Document:

EX-10.5

Exhibit 10.5

AGREEMENT

between

Novelis AG, Bellerivestrasse 36, 8034 Zurich, Switzerland

(hereinafter
the “Company”)

and

Mr. Arnaud de Weert, Chamer Fussweg 15, 6300 Zug, Switzerland

(hereinafter the “Employee”)

regarding

Termination of Employment

WHEREAS the Employee is currently employed by the Company pursuant to an employment agreement
concluded between the parties on February 13, 2006 (the “Employment Agreement”);

WHEREAS the Company, on June 8, 2009 gave notice of termination by respecting the ordinary two
months notice period per end of the month with effect as of August 31, 2009;

WHEREAS the parties prefer to terminate the employment relationship by mutual agreement;

NOW, therefore, in consideration of the mutual covenants and agreements set forth hereinafter, the
parties agree as follows:

	1.	 	The parties agree to terminate the Employment Agreement and the employment relationship existing
between them as of August 31, 2009 (the “Effective Date”) and there shall be not extension of the
notice period for whatever reason

Novelis AG

Novelis Bellerivestrasse 36, CH 8034, Zurich, Switzerland. Tel
+41 44 386 2150 Fax +41 44 386 2151

 

2

	 	 	including, in particular sickness, accident, military service or any other reason
listed in art. 336c of the Swiss Code of Obligations.

	2.	 	The Employee will be released from his obligations to work with immediate effect.
Accordingly, the Company will arrange for the Employee’s title and signatory authority to be
deleted from the commercial register as soon as reasonably practical. However, the Employee
shall provide such cooperation and assistance as reasonably required by the Company for the
orderly transition of management, including but not limited to (a) the specific obligations of
the Employee under this Agreement, (b) providing such information as reasonably required by
the Company and (c) signing of such documentation reasonably required by the Company to
effectuate the termination of the Employee’s employment and resignation from membership of any
Board of Directors of the Company or any affiliated company. Additionally, the Employee shall
cooperate and assist the Company or any company affiliated to the Company as shall be
reasonably required, by providing truthful, accurate information (to the extent that the
Employee would be under an obligation under applicable law to testify as a witness and only
so far as this will not conflict with applicable laws) in the investigation and handling of
any legal proceedings, regulatory investigation, administrative or other hearing, whether
formal or informal, by any person, entity or governmental entity against the Company or any
company affiliated to the Company (a “Legal Matter”). The Employee’s obligations to cooperate
and assist the Company in any Legal Matter includes the obligation to appear and testify as a
witness at, to assist the Company with the preparation for, and to provide any documents or
information which relates in whole or in part to the period of time in which the Employee was
employed by the Company. The Company agrees to reimburse the Employee for reasonable
out-of-pocket expenses incurred by him in connection with such cooperation and assistance in a
Legal Matter, including reasonable attorneys’ fees approved in
advance by the Company.

	 	 	The Employee shall not be prevented from engaging in other employment or business
activities provided, however, that he complies with his obligation not to compete
pursuant to section 8. In the event the Employee engages in another employment or
business activity the remuneration received from such activity shall not be deducted
from the Employee’s salary and other entitlements.

	3.	 	The Company continues to pay the Employee’s base salary until the Effective Date on the same
terms and with the same deductions as in the past. The additional payments under this
Agreement shall be subject to such deductions as required or permitted by law.

	4.	 	The Company shall pay a lump sum of 435,000 Euros gross with the September 2009 payroll as
severance under the terms of the Employment Agreement.

Novelis AG

Novelis Bellerivestrasse 36, CH 8034, Zurich, Switzerland. Tel +41 44 386 2150 Fax +41 44 386 2151

 

3

	5.	 	The Company shall pay the Employee’s earned AIP in the gross amount of 118,857 Euros
gross, for FY 2009 in July 2009 at the same time it is paid to Company employees.

	6.	 	In addition, the Company shall, with September 2009 payroll payment, pay to the Employee a
lump sum payment of CHF 320,000 gross in full settlement of all claims that the Employee might
have in connection with his employment and its termination, including, in particular, any
claims that the Employee might have under any annual or long term incentive plan such as the
second instalment of the first tranche of the Employee’s FY 2008 LTIP which, if the Employee
were otherwise eligible, would be payable in July 2010.

	7.	 	In addition, the Company shall with the September 2009 payroll payment pay the Employee a
lump sum payment of 30,000 Euros gross in full satisfaction of the Company’s obligation to
pay for Employee’s and Employee’s family’s repatriation costs back to Belgium,
irrespective of whether Employee returns immediately or later.

	8.	 	The Employee agrees that until the Effective Date he will not directly or indirectly (i)
own, manage, operate, control, be employed by, establish, participate in any
business which is directly competing with the Company or a company affiliated to the Company
(a “Competing Business”) or (ii) engage in any other business activity that competes with the
Company or a company affiliated to the Company. The acquisition of
shares in a company whose
shares are officially listed at a stock exchange is not prohibited.

	 	 	Upon each proven single breach of the covenant not to compete, the Employee shall pay
the Company a penalty in the amount of CHF 100,000. The Employee shall be liable for
any further damage resulting from such breach, if any. In addition to this penalty the
Company may enforce the Employee’s covenant not to compete, in particular by interim
relief measures. In case of a breach of the covenant not to compete the Company is
furthermore entitled to terminate the Employment Agreement with immediate effect.
	 
	 	 	On the Effective Date, the covenant not to compete as set forth in this Section 8
shall expire.

	9.	 	Until the second anniversary of the Effective Date, the Employee shall not actively entice
away or solicit any employees of the Company or of any company affiliated to the Company or
offer them a job. Upon each proven violation of his obligations under this section 9, the
Employee shall pay to the Company liquidated damages in the amount of CHF 100,000. Payment of
the liquidated damages does not relieve the Employee from his obligations under this section
9. The Company is, furthermore, entitled to seek judicial enforcement of the

Novelis AG

Novelis Bellerivestrasse 36, CH 8034, Zurich, Switzerland. Tel +41 44 386 2150 Fax +41 44 386 2151

 

4

	 	 	Employee’s obligations under this section 9 and/or to claim damages exceeding the
amount of the liquidated damages.

	10.	 	Until the second anniversary of the Effective Date, the Employee shall not directly or
indirectly entice away or solicit any customers of the Company or any company affiliated to
the Company for whom the Employee was active during the last 12 months prior to June 8, 2009
(the “Customers”) for the benefit of a Competitor. This restriction applies only to
Customers who (i) are active customers of the Company or the relevant affiliate at or
during the 12 months prior to June 8, 2009 and (ii) are based in or doing business in Europe
(a “Restricted Customer”), and applies only with respect to products which are competing with
the products and services offered by the Company or a company affiliated to the Company at or
during the 12 months prior to June 8, 2009. “Competitor” means, for the purpose of this
clause, a person or commercial entity whose business directly competes with the business of
the Company or a company affiliated to the Company at or during the 12 months prior to June 8,
2009. Upon each proven violation of his obligations under this section 10 the Employee shall
pay to the Company liquidated damages in the amount of CHF 100,000. Payment of the liquidated
damages does not relieve the Employee from observing his obligations under this
section 10. The Company is, furthermore, entitled to seek judicial enforcement of the
Employee’s obligations under this section 10 and/or to claim damages exceeding the amount of
the liquidated damages.

	11.	 	On June 8, 2009, or such other date as agreed in writing with the Company, the Employee shall
hand over to the Company all documents and copies thereof of a confidential nature belonging
or relating to the Company or any company affiliated to the Company in his possession,
which he obtained in connection with his employment. In addition, the Employee shall return
all property belonging to the Company or any company affiliated to the Company in his
possession. The Employee furthermore, shall return a copy of any electronically stored
confidential data belonging to the Company or any company affiliated to the Company on or
before June 8, 2009, or such other date as agreed in writing by the Company, and the Employee
shall not keep a copy of any such confidential data belonging to the Company. The Company
agrees to make available to the Employee such returned documents and information if and when
the Employee needs them in order to defend his legitimate interests in connection with any
Legal Matter to which the Employee may become a party and which relate to his activities as an
Employee of the Company or of any company affiliated to the Company (“Legal Matter
Information”). If Legal Matter Information is provided to Employee, it shall be used solely
for the purposes stated in this section and shall be returned to the Company immediately upon
completion of the Legal Matter.

Novelis AG

Novelis Bellerivestrasse 36, CH 8034, Zurich, Switzerland. Tel +41 44 386 2150 Fax +41 44 386 2151

 

5

	12.	 	During the term of the Employment Agreement and thereafter the Employee shall keep
strictly confidential and neither use for his own purpose or that of others nor make
known to any third person any confidential information, knowledge or date obtained by
him during his employment with the Company with respect to the Company or any company
affiliated to the Company or of any products, improvements, formulas, recipes,
designs, processes, customers, methods of distribution or methods of manufacture or
operation, sales, prices, profits, costs, contracts, suppliers, business prospects,
business methods, techniques, research, trade secrets, or know-how or data which at
such time of disclosure is not publicly know and in the public domain.

	13.	 	The Company herewith informs the Employee that his accident insurance will end 30 days after
the Effective Date, i.e. on September 30, 2009. If by such date the Employee had not commenced
new employment that provides for insurance coverage of the occupational as well as
non-occupational accident, the Employee has to notify his health insurer about the fact that
the employment relationship will end on the Effective Date to secure sufficient insurance
coverage or has to take out a so-called “Abredeversicherung” with the current accident
insurance company for up to 180 days.

	 	 	The Company, furthermore, informs the Employee that, as from the Effective Date, the
Employee will no longer benefit from sickness assistance as stipulated in the Employee
Handbook Section 6.

	14.	 	The Employee will not in any way disparage or criticize the Company or any company affiliated
to the Company, their respective directors, officers or employees or any of the Company’s
products or those of any other company affiliated to the Company.

	15.	 	(a) The Employee releases the Company and its Affiliates and their respective directors,
officers, stockholders, employees, agents or attorneys of and from any and all claims of any
nature which has arisen or may arise in connection with the Employee’s employment with the
Company. Such release does not apply with respect to claims (of which the Employee has no
actual knowledge at the date hereof) which are based on an act or omission (i) that meets a
legal standard of gross negligence or fraud and that causes actual, material harm to the
Employee, or (ii) that constitutes a criminal offence in any jurisdiction where the Company or
any company affiliated to the Company is or has engaged in business.
(b) The Company, for itself and for any company affiliated to the Company, releases
the Employee of and from any and all claims of any nature whatsoever, excepting any
act(s) or omission(s) by the Employee during employment with the Company of which the
Company or the affiliate has no actual knowledge at the date hereof (i) that meet a
legal standard of gross negligence or fraud and that cause actual, material harm to
the Company or any affiliate, or (ii) that constitutes

Novelis AG

Novelis Bellerivestrasse 36, CH 8034, Zurich, Switzerland. Tel +41 44 386 2150 Fax +41 44 386 2151

 

6

	 	 	a criminal offence in any jurisdiction where the Company or any company affiliated to
it is or has engaged in business.

(c) The releases in this Agreement do not include the obligations of the parties
arising out of this Agreement.

	16.	 	The Company shall provide to the Employee not later than the effective date of this
Agreement with a certificate of employment in the form and substance of Attachment 1, duly
signed by an individual or individuals authorized by the Company. The Company shall, unless
otherwise required by law, provide only such information in response to any inquiry about the
Employee’s employment or termination of employment, so long as the Employee directs any such
inquiry to Robert Virtue at Novelis Inc., John Gardner at the Company, or their successors.

	17.	 	Modifications of and amendments to this Agreement shall exclusively be made in writing.

	18.	 	The invalidity or unenforceability of any one or more provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect. Should this Agreement or section 1
thereof for any reason whatsoever be void or rescinded, the Company’s notice of termination
dated June 8, 2009 with effect as of August 31, 2009 shall have full force and effects
without any payments being due to the Employee other than under mandatory statutory law
and/or Employment Agreement.

	19.	 	The present Agreement shall be governed by Swiss law.

	 	 	 
	Place and date

	 	Place and date
	 
	 	 
	Zurich, 22.06.09

	 	z u b, 26.06.09
	 
	 	 
	The Company

	 	The Employee
	Novelis AG
	 	 
	 
	 	 
	/s/
Colin Bond

	 	/s/ Arnaud de Weert
	 

	 	 
	 

	 	Arnaud de Weert
	 	 	 
	/s/
Colin Bond

	 	 
	 

	 	 
	 

	 	 

Novelis AG

Novelis Bellerivestrasse 36, CH 8034, Zurich, Switzerland. Tel +41 44 386 2150 Fax +41 44 386 2151exv4w1

Exhibit 4.1

 

OTTER TAIL CORPORATION

TO

U.S. BANK NATIONAL ASSOCIATION

(FORMERLY FIRST TRUST NATIONAL ASSOCIATION), TRUSTEE

 

FIRST SUPPLEMENTAL INDENTURE

TO

INDENTURE (FOR UNSECURED DEBT SECURITIES)

DATED AS OF NOVEMBER 1, 1997

 

Dated as of July 1, 2009

 

 

 

     FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”) dated as of July 1, 2009
between Otter Tail Corporation, a corporation duly organized and existing under the laws of the
State of Minnesota (herein called “New Otter Tail”), having its principal office at 215 South
Cascade Street, P.O. Box 496, Fergus Falls, Minnesota 56538, and U.S. Bank National Association
(formerly First Trust National Association), a national banking association organized and existing
under the laws of the United States of America, as Trustee (herein called the “Trustee”). All
terms used in this First Supplemental Indenture which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

RECITALS

     WHEREAS, Otter Tail Corporation, a Minnesota corporation (formerly known as Otter Tail Power
Company) (“Old Otter Tail”), has heretofore executed and delivered to the Trustee a certain
Indenture, dated as of November 1, 1997 (herein called the “Indenture”), pursuant to which one or
more series of unsecured debentures, notes or other evidences of indebtedness (herein called the
“Securities”) may be issued from time to time;

     WHEREAS, New Otter Tail is a newly formed holding company and, following the effectiveness of
the Merger (as defined below), the “successor issuer” to
Old Otter Tail pursuant to Rule 12g-3
of the Securities Exchange Act of 1934, as amended;

     WHEREAS, the Merger was effected on July 1, 2009 as part of a holding company reorganization
and pursuant to a plan of merger whereby Old Otter Tail merged with a subsidiary formed solely for
the purpose of the merger and survived the merger as a first tier subsidiary of New Otter Tail
under the name of Otter Tail Power Company (the “Merger”);

     WHEREAS, immediately prior to the effectiveness of the Merger, pursuant to an Assignment and
Assumption Agreement made and entered into as of June 30, 2009 by and between Old Otter Tail and
New Otter Tail, Old Otter Tail transferred, assigned and conveyed to New Otter Tail all of its
right, title and interest in, to and under the Indenture, and New Otter Tail accepted the transfer
and assignment of the Indenture and accepted, assumed and agreed to perform all of the obligations
of Old Otter Tail under the Indenture.

     WHEREAS, New Otter Tail desires and has requested the Trustee to join with it in the execution
and delivery of this First Supplemental Indenture for the purpose of amending the Indenture to
reflect that, following the Merger, New Otter Tail has replaced Old Otter Tail as the party to this
Indenture.

     WHEREAS, Section 1201(k) of the Indenture provides that a supplemental indenture may be
entered into by the Company and the Trustee without the consent of any Holders to make provisions
with respect to matters arising under the Indenture which do not adversely affect the interests of
the Holders of Securities of any series in any material respect;

     WHEREAS, because no Securities of any series are outstanding, this First Supplemental
Indenture will have no adverse effect on the interests of the Holders of any Securities of any
series; and

     WHEREAS, all things necessary to make this First Supplemental Indenture a valid agreement of
the Company and the Trustee and a valid amendment of and supplement to the Indenture have been
done.

 

 

     NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSTH:

     For and in consideration of the premises and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Company and the Trustee mutually covenant and agree as
follows:

ARTICLE ONE

     SECTION 101. The definition of “COMPANY” in Section 101 of the Indenture is amended to read in
its entirety as follows:

     “ ‘COMPANY’ means Otter Tail Corporation, a Minnesota corporation (formerly known as Otter
Tail Holding Company), until a successor Person shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter ‘Company’ shall mean such successor Person.”

ARTICLE TWO

     Section 201. For all purposes of this First Supplemental Indenture, except as otherwise
herein expressly provided or unless the context otherwise requires: (i) the terms and expressions
used herein shall have the same meanings as corresponding terms and expressions used in the
Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar import
used in this First Supplemental Indenture refer to this First Supplemental Indenture as a whole and
not to any particular section hereof.

     Section 202. Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and
effect.

     Section 203. This First Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Securities hereafter authenticated and delivered shall be bound
hereby.

     Section 204. This First Supplemental Indenture may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, and all of such counterparts
shall together constitute one and the same instrument.

     Section 205. The Trustee makes no representations as to the validity or sufficiency of this
First Supplemental Indenture.

     Section 206. The Recitals contained herein shall be taken as the statements of the Company
and the Trustee assumes no responsibility for their correctness.

     Section 207. This instrument shall be deemed to be a contract made under the laws of the
State of New York and for all purposes shall be governed by and construed in accordance with the
laws of the State of New York, except to the extent that the law of any other jurisdiction shall be
mandatorily applicable.

[Signature pages follow]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed, and their respective corporate seals to be hereunder affixed and attested, all as of
the day and year first above written.

	 	 	 	 	 
	 	OTTER TAIL CORPORATION

 	 
	 	By:  	/s/ Kevin G. Moug
 	 
	 	 	Name:  	Kevin G. Moug 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	Attest:	 
	 
	 	 	 	 
	By:

	 	/s/ George A. Koeck
 

	 	 
	 

	 	Name: George A. Koeck	 	 
	 

	 	Title: General Counsel & Corporate Secretary	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

(formerly First Trust National Association), 

TRUSTEE

 	 
	 	By:  	/s/ Richard Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 	 	 
	Attest:	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	/s/ Raymond Haverstock	 	 
	 

	 	 
Name:
	 
 Raymond Haverstock	 	 
	 

	 	Title: Vice President	 	 

[Signature Page to First Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]