Document:

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                                                                   Exhibit 10.5

CHANGE OF CONTROL AGREEMENT made as of the 8 November 2004, between:

                 Alcan Inc., a corporation incorporated under the laws of Canada
                 with its registered office at 1188 Sherbrooke Street West,
                 Montreal, Quebec, Canada H3A 3G2 ("Alcan");

                 Mr. Geoffrey P. Batt (the "Executive")

WHEREAS, Alcan has announced its intention to spin off its Rolled Products
Business (as hereinafter defined) to Novelis Inc. in the manner described in
Alcan's current Form 10 registration statement filed with the Securities
Exchange Commission;

WHEREAS, the Executive has been identified as a key member of the Rolled
Products Business and is expected to transfer employment to Novelis Inc. in the
role of Chief Financial Officer;

WHEREAS Alcan acknowledges that the spin off or any other transaction in
replacement thereof that would result in a change of control of all or
substantially all of the Rolled Products Business, with the attendant
uncertainties and risks, may result in the departure or distraction of key
employees to the detriment of Alcan;

WHEREAS, Alcan has determined that it is appropriate to take steps to induce
key employees to remain as such, and to reinforce and encourage their continued
attention and dedication, when faced with the uncertainty surrounding the said
transfer of control; and

WHEREAS Alcan will, as a condition of the change of control of the Rolled
Products Business, cause the acquirer to assume all liability for the
undertakings to the Executive in this Agreement beginning from the date of the
said change of control.

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

1.     Definitions

"Rolled Products Business" shall mean the majority of Alcan's rolled products
assets and certain alumina and primary metal related assets in Brazil,
substantially as detailed in Alcan's current Form 10 registration statement
filed with the Securities Exchange Commission, and shall include where
appropriate shares in relevant subsidiaries.

"Acquirer" shall mean the acquirer of the Rolled Products Business from Alcan,
which Acquirer may at the time of the Change of Control be subsidiary of Alcan
or an Independent third party (including Novelis Inc.);

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"Change of Control" shall mean the transfer, by sale or otherwise, of the Rolled
Products Business by Alcan to the Acquirer.

"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. In the case of a termination by the Employer, the
Date of Termination shall not be less than 30 days after the Change of Control
except in the case of a termination for Cause, which shall be the date specified
in the notice of termination. In the case of a termination by the Executive for
Good Reason, the Date of Termination shall not be earlier than 90 days after the
Change of Control.

"Employer" shall mean the employer of the Executive at the time of his or her
Date of Termination;

"Special Termination Indemnity Payment" shall mean an amount equal to 24 months
of the Executive's total cash compensation (i.e. base salary plus EPA Guideline
amount) in effect on the date of termination of employment;

"Termination for Good Reason" refers to a termination of employment by the
Executive within 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, responsibilities or
       authority (except in each case in connection with the termination of the
       Executive's employment for Cause or temporarily as a result of the
       Executive's illness or other excusable absence);

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

(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 Employer 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 Employer'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 Employer 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 long-term incentive plans and
       programs 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 employer 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);

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(vi)     the failure by the Employer to continue in effect any material employee
         benefit program such as a saving, pension, excess pension, medical,
         dental, disability, accident, life insurance plan or a relocation plan
         or policy or any other material plan, program, perquisite or policy of
         the Employer 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 employer 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 or her of any material benefit enjoyed by the Executive at
         the time of a Change of Control;

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

(viii)   failure of any successor Employer to assume in a writing delivered to
         the Executive the obligations hereunder within 21 days after written
         notice by the Executive.

"Termination for Cause" shall mean:

(i)      the failure by the Executive to attempt to substantially perform his
         or her duties and responsibilities with regard to the Employer or any
         affiliate (other than any such failure resulting from the Executive's
         incapacity due to physical or mental illness) after demand for
         substantial performance is delivered by Employer that specifically
         identifies the manner in which the Employer 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 Employer or its business which is materially injurious to the
         Employer monetarily or otherwise; or

(iii)    any misappropriation or fraud with regard to the Employer or any of
         the assets of the Employer (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 interests of the Employer. 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",
the Executive shall be required to furnish the Employer with a written
statement from a licensed physician who is reasonably acceptable to the
Employer 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 Employer prior to a Change
of Control.

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2.    ALCAN'S UNDERTAKINGS TO THE EXECUTIVE UPON CHANGE OF CONTROL

2.1   The term of Alcan's undertakings as set out hereunder shall commence on
      the date of this Agreement and shall expire, unless previously terminated
      as provided herein, on the earliest of:

      (a)   24 months after the date of Change of Control;

      (b)   the date of the Executive's death;

      (c)   the date of the Executive's retirement;

      (d)   the day following the termination of the Executive's employment for
            any other reason; or

      (e)   30 June 2005, in the event that no Change of Control has taken
            place.

2.2   Alcan shall cause the Acquirer to assume all liability for the
      undertakings to the Executive as a condition of the Change of Control. If
      the Executive's employment with Alcan, the Acquirer or a subsequent
      acquirer of the Rolled Products Business is terminated during the
      above-stated term:

      (a)   by the Employer by reason other than for Cause; or

      (b)   by the Executive for Good Reason,

      the Executive shall be entitled to the Special Termination Indemnity
      Payment from Alcan.

3.    EXECUTIVE'S UNDERTAKINGS TO ALCAN

The Executive, as an executive of Alcan, undertakes (i) to act in good faith
and cooperate reasonably with a view to the completion of the Change of Control
of the Rolled Products Business in the best interests of Alcan as a whole as
determined by the Alcan Board of Directors, including in respect of any
subsequent spin-off or other transaction, (ii) to conduct himself or herself as
an employee of Alcan and use his or her influence as an executive so that the
interests of Alcan as a whole are fairly protected and well-managed in a manner
consistent with past practice until such time as Alcan spins off or otherwise
transfers the Rolled Products Business, (iii) to conduct himself or herself so
as to facilitate the due exercise by the Alcan Board of Directors of the
fiduciary and other duties to which it is bound in the context of the said
transaction, and (iv) to facilitate the transfer of Alcan's obligations under
this Agreement to the Acquirer or to a subsequent acquirer of the Rolled
Products Business.

4.    OTHER PROVISIONS

4.1   No Duty to Mitigate/Set-off.  Alcan agrees that if the Executive's
employment is terminated pursuant to this Agreement other than for Cause 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 Alcan pursuant to this

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      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. Alcan's obligations to perform its
      obligations hereunder shall not be affected by any circumstances,
      including without limitation, any set-off, counterclaim, defense or other
      right which Alcan may have against the Executive.

4.2   References to Subsidiaries. For purposes of this Agreement, unless the
      context otherwise required, references to Alcan or to the Acquirer shall
      include as appropriate references to one or more of their respective
      subsidiaries (as "subsidiary" is defined in the Canada Business
      Corporations Act).

4.3   Confidentiality and Non-Competition Undertakings. Without prejudice to
      any other confidentiality undertakings or obligations by which the
      Executive may be bound in favour of Alcan, 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, any proprietary processes, trade secrets or other confidential
      data or information of Alcan and their respective related and affiliated
      companies concerning their businesses or affairs, accounts, products,
      services or customers, it being understood, however, that these
      obligations shall not apply to the extent that the aforesaid matters (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. The provisions of
      this paragraph shall survive and remain in effect notwithstanding the
      termination of this Agreement and the termination of the Executive's
      employment.

4.4   Successors -- Binding Agreement. 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 or her 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.

4.5   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.

4.6   Legal Fees. In the event Alcan 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 legal counsel. Alcan shall pay all
      costs of such collection or enforcement, including reasonable legal fees
      and other reasonable fees and expenses which the Executive may incur.
      Alcan 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

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     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.

4.7  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 Alcan 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 or the Employer or statutory entitlements. Amounts that are
     vested benefits or which the Executive is otherwise entitled to receive
     under any plan or program, at or subsequent to the date of termination
     shall be payable in accordance with such plan or program, except as
     otherwise specifically provided herein.

4.8  Not an Agreement of Employment. This is not an agreement assuring
     employment and Alcan reserves the right to terminate the Executive's
     employment at any time with or without cause, subject to the provisions
     hereof.

4.9  Interpretation. No provisions of this Agreement may be modified, waived or
     discharged unless such waiver, modification or discharge is agreed to in
     writing by the parties. No waiver by any party hereto at any time of any
     breach by any 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 or the Employment Agreement. All references to any law shall be
     deemed also to refer to any successor provisions to such laws.

4.10 Governing Law. This Agreement shall be construed, interpreted, and governed
     in accordance with the laws of the Province of Quebec.

4.11 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 parties have caused this Agreement to be duly executed
as of the date first set forth above.

ALCAN INC.                          GEOFFREY P. BATT

By: /s/ Brian W. Sturgell           /s/ Geoffrey P. Batt

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                                                                    Exhibit 10.6

                         NOVELIS CONVERSION PLAN OF 2005

1. PURPOSES AND INTRODUCTORY STATEMENTS.

         (a) The purposes of the Novelis Conversion Plan of 2005 (the "PLAN")
are (i) to encourage key employees to continue employment or service with
Novelis Inc. (the "COMPANY") and its subsidiaries following the Distribution
referred to below, (ii) to provide a means for encouraging key employees to
obtain an increased proprietary interest in the enterprise and an additional
incentive to further its growth and development, and (iii) to furnish maximum
incentive to those persons to improve operations and increase profits and to
strengthen the mutuality of interest between those persons and the Company's
shareholders by providing them with stock options.

         (b) In connection with the distribution by Alcan Inc. ("ALCAN") of
substantially all of its aluminum rolled products businesses to the Company,
Alcan's capital reorganization and the related ancillary transactions (the
"DISTRIBUTION"), all Alcan stock options (the "ORIGINAL OPTIONS") held by
employees of Alcan or its subsidiaries who have become employees of the Company
or its subsidiaries are to be replaced with options to purchase the Company's
common shares (the "CONVERTED OPTIONS").

         (c) In connection with the Distribution and through this Plan, the
Company will provide the means to assure some continuity of expectation to
future benefits, if any, that employees who continue employment or service with
Novelis and its subsidiaries might otherwise have had with respect to the Alcan
Executive Stock Option Plan (the "FORMER PLAN").

         (d) Company common shares to be issued upon exercise of the Converted
Options and new options granted under this Plan (the "New Options") will be
delivered under this Plan. The terms of this Plan apply only to both the
Converted Options and the New Options. Certain provisions of the Former Plan
have been retained in this Plan for reference purposes only, even though they
have no future application.

2.   DEFINITIONS.

     "Board of Directors" means the Board of Directors of the Company;

     "Committee" means those members of the Human Resources Committee of the
     Board of Directors who are not employees of the Company or of any
     Subsidiary;

     "Common Share" or "Share" means a Common Share of the Company;

     "Company" means Novelis Inc.;

     "Converted Options" means the options to purchase Shares of the Company to
     be granted under this Plan, in connection with the Distribution, to
     employees of the Company and its Subsidiaries as replacement options for
     the Original Options;

     "Director" means a Director of the Company;

     "Effective Date" means, in respect of a Converted Option, the date on which
     an Original Option was granted or any subsequent date so designated by the
     relevant Alcan committee at the time the Original Option was granted, and,
     in respect of a New Option, the date on which a New Option was granted or
     any subsequent date so designated by the Committee at the time the New
     Option was granted;

     "Former Plan" means the Alcan Executive Share Option Plan;

     "Holding Period" has the meaning set out in paragraph 8 below;

     "In the Money Amount" means in relation to an Original Option or a
     Converted Option, as applicable,

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     the amount by which the fair market value of the Alcan common shares or the
     Shares that are subject to the option, as applicable, exceeds the
     subscription price under such option.

     "Majority Acquisition" means the acquisition by any person through an
     unsolicited take-over bid of more than 50% of the voting shares of the
     Company;

     "Majority Election" means any election of Directors at which any person who
     has made an unsolicited take-over bid succeeds (together with others) in
     obtaining the election of a majority of the members of the Board of
     Directors of his choice;

     "Market Value" means the average of the high and low prices of Shares on
     The Toronto Stock Exchange on the relevant day, or if two or more sales of
     Shares shall not have been reported for that day, on the next preceding day
     for which there have been two or more reported sales.

     "New Options" means the options to purchase Shares of the Company granted
     under this Plan to employees of the Company and its Subsidiaries, other
     than Converted Options granted at the time of Distribution;

     "Optionee" means a person who is granted Converted Options or New Options
     pursuant to this Plan;

     "Option Period" has the meaning set out in paragraph 7 below;

     "Original Options" means the options to purchase Alcan common shares
     granted under the Former Plan that are to be replaced with Converted
     Options in connection with the Distribution;

     "Plan" means this Novelis Conversion Plan of 2005, adopted by the Company
     on December 22, 2004, as amended from time to time;

    "Retirement" means (unless otherwise determined by the Committee):

     (i)   retirement in accordance with the provisions of those employee
           benefit plans of the Company or any Subsidiary covering the Optionee,
           or

     (ii)  if the Optionee is not covered by any such plan, as determined by the
           Committee, or

     (iii) the placing of a terminated Optionee on the Company's non-active
           payroll in order to permit such Optionee to attain early retirement
           age;

     "Shareholder" means a holder of Common Share(s);

     "Subsidiary" means any company in which the Company owns, directly or
     indirectly, more than 50% of the voting stock;

     "Vested Portion" means that number of Shares covered by a Converted Option
     in respect of which the Converted Option may be exercised at any given
     time, as determined in paragraph 7 below; and

     "Waiting Period" means a period of at least three months commencing on the
     Effective Date and such additional period, if any, as was established by
     the relevant Alcan committee at the time of the grant of the Original
     Option, such additional period to be subject to such terms and conditions,
     including conditions for the earlier termination of such additional period,
     as the Committee may determine.

3.   ADMINISTRATION.

     The Plan shall be administered by the Committee. The Committee shall have
     full and complete authority to interpret the Plan and to prescribe such
     rules and regulations and make such other determinations as it deems
     necessary or desirable for the administration of the Plan.

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4.   GRANT OF OPTIONS

     Each employee of Alcan or its Subsidiaries holding one or more Original
     Options who becomes an employee of the Company or its Subsidiaries in
     connection with the Distribution shall, upon the effectiveness of the
     Distribution or at such later date as such person becomes an employee of
     the Company or its Subsidiaries, be hereby granted a Converted Option for
     each such Original Option. The number of Shares to be covered by a
     Converted Option shall be the number determined on or following the
     Distribution, established in accordance with the following:

     A = B multiplied by C divided by D

     Where:

     A    means the number of Shares to be covered by the Converted Option,
          rounded down to the nearest integer,

     B    means the number of Alcan common shares covered by the Original
          Option,

     C    means the volume-weighted average price of an Alcan common share on
          The Toronto Stock Exchange for the last trading day prior to the
          Distribution, in Canadian dollars, and

     D    means the volume-weighted average price of a Share on The Toronto
          Stock Exchange for the first trading day following the Distribution,
          in Canadian dollars.

     In no event shall the aggregate In the Money Amount applicable to the
     Converted Options determined immediately after the Distribution exceed the
     aggregate In the Money Amount applicable to the Original Options determined
     preceding the Distribution.

     Subject to applicable laws and stock exchange rules and regulations, the
     Committee may grant New Options in respect of a maximum number of Shares
     representing by three percent of the number of Shares outstanding as at the
     completion of the Distribution, provided however that the aggregate number
     of Converted Options and New Options granted under this Plan shall not
     exceed ten percent of the number of Shares outstanding as at the completion
     of the Distribution. The Committee shall from time to time, in respect of
     New Options, designate the Optionees as well as the number of Shares to be
     covered by each New Option and shall fix the Effective Date of the New
     Option.

     Any Optionee may hold more than one Converted Option or one New Option.

5.   SUBSCRIPTION PRICE

     The subscription price for each Share covered by a Converted Option shall
     be the price in United States dollars determined on or following the
     Distribution, established in accordance with the following:

     E =F multiplied by D multiplied by USD divided by C

     Where:

     E    means the subscription price for each Share covered by a Converted
          Option, in United States dollars,

     F    means the subscription price for each Share covered by the Original
          Option, in Canadian dollars,

     C    means the volume-weighted average price of an Alcan common share on
          The Toronto Stock Exchange for the last trading day prior to the
          Distribution, in Canadian dollars,

     D    means the volume-weighted average price of a Novelis common share on
          The Toronto Stock Exchange for the first trading day following the
          Distribution, in Canadian dollars, and

     USD  means nominal noon exchange rate for the United States dollar,
          expressed in United States dollars per Canadian dollar, as published
          by the Bank of Canada on the first trading day following the
          Distribution.
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     The subscription price for each Share covered by a New Option shall be
     established by the Committee at not less than 100% of the Market Value of a
     Share on the Effective Date

6.   EXERCISE OF OPTION

     A Converted Option may be exercised in respect of the Vested Portion in
     whole at any time or in part from time to time during the Option Period.
     The subscription price of Shares shall be paid in full in cash at the time
     of exercise of the Converted Option.

     A New Option may be exercised in the manner prescribed by the Committee in
     whole at any time or in part from time to time during the Option Period or
     in such amounts and at such times during the Option Period as the Committee
     may determine. The subscription price of Shares shall be paid in full in
     cash at the time of exercise of the New Option

7.   OPTION VESTING AND TERMINATION PERIODS

     Each Converted Option shall be exercisable by the Optionee in respect of
     the Vested Portion during a period ("Option Period") beginning on the later
     of the date of first vesting and the expiry date of the Waiting Period, if
     any, and terminating not later than ten years after the Effective Date,
     except that:

     7.1  in the case of certain Optionees who are, or may be deemed to be,
          insiders of the Company in accordance with any applicable law, the
          Waiting Period shall not be shorter than the period prescribed by such
          law;

     7.2  subject to the Option Period stated above, the Option Period shall
          terminate not later than five years after the earlier of:

          (a)  the death of the Optionee, and

          (b)  the Retirement of the Optionee; and

     7.3  the Option Period shall (unless otherwise determined by the Committee)
          terminate immediately upon the resignation of the Optionee or other
          termination (except if paragraph 7.2 applies) of employment of the
          Optionee by the Company.

     Each New Option shall be exercisable by the Optionee during an Option
     Period established by the Committee at the time the New Option is granted
     which shall terminate not later than ten years after the Effective Date,
     except that:

     7.4  in the case of certain Optionees who are, or may be deemed to be,
          insiders of the Company in accordance with any applicable law, the
          Waiting Period shall not be shorter than the period prescribed by such
          law;

     7.5  subject to the Option Period stated above, the Option Period shall
          terminate not later than five years after the earlier of:

          (a)  the death of the Optionee, and

          (b)  the Retirement of the Optionee; and

     7.6  the Option Period shall (unless otherwise determined by the Committee)
          terminate immediately upon the resignation of the Optionee or other
          termination (except if paragraph 7.5 applies) of employment of the
          Optionee by the Company.

     In the case of death, the Optionee's estate shall have the right to
     exercise Converted Options at any time with respect to all, or from time to
     time with respect to any portion, of the Vested Portion which the

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     Optionee had not previously exercised. The Optionee's estate shall have the
     right to exercise New Options at any time with respect to all or from time
     to time with respect to any portion of New Options which the Optionee had
     not previously exercised.

     All rights under an Converted Option or a New Option unexercised in whole
     or in part at the termination of the Option Period shall be forfeited.

     The Vested Portion of a Converted Option granted in respect of an Original
     Option that was vested on or before the date of Distribution shall be all
     of the Shares covered by such Converted Option, as and from the date of
     Distribution. The Vested Portion of a Converted Option granted in respect
     of an Original Option that was not vested on the date of Distribution shall
     be: one-quarter of the Shares covered by such Converted Option, as and from
     the first anniversary of the date of Distribution; one-half of the Shares
     covered by such Converted Option, as and from the second anniversary of the
     date of Distribution; three-quarters of the Shares covered by such
     Converted Option, as and from the third anniversary of the date of
     Distribution; and all of the Shares covered by such Converted Option, as
     and from the fourth anniversary of the date of Distribution.

8.   DISPOSAL OF SHARES ACQUIRED

     Shares issued pursuant to the exercise of a Converted Option or a New
     Option may not be disposed of by the Optionee until the expiry of such
     period ("Holding Period"), if any, as may have been prescribed, in respect
     of a Converted Option, by the relevant Alcan committee at the time of grant
     of the Original Option, and, in respect of a New Option, by the Committee
     at the time of grant of the New Option, except that, if such Holding Period
     has been prescribed:

     9.1  in the event of the exercise of a Converted Option or a New Option by
          the estate of a deceased Optionee, the estate may dispose of the
          related Shares immediately;

     9.2  in the event of the exercise of a Converted Option or a New Option
          after the Retirement of the Optionee, the Optionee may dispose of the
          related Shares immediately;

     9.3  the Committee may, in the light of special circumstances affecting an
          Optionee and at its discretion, waive any Holding Period which has
          been prescribed in respect of such Converted Option or New Option; and

     9.4  notwithstanding the above, in the case of certain Optionees who are,
          or may be deemed to be, insiders of the Company in accordance with any
          applicable law, the Holding Period shall not be shorter than the
          period, if any, prescribed by such law.

9.   NON-ASSIGNABLE

     No Converted Option, New Option or any interest therein shall be assignable
     by the Optionee otherwise than by will or the laws of descent and
     distribution. During the life of the Optionee, a Converted Option or a New
     Option shall be exercisable only by the Optionee or the Optionee's legal
     representative.

10.  EFFECTS OF CERTAIN TRANSACTIONS

     In the event of any change in the outstanding Shares by reason of any stock
     dividend, stock split, recapitalization, merger, consolidation, combination
     or exchange of Shares or other similar corporate change, an equitable
     adjustment shall be made in the number or kind of Shares subject to
     outstanding options and/or in the subscription price of such Shares. Such
     adjustment shall be made by the Committee and shall be conclusive and
     binding for all purposes of the Plan.

11.  AMENDMENT AND TERMINATION

     The Board of Directors may at any time and from time to time amend, suspend
     or terminate the Plan in

<PAGE>

     whole or in part, provided however that the Board of Directors may not,
     without approval of the holders of a majority of the Shares present and
     voting in person or by proxy at a meeting of Shareholders of the Company,
     materially increase the benefits accruing to Optionees, or increase the
     number of Shares issuable pursuant to the Plan, or materially modify the
     requirements as to eligibility for participation in the Plan. No such
     amendment, suspension or termination may, without the consent of the
     Optionee to whom Converted Options or New Options shall theretofore have
     been granted, adversely affect the rights of such Optionee.

     The Board of Directors or the Committee may authorize the issuance of
     benefits under this Plan in connection with the assumption of, or
     substitution for, outstanding benefits previously granted to individuals
     who become employees of the Company or any subsidiary as a result of any
     merger, consolidation, acquisition of property or stock, or reorganization
     other than upon the occurrence of a Majority Acquisition or a Majority
     Election, upon such terms and conditions as the Committee may deem
     appropriate.

12.  CONDITION FOR ISSUANCE OF SHARES

     The obligation of the Company to issue Shares pursuant to the exercise of
     Converted Options or New Options shall be subject to the condition that
     such Shares shall have been registered with the Securities and Exchange
     Commission, Washington, D.C., U.S.A. and shall have been listed or
     authorized for listing upon the relevant stock exchanges.

13.  CHANGE OF CONTROL

     Upon the occurrence of a Majority Acquisition or a Majority Election, all
     Converted Options and new Options shall become immediately exercisable and
     all Waiting Periods and Holding Periods shall be waived, provided that
     Optionees who are, or may be deemed to be, insiders of the Company in
     accordance with any applicable law shall be subject to such law.

14.  SHARES AVAILABLE UNDER THE PLAN.

     There is hereby reserved for issuance under the Plan that number of Shares
     covered by the aggregate of all Converted Options and New Options issued
     under the Plan, determined on or following the Distribution in accordance
     with paragraph 4 of the Plan.

15.  TAXES.

     The Company shall be entitled to withhold the amount of any tax
     attributable to any amounts payable or Shares deliverable under the Plan,
     after giving the person entitled to receive such payment or delivery notice
     and the Company may defer making payment or delivery as to any award, if
     any such tax is payable until indemnified to its satisfaction. A
     participant may pay all or a portion of any required withholding taxes
     arising in connection with the exercise of a Converted Option or a New
     Option by electing to have the Company withhold Shares having a fair market
     value equal to the amount required to be withheld.

16.  GOVERNING LAW.

     The Plan and any actions taken in connection herewith shall be governed by
     and construed in accordance with the laws of Ontario and the laws of Canada
     applicable therein.

17.  APPROVAL.

     The Plan was adopted by the Board of Directors on January 5, 2005. Pursuant
     to the rules of The Toronto Stock Exchange and the New York Stock Exchange,
     no further shareholder approval of this Plan was or will be required.

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