Document:

Amd. 1 to the Aleris Corp. 2010 Equity Incentive Plan Stock Option Agmt.

 Exhibit 10.9.1 
 AMENDMENT 1 TO THE 
 STOCK OPTION AGREEMENT 

 

			
	 TO:
	  	Steven J. Demetriou
		
	 FROM:
	  	Aleris Corporation
		
	 Re:
	  	Amendment 1 to Option Award Agreement
		
	 Date
	  	April 28, 2011

 On June 1, 2010, you were granted an Option to purchase shares of common stock of Aleris Corporation, fka Aleris
Holding Company (the “Company”) and issued an Award Agreement, which you subsequently signed and accepted. The Option was granted under the Company’s 2010 Equity Incentive Plan (the “Plan”), a copy of which was
attached to the Award Agreement. We are amending your Award Agreement by issuing this Amendment 1 in order to reflect adjustments made by a special committee of the Board of Directors of the Company, pursuant to the terms of the Plan, in light of
the $9.60 cash dividend that the Company issued on February 28, 2011 to stockholders of record of the Company’s common stock as of February 17, 2011. Your Option remains subject in all respects to the terms and conditions of the Plan
and the Award Agreement, as amended by this Amendment 1. 
  

	 	A.	The second sentence of Section 1 is amended to read as follows: A portion of the Stock Option is granted at the exercise price per share of (a) $24.10 (the
“FMV Stock Option”), (b) $36.14 (the “Premium Stock Option”) and (c) $48.19 the “Super-Premium Stock Option”), in each case as set forth on Exhibit A hereto. 

 

	 	B.	Exhibit A to the Stock Option Agreement is amended to read as follows: 

  

									
	 	  	Number of Shares	 	  	Exercise Price	 
	 FMV Stock Option
	  	 	401,974	  	  	$	24.10	  
	 Premium Stock Option
	  	 	100,493	  	  	$	36.14	  
	 Super-Premium Stock Option
	  	 	100,493	  	  	$	48.19	  
		  	 	 	 	  			
	 TOTAL NUMBER OF SHARES
	  	 	602,960	  	  			

  

	 	C.	For the avoidance of doubt, the adjusted number of shares underlying your FMV Stock Options, Premium Stock Options, and Super-Premium Stock Options, as applicable and
as set forth in the Exhibit, as amended above, will apply to those FMV Stock Options, Premium Stock Options, and Super-Premium Stock Options that are vested and unvested as of the date of this Amendment. 

 

	 	D.	This Amendment 1 is being made in accordance with the Adjustment of Shares and Amendment provisions of the Plan. 

 

	 	E.	With the exception of the modifications set forth in this Amendment 1, all other provisions of the Award Agreement shall remain unchanged, and in full force and effect.

  

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

  
 8167882.1Amd. 2 to the Aleris Corp. 2010 Equity Incentive Plan Stock Option Agmt.

 Exhibit 10.9.2 
 ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 

AMENDMENT 2 TO 
 STOCK OPTION AGREEMENT 
 On June 1, 2010 you were granted an option to purchase shares
of common stock of Aleris Corporation (the “Company”) (the “Option”) pursuant to an Award Agreement issued under the Company’s 2010 Equity Incentive Plan (the “Plan”) amended as of April 28, 2011 by
Amendment 1 to the Award Agreement. 
 In light of the Company becoming a public company, we have amended, restated and renamed the Plan as the
2011 Equity Incentive Plan and we have mutually agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of a 2011 initial public offering of the Company (the “IPO”), as follows: 

 

	1.	Section 1. Grant of Stock Option. The last two sentences of Section 1 are deleted. 

 

	2.	Section 4(b). Termination without Cause or for Good Reason. The words “six (6)” are hereby amended and replaced with “twelve (12)” in
the penultimate sentence of Section 4(b). 

  

	3.	Section 10(c). Government and Other Regulations. Section 10(c) is amended to delete subsection 10(c)(v). 

 

	4.	Section 13. Fair Market Value. Section 13 is amended and restated to read in its entirety as follows: 

Fair Market Value. For purposes of this Agreement, “Fair Market Value”, is defined in the Plan.

  

	5.	Section 15. Stockholders Agreement. Section 15 is deleted. 

 

	6.	Section 17. Stock Option Subject to the Plan. Section 17 is amended and restated to read in its entirety as follows: 

Stock Option Subject to the Plan. By entering into this Agreement, the Optionee agrees and acknowledges that
(i) the Optionee has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Stock Option is subject to the Plan. In the event of a conflict between any term or provision contained in this Agreement and any term
or provision of the Plan, the terms and provisions of this Agreement shall prevail. No amendment to the Plan that is inconsistent with the express terms of this Agreement and that adversely affects any of the Optionee’s rights under this
Agreement shall be effective as to this Agreement without the Optionee’s prior written consent; provided, however, the Committee may amend the Plan and this Agreement to the extent necessary to comply with applicable law. 

 
 8166870.1 

	7.	Effective date of this Amendment. This Amendment is effective immediately prior to the effectiveness of the IPO. 

 

	8.	Continued Terms of Option. Except as otherwise amended in this Agreement, your Option remains subject in all respects to the terms and conditions of the Award
Agreement, Amendment 1, and the 2011 Equity Incentive Plan and you acknowledge that a copy of the 2011 Equity Incentive Plan has been provided to you. 

 Please indicate your acceptance of this Amendment 2 to the Award Agreement with respect to your Option by signing and returning a copy of this Amendment 2 to the address set forth below as soon as
practicable. 
  

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

	
	  
	Steven J. Demetriou
	Date:

  
 2 

 8166870.1Form of Amd. 1 to the Aleris Corp. 2010 Equity Incentive Plan Stock Opt. Agmt.

 Exhibit 10.10.1 

FORM OF 

AMENDMENT 1 TO THE 
 STOCK OPTION AGREEMENT 
  

			
	 TO:
	  	
		
	 FROM:
	  	Aleris Corporation
		
	 Re:
	  	Amendment 1 to Option Award Agreement
		
	 Date
	  	April 28, 2011

 On June 1, 2010, you were granted an Option to purchase shares of common stock of Aleris Corporation, fka Aleris
Holding Company (the “Company”) and issued an Award Agreement, which you subsequently signed and accepted. The Option was granted under the Company’s 2010 Equity Incentive Plan (the “Plan”), a copy of which was
attached to the Award Agreement. We are amending your Award Agreement by issuing this Amendment 1 in order to reflect adjustments made by a special committee of the Board of Directors of the Company, pursuant to the terms of the Plan, in light of
the $9.60 cash dividend that the Company issued on February 28, 2011 to stockholders of record of the Company’s common stock as of February 17, 2011. Your Option remains subject in all respects to the terms and conditions of the Plan
and the Award Agreement, as amended by this Amendment 1. 
  

	 	A.	The second sentence of Section 1 is amended to read as follows: A portion of the Stock Option is granted at the exercise price per share of (a) $24.10 (the
“FMV Stock Option”), (b) $36.14 (the “Premium Stock Option”) and (c) $48.19 the “Super-Premium Stock Option”), in each case as set forth on Exhibit A hereto. 

 

	 	B.	Exhibit A to the Stock Option Agreement is amended to read as follows: 

  

									
	 	  	Number of Shares	 	  	Exercise Price	 
	 FMV Stock Option
	  				  	$	24.10	  
	 Premium Stock Option
	  				  	$	36.14	  
	 Super-Premium Stock Option
	  				  	$	48.19	  
	 TOTAL NUMBER OF SHARES
	  				  			

  

	 	C.	For the avoidance of doubt, the adjusted number of shares underlying your FMV Stock Options, Premium Stock Options, and Super-Premium Stock Options, as applicable and
as set forth in the Exhibit, as amended above, will apply to those FMV Stock Options, Premium Stock Options, and Super-Premium Stock Options that are vested and unvested as of the date of this Amendment. 

 

	 	D.	This Amendment 1 is being made in accordance with the Adjustment of Shares and Amendment provisions of the Plan. 

 

	 	E.	With the exception of the modifications set forth in this Amendment 1, all other provisions of the Award Agreement shall remain unchanged, and in full force and effect.

  

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

  
 8167883.1Form of Amd. 2 to the Aleris Corp. 2010 Equity Incentive Plan Stock Opt. Agmt.

 Exhibit 10.10.2 

ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 FORM OF 

AMENDMENT 2 TO 
 STOCK OPTION AGREEMENT 
 On June 1, 2010 you were granted an option to purchase shares
of common stock of Aleris Corporation (the “Company”) (the “Option”) pursuant to an Award Agreement issued under the Company’s 2010 Equity Incentive Plan (the “Plan”) amended as of April 28, 2011 by
Amendment 1 to the Award Agreement. 
 In light of the Company becoming a public company, we have amended, restated and renamed the Plan as the
2011 Equity Incentive Plan and we have mutually agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of a 2011 initial public offering of the Company (the “IPO”), as follows: 

 

	1.	Section 1. Grant of Stock Option. The last two sentences of Section 1 are deleted. 

 

	2.	Section 4(b). Termination without Cause or for Good Reason. The words “six (6)” are hereby amended and replaced with “twelve (12)” in
the penultimate sentence of Section 4(b). 

  

	3.	Section 10(c). Government and Other Regulations. Section 10(c) is amended to delete subsection 10(c)(v). 

 

	4.	Section 13. Fair Market Value. Section 13 is amended and restated to read in its entirety as follows: 

Fair Market Value. For purposes of this Agreement, “Fair Market Value”, is defined in the Plan.

  

	5.	Section 15. Stockholders Agreement. Section 15 is deleted. 

 

	6.	Section 17. Stock Option Subject to the Plan. Section 17 is amended and restated to read in its entirety as follows: 

Stock Option Subject to the Plan. By entering into this Agreement, the Optionee agrees and acknowledges that
(i) the Optionee has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Stock Option is subject to the Plan. In the event of a conflict between any term or provision contained in this Agreement and any term
or provision of the Plan, the terms and provisions of this Agreement shall prevail. No amendment to the Plan that is inconsistent with the express terms of this Agreement and that adversely affects any of the Optionee’s rights under this
Agreement shall be effective as to this Agreement without the Optionee’s prior written consent; provided, however, the Committee may amend the Plan and this Agreement to the extent necessary to comply with applicable law. 

 
 8152328.2 

	7.	Effective date of this Amendment. This Amendment is effective immediately prior to the effectiveness of the IPO. 

 

	8.	Continued Terms of Option. Except as otherwise amended in this Agreement, your Option remains subject in all respects to the terms and conditions of the Award
Agreement, Amendment 1, and the 2011 Equity Incentive Plan and you acknowledge that a copy of the 2011 Equity Incentive Plan has been provided to you. 

 Please indicate your acceptance of this Amendment 2 to the Award Agreement with respect to your Option by signing and returning a copy of this Amendment 2 to the address set forth below as soon as
practicable. 
  

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

	
	  
	Optionee:
	Date:

  
 2 

 8152328.2

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