Document:

Form of Amended and Restated Management Agreement

  
 Exhibit 10.28

 AMENDED AND RESTATED MANAGEMENT AGREEMENT 
 This Amended and Restated Management Agreement (the “Agreement”) is made as of             , 2010, by and between United
Components, Inc., a Delaware corporation (the “Company”), and TC Group, L.L.C., a Delaware limited liability company (“Carlyle”). 
 RECITALS: 
 WHEREAS, Carlyle and the Company are each parties to that
certain Management Agreement, dated as of June 20, 2003, between the Company and Carlyle (the “Original Management Agreement”); and 
 WHEREAS, the Company and Carlyle desire to amend and restate the Original Management Agreement as set forth herein. 
 AGREEMENT: 
 NOW, THEREFORE, in consideration of the foregoing recitals and
the covenants and conditions herein set forth, the parties hereto agree as follows: 
  

	 	1.	Appointment. 

 The Company
hereby appoints Carlyle to render the advisory and consulting services described in Section 2 hereof for the term of this Agreement. 
  

	 	2.	Services. 

 During the
term of this Agreement, Carlyle shall render to the Company, by and through such of Carlyle’s officers, employees, agents, representatives and affiliates as Carlyle in its sole discretion, shall designate, Financial Advisory Services.
“Financial Advisory Services” means financial advisory or any other services rendered by Carlyle to the Company in connection with any acquisitions and divestitures by the Company or any of its subsidiaries, including, without
limitation, the sale of substantially all or any portion of the assets of the Company, whether by a sale of assets, the equity interests of the Company, merger or otherwise, and the acquisition or sale of any subsidiary, division or service area of
the Company, or the public or private sale of debt or equity interests of the Company, or any of its affiliates or any similar financing transactions. 
  

	 	3.	Fees. 

(a) As consideration for the termination of Carlyle’s Oversight Services (as defined in the Original Management
Agreement) contemplated by Section 2(a) of the Original Management Agreement, the Company agrees to pay to Carlyle the sum of $5,000,000, payable in cash on the date hereof. 

(b) In consideration of any Financial Advisory Services provided to the Company, Carlyle shall be entitled to receive
additional reasonable compensation as agreed upon by the parties hereto and approved by a majority of the members of the board of directors of the Company. 

  

	 	4.	Out-of-Pocket Expenses. 

In addition to the compensation payable to Carlyle pursuant to Section 3 hereof, the Company shall, at the direction of Carlyle, pay
directly, or reimburse Carlyle for, its reasonable Out-of-Pocket Expenses. For the purposes of this Agreement, the term “Out-of-Pocket Expenses” shall mean the amounts actually paid by Carlyle in cash in connection with its
performance of the Financial Advisory Services, including, without limitation, reasonable (i) fees and disbursements (including underwriting fees) of any independent auditors, outside legal counsel, consultants, investment bankers, financial
advisors and other independent professionals and organizations, (ii) costs of any outside services or independent contractors such as financial printers, couriers, business publications or similar services and (iii) transportation, per
diem, telephone calls, word processing expenses or any similar expense not associated with its ordinary operations. All reimbursements for Out-of-Pocket Expenses shall be made promptly upon or as soon as practicable after presentation by Carlyle to
the Company of the statement in connection therewith. 
  

	 	5.	Indemnification. 

 The
Company will indemnify and hold harmless Carlyle and its officers, employees, agents, representatives, members and affiliates (each being an “Indemnified Party”) from and against any and all losses, costs, expenses, claims, damages
and liabilities (the “Liabilities”) to which such Indemnified Party may become subject under any applicable law, or any claim made by any third party, or otherwise, to the extent they relate to or arise out of the performance of the
Financial Advisory Services contemplated by this Agreement or the engagement of Carlyle pursuant to, and the performance by Carlyle of the Financial Advisory Services contemplated by, this Agreement. The Company will reimburse any Indemnified Party
for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim for which the Indemnified
Party would be entitled to indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party hereto, provided that, subject to the following sentence, the
Company shall be entitled to assume the defense thereof at its own expense, with counsel satisfactory to such Indemnified Party in its reasonable judgment. Any Indemnified Party may, at its own expense, retain separate counsel to participate in such
defense, and in any action, claim or proceeding in which the Company, on the one hand, and an Indemnified Party, on the other hand, is, or is reasonably likely to become, a party, such Indemnified Party shall have the right to employ separate
counsel at the Company’s expense and to control its own defense of such action, claim or proceeding if, in the reasonable opinion of counsel to such Indemnified Party, a conflict or potential conflict exists between the Company, on the one
hand, and such Indemnified Party, on the other hand, that would make such separate representation advisable. The Company agrees that it will not, without the prior written consent of the applicable Indemnified Party, settle, compromise or consent to
the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been actually threatened to be made a party thereto) unless such
settlement, compromise or 

  
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consent includes an unconditional release of the applicable Indemnified Party and each other Indemnified Party from all liability arising or that may arise out of such claim, action or
proceeding. Provided that the Company is not in breach of its indemnification obligations hereunder, no Indemnified Party shall settle or compromise any claim subject to indemnification hereunder without the consent of the Company. The
Company will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability, cost or expense is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted
solely from the gross negligence or willful misconduct of Carlyle. If an Indemnified Party is reimbursed hereunder for any expenses, such reimbursement of expenses shall be refunded to the extent it is finally judicially determined that the
Liabilities in question resulted solely from the gross negligence or willful misconduct of Carlyle. 
  

	 	6.	Termination. 

 This
Agreement shall be in effect on the date hereof and shall continue until such time as Carlyle or one or more of its affiliates collectively control, in the aggregate, less than 10% of the equity interests of the Company, or such earlier time as the
Company and Carlyle may mutually agree. The provisions of Sections 5 and 8 and otherwise as the context so requires shall survive the termination of this Agreement. 
  

	 	7.	Other Activities. 

Nothing herein shall in any way preclude Carlyle or its officers, employees, agents, representatives, members or affiliates from engaging
in any business activities or from performing services for its own account or for the account of others, including for companies that may be in competition with the business conducted by the Company. 

 

	 	8.	General. 

(a) No amendment or waiver of any provision of this Agreement, or consent to any departure by either party from any such
provision, shall be effective unless the same shall be in writing and signed by the parties to this Agreement, and, in any case, such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given. 
 (b) This Agreement and the rights of the parties hereunder may not be assigned without the prior
written consent of the parties hereto; provided, however, that Carlyle may, at its sole discretion, assign or transfer its duties or interests hereunder to its affiliates. 

(c) Any and all notices hereunder shall, in the absence of receipted hand delivery, be deemed duly given when mailed, if
the same shall be sent by registered or certified mail, return receipt requested, and the mailing date shall be deemed the date from which all time periods pertaining to a date of notice shall run. Notices shall be addressed to the parties at the
following addresses: 
  

			
	 If to Carlyle:
	  	 TC Group LLC
 c/o The
Carlyle Group
 1001 Pennsylvania Avenue, N.W.
 Washington, DC 20004
 Attention: Ian
Fujiyama

  
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	 If to the Company:
	  	 United Components, Inc.

14601 Highway 41 North
 Evansville, Indiana
47725
 Attention: General Counsel

Facsimile: (618) 456-2260

 (d) This Agreement shall constitute the entire agreement between the parties with respect to the subject matter hereof, and shall supersede all previous oral and written (and all contemporaneous oral)
negotiations, commitments, agreements and understandings relating hereto. 
 (e) This Agreement shall be governed
by, and enforced in accordance with, the laws of the State of New York (excluding the choice of law principles thereof). Each of the parties hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the
State of New York and of the United States of America, in each case located in the County of New York, in any action or proceeding arising out of or relating to this Agreement. This Agreement shall inure to the benefit of, and be binding upon,
Carlyle and the Company (including any present or future subsidiaries of the Company that are not signatories hereto), and their respective successors and assigns. 

(f) This Agreement may be executed in multiple counterparts, and by different parties on separate counterparts. Each set
of counterparts showing execution by all parties shall be deemed an original, and shall constitute one and the same instrument. 
 (g) The waiver by any party of any breach of this Agreement shall not operate as or be construed to be a waiver by such party of any subsequent breach. 

[signature page to follow] 

  
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 IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed and delivered by their duly authorized officers or agents as set forth below. 
  

			
	UNITED COMPONENTS INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TC GROUP, L.L.C.
		
	By: 	 	 TCG Holdings, L.L.C.,
 its
Management Member

		
	By:	 	  

		 	Name:
		 	Title:

  
 5Amended & Restated Management Equity Investment & Incentive Term Sheet-Smith

  
 Exhibit 10.1

 Management Equity Investment and Incentive Termsheet 

 

	 Name:  
	Layle K. Smith (“you” or “Executive”) 

  

	 Effective Date:  
	October 26, 2010 (the “Effective Date”) 

  

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

 

	 Position:  
	Chief Executive Officer and member of the Board of Directors of the Company and Parent. 

  

	 Reports to:  
	Board of Directors of the Company. 

  

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

  

	 Base Salary: 
	$900,000/year, payable as of July 1, 2010. 

  

	 Annual Incentive Bonus:  
	Targeted annual bonus amount is 100% of base salary, with target payout primarily dependent upon achievement of the targets set forth for you in the Company’s bonus plan.

  

	 Employee Benefits:  
	You will participate in the employee benefits plans (other than perquisites) made available to senior executives of the Company generally. 

 

	 Expenses: 
	You will be entitled to receive reimbursement for all reasonable expenses incurred by you in the performance of your duties, provided that you provide all necessary documentation in accordance
with the Company’s reimbursement policy. 

  

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

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

 If the Executive’s employment is terminated prior to a Change in
Control and the Executive demonstrates that such termination (i) was at the request of a third party who had indicated an intention or taken steps reasonably calculated to effect a Change in Control and who effectuates a Change in Control or
(ii) otherwise occurred in connection with, or in anticipation of, a Change in Control which actually occurs, then for all purposes of this Agreement, the date of a Change in Control with respect to the Executive shall mean the date immediately
prior to the date of such termination of the Executive’s employment. 
 If, during the term of this Agreement, the
Executive’s employment with the Company shall be terminated within 18 months following a Change in Control, the Executive shall be entitled to the following compensation and benefits: 

(a) If the Executive’s employment with the Company and its affiliates shall be terminated (1) by the Company for Cause or
Disability (as defined in the LTIP), (2) by reason of the Executive’s death, or (3) by the Executive other than for Good Reason, the Company shall pay to the Executive any and all accrued compensation up to the date of termination
and, if such termination is other than by the Company for Cause, a pro rata bonus for the year of termination strictly in accordance with the Company’s incentive plan (payable at the time annual bonuses are generally distributed for the
applicable fiscal year). 
 (b) If the Executive’s employment with the Company and its affiliates shall be terminated
for any reason other than as specified in (a) above, the Executive shall, subject to the Executive’s execution (within 50 days of the date of termination) and non-revocation of a release of claims in a form reasonably acceptable to the
Company, be entitled to the following: 
 (i) the Company shall pay the Executive all accrued compensation and a pro rata
bonus for the year of termination strictly in accordance with the Company’s incentive plan (payable at the time annual bonuses are generally distributed for the applicable fiscal year); 

(ii) the Company shall pay the Executive, as severance pay and in lieu of any further compensation for periods subsequent to the

  
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termination date, in a single payment to be made on the 60th day following the date of termination, an amount in cash equal to three times the sum of (A) the Executive’s base salary on
the date of the Change in Control or on the date of termination, whichever is greater, and (B) the Executive’s target annual bonus amount, based on the salary and bonus percentage in effect on the date of the Change in Control or on the
date of termination, in each case, whichever is greater; 
 (iii) the Company will also provide you (and your eligible
dependants) continued health benefits for an 18-month period or until you and your dependants are eligible to be covered by a successor employer’s comparable plans, whichever is sooner; 

(iv) with respect to your stock options to purchase shares of Noranda Aluminum Holding Corporation (“Parent”) common stock
that were granted to you prior to May 19, 2010 (the “Pre-IPO Options”), such options, to the extent unvested, will automatically vest as of the date of termination. 

In connection with any Change in Control, other than an Early CIC (as defined below), the value per share of Parent common stock subject
to your Purchased Equity (as defined below) shall be the value of the consideration paid or provided in connection with such change in control. For purposes hereof, “Purchased Equity” shall mean the 100,000 shares (since adjusted to
200,000 shares) of Parent common stock purchased by you pursuant to the $2,000,000 investment amount you made in accordance with the termsheet between you and the Company, dated March 3, 2008 (the “Original Termsheet”). 

In the event that there is a Change in Control of Parent on or prior to the 60-month anniversary of March 3, 2008 (an
“Early CIC”), you will be entitled to the following: 
 (a) In the event that the consideration paid for
common stock of the Parent in such Early CIC is cash, your Purchased Equity shall, subject to the vesting requirements set forth below, be sold for the greater of (i) $7,530,000 (reduced by any amounts realized by you subsequent to the
Effective Date in connection with such Purchased Equity) and (ii) such amounts as you are otherwise entitled to receive pursuant to the transaction effectuating such Early CIC. 

(b) In the event that the stock of another entity is provided as consideration for common stock of the Parent in such Early CIC,

  
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you shall, subject to the vesting requirements set forth below, have the option of (i) cashing out your Purchased Equity for $7,530,000 (reduced by any amounts realized by you subsequent to
the Effective Date in connection with such Purchased Equity) or (ii) to the extent permitted by the acquiring entity, converting your Purchased Equity into equity of the entity resulting from such Early CIC. 

Any cash you are entitled to receive with respect to your Purchased Equity in connection with such Early CIC shall vest and be paid to
you in equal 50% installments on each of the six- and twelve-month anniversaries of such Early CIC, subject to your continued employment, provided that payment of any unpaid installment shall be accelerated upon a termination of your employment
without Cause or for Good Reason. 
  

	 Severance:  
	For circumstances other than those involving a Change in Control, in the event that your employment is terminated by the Company without Cause or you resign your employment for Good Reason,
subject to your execution (within 50 days of the date of termination) and non-revocation of a release of claims in a form reasonably acceptable to the Company, the Company will pay you (i) severance in an amount equal to your then-current base
salary plus target bonus for a period of 24 months, and (ii) a pro rata portion of your annual bonus with respect to the portion of the year in which your termination occurs based on the Company’s actual performance for such full year and
payable at such time as annual bonuses are otherwise paid by the Company. Amounts owed under (i) of this paragraph shall be payable in accordance with the Company’s regular payroll practices as of the date of termination in the same
amounts per payroll cycle in effect immediately prior to termination until the end of the calendar year in which termination occurs and then in a lump sum payable in the first month of the year following termination. With respect to your Pre-IPO
Options, an additional number of options will vest equal to the number of options, if any, that would have vested if you had continued to be employed by the Company for an additional 12-month period following the termination date. The Company will
also provide you (and your eligible dependants) continued health benefits for a 18-month period, or until you and your dependants are eligible to be covered by a successor employer’s comparable plans, whichever is sooner, in the case of a
termination entitling you to severance under this paragraph. 

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

  
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 In the event of your
termination of employment due to disability or death, you or your estate will be paid, in a lump sum no later than 70 days following the date of termination, an amount equivalent to your then-current Base Salary for a period of 12 months, subject
(in the case of termination due to disability) to your execution (within 50 days of the date of termination) and non-revocation of a release of claims in a form reasonably acceptable to the Company. 

 

	 Golden Parachute 
	Anything herein to the contrary notwithstanding, in the event the 

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

 If the Accounting
Firm determines that aggregate Agreement Payments should be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give the Executive notice to that effect and a copy of the
detailed calculation thereof. All determinations made by the Accounting Firm hereunder shall be binding upon the Company and the Executive. For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the
aggregate, equals the Safe Harbor Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the cash payments (to the

  
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extent such amounts are considered Payments) under the following sections in the following order: (x) cash severance payments, (y) prorated bonus payments and (z) any other cash
Agreement Payments that would be made upon a termination of the Executive’s employment, beginning with payments that would be made last in time. All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive that should not have been so paid or distributed (“Overpayment”) or that additional amounts
which will have not been paid or distributed by the Company to or for the benefit of the Executive could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Safe Harbor Amount hereunder.
In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or the Executive that the Accounting Firm believes has a high probability of success, determines that an
Overpayment has been made, the Executive shall promptly (and in no event later than 60 days following the date on which the Overpayment is determined) pay any such Overpayment to the Company together with interest at the applicable federal
short-term rate provided for in Section 7872(f)(2)(A) of the Code compounded semiannually; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either
reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority,
determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the Company to or for the benefit of the Executive together
with interest at the applicable federal short-term rate provided for in Section 7872(f)(2)(A) of the Code compounded semiannually. 
 To the extent requested by the Executive, the Company shall cooperate with the Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be
provided by the Executive (including without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant) 

  
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before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that
payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term
“parachute payment” within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code. 

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

 

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

  
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modified hereby, are deemed incorporated herein, and shall survive any termination of the Securityholders Agreement. 
 You agree that you shall not, directly or indirectly, use, make available, sell, disclose, or otherwise communicate to any person, other than in the course of any assigned duties and for the benefit of
the Company, either during your period of employment, or at any time thereafter, any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated companies or businesses, or
Parent, which shall have been obtained by you during your employment by the Company or a subsidiary. 
 For the avoidance of
doubt, these “Restrictive Covenants” shall survive termination of the term of employment. 
  

	 Cause:  
	For purposes of the foregoing, “Cause” means a termination of your employment by the Company or any of its subsidiaries based on (i) your commission of a felony crime or a crime
of moral turpitude, (ii) your willful commission of a material act of dishonesty involving the Company, (iii) your material breach (which breach is not promptly cured) of your obligations under any agreement entered into between you and
the Company or any of its subsidiaries and affiliates, (iv) your willful or continued failure to perform your duties, (v) your material breach of the material policies or procedures of the Company that is not reasonably curable in the
Company’s reasonable discretion, or (vi) any other willful misconduct which causes material harm to the Company or its business reputations, including due to any adverse publicity A termination will not be for “Cause” under
(iii), (iv) or (v) unless the Company has given you 30 days’ prior written notice describing the alleged action(s) and then only if you have not reasonably cured such actions (except in case of actions that are not curable).

  

	 Good Reason:  
	 For purposes of the foregoing, “Good Reason” means your voluntary resignation after any of the following actions are taken by the Company or any of its subsidiaries without your
consent (i) a material reduction in your base salary or bonus potential (but not including any pre-Change in Control diminution related to an across-the-board compensation reduction applying to senior management of the Company generally),
(ii) the assignment to you of duties materially inconsistent with your duties as set forth in this termsheet or a material diminution of your responsibilities, (iii) a material breach by the Company of this termsheet, (iv) a
requirement that you relocate your principal place of employment 

  
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by more than 50 miles (other than in connection with a pre-Change in Control relocation of the Company’s headquarters, if you are relocated to the new headquarters), or (v) a notice by
the Company of non-extension of the term of employment (other than under circumstances where your employment is to be continued subsequent to such non-extension with terms of employment and severance protections that are consistent with peer group
market practice, as determined by the Company in reasonable good faith); provided, however, that no termination shall be for Good Reason unless (x) you notify the Company, or its applicable subsidiary that employs you, in writing
within 60 days of the occurrence of the applicable event which constitutes Good Reason, (y) the Company or such subsidiary fails to cure such event within 30 days after receipt of such written notice, and (z) you terminate for Good Reason
within 60 days of the conclusion of such cure period. 
 For purposes of any award agreement governing Pre-IPO Options (a
“Pre-IPO Option Award Agreement”) that contains a definition of “Good Reason,” the foregoing definition shall supersede the definition set forth in such agreement. 

 

	 Miscellaneous: 
	This termsheet amends and restates in full the Original Termsheet. References in any Pre-IPO Option Award Agreement to the Original Termsheet shall be deemed to refer hereto.

 Your eligibility for severance hereunder serves in lieu of participation in any other severance plan, program,
or arrangement of the Company and its affiliates, and you hereby waive any rights to participate in any such plans, programs, or arrangements. 
 In the event that you receive severance payments hereunder prior to execution and non-revocation of the required release of claims, and subsequently fail to execute within the requisite period, or revoke,
such release of claims, the Company may require you to return an amount equal to all severance payments previously paid to you hereunder. 
 This termsheet is intended to comply with the requirements of Section 409A of the Code or an exception or exclusion therefrom and shall in all respects be administered in accordance with
Section 409A of the Code. Severance payments are intended to be excluded from coverage under Section 409A of the Code. Notwithstanding the foregoing, in the event that such payments are deemed to be “nonqualified deferred
compensation” for purposes of Section 409A of the Code and the Executive is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the

  
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Company as in effect on the date of termination), severance amounts that would otherwise be payable during the six-month period immediately following the Executive’s date of termination of
employment shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code determined as of such date, on the first business day after the date that is six months
following such date. Each payment hereunder shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made hereunder.
The Company and the Executive shall cooperate to ensure that the date of termination of employment coincides with the date of the Executive’s “separation from service” within the meaning of Section 409A of the Code, to the extent
necessary for purposes of compliance with Section 409A of the Code. 
 All reimbursements and in-kind benefits provided
hereunder that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no
event shall reimbursements by the Company hereunder be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred; provided that the Executive shall have submitted an
invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred, (ii) the amount of in-kind benefits that the Company is obligated to pay or
provide in any given calendar year (other than medical reimbursements described in Treas. Reg. § 1.409A-3(i)(1)(iv)(B)) shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year,
(iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit, and (iv) in no event shall the Company’s obligations to make such
reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Effective Date). 

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

  
 10 

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

			
	NORANDA ALUMINUM, INC.
		
	BY:	 	 /s/ Alan Brown

		 	Name: Alan Brown
		 	Title: Vice President – Human Resources
	
	NORANDA ALUMINUM HOLDING CORPORATION
		
	BY:	 	 /s/ Gail E. Lehman

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

  

	
	 /s/ Layle K. Smith

	 Layle K. Smith

  
 11

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