Document:

Exhibit

Exhibit 10.19

Form of Transaction Bonus Award 

[Date] 
Dear [Name],
As you know, Aleris Corporation (the “Company”) is contemplating entering into an agreement that would result in the sale of the Company.  [In recognition of the contributions you have made to the success of the Company and your importance to the potential sale process we have undertaken,] [In lieu of receiving equity awards that would otherwise be granted pursuant to your employment agreement,] the Company is pleased to provide you with the opportunity to receive a transaction bonus (the “Transaction Bonus”), conditioned on the occurrence of the closing of a Qualified Sale (as defined below) and subject to all of the terms and conditions of this letter agreement (the “Bonus Agreement”). [In the event the Qualified Sale does not occur you will remain entitled to equity awards (as contemplated by your employment agreement) having a value equal to your Transaction Bonus amount.]
Key Terms of the Agreement
		
	A)
	The amount of your Transaction Bonus is $___________, payable as provided below. 

		
	B)
	Your entitlement to the Transaction Bonus is conditioned on and subject to the occurrence of the closing of a Qualified Sale. 

		
	C)
	[The Transaction Bonus, if any, will be in addition to (and will not be in lieu of) any annual bonus or other incentive compensation amounts you may otherwise be entitled to receive from the Company.] [The Transaction Bonus, if any will be granted in lieu (and not in addition to) the ____________________.  If the closing of the Qualified Sale does not occur, _____________ will be fully reinstated.]

		
	D)
	Subject to the provisions of items (E) and (F) below, the Transaction Bonus will be paid [in two (2) instalments whereby (i) 50% of your Transaction Bonus will be paid in a lump sum in cash within ten (10) days after the closing of a Qualified Sale (such closing date, the “First Vesting Date”) and (ii) the remaining 50% of your Transaction Bonus will be paid in a lump sum in cash within ten (10) days after the six (6) month anniversary of the closing date of the Qualified Sale (such anniversary, the “Second Vesting Date”). All payments will be subject to all applicable withholding taxes, if any.] [in one lump sum payment in cash within ten (10) days after the closing of a Qualified Sale (such closing date, the “Vesting Date”).  This payment will be subject to all applicable withholding taxes, if any.]  

		
	E)
	Except as set forth in item (F), you must be continuously employed by the Company (or any successor to the Company) or its affiliate from the date of this Bonus Agreement until the [First] Vesting Date [or Second Vesting Date] to be entitled to receive the applicable portion of the Transaction Bonus. 

		
	F)
	[In the event your employment is terminated prior to the First Vesting Date by the Company without Cause or by you for Good Reason, you will remain eligible to receive the Transaction Bonus, provided that the full amount of the Transaction Bonus shall be subject to the occurrence of the First Vesting 

Date and shall be paid in one lump sum in cash within ten (10) days after the First Vesting Date. In the event your employment is terminated following the First Vesting Date but prior to the Second Vesting Date by the Company, or its successor, without Cause or by you for Good Reason, you will receive that portion of the Transaction Bonus not previously paid to you in a lump sum in cash within ten (10) days of your termination of employment.] [In the event your employment is terminated prior to the Vesting Date by the Company without Cause or by you for Good Reason, you will remain eligible to receive the Transaction Bonus, provided that the full amount of the Transaction Bonus shall be subject to the occurrence of the Vesting Date and shall be paid in one lump sum payment in cash within ten (10) days after the Vesting Date.] If, prior to the Vesting Date, your employment is terminated for any reason other than the Company terminating your employment without Cause or you terminating your employment for Good Reason, you will forfeit all rights to receive any portion of the Transaction Bonus you have not already received. 
		
	G)
	The right to a Transaction Bonus is personal to you and you may not transfer it to anyone else.

		
	H)
	If all or any portion of the Transaction Bonus could be considered a “parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the Treasury Regulations or otherwise, receipt of the Transaction Bonus will be contingent upon stockholder approval in the manner provided in Section 280G(b)(5)(B) of the Code.

		
	I)
	The Transaction Bonus is intended to be exempt from or comply with Section 409A of the Code, to the extent applicable, and will be construed and administered consistent with that intention.

		
	J)
	For purposes of this Bonus Agreement, the capitalized terms used herein shall have the following meanings: 

		
	•
	“Cause” shall have the meaning ascribed to such term in the Company’s 2010 Equity Incentive Plan, as amended. 

		
	•
	“Good Reason” means the occurrence of any of the following, without your prior written consent:  (i) a material reduction in your annual base salary or annual bonus opportunity; (ii) a material diminution in your position, duties, responsibilities or reporting relationships; (iii) a material breach by the Company or its successor of any material economic obligation under this Bonus Agreement or, if you are a party to an employment agreement, your employment agreement; or (iv) a change of your principal place of employment to a location more than seventy-five (75) miles from such principal place of employment as of the date of this Bonus Agreement; provided that Good Reason shall not exist unless (x) your first provide written notice to the Company indicating in reasonable detail the events or circumstances believed by you to constitute Good Reason within thirty (30) days of the occurrence of such events or circumstances (or, in the case of clause (ii), within thirty (30) days of your actual or constructive knowledge of such events or circumstances), (y) the Company shall have failed to cure such events and circumstances within thirty days after such notice is given, and (z) the Executive terminates his employment on at least ten (10) days notice within seventy (70) days of the occurrence of such events or circumstances (or, in the case of clause (ii), within seventy (70) days of your actual or constructive knowledge thereof).

		
	•
	“Initial Investors” means Oaktree Capital Management, L.P. and its respective affiliates.

		
	•
	“Qualified Sale” means the first to occur prior to May 1, 2017 of: (1) the acquisition by any “person” or “group” (as such terms are used in Sections 13(d) of the Securities Exchange Act of 1934, as amended) other than the Initial Investors and their affiliates (including among such affiliates, for purposes of this definition, for the avoidance of doubt, any entity that the Initial Investors beneficially own more than 50% of the then-outstanding securities entitled to vote generally in the election of directors of such entity) of more than 50% of the then-outstanding securities entitled to vote generally in the election of directors of the Company (“Voting Securities”); (2) any merger, consolidation, reorganization, recapitalization, tender or exchange offer or any other transaction with or affecting the Company following which any person or group, other than the Initial Investors and their affiliates, beneficially owns more than 50% of the Voting Securities of the surviving entity; or (3) the sale, lease, exchange, transfer or other disposition of all, or substantially all, of the assets of the Company and its consolidated Subsidiaries, other than to a successor entity of which the Initial Investors and their affiliates beneficially own 50% or more of the Voting Securities.

		
	•
	 “Vesting Date” means [each of the First Vesting Date and the Second Vesting Date] [the closing date of the Qualified Sale]. 

The obligations in this Bonus Agreement shall be an unfunded and unsecured promise to pay and your rights hereunder shall be those of a general unsecured creditor of the Company. If the closing of a Qualified Sale does not occur, this Bonus Agreement shall be null and void ab initio and you will have no rights with respect to any payments as described herein. Nothing in this Bonus Agreement is intended to suggest any guaranteed period of continued employment and your employment will at all times continue to be terminable by you or the Company.  This Bonus Agreement will be binding on any successor to the Company.  This Bonus Agreement will be governed by, and construed in accordance with, the laws of the State of Delaware.
*    *    *
This Bonus Agreement and the amount of your Transaction Bonus eligibility are confidential and should not be discussed with anyone including co-workers (other than those designated by Company management) and the Company’s advisors; provided, however, you may share this Bonus Agreement and/or discuss it with your spouse, tax advisors, and legal counsel. In addition, until the earlier of a general announcement by the Company internally or publicly of the sale process or the closing date of a Qualified Sale, the existence of the sale process is confidential and should not be discussed with anyone (including co-workers). We are relying on your sensitivity and professionalism in observing this request.  In the event that the Company makes a determination prior to the closing date of a Qualified Sale that you have violated this confidentiality condition, the Company may, in its sole discretion, terminate the Transaction Bonus that you may have otherwise been entitled to receive under this Bonus Agreement.

We thank you for the service you have rendered in the past and look forward to your continued contribution to the success of the Company and the contemplated sale process.  Please acknowledge your acceptance of the terms of this Bonus Agreement and return it as soon as possible, but no later than __________________, to Tami Polmanteer, EVP & CHRO.  
This Bonus Agreement may be executed by .pdf or facsimile signatures and in any number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.  
	
		
	 
	Sincerely,

ALERIS CORPORATION 

______________________________________
By:  

Title:  

	Acknowledged and Agreed:

__________________________________________

Date:__________________________________Exhibit

Exhibit 10.2.1 (English Translation)

_________________________________________________________________________________________
AGREEMENT ON NEW SYNDICATED LOAN AMORTIZATION SCHEDULE FOR SYNDICATED LOAN OF
ALERIS ALUMINUM (ZHENJIANG) CO., LTD.
(English Translation)

With respect to the plan for syndicated loan amortization schedule for Aleris Aluminum (Zhenjiang) Co., Ltd. (“Aleris”), the parties hereto agree to amend the Syndicated Facility Agreement dated August 8, 2012, as follows:

Article 1        (a) On or before December 23, 2016, Aleris will deliver to the People’s Government of Zhenjiang Jingkou District all legal documents that are required to increase the registered capital of Aleris in the amount of US$58 million (such documents may be photocopies; Aleris will provide originals of documents as soon as possible thereafter), which amount shall be converted from the Company’s existing shareholder loan, (b) on or before December 22, 2016, Aleris will enter into this agreement and a separate amendment to the Syndicated Facility Agreement, and (c) on or before December 28, 2016, Aleris will execute the asset mortgage agreement with respect to approximately RMB200 million new equipment.  Aleris shall use commercially reasonable efforts to register the asset mortgage with relevant governmental authorities as soon as possible after the execution of the asset mortgage contract.  Before December 29, 2016, Aleris should open the guaranty account with the lender.  Aleris agrees that as of December 29, 2016, Aleris will maintain no less than RMB 24 million in its current cash account, and will initiate a deposit of RMB 24 million into the guaranty account on or before January 3, 2017.

Bank of China requires Aleris to fulfill the following conditions before January 25, 2017
1.  To provide the comfort letter issued by Aleris Asia Pacific Limited.
2.  To deliver board resolutions approving the new asset mortgage and the new loan amortization schedule (the execution date for the board resolutions shall be on or before the execution date of the amendment to the Syndicated Facility Agreement).
Aleris agrees to fulfill all provisions of this agreement in accordance with the abovementioned schedule, and agrees to execute all agreements related thereto before January 25, 2017.  The facility agent, each arranger and each lender of the syndicate hereby agrees that the loan (including the principal installment that was originally due on January 1, 2017) shall be repaid in accordance 

with the new amortization schedule attached hereto as Exhibit 1.

If Aleris fails to fulfill the above mentioned obligations within the timelines agreed above, the lenders may declare an event of default under the Syndicated Facility Agreement and require Aleris to repay the outstanding portion of the loan repayment that would have been due as of January 1, 2017 under the original syndicated loan repayment schedule on January 25, 2017, and reinstate the original loan repayment schedule.  Notwithstanding anything to the contrary herein, Aleris shall not be held in default of this agreement if Aleris submits all documents required for asset mortgage registration but the registration is not completed before December 28, 2016 for reasons beyond the control of Aleris. 

Bank of China Limited, Zhenjiang Jingkou Sub-branch:
(Chop affixed)
/s/ Zhou Zhentao

Agricultural Bank of China Limited, Zhenjiang Jingkou Sub-branch:
(Chop affixed)
/s/ Guo Ruifeng 

Aleris Aluminum (Zhenjiang) Co., Ltd.:
(Chop affixed)
/s/ Gerd F. Jegodzinski

December 21, 2016 

Exhibit 1
New Amortization Schedule

Amount unit: RMB10,000
	
							
	No.
	Due date
	Adjusted amortization plan
CNY repayment (or in its equivalent foreign currency)
	ABC participation percentage
	BOC participation percentage
	BOC re-amortization amount
	ABC re-amortization amount

	1
	2017/1/1
	1197
	33.70%
	66.30%
	793.611
	403.389

	2
	2017/7/1
	1197
	33.70%
	66.30%
	793.611
	403.389

	3
	2018/1/1
	1795.5
	33.70%
	66.30%
	1190.4165
	605.0835

	4
	2018/7/1
	1795.5
	33.70%
	66.30%
	1190.4165
	605.0835

	5
	2019/1/1
	2394
	33.70%
	66.30%
	1587.222
	806.778

	6
	2019/7/1
	2394
	33.70%
	66.30%
	1587.222
	806.778

	7
	2020/1/1
	6000
	33.70%
	66.30%
	3978
	2022

	8
	2020/7/1
	6000
	33.70%
	66.30%
	3978
	2022

	9
	2021/1/1
	9000
	33.70%
	66.30%
	5967
	3033

	10
	 2021/5/16
	0
	33.70%
	66.30%
	0
	0

	11
	2021/7/1
	9000
	33.70%
	66.30%
	5967
	3033

	12
	2022/1/1
	12000
	33.70%
	66.30%
	7956
	4044

	13
	2022/7/1
	12000
	33.70%
	66.30%
	7956
	4044

	14
	2023/1/1
	12000
	33.70%
	66.30%
	7956
	4044

	15
	2023/7/1
	12000
	33.70%
	66.30%
	7956
	4044

	16
	 2024/5/16
	25248.4638
	33.70%
	66.30%
	16730.501
	8517.9628

	Total
	 
	114021.46380
	 
	66.30%
	75587
	38434.4638 

( ̈Note: the re-amortization amount is calculated based on the exchange rate at RMB6.75 for US$1. The exact repayment amount will be calculated according to the currency and exchange rate when each repayment becomes due. As of December 20th, 2016, the principal balance of the CNY loan is 933,659,999.82; the principal balance of USD loan is 30,591,245.25.)

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