Document:

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                                                               EXHIBIT NO. 10.15
                                   AGREEMENT

Agreement made as of the 23rd day of July 1999, by and between Alcan Aluminium
Limited, a corporation incorporated under the laws of Canada with its registered
office at 1188 Sherbrooke Street West, Montreal, Quebec, Canada H3A 3G2 (the
"Corporation") and Jacques Bougie, residing at 676, avenue Dunlop, Outremont,
Quebec, H2V 2W4 (the "Executive").

                                  WITNESSETH:

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

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

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

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

1.   CHANGE OF CONTROL shall mean any of the following:

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     1.1   the acquisition of direct or indirect beneficial ownership (as
           determined under Rule 13d-3 promulgated under the United States
           Securities Exchange Act of 1934), in the aggregate, of securities of
           the Corporation representing twenty percent (20%) or more of the
           total combined voting power of the Corporation's then issued and
           outstanding voting securities entitled to vote in the general
           election for directors, by any person or entity or group of
           associated persons or entities (within the meaning of Section
           13(d)(3) or 14(d)(2) of the United States Securities Exchange Act of
           1934) acting jointly or in concert (other than its subsidiaries or
           any employee benefit plan of either) (a "Person"), provided that, if
           a buyback of shares by the Corporation causes the Person to attain
           such limit, such limit shall not be deemed attained unless and until
           such Person acquires any such voting securities of the Corporation
           after the buyback that caused the level to be attained;

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

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

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           (b)   an amalgamation, merger, arrangement, reorganization or
                 consolidation effected to implement a recapitalization of the
                 Corporation (or similar transaction) in which no Person is or
                 becomes the beneficial owner, directly or indirectly (as
                 determined under Rule 13-d-3 promulgated under the United
                 States Securities Exchange Act of 1934), of securities
                 representing more than the amounts set forth in paragraph 1.1
                 above;

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

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

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

           (a)   to a person or persons who beneficially own, directly or
                 indirectly, at least fifty percent (50%) or more of the
                 combined voting power (based on normal issue voting) of the
                 voting securities of the Corporation at the time of the sale;
                 or

           (b)   in a manner such that after such sale or other disposition the
                 ultimate parent entity of the acquirer is, directly or
                 indirectly, owned (based on normal issue voting) at least fifty
                 percent (50%) by shareholders who immediately prior to such
                 transaction owned at least fifty percent (50%) of the voting
                 power (based on normal issue voting) of the Corporation
                 immediately prior to such

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                transaction in materially the same proportion as owned by such
                shareholders immediately prior to such transaction;

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

     1.6   the approval by the vote of the Corporation's holders voting shares
           of any amalgamation, merger, arrangement, reorganization or
           consolidation in which the Corporation will not survive as a
           publicly-owned corporation or should the Corporation for any reason
           become a subsidiary (as defined in the Canada Business Corporations
           Act) of any other corporation;

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

Only the first Change of Control after the date hereof shall be deemed a Change
of Control hereunder.

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

     (i)   31st July 2002;

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

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

     (iv)  if prior to a Change of Control, the entity for which the Executive
           is then working ceases to be a Subsidiary, as defined in Section 8
           hereof, of Corporation.

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

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

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3.   TERMINATION FOLLOWING CHANGE OF CONTROL.

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

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

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

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

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

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

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

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

           (vi) the failure by the Corporation to continue in effect any
                employee benefit program such as a saving, pension, excess
                pension, medical, dental, disability, accident, life insurance
                plan or a

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

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

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

           (ix)  should the Corporation not survive as a publicly owned
                 corporation or become a subsidiary of any other corporation as
                 hereinabove referred to in which case there shall be deemed to
                 have been a material diminution in the Executive's duties.

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

           (i)   the failure by the Executive to attempt to substantially
                 perform his or her duties and responsibilities with regard
                 to the Corporation or any affiliate (other than any such
                 failure resulting from the

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

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

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

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

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4.   COMPENSATION UPON TERMINATION.

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

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

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

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

          (d)  not grant any options to purchase shares under the Alcan
               Executive Share Option Plan to the Executive between the date of
               Notice of Termination and the actual Date of Termination.

     4.2  In the event of Termination for Cause following a Change of Control,
          the Corporation's obligations to the Executive shall be limited to
          those under paragraph 4.1.

     4.3  If the Executive's employment is terminated after the first occurrence
          of a Change of Control in a manner described in paragraph 3.1 then,
          the Executive shall be entitled without regard to any contrary
          provisions of any benefit plan, to a severance pay, subject to the
          following paragraph, as provided below :

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

          (b)  an amount equal to 36 times the monthly EPA guideline amount in
               force on the Date of Termination; and

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          (c)  an amount equal to 36 times the monthly Mid-Term Incentive
               Program (MTIP) guideline amount in force on the Executive's Date
               of Termination.

          If the Date of Termination is before the Executive's declared
          retirement date, the severance pay shall be calculated using a number,
          in lieu of 36, equal to the number of months remaining to such
          retirement date, in each of sub-paragraphs (a), (b) and (c) above.

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

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

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

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

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

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

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

6.   DATE OF TERMINATION.  "Date of termination", with respect to any purported
     termination of the Executive's employment after a Change of Control, shall
     mean the date specified in the Notice of Termination (which, in the case of
     a termination by the Corporation, shall not be less than thirty (30) days
     except in the case of a termination for Cause which shall be the date
     specified in the Notice of Termination and, in the case of a termination by
     the Executive for Good Reason, shall not be earlier than twelve (12) months
     after the Change of Control). In the event of Notice of Termination by the
     Corporation, the Executive may treat such notice as having a date of
     termination at any date between the date of the receipt of such notice and
     the date of termination indicated in the Notice of Termination by the
     Corporation; provided, that the Executive must give the Corporation written
     notice of the date of termination if he or she deems it to have occurred
     prior to the date of termination indicated in the notice.

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

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8.   SERVICE WITH SUBSIDIARIES OR THE CORPORATION. For purposes of this
     Agreement, employment by the Corporation or a Subsidiary of the Corporation
     shall be deemed to be employment by the Corporation and references to the
     Corporation shall include all such entities, except that the payment
     obligation hereunder shall be solely that of the Corporation. A Change of
     Control, however, as used in this Agreement, shall refer only to a Change
     of Control of Alcan Aluminium Limited. For purposes of this Agreement a
     "Subsidiary" shall mean any entity in which the Corporation owns, directly
     or indirectly, at least fifty percent (50%) of the outstanding securities
     entitled to vote for the election of directors.

9.   CONFIDENTIALITY -- NO NON-COMPETITION -- NO RESIGNATION.

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

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     9.2   Upon the occurrence of a Change of Control, any non-competition
           agreement between the Corporation and the Executive shall be
           considered null and void.

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

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

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

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

     (i)   If to the Corporation, to:

           Alcan Aluminium Limited
           1188 Sherbrooke Street West
           Montreal, Quebec
           H3A 3G2

           Attention:  Corporate Secretary

     (ii)  If to the Executive, to his last shown address on the books of the
           Corporation.

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

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

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

16.  NON-EXCLUSIVITY OF RIGHTS.  Except as otherwise specifically provided
     therein, (i) nothing in this Agreement shall prevent or limit the
     Executive's continuing or future participation in any benefit, bonus,
     incentive, equity or other plan or program provided by the Corporation and
     for which the Executive may qualify, nor (ii) shall anything herein limit
     or otherwise prejudice such rights as the Executive may have under any
     other currently existing plan, agreement as to employment or severance from
     employment with the Corporation or statutory entitlements, provided, that
     to the extent such amounts are paid under paragraph 4.2(a) hereof or
     otherwise, they shall not be due under any such program, plan, agreement or
     statute. Amounts that are vested benefits or which the Executive is
     otherwise entitled to receive under any plan or program of the Corporation,
     at or subsequent to the date of termination shall be payable in accordance
     with such plan or program, except as otherwise specifically provided
     herein.

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

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

19.  ENGLISH LANGUAGE.  The parties hereto declare that they require that this
     Agreement and any related documents be drawn up and executed in English.
     Les parties declarent qu'elles requierent que cette convention ainsi que
     tous documents relatifs a cette convention soient rediges et executes en
     anglais.

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

                                           ALCAN ALUMINIUM LIMITED

                                           BY: /s/ Dr. John R. Evans
                                           __________________________
                                                Dr. John R. Evans
                                                Chairman of the Board

                                           /s/ Jacques Bougie
                                           __________________________
                                                Jacques Bougie

                                       17<PAGE>   1

                         EMPLOYEE STOCK OWNERSHIP PLAN
                                       OF
                            HUDSON CITY SAVINGS BANK

                           (Effective July 13, 1999)

     AMENDMENT

1.  Section 1 - Section 1.8 shall be amended to read in its entirety as follows:

         SECTION 1.18  ELIGIBLE MEMBER means, for any Plan Year, an Employee who
    is a Member during all or any part of such Plan Year and either remains a
    Member on the last day of such Plan Year or terminated membership during
    such Plan Year on account of termination of employment due to death,
    Disability or Retirement; provided, however, that no Employee shall be an
    Eligible Member for the Plan Year that includes the effective date of the
    transaction pursuant to which the Bank becomes a wholly owned subsidiary of
    Hudson City Bancorp, Inc. if he terminates employment for any reason with
    all Participating Employers prior to such effective date.

2.  Section 2 - Section 2.1 shall be amended to read in its entirety as follows:

         SECTION 2.1  ELIGIBILITY FOR MEMBERSHIP.

         (a)   Only Eligible Employees may be or become Members of the Plan. An
Employee shall be an Eligible Employee if he (i) is employed by one or more
Participating Employers; (ii) is compensated primarily on a salaried basis or
hourly wage basis; (iii) has attained age 21; (iv) has completed at least one
Year of Eligibility Service; and (v) is not excluded under section 2.1(b).

         (b)   An Employee is not an Eligible Employee if he:

         (i)   does not receive Allocation Compensation from at least one
    Participating Employer;

         (ii)  is an Employee who has waived any claim to participation in the
    Plan;

         (iii) is an Employee or in a unit of Employees covered by a collective
    bargaining agreement with the Employer where retirement benefits were the
    subject of good faith bargaining, unless such agreement expressly provides
    that Employees such as he be covered under the Plan;

         (iv)  is a "leased employee" as defined in section 18.8(a);

         (v)   is compensated primarily on a daily, commission, fee or retainer
    basis;
<PAGE>   2
     (vi)  is a building service Employee who is regularly required to spend
more than 50% of his working time servicing real estate other than offices of
Affiliated Employers;

     (vii) is classified as an "independent contractor" by the Employer, even if
considered an employee under applicable law; or

     (viii) is a mortgage field originator.

     IN WITNESS WHEREOF, this Amendment has been executed by the undersigned
officer of Hudson City Savings Bank pursuant to authority given by resolution
of the Board of Directors.

                                             HUDSON CITY SAVINGS BANK

                                             By
                                               ----------------------------
                                                  Name:
                                                  Title:

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