Document:

Form of Aleris Holding Company 2010 EIP SOAA with Management Team Members

 Exhibit 10.13 
 FORM OF 
 ALERIS HOLDING COMPANY 

2010 EQUITY INCENTIVE PLAN 
 STOCK OPTION AWARD AGREEMENT 
  

									
		  		  	June 11, 2010	  			
				
	TO:	  		  		  			
				
	FROM:	  	Aleris Holding Company	  		  			
				
	Re:	  	Option Award	  		  			

 I am pleased to report that you have been granted an Option to purchase shares of common stock of Aleris Holding
Company (the “Company”). Some important information about your Option is set out in this Award Agreement. The Option was granted under the Company’s 2010 Equity Incentive Plan (the “Plan”), a copy of which is
attached. Your Option is subject in all respects to the terms and conditions of the Plan. 
  

	1.	Key Terms. 

  

	 	(a)	The Option Shares: Common stock of the Company, par value $0.01 per share. 

 

	 	(b)	Grant Date: June 11, 2010 

  

	 	(c)	Number of Shares and Exercise Price per Share: Your Option is divided into three groups, each with a different Exercise Price, as follows:

  

									
	 	  	Number of Shares	 	  	Exercise Price	 
	 FMV Stock Option
	  				  	$	29.76	  
	 Premium Stock Option
	  				  	$	44.64	  
	 Super-Premium Stock Option
	  				  	$	59.52	  
	 TOTAL NUMBER OF SHARES
	  				  			

  

	 	(d)	Vesting: Your FMV Stock Option, Premium Stock Option and Super-Premium Stock Option will vest and become exercisable quarterly over four (4) years. More
specifically, those Options will vest and become exercisable as to six and a quarter percent (6.25%) of the Shares covered by such Option on the last day of each August, November, February, and May following the Grant Date, with the vesting of
the first 6.25% to occur on August 31, 2010 and the last vesting scheduled to occur on May 31, 2014. In all cases, you must be continuously employed from the Grant Date through the relevant vesting date in order for that portion of the
Option to become vested and exercisable. (In this Agreement, reference to your employment terminating means that you are no longer employed by the Company or any Affiliate.) 

	 	(e)	Change of Control: If you are employed at the time of a Change of Control, your Option will vest and become exercisable to the extent necessary to make the
cumulative percentage of your Option that has become vested and exercisable as of such Change of Control at least equal to the percentage by which the Initial Investors have reduced their combined Common Stock interest in the Company. This
percentage will be measured by comparing the number of Shares acquired by the Initial Investors on the Effective Date and still held immediately following the Change of Control to the number of Shares they held as of the Effective Date (to be
adjusted for stock splits, stock dividends, and the like). This percentage will be applied separately to each of the FMV Stock Option, the Premium Stock Option and the Super-Premium Stock Option. If the Initial Investors’ combined Common Stock
interest in the Company is reduced by 75% or more, then your Option will vest, and be exercisable, in full. By way of example and for illustration purposes only, if there is a Change of Control when 50% of the Stock Option is vested and exercisable
and the Initial Investors reduce their combined Common Stock interest in the Company by 70%, then an additional 20% of each of the FMV Stock Option, the Premium Stock Option and the Super-Premium Stock Option shall vest and become exercisable upon
the Change of Control, and, subject to Section 11 of the Plan, the remaining 30% of the Stock Option shall continue to vest in accordance with Section 1(d) hereof. 

 

	 	(f)	Scheduled Expiration Date: Your Option is scheduled to terminate on the tenth anniversary of the Grant Date. 

 

	2.	Exercise. Only the vested portion of your Option may be exercised. In order to exercise all or any portion of the Option, you must deliver written notice
to the Company of your intention to exercise, setting forth the number of Shares with respect to which the Option is to be exercised, along with payment of the Exercise Price and applicable withholding taxes in cash or by a personal check or bank
draft. Instead of delivery of cash to pay the Exercise Price and applicable withholding taxes, the Committee may permit you to exercise your Option on a net exercise basis, in which case the Company will hold back from the Shares otherwise
deliverable pursuant to such exercise the number of Shares necessary to satisfy the Exercise Price and/or applicable withholding taxes. The Committee may make this net exercise privilege available in cases where the Option is exercised after a
Participant’s employment has ended at a time when the Shares are not publicly-traded. The Company will in its sole discretion determine the appropriate manner of dealing with fractional shares, including cancellation without payment. As a
condition to the exercise of your Option, the Shares to be received upon exercise of your Option shall be subject to all of the terms of the Stockholders Agreement. By signing below, you will have agreed to become a party to, and be bound by, the
Stockholders Agreement on the first day that you acquire any Shares pursuant to your Option. 

  

	3.	Early Termination of the Option. Your Option may terminate before the Scheduled Expiration Date: 

 

	 	(A)	when your employment ends, the unvested portion of your Option will terminate immediately; 

 

	 	(B)	when your employment ends, the vested portion of your Option will terminate as follows: 

 

	 	(i)	if your employment ends because of a discharge for Cause, the Option will terminate immediately; 

  
 2 

	 	(ii)	if you quit voluntarily, the Option will terminate on the ninetieth (90th) day after your employment ends; 

 

	 	(iii)	if you are discharged without Cause, the Option will terminate six (6) months after your employment ends; 

 

	 	(iv)	if your employment ends due to your death or Disability, the Option will terminate twelve (12) month after your employment ends; and 

 

	 	(C)	the Option will terminate upon any cancellation, termination or expiration implemented by the Committee under Plan Section 11 (adjustments upon certain corporate
transactions) or Plan Section 15(b) (clawback/forfeiture). 

  

	4.	Company Call Right. After your employment ends, the Company shall have the right, but not the obligation, to purchase any Shares acquired by you
upon exercise of your Option (the “Call Right”). This Call Right may be exercised, in whole or in part, from time to time, by the Company providing written notice to you expressing its intent to exercise its Call Right and
establishing a call settlement date of not earlier than six (6) months after you acquired the Shares being called. If the Company exercises the Call Right, as consideration for the Shares purchased by the Company, you will be paid the Fair
Market Value of the Shares on the call settlement date. 

  

	5.	Disclosure Memorandum/Confidentiality: You acknowledge that you have received and read a copy of the Plan’s Disclosure Memorandum, a copy of
which is attached. By signing below, you agree to keep strictly confidential any non-public information provided to you by the Company or any Affiliate (“Confidential Information”), including, without limitation, the information
contained in the Disclosure Memorandum, the terms of the Stockholders Agreement and/or any financial information relating to the Company or any Affiliate contained therein or subsequently provided to you. You may disclose Confidential Information
(i) if required by applicable law; (ii) to members of your immediate family or, (iii) where necessary, to your tax or legal advisors so long as you inform your advisors of this confidentiality provision and they expressly agree to be
bound by it. 

  

	6.	Option Subject to Plan and Stockholders Agreement. 

  

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

  

	 	(b)	Conflicts. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan and/or the Stockholders Agreement, the
term or provision contained in the Plan and/or the Stockholders Agreement shall control. In the event of a conflict between any term or provision contained in the Plan and a term or provision of the Stockholders Agreement, the Committee shall
resolve any such conflict in its sole discretion. 

  
 3 

	 	(c)	Defined Terms. Capitalized terms not otherwise defined in this Award Agreement have the meanings given such terms in the Plan. 

 

	7.	Federal Taxes. The Option is not intended to be treated as an “incentive stock option,” as such term is defined in Section 422 of the Code.
You should consult your personal tax advisor for more information concerning the tax treatment of your Option. 

 We are
excited to give you this opportunity to share in our future success. Please indicate your acceptance of this Option and that you have read and understand the terms of the Plan and this Award Agreement by signing and returning a copy of this Award
Agreement to the address set forth below before June 17, 2010. 
  

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

 By executing this Award Agreement, you acknowledge that you will become a party to this Award Agreement on the date hereof and, without any further action, the Stockholders Agreement on the first date
that you acquire any Shares pursuant to your Option. Other than the Company, no party to the Stockholders Agreement will have any obligation to you under this Award Agreement. 

 

	
	Agreed to and Accepted by:
	
	  

  
 4Aleris Holding Company 2010 Equity Incentive Plan RSU Agrmt-Demetriou

 Exhibit 10.14 
 ALERIS HOLDING COMPANY 
 2010 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 
 THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made, effective as of the date set forth on Exhibit A hereto (the “Grant Date”), between ALERIS HOLDING
COMPANY, a Delaware corporation (together with its successors and assigns) (the “Company”), and the person named on Exhibit A hereto (the “Participant”). Capitalized terms used and not otherwise defined herein
shall have the respective meanings ascribed to them in the Plan (as defined below). 
 W I T N E S S E T H: 

In consideration of the mutual promises and covenants made herein, and of the Participant having entered into an employment agreement
(the “Employment Agreement”) with a subsidiary of the Company effective as of the Effective Date, and of the mutual benefits to be derived herefrom, the parties hereto agree as follows: 

1. Grant of Restricted Stock Units. Subject to the provisions of this Agreement and to the provisions of the Aleris Holding
Company 2010 Equity Incentive Plan, as amended, supplemented or otherwise modified from time to time (the “Plan”), which is hereby incorporated by reference herein, to the extent set forth in Section 15 below, the Company
grants to the Participant as of the Grant Date the number of Restricted Stock Units as set forth on Exhibit A hereto. Such Restricted Stock Units shall be credited to a separate account maintained for the Participant on the books of the Company
(the “Account”). As of the Grant Date, each Restricted Stock Unit credited to the Account shall correspond to one share of Common Stock. Thereafter, each Restricted Stock Unit shall correspond to such original share of Common Stock,
plus any securities or other property received in respect of such share (or such securities and property) by the holders thereof (other than Dividend Equivalents paid under Section 5 below). The Restricted Stock Units shall vest and settle as
set forth in Sections 2 and 3 below, and shall be subject to adjustment as set forth in Section 6 below. Subject to Section 15 below, this Agreement shall be construed in accordance with the provisions of the Plan. If requested by the
Company, as a condition precedent to the settlement of the Restricted Stock Units pursuant to this Agreement, the Participant shall execute the Stockholders Agreement, if any, (unless the Participant has already done so) in which case the
Participant shall have all of the rights and obligations of a Stockholder (as such term is defined in the Stockholders Agreement) described therein in respect of any shares of Common Stock that are acquired by the Participant pursuant to the
settlement of the Restricted Stock Units. Any shares of Common Stock received by the Participant upon settlement of the Restricted Stock Units shall be subject to all terms of the Stockholders Agreement (without regard to whether or not the
Participant is a party to the Stockholders Agreement). 
 2. Terms and Conditions. 

(a) Time-Based Vesting. Subject to Section 3 of this Agreement, the Restricted Stock Units shall vest with respect to six
and a quarter percent (6.25%) of the 

 
Restricted Stock Units on each quarterly anniversary of the Effective Date during the four year period following the Effective Date, so as to be fully vested on the fourth anniversary of the
Effective Date. 
 (b) Change of Control. Notwithstanding Section 2(a) and subject to Section 3 of this
Agreement, the Restricted Stock Units shall vest immediately upon a Change of Control with respect to the smallest number of Restricted Stock Units necessary to make the percentage representing the total vested portion of the Restricted Stock Units
granted under this Agreement (including after giving affect to this sentence) at least equal to the percentage by which the Initial Investors have reduced their combined Common Stock interest in the Company (measured by the number of shares of the
Company’s Common Stock acquired on the Effective Date and still held immediately following the Change of Control as compared to the number of shares of the Company’s Common Stock held as of the Effective Date, in each case as adjusted for
stock splits, stock dividends, and the like); provided, however, that, if the Initial Investors’ combined Common Stock interest in the Company is reduced by 75% or more (as measured above), then the Restricted Stock Units shall vest in full. By
way of example and for illustration purposes only, if there is a Change of Control following the second anniversary of the Effective Date when 50% of the Restricted Stock Units are vested and the Initial Investors reduce their combined Common Stock
interest in the Company by 70%, then an additional 20% of the Restricted Stock Units shall vest upon the Change of Control, and, subject to Section 11 of the Plan and Section 6 of this Agreement, the remaining 30% of the Restricted Stock
Units shall continue to vest in accordance with Section 2(a) hereof. 
 (c) Settlement. Within
ten (10) business days following the vesting of any Restricted Stock Units, subject to Section 6 of this Agreement, such Restricted Stock Units shall be settled (and, upon such settlement, shall cease to be credited to the Account) by the
Company: (i) paying all withholding taxes due in connection with such vesting and settlement and deducting from the portion of the Account that corresponds to such Restricted Stock Units a sufficient number of Restricted Stock Units (including
fractional Restricted Stock Units as necessary) such that the Fair Market Value of such deducted Restricted Stock Units equals the withholding taxes due in connection with such vesting and settlement; (ii) issuing to the Participant all
securities and other property credited to such portion of the Account after the deduction specified in clause (i) (such securities, to the extent that they consist of Shares, the “RSU Shares”); (iii) accumulating any
fractional Shares in the Account until the first subsequent vesting date on which a whole Share is able to be settled pursuant to this Section 2(c); provided, that, if any fractional Share is not settled within two and one-half (2
 1/2) months following the calendar year in which
they vested, such fractional share shall be forfeited; and, (iv) with respect to the RSU Shares so issued, entering the Participant’s name as a stockholder of record on the books of the Company; provided, however, that, except in the case
of Restricted Stock Units that vest solely through application of Section 3(b), instead of applying Section 2(c)(i) above, the Participant shall first pay in cash to the Company an amount equal to any and all withholding taxes that
the Company reasonably determines are due in connection with such vesting and settlement, with the Company advancing in cash, promptly upon request by the Participant, in the form of a 3-year full recourse, but unsecured, loan at an interest rate
and with such other terms and conditions set by the Board at the time of the loan, and with no deduction occurring under clause (i) above. All securities delivered upon any settlement of Restricted Stock Units shall, when delivered, (i) be
duly authorized, validly issued, fully paid and nonassessable, (ii) be 

  
 2 

 
registered for sale, and for resale, under U.S., State and federal securities laws to the extent that other securities of the same class are then so registered or qualified and (iii) be
listed, or otherwise qualified, for trading on any securities exchange or securities market on which securities of the same class are then so listed or qualified. 
 3. Termination of Employment. 
 (a) Termination for Cause, without Good
Reason, or due to death or Disability. If the Participant’s employment under the Employment Agreement is terminated by his employer at any time for Cause, or by the Participant without Good Reason (as defined in the Employment Agreement),
or due to the Participant’s death or Disability, the unvested Restricted Stock Units shall be forfeited without further consideration therefor. For avoidance of doubt, vested Restricted Stock Units, and any distributions previously made in
respect of Restricted Stock Units, shall be wholly non-forfeitable except as otherwise expressly provided in this Agreement or in the Employment Agreement; provided that the foregoing shall not in any way limit any other rights that either party may
have with respect to the other party. 
 (b) Termination without Cause or for Good Reason. If the Participant’s
employment under the Employment Agreement is terminated by his employer not for Cause (including, for avoidance of doubt, due to non-extension of the Employment Period by his employer under Section 3 of the Employment Agreement) or by the
Participant with Good Reason, 50% of the unvested Restricted Stock Units in the Account on the Date of Termination (as defined in the Employment Agreement) shall become vested as of such date, and all vested Restricted Stock Units shall be settled
in accordance with Section 2(c). Notwithstanding the foregoing, if the Participant’s employment under the Employment Agreement is terminated by his employer not for Cause or by the Participant with Good Reason, in each case, in
anticipation of or within twelve (12) months following a Change of Control, all of the Restricted Stock Units shall become one hundred percent (100%) vested as of the Date of Termination. For purposes of this Section 3(b), a
termination of employment will be deemed to be “in anticipation of” a Change of Control if such termination (or the Good Reason event giving rise to such termination) is done by the Company or any Subsidiary or Affiliate with the principal
purpose of avoiding or evading its compensation obligations that would arise upon a termination following a Change of Control. 

(c) Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in the employ or service of the
Company or any of its Subsidiaries or Affiliates or interfere in any way with the right of the Company or any of its Subsidiaries or Affiliates to terminate the Participant’s employment or service at any time and for any reason. 

4. Nontransferability of the Restricted Stock Units. The Restricted Stock Units granted hereunder may not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner by the Participant (other than, in the event of the Participant’s death, by will or the applicable laws of descent and distribution) and any purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance in violation of this Section 4 shall be void and unenforceable against the Company or any Subsidiary or Affiliate. Any permitted transfer of the Restricted Stock Units by will or the laws of
descent and distribution shall not be 

  
 3 

 
effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may reasonably deem necessary to establish
the validity of the transfer, the acceptance by the transferee or transferees of the terms and conditions of the Plan and this Agreement and the agreement to be bound by the acknowledgments made by the Participant in connection with the grant of the
Restricted Stock Units. 
 5. Rights as a Stockholder; Dividend Equivalents. The Participant shall have no rights as a
stockholder, including, without limitation, the right to vote, with respect to the Restricted Stock Units until the date when the issuance of the RSU Shares to the Participant is entered upon the records of the Company or the duly authorized
transfer agent of the Company, except as set forth in the immediately succeeding sentence. Notwithstanding the foregoing, the Participant shall be entitled to “Dividend Equivalent Rights” (as defined in the Plan on the Grant Date) on the
Restricted Stock Units. 
 6. Adjustment in the Event of Change in Stock; Change of Control. 

(a) In the event of any merger, consolidation, reorganization, recapitalization, spin-off, split-up, combination, modification of
securities, exchange of securities, liquidation, dissolution, share split, reverse share split, distribution of securities or other property (other than distributions for which Dividend Equivalent Rights are provided) in respect of securities or
other property to which a Restricted Share Unit then corresponds, or other change in corporate structure or capitalization affecting the rights or value of the securities and property to which a Restricted Share Unit then corresponds, the Committee
shall promptly make equitable and appropriate adjustment(s) in the number and/or kind of the securities and/or property to which a Restricted Share Unit corresponds, and/or the other terms and conditions that apply to a Restricted Share Unit, so as
to avoid dilution or enlargement of the benefits or potential benefits represented by a Restricted Share Unit. Any determination made by the Committee regarding any adjustment will, to the extent reasonable and made in good faith, be final and
conclusive. 
 (b) Effective upon a Change of Control, unless otherwise specifically prohibited under applicable laws or by the
rules and regulations of any governmental agency or self-regulatory body and without in any way limiting the extent of Section 6(a), the Committee is authorized (but not obligated) to make the following adjustments (or any combination thereof)
to the terms and conditions of outstanding Restricted Stock Units: 
 (i) the continuation or assumption of the outstanding
Restricted Stock Units by the Company (if it is the surviving corporation), by the surviving corporation, or by any direct or indirect parent of either, in a manner consistent with Section 6(a); 

(ii) the substitution by the surviving corporation, or by any direct or indirect parent thereof, of restricted stock unit awards with
substantially the same terms as the Restricted Stock Units that are being replaced, in a manner consistent with Section 6(a); or 

  
 4 

 (iii) the acceleration of the vesting of the outstanding Restricted Stock Units so that
they are fully vested immediately prior to or as of the date of the Change of Control; or 
 (iv) the cancellation of all or
any portion of the outstanding Restricted Stock Units in exchange for a cash payment, and/or such other property (if any) as is paid as consideration to holders of Shares in the Change of Control, having an aggregate Fair Market Value equal to the
Fair Market Value of the securities or other property then subject to such outstanding Restricted Stock Units or portion thereof being canceled. 
 (c) Except as expressly provided in the Plan or this Agreement, the Participant shall not have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any
dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or this Agreement, no
issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other property
subject to this Agreement. 
 (d) Notwithstanding anything in this Agreement or elsewhere to the contrary, no adjustment shall
be made to the Restricted Stock Units that would cause any Restricted Stock Unit to be treated as “deferred compensation” for purposes of Section 409A of the Code. 

7. General Assets. Nothing contained in the Plan or this Agreement and no action taken pursuant to their provisions, shall be
construed to create a trust of any kind, nor any fiduciary relationship between the Company or any Subsidiary or Affiliate, on the one hand, and the Participant, the Participant’s beneficiary or legal representative or any other person, on the
other. To the extent that any person acquires a right to receive payments or other property from the Company under the Plan or this Agreement, including the right to receive payments or other property based on Restricted Stock Units credited in the
Participant’s Account, such right shall be no greater than the rights of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and all amounts and property credited
to the Account under this Agreement shall continue for all purposes to be part of the general assets of the Company. 
 8.
Responsibility for Taxes. The Participant shall be solely responsible for all taxes imposed on the Participant (including, without limitation, applicable federal, state, provincial, territorial, local or foreign income, social security,
estate or excise taxes) that may be payable as a result of the Participant’s participation in the Plan or as a result of the grant, vesting, or settlement of the Restricted Stock Units and/or the sale, disposition or transfer of any RSU Shares,
excluding, however, for avoidance of doubt, the employer’s portion of any such taxes. Subject to Section 2(c), as a condition of the settlement of the RSU Shares, prior to the delivery of a certificate or certificates representing any RSU
Shares and immediately following the settlement of the Restricted Stock Units, the Participant must pay to the Company, any amount that the Company determines it is required to withhold from payments to the employee (other than, for avoidance of
doubt, the employer’s portion of any such taxes) under any applicable and 

  
 5 

 
federal, state, provincial, territorial, local or foreign tax laws upon the settlement of such Restricted Stock Units and the transfer of such RSU Shares subject to such Restricted Stock Units.
Subject to Section 2(c), the Participant and the Company hereby acknowledge that the Company and its Subsidiaries and Affiliates shall have the right and are authorized to offset from any compensation or other amounts owing to the Participant
the amount of any required tax withholding and payroll taxes in respect of the RSU Shares, its settlement or any payment or transfer under this Agreement and to take such other action as may be necessary in the opinion of the Company to satisfy all
obligations for the payment of such taxes. 
 9. Government Regulations and Stop-Transfer Orders. 

(a) Government and Other Regulations. RSU Shares shall not be issued unless the issuance and delivery of such RSU Shares comply
with (or are exempt from) all applicable requirements of law, including (without limitation) the Exchange Act, the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations and the regulations of any
stock exchange or other securities market on which the Company’s securities may then be traded. Except as otherwise provided in this Agreement, the Company shall not be obligated to file any registration statement under any applicable
securities laws to permit the purchase or issuance of any RSU Shares, and, accordingly, any certificates for RSU Shares may have an appropriate legend or statement of applicable restrictions endorsed thereon. If the Company reasonably deems it
necessary to ensure that the issuance of RSU Shares pursuant to this Stock Option is not required to be registered under any applicable securities laws, the Participant shall deliver to the Company an agreement or certificate containing such
representations, warranties and covenants as the Company reasonably determines necessary or appropriate to satisfy such requirements. 
 (b) As a condition to the settlement of the Restricted Stock Units, upon reasonable request by the Company, the Participant will be required to represent, warrant and covenant as follows: 

(i) The Participant is acquiring the RSU Shares for his own account and not with a view to, or for sale in connection with, any
distribution of the RSU Shares in violation of the Securities Act or any rule or regulation under the Securities Act or in violation of any applicable state securities law. 
 (ii) The Participant has had such opportunity as he has deemed adequate to obtain from representatives of the Company such information as is necessary to permit him to evaluate the merits and risks of his
investment in the Company. 
 (iii) The Participant has sufficient experience in business, financial and investment matters to
be able to evaluate the risks involved in acquiring the RSU Shares and to make an informed investment decision with respect to such investment. 
 (iv) The Participant can afford the complete loss of the value of the RSU Shares and is able to bear the economic risk of holding such RSU Shares for an indefinite period. 

  
 6 

 (v) The Participant understands that (I) the RSU Shares have not been registered under
the Securities Act and constitute “restricted securities” within the meaning of Rule 144 under the Securities Act; (II) the RSU Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the
Securities Act or an exemption from registration is then available; and (III) there is now no registration statement on file with the Securities and Exchange Commission with respect to the RSU Shares and there is no commitment on the part of the
Company to make any such filing. 
 (vi) In addition, upon the settlement of the Restricted Stock Units, and as a condition
thereof, the Participant will make or enter into such other written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws or with this Agreement. 

(c) Stop-Transfer Notices. The Participant agrees that, in order to ensure compliance with the restrictions referred to herein,
the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect on its own records. 

(d) Refusal to Transfer. The Company shall not be required (i) to transfer in its books any RSU Shares that have been sold
or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such RSU Shares or to accord the right to vote or receive dividends, if applicable, to any purchaser or other transferee to whom such
RSU Shares shall have been so transferred. 
 10. Tax Reporting. 

(a) Upon the settlement of the Restricted Stock Units in accordance with Section 2(c) of this Agreement, the Participant shall
recognize taxable income in respect of the RSU Shares, and the Company shall report such taxable income to the appropriate taxing authorities as it determines to be necessary and appropriate. 

(b) For purposes of this Agreement, “Fair Market Value”, as of any date, shall mean fair market value as of such date
determined without discount for lack of liquidity, lack of control, minority status, contractual restrictions or the like, provided that, when used in respect of Shares, for so long as (i) the Shares are not listed on a national securities
exchange, (ii) the Shares are not quoted in an inter-dealer quotation system on a last sale basis and (iii) Oaktree Capital Management, L.P. or any of its affiliates (collectively, “Oaktree”) are holding Shares, then,
other than in the context of a Change of Control, the Fair Market Value of such Shares shall be as determined using the same methodology that was used for the then-most-recent determination of the value of Shares reported by Oaktree to its
investors; and provided further that: for securities that are listed on a national securities exchange, “Fair Market Value”, as of any date, shall mean the closing sale price reported as having occurred on the primary exchange on which the
security is listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; and, for securities that are not listed on any national securities exchange but are quoted in an
inter-dealer quotation system on a last sale basis, “Fair Market Value”, as of any date, shall mean the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then

  
 7 

 
on the last preceding date on which a sale was reported. For the avoidance of doubt, the foregoing valuation approach shall not be interpreted to provide the Participant with a compensatory
benefit but rather is intended by the parties to promote consistency in making determinations of the fair market value of Shares. 
 11. Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein and without limiting any other rights and remedies of the Company, if the Participant (i) materially violates
the restrictive covenants in the Participant’s Employment Agreement relating to non-competition, non-solicitation or non-disclosure or (ii) engages in fraud or other willful misconduct that contributes materially to any significant
financial restatement or material loss, the Committee may, at any time up to six months after learning of such conduct, cancel the Restricted Stock Units or require the Participant to forfeit to the Company the RSU Shares or to repay to the Company
the after-tax value realized on the sale of the RSU Shares; provided, however, that, except in cases where the Participant’s conduct was willful or where injury to the Company or the Affiliates cannot be cured, the Participant shall be provided
a fifteen (15) day cure period to cease and to cure the conduct described in clause (i) of this Section 11. All vested Restricted Stock Units, and all distributions and other proceeds received in respect of the Restricted Stock Units,
shall be wholly non-forfeitable except as expressly set forth in this Agreement or the Employment Agreement; provided that the foregoing shall not in any way limit any other rights that either party may have with respect to the other party.

 12. Notices. All notices and other communications under this Agreement shall be in writing and shall be given by hand
delivery to the other party or by facsimile, overnight courier or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Participant:	  	 To the address specified in Exhibit A hereto or to any
 updated address filed by the Executive with the Company.

		
	With a copy to:	  	 Morrison Cohen LLP
 909 Third
Avenue, 27th Floor

New York, NY 10022
 Attn: Robert M.
Sedgwick, Esq.

		
	If to the Company:	  	 Aleris Holding Company
 25825
Science Park Drive, Suite 400
 Beachwood, Ohio 44122
 Attention: Christopher R. Clegg

 or to such other address or facsimile number as
either party shall have furnished to the other in writing in accordance with this Section 12. Notice and communications shall be effective when actually received by the addressee. 

13. Stockholders Agreement. Neither the adoption of the Plan nor the grant of the Restricted Stock Units pursuant to this
Agreement shall restrict in any way the adoption of any amendment, supplement or other modification of the Stockholders Agreement, if any, in accordance with the terms of such agreement. 

  
 8 

 14. Governing Law. This Agreement shall be governed by, and construed in accordance
with, its express terms, and otherwise in accordance with the laws of the state of Delaware, as such laws are applied to contracts entered into and performed in such state and without regard to the principles of conflicts of laws thereof or
principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than such state. 
 15. Restricted Stock Units Subject to the Plan. By entering into this Agreement, the Participant agrees and acknowledges that (i) the Participant has received and read a copy of the Plan as in
effect on the date hereof, and (ii) the Restricted Stock Units are subject to the Plan, and (iii) the RSU Shares are subject to the terms of the Stockholders Agreement. In the event of a conflict between any term or provision contained in
this Agreement and any term or provision of the Plan or the Stockholders Agreement, the terms and provisions of the Stockholders Agreement and then in descending order this Agreement and the Plan shall prevail. No amendment to the Plan or this
Agreement that is inconsistent with the express terms of this Agreement and that adversely affects any of the Participant’s rights under this Agreement shall be effective as to this Agreement without the Participant’s prior written
consent; provided, however, the Committee may amend the Plan and this Agreement to the extent necessary to comply with the applicable law. 
 16. Certain Specific Acknowledgments; Dispute Resolution. The Company represents and acknowledges that it has secured the approval of any person or body whose approval is necessary as of the Grant
Date for it to enter into this Agreement and perform its obligations under it, and that upon execution and delivery of the Agreement by the parties, this Agreement shall be a valid and binding obligation of the Company, enforceable in accordance
with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. Any dispute arising under or relating to this Agreement shall
be resolved in accordance with Section 11(i) of the Employment Agreement. 
 17. Effect of Agreement. Except as
otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company and to any transferee or successor of the Participant pursuant to Section 4 of this Agreement.

 18. Titles and Headings. The titles and headings of the sections in this Agreement are for convenience of reference
only, and, in the event of any conflict, the text of this Agreement, rather than such titles or headings, shall control. 
 19.
Amendment. This Agreement may not be modified, amended or waived to the extent it would impair the rights of the Participant, except by an instrument in writing that specifically identifies the provision of this Agreement being modified,
amended or waived and that is signed by both parties hereto. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent
breach of any provision of this Agreement. 

  
 9 

 20. Code Section 409A. To the extent applicable, notwithstanding anything herein
to the contrary, this Agreement and the Restricted Stock Units issued hereunder are intended not to be governed by or to be in compliance with Section 409A of the Code. To the extent applicable, this Agreement and the Restricted Stock Units
shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be
issued after the Grant Date. 
 21. Relationship to Other Benefits. No payment under this Agreement shall be taken into
account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any Subsidiary or Affiliate except as otherwise specifically provided in such other plan. 

22. No Retention Rights; No Right to Incentive Award. Nothing in the Plan or this Agreement shall confer upon the Participant any
right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Subsidiary or Affiliate employing or retaining the Participant) or of the Participant, which rights
are hereby expressly reserved by each, to terminate his Service at any time and for any reason, with or without Cause. The Committee’s granting of the Restricted Stock Units or other Award to the Participant shall neither require the Committee
to grant Restricted Stock Units or other Award to the Participant or any other Participant in the Plan or other person at any time nor preclude the Committee from making subsequent grants to the Participant or any other Participant in the Plan or
other person. 
 23. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures delivered by facsimile (including by “pdf”) shall be effective for all purposes. 

IN WITNESS WHEREOF, as of the date first above written, the Company has caused this Agreement to be executed on its behalf by a duly
authorized officer and the Participant has hereunto set the Participant’s hand. 
  

			
	ALERIS HOLDING COMPANY
		
	By:	 	 /s/ Christopher R. Clegg

		 	 Title: Executive Vice President,

          General Counsel & Secretary

		 	Date: June 1, 2010
		
		 	 /s/ Steven J. Demetriou

		 	Participant: Steven J. Demetriou
		 	Date: June 1, 2010

  
 10 

 Exhibit A to 

Restricted Stock Unit Agreement 
 of Aleris Holding Company 
  

			
	Date of Restricted Stock Unit Grant:	  	June 1, 2010
		
	Name and Address of Participant:	  	Steven J. Demetriou
		
	Number of Shares of Common Stock	  	 81,356

	Subject to Restricted Stock Unit:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]