Form of Noranda Aluminum Holding Corporation Senior Executive Bonus Plan



 Exhibit 10.23 
 FORM OF 
 NORANDA ALUMINUM HOLDING CORPORATION 

 SENIOR EXECUTIVE BONUS PLAN 

	1.	Purpose 

 This Senior
Executive Bonus Plan (the “Bonus Plan”) is intended to provide an incentive for superior work and to motivate eligible executives of Noranda Aluminum Holding Corporation (the “Company”) and its subsidiaries toward
even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Bonus Plan is for the benefit of Covered
Executives (as defined below). 
  

	2.	Covered Executives 

 From
time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive
bonuses hereunder. 
  

	3.	Administration 

 The
Compensation Committee shall have the sole discretion and authority to administer and interpret the Bonus Plan. 
  

	4.	Bonus Determinations 

 (a) A Covered Executive may receive a bonus payment under the Bonus Plan based upon the attainment of performance objectives which are established by the Compensation Committee and relate to financial, operational or other metrics with
respect to the Company or any of its subsidiaries or divisions (the “Performance Goals”), including but not limited to: net earnings (either before or after interest, taxes, depreciation and amortization), adjusted EBITDA, economic
value-added, sales or revenue, net income (either before or after taxes), operating earnings, cash flow (including, but not limited to, operating cash flow and free cash flow), cash flow return on capital, cash cost, return on net assets, return on
stockholders’ equity, return on assets, return on capital, stockholder returns, return on sales, gross or net profit margin, productivity, expense, margins, operating efficiency, objective measures of customer satisfaction, working capital,
earnings per share, price per share of Stock, market share, metal production, safety performance, inventory turns, acquisitions or strategic transactions, and number of customers, any of which may be measured either in absolute terms or as compared
to any incremental increase or decrease, or as compared to results of a peer group. 
 (b) Except as otherwise set forth in this
Section 4(b) or determined by the Committee: (i) any bonuses paid to Covered Executives under the Bonus Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance objectives relating to the
Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance period by the Compensation Committee (generally, for performance periods of one year or more, no later than 90 days 
 after the commencement of the








 
performance period to which the Performance Goals relate), and (iii) no bonuses shall be paid to Covered Executives unless and until the Compensation Committee makes a certification with respect
to the attainment of the performance objectives. Notwithstanding the foregoing, the Company may pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Bonus Plan based upon such other terms and conditions
as the Compensation Committee may in its discretion determine. 
 (c) The payment of a bonus to a Covered Executive with respect
to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the last day of the performance period; provided, however, that the Compensation Committee may make exceptions to this
requirement, in its sole discretion, including, without limitation, in the case of a Covered Executive’s termination of employment, retirement, death or disability, or as may be required by an individual employment or similar agreement.

  

	5.	Amendment and Termination 

 The Company reserves the right to amend or terminate the Bonus Plan at any time in its sole discretion. Any amendments to the Bonus Plan shall require stockholder approval only to the extent required by any applicable law, rule or
regulation. 
  

	6.	Stockholder Approval 

 No
bonuses shall be paid under the Bonus Plan unless and until the Company’s stockholders shall have approved the Bonus Plan. The Bonus Plan will be submitted for the approval of the Company’s stockholders after the initial adoption of the
Plan by the Board of Directors of the Company. 
  

	7.	Term of Plan 

 The Bonus
Plan shall become effective as of [            ], 2010. The Bonus Plan shall expire on the earliest to occur of: (a) the first material modification of the Bonus Plan (as defined in
Treasury Regulation Section 1.162-27(h)(1)(iii)); (b) the first meeting of the Company’s stockholders at which members of the Board of Directors of the Company are to be elected that occurs after the close of the third calendar year following
the calendar year in which occurred the first registration of an equity security of the Company under Section 12 of the Securities Exchange Act of 1934, as amended; or (c) such other date required by Section 162(m) of the Internal Revenue Code of
1986, as amended, and the rules and regulations promulgated thereunder (including without limitation Treasury Regulation Section 1.162-27(f)(2)). The Bonus Plan is intended to be subject to the relief set forth in Treasury Regulation Section
1.162-27(f)(1) and shall be interpreted accordingly. 
  

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