Document:

Amended and Restated By-Laws

 Exhibit 4.2 

AMENDED AND RESTATED BY-LAWS 

OF 

NORANDA ALUMINUM HOLDING CORPORATION 
  

 
 ARTICLE I

 OFFICES AND RECORDS 

SECTION 1.1. Delaware Office. The registered office of Noranda Aluminum Holding Corporation (the “Corporation”) in the
State of Delaware shall be located in the City of Wilmington, County of New Castle, and the name and address of its registered agent is The Corporation Trust Center at 1209 Orange Street, Wilmington, Delaware 19801. 

SECTION 1.2. Other Offices. The Corporation may have such other offices, either within or without the State of Delaware, as the
Board of Directors of the Corporation (the “Board of Directors”) may designate or as the business of the Corporation may from time to time require. 

SECTION 1.3. Books and Records. The books and records of the Corporation may be kept outside the State of Delaware at such place
or places as may from time to time be designated by the Board of Directors. 
 ARTICLE II 

STOCKHOLDERS 

SECTION 2.1. Annual Meeting. The annual meeting of the stockholders of the Corporation shall be held on such date and at such
place and time as may be fixed by resolution of the Board of Directors. 
 SECTION 2.2. Special Meeting. Subject to the
rights of the holders of any series of stock having a preference over the Common Stock of the Corporation as to dividends or upon liquidation (“Preferred Stock”) with respect to such series of Preferred Stock, special meetings of the
stockholders may be called only by the Chairman of the Board or by the Board of Directors pursuant to a resolution adopted by a majority of the total number of directors which the Corporation would have if there were no vacancies (the “Whole
Board”). 
 SECTION 2.3. Place of Meeting. The Board of Directors or the Chairman of the Board, as the case may be,
may designate the place of meeting for any annual meeting or for any special meeting of the stockholders called by the Board of Directors or the Chairman of the 

 
Board. If no designation is so made, the place of meeting shall be the principal office of the Corporation. 

SECTION 2.4. Notice of Meeting. Written or printed notice, stating the place, date and time of the meeting and the purpose or
purposes for which the meeting is called, shall be delivered by the Corporation not less than ten (10) days nor more than sixty (60) days before the date of the meeting to each stockholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his address as it appears on the stock transfer books of the Corporation. Such further notice
shall be given as may be required by law. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation’s notice of meeting. Meetings may be held without
notice if all stockholders entitled to vote are present, or if notice is waived by those not present in accordance with Section 6.4 of these By-Laws. Any previously scheduled meeting of the stockholders may be postponed, and (unless otherwise
provided in the Amended and Restated Certificate of Incorporation, as may be amended from time to time (the “Certificate of Incorporation”)) any special meeting of the stockholders may be cancelled, by resolution of the Board of Directors
upon public notice given prior to the date previously scheduled for such meeting of stockholders. 
 SECTION 2.5. Quorum and
Adjournment. Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority of the outstanding shares of the Corporation entitled to vote generally in the election of directors (the “Voting
Stock”), represented in person or by proxy, shall constitute a quorum at a meeting of stockholders, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of a majority of the shares
of such class or series shall constitute a quorum of such class or series for the transaction of such business. The Chairman of the meeting or a majority of the shares so represented may adjourn the meeting from time to time, whether or not there is
such a quorum. No notice of the time and place of adjourned meetings need be given except as required by law. At any such adjourned meeting at which the requisite amount of stock entitled to vote shall be represented, any business may be transacted
that might have been transacted at the meeting as originally noticed; but only those stockholders entitled to vote at the meeting as originally noticed shall be entitled to vote at any adjournment or adjournments thereof. The stockholders present at
a duly called meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. 

SECTION 2.6. Proxies. At all meetings of stockholders, a stockholder may vote by proxy executed in writing (or in such manner
prescribed by the General Corporation Law of the State of Delaware) by the stockholder, or by his duly authorized attorney in fact. 

SECTION 2.7. Notice of Stockholder Business and Nominations. 

(A) Annual Meetings of Stockholders. (1) Nominations of persons for election to the Board of Directors and the proposal of
other business to be considered by the stockholders may be made at an annual meeting of stockholders (a) pursuant to the Corporation’s notice of meeting, (b) by or at the direction of the Board of Directors or (c) by any
stockholder of the 
  

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Corporation who (i) was a stockholder of record at the time of giving of notice provided for in this By-Law and at the time of the annual meeting, (ii) is entitled to vote at the
meeting and (iii) complies with the notice procedures set forth in this By-Law as to such business or nomination; clause (c) shall be the exclusive means for a stockholder to make nominations or submit other business (other than matters
properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and included in the Corporation’s notice of meeting) before an annual meeting of stockholders. 

(2) Without qualification or limitation, for any nominations or any other business to be properly brought before an
annual meeting by a stockholder pursuant to paragraph (A)(1)(c) of this By-Law, the stockholder must have given timely notice thereof in writing to the Secretary and such other business must otherwise be a proper matter for stockholder action. To be
timely, a stockholder’s notice shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the
120th day and not later than the close of business on the
90th day prior to the first anniversary of the preceding
year’s annual meeting; provided, however, that in the event that the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the stockholder to be timely must be so
delivered not earlier than the close of business on the
120th day prior to the date of such annual meeting and not
later than the close of business on the later of the 90th
day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the
10th day following the day on which public announcement of
the date of such meeting is first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of a stockholder’s notice as described
above. To be in proper form, a stockholder’s notice (whether given pursuant to this paragraph (A)(2) or paragraph (B)) to the Secretary must: (a) set forth, as to the stockholder giving the notice and the beneficial owner, if any, on whose
behalf the nomination or proposal is made (i) the name and address of such stockholder, as they appear on the Corporation’s books, and of such beneficial owner, if any, (ii) (A) the class or series and number of shares of the
Corporation which are, directly or indirectly, owned beneficially and of record by such stockholder and such beneficial owner, (B) any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or
conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, whether
or not such instrument or right shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a “Derivative Instrument”) directly or indirectly owned beneficially by such stockholder and
any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (C) any proxy, contract, arrangement, understanding, or relationship pursuant to which
such stockholder has a right to vote any shares of any security of the Company, (D) any short interest in any security of the Company (for purposes of this By-law a person shall be deemed to have a short interest in a security if such person
directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (E) any rights to
dividends on the shares of the Corporation owned beneficially by such stockholder that are separated or separable from the underlying shares of the Corporation, (F) any proportionate interest in shares of the Corporation or Derivative
Instruments held, directly or 
  

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indirectly, by a general or limited partnership in which such stockholder is a general partner or, directly or indirectly, beneficially owns an interest in a general partner and (G) any
performance-related fees (other than an asset-based fee) that such stockholder is entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, as of the date of such notice, including
without limitation any such interests held by members of such stockholder’s immediate family sharing the same household (which information shall be supplemented by such stockholder and beneficial owner, if any, not later than 10 days after the
record date for the meeting to disclose such ownership as of the record date), and (iii) any other information relating to such stockholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder; (b) if the notice relates to any business other than a nomination of a director or directors that the stockholder proposes to bring before the meeting, set forth (i) a brief description of the business desired to be
brought before the meeting, the reasons for conducting such business at the meeting and any material interest of such stockholder and beneficial owner, if any, in such business and (ii) a description of all agreements, arrangements and
understandings between such stockholder and beneficial owner, if any, and any other person or persons (including their names) in connection with the proposal of such business by such stockholder; (c) set forth, as to each person, if any, whom
the stockholder proposes to nominate for election or reelection to the Board of Directors (i) all information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection
with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person’s written consent to being named in the
proxy statement as a nominee and to serving as a director if elected) and (ii) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any
other material relationships, between or among such stockholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her
respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the
stockholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such rule and the
nominee were a director or executive officer of such registrant; and (d) with respect to each nominee for election or reelection to the Board of Directors, include a completed and signed questionnaire, representation and agreement required by
Section 2.8 of these By-Laws. The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent
director of the Corporation or that could be material to a reasonable stockholder’s understanding of the independence, or lack thereof, of such nominee. 

(3) Notwithstanding anything in the second sentence of paragraph (A)(2) of this By-Law to the contrary, in the event that the number of
directors to be elected to the Board of Directors is increased and there is no public announcement by the Corporation naming all of the nominees for director or specifying the size of the increased Board of Directors

  

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at least 100 days prior to the first anniversary of the preceding year’s annual meeting, a stockholder’s notice required by this By-Law shall also be considered timely, but only with
respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the
10th day following the day on which such public
announcement is first made by the Corporation. 
 (B) Special Meetings of Stockholders. Only such
business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of persons for election to the Board of Directors may be made at a
special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of meeting (a) by or at the direction of the Board of Directors or (b) provided that the Board of Directors has determined that
directors shall be elected at such meeting, by any stockholder of the Corporation who (i) is a stockholder of record at the time of giving of notice provided for in this By-Law and at the time of the special meeting, (ii) is entitled to
vote at the meeting, and (iii) complies with the notice procedures set forth in this By-Law as to such nomination. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the
Board of Directors, any such stockholder may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation’s notice of meeting, if the stockholder’s notice required by paragraph (A)(2)
of this By-Law with respect to any nomination (including the completed and signed questionnaire, representation and agreement required by Section 2.8 of this By-Law) shall be delivered to the Secretary at the principal executive offices of the
Corporation not earlier than the close of business on the
120th day prior to the date of such special meeting and
not later than the close of business on the later of the
90th day prior to the date of such special meeting or, if
the first public announcement of the date of such special meeting is less than 100 days prior to the date of such special meeting, the
10th day following the day on which public announcement is
first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting or the announcement thereof commence a new
time period for the giving of a stockholder’s notice as described above. 
 (C) General. (1) Only such persons
who are nominated in accordance with the procedures set forth in this By-Law shall be eligible to serve as directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance
with the procedures set forth in this By-Law. Except as otherwise provided by law, the Certificate of Incorporation or these By-Laws, the Chairman of the meeting shall have the power and duty to determine whether a nomination or any business
proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this By-Law and, if any proposed nomination or business is not in compliance with this By-Law, to declare that such
defective proposal or nomination shall be disregarded. 
 (2) For purposes of this By-Law, “public announcement”
shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules
and regulations promulgated thereunder. 
  

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 (3) Notwithstanding the foregoing provisions of this By-Law, a stockholder shall also
comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this By-Law; provided, however, that any references in these By-Laws to the Exchange Act or
the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to paragraph (A)(1)(c) or paragraph (B) of this By-Law. Nothing
in this By-Law shall be deemed to affect any rights (i) of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act or (ii) of the holders of any series of
Preferred Stock if and to the extent provided for under law, the Certificate of Incorporation or these By-Laws. 
 SECTION 2.8.
Submission of Questionnaire, Representation and Agreement. To be eligible to be a nominee for election or reelection as a director of the Corporation, a person must deliver (in accordance with the time periods prescribed for delivery of
notice under Section 2.7 of these By-Laws) to the Secretary at the principal executive offices of the Corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or
entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request) and a written representation and agreement (in the form provided by the Secretary upon written request) that such
person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the
Corporation, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed to the Corporation or (2) any Voting Commitment that could limit or interfere with such person’s ability to comply, if
elected as a director of the Corporation, with such person’s fiduciary duties under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation
with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein and (C) in such person’s individual capacity and on behalf of any
person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality
and stock ownership and trading policies and guidelines of the Corporation. 
 SECTION 2.9. Procedure for Election of
Directors; Required Vote. Election of directors at all meetings of the stockholders at which directors are to be elected shall be by ballot, and, subject to the rights of the holders of any series of Preferred Stock to elect directors under
specified circumstances, a plurality of the votes cast at any meeting for the election of directors at which a quorum is present shall elect directors. Except as otherwise provided by law, the Certificate of Incorporation, or these By-Laws, in all
matters other than the election of directors, the affirmative vote of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the act of the stockholders. 

SECTION 2.10. Inspectors of Elections; Opening and Closing the Polls. The Board of Directors by resolution shall appoint one or
more inspectors, which inspector or inspectors may include individuals who serve the Corporation in other capacities, including, without limitation, as officers, employees, agents or representatives, to act at the meetings of

  

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stockholders and make a written report thereof. One or more persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate has been
appointed to act or is able to act at a meeting of stockholders, the Chairman of the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before discharging his or her duties, shall take and sign an oath faithfully to
execute the duties of inspector with strict impartiality and according to the best of his or her ability. The inspectors shall have the duties prescribed by law. 

The Chairman of the meeting shall fix and announce at the meeting the date and time of the opening and the closing of the polls for each
matter upon which the stockholders will vote at a meeting. 
 SECTION 2.11. Action Without Meeting. Unless otherwise
provided in the Certificate of Incorporation, any action permitted or required by law, the Certificate of Incorporation or these By-Laws to be taken at a meeting of stockholders, may be taken without a meeting, without prior notice and without a
vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by or on behalf of the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in the state of incorporation, its principal place of business, or an officer or
agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt
requested. Any written consent may be delivered by a form of electronic transmission, and such transmission shall be deemed signed and dated for purposes hereof if such transmission sets forth or is delivered with information from which the Company
can determine that same was transmitted by or on behalf of a stockholder and the date that the same was transmitted. No consent by electronic transmission shall be deemed to have been delivered unless such consent is reproduced in paper form and
delivered to the Company as aforesaid. Prompt notice of the taking of corporate action without a meeting by less than a unanimous written consent shall be given by the Secretary to those stockholders who have not consented in writing. 

SECTION 2.12. Effectiveness of Written Consent. Every written consent shall bear the date of signature of each stockholder who
signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated written consent received in accordance with Section 2.11, a written consent or consents
signed by a sufficient number of holders to take such action are delivered to the Corporation in the manner prescribed in Section 2.11. 

SECTION 2.13. Remote Meetings. If authorized by the Board of Directors in its sole discretion, and subject to such guidelines and
procedures as the Board of Directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication: 

(A) participate in a meeting of stockholders; and 

 

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 (B) be deemed present in person and vote at a meeting of stockholders whether such meeting
is to be held at a designated place or solely by means of remote communication; provided, that (i) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by
means of remote communication is a stockholder or proxyholder, (ii) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters
submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (iii) if any stockholder or proxyholder votes or takes other action at the meeting by
means of remote communication, a record of such vote or other action shall be maintained by the Corporation. 
 In the case of any annual
meeting of stockholders or any special meeting of stockholders called upon order of the Board of Directors, the Board of Directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely
by means of remote communications as authorized by this Section 2.13. 
 ARTICLE III 

BOARD OF DIRECTORS 

SECTION 3.1. General Powers. The business and affairs of the Corporation shall be managed under the direction of the Board of
Directors. In addition to the powers and authorities by these By-Laws expressly conferred upon them, the Board of Directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the
Certificate of Incorporation or by these By-Laws required to be exercised or done by the stockholders. 
 SECTION 3.2.
Number, Tenure and Qualifications. Subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, the number of directors shall be fixed from time to time exclusively pursuant to a
resolution adopted by a majority of the Whole Board. Commencing with the date of these By-Laws, the directors, other than those who may be elected by the holders of any series of Preferred Stock under specified circumstances, shall be divided, with
respect to the time for which they severally hold office, into three classes, as nearly equal in number as is reasonably possible, with the term of office of the first class to expire at the 2011 annual meeting of stockholders, the term of office of
the second class to expire at the 2012 annual meeting of stockholders and the term of office of the third class to expire at the 2013 annual meeting of stockholders, with each director to hold office until his or her successor shall have been duly
elected and qualified. At each annual meeting of stockholders, commencing with the 2011 annual meeting, (i) directors elected to succeed those directors whose terms then expire shall be elected for a term of office to expire at the third
succeeding annual meeting of stockholders after their election, with each director to hold office until his or her successor shall have been duly elected and qualified, and (ii) if authorized by a resolution of the Board of Directors, directors
may be elected to fill any vacancy on the Board of Directors, regardless of how such vacancy shall have been created. 
 SECTION
3.3. Regular Meetings. A regular meeting of the Board of Directors shall be held without other notice than this By-Law immediately after, and at the same place as, 

 

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the Annual Meeting of Stockholders. The Board of Directors may, by resolution, provide the time and place for the holding of additional regular meetings without other notice than such resolution.

 SECTION 3.4. Special Meetings. Special meetings of the Board of Directors shall be called at the request of the
Chairman of the Board, the President or a majority of the Board of Directors then in office. The person or persons authorized to call special meetings of the Board of Directors may fix the place and time of the meetings. 

SECTION 3.5. Notice. Notice of any special meeting of directors shall be given to each director at his business or residence in
writing by hand delivery, first-class or overnight mail or courier service, telegram, facsimile or electronic transmission, or orally by telephone. If mailed by first-class mail, such notice shall be deemed adequately delivered when deposited in the
United States mails so addressed, with postage thereon prepaid, at least five (5) days before such meeting. If by telegram, overnight mail or courier service, such notice shall be deemed adequately delivered when the telegram is delivered to
the telegraph company or the notice is delivered to the overnight mail or courier service company at least twenty-four (24) hours before such meeting. If by facsimile or electronic transmission, such notice shall be deemed adequately delivered
when the notice is transmitted at least twelve (12) hours before such meeting. If by telephone or by hand delivery, the notice shall be given at least twelve (12) hours prior to the time set for the meeting. Neither the business to be
transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice of such meeting, except for amendments to these By-Laws, as provided under Section 8.1. A meeting may be held at any
time without notice if all the directors are present or if those not present waive notice of the meeting in accordance with Section 6.4 of these By-Laws. 

SECTION 3.6. Action by Consent of Board of Directors. Any action required or permitted to be taken at any meeting of the Board of
Directors or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or
committee. 
 SECTION 3.7. Conference Telephone Meetings. Members of the Board of Directors, or any committee thereof,
may participate in a meeting of the Board of Directors or such committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a
meeting shall constitute presence in person at such meeting. 
 SECTION 3.8. Quorum. A majority, which shall include at
least one Apollo Representative (as defined below) for so long as there is at least one Apollo Representative on the Board of Directors, of the members of the Whole Board shall constitute a quorum for the transaction of business; provided, however,
that if at least one Apollo Representative is on the Board of Directors, then a quorum for a meeting of the Board of Directors must include at least one Apollo Representative unless each Apollo Representative on the Board of Directors provides
written or electronic notice to the remaining members of the Board of Directors prior to such meeting waiving his or her right to be included in the quorum at such meeting. An “Apollo Representative” shall be any officer, director,
employee, managing director, consultant or other 
  

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affiliate of Apollo Management VI, L.P. (“Apollo”), or any person on the Board of Directors nominated by Apollo. If at any meeting of the Board of Directors there shall be less than a
quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned. No business may be
conducted by the Board of Directors, other than the adjournment of the meeting, where a quorum is not present or is no longer continuing. The vote of the majority of the directors present at a meeting at which a quorum is present and continuing
shall be the act of the Board of Directors unless the Certificate of Incorporation or these By-Laws shall require the vote of a greater number. This By-Law may not be amended, modified or repealed without the approval of no less than two-thirds of
the Whole Board, including at least one Apollo Representative if there is at least one Apollo Representative on the Board of Directors, or the affirmative vote of no less than two-thirds of the stockholders entitled to vote thereon at an annual or
special meeting of stockholders at which such action is proposed. 
 SECTION 3.9. Vacancies. Subject to applicable law,
the rights of the holders of any series of Preferred Stock with respect to such series of Preferred Stock and the Amended and Restated Securityholders Agreement, dated as of May 19, 2010, as amended from time to time, by and among the Corporation
and the holders that are parties thereto (the “Securityholders Agreement”), and unless the Board of Directors otherwise determines, vacancies resulting from death, resignation, retirement, disqualification, removal from office or other
cause, and newly created directorships resulting from any increase in the authorized number of directors, may be filled only by the affirmative vote of a majority of the remaining directors, though less than a quorum of the Board of Directors, and
directors so chosen shall hold office for a term expiring at the annual meeting of stockholders at which the term of office of the class to which they have been elected expires and until such director’s successor shall have been duly elected
and qualified. No decrease in the number of authorized directors constituting the Whole Board shall shorten the term of any incumbent director. 

SECTION 3.10. Executive and Other Committees. The Board of Directors may, by resolution adopted by a majority of the Whole Board,
designate an Executive Committee to exercise, subject to applicable provisions of law, all the powers of the Board in the management of the business and affairs of the Corporation when the Board is not in session, including without limitation the
power to declare dividends, to authorize the issuance of the Corporation’s capital stock and to adopt a certificate of ownership and merger pursuant to Section 253 of the General Corporation Law of the State of Delaware, and may, by
resolution similarly adopted, designate one or more other committees. The Executive Committee and each such other committee shall consist of two or more directors of the Corporation. The Board may designate one or more directors as alternate members
of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, other than the Executive Committee (the powers of which are expressly provided for herein), may to the extent permitted by law
exercise such powers and shall have such responsibilities as shall be specified in the designating resolution. In the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and
not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Each

  

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committee shall keep written minutes of its proceedings and shall report such proceedings to the Board when required. 

A majority of any committee may determine its action and fix the time and place of its meetings, unless the Board shall otherwise
provide. Notice of such meetings shall be given to each member of the committee in the manner provided for in Section 3.5 of these By-Laws. The Board shall have power at any time to fill vacancies in, to change the membership of, or to dissolve
any such committee. Nothing herein shall be deemed to prevent the Board from appointing one or more committees consisting in whole or in part of persons who are not directors of the Corporation; provided, however, that no such
committee shall have or may exercise any authority of the Board. 
 SECTION 3.11. Records. The Board of Directors shall
cause to be kept a record containing the minutes of the proceedings of the meetings of the Board and of the stockholders, appropriate stock books and registers and such books of records and accounts as may be necessary for the proper conduct of the
business of the Corporation. 
 ARTICLE IV 

OFFICERS 

SECTION 4.1. Officers. The elected officers of the Corporation shall be a Chairman of the Board, a Chief Executive Officer, a
President, a Chief Financial Officer, a Treasurer and a Secretary, all of whom shall be elected by the Board of Directors and shall hold office until their successors are duly elected and qualified. The Chairman of the Board shall be chosen from
among the directors. All officers elected by the Board of Directors shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this ARTICLE IV. Such officers shall also have such
powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof. In addition, the Board or any committee thereof may from time to time elect, or the President may appoint, such other officers (including
one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers, and Assistant Controllers) and such agents, as may be necessary or desirable for the conduct of the business of the Corporation. Such other officers and agents shall have such
duties and shall hold their offices for such terms as shall be provided in these By-Laws or as may be prescribed by the Board or such committee or by the President, as the case may be. 

SECTION 4.2. Election and Term of Office. The elected officers of the Corporation shall be elected by the Board of Directors and
shall hold office until such officer’s successor shall have been duly elected and qualified or until such officer’s death, resignation or removal. Any officer may be removed from office at any time by the affirmative vote of a majority of
the Whole Board or, except in the case of an officer or agent elected by the Board, by the President. Such removal shall be without prejudice to the contractual rights, if any, of the person so removed. 

SECTION 4.3. Chairman of the Board. The Chairman of the Board shall preside at all meetings of the Board of Directors and shall
have and perform such other duties as may be assigned to him or her by the Board of Directors. 
  

 -11- 

 SECTION 4.4. Chief Executive Officer. The Chief Executive Officer of the Corporation
shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the Corporation. The Chief Executive Officer shall preside at all meetings of the stockholders and, in the
absence of the Chairman of the Board, at all meetings of the Board of Directors. Unless someone has been elected President of the Corporation, the Chief Executive Officer shall be the President of the Corporation. 

SECTION 4.5. President. The President shall have the general powers and duties of supervision and management usually vested in the
office of President of a corporation. 
 SECTION 4.6. Vice-Presidents. Each Vice President, if any, shall have such
powers and shall perform such duties as shall be assigned to him by the Board of Directors 
 SECTION 4.7. Chief Financial
Officer. The Chief Financial Officer shall have the custody of the Corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the Corporation. He or she shall deposit all moneys
and other valuables in the name and to the credit of the Corporation in such depositaries as may be designated by the Board of Directors. He or she shall disburse the funds of the Corporation as may be ordered by the Board of Directors, the Chairman
of the Board, or the President, taking proper vouchers for such disbursements. He or she shall render to the Chairman of the Board, the President and Board of Directors at the regular meetings of the Board of Directors, or whenever they may request
it, an account of all his or her transactions as Chief Financial Officer and of the financial condition of the Corporation. If required by the Board of Directors, he or she shall give the Corporation a bond for the faithful discharge of his or her
duties in such amount and with such surety as the Board of Directors shall prescribe. The Chief Executive Officer may direct the Treasurer to assume and perform the duties of the Chief Financial Officer in the absence or disability of the Chief
Financial Officer, and the Treasurer shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer shall designate from time to
time. 
 SECTION 4.8. Secretary. The Secretary shall keep or cause to be kept in one or more books provided for that
purpose, the minutes of all meetings of the Board, the committees of the Board and the stockholders; he shall see that all notices are duly given in accordance with the provisions of these By-Laws and as required by law; he shall be custodian of the
records and the seal of the Corporation and affix and attest the seal to all stock certificates of the Corporation (unless the seal of the Corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal
to all other documents to be executed on behalf of the Corporation under its seal; and he shall see that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly kept and filed;
and in general, he shall perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board, the Chairman of the Board or the President. 

SECTION 4.9. Removal. Any officer elected, or agent appointed, by the Board of Directors may be removed by the affirmative vote of
a majority of the Whole Board whenever, in their judgment, the best interests of the Corporation would be served thereby. Any 
  

 -12- 

 
officer or agent appointed by the President may be removed by him whenever, in his judgment, the best interests of the Corporation would be served thereby. No elected officer shall have any
contractual rights against the Corporation for compensation by virtue of such election beyond the date of the election of his successor, his death, his resignation or his removal, whichever event shall first occur, except as otherwise provided in an
employment contract or under an employee deferred compensation plan. 
 SECTION 4.10. Vacancies. A newly created elected
office and a vacancy in any elected office because of death, resignation, or removal may be filled by the Board of Directors for the unexpired portion of the term at any meeting of the Board of Directors. Any vacancy in an office appointed by the
President because of death, resignation, or removal may be filled by the President. 
 ARTICLE V 

STOCK CERTIFICATES AND TRANSFERS 

SECTION 5.1. Stock Certificates and Transfers. Shares of stock issued by the Corporation shall be represented by certificates,
except that the Board of Directors may authorize the issuance of some or all of the shares of any class or series without certificates. The fact that shares are not represented by certificates shall have no effect on the rights and obligations of
the holders thereof. If shares are represented by certificates, such certificates shall be issued to each stockholder certifying the number of shares owned by such stockholder in the Corporation. Certificates of stock of the Corporation shall be of
such form and device as the Board of Directors may from time to time determine. The issuance of shares without certificates shall be made in accordance with applicable provisions of law. 

The certificates of stock shall be signed, countersigned and registered in such manner as the Board of Directors may by resolution
prescribe, which resolution may permit all or any of the signatures on such certificates to be in facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased
to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent or registrar at the date of issue. 

Notwithstanding anything to the contrary in these By-Laws, at all times that the Corporation’s stock is listed on a stock exchange,
the shares of the stock of the Corporation shall comply with all direct registration system eligibility requirements established by such exchange, including any requirement that shares of the Corporation’s stock be eligible for issue in
book-entry form. All issuances and transfers of shares of the Corporation’s stock shall be entered on the books of the Corporation with all information necessary to comply with such direct registration system eligibility requirements, including
the name and address of the person to whom the shares of stock are issued, the number of shares of stock issued and the date of issue. The Board of Directors shall have the power and authority to make such rules and regulations as it may deem
necessary or proper concerning the issue, transfer and registration of shares of stock of the Corporation in both the certificated and uncertificated form. 
  

 -13- 

 SECTION 5.2. Lost, Stolen or Destroyed Certificates. No certificate for shares of
stock in the Corporation shall be issued in place of any certificate alleged to have been lost, destroyed or stolen, except on production of such evidence of such loss, destruction or theft and on delivery to the Corporation of a bond of indemnity
in such amount, upon such terms and secured by such surety, as the Board of Directors or any financial officer may in its or his discretion require. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

SECTION 6.1. Fiscal Year. The fiscal year of the Corporation shall begin on the first day of January and end on the thirty-first
day of December of each year. 
 SECTION 6.2. Dividends. The Board of Directors may from time to time declare, and the
Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and the Certificate of Incorporation. 

SECTION 6.3. Seal. The corporate seal shall have enscribed thereon the words “Corporate Seal”, the year of incorporation
and around the margin thereof the words “Noranda Aluminum Holding Corporation – Delaware.” 
 SECTION 6.4.
Waiver of Notice. Whenever any notice is required to be given to any stockholder or director of the Corporation under the provisions of the General Corporation Law of the State of Delaware or these By-Laws, a waiver thereof in writing, signed
by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any annual or special meeting
of the stockholders or the Board of Directors or committee thereof need be specified in any waiver of notice of such meeting. 

SECTION 6.5. Audits. The accounts, books and records of the Corporation shall be audited upon the conclusion of each fiscal year
by an independent certified public accountant selected by the Board of Directors, and it shall be the duty of the Board of Directors to cause such audit to be done annually. 

SECTION 6.6. Resignations. Any director or any officer, whether elected or appointed, may resign at any time by giving written
notice of such resignation to the Chairman of the Board, the Chief Executive Officer, the President, or the Secretary, and such resignation shall be deemed to be effective as of the close of business on the date said notice is received by the
Chairman of the Board, the Chief Executive Officer, the President, or the Secretary, or at such later time as is specified therein. No formal action shall be required of the Board of Directors or the stockholders to make any such resignation
effective. 
  

 -14- 

 ARTICLE VII 

CONTRACTS, PROXIES, ETC. 

SECTION 7.1. Contracts. Except as otherwise required by law, the Certificate of Incorporation or these By-Laws, any contracts or
other instruments may be executed and delivered in the name and on the behalf of the Corporation by such officer or officers of the Corporation as the Board of Directors may from time to time direct. Such authority may be general or confined to
specific instances as the Board may determine. The Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer or any Vice President may execute bonds, contracts, deeds, leases and other instruments to be made or
executed for or on behalf of the Corporation. Subject to any restrictions imposed by the Board of Directors or the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer or any Vice President of the
Corporation may delegate contractual powers to others under his jurisdiction, it being understood, however, that any such delegation of power shall not relieve such officer of responsibility with respect to the exercise of such delegated power.

 SECTION 7.2. Proxies. Unless otherwise provided by resolution adopted by the Board of Directors, the Chairman of the
Board, the Chief Executive Officer, the President, the Chief Financial Officer or any Vice President may from time to time appoint an attorney or attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to cast
the votes which the Corporation may be entitled to cast as the holder of stock or other securities in any other corporation, any of whose stock or other securities may be held by the Corporation, at meetings of the holders of the stock or other
securities of such other corporation, or to consent in writing, in the name of the Corporation as such holder, to any action by such other corporation, and may instruct the person or persons so appointed as to the manner of casting such votes or
giving such consent, and may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal or otherwise, all such written proxies or other instruments as he may deem necessary or proper in the premises.

 ARTICLE VIII 

AMENDMENTS 

SECTION 8.1. Amendments. These By-Laws may be altered, amended, or repealed at any meeting of the Board of Directors or of the
stockholders, provided notice of the proposed change was given in the notice of the meeting and, in the case of a meeting of the Board of Directors, in a notice given not less than two days prior to the meeting. 

 

 -15-Amended and Restated Securityholders Agreement

  

Exhibit 10.1 

AMENDED AND RESTATED 

SECURITYHOLDERS AGREEMENT 

by and among 

NORANDA ALUMINUM HOLDING CORPORATION 

and the other HOLDERS that are parties hereto 

DATED AS OF MAY 19, 2010 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	 Section 1.
	  	Definitions	  	1
			
	 Section 2.
	  	[Reserved]	  	6
			
	 Section 3.
	  	Transfers; Additional Parties	  	6
			
	 Section 4.
	  	Demand Registration Rights	  	8
			
	 Section 5.
	  	Piggyback Registration Rights	  	9
			
	 Section 6.
	  	Repurchase Rights	  	15
			
	 Section 7.
	  	The Board of Directors	  	17
			
	 Section 8.
	  	[Reserved]	  	18
			
	 Section 9.
	  	Non-Solicitation; Non-Competition	  	18
			
	 Section 10.
	  	Directors’ & Officers’ Insurance	  	19
			
	 Section 11.
	  	Information	  	19
			
	 Section 12.
	  	Notices	  	20
			
	 Section 13.
	  	Miscellaneous Provisions	  	21

  

 -i- 

 This AMENDED AND RESTATED SECURITYHOLDERS AGREEMENT dated as of May 19, 2010
(this “Agreement”), by and among NORANDA ALUMINUM HOLDING CORPORATION, a Delaware corporation (the “Company”), and the HOLDERS that are parties hereto (the “Holders,” and together with
the Company, the “Parties”), amends and restates that certain Amended and Restated Securityholders Agreement, dated as of October 23, 2007 (the “Old Agreement”), by and among the Parties. 

WHEREAS, the Holders and the Company desire to amend and restate the Old Agreement in connection with the initial Public Offering
of Common Stock (as defined below) of the Company (the “IPO”). 
 WHEREAS, pursuant to
Section 11(f) of the Old Agreement, the Old Agreement may be amended with the written consent of the Company and the Apollo Group and, in certain situations, by Management Holders who hold at least a majority of the outstanding shares of Common
Stock owned by all Management Holders as of the date hereof. 
 WHEREAS, the Company and the Apollo Group and Management
Holders who hold at least a majority of the outstanding shares of Common Stock owned by all Management Holders as of the date hereof have, by executing and delivering this Agreement, provided such written consent. 

NOW, THEREFORE, in consideration of the premises and of the mutual consents and obligations hereinafter set forth, the parties
hereto hereby agree as follows: 
 Section 1. Definitions. Any capitalized terms used in this Agreement but not
defined herein shall have the meanings ascribed to such terms in the SPA. 
 As used in this Agreement: 

“Affiliate” means: 

(a) In the case of a Person (other than an individual), another Person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with such Person. For the avoidance of doubt, any co-investment vehicle controlled by any member of the Apollo Group shall be deemed to be an Affiliate of the Apollo Group hereunder.

 (b) In the case of an individual, (i) any member of the immediate family of such individual, including parents,
siblings, spouse and children (including those by adoption) and any other Person who lives in such individual’s household; the parents, siblings, spouse, or children (including those by adoption) of such immediate family member, and in any such
case any trust whose primary beneficiary is such individual or one or more members of such immediate family and/or such individual’s lineal descendants; (ii) the legal representative or guardian of such individual or of any such immediate
family member in the event such individual or any such immediate family member becomes mentally incompetent; and (iii) any Person controlling, controlled by or under common control with such individual. 

 As used in this definition, the term “control,” including the correlative
terms “controlling,” “controlled by” and “under common control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or any partnership or other ownership interest, by contract or otherwise) of a Person. The term “Affiliate” shall not include at any time any portfolio companies of Apollo Management VI, L.P. or its Affiliates, other than
the Company and its Subsidiaries. 
 “Affiliated Entities” has the meaning ascribed to such term in
Section 9(b). 
 “Agreement” has the meaning ascribed to such term in the introductory paragraph
hereof. 
 “Apollo Group” means (a) Noranda Holdings LP, (b) Apollo Investment Fund VI, L.P., and
each of their respective Affiliates. 
 “Bankruptcy Event” means with respect to any Management Holder
(i) such holder shall voluntarily be adjudicated as bankrupt or insolvent; (ii) such Holder shall consent to or not contest the appointment of a receiver or trustee for himself, herself or itself or for all or any part of his, her or its
property; (iii) such Holder shall voluntarily file a petition seeking relief under the bankruptcy, rearrangement, reorganization or other debtor relief laws of the United States or any state or any other competent jurisdiction (including
foreign jurisdictions); (iv) such Holder shall make a general assignment for the benefit of his, her or its creditors; (v) a judgment shall have been made against such Management Holder in response to relief under the bankruptcy,
rearrangement, reorganization or other debtor relief laws of the United States or any state or other competent jurisdiction (including foreign jurisdictions); or (vi) a court of competent jurisdiction shall have entered a petition, order,
judgment or decree appointing a receiver or trustee for such Management Holder, or for any part of his, her or its property, and such petition, order, judgment or decree shall not be and remain discharged or stayed within a period of sixty
(60) days after its entry. 
 “Board” means the Board of Directors of the Company and, with respect to any
determination required pursuant to the terms of this Agreement, any duly authorized committee thereof. All determinations by the Board required pursuant to the terms of this Agreement to be made by the Board shall be binding and conclusive, so long
as they are made in good faith. 
 “Call Right” has the meaning ascribed to such term in
Section 6(a)(ii). 
 “Common Stock” means the common stock of the Company, par value $.01 per
share. As used in this Agreement, Common Stock shall include any shares of restricted stock or any restricted stock units granted to any Holders that may be settled in shares of Common Stock. 

“Company” has the meaning ascribed to such term in the introductory paragraph hereof. 

“Control Disposition” means a Disposition that would have the effect of transferring to a Person or Group that is not an
Affiliate of the Apollo Group or a portfolio 
  

 -2- 

 
company of any members of the Apollo Group, a number of shares of Common Stock such that, following the consummation of such Disposition, such Person or Group possesses the voting power to elect
a majority of the Board (whether by merger, consolidation or sale or transfer of Common Stock) or the board of directors (or similar body) of any successor entity. 

“Demand Notice” has the meaning ascribed thereto in Section 4(b). 

“Disposition” means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance,
or any other disposition, of Common Stock (or any interest therein or right thereto) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the Common Stock (or any interest therein) whatsoever, or any
other transfer of beneficial ownership of Common Stock whether voluntary or involuntary, including, without limitation (a) as a part of any liquidation of a Management Holder’s assets or (b) as a part of any reorganization of a
Management Holder pursuant to the United States, state, foreign or other bankruptcy law or other similar debtor relief laws. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Excluded Sales” has the meaning ascribed to such term in Section 3(a)(ii).

 “Fair Market Value” means, with respect to each share of Common Stock or other capital stock held by any
Management Holder: 
 (a) With respect to any series or class of capital stock, the per share fair market value as reasonably
determined in good faith by the Board in such manner as it deems appropriate. 
 (b) Notwithstanding anything to the contrary
contained in clause (a) above, if any securities of the Company are publicly traded or quoted at the time of determination, then the per share fair market value of such securities shall be the most recent closing trading price, during regular
trading hours, of such securities on the business day immediately prior to the date of determination as determined by the Board in good faith. 

(c) Neither the Company nor any officer, director, employee or agent of the Company shall have any liability with respect to the
valuation of such securities that are bought or sold at Fair Market Value determined in accordance with clause (a) as a result of the Fair Market Value, as so determined, being more or less than actual fair market value. Each of the Company and
its officers, directors, employees and agents shall be fully protected in relying in good faith upon the records of the Company and upon information, opinions, reports or statements presented to the Company by any Person as to matters which the
Company or such officer, director, employee or agent reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company in determining such Fair
Market Value. 
 (d) In the case of a Call Right provided pursuant to this agreement, Fair Market Value will be determined as of
the date of exercise of the Call Right, as applicable, 
  

 -3- 

 
except (i) where provided otherwise in this agreement or (ii) if necessary to avoid liability accounting, Fair Market Value will be determined as of the date of the repurchase made
pursuant to exercise of the Call Right. 
 “Group” shall have the meaning ascribed thereto in
Section 13(d)(3) of the Exchange Act. 
 “Holders” mean the holders of securities of the Company who are
parties to this Agreement. 
 “Indebtedness” means, with respect to any Person and without duplication,
(a) all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness of such Person for the deferred purchase price of property or services represented by a note, bond, debenture
or similar instrument and any other obligation or liability represented by a note, bond, debenture or similar instrument, (c) all indebtedness of such Person created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (d) all indebtedness of such Person
secured by a purchase money mortgage or other lien to secure all or part of the purchase price of the property subject to such mortgage or lien, (e) all obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations would be required to be classified and accounted for as capital leases on a balance sheet of such Person under generally accepted
accounting principles in the United States of America (“GAAP”) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with
GAAP, (f) all unpaid reimbursement obligations of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, (g) all obligations of such Person under any forward
contract, futures contract, swap, option or other financing agreement or arrangement (including caps, floors, collars and similar agreements), the value of which is dependent upon interest rates, currency exchange rates, commodities or other
indices, (h) all interest, fees and other expenses owed with respect to the indebtedness referred to above (and any prepayment penalties or fees or similar breakage costs or other fees and costs required to be paid in order for such
Indebtedness to be satisfied and discharged in full), and (i) all indebtedness referred to above which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise
acquire or in respect of which it has otherwise assured a creditor against loss. 
 “Initial Notice” has the
meaning ascribed to such term in Section 5(a). 
 “IRA” has the meaning ascribed to such term in
Section 3(c)(iii). 
 “Management Holder” means Holders who are employed by, or serve as
consultants to or directors of, the Company or any of its Subsidiaries. 
 “Old Agreement” has the meaning
ascribed to such term in the introductory paragraph hereof.  
  

 -4- 

 “Options” means the options issued to certain Holders pursuant to the
Company’s 2007 Long Term Incentive Plan, as it is amended, supplemented, restated or otherwise modified from time to time, or pursuant to any similar plan of the Company that may be in effect from time to time or any other options to purchase
Common Stock issued by the Company. 
 “Other Holders” means the Management Holders and any other Holder (other
than the Apollo Group) that the Company deems to be an “Other Holder,” or “Management Holder” in the Adoption Agreement that such Holder executes upon becoming a party to this Agreement. 

“Parties” has the meaning ascribed to such term in the introductory paragraph hereof. 

“Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited
liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registration Rights” has the meaning ascribed to such term in Section 5(a). 

“Public Offering” has the meaning ascribed to such term in Section 5(c)(i). 

“Registrable Securities” shall mean shares of Common Stock held by the Apollo Group or Management Holders;
provided, that any Registrable Securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities Act and such
Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (b) such Registrable Securities are distributed pursuant to Rule 144 (or any similar provision then in force)
under the Securities Act or (c) such Registrable Securities shall have been otherwise transferred and new certificates for them not bearing a legend restricting further transfer under the Securities Act shall have been delivered by the Company;
and provided, further, that any securities that have ceased to be Registrable Securities shall not thereafter become Registrable Securities and any security that is issued or distributed in respect of securities that have ceased to be
Registrable Securities is not a Registrable Security. 
 “Registration Request” has the meaning ascribed to
such term in Section 4(a). 
 “Registration Statement” means a registration statement filed by the
Company with the U.S. Securities and Exchange Commission. 
 “Restricted Period” has the meaning ascribed to
such term in Section 9(b). 
 “Securities” means, with respect to any Person, such Person’s
“securities” as defined in Section 2(1) of the Securities Act and includes such Person’s capital stock or other equity interests or any options, warrants or other securities that are directly or indirectly convertible into, or
exercisable or exchangeable for, such Person’s capital stock or other equity or equity-linked interests, including phantom stock and stock appreciation rights. 

 

 -5- 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “SPA” means that certain Stock Purchase Agreement, dated
April 10, 2007, by and among Noranda Aluminum Acquisition Corporation, Noranda Finance, Inc. and Xstrata (Schweiz) A.G. 

“Subsidiary” shall have the meaning ascribed thereto in the SPA. 

“Subject Employee” has the meaning ascribed to such term in Section 3(a)(iii). 

“Underwritten Offering” means a sale of shares of Common Stock to an underwriter for reoffering to the public.

 Section 2. [Reserved] 

Section 3. Transfers; Additional Parties. 

(a) Additional Parties. 

(i) As a condition to the Company’s issuance of shares of Common Stock in any transaction other than a Public
Offering, or the Company’s obligation to effect a transfer of shares of Common Stock permitted by this Agreement on the books and records of the Company in a negotiated private transaction (other than Excluded Sales) (other than an issuance or
a transfer to the Apollo Group or of any of the Apollo Group’s Affiliates, the Company or any Subsidiary of the Company), the transferee shall (and the recipient, if requested to by the Company, shall) be required to become a party to this
Agreement by executing (together with such Person’s spouse, if applicable) an Adoption Agreement in substantially the form of Exhibit A or in such other form that is reasonably satisfactory to the Company. 

(ii) In the event that any Person acquires shares of Common Stock in a negotiated private transaction (i.e., excluding
sales pursuant to a Public Offering or sales made pursuant to Rule 144 of the Securities Act that the seller has no reason to believe will (and where such seller has instructed that any broker or intermediary not cause sales that would to such
broker’s or intermediary’s knowledge) result in the purchaser (together with its Affiliates) owning 5% or more of the outstanding Common Stock (“Excluded Sales”)) from: (i) an Other Holder or any Affiliate or member
of such Holder’s Group or (ii) any direct or indirect transferee of such Holder or such Holder’s Group; such Person shall be subject to any and all obligations and restrictions of such Other Holder hereunder (other than, at the option
of the Company, the provisions of Section 9), as if such Person were such Holder named herein (except as otherwise provided in the Adoption Agreement executed by such Person and accepted by the Company). Additionally, if the restrictions
specified in Section 3(b) are in effect, whenever a Management Holder makes a transfer of shares of Common Stock in a negotiated private transaction (i.e., other than an Excluded Sale), such shares of Common Stock shall contain a legend
so as to inform any transferee that such shares of Common Stock were held originally by a Management Holder and are subject to repurchase 

 

 -6- 

 
pursuant to Section 6 below based on events relating to such Management Holder. Such legend shall not be placed on any shares of Common Stock acquired from a Management Holder by the
Company, the Apollo Group or any of its Affiliates. 
 (iii) If any shares of Common Stock are acquired by an
individual retirement account (“IRA”) on behalf of an employee of the Company or any of its Subsidiaries (the “Subject Employee”), such IRA shall be deemed to be a Management Holder. Additionally, such Subject
Employee shall be deemed to be a Management Holder and his or her IRA shall be deemed to have acquired all shares of Common Stock it holds from such Subject Employee pursuant to a transfer that is subject to Section 3(c)(ii) above.

 (b) Securities Restrictions; Legends. 

(i) No shares of Common Stock covered by this Agreement shall be transferable except upon the conditions specified in this
Section 3(b), which conditions are intended to insure compliance with the provisions of the Securities Act. 

(ii) Each certificate representing shares of Common Stock shall (unless otherwise permitted by the provisions of clause
(iv) below) be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A SECURITYHOLDERS AGREEMENT AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”), AND THE OTHER PARTIES
NAMED THEREIN. THE TERMS OF SUCH SECURITYHOLDERS AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

(iii) The holder of any shares of Common Stock covered by this Agreement by acceptance thereof agrees, prior to any
transfer of any such shares, to give written notice to the Company of such holder’s intention to affect such transfer and to comply in all other respects with the provisions of this Section 3(b). Each such notice shall describe the
manner and circumstances of the proposed transfer. Upon request by the Company, the holder delivering such notice shall deliver a written opinion, addressed to the Company, of counsel for the holder of such shares, stating that in the opinion of
such counsel (which opinion and counsel shall be reasonably satisfactory to the 
  

 -7- 

 
Company) such proposed transfer does not involve a transaction requiring registration or qualification of such shares under the Securities Act. Such holder of such shares shall be entitled to
transfer such shares in accordance with the terms of the notice delivered to the Company, if the Company does not reasonably object to such transfer and request such opinion within fifteen (15) days after delivery of such notice, or, if it
requests such opinion, does not reasonably object to such transfer within fifteen (15) days after delivery of such opinion. Subject to clause (iv) below, each certificate or other instrument evidencing any such transferred shares of Common
Stock shall bear the legend set forth in clause (ii) above unless (1) the opinion of counsel referred to above states that such legend is not required or (2) the Company shall have waived the requirement of such legends. 

(iv) Notwithstanding the foregoing provisions of this Section 3(b), the restrictions imposed by this
Section 3(b) upon the transferability of any shares of Common Stock covered by this Agreement shall cease and terminate when (i) any such shares are sold or otherwise disposed of pursuant to an effective Registration Statement, or
(ii) the holder of such shares has met the requirements for transfer of such shares pursuant to Rule 144 under the Securities Act. Whenever the restrictions imposed by this Section 3(b) shall terminate, the holder of any shares as
to which such restrictions have terminated shall be entitled to receive from the Company, without expense, a new certificate not bearing the restrictive legend set forth in clause (ii) above and not containing any other reference to the
restrictions imposed by this Section 3(b). 
 (c) Improper Dispositions. Any Disposition or attempted
Disposition in breach of this Agreement shall be void ab initio and of no effect. In connection with any attempted Disposition in breach of this Agreement, the Company may hold and refuse to transfer any Common Stock or any certificate
therefor, in addition to and without prejudice to any and all other rights or remedies which may be available to it or the Holders. 

Section 4. Demand Registration Rights. 

(a) Subject to the provisions of this Section 4, at any time and from time to time after the date hereof, the Apollo Group
may make one or more written requests (“Registration Request”) to the Company for registration under and in accordance with the provisions of the Securities Act of all or part of their shares of Common Stock. 

(b) All Registration Requests made pursuant to this Section 4 will specify the aggregate amount of shares of Common Stock to
be registered and will also specify the intended methods of disposition thereof (a “Demand Notice”). Subject to Section 4(d), promptly upon receipt of any such Demand Notice, the Company will use its reasonable best
efforts to effect such registration under the Securities Act (including, without limitation, filing post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with the
applicable regulations promulgated under the Securities Act) of the shares of Common Stock which the Company has been so requested to register within 120 days of such request (subject to any lock-up restrictions). 

 

 -8- 

 (c) If the Company receives a Registration Request and the Company furnishes to the party
who submitted such request a copy of a resolution of the Board certified by the secretary of the Company stating that in the good faith judgment of the Board it would be materially adverse to the Company for a Registration Statement to be filed on
or before the date such filing would otherwise be required hereunder, the Company shall have the right to defer such filing for a period of not more than ninety (90) days after the date such filing would otherwise be required hereunder. The
Company shall not be permitted to take such action more than twice in any 360-day period. If the Company shall so postpone the filing of a Registration Statement, the requesting party may withdraw its Registration Request by so advising the Company
in writing within thirty (30) days after receipt of the notice of postponement. In addition, if the Company receives a Registration Request and the Company is then in the process of preparing to engage in a Public Offering, the Company shall
inform the party who submitted such request of the Company’s intent to engage in a Public Offering and may require such party to withdraw such Registration Request for a period of up to 120 days so that the Company may complete its Public
Offering. In the event that the Company ceases to pursue such Public Offering, it shall promptly inform such requesting party and such requesting party shall be permitted to submit a new Registration Request. For the avoidance of doubt, such
requesting party shall have the right to participate in the Company’s Public Offering as provided in Section 5. 
 (d)
Registrations under this Section 4 shall be on such appropriate registration form of the Securities and Exchange Commission (i) as shall be selected by the Company and as shall be reasonably acceptable to the requesting party and
(ii) as shall permit the disposition of such Common Stock in accordance with the intended method or methods of disposition specified in the Demand Notice. If, in connection with any registration under this Section 4 which is proposed by
the Company to be on Form S-3 or any successor form, the managing underwriter, if any, shall advise the Company in writing that in its opinion the use of another permitted form is of material importance to the success of the offering, then such
registration shall be on such other permitted form. 
 (e) The Company shall use its best efforts to keep any Registration
Statement filed in response to a Registration Request effective for as long as is necessary for the requesting party to dispose of the covered securities. 

(f) In the case of an Underwritten Offering, the Apollo Group shall select the underwriters, provided such selection is reasonably
acceptable to the Company. 
 Section 5. Piggyback Registration Rights. 

(a) Participation. Subject to Section 5(b), if the Company proposes to file a Registration Statement, whether on its
own behalf or on behalf of another Securityholder (other than (i) a registration relating solely to an employee benefit plan or employee stock plan, a dividend reinvestment plan, or a merger or a consolidation, (ii) a registration
incidental to an issuance of debt securities under Rule 144A, (iii) a registration on Form S-4 or any successor form, or (iv) a registration on Form S-8 or any successor form) with respect to an offering (for its own account or otherwise,
and including any registration pursuant to Section 4) that includes any shares of Common Stock, then the Company shall give prompt notice (the “Initial Notice”) 

 

 -9- 

 
to the Apollo Group and the Management Holders, and such holders shall be entitled to include in such Registration Statement the Registrable Securities held by them. The Initial Notice shall
offer the Apollo Group and the Management Holders, respectively, the right, subject to Section 5(b) (the “Piggyback Registration Right”), to register such number of shares of Registrable Securities as each such Holder
may request and shall set forth (X) the anticipated filing date of such Registration Statement and (Y) the number of shares of Common Stock that is proposed to be included in such Registration Statement. Subject to
Section 5(b), the Company shall include in such Registration Statement such shares of Registrable Securities for which it has received written requests to register such shares within fifteen (15) days after the Initial Notice has
been given. 
 (b) Underwriters’ Cutback. Notwithstanding the foregoing, if a registration pursuant to this
Section 5 involves an Underwritten Offering and the managing underwriter or underwriters of such proposed Underwritten Offering advise the Company in good faith that the total or kind of securities which such Holders and any other
persons or entities intend to include in such offering would be reasonably likely to adversely affect the price, timing or distribution of the securities offered in such offering in any material respect, then the number of securities proposed to be
included in such registration shall be allocated among the Company and all of the selling Apollo Group and Management Holders, such that the number of securities that each such Person shall be entitled to sell in the Underwritten Offering shall be
included in the following order: 
 (i) In the event of an exercise of any registration right pursuant to
Section 4 by the Apollo Group or any other Holder or Holders possessing such rights: 
 (1)
first, the securities held by the Person(s) exercising such registration rights pursuant to Section 4 or pursuant to any other agreement containing demand registration rights, pro rata based upon the number of
Registrable Securities requested to be registered by each such Person in connection with such registration; 

(2) second, the securities held by the Apollo Group and the Management Holders requested to be included in such
registration pursuant to the terms of this Section 5, pro rata based upon the number of Registrable Securities requested to be registered by each such Person in connection with such registration; 

(3) third, the securities to be issued and sold by the Company in such registration; and 

(4) fourth, the securities held by any other Persons requested to be included in such registration pursuant to the
terms of this Section 5 or pursuant to any other agreement containing piggyback registration rights, pro rata based upon the number of Registrable Securities requested to be registered by each such Person in connection with such registration.

 (ii) In all other cases: 

(1) first, the securities to be issued and sold by the Company in such registration; 

 

 -10- 

 (2) second, the securities held by the Apollo Holder and the
Management Holders requested to be included in such registration pursuant to the terms of this Section 5 or pursuant to any other agreement containing piggyback registration rights, pro rata based upon the number of
Registrable Securities requested to be registered by each such Person in connection with such registration; and 

(3) third, the securities held by all other Persons requesting their securities be included in such registration
pursuant to the terms of this Section 5 or pursuant to any other agreement containing piggyback registration rights, pro rata based upon the number of Registrable Securities requested to be registered by each such Person in
connection with such registration. 
 In the event that the managing underwriter or underwriters of such proposed Underwritten Offering
determine that participation in such Underwritten Offering by a particular Stockholder or group of Stockholders would be likely to adversely affect such Underwritten Offering, such Stockholder or Stockholders shall not participate in such
Underwritten Offering. 
 (c) Lock-ups. 

(i) If the Company shall register shares of Common Stock under the Securities Act for sale to the public (a
“Public Offering”), no Other Holder shall sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any capital stock of the Company without the prior written consent of the
Company, for the period of time in which the Apollo Group has similarly agreed not to sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any capital stock of the Company. In addition, if
requested by the managing underwriter(s), in connection with the IPO, all Holders shall enter into a customary lock-up agreement with the managing underwriter(s). In connection with an underwritten Public Offering, no Holder shall sell publicly,
make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any capital stock of the Company, for such period as shall be required by the managing underwriter of such Public Offering. 

(ii) In connection with the IPO, the Management Holders shall agree with the Company to lock-up their shares of Common
Stock for a period of one year from and after the completion of such IPO, subject to customary exceptions in the Company’s discretion. 

(d) Company Control. The Company may decline to file a Registration Statement after giving the Initial Notice, or withdraw any
such Registration Statement after filing but prior to the effectiveness of such Registration Statement, provided that the Company shall promptly notify each Holder who was to participate in such offering in writing of any such action and
provided further that the Company shall bear all reasonable expenses incurred by 
  

 -11- 

 
such Holder or otherwise in connection with such unfilled or withdrawn Registration Statement and no Holder shall be deemed to have made a Registration Request with respect to the unfilled or
withdrawn Registration Statement. Except as provided in Section 4(f), the Company shall have sole discretion to select any and all underwriters that may participate in any Underwritten Offering. 

(e) Participation in Underwritten Offerings. No Person may participate in any Underwritten Offering hereunder unless such Person
agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Company and provides the questionnaires, powers of attorney, customary indemnities, underwriting agreements, lock-ups (subject to
Section 5(c) above) and other documents required for such underwriting arrangements. Nothing in this Section 5(e) shall be construed to create any additional rights regarding the piggyback registration of Registrable Securities in
any Person otherwise than as set forth herein. 
 (f) Expenses. The Company will pay all registration fees and other
reasonable expenses in connection with each registration of Registrable Securities requested pursuant to this Section 5; provided, that each Holder shall pay all applicable underwriting fees, discounts and similar charges
(pro rata based on the securities sold) and that all Holders as a group shall be entitled to a single counsel (at the Company’s expense) to be selected by the Apollo Group. 

(g) Indemnification. 

(i) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted
by law, each selling Holder, its officers, directors, employees and representatives and each Person who controls (within the meaning of the Securities Act) such selling Holder against any losses, claims, damages, liabilities and expenses caused by
any untrue or alleged untrue statement of a material fact contained in any Registration Statement, prospectus or preliminary prospectus or any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, except insofar as the same may be caused by or contained in any information furnished in writing to the Company by such selling Holder for use therein; provided, however, that the Company
shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such preliminary
prospectus if (A) such selling Holder failed to deliver or cause to be delivered a copy of the prospectus to the Person asserting such loss, claim, damage, liability or expense after the Company has furnished such selling Holder with a
sufficient number of copies of the same and (B) the prospectus completely corrected in a timely manner such untrue statement or omission; and provided, further, that the Company shall not be liable in any such case to the extent
that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission in the prospectus, if such untrue statement or alleged untrue statement, omission
or alleged omission is completely corrected in an amendment or supplement to the prospectus and the selling Holder thereafter fails to deliver such prospectus as so 

 

 -12- 

 
amended or supplemented prior to or concurrently with the sale of the securities to the Person asserting such loss, claim, damage, liability or expense after the Company had furnished such
selling Holder with a sufficient number of copies of the same. The Company will also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and
directors and each Person who controls such Persons (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the selling Holder, if requested. 

(ii) Indemnification by Selling Holders. Each selling Holder agrees to indemnify and hold harmless, to the full
extent permitted by law, the Company, its directors, officers, employees and representatives and each Person who controls the company (within the meaning of the Securities Act) against any losses, claims, damages or liabilities and expenses caused
by any untrue or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in any statement or affidavit furnished in writing by such selling Holder to the Company expressly for inclusion in such Registration Statement,
prospectus or preliminary prospectus and has not been corrected in a subsequent writing prior to or concurrently with the sale of the securities to the Person asserting such loss, claim, damage, liability or expense. In no event shall the liability
of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such selling Holder upon the sale of the securities giving rise to such indemnification obligation and any indemnification shall be several and
not joint. The Company and the selling Holders shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as
provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any prospectus or Registration Statement. 

(iii) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give
prompt (but in any event within thirty (30) days after such Person has actual knowledge of the facts constituting the basis for indemnification) written notice to the indemnifying party of any claim with respect to which it seeks
indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any delay or failure to so notify the indemnifying
party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually prejudiced by reason of such delay or failure; provided, further, however, that any Person entitled to
indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying
party has agreed in writing to pay such fees or expenses, or (b) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to
indemnification hereunder and employ counsel reasonably satisfactory to such Person or 
  

 -13- 

 
(c) in the reasonable judgment of any such Person, based upon advice of counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in
which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on
behalf of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). An
indemnified party shall not be required to consent to any settlement involving the imposition of equitable remedies or involving the imposition of any material obligations on such indemnified party other than financial obligations for which such
indemnified party will be indemnified hereunder. No indemnifying party will be required to consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation. Whenever the indemnified party or the indemnifying party receives a firm offer to settle a claim for which indemnification is sought hereunder, it
shall promptly notify the other of such offer. If the indemnifying party refuses to accept such offer within twenty (20) business days after receipt of such offer (or of notice thereof), such claim shall continue to be contested and, if such
claim is within the scope of the indemnifying party’s indemnity contained herein, the indemnified party shall be indemnified pursuant to the terms hereof. If the indemnifying party notifies the indemnified party in writing that the indemnifying
party desires to accept such offer, but the indemnified party refuses to accept such offer within twenty (20) business days after receipt of such notice, the indemnified party may continue to contest such claim and, in such event, the total
maximum liability of the indemnifying party to indemnify or otherwise reimburse the indemnified party hereunder with respect to such claim shall be limited to and shall not exceed the amount of such offer, plus reasonable out-of-pocket costs and
expenses (including reasonable attorneys’ fees and disbursements) to the date of notice that the indemnifying party desires to accept such offer, provided that this sentence shall not apply to any settlement of any claim involving the
imposition of equitable remedies or to any settlement imposing any material obligations on such indemnified party other than financial obligations for which such indemnified party will be indemnified hereunder. An indemnifying party who is not
entitled to, or elects not to, assume the defense or a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim in any one jurisdiction,
unless in the written opinion of counsel to the indemnified party, reasonably satisfactory to the indemnifying party, use of one counsel would be expected to give rise to a conflict of interest between such indemnified party and any other of such
indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of each additional counsel. 

(iv) Other Indemnification. Indemnification similar to that specified in this Section 5(g) (with
appropriate modifications) shall be given by the Company and each selling Holder with respect to any required registration or other qualification of securities under Federal or state or regulation of governmental authority other than the Securities
Act. 
  

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 (v) Contribution. If for any reason the indemnification provided for
in the preceding clauses g(i) and g(ii) is unavailable to an indemnified party or insufficient to hold such indemnified party harmless as contemplated by the preceding clauses g(i) and g(ii), then the indemnifying party shall contribute to the
amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the indemnified party and the indemnifying party, but
also the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations, provided that no selling Holder shall be required to contribute in an amount greater than the dollar amount
of the proceeds received by such selling Holder with respect to the sale of any securities under this Section 5. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not itself guilty of such fraudulent misrepresentation. 
 Section 6.
Repurchase Rights. 
 (a) Company Call Rights. 

(i) From and after a Bankruptcy Event with respect to any Management Holder, the Company (or at its option, any of its
Subsidiaries) shall have the right, but not the obligation, to repurchase all or any portion of the shares of Common Stock held by such holder (including any shares of Common Stock received upon a distribution of any deferred compensation plan or
any Common Stock issuable upon exercise of any Options held by any such Management Holder) in accordance with this Section 6 for Fair Market Value. 

(ii) Following the occurrence of any of a Bankruptcy Event as set forth in Section 6(a)(i, the Company or any of its
Subsidiaries may exercise its right of repurchase (a “Call Right”) until the date occurring ninety (90) days after the relevant Bankruptcy Event; provided, however, that with respect to shares of Common Stock acquired by
a Management Holder after such Bankruptcy Event (whether by exercise of Options, distribution of shares from any equity compensation plan, deferred compensation plan or otherwise), the Company or any of its Subsidiaries may exercise its right to
purchase such shares of Common Stock until the date occurring six (6) months after the acquisition of such shares of Common Stock by such Management Holder. 

(b) The Apollo Group Repurchase Right. The Company or a Subsidiary thereof shall give written notice to the
Apollo Group stating whether the Company or any Subsidiary will exercise such Call Rights pursuant to clause (a) above. If such notice states that the Company and its Subsidiaries will not exercise their Call Right for all or a portion of the
shares of Common Stock then subject thereto, the Apollo Group shall have the right to purchase such shares of Common Stock not purchased by the Company or its Subsidiaries on the same terms and conditions as the Company and its Subsidiaries until
the later of (i) the 30th day following the receipt
of such notice or (ii) such longer period as specified in Section 6(a)(ii), if applicable. 
  

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 (c) Closing. The closing of any purchase of shares of Common Stock, pursuant to this
Section 6 shall take place on a date designated by the Company, one of its Subsidiaries, or the Apollo Group, as applicable, in accordance with the applicable provisions of this Section 6; provided that, if necessary
to avoid liability accounting, the closing with respect to a Management Holder will be deferred until such time as the applicable Management Holder has held the shares of Common Stock for a period of at least six (6) months and one day. The
Company, one of its Subsidiaries, or the Apollo Group, as applicable, will pay for the shares of Common Stock purchased by it pursuant to this Section 6 by delivery of a check or wire transfer of funds, in exchange for the delivery by the
Management Holder of the certificates representing such shares of Common Stock, duly endorsed for transfer to the Company, such Subsidiary or the Apollo Group, as applicable. The Company shall have the right to record such purchase on its books and
records without the consent of the Management Holder, so long as such transaction is consistent with the terms of this Agreement. 

(d) Restrictions on Repurchase. Notwithstanding anything to the contrary contained in this Agreement, (i) all purchases of
shares of Common Stock by the Company, its Subsidiaries or the Apollo Group shall be subject to applicable restrictions contained in any federal, state or non-U.S. law; (ii) if any such restrictions prohibit or otherwise delay any purchase of
shares of Common Stock which the Company, the Subsidiaries thereof or the Apollo Group is otherwise entitled or required to make pursuant to this Section 6, then the Company, the Subsidiaries thereof and the Apollo Group shall have the
option to make such purchases pursuant to this Section 6 within thirty (30) days of the date that it is first permitted to make such purchase under the laws and/or agreements containing such restrictions; and (iii) the Company
and its Subsidiaries shall not be obligated to effectuate any transaction contemplated by this Section 6 if such transaction would violate the terms of any restrictions imposed by agreements evidencing the Indebtedness of the Company or any of
its Subsidiaries. In the event that any shares of Common Stock are sold by a Holder pursuant to this Section 6, the Holder, and such Holder’s successors, assigns or representatives, will take all reasonable steps necessary and
desirable to obtain all required third-party, governmental and regulatory consents and approvals with respect to such Holder and take all other actions necessary and desirable to facilitate consummation of such sale in a timely manner. For the
avoidance of doubt, in the event a repurchase is delayed pursuant to the terms of this Section 6(d), the determination date for purposes of determining the Fair Market Value shall be the closing date of the purchase of the applicable
shares. 
 (e) Withholdings. The Company may withhold from any amounts payable under this Agreement such federal, state,
local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation, or may permit a Management Holder or Other Holder to elect to pay the Company any such required withholding taxes. If such Management Holder or
the Other Holder so elects, the payment by such Holder of such taxes shall be a condition to the receipt of amounts payable to such Holder under this Agreement. The Company shall, to the extent permitted or required by law, have the right to deduct
any such taxes from any payment otherwise due to such Management Holder or the Other Holder. 
  

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 Section 7. The Board of Directors. 

(a) Nomination of Directors. The Apollo Group shall have the right to nominate for election to the Board up to: 

(i) six directors, so long as the Apollo Group collectively beneficially owns at least 30% of the outstanding Common Stock
of the Company but less than 50% of the outstanding Common Stock of the Company; 
 (ii) five directors, so long
as the Apollo Group collectively beneficially owns at least 20% of the outstanding Common Stock of the Company but less than 30% of the outstanding Common Stock of the Company; or 

(iii) four directors, so long as the Apollo Group collectively beneficially owns at least 10% of the outstanding Common
Stock of the Company but less than 20% of the outstanding Common Stock of the Company. 
 In each of clauses (i) through
(iii), the number of shares of Common Stock beneficially owned by the Apollo Group shall include shares of Common Stock issuable under the terms of any exchangeable or convertible securities issued by the Company and beneficially owned by the Apollo
Group. In the event the Board decreases its size to nine (9) or fewer members, the Apollo Group’s nomination rights under this Section 6(a), clauses (i), (ii) and (iii) shall be decreased to four, three and two directors,
respectively. In the event the Board increases its size beyond twelve (12) members, the Apollo Group’s nomination rights under this Section 7(a) shall be proportionately increased, rounded up to the nearest whole number.

 (b) Election of Directors. The Management Holders and the Company shall take all action within their respective power
to cause all nominees nominated pursuant to Section 6(a) to be included in the slate of nominees recommended by the Board to the Company’s stockholders for election as directors at each annual meeting of the stockholders of the Company
(and/or in connection with any election by written consent) and the Company shall use all reasonable best efforts to cause the election of each such nominee, including soliciting proxies in favor of the election of such nominees. 

(c) Replacement Directors. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or
removal (with or without cause) of a director nominated pursuant to Section 6(a) or designated pursuant to this Section 6(c) or in the event of the failure of any such nominee to be elected, the Apollo Group shall have the right to
designate a replacement to fill such vacancy. The Company shall take all action within its power to cause such vacancy to be filled by the replacement so designated, and the Board shall promptly elect such designee to the Board. Upon the written
request of the Apollo Group, the Company shall take all actions necessary, to remove, with or without cause, any director previously nominated pursuant to Section 6(a) or designated pursuant to this Section 6(c), and to elect any
replacement director designated by the Apollo Group as provided in the first sentence of this Section 6(c). 
  

 -17- 

 (d) Committees. So long as the Apollo Group collectively beneficially owns at least
15% of the outstanding Common Stock of the Company, the Company shall take all action within their respective power to cause any committee of the Board to include in its membership at least one of the Apollo Group’s nominees, except to the
extent that such membership would violate applicable securities laws or stock exchange or stock market rules. 
 (e) No
Limitation. The provisions of this Section 6 are intended to provide the Apollo Group with the minimum Board representation rights set forth herein. Nothing in this Agreement shall prevent the Company from having a greater number of Apollo
Group nominees or designees on the Board than otherwise provided herein. 
 (f) Laws and Regulations. Nothing herein
shall be deemed to require that any party hereto, or any Affiliate thereof, act or be in violation of any applicable provision of law, legal duty or requirement or stock exchange or stock market rule. 

Section 8. [Reserved] 

Section 9. Non-Solicitation; Non-Competition. 

(a) Each Management Holder shall be bound by the non-competition and non-solicitation provisions contained in this Section 9,
except that if any Management Holder is a party to a subscription agreement with the Company or any of its Subsidiaries which contains non-compete and non-solicitation provisions, such Management Holder shall only be bound by the non-compete and
non-solicitation provisions contained in such subscription agreement and shall not be bound by the provisions of this Section 9. 

(b) During the period commencing on the date hereof and ending on the date of the one year anniversary of the Management Holder’s
termination of employment for any reason (such period, the “Restricted Period”), or such other period as may be set forth in the applicable provision of a Management Holder’s employment agreement with the Company, if any, the
Management Holder shall not directly or indirectly (i) induce or attempt to induce any employee, consultant or independent contractor of the Company or any Affiliate of the Company (collectively, the “Affiliated Entities” and
each such entity an “Affiliated Entity”) to leave the Company or such Affiliated Entity, or in any way interfere with the relationship between the Company or any such Affiliated Entity, on the one hand, and any employee or
independent contractor thereof, on the other hand, (ii) hire any person who is an employee or independent contractor of the Company or any Affiliated Entity until twelve (12) months after such individual’s relationship with the
Company or such Affiliated Entity has been terminated or (iii) induce or attempt to induce any customer (including former customers who were customers at any time during the three-year period immediately prior to such inducement or attempted
inducement), supplier, licensee or other business relation of the Company or any subsidiary of the Company to cease doing business with the Company or such subsidiary, or in any way interfere with the relationship between any such customer,
supplier, licensee or business relation, on the one hand, and the Company or any subsidiary, on the other hand. 
 (c) Each
Management Holder acknowledges that, in the course of his employment with the Company and/or its Subsidiaries and their predecessors, he has become 

 

 -18- 

 
familiar, or will become familiar, with the Company’s and its Subsidiaries’ and their predecessors’ trade secrets and with other confidential information concerning the Company,
its Subsidiaries and their respective predecessors and that his services have been and will be of special, unique and extraordinary value to the Company and its Subsidiaries. Therefore, each Management Holder agrees that, during the Restricted
Period, such Management Holder shall not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any
person, firm, corporation or other entity, in whatever form, engaged in any business of the same type as any business in which the Company or any of its Subsidiaries is engaged on the date of termination of such Management Holder’s employment
or in which they have proposed, on or prior to such date, to be engaged in on or after such date and in which the Management Holder has been involved to any extent (other than de minimis) at any time during the two (2) year period ending
with the date of termination of such Management Holder’s employment, in any locale of any country in which the Company or any of its subsidiaries conducts business. Nothing in this Section 9 shall prohibit any Management Holder from
being a passive owner of not more than 4.9% of the outstanding stock of any class of a corporation which is publicly traded, so long as such Management Holder has no active participation in the business of such corporation. 

Section 10. Directors’ & Officers’ Insurance. The Company shall maintain directors’ and
officers’ liability insurance (including Side A coverage) covering the Company’s and its subsidiaries’ directors’ and officers’ and issued by reputable insurers, with appropriate policy limits, terms and conditions
(including “tail” insurance if necessary or appropriate). The provisions of this Section 10 are intended to be for the benefit of, and will be enforceable by, each indemnified party, his or her heirs and his or her
representatives and are in addition to, and not in substitution for, any other rights to indemnification or contribution that any such person may have by contract or otherwise. 

Section 11. Information. For so long as the Apollo Group owns 10% of the outstanding Common Stock or any other equity
securities of the Company, the Apollo Group will be entitled to the following contractual management rights with respect to the Company and its subsidiaries: 

(a) The Apollo Group shall be entitled to routinely consult with and advise senior management of the Company (defined as the
Company’s Senior Vice Presidents and above and, collectively, “Senior Management”) with respect to the Company’s business and financial matters, including management’s proposed annual operating plans, and, upon request,
members of Senior Management will meet regularly (on a quarterly basis) during each year with representatives of the Apollo Group (the “Representatives”) at the Company’s and/or its subsidiaries facilities (or such other locations as
the Company may designate) at mutually agreeable times for such consultation and advice, including to review progress in achieving said plans. The Company agrees to give due consideration to the advice given and any proposals made by the Apollo
Group; 
 (b) The Apollo Group may inspect all books and records and facilities and properties of the Company at reasonable
times and intervals. The Company shall furnish the Apollo Group with such available financial and operating data and other information with 

 

 -19- 

 
respect to the business and properties of the Company and its subsidiaries as the Apollo Group may reasonably request and at the Apollo Group’s expense. The Company shall permit the
Representatives to discuss the affairs, finances and accounts of the Company and its subsidiaries with, and to make proposals and furnish advice to, Senior Management; and 

(c) The Company shall, after receiving notice from the Apollo Group as to the identity of any Representative: (i) permit such
Representative to attend all meetings of the Board of the Company, as an observer; (ii) provide such Representative advance notice of each such meeting, including such meeting’s time and place, at the same time and in the same manner as
such notice is provided to the members of the Board; (iii) provide, with the Apollo Group’s consent, the Representative with copies of all materials, including notices, minutes, consents and regularly compiled financial and operating data
distributed to the members of the Board at the same time as such materials are distributed to such Board, and shall permit the Representative to have the same access to information concerning the business and operations of the Company; and
(iv) permit the Representative to discuss the affairs, finances and accounts of the Company with, and to make proposals and furnish advice with respect thereto to, the Board, without voting, and the Board and the Company’s officers shall
give due consideration thereto (recognizing that the ultimate discretion with respect to all such matters shall be retained by the Board). 

(d) The Company agrees to consider, in good faith, the recommendations of the Apollo Group in connection with the matters on which it is
consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 

Section 12. Notices. 

All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be delivered to the respective
parties in person, by courier service, by registered or certified mail or by facsimile transmission at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 12):. 
 If to the Company: 

Noranda Aluminum Holding Corporation 

c/o Apollo Management VI, L.P. 

9 West
57th St. 

New York, New York 10019 

Telephone: 212-515-3243 

Telecopy: 212-515-3288 

Attention: General Counsel 

with a copy (which shall not constitute notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

 

 -20- 

 
New York, NY 10019 
 Facsimile: (212) 403-2000 

Attention: Andrew J. Nussbaum, Esq. 

If to the Apollo Group: 

Apollo Management, LP 

9 West
52nd Street,
43rd Floor 

New York, New York 10019 

Telephone: 212-515-3243 

Telecopy: 212-515-3288 

Attention: Eric L. Press 

with a copy (which shall not constitute notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Facsimile: (212) 403-2000 

Attention: Andrew J. Nussbaum, Esq. 

If to any Management Holder: to the address set forth with respect to such 

Management Holder in the Company’s records. 

All notices, requests, demands or other communications required by or otherwise with respect to this Agreement shall be in writing and
shall be deemed to have been duly given to any party hereto when delivered by hand, by messenger, or by a nationally recognized overnight delivery company, when delivered by telecopy and confirmed by return telecopy, or when delivered by first-class
mail, postage prepaid and return receipt requested, in each case to the applicable addresses set forth below. The Company, any Holder or any spouse or legal representative of a Holder may effect a change of address for purposes of this Agreement by
giving notice of such change to the Company, and the Company shall, upon the request of any party hereto, notify such party of such change in the manner provided herein. Until such notice of change of address is properly given, the addresses set
forth in this Section shall be effective for all purposes. 
 Section 13. Miscellaneous Provisions. 

(a) Each Other Holder that is an entity that was formed for the sole purpose of acquiring shares of Common Stock or that has no
substantial assets other than the shares of Common Stock or interests in shares of Common Stock agrees that (a) certificates of shares of its common stock or other instruments reflecting equity interests in such entity (and the certificates for
shares of common stock or other equity interests in any similar entities controlling such entity) will note the restrictions contained in this Agreement on the transfer of Common Stock as if such common stock or other equity interests were shares of
Common Stock and (b) no such shares of common stock or other equity interests may be transferred to any Person other than in accordance with the terms and provisions of this Agreement as if such shares or equity interests were shares of Common
Stock. 
  

 -21- 

 (b) No Holder shall enter into any stockholder agreements or arrangements of any kind with
any Person with respect to any Securities of the Company on terms inconsistent with the provisions of this Agreement (whether or not such agreements or arrangements are with other Holders or with Persons that are not parties to this Agreement),
including agreements or arrangements with respect to the acquisition or disposition of any securities of the Company in a manner inconsistent with this Agreement. 

(c) THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY
CHOICE OF LAW OR CONFLICTING PROVISION OR RULE THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION
AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 

(d) Whenever the context requires, the gender of all words used herein shall include the masculine, feminine and neuter, and the number
of all words shall include the singular and plural. 
 (e) This Agreement shall be binding upon the Company, the Apollo Group,
the Management Holders, any other Holders, any spouses of individual Holders, and their respective heirs, executors, administrators and permitted successors and assigns. 

(f) This Agreement may be amended or waived from time to time by an instrument in writing signed by the Company and the Apollo Group;
provided, however, that if an amendment or waiver would disproportionately adversely affect the rights or obligations of the Management Holders as a group, such instrument in writing shall also require the signatures of Management
Holders who hold at least a majority of the outstanding shares of Common Stock owned by all Management Holders as of the date of such amendment or waiver. Notwithstanding the foregoing, if the Company issues a new class of capital stock, the Company
may in good faith amend the terms of this Agreement to reflect such issuance and apply the terms of this Agreement to such new class of capital stock. 

(g) This Agreement shall terminate automatically upon the earlier to occur of: (i) the dissolution of the Company (unless the
Company continues to exist after such dissolution as a limited liability company or in another form, whether incorporated in Delaware or in another jurisdiction), or (ii) the consummation of a Control Disposition; provided,
however, that if Registrable Securities have been registered pursuant to Sections 4 or 5 hereof prior to such termination, Section 5(g) shall survive such termination. 

(h) Any Holder who disposes of all of his, her or its Common Stock in conformity with the terms of this Agreement shall have no further
rights hereunder other than rights to indemnification under Section 5, if applicable (it being understood and agreed, for the avoidance of doubt, that the obligations and restrictions under Section 9 hereof shall continue to
apply to a Management Holder after such disposition in accordance with the terms of Section 9). 
  

 -22- 

 (i) The spouses of the individual Holders are fully aware of, understand and fully consent
and agree to the provisions of this Agreement and its binding effect upon any community property interests or similar marital property interests in the Common Stock or other Company securities they may now or hereafter own, and agree that the
termination of their marital relationship with any Holder for any reason shall not have the effect of removing any Common Stock or other securities of the Company otherwise subject to this Agreement from the coverage of this Agreement and that their
awareness, understanding, consent and agreement are evidenced by their signing this Agreement. Furthermore, each individual Holder agrees to cause his or her spouse (and any subsequent spouse) to execute and deliver, upon the request of the Company,
a counterpart of this Agreement, or an Adoption Agreement substantially in the form of Exhibit A or in a form satisfactory to the Company. 

(j) Each party to this Agreement acknowledges that a remedy at law for any breach or attempted breach of this Agreement will be
inadequate, agrees that each other party to this Agreement shall be entitled to specific performance and injunctive and other equitable relief in case of any such breach or attempted breach and further agrees to waive (to the extent legally
permissible) any legal conditions required to be met for the obtaining of any such injunctive or other equitable relief (including posting any bond in order to obtain equitable relief). 

(k) This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more
than one party, but all such counterparts taken together will constitute one and the same agreement. It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. The failure of any Holder to
execute this Agreement does not make it invalid as against any other Holder. 
 (l) Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, and such invalid, illegal or otherwise unenforceable provisions shall be null and void as to such jurisdiction. It is the
intent of the parties, however, that any invalid, illegal or otherwise unenforceable provisions be automatically replaced by other provisions which are as similar as possible in terms to such invalid, illegal or otherwise unenforceable provisions
but are valid and enforceable to the fullest extent permitted by law. 
 (m) Each party hereto shall do and perform or cause to
be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and other documents as any other party hereto reasonably may request in order to carry out the provisions of
this Agreement and the consummation of the transactions contemplated hereby. 
  

 -23- 

 (n) The parties to this Agreement agree that jurisdiction and venue in any action brought by
any party hereto pursuant to this Agreement shall exclusively and properly lie in the Delaware Chancery Court located in Wilmington, Delaware, or (in the event that such court denies jurisdiction) any federal or state court located in the State of
Delaware. By execution and delivery of this Agreement each party hereto irrevocably submits to the jurisdiction of such courts for himself and in respect of his property with respect to such action. The parties hereto irrevocably agree that venue
for such action would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action. The parties further agree that the mailing by certified or registered mail, return
receipt requested, of any process required by any such court shall constitute valid and lawful service of process against them, without necessity for service by any other means provided by statute or rule of court. 

(o) No course of dealing between the Company, its Subsidiaries, and the Holders (or any of them) or any delay in exercising any rights
hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of
such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
 (p) BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE, APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHT OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS ENTERED INTO IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREIN. 

(q) Except as otherwise expressly provided herein, this Agreement sets forth the entire agreement of the parties hereto as to the subject
matter hereof and supersedes all previous agreements among all or some of the parties hereto, whether written, oral or otherwise, as to such subject matter, including, without limitation, the Old Agreement from and after the completion of the IPO.
Unless otherwise provided herein, any consent required by the Company may be withheld by the Company in its sole discretion. 

(r) Except as otherwise expressly provided herein, no Person not a party to this Agreement, as a third party beneficiary or otherwise,
shall be entitled to enforce any rights or remedies under this Agreement. 
 (s) If, and as often as, there are any changes in
the Common Stock by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions of this
Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Common Stock as so changed. 
  

 -24- 

 (t) No officer or director of the Company shall be personally liable to the Company or any
Holder as a result of any acts or omissions taken under this Agreement in good faith. 
 (u) In the event of any amendment or
material waiver of this Agreement, the Company shall provide the Holders with a written notice of such amendment or waiver, with such notice conforming to the requirements set forth in Section 12 above. A copy of this Agreement and of all
amendments hereto shall be filed and maintained at the principal offices of the Company. 
 (v) In the event additional shares
of Common Stock are issued by the Company to a Holder at any time during the term of this Agreement, either directly or upon the exercise or exchange of securities of the Company exercisable for or exchangeable into shares or Common Stock, such
additional shares of Common Stock, as a condition to their issuance, shall become subject to the terms and provisions of this Agreement. 

(w) Notwithstanding anything to the contrary contained herein, but subject to Section 3, the Apollo Group may assign its rights or
obligations, in whole or in part, under this Agreement to one or more of its Affiliates. 
 (x) This Agreement shall become
effective subject to and upon consummation of the IPO. 
 * * * * * 

 

 -25- 

 This Agreement is executed by the Company and by each Holder and spouse of each Management
Holder to be effective as of the date first above written. 
  

					
	NORANDA ALUMINUM HOLDING CORPORATION
		
	 By:
	 	 /s/ Robert B. Mahoney

		 	 Name:
	 	Robert B. Mahoney
		 	 Title:
	 	Chief Financial Officer
	
	APOLLO INVESTMENT FUND VI, L.P.
		
	 By:
	 	Apollo Advisors VI, L.P., its general partner
		
	By:	 	Apollo Capital Management VI, LLC, its general partner
		
	 By:
	 	 /s/ Laurie Medley

		 	Name:	 	Laurie Medley
		 	 Title:
	 	Vice President
	
	NORANDA HOLDINGS, L.P.
		
	 By:
	 	Noranda Holdings LLC, its general partner
		
	 By:
	 	Apollo Management VI, L.P., its manager
		
	 By:
	 	AIF VI Management, LLC, its general partner
		
	 By:
	 	 /s/ Laurie Medley

		 	 Name:
	 	Laurie Medley
		 	 Title:
	 	Vice President

  

 [Signature Page to Noranda Securityholders Agreement] 

 This Agreement is executed by the Company and by each Holder and spouse of each Management
Holder to be effective as of the date first above written. 
  

	
	 /s/ Richard J. Anderson
 /s/
Robert G. Beason
 /s/ Wendy S. Boehme

/s/ William H. Brooks
 /s/ Alan K.
Brown
 /s/ Jenifer Brown
 /s/ Devonne
Canady
 /s/ Scott M. Croft
 /s/ Ralph
E. Darnell
 /s/ Frank R. Davis, Jr.

/s/ Michael F. Finucane
 /s/ Michael R.
Fox
 /s/ Ramon Gil
 /s/ David K.
Gregston
 /s/ John Habisreitinger
 /s/
Scott D. Halter
 /s/ Thomas N. Harris

/s/ Pansy Johnson
 /s/ Jeffrey M.
Kisner
 /s/ Ethan Lane
 /s/ Richard
Lapine
 /s/ Kyle D. Lorentzen
 /s/
Robert B. Mahoney
 /s/ Lula M. McDonald

/s/ Richard A. Miller
 /s/ Patrice M. Niedbalski

 /s/ Greg L. North
 /s/ John A. Parker

 /s/ Chad R. Pinson
 /s/ Neil J.
Priggel
 /s/ Susan R. Richardson
 /s/
Monte D. Schaefer
 /s/ Kerry E. Schrader

/s/ Charles P. Skoda
 /s/ Layle K.
Smith
 /s/ Holly K. Vavrek
 /s/ Mark K.
Walker
 /s/ Timothy J. Williams

	 Name of Holder:

	
	 /s/ Patricia Anderson
 /s/
Cindy Beason
 /s/ Les Boehme
 /s/ Ann
Brooks
 /s/ Mary Brown
 /s/ Raynor
Brown
 /s/ Romnay Croft
 /s/ Kay
Darnell
 /s/ Cyndi Finucane
 /s/ Ashley
Fox
 /s/ Herila Gil
 /s/ Debra Gregston

 /s/ Juanita Habisreitinger
 /s/ Laura
Halter
 /s/ Stacey Harris
 /s/ Donovan
Johnson
 /s/ Angela Kisner
 /s/ Kim
Lane
 /s/ Linda Lapine
 /s/ Christine
Lorentzen
 /s/ Wendi Mahoney
 /s/ Bobby
McDonald
 /s/ Priscilla Miller
 /s/
Joseph Niedbalski
 /s/ Shannon North

/s/ Rae Ann Parker
 /s/ Edyee Pinson

/s/ Lynda Priggel
 /s/ Jeff Richardson

/s/ Camille Schaefer
 /s/ Gerald
Schrader
 /s/ Kristie Skoda
 /s/ Susan
Smith
 /s/ Melina Walker

/s/ Rhonda Williams

	Name of Spouse:

  

 [Signature Page to Noranda Securityholders Agreement] 

 EXHIBIT A 

ADOPTION AGREEMENT 

This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Securityholders Agreement dated as of the
Original Issue Date, a copy of which is attached hereto (the “Securityholders Agreement”), by the transferee or the recipient of an issuance by the Company, as applicable, (“Transferee”) executing this Adoption. By
the execution of this Adoption, the Transferee agrees as follows: 
 1. Acknowledgement. Transferee acknowledges that
Transferee is acquiring certain shares of Common Stock of Noranda Aluminum Holding Corporation, a Delaware corporation (the “Company”), subject to the terms and conditions of the Securityholders Agreement, among the Company and the
Holders party thereto. Capitalized terms used herein without definition are defined in the Securityholders Agreement and are used herein with the same meanings set forth therein. 

2. Agreement. Transferee (i) agrees that the shares of Common Stock acquired by Transferee, and certain other shares of
Common Stock that may be acquired by Transferee in the future, shall be bound by and subject to the terms of the Securityholders Agreement, pursuant to the terms thereof, (ii) hereby adopts the Securityholders Agreement with the same force and
effect as if he or it were originally a party thereto and (iii) agrees that Transferee shall be deemed to be a [insert one or more of “Management Holder,” “Other Holder” or “Holder,” as applicable] for purposes of
the Securityholders Agreement. 
 3. Notice. Any notice required as permitted by the Securityholders Agreement shall be
given to Transferee at the address listed below Transferee’s signature. 
 4. Law. THIS ADOPTION WILL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY
JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS ADOPTION, EVEN IF UNDER SUCH JURISDICTION’S CHOICE
OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 
 5. Joinder.
The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the shares of Common Stock
and other securities referred to above and in the Securityholders Agreement, to the terms of the Securityholders Agreement. 
  

 Exhibit A-1 

 IN WITNESS WHEREOF, the undersigned has executed this Adoption Agreement as of the date
written below. 
 Date:                  ,
             
  

			
	 [NAME]

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	 Address for Notices:

 

 Exhibit A-2

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