Document:

Exhibit 10.5

 

Executive
Employment Agreement

 

 

	 	EFFECTIVE
DATE:	 	This Executive Employment Agreement (this 

“Agreement”) is dated as of March 7, 2017

(the “Effective Date”)
	 	 	 	 
		PARTIES:	 	Stillwater Mining Company
	 	 	 	26 W Dry Creek Circle, Suite 400
	 	 	 	Littleton, CO 80120
	 	 	 	(“Employer”)
	 	 	 	 
	 	 	 	Kristen K. Koss
	 	 	 	PO Box 768
	 	 	 	Columbus, MT 59019
	 	 	 	(“Executive”)

 

Recitals

 

A.               
Employer is principally engaged in the business of mining and processing ores from its Montana operations containing
palladium, platinum, rhodium, gold, silver, copper and nickel.

 

B.                
Executive is a Human Resources professional with extensive experience in the mining industry.

 

C.               
Employer has extended an offer of employment to Executive subject to the terms and conditions set forth in this Agreement.
Executive accepts employment on the terms, covenants, and conditions set forth in this Agreement.

 

Agreement

 

In consideration of
the foregoing recitals and the covenants and promises contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the Employer and the Executive agree as follows:

 

Article I.

Definitions and Interpretation

 

1.1                   
Definitions. In addition to the terms defined in the preamble and Recitals
to this Agreement and in the body of this Agreement, as used in this Agreement, the following terms shall have the following meanings:

 

“Cause”
shall mean (1) any gross misconduct, negligence, or omission by Executive; (2) Executive’s material failure or
refusal to adhere to the terms of this Agreement or to Employer’s written policies, rules and practices applicable to Executive;
(3) Executive’s unauthorized disclosure of Confidential Information (defined below) or breach of the Confidentiality provisions
contained herein; (4) a material act or acts of dishonesty by Executive involving the Employer; (5) conduct of Executive which
is materially injurious to the Employer, monetarily or otherwise; or (6) commission by Executive of a criminal offense that, if
committed in the State of Montana, would have constituted a felony under the laws of the State of Montana or the United States.

 

     

     

    

“Good Reason”
shall mean a special right of Executive to terminate employment at her initiative within 6 months following the occurrence, without
Executive’s written consent, of one or more of the following events (except as a result of a prior termination), provided
that Executive has provided Employer with notice of such event within 90 days of its initial existence and Employer has not remedied
such condition within 30 days of such notice:

 

(a)               
a material diminution or change, adverse to Executive, in Executive’s positions, titles, status, rank, nature of responsibilities,
or authority with Employer (including the non-renewal of this Agreement by the Employer);

 

(b)              
a material decrease in Executive’s annual Base Salary, or a decrease in the target bonus award opportunities described
in Article V of this Agreement (other than an across-the-board reduction on a percentage basis for all Named Executive Officers);

 

(c)               
a material reduction in the aggregate benefits for which Executive is eligible under the Employer’s benefit plans
(other than an across-the-board reduction in the aggregate benefits for all Named Executive Officers); or

 

(d)              
Employer requiring Executive to relocate outside of the State of Montana.

 

“Named Executive
Officers” means those persons designated as such in the Employer’s then-current proxy statement, as amended by
subsequent filing.

 

“Underperformance”
shall mean Executive’s failure to meet the performance expectations and standards customary for the Vice President, Human
Resources and Safety position in a U.S. public company or as set forth in this Agreement.

 

1.2                   
Interpretation. Unless a clear contrary intention appears, as used in this Agreement (a) the singular includes
the plural and vice versa, (b) reference to any document means such document as amended from time to time, (c) “include”
and “including” means including without limiting the generality of any description preceding such term, (d) the
word “or” is not exclusive, unless otherwise expressly stated, (e) the terms “hereof,” “herein,”
“hereby,” and derivative or similar words refer to this entire Agreement, and (f) headings are for convenience
only and do not constitute a part of this Agreement.

 

Article II.

Employment Duties.

 

Employer shall employ
Executive as its Vice President, Human Resources and Safety, and Executive shall reside and work in Montana, and accepts employment
under the terms and conditions set forth in this Agreement. Executive shall be responsible for performing the business and professional
services typically performed by the Vice President, Human Resources and Safety of any company, or as may reasonably be assigned
to her by Employer’s Board of Directors (“Board”), subject to the general and customary supervision by
the Board.

 

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Article III.

Full-Time Best Efforts.

 

3.1                   
Full-Time Best Efforts. Executive shall devote the professional time and attention required to perform Executive’s
obligations under this Agreement, and shall at all times faithfully, industriously and to the best of Executive’s ability,
experience and talent perform all of Executive’s obligations under this Agreement. Until this Agreement is terminated, Executive
shall not be employed or engaged by any other person or firm other than Employer unless otherwise provided for in the Employer’s
policies or authorized by the Board.

 

3.2                   
No Conflicting Obligations. Executive represents and warrants to the Employer that she is under no obligation or commitment,
whether contractual or otherwise, that is inconsistent with her obligations under this Agreement. Executive represents and warrants
that she will not use or disclose, in connection with her employment by the Employer, any trade secrets or other proprietary information
or intellectual property in which Executive or any other person has any right, title, or interest and that her employment by the
Employer as contemplated by this Agreement will not infringe or violate the rights of any other person or entity. Executive represents
and warrants to the Employer that she has returned all property and confidential information belonging to any prior employers.

 

Article IV.

Term and Termination.

 

4.1       
Term. The term of this Agreement shall begin on the Effective Date and continue until 11:59 p.m. on March 6, 2018 (“Employment
Term”). This Agreement may be renewed for successive one-year terms upon written agreement of both parties no later than
thirty (30) days prior to the end of the term.

 

4.2                   
Termination. Notwithstanding Section 4.1:

 

		(a)	This Agreement may be terminated by the agreement of the Employer and the Executive.

 

		(b)	This Agreement and the Executive’s employment shall terminate immediately upon Executive’s
death.

 

		(c)	This Agreement shall terminate on the date on which the Executive will have had a disability (which
is defined to mean any mental or physical condition as a result of which the Executive is unable or fails to perform the duties
required of the Executive under this Agreement (“Disability”)) for a period of at least ninety days (which need not
be consecutive) during any twelve month period, with the date of the termination of the Executive’s employment under this
Agreement being the last date of the ninety day period, due to the Executive’s failure to perform the duties required of
the Executive under this Agreement. During any period of disability the Executive must exhaust available vacation and sick leave.

 

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		(d)	Employer may terminate this Agreement immediately upon notice for Cause.

 

		(e)	Upon 30 days’ written notice to Executive and Executive’s failure to cure during the
30-day notice period, Employer may terminate this Agreement for Executive’s Underperformance.

 

		(f)	Executive may terminate this Agreement upon 60 days’ written notice to Employer with
or without Good Reason.

 

		(g)	Upon termination of Executive’s employment under this Agreement, Employer shall have no further
obligation to Executive except as specifically provided under this Agreement. Executive shall return to Employer any and all equipment,
client, project and investor information including, without limitation, confidential files, proprietary information, client files,
investor information, project files, construction files, electronic equipment, vehicles, keys, credit cards, and the like, owned
by Employer and used by, or in the possession of, Executive.

 

Article V.

Compensation and Benefits

 

5.1                   
Base Salary. Employer shall pay Executive an annual salary of $230,000 (the “Base Salary”) in accordance
with Employer’s regular payroll practices. This Base Salary is subject to periodic review and adjustment, provided, however,
that the Base Salary will not be decreased other than an across-the-board reduction on a percentage basis for all Named Executive
Officers.

 

5.2                   
Short-Term Incentive Program. 

 

(a)               
Executive will be eligible to participate in Employer’s Short-Term Incentive Program (“STIP”),
which will provide Executive the opportunity to earn a target bonus of 55% (and a maximum of 110%) of the Base Salary for each
calendar year of the Employment Term starting in 2017.

 

(b)              
The award is earned annually and is based upon achievement of performance targets established and approved by the Board
annually. Except as otherwise provided in this Agreement, Executive must be employed by Employer on the last day of the designated
performance period in order to be entitled to payment of any STIP bonus.

 

5.3                   
Long-Term Incentive Plan.

 

(a)               
Executive will be eligible to participate in Employer’s Long-Term Incentive Plan (“LTIP”), providing
an opportunity for Executive to earn a grant of equity instruments with a target value of 50% of the Base Salary for each calendar
year of the Employment Term starting in 2017, which may include time and performance based awards as determined by the Compensation
Committee annually.

 

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(b)              
The terms and conditions of each LTIP grant (including performance targets) will be set forth in an annual award agreement
approved by the Board, and (if applicable) subject to the Employer’s 2012 Equity Incentive Plan or any subsequent or superseding
plans. Such terms and conditions will include provisions for complete or partial payout of an LTIP award in the event of Executive’s
death or separation from service due to disability, termination for Good Reason, termination for Underperformance, termination
following a Change in Control (as defined in the LTIP), or (under certain circumstances) expiration of this Agreement without renewal.

 

5.4                   
Business Expenses. Employer shall reimburse Executive for any business-related expenses approved pursuant to Employer’s
policy.

 

5.5                   
Fringe Benefits. The Executive shall be entitled to participate in any plans, arrangements or distributions by the Employer
pertaining to or in connection with any health insurance, pension, retirement and profit sharing plans or benefits which the Employer
adopts for the senior management executives of the Employer (the “Fringe Benefits”) on terms no less favorable
than provided to other Named Executive Officers. The Executive will be subject to all of the rules of the Employer’s plans
providing the Fringe Benefits, including without limitation, rules regarding participation and vesting.

 

5.6                   
Vacation. Executive shall be entitled to six weeks of paid vacation per year.

 

Article VI. 

Severance
Payments and Benefits

 

6.1                   
Employer’s Termination of Executive for Cause or Executive’s Resignation without Good Reason. In the event
that Employer terminates Executive’s employment for Cause or Executive resigns without Good Reason, Employer shall pay Executive
any accrued but unpaid Base Salary through the date of termination or resignation, all accrued but unused vacation earned through
the date of termination or resignation, and any reimbursement of expenses owed pursuant to this Agreement on the Employer’s
next regularly scheduled pay day. Executive will not be eligible for any STIP and LTIP award payments for the year in which Executive’s
employment terminates for Cause or Executive resigns without Good Reason, and unvested equity awards shall be forfeited on the
date of termination or resignation.

 

6.2                   
Termination due to Executive’s Death or Disability. In the event that Executive’s employment terminates
for Death or Disability, Employer shall pay Executive or her estate the following amounts:

 

(a)               
all accrued but unpaid Base Salary through the date of termination will be paid on the Employer’s next regularly scheduled
pay day after termination;

 

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(b)              
a pro rata portion (equal to the number of days in the year through the date of termination relative to the total number
of days in the year) of Executive’s STIP bonus for the year in which employment terminates, paid no later than March 15th
of the following year and based on achievement of the established performance targets;

 

(c)               
all accrued but unused vacation earned through the date of termination will be paid on the Employer’s next regularly
scheduled pay day after termination; and

 

(d)              
any reimbursement of expenses owed pursuant to this Agreement will be paid on the Employer’s next regularly scheduled
pay day after termination.

 

6.3                   
Employer’s Termination of Executive for Underperformance or Executive’s Resignation for Good Reason. In
the event that Employer terminates Executive’s employment for Underperformance or Executive resigns for Good Reason, Employer
shall pay Executive the following severance benefits upon execution of a complete release in favor of Employer, its affiliates,
and all of their respective officers, directors, employees, principals, managers, partners, members, attorneys, and representatives,
in form and substance satisfactory to the Employer:

 

(a)               
all accrued but unpaid Base Salary through the date of termination or resignation will be paid on the Employer’s next
regularly scheduled pay day after termination or resignation;

 

(b)              
all accrued but unused vacation earned through the date of termination or resignation will be paid on the Employer’s
next regularly scheduled pay day after termination or resignation;

 

(c)               
any reimbursement of expenses owed pursuant to this Agreement will be paid on the Employer’s next regularly scheduled
pay day after the expenses have been approved;

 

(d)              
an amount equal to two times the Base Salary in effect at the time of the resignation to be paid out in 24 equal monthly
installments commencing on the 1st day of the month following the 3 month anniversary of the termination date and continuing on
the 1st day of each month thereafter until paid in full (subject, however, to delay as provided in Section 13.11 of this Agreement);

 

(e)               
an amount equal to two times the average of her target and actual STIP award for the calendar year immediately preceding
the resignation to be paid out in 24 equal monthly installments commencing on the 1st day of the month following the 3 month anniversary
of the termination date and continuing on the 1st day of each month thereafter until paid in full (subject, however, to delay as
provided in Section 13.11 of this Agreement; and

 

(f)               
an amount equal to 18 months of Executive’s cost to continue group medical coverage pursuant to the federal law commonly
known as COBRA, 29 U.S.C. §1162, et seq., provided that Executive is eligible for and elects such continuation coverage,
and provided that such amount will be subject to all required federal and state deductions and withholdings.

 

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Article VII. 

Withholding
Tax

 

The Employer shall
be entitled to withhold from the Base Salary and any other amounts that it pays to Executive under this Agreement or otherwise,
an amount sufficient to satisfy all federal, state and local income and employment tax withholding requirements with respect to
any and all amounts paid to Executive by Employer.

 

Article VIII. 

Indemnification

 

The Employer will hold
harmless, indemnify, and provide a defense to Executive to the fullest extent permitted by Montana law with respect to any claims,
actions, suits, or proceedings, brought against Executive, in any jurisdiction, by reason of, or arising out of, Executive’s
service as, or the performance of Executive’s duties as, an employee, director, officer, and/or agent of the Employer, provided
that such claims, actions, suits, or proceedings are not found by a court or arbitrator to have arisen out of Executive’s
willful misconduct or gross negligence. The Employer will pay, and subject to any legal limitations, advance all costs, expenses,
and losses, including without limitation reasonable attorneys’ fees, costs of settlements, and consequential damages, actually
and necessarily incurred by Executive in connection with the defense of any such claims, actions, suits, or proceedings, and in
connection with any appeal thereof.

 

Article IX. 

Directors’
and Officers’ Insurance

 

The
Employer will obtain and maintain directors’ and officers’ liability insurance coverage in an amount equivalent to
that of a well-insured similarly situated company. Any directors’ and officers’ liability insurance covering Executive
will continue to apply following the period in which Executive is serving as officer or director of the Employer for actions or
omissions during the period in which Executive was acting as officer or director.

 

Article X.

Confidential Information

 

10.1               
Confidential Information. “Confidential Information” as used in this Agreement shall mean any and all communications,
information, records, documents, material, data or ideas regarding the Company, including, without limitation, lists of customers;
names, addresses, electronic mail addresses and telephone numbers of customers; customer account information; lists of expiration
dates of insurance policies sold to customers; financial models and spreadsheets; project development plans and specifications;
partnership agreements and legal documents; corporate information and proprietary data as well as future development plans; and
any communication with investors, prospective investors, partners, developers, architects, engineers, contractors, lenders, consultants
or any other service providers. Information disclosed to the Employee by the Employer or learned by the Employee in the course
of the Employee’s employment with the Employer shall be considered Confidential Information by the Employee unless the information
is conspicuously designated as “Not Confidential” or, if provided orally, identified as not confidential at the time
of disclosure.

 

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10.2               
Nondisclosure and Nonuse Obligation. The
Employee shall not disseminate or in any way disclose any Confidential Information to any person, agency, department, firm or business,
provided, the Employee may disclose Confidential Information to other employees of the Employer, including, without limitation,
officers, accountants, attorneys, and directors of the Employer. Notwithstanding any other provision of this Agreement, this Agreement
shall not apply to any Confidential Information: (i) to the extent disclosure is required by law or is necessary to establish the
rights of either party to this Agreement; (ii) disclosure of which is authorized in writing by the Employer; or (ii) that is in
the public domain or becomes part of the public domain through no violation of this Agreement. The Employee shall promptly give
notice to the Employer of any unauthorized use or disclosure of any Confidential Information. The Employee shall assist the Employer
in remedying any unauthorized use or disclosure of any Confidential Information.

 

Article XI.

Competition, Non-Solicitation and Disclosure of Outside Activity

 

11.1               
Competition. From and after the termination of Executive’s employment with Employer (the “Termination
Date”) until the second anniversary of the Termination Date (the “Two-Year Period”), Executive may
compete with Employer and own, operate, manage, control, engage in, participate in, invest in, hold any interest in, assist, aid,
act as a consultant to or otherwise advise in any way, be employed by or perform any services (alone or in association with any
person) for, any person (or on behalf of Executive) that engages in or owns, invests in, operates, manages or controls any venture
or enterprise that directly competes with Employer. If Executive, without the prior approval of the Employer, competes with Employer
or owns, operates, manages, controls, engages in, participates in, invests in, holds any interest in, assists, aids, acts as a
consultant to or otherwise advises in any way, is employed by or performs any services (alone or in association with any person)
for any person (or on behalf of Executive) that engages in or owns, invests in, operates, manages or controls any venture or enterprise
that directly competes with Employer at any time during the Two-Year Period, Executive shall pay Employer an amount equal to 100%
of all gross revenue generated by Executive or other person owned, operated, managed, controlled, engaged in, participated in,
invested in or held by Executive or assisted, aided, consulted for or otherwise advised by Executive in any way or by which Executive
was employed or for which Executive performed services (alone or in association with any person) during the Two-Year Period from
any customers who were customers of Employer on the Termination Date or any time during the thirty-day period immediately preceding
the Termination Date.

 

11.2               
Non-Solicitation. Executive agrees that from and after the Effective Date and until two years after the Termination
Date, she will not, except on behalf of Employer or with the express written permission of Employer, which may be given or withheld
in Employer’s sole discretion, directly or indirectly solicit, or attempt to solicit (on Executive’s own behalf or
on behalf of any other person or entity) the employment or retaining of any employee or consultant of Employer or any of Employer’s
affiliates.

 

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11.3               
Disclosure of Outside Activities. Executive, during the Employment Term, shall at all times keep the Employer informed
of any outside business activity and employment, and shall not engage in any outside business activity or employment which may
be in conflict with the Employer’s interests.

 

Article XII.

Arbitration.

 

Any dispute arising
out of or relating to this Agreement shall be settled or made by binding arbitration at a location in Billings, Montana pursuant
to the Montana Uniform Arbitration Act or other applicable Montana law, and where not inconsistent, in accordance with the Commercial
Arbitration Rules of the American Arbitration Association now or hereafter in effect. The parties to the dispute shall unanimously
select the arbitrator. In the event the parties to the dispute are unable to unanimously select an arbitrator within ten (10) days
of notice from any party to the dispute to all other parties to the dispute of the need to select an arbitrator, the arbitrator
shall be selected in accordance with the Montana Uniform Arbitration Act. The parties to the dispute shall confer with the arbitrator
and together shall decide upon a time and date for the arbitration hearing. If the parties to the dispute and the arbitrator are
unable to agree upon a time and date for the arbitration hearing, the arbitrator shall determine the time and date for the arbitration
hearing. The parties to the dispute shall equally split the arbitrator’s fees and costs, unless the arbitrator determines
that any party to the dispute has defaulted or asserted an unreasonable business position during the arbitration, in which event
the party to the dispute who defaulted or asserted the unreasonable business position shall pay all or a part of the arbitrator’s
fees and costs, as the arbitrator, in his discretion, determines. In agreeing to the method of dispute resolution set forth in
this arbitration clause, the parties specifically acknowledge that each prefers to resolve disputes by arbitration rather than
through the formal court process. Further,
each of them understands that by agreeing to arbitration each of them is waiving the right to resolve disputes arising FROM or
relating to this Agreement in Court by a judge or jury, the right to a jury trial, the right to discovery available under the Montana
Rules of Civil Procedure, the right to findings of fact based on the evidence, and the right to enforce the law applicable to any
case arising out of or relating to this Agreement by way of appeal, except as allowed under the Montana Uniform Arbitration Act.
Each of them also acknowledges that each has had an opportunity to consider and study this arbitration provision, to consult with
counsel, to suggest modifications or changes, and, if requested, has received and reviewed a copy of the Montana Uniform Arbitration
Act.

 

Article XIII.

Miscellaneous.

 

13.1               
Key-Employee Insurance. Executive agrees that the Employer may, from time to time, apply for and take out in its own
name and at its own expense, life, health, accident, or other insurance upon Executive that the Employer may deem necessary or
advisable to protect its interests; and Executive agrees to submit to any medical or other examination necessary for such purposes
and to assist and cooperate with the Employer in preparing such insurance; and Executive agrees that she shall have no right, title,
or interest in or to such insurance.

 

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13.2               
Governing Law. This Agreement shall be governed by the laws of the State of Montana.

 

13.3               
No Waiver. The failure of 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.

 

13.4               
Severability. The invalidity of any provision of this Agreement or portion of a provision shall not affect the validity
of any other provision of this Agreement or the remaining portion of the applicable provision.

 

13.5               
Counterparts and Facsimile Signatures. This Agreement and any amendments to this Agreement may be executed in two or
more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one agreement.
A facsimile or electronic signature to this Agreement and any amendments to this Agreement shall be deemed an original and binding
upon the party against whom enforcement is sought.

 

13.6               
Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed facsimile or electronic mail if sent
during normal business hours of the recipient, if not, then on the next business day; (iii) upon receipt, if sent by registered
or certified mail or nationally recognized overnight courier. All notices shall be sent to Employer or Executive at the address
set forth on the first page of this Agreement, or at such other address as either party may designate by notice pursuant to this
Section.

 

13.7               
Entire Agreement. The terms of this Agreement express and constitute the entire agreement between the parties pertaining
to the subject matter of this Agreement and supersede all prior and contemporaneous agreements, term sheets, offer letters, understandings,
negotiations and discussions, whether oral or written, of the parties. No supplement, modification, waiver or termination of this
Agreement shall be binding, unless executed in writing by the party to be bound.

 

13.8               
Acknowledgments; Separate Representation.  Each of the parties represents, acknowledges and agrees that the
respective party has been advised to consult with professional legal and accounting advisors with respect to the legal and tax
consequences of the transactions described in this Agreement and all agreements referenced in this Agreement, and each party has
obtained and relied upon its own independent legal and accounting advisors in connection with the transactions contemplated in
this Agreement.

 

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13.9               
Amendment. This Agreement may be amended or altered by written instrument executed by all of the parties to this Agreement.

 

13.10           
Attorney’s Fees. In the event of any arbitration or other proceeding for the interpretation or enforcement of
this Agreement, the prevailing party in such arbitration or other legal proceeding shall be entitled to recover its costs and expenses
incurred, including, without limitation, reasonable attorneys’ fees

 

13.11           
Code Section 409A. The intent of the parties is that payments and benefits under this Agreement (including all attachments,
exhibits and annexes) be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, to the extent subject thereto,
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be in compliance
therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation
and/or tax penalties under Code Section 409A, Executive shall not be considered to have terminated employment with the Employer
for purposes of this Agreement, and no payment shall be due to Executive under this Agreement, until Executive would be considered
to have incurred a “separation from service” from the Employer within the meaning of Code Section 409A. Each amount
to be paid or benefit to be provided to Executive pursuant to this Agreement that constitutes deferred compensation subject to
Code Section 409A shall be construed as a separate identified payment for purposes of Code Section 409A. Notwithstanding anything
to the contrary in this Agreement, to the extent that any payments to be made to the Executive upon his or her separation from
service would result in the imposition of any individual penalty tax imposed under Code Section 409A by reason of Executive’s
status as a “specified employee,” the payment shall instead be made on the first business day after the earlier of
(i) the date that is six months following such separation from service and (ii) Executive’s death. To the extent that the
Agreement provides for the reimbursement of specified expenses incurred by the Executive, such reimbursement shall be made in accordance
with the provisions of the Agreement, but in no event later than the last day of the Executive’s taxable year following the
taxable year in which the expense was incurred. The amount of expenses eligible for reimbursement or in-kind benefits provided
by the Employer in any taxable year of the Executive shall not affect the amount of expenses or in-kind benefits to be reimbursed
or provided in any other year (except in the case of maximum benefits to be provided under a medical reimbursement arrangement,
if applicable).

 

13.12           
Clawback. Notwithstanding any other provisions in this Agreement, any compensation that is otherwise payable under
this Agreement and that is subject to recovery under any law, government regulation or stock exchange listing requirement will
be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock
exchange listing requirement (or any policy adopted by the Employer pursuant to any such law, government regulation or stock exchange
listing requirement).

 

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The parties have executed
this Agreement effective as the Effective Date.

 

 

	 	EMPLOYER:
	 	 
	 	Stillwater Mining Company
	 	 
	 	 
	 	/s/ Michael J. McMullen
	 	Michael J. McMullen
	 	President and Chief Executive Officer
	 	      
	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Kristen K. Koss
	 	Kristen K. Koss
	 	Vice President, Human Resources and Safety

 

 

12Exhibit 10.6

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

	 	EFFECTIVE DATE:	 	This Executive Employment Agreement (this 

“Agreement”) is dated as of March 7, 2017 

(the “Effective
Date”)
	 	 	 	 
	 	PARTIES:	 	Stillwater Mining Company
	 	 	 	26 W Dry Creek Circle, Suite 400
	 	 	 	Littleton, CO 80120
	 	 	 	(“Employer”)
	 	 	 	 
	 	 	 	Dee L. Bray
	 	 	 	PO Box 347
	 	 	 	425 Granite Peak Drive
	 	 	 	Columbus, MT 59019
	 	 	 	 (“Executive”)

 

 

RECITALS

 

A.
 Employer is principally engaged in the business of mining and processing ores from its Montana operations containing palladium,
platinum, rhodium, gold, silver, copper and nickel.

 

B. Executive
is an Engineer with extensive experience in the mining industry.

 

C.
 Employer has extended an offer of employment to Executive subject to the terms and conditions set forth in this Agreement.
Executive accepts employment on the terms, covenants, and conditions set forth in this Agreement.

 

AGREEMENT

 

In consideration
of the foregoing recitals and the covenants and promises contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the Employer and the Executive agree as follows:

 

ARTICLE
I. DEFINITIONS AND INTERPRETATION

 

1.1
Definitions.  In addition to the terms defined in the preamble and Recitals to this Agreement and in the body of this Agreement,
as used in this Agreement, the following terms shall have the following meanings:

 

“Cause”
shall mean (1) any gross misconduct, negligence, or omission by Executive; (2) Executive’s material failure or refusal
to adhere to the terms of this Agreement or to Employer’s written policies, rules and practices applicable to
Executive; (3) Executive’s unauthorized disclosure of Confidential Information (defined below) or breach of the
Confidentiality provisions contained herein; (4) a material act or acts of dishonesty by Executive involving the Employer;
(5) conduct of Executive which is materially injurious to the Employer, monetarily or otherwise; or (6) commission by
Executive of a criminal offense that, if committed in the State of Montana, would have constituted a felony under the laws of
the State of Montana or the United States.

 

     

     

    

“Good
Reason” shall mean a special right of Executive to terminate employment at his initiative within 6 months following the
occurrence, without Executive’s written consent, of one or more of the following events (except as a result of a prior termination),
provided that Executive has provided Employer with notice of such event within 90 days of its initial existence and Employer has
not remedied such condition within 30 days of such notice:

 

(a) a material
diminution or change, adverse to Executive, in Executive’s positions, titles, status, rank, nature of responsibilities, or
authority with Employer (including the non-renewal of this Agreement by the Employer);

 

(b) a material
decrease in Executive’s annual Base Salary, or a decrease in the target bonus award opportunities described in Article V
of this Agreement (other than an across- the-board reduction on a percentage basis for all Named Executive Officers);

 

(c) a material
reduction in the aggregate benefits for which Executive is eligible under the Employer’s benefit plans (other than an across-the-board
reduction in the aggregate benefits for all Named Executive Officers); or

 

(d) Employer
requiring Executive to relocate outside of the State of Montana.

 

“Named
Executive Officers” means those persons designated as such in the Employer’s then-current proxy statement, as amended
by subsequent filing.

 

“Underperformance”
shall mean Executive’s failure to meet the performance expectations and standards customary for the Vice President of Mine
Operations position in a U.S. public company or as set forth in this Agreement.

 

1.2
Interpretation.  Unless a clear contrary intention appears, as used in this Agreement (a) the singular includes the plural
and vice versa, (b) reference to any document means such document as amended from time to time, (c) “include” and “including”
means including without limiting the generality of any description preceding such term, (d) the word “or” is not exclusive,
unless otherwise expressly stated, (e) the terms “hereof,” “herein,” “hereby,” and derivative
or similar words refer to this entire Agreement, and (f) headings are for convenience only and do not constitute a part of this
Agreement.

 

ARTICLE II. EMPLOYMENT
DUTIES.

 

Employer
shall employ Executive as its Vice President of Mine Operations, and Executive shall reside and work in Montana, and accepts
employment under the terms and conditions set forth in this Agreement. Executive shall be responsible for performing the
business and professional services typically performed by the Vice President of Mine Operations of any company, or as may
reasonably be assigned to him by Employer’s Board of Directors (“Board”), subject to the general and
customary supervision by the Board.

 

    2 

     

    

ARTICLE III.

FULL-TIME BEST EFFORTS.

 

3.1
Full-Time Best Efforts.  Executive shall devote the professional time and attention required to perform Executive’s obligations
under this Agreement, and shall at all times faithfully, industriously and to the best of Executive’s ability, experience
and talent perform all of Executive’s obligations under this Agreement. Until this Agreement is terminated, Executive shall
not be employed or engaged by any other person or firm other than Employer unless otherwise provided for in the Employer’s
policies or authorized by the Board.

 

3.2
No Conflicting Obligations.  Executive represents and warrants to the Employer that he is under no obligation or commitment,
whether contractual or otherwise, that is inconsistent with his obligations under this Agreement. Executive represents and warrants
that he will not use or disclose, in connection with his employment by the Employer, any trade secrets or other proprietary information
or intellectual property in which Executive or any other person has any right, title, or interest and that his employment by the
Employer as contemplated by this Agreement will not infringe or violate the rights of any other person or entity. Executive represents
and warrants to the Employer that he has returned all property and confidential information belonging to any prior employers.

 

ARTICLE IV.

TERM AND TERMINATION.

 

4.1
Term. The term of this Agreement shall begin on the Effective Date and continue until 11:59 p.m. on March 6, 2018 (“Employment
Term”). This Agreement may be renewed for successive one-year terms upon written agreement of both parties no later than
thirty (30) days prior to the end of the term.

 

4.2 Termination.
Notwithstanding Section 4.1:

 

	 	(a)
	This Agreement may be terminated by the agreement of the Employer and the Executive.
	 	 	 
		(b)	This Agreement and the Executive’s employment shall terminate immediately
upon Executive’s death.
	 	 	 
	 	(c)
	This Agreement shall terminate on the date on which the Executive will have had a disability (which is defined to mean any
mental or physical condition as a result of which the Executive is unable or fails to perform the duties required of the
Executive under this Agreement (“Disability”)) for a period of at least ninety days (which need not be
consecutive) during any twelve month period, with the date of the termination of the Executive’s employment under this
Agreement being the last date of the ninety day period, due to the Executive’s failure to perform the duties required
of the Executive under this Agreement. During any period of disability the Executive must exhaust available vacation and sick
leave.

 

    3 

     

    

	 	(d)	Employer
may terminate this Agreement immediately upon notice for Cause.
	 	 	 
	 	(e)
	Upon 30 days’ written notice to Executive and Executive’s failure to cure during the 30-day notice period, Employer
may terminate this Agreement for Executive’s Underperformance.
	 	 	 
	 	(f)	Executive
may terminate this Agreement upon 60 days’ written notice to Employer with or without Good Reason.
	 	 	 
	 	(g)	Upon termination of Executive’s employment under this Agreement, Employer
shall have no further obligation to Executive except as specifically provided under this Agreement. Executive shall return to Employer
any and all equipment, client, project and investor information including, without limitation, confidential files, proprietary
information, client files, investor information, project files, construction files, electronic equipment, vehicles, keys, credit
cards, and the like, owned by Employer and used by, or in the possession of, Executive.

 

ARTICLE V. COMPENSATION AND BENEFITS

 

5.1
Base Salary.  Employer shall pay Executive an annual salary of $210,000 (the “Base Salary”) in accordance
with Employer’s regular payroll practices. This Base Salary is subject to periodic review and adjustment, provided, however,
that the Base Salary will not be decreased other than an across-the-board reduction on a percentage basis for all Named Executive
Officers.

 

5.2 Short-Term
Incentive Program.

 

(a) Executive
will be eligible to participate in Employer’s Short-Term Incentive Program (“STIP”), which will provide
Executive the opportunity to earn a target bonus of 40% (and a maximum of 80%) of the Base Salary for each calendar year of the
Employment Term starting in 2017.

 

(b) The
award is earned annually and is based upon achievement of performance targets established and approved by the Board annually. Except
as otherwise provided in this Agreement, Executive must be employed by Employer on the last day of the designated performance period
in order to be entitled to payment of any STIP bonus.

 

5.3 Long-Term
Incentive Plan.

 

(a)
Executive will be eligible to participate in Employer’s Long-Term Incentive Plan (“LTIP”), providing
an opportunity for Executive to earn a grant of equity instruments with a target value of 50% of the Base Salary for each
calendar year of the Employment Term starting in 2017, which may include time and performance based awards as determined by
the Compensation Committee annually.

 

    4 

     

    

(b) The
terms and conditions of each LTIP grant (including performance targets) will be set forth in an annual award agreement approved
by the Board, and (if applicable) subject to the Employer’s 2012 Equity Incentive Plan or any subsequent or superseding plans.
Such terms and conditions will include provisions for complete or partial payout of an LTIP award in the event of Executive’s
death or separation from service due to disability, termination for Good Reason, termination for Underperformance, termination
following a Change in Control (as defined in the LTIP), or (under certain circumstances) expiration of this Agreement without renewal.

 

5.4
Business Expenses. Employer shall reimburse Executive for any business-related expenses approved pursuant to Employer’s
policy.

 

5.5
Fringe Benefits.  The Executive shall be entitled to participate in any plans, arrangements or distributions by the Employer
pertaining to or in connection with any health insurance, pension, retirement and profit sharing plans or benefits which the Employer
adopts for the senior management executives of the Employer (the “Fringe Benefits”) on terms no less favorable
than provided to other Named Executive Officers. The Executive will be subject to all of the rules of the Employer’s plans
providing the Fringe Benefits, including without limitation, rules regarding participation and vesting.

 

5.6
Vacation. Executive shall be entitled to six weeks of paid vacation per year.

 

ARTICLE VI.

SEVERANCE PAYMENTS AND BENEFITS

 

6.1
Employer’s Termination of Executive for Cause or Executive’s Resignation without Good Reason.  In the event that
Employer terminates Executive’s employment for Cause or Executive resigns without Good Reason, Employer shall pay Executive
any accrued but unpaid Base Salary through the date of termination or resignation, all accrued but unused vacation earned through
the date of termination or resignation, and any reimbursement of expenses owed pursuant to this Agreement on the Employer’s
next regularly scheduled pay day. Executive will not be eligible for any STIP and LTIP award payments for the year in which Executive’s
employment terminates for Cause or Executive resigns without Good Reason, and unvested equity awards shall be forfeited on the
date of termination or resignation.

 

6.2
Termination due to Executive’s Death or Disability.  In the event that Executive’s employment terminates for Death
or Disability, Employer shall pay Executive or his estate the following amounts:

 

(a) all
accrued but unpaid Base Salary through the date of termination will be paid on the Employer’s next regularly scheduled pay
day after termination;

 

(b) a pro
rata portion (equal to the number of days in the year through the date of termination relative to the total number of days in the
year) of Executive’s STIP bonus for the year in which employment terminates, paid no later than March 15th of the following
year and based on achievement of the established performance targets;

    5 

     

    

(c) all
accrued but unused vacation earned through the date of termination will be paid on the Employer’s next regularly scheduled
pay day after termination; and

 

(d) any
reimbursement of expenses owed pursuant to this Agreement will be paid on the Employer’s next regularly scheduled pay day
after termination.

 

6.3
Employer’s Termination of Executive for Underperformance or Executive’s Resignation for Good Reason.  In the event
that Employer terminates Executive’s employment for Underperformance or Executive resigns for Good Reason, Employer shall
pay Executive the following severance benefits upon execution of a complete release in favor of Employer, its affiliates, and all
of their respective officers, directors, employees, principals, managers, partners, members, attorneys, and representatives, in
form and substance satisfactory to the Employer:

 

(a) all
accrued but unpaid Base Salary through the date of termination or resignation will be paid on the Employer’s next regularly
scheduled pay day after termination or resignation;

 

(b) all
accrued but unused vacation earned through the date of termination or resignation will be paid on the Employer’s next regularly
scheduled pay day after termination or resignation;

 

(c) any
reimbursement of expenses owed pursuant to this Agreement will be paid on the Employer’s next regularly scheduled pay day
after the expenses have been approved;

 

(d) an amount
equal to two times the Base Salary in effect at the time of the resignation to be paid out in 24 equal monthly installments commencing
on the 1st day of the month following the 3 month anniversary of the termination date and continuing on the 1st day of each month
thereafter until paid in full (subject, however, to delay as provided in Section 13.11 of this Agreement);

 

(e) an amount
equal to two times the average of his target and actual STIP award for the calendar year immediately preceding the resignation
to be paid out in 24 equal monthly installments commencing on the 1st day of the month following the 3 month anniversary of the
termination date and continuing on the 1st day of each month thereafter until paid in full (subject, however, to delay as provided
in Section 13.11 of this Agreement; and

 

(f) an amount
equal to 18 months of Executive’s cost to continue group medical coverage pursuant to the federal law commonly known as COBRA,
29 U.S.C. §1162, et seq., provided that Executive is eligible for and elects such continuation coverage, and provided
that such amount will be subject to all required federal and state deductions and withholdings.

 

ARTICLE VII.

WITHHOLDING
TAX

 

The Employer
shall be entitled to withhold from the Base Salary and any other amounts that it pays to Executive under this Agreement or otherwise,
an amount sufficient to satisfy all federal, state and local income and employment tax withholding requirements with respect to
any and all amounts paid to Executive by Employer.

    6 

     

    

ARTICLE VIII.

INDEMNIFICATION

 

The Employer
will hold harmless, indemnify, and provide a defense to Executive to the fullest extent permitted by Montana law with respect to
any claims, actions, suits, or proceedings, brought against Executive, in any jurisdiction, by reason of, or arising out of, Executive’s
service as, or the performance of Executive’s duties as, an employee, director, officer, and/or agent of the Employer, provided
that such claims, actions, suits, or proceedings are not found by a court or arbitrator to have arisen out of Executive’s
willful misconduct or gross negligence. The Employer will pay, and subject to any legal limitations, advance all costs, expenses,
and losses, including without limitation reasonable attorneys’ fees, costs of settlements, and consequential damages, actually
and necessarily incurred by Executive in connection with the defense of any such claims, actions, suits, or proceedings, and in
connection with any appeal thereof.

 

ARTICLE IX.

DIRECTORS’
AND OFFICERS’ INSURANCE

 

The Employer
will obtain and maintain directors’ and officers’ liability insurance coverage in an amount equivalent to that of a
well-insured similarly situated company. Any directors’ and officers’ liability insurance covering Executive will continue
to apply following the period in which Executive is serving as officer or director of the Employer for actions or omissions during
the period in which Executive was acting as officer or director.

 

ARTICLE
X. 

CONFIDENTIAL INFORMATION

 

10.1
Confidential Information. “Confidential Information” as used in this Agreement shall mean any and all communications,
information, records, documents, material, data or ideas regarding the Company, including, without limitation, lists of customers;
names, addresses, electronic mail addresses and telephone numbers of customers; customer account information; lists of expiration
dates of insurance policies sold to customers; financial models and spreadsheets; project development plans and specifications;
partnership agreements and legal documents; corporate information and proprietary data as well as future development plans; and
any communication with investors, prospective investors, partners, developers, architects, engineers, contractors, lenders, consultants
or any other service providers. Information disclosed to the Employee by the Employer or learned by the Employee in the course
of the Employee’s employment with the Employer shall be considered Confidential Information by the Employee unless the information
is conspicuously designated as “Not Confidential” or, if provided orally, identified as not confidential at the time
of disclosure.

 

10.2
Nondisclosure and Nonuse Obligation . The Employee shall not disseminate or in any way disclose any Confidential
Information to any person, agency, department, firm or business, provided, the Employee may disclose Confidential Information
to other employees of the Employer, including, without limitation, officers, accountants, attorneys, and directors of the
Employer. Notwithstanding any other provision of this Agreement, this Agreement shall not apply to any Confidential
Information: (i) to the extent disclosure is required by law or is necessary to establish the rights of either party to this
Agreement; (ii) disclosure of which is authorized in writing by the Employer; or (ii) that is in the public domain or becomes
part of the public domain through no violation of this Agreement. The Employee shall promptly give notice to the Employer of
any unauthorized use or disclosure of any Confidential Information. The Employee shall assist the Employer in remedying any
unauthorized use or disclosure of any Confidential Information.

 

    7 

     

    

ARTICLE XI.

COMPETITION, NON-SOLICITATION
AND DISCLOSURE OF OUTSIDE ACTIVITY

 

11.1
Competition.  From and after the termination of Executive’s employment with Employer (the “Termination Date”)
until the second anniversary of the Termination Date (the “Two-Year Period”), Executive may compete with Employer
and own, operate, manage, control, engage in, participate in, invest in, hold any interest in, assist, aid, act as a consultant
to or otherwise advise in any way, be employed by or perform any services (alone or in association with any person) for, any person
(or on behalf of Executive) that engages in or owns, invests in, operates, manages or controls any venture or enterprise that directly
competes with Employer. If Executive, without the prior approval of the Employer, competes with Employer or owns, operates, manages,
controls, engages in, participates in, invests in, holds any interest in, assists, aids, acts as a consultant to or otherwise advises
in any way, is employed by or performs any services (alone or in association with any person) for any person (or on behalf of Executive)
that engages in or owns, invests in, operates, manages or controls any venture or enterprise that directly competes with Employer
at any time during the Two-Year Period, Executive shall pay Employer an amount equal to 100% of all gross revenue generated by
Executive or other person owned, operated, managed, controlled, engaged in, participated in, invested in or held by Executive or
assisted, aided, consulted for or otherwise advised by Executive in any way or by which Executive was employed or for which Executive
performed services (alone or in association with any person) during the Two-Year Period from any customers who were customers of
Employer on the Termination Date or any time during the thirty-day period immediately preceding the Termination Date.

 

11.2
Non-Solicitation. Executive agrees that from and after the Effective Date and until two years after the Termination Date, he
will not, except on behalf of Employer or with the express written permission of Employer, which may be given or withheld in Employer’s
sole discretion, directly or indirectly solicit, or attempt to solicit (on Executive’s own behalf or on behalf of any other
person or entity) the employment or retaining of any employee or consultant of Employer or any of Employer’s affiliates.

 

11.3
Disclosure of Outside Activities. Executive, during the Employment Term, shall at all times keep the Employer informed of any
outside business activity and employment, and shall not engage in any outside business activity or employment which may be in conflict
with the Employer’s interests.

    8 

     

    

ARTICLE XII.

ARBITRATION.

 

Any dispute
arising out of or relating to this Agreement shall be settled or made by binding arbitration at a location in Billings, Montana
pursuant to the Montana Uniform Arbitration Act or other applicable Montana law, and where not inconsistent, in accordance with
the Commercial Arbitration Rules of the American Arbitration Association now or hereafter in effect. The parties to the dispute
shall unanimously select the arbitrator. In the event the parties to the dispute are unable to unanimously select an arbitrator
within ten (10) days of notice from any party to the dispute to all other parties to the dispute of the need to select an arbitrator,
the arbitrator shall be selected in accordance with the Montana Uniform Arbitration Act. The parties to the dispute shall confer
with the arbitrator and together shall decide upon a time and date for the arbitration hearing. If the parties to the dispute and
the arbitrator are unable to agree upon a time and date for the arbitration hearing, the arbitrator shall determine the time and
date for the arbitration hearing. The parties to the dispute shall equally split the arbitrator’s fees and costs, unless
the arbitrator determines that any party to the dispute has defaulted or asserted an unreasonable business position during the
arbitration, in which event the party to the dispute who defaulted or asserted the unreasonable business position shall pay all
or a part of the arbitrator’s fees and costs, as the arbitrator, in his discretion, determines. In agreeing to the method
of dispute resolution set forth in this arbitration clause, the parties specifically acknowledge that each prefers to resolve disputes
by arbitration rather than through the formal court process. FURTHER, EACH OF THE M UNDERSTANDS THAT B Y AGREEING TO ARBITRATION
EACH OF THEM IS WAIVING THE RIGHT TO RES OLVE DISPUTES ARISING FROM OR RELATING TO THIS AGREEMENT IN COURT BY A JUDGE OR JURY,
THE RIGHT TO A JURY TRIAL, THE RIGHT TO DISCOVERY A VAILABLE UNDER THE M ONTANA RULES OF CIVIL PROCEDURE, THE RIGHT TO FINDINGS
OF FACT BASED ON THE EVIDENCE, AND TH E RIGHT TO ENFORCE THE LAW APPLICABLE TO ANY CA SE ARISING OUT OF OR RELATING TO THIS AGREEMENT
BY WAY OF APPEAL, EXCEPT AS AL LOWED UNDER THE MONTANA UNIFORM ARBITRATION ACT.  Each of them also acknowledges that each has
had an opportunity to consider and study this arbitration provision, to consult with counsel, to suggest modifications or changes,
and, if requested, has received and reviewed a copy of the Montana Uniform Arbitration Act.

 

ARTICLE XIII.

MISCELLANEOUS.

 

13.1
Key-Employee Insurance. Executive agrees that the Employer may, from time to time, apply for and take out in its own name and
at its own expense, life, health, accident, or other insurance upon Executive that the Employer may deem necessary or advisable
to protect its interests; and Executive agrees to submit to any medical or other examination necessary for such purposes and to
assist and cooperate with the Employer in preparing such insurance; and Executive agrees that he shall have no right, title, or
interest in or to such insurance.

 

13.2 Governing
Law.  This Agreement shall be governed by the laws of the State of Montana.

    9 

     

    

13.3
No Waiver.  The failure of 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.

 

13.4
Severability. The invalidity of any provision of this Agreement or portion of a provision shall not affect the validity of
any other provision of this Agreement or the remaining portion of the applicable provision.

 

13.5
Counterparts and Facsimile Signatures.  This Agreement and any amendments to this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one agreement. A facsimile
or electronic signature to this Agreement and any amendments to this Agreement shall be deemed an original and binding upon the
party against whom enforcement is sought.

 

13.6
Notices.  All notices required or permitted under this Agreement shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the party to be notified; (ii) when sent by confirmed facsimile or electronic mail if sent during
normal business hours of the recipient, if not, then on the next business day; (iii) upon receipt, if sent by registered or certified
mail or nationally recognized overnight courier. All notices shall be sent to Employer or Executive at the address set forth on
the first page of this Agreement, or at such other address as either party may designate by notice pursuant to this Section.

 

13.7
Entire Agreement.  The terms of this Agreement express and constitute the entire agreement between the parties pertaining to
the subject matter of this Agreement and supersede all prior and contemporaneous agreements, term sheets, offer letters, understandings,
negotiations and discussions, whether oral or written, of the parties. No supplement, modification, waiver or termination of this
Agreement shall be binding, unless executed in writing by the party to be bound.

 

13.8
Acknowledgments; Separate Representation. Each of the parties represents, acknowledges and agrees that the respective party
has been advised to consult with professional legal and accounting advisors with respect to the legal and tax consequences of the
transactions described in this Agreement and all agreements referenced in this Agreement, and each party has obtained and relied
upon its own independent legal and accounting advisors in connection with the transactions contemplated in this Agreement.

 

13.9
Amendment. This Agreement may be amended or altered by written instrument executed by all of the parties to this Agreement.

 

13.10
Attorney’s Fees. In the event of any arbitration or other proceeding for the interpretation or enforcement of this Agreement,
the prevailing party in such arbitration or other legal proceeding shall be entitled to recover its costs and expenses incurred,
including, without limitation, reasonable attorneys’ fees

 

    10 

     

    

13.11
Code Section 409A. The intent of the parties is that payments and benefits under this Agreement (including all
attachments, exhibits and annexes) be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, to the
extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be
administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required
in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, Executive shall not be considered to
have terminated employment with the Employer for purposes of this Agreement, and no payment shall be due to Executive under
this Agreement, until Executive would be considered to have incurred a “separation from service” from the
Employer within the meaning of Code Section 409A. Each amount to be paid or benefit to be provided to Executive pursuant to
this Agreement that constitutes deferred compensation subject to Code Section 409A shall be construed as a separate
identified payment for purposes of Code Section 409A. Notwithstanding anything to the contrary in this Agreement, to the
extent that any payments to be made to the Executive upon his or her separation from service would result in the imposition
of any individual penalty tax imposed under Code Section 409A by reason of Executive’s status as a “specified
employee,” the payment shall instead be made on the first business day after the earlier of (i) the date that is six
months following such separation from service and (ii) Executive’s death. To the extent that the Agreement provides for
the reimbursement of specified expenses incurred by the Executive, such reimbursement shall be made in accordance with the
provisions of the Agreement, but in no event later than the last day of the Executive’s taxable year following the
taxable year in which the expense was incurred. The amount of expenses eligible for reimbursement or in-kind
benefits provided by the Employer in any taxable year of the Executive shall not affect the amount of expenses or in-kind
benefits to be reimbursed or provided in any other year (except in the case of maximum benefits to be provided under a
medical reimbursement arrangement, if applicable).

 

13.12
Clawback. Notwithstanding any other provisions in this Agreement, any compensation that is otherwise payable under this Agreement
and that is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such
deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement
(or any policy adopted by the Employer pursuant to any such law, government regulation or stock exchange listing requirement).

 

 

    11 

     

    

The parties
have executed this Agreement effective as the Effective Date.

 

	 	EMPLOYER:
	 	 
	 	Stillwater Mining Company
	 	 
	 	 
	 	 /s/ Michael J. McMullen
	 	Michael J. McMullen
	 	President and Chief Executive Officer
	 	      
	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Dee L. Bray
	 	Dee L. Bray
	 	Vice President of Mine Operations

 

 

 

12

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