Document:

exv10w1

Exhibit 10.1

OXiGENE, Inc. Amended and Restated Non-Employee Director Compensation Policy

	 	 	 	 	 

	Annual Compensation	 	$80,000 in value, except in the case of the initial
membership to the Board of Directors in which case such
annual compensation will be a pro rata share of the
annual compensation based on a July 1 begin date.
	 
	 	 	 	 
	Frequency of
Grant/Payment Date*	 	Two payments of $40,000 in value per year
	 
	 	 	 	 
	 

	 	July 1	 	 
	 
	 	 	 	 
	 

	 	January 2	 	 
	 

	 	 	 	Initial membership
payments for that portion
of the calendar year
shall be made on the
later of the appointment
to the Board or the last
day upon which the
initial election may be
made.

	 	 	 

	Form of Compensation

	 	A Non-Employee Director may elect options, shares of the
Company’s common stock, or a combination of options
and/or stock and up to 50% cash. Any cash election must
be in whole $10,000 amounts.
	 
	 	 
	Election Date

	 	One election per year made prior to December 31 for the
following calendar year. Initial appointments and
partial-year appointments to have one election for the
calendar year to be made within 30 days of the member’s
decision to join the Board of Directors.
	 
	 	 
	Default Election

	 	In the absence of an election, members will receive 50%
cash and 50% stock on each Payment Date.
	 
	 	 
	Stock Grants
	 	 
	 
	 	 
	Vest

	 	Unrestricted shares, fully vested on date of grant.
	 
	 	 
	Date of Grant

	 	Payment Date
	 
	 	 
	# of Shares

	 	Each Director will receive a number of shares
representing the dollar-value of the non-cash portion of
their annual compensation on the Payment Date.
	 
	 	 
	Option Grants
	 	 
	 
	 	 
	Date of Grant

	 	Payment Date
	 
	 	 
	Term

	 	6 years
	 
	 	 
	Vest

	 	Fully vested at date of grant
	 
	 	 
	Exercise Price

	 	Closing price on the Payment Date
	# of Options

	 	Each Director will receive a number of options
representing the dollar-value of the non-cash portion of
their annual compensation on the Payment Date, as per the
Black-Scholes valuation method.

 

 

	 	 	 

	Exceptions

	 	Any exceptions to the above must be approved by the
compensation committee of the Board of Directors.

 

			
	*	 	Ms. Tamar Howson, Dr. William Schwieterman and Dr. Alastair Wood shall each receive an
initial grant for the July 1, 2011 payment period, which grant under this Policy shall occur
immediately following the annual meeting of the Company’s stockholders to be held on October 31,
2011; provided that no grant or payment shall be made to Dr. Gerald McMahon for any portion of 2011
in light of the grant made to him at the time of his joining the Board in September 2011.Exhibit 10.1

Exhibit 10.32

Management Incentive Termsheet

	 	 	 

	Name:
	 	Wayne R. Hale (“you” or “Executive”)

	 	 	 

	Effective Date:
	 	September 30, 2011 (the “Effective Date”)

	 	 	 

	Term of Employment:
	 	Three years, commencing on the Effective Date,
subject to earlier termination by either party;
term of employment shall automatically be renewed
for consecutive one-year terms at the end of the
initial term unless either party gives at least 90
days’ written notice of its intention not to renew
prior to the expiration of a term (provided that
no notice of non-renewal may be given during the
18-month period following a Change in Control (as
defined below) or prior to a Change in Control but
in connection with a pending Change in Control and
at the request of a third-party attempting to
effectuate such a Change in Control).

	 	 	 

	Position:
	 	President of Upstream Business

	 	 	 

	Reports to:
	 	Chief Executive Officer

	 	 	 

	Location:
	 	You will be based out of the headquarters of
Noranda Aluminum, Inc. (the “Company”) in
Franklin, Tennessee during the regular business
work week (i.e., Monday to Friday) except for
travel on Company business or during vacation or
holidays.

	 	 	 

	Base Salary:
	 	 $340,000/year

	 	 	 

	Annual Incentive Bonus:
	 	Targeted annual bonus amount is 60% of base
salary, with target payout primarily dependent
upon achievement of the targets set forth for you
in the Company’s bonus plan.

	 	 	 

	Employee Benefits:
	 	You will participate in the employee benefits
plans made available to senior executives of the
Company.

	 	 	 

	Vacation:
	 	You will be entitled to four weeks per annum of
paid vacation (or longer if provided for under the
Company’s vacation policy).

	 	 	 

	Change in Control:
	 	For purposes of this termsheet, “Change in
Control” shall have the meaning ascribed to it in
the Noranda Aluminum Holding Corporation 2010
Incentive Award Plan (as in effect on the
Effective Date) (the “LTIP”).

 

 

	 	 	 

	 	 	If the Executive’s employment is terminated prior
to a Change in Control and the Executive
demonstrates that such termination (i) was at the
request of a third party who had indicated an
intention or taken steps reasonably calculated to
effect a Change in Control and who effectuates a
Change in Control or (ii) otherwise occurred
in connection with, or in anticipation of, a Change in Control which
actually occurs, then for all purposes of this Agreement, the date of
a Change in Control with respect to the Executive shall mean the date
immediately prior to the date of such termination of the Executive’s
employment.

	 	 	 

	 	 	If, during the term of this Agreement, the Executive’s employment
with the Company shall be terminated within 18 months following a
Change in Control, the Executive shall be entitled to the following
compensation and benefits:

	 	 	 

	 	 	(a) If the Executive’s employment with the Company and its
affiliates shall be terminated (1) by the Company for Cause or
Disability (as defined in the LTIP), (2) by reason of the Executive’s
death, or (3) by the Executive other than for Good Reason, the
Company shall pay to the Executive any and all accrued compensation
up to the date of termination and, if such termination is other than
by the Company for Cause, a pro rata bonus for the year of
termination strictly in accordance with the Company’s incentive plan
(payable at the time annual bonuses are generally distributed for the
applicable fiscal year).

	 	 	 

	 	 	(b) If the Executive’s employment with the Company and its
affiliates shall be terminated for any reason other than as specified
in (a) above, the Executive shall, subject to the Executive’s
execution (within 50 days of the date of termination) and
non-revocation of a release of claims in a form reasonably acceptable
to the Company, be entitled to the following:

	 	 	 

	 	 	(i) the Company shall pay the Executive all accrued compensation and
a pro rata bonus for the year of termination strictly in accordance
with the Company’s incentive plan (payable at the time annual bonuses
are generally distributed for the applicable fiscal year);

	 	 	 

	 	 	(ii) the Company shall pay the Executive, as severance pay and in
lieu of any further compensation for periods subsequent to the
termination date, in a single payment to be made on the 60th day
following the date of termination, an amount in cash equal to two
times the sum of (A) the Executive’s base salary on the date of the
Change in Control or on the date of termination, whichever is
greater, and (B) the Executive’s target annual bonus amount, based on
the salary and bonus percentage in effect on the date of the Change
in Control or on the date of termination, in each case, whichever is
greater;

 

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	 	 	(iii) the Company will also provide you (and your eligible
dependants) continued health benefits for an 18-month period or
until you and your dependants are eligible to be covered by a
successor employer’s comparable plans, whichever is sooner.

	 	 	 

	Severance:
	 	For circumstances other than those involving a Change in Control, in the event that your
employment is terminated by the Company without Cause or you resign your employment for Good
Reason, subject to your execution (within 50 days of the date of termination) and
non-revocation of a release of claims in a form reasonably acceptable to the Company, the
Company will pay you (i) severance in an amount equal to your then-current base salary plus
target bonus for a period of 12 months, and (ii) a pro rata portion of your annual bonus with
respect to the portion of the year in which your termination occurs based on the Company’s
actual performance for such full year and payable at such time as annual bonuses are otherwise
paid by the Company. Amounts owed under (i) of this paragraph shall be payable in accordance
with the Company’s regular payroll practices as of the date of termination in the same amounts
per payroll cycle in effect immediately prior to termination until the end of the calendar
year in which termination occurs and then in a lump sum payable in the first month of the year
following termination. The Company will also provide you (and your eligible dependants)
continued health benefits for a 12-month period, or until you and your dependants are eligible
to be covered by a successor employer’s comparable plans, whichever is sooner, in the case of
a termination entitling you to severance under this paragraph.

	 	 	 

	 	 	You will not be entitled to any severance (other than accrued and
unpaid Base Salary) in the event that your employment with the
Company is terminated for Cause or you resign without Good Reason.

	 	 	 

	Golden Parachute

Cutback:
	 	Anything herein to the contrary notwithstanding, in the event the
Accounting Firm (as defined below) shall determine that receipt of all Payments (as defined below) would
subject the Executive to the excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended
(the “Code”), the Accounting Firm shall determine whether to reduce any of the Payments paid or payable
pursuant to this Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of all
Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Agreement Payments shall be
so reduced only if the Accounting Firm determines that the Executive would have a greater Net After-Tax
Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced. If the Accounting
Firm determines that the Executive would not have a greater Net After-Tax Receipt of aggregate Payments if the
Agreement Payments were so reduced, the Executive shall receive
all Agreement Payments to which the Executive is entitled hereunder.
For purposes hereof, the “Accounting Firm” shall mean a nationally
recognized certified public accounting firm that is selected by the
Company for purposes of making the applicable determinations
hereunder and reasonably acceptable to the Executive.

 

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	 	 	If the Accounting Firm determines that aggregate Agreement Payments
should be reduced so that the Parachute Value of all Payments, in the
aggregate, equals the Safe Harbor Amount, the Company shall promptly
give the Executive notice to that effect and a copy of the detailed
calculation thereof. All determinations made by the Accounting Firm
hereunder shall be binding upon the Company and the Executive. For
purposes of reducing the Agreement Payments so that the Parachute
Value of all Payments, in the aggregate, equals the Safe Harbor
Amount, only amounts payable under this Agreement (and no other
Payments) shall be reduced. The reduction of the amounts payable
hereunder, if applicable, shall be made by reducing the cash payments
(to the extent such amounts are considered Payments) under the
following sections in the following order: (x) cash severance
payments, (y) prorated bonus payments and (z) any other cash
Agreement Payments that would be made upon a termination of the
Executive’s employment, beginning with payments that would be made
last in time. All fees and expenses of the Accounting Firm shall be
borne solely by the Company.

	 	 	 

	 	 	As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that amounts will have been paid or
distributed by the Company to or for the benefit of the Executive
that should not have been so paid or distributed (“Overpayment”) or
that additional amounts which will have not been paid or distributed
by the Company to or for the benefit of the Executive could have been
so paid or distributed (“Underpayment”), in each case, consistent
with the calculation of the Safe Harbor Amount hereunder. In the
event that the Accounting Firm, based upon the assertion of a
deficiency by the Internal Revenue Service against either the Company
or the Executive that the Accounting Firm believes has a high
probability of success, determines that an Overpayment has been made,
the Executive shall promptly (and in no event later than 60 days
following the date on which the Overpayment is determined) pay any
such Overpayment to the Company together with interest at the
applicable federal short-term rate provided for in Section
7872(f)(2)(A) of the Code compounded semiannually; provided, however,
that no amount shall be payable by the Executive to the Company if
and to the extent such payment would not either reduce the amount on
which
the Executive is subject to tax under Section 1 and Section 4999 of
the Code or generate a refund of such taxes. In the event that the
Accounting Firm, based upon controlling precedent or substantial
authority, determines that an Underpayment has occurred, any such
Underpayment shall be paid promptly (and in no event later than 60
days following the date on which the Underpayment is determined) by
the Company to or for the benefit of the Executive together with
interest at the applicable federal short-term rate provided for in
Section 7872(f)(2)(A) of the Code compounded semiannually.

 

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	 	 	To the extent requested by the Executive, the Company shall cooperate
with the Executive in good faith in valuing, and the Accounting Firm
shall take into account the value of, services provided or to be
provided by the Executive (including without limitation, the
Executive’s agreeing to refrain from performing services pursuant to
a covenant not to compete or similar covenant) before, on or after
the date of a change in ownership or control of the Company (within
the meaning of Q&A-2(b) of the final regulations under Section 280G
of the Code), such that payments in respect of such services may be
considered reasonable compensation within the meaning of Q&A-9 and
Q&A-40 to Q&A-44 of the final regulations under Section 280G of the
Code and/or exempt from the definition of the term “parachute
payment” within the meaning of Q&A-2(a) of the final regulations
under Section 280G of the Code in accordance with Q&A-5(a) of the
final regulations under Section 280G of the Code.

	 	 	 

	 	 	For purposes hereof, (i) “Net After-Tax Receipt” shall mean the
present value (as determined in accordance with Sections
280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all
taxes imposed on the Executive with respect thereto under Sections 1
and 4999 of the Code and under applicable state and local laws,
determined by applying the highest marginal rate under Section 1 of
the Code and under state and local laws that applied to the
Executive’s taxable income for the immediately preceding taxable
year, or such other rate(s) as the Accounting Firm determined to be
likely to apply to the Executive in the relevant tax year(s), (ii)
“Parachute Value” of a Payment shall mean the present value as of the
date of the change of control for purposes of Section 280G of the
Code of the portion of such Payment that constitutes a “parachute
payment” under Section 280G(b)(2) of the Code, as determined by the
Accounting Firm for purposes of determining whether and to what
extent the excise tax under Section 4999 of the Code will apply to
such Payment, (iii) “Payment” shall mean any payment, distribution or
benefit in the nature of compensation (within the meaning of Section
280G(b)(2) of the Code) to or for the benefit of the Executive,
whether paid or
payable pursuant to this Agreement or otherwise, and (iv) “Safe
Harbor Amount” means (x) 3.0 times the Executive’s “base amount,”
within the meaning of Section 280G(b)(3) of the Code, minus (y)
$1.00.

 

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	Restrictive Covenants:
	 	You shall be subject to a noncompetition obligation
with respect to the Company and a “no hire” and
non-solicitation obligation with respect to the
Company’s and its affiliates’ employees,
independent contractors and customers (including
former employees and independent contractors) as
set forth in Section 9 of Parent’s Securityholders
Agreement (the “Securityholders Agreement”), except
that the “Restricted Period” shall apply while you
are employed by the Company and for a period of
twelve months after termination of employment for
any reason. You agree that the terms of such
Section 9 of the Securityholders Agreement, as
modified hereby, are deemed incorporated herein,
and shall survive any termination of the
Securityholders Agreement.

	 	 	 

	 	 	You agree that you shall not, directly or
indirectly, use, make available, sell, disclose, or
otherwise communicate to any person, other than in
the course of any assigned duties and for the
benefit of the Company, either during your period
of employment, or at any time thereafter, any
nonpublic, proprietary or confidential information,
knowledge or data relating to the Company, any of
its subsidiaries, affiliated companies or
businesses, or Parent, which shall have been
obtained by you during your employment by the
Company or a subsidiary.

	 	 	 

	 	 	For the avoidance of doubt, these “Restrictive
Covenants” shall survive termination of the term of
employment.

	 	 	 

	Cause:
	 	For purposes of the foregoing, “Cause” means a
termination of your employment by the Company or
any of its subsidiaries based on (i) your
commission of a felony crime or a crime of moral
turpitude, (ii) your willful commission of a
material act of dishonesty involving the Company or
any of its affiliates or subsidiaries, (iii) your
material breach of your obligations under any
agreement entered into between you and the Company
or any of its subsidiaries and affiliates, (iv)
your willful or continued failure to perform your
material duties, (v) your material breach of the
policies or procedures of the Company or any of its
subsidiaries, or (vi) any other willful misconduct
which causes material harm to the Company or any of
its affiliates or subsidiaries or their business
reputations, including due to any adverse
publicity; provided, however, that none of the
events described in the foregoing clauses (iii),
(iv), (v) or (vi) shall constitute Cause unless the
Company, or its applicable subsidiary
that employs you, has notified you in writing describing the events
which constitute Cause and then only if you fail to cure such events
within fifteen (15) days after receipt of such written notice
(provided that, in the event such breach is not curable, no notice
period shall be required).

 

6

 

	 	 	 

	Good Reason:
	 	For purposes of the foregoing, “Good Reason” means your
voluntary resignation after any of the following actions
are taken by the Company or any of its subsidiaries without
your consent (i) a material reduction in your base salary
or bonus potential (but not including any pre-Change in
Control diminution related to an across-the-board
compensation reduction applying to senior management of the
Company and its subsidiaries generally), (ii) a material
adverse change in your title, duties, or responsibilities
each as in effect immediately after the Effective Date,
(iii) a requirement that you relocate your principal place
of employment by more than 50 miles (other than in
connection with a pre-Change in Control relocation of the
Company’s headquarters, if you are relocated to the new
headquarters), or (iv) a notice by the Company of
non-extension of the term of employment (other than under
circumstances where your employment is to be continued
subsequent to such non-extension with terms of employment
and severance protections that are consistent with peer
group market practice, as determined by the Company in
reasonable good faith); provided, however, that no
termination shall be for Good Reason unless (x) you notify
the Company, or its applicable subsidiary that employs you,
in writing within 60 days of the occurrence of the
applicable event which constitutes Good Reason, (y) the
Company or such subsidiary fails to cure such event within
30 days after receipt of such written notice, and (z) you
terminate for Good Reason within 60 days of the conclusion
of such cure period.

	 	 	 

	Miscellaneous:
	 	Your eligibility for severance hereunder serves in lieu of
participation in any other severance plan, program, or
arrangement of the Company and its affiliates, and you
hereby waive any rights to participate in any such plans,
programs, or arrangements.

	 	 	 

	 	 	In the event that you receive severance payments hereunder
prior to execution and non-revocation of the required
release of claims, and subsequently fail to execute within
the requisite period, or revoke, such release of claims,
the Company may require you to return an amount equal to
all severance payments previously paid to you hereunder.

 

7

 

	 	 	 

	 	 	This termsheet is intended to comply with the requirements
of Section 409A of the Code or an exception or exclusion
therefrom and shall in all respects be administered in
accordance with Section 409A of the Code. Severance
payments are intended to be
excluded from coverage under Section 409A of the Code. Notwithstanding the foregoing, in the event that such payments are
deemed to be “nonqualified deferred compensation” for purposes of
Section 409A of the Code and the Executive is a “specified employee”
within the meaning of Section 409A of the Code (as determined in
accordance with the methodology established by the Company as in
effect on the date of termination), severance amounts that would
otherwise be payable during the six-month period immediately
following the Executive’s date of termination of employment shall
instead be paid, with interest on any delayed payment at the
applicable federal rate provided for in Section 7872(f)(2)(A) of the
Code determined as of such date, on the first business day after the
date that is six months following such date. Each payment hereunder
shall be treated as a separate payment for purposes of Section 409A
of the Code. In no event may the Executive, directly or indirectly,
designate the calendar year of any payment to be made hereunder. The
Company and the Executive shall cooperate to ensure that the date of
termination of employment coincides with the date of the Executive’s
“separation from service” within the meaning of Section 409A of the
Code, to the extent necessary for purposes of compliance with Section
409A of the Code.

	 	 	 

	 	 	All reimbursements and in-kind benefits provided hereunder that
constitute deferred compensation within the meaning of Section 409A
of the Code shall be made or provided in accordance with the
requirements of Section 409A of the Code, including, without
limitation, that (i) in no event shall reimbursements by the Company
hereunder be made later than the end of the calendar year next
following the calendar year in which the applicable fees and expenses
were incurred, provided that the Executive shall have submitted an
invoice for such fees and expenses at least 10 days before the end of
the calendar year next following the calendar year in which such fees
and expenses were incurred, (ii) the amount of in-kind benefits that
the Company is obligated to pay or provide in any given calendar year
(other than medical reimbursements described in Treas. Reg. §
1.409A-3(i)(1)(iv)(B)) shall not affect the in-kind benefits that the
Company is obligated to pay or provide in any other calendar year,
(iii) the Executive’s right to have the Company pay or provide such
reimbursements and in-kind benefits may not be liquidated or
exchanged for any other benefit, and (iv) in no event shall the
Company’s obligations to make such reimbursements or to provide such
in-kind benefits apply later than the Executive’s remaining lifetime
(or if longer, through the 20th anniversary of the Effective Date).

 

8

 

	 	 	 

	 	 	To the extent permitted by the applicable Treasury Regulations, the
Company may, in consultation with the Executive, modify the
terms hereof, in the least restrictive manner necessary and without
any material diminution in the value of the rights of the Executive,
in order to cause the provisions hereof to comply with the
requirements of Section 409A of the Code, so as to avoid the
imposition of taxes and penalties on the Executive pursuant to
Section 409A of the Code.

By signing below, the parties agree that this termsheet will be binding upon the parties and
constitutes a binding commitment on the part of the undersigned Executive.

	 	 	 	 	 
	 	

NORANDA ALUMINUM, INC.

 	 
	 	BY:  	 	 
	 	 	Name:  	Gail E. Lehman 	 
	 	 	Title:  	Vice President HR & General Counsel 	 
	 	

NORANDA ALUMINUM HOLDING CORPORATION

 	 
	 	BY:  	 	 
	 	 	Name:  	Gail E. Lehman 	 
	 	 	Title:  	Vice President HR & General Counsel 	 
	 

	 	 	 

	 

Wayne R. Hale

	 	 

 

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