Document:

Form of Non Qualified Stock Option Agreement

 Exhibit 10.6 
  

			
		 	NON QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) dated as of May 29, 2007, between NORANDA ALUMINUM HOLDING CORPORATION, a Delaware corporation (the
“Company”), and the Optionee set forth on the signature page to this Agreement (the “Optionee”).

 WHEREAS, pursuant to the Stock Acquisition Agreement, dated as of
April 10, 2007, by and among Noranda Finance LLC (as successor in interest to Noranda Finance Inc.), Noranda Aluminum Acquisition Corporation (formerly named Music City Acquisition Corporation), a Delaware corporation (“Acquisition
Corp.”) and Xstrata (Schweiz) A.G. (“Xstrata”), Acquisition Corp. has acquired all of the outstanding capital stock of Noranda Intermediate Holding Corporation, a Delaware corporation wholly owned by Noranda Finance LLC
(the “Acquisition”) effective as of May 18, 2007 (the “Closing Date”); 
 WHEREAS, the
Company, acting through the Committee with the consent of the Company’s Board of Directors (the “Board”) has agreed to grant to the Optionee, effective on May 29, 2007 (the “Grant Date”), an option under
the Noranda Aluminum Holding Corporation 2007 Long-Term Incentive Plan (the “Plan”) to purchase a number of shares of the Company’s common stock (“Shares”) on the terms and subject to the conditions set forth
in this Agreement and the Plan; and 
 WHEREAS, the Optionee purchased Shares pursuant to a subscription agreement dated May 29,
2007 (the “Subscription Agreement”) and in connection therewith, became a party to the Securityholders Agreement relating to the Company, by and among the Company and certain of its securityholders, dated as of May 29, 2007, as
the same may be amended from time to time (the “Securityholders Agreement”); 
 WHEREAS, future securities in the
Company (including those being acquired pursuant to this Agreement) owned by the Optionee shall be subject to the terms of the Securityholders Agreement. 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements contained in this Agreement, the parties hereto hereby agree as follows: 
 Section 1. The Plan. The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth herein in their
entirety. In the event of a conflict between any provision of this Agreement and the Plan, the provisions of this Agreement shall control. A copy of the Plan may be obtained from the Company by the Optionee upon request. Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Plan or the Securityholders Agreement, as the case may be. 
 Section 2. Option; Option Price. Effective on the Grant Date, on the terms and subject to the conditions of the Plan and this Agreement, the Company hereby grants to the Optionee the option (the
“Option”) to purchase Shares pursuant to Tranche A options (“Tranche A Options”) and Tranche B options (“Tranche B Options”) at the price per Share (the “Option  

 
Price”) and in the amounts set forth on the signature page hereto. To the extent permitted by the Committee, payment of the Option Price may be
made in any manner specified by Section 5.6 of the Plan. The Option is not intended to qualify for federal income tax purposes as an “incentive stock option” within the meaning of Section 422 of the Code. 
 Section 3. Term. The term of the Option (the “Option Term”) shall commence on the Grant Date and expire on the tenth
anniversary of the Grant Date, unless the Option shall have sooner been terminated in accordance with the terms of the Plan (including, without limitation, Article V of the Plan) or this Agreement. 
 Section 4. Vesting. Subject to the Optionee’s not having a Termination of Relationship prior to the applicable vesting date and except
as otherwise set forth in Section 7, the Options shall become non-forfeitable and exercisable (any Options that shall have become non-forfeitable and exercisable pursuant to Section 4, the “Vested Options”)
according to the following provisions: 
 (a) Tranche A Options. Twenty-percent (20%) of the Tranche A Options shall become Vested
Options on each of the first five anniversaries of the Closing Date. In the event of a Termination of Relationship as a result of the Optionee’s death or Disability, the next applicable tranche of Tranche A Options which has not theretofore
become a Vested Option pursuant to the immediately preceding sentence shall become a Vested Option, and the remaining Options which are not Vested Options shall be forfeited. In the event of the consummation of a Change in Control, each Tranche A
Option which has not theretofore become a Vested Option and which is scheduled to vest on each of the remaining vesting dates based on anniversaries of the Closing Date will vest upon the earlier of (i) the Optionee’s continued employment
with the Company for 18 months after such Change in Control or (ii) a Termination of Relationship by the Company or its Subsidiaries without Cause (as defined in Section 22) or by the Optionee with Good Reason (as defined in
Section 22), in each case within 18 months following the consummation of such Change in Control. In all cases involving the consummation of a Change in Control, Tranche A Options shall otherwise continue to vest in accordance with the
terms of the first sentence of this Section 4(a). 
 (b) Tranche B Options. All of the Tranche B Options shall become Vested
Options and shall become exercisable on the date that the Investor IRR is equal to or exceeds 25% (the “Tranche B Targets”); provided, however, that, for purposes of this Section 4(b), the Tranche B Targets shall in no event be
deemed met solely as a result of the distribution of any dividends or any similar distribution event prior to the one-year anniversary of the Closing Date (any such distribution, a “Distribution Event”); provided, further, however,
that the effect on the Investor IRR of any Distribution Event shall be taken into account in combination with any other events (other than any subsequent Distribution Events) occurring after such Distribution Event for purposes of determining
whether the Tranche B Targets have been met. 
 All decisions by the Committee with respect to any calculations pursuant to this Section 4
(absent manifest error), including the Investor IRR and the date the Investor IRR is equal to or exceeds the applicable targets, shall be final and binding on the Optionee. Except as otherwise provided herein, all unvested Options will immediately
terminate upon a Termination of Relationship. 
  

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 Section 5. Restriction on Transfer/Securityholders Agreement. The Option may not be
transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Optionee, except (i) if permitted by the Board or the Committee, (ii) by will or the laws of descent and distribution or (iii) pursuant to
beneficiary designation procedures approved by the Company. The Option shall not be subject to execution, attachment or similar process. Shares of Common Stock acquired pursuant to the exercise of Options hereunder will be subject to the
Securityholders Agreement. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions of this Agreement or the Securityholders Agreement shall be null and void and without effect.

 Section 6. Optionee’s Employment. Nothing in this Agreement or in the Option shall confer upon the Optionee any right to
continue in the employ of the Company or any of its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries, as the case may be, in its sole discretion, to terminate the Optionee’s employment or to increase or
decrease the Optionee’s compensation at any time. 
 Section 7. Termination. 
 (a) The Option shall automatically terminate and shall become null and void, be unexercisable and be of no further force and effect upon the earliest of:

 (i) the tenth anniversary of the Grant Date; 
 (ii) the 180th day following the Termination of Relationship in the case of a Termination of Relationship for death or Disability; 
 (iii) the 90th day following the Termination of Relationship in the case of a Termination of Relationship without Cause or with Good Reason; 
 (iv) the 60th day following the Termination of Relationship in the case of a Termination of Relationship occurring because the Optionee resigns his employment without Good Reason; and 
 (v) the day of the Termination of Relationship in the case of a Termination of Relationship with Cause. 
 (b) Except as otherwise provided in Section 4(a) of this Agreement, upon a Termination of Relationship for any reason, the unvested portion
of the Option (i.e., that portion which does not constitute Vested Options) shall terminate on the date the Termination of Relationship occurs. 
 Section 8. Securities Law Representations. The Optionee acknowledges that the Option and the Shares are not being registered under the Securities Act of 1933, as amended (the “Securities
Act”), based, in part, on either (i) reliance upon an exemption from registration under Securities and Exchange Commission Rule 701 promulgated under the Securities Act or (ii) the fact that the Optionee is an “accredited
investor” (as defined under the Securities Act and the rules and regulations promulgated thereunder), and, in each of (i) and (ii) above, a comparable exemption from qualification under applicable state securities laws, as each may be
amended 

  

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from time to time. The Optionee, by executing this Agreement, hereby makes the following representations to the Company and acknowledges that the
Company’s reliance on federal and state securities law exemptions from registration and qualification is predicated, in substantial part, upon the accuracy of these representations: 
 (a) The Optionee is an “accredited investor” within the meaning of Rule 501(a)(1), (2) or (3) of the Securities Act. 
 (b) The Optionee is acquiring the Option and, if and when he exercises the Option, will acquire the Shares solely for the Optionee’s own account,
for investment purposes only, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the Shares or Option within the meaning of the Securities Act and/or any
applicable state securities laws. 
 (c) The Optionee acknowledges that he has not acquired the Option or the Shares as a result of any
general solicitation or general advertising in the United States, including any meeting whose attendees have been invited by general solicitation or general advertising. 
 (d) The Optionee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Option and the restrictions imposed on any Shares purchased upon exercise of the
Option. The Optionee has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to exercise the Option and purchase the Shares. However, in evaluating the merits and risks of an
investment in the Shares, the Optionee has and will rely only upon the advice of his own legal counsel, tax advisors, and/or investment advisors. 
 (e) The Optionee is aware that the Option may be of no practical value, that any value it may have depends on its vesting and exercisability as well as an increase in the Fair Market Value of the underlying Shares to an amount in excess of
the Option Price, and that any investment in common shares of a closely held corporation such as the Company is non-marketable, non-transferable and could require capital to be invested for an indefinite period of time, possibly without return, and
at substantial risk of loss. 
 (f) The Optionee understands that the Option and the Shares are being offered in a Acquisition not involving
any public offering within the United States within the meaning of the Securities Act and that the Option and the Shares have not been and will not be registered under the Securities Act, and that the Option and the Shares are “restricted
securities” as defined by Rule 144(a)(3) under the Securities Act, and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances,
including in accordance with the conditions of Rule 144 promulgated under the Securities Act or in an offshore Acquisition meeting the requirements of Rule 903 or 904 of Regulation S under the Securities Act, each as presently in effect. The
Optionee acknowledges reviewing a copy of Rule 144 promulgated under the Securities Act and Regulation S under the Securities Act, as presently in effect, and represents that he is familiar with such rule, and understands the resale limitations
imposed thereby and by the Securities Act and the applicable state securities law. 
  

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 (g) The Optionee agrees that he will comply with all applicable laws and regulations in effect in any
jurisdiction in which he sells any of the securities or otherwise transfers any interest therein. 
 (h) The Optionee has read and
understands the restrictions and limitations set forth in the Securityholders Agreement, the Plan and this Agreement. 
 (i) The Optionee
understands and acknowledges that, if and when he exercises the Option, (i) any certificate evidencing the Shares (or evidencing any other securities issued with respect thereto pursuant to any stock split, stock dividend, merger or other form
of reorganization or recapitalization) when issued shall bear any legends which may be required by applicable federal and state securities laws, and (ii) except as otherwise provided under the Securityholders Agreement, the Company has no
obligation to register the Shares or file any registration statement under federal or state securities laws. 
 Section 9.
Designation of Beneficiary. The Optionee may appoint any individual or legal entity in writing as his beneficiary to receive any Option (to the extent not previously terminated or forfeited) under this Agreement upon the Optionee’s death
or Disability. The Optionee may revoke his designation of a beneficiary at any time and appoint a new beneficiary in writing. To be effective, the Optionee must complete the designation of a beneficiary or revocation of a beneficiary by written
notice to the Company under Section 11 of this Agreement before the date of the Optionee’s death. In the absence of a beneficiary designation, the legal representative of the Optionee’s estate shall be deemed the beneficiary.

 Section 10. Notices. All notices, claims, certifications, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given and delivered if personally delivered or if sent by nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed
as follows: 
 If to the Company, to it at: 
 If to the Company, to: 
 Noranda Aluminum Holding Corporation 
 c/o Apollo Management VI, L.P. 
 9 West 57th Street 
 43rd Floor 
 Facsimile: (212)
515-3288 
 Attention: Eric Press 
 with a copy (which shall not constitute notice) to: 
 Apollo Management, L.P. 
 9 West 57th Street 
 43rd Floor 
 New York, New York 10019 

  

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 Facsimile: (212) 515-3288 
 Attention: Eric Press 
 and 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, New York 10019 
 Facsimile: (212) 403-2269 
 Attention: Andrew J. Nussbaum, Esq. 
 If to the Optionee, to him at the address set forth on the signature page hereto; or
to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such notice or other communication shall be deemed to have been received (a) in the case of personal
delivery, on the date of such delivery (or if such date is not a business day, on the next business day after the date of delivery), (b) in the case of nationally-recognized overnight courier, on the next business day after the date sent,
(c) in the case of telecopy transmission, when received (or if not sent on a business day, on the next business day after the date sent), and (d) in the case of mailing, on the third business day following that on which the piece of mail
containing such communication is posted. 
 Section 11. Waiver of Breach. The waiver by either party of a breach of any provision
of this Agreement must be in writing and shall not operate or be construed as a waiver of any other or subsequent breach. 
 Section 12.
Optionee’s Undertaking. The Optionee hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one
or more of the obligations or restrictions imposed on the Optionee pursuant to the express provisions of this Agreement and the Plan; provided, however, that such additional actions and documents are consistent with the terms of this Agreement.

 Section 13. Modification of Rights. The rights of the Optionee are subject to modification and termination in certain events
as provided in this Agreement and the Plan (with respect to the Options granted hereby). Notwithstanding the foregoing, the Optionee’s rights under this Agreement and the Plan may not be materially impaired without the Optionee’s prior
written consent. 
         Section 14. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER 

  

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 SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD
ORDINARILY APPLY. 
 Section 15. Restrictive Covenants. The grant, vesting and exercise of Options pursuant to this Agreement
shall be subject to the Optionee’s continued compliance with the restrictive covenants in Section 9 of the Securityholders Agreement. 
 Section 16. Withholding. As a condition to exercising this Option in whole or in part, the Optionee will pay, or make provisions satisfactory to the Company for payment of, any Federal, state and local
taxes required to be withheld in connection with such exercise. 
 Section 17. Adjustment. In the event of any event described in
Article X of the Plan occurring after the Grant Date, the adjustment provisions (including cash payments) as provided for under Article X of the Plan shall apply. 
 Section 18. Counterparts. This Agreement may be executed in one or more counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts together shall constitute but
one agreement. 
 Section 19. Entire Agreement. This Agreement and the Plan (and the other writings referred to herein)
constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto. 
 Section 20. Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest
extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the
remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 21. Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, trial by jury in any suit, action or proceeding arising hereunder.

 Section 22. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a) “Cause” means a Termination of Relationship by the Company or any of its Subsidiaries due to the Optionee’s:
(i) commission of a felony or a crime of moral turpitude; (ii) willful commission of a material act of dishonesty involving the Company or any of its Affiliates or Subsidiaries; (iii) a material breach of the Company’s policies
or procedures; (iv) willful failure to perform the Optionee’s material duties; (v) willful misconduct which causes 

  

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material harm to the Company or its Subsidiaries or Affiliates or their respective business reputations, including due to any adverse publicity; or
(vi) a material breach of the Optionee’s obligations under any agreement entered into between the Optionee and the Company or any of its Subsidiaries or Affiliates; provided, however, that none of the events described in the foregoing
clauses (iii), (iv), (v) or (vi) shall constitute Cause unless the Company has notified the Optionee in writing describing the events which constitute Cause and then only if the Optionee fails to cure such events within 15 days after the
Optionee’s receipt of such written notice (provided that, in the event such breach is not curable, no notice period shall be required). 
 (b) “Disability” means (i) the Optionee’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months, or (ii) the Optionee is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than three months under an accident, disability or health plan covering employees of the Company. Whether the Optionee has incurred a “Disability” shall be determined
by a physician selected by the Company or its insurers, which physician is reasonably acceptable to the Optionee (or the Optionee’s legal representative). 
 (c) “Good Reason” means a Termination of Relationship by the Optionee within 90 days after any of the following actions are taken by the Company or any of its Subsidiaries without the Optionee’s
written consent: (i) a reduction of the Optionee’s annual base salary or target bonus opportunity under any bonus plan maintained by the Company or any of its Subsidiaries (but not including any diminution related to a broader compensation
reduction that is not limited to any particular employee or executive of the Company or any of its Subsidiaries); or (ii) a reduction or adverse change in the Optionee’s title, duties or responsibilities; provided, however, that none of
the events described in the foregoing clauses (i) and (ii) shall constitute Good Reason unless the Optionee has notified the Company in writing describing the events which constitute Good Reason and then, in the case of clauses
(i) and (ii), only if the Company fails to cure such events within 30 days after the Company’s receipt of such written notice. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Nonqualified Stock Option
Agreement as of the date first written above. 
  

			
	NORANDA ALUMINUM HOLDING CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	OPTIONEE
	
	See attached signature page

  

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	 [NAME]

	
	  

	  
 Last address on the records of the Company:

  
  

					
	 Number of Shares of Common Stock subject to Tranche A Options:
	  			
		  	 	 	 
		
	 Number of Shares of Common Stock subject to Tranche B Options:
	  			
		  	 	 	 
		
	 Option Price for Tranche A Options and Tranche B Options:
	  	$	10.00 	eachForm of Subscription Agreement

 Exhibit 10.7 
  

			
		 	SUBSCRIPTION AGREEMENT (this “Agreement”), dated as of May 29, 2007, between NORANDA ALUMINUM HOLDING CORPORATION, a Delaware corporation (the
“Company”), and the Investor set forth on the signature page to this Agreement (the “Investor”).

 WHEREAS, the Investor desires to acquire certain shares of the Company’s common stock,
nominal or par value of $0.01 per share (the “Common Stock”); 
 WHEREAS, pursuant to the Stock Purchase Agreement,
dated as of April 10, 2007, by and among Noranda Finance LLC (as successor in interest to Noranda Finance Inc.), Noranda Aluminum Acquisition Corporation (formerly named Music City Acquisition Corporation), a Delaware corporation
(“Acquisition Corp.”) and Xstrata (Schweiz) A.G. (“Xstrata”), Acquisition Corp. has acquired all of the outstanding capital stock of Noranda Intermediate Holding Corporation, a Delaware corporation wholly owned by
Noranda Finance LLC (the “Acquisition”) effective as of May 18, 2007; 
 WHEREAS, Acquisition Corp. is
wholly owned by the Company; 
 WHEREAS, (i) as of the date hereof, the Investor is an employee, consultant or independent
contractor of Noranda Aluminum, Inc. or a subsidiary thereof, and is expected to continue in such capacity with the Company or a subsidiary thereof after the Acquisition, and (ii) as a result, pursuant to this Agreement, the Company is offering
the Investor the opportunity to acquire Common Stock and options to acquire shares of Common Stock (“Stock Options”) in accordance with Article V of the Noranda Aluminum Holding Corporation 2007 Stock Incentive Plan (the
“Plan”) (it being understood that this Agreement shall be deemed to be the “Agreement” referenced in such Article); 
 WHEREAS, the Company is willing to issue to the Investor the Securities (as defined below) as set forth on Schedule 1 hereto on the terms and conditions provided below. 
 NOW, THEREFORE, in consideration of the promises and of the mutual covenants contained in this Agreement, the parties hereby agree as follows:

 1. Subscription; Price. The Investor hereby subscribes for and offers to purchase the number of shares of Common Stock set forth on
the signature page to this Agreement (collectively, the “Shares”); irrevocably tenders this Agreement; and agrees to pay the amount in cash to the Company set forth on the signature page to this Agreement by May 30, 2007 as
aggregate consideration for the Shares (the “Subscription Price”). If certificated, the Company shall issue one or more certificates representing the Shares to Investor against payment therefor and if uncertificated, proper entries
shall be made in the share register of the Company reflecting the Investor’s acquisition of the Shares. In addition, in connection with the acquisition of the Shares, Investor shall be issued that number of Stock Options set forth in that stock
option agreement by and between the Investor and the Company as of even date herewith (the Stock Options, together with the Shares, the “Securities”). 

 2. Representations and Warranties of Investor. The Investor hereby represents and warrants to the
Company as follows (where the context so requires, for the purposes of this Section 2, “Securities” shall include any shares of Common Stock issued in respect of Stock Options exercised): 
 (a) Authority; Validity. Investor has full power, legal right and authority to execute, deliver and perform the terms of this Agreement and to
consummate the transactions contemplated by this Agreement and no consent of any third party not previously obtained is required to do so. The execution and delivery of this Agreement and the consummation of the transactions contemplated by this
Agreement have been duly and validly authorized by all requisite action and no other proceedings on the part of Investor are necessary to authorize this Agreement or to consummate the transactions so contemplated. This Agreement has been duly and
validly executed and delivered by Investor and, assuming this Agreement has been duly authorized, executed and delivered by the Company, constitutes a valid and binding agreement of Investor, enforceable against Investor in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of
commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (b) No Conflicts. The execution, delivery and performance by Investor of this Agreement and any other agreement, certificate or document executed by Investor in connection with this Agreement, and the transactions (and the
consummation of the transactions) contemplated by this Agreement and any related agreements will not: (i) violate or conflict with any laws, rules or regulations of any government authority having jurisdiction, or (ii) result in the breach
of, or constitute a default (with or without notice or lapse of time, or both) under, or require any consent under, any provision of (x) any debt instrument, indenture, mortgage agreement or other instrument or arrangement to which Investor is
a party or (y) any judgment, order or decree by which Investor is bound. 
 (c) United States Person. Investor is a “United
States Person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code, meaning that Investor is a citizen or resident of the United States. 
 (d) Private Offering Exemption. Investor understands that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and that this sale is being
made in reliance on one or more exemptions for private offerings. 
 (e) Investment Characteristics; Risk; Liquidity; Registration.
Investor understands that (i) an investment in the Shares involves a high degree of risk, and it may lose the entire amount of its investment, (ii) the Company has only recently been organized, has no financial or operating history and
will hold shares of common stock of Acquisition Corp. and will have no other operations other than those of its subsidiaries, (iii) the Company does not expect to pay dividends for the foreseeable future and (iv) the Shares are illiquid,
and Investor must bear the economic risk of an investment in the Shares for an indefinite period of time unless the Shares are subsequently registered under the Securities Act or an exemption from such registration is available. Except as otherwise
provided in the Securityholders Agreement, 

  

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Investor further understands that (i) there is no existing public or other market for the Shares, and there can be no assurance as to when, or whether,
any such market will develop, or that Investor will be able to sell or dispose of its Shares and (ii) the Shares have not been registered under the Securities Act or under the securities laws of any other jurisdiction, and the Company is under
no obligation to, and currently does not intend to, register or qualify the Shares for resale by Investor or assist Investor in complying with any exemption under the Securities Act or the securities laws of any other jurisdiction; an offer or sale
of Shares by Investor in the absence of registration under the Securities Act will require the availability of an exemption thereunder; a restrictive legend in substantially the form set forth in Section 7 of this Agreement shall be placed on
the certificates representing the Shares; and a notation shall be made in the appropriate records of the Company indicating that the Shares are subject to restrictions on transfer. 
 (f) Investment Purpose; No Resale or Distribution Intent. The Securities for which Investor hereby subscribes are being acquired solely for
Investor’s own account and for investment only. Investor is not purchasing the Securities with a view to or for the resale, distribution, subdivision or fractionalization thereof and Investor has no plans to enter into any contract,
undertaking, agreement or arrangement for any such purpose. Investor understands and agrees that the Company shall have no obligation to recognize the ownership, beneficial or otherwise, of such Securities of anyone other than Investor and that no
such Securities shall be transferable except upon the conditions set forth in the Securityholders Agreement relating to the Company, dated as of the date of this Agreement (the “Securityholders Agreement”), entered into by the
Investor and certain shareholders of the Company. 
 (g) Qualifications. Investor (i) has adequate means of providing for
Investor’s current needs and possible contingencies, and Investor has no need for liquidity in its investment in the Company, (ii) can bear the economic risk of losing its entire investment in the Company, and (iii) either
(x) has, alone or together with a Purchaser Representative (as defined in Rule 501(h) of the Securities Act), such knowledge and experience in financial and business matters that Investor is capable of evaluating the relative risks and merits
of this investment or (y) is an “accredited investor” as the quoted term is defined under the Securities Act and the rules and regulations promulgated thereunder. 
 (h) Investigation. Investor acknowledges that it has been provided with such information as it deems necessary to evaluate the merits and risks of
investing in the Shares (including, without limitation, such financial and other information regarding the Company and its subsidiaries) and has been afforded the opportunity to ask such questions as it deemed necessary of, and to receive answers
from, representatives of the Company concerning the merits and risk of investing in the Shares; and in making the decision to invest in the Company, Investor has relied solely upon independent investigations made by Investor. No representations or
warranties, oral or otherwise, have been made to Investor or any party acting on Investor’s behalf that are inconsistent with the written materials which have been supplied to Investor by the Company. 
 (i) Brokers’ Fees. Investor has not entered into any agreement to pay any brokers’ or finders’ fees to any person with respect to
this Agreement. 
  

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 (j) Securityholders Agreement. Investor has executed the Securityholders Agreement and is bound by
its terms and conditions. 
 3. Conditions; Transferability. Investor shall, simultaneously with the execution and delivery of this
Agreement, execute, and agrees not to transfer or assign this Agreement or any of Investor’s interest in this Agreement or in the Company except as permitted by the terms of the Securityholders Agreement, and further agrees that the assignment
and transferability of the Securities (including shares of Common Stock issued in respect of Stock Options exercised) shall be permitted only in accordance with applicable law and the terms of the Securityholders Agreement. 
 4. Revocation; Assignment and Termination. Investor agrees that it will not cancel, terminate or revoke this Agreement and further agrees not to
transfer or assign this Agreement or any of Investor’s interest in this Agreement without the prior written consent of the Company. 
 5. Representations and Warranties of the Company. The Company represents and warrants as follows: 
 (a) Authority. The
Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. The Company has full power, legal right and authority to execute, deliver and perform the terms of this Agreement, to
issue the Securities in accordance with the terms and subject to the conditions of this Agreement and to consummate the transactions contemplated by this Agreement and no consent of any third party not previously obtained is required to do so. The
execution and delivery of this Agreement by the Company and the consummation of the transactions contemplated by this Agreement by the Company have been duly and validly authorized by all requisite action and no other proceedings on the part of the
Company are necessary to authorize this Agreement or to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by the Company and, assuming this Agreement has been duly authorized,
executed and delivered by the Investor, constitutes a valid and binding agreement of the Company, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws
affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought
in a proceeding at law or in equity). 
 (b) No Conflicts. Assuming the accuracy of Investor’s representations and warranties,
the execution, delivery and performance by the Company of this Agreement and any other agreement, certificate of document executed by the Company in connection herewith, and the consummation of the transactions contemplated by this Agreement and any
related agreements by the Company will not: (i) violate or conflict with any laws, rules or regulations of any government authority having jurisdiction over or applicable to the Company; or (ii) result in the breach of, or constitute a
default (with or without notice or lapse of time, or both) under, or require any consent under, any provision of (x) the Company’s certificate of incorporation and by laws; (y) any agreement or other instrument or arrangement to which
the Company is a party; or (z) any judgment, order or decree by which the Company is bound. 
  

 -4- 

 (c) Issuance of and Title to Shares. Upon issuance, the Shares will be duly authorized and validly
issued, fully paid and nonassessable. Upon issuance of the Shares to Investor, Investor will acquire good and valid title to the Shares, free and clear of any Encumbrances. The $10 per Share purchase price paid by Investor hereunder is the same per
share purchase price paid by Apollo Management VI, L.P. and/or its affiliates in connection with their purchase of shares of Common Stock on the Closing Date. 
 6. Miscellaneous. 
 (a) All notices or other communications given or made hereunder shall be in
writing and shall be delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to (i) the Company c/o Apollo Management VI, L.P., 9 West 57th Street, 43rd Floor, New York, New York 10019, Attention: Eric
Press and (ii) the Investor at the address set forth on the Investor’s signature page hereto. 
 (b) Notwithstanding the place
where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the State of Delaware. 
 (c) This Agreement and the Securityholders Agreement constitute the entire agreement between the parties hereto with respect to the subject matter hereof
and may be amended only by a writing executed by all parties. 
 (d) Whenever required by the context hereof, the singular shall include the
plural, and vice versa. Any gender-specific reference applies to the other gender as context requires. 
 (e) This Agreement may be executed
in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but
one and the same Agreement. 
 (f) All covenants, agreements, representations and warranties made herein shall survive the execution and
delivery hereof and transfer of any Shares. 
 7. Legends. All certificates evidencing Shares owned by the Investor or its respective
transferees permitted hereunder shall in addition to any other legend required by contract or applicable law bear a legend in substance as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO 

  

 -5- 

 
SUBJECT TO A SECURITYHOLDERS AGREEMENT AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE OTHER PARTIES NAMED THEREIN. THE TERMS OF SUCH
SECURITYHOLDERS AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 
 8. Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the
remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
  

 -6- 

 9. Please print or type the full name(s) in which ownership of the Shares are to be registered:

  

					
		 	  
	 	

 Please print or type your Social Security Number(s) or other Taxpayer Identification Number(s):

  

					
		 	  
	 	

  

			
	INVESTOR
		
	By:	 	  

		 	Name:
	
	Residence Address:
	
	  

	  

	  

	
	Number of Shares of common stock of Noranda Aluminum Holding Corporation to which this Subscription Agreement applies:
	
	  

	
	Aggregate purchase price for Shares of common stock of Noranda Aluminum Holding Corporation purchased pursuant to this Subscription Agreement:
	
	  

 By signing the attached, you acknowledge and agree that the Company, Noranda Aluminum, Inc. or its
subsidiaries may deduct, at your written request, from any payments due from Noranda Aluminum, Inc. or its subsidiaries to you, a total amount equal to the Subscription Price, and you hereby consent to such deduction and offset. 
 [Subscription Agreement Signature Page] 

 The foregoing Subscription Agreement is accepted and agreed to by the Company as of the date set forth
below. 
  

			
	NORANDA ALUMINUM HOLDING CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 Date of Acceptance:             , 2007

 [Subscription Agreement Signature Page]

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