ContractTremont • August 16th, 2004 • Combined Master Retirement Trust • Secondary smelting & refining of nonferrous metals
Tremont LLC (“Tremont”), The Combined Master Retirement Trust (the “CMRT”), Harold C. Simmons’ spouse and Valhi, Inc. (“Valhi”) are the holders of approximately 39.7%, 11.6%, 6.3% and 1.2% of the outstanding common stock of the issuer. The ownership of Mr. Simmons’ spouse is based on the 1,600,000 6-5/8% Convertible Preferred Securities, Beneficial Unsecured Convertible Securities of TIMET Capital Trust 1 (the “BUCS”) that she directly owns, which are convertible into 214,240 shares of the issuer’s common stock. The ownership of Valhi includes 1,968 shares of the issuer’s common stock that Valhi has the right to acquire upon conversion of 14,700 BUCS that Valhi directly holds. The percentage ownership of the issuer’s common stock held by Mr. Simmons’ spouse and Valhi assumes the full conversion of only the BUCS owned by Mr. Simmons’ spouse and Valhi, respectively.
RECITALSPledge and Custody Agreement • October 22nd, 1997 • Combined Master Retirement Trust • Primary production of aluminum • Delaware
