Document:

Employment Agreement-Demetriou

 Exhibit 10.5 
 EMPLOYMENT AGREEMENT 
 AGREEMENT, dated as of June 1, 2010, but
effective and binding on the parties as of the Effective Date (as defined in Section 3) (the “Agreement”), by and among Aleris International, Inc., a Delaware corporation (together with its successors and assigns, the
“Company”), for purposes of Sections 2(c), 10, 11(i)(ii) and 11(i)(iii) only, Aleris Holding Company, a Delaware corporation (together with its successors and assigns, the “Parent”), and Steven Demetriou (the
“Executive”). 
 WHEREAS, the Company desires to continue to employ the Executive, on the terms and conditions
set forth herein. 
 WHEREAS, the Executive desires to accept such continued employment with the Company, subject to the terms
and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other
good and valuable consideration, the Executive and the Company (the “Parties”) agree as follows: 
 1.
Employment, Duties and Agreements. 
 (a) Employment Duties. The Company hereby agrees to continue to employ the
Executive as its Chairman and Chief Executive Officer, and the Executive hereby agrees to continue to be employed in such position and agrees to serve the Company in such capacity during the employment period fixed by Section 3 hereof (the
“Employment Period”) upon the terms and conditions set out in this Agreement. In his capacity as Chief Executive Officer of the Company, the Executive shall report directly to the Board of Directors of the Company (the
“Board”), and shall have such duties, responsibilities and authority as are consistent with the Executive’s position and as may be assigned by the Board from time to time, which shall, without limiting the authority of the
Board, include the direct charge of and general supervision over the business and affairs of the Company. During the Employment Period, the Executive shall serve as a member of, and as Chairman of, the Board and shall serve as a member of, and as
Chairman of, the Board of Directors of Parent (the “Parent Board”). The Executive shall serve during the Employment Period, without additional compensation, in such additional offices in the subsidiaries of the Company (consistent
with the Executive’s position as Chief Executive Officer of the Company) and as member of any committee of the Board, the Parent Board or of the board of directors of any of the Company’s subsidiaries, in each case as reasonably requested
by the Company from time to time. During the Employment Period, the Executive shall be subject to, and shall act in accordance with, all instructions and directions and all applicable policies and rules of the Board that are reasonable and customary
for a person serving as the chief executive officer and chairman of the board of enterprises comparable to the Company and the Parent. 
 (b) Full Time Service and Other Activities. During the Employment Period, excluding any periods of vacation and sick leave to which the Executive is

 
entitled, the Executive shall devote his full working time, energy and attention to the performance of his duties and responsibilities hereunder and shall faithfully and diligently endeavor to
promote the business and best interests of the Company. During the Employment Period, the Executive may not, without the prior written consent of the Company, directly or indirectly, operate, participate in the management, operations or control of,
or act as an executive, officer, consultant, agent or representative of, any type of business or service (other than as an executive of the Company). It shall not, however, be a violation of the foregoing provisions of this Section 1(b) for the
Executive to (i) subject to the approval of the Board, serve as a member of the board of directors or as a member of an advisory board of a noncompeting company (provided that all board roles in which Executive serves as of the Effective Date
set forth on Schedule I hereto (“Schedule I”), shall be deemed to have been approved by the Board), (ii) subject to the approval of the Board, serve as an officer or director or otherwise participate in
non-profit, educational, welfare, social, religious and civic organizations, including, without limitation, all such positions and participation in effect as of the Effective Date and set forth on Schedule I, which positions and participations
shall be deemed to have been approved by the Board or (iii) manage his personal, financial and legal affairs, so long as any such activities in (i), (ii) or (iii) do not interfere with the performance of his duties and
responsibilities to the Company as provided hereunder. 
 (c) Location. In connection with the Executive’s
employment by the Company under this Agreement, the Executive shall be based at the principal executive offices of the Company, currently located in Beachwood, Ohio, except for such travel as the performance of the Executive’s duties in the
business of the Company may require. 
 2. Compensation. 

(a) Base Salary. As compensation for the agreements made by the Executive herein and the performance by the Executive of his
obligations hereunder, during the Employment Period, the Company shall pay the Executive, pursuant to the Company’s normal and customary payroll procedures, a base salary at the rate of $1,000,000 per annum, (the “Base
Salary”). During the Employment Period, the Base Salary will be reviewed annually and is subject to adjustment at the discretion of the Board, but in no event shall the Company pay the Executive a Base Salary less than that set forth above
unless such reduction is part of, and consistent with, a cost cutting measure affecting senior management of the Company generally. 
 (b) Annual Bonus. In addition to the Base Salary, for each calendar year that ends during the Employment Period, the Executive shall be eligible to receive an annual performance-based bonus award
payment (the “Annual Bonus”) determined in accordance with the terms and conditions set forth in the Company’s annual bonus plan for that year, with a target Annual Bonus of 100% of Base Salary (“Target
Bonus”), up to a maximum of 200% of Base Salary. The Target Bonus percentage shall be reviewed at least annually by the Board and is subject to adjustment at the discretion of the Board, but may in no event be less than 100% of Base Salary.
The Executive shall be paid Annual Bonus amounts, if any, in cash (except as otherwise provided in the following sentence) at the same time as the other senior executives of the Company are paid corresponding

  
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annual performance bonus amounts, but in no event later than two and one-half (2-1/2) months following the calendar year with respect to which the Annual Bonus is earned, provided that he is
employed hereunder as of the date such amount is paid, or due to be paid, except as otherwise provided in Section 5 below. At the Company’s election, up to 50% of the after-tax amount of the Executive’s Annual Bonus amounts, if any,
paid after the Effective Date with respect to each of 2010 and 2011 (such amount, the “Stock Bonus”) may be paid in Shares (as defined below), with such Shares (the “Bonus Shares”) to be valued for this purpose at
Fair Market Value (as determined in accordance with Section 13 of the form of Stock Option Agreement appended hereto as Exhibit C) on the date they are issued to the Executive. The Bonus Shares shall in all respects be subject to
that certain stockholders agreement, dated on or around the Effective Date and in the form attached hereto as Exhibit A, by and among the Parent and the stockholders named therein, as it may be amended or modified from time to time in
accordance with its terms (the “Stockholders Agreement”) (without regard to whether or not the Executive is a party to the Stockholders Agreement) and, if requested by Parent, shall be conditioned on the Executive delivering to
Parent an agreement or certificate containing such representations, warranties and covenants as Parent reasonably determines are necessary or appropriate to satisfy any applicable securities laws and regulations or any regulation of any stock
exchange or security market on which Parent’s securities may be traded. If at any time during the Employment Period, the Board decides to continue, or implement, a bonus program that operates on a quarterly, rather than an annual basis, such
quarterly bonus program will be administered in a manner consistent with the terms of this Section 2(b). Notwithstanding anything to the contrary contained herein and without limiting any other rights and remedies of the Company, if the
Executive has engaged in fraud or other misconduct that contributes to any adverse financial restatements or material loss, the Company may require repayment by the Executive of any Annual Bonus that has already been paid (whether paid in cash or
bonus stock), but only to the extent that the original payment exceeded the lower amount that would have been paid as such Annual Bonus based on results that reflected such restated financials and/or material loss. 

(c) Equity Matters. On the Effective Date, Parent will grant the Executive (i) an option (the “Option”) to
purchase 488,135 shares of common stock, par value $0.01 per share, of Parent (the “Shares”) under the Aleris Holding Company 2010 Equity Incentive Plan, as it shall be amended from time to time (the “LTIP”, which
shall as of the Effective Date be in the form attached hereto as Exhibit B) on the terms and conditions set forth in an award agreement in the form attached hereto as Exhibit C and (ii) 81,356 restricted stock units (the
“RSUs”) under the LTIP on the terms and conditions set forth in an award agreement in the form attached hereto as Exhibit D (such award agreements, the “Equity Award Agreements”). On the Effective Date,
Parent will sell to the Executive, and the Executive agrees to purchase, Shares on the terms and conditions set forth in, and in a number determined under, the Subscription Agreement attached hereto as Exhibit E. 

(d) Benefits and Perquisites. During the Employment Period, except as provided in the last sentence of this Section 2(d), the
Executive shall be entitled to participate in all employee benefit plans, practices, policies, programs and arrangements 

  
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of the Company, and in all perquisites and other fringe benefits, which are from time to time made available by the Company to its senior executives generally (collectively, “Benefit
Arrangements”), on the terms and conditions of the applicable Benefit Arrangement provided, however, that nothing contained herein shall in any way interfere with the Company’s right to terminate, modify or amend any Benefit
Arrangement (including perquisites) in accordance with its terms, except that the perquisites enjoyed by the Executive immediately prior to the Effective Date (and the terms and conditions thereof) may not be changed before the third anniversary of
the Effective Date in a manner that affects him adversely without his prior written consent. For the avoidance of doubt, the Executive shall not be eligible to participate during the Employment Period in any plan, practice, policy, program or
arrangement that provides benefits in the nature of severance or continuation pay, and shall not be entitled to any severance pay, upon termination of his employment under this Agreement, other than as set forth in this Agreement. 

(e) Vacation. The Executive shall be entitled to vacation time during the Employment Period on no less favorable a basis than
applied to him immediately prior to the Effective Date. 
 (f) Reimbursement. The Company shall reimburse the Executive
for all reasonable business expenses upon the presentation of statements of such expenses in accordance with the Company’s policies and procedures in force as of the Effective Date or as such policies and procedures may be modified with respect
to all senior executive officers of the Company. 
 3. Employment Period. The Employment Period shall commence on the
effective date of the Joint Plan of Reorganization of Aleris International, Inc. and its Affiliated Debtors, dated February 5, 2010, as amended (the “POR”) (such date, the “Effective Date”) and shall terminate on the third
anniversary of the Effective Date, provided that on the third anniversary of the Effective Date and on each anniversary thereafter, the Employment Period shall automatically be extended for an additional one-year period unless either (i) the
Executive provides the Company with a Notice of Termination in accordance with Section 4(a) at least ninety (90) days before any such anniversary (as of any date of determination, the anniversary date on which the Employment Period is then
scheduled to expire shall be referred to herein as the “Scheduled Termination Date”) or (ii) the Company provides the Executive with a Notice of Termination in accordance with Section 4(a) at least twelve (12) months before
the Scheduled Termination Date. Notwithstanding the foregoing, the Executive’s employment hereunder may be terminated prior to the Scheduled Termination Date upon the earliest to occur of any one of the following events (in which case the
Employment Period shall terminate as of the applicable Date of Termination (as defined below)): 
 (a) Death. The
Executive’s employment hereunder shall terminate upon his death. 
 (b) Disability. The Company shall be entitled to
terminate the Executive’s employment hereunder for “Disability” if, as a result of the Executive’s 

  
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incapacity due to physical or mental illness or injury, the Executive (i) has become eligible to receive long-term disability benefits under the Company’s long-term disability plan
applicable to the Executive, or (ii) if no such long-term disability plan is applicable to the Executive, the Executive has been unable to perform his duties hereunder for a period of ninety (90) consecutive days or a period of ninety
(90) days in any one hundred eighty (180) day period. 
 (c) Cause. The Company may terminate the
Executive’s employment hereunder for Cause. For purposes of this Agreement, the term “Cause” shall mean: (i) a material breach by the Executive of this Agreement; (ii) other than as a result of physical or mental
illness or injury, continued failure of the Executive to perform substantially the Executive’s duties hereunder; (iii) gross negligence by the Executive, or willful misconduct by the Executive (including willful violation of written rules,
regulations, procedures or instructions relating to the conduct of employees of the Company generally), which in either case causes (or should reasonably be expected to cause) material harm to the Company or the Parent (including indirectly through
their subsidiaries); (iv) material failure by the Executive to use his best reasonable efforts to follow lawful instructions of the Board; or (v) the Executive is indicted for, or pleads nolo contendere to, a felony involving moral
turpitude or other serious crime involving moral turpitude. In the case of clauses (i), (ii), (iii) and (iv) above, the Company shall provide notice to the Executive indicating in reasonable detail the events or circumstances that it
believes constitute Cause hereunder, and provide the Executive with thirty (30) days after delivery of such notice to cure such purported Cause before termination of the Executive’s employment hereunder for Cause. For avoidance of doubt,
placing the Executive on paid leave for up to 60 days during which the Company continues to provide the Executive with the Base Salary and other compensation and benefits required under Section 2 of this Agreement, pending the Board’s
determination of whether there is a basis to terminate the Executive for Cause, will not by itself constitute a termination of the Executive’s employment hereunder or provide the Executive with Good Reason to resign his employment until after
such 60 day period has elapsed without reinstatement or delivery of a Notice of Termination by the Company (it being understood that such 60 day leave period shall be deemed to coincide with the 60 day Company cure period set forth in
Section 3(e) of this Agreement). If, subsequent to the Executive’s termination of employment hereunder for other than Cause, or subsequent to the Company providing notice of non-renewal subject to Section 3(a), it is determined in
good faith by the Board that the Executive’s employment could have been terminated for Cause pursuant to clause (v) of this Section 3(c), the Executive’s employment shall, at the election of the Board, be deemed to have been
terminated for Cause retroactively to the date the events giving rise to Cause occurred. 
 (d) Without Cause. The
Company may terminate the Executive’s employment hereunder during the Employment Period without Cause. 
 (e)
Voluntarily. The Executive may voluntarily terminate his employment hereunder, with or without Good Reason, provided that in the case of a termination without a claim of Good Reason the Executive provides the Company with notice of his intent
to terminate his employment at least ninety (90) days in advance of 

  
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the Date of Termination (as defined in Section 4(b) below), and that in the case of a termination by the Executive with a claim of Good Reason, the Executive complies with all requirements
set forth in the following sentence. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, without the Executive’s prior written consent: (i) a material reduction in the
Executive’s Base Salary or Annual Bonus opportunity, unless such reduction is part of, and consistent with, a cost cutting measure affecting senior management generally; (ii) a material diminution in the Executive’s position, duties,
responsibilities or reporting relationships; (iii) a material breach by the Company or the Parent of any material economic obligation under this Agreement or under the Equity Award Agreements; or (iv) a change of the Executive’s
principal place of employment to a location more than seventy-five (75) miles from such principal place of employment as of the Effective Date; provided that Good Reason shall not exist unless (x) the Executive first provides written
notice to the Company indicating in reasonable detail the events or circumstances believed by the Executive to constitute Good Reason within sixty (60) days of the occurrence of such events or circumstances (or, in the case of clause (ii),
within sixty (60) days of the Executive’s actual or constructive knowledge of such events or circumstances), (y) the Company shall have failed to cure such events and circumstances within sixty (60) days after such notice is
given, and (z) the Executive terminates his employment on at least ten (10) days notice within one hundred and thirty (130) days of the occurrence of such events or circumstances (or, in the case of clause (ii), within one hundred and
thirty (130) days of the Executive’s actual or constructive knowledge thereof). At any time after the Executive provides notice to the Company expressing his belief that events or circumstances giving rise to Good Reason have occurred, the
Company may direct that the Executive provide services from his residence and not on the Company’s premises, or may direct the Executive to perform no services at all, in each case for a period no longer than 60 days, provided that the Company
shall continue to provide the Executive with the Base Salary and other compensation and benefits required under Section 2 of this Agreement. 
 4. Termination Procedure. 
 (a) Notice of Termination. Any
termination of the Executive’s employment hereunder by either Party (other than a termination on account of the death of the Executive) shall be communicated by written “Notice of Termination” to the other party hereto in
accordance with Section 11(a). 
 (b) Date of Termination. “Date of Termination” shall mean
(i) if the Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated pursuant to Section 3(b) or 3(c), the date the Executive receives Notice of Termination
from the Company; (iii) if the Executive voluntarily terminates his employment without a claim of Good Reason, the date specified in the notice given pursuant to Section 3(e), which shall not be less than ninety (90) days after the
Notice of Termination; (iv) if the Executive voluntarily terminates his employment with a claim of Good Reason, on the date selected by the Executive in accordance with Section 3(e) above; (v) if the Executive’s employment is
terminated for 

  
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any other reason, the date on which a Notice of Termination is given or any later date set forth in such Notice of Termination. 

5. Termination Payments. 
 (a) Without Cause or for Good Reason. 
 (i) Subject to Section 5(f) of this
Agreement, in the event that the Company terminates the Executive’s employment hereunder not for Cause, or the Executive terminates his employment hereunder with Good Reason, in each case prior to the Scheduled Termination Date, the Executive
shall be entitled to: 
 (A) any earned but unpaid Base Salary, any unused vacation if required by law, any unreimbursed expenses
through the Date of Termination, and any amount or benefit then or thereafter due (after taking into account the effects of such termination) under the then-applicable terms of any applicable plan, program, agreement or benefit of the Company or its
affiliates (e.g., equity awards, 401(k) accounts, unreimbursed medical benefits, indemnification rights, etc.) (the “Accrued Benefits”); 
 (B) to the extent not yet fully paid, any earned Annual Bonus for the last immediately prior calendar year during the Employment Period whether or not such Annual Bonus has yet become due for payment (the
“Prior Year Bonus”); 
 (C) a cash payment (the “Severance Payment”) equal to: 

 

	 	(1)	if the Date of Termination occurs prior to or on the first anniversary of the Effective Date, two (2) times the sum of the Executive’s Base Salary and Target
Bonus, as of the Date of Termination (disregarding, for purposes of determining both his Base Salary and his Target Bonus, any diminution in his Base Salary that occurred at any time after the Effective Date); or 

 

	 	(2)	 if the Date of Termination occurs after the first anniversary of the Effective Date, the product of (A) the sum of his Base Salary as of the Date
of Termination (disregarding, for purposes of determining his Base Salary, any diminution in the Base Salary that occurred at any time after the Effective Date) and the average of the Executive’s earned Annual Bonuses (whether or not actually
paid) for the two (2) most recent calendar years ended prior to the Date of Termination (provided, however, that, for such purposes only, the Executive will be deemed to have earned an Annual Bonus for each of 2009 and 2010 equal to $1,000,000,
and (B) the greater of (x) one (1) and (y) a fraction, of which the numerator is the number of days 

  
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(inclusive) from the Date of Termination through the Scheduled Termination Date and of which the denominator is 365; 

(D) subject to Section 11(m), continuation of all medical benefits during the Severance Period (defined below) for the Executive and
his eligible dependents that are substantially similar to those then provided to senior executive officers of the Company generally (“Welfare Benefit Continuation”), it being understood that the Company may provide the portion of such
coverage that can be obtained by the Executive pursuant to his rights under the Consolidated Omnibus Budget Reconciliation Act, as amended (“COBRA”) by paying the excess of the Executive’s applicable COBRA premiums, over the
premiums the Executive would have been required to pay for such portion of such coverage if his employment hereunder had continued. 
 For
purposes of this Agreement, the “Severance Period” shall mean (i) if the Date of Termination occurs on or before the first anniversary of the Effective Date, two (2) years or (ii) if the Date of Termination occurs following
the first anniversary of the Effective Date, the greater of (a) 12 months and (b) period of time from the Date of Termination through the Scheduled Termination Date (inclusive). 

(ii) The Accrued Benefits shall be paid/provided following the Date of Termination in accordance with the terms of
the applicable plan, program, agreement or benefit or as required by law. The Prior Year Bonus, if any, shall be paid in cash only and not in Bonus Shares) when annual bonus amounts are paid to other senior executives of the Company generally but in
no event later than two and one-half (2-1/2) months following the calendar year with respect to which such Prior Year Bonus was earned. The Severance Payment shall be paid in cash in substantially equal installments over two (2) years following
the Date of Termination, consistent with the Company’s payroll practices, with any installment due to be paid prior to the date that the condition described in Section 5(f)(i) has been satisfied being accumulated and paid within
fifteen (15) days after such condition is satisfied, and with the last installment being paid no later than the second (2nd) anniversary of the Date of Termination, provided, however, that if the Company’s payroll practices change
after the Executive has begun to receive payments under this Section 5(a), the Executive shall continue to receive payments in accordance with the schedule in effect at the time that the Executive began to receive payments under this
Section 5(a). 
 (b) Cause or Voluntary Resignation Other than for Good Reason. If the Executive’s employment
hereunder is terminated by the Company for Cause or voluntarily by the Executive other than (x) for Good Reason or (y) in a termination to which Section 5(e) applies, the Company shall pay/provide the Executive the Accrued Benefits
following the Date of Termination in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law, and, other than with respect to the Accrued Benefits, the Company will have no further obligations to the
Executive hereunder. 

  
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 (c) Death or Disability. If the Executive’s employment hereunder is terminated
on or prior to the Scheduled Termination Date as a result of the Executive’s death or Disability, the Company shall pay the Executive or the Executive’s estate, as the case may be: (i) the Accrued Benefits, to be paid/provided
following the Date of Termination in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law; (ii) the Prior Year Bonus (to the extent not yet fully paid), to be paid in cash only (and not in Bonus
Shares) when annual bonus amounts are paid to other senior executives of the Company generally but in no event later than two and one-half (2-1/2) months following the calendar year with respect to which such Prior Year Bonus was earned; and
(iii) a pro-rata Annual Bonus (“Pro-Rata Bonus”), determined by multiplying the Executive’s Target Bonus as of the Date of Termination (disregarding, for the purpose of determining the Target Bonus, any reduction in Base
Salary occurring on or after the Effective Date) by a fraction, the numerator of which the number of days the Executive was employed with the Company during the calendar year in which his employment hereunder terminates and the denominator of which
is 365 (the “Pro-Ration Fraction”), to be paid in cash within thirty (30) days after the Date of Termination; provided, however, that to the extent necessary to preserve the Company’s tax deduction of the Annual Bonus
under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Parties agree to negotiate in good faith to make adjustments to the method of determining the Pro-Rata Bonus. 

(d) Non-Renewal by the Company. If the Company elects, pursuant to the first sentence of Section 3 of this Agreement, not to
extend the Employment Period and the Executive’s employment hereunder ends on the Scheduled Termination Date, then subject to Section 5(f) hereof, the Executive shall be entitled to receive: (i) the Accrued Benefits, to be
paid/provided in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law; (ii) a cash payment (the “Non-Renewal Payment”) equal to the sum of the Base Salary as of the Scheduled
Termination Date (disregarding, for this purpose, any reduction in the Base Salary that occurred after the Effective Date) and the average of the Executive’s earned Annual Bonuses for the two (2) calendar years ended immediately prior to
the Scheduled Termination Date, to be paid in substantially equal installments consistent with the Company’s payroll practices over the 12 months following the Scheduled Termination Date, with any installment due to be paid prior to the date
that the condition described in Section 5(e)(i) has been satisfied being accumulated and paid within fifteen (15) days after such condition is satisfied, and with the last installment being paid on or before the first anniversary of
the Scheduled Termination Date, provided, however, that if the Company’s payroll practices change after the Executive has begun to receive payments under this Section 5(d), the Executive shall continue to receive payments in accordance
with the schedule in effect at the time that the Executive began to receive payments under this Section 5(d); and (iii) Welfare Benefits Continuation for the twelve (12) month period following the Scheduled Date of Termination.

 (e) Non-Renewal by the Executive. If the Executive elects, pursuant to the first sentence of Section 3 of this
Agreement, not to extend the Employment Period, and the Executive’s employment hereunder ends on the Scheduled Termination Date, then, subject to Section 5(f) hereof, the Executive shall be entitled to receive (i) the

  
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Accrued Benefits, to be paid/provided in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law, and (ii) a cash amount equal to (A) the
annual bonus that the Executive would have received for such year under Section 2(b) above if he had remained employed hereunder indefinitely, determined under the Company’s annual bonus plan for such year and based on the extent to which
objective performance goals were actually achieved, with any subjective and personal performance goals all deemed achieved at target, and with no negative, or positive, discretion exercised in determining the size of the annual bonus, multiplied by
(B) the Pro-Ration Fraction, such amount to be paid at the time the annual bonus of such year would have been due to be paid under Section 2(b) above if the Executive had remained employed hereunder indefinitely. 

(f) Conditions Precedent. The payments and benefits provided under Sections 5(a), 5(d) and 5(e) of this Agreement (other than
the Accrued Benefits) are subject to and conditioned upon (i) the Executive having provided, within thirty (30) days after the Date of Termination (or such greater period as required by law), an irrevocable waiver and general release of
claims in the form attached hereto as Exhibit F (as such form may be revised by the Company to comply with changes in law) that has become effective in accordance with its terms and (ii) satisfying the requirements of
Section 11(l)(ii) of this Agreement. The Executive shall, upon request by the Company, be required to repay to the Company (net of any taxes paid by the Executive or the Company on such payments), and the Company shall have no further
obligation to pay, the Severance Payment, the Non-Renewal Payment, or the cash payment described in clause (ii) of Section 5(e), as applicable, in the event the Executive materially breaches, at any time prior to two (2) years after
the Date of Termination, his obligations under Sections 7 or 8 hereof; provided, however, that, except in cases of willful misconduct, the Executive shall first be provided a fifteen (15) day cure period to cease, and to cure, such breach.

 (g) No Mitigation; No Offset. The Executive shall be under no obligation to seek other employment after the Date of
Termination, and there shall be no offset against amounts or benefits due to him under this Agreement or otherwise on account of any remuneration or benefits provided by any subsequent employer. 

(h) As of the Termination Date, the Executive’s employment with the Company, the Parent, and all of their affiliates shall
terminate, and the Executive shall be deemed to have resigned, effective immediately, from all directorships and other positions he held at any of the foregoing entities. 
 6. Legal Fees; Indemnification; Directors’ & Officers’ Liability Insurance. 
 (a) Legal Fees. In the event of any contest or dispute between the Parties or between the Executive and the Parent, each of the Parties shall be responsible for its or his respective legal fees and
expenses; provided that, if the Executive prevails on any material issue in any action in which the Executive’s rights or obligations under this Agreement or under the Equity Award Agreements are at issue, the Company shall reimburse the
Executive for all reasonable legal fees and expenses incurred by him in 

  
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connection with such action. For purposes of the preceding sentence, reasonable legal fees shall not include any legal fees awarded on a contingency basis to the extent such fees would exceed a
reasonable fee based on the hours actually expended by such legal counsel multiplied by the counsel’s normal hourly billing rate. 
 (b) Indemnification. The Executive will be entitled to indemnification, and prompt advancement of fees, costs and expenses, on the same terms as indemnification and advancement is made available to
other senior executives of the Company, whether through the Company’s bylaws or otherwise. 
 (c) D&O Coverage.
During the Employment Period and for six years thereafter, the Executive shall be entitled to the same directors’ and officers’ liability insurance coverage that the Company provides generally to its other directors and officers, as may be
altered from time to time for such directors and officers. 
 7. Non-Solicitation. During the Employment Period (except
as reasonably necessary and appropriate in connection with carrying out his duties hereunder) and for two (2) years thereafter, the Executive hereby agrees not to, directly or indirectly, solicit or hire or assist any other person or entity in
soliciting or hiring any employee of the Company or any of its affiliates to perform services for any entity (other than the Company or its affiliates), or attempt to induce any such employee to leave the employ of the Company or its affiliates, or
solicit, hire or engage on behalf of himself or any other Person (as defined below) any employee of the Company or anyone who was employed by the Company during the six-month period preceding such hiring or engagement. 

8. Confidentiality; Non-Compete; Non-Disclosure; Non-Disparagement. 

(a) Confidentiality. The Executive hereby agrees that, during the Employment Period (except as reasonably necessary and
appropriate in connection with carrying out his duties hereunder) and thereafter, he will hold in strict confidence any Confidential Information related to the Company and its affiliates. For purposes of this Agreement, the term
“Confidential Information” shall mean all confidential or proprietary information of the Company or any of its affiliates (in whatever form) which is not generally known to the public, including without limitation any inventions,
processes, methods of distribution, customer lists or customers’ or trade secrets. Nothing in this Agreement or elsewhere shall prohibit, or otherwise restrict, the Executive from making truthful statements and disclosing documents and
information: (i) when required to comply with applicable federal, state or local laws, pursuant to any subpoena or other written or oral request by any court or governmental authority, provided, that the Executive (a) notify the Company in
writing and provide a copy to the Company of such subpoena or other request if in writing, and/or disclose the nature of the request for information if oral, within two (2) business days from the Executive’s actual notice of the service of
such subpoena or other request, (b) consult with and assist the Company (at the Company’s reasonable request and sole expense) in seeking a protective order or request for other appropriate relief from disclosure, and (c) in the event
that such protective order or other relief is not obtained, shall disclose only that portion of the Confidential Information which, based on the written advice of the legal counsel selected by the

  
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Executive and paid for by the Company, is legally required to be disclosed; (ii) in confidence to an attorney or other licensed tax and/or professional advisor, subject, in each case, to
that individual being informed of this confidentiality obligation and agreeing to keep such information confidential, for the sole purpose of securing professional advice; or (iii) in good faith during the course of any proceeding under
Section 11(i)(ii) of this Agreement. 
 (b) Non-Competition. The Executive and the Company agree that the
Parent and/or the Company would likely suffer significant harm from the Executive’s competing with the Company or the Parent (including for this purpose their subsidiaries) during the Employment Period and for some period of time thereafter.
Accordingly, the Executive agrees that he will not, during the Employment Period and for a period of two (2) years following the Date of Termination, directly or indirectly, become employed by, engage in business with, serve as an agent or
consultant to, become a partner, member, principal, stockholder or other owner (other than a holder of less than 1% of the outstanding voting shares of any publicly held company) of, any Person competitive with, or otherwise perform services
relating to, the business of the Company (including for this purpose the businesses of its Parent and of the Parent’s subsidiaries) at the time of the termination (the “Business”) (whether or not for compensation). For purposes
of this Agreement, the term “Person” shall mean any individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof that
is engaged in the Business, or otherwise competes with the Company or its affiliates, anywhere in which the Company or its affiliates engage in or intend to engage in the Business or where the Company or its affiliates’ customers are located.

 (c) Return of Company Documents. The Executive hereby agrees that, upon the termination of the Employment Period, he
shall not take, without the prior written consent of the Company, any drawing, blueprint, specification or other document (in whatever form) of the Company or its affiliates, which is of a confidential nature relating to the Company or its
affiliates, or, without limitation, relating to its or their methods of distribution, or any description of any formulas or secret processes and will return any such information (in whatever form) then in his possession. Subject only to the
Executive’s duty to hold in strict confidence all Confidential Information of the Company and its affiliates and his other obligations under this Agreement, the Executive shall be permitted to retain and use his rolodex (and electronic
equivalents); documents and data relating to his personal entitlements and obligations; and any other items that the Company approves. 
 (d) Non-Disparagement. The Executive hereby agrees not to defame or disparage the Company, its affiliates and their respective officers, directors, members or executives. The Executive hereby
agrees to cooperate with the Company and its affiliates, upon reasonable request, in refuting any defamatory or disparaging remarks by any third party made in respect of the Company or its affiliates or their directors, members, officers or
executives. 

  
 12 

 9. Injunctive Relief. The Executive acknowledges that it is impossible to measure in
money the damages that will accrue to the Company and its affiliates in the event that the Executive breaches any of the restrictive covenants provided in Sections 7 and 8 hereof. In the event that the Executive breaches any such restrictive
covenant, the Company or any of its affiliates shall be entitled to an injunction restraining the Executive from violating such restrictive covenant (without posting any bond). If the Company or one of its affiliates shall institute any action or
proceeding to enforce any such restrictive covenant, the Executive hereby waives the claim or defense that the Company or such affiliate has an adequate remedy at law and agrees not to assert in any such action or proceeding the claim or defense
that the Company has an adequate remedy at law. The foregoing shall not prejudice the Company’s right to seek any other relief to which it may be entitled. 
 10. 280G Tax Treatment. If, after the Effective Date, it shall be determined that any payment or benefit (including, without limitation, the issuance of common shares, and the granting, vesting,
exercising or termination of stock options, restricted stock units or other equity awards) to or for the benefit of the Executive under this Agreement or any other plan, program, agreement or arrangement of the Company, the Parent, or any of their
affiliates would be subject to the excise tax, and loss of tax deduction, under Sections 280G and 4999 of the Code, to the extent such relief is available, upon written request by the Executive and his waiver of any right to payment or such
benefit, the Company and the Parent shall use their best reasonable efforts to secure approval of such payment or benefit in a shareholder vote in a manner intended to comply with the rules and regulations promulgated under Section 280G(b)(5)
of the Code. 
 11. Miscellaneous. 
 (a) Notices. Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered personally or
four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed as follows (or if it is sent through any other
method agreed upon by the parties): 
 If to the Company: 

Aleris International, Inc. 
 25825 Science Park Drive, Suite 400 
 Beachwood, Ohio 44122 

Attention: Christopher R. Clegg 

  
 13 

 If to the Parent: 
 To the address set forth in the Equity Award Agreements 
 for the Parent

 If to the Executive: 
 During the Employment Period, to his principal office at 
 the Company, and after
the Employment Period to his 
 principal residence as listed in the records of the Company 

With a copy in either case to: 
 Morrison Cohen LLP 
 909 Third Avenue, 27th Floor 

New York, NY 10022 
 Attn: Robert M. Sedgwick, Esq. 
 or to such other address as any Party may designate by notice to
the others. 
 (b) Entire Agreement. This Agreement, including its exhibits and schedules, shall constitute the entire
agreement and understanding among the Parties hereto with respect to the Executive’s employment hereunder and supersedes and is in full substitution for any and all prior understandings or agreements (whether written or oral) with respect to
the Executive’s employment. For the avoidance of doubt, nothing in this Section 11(b) shall be read to affect the Executive’s rights to the Accrued Benefits determined as of the Effective Date. The Company represents and warrants that
it has obtained the approval of any person or body whose approval is necessary as of the Effective Date to carry out the terms of this Agreement. In the event of any conflict between the provisions of this Agreement (including its Exhibits and
Schedules) and the provisions of any other document, the provisions of this Agreement shall control unless the Parties otherwise agree in a signed writing that specifically identifies the provisions of this Agreement whose control is being waived.

 (c) Amendment; No Waiver. This Agreement may be amended only by an instrument in writing signed by the Parties that
specifically identifies the provisions being amended, and the application of any provision hereof may be waived only by an instrument in writing that specifically identifies the provision whose application is being waived and that is signed by the
person against whom or which enforcement of such waiver is sought. The failure of any Party at any time to insist upon strict adherence to any provision hereof shall in no way affect the full right to insist upon strict adherence at any time
thereafter, nor shall the waiver by any Party of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement. No
failure or delay by either Party in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. 

  
 14 

 (d) No Construction Against Drafter. The Parties acknowledge and agree that each
Party has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party
shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both Parties and not in favor or against either Party. 

(e) Assignment. This Agreement is binding on and is for the benefit of the Parties hereto and their respective successors,
assigns, heirs, executors, administrators and other legal representatives. This Agreement is personal to the Executive. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive, without the prior written consent
of the Company or except by will or the laws of descent and distribution, and any purported assignment in violation of this Section 11(e) shall be void. 
 (f) Assumption of Agreement. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such succession had taken place. As used in the Agreement, “the Company” shall mean both
the Company as defined above and any such successor that assumes this Agreement, by operation of law or otherwise. 
 (g)
Severability. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or
applications and to this end the provisions of this Agreement are declared to be severable. If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable law or public policy, all other conditions
and provisions of this Agreement shall nonetheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to either Party;
provided, however, that in the event that any court of competent jurisdiction shall finally hold in a non-appealable judicial determination that any provision of Section 7 or 8 (whether in whole or in part) is void or constitutes an
unreasonable restriction against the Executive, such provision shall not be rendered void but shall be deemed to be modified to the minimum extent necessary to make such provision enforceable for the longest duration and the greatest scope as such
court may determine constitutes a reasonable restriction under the circumstances. Subject to the foregoing, upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest
extent possible. 
 (h) Tax Withholding. The Company may withhold from any amounts payable to the Executive hereunder all
federal, state, city, foreign or other taxes that the 

  
 15 

 
Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood that the Executive shall be responsible for payment of all taxes in
respect of the payments and benefits provided herein). 
 (i) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial;
Service of Process. 
 (i) 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. 
 (ii)
Except as otherwise specifically provided herein, the Parties and the Parent 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, the Executive’s employment with the Company, or any termination of such employment. Except as otherwise specifically provided in this Agreement, the Parties and the Parent
undertake not to commence any suit, action or proceeding based on any dispute between them that arises out of or relates to this Agreement, the Executive’s employment with the Company, or any termination of such employment in a forum other than
a forum described in this Section 11(i)(ii); provided, however, that nothing herein shall preclude either Party or the Parent from bringing any suit, action or proceeding in any other court for the purposes of enforcing the provisions of this
Section 11(i) or enforcing any judgment obtained by the Company. The agreement of the Parties and the Parent to the forum described in this Section 11(i)(ii) 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 and the Parent 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 11(i)(ii), and the Parties and the Parent 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 and the Parent 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 11(i)(ii) shall be conclusive and binding upon the Parties and the Parent and may be enforced in any other jurisdiction. 

(iii) THE PARTIES AND THE PARENT EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT. 
 (j)
Each of the Parties and the Parent 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 and the
Parent hereto irrevocably and unconditionally agrees (i) that service of process 

  
 16 

 
may be made on such Party or the Parent by mailing copies of such process to such Party or the Parent at such Party’s or the Parent’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 or the Parent personally within the State of Delaware.

 (k) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original,
but all of which shall constitute one and the same instrument. Signatures delivered by facsimile (including by “pdf”) shall be deemed effective for all purposes. 
 (l) Headings. The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provision hereof. 

(m) Section 409A. 
 (i) It is the intention of the Parties that this Agreement comply with the requirements of Section 409A of the Code, and this Agreement will be interpreted in a manner intended to comply with
Section 409A. All payments under this Agreement are intended to be excluded from the requirements of Section 409A of the Code or be payable on a fixed date or schedule in accordance with Section 409A(a)(2)(iv) of the Code. The
Parties agree to negotiate in good faith to make amendments to this Agreement as the Parties mutually agree are necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. To the extent that
reimbursements or in-kind benefits due to the Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner
consistent with Treasury Regulations Section 1.409A-3(i)(1)(iv). Notwithstanding the foregoing, the Executive shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of
the Executive in connection with payments and benefits provided in accordance with the terms of this Agreement (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates shall have any
obligation to indemnify or otherwise hold the Executive (or any beneficiary) harmless from any or all of such taxes or penalties. 
 (ii) Notwithstanding anything in this Agreement or elsewhere to the contrary, in the event that the Executive is deemed to be a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) and the Executive is not “disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to Section 409A of the Code shall be
made to the Executive prior to the date that is six (6) months after the date of the Executive’s “separation from service” (as defined in Section 409A of the Code) or, if earlier, the Executive’s date of death.
Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date. For purposes of Section 409A of the Code, each of the payments that may be made under
Sections 5(a) 

  
 17 

 
and 5(d) are designated as separate payments for purposes of Treasury Regulations Section 1.409A-1(b)(4)(i)(F), 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v)(B). 

(iii) For purposes of this Agreement, with respect to payments of any amounts that are considered to be “deferred
compensation” subject to Section 409A of the Code, references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the requirements of
Section 409A. The Executive shall have no duties or obligations after the Date of Termination that are inconsistent with his having a “separation of service” as of the Date of Termination for purposes of Section 409A of the Code.

 (iv) Executive’s right to any deferred compensation, as defined under Section 409A of the Code, shall not be
subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment by creditors, or borrowing, to the extent necessary to avoid tax, penalties and/or interest under Section 409A of the Code.

  
 18 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above. 
  

					
	EXECUTIVE	 	
	
	 /s/ Steven Demetriou

	Name:	 	STEVEN DEMETRIOU	 	
		
	ALERIS INTERNATIONAL, INC.	 	
	
	 /s/ Christopher R. Clegg

	Name:	 	Christopher R. Clegg	 	
	Title:	 	 Executive Vice President,

General Counsel & Secretary
	 	

  
 19 

 ACCEPTED AND AGREED as to Sections 2(c), 10, 11(i)(ii) and
11(i)(iii) only on this 1st day of June, 2010. 

 

			
	ALERIS HOLDING COMPANY
		
	By:	 	 /s/ Christopher R. Clegg

		 	Name: Christopher R. Clegg
		 	 Title: Executive Vice President,
           General Counsel & SecretaryEmployment Agreement-Stack

 Exhibit 10.6 
 EMPLOYMENT AGREEMENT 
 AGREEMENT, dated as of June 1, 2010, but
effective and binding on the parties as of the Effective Date (as defined in Section 3) (the “Agreement”), by and among Aleris International, Inc., a Delaware corporation (together with its successors and assigns, the
“Company”), for purposes of Sections 2(c), 10, 11(i)(ii) and 11(i)(iii) only, Aleris Holding Company, a Delaware corporation (together with its successors and assigns, the “Parent”), and Sean Stack (the
“Executive”). 
 WHEREAS, the Company desires to continue to employ the Executive, on the terms and conditions
set forth herein. 
 WHEREAS, the Executive desires to accept such continued employment with the Company, subject to the terms
and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other
good and valuable consideration, the Executive and the Company (the “Parties”) agree as follows: 
 1.
Employment, Duties and Agreements. 
 (a) Employment Duties. The Company hereby agrees to continue to employ the
Executive as its Executive Vice President and Chief Financial Officer, and the Executive hereby agrees to continue to be employed in such position and agrees to serve the Company in such capacity during the employment period fixed by Section 3
hereof (the “Employment Period”) upon the terms and conditions set out in this Agreement. The Executive shall report directly to the Chief Executive Officer of the Company and shall have such duties and responsibilities as are
consistent with the Executive’s position and as may be assigned by the Chief Executive Officer from time to time. During the Employment Period, the Executive shall be subject to, and shall act in accordance with, all reasonable instructions and
directions and all applicable policies and rules of the Company or any subsidiary of the Company to which the Executive provides services. 
 (b) Full Time Service and Other Activities. During the Employment Period, excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive shall devote his full
working time, energy and attention to the performance of his duties and responsibilities hereunder and shall faithfully and diligently endeavor to promote the business and best interests of the Company. During the Employment Period, the Executive
may not, without the prior written consent of the Company, directly or indirectly, operate, participate in the management, operations or control of, or act as an executive, officer, consultant, agent or representative of, any type of business or
service (other than as an executive of the Company). It shall not, however, be a violation of the foregoing provisions of this Section 1(b) for the Executive to (i) subject to the approval of the Board of Directors of the Company (the
“Board”), serve as an officer or director or otherwise participate in non-profit, educational, welfare, social, 

 
religious and civic organizations or (ii) manage his personal, financial and legal affairs, so long as any such activities in (i) or (ii) do not interfere with the performance of
his duties and responsibilities to the Company as provided hereunder. 
 (c) Location. In connection with the
Executive’s employment by the Company under this Agreement, the Executive shall be based at the principal executive offices of the Company, currently located in Beachwood, Ohio, except for such travel as the performance of the Executive’s
duties in the business of the Company may require. 
 2. Compensation. 

(a) Base Salary. As compensation for the agreements made by the Executive herein and the performance by the Executive of his
obligations hereunder, during the Employment Period, the Company shall pay the Executive, pursuant to the Company’s normal and customary payroll procedures, a base salary at the rate of $400,000 per annum, (the “Base Salary”).
During the Employment Period, the Base Salary will be reviewed annually and is subject to adjustment at the discretion of the Board, but in no event shall the Company pay the Executive a Base Salary less than that set forth above unless such
reduction is part of, and consistent with, a cost cutting measure affecting senior management of the Company generally. 
 (b)
Annual Bonus. In addition to the Base Salary, for each calendar year that ends during the Employment Period, the Executive shall be eligible to receive an annual performance-based bonus award payment (the “Annual Bonus”)
determined in accordance with the terms and conditions set forth in the Company’s annual bonus plan for that year, with a target Annual Bonus of 75% of Base Salary (“Target Bonus”), up to a maximum of 150% of Base Salary. The
Target Bonus percentage shall be reviewed at least annually by the Board and is subject to adjustment at the discretion of the Board, but may in no event be less than 75% of Base Salary. The Executive shall be paid Annual Bonus amounts, if any, in
cash (except as otherwise provided in the following sentence) at the same time as the other senior executives of the Company are paid corresponding annual performance bonus amounts, but in no event later than two and one-half (2-1/2) months
following the calendar year with respect to which the Annual Bonus is earned, provided that he is employed hereunder as of the date such amount is paid, or due to be paid, except as otherwise provided in Section 5 below. At the Company’s
election, up to 50% of the after-tax amount of the Executive’s Annual Bonus amounts, if any, paid after the Effective Date with respect to each of 2010 and 2011 (such amount, the “Stock Bonus”) may be paid in Shares (as defined
below), with such Shares (the “Bonus Shares”) to be valued for this purpose at Fair Market Value (as determined in accordance with Section 13 of the form of Stock Option Agreement appended hereto as Exhibit C) on
the date they are issued to the Executive. The Bonus Shares shall in all respects be subject to that certain stockholders agreement, dated on or around the Effective Date and in the form attached hereto as Exhibit A, by and among the
Parent and the stockholders named therein, as it may be amended or modified from time to time in accordance with its terms (the “Stockholders Agreement”) (without regard to whether or not the Executive is a party to the Stockholders
Agreement) and, if requested by Parent, shall be conditioned on the Executive delivering to Parent an agreement or certificate containing 

  
 2 

 
such representations, warranties and covenants as Parent reasonably determines are necessary or appropriate to satisfy any applicable securities laws and regulations or any regulation of any
stock exchange or security market on which Parent’s securities may be traded. If at any time during the Employment Period, the Board decides to continue, or implement, a bonus program that operates on a quarterly, rather than an annual basis,
such quarterly bonus program will be administered in a manner consistent with the terms of this Section 2(b). Notwithstanding anything to the contrary contained herein and without limiting any other rights and remedies of the Company, if the
Executive has engaged in fraud or other misconduct that contributes to any adverse financial restatements or material loss, the Company may require repayment by the Executive of any Annual Bonus that has already been paid (whether paid in cash or
bonus stock), but only to the extent that the original payment exceeded the lower amount that would have been paid as such Annual Bonus based on results that reflected such restated financials and/or material loss. 

(c) Equity Matters. On the Effective Date, Parent will grant the Executive (i) an option (the “Option”) to
purchase 155,423 shares of common stock, par value $0.01 per share, of Parent (the “Shares”) under the Aleris Holding Company 2010 Equity Incentive Plan, as it shall be amended from time to time (the “LTIP”, which
shall as of the Effective Date be in the form attached hereto as Exhibit B) on the terms and conditions set forth in an award agreement in the form attached hereto as Exhibit C and (ii) 25,904 restricted stock units (the
“RSUs”) under the LTIP on the terms and conditions set forth in an award agreement in the form attached hereto as Exhibit D (such award agreements, the “Equity Award Agreements”). On the Effective Date,
Parent will sell to the Executive, and the Executive agrees to purchase, Shares on the terms and conditions set forth in, and in a number determined under, the Subscription Agreement attached hereto as Exhibit E. 

(d) Benefits and Perquisites. During the Employment Period, except as provided in the last sentence of this Section 2(d), the
Executive shall be entitled to participate in all employee benefit plans, practices, policies, programs and arrangements of the Company, and in all perquisites and other fringe benefits, which are from time to time made available by the Company to
its senior executives generally (collectively, “Benefit Arrangements”), on the terms and conditions of the applicable Benefit Arrangement; and the perquisites in effect at the Effective Date shall continue unless and until changed
by the Board; provided, however, that nothing contained herein shall in any way interfere with the Company’s right to terminate, modify or amend any Benefit Arrangement (including perquisites) in accordance with its terms. For the avoidance of
doubt, the Executive shall not be eligible to participate during the Employment Period in any plan, practice, policy, program or arrangement that provides benefits in the nature of severance or continuation pay, and shall not be entitled to any
severance pay, upon termination of his employment under this Agreement, other than as set forth in this Agreement. 
 (e)
Vacation. The Executive shall be entitled to vacation time during the Employment Period on no less favorable a basis than applied to him immediately prior to the Effective Date. 

  
 3 

 (f) Reimbursement. The Company shall reimburse the Executive for all reasonable
business expenses upon the presentation of statements of such expenses in accordance with the Company’s policies and procedures in force as of the Effective Date or as such policies and procedures may be modified with respect to all senior
executive officers of the Company. 
 3. Employment Period. The Employment Period shall commence on the effective date of
the Joint Plan of Reorganization of Aleris International, Inc. and its Affiliated Debtors, dated February 5, 2010, as amended (the “POR”) (such date, the “Effective Date”) and shall terminate on the third anniversary of the
Effective Date, provided that on the third anniversary of the Effective Date and on each anniversary thereafter, the Employment Period shall automatically be extended for an additional one-year period unless either (i) the Executive provides
the Company with a Notice of Termination in accordance with Section 4(a) at least sixty (60) days before any such anniversary (as of any date of determination, the anniversary date on which the Employment Period is then scheduled to expire
shall be referred to herein as the “Scheduled Termination Date”) or (ii) the Company provides the Executive with a Notice of Termination in accordance with Section 4(a) at least six (6) months before the Scheduled
Termination Date. Notwithstanding the foregoing, the Executive’s employment hereunder may be terminated prior to the Scheduled Termination Date upon the earliest to occur of any one of the following events (in which case the Employment Period
shall terminate as of the applicable Date of Termination (as defined below)): 
 (a) Death. The Executive’s
employment hereunder shall terminate upon his death. 
 (b) Disability. The Company shall be entitled to terminate the
Executive’s employment hereunder for “Disability” if, as a result of the Executive’s incapacity due to physical or mental illness or injury, the Executive (i) has become eligible to receive long-term disability
benefits under the Company’s long-term disability plan applicable to the Executive, or (ii) if no such long-term disability plan is applicable to the Executive, the Executive has been unable to perform his duties hereunder for a period of
ninety (90) consecutive days or a period of ninety (90) days in any one hundred eighty (180) day period. 
 (c)
Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, the term “Cause” shall mean: (i) a material breach by the Executive of this Agreement; (ii) other
than as a result of physical or mental illness or injury, continued failure of the Executive to perform substantially the Executive’s duties hereunder; (iii) gross negligence by the Executive, or willful misconduct by the Executive
(including willful violation of written rules, regulations, procedures or instructions relating to the conduct of employees of the Company generally), which in either case causes (or should reasonably be expected to cause) material harm to the
Company or the Parent (including indirectly through their subsidiaries); (iv) material failure by the Executive to use his best reasonable efforts to follow lawful instructions of the Board or the Executive’s direct supervisor; or
(v) the Executive is indicted for, or pleads nolo contendere to, a felony involving moral turpitude 

  
 4 

 
or other serious crime involving moral turpitude. In the case of clauses (i), (ii), (iii) and (iv) above, the Company shall provide notice to the Executive indicating in reasonable
detail the events or circumstances that it believes constitute Cause hereunder, and provide the Executive with thirty (30) days after delivery of such notice to cure such purported Cause before termination of the Executive’s employment
hereunder for Cause. For avoidance of doubt, placing the Executive on paid leave for up to 60 days during which the Company continues to provide the Executive with the Base Salary and other compensation and benefits required under Section 2 of
this Agreement, pending the Board’s determination of whether there is a basis to terminate the Executive for Cause, will not by itself constitute a termination of the Executive’s employment hereunder or provide the Executive with Good
Reason to resign his employment until after such 60 day period has elapsed without reinstatement or delivery of a Notice of Termination by the Company (it being understood that such 60 day leave period shall be deemed to coincide with the 60 day
Company cure period set forth in Section 3(e) of this Agreement). If, subsequent to the Executive’s termination of employment hereunder for other than Cause, or subsequent to the Company providing notice of non-renewal subject to
Section 3(a), it is determined in good faith by the Board that the Executive’s employment could have been terminated for Cause pursuant to clause (v) of this Section 3(c), the Executive’s employment shall, at the election of
the Board, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 

(d) Without Cause. The Company may terminate the Executive’s employment hereunder during the Employment Period without Cause.

 (e) Voluntarily. The Executive may voluntarily terminate his employment hereunder, with or without Good Reason,
provided that in the case of a termination without a claim of Good Reason the Executive provides the Company with notice of his intent to terminate his employment at least sixty (60) days in advance of the Date of Termination (as defined in
Section 4(b) below), and that in the case of a termination by the Executive with a claim of Good Reason, the Executive complies with all requirements set forth in the following sentence. For purposes of this Agreement, “Good
Reason” shall mean the occurrence of any of the following, without the Executive’s prior written consent: (i) a material reduction in the Executive’s Base Salary or Annual Bonus opportunity, unless such reduction is part of,
and consistent with, a cost cutting measure affecting senior management generally; (ii) a material diminution in the Executive’s position, duties, responsibilities or reporting relationships; (iii) a material breach by the Company or
the Parent of any material economic obligation under this Agreement or under the Equity Award Agreements; or (iv) a change of the Executive’s principal place of employment to a location more than seventy-five (75) miles from such
principal place of employment as of the Effective Date; provided that Good Reason shall not exist unless (x) the Executive first provides written notice to the Company indicating in reasonable detail the events or circumstances believed by the
Executive to constitute Good Reason within sixty (60) days of the occurrence of such events or circumstances (or, in the case of clause (ii), within sixty (60) days of the Executive’s actual or constructive knowledge of such events or
circumstances), (y) the Company shall have failed to cure such events and circumstances within sixty (60) days after such notice is 

  
 5 

 
given, and (z) the Executive terminates his employment on at least ten (10) days notice within one hundred and thirty (130) days of the occurrence of such events or circumstances
(or, in the case of clause (ii), within one hundred and thirty (130) days of the Executive’s actual or constructive knowledge thereof). At any time after the Executive provides notice to the Company expressing his belief that events or
circumstances giving rise to Good Reason have occurred, the Company may direct that the Executive provide services from his residence and not on the Company’s premises, or may direct the Executive to perform no services at all, in each case for
a period no longer than 60 days, provided that the Company shall continue to provide the Executive with the Base Salary and other compensation and benefits required under Section 2 of this Agreement. 

4. Termination Procedure. 
 (a) Notice of Termination. Any termination of the Executive’s employment hereunder by either Party (other than a termination on account of the death of the Executive) shall be communicated by
written “Notice of Termination” to the other party hereto in accordance with Section 11(a). 
 (b) Date
of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated pursuant to
Section 3(b) or 3(c), the date the Executive receives Notice of Termination from the Company; (iii) if the Executive voluntarily terminates his employment without a claim of Good Reason, the date specified in the notice given pursuant to
Section 3(e), which shall not be less than sixty (60) days after the Notice of Termination; (iv) if the Executive voluntarily terminates his employment with a claim of Good Reason, on the date selected by the Executive in accordance
with Section 3(e) above; (v) if the Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given or any later date set forth in such Notice of Termination. 

5. Termination Payments. 
 (a) Without Cause or for Good Reason. 
 (i) Subject to Section 5(f) of this
Agreement, in the event that the Company terminates the Executive’s employment hereunder not for Cause, or the Executive terminates his employment hereunder with Good Reason, in each case prior to the Scheduled Termination Date, the Executive
shall be entitled to: 
 (A) any earned but unpaid Base Salary, any unused vacation if required by law, any unreimbursed expenses
through the Date of Termination, and any amount or benefit then or thereafter due (after taking into account the effects of such termination) under the then-applicable terms of any applicable plan, program, agreement or benefit of the Company or its
affiliates (e.g., equity awards, 401(k) accounts, unreimbursed medical benefits, indemnification rights, etc.) (the “Accrued Benefits”); 

  
 6 

 (B) to the extent not yet fully paid, any earned Annual Bonus for the last immediately prior
calendar year during the Employment Period whether or not such Annual Bonus has yet become due for payment (the “Prior Year Bonus”); 
 (C) a cash payment (the “Severance Payment”) equal to one and one-half (1-1/2) times the sum of (i) the Base Salary and (ii) the average of the Executive’s earned Annual
Bonuses (whether or not actually paid) for the two (2) most recent calendar years ended prior to the Date of Termination (provided, however, that, for such purposes only, the Executive will be deemed to have earned an Annual Bonus for each of
2008, 2009 and 2010 equal to the Target Bonus as in effect as of the Effective Date). 
 (D) subject to Section 11(m),
continuation of all medical benefits for eighteen (18) months following the Date of Termination for the Executive and his eligible dependents that are substantially similar to those then provided to senior executive officers of the Company
generally (“Welfare Benefit Continuation”), it being understood that the Company may provide the portion of such coverage that can be obtained by the Executive pursuant to his rights under the Consolidated Omnibus Budget Reconciliation
Act, as amended (“COBRA”) by paying the excess of the Executive’s applicable COBRA premiums, over the premiums the Executive would have been required to pay for such portion of such coverage if his employment hereunder had
continued. 
 (ii) The Accrued Benefits shall be paid/provided following the Date of Termination in accordance with the terms
of the applicable plan, program, agreement or benefit or as required by law. The Prior Year Bonus, if any, shall be paid in cash only (and not in Bonus Shares) when annual bonus amounts are paid to other senior executives of the Company generally
but in no event later than two and one-half (2-1/2) months following the calendar year with respect to which such Prior Year Bonus was earned. The Severance Payment shall be paid in cash in substantially equal installments over eighteen
(18) months following the Date of Termination, consistent with the Company’s payroll practices, with any installment due to be paid prior to the date that the condition described in Section 5(f)(i) has been satisfied being
accumulated and paid within fifteen (15) days after such condition is satisfied, and with the last installment being paid no later than the eighteen (18) month anniversary of the Date of Termination, provided, however, that if the
Company’s payroll practices change after the Executive has begun to receive payments under this Section 5(a), the Executive shall continue to receive payments in accordance with the schedule in effect at the time that the Executive began
to receive payments under this Section 5(a). 
 (b) Cause or Voluntary Resignation Other than for Good Reason. If
the Executive’s employment hereunder is terminated by the Company for Cause or voluntarily by the Executive other than (x) for Good Reason or (y) in a termination to which Section 5(e) applies, the Company shall pay/provide the
Executive the Accrued Benefits following the Date of Termination in accordance with the terms of the 

  
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applicable plan, program, agreement or benefit or as required by law, and, other than with respect to the Accrued Benefits, the Company will have no further obligations to the Executive
hereunder. 
 (c) Death or Disability. If the Executive’s employment hereunder is terminated on or prior to the
Scheduled Termination Date as a result of the Executive’s death or Disability, the Company shall pay the Executive or the Executive’s estate, as the case may be: (i) the Accrued Benefits, to be paid/provided following the Date of
Termination in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law; (ii) the Prior Year Bonus (to the extent not yet fully paid), to be paid in cash only (and not in Bonus Shares) when annual
bonus amounts are paid to other senior executives of the Company generally but in no event later than two and one-half (2-1/2) months following the calendar year with respect to which such Prior Year Bonus was earned; and (iii) a pro-rata
Annual Bonus (“Pro-Rata Bonus”), determined by multiplying the Executive’s Target Bonus as of the Date of Termination (disregarding, for the purpose of determining the Target Bonus, any reduction in Base Salary occurring on or
after the Effective Date) by a fraction, the numerator of which the number of days the Executive was employed with the Company during the calendar year in which his employment hereunder terminates and the denominator of which is 365 (the
“Pro-Ration Fraction”), to be paid in cash within thirty (30) days after the Date of Termination; provided, however, that to the extent necessary to preserve the Company’s tax deduction of the Annual Bonus under
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Parties agree to negotiate in good faith to make adjustments to the method of determining the Pro-Rata Bonus. 

(d) Non-Renewal by the Company. If the Company elects, pursuant to the first sentence of Section 3 of this Agreement, not to
extend the Employment Period and the Executive’s employment hereunder ends on the Scheduled Termination Date, then subject to Section 5(f) hereof, the Executive shall be entitled to receive: (i) the Accrued Benefits, to be
paid/provided in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law; (ii) a cash payment (the “Non-Renewal Payment”) equal to the sum of the Base Salary as of the Scheduled
Termination Date (disregarding, for this purpose, any reduction in the Base Salary that occurred after the Effective Date) and the average of the Executive’s earned Annual Bonuses for the two (2) calendar years ended immediately prior to
the Scheduled Termination Date, to be paid in substantially equal installments consistent with the Company’s payroll practices over the 12 months following the Scheduled Termination Date, with any installment due to be paid prior to the date
that the condition described in Section 5(e)(i) has been satisfied being accumulated and paid within fifteen (15) days after such condition is satisfied, and with the last installment being paid on or before the first anniversary of
the Scheduled Termination Date, provided, however, that if the Company’s payroll practices change after the Executive has begun to receive payments under this Section 5(d), the Executive shall continue to receive payments in accordance
with the schedule in effect at the time that the Executive began to receive payments under this Section 5(d); and (iii) Welfare Benefits Continuation for the twelve (12) month period following the Scheduled Date of Termination.

  
 8 

 (e) Non-Renewal by the Executive. If the Executive elects, pursuant to the first
sentence of Section 3 of this Agreement, not to extend the Employment Period, and the Executive’s employment hereunder ends on the Scheduled Termination Date, then, subject to Section 5(f) hereof, the Executive shall be entitled to
receive (i) the Accrued Benefits, to be paid/provided in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law, and (ii) a cash amount equal to (A) the annual bonus that the Executive
would have received for such year under Section 2(b) above if he had remained employed hereunder indefinitely, determined under the Company’s annual bonus plan for such year and based on the extent to which objective performance goals were
actually achieved, with any subjective and personal performance goals all deemed achieved at target, and with no negative, or positive, discretion exercised in determining the size of the annual bonus, multiplied by (B) the Pro-Ration Fraction,
such amount to be paid at the time the annual bonus of such year would have been due to be paid under Section 2(b) above if the Executive had remained employed hereunder indefinitely. 

(f) Conditions Precedent. The payments and benefits provided under Sections 5(a), 5(d) and 5(e) of this Agreement (other than
the Accrued Benefits) are subject to and conditioned upon (i) the Executive having provided, within thirty (30) days after the Date of Termination (or such greater period as required by law), an irrevocable waiver and general release of
claims in the form attached hereto as Exhibit F (as such form may be revised by the Company to comply with changes in law) that has become effective in accordance with its terms and (ii) satisfying the requirements of
Section 11(l)(ii) of this Agreement. The Executive shall, upon request by the Company, be required to repay to the Company (net of any taxes paid by the Executive or the Company on such payments), and the Company shall have no further
obligation to pay, the Severance Payment, the Non-Renewal Payment, or the cash payment described in clause (ii) of Section 5(e), as applicable, in the event the Executive materially breaches, at any time prior to eighteen (18) months
after the Date of Termination, his obligations under Sections 7 or 8 hereof; provided, however, that, except in cases of willful misconduct, the Executive shall first be provided a fifteen (15) day cure period to cease, and to cure, such
breach. 
 (g) No Mitigation; No Offset. The Executive shall be under no obligation to seek other employment after the
Date of Termination, and there shall be no offset against amounts or benefits due to him under this Agreement or otherwise on account of any remuneration or benefits provided by any subsequent employer. 

(h) As of the Termination Date, the Executive’s employment with the Company, the Parent, and all of their affiliates shall
terminate, and the Executive shall be deemed to have resigned, effective immediately, from all directorships and other positions he held at any of the foregoing entities. 
 6. Legal Fees; Indemnification; Directors’ & Officers’ Liability Insurance. 
 (a) Legal Fees. In the event of any contest or dispute between the Parties or between the Executive and the Parent, each of the Parties shall be responsible

  
 9 

 
for its or his respective legal fees and expenses; provided that, if the Executive prevails on any material issue in any action in which the Executive’s rights or obligations under this
Agreement or under the Equity Award Agreements are at issue, the Company shall reimburse the Executive for all reasonable legal fees and expenses incurred by him in connection with such action. For purposes of the preceding sentence, reasonable
legal fees shall not include any legal fees awarded on a contingency basis to the extent such fees would exceed a reasonable fee based on the hours actually expended by such legal counsel multiplied by the counsel’s normal hourly billing rate.

 (b) Indemnification. The Executive will be entitled to indemnification, and prompt advancement of fees, costs and
expenses, on the same terms as indemnification and advancement is made available to other senior executives of the Company, whether through the Company’s bylaws or otherwise. 

(c) D&O Coverage. During the Employment Period and for six years thereafter, the Executive shall be entitled to the same
directors’ and officers’ liability insurance coverage that the Company provides generally to its other directors and officers, as may be altered from time to time for such directors and officers. 

7. Non-Solicitation. During the Employment Period (except as reasonably necessary and appropriate in connection with carrying out
his duties hereunder) and for eighteen (18) months thereafter, the Executive hereby agrees not to, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any employee of the Company or any of its
affiliates to perform services for any entity (other than the Company or its affiliates), or attempt to induce any such employee to leave the employ of the Company or its affiliates, or solicit, hire or engage on behalf of himself or any other
Person (as defined below) any employee of the Company or anyone who was employed by the Company during the six-month period preceding such hiring or engagement. 
 8. Confidentiality; Non-Compete; Non-Disclosure; Non-Disparagement. 
 (a)
Confidentiality. The Executive hereby agrees that, during the Employment Period (except as reasonably necessary and appropriate in connection with carrying out his duties hereunder) and thereafter, he will hold in strict confidence any
Confidential Information related to the Company and its affiliates. For purposes of this Agreement, the term “Confidential Information” shall mean all confidential or proprietary information of the Company or any of its affiliates
(in whatever form) which is not generally known to the public, including without limitation any inventions, processes, methods of distribution, customer lists or customers’ or trade secrets. Nothing in this Agreement or elsewhere shall
prohibit, or otherwise restrict, the Executive from making truthful statements and disclosing documents and information: (i) when required to comply with applicable federal, state or local laws, pursuant to any subpoena or other written or oral
request by any court or governmental authority, provided, that the Executive (a) notify the Company in writing and provide a copy to the Company of such subpoena or other request if in writing, and/or disclose the nature of the request for
information if oral, within two (2) business days from the Executive’s actual notice of the service of such subpoena or other request, (b) consult with and assist the Company (at the

  
 10 

 
Company’s reasonable request and sole expense) in seeking a protective order or request for other appropriate relief from disclosure, and (c) in the event that such protective order or
other relief is not obtained, shall disclose only that portion of the Confidential Information which, based on the written advice of the legal counsel selected by the Executive and paid for by the Company, is legally required to be disclosed;
(ii) in confidence to an attorney or other licensed tax and/or professional advisor, subject, in each case, to that individual being informed of this confidentiality obligation and agreeing to keep such information confidential, for the sole
purpose of securing professional advice; or (iii) in good faith during the course of any proceeding under Section 11(i)(ii) of this Agreement. 
 (b) Non-Competition. The Executive and the Company agree that the Parent and/or the Company would likely suffer significant harm from the Executive’s competing with the Company or the Parent
(including for this purpose their subsidiaries) during the Employment Period and for some period of time thereafter. Accordingly, the Executive agrees that he will not, during the Employment Period and for a period of eighteen (18) months
following the Date of Termination, directly or indirectly, become employed by, engage in business with, serve as an agent or consultant to, become a partner, member, principal, stockholder or other owner (other than a holder of less than 1% of the
outstanding voting shares of any publicly held company) of, any Person competitive with, or otherwise perform services relating to, the business of the Company (including for this purpose the businesses of its Parent and of the Parent’s
subsidiaries) at the time of the termination (the “Business”) (whether or not for compensation). For purposes of this Agreement, the term “Person” shall mean any individual, partnership, corporation, limited
liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof that is engaged in the Business, or otherwise competes with the Company or its affiliates, anywhere in which the
Company or its affiliates engage in or intend to engage in the Business or where the Company or its affiliates’ customers are located. 
 (c) Return of Company Documents. The Executive hereby agrees that, upon the termination of the Employment Period, he shall not take, without the prior written consent of the Company, any drawing,
blueprint, specification or other document (in whatever form) of the Company or its affiliates, which is of a confidential nature relating to the Company or its affiliates, or, without limitation, relating to its or their methods of distribution, or
any description of any formulas or secret processes and will return any such information (in whatever form) then in his possession. Subject only to the Executive’s duty to hold in strict confidence all Confidential Information of the Company
and its affiliates and his other obligations under this Agreement, the Executive shall be permitted to retain and use his rolodex (and electronic equivalents); documents and data relating to his personal entitlements and obligations; and any other
items that the Company approves. 
 (d) Non-Disparagement. The Executive hereby agrees not to defame or disparage the
Company, its affiliates and their respective officers, directors, members or executives. The Executive hereby agrees to cooperate with the Company and its affiliates, upon reasonable request, in refuting any defamatory or disparaging remarks by

  
 11 

 
any third party made in respect of the Company or its affiliates or their directors, members, officers or executives. 
 9. Injunctive Relief. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to the Company and its affiliates in the event that the Executive breaches
any of the restrictive covenants provided in Sections 7 and 8 hereof. In the event that the Executive breaches any such restrictive covenant, the Company or any of its affiliates shall be entitled to an injunction restraining the Executive from
violating such restrictive covenant (without posting any bond). If the Company or one of its affiliates shall institute any action or proceeding to enforce any such restrictive covenant, the Executive hereby waives the claim or defense that the
Company or such affiliate has an adequate remedy at law and agrees not to assert in any such action or proceeding the claim or defense that the Company has an adequate remedy at law. The foregoing shall not prejudice the Company’s right to seek
any other relief to which it may be entitled. 
 10. 280G Tax Treatment. If, after the Effective Date, it shall be
determined that any payment or benefit (including, without limitation, the issuance of common shares, and the granting, vesting, exercising or termination of stock options, restricted stock units or other equity awards) to or for the benefit of the
Executive under this Agreement or any other plan, program, agreement or arrangement of the Company, the Parent, or any of their affiliates would be subject to the excise tax, and loss of tax deduction, under Sections 280G and 4999 of the Code,
to the extent such relief is available, upon written request by the Executive and his waiver of any right to payment or such benefit, the Company and the Parent shall use their best reasonable efforts to secure approval of such payment or benefit in
a shareholder vote in a manner intended to comply with the rules and regulations promulgated under Section 280G(b)(5) of the Code. 
 11. Miscellaneous. 
 (a) Notices. Any notice or other communication
required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered personally or four days after it is mailed by registered or certified mail, postage prepaid, return receipt
requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed as follows (or if it is sent through any other method agreed upon by the parties): 

If to the Company: 
 Aleris International, Inc. 
 25825 Science Park Drive, Suite 400 

Beachwood, Ohio 44122 
 Attention: Christopher R. Clegg 

  
 12 

 If to the Parent: 
 To the address set forth in the Equity Award Agreements 
 for the Parent

 If to the Executive: 
 During the Employment Period, to his principal office at 
 the Company, and after
the Employment Period to his 
 principal residence as listed in the records of the Company 

or to such other address as any Party may designate by 
 notice to the others. 
 (b) Entire Agreement. This Agreement, including its
exhibits and schedules, shall constitute the entire agreement and understanding among the Parties hereto with respect to the Executive’s employment hereunder and supersedes and is in full substitution for any and all prior understandings or
agreements (whether written or oral) with respect to the Executive’s employment. For the avoidance of doubt, nothing in this Section 11(b) shall be read to affect the Executive’s rights to the Accrued Benefits determined as of the
Effective Date. The Company represents and warrants that it has obtained the approval of any person or body whose approval is necessary as of the Effective Date to carry out the terms of this Agreement. In the event of any conflict between the
provisions of this Agreement (including its Exhibits and Schedules) and the provisions of any other document, the provisions of this Agreement shall control unless the Parties otherwise agree in a signed writing that specifically identifies the
provisions of this Agreement whose control is being waived. 
 (c) Amendment; No Waiver. This Agreement may be amended
only by an instrument in writing signed by the Parties that specifically identifies the provisions being amended, and the application of any provision hereof may be waived only by an instrument in writing that specifically identifies the provision
whose application is being waived and that is signed by the person against whom or which enforcement of such waiver is sought. The failure of any Party at any time to insist upon strict adherence to any provision hereof shall in no way affect the
full right to insist upon strict adherence at any time thereafter, nor shall the waiver by any Party of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself
or a waiver of any other provision of this Agreement. No failure or delay by either Party in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any
abandonment of any steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. 
 (d) No Construction Against Drafter. The Parties acknowledge and agree that each Party has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to
contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this

  
 13 

 
Agreement shall be construed fairly as to both Parties and not in favor or against either Party. 
 (e) Assignment. This Agreement is binding on and is for the benefit of the Parties hereto and their respective successors, assigns, heirs, executors, administrators and other legal representatives.
This Agreement is personal to the Executive. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive, without the prior written consent of the Company or except by will or the laws of descent and distribution,
and any purported assignment in violation of this Section 11(e) shall be void. 
 (f) Assumption of Agreement. The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume this Agreement in the same manner and to the same
extent that the Company would have been required to perform it if no such succession had taken place. As used in the Agreement, “the Company” shall mean both the Company as defined above and any such successor that assumes this Agreement,
by operation of law or otherwise. 
 (g) Severability. If any provision of this Agreement or the application thereof is
held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.
If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable law or public policy, all other conditions and provisions of this Agreement shall nonetheless remain in full force and effect so long as
the economic and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to either Party; provided, however, that in the event that any court of competent jurisdiction shall finally hold in
a non-appealable judicial determination that any provision of Section 7 or 8 (whether in whole or in part) is void or constitutes an unreasonable restriction against the Executive, such provision shall not be rendered void but shall be deemed
to be modified to the minimum extent necessary to make such provision enforceable for the longest duration and the greatest scope as such court may determine constitutes a reasonable restriction under the circumstances. Subject to the foregoing,
upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 (h) Tax Withholding. The Company may withhold from any amounts payable to the Executive hereunder all federal, state, city, foreign or other taxes that the Company may reasonably determine are
required to be withheld pursuant to any applicable law or regulation (it being understood that the Executive shall be responsible for payment of all taxes in respect of the payments and benefits provided herein). 

  
 14 

 (i) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial; Service of Process.

 (i) 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. 
 (ii) Except as otherwise
specifically provided herein, the Parties and the Parent 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, the Executive’s employment with the Company, or any termination of such employment. Except as otherwise specifically provided in this Agreement, the Parties and the Parent undertake not to
commence any suit, action or proceeding based on any dispute between them that arises out of or relates to this Agreement, the Executive’s employment with the Company, or any termination of such employment in a forum other than a forum
described in this Section 11(i)(ii); provided, however, that nothing herein shall preclude either Party or the Parent from bringing any suit, action or proceeding in any other court for the purposes of enforcing the provisions of this
Section 11(i) or enforcing any judgment obtained by the Company. The agreement of the Parties and the Parent to the forum described in this Section 11(i)(ii) 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 and the Parent 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 11(i)(ii), and the Parties and the Parent 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 and the Parent 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 11(i)(ii) shall be conclusive and binding upon the Parties and the Parent and may be enforced in any other jurisdiction. 

(iii) THE PARTIES AND THE PARENT EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT. 
 (j)
Each of the Parties and the Parent 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 and the
Parent hereto irrevocably and unconditionally agrees (i) that service of process may be made on such Party or the Parent by mailing copies of such process to such Party or the Parent at such Party’s or the Parent’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 

  
 15 

 
applicable law, have the same legal force and effect as if served upon such Party or the Parent personally within the State of Delaware. 

(k) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of
which shall constitute one and the same instrument. Signatures delivered by facsimile (including by “pdf”) shall be deemed effective for all purposes. 
 (l) Headings. The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provision hereof. 

(m) Section 409A. 
 (i) It is the intention of the Parties that this Agreement comply with the requirements of Section 409A of the Code, and this Agreement will be interpreted in a manner intended to comply with
Section 409A. All payments under this Agreement are intended to be excluded from the requirements of Section 409A of the Code or be payable on a fixed date or schedule in accordance with Section 409A(a)(2)(iv) of the Code. The
Parties agree to negotiate in good faith to make amendments to this Agreement as the Parties mutually agree are necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. To the extent that
reimbursements or in-kind benefits due to the Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner
consistent with Treasury Regulations Section 1.409A-3(i)(1)(iv). Notwithstanding the foregoing, the Executive shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of
the Executive in connection with payments and benefits provided in accordance with the terms of this Agreement (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates shall have any
obligation to indemnify or otherwise hold the Executive (or any beneficiary) harmless from any or all of such taxes or penalties. 
 (ii) Notwithstanding anything in this Agreement or elsewhere to the contrary, in the event that the Executive is deemed to be a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) and the Executive is not “disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to Section 409A of the Code shall be
made to the Executive prior to the date that is six (6) months after the date of the Executive’s “separation from service” (as defined in Section 409A of the Code) or, if earlier, the Executive’s date of death.
Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date. For purposes of Section 409A of the Code, each of the payments that may be made under
Sections 5(a) and 5(d) are designated as separate payments for purposes of Treasury Regulations Section 1.409A-1(b)(4)(i)(F), 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v)(B). 

  
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 (iii) For purposes of this Agreement, with respect to payments of any amounts that are
considered to be “deferred compensation” subject to Section 409A of the Code, references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with
the requirements of Section 409A. The Executive shall have no duties or obligations after the Date of Termination that are inconsistent with his having a “separation of service” as of the Date of Termination for purposes of
Section 409A of the Code. 
 (iv) Executive’s right to any deferred compensation, as defined under Section 409A
of the Code, shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment by creditors, or borrowing, to the extent necessary to avoid tax, penalties and/or interest under
Section 409A of the Code. 

  
 17 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above. 
  

			
	EXECUTIVE
	
	 /s/ Sean Stack

	Name:	 	Sean Stack
	
	ALERIS INTERNATIONAL, INC.
	
	 /s/ Christopher R. Clegg

	Name:	 	Christopher R. Clegg
	Title:	 	 Executive Vice President,

General Counsel & Secretary

  
 18 

 ACCEPTED AND AGREED as to Sections 2(c), 10, 11(i)(ii) and
11(i)(iii) only on this 1st day of June, 2010. 

 

			
	ALERIS HOLDING COMPANY
		
	By:	 	 Christopher R. Clegg

		 	Name: Christopher R. Clegg
		 	 Title: Executive Vice President,

          General Counsel & Secretary

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