Document:

Aleris Holding Company 2010 EIP SOA-Baan

 Exhibit 10.29 
 ALERIS HOLDING COMPANY 
 2010 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (the “Agreement”) is made effective as of the date set forth on Exhibit A hereto (the “Grant Date”) between ALERIS HOLDING COMPANY, a Delaware
corporation (together with its successors and assigns) (the “Company”), and the person named on Exhibit A hereto (the “Optionee”). Capitalized terms used and not otherwise defined herein shall have the respective
meanings ascribed to them in the Plan (as defined below). 
 W I T N E S S E T H: 

In consideration of the mutual promises and covenants made herein and of the Optionee having entered into an employment agreement (the
“Employment Agreement”) with a subsidiary of the Company effective as of the Effective Date, and of the mutual benefits to be derived herefrom, the parties hereto agree as follows: 

1. Grant of Stock Option. Subject to the provisions of this Agreement and to the provisions of the Aleris Holding Company 2010
Equity Incentive Plan, as amended, supplemented or otherwise modified from time to time (the “Plan”), which is hereby incorporated by reference herein, to the extent set forth in Section 17 below, the Company grants to the
Optionee as of the Grant Date the right and option (the “Stock Option”) to purchase shares of common stock of the Company, par value $0.01 per share (“Common Stock”). A portion of the Stock Option is granted at the
exercise price per share of (a) $29.76 (the “FMV Stock Option”), (b) $44.64 (the “Premium Stock Option”) and (c) $59.52 the “Super-Premium Stock Option”), in each case as set forth on
Exhibit A hereto. Unless earlier terminated pursuant to the terms of this Agreement, the Stock Option shall (except to the extent otherwise provided in Section 10 below) expire on the tenth anniversary of the Grant Date (the “Option
Period”). Subject to Section 17 below, this Agreement shall be construed in accordance with the provisions of the Plan. The Stock Option is not intended to be treated as an “incentive stock option,” as such term is defined in
Section 422 of the Code. If requested by the Company, as a condition precedent to the Optionee’s exercise of any portion of the Stock Option pursuant to this Agreement, the Optionee shall execute the Stockholders Agreement, if any (unless
the Optionee has already done so), in which case the Optionee shall have all of the rights and obligations of a Stockholder (as such term is defined in the Stockholders Agreement) described therein in respect of any shares of Common Stock that are
acquired by the Optionee pursuant to exercise of the Stock Option. Any shares of Common Stock received by the Optionee upon any exercise of the Stock Option shall be subject to all terms of the Stockholders Agreement (without regard to whether or
not the Optionee is a party to the Stockholders Agreement). 

 2. Exercisability of the Stock Option. 

(a) Time-Based Vesting. Subject to Section 4 of this Agreement, each of the FMV Stock Option, the Premium Stock Option and
the Super-Premium Stock Option shall vest and become exercisable with respect to six and a quarter percent (6.25%) of the shares of Common Stock covered respectively thereby on each quarterly anniversary of the Effective Date during the four
year period following the Effective Date, so as to be fully vested and exercisable on the fourth anniversary of the Effective Date. 
 (b) Change of Control. Notwithstanding Section 2(a) and subject to Section 4 of this Agreement, upon a Change of Control, the Stock Option shall vest and become exercisable to the extent
necessary to make the aggregate percentage of the Stock Option that has become vested and exercisable as of the date of such Change of Control at least equal to the percentage by which the Initial Investors have reduced their combined Common Stock
interest in the Company (measured by the number of shares of the Company’s Common Stock acquired on the Effective Date and still held immediately following the Change of Control as compared to the number of shares of the Company’s Common
Stock held as of the Effective Date, in each case as adjusted for stock splits, stock dividends, and the like); provided, however, that (i) the Stock Option shall vest and become exercisable by applying such percentage to each of the FMV Stock
Option, the Premium Stock Option and the Super-Premium Stock Option, and (ii) if the Initial Investors’ combined Common Stock interest in the Company is reduced by 75% or more (as measured above), then the Stock Option shall vest, and be
exercisable, in full. By way of example and for illustration purposes only, if there is a Change of Control following the second anniversary of the Effective Date when 50% of the Stock Option is vested and exercisable and the Initial Investors
reduce their combined Common Stock interest in the Company by 70%, then an additional 20% of each of the FMV Stock Option, the Premium Stock Option and the Super-Premium Stock Option shall vest and become exercisable upon the Change of Control, and,
subject to Section 11 of the Plan and Section 7 of this Agreement, the remaining 30% of the Stock Option shall continue to vest in accordance with Section 2(a) hereof. 

3. Method of Exercise of the Stock Option. 
 (a) All or any portion of the Stock Option that has become vested and exercisable may be exercised by delivery to the Company of a written notice stating the number of whole Shares to be purchased
pursuant to this Agreement and, except as provided in Section 3(b) below, accompanied by cash or a personal check or bank draft in the amount equal to the aggregate exercise price for such Shares. The Stock Option may not be exercised in
respect of any fractional Share unless specifically consented to by the Committee in writing. The exercise of less than the entire vested and exercisable portion of the Stock Option shall not cause the expiration, termination, or cancellation of the
remaining Stock Option (whether the remaining Stock Option is vested or unvested, exercisable or not exercisable). All shares of Common Stock of the Company delivered upon any exercise of the Option shall, when delivered, (i) be duly
authorized, validly issued, fully paid and nonassessable, (ii) be registered for sale, and for 

  
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resale under U.S., State and federal securities laws to the extent that other securities of the same class are then so registered or qualified and (iii) be listed, or otherwise qualified,
for trading on any securities exchange or securities market on which securities of the same class are then so listed or qualified. 
 (b) The Optionee shall be able to satisfy all or any portion of (i) the exercise price, and/or (ii) applicable withholding taxes due in connection with such exercise, by (A) at his election
reducing the number of Shares otherwise deliverable pursuant to such exercise of the Stock Option by a number of Shares (including, where applicable, fractional shares) having a Fair Market Value on the date of exercise equal to the exercise price
and/or applicable withholding taxes (provided that, unless otherwise specifically consented to by the Committee, only the number of whole Shares deliverable pursuant to the requested exercise (after giving affect to such reduction) shall be
delivered to the Optionee, with any remaining fractional Share deemed unexercised and, only to the extent permitted by the terms of this Agreement, to remain outstanding and exercisable) or (B) at the sole discretion of the Committee, utilizing
some other form of net physical settlement or method of cashless exercise as determined by the Committee. The Committee may, in its sole discretion, also permit payment of all or any portion of the exercise price and/or applicable withholding taxes
due in connection with such exercise by surrender by the Optionee of a number of Shares that are already owned by the Optionee having a Fair Market Value equal to such portion of the exercise price and/or applicable withholding taxes. Such Shares
shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date that the Stock Option is exercised. 
 4. Termination of Employment. 
 (a) Termination for Cause or without
Good Reason. If the Optionee’s employment under the Employment Agreement is terminated by his employer at any time for Cause (as defined below), the Stock Option (including any exercisable portion thereof to the extent not yet exercised)
shall be cancelled and forfeited in its entirety as of the Date of Termination (as defined in the Employment Agreement) without consideration therefor and expire on such date; provided that, for avoidance of doubt, the Stock Option (to the extent
previously exercised), and any distribution previously made in respect of the Stock Option upon exercise or cancellation, shall be subject to forfeiture only as expressly provided elsewhere in this Agreement or in the Employment Agreement; and,
provided, further, that the foregoing shall not in any way limit any other rights that either party may have with respect to the other party. If the Optionee’s employment under the Employment Agreement is terminated by the Optionee without Good
Reason (as defined below), (i) the portion of the Stock Option that is unvested on the Date of Termination shall be cancelled and forfeited without consideration therefor, and (ii) subject to Section 7 of this Agreement, the portion
of the Stock Option that is vested and exercisable on the date of such termination may be exercised at any time through the earlier of (a) the 90th day following the Date of Termination and (b) the last day of the Option Period, and after
which such portion shall (except to the extent otherwise provided in Section 10 below) expire. 

  
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 (b) Termination without Cause or for Good Reason. If the Optionee’s employment
under the Employment Agreement is terminated by his employer not for Cause (including, for avoidance of doubt, due to non-extension of the Employment Period by his employer under Section 3 of the Employment Agreement) or by the Optionee with
Good Reason, the FMV Stock Option, the Premium Stock Option and the Super-Premium Stock Option shall each vest and become exercisable on the Date of Termination with respect to 33% of the Shares covered respectively thereby that have not previously
vested and become exercisable as of such date. Subject to Section 7 of this Agreement, the portion of the Stock Option that is or becomes exercisable on the Date of Termination may be exercised at any time through the earlier of (i) the
six (6) month anniversary of the Date of Termination and (ii) the last day of the Option Period, and after which such portion shall (except to the extent otherwise provided in Section 10 below) expire. Notwithstanding the foregoing,
if the Optionee’s employment under the Employment Agreement is terminated by his employer not for Cause or by the Optionee with Good Reason, in each case, in anticipation of or within twelve (12) months following a Change of Control, the
entire Stock Option shall become vested and exercisable immediately and, subject to Section 7 of this Agreement, may be exercised at any time through the earlier of (a) the six (6) month anniversary of the Date of Termination and
(b) the last day of the Option Period, after which such portion shall (except to the extent otherwise provided in Section 10 below) expire. For purposes of this Section 4(b), a termination of employment will be deemed to be “in
anticipation of” a Change of Control if such termination (or the Good Reason event giving rise to such termination) is done by the Company or any Subsidiary or Affiliate with the principal purpose of avoiding or evading its compensation
obligations that would arise upon a termination following a Change of Control. 
 (c) Termination due to death or
Disability. If the Optionee’s employment is terminated as a result of the Optionee’s death or Disability, (i) the portion of the Stock Option that is unvested at the time of such termination shall be cancelled and forfeited
without consideration therefor, and (ii) the portion of the Stock Option that is vested and exercisable as of the Date of Termination may be exercised at any time through the earlier of (a) the one-year anniversary of the Date of
Termination and (b) the last day of the Option Period, subject to Section 7 of this Agreement, after which such portion shall (except to the extent otherwise provided in Section 10 below) expire. 

(d) The terms “Cause” and “Good Reason” shall have the following meanings: 

(i) “Cause” shall exist if the Optionee’s employment under the Employment Agreement is terminated by
his employer for “Good Reason” (as defined in Section 3(c)(i) of the Employment Agreement) and/or for “Important Cause” (as defined in Section 3(e) of the Employment Agreement); and 

(ii) “Good Reason” shall exist if the Optionee’s employment under the Employment Agreement is
terminated by the Optionee for “Good Reason” (as defined in Section 3(c)(ii) of the Employment Agreement) and/or for Important Cause. 

  
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 (e) Nothing in this Agreement or the Plan shall confer upon the Optionee any right to
continue in the employ or service of the Company or any of its Subsidiaries or Affiliates or interfere in any way with the right of the Company or any of its Subsidiaries or Affiliates to terminate the Optionee’s employment or service at any
time and for any reason. 
 5. Nontransferability of the Stock Option. The Stock Option may not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner by the Optionee (other than, in the event of the Optionee’s death, or by will or the applicable laws of descent and distribution) and any purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance in violation of this Section 5 shall be void and unenforceable against the Company or any Subsidiary or Affiliate. The Stock Option may be exercised during the lifetime of the Optionee, only by such
Optionee, and if exercisable after the death of the Optionee, may be exercised by his legatees, personal representatives or distributees. Any permitted transfer of the Stock Option by will or the laws of descent and distribution shall not be
effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may reasonably deem necessary to establish the validity of the transfer, the acceptance by the
transferee or transferees of the terms and conditions of the Plan and this Agreement and the agreement to be bound by the acknowledgments made by the Optionee in connection with the grant of this Stock Option. 

6. Rights as a Stockholder. Neither the Optionee nor any transferee of the Stock Option shall have any rights as a stockholder,
including, without limitation, the right to receive dividends, with respect to any Shares covered by such Stock Option until the date when his or her purchase is entered upon the records of the Company or the duly authorized transfer agent of the
Company. 
 7. Adjustment in the Event of Change in Stock; Change of Control. 

(a) In the event of any merger, consolidation, reorganization, recapitalization, spin-off, split-up, combination, modification of
securities, exchange of securities, liquidation, dissolution, share split, reverse share split, share dividend, other distribution of securities or other property in respect of shares or other securities (other than ordinary recurring cash
dividends), or other change in corporate structure or capitalization affecting the rights or value of the securities and property then subject to the Stock Option, the Committee shall promptly make equitable and appropriate adjustment(s) in the
number and/or kind of the securities and/or property that are subject to the Stock Option, and/or the exercise price, and/or other terms or conditions of the Stock Option, so as to avoid dilution or enlargement of the benefits or potential benefits
represented by the Stock Option. Any determination made by the Committee regarding any adjustment will, to the extent reasonable and made in good faith, be final and conclusive. 

(b) Effective upon a Change of Control, unless otherwise specifically prohibited under applicable laws or by the rules and regulations of
any governmental agency or self-regulatory body and without in any way limiting the extent 

  
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of Section 7(a), the Committee is authorized (but not obligated) to make any or all of the following adjustments (or any combination thereof) to the Stock Option: 

(i) the continuation or assumption of the Stock Option by the Company (if it is the surviving corporation) or by the
surviving corporation or any direct or indirect parent of either, in a manner consistent with Section 7(a) above; 
 (ii) the substitution by the surviving corporation, or any direct or indirect parent thereof, of the Stock Option with a stock option having substantially the same terms as the Stock Option being
replaced, in a manner consistent with Section 7(a) above; or 
 (iii) the acceleration of the vesting and
exercisability of the Stock Option, so that it is fully vested and exercisable immediately prior to or as of the date of the Change of Control, and the expiration of the Stock Option to the extent not exercised (subject to Section 10 below) as
of the date of the Change of Control or other later date thereafter designated by the Committee; or 
 (iv) the
cancellation of all or any portion of each of the FMV Stock Option, the Premium Stock Option, and the Super-Premium Stock Option in exchange for a cash payment, and/or such other property (if any) as is paid as consideration to holders of Shares in
the Change of Control, having an aggregate Fair Market Value equal (in each case) to the excess, if any, of the Fair Market Value of the securities and other property subject to such Stock Option or portion thereof being canceled over the aggregate
exercise price for such Stock Option or portion thereof being canceled (and, for the avoidance of doubt, if there is no such excess, such Option may be cancelled without any payment or consideration therefor). 

(c) Except as expressly provided in the Plan or this Agreement, the Optionee shall not have any rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or this Agreement, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number of shares or amount of other property subject to this Agreement. 
 (d) Notwithstanding anything to the
contrary in this Agreement or elsewhere, no adjustment shall be made to the Stock Option that would cause it, or any portion of it, to be treated as “deferred compensation” for purposes of Section 409A of the Code. 

8. General Assets. Nothing contained in the Plan or this Agreement, and no action taken pursuant to their provisions, shall be
construed to create a trust of any kind, nor any fiduciary relationship between the Company or any Subsidiary or Affiliate, on the one hand, and the Participant, the Participant’s beneficiary or legal representative

  
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or any other person, on the other. To the extent that any person acquires a right to receive payments or other property from the Company under the Plan or this Agreement, such right shall be no
greater than the rights of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and all amounts and property credited to the Account under this Agreement shall continue
for all purposes to be part of the general assets of the Company. 
 9. Responsibility for Taxes. Except to the extent
otherwise provided in certain circumstances that apply with respect to the exercise of the Stock Option in Section 3(b) above, the Optionee shall be solely responsible for all taxes imposed on the Optionee (including, without limitation,
applicable federal, state, provincial, territorial, local or foreign income, social security, estate or excise taxes) that may be payable as a result of the Optionee’s participation in the Plan or as a result of the grant, vesting, or exercise
of the Stock Option and/or the sale, disposition or transfer of any shares of Common Stock acquired upon the Optionee’s exercise of the Stock Option, excluding, however, for avoidance of doubt, the employer’s portion of any such taxes.
Subject to any election the Optionee may have made under Section 3(b) above, as a condition of the exercise of the Stock Option, prior to the delivery of a certificate or certificates representing any share of Common Stock and immediately
following the exercise of any Stock Option, the Optionee must pay to the Company, any amount that the Company determines it is required to withhold from payments to the employee (other than, for avoidance of doubt, the employer’s portion of any
such taxes) under any applicable and federal, state, provincial, territorial, local or foreign tax laws upon the exercise of such Stock Option and the transfer of such Shares subject to such Stock Option. Subject to any election the Optionee may
have made under Section 3(b) above, the parties hereby acknowledge that the Company and its Subsidiaries and Affiliates shall have the right and are authorized to offset from any compensation or other amounts owing to the Optionee the amount of
any required tax withholding and payroll taxes in respect of a Stock Option, its exercise or any payment or transfer under this Agreement (other than, for avoidance of doubt, the employer’s portion of any such taxes) and to take such other
action as may be necessary to satisfy all obligations for the payment of such taxes. 
 10. Government and Other
Regulations. 
 (a) Shares shall not be issued pursuant to the Stock Option unless the issuance and delivery of such Shares
comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Exchange Act, the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations and the regulations of
any stock exchange or other securities market on which the Company’s securities may then be traded. No delay in issuance shall result in the expiration of the exercisability of all, or any portion of, the Stock Option. Except otherwise provided
in this Agreement, the Company shall not be obligated to file any registration statement under any applicable securities laws to permit the purchase or issuance of any Shares, and, accordingly, any certificates for Shares may have an appropriate
legend or statement of applicable restrictions endorsed thereon. If the Company reasonably deems it necessary to ensure that the issuance of Shares pursuant to this Stock Option is not required to be registered under any applicable securities laws,
the 

  
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Optionee shall deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company reasonably determines necessary or appropriate to
satisfy such requirements. 
 (b) The exercise of the Stock Option shall only be effective at such time as counsel to the
Company shall have determined that the issuance and delivery of Shares pursuant to such exercise is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which such Shares
are traded. The Company may, in its reasonable discretion, defer the effectiveness of the exercise of the Stock Option or the issuance or transfer of Shares pending or to ensure compliance under federal or state securities laws or the rules or
regulations of any exchange on which such Shares are then listed for trading. The Company shall inform the Optionee in writing of its decision to defer the effectiveness of the exercise of the Stock Option or the issuance or transfer of Shares.
During the period that the effectiveness of the exercise of the Stock Option has been deferred, the Optionee may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. No delay in exercise pursuant
to this Section 10(b) shall result in the expiration of all, or any portion of, the Stock Option until at least 10 business days after exercise has been permitted. 
 (c) As a condition to any exercise of the Stock Option, upon reasonable request by the Company, the Optionee will be required to represent, warrant and covenant as follows: 

(i) The Optionee is acquiring the Shares for his own account and not with a view to, or for sale in connection with, any
distribution of the shares of Common Stock in violation of the Securities Act or any rule or regulation under the Securities Act or in violation of any applicable state securities law. 

(ii) The Optionee has had such opportunity as he has deemed adequate to obtain from representatives of the Company such
information as is necessary to permit him to evaluate the merits and risks of his investment in the Company. 

(iii) The Optionee has sufficient experience in business, financial and investment matters to be able to evaluate the
risks involved in acquiring the Shares and to make an informed investment decision with respect to such investment. 
 (iv) The Optionee can afford the complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period. 

(v) The Optionee understands that (I) the Shares have not been registered under the Securities Act and constitute
“restricted securities” within the meaning of Rule 144 under the Securities Act; (II) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from
registration is then available; and (III) there is now 

  
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no registration statement on file with the Securities and Exchange Commission with respect to the Shares and there is no commitment on the part of the Company to make any such filing. 

(vi) In addition, upon any exercise of the Stock Option, and as a condition thereof, the Optionee will make or enter into
such other written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws or with this Agreement. 
 11. Tax Reporting. Upon the exercise of all or any portion of the Stock Option in accordance with Section 3 above, the Optionee shall recognize taxable income and the Company shall report such
taxable income to the appropriate taxing authorities as it determines to be necessary and appropriate. 
 12.
Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein and without limiting any other rights and remedies of the Company, if the Optionee (i) materially violates the restrictive covenants in the Employment
Agreement relating to non-competition, non-solicitation or non-disclosure or (ii) engages in fraud or other willful misconduct that contributes materially to any significant financial restatement or material loss, the Committee may, at any time
up to six months after learning of such conduct, cancel the Stock Option, including any vested portions thereof, or require the Optionee to forfeit or to repay to the Company the after-tax gain realized on any previously exercised portion of the
Stock Option; provided, however, that (a) except in cases of willful misconduct, the Optionee shall be provided a fifteen (15) day cure period to cease and to cure the conduct described in clause (i) of this Section 12. To the
extent once vested, the Stock Option (and any proceeds received in respect of the Stock Option) shall be wholly non-forfeitable except as expressly set forth in this Agreement or the Employment Agreement; provided that the foregoing shall not in any
way limit any other rights that either party may have with respect to the other party. 
 13. Fair Market Value. For
purposes of this Agreement, “Fair Market Value”, as of any date, shall mean fair market value as of such date determined without discount for lack of liquidity, lack of control, minority status, contractual restrictions or the like,
provided that, when used in respect of Shares, for so long as (i) the Shares are not listed on a national securities exchange, (ii) the Shares are not quoted in an inter-dealer quotation system on a last sale basis and (iii) Oaktree
Capital Management, L.P. or any of its affiliates (collectively, “Oaktree”) are holding Shares, then, other than in the context of a Change of Control, the Fair Market Value of such Shares shall be as determined using the same
methodology that was used for the then-most-recent determination of the value of Shares reported by Oaktree to its investors; and provided further that for securities that are listed on a national securities exchange, “Fair Market Value”,
as of any date, shall mean the closing sale price reported as having occurred on the primary exchange on which the security is listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale
was reported; and, for securities that are not listed on any national securities exchange but are quoted in an inter-dealer quotation system on a last sale basis, “Fair Market Value”, as of any date, shall mean the average between the
closing bid price and ask price reported on such date, 

  
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or, if there is no such sale on that date, then on the last preceding date on which a sale was reported. For the avoidance of doubt, the foregoing valuation approach shall not be interpreted to
provide the Optionee with a compensatory benefit but rather is intended by the parties to promote consistency in making determinations of the fair market value of Shares. 
 14. Notices. All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by facsimile, overnight courier or registered or
certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Optionee:	  	To the address specified in Exhibit A hereto or to any updated address filed by the Executive with the Company.
		
	If to the Company:	  	 Aleris Holding Company
 25825
Science Park Drive, Suite 400
 Beachwood, Ohio 44122
 Attention: Christopher R. Clegg

 or to such other address or facsimile number as
either party shall have furnished to the other in writing in accordance with this Section 14. Notice and communications shall be effective when actually received by the addressee. 

15. Stockholders Agreement. Neither the adoption of the Plan nor the grant of the Stock Option pursuant to this Agreement shall
restrict in any way the adoption of any amendment, supplement or other modification of the Stockholders Agreement, if any, in accordance with the terms of such agreement. 
 16. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial; Service of Process. 
 (a) This Agreement shall be governed by and construed in accordance with its express terms, and otherwise in accordance with the laws of the State of Delaware without reference to its principles of
conflicts of law. 
 (b) Except as otherwise specifically provided herein, the Optionee and the Company each hereby irrevocably
submits to the exclusive jurisdiction of any court of the United States located in the State of Delaware or in a State Court in Delaware over any dispute between them that arises out of or relates to this Agreement. Except as otherwise specifically
provided in this Agreement, the parties undertake not to commence any suit, action or proceeding based on any dispute between them that arises out of or relates to this Agreement in a forum other than a forum described in this Section 16(b);
provided, however, that nothing herein shall preclude either party from bringing any suit, action or proceeding in any other court for the purposes of enforcing the provisions of this Section 16 or enforcing any judgment obtained by the
Company. The agreement of the parties to the forum described in this Section 16(b) is independent 

  
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of the law that may be applied in any suit, action, or proceeding, and the parties agree to such forum even if such forum may under applicable law choose to apply non-forum law. The parties
waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in an applicable court described in
Section 16(b), and the parties agree that they shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court. The parties agree that, to the fullest extent permitted by applicable law, a
final and non-appealable judgment in any suit, action or proceeding brought in any applicable court described in Section 16(b) shall be conclusive and binding upon the parties and may be enforced in any other jurisdiction. 

(c) THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS
AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 (d) Each of the parties hereto agrees that this Agreement involves at least
$100,000 and that this Agreement has been entered into in express reliance on Section 2708 of Title 6 of the Delaware Code. Each of the parties hereto irrevocably and unconditionally agrees (i) that service of process may be made on such
party by mailing copies of such process to such party at such party’s address as specified in Section 11(a) and (ii) that service made pursuant to clause (i) above shall, to the fullest extent permitted by applicable law, have
the same legal force and effect as if served upon such party personally within the State of Delaware. 
 17. Stock Option
Subject to the Plan. By entering into this Agreement, the Optionee agrees and acknowledges that (i) the Optionee has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Stock Option is subject to the
Plan, and (iii) Shares acquired upon the exercise of the Stock Option are subject to the terms of the Stockholders Agreement. In the event of a conflict between any term or provision contained in this Agreement and any term or provision of the
Plan and the Stockholders Agreement, the terms and provisions of the Stockholders Agreement and then in descending order this Agreement and the Plan shall prevail. No amendment to the Plan that is inconsistent with the express terms of this
Agreement and that adversely affects any of the Optionee’s rights under this Agreement shall be effective as to this Agreement without the Optionee’s prior written consent; provided, however, the Committee may amend the Plan and this
Agreement to the extent necessary to comply with applicable law. 
 18. Certain Specific Acknowledgments; Dispute
Resolution. The Company represents and acknowledges that it has secured the approval of any person or body whose approval is necessary as of the Grant Date for it to enter into this Agreement and perform its obligations under it, and that upon
execution and delivery of the Agreement by the parties, this Agreement shall be a valid and binding obligation of the Company, enforceable in accordance with its terms, except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally. Any dispute arising under or 

  
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relating to this Agreement shall be resolved in accordance with Section 11(i) of the Employment Agreement. 
 19. Effect of Agreement. Except as otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company and to any
transferee or successor of the Optionee pursuant to Section 5 of this Agreement. 
 20. Titles and Headings. The
titles and headings of the sections in this Agreement are for convenience of reference only, and, in the event of any conflict, the text of this Agreement, rather than such titles or headings, shall control. 

21. Amendment. This Agreement may not be modified, amended or waived to the extent it would impair the rights of the Optionee,
except by an instrument in writing that specifically identifies the provision of this Agreement being modified, amended or waived and that is signed by both parties hereto. The waiver by either party of compliance with any provision of this
Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach of any provision of this Agreement. 
 22. Code Section 409A. To the extent applicable, notwithstanding anything herein to the contrary, this Agreement and the Stock Option issued hereunder are intended not to be governed by or to
be in compliance with Section 409A of the Code. To the extent applicable, this Agreement and the Stock Option shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative
guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the Grant Date. 
 23. Relationship to Other Benefits. No payment under this Agreement shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other
benefit plan of the Company or any Subsidiary or Affiliate except as otherwise specifically provided in such other plan. 
 24.
No Retention Rights; No Right to Incentive Award. Nothing in the Plan or this Agreement shall confer upon the Optionee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the
rights of the Company (or any Subsidiary or Affiliate employing or retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his Service at any time and for any reason, with or without Cause. The
Committee’s granting of the Stock Option or other Award to the Optionee shall neither require the Committee to grant the Stock Option or other Award to the Optionee or any other Participant in the Plan or other person at any time nor preclude
the Committee from making subsequent grants to the Optionee or any other Participant in the Plan or other person. 
 25.
Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto 

  
 12 

 
were upon the same instrument. Signatures delivered by facsimile (including by “pdf”) shall be effective for all purposes. 

[Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this
Agreement to be executed on its behalf by a duly authorized officer and the Optionee has hereunto set the Optionee’s hand. 
  

			
	ALERIS HOLDING COMPANY
		
	By:	 	/s/ Christopher R. Clegg
	Title:	 	Executive Vice President, General Counsel & Secretary
	Date:	 	

  

	
	  
	Optionee: Roeland Baan
	Date:

  
 14 

 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this
Agreement to be executed on its behalf by a duly authorized officer and the Optionee has hereunto set the Optionee’s hand. 
  

			
	ALERIS HOLDING COMPANY
		
	By:	 	 
	Title:	 	
	Date:	 	
	
	/s/ Roeland Baan
	Optionee: Roeland Baan
	Date: 15-6-2010

  
 15 

 Exhibit A to 
 Stock Option Agreement 
 of Aleris Holding Company 

 

			
	Date of Option Grant:	  	As of June 1, 2010
	Name and Address of Optionee:	  	
	Roeland Baan	  	

  

									
	 	  	Number of Shares	 	  	Exercise Price	 
	 FMV Stock Option
	  	 	115,981	  	  	$	29.76	  
	 Premium Stock Option
	  	 	28,995	  	  	$	44.64	  
	 Super-Premium Stock Option
	  	 	28,995	  	  	$	59.52	  
	 TOTAL
	  	 	173,971	  	  			

  
 16Aleris Holding Company 2010 EIP RSU Agrmt-Baan

 Exhibit 10.30 
 ALERIS HOLDING COMPANY 
 2010 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 
 THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made, effective as of the date set forth on Exhibit A hereto (the “Grant Date”), between ALERIS HOLDING COMPANY,
a Delaware corporation (together with its successors and assigns) (the “Company”), and the person named on Exhibit A hereto (the “Participant”). Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to them in the Plan (as defined below). 
 W I T N E S S E T H: 

In consideration of the mutual promises and covenants made herein, and of the Participant having entered into an employment agreement
(the “Employment Agreement”) with a subsidiary of the Company effective as of the Effective Date, and of the mutual benefits to be derived herefrom, the parties hereto agree as follows: 

1. Grant of Restricted Stock Units. Subject to the provisions of this Agreement and to the provisions of the Aleris Holding
Company 2010 Equity Incentive Plan, as amended, supplemented or otherwise modified from time to time (the “Plan”), which is hereby incorporated by reference herein, to the extent set forth in Section 15 below, the Company
grants to the Participant as of the Grant Date the number of Restricted Stock Units as set forth on Exhibit A hereto. Such Restricted Stock Units shall be credited to a separate account maintained for the Participant on the books of the Company (the
“Account”). As of the Grant Date, each Restricted Stock Unit credited to the Account shall correspond to one share of Common Stock. Thereafter, each Restricted Stock Unit shall correspond to such original share of Common Stock, plus
any securities or other property received in respect of such share (or such securities and property) by the holders thereof (other than Dividend Equivalents paid under Section 5 below). The Restricted Stock Units shall vest and settle as set
forth in Sections 2 and 3 below, and shall be subject to adjustment as set forth in Section 6 below. Subject to Section 15 below, this Agreement shall be construed in accordance with the provisions of the Plan. If requested by the Company,
as a condition precedent to the settlement of the Restricted Stock Units pursuant to this Agreement, the Participant shall execute the Stockholders Agreement, if any, (unless the Participant has already done so) in which case the Participant shall
have all of the rights and obligations of a Stockholder (as such term is defined in the Stockholders Agreement) described therein in respect of any shares of Common Stock that are acquired by the Participant pursuant to the settlement of the
Restricted Stock Units. Any shares of Common Stock received by the Participant upon settlement of the Restricted Stock Units shall be subject to all terms of the Stockholders Agreement (without regard to whether or not the Participant is a party to
the Stockholders Agreement). 

 2. Terms and Conditions. 

(a) Time-Based Vesting. Subject to Section 3 of this Agreement, the Restricted Stock Units shall vest with respect to six and
a quarter percent (6.25%) of the Restricted Stock Units on each quarterly anniversary of the Effective Date during the four year period following the Effective Date, so as to be fully vested on the fourth anniversary of the Effective Date.

 (b) Change of Control. Notwithstanding Section 2(a) and subject to Section 3 of this Agreement, the
Restricted Stock Units shall vest immediately upon a Change of Control with respect to the smallest number of Restricted Stock Units necessary to make the percentage representing the total vested portion of the Restricted Stock Units granted under
this Agreement (including after giving affect to this sentence) at least equal to the percentage by which the Initial Investors have reduced their combined Common Stock interest in the Company (measured by the number of shares of the Company’s
Common Stock acquired on the Effective Date and still held immediately following the Change of Control as compared to the number of shares of the Company’s Common Stock held as of the Effective Date, in each case as adjusted for stock splits,
stock dividends, and the like); provided, however, that, if the Initial Investors’ combined Common Stock interest in the Company is reduced by 75% or more (as measured above), then the Restricted Stock Units shall vest in full. By way of
example and for illustration purposes only, if there is a Change of Control following the second anniversary of the Effective Date when 50% of the Restricted Stock Units are vested and the Initial Investors reduce their combined Common Stock
interest in the Company by 70%, then an additional 20% of the Restricted Stock Units shall vest upon the Change of Control, and, subject to Section 11 of the Plan and Section 6 of this Agreement, the remaining 30% of the Restricted Stock
Units shall continue to vest in accordance with Section 2(a) hereof. 
 (c) Settlement. Within ten
(10) business days following the vesting of any Restricted Stock Units, subject to Section 6 of this Agreement, such Restricted Stock Units shall be settled (and, upon such settlement, shall cease to be credited to the Account) by the
Company: (i) unless the Participant timely provides the cash required for all withholding taxes, paying all withholding taxes due in connection with such vesting and settlement and deducting from the portion of the Account that corresponds to
such Restricted Stock Units a sufficient number of Restricted Stock Units (including fractional Restricted Stock Units as necessary) such that the Fair Market Value of such deducted Restricted Stock Units equals the withholding taxes due in
connection with such vesting and settlement; (ii) issuing to the Participant all securities and other property credited to such portion of the Account after the deduction specified in clause (i) (such securities, to the extent that they
consist of Shares, the “RSU Shares”); (iii) accumulating any fractional Shares in the Account until the first subsequent vesting date on which a whole Share is able to be settled pursuant to this Section 2(c); provided,
that, if any fractional Share is not settled within two and one-half (2 1/2) months following the calendar year in which they vested, such fractional share shall be forfeited; and, (iv) with respect to the RSU Shares so issued, entering the
Participant’s name as a stockholder of record on the books of the Company. All securities delivered upon any settlement of Restricted Stock Units shall, when delivered, (i) be duly authorized, validly issued, fully paid and nonassessable,
(ii) be registered for sale, and for resale, under U.S., State and federal securities laws to the extent that other securities of the same class are then so registered or qualified and (iii) be listed, or otherwise

  
 2 

 
qualified, for trading on any securities exchange or securities market on which securities of the same class are then so listed or qualified. 

3. Termination of Employment. 
 (a) Termination for Cause, without Good Reason, or due to death or Disability. If the Participant’s employment under the Employment Agreement is terminated by his employer at any time for
“Cause,” or by the Participant without “Good Reason” (each as defined below), or due to the Participant’s death or Disability, the unvested Restricted Stock Units shall be forfeited without further consideration therefor.
For avoidance of doubt, vested Restricted Stock Units, and any distributions previously made in respect of Restricted Stock Units, shall be wholly non-forfeitable except as otherwise expressly provided in this Agreement or in the Employment
Agreement; provided that the foregoing shall not in any way limit any other rights that either party may have with respect to the other party. 
 (b) Termination without Cause or for Good Reason. If the Participant’s employment under the Employment Agreement is terminated by his employer not for Cause (including, for avoidance of doubt,
due to non-extension of the Employment Period by his employer under Section 3 of the Employment Agreement) or by the Participant with Good Reason, 33% of the unvested Restricted Stock Units in the Account on the Date of Termination (as defined
in the Employment Agreement) shall become vested as of such date, and all vested Restricted Stock Units shall be settled in accordance with Section 2(c). Notwithstanding the foregoing, if the Participant’s employment under the Employment
Agreement is terminated by his employer not for Cause or by the Participant with Good Reason, in each case, in anticipation of or within twelve (12) months following a Change of Control, all of the Restricted Stock Units shall become one
hundred percent (100%) vested as of the Date of Termination. For purposes of this Section 3(b), a termination of employment will be deemed to be “in anticipation of” a Change of Control if such termination (or the Good Reason
event giving rise to such termination) is done by the Company or any Subsidiary or Affiliate with the principal purpose of avoiding or evading its compensation obligations that would arise upon a termination following a Change of Control.

 (c) The terms “Cause” and “Good Reason” shall have the following meanings: 

(i) “Cause” shall exist if the Participant’s employment under the Employment Agreement is terminated
by his employer for “Good Reason” (as defined in Section 3(c)(i) of the Employment Agreement) and/or for “Important Cause” (as defined in Section 3(e) of the Employment Agreement); and 

(ii) “Good Reason” shall exist if the Participant’s employment under the Employment Agreement is
terminated by the Participant for “Good Reason” (as defined in Section 3(c)(ii) of the Employment Agreement) and/or for Important Cause. 
 (d) Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in the employ or service of the Company or any of its Subsidiaries or Affiliates or interfere in any way
with the right of the Company or any of its 

  
 3 

 
Subsidiaries or Affiliates to terminate the Participant’s employment or service at any time and for any reason. 
 4. Nontransferability of the Restricted Stock Units. The Restricted Stock Units granted hereunder may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner by the
Participant (other than, in the event of the Participant’s death, by will or the applicable laws of descent and distribution) and any purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance in violation of this
Section 4 shall be void and unenforceable against the Company or any Subsidiary or Affiliate. Any permitted transfer of the Restricted Stock Units by will or the laws of descent and distribution shall not be effective to bind the Company unless
the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may reasonably deem necessary to establish the validity of the transfer, the acceptance by the transferee or transferees of the terms
and conditions of the Plan and this Agreement and the agreement to be bound by the acknowledgments made by the Participant in connection with the grant of the Restricted Stock Units. 

5. Rights as a Stockholder; Dividend Equivalents. The Participant shall have no rights as a stockholder, including, without
limitation, the right to vote, with respect to the Restricted Stock Units until the date when the issuance of the RSU Shares to the Participant is entered upon the records of the Company or the duly authorized transfer agent of the Company, except
as set forth in the immediately succeeding sentence. Notwithstanding the foregoing, the Participant shall be entitled to “Dividend Equivalent Rights” (as defined in the Plan on the Grant Date) on the Restricted Stock Units. 

6. Adjustment in the Event of Change in Stock; Change of Control. 

(a) In the event of any merger, consolidation, reorganization, recapitalization, spin-off, split-up, combination, modification of
securities, exchange of securities, liquidation, dissolution, share split, reverse share split, distribution of securities or other property (other than distributions for which Dividend Equivalent Rights are provided) in respect of securities or
other property to which a Restricted Share Unit then corresponds, or other change in corporate structure or capitalization affecting the rights or value of the securities and property to which a Restricted Share Unit then corresponds, the Committee
shall promptly make equitable and appropriate adjustment(s) in the number and/or kind of the securities and/or property to which a Restricted Share Unit corresponds, and/or the other terms and conditions that apply to a Restricted Share Unit, so as
to avoid dilution or enlargement of the benefits or potential benefits represented by a Restricted Share Unit. Any determination made by the Committee regarding any adjustment will, to the extent reasonable and made in good faith, be final and
conclusive. 
 (b) Effective upon a Change of Control, unless otherwise specifically prohibited under applicable laws or by the
rules and regulations of any governmental agency or self-regulatory body and without in any way limiting the extent of Section 6(a), the Committee is authorized (but not obligated) to make the following adjustments (or any combination thereof)
to the terms and conditions of outstanding Restricted Stock Units: 

  
 4 

 (i) the continuation or assumption of the outstanding Restricted Stock Units
by the Company (if it is the surviving corporation), by the surviving corporation, or by any direct or indirect parent of either, in a manner consistent with Section 6(a); 

(ii) the substitution by the surviving corporation, or by any direct or indirect parent thereof, of restricted stock unit
awards with substantially the same terms as the Restricted Stock Units that are being replaced, in a manner consistent with Section 6(a); or 
 (iii) the acceleration of the vesting of the outstanding Restricted Stock Units so that they are fully vested immediately prior to or as of the date of the Change of Control; or 

(iv) the cancellation of all or any portion of the outstanding Restricted Stock Units in exchange for a cash payment,
and/or such other property (if any) as is paid as consideration to holders of Shares in the Change of Control, having an aggregate Fair Market Value equal to the Fair Market Value of the securities or other property then subject to such outstanding
Restricted Stock Units or portion thereof being canceled. 
 (c) Except as expressly provided in the Plan or this Agreement, the
Participant shall not have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation,
merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or this Agreement, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other property subject to this Agreement. 
 (d) Notwithstanding anything in this Agreement or elsewhere to the contrary, no adjustment shall be made to the Restricted Stock Units that would cause any Restricted Stock Unit to be treated as
“deferred compensation” for purposes of Section 409A of the Code. 
 7. General Assets. Nothing contained
in the Plan or this Agreement and no action taken pursuant to their provisions, shall be construed to create a trust of any kind, nor any fiduciary relationship between the Company or any Subsidiary or Affiliate, on the one hand, and the
Participant, the Participant’s beneficiary or legal representative or any other person, on the other. To the extent that any person acquires a right to receive payments or other property from the Company under the Plan or this Agreement,
including the right to receive payments or other property based on Restricted Stock Units credited in the Participant’s Account, such right shall be no greater than the rights of an unsecured general creditor of the Company. All payments to be
made hereunder shall be paid from the general funds of the Company, and all amounts and property credited to the Account under this Agreement shall continue for all purposes to be part of the general assets of the Company. 

8. Responsibility for Taxes. Except to the extent otherwise provided in certain circumstances that apply with respect to the
settlement of the Restricted Stock Units in 

  
 5 

 
Section 2(c) above, the Participant shall be solely responsible for all taxes imposed on the Participant (including, without limitation, applicable federal, state, provincial, territorial,
local or foreign income, social security, estate or excise taxes) that may be payable as a result of the Participant’s participation in the Plan or as a result of the grant, vesting, or settlement of the Restricted Stock Units and/or the sale,
disposition or transfer of any RSU Shares, excluding, however, for avoidance of doubt, the employer’s portion of any such taxes. 
 9. Government Regulations and Stop-Transfer Orders. 
 (a) Government and
Other Regulations. RSU Shares shall not be issued unless the issuance and delivery of such RSU Shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Exchange Act, the Securities Act, the
rules and regulations promulgated thereunder, state securities laws and regulations and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. Except as otherwise provided in this
Agreement, the Company shall not be obligated to file any registration statement under any applicable securities laws to permit the purchase or issuance of any RSU Shares, and, accordingly, any certificates for RSU Shares may have an appropriate
legend or statement of applicable restrictions endorsed thereon. If the Company reasonably deems it necessary to ensure that the issuance of RSU Shares pursuant to this Stock Option is not required to be registered under any applicable securities
laws, the Participant shall deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company reasonably determines necessary or appropriate to satisfy such requirements. 

(b) As a condition to the settlement of the Restricted Stock Units, upon reasonable request by the Company, the Participant will be
required to represent, warrant and covenant as follows: 
 (i) The Participant is acquiring the RSU Shares for
his own account and not with a view to, or for sale in connection with, any distribution of the RSU Shares in violation of the Securities Act or any rule or regulation under the Securities Act or in violation of any applicable state securities law.

 (ii) The Participant has had such opportunity as he has deemed adequate to obtain from representatives of the
Company such information as is necessary to permit him to evaluate the merits and risks of his investment in the Company. 
 (iii) The Participant has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in acquiring the RSU Shares and to make an informed investment
decision with respect to such investment. 
 (iv) The Participant can afford the complete loss of the value of
the RSU Shares and is able to bear the economic risk of holding such RSU Shares for an indefinite period. 
 (v)
The Participant understands that (I) the RSU Shares have not been registered under the Securities Act and constitute “restricted securities” within the meaning of Rule 144 under the Securities Act; (II) the RSU Shares cannot be sold,
transferred or 

  
 6 

 
otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; and (III) there is now no registration statement on
file with the Securities and Exchange Commission with respect to the RSU Shares and there is no commitment on the part of the Company to make any such filing. 
 (vi) In addition, upon the settlement of the Restricted Stock Units, and as a condition thereof, the Participant will make or enter into such other written representations, warranties and agreements as
the Company may reasonably request in order to comply with applicable securities laws or with this Agreement. 
 (c)
Stop-Transfer Notices. The Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if
the Company transfers its own securities, it may make appropriate notations to the same effect on its own records. 
 (d)
Refusal to Transfer. The Company shall not be required (i) to transfer in its books any RSU Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of
such RSU Shares or to accord the right to vote or receive dividends, if applicable, to any purchaser or other transferee to whom such RSU Shares shall have been so transferred. 

10. Tax Reporting. 
 (a) Upon the settlement of the Restricted Stock Units in accordance with Section 2(c) of this Agreement, the Participant shall recognize taxable income in respect of the RSU Shares, and the Company
shall report such taxable income to the appropriate taxing authorities as it determines to be necessary and appropriate. 
 (b)
For purposes of this Agreement, “Fair Market Value”, as of any date, shall mean fair market value as of such date determined without discount for lack of liquidity, lack of control, minority status, contractual restrictions or the like,
provided that, when used in respect of Shares, for so long as (i) the Shares are not listed on a national securities exchange, (ii) the Shares are not quoted in an inter-dealer quotation system on a last sale basis and (iii) Oaktree
Capital Management, L.P. or any of its affiliates (collectively, “Oaktree”) are holding Shares, then, other than in the context of a Change of Control, the Fair Market Value of such Shares shall be as determined using the same methodology
that was used for the then-most-recent determination of the value of Shares reported by Oaktree to its investors; and provided further that: for securities that are listed on a national securities exchange, “Fair Market Value”, as of any
date, shall mean the closing sale price reported as having occurred on the primary exchange on which the security is listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was
reported; and, for securities that are not listed on any national securities exchange but are quoted in an inter-dealer quotation system on a last sale basis, “Fair Market Value”, as of any date, shall mean the average between the closing
bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported. For the avoidance of doubt, the foregoing valuation approach shall not be interpreted to provide
the Participant with a 

  
 7 

 
compensatory benefit but rather is intended by the parties to promote consistency in making determinations of the fair market value of Sahres. 

11. Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein and without limiting any other rights and
remedies of the Company, if the Participant (i) materially violates the restrictive covenants in the Participant’s Employment Agreement relating to non-competition, non-solicitation or non-disclosure or (ii) engages in fraud or other
willful misconduct that contributes materially to any significant financial restatement or material loss, the Committee may, at any time up to six months after learning of such conduct, cancel the Restricted Stock Units or require the Participant to
forfeit to the Company the RSU Shares or to repay to the Company the after-tax value realized on the sale of the RSU Shares; provided, however, that, except in cases where the Participant’s conduct was willful or where injury to the Company or
the Affiliates cannot be cured, the Participant shall be provided a fifteen (15) day cure period to cease and to cure the conduct described in clause (i) of this Section 11. All vested Restricted Stock Units, and all distributions and
other proceeds received in respect of the Restricted Stock Units, shall be wholly non-forfeitable except as expressly set forth in this Agreement or the Employment Agreement; provided that the foregoing shall not in any way limit any other rights
that either party may have with respect to the other party. 
 12. Notices. All notices and other communications under
this Agreement shall be in writing and shall be given by hand delivery to the other party or by facsimile, overnight courier or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

			
	If to the Participant:	  	To the address specified in Exhibit A hereto or to any updated address filed by the Executive with the Company.
		
	If to the Company:	  	Aleris Holding Company
		  	25825 Science Park Drive, Suite 400
		  	Beachwood, Ohio 44122
		  	Attention: Christopher R. Clegg

 or to such other address
or facsimile number as either party shall have furnished to the other in writing in accordance with this Section 12. Notice and communications shall be effective when actually received by the addressee. 

13. Stockholders Agreement. Neither the adoption of the Plan nor the grant of the Restricted Stock Units pursuant to this
Agreement shall restrict in any way the adoption of any amendment, supplement or other modification of the Stockholders Agreement, if any, in accordance with the terms of such agreement. 

14. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial; Service of Process. 

  
 8 

 (a) This Agreement shall be governed by and construed in accordance with its express terms,
and otherwise in accordance with the laws of the State of Delaware without reference to its principles of conflicts of law. 

(b) Except as otherwise specifically provided herein, the Participant and the Company each hereby irrevocably submits to the exclusive
jurisdiction of any court of the United States located in the State of Delaware or in a State Court in Delaware over any dispute between them that arises out of or relates to this Agreement. Except as otherwise specifically provided in this
Agreement, the parties undertake not to commence any suit, action or proceeding based on any dispute between them that arises out of or relates to this Agreement in a forum other than a forum described in this Section 14(b); provided, however,
that nothing herein shall preclude either party from bringing any suit, action or proceeding in any other court for the purposes of enforcing the provisions of this Section 14 or enforcing any judgment obtained by the Company. The agreement of
the parties to the forum described in this Section 14(b) is independent of the law that may be applied in any suit, action, or proceeding, and the parties agree to such forum even if such forum may under applicable law choose to apply non-forum
law. The parties waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in an applicable court
described in Section 14(b), and the parties agree that they shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court. The parties agree that, to the fullest extent permitted by
applicable law, a final and non-appealable judgment in any suit, action or proceeding brought in any applicable court described in Section 14(b) shall be conclusive and binding upon the parties and may be enforced in any other jurisdiction.

 (c) THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN
CONNECTION WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 (d) Each of the parties hereto agrees that this Agreement
involves at least $100,000 and that this Agreement has been entered into in express reliance on Section 2708 of Title 6 of the Delaware Code. Each of the parties hereto irrevocably and unconditionally agrees (i) that service of process may
be made on such party by mailing copies of such process to such party at such party’s address as specified in Section 11(a) and (ii) that service made pursuant to clause (i) above shall, to the fullest extent permitted by
applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 

15. Restricted Stock Units Subject to the Plan. By entering into this Agreement, the Participant agrees and acknowledges that
(i) the Participant has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Restricted Stock Units are subject to the Plan, and (iii) the RSU Shares are subject to the terms of the Stockholders
Agreement. In the event of a conflict between any term or provision contained in this Agreement and any term or provision of the Plan or the Stockholders Agreement, the terms and provisions of the Stockholders Agreement and then in descending order
this Agreement and the Plan shall prevail. No amendment to the Plan or this Agreement that is inconsistent with the express terms of this Agreement and that adversely affects any of the Participant’s rights under this Agreement shall be
effective as to this Agreement without the Participant’s prior written 

  
 9 

 
consent; provided, however, the Committee may amend the Plan and this Agreement to the extent to comply with the applicable law. 

16. Certain Specific Acknowledgments; Dispute Resolution. The Company represents and acknowledges that it has secured the approval
of any person or body whose approval is necessary as of the Grant Date for it to enter into this Agreement and perform its obligations under it, and that upon execution and delivery of the Agreement by the parties, this Agreement shall be a valid
and binding obligation of the Company, enforceable in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally. Any dispute arising under or relating to this Agreement shall be resolved in accordance with Section 11(i) of the Employment Agreement. 
 17. Effect of Agreement. Except as otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company and to any
transferee or successor of the Participant pursuant to Section 4 of this Agreement. 
 18. Titles and Headings. The
titles and headings of the sections in this Agreement are for convenience of reference only, and, in the event of any conflict, the text of this Agreement, rather than such titles or headings, shall control. 

19. Amendment. This Agreement may not be modified, amended or waived to the extent it would impair the rights of the Participant,
except by an instrument in writing that specifically identifies the provision of this Agreement being modified, amended or waived and that is signed by both parties hereto. The waiver by either party of compliance with any provision of this
Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach of any provision of this Agreement. 
 20. Code Section 409A. To the extent applicable, notwithstanding anything herein to the contrary, this Agreement and the Restricted Stock Units issued hereunder are intended not to be governed
by or to be in compliance with Section 409A of the Code. To the extent applicable, this Agreement and the Restricted Stock Units shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and
other interpretative guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the Grant Date. 
 21. Relationship to Other Benefits. No payment under this Agreement shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other
benefit plan of the Company or any Subsidiary or Affiliate except as otherwise specifically provided in such other plan. 
 22.
No Retention Rights; No Right to Incentive Award. Nothing in the Plan or this Agreement shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way
the rights of the Company (or any Subsidiary or Affiliate employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his Service at any

  
 10 

 
time and for any reason, with or without Cause. The Committee’s granting of the Restricted Stock Units or other Award to the Participant shall neither require the Committee to grant
Restricted Stock Units or other Award to the Participant or any other Participant in the Plan or other person at any time nor preclude the Committee from making subsequent grants to the Participant or any other Participant in the Plan or other
person. 
 23. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. Signatures delivered by facsimile (including by “pdf”) shall be effective for all purposes. 

  
 11 

 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this
Agreement to be executed on its behalf by a duly authorized officer and the Participant has hereunto set the Participant’s hand. 
  

			
	ALERIS HOLDING COMPANY
		
	By:	 	/s/ Christopher R. Clegg
	Title:	 	Executive Vice President, General Counsel and Secretary
	Date:	 	

  

			
	
	 
	Participant: Roeland Baan
	Date:

  
 12 

 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this
Agreement to be executed on its behalf by a duly authorized officer and the Participant has hereunto set the Participant’s hand. 
  

			
	ALERIS HOLDING COMPANY
		
	By: 	 	 
	Title:	 	
	Date:	 	

  

			
	
	/s/ Roeland Baan
	Participant: Roeland Baan
	Date: 15-06-2010

  
 13 

 Exhibit A to 
 Restricted Stock Unit Agreement 
 of Aleris Holding Company

  

			
	Date of Restricted Stock Unit Grant:	  	As of June 1, 2010
		
	Name and Address of Participant:	  	Roeland Baan
		
	Number of Shares of Common Stock	  	28,995
	Subject to Restricted Stock Unit:

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