OMNIBUS AMENDMENT AGREEMENT TO EMPLOYMENT AGREEMENT
EX-10.16 5 y18618exv10w16.htm EX-10.16: OMNIBUS AMENDMENT AGREEMENT exv10w16
EXHIBIT 10.16
OMNIBUS AMENDMENT AGREEMENT
TO
EMPLOYMENT AGREEMENT
TO
EMPLOYMENT AGREEMENT
THIS OMNIBUS AMENDMENT AGREEMENT (this Amendment) is made as of December 8, 2005, by and between Century Aluminum Company, a Delaware corporation (the Company), and David W, Beckley (the Executive).
RECITALS
A. The Company and the Executive are parties to an Employment Agreement, made as of January 1, 2002, as amended by that Amendment Agreement, dated as of December 9, 2003, as amended by that Amendment Agreement, dated as of March 22, 2005, and as further amended by that Second Amendment to Employment Agreement, dated as of June 28, 2005 (collectively, the Employment Agreement);
B. The Company and the Executive are parties to a Severance Protection Agreement, dated as of August 1, 2005 (the SPA);
C. The Company desires to (i) extend the term of the Employment Agreement and the SPA through March 31, 2006; and (ii) amend the Employment Agreement to reflect Executives current Base Salary and additional compensation payments;
D. Executive is willing to continue his employment on the terms and conditions set forth in this Amendment;
E. Executive and the Company have agreed to amend the Employment Agreement, the SPA and the Consulting Agreement on the terms and conditions set forth in this Amendment;
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. Term of Employment. Section 1 of the Employment Agreement is hereby amended by substituting March 31, 2006 for December 31, 2005 in line two.
2. Base Salary. Section 2.1(a)(i) of the Employment Agreement is hereby amended by substituting 25,417 for 22,667 in line one and 305,000 for 272,000 in line six, The following new sentence in its entirety shall be added at the end of Section 2.1(a)(i):
In addition to the foregoing Base Salary, Executive shall, beginning January 1, 2006, be paid an additional payment of $24,000 each month during the term of this Agreement.
3. Term of Severance Protection Agreement. Section 1 of the SPA is hereby amended by substituting March 31, 2006 for December 31, 2005 in line three.
4. Incorporation of Amendment Agreement. Except as explicitly set forth in this Amendment, the parties do not intend to modify the terms and conditions of the Employment Agreement, the SPA or the Consulting Agreement; those terms and conditions shall remain in full force and effect, and they shall be incorporated into this Amendment by this reference.
CENTURY ALUMINUM COMPANY
By: | /s/ Craig A. Davis | |||
Chairman and Chief Executive Officer | ||||
/s/ David W. Beckley | ||||
David W. Beckley |
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