Document:

2013 Q1 EX 10.1 Incremental Amendment Term B

EXECUTION VERSION

INCREMENTAL AMENDMENT NO. 1 TO CREDIT AGREEMENT
Incremental Amendment No. 1 to Credit Agreement dated as of March 8, 2013 (this “First Incremental Amendment”) among NORANDA ALUMINUM ACQUISITION CORPORATION, a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A., as Incremental Term Lender (the “Incremental Term Lender”), BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”) and the Lenders party hereto (the “Lenders”).
The Borrower, Noranda Aluminum Holding Corporation, a Delaware corporation, the lenders from time to time party thereto, the Administrative Agent and Citibank, N.A., UBS Securities LLC, Barclays Capital, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Apollo Global Securities, LLC, as Co-Syndication Agents and Co-Documentation Agents, are parties to a Credit Agreement dated as of February 29, 2012 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”).  Pursuant to Section 2.12(a) of the Credit Agreement, the Borrower has requested that the Incremental Term Lender provide Incremental Term Loans.  In accordance with Section 2.12(b) of the Credit Agreement, the Incremental Term Lender has elected to provide Incremental Term Loans on the terms and conditions set forth herein.  In addition, the Borrower has requested that the Lenders agree to certain amendments to the Credit Agreement, and each of the Lenders signatory hereto (which Lenders collectively constitute the requisite Lenders under the Credit Agreement), have agreed, subject to the terms and conditions set forth herein, to amend the Credit Agreement as herein provided.  Accordingly, the Borrower, the Incremental Term Lender, the Administrative Agent and the Lenders party hereto agree as follows:
ARTICLE I 
DEFINITIONS
Section 1.01    Definitions.  Unless otherwise defined herein, capitalized terms defined in the Credit Agreement after giving effect to this First Incremental Amendment (the “Amended Credit Agreement”) have the same meanings when used in this First Incremental Amendment.
ARTICLE II     
INCREMENTAL TERM LOAN COMMITMENT
Section 2.01    Incremental Term Loan Commitment.  The Incremental Term Lender hereby agrees to provide Incremental Term Loans on the First Incremental Amendment Effective Date on the terms and conditions set forth herein and in the amount set forth opposite its name on Annex I attached hereto.  Incremental Term Loans provided pursuant to this First Incremental Amendment shall be subject to all of the terms and conditions set forth in the Amended Credit Agreement, including, without limitation, Section 2.12.  Incremental Term Loans provided pursuant to this First Incremental Amendment shall be Term B Loans and shall be subject to all the terms and conditions set forth in the Amended Credit Agreement.
ARTICLE III     
AMENDMENTS TO THE CREDIT AGREEMENT
Section 3.01    Amendments.  The Credit Agreement is hereby amended as follows:

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(a)    Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in the appropriate alphabetical order:
“First Incremental Amendment” means that certain Incremental Amendment No. 1 to Credit Agreement dated as of March 8, 2013 among the Borrower, the Administrative Agent, the Incremental Term Lender (as defined therein) and the other Lenders party thereto.
“First Incremental Amendment Effective Date” means the date on which the conditions specified in Section 4.01 of the First Incremental Amendment are satisfied (or waived).
(b)    The definition of “Incremental Amount” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Incremental Amount” means, at any time, the greater of (i) the excess, if any, of (A) the sum of (i) $50,000,000 and (ii) the principal amount of Incremental Term Loans implemented pursuant to the First Incremental Amendment, over (B) the aggregate amount of outstanding Incremental Term Loan Commitments established pursuant to Section 2.12 and (ii) an amount such that at the time of such incurrence and after giving effect thereto on a Pro Forma Basis, the Borrower shall be in compliance on a Pro Forma Basis with the Senior Secured Leverage Ratio Test.
(c)    The definition of “Lender” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Lender” means each financial institution listed on Schedule 2.01 (other than any such person that ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 10.06), each person that is an Incremental Term Lender and any person that becomes a “Lender” hereunder pursuant to Section 10.06.
(d)    The definition of “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Loan Documents” means this Agreement, the Security Documents, the Intercreditor Agreement, the Term Intercreditor Agreement, the First Incremental Amendment and any Note issued under Section 2.06(e), and solely for the purposes of Sections 5.02 and 8.01 hereof, the Fee Letter and the Administrative Agent Fee Letter.
(e)    The definition of “Term B Loan Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Term B Loan Commitment” means with respect to each Lender, the commitment of such Lender to make Term B Loans as set forth in Section 2.01(i) or Incremental Term Loans in the form of Term B Loans as set forth in Section 2.01(ii).  The initial amount of each Lender’s Term B Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Term B Loan Commitment (or its Incremental Term Loan Commitment), as applicable.  The aggregate amount of the Term B Loan Commitments on the First Incremental Amendment Effective Date is $110,000,000.

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(f)    Section 2.07(a) of the Credit Agreement is hereby amended by replacing the table therein with the following:
	
		
	Date
	Amount of Term B 
Borrowings to Be Repaid

	March 31, 2013
	$1,089,578.07

	June 30, 2013
	$1,089,578.07

	September 30, 2013
	$1,089,578.07

	December 31, 2013
	$1,089,578.07

	March 31, 2014
	$1,089,578.07

	June 30, 2014
	$1,089,578.07

	September 30, 2014
	$1,089,578.07

	December 31, 2014
	$1,089,578.07

	March 31, 2015
	$1,089,578.07

	June 30, 2015
	$1,089,578.07

	September 30, 2015
	$1,089,578.07

	December 31, 2015
	$1,089,578.07

	March 31, 2016
	$1,089,578.07

	June 30, 2016
	$1,089,578.07

	September 30, 2016
	$1,089,578.07

	December 31, 2016
	$1,089,578.07

	March 31, 2017
	$1,089,578.07

	June 30, 2017
	$1,089,578.07

	September 30, 2017
	$1,089,578.07

	December 31, 2017
	$1,089,578.07

	March 31, 2018
	$1,089,578.07

	June 30, 2018
	$1,089,578.07

	September 30, 2018
	$1,089,578.07

	December 31, 2018
	$1,089,578.07

	Term B Facility Maturity Date
	$406,412,626.32 or remainder

(g)    Section 2.08(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(b)    Notwithstanding anything herein to the contrary, in the event that, on or prior to the first anniversary of the First Incremental Amendment Effective Date, the Borrower (i) makes any prepayment of Term Loans with the proceeds of any Repricing Transaction described under clause (i) of the definition of Repricing Transaction, or (ii) effects any amendment of this Agreement resulting in a Repricing Transaction under clause (ii) of the definition of Repricing Transaction, the Borrower shall on the date of such prepayment or amendment, as applicable, pay to each Lender, (A) in the case of such clause (x), 1.00% of the principal amount of the Term Loans so prepaid and (B) in the case of such 

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clause (y), 1.00% of the aggregate amount of the Term Loans affected by such Repricing Transaction and outstanding on the effective date of such amendment.
ARTICLE IV     
CONDITIONS TO EFFECTIVENESS
Section 4.01    Conditions to Effectiveness of this First Incremental Amendment.  This First Incremental Amendment, the funding of Incremental Term Loans pursuant hereto and each of the amendments to the Credit Agreement contained herein shall become effective on the date (the “First Incremental Amendment Effective Date”) on which the following conditions precedent are satisfied (or waived):
(a)    Execution and Delivery of this First Incremental Amendment.  The Administrative Agent shall have received counterparts of this First Incremental Amendment duly executed by the Borrower, the Incremental Term Lender, the Administrative Agent and the Required Lenders under the Credit Agreement.
(b)    Payment of Fees.  All fees required to be paid and costs and expenses, in each case, due to the Administrative Agent and its affiliates and the Lenders shall have been paid; provided that any fees may be paid by being netted out of the proceeds of Incremental Term Loans.
(c)    Counsel Fees.  Fried, Frank, Harris, Shriver & Jacobson LLP (“Fried Frank”) shall have received full payment from the Borrower of the fees and expenses of Fried Frank described in Section 6.06 of this First Incremental Amendment.
(d)    Deliverables.  The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the First Incremental Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the First Incremental Amendment Effective Date) and each in form and substance reasonably satisfactory to the Administrative Agent and the Incremental Term Lender:
(i)    if requested by the Incremental Term Lender three or more Business Days prior to the First Incremental Amendment Effective Date, a Note executed by the Borrower in favor of the Incremental Term Lender;
(ii)    a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of each applicable jurisdiction) of each Loan Party as of a recent date;
(iii)    a certificate of the Secretary or Assistant Secretary or similar officer of each Loan Party dated the First Incremental Amendment Effective Date and certifying;
(A)    that attached thereto is a true and complete copy of the certificate or articles of incorporation, certificate of limited partnership or certificate of formation, including all amendments thereto, of each Loan Party;
(B)    that attached thereto is a true and complete copy of the by-laws (or partnership agreement, limited liability company agreement or other equivalent governing documents) of such Loan Party as in effect on the First Incremental Amendment Effective 

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Date and at all times since a date prior to the date of the resolutions described in clause (B) below;
(C)    that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of the First Incremental Amendment Documents (as defined in Section 5.01) to which such person is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the First Incremental Amendment Effective Date;
(D)    that the certificate or articles of incorporation, certificate of limited partnership or certificate of formation of such Loan Party has not been amended since the date of the last amendment thereto disclosed pursuant to clause (A) above;
(E)    as to the incumbency and specimen signature of each officer executing any First Incremental Amendment Document or any other document delivered in connection herewith on behalf of such Loan Party; and
(F)    as to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party or, to the knowledge of such person, threatening the existence of such Loan Party;
(iv)    a certificate of a director or another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary or similar officer executing the certificate pursuant to clause (iii) above; and
(v)    a favorable written opinion of (i) Wachtell, Lipton, Rosen & Katz and (ii) Gail Lehman, Esq., the General Counsel to the Borrower, in each case (A) dated the First Incremental Amendment Effective Date, (B) addressed to the Administrative Agent and the Incremental Term Lender and (C) in form and substance reasonably satisfactory to the Administrative Agent and covering such matters as the Administrative Agent shall reasonably request; and
(vi)    a certificate signed by a Responsible Officer of the Borrower certifying that the conditions precedent set forth in Section 5.01(b) and (c) of the Credit Agreement shall have been satisfied both before and after giving effect to this First Incremental Amendment and the Incremental Term Loans provided hereby.
(e)    First Incremental Amendment Effective Date.  The First Incremental Amendment Effective Date shall have occurred on or prior to March 8, 2013.
(f)    Representations and Warranties.  The representations and warranties set forth in Section 5.01 of this First Incremental Amendment and any other the Loan Document shall be true and correct in all material respects as of such date, as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date).
(g)    Notices Required by Section 2.12 of the Credit Agreement.  All notices required for Incremental Term Loans shall have been delivered as required by Sections 2.12(a) of the Credit Agreement.

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(h)    Borrowing Request.  The Administrative Agent shall have received a Borrowing Request requesting the borrowing of Incremental Term Loans on the First Incremental Amendment Effective Date in accordance with the requirements of Section 2.03 of the Credit Agreement; provided that the Administrative Agent, in its reasonable discretion, may shorten notice periods required by Section 2.03 of the Credit Agreement.
Section 4.02    Effects of this First Incremental Amendment.
(a)    On the First Incremental Amendment Effective Date, the Credit Agreement will be automatically amended to reflect the amendments thereto provided for in this First Incremental Amendment.  The rights and obligations of the parties hereto shall be governed (i) prior to the First Incremental Amendment Effective Date, by the Credit Agreement and (ii) on and after the First Incremental Amendment Effective Date, by the Amended Credit Agreement.  Once the First Incremental Amendment Effective Date has occurred, each reference in the Credit agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement and all references to the Credit Agreement in any document, instrument, agreement, or writing shall be deemed to refer to the Amended Credit Agreement.
(b)    Other than as specifically provided herein, this First Incremental Amendment shall not operate as a waiver or amendment of any right, power or privilege of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document or of any other term or condition of the Credit Agreement or any other Loan Document, nor shall the entering into of this First Incremental Amendment preclude the Administrative Agent and/or any Lender from refusing to enter into any further waivers or amendments with respect thereto.  This First Incremental Amendment is not intended by any of the parties hereto to be interpreted as a course of dealing which would in any way impair the rights or remedies of the Administrative Agent or any Lender except as expressly stated herein, and no Lender shall have any obligation to extend credit to the Borrower other than pursuant to the strict terms of the Credit Agreement and the other Loan Documents, as amended or supplemented to date (including by means of this First Incremental Amendment).
ARTICLE V     
REPRESENTATIONS AND WARRANTIES
Section 5.01    Representations and Warranties of the Borrower.  In order to induce the Incremental Term Lender to commit to provide Incremental Term Loans and the Administrative Agent and the Incremental Term Lender to enter into this First Incremental Amendment, the Borrower represents and warrants, as of the date hereof and the First Incremental Amendment Effective Date, that each Loan Party has all requisite power and authority to execute, deliver and perform its obligations under the First Incremental Amendment and any agreement or certificate required to be delivered hereunder (collectively, the “First Incremental Amendment Documents”) to which it is a party and, in the case of the Borrower, to borrow and otherwise obtain credit hereunder; the execution, delivery and performance by each Loan Party of each of the First Incremental Amendment Documents to which it is a party and the borrowings hereunder and the transactions contemplated hereby have been duly authorized by all corporate, stockholder, partnership or limited liability company action required to be obtained by such Loan Party; no action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the execution, delivery, performance, validity or enforceability of this First Incremental Amendment or any of the other First Incremental Amendment Documents except such as have been made or obtained and are in full force and effect and such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect; each First Incremental Amendment Document has been duly executed and delivered on behalf of each Loan Party party 

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thereto and constitutes a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing.
ARTICLE VI     
MISCELLANEOUS
Section 6.01    Headings.  Article and Section headings used herein are for convenience of reference only, are not part of this First Incremental Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this First Incremental Amendment.
Section 6.02    Execution in Counterparts.  This First Incremental Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this First Incremental Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this First Incremental Amendment.
Section 6.03    Successors and Assigns.  The provisions of this First Incremental Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Section 6.04    Governing Law; Jurisdiction, Etc.  
(a)    Governing Law.  THIS FIRST INCREMENTAL AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS FIRST INCREMENTAL AMENDMENT OR ANY OTHER FIRST INCREMENTAL AMENDMENT DOCUMENT (EXCEPT, AS TO ANY OTHER FIRST INCREMENTAL AMENDMENT DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION.
(b)    Submission to Jurisdiction.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS FIRST INCREMENTAL AMENDMENT AND THE OTHER FIRST INCREMENTAL AMENDMENT DOCUMENTS TO WHICH IT IS A PARTY OR THE TRANSACTIONS RELATING HERETO OR THERETO IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT 

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PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS FIRST INCREMENTAL AMENDMENT OR ANY OTHER FIRST INCREMENTAL AMENDMENT DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS FIRST INCREMENTAL AMENDMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
(c)    Waiver of Venue.  EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS FIRST INCREMENTAL AMENDMENT OR ANY FIRST INCREMENTAL AMENDMENT DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(d)    Service of Process.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE CREDIT AGREEMENT.  NOTHING IN THIS FIRST INCREMENTAL AMENDMENT OR ANY OTHER FIRST INCREMENTAL AMENDMENT DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
Section 6.05    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS FIRST INCREMENTAL AMENDMENT OR ANY OTHER FIRST INCREMENTAL AMENDMENT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FIRST INCREMENTAL AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
Section 6.06    Fees and Expenses.  The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its affiliates (including the reasonable and invoiced fees, charges and disbursements of Fried, Frank, Harris, Shriver & Jacobson LLP, as counsel for the Administrative Agent) in connection with the preparation, negotiation, execution, delivery, administration and enforcement of this First Incremental Amendment and the other documents and instruments referred to herein or contemplated hereby.
Section 6.07    Loan Document Pursuant to Credit Agreement.  This First Incremental Amendment is a Loan Document executed pursuant to the Credit Agreement and shall be construed, 

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administered and applied in accordance with all of the terms and provisions of the Credit Agreement (and, following the effectiveness hereof, the Amended Credit Agreement).
[Signature Pages Follow]

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IN WITNESS WHEREOF, the signatories hereto have caused this First Incremental Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

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	BORROWER:
	NORANDA ALUMINUM ACQUISITION CORPORATION

By:    /s/ Robert B. Mahoney   
Name:  Robert B. Mahoney
Title:  CFO 

	ADMINISTRATIVE AGENT:
	BANK OF AMERICA, N.A., as Administrative Agent

By:    /s/ Kelly Weaver   
Name: Kelly Weaver   
Title:  AVP

	INCREMENTAL TERM LENDER:
	BANK OF AMERICA, N.A., as Incremental Term Lender

By:    /s/ Joseph L. Corah   
Name:  Joseph L. Corah   
Title:  Director

	LENDERS:
	SIGNATURE PAGE TO THE INCREMENTAL AMENDMENT NO. 1 DATED AS OF MARCH 8, 2013 TO THE CREDIT AGREEMENT DATED AS OF FEBRUARY 29, 2012, AMONG NORANDA ALUMINUM HOLDING CORPORATION, NORANDA ALUMINUM ACQUISITION CORPORATION, THE LENDERS FROM TIME TO TIME PARTY THERETO, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, AND CITIBANK, N.A., UBS SECURITIES LLC, BARCLAYS CAPITAL, CREDIT SUISSE SECURITIES (USA) LLC, GOLDMAN SACHS BANK USA AND APOLLO GLOBAL SECURITIES, LLC, AS CO-SYNDICATION AGENTS AND CO-DOCUMENTATION AGENTS
BANK OF AMERICA, N.A., as Administrative Agent, for and on behalf of the Required Lenders who have consented hereto as provided in Section 10.01 of the Credit Agreement

By:    /s/ Kelly Weaver   
Name:  Kelly Weaver
Title:  AVP

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ACKNOWLEDGEMENT AND AGREEMENT
Each Loan Party listed below hereby acknowledges that it has reviewed the Incremental Amendment No. 1 to Credit Agreement dated as of March 8, 2013 to which this Acknowledgement and Agreement is attached as an exhibit (the “First Incremental Amendment”) and hereby consents to the execution, delivery and performance thereof by the Borrower.  Each Loan Party hereby confirms its obligation under each Loan Document to which it is a party and agrees that, after giving effect to the First Incremental Amendment, neither the modification of the Credit Agreement or any other Loan Document effected pursuant to the First Incremental Amendment, nor the execution, delivery, performance or effectiveness of the First Incremental Amendment or any other Loan Document impairs the validity or effectiveness of any Loan Document to which it is a party or impairs the validity, effectiveness or priority of the Liens granted pursuant to any other Loan Document to which it is a party or by which it is otherwise bound.

	
				
	 
	 
	NORANDA ALUMINUM HOLDING CORPORATION 

By:    /s/ Robert B. Mahoney    
Name:  Robert B. Mahoney 
Title:  CFO

	 

	 
	NORANDA INTERMEDIATE HOLDING CORPORATION 

By:    /s/ Robert B. Mahoney    
Name:  Robert B. Mahoney 
Title:  CFO and Vice President - Finance

	 
	NORANDA ALUMINIUM, INC.

By:    /s/ Mark J. Walker    
Name:  Mark J. Walker 
Title:  Treasurer

	 
	GRAMERCY ALUMINA HOLDINGS INC.

By:    /s/ Mark J. Walker    
Name:  Mark J. Walker 
Title:  Treasurer

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	NORANDAL USA, INC.

By:    /s/ Robert B. Mahoney    
Name:  Robert B. Mahoney 
Title:  CFO and Secretary

	 
	GRAMERCY ALUMINA HOLDINGS II, INC.

By:    /s/ Gail E. Lehman    
Name:  Gail E. Lehman 
Title:  Secretary and General Counsel

	 
	NORANDA ALUMINA LLC

By:    /s/ Gail E. Lehman    
Name:  Gail E. Lehman 
Title:  Secretary

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ANNEX I

INCREMENTAL TERM LOANS

	
			
	Incremental Term Lender
	Amount
	Upfront Fee

	 
	 
	 

	Bank of America, N.A.
	$110,000,000
	$550,000

    
8877324.9ESRX - 03.31.2013 - EX10.1 - ESI_Option_Agreement_Employee

Exhibit 10.1

STOCK OPTION GRANT NOTICE

Notice is hereby given of the following option grant (the “Option”) to purchase shares of common stock, $0.01 par value per share, of Express Scripts Holding Company (the “Common Stock”) pursuant to the following terms and conditions:

		
	•
	Optionee:                    ___________

		
	•
	Grant Date:                    ___________

		
	•
	Exercise Price Per Share:            $__________

		
	•
	Number of Option Shares:             ___________

		
	•
	Term/Expiration Date of Option:        ___________

		
	•
	Type of Option:        ____   Incentive Stock Option

           Non-qualified Stock Option

		
	•
	Vesting Schedule:  The Option shall vest and become exercisable in accordance with the following vesting schedule:

-                                              
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-                                              

		
	•
	Other Provisions:  The Option is granted subject to, and in accordance with, the terms of the Stock Option Agreement (the “Option Agreement”) attached hereto as Exhibit A, including Schedule 1 thereto, and the Express Scripts, Inc. 2011 Long-Term Incentive Plan, as amended from time to time (the “Plan”).

This Option is granted under, and governed by, the terms and conditions of this Grant Notice, the Plan and the Option Agreement.

EXPRESS SCRIPTS HOLDING COMPANY
 
       
By: ___________________________
                        

Attachments:
Exhibit A— Stock Option Agreement

EXHIBIT A

STOCK OPTION AGREEMENT

Express Scripts Holding Company, a Delaware corporation (the “Company”), has granted you (the “Optionee”) an option to purchase shares of common stock of the Company, $0.01 par value per share (“Common Stock”), pursuant to the terms and conditions set forth in your Stock Option Grant Notice (the “Grant Notice”) and this Stock Option Agreement (the “Option Agreement”).

The Option is granted pursuant to the Express Scripts, Inc. 2011 Long-Term Incentive Plan, as amended from time to time (the “Plan”), pursuant to which options, and other awards, may be granted to employees of the Company or an Affiliate.  Except as otherwise specifically set forth herein, all capitalized terms utilized herein (including on Schedule 1 hereto) shall have the respective meanings ascribed to them in the Plan.

The details of your Option are as follows:

1.    Grant of Option.  Pursuant to an action of the Board and/or the Committee, the Company hereby grants to Optionee an option to purchase shares of Common Stock (the “Option”), subject to the terms and conditions described herein.  The number of shares of Common Stock subject to your Option and the Exercise Price Per Share are set forth in the Grant Notice.  If designated in the Grant Notice as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code.  However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d), it shall nevertheless be treated as a Non-Qualified Stock Option.

2.    Term, Vesting and Forfeiture.

(a)Term.  This Option may be exercised only within the Term set forth in the Grant Notice, and may be exercised during such Term only in accordance with the Plan and the terms of this Option Agreement.
(b)Time Vesting.  The Option shall vest in one or more installments in accordance with the Vesting Schedule set forth on the Grant Notice, with the vesting of each installment subject to the Optionee’s continued employment with the Company or an Affiliate through the applicable vesting date, subject to the terms hereof and, where applicable, the terms of an Applicable Employment Agreement (as defined below), if any.
(c)Accelerated Vesting.  Any Option, or portion thereof, which has not yet vested under subparagraph (b) above shall, vest or be forfeited in accordance with the provisions of the Plan, and the terms of this Option Agreement (including Schedule 1 hereto), and, where applicable, the terms of an Applicable Employment Agreement.
(d)Forfeiture of Option.  Except as provided on Schedule 1 hereto or in an Applicable Employment Agreement (if any), if Optionee’s employment with the Company or an Affiliate terminates for any reason, Optionee shall forfeit all rights with respect to any portion of the Option that has not yet vested as of the effective date of the termination without payment therefor.  In such case, the 

remaining vested Options shall be treated as follows: if the Option is a Non-Qualified Stock Option, to the extent it has not expired, the Option shall remain exercisable for one year after the termination of Optionee’s employment and if the Option is an Incentive Stock Option, to the extent it has not expired, the Option shall remain exercisable for three months after termination of Optionee’s employment. 
3.    Exercise of Option.
(a)    Right to Exercise.  This Option is exercisable during its Term in accordance with the Vesting Schedule set forth in the Grant Notice and the applicable provisions of the Plan and this Option Agreement.  

(b)    Method of Exercise.  This Option is exercisable pursuant to the procedures for exercise provided from time to time by the Company and/or by a third-party vendor selected by the Company.  The Option exercise shall require payment of the aggregate exercise price as to all exercised shares.  The method of payment of the aggregate exercise price shall be in a form approved by the Company in accordance with Section 7(a)(ii) of the Plan.  This Option shall be deemed to be exercised upon receipt and approval by the Company (or the appropriate third party) of all required exercise notices, together with full payment of the exercise price and such additional documents as the Company (or the third-party vendor) may then require.  The Company may cause, or authorize its third-party vendor to cause, the vested portion of this Option to automatically be exercised on the Expiration Date for such Option, to the extent it has not previously been exercised or forfeited.

4.    Incorporation of the Plan by Reference; Conflicting Terms.  The Option is granted under, and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference.  Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.  In the event of any conflict between the terms of the Plan and the terms of this Option Agreement, the terms and provisions of the Plan shall govern.

5.    Non-Transferability of Option.  This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee.  The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

6.    Stockholder Rights.  Optionee shall not have any stockholder rights with respect to the shares of Common Stock granted pursuant to this Option until Optionee shall have exercised the Option in accordance with Section 3 hereof.

7.    Adjustments Upon Changes in Capitalization or Corporate Acquisitions.  Should any change be made to the Common Stock by reason of any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, appropriate adjustments shall be made to (a) the total number and/or class of securities or other property (including cash) subject to this Option, and (b) the Exercise Price Per Share set forth in the Grant Notice in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder. 

8.    Committee Discretion.  This Option has been granted pursuant to a determination made by the Board and/or Committee.  Notwithstanding anything to the contrary herein, and subject to the limitations of the Plan, the Committee shall have plenary authority to: (a) interpret any provision of this Option Agreement or the Option; (b) make any determinations necessary or advisable for the administration of this Option Agreement or the Option; (c) make adjustments as it deems appropriate to 

the aggregate number and type of securities available under this Option Agreement to appropriately adjust for, and give effect to, any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change; and (d) otherwise modify or amend any provision hereof, or otherwise with respect to the Option, in any manner that does not materially and adversely affect any right granted to Optionee by the express terms hereof, unless required as a matter of law, subject to the limitations stated in the Plan.

9.    Tax Withholding.  At the time Optionee exercises his or her Option, in whole or in part, the Company shall withhold from Optionee’s compensation any required taxes, including social security and Medicare taxes, and federal, state and local income tax, with respect to the income arising from the exercise of the Option under this Option Agreement.  The Company shall have the right to require the payment of any such taxes before delivering any shares of Common Stock upon the exercise of the Option, or any portion thereof.  Optionee may elect to have any such withholding obligations satisfied by: (i) delivering cash; (ii) delivering part or all of the withholding payment in previously owned shares of Common Stock; and/or (iii) irrevocably directing the Company to reduce the number of shares that would otherwise be issued to Optionee upon the exercise of the Option that number of whole shares of Common Stock having a fair market value, determined by the Company, in its sole discretion, equal to the amount of tax required to be withheld, but not to exceed the Company’s required minimum statutory withholding.  If the Option is an Incentive Stock Option, Optionee must immediately notify the Company in writing in the event Common Stock received pursuant to the Option is sold on or before the later of (a) two years after the Grant Date (as set forth in the Grant Notice), or (b) one year after the exercise date of the Option.

10.    Clawback Policy.  If Optionee is or subsequently becomes a Senior Executive or Chief Accounting Officer of the Company who is subject to the Policy (as hereinafter defined), this Option shall be subject to the Company’s Clawback and Recoupment Policy, or any successor policy, as it may be in effect from time to time, including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), and Optionee specifically acknowledges that such Policy shall apply to previously granted awards and that the Committee shall have discretion regarding application of the Policy to this Option. 

11.    Electronic Delivery.  The Company may choose to deliver certain statutory or regulatory materials relating to the Plan in electronic form, including without limitation securities law disclosure materials.  Without limiting the foregoing, by accepting this Option, Optionee hereby agrees that the Company may deliver the Plan prospectus and the Company’s annual report to Optionee in an electronic format.  If at any time Optionee would prefer to receive paper copies of any document delivered in electronic form, the Company will provide such paper copies upon written request to the Investor Relations department of the Company.

11.    No Right to Continued Employment.  Nothing in this Option Agreement shall be deemed to create any limitation or restriction on such rights as the Company or an Affiliate otherwise would have to terminate the employment of Optionee at any time for any reason.

12.    Entire Agreement.  This Option Agreement, including Schedule 1 hereto, and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties except to the extent that the vesting and/or forfeiture of this Option is specifically addressed by any employment agreement between the Company or an Affiliate, on the one hand, and Optionee, on the other hand (an “Applicable Employment Agreement”), in which instance the relevant terms of such Applicable Employment Agreement shall be incorporated herein and deemed to be a part of this Option Agreement, and, in the event of any conflict 

between the terms of this Option Agreement regarding the vesting or forfeiture of the Option, and the terms of an Applicable Employment Agreement (if any), the terms and provisions of the Applicable Employment Agreement shall govern.  In addition, any references in any such Applicable Employment Agreement to the Express Scripts, Inc. 2000 Long-Term Incentive Plan shall also be deemed to refer to the Plan as appropriate.

13.    Governing Law.  To the extent federal law does not otherwise control, this Option Agreement shall be governed by the laws of Delaware, without giving effect to principles of conflicts of laws.

SCHEDULE 1 TO EXHIBIT A

CERTAIN TERMINATIONS AND CHANGE IN CONTROL PROVISIONS UNDER THE
STOCK OPTION AGREEMENT 

		
	I.
	Certain Terminations of Employment 

(A)    Death.  If Optionee’s employment terminates because of his or her death, then the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full, and may be exercised by the Optionee’s Successor at any time, or from time to time, within one year after the date of Optionee’s death.
(B)    Disability.  If Optionee’s employment terminates because of Disability, then the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full, and Optionee or Optionee’s Successor may exercise such Option at any time, or from time to time, within one year after the date of Optionee’s Disability.
(C)    Retirement.  If Optionee’s employment terminates because of Retirement (as defined below), any portion of the Option that has not vested as of the date of Retirement shall terminate as of such date, and the unvested portion of the Option shall be forfeited to the Company without payment therefor.  In such case, the Optionee may exercise vested Options, to the extent not expired, at any time, or from time to time, within one year after the date of Retirement.  For purposes of this Option Agreement, the term “Retirement” means a termination of employment after the attainment of age 60 and five (5) years of continuous service with the Company or any of its Affiliates.  
(D)    Termination for Cause.  Upon termination of Optionee’s employment by the Company or an Affiliate for Cause, the Option, to the extent not previously exercised, shall immediately terminate.
(E)    Expiration of Term.  Any portion of the Option that is, or becomes, exercisable upon termination of employment which is not exercised within the applicable period set forth in the Option Agreement (including this Schedule 1) or pursuant to an Applicable Employment Agreement shall terminate as of the end of the applicable period; provided, however, that the Company may cause, or authorize its third-party vendor to cause, any remaining vested portion of the Option to automatically be exercised on the last date of the applicable period, to the extent it has not previously been exercised or forfeited.  Notwithstanding the foregoing, or any other provision of the Plan, the Option Agreement, the Grant Notice, this Schedule 1, or an Applicable Employment Agreement to the contrary, in no event shall the Option be exercisable after expiration of the Term.
		
	II.
	Change in Control

(A)    Acceleration of Vesting Upon Change in Control After Which No Public Market for Company or Exchange Stock Exists
1.    Acceleration of Vesting.  Upon the occurrence of a Change in Control after which there will not be a generally recognized U.S. public market for the Company’s Common Stock, for common stock for which the Company’s Common Stock is exchanged or for the common stock of a successor or acquirer entity, the Option, to the extent it has not expired or been terminated, shall, to the extent not yet exercisable, vest and become exercisable in full.
2.    Company Payment.  Upon the occurrence of a Change in Control transaction after which there will be no generally recognized U.S. public market for the Company’s Common Stock on the Change in Control Date, for common stock for which the Company’s Common Stock is exchanged, or for the common stock of a successor or acquirer entity, the Option shall be automatically cancelled without further action by the Company or the Optionee, and the Company shall provide 

payment in connection with such cancellation at a per share price equal to the excess (if any) of the Change in Control Price (as defined below) over the exercise price of the Option.  The Change in Control Price shall mean the value, expressed in dollars, as of the date of receipt of the per share consideration received by the Company’s stockholders whose stock is acquired in a transaction constituting a Change in Control.  In case all or part of such consideration shall be in a form other than cash, the value of such consideration shall be as determined in good faith by a majority of the Incumbent Board, or if there shall be none, by a majority of the Board of Directors based on a written opinion by a nationally recognized investment banking firm, whose determination shall be described in a statement furnished to Participants.
(B)    Option Assumption Upon Other Change in Control Transactions.  Upon the occurrence of a Change in Control after which there will be a generally recognized U.S. public market for the Company’s Common Stock, for common stock for which the Company’s Common Stock is exchanged, or for the common stock of a successor or acquirer entity (such publicly traded stock, “Public Shares”), then the outstanding Options shall be assumed, exchanged or substituted for by a successor or acquirer entity such that following the Change in Control, the Option relates to such Public Shares and (except as provided below) remains subject to the same terms and conditions that were applicable to the Option immediately prior to the Change in Control.  Upon the occurrence of a Change in Control, the following vesting provision shall apply.  
1.    Termination of Employment within Two Years of the Change in Control Date.  If within two (2) years following the Change in Control Date, either (a) the employment of Optionee is terminated without Cause or (b) Optionee terminates employment due to a Constructive Termination, then, notwithstanding the provisions hereof, the outstanding Options shall vest in full on the date of such termination and shall remain exercisable for the remainder of the Term.
2.    Certain Pre-Change in Control Terminations.  If Optionee is either a Senior Executive or a Vice President and the employment of Optionee is terminated without Cause within 90 days prior to the Change in Control Date, then notwithstanding the provisions hereof, the outstanding Options held by such Optionee as of the date of his or her termination of employment shall vest in full on the Change in Control Date and shall remain exercisable for the remainder of the Term.
3.    Defined Terms.  For purposes of this Schedule 1, 
(a)    “Constructive Termination” means,
i.    with respect to an Optionee who is a Senior Executive or a Vice President, a change in employment conditions that results in such Optionee not having or continuing to have Comparable Employment relative to Optionee’s employment immediately preceding the Change in Control Date; and
ii.    with respect to an Optionee who is a Senior Executive, an adverse change in the level of position to which Optionee reports; and
iii.    with respect to an Optionee who is neither a Senior Executive nor a Vice President, (1) a material reduction in the Optionee’s aggregate compensation (including salary, bonus and other benefit plans, including option plans) from that in effect immediately preceding the Change in Control Date or (2) the relocation of the Optionee’s principal place of employment to a location more than fifty (50) miles from the Optionee’s principal place of employment immediately preceding the Change in Control Date;
Notwithstanding anything herein to the contrary, a Constructive Termination shall not occur unless Optionee gives written notice to the Company (or, if applicable, the successor of the Company) within thirty (30) days of the occurrence of any of the events listed under a Constructive Termination and such event remains uncured 

thirty (30) days after the receipt of such notice.  Such termination shall occur immediately following expiration of the cure period to the extent such event remains uncured.
(b)    “Comparable Employment” shall mean employment with the Company and its Affiliates or any successor to the Company’s business following a Change in Control pursuant to which:
i.    the responsibilities and duties of Optionee are substantially the same as before the Change in Control (such changes as are a necessary consequence of the fact that the securities of the Company are no longer publicly traded if the Company’s securities cease to be publicly traded as a consequence of the Change in Control shall not be considered a change in responsibilities or duties), and the other terms and conditions of employment following the Change in Control do not impose on Optionee obligations materially more burdensome than those to which Optionee was subject prior to the Change in Control;
ii.    the aggregate compensation (including salary, bonus and other benefit plans, including option plans) of Optionee is substantially economically equivalent to or greater than Optionee’s aggregate compensation immediately prior to the Change in Control Date.  In making such determination (A) there shall be taken into account all contingent or unvested compensation, under performance-based compensation plans or otherwise, with appropriate adjustment for rights of forfeiture, vesting rules and other contingencies to payment, and (B) any compensation payable by reason of the Change in Control shall be disregarded; and
iii.    the Optionee’s principal place of employment is not relocated to a location more than fifty (50) miles from the Optionee’s principal place of employment immediately preceding the Change in Control.
(c)    “Vice President” or “Senior Executive” shall mean an Optionee who either (i) held the position of Vice President or higher as of the Change in Control Date or (ii) held a position of Vice President or higher for the majority of the 12-month period prior to the Change in Control Date (or, if Optionee has been employed by the Company or its Affiliates for less than 12 months, then the majority of the entire period of employment).

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