 100%, based on performance during either of those last two
years in accordance with the award’s modified performance grid, but cannot be
reduced below the previously-achieved level of 50%. If performance in those
last two years is no better than it was in 2011, then 50% of your 2010 PSU
award will forfeit and the other 50% will be paid half in 2013 and half in 2014
as provided in each award. 

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          2011 PSU
Award. The target amount of your 2011 PSU award is 14,177 units. The
maximum amount of your 2011 PSU award is 21,265 units, or 150% of target. These
amounts have not been pro-rated or otherwise reduced by this Agreement. The performance
condition for your 2011 PSU award has not been met. The performance period
consists of the three years 2011 through 2013. If the applicable minimum performance
condition is not met during the performance period, your 2011 PSU award will
forfeit completely. If the applicable performance condition is met at least
minimally as provided in the award, you will receive all or a portion of the
award in accordance with the award’s performance grid, ranging from 50% to 150%
of target. Any payment will be made in accordance with the normal payment
schedule provided in that award (approximately three years after grant). 

          2012 PSU
Award. The target amount of your 2012 PSU award is 24,260 units. The
maximum amount of your 2012 PSU award is 36,390 units, or 150% of target. These
amounts have not been pro-rated or otherwise reduced by this Agreement. The performance
condition for your 2012 PSU award has not been met. The performance period
consists of the three years 2012 through 2014. If the applicable minimum
performance condition is not met during the performance period, your 2012 PSU
award will forfeit completely. If the applicable performance condition is met
at least minimally as provided in the award, you will receive all or a portion
of the award in accordance with the award’s performance grid, ranging from 50%
to 150% of target. Any payment will be made in accordance with the normal
payment schedule provided in that award (approximately three years after
grant). 

          Change in
Control Provisions for all PSU Awards. By signing this Agreement you
irrevocably waive, effective on your Retirement Date, the change in control
provisions applicable to your PSU awards. Instead, the provisions in the
following paragraphs a) and b) will govern the impact on your awards of a
change in control event. 

	
  

 	
  

 	
  

 
	
  

 	
 a)

 	
 A non-transactional change in control event
 occurring after your Retirement Date will result in no satisfaction or waiver
 of performance conditions regarding, no satisfaction or waiver of any other
 condition regarding, and no accelerated payment of, any of your PSU awards
 still outstanding at that time. Such an event will have no effect on your
 outstanding PSU awards at all. 

 
	
  

 	
  

 	
  

 
	
  

 	
 b)

 	
 If a transactional change in control event occurs
 after your Retirement Date, and if the related transaction is consummated
 while any of your PSU awards remain outstanding and unpaid, then each such
 outstanding award, at the maximum amount provided above for the 2010 award
 and at the target amounts provided above for the 2011 and 2012 awards, will
 be paid to you upon consummation of the change in control transaction. In any
 such case the requirement for vesting and payment that you be discharged as a
 result of the change in control event will be waived. If the change in
 control transaction fails to be consummated for any reason, your awards will
 not be vested or paid under this paragraph in connection with that event even
 if a transactional change in control event technically has occurred. 

 

(C) CERTAIN TERMS USED IN SECTION 3 AND ELSEWHERE

          “MIP”
means the Company’ s Management Incentive Plan.

          “ECP”
means the Company’s Equity Compensation Plan.

          “Plan”
means the MIP for all purposes related to SSUs and MIP bonuses; for all other
purposes, “Plan” means the ECP.

          “Change
in control” has the meaning given in the applicable Plan.

          “Transactional
change in control” means a change in control event defined in paragraphs (iii)
or (iv) of the Plan’s “change in control” definition. Examples of transactional
change in control events include a merger, a sale of substantially all of the
Company’s assets, or a complete liquidation of the Company.

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          “Non-transactional
change in control” means a change in control event defined in paragraphs (i) or
(ii) of the Plan’s “change in control” definition. Examples of
non-transactional change in control events include events resulting in a change
in voting control of the Company’s stock or in control of the board’s
membership.

4.
Confidentiality and Non-Disclosure

          In
order to protect the legitimate interests of the Company and its subsidiaries,
you agree that you will not disclose to others at any time in the future,
whether directly or indirectly, any information relating to the Company’s
business operations, plans or other confidential business information and/or
trade secrets of the Company which you received or to which you were given
access during your employment with the Company; provided, however, the
obligations set forth in this sentence will expire on the second anniversary of
your Retirement Date, except as may be required by customer protection or other
applicable laws and regulations. If such information is required to be produced
by law, court order, or governmental authority, you must promptly notify the
Company of that obligation. You may not produce or disclose any such
information until the Company has (a) requested protection from the court or
other legal or governmental authority issuing the process and the request has
been denied or pending action on the request you subsequently have been ordered
to produce or disclose such information, (b) consented in writing to such
production or disclosure, or (c) taken no action to protect its interest within
ten (10) business days (or such shorter period required by order of a court or
other legal or governmental authority) after receipt of your notice. 

5.
Release and Waiver

          In
consideration for the payments and benefits described in Section 3 above and
elsewhere in this Agreement, and for other good and valuable consideration, the
receipt of which you acknowledge by your signature in the space provided below,
but subject to the provisions of Section 7 of this Agreement, you do, for
yourself, your heirs, personal representatives, agents and assigns, fully, absolutely,
and unconditionally release, acquit and forever discharge the Company, and any
and all of its predecessors, successors, assigns, subsidiaries, parents,
affiliates, and their respective directors, officers, employees and agents,
attorneys and representatives, past, present, and future, from any and all
claims, losses, demands, liabilities, causes of action, fees (including
attorney’s fees), compensation, back pay and/or front pay, employment or
re-employment and any other benefits, obligation or liability of any kind,
known or unknown, whether heretofore asserted or unasserted, including but not
limited to all causes of action arising out of or in any way related to your
employment by the Company, or your separation, whether arising out of or
related to Title VII of the Civil Rights Act of 1964, as amended (“Title VII”);
the Civil Rights Act of 1991; the Sarbanes-Oxley Act; the Americans with
Disabilities Act of 1990; the Age Discrimination in Employment Act of 1967, as
amended, (the “ADEA”), the Family and Medical Leave Act (“FMLA”), the Fair
Labor Standards Act (“FLSA”), the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, the Tennessee Human Rights Act, Tennessee Code
Annotated section 4-21-101 et seq, and Tennessee Code Annotated 8-50-103 (Employment
of the Handicapped), and any other federal or state, local, or city statute,
code, ordinance, rule, regulation, or common law governing, controlling or
otherwise dealing with employment, employment discrimination or equal
employment opportunity, unemployment compensation, employment termination,
retaliation, or otherwise all causes of action occurring from the beginning of
time to the date of this Agreement; provided, however, that notwithstanding the
foregoing, you do not release, discharge or waive any claims arising under or
related to any obligation owed to you by the Company under this Agreement or
any claims for compensation, benefits or entitlements that you have earned as
an employee of the Company pursuant to any Company plan, policy, program,
arrangement or other agreement not affected by this Agreement, including those
benefits identified in the first two paragraphs of Section 8 of this Agreement.

          Notwithstanding
the foregoing or anything to the contrary contained in this Agreement, nothing
herein is intended to or shall adversely affect any obligation the Company may
have to indemnify you, hold you harmless or advance to you or pay expenses to
the fullest extent permitted in accordance with

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the Company’s Bylaws or any individual indemnity
agreement in place at the time of this Agreement, and it is agreed that nothing
in this Agreement will be construed as a waiver by you of any such rights.

6. Non-Disparagement and Non-Competition

          Non-Disparagement

          The
Company and you jointly agree that neither will participate in, assist in, nor
encourage any activity or efforts to damage the business or personal reputations
of the other, and that neither will attempt to adversely affect the other’s
relationships with employees, customers, business partners, or other individuals
or entities.

          Non-Competition
/ Non-Solicitation.

          In
return for the consideration provided herein by the Company, you agree that for
a period of two (2) years following your Retirement Date, you will not in any
manner, directly or indirectly, compete with any Affiliated Company by
accepting employment from or having any other relationship with (including,
without limitation, through owning, managing, operating, controlling or consulting)
a competitor of any Affiliated Company. “Affiliated Company” refers to each of
the following: the Company, the Bank, and any of their subsidiaries or
affiliated companies. This agreement does not prevent you from working as a
consultant to other financial companies as long as that work does not have you
serving in a capacity that involves hiring and managing staff that competes
with the Company and you must comply with the non-soliciatation covenant
discussed below.

          You
further agree that for a period of two (2) years following your Retirement
Date, you will not, either on your own behalf or on behalf of any other person
or entity, in any manner directly or indirectly solicit, hire or encourage any
person who is then an employee of any Affiliated Company to leave the
employment of any Affiliated Company. 

          You
further agree that for a period of two (2) years following your Retirement
Date, you will not, either on your own behalf or on behalf of any other person
or entity, in any manner directly or indirectly solicit or contact any person
or entity who is a Customer of any Affiliated Company at the time of such
solicitation or contact, with the intent of providing one or more services to
that Customer of a nature similar to services provided by that Affiliated Company
to Customers generally

          You
acknowledge and agree that the restrictions set forth in this Agreement are reasonable
and necessary for the protection of each Affiliated Company’s business and
goodwill, and that you are being compensated under this Agreement for agreeing
to such restrictions. 

7.
Acknowledgment of OWBPA Compliance

          Because
this Agreement includes a release and waiver as to claims under the Age
Discrimination in Employment Act, your signature below acknowledges that it
complies with the Older Workers Benefit Protection Act (“OWBPA”) of 1990 and
further acknowledges that you confirm, understand and agree to the terms and
conditions of this Agreement; that these terms are written in lay persons
terms, and that you have been fully advised of your right to seek the advice of
an attorney, as well as tax advisors to review this Agreement. You acknowledge
receiving not less than twenty one (21) calendar days in which to consider this
Agreement to ensure that your execution of this Agreement is knowing and
voluntary. In signing below, you expressly acknowledge that you have been
afforded at least twenty-one (21) days to consider this Agreement and that your
execution of same is with full knowledge of the consequences thereof and is of
your own free will. By signing on the date below, if less than twenty-one (21)
days, you voluntarily elect to forgo waiting twenty-one (21) full days. You
agree that any change, material or immaterial, to the terms of this Agreement
does not restart the running of the twenty-one (21) day period.

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8. Other
Benefits; Stock Options; Change in Control Agreement

          Other
than as provided below or elsewhere expressly in this Agreement, your right to
benefits under all other plans of the Company is not affected by your signature
to this Agreement. This includes your qualifed pension benefit, Pension
Restoration Plan benefit, 401(k) savings plan account, life and disability
insurance benefits, normal post-retirement medical benefits for executives, and
any deferred compensation accounts. 

          Except
for options granted in 2011 and 2012 (treated in Section 3.v.), your stock
options will not be altered by this Agreement. Your pre-2011 options all
currently are vested (exercisable). Your retirement qualifies as an approved
early retirement under your pre-2011 option awards. Accordingly, your
outstanding pre-2011 options will expire, unless exercised, upon the earlier of
the original expiration date or the third anniversary of your Retirement Date.
Your deferral stock options will expire the earlier of the original expiration
date or the fifth anniversary of your Retirement Date. As a consequence of the
foregoing, your options granted before 2011 will avoid immediate forfeiture
upon retirement, though their remaining terms in many cases will be shortened.

          You
and the Company agree that your change in control severance agreement with the
Company, including all amendments thereto, is cancelled and terminated
effective immediately. Moreover, you agree that effective immediately you will
not be eligible to receive benefits, and will not be paid any benefits, under
the Company’s Severance Pay Plan or any similar severance plan or program
through which the Company or its subsidiaries offer or pay severance benefits
to officers or employees in connection with a change in control event. 

9. Right
of Revocation

          Your
signature also acknowledges that, in compliance with the OWBPA mentioned above,
you have been fully advised by the Company of your right to revoke and nullify
this release and Agreement, which right must be exercised if at all, within
seven (7) days of the date of your signature. Any revocation of this agreement
must be in writing, addressed to First Tennessee Bank, attention Salomon
Mizrahi, Human Resources Division, 300 Court Avenue, Sixth Floor, Memphis,
Tennessee 38103. The Company must be notified within the foregoing seven day
period. This agreement will not become effective or enforceable until the
expiration of the seven day period. In the event the Company enters into a
merger or other change-in-control agreement after you sign this release and Agreement,
you will not be eligible for change-in-control severance benefits under your
current change-in-control agreement.

10.
Breach and Remedies

          (A)
If you resign prior to your Retirement Date then the consideration provided to
you under Section 3 of this Agreement shall be cancelled and forfeited, and you
will be responsible for repayment to the Company of any cash, shares, and other
amounts previously paid to you pursuant to Section 3 of this Agreement. This
paragraph does not apply to cash salary under Section 3(ii) which has been paid
prior to such resignation.

          (B)
If you fail to comply with any covenant, agreement, or other obligation of this
Agreement in any material respect other than your agreement to remain employed
through Retirement Date (“Breach”) and if such Breach continues for thirty (30)
days after the Company sends you notice which expressly states that you shall
forfeit the consideration provided to you under Section 3 of this Agreement if
such Breach is not corrected, then the consideration provided to you under
Section 3 of this Agreement shall be cancelled and forfeited, and you will be
responsible for repayment of all cash, shares, and other amounts previously
paid to you pursuant to Section 3 of this Agreement. If, however, during such
30 days you truly and fully halt the failure which caused the Breach and within
ten (10) days thereafter send notice to the Company of your actions taken to
accomplish the halt, then the Company’s sole remedies related to your Breach
shall be (i) seeking specific performance, injunctive, or other equitable
relief, and (ii) the Company’s actual damages, including costs as provided
below if the Company brings an action and prevails. For this purpose: notice to
you will be deemed sent to you if the Company provides actual no-

7

tice to you by any means or if the Company mails
notice to you at your last known address used for pension, compensation, or
other employment-related communications; and, notice to the Company will be
deemed sent to the Company if actually provided to the Company’s Chief
Executive Officer or Chief Financial Officer by any means or if mailed to
either such officer using the U.S. Postal Service, postage pre-paid, at the
Company’s headquarters mailing address, which currently is 165 Madison Avenue,
23rd Floor, Memphis, TN 38103. Notwithstanding the foregoing, the
cash salary provided under Section 3(ii) shall not be forfeited, cancelled, or
subject to repayment if such Breach first occurs after your Retirement
Date. 

          (C)
If you breach or threaten to breach any obligation in this Agreement, the
Company may seek specific performance and/or injunctive relief against you to
prevent such continued or threatened breach, in addition to any other remedies
available to it under this Agreement or the law. 

          (D)
If a court of competent jurisdiction determines a prevailing party in any
litigation or other court proceeding related to this Agreement, the
non-prevailing party agrees to pay all court costs and reasonable attorneys’
fees and costs of the prevailing party related to such litigation or other
court proceeding.

11.
Return of Documents

          By
your signature, you acknowledge and confirm that you will return to the Company
any and all documents belonging to it, as well as any other property which
belongs to it, and that no such documents or materials or property will be
retained by you after your Retirement Date.

12.
Binding Effect

          Upon
your signing this Agreement, and after the expiration of seven (7) days as
provided in Section 9, it will become effective and is binding upon you and the
Company and their respective successors, assigns, heirs, and personal
representatives.

13.
Severability

          A
finding that any provision of this Agreement is void or unenforceable shall not
affect the validity or enforceability of any other provisions of this
Agreement.

14.
Drafting

          This
Agreement is a product of negotiations between the parties and in construing
the provisions of this Agreement, no inference or presumption shall be drawn
against either party on the basis of which party or their attorneys drafted
this Agreement.

15.
Captions

          The
captions to the various Sections of this Agreement are for convenience only and
are not part of this Agreement.

16. Sole
Agreement

          By
your signature, you also confirm that the only consideration for your signing
this Agreement are the terms set forth within it, and that no other promise or
agreement of any kind has been made to you by the Company or anyone acting by,
for, or on its behalf.

          YOU
ALSO AFFIRM THAT YOU HAVE BEEN FREE TO DISCUSS THIS MATTER PRIVATELY AND
THOROUGHLY WITH A FINANCIAL COUNSELOR AND AN ATTORNEY OF YOUR CHOICE AND THAT
YOU FULLY UNDERSTAND THE MEANING AND INTENT OF THIS AGREEMENT, INCLUDING, BUT
NOT LIMITED TO, ITS FINAL AND BINDING EFFECT.

          This
Agreement covers in detail each and every element of the retirement agreement
agreed upon between you and the Company. Your signature in the space provided
below will confirm that you have

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had an unhurried opportunity to carefully read and review
this Agreement and seek advice with respect to its content, and that you fully
understand its meaning in all respects.

          This
Agreement may be enforced by the parties in any state or federal court of
competent jurisdiction. This Agreement is governed by the substantive laws of
the state of Tennessee, without regard to conflicts of laws statutes or
principles.

 [The remainder of this page is
intentionally blank]

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I HAVE READ THE FOREGOING AGREEMENT, HAVE HAD A
REASONABLE AND ADEQUATE OPPORTUNITY TO REVIEW IT, AND FULLY UNDERSTAND AND
VOLUNTARILY SIGN THE SAME.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 /s/ Christine B. Munson

 	
  

 	
           11/19/2012

 
	
  

 	
  

 	
  

 
	 

 	
  

 	 

 
	
 Christine B. Munson

 	
  

 	
 Date

 
	
  

 	
  

 	
  

 
	
 Witnessed by:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 [NOTARY
 SEAL]          

 	
 My Commission Expires:

 
	
 /s/ Paula M. Seaton

 	
  

 	
      December
 12, 2012

 
	
  

 	
  

 	
  

 
	 

 	
  

 	
  

 
	
 Notary of the State of Tennessee

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 First Horizon National Corporation

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 /s/ John M. Daniel

 	
  

 	
           Nov.
 19, 2012

 
	
 By:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	 

 	
  

 	 

 
	
  

 	
  

 	
 John M. Daniel

 	
  

 	
 Date 

 
	
  

 	
  

 	
 Executive Vice President and 

 	
  

 	
  

 
	
  

 	
  

 	
 Chief
 Human Resources Officer

 	
  

 	
  

 

1012.31.2012 - 10-K - Exhibit 10.61

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

SECOND AMENDED AND RESTATED SECONDARY 
MATERIALS PROCESSING AGREEMENT
THIS SECOND AMENDED AND RESTATED SECONDARY MATERIALS PROCESSING AGREEMENT (this “Agreement”) is dated effective as of November 1, 2012, by and between STILLWATER MINING COMPANY, a Delaware corporation with its principal place of business in Montana (“Stillwater”), and POWER MOUNT INCORPORATED, a Kentucky corporation with its principal place of business in Kentucky (“Power Mount”).
WHEREAS, Power Mount and Stillwater previously entered into that certain Secondary Materials Processing Agreement, dated September 15, 2003 (the “Initial Agreement”), as amended by the Amended and Restated Secondary Materials Processing Agreement, dated June 7, 2005 (together with the Initial Agreement, the “Previous Agreement”), whereby Power Mount supplied Secondary Materials to Stillwater, and Stillwater processed and refined such Secondary Materials; and
WHEREAS, Power Mount and Stillwater desire to enter into this Agreement to amend and restate the terms of the Previous Agreement;
NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
1.    DEFINITIONS.
Throughout this Agreement, the following terms shall have the following meanings:
1.1    Applicable Supplier Percentage has the meaning set forth in Section 14.2.
1.2    Business Day means every Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in the United States are authorized or obligated by law or executive order to close.
1.3    Environmental Laws means any laws concerning pollution or protection of the
environment, public health and safety, or employee health and safety, including laws relating to the Release of Hazardous Substances or otherwise relating to the disposal, storage, use, transport, treatment or handling of any pollutant, contaminant, chemical, waste, material or substance, including Hazardous Substances.
1.4    Estimated Delivery Date means the date estimated by Power Mount for delivery
at the Facility of Offered Ounces.
1.5    Estimated Ounces means, with respect to a specific Lot, the number of troy
ounces of each Metal estimated by Power Mount to be contained in such Lot and set forth by Power Mount on a Shipment Verification Form.
1.6    Event of Default has the meaning set forth in Section 12.
1.7    Facility means Stillwater's processing complex located in Columbus, Montana.
           1.8    Final Assay means, with respect to a specific Lot, the final settlement figures
expressed as the amount of troy ounces per Short Ton of each Platinum Group Metal, determined in accordance with Section 8.3.

B-1

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

1.9    Final Dry Lot Weight means, with respect to a specific Lot, the weight in Short
Tons as determined in accordance with Section 8.3.
1.10     Final Lot Value means, with respect to each Metal, the product of (i) the Final Dry Lot Weight, (ii) the Final Assay, (iii) the Return Percentage, and (iv) the Purchase Price.
1.11     Final Ounces means, with respect to each Metal, the product of the Final Dry Lot Weight and the Final Assay.
1.12    Final Payment has the meaning set forth in Section 9.2.
1.13    Final Payment Finance Charge means the interest assessed by Stillwater on the amount of the Final Payment and calculated as the product of (i) the amount of the Final Payment prior to deducting the Final Payment Finance Charge; (ii) Stillwater's Cost of Borrowing; and (iii) the number of days from the date of Final Payment until the Value Date divided by 360.
1.14    Final Treatment Charge means, with respect to a specific Lot, the product of (a) the Final Dry Lot Weight, (b) [**Redacted**], and (c) the Treatment Charge.
1.15    Force Majeure has the meaning set forth in Section 16.1.
1.16    Hazardous Substances means any substance, whether solid, liquid or gaseous, that, whether by its nature or its use or any other cause, is regulated or from which liability might arise under any applicable Environmental Law or which causes or poses a threat to cause contamination or a nuisance on property or a hazard to the environment or to the health, safety and welfare of persons.
1.17    Lot means a quantity of Secondary Materials delivered to Stillwater as one Shipment or as part of a Shipment and designated by Power Mount based on the type of automobile catalytic converter.
1.18    Shipment Verification Form means the form attached as Appendix A and completed by Power Mount and Stillwater in accordance with Sections 3.4 and 3.5.
1.19    Material Weight Variance has the meaning set forth in Section 8.2. 1.20    Metal means platinum, palladium or rhodium.
1.21   MSDS means Material Safety Data Sheet.
1.22    Notices has the meaning set forth in Section 19.4.
1.23    Offered Metal Value means, with respect to each Metal, the product of the (i) Offered Ounces, (ii) the Return Percentage, and (iii) the Purchase Price.
1.24    Offered Ounces means, with respect to each Metal, the number of troy ounces offered by Power Mount for purchase by Stillwater.
1.25    Party or Parties means Power Mount and Stillwater, individually or collectively as the context implies, and the successors and assigns of any Party that shall have become a Party hereto in accordance with the terms hereof
1.26    Platinum Group Metals means, collectively, platinum, palladium and rhodium. 1.27    PM Referral Fee has the meaning set forth in Section 14.1.

B-2

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

1.28   PM Supplier has the meaning set forth in Section 14.1.
1.29   PM Supplier Payment has the meaning set forth in Section 14.2.
1.30    Preliminary Ounces means, with respect to each Metal in a specific Lot, the number of troy ounces of such Metal contained in the Lot, as determined in accordance with Section 8.2.
1.31    Prepayment has the meaning set forth in Section 9.1.
1.32    Prepayment Finance Charge means the interest assessed by Stillwater on the amount of the Prepayment and calculated as the product of (i) the amount of the Prepayment prior to deducting the Prepayment Finance Charge; (ii) Stillwater's Cost of Borrowing; and (iii) the number of days from the date of the Prepayment until the estimated Value Date divided by 360.
1.33    Prepayment Percentage means the percentage of the Offered Metal Values used to determine the amount, if any, of the Prepayment from Stillwater to Power Mount, which is set forth on Schedule 1 hereto.
1.34     Purchase Price means, with respect to any Metal, a set price per ounce of a Metal established by Stillwater for settlement on the Value Date, which price will be based on the Estimated Date of Delivery or the date of actual delivery, applied on a first-in-first-out basis.
1.35   Release means the spilling, leaking, disposing, discharging, emitting, depositing, ejecting, leaching, escaping or any other release or threatened release, however defined, whether intentional or unintentional, of any substance, including Hazardous Substances.
1.36    Return Percentage shall mean, with respect to each Metal, that percentage, set forth on Schedule 1 hereto, of the ounces of Metal on which Stillwater makes payment.
1.37    Sample Split means a portion of a Lot sample taken prior to assaying.
             1.38    Secondary Materials means decanned beads, honeycombs, and metal foil only from manufactured automobile catalytic converter products containing Platinum Group Metals.
              1.39    Shipment means a delivery of Secondary Materials of up to 21 Short Tons delivered to the Facility.
1.40    Shipping Documentation means, with respect to each Lot, the bill of lading from the transportation company, the packing list and the Lot Verification Form with the top part completed by Power Mount.
1.41   Short Ton means 2,000 pounds.
1.42    Stillwater's Cost of Borrowing means Stillwater's quarterly, pretax, weighted average cost of borrowing, as determined in Stillwater's sole discretion.
1.43   Treatment Charge shall mean the amount payable by Power Mount to Stillwater to treat and refine the Secondary Materials, which is based on the volume of Secondary Materials delivered and set forth on Schedule 1 hereto.

B-3

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

1.44   Value Date means the first Business Day following the date that is [**Redacted**] days following the date of actual delivery, subject to extension pursuant to Sections 5 and 16.2.

 2.TERM.
The term of this Agreement shall be for a period of one (1) year commencing on the effective date hereof and ending October 31, 2013. Notwithstanding the foregoing, this Agreement may be earlier terminated in accordance with the provisions of  Section 13 or extended in accordance with the provisions of Section 16.2. 
3.OFFERED OUNCES; SHIPMENT VERIFICATION FORM; RECEIPT AND  ACCEPTANCE.
3.1    Offered Ounces. Via email, Power Mount will from time to time offer Stillwater
Offered Ounces of Metal at a price to be determined by Stillwater and will provide Stillwater with the Estimated Delivery Date of the Secondary Materials containing such Offered Ounces. Power Mount will also indicate in such communication when Power Mount wants Stillwater to set the Purchase Price for the Offered Ounces, which may be as early as [**Redacted**] days prior to the Estimated Delivery Date and as late as the Value Date. If Power Mount does not indicate when it wants Stillwater to set a Purchase Price for the Offered Ounces of Metal, Stillwater will determine the Purchase Price of the Offered Ounces of each Metal on receipt of the Final Assay for the Lot containing such Offered Ounces of Metal. Power Mount shall not include in its email regarding Offered Ounces any Metal that Power Mount does not reasonably expect to deliver to the Facility within [**Redacted**] days from the date of such offer. Within [**Redacted**] Business Days following an offer from Power Mount, Stillwater will send an email to Power Mount with the following information: (a) the Purchase Price for each Metal (if set by Stillwater); and (b) the Offered Metal Value and the Prepayment amount, if any. Stillwater will match deliveries of Lots with the applicable Offered Ounces according to the Estimated Delivery Date on a first-in-first-out basis.

3.2    Shipment. Power Mount will deliver Secondary Materials to the Facility in the
quantities and with the composition in accordance with this Agreement. Power Mount will transport, or arrange for the transportation of, Secondary Materials in accordance with all applicable Environmental Laws. Power Mount will label each Lot based on the type of Secondary Material contained in such Lot. Each Shipment must be accompanied by an MSDS. Power Mount will bear the costs of transporting the Secondary Materials to the Facility. The Secondary Materials must be packaged in gaylord boxes unless alternative packaging is pre-approved by Stillwater. Catalyst dusts must be packaged in super sacks (bulk bags).
3.3    Shipment Verification Form. Power Mount shall electronically enter the metal
data to complete the top portion of the Shipment Verification Form for each Lot shipped to Stillwater. Stillwater will confirm via email its receipt of the Shipment Verification Form. Power Mount shall indicate on the Shipment Verification Form, among other things, whether or not Power Mount will have a representative present for weighing and sampling.
3.4    Receipt and Acceptance. Stillwater shall notify Power Mount when Stillwater
has received a Lot of Secondary Materials at the Facility. Within [**Redacted**] Business Days following Stillwater's receipt of a Lot of Secondary Materials, Stillwater shall notify Power Mount whether or not Stillwater will accept or reject that Lot by completing the bottom portion of the Shipment Verification Form and forwarding a copy of the completed form to Power Mount via facsimile or email. If Stillwater rejects a 

B-4

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

Lot, Stillwater will have no further obligations to Power Mount with respect to such Lot, and Power Mount shall promptly remove such Lot from the Facility and shall bear the costs of such removal. No payment will be due from Stillwater for any Lot that Stillwater rejects. To the extent Stillwater has made any Prepayment for the Metal estimated to be contained in a rejected Lot, such Prepayment amount will be deducted from future payments owed Power Mount and, if payments owed to Power Mount within [**Redacted**] months after such rejection are insufficient to repay Stillwater the amount of such Prepayment, Power Mount shall thereupon pay Stillwater all amounts remaining due.
4.    TITLE; RISK OF LOSS; WARRANTIES OF POWER MOUNT; 
INDEMNIFICATION.
4.1    Title. Title to the Secondary Materials in any Lot in a Shipment shall transfer
from Power Mount to Stillwater following receipt and acceptance of such Lot by Stillwater at the Facility. Power Mount shall have responsibility for and assume all liability with respect to the Secondary Materials prior to title passing to Stillwater.
4.2    Risk of Loss. Power Mount shall bear all risk of loss of or damage to the
Secondary Materials during transit to the Facility, and risk of loss of the Secondary Materials shall pass to Stillwater only upon receipt and acceptance of the Secondary Materials at the Facility. Power Mount shall acquire and maintain adequate insurance to cover 100% of the value while in Power Mount's possession.
4.3    Warranties of Power Mount. Power Mount warrants and covenants to
Stillwater that Power Mount will have full legal and beneficial title, free, clear and unencumbered by security interests and liens, to all Secondary Materials upon Stillwater's receipt and acceptance of the Secondary Materials by Stillwater; that Stillwater shall upon
receipt and acceptance, acquire full legal and beneficial title to such Secondary Materials, free, clear and unencumbered by security interests and liens (other than security interests and liens of Stillwater); and that the Secondary Materials shall be of the quality set forth in Section 6.1.
4.4    Indemnification. Power Mount shall indemnify and hold Stillwater harmless
from and against any and all costs, losses, judgments, orders, decrees, expenses, including reasonable attorneys', costs of court, and expert witness fees, and damages arising as the result of Power Mount's failure to (a) have full and unencumbered title as provided in Section 4.3; (b) provide Secondary Materials of the quality set forth in Section 6.1 (unless Stillwater elects to accept nonconforming Secondary Materials under Section 6.2); and (c) comply with Environmental Laws.

 5.         QUANTITIES.
Power Mount may offer any amount of Secondary Materials to Stillwater pursuant to this Agreement. No Lot shall be less than [**Redacted**] pounds. An additional $[**Redacted**] lot charge will be included for any lot that is received and accepted weighing less than [**Redacted**] pounds. Stillwater may delay receipt and acceptance and the Value Date for any Lot that does not meet the requirements of this Section 5.

6.          QUALITY.
6.1    Minimum Quality of Secondary Materials. Each Lot of Secondary Materials

B-5

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

must have, at a minimum, [**Redacted**] troy ounces of Metal per Short Ton. Power Mount represents and warrants that all Secondary Materials delivered to Stillwater from Power Mount shall be (a) free of lead, zinc, arsenic, chlorine, fluorine, mercury, selenium or other deleterious materials and free of any other impurities the solubility of which will negatively impact the processing and refining process (as determined solely by Stillwater), (b) free of Hazardous Substances (other than Hazardous Substances exempt under Environmental Laws), and (c) free of iron, stainless steel and other scrap.
6.2    Material Differences in Composition. If the results of sampling conducted by
Stillwater indicate that a Lot of Secondary Materials delivered hereunder does not meet the requirements of Section 6.1, Stillwater shall have the absolute right (a) to refuse to accept that particular Lot of Secondary Materials for processing and refining, in which event Stillwater shall so notify Power Mount of such rejection; or (b) to accept, process and refine the Lot and to charge Power Mount $[**Redacted**] per pound of Secondary Material or such greater amount as determined by Stillwater as necessary to cover additional costs of processing. If Stillwater refuses to accept any Lot, Power Mount will promptly remove that Lot from the Facility at Power Mount's sole expense. No payment will be due from Stillwater for any Lot that Stillwater rejects pursuant to this Section 6.2. To the extent Stillwater has prepaid for the Metal estimated to be contained in such Lot, such amount will be deducted from future payments owed Power Mount, and, if payments owed to Power Mount within [**Redacted**] months after such rejection are insufficient to repay Stillwater the amount of such Prepayment, Power Mount shall thereupon pay Stillwater all amounts remaining due.

7.           PROCESSING.
7.1    Processing of Secondary Materials. Subject to Sections 4, 5 and 6, Stillwater
will take delivery and possession at the Facility of the Secondary Materials provided by Power Mount under this Agreement, and, following acceptance, Stillwater will process the Secondary Materials.
7.2    Smelter Capacity. On any occasion during the term of this Agreement that
Stillwater's Facility is shut down for any reason, Stillwater may delay the processing of any Secondary Materials and will promptly notify Power Mount of such delay. Stillwater shall have no liability to Power Mount due to a shutdown if the shutdown (i) is for any reason and Stillwater has delivered to Power Mount not less than [**Redacted**] days' prior written notice of such shutdown, and provided further that Stillwater complies with all of its obligations under this Agreement with respect to any Secondary Materials previously shipped to Stillwater and any Secondary Materials shipped to Stillwater pursuant to this Section 7.2, or (ii) results from an event of Force Majeure. If Stillwater has notified Power Mount that a shutdown will occur for a reason other than an event of Force Majeure, then upon receipt of such notification, Power Mount will ship to Stillwater only the number of outstanding Offered Ounces due Stillwater. Power Mount will make no other shipments of Secondary Materials to Stillwater until such time as Power Mount receives written notification from Stillwater to resume shipments.

8.          WEIGHING; SAMPLING; ASSAYING; COMMINGLING.
8.1    Weighing; Representation. Power Mount reserves the right, at its expense, to
have its representative present to observe the process of the preliminary weighing of each Lot and the collecting of samples for assaying. If Power Mount has elected to have its representative present at weighing and sampling, then the weighing of such Lot and the collection of the samples from such Lot shall not occur until Power Mount's representative has arrived at the Facility. Such representative must arrive at the Facility on the day that Stillwater has indicated that it will conduct the sampling of that particular Lot; provided that Stillwater has given Power Mount at least [**Redacted**] Business Days' notice of such date.

B-6

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

8.2    Preliminary Ounces. Within [**Redacted**] Business Days following delivery of the Lot at the Facility, Stillwater will weigh and test the preliminary content of such Lot. If the number of troy ounces of each Metal as determined by Stillwater on receipt differs by [**Redacted**]% or more from the Estimated Ounces of each Metal as determined and set forth on the Shipment Verification Form by Power Mount (a “Material Weight Variance”), Stillwater will promptly notify Power Mount of such Material Weight Variance. The Preliminary Ounces of each Metal shall equal the Estimated Ounces of each Metal unless there is a Material Weight Variance. If there is a weight variance, the Preliminary Ounces of each Metal shall be as determined by Stillwater pursuant to this Section 8.2.

8.3    Sampling; Final Dry Lot Weight; Final Assays. Stillwater will sample each
Lot for moisture content and for assaying. Within [**Redacted**] days after the date of Power Mount's delivery of the particular Lot, Stillwater will send a Sample Split to Power Mount and a Sample Split to the Stillwater Mining Laboratory, and Stillwater will retain a Sample Split on file at the Facility for use as an umpire sample (if needed). Each Lot received by Stillwater will be considered complete and separate for sampling purposes under this Agreement. Stillwater will keep a separate record of the specific procedures performed in sampling the Secondary Materials supplied by Power Mount. Stillwater will determine and provide Power Mount with the Final Assay results, the Final Dry Lot Weight and the number of Final Ounces for such Lot within [**Redacted**] days after the date of Power Mount's delivery of the particular Lot.
8.4    Commingling. Stillwater shall have the right to commingle in the Facility any
Secondary Materials from Power Mount with any other materials, provided that the commingling occurs only after the Secondary Materials have been (i) weighed and sampled by Stillwater and (ii) accepted by Stillwater pursuant to Section 3.4.
9.    PAYMENT; SECURITY INTEREST.
9.1    Prepayment. Within [**Redacted**] Business Day following receipt of Shipping
Documentation from Power Mount and provided a Purchase Price has been set, Stillwater may, at its option, forward Prepayment if it has been requested by Power Mount for such Lot via wire transfer to Power Mount. The “Prepayment” to Power Mount for such Offered Ounces shall equal (A) the product of (i) the Prepayment Percentage and (ii) the sum of the Offered Metal Values for each Metal less (B) the Prepayment Finance Charge.
9.2    Calculation of Final Payment. Within [**Redacted**] Business Days following notice to Power Mount of the Final Lot Value for a Lot of Secondary Materials, Stillwater will forward the Final Payment via wire transfer to Power Mount. The “Final Payment” shall be calculated as follows:
(a)the sum of the Final Lot Values for each Metal in such Lot; less
(b)the Prepayment; less
(c)the Prepayment Finance Charge; less
(d)the Final Payment Finance Charge; less
(e)the Final Treatment Charge; less
(f)any Section 5.0 lot charges.
Attached as Appendix B is a sample calculation of a Final Payment and Final Payment Finance Charge. If the calculation of the Final Payment pursuant to this Section 9.2 results in a negative number such that Stillwater has overpaid for a given Lot, such amount will be deducted from future amounts owed to Power Mount, and, if payments owed to Power Mount within [**Redacted**] months after such 

B-7

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

overpayment are insufficient to repay Stillwater the amount of such overpayment, Power Mount shall promptly (with [**Redacted**] Business Days) pay Stillwater all amounts remaining due.
9.3 Maximum Prepayments; Obligation to Make Prepayment May Be Suspended or Terminated by Stillwater. Stillwater shall not prepay Power Mount for any Lot unless Stillwater has received Shipping Documentation from Power Mount and has been directed by Power Mount to set a Purchase Price for each Metal in the Lot. Notwithstanding Sections 9.1  or 9.2 above, Stillwater may elect to suspend or terminate prepayments to Power Mount at any time during this Agreement for whatever reason. If Stillwater does suspend or terminate prepayments, Stillwater will forward Final Payment for each Lot of Secondary Material to Power Mount in one Final Payment, which shall be determined as follows:
(a)the sum of the Final Lot Values for each Metal in such Lot; less
(b)the Final Treatment Charge.
9.4    Right of Set-off. Stillwater may set-off any amounts that Power Mount owes
Stillwater against any amounts that Stillwater owes Power Mount.
9.5    Security Interest. As security for all obligations of Power Mount under this
Agreement, Power Mount hereby assigns, pledges and grants to Stillwater, its successors and assigns, a security interest in each Lot of Offered Ounces shipped to Stillwater pursuant to Article 3 of this Agreement., which Power Mount owns or hereafter acquires and offers to Stillwater.

10.         PUBLICITY: CONFIDENTIALITY.
10.1 Publicity. Power Mount will not issue or approve an advertisement, promotional material, news release or other form of publicity concerning this Agreement or the transactions contemplated herein without the prior approval of Stillwater as to the content of such advertisement, promotional material, news release or publicity and the timing of its release.
10.2 Confidentiality. Each party will keep the terms of this Agreement confidential except as disclosure may be required by law or regulation. Each Party will treat all information, documents and other materials provided by the other Party hereunder as confidential and proprietary information of the disclosing Party, and the receiving Party agrees to maintain in confidence all such confidential information and will not divulge such confidential information in whole or in part to any third party (other than its employees, lenders, accountants, counsel and financial advisors) and except as required by law or regulation.

11.          REPRESENTATIONS AND WARRANTIES. 

11.1 Representations and Warranties of Stillwater.
11.1.1    Organization, Good Standing and Qualification. Stillwater is a
corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. Stillwater has all requisite corporate power and authority to own its property and assets and to carry on its business as now conducted and as currently proposed to be conducted. Stillwater is duly qualified to transact business and is in good standing in each other jurisdiction in which the failure to so qualify would have a material adverse effect on Stillwater. Stillwater has the power and authority to execute, deliver and perform its obligations under this Agreement.
11.1.2    Authorization. All corporate action on the part of Stillwater, its

B-8

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

officers, directors and stockholders necessary (a) for the authorization, execution and delivery (or acceptance, as the case may be) of this Agreement and (b) for the performance of all obligations of Stillwater hereunder has been taken. The person executing this Agreement on behalf of Stillwater is authorized to execute this Agreement.
11.1.3    No Conflicts. The execution, delivery and performance of this
Agreement will not (a) violate any provision of law or statute or any order of any court or other governmental authority binding on Stillwater; (b) contravene or conflict with Stillwater's certificate of incorporation or bylaws; or (c) conflict with or result in any breach of any of the terms, conditions or provisions of, or constitute (with due notice or lapse of time or both) a default, or result in the creation of any lien upon any of the properties or assets of Stillwater, under any indenture, mortgage, lease agreement or other agreement or instrument to which Stillwater is a party or by which it or any of its property is bound or affected, except, for purposes of this clause (c), such conflict, breach or default as to which requisite waivers or consents shall have been obtained by Stillwater and delivered to Power Mount or which would not reasonably be expected to have a material adverse effect on Stillwater.
11.2 Representations and Warranties of Power Mount.
11.2.1    Organization, Good Standing and Qualification. Power Mount is a
corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Kentucky. Power Mount has all requisite corporate power and authority to own its property and assets and to carry on its business as now conducted and as currently proposed to be conducted. Power Mount is duly qualified to transact business and is in good standing in each other jurisdiction in which the failure to so qualify would have a material adverse effect on Power Mount. Power Mount has the power and authority to execute, deliver and perform its obligations under this Agreement.
11.2.2    Authorization. All corporate action on the part of Power Mount, its
officers, directors and stockholders necessary (a) for the authorization, execution and delivery (or acceptance, as the case may be) of this Agreement and (b) for the performance of all obligations of Power Mount hereunder has been taken. The person executing this Agreement on behalf of Power Mount is authorized to execute this Agreement.
11.2.3    No Conflicts. The execution, delivery and performance of this
Agreement will not (a) violate any provision of law or statute or any order of any court or other governmental authority binding on Power Mount; (b) contravene or conflict with Power Mount's certificate of incorporation or bylaws; or (c) conflict with or result in any breach of any of the terms, conditions or provisions of, or constitute (with due notice or lapse of time or both) a default, or result in the creation of any lien upon any of the properties or assets of Power Mount, under any indenture, mortgage, lease agreement or other agreement or instrument to which Power Mount is a party or by which it or any of its property is bound or affected, except, for purposes of this clause (c), such conflict, breach or default as to which requisite waivers or consents shall have been obtained by Power Mount and delivered to Power Mount or which would not reasonably be expected to have a material adverse effect on Power Mount.

12.    EVENTS OF DEFAULT.
The occurrence at any time with respect to a Party of any of the events set forth in this Section 12 shall constitute an event of default (an “Event of Default”) with respect to such Party.

B-9

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

12.1 Failure to Pay. Failure by the Party to make, when due, any payment under this Agreement required to be made by it, if such failure is not remedied on or before the [**Redacted**] Business Day after notice of such failure is given to the Party.
12.2 Breach of Agreement. Failure by the Party to comply with or perform any material agreement or obligation (other than an obligation to make payment under this Agreement) to be complied with or performed by the Party in accordance with this Agreement if such failure is not remedied on or before the [**Redacted**] day after notice of such failure is given to the Party.
12.3 Breach of Representations and Warranties. Any representation or warranty made by the Party contained in this Agreement was when given false or misleading in any material respect (provided, however, if any representation or warranty that is qualified by materiality, including with reference to a material adverse effect, shall prove to be false or misleading in any respect, the same shall be an Event of Default hereunder).
12.4 Bankruptcy. The Party (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) admits in writing its inability generally to pay its debts as they become due; (c) makes a general assignment for the benefit of creditors; (d) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is not dismissed, discharged, stayed or restrained in each case within [**Redacted**] days of the institution or presentation thereof; (e) has a resolution passed for its winding-up or liquidation (other than pursuant to a consolidation, amalgamation or merger); (f) seeks or becomes subject to the appointment of an administrator, receiver, trustee or custodian or other similar official for it or for all or substantially all of its assets; (g) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession or any such process is not dismissed, discharged, stayed or restrained, in each case, within [**Redacted**] days thereafter; or (h) takes any action in furtherance of or indicating its consent to approval of or acquiescence in any of the foregoing acts.

13.    TERMINATION.
13.1 Event of Default. If at any time an Event of Default with respect to a Party has occurred and is then continuing, the other Party may, in addition to any other remedies available to such Party, terminate this Agreement by sending written notice of termination to the defaulting Party, which notice shall be effective, subject to Section 13.3, upon receipt by the defaulting Party.
13.2 Termination by Stillwater. Stillwater may terminate this Agreement by sending written notice of termination to Power Mount if Stillwater, in its sole discretion, has determined that the processing of Secondary Materials conflicts with Stillwater's processing or production goals. Notice of termination pursuant to this Section 13.2 shall be effective, subject to
Section 13.3, upon the [**Redacted**] day following Power Mount's receipt of such notice.
13.3 Effect of Notice of Termination. Upon notice of termination, Power Mount will make no further shipments of Secondary Materials to Stillwater. Subject to Sections 4, 5 and 6  hereof and provided Stillwater has accepted the Lot of Secondary Materials, Stillwater shall process all Secondary Materials that Power Mount had offered or shipped to Stillwater prior to termination. Until such time as all Secondary Materials delivered to Stillwater have been processed by Stillwater and payment for same has been received 

B-10

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

by Power Mount, this Agreement will continue in full force and effect. Termination shall be without prejudice to any right of action or claim accrued on or before the date of termination or pursuant to applicable law.
13.4 Survival. The provisions of  Sections 4.3, 10, 13.3, 14, 16, 17 and 19 will survive termination.
14.    REFERRAL FEE PAYMENTS.
14.1 PM Suppliers. From time to time, Power Mount may arrange with third party suppliers (each, a “PM Supplier”) to supply Secondary Materials directly to Stillwater. If Power Mount refers a PM Supplier to Stillwater and Stillwater enters into an agreement with such PM Supplier for the purchase and sale of Secondary Materials, Stillwater will pay to Power Mount a referral fee (the “PM Referral Fee”) as determined pursuant to this Section 14. 
14.2 Calculation of PM Referral Fee. For each Lot of Secondary Materials delivered by a PM Supplier, Stillwater will calculate the amount due the PM Supplier under its applicable agreement (the “PM Supplier Payment”). Stillwater will pay to Power Mount a PM Referral Fee based on the PM Supplier Payment but calculated instead by substituting the Referral Fee Percentage (defined below) for each Metal for the stated return percentage for such Metal set forth in the agreement with the applicable PM Supplier (the “Applicable Supplier Percentage”). The “Referral Fee Percentage” shall be, with respect to each Metal, the difference between (a) the Return Percentage and Treatment Charge set forth in this Agreement and (b) the Applicable Supplier Percentage. Stillwater will provide Power Mount with advance written notice of the Applicable Supplier Percentages for each PM Supplier. If the Return Percentage or Treatment Charge under this Agreement or the Applicable Supplier Percentage under any agreement with a PM Supplier are amended to increase or decrease such percentage, the Referral Fee Percentage shall be adjusted accordingly. The Referral Fee Percentage plus the Applicable Supplier Percentage for each Metal shall never exceed the Return Percentage for such Metal under this Agreement.
14.3 Payment of the PM Referral Fee. The PM Referral Fees for all final shipment payments made to the PM Suppliers in any calendar month will be aggregated and paid to Power Mount within [**Redacted**] Business Days following the end of such calendar month. Stillwater may set-off any amounts that a PM Supplier owes to Stillwater against any amounts that Stillwater owes to Power Mount for a PM Referral Fee on that specific PM Supplier.
14.4 Stillwater's Right to Terminate. Nothing in this Agreement shall limit Stillwater's right to terminate or amend its agreement with any PM Supplier at any time for any reason or no reason.

15.    RELATIONSHIP OF THE PARTIES.
Nothing contained in this Agreement shall be deemed to constitute either Party the partner of the other, nor, except as otherwise herein expressly provided, to constitute either Party the agent or legal representative of the other, nor to create any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Agreement be construed to create, any mining, commercial or other partnership. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein. Each Party shall be responsible only for its obligations as herein set out and shall be liable only for its share of the costs and expenses as provided herein. Each Party shall indemnify, defend and hold harmless the other Party, its directors, officers, employees, agents and attorneys from and against any and all losses, claims, damages and liabilities claimed 

B-11

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

by any third party or parties arising out of any act or any assumption of liability by the indemnifying Party, or any of its directors, officers, employees, agents and attorneys done or undertaken, or apparently done or undertaken, on behalf of the other Party, except pursuant to the authority expressly granted herein or as otherwise agreed in writing between the Parties.

16.    FORCE MAJEURE.
16.1 Definition. The term “Force Majeure” as employed herein, shall mean acts of God, strikes, insurrections, lockouts or other labor or industrial disturbances, unavoidable accidents, uncontrollable delays in transportation, compliance with any state or federal laws, regulations or requirements (expressly including inability to obtain necessary governmental approvals, licenses or permits on reasonably acceptable terms), inability to obtain timely refining of materials, actions of any competent governmental authority or agency, court orders, future orders of any regulatory body having jurisdiction, acts of the public enemy, terrorist acts, wars (declared or undeclared), riots, sabotage, blockades, embargoes, shortages of or inability to secure fuel, power, contractors, labor, raw materials, railroad or transport facilities, failure of, damage to or destruction of machinery, plant and equipment, earthquakes, snowslides, landslides, lightning, weather conditions materially preventing or impairing work, fires, storms, floods, washouts and explosions, or other matters beyond the reasonable control of the Party obligated to perform, whether similar to matters herein specifically enumerated or not; provided, however, that performance shall be resumed within a reasonable period of time after such cause has been removed; and provided, further, that neither Party shall be required against its will to adjust any labor dispute or to question the validity of or to refrain from judicially testing the validity of any federal, state or local order, regulation or statute.
16.2 Effect of Occurrence. If either Party is rendered unable, wholly or in part, by Force Majeure applying to it, to carry out its obligations under this Agreement, it is agreed that such obligations of such Party, so far as they are affected by such Force Majeure, shall be suspended during the continuance of any inability so caused, but for no longer period, and that the various periods and terms provided for herein shall be extended for a period equivalent to such period of Force Majeure. The Party claiming that an event of Force Majeure has occurred will promptly notify the other Party of the commencement and termination of any event of Force Majeure.

17.    NO IMPLIED COVENANTS.
There are no implied covenants contained in this Agreement other than those of good faith and fair dealing.

18.    COMPLIANCE WITH LAWS.
To the extent applicable, the Parties agree to comply in all material respects with all laws, ordinances, rules, codes, regulations and lawful orders of any federal, state or local governmental authority applicable to performance of this Agreement. Without limiting the generality of the foregoing, (i) each Party represents that it will not engage in any business practice that is in violation of the Foreign Corrupt Practices Act of 1977, as amended, or applicable similar laws; and (ii) Power Mount shall comply with all Environmental Laws applicable to the sorting, handling, testing, loading, transporting, and delivery of the Secondary Materials to Stillwater. Power Mount shall ensure that the Secondary Materials are properly contained, secured, labeled, marked, documented, and inspected at all times during the course of sorting, 

B-12

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

handling, testing, loading, transporting, and delivering so as to comply with all applicable Environmental Laws. Power Mount shall further ensure that its employees, contractors, and agents have been properly trained and are properly supervised with respect to the sorting, handling, testing, loading, transporting, and delivery of the Secondary Materials to Stillwater. If Power Mount engages third parties for the requirements outlined herein, Power Mount shall exercise due care to select persons who will perform the functions to the same standards required by the Power Mount herein. Power Mount shall monitor such third parties to ensure that such persons comply with all applicable Environmental Laws for sorting, handling, testing, loading, transporting, and delivering Secondary Materials to Stillwater.

19.    MISCELLANEOUS.
19.1 Entire Agreement. This Agreement represents the complete agreement between the Parties hereto and supersedes all prior or contemporaneous oral or written agreements between Power Mount and Stillwater to the extent they relate in any way to the subject matter hereof.
19.2 Binding Effect; Assignment. This Agreement shall bind and inure to the benefit of and be enforceable by the Parties hereto and may not be assigned by either Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, the consent of Power Mount shall not be required with respect to (a) any assignment by Stillwater to provide security in connection with any financing, expressly including, by way of example and not limitation, assignments of royalty, overriding royalties or net profits interests or production payments, or (b) any merger, consolidation or other reorganization or transfer by operation of law involving Stillwater or any purchase or sale of substantially all of the assets of Stillwater, provided that, as to this clause (b), Stillwater notifies Power Mount of the assignment and the name and address of the assignee,
19.3 Amendment and Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective against either Party unless such modification, amendment or waiver is approved in writing by the Parties hereto. The failure by either Party to demand strict performance and compliance with any part of this Agreement shall not be deemed to be a waiver of the rights of such Party under this Agreement or by operation of law. Any waiver by either Party of a breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.
19.4 Notices. Unless otherwise stated in this Agreement, any notice, election, report or other correspondence (collectively, “Notices”) required or permitted hereunder shall be in writing and (i) delivered personally to the individual listed below for Notices (or an officer) of the party to whom directed; (ii) sent by registered or certified United States mail, postage prepaid, return receipt requested; (iii) sent by reputable overnight courier; (iv) sent by facsimile transmission with confirmation of receipt; or (v) to the extent specifically provided for in this Agreement, sent by email. All such Notices shall be addressed to the party to whom directed as follows:

B-13

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

                                                                   Stillwater Mining Company
                                                                   1600 1st Ave. South
                                                                   Columbus, Montana 59019
  Attn: Marketing Department
  Phone: 406-373-8711 or 406-373-8883
  Facsimile: 406-322-6357
                                                                   Email: ibinando@stillwatermining.com,
                                                                   sfallang@stillwatermining.com
                                                                   Stillwater Mining Company
                                                                   1321 Discovery Drive
                                                                   Billings, Montana 59102
                                                                   Attn: Smelter Manager
                                                                   Phone: 406-322-8901
                                                                   Facsimile: 406-322-5975
              If to Stillwater:                Attn: Secondary Business Supervisor
 Phone: 406-322-8904
 Facsimile: 406-322-5975
 Email:groset@stillwatermining.com,
      mgaustad@stillwatermining.com
With copies to:         Stillwater Mining Company
 1321 Discovery Drive
 Billings, Montana 59102
 Attn: General Counsel
 Phone: 406-373-8792 
 Facsimile: 406-373-8701
 Email:bwadman@stillwatermining.com
If to Power Mount:     Power Mount Incorporated
 2260 Highway 192
 Somerset, KY 42501
 Attn: Paul Meece, President
 Phone: 606-678-5584
 Facsimile: 606-679-4188
                      Email:dmeece100@hotmail.com

Either party may, from time to time, change its address for future Notices hereunder by Notice in accordance with this Section 19.4. All Notices shall be complete and deemed to have been given or made (i) when delivered personally to an officer of the party to whom delivered, (ii) within three (3) Business Days of when sent if sent via registered or certified United States mail; (iii) when sent if sent by reputable overnight courier, (iv) when receipt is confirmed if sent by facsimile transmission; or (v) when sent if sent via email.
19.5 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in an respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or affect the validity, legality or enforceability of any 

B-14

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

provision in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
19.6 Governing Law. The Parties are domiciled in two different states. In order to create greater certainty with respect to their legal rights and obligations under this Agreement, the Parties desire to adopt as the substantive law of this Agreement the laws of a state that has a well developed commercial law and precedent and that is not the domicile of either party. The Parties hereby agree that this Agreement shall be construed in accordance with the laws of the State of Colorado as though this Agreement were performed in full in the State of Colorado, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Colorado or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Colorado.
19.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
19.8 Waiver of Jury Trial; Jurisdiction. ANY CONTROVERSY OR CLAIM BETWEEN THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY AGREEMENTS OR INSTRUMENTS RELATING HERETO OR DELIVERED IN CONNECTION HEREWITH SHALL BE TRIED TO A COURT AND NOT A JURY. EACH PARTY WAIVES ITS RIGHTS TO A JURY. THE PARTIES STIPULATE THAT ALL LITIGATION UNDER THIS AGREEMENT WILL BE BROUGHT IN THE FEDERAL DISTRICT COURT LOCATED IN THE CITY AND COUNTY OF DENVER, COLORADO, AND EACH OF THE PARTIES HEREBY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURT.
19.9 Counterparts; Construction. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. The Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement. The Parties acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as if jointly drafted by Stillwater and Power Mount.
19.10 Further Documents. At the request of either Party, the Parties shall execute and deliver any further instruments, agreements, documents or other papers reasonably requested by that Party to effect the purposes of this Agreement and the transactions contemplated hereby
[SIGNATURE PAGE FOLLOWS.]

 

B-15

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

IN WITNESS WHEREOF, the Parties have executed this instrument effective as of the date first above written.
                STILLWATER MINING COMPANY                   POWER MOUNT INCORPORATED
	
							
	By:
	/s/ Francis R. McAllister
	 
	By:
	/s/ Paul Meece

	Name:
	Francis R. McAllister
	 
	Name:
	Paul Meece

	Title:
	Chief Executive Officer
	 
	Title:
	President

APPENDIX A

B-16

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

Stillwater 1 Power Mount Shiiarterd Vertfroatkre Form on Provided by Peltier Meant

	
		
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APPENDIX B
Example - Payment Calculations
Pursuant to an emailed request for price quote, Power Mount offers [**Redacted**] Platinum Ounces, [**Redacted**] Palladium Ounces and [**Redacted**] Rhodium Ounces to Stillwater with an Estimated Delivery Date of [**Redacted**] days from the date of the request for price quote. Power Mount elects to set a Purchase Price [**Redacted**] days prior to the Estimated Delivery Date. Stillwater sets the Purchase Price at $[**Redacted**] per ounce for Platinum, $[**Redacted**] per ounce for Palladium and $[**Redacted**] per ounce for Rhodium. Power Mount sends Shipping Documentation to Stillwater [**Redacted**] days prior to the Estimated Delivery Date.

B-17

Exhibit 10.61

Annex B

Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by “[**Redacted**]”, and the omitted text has been filed separately with the Securities and Exchange Commission.

Stillwater determines the Offered Metal Value to be $[**Redacted**] and agrees to make a Prepayment [**Redacted**] days prior to the Estimated Delivery Date. Stillwater's Cost of Borrowing at the time of the Prepayment is [**Redacted**]% and at the time of the Final Payment is [**Redacted**]%. The Value Date is the [**Redacted**] day following delivery of the Lot at the Facility. There is no exchange of assays; therefore, the Final Payment Date is [**Redacted**] days (based on completion of final assays) following delivery of the Lot to Stillwater.
Prepayment. Stillwater makes a Prepayment to Power Mount calculated as follows:
	
		
	Offered Metal Value Multiplied by [**Redacted**]%
Less:
Prepayment Finance Charge
	$[**Redacted**]

	 

	       (product of (a) [**Redacted**], (b) [**Redacted**] 
        and (c) [**Redacted**]
	[**Redacted**]

	             Prepayment
	$[**Redacted**]

Final Payment. Final Ounces contained of each Metal are determined to be as follows: [**Redacted**] ounces of Platinum, [**Redacted**] ounces of Palladium and [**Redacted**] ounces of Rhodium. The Final Payment owed to Power Mount would be calculated as follows:
Sum of the Final Lot Values            $[**Redacted**]
Less:
Final Treatment Charge            [**Redacted**]
Prepayment                    [**Redacted**]
Prepayment Finance Charge            [**Redacted**]
Final Payment Finance Charge        [**Redacted**]
(product of (a) [**Redacted**] (b) .[**Redacted**] 
and (c)    [**Redacted**]
     Final Payment                $[**Redacted**]

SCHEDULE 1 TERMS

1.    Prepayment Percentage: [**Redacted**]%

2.    Return Percentage:
Platinum - [**Redacted**]%
Palladium - [**Redacted**]%
Rhodium - [**Redacted**]%
3.    Treatment Charge
$[**Redacted**]/net wet lb. of catalyst received and accepted

B-18

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