Document:

Exhibit 10.19

EXHIBIT 10.19

CHANGE OF CONTROL AGREEMENT

A G R E E M E N T

Agreement made as of the 1st
day of August 2002, by and between Alcan Inc., a corporation incorporated under
the laws of Canada with its registered office at 1188 Sherbrooke Street West,
Montreal, Québec, Canada H3A 3G2 (the "Corporation") and Richard B. Evans,
residing at 3033 de Breslay, Montreal, Quebec,
Canada, H3Y 2G8,  (the "Executive").

WITNESSETH:

                        WHEREAS, the Executive is the Executive Vice President of Alcan
Inc.

                        WHEREAS,
the Corporation believes that the establishment and maintenance of a sound and
vital senior management team is essential to the protection and enhancement of
the interests of the Corporation and its shareholders; and 

                        WHEREAS,
the Corporation also recognizes that the possibility of a Change of Control of
the Corporation (as defined in Section 1 hereof), with the attendant
uncertainties and risks, might result in the departure or distraction of key
employees of the Corporation to the detriment of the Corporation and its
shareholders; and

                        WHEREAS,
the Corporation has determined that it is appropriate to take steps to induce
key employees to remain with the Corporation, and to reinforce and encourage
their continued attention and dedication, when faced with the possibility of a
Change of Control of the Corporation.

                        NOW,
THEREFORE, in consideration of the premises and mutual covenants herein
contained, the parties hereto hereby agree as follows:

1.         Change of Control shall mean any of the following:

1.1             
the acquisition of direct or indirect beneficial
ownership (as determined under Rule 13d-3 promulgated under the United States
Securities Exchange Act of 1934), in the aggregate, of securities of the
Corporation representing twenty percent (20%) or more of the combined voting
power of the Corporation's then issued and outstanding voting securities by any
person or entity or group of associated persons or entities (within the meaning
of Section 13(d)(3) or 14(d)(2) of the United States Securities Exchange Act of
1934) acting jointly or in concert (other than its subsidiaries or any employee
benefit plan of either) (a "Person"), provided that, if a buyback of shares by
the Corporation causes the Person to attain such limit, such limit shall be
deemed not to have been attained without such Person having acquired further
voting securities of the Corporation; 

 

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1.2       any
amalgamation, merger, arrangement, reorganization or consolidation in respect
of the Corporation (the foregoing shall include, for the purposes of this Agreement
any transaction or series of transactions, such as share exchange transaction
with the same stated or effective objective) other than:

(a)        an amalgamation, merger,
arrangement, reorganization or consolidation which would result in the voting
securities of the Corporation outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting
securities of the surviving or parent entity) two-thirds or more of the
combined voting power of the voting securities of the Corporation or such
surviving, combined or parent entity outstanding immediately after such
amalgamation, merger, arrangement, reorganization or consolidation, without
there occurring as a result or in connection therewith any substantial change
in the composition of the Corporation's Board of Directors; or

(b)        an amalgamation, merger,
arrangement, reorganization or consolidation 
initiated by the Corporation for the purpose of implementing a
recapitalization of the Corporation (or similar transaction) provided that
pursuant thereto no Person is or becomes the beneficial owner, directly or
indirectly (as determined under Rule 13-d-3 promulgated under the United States
Securities Exchange Act of 1934), of securities representing twenty per cent
(20%) or more of the contained voting power of the voting securities of the
Corporation outstanding immediately after such amalgamation, merger,
arrangement, reorganization or consolidation;

1.3             
the approval by shareholders of the Corporation of any
plan or proposal for the complete or effective liquidation or dissolution of
the Corporation;

1.4             
the issuance by the Corporation of shares in connection
with an exchange offer acquisition (including, for the purposes of this
Agreement, a series of connected exchange offer acquisitions), if such issuance
results in the holders of the Corporation's principal class of publicly listed
voting shares (immediately prior to the issuance) holding less than two-thirds
of the combined voting power of the voting securities of the Corporation which
are outstanding immediately following such issuance and if there occurs in
connection therewith any substantial change in the composition of the
Corporation's Board of Directors.

1.5       the
sale or other disposition of all or substantially all of the assets of the
Corporation other than the sale or other disposition of all or substantially
all of the assets of the Corporation:

(a)        to a person or persons
who beneficially own, directly or indirectly, at least two-thirds of the then outstanding
common equity of the Corporation to which are attached at least two-thirds of
the combined voting power of the outstanding voting securities of the acquirer;
or

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(b)              
in a manner such that after such sale or other
disposition the acquirer is, directly or indirectly, owned or controlled as to
at least two-thirds of its then outstanding common equity to which are attached
at least two-thirds of the combined voting power of the outstanding voting
securities of the acquirer  by
shareholders of the Corporation who owned or controlled, immediately prior to
such transaction, at least two-thirds of the Corporation's then outstanding
common equity to which were attached at least two-thirds of the combined voting
power of the outstanding voting securities of the acquirer;

provided
that there does not occur in connection therewith any substantial change in the
composition of the Corporation's Board of Directors.

1.6             
the completion of the corporate approvals necessary on
the part of the Corporation to give effect to any amalgamation, merger,
arrangement, reorganization, continuance or consolidation in respect of the
Corporation (including any transaction or series of transactions with the same
stated or effective objective) pursuant to which the Corporation will not survive
as a stand-alone publicly-traded corporation (in this regard, but without
limitation, the Corporation shall be deemed not to have survived as a publicly
traded corporation should (i) there cease to be a liquid market for the
Corporation's common shares on an internationally recognized exchange,  (ii) more than fifty percent (50%) of the
corporation's outstanding common shares to which are attached more than fifty
percent (50%) of the then outstanding combined voting power of the outstanding
securities of the Corporation be held by a single shareholder or group of
shareholders acting jointly or in concert, or (iii) the Corporation become a
subsidiary, as defined in the Canada
Business Corporations Act, of another Corporation);

1.7             
any occurrence pursuant to which individuals who, as of
the close of business on the effective date of this Agreement, constitute the
Board of Directors (the "Incumbent Directors") cease for any reason to
constitute at  least two-thirds of the
Board; provided that any person becoming a Director subsequent to the close of
business on the effective date of this Agreement, whose election or nomination
for election was approved by a vote of at least two-thirds of the Incumbent
Directors then on the Board of Directors (either by a specific vote or by
approval of the Management Proxy Circular of the Corporation in which such
person is named a nominee for Director, without objection to such nomination)
shall be an Incumbent Director; but further provided, that no individual
elected or nominated as a Director of the Corporation initially as a result of
an actual or threatened proxy or election contest with respect to Directors, as
a result of any other actual or threatened solicitation of proxies or consents
by or on behalf of any person other than the Board of Directors or as a result
of or in connection with any amalgamation, merger, arrangement, reorganization,
consolidation or share exchange acquisition transaction by the Corporation with
any Person, shall be deemed to be an Incumbent Director;

 

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For the purposes of this
Agreement : (i) only the first Change of Control
after the date hereof shall be deemed a Change of Control hereunder; (ii)
voting power of securities shall be determined by reference to the right to
vote in respect of the general election of Directors: (iii) a substantial
change in the composition of the Board of Directors of the Corporation shall be
any change involving the immediate confirmed departure of at least three
Directors or any other change pursuant to which the Directors in office
immediately prior thereto cease to constitute at least two-thirds of the
members of the Board of Directors; and (iv) no event of Change of Control shall
have occurred if immediately prior thereto the Corporation was in a state of
insolvency or in a position of being protected from its creditors by virtue of
any applicable legislation or court order.

2.     Term.  This agreement shall commence on the date
hereof and shall expire, unless previously terminated as provided herein, on
the earliest of 

(i)                 
30 April 2005;

(ii)               
the date of the Executive's death or termination as a
result of Disability, as defined below; 

(iii)       subject
to Section 3 hereof, the date of the retirement or other termination of the
Executive's employment (voluntarily or involuntarily) with the Corporation
prior to a Change of Control; or 

(iv)             
if, prior to and without causing a Change of Control,
the entity for which the Executive is then working ceases to be a subsidiary,
(as defined in the Canada Business
Corporations Act) of the Corporation. 

Notwithstanding
anything in this Agreement to the contrary, if the Corporation becomes
obligated to make any payment to the Executive pursuant to the terms hereof at
or prior to the expiration of this Agreement, then this Agreement shall remain
in effect for such purposes until all of the Corporation's obligations
hereunder are fulfilled. Further, the provisions of paragraph 9.1 hereunder
shall survive and remain in effect notwithstanding the termination of this
Agreement, the termination of the Executive's employment or any breach or
repudiation of alleged breach or repudiation by the Corporation of this
Agreement or any one or more of its terms.

Disability shall
have the meaning ascribed to such term in the Corporation's long-term
disability plan in which the Executive participates.  A termination for Disability shall be deemed
to occur when the Executive is terminated by the Corporation by written notice
after the disability is established and the Executive remains disabled.

3.     Termination Following Change of
Control.

3.1       If, and only if, a Change of Control
occurs and one of the following occurs : (i)  the Executive's employment with the
Corporation is terminated by the Corporation without Cause other than for
Disability, or (ii)  by the Executive for
Good Reason, during the period running from the date of the Change of Control
to twelve (12) months after the date of such Change of Control, then the
Executive shall be entitled to the amounts provided in Section 4 upon such
termination.

 

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In addition, notwithstanding the foregoing, in the event the Executive
is either terminated without Cause or terminates employment for Good Reason
within three (3) months prior the occurrence of a Change of Control, such
termination shall, upon the occurrence of a Change of Control, be deemed to be
covered under the Agreement and the Executive shall be entitled to the amounts
provided under Section 4 hereof reduced by any amounts otherwise received in
connection with his termination of employment. 

3.2       As used in this
Agreement, termination for Good Reason shall mean a termination by the
Executive within ninety (90) days after the occurrence of the Good Reason
event, failing which such event shall not constitute Good Reason under this
Agreement. For purposes of this Agreement, "Good Reason" shall mean the
occurrence or failure to cause the occurrence of any of the following events
without the Executive's express written consent:

(i)         any material diminution
in the Executive's duties and responsibilities, authority (except in each case
in connection with the termination of the Executive's employment for Cause or
as a result of the Executive's death, or temporarily as a result of the
Executive's illness or other absence,);

(ii)        a reduction in
the Executive's annual base salary rate;

(iii)       a
relocation of the Executive's principal business location to an area outside
the country of the Executive's principal business location at the time of the
Change of Control;

(iv)       a failure by the
Corporation after a Change of Control to continue any annual Executive
Performance Award Plan, program or arrangement in which the Executive is then
entitled to participate (the "Bonus Plans"), provided that any such plan(s) may
be modified at the Corporation's discretion from time to time but shall be
deemed terminated if (x) any such plan does not remain substantially in the
form in effect prior to such modification and (y) if plans providing the
Executive with substantially similar benefits are not substituted therefor
("Substitute Plans"), or a failure by the Corporation to continue the Executive
as a participant in the Bonus Plans and Substitute Plans on at least the same
basis as to potential amount of the bonus and the achievability thereof as the
Executive participated immediately prior to any change in such plans of awards,
in accordance with the Bonus Plans and the Substitute Plans; 

(v)        a failure to permit the
Executive after the Change of Control to participate in cash or equity based
long-term incentive plans and programs other than Bonus Plans on a basis
providing the Executive in the aggregate with an annualized award value in each
fiscal year after the Change of Control at least equal to the aggregate
annualized award value being provided by the Corporation to the Executive under
such incentive plans and programs immediately prior to the Change of Control
(with any awards intended not to be repeated on an annual basis allocated over
the years the awards are intended to cover);

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(vi)       the failure by the
Corporation to continue in effect any employee benefit program such as a
saving, pension, excess pension, medical, dental, disability, accident, life
insurance plan or a relocation plan or policy or any other material plan,
program, perquisite or policy of the Corporation intended to benefit the
Executive in which the Executive is participating at the time of a Change of
Control (or programs providing the Executive with at least substantially
similar benefits) other than as a result of the normal expiration of any such
employee benefit program in accordance with its terms as in effect at the time
of a Change of Control, or taking of any action, or the failure to act, by the
Corporation which would adversely affect the executive's continued
participation in any of such employee benefit programs on at least as
favourable a basis to the Executive as is the case  on the date of a Change of Control; or which
would materially reduce the Executive's benefits in the future under any of
such employee benefit programs or deprive him of any material benefit enjoyed
by the Executive at the time of a Change of Control;

(vii)      a material breach by the
Corporation of any other written agreement with the Executive that remains
uncured for twenty-one (21) days after written notice of such breach is given to
the Corporation;

(viii)          
failure of any successor (as defined in Section 10
herein) to assume in a writing delivered to the Executive the obligations
hereunder within twenty-one (21) days after written notice by the Executive, or

For the
purposes of the foregoing, there shall be deemed to have occurred a material
diminution in the duties and responsibilities of an Executive occupying the
position of or performing the functions normally assigned to any of the Chief
Executive Officer or other member of the Office of the President, the Chief
Financial Officer or the Chief Legal Officer in the event of any Change of
Control referred to in any of paragraphs 1.2 to 1.6 (inclusive) above.

3.3       As used in this Agreement, the term
"Cause" shall mean:

(i)         the failure by the
Executive to attempt to substantially perform his or her duties and
responsibilities with regard to the Corporation or any affiliate (other than
any such failure resulting from the Executive's incapacity due to physical or
mental illness of any such actual or anticipated failure by the Executive for
Good Reason, as defined in paragraph 3.2) after demand for substantial
performance is delivered by the Corporation that specifically identifies the
manner in which the Corporation believes the Executive has failed to attempt to
substantially perform his or her duties and responsibilities and a reasonable
time for the Executive to correct or remedy;

(ii)        the
willful engaging by the Executive in misconduct in connection with the
Corporation or its business which is materially injurious to the Corporation
monetarily or otherwise (including but not limited to conduct which is
prohibited by the provisions of Section 9.1 herein); or

 

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(iii)       any
misappropriation or fraud with regard to the Corporation or any of the assets
of the Corporation (other than good faith expense account disputes).

For purposes of
this paragraph, no act, or failure to act, on the Executive's part shall be
considered "willful" unless done or omitted to be done, by him or her not in
good faith and without reasonable belief that his or her action or omission was
in the best interests of the Corporation. In the event that the Executive
alleges that the failure to attempt to perform his or her duties and
responsibilities is due to a physical or mental illness, and thus not "Cause"
under paragraph 3.3, the Executive shall be required to furnish the Corporation
with a written statement from a licensed physician who is reasonably acceptable
to the Corporation which confirms the Executive's inability to attempt to
perform due to such physical or mental illness. A termination for Cause after a
Change of Control shall be based only on events occurring after such Change of
Control; provided, however, the foregoing limitation shall not apply to an
event constituting Cause which was not discovered by the Corporation prior to a
Change of Control.

4.     Compensation
Upon Termination. 

4.1       If
the Executive's employment is terminated for Cause following a Change of
Control or upon the occurrence of a Change of Control in a manner described in
paragraph 3.1 the Corporation shall :

(a)        pay
to the Date of Termination, the Executive's Base Salary, the prorated amount of
the guideline award under the Corporation's Executive Performance Award Plan
(EPA) and the cash value of any untaken and accrued vacations to the Date of
Termination.  The aggregate amount will
be paid within five (5) days of the Date of Termination;

(b)        accrue
service under the Corporation's pension plans to the Date of Termination;

(c)        maintain all other benefits
and perquisites in which the Executive participates to the Date of Termination,
but limited to the coverage in force under those benefit plans on the Date of
Notice of Termination; and

(d)              
not grant any options to
purchase shares under the Alcan Executive Share Option Plan, nor any other
long-term incentive plans adopted by the Corporation, to the Executive between
the date of Notice of Termination and the actual Date of Termination.

4.2        In the event of Termination for Cause following a
Change of Control, the Corporation's obligations to the Executive under this
Agreement shall be limited to those under paragraph 4.1.  In all other cases, the Executive shall have
each of the following additional rights and entitlements, to the extent
applicable; 

(a)               
If the Executive's employment is terminated after the
first occurrence of a Change of Control in a manner described in paragraph 3.1
then, the Executive shall be entitled, without regard to any contrary
provisions of any benefit plan and subject to any express limitations
hereinafter set forth, to  severance pay
as follows :

 

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(i)         an amount equal to 36 times the Executive's monthly base
salary as of the Date of Termination;

(ii)        an
amount equal to 36 times the monthly EPA guideline amount in force as regards
the Executive Performance Award Plan as of the Date of Termination;

(b)              
the amount payable under the provisions of the TSR
Performance Plan (or its equivalent) in the event of a Change of Control,
provided that the amount payable shall never be less than the amount payable to
the Executive thereunder had he retired on the Date of Termination.

Notwithstanding
the foregoing, if the Date of Termination is before the Executive's declared
retirement date and the number of months remaining to such retirement date is
less than the number specified in paragraphs a(i) and
a(ii) above, the number specified in each of sub-paragraphs (a)(i) and (a)(ii)
above shall be replaced by the number of months remaining to such retirement
date.

4.3       The Executive may, in
writing, (in the Notice of Termination or otherwise) direct the Corporation
that the severance pay pursuant to the paragraph 4.2 hereof shall be paid, either :

(i)         in a lump sum payable
within five (5) days of the Date of Termination where in such case, all benefit
plan coverage cease on such date, or

(ii)               
in 36 equal monthly installments, (or for a period
consistent with the Corporation's practices as approved by the Personnel
Committee of the Board) after having the Executive transferred to the
non-active payroll of the Corporation in which case all benefit plan coverage
continue at the previous level for that same number of months except for
coverage under the Corporation's short-term and long-term disability plans,
vacation program, eligibility in the Alcan Executive Share Option Plan or any
other long-term incentive plans adopted by the Corporation and perquisite
benefit (car, financial and tax counseling, club membership) all of which shall
cease on Date of Termination.

            Monthly installments
paid on the non-active payroll shall be excluded in the calculation of
pensionable earnings while the duration on the non-active payroll shall be
included as service for calculating years of service under the Corporation's
pension plans.

4.4        Any loans owing by the Executive to the Corporation shall
become due and payable as per the terms of the applicable loan agreement.

4.5       After the occurrence of a
Change of Control, as defined in Section 1, all options under the Corporation's
Executive Share Option Plan shall become immediately exercisable and all
waiting periods and holding periods, as defined in such plan, shall be waived.

 

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5.     Notice of Termination.  After a Change of Control, any purported
termination of the Executive's employment (other than by reason of death) shall
be communicated by written Notice of Termination from one party hereto to the
other party hereto in accordance with Section 13.  For purposes of this Agreement, a "Notice of
Termination" shall mean a notice which shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Executive's employment.  The "Date of
Notice of Termination" is the date, determined in accordance with Section 13
below, when the Notice of Termination is deemed to have been given.  

6.    Date of Termination.  "Date of Termination", with respect to any
purported termination of the Executive's employment after a Change of Control,
shall mean the date specified in the Notice of Termination.  In the case of a termination by the
Corporation, the Date of Termination shall not be less than thirty (30) days
after the Change of Control except in the case of a termination for Cause which
shall be the date specified in the Notice of Termination.  In the case of a termination by the Executive
for Good Reason, the Date of Termination shall not be earlier than 90 days
after the Change of Control. In the event of Notice of Termination by the
Corporation, the Executive may treat such notice as having a date of
termination at any date between the date of the receipt of such notice and the
date of termination indicated in the Notice of Termination by the Corporation;
provided, that the Executive must give the Corporation written notice of the
Date of Termination if he or she deems it to have occurred prior to the Date of
Termination indicated in the notice.

7.    No Duty to Mitigate/Set-off.  The Corporation agrees that if the
Executive's employment with the Corporation is terminated pursuant to this
Agreement during the term of this Agreement, the Executive shall not be
required to seek other employment or to attempt in any way to reduce any
amounts payable to the Executive by the Corporation pursuant to this Agreement.
Further, the amount of any payment or benefit provided for in this Agreement
shall not be reduced by any compensation earned by the Executive or benefit
provided to the Executive as the result of employment by another employer or
otherwise. Except as otherwise provided herein and apart from any disagreement
between the Executive and the Corporation concerning interpretation of this
Agreement or any term or provision hereof, the Corporation's obligations to
make the payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall not be affected by any circumstances, including
without limitation, any set-off, counterclaim, recoupment, defense or other
right which the Corporation may have against the Executive.

8.    Service with Subsidiaries or the
Corporation.  For purposes of this
Agreement, employment by the Corporation or subsidiary (as defined in the Canada Business Corporations Act) of the
Corporation shall be deemed to be employment by the Corporation and references
to the Corporation shall include all such entities, except that the payment
obligation hereunder shall be solely that of the Corporation. A Change of
Control, however, as used in this Agreement, shall refer only to a Change of
Control of Alcan Inc. 

 

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9.         Confidentiality and Non-Competition
Undertakings.

9.1       Without prejudice to any
other confidentiality undertakings or obligations by which the Executive may be
bound in favor of the Corporation, the Executive shall not at any time during
the term of this Agreement, or thereafter, directly or indirectly, for any
reason whatsoever, communicate or disclose to any unauthorized person, firm or
corporation, or use for the Executive's own account, without the prior written
consent of the Board of Directors, any proprietary processes, trade secrets or
other confidential data or information of the Corporation and its related and affiliated
companies concerning their businesses or affairs, accounts, products, services
or customers, it being understood, however, that the obligations set forth in
this Section shall not apply to the extent that the aforesaid matters (i) are
disclosed in circumstances in which the Executive is legally required to do so,
or (ii) become known to and available for use by the public other than by the
Executive's wrongful act or omission.

9.2       Upon the occurrence of a
Change of Control, any non-competition agreement between the Corporation and
the Executive shall be considered null and void.  For the purposes of this Agreement, a
non-competition agreement shall include, without limitation, any provision
restricting the Executive's freedom to seek or obtain employment or invest in
or advise any corporation or business.

10.   Successors - Binding Agreement.  In addition to any obligations imposed by law
upon any successor to the Corporation, the Corporation will require any
successor (whether direct or indirect, by purchase, amalgamation, merger,
arrangement, reorganization, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Corporation to expressly
assume and agree in writing to perform this Agreement in the same manner and to
the same extent that the Corporation would be required to perform it if no such
succession had taken place. This Agreement shall inure to the benefit of and be
enforceable by the Executive's personal or legal representatives, executors,
administrators, successors and heirs. If the Executive shall die after
termination of his employment while any amount would still be payable to the
Executive hereunder if the Executive had continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of
this Agreement to the executors, personal representatives or administrators of
the Executive's estate. This Agreement is personal to the Executive and neither
this Agreement nor any rights hereunder may be assigned by the Executive.

11.  
Miscellaneous. 
No provisions of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and
signed by the Executive and such officer as may be specifically designated by
the Board of Directors. No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any condition or
provision shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. This Agreement and
the Employment Agreement constitute the entire agreement between the parties
hereto pertaining to the subject matter hereof. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly
set forth in this Agreement or the Employment Agreement. All references to any
law shall be deemed also to refer to any successor provisions to such laws.

 

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12.    Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

13.    Notices.  Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally, or
sent by registered mail, postage prepaid as follows:

            (i)         If to the Corporation, to:

                        Alcan  Inc.

                        1188
Sherbrooke Street West

                        Montreal,
Quebec

                        H3A
3G2

                        Attention:  Corporate Secretary

            (ii)        If to the Executive, to his last shown
address

                        on the books of the Corporation.

Any such notice
shall be deemed given when so delivered personally, or, if mailed, five days
after the date of deposit in the Canadian mail. Any party may by notice given in
accordance with this Section to the other parties, designate another address or
person for receipt of notices hereunder.

14.   Severability.  If any provisions of this Agreement shall be
declared to be invalid or unenforceable, in whole or in part, such invalidity
or unenforceability shall not affect the remaining provisions hereof which
shall remain in full force and effect.

15.   Legal Fees.  In the event the Corporation does not make
the payments due hereunder on a timely basis and the Executive collects any
part or all of the payments provided for hereunder or otherwise successfully
enforces the terms of this Agreement by or through -legal counsel, the
Corporation shall pay all costs of such collection or enforcement, including
reasonable legal fees and other reasonable fees and expenses which the
Executive may incur. The Corporation shall pay to the Executive interest at the
prime lending rate as announced from time to time by Royal Bank of Canada on
all or any part of any amount to be paid to Executive hereunder that is not
paid when due. The prime rate for each calendar quarter shall be the prime rate
in effect on the first day of the calendar quarter.

 

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16.    Non-Exclusivity of rights.  Except as otherwise specifically provided
therein, (i) nothing in this Agreement shall prevent or limit the Executive's
continuing or future participation in any benefit, bonus, incentive, equity or
other plan or program provided by the Corporation and for which the Executive
may qualify, nor (ii) shall anything herein limit or otherwise prejudice such
rights as the Executive may have under any other currently existing plan,
agreement as to employment or severance from employment with the Corporation or
statutory entitlements, provided, that to the extent such amounts are paid
under paragraph 4.2(a) hereof or otherwise, such amounts shall be offset
against any amounts that the Executive is entitled to under any other program,
plan, agreement or statute, including without limitation the Employment
Agreement. Amounts that are vested benefits or which the Executive is otherwise
entitled to receive under any plan or program of the Corporation, at or
subsequent to the date of termination shall be payable in accordance with such
plan or program, except as otherwise specifically provided herein or in the
Employment Agreement.

17.    Not an Agreement of Employment.  This is not an agreement assuring employment
and the Corporation reserves the right to terminate the Executive's employment
at any time with or without cause, subject to the Employment Agreement and the
payment provisions hereof if such termination is after, or within three (3)
months prior to, a Change of Control, as defined herein. The Executive
acknowledges that he is aware that he shall have no claim against the Corporation
hereunder or for deprivation of the right to receive the amounts hereunder as a
result of any termination that does not satisfy the requirements hereof or as a
result of any other action taken by the Corporation. The foregoing shall not
affect the Executive's rights under any other agreement with the Corporation.

18.   Governing Law.  This Agreement shall be construed,
interpreted, and governed in accordance with the laws of the Province of
Quebec.

19.   English Language.  The parties hereto declare that they require
that this Agreement and any related documents be drawn up and executed in
English.

            Les parties déclarent qu'elles requièrent que cette convention ainsi que
tous documents relatifs à cette convention soient rédigés et exécutés en
anglais.

IN WITNESS WHEREOF, the Corporation has caused this Agreement to be
duly executed and the Executive has hereunto set his hand as of the date first
set forth above.

                                                                                

  	ALCAN
INC.
	  
	By:       _______________________
      
	                    Gaston Ouellet
	  
	EXECUTIVE
	____________________________ 
	                     Richard
B. Evans

 

 

12Separation Agreement dated 01/23/2003

 
EXHIBIT 10.57

 
AGREEMENT 
 
This Agreement is made effective as of this 23rd day of
January, 2003 (the “Effective Date”), by and between E*TRADE GROUP, INC., a Delaware corporation (“Company”), and CHRISTOS M. COTSAKOS (“Executive”). References herein to the Company shall include its subsidiaries,
unless otherwise required by context. 
 
BACKGROUND 
 
A.    Executive is the Chairman of the Board and Chief Executive Officer of Company and is currently employed pursuant to the terms of an employment agreement dated May 15, 2002 (the “Employment
Agreement”); and 
 
B.    Executive and the Company have mutually agreed that Executive shall resign from his employment with the Company and his position as a member of its Board of Directors, pursuant to the terms and conditions
set forth below. 
 
TERMS AND CONDITIONS

 
In consideration of the premises and the
mutual covenants and agreements set forth below, the parties agree as follows: 
 
1.    Resignation from Positions. 
 
(a)    Executive shall resign from his employment with the Company and his position on the Board of Directors
effective as of the close of business on January 23, 2003 (the “Resignation Date”). Each of the Executive and the Company waive the notice requirement described in paragraph 5 of the Employment Agreement. To formalize his resignation, on
January 23, 2003, Executive shall present a letter of resignation in the form attached as Exhibit A. 
 
(b)    Pursuant to the terms of the E*Trade Ventures I, LLC Limited Liability Company (the “Fund I Company”)
Operating Agreement, Executive is a Managing Member of the Fund I Company. From and after the Resignation Date, the Company has the right to require Executive to withdraw as Managing Member of the Fund I Company and waive any and all rights and
duties as a Managing Member. Executive hereby transfers and assigns to the Company all future payments and rights to payments in respect of his Managing Member interest. When and if so required by the Company, Executive shall cooperate with the
Company to execute all documents necessary to effectuate this withdrawal and transfer and assignment. The provisions of this subsection shall not affect Executive’s direct or indirect limited partnership interests in the E*Trade eCommerce Fund,
L.P. 
 

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(c)    Pursuant to the terms of the E*Trade Ventures II, LLC Limited Liability Company (the “Fund II Company”) Operating Agreement, Executive is a Managing Member of the Fund II Company. From and after
the Resignation Date, the Company has the right to require Executive to withdraw as Managing Member of the Fund II Company and waive any and all rights and duties as a Managing Member. Executive hereby transfers and assigns to the Company all future
payments and rights to payments in respect of his Managing Member interest. When and if so required by the Company, Executive shall cooperate with the Company to execute all documents necessary to effectuate this withdrawal and transfer and
assignment. The provisions of this subsection shall not affect Executive’s direct or indirect limited partnership interests in the E*Trade eCommerce Fund II, L.P. 
 
2.    Separation Benefits.    Following his resignation, the
Company agrees to provide Executive with the following benefits, subject to Executive’s continuing compliance with his obligations under Section 4: 
 
(a)    On the Resignation Date, the Company will issue a press release announcing Executive’s resignation in the
form attached as Exhibit B. 
 
(b)    The Company shall pay to Executive an amount in cash equal to $4 million. Of such amount, $1 million shall be paid promptly after the execution of this Agreement, $1 million shall be paid on or before March
23, 2003, $1 million shall be paid on or before May 23, 2003 and the remaining $1 million shall be paid on or before July 23, 2003. 
 
(c)    The Company shall provide Executive with an office and administrative support at its reasonable expense and
convenience for a period of up to 6 months following the Resignation Date. 
 
(d)    The Company shall allow Executive to retain all office equipment previously provided for his use at his principal residence and shall transfer any ownership interest
currently held by the Company in such equipment to Executive; provided, however, that all confidential and/or proprietary information of the Company, its subsidiaries and its affiliated entities shall be removed from such equipment.

 
(e)    Executive currently
has use of an automobile leased by the Company, which Executive may continue to use through January 31, 2004. After such date, Executive shall be permitted to convert the Company’s lease to a personal lease, and the Company shall cooperate with
Executive to effect such conversion. 
 

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(f)    The Company has retained a life insurance policy on behalf of Executive with coverage of $10 million. Executive will be permitted to retain that policy; provided, however, that he will be responsible
for paying all future premiums. Executive understands that if such premiums are not paid, the policy will lapse. 
 
(g)    Executive shall be permitted to continue to receive Long Term Care insurance as provided under the Long Term
Care Insurance policy provided to Executive; provided, however, that Executive shall be responsible for paying all future premiums after January 31, 2004. Executive understands that if premiums after such date are not paid by him, the policy
will lapse. 
 
(h)    Executive shall participate in all of the Company’s group health insurance programs as an active participant through January 31, 2004. Thereafter, Executive shall be permitted to continue to
participate in the Company’s group health insurance programs (including the Executive Health Care Reimbursement Program) at his own expense in accordance with COBRA and/or its state equivalent. 
 
(i)    The Company shall amend all stock
options held by Executive that have vested on or before the Resignation Date to provide that such options shall remain exercisable through the first anniversary of the Resignation Date. 
 
Executive acknowledges that except as expressly set forth in this Agreement, following the Resignation Date,
he shall be entitled to no further or additional payments or benefits from the Company. 
 
3.    SERP Benefits.    Following the Resignation Date, Executive shall be entitled to receive distribution of vested benefits currently held in
Executive’s SERP Account Balance in accordance with the terms of the SERP Plan Document. For the avoidance of doubt, the Executive’s vested SERP benefit as of the Resignation Date is approximately $5,100,000. 
 
4.    Covenants. 
 
(a)    Executive shall hold in strictest
confidence and not use or disclose to any individual, partnership, corporation, limited liability company, trust or other entity, without prior written authorization of the Board of Directors, any Confidential Information. “Confidential
Information” means any proprietary information, technical data, trade secrets and know-how of the Company, its subsidiaries and its affiliated entities, including, but not limited to, research, product plans, products, services, customer lists
and customers (including, but not limited to, actual or potential customers of the Company, its subsidiaries and its affiliated entities), markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering,
hardware configuration 

 

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information, personnel-related information, marketing, finances and other business information disclosed to Executive by the Company either
directly or indirectly in writing, orally or by drawings or observation. Executive further understands that Confidential Information does not include any of the foregoing items which has become publicly known and made generally available through no
wrongful act of his or of others who were under confidentiality obligations as to the item or items involved. 
 
(b)    Executive agrees to cooperate fully with the Company, its Board of Directors and its management following the
termination of his employment on matters within the scope of his experience while employed by the Company, including, but not limited to (i) provision of any information, document, or other instrument reasonably requested by the Board, any committee
thereof, or the senior management of the Company; (ii) rendering support and assistance to the Company, its subsidiaries and its affiliated entities in connection with litigation or arbitration involving any of such entities, whether or not
currently pending; and (iii) assisting the Company, its subsidiaries and its affiliated entities with any inquiry, investigation or proceeding of any regulatory agency or body involving any of such entities. The Company shall reimburse the Executive
for expenses reasonably incurred by him in complying with his obligations hereunder, in accordance with the Company’s normal expense reimbursement policies for senior executives. 
 
5.    Indemnification.    The Company will continue to cover
Executive under its directors and officers liability insurance policy, and will indemnify and defend Executive as provided under Delaware and California law and the terms of the Company’s by-laws, for any and all past, present or future claims
arising out of the performance of Executive’s duties while employed by the Company through the Resignation Date. 
 
6.    Withholding. 
 
(a)    Any payment due to Executive hereunder shall be subject to withholding of any federal, state or local taxes
that may be required to be withheld. 
 
(b)    The Company may withhold from any payment due to Executive hereunder any amount owed by Executive to the Company, its subsidiaries and its affiliated entities. 
 
7.    Release of
Claims.    In exchange for the benefits described in this Agreement, Executive, on behalf of himself and his successors and assigns, hereby releases and absolutely discharges the Company, including each and every of its
subsidiaries and other affiliated entities (including, but not limited to, E*TRADE Securities, Incorporated), and their shareholders, directors and 

 

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employees), and their agents, attorneys, legal successors and assigns of and from any and all claims, actions and causes of action, whether
now known or unknown, which Executive now has, or at any other time had, or shall or may have against the Company based upon or arising out of any matter, cause, fact, thing, act or omission whatsoever occurring or existing at any time to and
including the date hereof, including, but not limited to, any claims of breach of contract, fraud, negligent misrepresentation, negligence, intentional or negligent infliction of emotional distress, defamation, wrongful discharge or age, sex, race,
national origin, physical or mental disability, medical condition, sexual orientation or other discrimination under the federal Age Discrimination in Employment Act, the federal Americans with Disabilities Act, the federal Civil Rights Act of 1964,
as amended, the federal Employee Retirement Income Security Act, the federal Sarbanes-Oxley Act, the California Fair Employment and Housing Act, the California Labor Code, or any other applicable federal, state or local law; provided,
however, that this release does not extend to the obligations of the Company pursuant to this Agreement, including, but not limited to Section 5. 
 
8.    Governing Law.    This Agreement shall be interpreted and enforced in accordance with
the laws of the State of California. 
 
9.    Severability.    Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid, but if any one or more of the provisions
contained in this Agreement shall be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provisions in every other respect and of the remaining provisions of this Agreement shall not
be in any way impaired. 
 
10.    Entire Agreement.    This Agreement (including the equity documentation referred to in Section 1, and the employee benefit plans and arrangements of the Company referred to in
Section 2) contains the entire agreement of the parties with respect to the subject matter contained in this Agreement. There are no restrictions, promises, covenants or undertakings between Company and Executive, other than those expressly set
forth in this Agreement. This Agreement supersedes all prior agreements and understandings between the parties (including, but not limited to, the Employment Agreement). This Agreement may not be amended or modified except in writing executed by the
parties. 
 

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IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the day and year first above written. 
 

	 E*TRADE GROUP, INC.

	
	 /s/    GEORGE
HAYTER

	 George Hayter
 Lead Director

 
 

	 EXECUTIVE

	
	 /s/    CHRISTOS M.
COTSAKOS

	 Christos M. Cotsakos

 

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