Document:

Form of Amd 1 to the Aleris Corp 2010 Equity Incentive Plan Director RSU

 Exhibit 10.25.1 

ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 Form of 

AMENDMENT 1 TO THE 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 , 2011 

 

			
	 TO:
	  	
		
	 FROM:
	  	Aleris Corporation (formerly “Aleris Holding Company”)
		
	 Re:
	  	Amendment 1 to Restricted Stock Unit Award Agreement

 On [    ], 2010, you were granted Restricted Stock Units of Aleris Corporation (the
“Company”) pursuant to an Award Agreement issued under the Company’s 2010 Equity Incentive Plan (the “Plan”). 

In light of the Company becoming a public company, we have amended, restated and renamed the Plan as the 2011 Equity Incentive Plan and we have mutually
agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of a 2011 initial public offering of the Company (the “IPO), as follows: 

 

	1.	Section 2. Settlement. The last two sentences of Section 2 will be deleted. 

 

	2.	Section 3. Early Termination of the Restricted Stock Units. The reference to Plan Section 11 is amended to Plan Section 12.

  

	3.	Section 4. Company Call Right. Section 4 is deleted. 

  

	4.	Section 5. Restricted Stock Units Subject to Plan and Stockholders Agreement. Section 5 is amended to change the heading to read Restricted Stock Units
Subject to Plan and to amend Sections 5 (a) and (b) to read as follows:  

  

	 	(a)	Participant Acknowledgements. By entering into this Award Agreement, you agree and acknowledge that (i) the Restricted Stock Units are subject in all
respects to the Plan; (ii) the Restricted Stock Units are subject to Plan provisions under which, in certain circumstances, the Committee may terminate your Restricted Stock Units and/or make adjustments to the kind and/or number of shares or
property underlying the Restricted Stock Units; and (iii) the Committee has discretion to interpret and administer the Plan and this Award Agreement and its judgments made in accordance with the Plan are final. 

 

	 	(b)	Conflicts. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the term or provision contained in the
Plan shall control. 

  
 8166957.1

	5.	Sections (a) and (f) of the Participant Acknowledgments are deleted. 

 

	6.	Effective Date of this Amendment. This Amendment 1 is effective immediately prior to the effectiveness of the IPO. 

 

	7.	Continued Terms of Restricted Stock Units. Except as otherwise amended in this Agreement, your restricted stock units remain subject in all respects to the terms
and conditions of the Award Agreement and the 2011 Equity Incentive Plan and you acknowledge that a copy of the 2011 Equity Incentive Plan has been provided to you. 

 Please indicate your acceptance of this Amendment to the Award Agreement with respect to your Restricted Stock Units by signing and returning a copy of this Amendment to the address set forth below as
soon as practicable. 
  

	
	Sincerely,
	
	  
	Christopher R. Clegg
	Executive Vice President, General Counsel & Secretary
	
	Agreed to and Accepted by:
	
	  

  
 2 

 8166957.1Amd 1 to the 2010 Equity Incentive Plan Director Restricted Stock Award Agmt.

 Exhibit 10.26.1 

ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 AMENDMENT 1 TO THE 

RESTRICTED STOCK AWARD AGREEMENT 
                 , 2011 
 TO: G. Richard Wagoner, Jr. 
 FROM: Aleris Corporation (formerly “Aleris Holding
Company”) 
  

	Re:	Amendment 1 to Restricted Stock Award Agreement 

 On June     , 2010, you were granted a Restricted Stock Award of Aleris Corporation (the “Company”) pursuant to an Award Agreement issued under the Company’s 2010 Equity
Incentive Plan (the “Plan”). 
 In light of the Company becoming a public company, we have amended, restated and renamed the
Plan as the 2011 Equity Incentive Plan and we have mutually agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of a 2011 initial public offering of the Company (the “IPO”), as follows:

  

	1.	Section 1(e). Dividend and other Stockholder Rights. Section 1(e) is amended to read as follows: 

Dividend and other Stockholder Rights: You will have no rights as a stockholder, including, without limitation, the right to vote,
with respect to any Restricted Shares until the date when the Restricted Period with respect to such Restricted Shares lapses and the book entry notations regarding the Restrictions on the Restricted Shares are removed (or, if applicable, a
certificate or certificates evidencing the Shares is issued to you); provided that you will be entitled to receive and retain, for each Restricted Share, any dividends or distributions made in respect of that Restricted Share at the time when the
holders of the Shares receive their dividends or distributions. 
  

	2.	Section 3. Company Call Right. Section 3 is deleted. 

  

	3.	Section 4. Restricted Stock Award subject to Plan and Stockholders Agreement. Section 4 is amended to change the heading to read Restricted Stock Award
subject to Plan and to amend the subsections (a) and (b) as follows: 

  

	 	(a)	Participant Acknowledgements. By entering into this Award Agreement, you agree and acknowledge that (i) the Restricted Stock Award is subject in all
respects to the Plan; (ii) the Restricted Stock Award is subject to Plan provisions under which, in certain circumstances, the Committee may terminate your Restricted Stock Award and/or make adjustments to the kind and/or number of shares or
property underlying the Restricted Stock Award; and (iii) the Committee has discretion to interpret and administer the Plan and this Award Agreement and its judgments made in accordance with the Plan are final. 

 
 8149905.2 

	 	(b)	Conflicts. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the term or provision contained in the
Plan shall control. 

  

	4.	Sections (a) and (f) of the Participant Acknowledgments are deleted. 

 

	5.	Effective Date of this Amendment. This Amendment 1 is effective immediately prior to the effectiveness of the IPO. 

 

	6.	Continued Terms of Restricted Stock. Except as otherwise amended in this Agreement, your Restricted Stock remains subject in all respects to the terms and
conditions of the Award Agreement and the 2011 Equity Incentive Plan and you acknowledge that a copy of the 2011 Equity Incentive Plan has been provided to you. 

 Please indicate your acceptance of this Amendment 1 to the Award Agreement with respect to your Restricted Stock Award by signing and returning a copy of this Amendment 1 to the address set forth below as
soon as practicable. 
  

	
	Sincerely,
	
	  
	Christopher R. Clegg
	Executive Vice President, General Counsel & Secretary

  

	
	Agreed to and Accepted by:
	
	  

  
 2 

 8149905.2Amd 1 to the Aleris Corp 2010 Equity Incentive Plan Stock Option Agmt

 Exhibit 10.28.1 

AMENDMENT 1 TO THE 
 STOCK OPTION AGREEMENT 
  

			
	 TO:
	  	Roelof IJ. Baan
		
	 FROM:
	  	Aleris Corporation
		
	 Re:
	  	Amendment 1 to Option Award Agreement
		
	 Date
	  	April 28, 2011

 Effective as of June 1, 2010, you were granted an Option to purchase shares of common stock of Aleris Corporation,
fka Aleris Holding Company (the “Company”) and issued an Award Agreement, which you subsequently signed and accepted. The Option was granted under the Company’s 2010 Equity Incentive Plan (the “Plan”), a copy
of which was attached to the Award Agreement. We are amending your Award Agreement by issuing this Amendment 1 in order to reflect adjustments made by a special committee of the Board of Directors of the Company, pursuant to the terms of the Plan,
in light of the $9.60 cash dividend that the Company issued on February 28, 2011 to stockholders of record of the Company’s common stock as of February 17, 2011. Your Option remains subject in all respects to the terms and conditions
of the Plan and the Award Agreement, as amended by this Amendment 1. 
  

	 	A.	The second sentence of Section 1 is amended to read as follows: A portion of the Stock Option is granted at the exercise price per share of (a) $24.10 (the
“FMV Stock Option”), (b) $36.14 (the “Premium Stock Option”) and (c) $48.19 the “Super-Premium Stock Option”), in each case as set forth on Exhibit A hereto. 

 

	 	B.	Exhibit A to the Stock Option Agreement is amended to read as follows: 

  

									
	 	  	Number of Shares	 	  	Exercise Price	 
	 FMV Stock Option
	  	 	143,263	  	  	$	24.10	  
	 Premium Stock Option
	  	 	35,815	  	  	$	36.14	  
	 Super-Premium Stock Option
	  	 	35,815	  	  	$	48.19	  
		  	 	 	 	  			
	 TOTAL NUMBER OF SHARES
	  	 	214,893	  	  			

  

	 	C.	For the avoidance of doubt, the adjusted number of shares underlying your FMV Stock Options, Premium Stock Options, and Super-Premium Stock Options, as applicable and
as set forth in the Exhibit, as amended above, will apply to those FMV Stock Options, Premium Stock Options, and Super-Premium Stock Options that are vested and unvested as of the date of this Amendment. 

 

	 	D.	This Amendment 1 is being made in accordance with the Adjustment of Shares and Amendment provisions of the Plan. 

 

	 	E.	With the exception of the modifications set forth in this Amendment 1, all other provisions of the Award Agreement shall remain unchanged, and in full force and effect.

  

	
	Sincerely,
	
	/s/ Christopher R. Clegg
	Christopher R. Clegg
	Executive Vice President, General Counsel & Secretary

  
 8167885.1Amd 2 to the Aleris Corp 2010 Equity Incentive Plan Stock Option Agmt

 Exhibit 10.28.2 

ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 AMENDMENT 2 TO 

STOCK OPTION AGREEMENT 

On June 1, 2010 you were granted an option to purchase shares of common stock of Aleris Corporation (the “Company”) (the
“Option”) pursuant to an Award Agreement issued under the Company’s 2010 Equity Incentive Plan (the “Plan”) amended as of April 28, 2011 by Amendment 1 to the Award Agreement. 

In light of the Company becoming a public company, we have amended, restated and renamed the Plan as the 2011 Equity Incentive Plan and we have mutually
agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of a 2011 initial public offering of the Company (the “IPO”), as follows: 

 

	1.	Section 1. Grant of Stock Option. The last two sentences of Section 1 are deleted. 

 

	2.	Section 4(b). Termination without Cause or for Good Reason. The words “six (6)” are hereby amended and replaced with “twelve (12)” in
the penultimate sentence of Section 4(b). 

  

	3.	Section 10(c). Government and Other Regulations. Section 10(c) is amended to delete subsection 10(c)(v). 

 

	4.	Section 13. Fair Market Value. Section 13 is amended and restated to read in its entirety as follows: 

Fair Market Value. For purposes of this Agreement, “Fair Market Value”, is defined in the Plan.

  

	5.	Section 15. Stockholders Agreement. Section 15 is deleted. 

 

	6.	Section 18. Stock Option Subject to the Plan. Section 18 is amended and restated to read in its entirety as follows: 

Stock Option Subject to the Plan. By entering into this Agreement, the Optionee agrees and acknowledges that
(i) the Optionee has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Stock Option is subject to the Plan. In the event of a conflict between any term or provision contained in this Agreement and any term
or provision of the Plan, the terms and provisions of this Agreement shall prevail. No amendment to the Plan that is inconsistent with the express terms of this Agreement and that adversely affects any of the Optionee’s rights under this
Agreement shall be effective as to this Agreement without the Optionee’s prior written consent; provided, however, the Committee may amend the Plan and this Agreement to the extent necessary to comply with applicable law. 

 
 8166861.1 

	7.	Effective date of this Amendment. This Amendment is effective immediately prior to the effectiveness of the IPO. 

 

	8.	Continued Terms of Option. Except as otherwise amended in this Agreement, your Option remains subject in all respects to the terms and conditions of the Award
Agreement, Amendment 1, and the 2011 Equity Incentive Plan and you acknowledge that a copy of the 2011 Equity Incentive Plan has been provided to you. 

 Please indicate your acceptance of this Amendment 2 to the Award Agreement with respect to your Option by signing and returning a copy of this Amendment 2 to the address set forth below as soon as
practicable. 
  

	
	ALERIS CORPORATION
	
	  
	Christopher R. Clegg
	 Executive Vice President, General Counsel & Secretary

	
	  
	Roelof IJ. Baan
	Date:

  
 2 

 8166861.1

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