Document:

exh10_54.htm

    Exhibit
10.54

    

    MAXXAM
INC.

    1994
OMNIBUS EMPLOYEE INCENTIVE PLAN

    

    STOCK
OPTION AGREEMENT

    

    THIS STOCK OPTION AGREEMENT, dated
_______________________ (the "Agreement"), is between MAXXAM INC., a Delaware
corporation (the "Company"), and ___________________, an officer, or employee of
the Company or one of its subsidiaries (the "Grantee").

    

    The Compensation Committee of the
Company's Board of Directors has determined, and the Board of Directors has
concurred, that the Grantee is one of the key personnel of the Company or one of
its subsidiaries, and that the objectives of the Company's 1994 Omnibus Employee
Incentive Plan (the "Plan") will be furthered by granting to the Grantee a stock
option pursuant to the Plan.

    

    In consideration of the foregoing and
of the mutual undertakings set forth in this Agreement, the Company and the
Grantee agree as follows:

    

    Section
1.          Stock Option
Grant

    

    1.1           The
Company hereby grants to the Grantee a nonqualified stock option (the "Option")
to purchase __________ shares of the Company's common stock, $.50 par value (the
"Common Stock").

    

    1.2           The
option price per share of Common Stock covered by the Option granted hereby is
$____________ per share.

    

    Section
2.          Exercisability

    

    2.1           No
portion of the Option shall be exercisable prior to the _________ anniversary of
the date of this Agreement.

    

    2.2           In
accordance with Section 7.4 of the Plan, the Option shall become exercisable
with respect to _____% of the shares of Common Stock initially subject thereto
on the ________ anniversary of the date of this Agreement, and with respect to
an additional _______% of such shares on each of the ___________, __________,
__________ and _____________ anniversaries of the date of this Agreement, on a
cumulative basis, so that all of the shares of Common Stock covered by the
Option shall become exercisable in full on such ______________
anniversary.

    

    2.3           The
Option may be partially exercised from time to time within the percentage
limitations on exercisability set forth in Section 2.2 above.

    

    2.4           The
Option shall expire and cease to be exercisable _______ years after the date of
this Agreement, or on such earlier date as may be provided for herein or in
accordance with the terms of the Plan.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
3.          Method of
Exercise

    

    3.1           The
Option may be exercised only by the giving of written notice to the Company,
which notice shall state the election to exercise the Option and the number of
whole shares of Common Stock with respect to which the Option is being
exercised.  Such notice must be accompanied by payment of the full
purchase price for the number of shares purchased. Such payment shall be
made:  (A) by certified or official bank check (or the equivalent
thereof acceptable by the Company) for the full Option exercise price; or (B)
with the consent of the Committee, by delivery of shares of Common Stock
acquired at least six months prior to the Option exercise date and having a Fair
Market Value (determined as of the exercise date) equal to all or part of the
Option exercise price and a certified or official bank check (or the equivalent
thereof acceptable by the Company) for any remaining portion of the full Option
exercise price; or (C) at the discretion of the Committee and to the extent
permitted by law, by such other provision, consistent with the terms of the
Plan, as the Committee may from time to time prescribe.  Shares of
Common Stock owned through employee benefit plans of the Company may be used to
make purchase payments if no adverse tax consequences to either the Company or
such plans would result.

    

    3.2           The
Company shall cause to be issued and delivered to the Grantee a certificate(s)
representing the number of shares of Common Stock due to the Grantee upon
exercise of any portion of the Option as soon as practicable following
exercise.

    

    Section
4.          Notices

    

    Any notice to be given to the Company
hereunder shall be in writing and shall be addressed to the Secretary of the
Company, at 5847 San Felipe, Suite 2600, Houston, Texas  77057, or at
such other address as the Company may hereafter designate to the Grantee by
notice as provided herein.  Any notice to be given to the Grantee
hereunder shall be addressed to the Grantee at the address set forth beneath his
signature hereto, or at such other address as the Grantee may hereafter
designate to the Company by notice as provided herein.  Notices
hereunder shall be deemed to have been duly given when personally delivered or
mailed by registered mail or certified mail to the party entitled to receive the
same.

    

    Section
5.          Plan
Incorporated

    

    The rights and privileges of the Option
granted hereby shall be subject to all the terms and provisions of the Plan,
which are incorporated herein by reference and made a part hereof, including,
without limitation, the provisions of Plan Section 7.7 (relating to the
exercisability of the Option following termination of employment)  and
Plan Section 5.4 (generally relating to adjustments to the number of shares of
Common Stock covered by the Option and to the option price per share, upon
certain changes in capitalization).  Any term defined in the Plan
shall have the same meaning in this Agreement.  In the event of any
conflict between the provisions of this Agreement and the Plan, the provisions
of the Plan shall control.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
6.          Duplicate
Originals

    

    This Stock Option Agreement is being
executed in duplicate originals so that each party may retain a signed
original.  Both original documents constitute a singular
agreement.

    

    Section
7.          Successors and
Assigns

    

    This Agreement shall be binding upon
and inure to the benefit of the parties hereto and the successors and assigns of
the Company and, to the extent set forth in Plan Section 18.1, the heirs and
personal representatives of the Grantee.

    

    IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date and year first above
written.

    

    

    
      	
              ATTEST:

            	
              MAXXAM
      INC.

            
	 
      	 
      
	 
      	 
      	
              By:

            	 
      
	 
      	 
      	
              GRANTEE:exh10_63.htm

    Exhibit
10.63

    

    AMENDMENT
NO. 2 TO MAXXAM INC.

    REVISED
CAPITAL ACCUMULATION PLAN OF 1988

    

    WHEREAS,
MAXXAM Inc. (the “Company”)
sponsors the MAXXAM Inc. Revised Capital Accumulation Plan of 1988 (As Amended
and Restated December 2007) (the “Plan”),
which is subject to section 409A of the Internal Revenue Code of 1986, as
amended (together with applicable Treasury regulations and other guidance of
general application thereunder, including Notices 2005-1 and 2007-86, “409A”);
and

    

    WHEREAS,
the Company deems it necessary to amend the Plan to conform to
409A;

    

    NOW,
THEREFORE, the Plan is hereby amended in the following particulars, effective
December 31, 2008:

     

    
      1.      Clause
2.3(b)(iii) is hereby amended to read as follows:

      

      “Notwithstanding
clauses (i) and (ii) above, amounts creditable under Section 2.3(a) for the
first calendar year in which an employee becomes a participant shall be
allocated in accordance with the employee’s direction made prior to the date he
first becomes a participant;”

       

      
        
          	
                  2.

                	
                  The
      words “if such termination was for reasons other than Disability (or
      death)” are hereby deleted from the first sentence of clause 3.3(a)(i);
      and the words “unless the participant’s Termination of Employment was on
      account of Disability or death” are hereby deleted from the third sentence
      of clause 3.3(a)(ii).

                

        

         

      

      EXECUTED
this 30th day of December 2008, to be effective as indicated above.

       

    

    
      	 
      	 
      	
              MAXXAM
      INC.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      M. Emily Madison

            
	 
      	 
      	
              M.
      Emily Madison

            
	 
      	 
      	
              Vice
      President, Finance

            

    

    

    

    
      
        
          MI Cap
Accum Plan (Dec 2008 amend’t).final.BLB.docexh10_64.htm

    
      Exhibit
10.64

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      MAXXAM
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      

      (As
amended effective December 31, 2008)

      

      

      

      

      

      

      

      

      

      
        
          
            MI SERP
(2008 amend’t).final.BLB.DOC

          

           

        

        
           

          
            

          

        

        
           

        

      

      TABLE OF
CONTENTS

      

      
        	 
      	
                        
      Page

              
	 
      
	
                SECTION
      I - DEFINITIONS

              	
                1

              
	
                1.1

              	
                Administrative
      Committee

              	
                1

              
	
                1.2

              	
                Code

              	
                1

              
	
                1.3

              	
                Company

              	
                1

              
	
                1.4

              	
                Effective Date

              	
                1

              
	
                1.5

              	
                Employer

              	
                1

              
	
                1.6

              	
                409A

              	
                1

              
	
                1.7

              	
                Participant

              	
                1

              
	
                1.8

              	
                Pension Plan

              	
                2

              
	
                1.9

              	
                Plan

              	
                2

              
	 
      
	
                SECTION
      II – BENEFITS

              	
                2

              
	
                2.1

              	
                Amount of
    Benefits

              	
                2

              
	
                2.2

              	
                Time and Form of Payment of
      Benefits

              	
                2

              
	
                2.3

              	
                Death Benefits

              	
                2

              
	
                2.4

              	
                Payment Dates

              	
                3

              
	 
      
	
                SECTION
      III – LIABILITY FOR PAYMENTS

              	
                3

              
	
                3.1

              	
                In General

              	
                3

              
	
                3.2

              	
                Unfunded Plan

              	
                3

              
	 
      
	
                SECTION
      IV – ADMINISTRATION

              	
                3

              
	 
      
	
                SECTION
      V – AMENDMENT AND TERMINATION

              	
                3

              
	 
      
	
                SECTION
      VI – MISCELLANEOUS

              	
                4

              
	
                6.1

              	
                No Employment
      Rights

              	
                4

              
	
                6.2

              	
                Forfeiture

              	
                4

              
	
                6.3

              	
                Non-Alienation of
      Benefits

              	
                4

              
	
                6.4

              	
                Claims
    Procedure

              	
                4

              
	
                6.5

              	
                Liability Limited and
      Indemnification

              	
                4

              
	
                6.6

              	
                Tax
Withholding

              	
                5

              
	
                6.7

              	
                Separability

              	
                5

              
	
                6.8

              	
                Captions

              	
                5

              
	
                6.9

              	
                Usage

              	
                5

              
	
                6.10

              	
                Governing Laws

              	
                5

              

      

      

      
        
          
            MI SERP
(2008 amend’t).final.BLB.DOC

          

           

        

        
           

          
            

          

        

        
           

        

      

      MAXXAM
SUPPLEMENTAL RETIREMENT PLAN

      (As
amended effective December 31, 2008)

      
   MAXXAM Inc. has
established this Supplemental Executive Retirement Plan in order to provide
certain participants in the Pension Plan (as defined below) with the same
retirement benefits they would have received under the Pension Plan were it not
for certain limitations on benefits imposed by the Code (as defined
below).  Effective January 1, 2005, this Plan became subject to 409A
(as defined below) and this amendment and restatement of the Plan is intended to
bring it into compliance therewith.

       

      SECTION
I

       

      DEFINITIONS

                 

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

       

                 1.1.    Administrative
Committee.  The Administrative Committee appointed under the
Pension Plan.

       

                 1.2.   
Code.  The
Internal Revenue Code of 1986, as amended from time to
time.  References to a specific provision of the Code shall include
such provision, any valid regulation or ruling promulgated thereunder, and any
comparable provision of future law that amends, supplements or supersedes such
provision.

       

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

       

                1.4.   
Effective
Date.  The Effective Date of this amendment and restatement is
December 31, 2008.  This amendment and restatement shall not apply to
any individual who terminated employment with the Employers prior to January 1,
2005 and whose entire benefit under the Plan was earned and vested prior to such
date.  Notwithstanding any other provision of this amendment and
restatement, any such “grandfathered” individual shall continue to be covered
under the provisions of the Plan as in effect on December 31, 2004, and the
provisions of this amendment and restatement shall not affect the manner in
which such individual’s vested benefit is distributed.

       

                
1.5.    Employers.  The
Company and any other corporation, partnership or other entity that has adopted
the Pension Plan.

       

                
1.6.    409A.  Section
409A of the Code and applicable Treasury regulations and other guidance of
general application thereunder, including Notices 2005-1 and
2007-86.

       

                 1.7.   
Participant.  An
individual (other than a grandfathered individual described in section 1.4
hereof) who is a participant in the Pension Plan and who is selected by the
Board of Directors of the Company (or a committee thereof) in its sole
discretion to participate in this Plan.

       

      
        
          
            

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1.8.    Pension
Plan.  The MAXXAM Pension Plan.

       

                 1.9.   
Plan.
This MAXXAM Supplemental Executive Retirement Plan.

       

      SECTION
II

       

      BENEFITS

       

                 2.1.    Amount of
Participant’s Benefits.  Each Participant shall be entitled to
receive under this Plan the actuarial equivalent of the difference between (a)
the benefit that would have been accrued by the Participant under the Pension
Plan as of December 31, 2005 but for (i) the maximum limitations on benefits
imposed by section 415 of the Code and (ii) the maximum amount of compensation
permitted to be taken into account under the Pension Plan because of the
provisions of section 401(a)(17) of the Code and (b) the benefit actually
accrued by the Participant under the Pension Plan as of December 31,
2005.  Actuarial equivalence for this purpose shall be determined
using the same actuarial assumptions that would be used under the Pension Plan
for a payment on the same date.

       

                 2.2.   
Time and
Form of Payment of Benefits.  A Participant who has not already
commenced payment under this Plan prior to the Effective Date (and who is not a
grandfathered individual described in section 1.4 hereof) shall be paid his
benefit under this Plan in a lump sum on the first day of the month following
the later of
the Participant’s termination of employment (within the meaning of 409A) or
attainment of age 65, unless such Participant, prior to December 31, 2008,
irrevocably elects payment hereunder in one of the alternative forms of
distribution available under the Pension Plan commencing on the payment date set
forth above.  Notwithstanding the foregoing, no payment under this
section 2.2 shall be made to a Participant who is a “specified employee” within
the meaning of 409A during the 6-month period immediately following his
termination of employment, and any such payment due during such 6-month period
shall be delayed, and shall be actuarially increased to reflect any such delay
in payment (using the assumptions under the Pension Plan for calculating lump
sum amounts), until the day following the expiration of the 6-month
period.

       

                 2.3.   
Death
Benefits.  Upon the death of a Participant (who is not a
grandfathered individual described in section 1.4) who has not already commenced
payment of his benefit prior to the Effective Date, his beneficiary shall
receive a lump sum payment 30 days after his death equal to the actuarial value
of (a) the survivor benefit that would have been paid to such beneficiary had
the Participant elected to receive his benefit under section 2.1 hereof under
the 100% contingent annuitant option (as described in the Pension Plan)
commencing on the first day of the month following the later of his death or
attainment of age 65, if such Participant dies before commencement of his
benefit hereunder; or (b) the survivor annuity (or period certain payments), if
any, the beneficiary would have received under the form of payment the
Participant was receiving at the time of his death, if such Participant dies
after commencement of his benefit hereunder; provided that such Participant may
elect, no later than December 31, 2008, to have the actuarial equivalent of the
survivor benefit due his beneficiary, if any, under clause (a) or clause (b)
above, paid in its original form rather than being converted to a lump sum,
commencing 30 days after the Participant’s death.  For purposes of the
foregoing, actuarial value and actuarial equivalence shall be determined using
the appropriate actuarial assumptions under the Pension Plan.  In the
case of a Participant 

       

      
        
          
            

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      (who is
not a grandfathered individual described in section 1.4) who already commenced
payment of his benefit under this Plan prior to the Effective Date, his
beneficiary shall be paid the survivor annuity (or period certain payments), if
any, due upon his death under the form of payment the Participant was receiving
at the time of his death, commencing 30 days after his
death.   The beneficiary to whom amounts are payable under this
Plan after the death of the Participant shall be the same as the beneficiary to
whom amounts are payable under the Pension Plan after the death of the
Participant, provided that once a Participant has either commenced payment
hereunder or made the election described in the first sentence of this Section
2.3, his beneficiary for purposes of this Plan may not be changed.

       

                
2.4.    Payment
Dates.  Any amount paid before or after the payment date
specified in this Section II shall be considered paid on such specified payment
date if it is actually paid within the applicable grace period permitted by
409A.  Any such deviation from the specified payment date shall be
within the sole discretion of the Administrative Committee or its
delegate.

       

      SECTION
III

       

      LIABILITY
FOR PAYMENTS

       

                 3.1.   
In
General.  Benefits payable under this Plan shall be the
liability of the Employer that employed the Participant with respect to whom
benefits are payable. If a Participant is entitled to benefits under this Plan
attributable to periods of employment with more than one Employer, the Company
shall determine the apportionment of liability among such
Employers.

       

                 3.2.   
Unfunded
Plan.  Benefits payable under this Plan shall not be funded,
but shall be paid out of the general assets of the applicable
Employer.

       

       

      SECTION
IV

       

      ADMINISTRATION

       

                
The Administrative Committee shall administer the Plan. The Administrative
Committee shall have full discretionary authority to determine all questions
arising in connection with the Plan, including its interpretation and the
determination of eligibility for benefits, may adopt procedural rules and may
employ and rely upon such legal counsel, actuaries, accountants and agents as it
may deem advisable to assist in the administration of the Plan. Subject to
Section 6.4, decisions of the Administrative Committee shall be conclusive and
binding on all persons.

       

      SECTION
V

       

      AMENDMENT
AND TERMINATION

       

                
To the extent permitted by 409A, the Company may amend or terminate the Plan at
any time; provided, that no such amendment or termination shall deprive any
Participant or his beneficiary of any right to the total amount of the benefits
that would have been payable under this Plan and under the Pension Plan prior to
such amendment or termination had such Participant
terminated employment immediately prior to the effective date of such amendment
or termination. Any such action by the Company shall be binding on all
Employers. To the extent permitted by 409A, any participating Employer (other
than the Company) may withdraw from the Plan by action of its Board of Directors
(or other governing body) and by giving at least 20 business days advance
written notice to the Company unless the Company waives such notice or agrees to
any shorter period of advance notice. As of the effective date of such
withdrawal the Plan shall be deemed to terminate with respect to the withdrawing
Employer.

       

      
        
          
            

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      SECTION
VI

       

      MISCELLANEOUS

       

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

       

                 6.2.   
Forfeiture.  Notwithstanding
any provision of this Plan to the contrary, if following termination of
employment for any reason a Participant is found guilty (by a court of competent
jurisdiction) of any act of fraud or dishonesty against an Employer, then all
rights which the Participant or his beneficiary may have under this Plan shall
be forfeited, any liability to the Employers to make payments hereunder shall
terminate, and any payments previously made hereunder shall be recoverable by
the Employers.

       

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

       

                 6.4.   
Claims
Procedure.  The Administrative Committee shall establish a
claims procedure in accordance with applicable law and shall afford a reasonable
opportunity to any Participant whose claim for benefits has been denied for a
full and fair review of the decision denying such claim.

       

                 6.5.   
Liability
Limited and Indemnification.  Except as otherwise provided by
law, no Employer or any Person who is a member of the Administrative Committee
or who is a stock or other equity holder, employee, officer, director, or
manager of an Employer, shall incur any liability whatsoever on account of any
matter connected with or related to the Plan or the administration of the Plan,
unless such person shall have acted in bad faith or have willfully neglected his
duties in respect to the Plan; and as a condition precedent to his participation
in the Plan or the receipt of benefits thereunder, or both, such liability, if
any, is expressly waived and released by each Participant and beneficiary, and
by any and all persons claiming under or through
such persons, such waiver and release to be conclusively evidenced by any act or
participation in or the acceptance of benefits under this Plan. The Company
shall indemnify and hold each such natural person harmless against any and all
loss, liability, claim, damage, cost and expense which may arise by reason of,
or be based upon, any matter connected with or related to the Plan or the
administration of the Plan (including, but not limited to, any and all expenses
whatsoever reasonably incurred in investigating, preparing or defending against
any litigation or similar proceedings, commenced or threatened, or. in
settlement of any such claim whatsoever) to the fullest extent permitted under
the Certificate of Incorporation and By-Laws of the Company.

       

      
        
          
            

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                 6.6.   
Tax
Withholding.  Benefit payments hereunder shall be subject to
withholding, to the extent required by applicable tax or other
laws.

       

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

       

                 6.8.   
Captions.  Except
for the definitions in Section 1, the captions contained herein and the table of
contents prefixed hereto are inserted only as a matter of convenience and for
reference, and in no way define, limit, enlarge or describe the scope or intent
of this Plan nor in any way affect the Plan or the construction of any provision
thereof.

       

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

       

                 6.10. 
Governing
Laws. The Plan shall be governed by and construed and administered under
the laws of the State of Texas, except to the extent that such laws are
preempted by Federal law.

       

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

       

      

      
        	 
      	 
      	
                MAXXAM
      INC.

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      M. Emily Madison

              
	 
      	 
      	
                M.
      Emily Madison

              
	 
      	 
      	
                Vice
      President, Finance

              

      

      

        
          
            
              

              MI SERP
(2008 amend’t).final.BLB.DOC

              

            

             

          

          
            - 5
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