Document:

Form of Employment Agreement-Clegg, Weidenkopf and Dick

 Exhibit 10.7 
 FORM OF EMPLOYMENT AGREEMENT 
 AGREEMENT, dated as of June 1, 2010,
but effective and binding on the parties as of the Effective Date (as defined in Section 3) (the “Agreement”), by and among Aleris International, Inc., a Delaware corporation (together with its successors and assigns, the
“Company”), for purposes of Sections 2(c), 10, 11(i)(ii) and 11(i)(iii) only, Aleris Holding Company, a Delaware corporation (together with its successors and assigns, the “Parent”), and [—] (the “Executive”). 
 WHEREAS, the Company desires to continue
to employ the Executive, on the terms and conditions set forth herein. 
 WHEREAS, the Executive desires to accept such
continued employment with the Company, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration
of the premises and mutual covenants herein and for other good and valuable consideration, the Executive and the Company (the “Parties”) agree as follows: 
 1. Employment, Duties and Agreements. 
 (a) Employment Duties. The
Company hereby agrees to continue to employ the Executive as its [—], and the Executive hereby agrees to continue to be employed in such position and agrees to serve the Company in such capacity
during the employment period fixed by Section 3 hereof (the “Employment Period”) upon the terms and conditions set out in this Agreement. The Executive shall report directly to the Chief Executive Officer of the Company and
shall have such duties and responsibilities as are consistent with the Executive’s position and as may be assigned by the Chief Executive Officer from time to time. During the Employment Period, the Executive shall be subject to, and shall act
in accordance with, all reasonable instructions and directions and all applicable policies and rules of the Company or any subsidiary of the Company to which the Executive provides services. 

(b) Full Time Service and Other Activities. During the Employment Period, excluding any periods of vacation and sick leave to
which the Executive is entitled, the Executive shall devote his full working time, energy and attention to the performance of his duties and responsibilities hereunder and shall faithfully and diligently endeavor to promote the business and best
interests of the Company. During the Employment Period, the Executive may not, without the prior written consent of the Company, directly or indirectly, operate, participate in the management, operations or control of, or act as an executive,
officer, consultant, agent or representative of, any type of business or service (other than as an executive of the Company). It shall not, however, be a violation of the foregoing provisions of this Section 1(b) for the Executive to
(i) subject to the approval of the Board of Directors of the Company (the “Board”), serve as an officer or director or otherwise participate in non-profit, educational, welfare, social, religious and civic organization or
(ii) manage his personal, financial and legal affairs, so 

 
long as any such activities in (i), or (ii) do not interfere with the performance of his duties and responsibilities to the Company as provided hereunder. 

(c) Location. In connection with the Executive’s employment by the Company under this Agreement, the Executive shall be based
at the principal executive offices of the Company, currently located in Beachwood, Ohio, except for such travel as the performance of the Executive’s duties in the business of the Company may require. 

2. Compensation. 
 (a) Base Salary. As compensation for the agreements made by the Executive herein and the performance by the Executive of his obligations hereunder, during the Employment Period, the Company shall
pay the Executive, pursuant to the Company’s normal and customary payroll procedures, a base salary at the rate of $[—] per annum, (the “Base Salary”). During the Employment
Period, the Base Salary will be reviewed annually and is subject to adjustment at the discretion of the Board, but in no event shall the Company pay the Executive a Base Salary less than that set forth above unless such reduction is part of, and
consistent with, a cost cutting measure affecting senior management of the Company generally. 
 (b) Annual Bonus. In
addition to the Base Salary, for each calendar year that ends during the Employment Period, the Executive shall be eligible to receive an annual performance-based bonus award payment (the “Annual Bonus”) determined in accordance
with the terms and conditions set forth in the Company’s annual bonus plan for that year, with a target Annual Bonus of 75% of Base Salary (“Target Bonus”), up to a maximum of 150% of Base Salary. The Target Bonus percentage
shall be reviewed at least annually by the Board and is subject to adjustment at the discretion of the Board, but may in no event be less than 75% of Base Salary. The Executive shall be paid Annual Bonus amounts, if any, in cash at the same time as
the other senior executives of the Company are paid corresponding annual performance bonus amounts, but in no event later than two and one-half (2-1/2) months following the calendar year with respect to which the Annual Bonus is earned, provided
that he is employed hereunder as of the date such amount is paid, or due to be paid, except as otherwise provided in Section 5 below. If at any time during the Employment Period, the Board decides to continue, or implement, a bonus program that
operates on a quarterly, rather than an annual basis, such quarterly bonus program will be administered in a manner consistent with the terms of this Section 2(b). Notwithstanding anything to the contrary contained herein and without limiting
any other rights and remedies of the Company, if the Executive has engaged in fraud or other misconduct that contributes to any adverse financial restatements or material loss, the Company may require repayment by the Executive of any Annual Bonus
that has already been paid, but only to the extent that the original payment exceeded the lower amount that would have been paid as such Annual Bonus based on results that reflected such restated financials and/or material loss. 

(c) Equity Matters. On the Effective Date, Parent will grant the Executive (i) an option (the “Option”) to
purchase [—] shares of common stock, par value $0.01 per share, of Parent (the “Shares”) under the Aleris Holding Company 2010 Equity

  
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Incentive Plan, as it shall be amended from time to time (the “LTIP”, which shall as of the Effective Date be in the form attached hereto as Exhibit A) on the terms
and conditions set forth in an award agreement in the form attached hereto as Exhibit B and (ii) [—] restricted stock units (the “RSUs”) under the LTIP on the terms
and conditions set forth in an award agreement in the form attached hereto as Exhibit C (such award agreements, the “Equity Award Agreements”). 
 (d) Benefits and Perquisites. During the Employment Period, except as provided in the last sentence of this Section 2(d), the Executive shall be entitled to participate in all employee benefit
plans, practices, policies, programs and arrangements of the Company, and in all perquisites and other fringe benefits, which are from time to time made available by the Company to its senior executives generally (collectively, “Benefit
Arrangements”), on the terms and conditions of the applicable Benefit Arrangement; and the perquisites in effect at the Effective Date shall continue unless and until changed by the Board; provided, however, that nothing contained herein
shall in any way interfere with the Company’s right to terminate, modify or amend any Benefit Arrangement (including perquisites) in accordance with its terms. For the avoidance of doubt, the Executive shall not be eligible to participate
during the Employment Period in any plan, practice, policy, program or arrangement that provides benefits in the nature of severance or continuation pay, and shall not be entitled to any severance pay, upon termination of his employment under this
Agreement, other than as set forth in this Agreement. 
 (e) Vacation. The Executive shall be entitled to vacation time
during the Employment Period on no less favorable a basis than applied to him immediately prior to the Effective Date. 
 (f)
Reimbursement. The Company shall reimburse the Executive for all reasonable business expenses upon the presentation of statements of such expenses in accordance with the Company’s policies and procedures in force as of the Effective Date
or as such policies and procedures may be modified with respect to all senior executive officers of the Company. 
 3.
Employment Period. The Employment Period shall commence on the effective date of the Joint Plan of Reorganization of Aleris International, Inc. and its Affiliated Debtors, dated February 5, 2010, as amended (the “POR”) (such
date, the “Effective Date”) and shall terminate on the third anniversary of the Effective Date, provided that on the third anniversary of the Effective Date and on each anniversary thereafter, the Employment Period shall automatically be
extended for an additional one-year period unless either (i) the Executive provides the Company with a Notice of Termination in accordance with Section 4(a) at least sixty (60) days before any such anniversary (as of any date of
determination, the anniversary date on which the Employment Period is then scheduled to expire shall be referred to herein as the “Scheduled Termination Date”) or (ii) the Company provides the Executive with a Notice of Termination in
accordance with Section 4(a) at least six (6) months before the Scheduled Termination Date. Notwithstanding the foregoing, the Executive’s employment hereunder may be terminated prior to the Scheduled Termination Date upon

  
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the earliest to occur of any one of the following events (in which case the Employment Period shall terminate as of the applicable Date of Termination (as defined below)): 

(a) Death. The Executive’s employment hereunder shall terminate upon his death. 

(b) Disability. The Company shall be entitled to terminate the Executive’s employment hereunder for
“Disability” if, as a result of the Executive’s incapacity due to physical or mental illness or injury, the Executive (i) has become eligible to receive long-term disability benefits under the Company’s long-term
disability plan applicable to the Executive, or (ii) if no such long-term disability plan is applicable to the Executive, the Executive has been unable to perform his duties hereunder for a period of ninety (90) consecutive days or a
period of ninety (90) days in any one hundred eighty (180) day period. 
 (c) Cause. The Company may terminate
the Executive’s employment hereunder for Cause. For purposes of this Agreement, the term “Cause” shall mean: (i) a material breach by the Executive of this Agreement; (ii) other than as a result of physical or mental
illness or injury, continued failure of the Executive to perform substantially the Executive’s duties hereunder; (iii) gross negligence by the Executive, or willful misconduct by the Executive (including willful violation of written rules,
regulations, procedures or instructions relating to the conduct of employees of the Company generally), which in either case causes (or should reasonably be expected to cause) material harm to the Company or the Parent (including indirectly through
their subsidiaries); (iv) material failure by the Executive to use his best reasonable efforts to follow lawful instructions of the Board or the Executive’s direct supervisor; or (v) the Executive is indicted for, or pleads nolo
contendere to, a felony involving moral turpitude or other serious crime involving moral turpitude. In the case of clauses (i), (ii), (iii) and (iv) above, the Company shall provide notice to the Executive indicating in reasonable detail
the events or circumstances that it believes constitute Cause hereunder, and provide the Executive with thirty (30) days after delivery of such notice to cure such purported Cause before termination of the Executive’s employment hereunder
for Cause. For avoidance of doubt, placing the Executive on paid leave for up to 60 days during which the Company continues to provide the Executive with the Base Salary and other compensation and benefits required under Section 2 of this
Agreement, pending the Board’s determination of whether there is a basis to terminate the Executive for Cause, will not by itself constitute a termination of the Executive’s employment hereunder or provide the Executive with Good Reason to
resign his employment until after such 60 day period has elapsed without reinstatement or delivery of a Notice of Termination by the Company (it being understood that such 60 day leave period shall be deemed to coincide with the 60 day Company cure
period set forth in Section 3(e) of this Agreement). If, subsequent to the Executive’s termination of employment hereunder for other than Cause, or subsequent to the Company providing notice of non-renewal subject to Section 3(a), it
is determined in good faith by the Board that the Executive’s employment could have been terminated for Cause pursuant to clause (v) of this Section 3(c), the Executive’s employment shall, at the election of the Board, be deemed

  
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to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 
 (d) Without Cause. The Company may terminate the Executive’s employment hereunder during the Employment Period without Cause. 

(e) Voluntarily. The Executive may voluntarily terminate his employment hereunder, with or without Good Reason, provided that in
the case of a termination without a claim of Good Reason the Executive provides the Company with notice of his intent to terminate his employment at least sixty (60) days in advance of the Date of Termination (as defined in Section 4(b)
below), and that in the case of a termination by the Executive with a claim of Good Reason, the Executive complies with all requirements set forth in the following sentence. For purposes of this Agreement, “Good Reason” shall mean
the occurrence of any of the following, without the Executive’s prior written consent: (i) a material reduction in the Executive’s Base Salary or Annual Bonus opportunity, unless such reduction is part of, and consistent with, a cost
cutting measure affecting senior management generally; (ii) a material diminution in the Executive’s position, duties, responsibilities or reporting relationships; (iii) a material breach by the Company or the Parent of any material
economic obligation under this Agreement or under the Equity Award Agreements; or (iv) a change of the Executive’s principal place of employment to a location more than seventy-five (75) miles from such principal place of employment
as of the Effective Date; provided that Good Reason shall not exist unless (x) the Executive first provides written notice to the Company indicating in reasonable detail the events or circumstances believed by the Executive to constitute Good
Reason within sixty (60) days of the occurrence of such events or circumstances (or, in the case of clause (ii), within sixty (60) days of the Executive’s actual or constructive knowledge of such events or circumstances), (y) the
Company shall have failed to cure such events and circumstances within sixty (60) days after such notice is given, and (z) the Executive terminates his employment on at least ten (10) days notice within one hundred and thirty
(130) days of the occurrence of such events or circumstances (or, in the case of clause (ii), within one hundred and thirty (130) days of the Executive’s actual or constructive knowledge thereof). At any time after the Executive
provides notice to the Company expressing his belief that events or circumstances giving rise to Good Reason have occurred, the Company may direct that the Executive provide services from his residence and not on the Company’s premises, or may
direct the Executive to perform no services at all, in each case for a period no longer than 60 days, provided that the Company shall continue to provide the Executive with the Base Salary and other compensation and benefits required under
Section 2 of this Agreement. 
 4. Termination Procedure. 

(a) Notice of Termination. Any termination of the Executive’s employment hereunder by either Party (other than a termination
on account of the death of the Executive) shall be communicated by written “Notice of Termination” to the other party hereto in accordance with Section 11(a). 

  
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 (b) Date of Termination. “Date of Termination” shall mean
(i) if the Executive’s employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated pursuant to Section 3(b) or 3(c), the date the Executive receives Notice of Termination
from the Company; (iii) if the Executive voluntarily terminates his employment without a claim of Good Reason, the date specified in the notice given pursuant to Section 3(e), which shall not be less than sixty (60) days after the
Notice of Termination; (iv) if the Executive voluntarily terminates his employment with a claim of Good Reason, on the date selected by the Executive in accordance with Section 3(e) above; (v) if the Executive’s employment is
terminated for any other reason, the date on which a Notice of Termination is given or any later date set forth in such Notice of Termination. 
 5. Termination Payments. 
 (a) Without Cause or for Good Reason.

 (i) Subject to Section 5(f) of this Agreement, in the event that the Company terminates the Executive’s employment
hereunder not for Cause, or the Executive terminates his employment hereunder with Good Reason, in each case prior to the Scheduled Termination Date, the Executive shall be entitled to: 

(A) any earned but unpaid Base Salary, any unused vacation if required by law, any unreimbursed expenses through the Date of Termination,
and any amount or benefit then or thereafter due (after taking into account the effects of such termination) under the then-applicable terms of any applicable plan, program, agreement or benefit of the Company or its affiliates (e.g., equity awards,
401(k) accounts, unreimbursed medical benefits, indemnification rights, etc.) (the “Accrued Benefits”); 
 (B)
to the extent not yet fully paid, any earned Annual Bonus for the last immediately prior calendar year during the Employment Period whether or not such Annual Bonus has yet become due for payment (the “Prior Year Bonus”);

 (C) a cash payment (the “Severance Payment”) equal to one and one-half (1-1/2) times the sum of (i) the
Base Salary and (ii) the average of the Executive’s earned Annual Bonuses (whether or not actually paid) for the two (2) most recent calendar years ended prior to the Date of Termination (provided, however, that, for such purposes
only, the Executive will be deemed to have earned an Annual Bonus for each of 2008, 2009 and 2010 equal to the Target Bonus as in effect as of the Effective Date); 
 (D) subject to Section 11(m), continuation of all medical benefits) for eighteen (18) months following the Date of Termination for the Executive and his eligible dependents that are
substantially similar to those then provided to senior executive officers of the Company generally (“Welfare Benefit Continuation”), it being understood that the Company may 

  
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provide the portion of such coverage that can be obtained by the Executive pursuant to his rights under the Consolidated Omnibus Budget Reconciliation Act, as amended (“COBRA”)
by paying the excess of the Executive’s applicable COBRA premiums, over the premiums the Executive would have been required to pay for such portion of such coverage if his employment hereunder had continued. 

(ii) The Accrued Benefits shall be paid/provided following the Date of Termination in accordance with the terms of the applicable plan,
program, agreement or benefit or as required by law. The Prior Year Bonus, if any, shall be paid in cash when annual bonus amounts are paid to other senior executives of the Company generally but in no event later than two and one-half (2-1/2)
months following the calendar year with respect to which such Prior Year Bonus was earned. The Severance Payment shall be paid in cash in substantially equal installments over eighteen (18) months following the Date of Termination, consistent
with the Company’s payroll practices, with any installment due to be paid prior to the date that the condition described in Section 5(f)(i) has been satisfied being accumulated and paid within fifteen (15) days after such
condition is satisfied, and with the last installment being paid no later than the eighteen (18) month anniversary of the Date of Termination, provided, however, that if the Company’s payroll practices change after the Executive has begun
to receive payments under this Section 5(a), the Executive shall continue to receive payments in accordance with the schedule in effect at the time that the Executive began to receive payments under this Section 5(a). 

(b) Cause or Voluntary Resignation Other than for Good Reason. If the Executive’s employment hereunder is terminated by the
Company for Cause or voluntarily by the Executive other than (x) for Good Reason or (y) in a termination to which Section 5(e) applies, the Company shall pay/provide the Executive the Accrued Benefits following the Date of Termination
in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law, and, other than with respect to the Accrued Benefits, the Company will have no further obligations to the Executive hereunder. 

(c) Death or Disability. If the Executive’s employment hereunder is terminated on or prior to the Scheduled Termination Date
as a result of the Executive’s death or Disability, the Company shall pay the Executive or the Executive’s estate, as the case may be: (i) the Accrued Benefits, to be paid/provided following the Date of Termination in accordance with
the terms of the applicable plan, program, agreement or benefit or as required by law; (ii) the Prior Year Bonus (to the extent not yet fully paid), to be paid in cash when annual bonus amounts are paid to other senior executives of the Company
generally but in no event later than two and one-half (2-1/2) months following the calendar year with respect to which such Prior Year Bonus was earned; and (iii) a pro-rata Annual Bonus (“Pro-Rata Bonus”), determined by
multiplying the Executive’s Target Bonus as of the Date of Termination (disregarding, for the purpose of determining the Target Bonus, any reduction in Base Salary occurring on or after the Effective Date) by a fraction, the numerator of which
the number of days the Executive was employed with the Company during the calendar year in which his employment hereunder 

  
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terminates and the denominator of which is 365 (the “Pro-Ration Fraction”), to be paid in cash within thirty (30) days after the Date of Termination; provided, however, that
to the extent necessary to preserve the Company’s tax deduction of the Annual Bonus under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Parties agree to negotiate in good faith to make
adjustments to the method of determining the Pro-Rata Bonus. 
 (d) Non-Renewal by the Company. If the Company elects,
pursuant to the first sentence of Section 3 of this Agreement, not to extend the Employment Period and the Executive’s employment hereunder ends on the Scheduled Termination Date, then subject to Section 5(f) hereof, the Executive
shall be entitled to receive: (i) the Accrued Benefits, to be paid/provided in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law; (ii) a cash payment (the “Non-Renewal
Payment”) equal to the sum of the Base Salary as of the Scheduled Termination Date (disregarding, for this purpose, any reduction in the Base Salary that occurred after the Effective Date) and the average of the Executive’s earned
Annual Bonuses for the two (2) calendar years ended immediately prior to the Scheduled Termination Date, to be paid in substantially equal installments consistent with the Company’s payroll practices over the 12 months following the
Scheduled Termination Date, with any installment due to be paid prior to the date that the condition described in Section 5(e)(i) has been satisfied being accumulated and paid within fifteen (15) days after such condition is
satisfied, and with the last installment being paid on or before the first anniversary of the Scheduled Termination Date, provided, however, that if the Company’s payroll practices change after the Executive has begun to receive payments under
this Section 5(d), the Executive shall continue to receive payments in accordance with the schedule in effect at the time that the Executive began to receive payments under this Section 5(d); and (iii) Welfare Benefits Continuation
for the twelve (12) month period following the Scheduled Date of Termination. 
 (e) Non-Renewal by the Executive.
If the Executive elects, pursuant to the first sentence of Section 3 of this Agreement, not to extend the Employment Period, and the Executive’s employment hereunder ends on the Scheduled Termination Date, then, subject to
Section 5(f) hereof, the Executive shall be entitled to receive (i) the Accrued Benefits, to be paid/provided in accordance with the terms of the applicable plan, program, agreement or benefit or as required by law, and (ii) a cash
amount equal to (A) the annual bonus that the Executive would have received for such year under Section 2(b) above if he had remained employed hereunder indefinitely, determined under the Company’s annual bonus plan for such year and
based on the extent to which objective performance goals were actually achieved, with any subjective and personal performance goals all deemed achieved at target, and with no negative, or positive, discretion exercised in determining the size of the
annual bonus, multiplied by (B) the Pro-Ration Fraction, such amount to be paid at the time the annual bonus of such year would have been due to be paid under Section 2(b) above if the Executive had remained employed hereunder
indefinitely. 
 (f) Conditions Precedent. The payments and benefits provided under Sections 5(a), 5(d) and 5(e) of
this Agreement (other than the Accrued Benefits) are 

  
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subject to and conditioned upon (i) the Executive having provided, within thirty (30) days after the Date of Termination (or such greater period as required by law), an irrevocable
waiver and general release of claims in the form attached hereto as Exhibit D (as such form may be revised by the Company to comply with changes in law) that has become effective in accordance with its terms and (ii) satisfying the
requirements of Section 11(l)(ii) of this Agreement. The Executive shall, upon request by the Company, be required to repay to the Company (net of any taxes paid by the Executive or the Company on such payments), and the Company shall have
no further obligation to pay, the Severance Payment, the Non-Renewal Payment, or the cash payment described in clause (ii) of Section 5(e), as applicable, in the event the Executive materially breaches, at any time prior to eighteen
(18) months after the Date of Termination, his obligations under Sections 7 or 8 hereof; provided, however, that, except in cases of willful misconduct, the Executive shall first be provided a fifteen (15) day cure period to cease,
and to cure, such breach. 
 (g) No Mitigation; No Offset. The Executive shall be under no obligation to seek other
employment after the Date of Termination, and there shall be no offset against amounts or benefits due to him under this Agreement or otherwise on account of any remuneration or benefits provided by any subsequent employer. 

(h) As of the Termination Date, the Executive’s employment with the Company, the Parent, and all of their affiliates shall
terminate, and the Executive shall be deemed to have resigned, effective immediately, from all directorships and other positions he held at any of the foregoing entities. 
 6. Legal Fees; Indemnification; Directors’ & Officers’ Liability Insurance. 
 (a) Legal Fees. In the event of any contest or dispute between the Parties or between the Executive and the Parent, each of the Parties shall be responsible for its or his respective legal fees and
expenses; provided that, if the Executive prevails on any material issue in any action in which the Executive’s rights or obligations under this Agreement or under the Equity Award Agreements are at issue, the Company shall reimburse the
Executive for all reasonable legal fees and expenses incurred by him in connection with such action. For purposes of the preceding sentence, reasonable legal fees shall not include any legal fees awarded on a contingency basis to the extent such
fees would exceed a reasonable fee based on the hours actually expended by such legal counsel multiplied by the counsel’s normal hourly billing rate. 
 (b) Indemnification. The Executive will be entitled to indemnification, and prompt advancement of fees, costs and expenses, on the same terms as indemnification and advancement is made available to
other senior executives of the Company, whether through the Company’s bylaws or otherwise. 
 (c) D&O Coverage.
During the Employment Period and for six years thereafter, the Executive shall be entitled to the same directors’ and officers’ liability insurance coverage that the Company provides generally to its other directors and officers, as may be
altered from time to time for such directors and officers. 

  
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 7. Non-Solicitation. During the Employment Period (except as reasonably necessary and
appropriate in connection with carrying out his duties hereunder) and for eighteen (18) months thereafter, the Executive hereby agrees not to, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring
any employee of the Company or any of its affiliates to perform services for any entity (other than the Company or its affiliates), or attempt to induce any such employee to leave the employ of the Company or its affiliates, or solicit, hire or
engage on behalf of himself or any other Person (as defined below) any employee of the Company or anyone who was employed by the Company during the six-month period preceding such hiring or engagement. 

8. Confidentiality; Non-Compete; Non-Disclosure; Non-Disparagement. 

(a) Confidentiality. The Executive hereby agrees that, during the Employment Period (except as reasonably necessary and
appropriate in connection with carrying out his duties hereunder) and thereafter, he will hold in strict confidence any Confidential Information related to the Company and its affiliates. For purposes of this Agreement, the term
“Confidential Information” shall mean all confidential or proprietary information of the Company or any of its affiliates (in whatever form) which is not generally known to the public, including without limitation any inventions,
processes, methods of distribution, customer lists or customers’ or trade secrets. Nothing in this Agreement or elsewhere shall prohibit, or otherwise restrict, the Executive from making truthful statements and disclosing documents and
information: (i) when required to comply with applicable federal, state or local laws, pursuant to any subpoena or other written or oral request by any court or governmental authority, provided, that the Executive (a) notify the Company in
writing and provide a copy to the Company of such subpoena or other request if in writing, and/or disclose the nature of the request for information if oral, within two (2) business days from the Executive’s actual notice of the service of
such subpoena or other request, (b) consult with and assist the Company (at the Company’s reasonable request and sole expense) in seeking a protective order or request for other appropriate relief from disclosure, and (c) in the event
that such protective order or other relief is not obtained, shall disclose only that portion of the Confidential Information which, based on the written advice of the legal counsel selected by the Executive and paid for by the Company, is legally
required to be disclosed; (ii) in confidence to an attorney or other licensed tax and/or professional advisor, subject, in each case, to that individual being informed of this confidentiality obligation and agreeing to keep such information
confidential, for the sole purpose of securing professional advice; or (iii) in good faith during the course of any proceeding under Section 11(i)(ii) of this Agreement. 

(b) Non-Competition. The Executive and the Company agree that the Parent and/or the Company would likely suffer significant harm
from the Executive’s competing with the Company or the Parent (including for this purpose their subsidiaries) during the Employment Period and for some period of time thereafter. Accordingly, the Executive agrees that he will not, during the
Employment Period and for a period of eighteen (18) months following the Date of Termination, directly or indirectly, become employed by, engage in business with, serve as an agent or consultant to, become a partner, member, principal,
stockholder or other owner (other than a holder of less than 

  
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1% of the outstanding voting shares of any publicly held company) of, any Person competitive with, or otherwise perform services relating to, the business of the Company (including for this
purpose the businesses of its Parent and of the Parent’s subsidiaries) at the time of the termination (the “Business”) (whether or not for compensation). For purposes of this Agreement, the term “Person” shall
mean any individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof that is engaged in the Business, or otherwise competes with the
Company or its affiliates, anywhere in which the Company or its affiliates engage in or intend to engage in the Business or where the Company or its affiliates’ customers are located. 

(c) Return of Company Documents. The Executive hereby agrees that, upon the termination of the Employment Period, he shall not
take, without the prior written consent of the Company, any drawing, blueprint, specification or other document (in whatever form) of the Company or its affiliates, which is of a confidential nature relating to the Company or its affiliates, or,
without limitation, relating to its or their methods of distribution, or any description of any formulas or secret processes and will return any such information (in whatever form) then in his possession. Subject only to the Executive’s duty to
hold in strict confidence all Confidential Information of the Company and its affiliates and his other obligations under this Agreement, the Executive shall be permitted to retain and use his rolodex (and electronic equivalents); documents and data
relating to his personal entitlements and obligations; and any other items that the Company approves. 
 (d)
Non-Disparagement. The Executive hereby agrees not to defame or disparage the Company, its affiliates and their respective officers, directors, members or executives. The Executive hereby agrees to cooperate with the Company and its
affiliates, upon reasonable request, in refuting any defamatory or disparaging remarks by any third party made in respect of the Company or its affiliates or their directors, members, officers or executives. 

9. Injunctive Relief. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to the
Company and its affiliates in the event that the Executive breaches any of the restrictive covenants provided in Sections 7 and 8 hereof. In the event that the Executive breaches any such restrictive covenant, the Company or any of its
affiliates shall be entitled to an injunction restraining the Executive from violating such restrictive covenant (without posting any bond). If the Company or one of its affiliates shall institute any action or proceeding to enforce any such
restrictive covenant, the Executive hereby waives the claim or defense that the Company or such affiliate has an adequate remedy at law and agrees not to assert in any such action or proceeding the claim or defense that the Company has an adequate
remedy at law. The foregoing shall not prejudice the Company’s right to seek any other relief to which it may be entitled. 

10. 280G Tax Treatment. If, after the Effective Date, it shall be determined that any payment or benefit (including, without
limitation, the issuance of common shares, and the granting, vesting, exercising or termination of stock options, restricted 

  
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stock units or other equity awards) to or for the benefit of the Executive under this Agreement or any other plan, program, agreement or arrangement of the Company, the Parent, or any of their
affiliates would be subject to the excise tax, and loss of tax deduction, under Sections 280G and 4999 of the Code, to the extent such relief is available, upon written request by the Executive and his waiver of any right to payment or such
benefit, the Company and the Parent shall use their best reasonable efforts to secure approval of such payment or benefit in a shareholder vote in a manner intended to comply with the rules and regulations promulgated under Section 280G(b)(5)
of the Code. 
 11. Miscellaneous. 
 (a) Notices. Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered personally or
four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed as follows (or if it is sent through any other
method agreed upon by the parties): 
 If to the Company: 

Aleris International, Inc. 
 25825 Science Park Drive, Suite 400 
 Beachwood, Ohio 44122 

Attention: 
 If
to the Parent: 
 To the address set forth in the Equity Award Agreements for the Parent 

If to the Executive: 
 During the Employment Period, to his principal office at the Company, and after the Employment Period to his principal residence as listed in the records of the Company or to such other address as any
Party may designate by notice to the others. 
 (b) Entire Agreement. This Agreement, including its exhibits and
schedules, shall constitute the entire agreement and understanding among the Parties hereto with respect to the Executive’s employment hereunder and supersedes and is in full substitution for any and all prior understandings or agreements
(whether written or oral) with respect to the Executive’s employment. For the avoidance of doubt, nothing in this Section 11(b) shall be read to affect the Executive’s rights to the Accrued Benefits determined as of the Effective
Date. The Company represents and warrants that it has obtained the approval of any person or body whose approval is necessary as of the 

  
 12 

 
Effective Date to carry out the terms of this Agreement. In the event of any conflict between the provisions of this Agreement (including its Exhibits and Schedules) and the provisions of any
other document, the provisions of this Agreement shall control unless the Parties otherwise agree in a signed writing that specifically identifies the provisions of this Agreement whose control is being waived. 

(c) Amendment; No Waiver. This Agreement may be amended only by an instrument in writing signed by the Parties that specifically
identifies the provisions being amended, and the application of any provision hereof may be waived only by an instrument in writing that specifically identifies the provision whose application is being waived and that is signed by the person against
whom or which enforcement of such waiver is sought. The failure of any Party at any time to insist upon strict adherence to any provision hereof shall in no way affect the full right to insist upon strict adherence at any time thereafter, nor shall
the waiver by any Party of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement. No failure or delay by
either Party in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. 
 (d) No Construction Against Drafter. The Parties
acknowledge and agree that each Party has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved
against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both Parties and not in favor or against either Party. 

(e) Assignment. This Agreement is binding on and is for the benefit of the Parties hereto and their respective successors,
assigns, heirs, executors, administrators and other legal representatives. This Agreement is personal to the Executive. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive, without the prior written consent
of the Company or except by will or the laws of descent and distribution, and any purported assignment in violation of this Section 11(e) shall be void. 
 (f) Assumption of Agreement. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such succession had taken place. As used in the Agreement, “the Company” shall mean both
the Company as defined above and any such successor that assumes this Agreement, by operation of law or otherwise. 
 (g)
Severability. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of 

  
 13 

 
this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. If any term or provision of
this Agreement is invalid, illegal or incapable of being enforced by any applicable law or public policy, all other conditions and provisions of this Agreement shall nonetheless remain in full force and effect so long as the economic and legal
substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to either Party; provided, however, that in the event that any court of competent jurisdiction shall finally hold in a non-appealable
judicial determination that any provision of Section 7 or 8 (whether in whole or in part) is void or constitutes an unreasonable restriction against the Executive, such provision shall not be rendered void but shall be deemed to be modified to
the minimum extent necessary to make such provision enforceable for the longest duration and the greatest scope as such court may determine constitutes a reasonable restriction under the circumstances. Subject to the foregoing, upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 (h) Tax Withholding. The Company may withhold from any amounts payable to the Executive hereunder all federal, state, city, foreign or other taxes that the Company may reasonably determine are
required to be withheld pursuant to any applicable law or regulation (it being understood that the Executive shall be responsible for payment of all taxes in respect of the payments and benefits provided herein). 

(i) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial; Service of Process. 

(i) 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 without reference to its principles of conflicts of law. 
 (ii) Except as otherwise specifically
provided herein, the Parties and the Parent each hereby irrevocably submits to the exclusive jurisdiction of any court of the United States located in the State of Delaware or in a State Court in Delaware over any dispute between them that arises
out of or relates to this Agreement, the Executive’s employment with the Company, or any termination of such employment. Except as otherwise specifically provided in this Agreement, the Parties and the Parent undertake not to commence any suit,
action or proceeding based on any dispute between them that arises out of or relates to this Agreement, the Executive’s employment with the Company, or any termination of such employment in a forum other than a forum described in this
Section 11(i)(ii); provided, however, that nothing herein shall preclude either Party or the Parent from bringing any suit, action or proceeding in any other court for the purposes of enforcing the provisions of this Section 11(i) or
enforcing any judgment obtained by the Company. The agreement of the Parties and the Parent to the forum described in this Section 11(i)(ii) is independent of the law that may be applied in any suit, action, or proceeding, and the Parties
agree to such forum even if such forum 

  
 14 

 
may under applicable law choose to apply non-forum law. The Parties and the Parent waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter have to
personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in an applicable court described in Section 11(i)(ii), and the Parties and the Parent agree that they shall not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court. The Parties and the Parent agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any suit, action or proceeding brought
in any applicable court described in Section 11(i)(ii) shall be conclusive and binding upon the Parties and the Parent and may be enforced in any other jurisdiction. 

(iii) THE PARTIES AND THE PARENT EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT. 
 (j)
Each of the Parties and the Parent hereto agrees that this Agreement involves at least $100,000 and that this Agreement has been entered into in express reliance on Section 2708 of Title 6 of the Delaware Code. Each of the Parties and the
Parent hereto irrevocably and unconditionally agrees (i) that service of process may be made on such Party or the Parent by mailing copies of such process to such Party or the Parent at such Party’s or the Parent’s address as
specified in Section 11(a) and (ii) that service made pursuant to clause (i) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such Party or the Parent personally
within the State of Delaware. 
 (k) Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same instrument. Signatures delivered by facsimile (including by “pdf”) shall be deemed effective for all purposes. 

(l) Headings. The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control
or affect the meaning of any provision hereof. 
 (m) Section 409A. 

(i) It is the intention of the Parties that this Agreement comply with the requirements of Section 409A of the Code, and this
Agreement will be interpreted in a manner intended to comply with Section 409A. All payments under this Agreement are intended to be excluded from the requirements of Section 409A of the Code or be payable on a fixed date or schedule in
accordance with Section 409A(a)(2)(iv) of the Code. The Parties agree to negotiate in good faith to make amendments to this Agreement as the Parties mutually agree are necessary or desirable to avoid the imposition of taxes or penalties
under Section 409A of the Code. To the extent that reimbursements or in-kind benefits due to the Executive under this Agreement 

  
 15 

 
constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner consistent with Treasury
Regulations Section 1.409A-3(i)(1)(iv). Notwithstanding the foregoing, the Executive shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of the Executive in connection
with payments and benefits provided in accordance with the terms of this Agreement (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or
otherwise hold the Executive (or any beneficiary) harmless from any or all of such taxes or penalties. 
 (ii) Notwithstanding
anything in this Agreement or elsewhere to the contrary, in the event that the Executive is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and the Executive is not “disabled” within
the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to Section 409A of the Code shall be made to the Executive prior to the date that is six (6) months after the date of the
Executive’s “separation from service” (as defined in Section 409A of the Code) or, if earlier, the Executive’s date of death. Following any applicable six (6) month delay, all such delayed payments will be paid in a
single lump sum on the earliest permissible payment date. For purposes of Section 409A of the Code, each of the payments that may be made under Sections 5(a) and 5(d) are designated as separate payments for purposes of Treasury Regulations
Section 1.409A-1(b)(4)(i)(F), 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v)(B). 
 (iii) For purposes of this Agreement,
with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A of the Code, references to “termination of employment” (and substantially similar phrases) shall be
interpreted and applied in a manner that is consistent with the requirements of Section 409A. The Executive shall have no duties or obligations after the Date of Termination that are inconsistent with his having a “separation of
service” as of the Date of Termination for purposes of Section 409A of the Code. 
 (iv) Executive’s right to
any deferred compensation, as defined under Section 409A of the Code, shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment by creditors, or borrowing, to the extent necessary
to avoid tax, penalties and/or interest under Section 409A of the Code. 

  
 16 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written
above. 
  

			
	EXECUTIVE
	
	  

	Name:	 	
	
	ALERIS INTERNATIONAL, INC.
	
	  

	Name:	 	  

	Title:	 	  

  
 17 

 ACCEPTED AND AGREED as to Sections 2(c), 10, 11(i)(ii) and
11(i)(iii) only on this 1st day of June, 2010. 

 

			
	ALERIS HOLDING COMPANY
		
	By:	 	  

		 	Name:
		 	Title:Aleris Holding Company 2010 Equity Incentive Plan

 Exhibit 10.8 
 ALERIS HOLDING COMPANY 
 2010 EQUITY INCENTIVE PLAN 

EFFECTIVE AS OF JUNE 1, 2010 

 ALERIS HOLDING COMPANY 

2010 EQUITY INCENTIVE PLAN 
 Section 1. General 
 (a) Establishment. Aleris Holding Company., a
Delaware corporation, or any successor thereto, by merger, consolidation or otherwise (the “Company”), has adopted the Plan as set forth in this document in connection with the confirmation of its Chapter 11 Joint Plan of
Reorganization of Aleris International, Inc. and its Affiliated Debtors, dated February 5, 2010, as amended, as confirmed by the United States Bankruptcy Court for the District of Delaware (the “Plan of Reorganization”).

 (b) Purpose of the Plan. The purpose of this Plan is to attract, retain, incentivize and motivate officers and
employees of, consultants to, and non-employee directors providing services to, the Company and its Subsidiaries and Affiliates and to promote the success of the Company’s business by providing such participating individuals with a proprietary
interest in the performance of the Company. The Company believes that this incentive program will cause participating officers, employees, consultants and non-employee directors to increase their interest in the welfare of the Company, its
Subsidiaries and Affiliates and to align those interests with those of the stockholders of the Company, its Subsidiaries and Affiliates. 
 Section 2. Definitions 
 Whenever capitalized in the Plan, the following
terms shall have the meanings set forth below. 
 (a) “Affiliate” shall mean with respect to any entity, any
entity that the Company, either directly or indirectly through one or more intermediaries, is in common control with, is controlled by or controls, each within the meaning of the Securities Act. 

(b) “Award” shall mean, individually or collectively, the grant of an Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit or Other Stock-Based Award under the Plan as evidenced by an Award Agreement relating thereto. 

(c) “Award Agreement” shall mean the agreement between the Company and a Participant who has been granted an Award
pursuant to this Plan, which defines the rights and obligations of the parties in respect of the Award, as required by Section 6(b) of the Plan. 
 (d) “Board” shall mean the Board of Directors of the Company, as constituted from time to time. 
 (e) “Cause” shall mean, except as otherwise set forth in the applicable Award Agreement (and for the purposes set forth in such Agreement), “cause,” “just cause” or
any term of like import, as defined in the applicable Employment Agreement and shall be interpreted in accordance with the procedures set forth therein, or, in the absence of such an agreement, that, upon determination by the Company, the
Participant: (i) has been negligent in the discharge of his or her duties to the Company, a Subsidiary or any Affiliate, has refused to perform stated or 

  
 2 

 
assigned duties or is incompetent or incapable of performing those duties (other than by reason of his or her incapacity due to physical or mental illness or injury); (ii) has been dishonest
or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information with respect to the Company, a
Subsidiary or any Affiliate, or the unauthorized removal from the premises of the Company, a Subsidiary or any Affiliate of any document (in any medium or form) relating to the Company, a Subsidiary or any Affiliate, the Initial Investors, or the
customers of the Company, a Subsidiary or any Affiliate or has otherwise engaged in conduct which is materially injurious to the Company, a Subsidiary or any Affiliate; (iii) has breached a fiduciary duty or duty of loyalty or violated any
other duty, law, rule, regulation or policy of the Company, a Subsidiary or any Affiliate or has been convicted of, or pled not guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses);
(iv) has breached any of the provisions of any agreement with the Company, a Subsidiary or any Affiliate or (v) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or
assets of the Company, a Subsidiary or any Affiliate, has improperly induced a vendor or customer to break or terminate any contract with the Company, a Subsidiary or any Affiliate or has induced a principal for whom the Company, a Subsidiary or any
Affiliate acts as agent to terminate such agency relationship. 
 (f) “Change of Control” except as otherwise
set forth in the applicable Award Agreement (and for the purposes set for in such agreement), shall mean the occurrence of any one of the following events: 
 (i) the acquisition by any “person” or “group” (as such terms are used in Sections 13(d) of the Exchange Act) other than the Initial Investors and their affiliates (including among
such affiliates, for purposes of this definition, for the avoidance of doubt, any entity that the Initial Investors beneficially own more than 50% of the then-outstanding securities entitled to vote generally in the election of directors of such
entity) of more than 50% of the then-outstanding securities entitled to vote generally in the election of directors of the Company (“Voting Securities”); 
 (ii) any merger, consolidation, reorganization, recapitalization, tender or exchange offer or any other transaction with or affecting the Company following which any person or group, other than the
Initial Investors and their affiliates, beneficially owns more than 50% of the Voting Securities of the surviving entity; 

(iii) the sale, lease, exchange, transfer or other disposition of all, or substantially all, of the assets of the Company and its
consolidated Subsidiaries, other than to a successor entity of which the Initial Investors and their affiliates beneficially own 50% or more of the Voting Securities; or 
 (iv) a change in the composition of the Board over a period of thirty-six (36) months or less, such that a majority of the individuals who constitute the Board as of the beginning of such period (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided that any person becoming a Director subsequent to the beginning of such period, whose election or nomination for election was
approved by a vote of at least a 

  
 3 

 
majority of the Incumbent Directors, including those directors whose election or nomination for election was previously so approved, shall be deemed to be an Incumbent Director. 

Notwithstanding the foregoing, (A) a person shall not be deemed to have beneficial ownership of securities subject to a stock
purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) until the consummation of the transactions contemplated by such agreement, and (B) any holding company whose only material asset is equity
interests of the Company or any of its direct or indirect parent companies shall be disregarded for purposes of determining beneficial ownership under clause (ii) above and (C) the term “Change of Control” shall not include
(x) a merger or consolidation of the Company with or the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the Company’s assets to, an Affiliate of the Company incorporated or organized
solely for the purpose of reincorporating or reorganizing the Company in another jurisdiction and/or for the sole purpose of forming a holding company or (y) the completion of the transactions contemplated by the Plan of Reorganization.

 (g) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

(h) “Committee” shall mean a committee of the Board described in Section 4(a) of the Plan or, if none has been
appointed, the Board. 
 (i) “Common Stock” shall mean the common stock, par value $0.01 per share, of the
Company and any stock or other security into which such common stock may be converted or into which it may be exchanged. 
 (j)
“Company” has the meaning ascribed to it in Section 1(a) of the Plan. 
 (k) “Consultant”
shall mean a person who performs bona fide services for the Company or an Affiliate or Subsidiary as a consultant or advisor but who is not an Employee or Director. 
 (l) “Director” shall mean a member of the Board, or of the board of directors, or body performing similar functions, of an Affiliate or Subsidiary, who is not an Employee. 

(m) “Disability” shall mean, except as otherwise set forth in the applicable Award Agreement (and for the purposes set
forth in such Agreement), “disability,” “incapacity” or any term of like import, as defined in the applicable Employment Agreement and shall be interpreted in accordance with the procedures set forth therein, or, in the absence
of such an agreement, if the Participant shall become eligible to receive a benefit under the Company’s long-term disability plan applicable to such Participant, or, if no such long-term disability plan is applicable to the Participant, the
complete and permanent inability by reason of illness or accident to perform the duties of the occupation at which a Participant was employed or served when such disability commenced, as determined by the Committee based upon medical evidence
acceptable to it. 
 (n) “Dividend Equivalent Right” shall mean a right that entitles the holder to receive,
for each Restricted Stock Unit that is subject to (or referenced by) an underlying Award, 

  
 4 

 
a distribution equivalent to any dividend distributed in respect of any security underlying such Unit, at the same time that actual holders of such security receive such dividend. 

(o) “Effective Date” shall have the meaning ascribed to such term in Section 14(a) of the Plan. 

(p) “Employee” shall mean an employee of the Company, a Subsidiary or an Affiliate. 

(q) “Employment Agreement” shall mean (unless otherwise defined in an applicable Award Agreement), with respect to a
Participant, any employment, consulting or similar agreement between the Company, any Subsidiary or Affiliate, on the one hand, and the Participant, on the other, governing the provision of Services by the Participant to the Company, any Subsidiary
or Affiliate. 
 (r) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time. 
 (s) “Fair Market Value” shall mean, as of any date, and except as otherwise defined in an applicable
Award Agreement, the per Share value determined as follows: 
 (i) if the Common Stock is listed on a national securities
exchange, the closing sale price reported as having occurred on the primary exchange with which the Common Stock 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 such a sale was
reported; 
 (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer
quotation system on a last sale basis, 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 on the last preceding date on which a sale was reported; or 

(iii) if the Committee determines in its sole discretion that the shares of Common Stock are too thinly traded for Fair Market Value to
be determined pursuant to clause (i) or (ii) above or if the Common Stock is not listed on a national securities exchange nor quoted in an inter-dealer quotation system on a last sale basis, the fair market value as determined in good
faith by the Committee in its reasonable discretion but consistent with the terms of any applicable Award Agreement. 
 (t)
“Governmental Authority” means the government of any nation, state, city, locality or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. 
 (u) “Initial Investors” shall mean Oaktree Capital Management, L.P., Apollo Management VII, L.P. and their respective affiliates. 

  
 5 

 (v) “Non-qualified Stock Option” shall mean an Option that does not meet
the requirements of an incentive stock option under Section 422 of the Code. 
 (w) “Option” shall mean an
option to purchase Common Stock issued under and subject to the Plan. 
 (x) “Other Stock-Based Award” shall
mean any right granted under Section 10 of the Plan. 
 (y) “Participant” shall mean any eligible person
as set forth in Section 3 of the Plan to whom an Award is granted. 
 (z) “Person” shall mean any
individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by
merger or otherwise) of such entity. 
 (aa) “Plan” shall mean this Aleris Holding Company 2010 Equity
Incentive Plan, as it may be amended from time to time. 
 (bb) “Restricted Period” shall mean, with respect to
any Award of Restricted Stock or Restricted Stock Units, the period of time determined by the Committee during which such Award is subject to the restrictions set forth in Section 9 of the Plan and the applicable Award Agreement, as specified
in the applicable Restricted Stock Award Agreement or Restricted Stock Unit Award Agreement. 
 (cc) “Restricted
Stock” shall have the meaning described in Section 9(a) of the Plan. 
 (dd) “Restricted Stock
Unit” shall have the meaning described in Section 9(b) of the Plan. 
 (ee) “Securities Act”
shall mean the Securities Act of 1933, as amended. 
 (ff) “Service” shall mean the Participant’s service
as an Employee, Director or Consultant. For any purpose under this Plan, Service shall be deemed to continue while the Participant is on a bona fide leave of absence, if such leave was approved by the Company in writing or if continued crediting of
Service for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company). 

(gg) “Share” shall mean a share of either Common Stock or such other class or kind of shares or other securities, which
results from the application of Section 11(a) of the Plan. 
 (hh) “Stock” shall mean the Common Stock or
such other authorized shares of stock of the Company as the Committee may from time to time authorize for use under the Plan. 

(ii) “Stock Appreciation Right” shall have the meaning described in Section 8(a) of the Plan. 

  
 6 

 (jj) “Stockholders Agreement” shall mean that certain stockholders
agreement, dated on or around the Effective Date, by and among the Company and the stockholders named therein, as it may be amended or modified from time to time. 
 (kk) “Subsidiary” shall mean any corporation (other than the Company), partnership, joint venture, Person or other legal entity of which the Company owns, directly or indirectly, more
than 50% of the stock or other equity interests, the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal entity. 

Section 3. Eligibility 
 Participants will consist of such Employees, Directors and Consultants as the Committee in its sole discretion designates from time to time to receive an Award under the Plan and who have entered into an
Award Agreement and, following the death of any such individual, his or her successors, heirs, executors, administrators and assigns, as the case may be. 
 Section 4. Administration 
 (a) Committees. The Plan shall be
administered by the Board or, at its election, by one or more Committees consisting of one or more members of the Board who have been appointed by the Board. The Committee shall have such authority and be responsible for such functions as may be
delegated to it by the Board, and any reference to the Board in the Plan shall be construed as a reference to the Committee with respect to functions delegated to it by the Board. If no Committee has been appointed, the entire Board shall administer
the Plan. 
 (b) Authority of the Committee. Subject to the provisions of this Plan and of applicable law, the Committee
shall have full authority and sole discretion to take all actions it deems necessary or advisable for the administration and operation of the Plan, including, without limitation, the authority and discretion to (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Shares to be covered by, or with respect to which payments, rights or other matters are to be calculated in connection with Awards;
(iv) determine the terms and conditions of any Award, including, without limitation, and as applicable, the exercise price, vesting schedules, conditions relating to exercise and termination of the right to exercise; (v) determine whether,
to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited or suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Stock, other securities, other Awards, other property and other amounts payable with respect to an Award
shall be deferred, either automatically or at the election of the holder thereof or the Committee; (vii) interpret, construe, administer, reconcile any inconsistency, resolve any ambiguity, correct any defect and/or supply any omission in the
provisions of the Plan, any Award Agreement or any Award or any instrument or agreement relating to the Plan; (viii) review any decisions or actions made or taken by any Committee in connection with any Award or the operation, administration or
interpretation of the Plan; (ix) accelerate vesting or exercisability of, or otherwise waive any requirements or conditions applicable to, any Award; (x) extend the term or 

  
 7 

 
any period of exercisability of any Award; (xi) modify the purchase price or exercise price under any Award; and (xii) otherwise amend an Award in whole or in part from time-to-time as
the Committee determines, in its sole and absolute discretion, to be necessary or appropriate to conform such Award to, or required to satisfy, any legal requirement (including without limitation the provisions of Section 409A of the Code),
which amendment may be made retroactively or prospectively. The Committee shall have full discretionary authority to adopt and amend from time to time such rules and regulations for the administration of the Plan as the Committee may reasonably deem
necessary or appropriate and to adopt, amend, suspend or waive such rules, forms, instruments and guidelines, and appoint such agents, as it reasonably deems necessary, desirable or appropriate for the proper administration of the Plan. Unless
otherwise expressly provided in the Plan or an applicable Award Agreement, all designations, determinations, interpretations and other actions or decisions of the Committee or, in the absence of any action by the Committee, the Board, shall, if made
reasonably and in good faith, be final, conclusive and binding upon all parties, including, without limitation, the Company, any Affiliate, any shareholder, any Participant and their estate and any holder or beneficiary of any Award. 

Section 5. Stock Subject to Plan 
 (a) Basic Limitation. Subject to the following provisions of this Section and Section 11(a) of the Plan, the maximum aggregate number of Shares that may be issued pursuant to Awards made under
the Plan is 2,928,810. The maximum aggregate number of Shares that may be issued pursuant to Restricted Stock Units under the Plan is 325,423. Shares may be treasury shares, authorized but unissued shares or shares purchased on the open market or by
private purchase, or a combination of the foregoing, in the discretion of the Committee. 
 (b) Additional Shares. If any
outstanding Award or portion thereof expires or is cancelled or otherwise terminated for any reason whatsoever, any Shares covered by such expired, cancelled or terminated Award or portion thereof shall again be available for future Awards under the
Plan. If Shares issued under the Plan in connection with the grant of any Award are reacquired by the Company pursuant to any forfeiture provision, right of repurchase, call right, put right, right of first offer or withholding requirements, such
Shares shall again be available for future Awards under the Plan. If a Participant pays for any Award through the delivery of previously held or acquired Shares, the number of Shares available under the Plan shall be increased by the number of
Shares delivered by the Participant. 
 Section 6. Awards 

(a) Types of Awards. The Committee may, in its sole discretion, make Awards of one or more of the following: Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units and Other Stock-Based Awards. 
 (b) Award Agreements. Each
Award made under the Plan shall be evidenced by a written Award Agreement between the Participant and the Company, and no Award shall be valid without any such Award Agreement. The terms and conditions of an Award and Award Agreement may vary among
Participants and among different Awards granted to the same Participant. An Award shall, except to the extent otherwise provided in an applicable Award 

  
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Agreement, be subject to all applicable terms and conditions of the Plan and to any other terms and conditions that the Committee in its sole discretion deems appropriate for inclusion in the
Award Agreement (including, without limitation, provisions for the forfeiture of or restrictions on resale or other disposition of Shares acquired under any Award; provisions giving the Company the right to repurchase Shares acquired under any Award
in the event the Participant elects to dispose of such shares; subject to Section 409A of the Code, provisions allowing the Participant to elect to defer the receipt of payment in respect of Awards for a specified period or until a specified
event; provisions requiring the Participant to become a party to the Stockholders Agreement, if any, as a condition of the Award; and provisions to comply with Federal and state securities laws and Federal and state tax withholding requirements);
provided, however, that such terms and conditions shall not be inconsistent with the Plan. Unless an Award Agreement specifically states otherwise, in the event of any conflict between the provisions of the Plan and any Award Agreement, the
provisions of the Plan shall prevail. Each Award Agreement shall provide, in addition to any terms and conditions required to be provided in such Award Agreement pursuant to any other provision of this Plan, the following terms: 

(i) the number of Shares subject to the Award, if any, which number shall be subject to adjustment in accordance with Section 11(a)
of the Plan or as provided in the Award Agreement; 
 (ii) the consequences of the Participant’s termination of Service
with the Company or any Subsidiary or Affiliate; and 
 (iii) the dates and events on which all or any installment of the Award
shall be vested and/or exercisable, and non-forfeitable. 
 (c) No Rights as a Shareholder. Except as otherwise provided
in the Plan or an Award Agreement, a Participant, or a transferee of a Participant, shall have no rights as a shareholder with respect to any Shares covered by an Award until the Participant becomes the record holder of such Shares. 

(d) Awards Subject to Stockholders Agreement. As a condition of the grant, exercise or settlement of an Award, the Committee may
require a Participant to execute and deliver to the Company a joinder to the Stockholders Agreement, if any, in a form provided by the Company. If the Committee exercises its authority under this Section 6(d) and determines that a Participant
is required to execute and deliver to the Company a joinder to the Stockholders Agreement and if such Participant fails to execute or to deliver to the Company such Stockholders Agreement, the Award shall, in the sole discretion of the Committee, be
null and void or paid in a form other than Shares. 
 Section 7. Options 

(a) Option Agreement. The Committee may, in its sole discretion, grant Options. All Options will be Nonqualified Stock Options.
Each Award Agreement evidencing an Award of Options shall contain the following information, which, except as otherwise provided below, shall be determined by the Committee, in its sole discretion: 

  
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 (i) the exercise price of an Option, as determined by the Committee at the time of grant,
provided, however, that the exercise price shall not be less than 100% of the Fair Market Value of a Share subject to such Option on the date of grant; 
 (ii) the dates and events when all or any installment of the Option becomes exercisable; and 
 (iii) the term of each Option (including the circumstances under which such Option will expire prior to the stated term thereof and the effect of termination of a Participant’s Service), which shall
not exceed 10 years from the date of grant, subject to the Committee’s authority to extend the term of any Award, as provided in Section 4(b) of the Plan. 
 (b) Method of Exercise. 
 (i) General Rule. Except as otherwise
provided in the Plan or any Award Agreement, an Option may be exercised for all or any part of the Shares for which such Option is then exercisable by such methods and procedures as the Committee determines from time to time. Except as otherwise
provided in this Section 7(b) or in the applicable Award Agreement, a Participant shall exercise an Option by delivery of written notice to the Company setting forth the number of Shares with respect to which the Option is to be exercised,
together with cash or a personal check or bank draft in the amount equal to the sum of the exercise price for such Shares. The partial exercise of an Option shall not cause the expiration, termination or cancellation of the remaining portion
thereof. 
 (ii) Surrender of Shares. Notwithstanding Section 7(b)(i) of the Plan, the Committee in its sole
discretion may permit (by providing in an applicable Award Agreement or otherwise) payment of all or any portion of the exercise price and/or of any withholding taxes due in connection with an exercise to be made by surrendering Shares that are
already owned by the Participant. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date when the Option is exercised. 

(iii) Net Exercise. Notwithstanding Section 7(b)(i) or Section 7(b)(ii) of the Plan, the Committee in its sole
discretion may permit (by so providing in an applicable Award Agreement or otherwise), payment of all or any portion of the exercise price and/or of any withholding taxes due in connection with an exercise to be made by reducing the number of Shares
otherwise deliverable pursuant to the Option by the number of such Shares having a Fair Market Value equal to the exercise price or by some other form of net physical settlement or method of cashless exercise as determined by the Committee.

 (iv) Exercise of Discretion. Should the Committee exercise its discretion to permit the Participant to pay the
purchase price under an Award in whole or in part in accordance with Section 7(b)(ii) or Section 7(b)(iii) above, it shall not be bound to permit such method of payment for the remainder of any such Option (unless otherwise provided in the
Award Agreement) or with respect to any other Award or Participant under the Plan. 

  
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 Section 8. Stock Appreciation Rights 

(a) Generally. The Committee may, in its sole discretion, grant Stock Appreciation Rights, including a grant of Stock Appreciation
Rights in tandem with any Option. A Stock Appreciation Right is a right to receive, upon exercise, a payment in cash, Shares, other property or a combination thereof of an amount equal to the excess of (i) the Fair Market Value of a number of
Shares subject to the Stock Appreciation Right on the date the right is exercised over (ii) the Fair Market Value of such Shares on the date the right is granted. If a Stock Appreciation Right is granted in tandem with an Option, such tandem
Stock Appreciation Right shall be exercisable only to the extent the related Option is exercisable and shall expire no later than the expiration of the related Option. Upon the exercise of all or a portion of such tandem Stock Appreciation Right, a
Participant shall be required to forfeit the right to purchase an equivalent portion of the related Option upon the exercise of all or a portion of the related Option, a Participant shall be required to forfeit the right to receive payment with
respect to an equivalent portion of the tandem Stock Appreciation Right. 
 (b) Stock Appreciation Rights Award
Agreement. Each Award Agreement evidencing an Award of Stock Appreciation Rights shall contain the following information, which shall be determined by the Committee, in its sole discretion: 

(i) the grant price of the Shares above which a Participant shall be entitled to share in the appreciation in the value of such Shares,
provided that such grant price shall not be less than 100% of the Fair Market Value of such Shares on the date of grant; 

(ii) the dates and events when all or any installment of the Stock Appreciation Rights become exercisable; 

(iii) the term of each Stock Appreciation Right (including the circumstances under which such Stock Appreciation Right will expire prior
to the stated term thereof and the effect of termination of a Participant’s Service), provided that the term shall not exceed 10 years from the date of grant, subject to the Committee’s authority to extend the term of any Award, as
provided in Section 4(b) of the Plan. 
 (c) Method of Exercise. A Participant may exercise a Stock Appreciation
Right by filing an irrevocable written notice with the Committee or its designee, specifying the number of Shares subject to the Stock Appreciation Right to be exercised. 
 Section 9. Restricted Stock and Restricted Stock Units 
 (a) Restricted
Stock. An Award of Restricted Stock is a grant by the Company of a specified number of Shares to the Participant, which are subject to forfeiture until the expiration of the Restricted Period set forth in the applicable Award Agreement, and
other restrictions on transfer, set forth therein. 
 (i) Stock Certificate. Upon the grant of Restricted Stock, the
Committee shall cause a stock certificate registered in the name of the Participant to be issued and, if it so determines, deposited together with stock powers with an escrow agent designated by the Committee, which may be the Company, pending the
release of the applicable restrictions. 

  
 11 

 
If an escrow arrangement is used, the Committee may cause the escrow agent to issue to the Participant a receipt evidencing any stock certificate held by it registered in the name of the
Participant. Until the lapse of all restrictions with respect to Restricted Stock, each stock certificate representing Restricted Stock awarded under the Plan shall bear a legend substantially in the form of the following as well as any other
information the Company deems appropriate: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES AND THE SECURITIES
REGULATORY AUTHORITIES OF APPLICABLE STATES OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE OR PURSUANT TO A WRITTEN OPINION OF COUNSEL FOR THE COMPANY (OR SUCH OTHER EVIDENCE AS IS REASONABLY ACCEPTABLE TO THE COMPANY) THAT SUCH
REGISTRATION IS NOT REQUIRED. 
 THE SALE, ASSIGNMENT, HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH A
“TRANSFER”) AND VOTING OF ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE STOCKHOLDERS AGREEMENT, DATED [            ],
2010, BY AND AMONG THE COMPANY AND THE STOCKHOLDERS NAMED THEREIN, A COPY OF WHICH MAY BE INSPECTED AT THE COMPANY’S PRINCIPAL OFFICE. THE COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL
THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS AGREEMENT. 
 (ii) Restricted Stock Held in
Escrow. The Committee may require the Participant to execute and deliver to the Company an escrow agreement satisfactory to the Committee and the appropriate blank stock powers with respect to the Restricted Stock covered by such agreement. In
such case, if a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock powers, the Award shall be null and void. 

(iii) Rights as a Shareholder. A Participant shall have no rights as a shareholder in respect of any Restricted Stock during the
Restricted Period unless specifically provided in the applicable Award Agreement. Notwithstanding the foregoing, if permitted by governing corporate documents, the Committee, in its sole discretion, may, but is not required to, grant to a
Participant in an Award Agreement the right to vote and/or collect or be credited with dividends in respect of such Restricted Stock during the Restricted Period and the terms and conditions of such rights shall be set forth in the applicable Award
Agreement. 

  
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 (iv) Delivery of Restricted Stock. Upon the expiration of the Restricted Period with
respect to any Shares of Restricted Stock, the restrictions set forth in this Section 9 and in the applicable Award Agreement shall be of no further force or effect with respect to such Shares, except as set forth in the applicable Award
Agreement. If an escrow an arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the stock certificate evidencing the Shares of Restricted Stock which have not then been
forfeited and with respect to which the Restricted Period has expired (to the nearest full share). 
 (v) Section 83(b)
Elections on Restricted Stock. A Participant shall indicate to the Company whether the Participant intends to make an election under Section 83(b) of the Code with respect to any Shares of Restricted Stock. 

(b) Restricted Stock Units. An Award of Restricted Stock Units is a grant by the Company of a specified number of units, which
shall each on the date of grant represent one Share credited to a notional account maintained by the Company, with no Shares actually awarded to the Participant in respect of such units until the Restricted Period expires or the Restricted Stock
Units otherwise settle in accordance with the applicable Award Agreement. Restricted Stock Units awarded to any Participant shall be subject to forfeiture upon termination of employment prior to the expiration of the Restricted Period, except as
otherwise provided in the applicable Award Agreement. To the extent such Restricted Stock Units are forfeited for any reason, all rights of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the
Company, including in connection with the termination of the Participant’s Service. 
 (i) Rights as a Shareholder.
A Participant shall have no rights as a shareholder in respect of any Restricted Stock Units during the Restricted Period unless specifically provided in the applicable Award Agreement. Notwithstanding the foregoing, if permitted by governing
corporate documents, the Committee, in its sole discretion, may, but is not required to, grant to a Participant the right to vote Shares corresponding to the Restricted Stock Unit. 

(ii) Dividend Equivalent Rights. At the discretion of the Committee, or as provided in the applicable Award Agreement, each
Restricted Stock Unit may be entitled to Dividend Equivalent Rights. 
 (iii) Settlement of Restricted Stock Units.
Unless an applicable Award Agreement provides otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, all
securities and other property (if any) that then correspond to such outstanding Restricted Stock Units, provided, however, that (unless otherwise provided in an applicable Award Agreement) the Committee retains the discretion to determine whether
the Restricted Stock Units shall be settled in Shares, in cash equal to the value of the Shares that would otherwise be distributed in settlement of such units, other property or any combination of the foregoing. The Committee may, in its
discretion, permit Participants to defer settlement of Restricted Stock Units, provided that any such deferral shall comply with the requirements of, 

  
 13 

 
and shall not result in the imposition of any excise or penalty tax under, Section 409A of the Code. 
 (c) Terms of Restricted Stock Awards and Restricted Stock Units. Each Award Agreement evidencing an Award of Restricted Stock or Restricted Stock Units shall contain the following information,
which shall be determined by the Committee, in its sole discretion: 
 (i) the Restricted Period; 

(ii) the number of Shares of Restricted Stock or the number of Restricted Stock Units; and 

(iii) such other provisions as the Committee shall determine. 
 (d) Termination of Service. Unless otherwise provided in the applicable Award Agreement, unvested Restricted Stock and Restricted Stock Units shall be forfeited upon a Participant’s
termination of Service. 
 (e) Removal of Restrictions. The Committee shall have the authority to, at any time, remove
any or all of the restrictions on the Restricted Stock and Restricted Stock Units, including, without limitation, whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the
Restricted Stock or Restricted Stock Units are granted, such action is appropriate. 
 Section 10. Other Stock-Based
Awards 
 The Committee, in its sole discretion, may grant Awards of Shares and Awards that are valued, in whole or in part,
by reference to, or are otherwise based on, the Fair Market Value of Shares (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine,
including, without limitation, (i) the right to receive one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of Service, (ii) the occurrence of an event and/or (iii) the attainment
of performance objectives (as provided in Schedule A attached hereto). Subject to the provisions of the Plan, the Committee shall determine (i) to whom and when Other Stock-Based Awards will be granted, (ii) the number of Shares to be
awarded under (or otherwise related to) such Other Stock-Based Awards, (iii) whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares, and (iv) all other terms and conditions of such Awards
(including, without limitation, the vesting provisions thereof, provisions ensuring that all Shares so awarded and issued shall be fully paid and non-assessable and provisions addressing whether any voting or dividend rights shall attach to such
Awards). 
 Section 11. Adjustment of Shares 
 (a) General. Except to the extent that different provisions apply under an applicable Award Agreement, in the event that there shall be any extraordinary distribution (whether in the form of cash,
Common Stock, securities or other property), stock dividend, 

  
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extraordinary cash dividend, recapitalization, reclassification stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, Common Stock exchange
or other similar transaction or event, the number and kind of Shares, in the aggregate, reserved for issuance or with respect to which Awards may be made under this Plan shall be adjusted to reflect such event, and the Committee shall make
appropriate and equitable adjustments to Awards under the Plan that are affected by such event, including, without limitation, as to the number, exercise price, class and kind of Shares subject to Awards, the Award price per share or other
consideration subject to the Awards. Except to the extent that different provisions apply under an applicable Award Agreement, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including, without limitation, the events described in the preceding sentence) affecting the Company or its financial statements or those of any Subsidiary or of changes in applicable laws, regulations
or accounting principles, whenever the Committee determines that such adjustments are appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan and the Award. The determination
of the Committee regarding any adjustment will, to the extent reasonable and made in good faith, be final and conclusive. 
 (b)
Other Corporate Transactions. Upon a Change of Control, unless otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agencies, or unless the Committee shall have provided
otherwise in an applicable Award Agreement, the Committee is authorized (but not obligated) to make adjustments in the terms and conditions of outstanding Awards, including without limitation the following (or any combination thereof): 

(i) the continuation or assumption of such outstanding Awards under the Plan by the Company (if it is the surviving corporation) or by
the surviving corporation or its parent; 
 (ii) the substitution by the surviving corporation or its parent of stock awards
with substantially the same terms for such outstanding Awards; 
 (iii) the acceleration of the vesting of or right to exercise
such outstanding Awards immediately prior to or as of the date of the Change of Control, and the expiration of such outstanding Awards to the extent not timely exercised or purchased by the date of the Change of Control or other date thereafter
designated by the Committee; or 
 (iv) the cancellation of all or any portion of such outstanding Awards for a cash payment
and/or such other property paid as consideration to holders of Shares in the Change of Control having an aggregate value (A) in the case of Awards other than Options and Stock Appreciation Rights, equal to the Fair Market Value of the Shares
subject to such outstanding Awards or portion thereof being canceled and (B) in the case of Options and Stock Appreciation Rights, equal to the excess, if any, of the Fair Market Value of the Shares subject to such outstanding Awards or portion
thereof being canceled over the exercise price or grant price, as applicable, with respect to such Options and Stock Appreciation Rights or portion thereof being canceled (and, for the avoidance of doubt, if there is no such excess, such Options and
Stock Appreciation Rights shall be cancelled without any payment therefor). 

  
 15 

 (c) No Other Rights. Except as expressly provided in the Plan or an Award Agreement,
no Participant shall 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, 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 any Award. 
 (d) Savings Clause. No provision of this Section 11 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code. 

Section 12. Securities Law Requirements 
 (a) Shares and Awards shall not be issued under the Plan unless the issuance and delivery of such Shares and any Awards 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 set forth in an Award 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 Shares or any Awards under
the Plan, and, accordingly, any certificates for Shares or documents granting Awards may have an appropriate legend or statement of applicable restrictions endorsed thereon. If the Company deems it necessary to ensure that the issuance of securities
under the Plan is not required to be registered under any applicable securities laws, each Participant to whom such security would be purchased or issued 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) The
exercise of any Option granted hereunder shall only be effective at such time as counsel to the Company shall have determined that the issuance and delivery of Shares pursuant to such exercise is in compliance with all applicable laws, regulations
of governmental authority and the requirements of any securities exchange on which Shares are traded (which determination shall be made reasonably and promptly). The Company may, in its reasonable discretion, defer the effectiveness of an exercise
of an Option hereunder or the issuance or transfer of Shares pursuant to any Award pending or to ensure compliance under federal or state securities laws or the rules or regulations of any exchange on which the shares are then listed for trading.
The Company shall promptly inform the Participant in writing of its decision to defer the effectiveness of the exercise of an Option or the issuance or transfer of Shares pursuant to any Award. During the period that the effectiveness of the
exercise of an Option has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 

  
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 Section 13. Compliance with Section 409A of the Code 

To the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder are intended not to be
governed by or to be in compliance with Section 409A of the Code. To the extent applicable, the Plan and the Awards granted under the Plan 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 effective date of the Plan. Notwithstanding any provision of the Plan to the contrary
but subject to the terms of any applicable Award Agreement, in the event that the Committee reasonably determines that any Shares issued or amounts payable hereunder will be taxable to a Participant under Section 409A of the Code and related
Department of Treasury guidance, prior to delivery to such Participant of such Shares or payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures,
including amendments and policies with retroactive effect, that the Committee reasonably determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such
other actions as the Committee reasonably determines necessary or appropriate to avoid or limit the imposition of an additional tax under Section 409A of the Code. 
 Section 14. Duration and Amendments 
 (a) Term of the Plan. The
Plan, as set forth herein, shall become effective on the effective date of the Plan of Reorganization (the “Effective Date”). The Plan shall terminate automatically on the day preceding the tenth anniversary of its adoption by the
Board unless earlier terminated pursuant to subsection (b) below. 
 (b) Amendment, Modification, Suspension, and
Termination of Plan. The Board may amend, alter, modify, suspend, discontinue or terminate the Plan or any portion thereof or any Award thereunder at any time; provided that no such amendment, alteration, modification, suspension,
discontinuation or termination shall be made (i) without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan and (ii) unless otherwise provided in the applicable Award
Agreement, without the consent of the Participant, if such action would materially diminish any of the rights of any Participant under any Award theretofore granted to such Participant under the Plan; provided, however, the Committee may amend the
Plan, any Award or any Award Agreement in such manner as it deems necessary to comply with applicable laws and as set forth in Section 13 of the Plan. The termination of the Plan shall not affect any Awards outstanding on the termination date
and shall stay in effect to the extent necessary to administer any remaining obligations in respect of outstanding Awards under the Plan. 
 Section 15. General Terms 
 (a) Termination for Cause. Unless
otherwise set forth in the applicable Award Agreement, all Awards, whether vested or unvested, shall be forfeited upon a Participant’s termination for Cause. Unless otherwise set forth in the applicable Award Agreement or the Stockholders
Agreement, if any, Shares issued with respect to any Award granted under the Plan 

  
 17 

 
shall be forfeited for no consideration upon a Participant’s termination of Service for Cause. In the case of Restricted Stock, if some or all of the Shares of Restricted Stock are forfeited
under this Section 15(a) or under the applicable Award Agreement, then, to the extent such Shares are forfeited, the stock certificates shall be returned to the Company, and rights, if any, of the Participant to such Shares and as a shareholder
shall terminate without further obligation on the part of the Company. 
 (b) Clawback/Forfeiture. Notwithstanding
anything to the contrary contained herein and without limiting any other rights and remedies of the Company, and except to the extent that the applicable Award Agreement contains different terms, if the Participant, while employed by or providing
services to the Company or any Subsidiary or Affiliate or after termination of such employment or service (i) violates a non-competition, non-solicitation or non-disclosure covenant or agreement applicable to the Participant or
(ii) engages in fraud or other misconduct that contributes materially to any financial restatement or material loss, the Committee may in its sole discretion cancel any Award held by such Participant or require the Participant to forfeit or to
repay to the Company any gain realized on the vesting or exercise of such Award. 
 (c) No Retention Rights; No Right to
Incentive Award. Nothing in the Plan, any Award Agreement or in any Award granted under the Plan shall confer upon a 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 or her Service at any time and for any reason, with or
without cause. No person shall have any claim or right to receive an Award hereunder. The Committee’s granting of an Award to a Participant at any time shall neither require the Committee to grant an Award to such Participant or any other
Participant or other person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant or other person. 
 (d) Termination of Employment. Unless an applicable Award Agreement provides otherwise, for purposes of the Plan, a person who transfers from employment or Service with the Company to employment or
Service with a Subsidiary or an Affiliate or vice versa shall not be deemed to have terminated employment or Service with the Company, Subsidiary or Affiliate. 
 (e) Settlement of Awards; Fractional Shares. Each Award Agreement shall set forth the form in which the Award shall be settled. The Committee shall determine whether fractional Shares shall be
issued under the Plan, whether cash, Awards, other securities or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be rounded, forfeited or otherwise eliminated.

 (f) Nontransferability of Awards. Unless otherwise determined by the Committee, an Award shall not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner by the Participant except in the event of the Participant’s death (subject to the applicable laws of descent and distribution) and any purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance in violation of this Section 15(f) shall be void and unenforceable against the Company or any Subsidiary or Affiliate. An Award may be exercised,

  
 18 

 
during the lifetime of a Participant, only by a Participant and an Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of
the Participant. Any permitted transfer of the Awards to heirs or legatees of the Participant shall not be 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 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 the Award and agreement to be bound by the acknowledgments made by the Participant in
connection with the grant of the Award. 
 (g) Conditions and Restrictions on Shares. Any Shares issued under the Plan
shall be subject to such vesting and special forfeiture conditions, repurchase rights, call rights, put rights, rights of first offer and other transfer restrictions as the Committee may determine. Such restrictions shall be set forth in the
applicable Award Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. 
 (h)
Withholding Requirements. Subject to the terms of an applicable Award Agreement, the Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, the minimum statutory amount to satisfy
federal, state and local taxes, whether domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of the Plan. If a Participant does not remit a required payment to the Company, the
Company may offset any payments due to the Participant with any amounts owed to the Company. The Committee may, in its sole discretion (by so providing in the applicable Award Agreement or otherwise), permit a Participant to satisfy the withholding
requirement, in whole or in part, by (i) electing that the Company withhold from the Shares otherwise issuable to a Participant under an Award, a number of Shares that have a Fair Market Value equal to the required withholding amount or
(ii) surrendering shares that are owned by the Participant and that have been held by the Participant for at least six months, that are in good form for transfer and that have an aggregate Fair Market Value equal to the required tax withholding
amount or (iii) to satisfy the withholding requirement, in whole or in part, by such other method that the Committee determines in its sole discretion is appropriate and sets forth in the Award Agreement. Notwithstanding the foregoing, the
Participant shall not be permitted to surrender shares in payment of any portion of the tax withholding amount if such action would cause the Company or any Subsidiary to recognize a compensation expense, or additional compensations expense, with
respect to the applicable Award for financial reporting purposes, unless the Committee consents thereto. 
 (i) Unfunded
Plan. Participants shall have no right, title or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its
provisions, shall create or be construed to create a trust of any kind, nor a fiduciary relationship between the Company and any Participant, beneficiary, legal representative or any other person. To the extent that any person acquires a right to
receive payments from the Company under the Plan, 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 no special
or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 

  
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 (j) No Liability of Committee Members. No member of the Committee shall be personally
liable by reason of any contract or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each
member of the Committee and each other employee, officer, director or consultant of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act or determination in connection with the Plan unless arising out of such person’s own fraud or willful bad faith;
provided, however, that approval of the Board shall be required for the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such persons may be entitled under the Company’s Articles or Certificate of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

(k) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing
to act, as the case may be, and shall not be liable for having so relied, acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information
furnished in connection with the Plan by any person or persons other than himself 
 (l) Relationship to Other Benefits.
No payment under the Plan 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 except as otherwise specifically provided in such
other plan. 
 (m) Expenses. The expenses of administering the Plan shall be borne by the Company and Subsidiaries or
Affiliates. 
 (n) Nonexclusivity of the Plan. The adoption of this Plan by the Board shall not be construed as creating
any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either
applicable generally or only in specific cases. 
 (o) Severability. If any provision of the Plan or any Award Agreement
is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law reasonably deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to the applicable laws with a view to preserving both the rights of the Company and the rights and benefits of any Participant under any outstanding Award Agreement. 

(p) Choice of Law. The Plan shall be governed by, and construed in accordance with, the laws of the state of Delaware without
regard to the principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction, in each case, which could cause the application of the laws of any jurisdiction other than such state. 

  
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 (q) Pronouns. Masculine pronouns and other words of masculine gender shall refer to
both men and women. 
 (r) Titles and Headings. The titles and headings of the sections in the Plan are for convenience
of reference only, and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 Schedule A 
 1. Performance Awards. If the Committee exercises its discretion to grant Awards subject to the attainment of performance objectives pursuant to Section 10 of the Plan, such Awards may be
either Performance Units or Performance Shares, as set forth in this Schedule A (each a “Performance Award”), and the terms and conditions of which shall include, but are not limited to, the following: 

(a) Performance Units or Performance Shares. The terms and conditions of a Performance Award shall be set forth in an Award
Agreement. Each Award Agreement shall specify the number of Performance Shares or Performance Units to which the Performance Award relates, the Performance Objectives which must be satisfied in order for the restrictions to lapse or for the shares
to vest, as applicable, and the Performance Cycle within which such Performance Objectives must be satisfied. With respect to Performance Shares, the Award Agreement may also require that an appropriate legend be placed on Share certificates.

 i. Performance Units. Performance Units may be denominated in Shares or a specified dollar amount and, contingent upon
the attainment of specified Performance Objectives within the Performance Cycle, represent the right to receive payment, as provided in Section 1(b) of this Schedule A, of (i) in the case of Share-denominated Performance Units, the Fair
Market Value of a Share on the date the Performance Unit was granted, the date the Performance Unit became vested or any other date specified by the Committee; (ii) in the case of dollar-denominated Performance Units, the specified dollar
amount; or (iii) a percentage (which may be more than 100%) of the amount described in clause (i) or (ii) depending on the level of Performance Objective attainment; provided, however, that, the Committee may at the time a Performance
Unit is granted specify a maximum amount payable in respect of a vested Performance Unit. Subject to Section 1(d)(iii) of this Schedule A, a Participant shall become vested with respect to the Participant’s Performance Units to the extent
that the Performance Objectives set forth in the Award Agreement are satisfied for the Performance Cycle. 
 ii. Performance
Shares. The Committee shall provide in the Award Agreement with respect to Performance Shares the number of actual Shares represented by such Award; provided, however, that no Performance Shares shall be issued until the Participant has executed
an Award Agreement evidencing the Award, the appropriate blank stock powers and, in the discretion of the Committee, an escrow agreement and any other documents which the Committee may require as a condition to the issuance of such Performance
Shares. If a Participant shall fail to execute the Award Agreement evidencing an Award of Performance Shares, the appropriate blank stock powers and, in the discretion of the Committee, an escrow agreement and any other documents which the Committee
may require within the time period prescribed by the Committee at the time the Award is granted, the Award shall be null and void. At the discretion of the Committee, Shares issued in connection with an Award of Performance Shares shall be deposited
together with the stock powers with an escrow agent (which may be the Company) designated by the Committee. Except as restricted by the terms of the applicable Award Agreement, upon delivery of the Shares to the escrow agent, the Participant shall
have, in the discretion of the Committee, all of the rights of a stockholder with respect to such Shares, including the right to vote the Shares and to receive all dividends or other distributions paid or

  
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made with respect to the Shares. Subject to Sections 1(d)(iii) of this Schedule A, and to the extent that the Performance Objectives set forth in the applicable Award Agreement are satisfied for
the Performance Cycle, restrictions upon Performance Shares awarded hereunder shall lapse and such Performance Shares shall become vested at such time or times and on such terms, conditions and satisfaction of Performance Objectives as the Committee
may, in its discretion, determine at the time the Award is granted. 
 (b) Payment of Awards. Subject to
Section 1(d)(iii) of this Schedule A, payment to Participants in respect of vested Performance Awards shall be made as soon as practicable after the last day of the Performance Cycle to which such Performance Award relates unless the Award
Agreement provides for the deferral of payment, in which event the terms and conditions of the deferral shall be set forth in the Award Agreement. Subject to Section 11(b) of the Plan, such payments may be made entirely in Shares valued at
their Fair Market Value, entirely in cash, or in such combination of Shares and cash as the Committee in its discretion shall determine at any time prior to such payment; provided, however, that if the Committee in its discretion determines to make
such payment entirely or partially in Shares of Restricted Stock, the Committee must determine the extent to which such payment will be in Shares of Restricted Stock and the terms of such Restricted Stock at the time the Performance Award is
granted. 
 (c) Delivery of Shares. Upon the vesting of Performance Awards awarded hereunder, for Performance Awards
settled in Shares, the Committee shall cause a stock certificate to be delivered to the Participant with respect to such Shares, free of all restrictions hereunder. 
 (d) Performance Objectives. 
 i. Establishment. Performance
Objectives for Performance Awards may be expressed in terms of (i) revenue, (ii) earnings per Share, (iii) net income per Share, (iv) Share price, (v) pre-tax profits, (vi) net earnings, (vii) net income,
(viii) operating income, (ix) cash flow, (x) earnings before interest, taxes, depreciation and amortization (EBITDA), (xi) sales, (xii) total stockholder return relative to assets, (xiii) total stockholder return
relative to peers, (xiv) financial returns (including, without limitation, return on assets, return on equity and return on investment), (xv) cost reduction targets, (xvi) customer satisfaction, (xvii) customer growth,
(xviii) employee satisfaction, (xix) any combination of the foregoing, or (xx) such other criteria as the Committee may determine. Performance Objectives may be in respect of the performance of the Company, any of its Subsidiaries,
any of its divisions or any combination thereof. Performance Objectives may be absolute or relative (to prior performance of the Company or to the performance of one or more other entities or external indices) and may be expressed in terms of a
progression within a specified range. The Performance Objectives with respect to a Performance Cycle shall be established in writing by the Committee by the earlier of (x) the date on which a quarter of the Performance Cycle has elapsed or
(y) the date which is ninety (90) days after the commencement of the Performance Cycle, and in any event while the performance relating to the Performance Objectives remain substantially uncertain. 

ii. Effect of Certain Events. At the time of the granting of a Performance Award, or at any time thereafter, the Committee may
provide for the manner in which 

  
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performance will be measured against the Performance Objectives (or may adjust the Performance Objectives) to reflect losses from discontinued operations, extraordinary, unusual or nonrecurring
gains and losses, the cumulative effect of accounting changes, acquisitions or divestitures, core process redesign, structural changes/outsourcing, foreign exchange impacts, the impact of specified corporate transactions, accounting or tax law
changes and other extraordinary or nonrecurring events. 
 iii. Determination of Performance. Prior to the vesting,
payment or settlement of any Performance Award, the Committee will certify in writing that the applicable Performance Objectives have been satisfied to the extent necessary for such Performance Award. Unless otherwise set forth in an Award
Agreement, a Performance Award may be reduced at any time before payment. 
 (e) Effect of Certain Corporate Events.
Section 11 of the Plan shall apply to Performance Awards in the same manner as other Awards granted pursuant to the Plan. 

  
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