25.08.2013 Views

SCHEDULE 13D/A CENTURY ALUMINUM COMPANY - Euroland

SCHEDULE 13D/A CENTURY ALUMINUM COMPANY - Euroland

SCHEDULE 13D/A CENTURY ALUMINUM COMPANY - Euroland

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

UNITED STATES<br />

SECURITIES AND EXCHANGE COMMISSION<br />

Washington, D.C. 20549<br />

<strong>SCHEDULE</strong> <strong>13D</strong>/A<br />

Under the Securities Exchange Act of 1934<br />

(Amendment No. 5)<br />

<strong>CENTURY</strong> <strong>ALUMINUM</strong> <strong>COMPANY</strong><br />

(Name of Issuer)<br />

COMMON STOCK, $0.01 Par Value<br />

(Title of Class of Securities)<br />

156431 10 8<br />

(CUSIP Number)<br />

Company Secretary<br />

Glencore Holding AG<br />

Baarermattstrasse 3, P.O. Box 666<br />

CH−6341 Baar, Switzerland<br />

Phone: 41−41−709−2563<br />

(Name, Address and Telephone Number of Person<br />

Authorized to Receive Notices and Communications)<br />

January 28, 2009<br />

(Date of Event which Requires Filing of this Statement)<br />

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule <strong>13D</strong>, and is filing<br />

this schedule because of §§ 240.13d−1(e), 240.13d−1(f) or 240.13d−1(g), check the following box. [ ]<br />

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d−7 for other<br />

parties to whom copies are to be sent.<br />

The information required on the remainder of this cover page shall not be deemed to be ‘‘filed’’ for the purpose of Section 18 of the Securities<br />

Exchange Act of 1934 (‘‘Act’’) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act<br />

(however, see the Notes).<br />

1


CUSIP No. 156431 10 8<br />

Number of<br />

Shares<br />

Beneficially<br />

Owned by<br />

Each<br />

Reporting<br />

Person With<br />

1.<br />

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Glencore Investment Pty<br />

Ltd<br />

2. Check the Appropriate Box if a Member of a Group (See Instructions)<br />

(a) .............................................................................................................................<br />

(b) .............................................................................................................................<br />

3. SEC Use Only ...........................................................................................................................<br />

4. Source of Funds (See Instructions)<br />

OO<br />

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or<br />

2(e) ........................................................................................................................<br />

6. Citizenship or Place of Organization<br />

Western Australia<br />

7. Sole Voting Power<br />

None....................................................................................................………...<br />

8. Shared Voting Power<br />

14,820,136 shares (See Item 5)<br />

9. Sole Dispositive Power<br />

None...............................................................……………………...................<br />

10. Shared Dispositive Power<br />

14,820,136 shares (See Item 5)<br />

11. Aggregate Amount Beneficially Owned by Each Reporting Person<br />

14,820,136 shares (See Item 5)<br />

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br />

Not applicable<br />

13. Percent of Class Represented by Amount in Row (11)<br />

30.2%<br />

14. Type of Reporting Person (See Instructions)<br />

CO<br />

2


CUSIP No. 156431 10 8<br />

Number of<br />

Shares<br />

Beneficially<br />

Owned by<br />

Each<br />

Reporting<br />

Person With<br />

1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Glencore Investments AG<br />

2. Check the Appropriate Box if a Member of a Group (See Instructions)<br />

(a) .............................................................................................................................<br />

(b) .............................................................................................................................<br />

3. SEC Use Only ...........................................................................................................................<br />

4. Source of Funds (See Instructions)<br />

OO<br />

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or<br />

2(e) ........................................................................................................................<br />

6. Citizenship or Place of Organization<br />

Switzerland<br />

7. Sole Voting Power<br />

None....................................................................................................………...<br />

8. Shared Voting Power<br />

14,820,136 shares (See Item 5)<br />

9. Sole Dispositive Power<br />

None...............................................................……………………...................<br />

10. Shared Dispositive Power<br />

14,820,136 shares (See Item 5)<br />

11. Aggregate Amount Beneficially Owned by Each Reporting Person<br />

14,820,136 shares (See Item 5)<br />

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br />

Not applicable.<br />

13. Percent of Class Represented by Amount in Row (11)<br />

30.2%<br />

14. Type of Reporting Person (See Instructions)<br />

CO, HC<br />

3


CUSIP No. 156431 10 8<br />

Number of<br />

Shares<br />

Beneficially<br />

Owned by<br />

Each<br />

Reporting<br />

Person With<br />

1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Glencore International AG<br />

2. Check the Appropriate Box if a Member of a Group (See Instructions)<br />

(a) .............................................................................................................................<br />

(b) .............................................................................................................................<br />

3. SEC Use Only ...........................................................................................................................<br />

4. Source of Funds (See Instructions)<br />

OO<br />

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or<br />

2(e) ........................................................................................................................<br />

6. Citizenship or Place of Organization<br />

Switzerland<br />

7. Sole Voting Power<br />

None....................................................................................................………....<br />

8. Shared Voting Power<br />

14,820,136 shares (See Item 5)<br />

9. Sole Dispositive Power<br />

None...............................................................……………………...................<br />

10. Shared Dispositive Power<br />

14,820,136 shares (See Item 5)<br />

11. Aggregate Amount Beneficially Owned by Each Reporting Person<br />

14,820,136 shares (See Item 5)<br />

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br />

Not applicable.<br />

13. Percent of Class Represented by Amount in Row (11)<br />

30.2%<br />

14. Type of Reporting Person (See Instructions)<br />

CO, HC<br />

4


CUSIP No. 156431 10 8<br />

Number of<br />

Shares<br />

Beneficially<br />

Owned by<br />

Each<br />

Reporting<br />

Person With<br />

1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Glencore Holding AG<br />

2. Check the Appropriate Box if a Member of a Group (See Instructions)<br />

(a) .............................................................................................................................<br />

(b) .............................................................................................................................<br />

3. SEC Use Only ...........................................................................................................................<br />

4. Source of Funds (See Instructions)<br />

OO<br />

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or<br />

2(e) ........................................................................................................................<br />

6. Citizenship or Place of Organization<br />

Switzerland<br />

7. Sole Voting Power<br />

....................................................................................................………......<br />

8. Shared Voting Power<br />

14,820,136 shares (See Item 5)<br />

9. Sole Dispositive Power<br />

...............................................................……………………...................<br />

10. Shared Dispositive Power<br />

14,820,136 shares (See Item 5)<br />

11. Aggregate Amount Beneficially Owned by Each Reporting Person<br />

14,820,136 shares (See Item 5)<br />

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)<br />

Not applicable.<br />

13. Percent of Class Represented by Amount in Row (11)<br />

30.2%<br />

14. Type of Reporting Person (See Instructions)<br />

CO, HC<br />

5


Explanatory Note:<br />

This is the fifth amendment (“Amendment No. 5”) to the statement on Schedule <strong>13D</strong> for Glencore AG, Glencore Investment Pty Ltd.<br />

(“Glencore Investment Pty”), Glencore Investments AG (“Glencore Investments AG”), Glencore International AG (“Glencore International”) and Glencore<br />

Holding AG (“Glencore Holding”), which was originally filed with the Securities and Exchange Commission on April 12, 2001, and amended on May 25,<br />

2004, November 27, 2007, July 8, 2008 and July 21, 2008, relating to the common stock, par value $0.01 per share (“Common Stock”) of Century<br />

Aluminum Company (the “Company”).<br />

Unless otherwise indicated herein, each capitalized term used but not defined herein shall have the meaning assigned to such term in the<br />

original Schedule <strong>13D</strong>, as amended through the date hereof (the “Schedule <strong>13D</strong>”).<br />

Item 2. Identity and Background<br />

Schedule I attached to the Schedule <strong>13D</strong>, which contains information with respect to the identity and background of each executive officer and<br />

director of each Reporting Person in response to paragraphs (a), (b), (c) and (f) of Item 2, is hereby amended and restated in its entirety by Schedule I<br />

attached hereto. All other information in Item 2 of the Schedule <strong>13D</strong> remains the same.<br />

Item 4. Purpose of the Transaction<br />

Item 4 of the Schedule <strong>13D</strong> is hereby amended by adding the following at the end thereof:<br />

In connection with a proposed public offering by the Company of newly−issued shares of Common Stock (the “Public Offering”), Glencore<br />

AG and the Company have entered into an Agreement to Amend Certain Provisions of Standstill and Governance Agreement (the “SAGA Amendment”),<br />

dated January 27, 2009. The SAGA Amendment provides for certain amendments to the Standstill and Governance Agreement (the “SAGA”), dated July 7,<br />

2008, that would allow the Reporting Persons and their affiliates to increase their beneficial ownership percentage of the Company’s Common Stock from<br />

their current ownership percentage of approximately 30.2%, and to exercise voting with respect to a greater percentage of shares than they are now<br />

permitted to under the SAGA to the extent required to permit them to vote any shares acquired by them in the proposed Public Offering.<br />

Item 5. Interest in Securities of the Issuer<br />

Item 5 of the Schedule <strong>13D</strong> is hereby amended and restated in its entirety as follows:<br />

(a) The Reporting Persons beneficially own 14,820,136 shares of Common Stock, or 30.2% of the Company’s outstanding Common<br />

Stock. The shares reported as beneficially owned by the Reporting Persons: (i) do not include the 15,578,718 shares of Common Stock issuable upon<br />

conversion of the 155,787.18 shares of Preferred Stock owned by the Reporting Persons, which are convertible only (a) upon the occurrence of events that<br />

have not transpired and that are outside of the control of the Reporting Persons, or (b) in circumstances that would not result in an increase in the percentage<br />

of shares of Common Stock beneficially owned by the Reporting Persons, and (ii) include 22,500 shares subject to presently exercisable options and 1,047<br />

shares of restricted Common Stock that vest in June 2009 or upon the holder’s earlier termination of services as a director of the Company due to death or<br />

disability, each held directly by Mr. Willy R. Strothotte, who holds such options and shares as nominee for Glencore Investment Pty. The aggregate number<br />

and percentage of shares of Common Stock beneficially owned by the persons (other than the Reporting Persons) named in Item 2 is set forth opposite their<br />

names on Schedule I hereto. The beneficial ownership percentages reported herein are based upon the 49,052,692 shares of Common Stock reported as<br />

outstanding as of December 31, 2008 in the Company’s prospectus supplement, dated January 27, 2009, to the Registration Statement on Form S−3 filed<br />

with the Securities and Exchange Commission on May 29, 2007.<br />

6


(b) The Reporting Persons share the power to vote or to direct the vote and dispose or to direct the disposition of 14,820,136 shares of<br />

Common Stock. To the best knowledge of the Reporting Persons, each person (other than the Reporting Persons and any person holding shares as nominee<br />

for the Reporting Persons) named in Item 2 has the sole power to vote or to direct the vote and dispose or to direct the disposition of the number of shares of<br />

Common Stock set forth opposite his name on Schedule I hereto.<br />

(c) None of the Reporting Persons nor, to their knowledge, any of the persons named in Item 2 have engaged in any transaction in any<br />

shares of Common Stock during the sixty days immediately preceding the date hereof, except as follows:<br />

Transaction Party Nature of Transaction Date of Transaction Number of Shares Price per Share<br />

Glencore Investment Pty Ltd. Acquisition (1) 12/31/2008 1,296 (1)<br />

(1) Represents Common Stock acquired upon the automatic conversion of 12.96 shares of the Company’s Series A Convertible Preferred Stock<br />

(“Preferred Stock”) in accordance with the terms of the Preferred Stock.<br />

(d) None.<br />

(e) Not applicable.<br />

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer<br />

Item 6 is hereby amended by adding the following to the end thereof:<br />

In connection with the Company’s proposed Public Offering, Glencore AG and the Company executed the SAGA Amendment. Under the<br />

SAGA Amendment Glencore AG and the Company agreed that (1) if the Reporting Persons or their affiliates purchase Common Stock in the Public<br />

Offering, then until April 7, 2009, they may beneficially own, and exercise voting rights with respect to, a number of shares of the Company’s Common<br />

Stock equal to the greater of (x) 28.5% of the outstanding Common Stock and (y) the quotient of: (a) the sum of (i) the number of shares of Common Stock<br />

that equals 28.5% of the Company’s outstanding Common Stock immediately prior to the Public Offering, and (ii) the number of shares purchased by<br />

Glencore AG in the Public Offering; divided by (b) the number of shares of Company Common Stock outstanding immediately following the Public<br />

Offering, even if such amount exceeds the 30.2% of Common Stock they currently hold. Following April 7, 2009, Glencore AG’s permitted ownership<br />

percentage shall be as set forth in the SAGA. The SAGA Amendment will become effective only if the Reporting Persons or their affiliates purchase<br />

additional shares of common stock in the proposed Public Offering.<br />

7


Also in connection with the proposed Public Offering, Glencore Investment Pty has agreed to enter into a Lock−Up Agreement (the “Lock−Up<br />

Agreement”) pursuant to which, without the prior written consent of Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. Incorporated, as<br />

representatives of the underwriters of the Public Offering, it will not, during the period ending 90 days after the date of the final prospectus relating to the<br />

Public Offering: (1) offer, pledge, sell, contract to sell, grant any option, right to warrant to purchase, lend, or otherwise transfer or dispose of, directly or<br />

indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or (2) enter into any swap or<br />

other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock. The restrictions in<br />

the Lock−Up Agreement will not apply to certain transfers, including as part of a third party acquisition of the Company. The Lock−Up Agreement will not<br />

be effective if the proposed Public Offering is not consummated by February 10, 2009.<br />

The foregoing descriptions are subject to, and qualified in their entirety by reference to the full text of the SAGA Amendment and the<br />

Lock−Up Agreement which are attached hereto as Exhibits 2 and 3, and incorporated herein by reference.<br />

Item 7. Material to Be Filed as Exhibits<br />

1. Joint Filing Agreement, dated January 28, 2009<br />

2. Agreement to Amend Certain Provisions of Standstill and Governance Agreement, dated January 27, 2009<br />

3. Form of Lock−Up Agreement<br />

4. Power of Attorney (incorporated by reference to Exhibit 24.1 to Amendment No. 4 to Schedule <strong>13D</strong>, dated July 18, 2008, and filed by the Reporting<br />

Persons with the Securities and Exchange Commission on July 21, 2008)<br />

8


Signature<br />

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.<br />

Date: January 28, 2009<br />

Glencore Investment Pty Ltd<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

Glencore Investments AG<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

Glencore International AG<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

Glencore Holding AG<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

9


<strong>SCHEDULE</strong> I<br />

Set forth below are the names, business addresses and present principal occupations of the directors and executive officers of Glencore Investment Pty Ltd,<br />

Glencore Investments AG, Glencore International AG and Glencore Holding AG. The executive officers of each of Glencore Investment Pty Ltd, Glencore<br />

Investments AG, Glencore Holding AG and Glencore International AG are the same persons listed as directors of such company. Unless otherwise<br />

indicated, the present principal occupation of each person is with Glencore International AG. If no business address is given, the address is<br />

Baarermattstrasse 3, CH−6341, Baar, Switzerland. Unless otherwise indicated, all of the persons listed below are citizens of Switzerland. To the best<br />

knowledge of the Reporting Persons, except as set forth below, none of the persons listed below beneficially owns any shares of Common Stock of the<br />

Company.<br />

Directors of Glencore Investment Pty Ltd<br />

Name Principal Occupation Business address Share Ownership<br />

Steven N. Isaacs Chairman and Managing Director<br />

of Glencore Finance AG<br />

Richard James Marshall In−house Counsel of Glencore<br />

International AG<br />

Eric Diedrichsen Employee of Glencore<br />

International AG – Accounting<br />

Marc Ocksay Employee of Glencore<br />

International AG – Finance<br />

Ross Lind Employee of Glencore<br />

Investment Pty Ltd<br />

Victoria Marr<br />

(Citizen of Australia)<br />

Employee of Glencore Australia<br />

Pty Ltd<br />

Level 4, 30 The Esplanade,<br />

Perth, 6000, Australia<br />

Level 4, 30 The Esplanade,<br />

Perth, 6000, Australia<br />

10


Directors of Glencore Investments AG<br />

Name Principal Occupation Business address Share Ownership<br />

Willy R. Strothotte<br />

(Citizen of Germany)<br />

Steven F. Kalmin<br />

(Citizen of Australia)<br />

Chairman 23,547 shares of Common Stock (which<br />

includes 22,500 shares which are subject to<br />

options presently exercisable and 1,047<br />

shares which are subject to vesting in one<br />

year or earlier termination of service as a<br />

Company director due to death or<br />

disability). (1)<br />

Officer of Glencore International AG<br />

–<br />

Accounting<br />

Andreas P. Hubmann Officer of Glencore International AG<br />

–<br />

Accounting<br />

Directors of Glencore Holding AG:<br />

Name Principal Occupation Business address Share Ownership<br />

Willy R. Strothotte<br />

(Citizen of Germany)<br />

Ivan Glasenberg<br />

(Citizen of Australia)<br />

Chairman 23,547 shares of Common Stock (which<br />

includes 22,500 shares which are subject<br />

to options presently exercisable and 1,047<br />

shares which are subject to vesting in one<br />

year or earlier termination of service as a<br />

Company director due to death or<br />

disability). (1)<br />

Chief Executive Officer<br />

Andreas P. Hubmann Officer of Glencore International AG<br />

–<br />

Accounting<br />

Peter A. Pestalozzi Attorney, Pestalozzi Lachenal Patry<br />

Zurich Ltd.<br />

Lowenstrasse 1<br />

CH−8001 Zurich<br />

Switzerland<br />

11


Zbynek E. Zak Non−Executive Director;<br />

former CFO of Glencore International AG (retired)<br />

Craig A. Davis<br />

(Citizen of the US)<br />

Directors of Glencore International AG:<br />

Non−Executive Director; former Chairman and CEO<br />

of Century Aluminum Company (retired)<br />

Buetzenweg 16<br />

CH−6300 Zug<br />

Switzerland<br />

457 shares of Common Stock<br />

Name Principal Occupation Business address Share Ownership<br />

Willy R. Strothotte<br />

(Citizen of Germany)<br />

Ivan Glasenberg<br />

(Citizen of Australia)<br />

Chairman 23,547 shares of Common Stock<br />

(which includes 22,500 shares which<br />

are subject to options presently<br />

exercisable and 1,047 shares which<br />

are subject to vesting in one year or<br />

earlier termination of service as a<br />

Company director due to death or<br />

disability). (1)<br />

Chief Executive Officer<br />

Zbynek E. Zak Non−Executive Director;<br />

former CFO of Glencore<br />

International AG (retired)<br />

Peter A. Pestalozzi Attorney, Pestalozzi<br />

Lachenal Patry Zurich Ltd.<br />

Craig A. Davis<br />

(Citizen of the US)<br />

Non−Executive Director,<br />

former Chairman and CEO of<br />

Century Aluminum Company<br />

(retired)<br />

Buetzenweg 16<br />

CH−6300 Zug<br />

Switzerland<br />

Loewenstrasse 1<br />

CH−8001 Zurich,<br />

Switzerland<br />

457 shares of Common Stock<br />

(1) Represents shares underlying options and restricted stock that were issued to Mr. Willy R. Strothotte in connection with his service as a director of<br />

the Company. Mr. Strothotte holds such options and shares of restricted stock as nominee for the Reporting Persons and disclaims beneficial ownership<br />

thereof, except to the extent of his pecuniary interest therein.<br />

12


JOINT FILING AGREEMENT<br />

Each of the undersigned hereby agrees that this Amendment No. 5 to the statement on Schedule <strong>13D</strong> is being filed with the Securities and Exchange<br />

Commission on behalf of each of the undersigned pursuant to Rule 13d−1(k) under the Securities Exchange Act of 1934, as amended.<br />

Dated: January 28, 2009<br />

Glencore Investment Pty Ltd<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

Glencore Investments AG<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

Glencore International AG<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

Glencore Holding AG<br />

By: /s/ Valarie A. Hing<br />

Name: Valarie A. Hing<br />

Title: Attorney−in−Fact<br />

EXHIBIT 1


AGREEMENT TO AMEND CERTAIN PROVISIONS OF<br />

STANDSTILL AND GOVERNANCE AGREEMENT<br />

EXHIBIT 2<br />

THIS AGREEMENT (this “Agreement”) is entered into as of January_27, 2009, by and between Century Aluminum Company, a corporation organized and<br />

existing under the laws of the State of Delaware (the “Company”) and Glencore AG, a company organized and existing under the laws of Switzerland<br />

(“Glencore”).<br />

WHEREAS, the Company proposes to offer newly−issued shares (the “Offered Shares”) of the Company’s common stock, par value $0.01 per share (the<br />

“Common Stock”), for sale to the public by means of a firm commitment underwritten public offering (including any sale of Common Stock pursuant to an<br />

underwriters’ over−allotment, the “Offering”);<br />

WHEREAS, it is anticipated that a portion of the Offered Shares will be purchased in the Offering by Glencore and/or one or more of its Affiliates (the<br />

“Glencore Shares”);<br />

WHEREAS, the Company and Glencore are parties to that certain Standstill and Governance Agreement dated as of July 7, 2008 (the “SAGA”) (all<br />

capitalized terms used and not defined herein shall have the meaning set forth in the SAGA);<br />

WHEREAS, the Company and Glencore have agreed to amend certain provisions of the SAGA so that Glencore may increase its current Ownership<br />

Percentage of approximately 30.16% by the purchase of the Glencore Shares, and that Glencore and its Affiliates may exercise voting rights with respect to<br />

a number of shares of Company Common Stock equivalent to the Glencore Shares; and<br />

WHEREAS, the Independent Directors of the Board of Directors of the Company and the Board of Directors of the Company have approved this<br />

Agreement;<br />

NOW, THEREFORE, in order to provide for Glencore’s and its Affiliates’ purchase of the Glencore Shares in the Offering, the Company and Glencore do<br />

hereby agree as follows:<br />

I. Notwithstanding the definition of Permitted Ownership Percentage in Section 1.1 of the SAGA, Glencore and its Affiliates shall be permitted to<br />

increase its current Ownership Percentage of approximately 30.16% by purchasing the Glencore Shares in the Offering;<br />

II. After the purchase of the Glencore Shares in the Offering, Glencore’s Permitted Ownership Percentage until April 7, 2009 shall be the greater of<br />

(x) 28.5% and (y) the quotient, expressed as a percentage, of: (a) the sum of (i) the number of shares of Common Stock that equals 28.5% of the Company’s<br />

outstanding Common Shares immediately prior to the Offering, and (ii) the number of Glencore Shares; divided by (b) the number of outstanding Company<br />

Common Shares immediately following the Offering;


III. Following April 7, 2009, Glencore’s Permitted Ownership Percentage shall be as currently set forth in the SAGA;<br />

IV. For the avoidance of doubt, it is acknowledged that Glencore and its Affiliates shall be entitled to exercise all voting rights with respect to a<br />

number of shares of Company Common Stock equivalent to the Glencore Shares and such Shares shall not be subject to Section 2.1(c) of the SAGA;<br />

provided that Section 2.1(c) shall continue to apply with respect to any increase in Glencore’s Ownership Percentage beyond the Permitted Ownership<br />

Percentage (as increased hereby) which is not otherwise permitted by the terms of the SAGA;<br />

V. Except for such terms of the SAGA as shall be modified hereby, the SAGA shall continue in full force and effect;<br />

VI. This Agreement shall be governed by the laws of the State of New York (without regard to its choice of law rules); and<br />

VII. Notwithstanding any other provision of this Agreement, the amendments to the SAGA provided for hereby shall become effective if and only if<br />

the Offering is consummated and Glencore and/or its Affiliates purchase any Glencore Shares therein.<br />

[Signature page follows]<br />

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.<br />

<strong>CENTURY</strong> <strong>ALUMINUM</strong> <strong>COMPANY</strong><br />

By: /s/ Michael A. Bless<br />

Name: Michael A. Bless<br />

Title: Executive Vice President<br />

and Chief Financial officer<br />

GLENCORE AG<br />

By: /s/ A. Hubmann<br />

Name: A. Hubmann<br />

Title: Director<br />

By: /s/ L. Grenacher Hagmann<br />

Name: L. Grenacher Hagmann<br />

Title: Officer


Credit Suisse Securities (USA) LLC<br />

Eleven Madison Avenue<br />

New York, New York 10010<br />

Morgan Stanley & Co. Incorporated<br />

1585 Broadway<br />

New York, New York 10036<br />

As representatives of the several Underwriters referred to below<br />

Dear Sirs and Mesdames:<br />

LOCK−UP AGREEMENT<br />

LOCK−UP LETTER<br />

EXHIBIT 3<br />

January [__], 2009<br />

The undersigned understands that Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Morgan Stanley & Co. Incorporated (“Morgan<br />

Stanley”) propose to enter into an Underwriting Agreement (the “Underwriting Agreement”) with Century Aluminum Company, a Delaware corporation<br />

(the “Company”), providing for the public offering (the “Public Offering”) by the several underwriters, including Credit Suisse and Morgan Stanley and the<br />

other underwriters for which they act as representatives (the “Underwriters”), of shares (the “Shares”) of the Common Stock, $.01 par value of the Company<br />

(the “Common Stock”).<br />

To induce the Underwriters that may participate in the Public Offering to continue their efforts in connection with the Public Offering, the<br />

undersigned hereby agrees that, without the prior written consent of Credit Suisse and Morgan Stanley on behalf of the Underwriters, it will not, during the<br />

period commencing on the date hereof and ending 90 days after the date of the final prospectus relating to the Public Offering (the “Prospectus”), (1) offer,<br />

pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,<br />

lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or<br />

exchangeable for Common Stock, or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic<br />

consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common<br />

Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a) the sale of any Shares to the Underwriters pursuant to the<br />

Underwriting Agreement, (b) transactions relating to shares of Common Stock or other securities acquired in open market transactions after the completion<br />

of the Public Offering, (c) the cashless exercise of an option outstanding as of the date hereof that will expire during the restricted period referred to in the<br />

foregoing sentence; provided that (i) such transaction does not involve the sale or transfer of any shares of Common Stock other than to the Company and<br />

(ii) the shares received upon such exercise shall be subject to the terms of the Lock−Up Agreement, (d) sales or other dispositions of shares of Common<br />

Stock to the Company to discharge tax withholding obligations resulting from the vesting of performance shares during the term of the Lock−Up<br />

Agreement; provided that (i) the undersigned is listed on Schedule I hereto and (ii) the aggregate number of shares withheld by the Company for all persons<br />

listed on Schedule I hereto shall not exceed 150,000 shares of Common Stock, (e) transfers of Common Stock or securities convertible into Common Stock<br />

as part of the acquisition of the Company by a third party by way of merger, consolidation, stock exchange or tender offer (which may include acquisition of<br />

less than 100% of the voting stock of the Company), (f) transfers among any of the undersigned and/or its Majority Holders and/or its or their direct and/or<br />

indirect Subsidiaries; (g) transfers of shares of Common Stock as bona fide gifts, and (h) transfers of shares of Common Stock to a trust where the<br />

beneficiaries of the trust are drawn solely from a group consisting of the undersigned and immediate family members of the undersigned; provided that in<br />

the case of any transfer pursuant to clause (f), (g) or (h), (A) each transferee or trustee agrees to enter into a lock−up letter substantially in the form of this<br />

Lock−Up Agreement and (B) the undersigned shall not be required to, and shall not voluntarily, file a report on Form 4 under Section 16(a) of the Securities<br />

Exchange Act of 1934 reporting a reduction in beneficial ownership of shares of Common Stock during the restricted period referred to in the foregoing<br />

sentence. “Immediate family member” of a person means the spouse, lineal descendants, father, mother, brother, sister, father−in−law, mother−in−law,<br />

brother−in−law and sister−in−law of such person. In addition, the undersigned agrees that, without the prior written consent of Credit Suisse and Morgan<br />

Stanley on behalf of the Underwriters, it will not, during the period commencing on the date hereof and ending 90 days after the date of the Prospectus,<br />

make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or<br />

exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and<br />

registrar against the transfer of the undersigned’s shares of Common Stock except in compliance with the foregoing restrictions. As used in this letter,<br />

“Majority Holder” and “Subsidiary” are used as defined in the Certificate of Designation, Preferences and Rights Of Series A Convertible Preferred Stock<br />

of Century Aluminum Company filed with the Secretary of State of the State of Delaware on July 7, 2008.


Notwithstanding any provisions set forth in this Lock−Up Agreement to the contrary, this Lock−Up Agreement shall terminate on February 10,<br />

2009 if the Company and the Underwriters shall not have executed the Underwriting Agreement by such date.<br />

The undersigned understands that the Company and the Underwriters are relying upon this Lock−Up Agreement in proceeding toward<br />

consummation of the Public Offering. The undersigned further understands that this Lock−Up Agreement is irrevocable and shall be binding upon the<br />

undersigned’s heirs, legal representatives, successors and assigns.


Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will<br />

only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. If for any<br />

reason the Underwriting Agreement shall be terminated prior to the Closing Date (as defined in the Underwriting Agreement), the agreement set forth above<br />

shall likewise be terminated.<br />

Logan W. Kruger<br />

Michael A. Bless<br />

Wayne R. Hale<br />

Robert R. Nielsen<br />

Steve Schneider<br />

Giulio Casello<br />

Michelle M. Lair<br />

William J. Leatherberry<br />

Jerry E. Reed<br />

Jarl Berntzen<br />

Robert E. Fishman<br />

John C. Fontaine<br />

Peter C. Jones<br />

Catherine Z. Manning<br />

John P. O’Brien<br />

Willy R. Strothotte<br />

Jack E. Thompson<br />

Schedule I<br />

Glencore Investment Pty Ltd<br />

(Name):<br />

c/o Glencore AG<br />

Baarermattstrasse 3<br />

CH−6341 Baar, Switzerland<br />

(Address)

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!