Document:

Final Exhibit 10.36 - Form of Adjustment Amendment to Option Award_ Agreement

Exhibit 10.36

ALERIS CORPORATION 
2010 EQUITY INCENTIVE PLAN

TO:    [Participant]

FROM:    Aleris Corporation
		
	RE: 
	Form of Amendment  _____ to Option Award Agreement

DATE:    ________________
On ______, 20__,  you were granted an Option to purchase shares of common stock of Aleris Corporation, fka Aleris Holding Company (the “Company”) and issued an Award Agreement, which you subsequently signed and accepted.  The Option was granted under the Company’s 2010 Equity Incentive Plan (the “Plan”), a copy of which was attached to the Award Agreement.  We are amending your Award Agreement by issuing this Amendment ___ in order to reflect adjustments made by a special committee of the Board of Directors of the Company, pursuant to the terms of the Plan, in light of the $________ cash dividend that the Company issued on ____________, 20__ to stockholders of record of the Company’s common stock as of ___________, 20__.  Your Option remains subject in all respects to the terms and conditions of the Plan and the Award Agreement, as amended by this Amendment ___.
		
	A.
	Section 1(c) of the Award Agreement is hereby amended to read in its entirety as follows: 

Number of Shares and Exercise Price per Share:  Your Option is  ___________________, with __________ Exercise Price[(s), if applicable,] as follows:	
			
	 
	Number of Shares
	Exercise Price

	 
	 
	 

	[FMV Stock Option/
 Premium Stock Option/
Super-Premium Stock Option, as applicable]
	___________
	$__________

	 
	 
	 

	TOTAL NUMBER OF SHARES
	___________
	 

		
	B.
	For the avoidance of doubt, the adjusted number of shares underlying your __________ [FMV Stock Options/Premium Stock Options/Super-Premium Stock Options, as applicable] and as set forth in section 1(c), will apply to those [FMV Stock Options/Premium Stock Options/Super-Premium Stock Options, as applicable] that are vested and unvested as of the date of this Amendment. 

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

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

Sincerely,
 
[Company Representative]
Title: _______________________Final Exhibit 10.3.1 Aleris JV - Amendment No. 1 to Facility Agreement (Eng)

Exhibit 10.3.1
 
AMENDMENT AGREEMENT
(English Translation)

This Amendment Agreement (this “Amendment”) is entered into on May 18th, 2011 by and between the following parties: 

		
	(1)
	Aleris Dingsheng Aluminum (Zhenjiang) Co. Ltd. (爱励鼎胜铝业༈镇江༉有限公司), a sino-foreign joint venture company established under the laws of the People’s Republic of China, as the borrower (the “Borrower”); and

		
	(2) 
	 Bank of China Limited, Zhenjiang Jingkou Sub-Branch (中国银行股份有限公司镇江京口支行), as the lender (the “Lender”). 

RECITALS
WHEREAS, the Borrower and the Lender have entered into that certain Facility Agreement dated as of March 29, 2011 (“Original Agreement”); 

WHEREAS, the Borrower and the Lender desire to the amend certain terms and conditions under the Original Agreement; 

NOW THREFORE, based on mutual consultations between the Borrower and the Lender, it is agreed as follows:  

		
	1.
	Section 5.3(d) of the Original Agreement is hereby deleted and replaced in its entirety with the following paragraph:

		
	“(d)
	If any single Utilisation under Facility C is in an amount equal to or greater than RMB 30 million (or the USD equivalent of RMB 30 million, based on foreign currency exchanged pursuant to the exchange rate on the actual Utilisation Date), then the Borrower shall authorize the Lender to transfer such payment amounts directly to the account of the third party payee.”

		
	2. 
	The following schedule is hereby added to the end of Section 6.2(a) of the Original Agreement:  

	
					
	Repayment Plan of Aleris Dingsheng Aluminum (Zhenjiang) Co., Ltd. for Term Loans of RMB1,197,000,000 (or its equivalent in foreign currency)

	Repayment Installment
	Repayment Amount (or its equivalent in foreign currency)
	Repayment Date
	Expected Net Cash Flow of the Same Year
	Repayment Amount/Expected Net Cash Flow of the Same Year * 100%

	1
	29,925,000
	2016-1-1
	275,296,600
	21.74%

	2
	29,925,000
	2016-7-1

	3
	59,850,000
	2017-1-1

	4
	59,850,000
	2017-7-1

	5
	89,775,000
	2018-1-1

	6
	89,775,000
	2018-7-1

	7
	119,700,000
	2019-1-1

	8
	119,700,000
	2019-7-1
	 
	 

	9
	119,700,000
	2020-1-1
	357,519,900
	66.96%

	10
	119,700,000
	2020-7-1
	 
	 

	11
	149,625,000
	2021-1-1
	386,287,800
	92.96%

	12
	209,475,000
	2021-5-16
	 
	 

	Total
	1,197,000,000
	 
	1,918,317,500
	 

	 
	 
	 
	 
	 

	Note: the total amount of term Loans is RMB1,197,000,000, including USD100,000,000 and RMB532,000,000 (exchange rate for USD is 1:6.65).

		
	3.  
	Schedule 2, Conditions Precedent, Part A, Paragraph 1(g) of the Original Agreement is hereby deleted and replaced in its entirety with the following paragraph:   

“(g)     a valid and effective land grant contract, or a pre-review opinion issued by Jiangsu Ministry of Land and Resources regarding the land underlying the Project and a commitment letter issued by the Borrower which guarantees that once the Borrower obtains the land use right certificate, it will promptly mortgage the same to the Lender;”

		
	4.   
	All undefined and capitalized terms in this Amendment shall have the meaning given to them in the Original Agreement. 

		
	5.  
	Except as otherwise provided in this Amendment, the other terms and conditions of the Original Agreement shall remain unchanged and in full force and effect. 

		
	6.    
	The effectiveness of this Amendment shall be subject to the formal written approval of the Borrower’s Board of Directors (the “Internal Approval”).  The Borrower undertakes to use its best effort to complete its Internal Approval on or before July 31, 2011.      

		
	7.  
	This Amendment may be executed in any number of counterparts, each of which shall be 

deemed to an original, and such counterparts together shall constitute one instrument. 

This Amendment has been entered into on the date stated at the beginning of this Amendment. 

[SIGNATURE PAGE FOLLOWS]

BORROWER
    
For and on behalf of                         )
)
ALERIS DINGSHENG ALUMINUM             )
(ZHENJIANG) CO., LTD.                    )
(爱励鼎胜铝业༈镇江༉有限公司)                )

By:    /s/Gerd Jegodzinski________
Name:    Gerd Jegodzinski__________ 
Title:    VP Finance______________    

LENDER

For and on behalf of     )                        )
BANK OF CHINA, ZHENJIANG BRANCH    ) 
JINGKOU SUB-BRANCH     )
(中国银行镇江分行京口支行)    )

By:    _____            /s/___________
Name:    ________________________
Title:    ________________________Final Exhibit 10.3.2 Aleris JV - Amendment No. 2 to Facility Agreement (Eng)

Exhibit 10.3.2
AMENDMENT NO. 2 TO THE FACILITY AGREEMENT                                                            (English Translation)

This Amendment No. 2 to the Facility Agreement (this “Amendment”) is entered into on December _28___, 2011 by and between: 
		
	(1)
	Aleris Dingsheng Aluminum (Zhenjiang) Co. Ltd. (爱励鼎胜铝业༈镇江༉有限公司), a Sino-foreign joint venture company established under the laws of the People’s Republic of China (“PRC” or “China”), with its registered address at 1 Caijia Road, Jingkou Industrial Zone, Zhenjiang, Jiangsu Province, PRC, as the borrower (the “Borrower”); and

		
	(2) 
	 Bank of China Limited, Zhenjiang Jingkou Sub-Branch (中国银行股份有限公司镇江京口支行), with its business address at 255 Nanmen Street, Zhenjiang, Jiangsu Province, PRC, as the lender (the “Lender”). 

The Borrower and the Lender shall hereinafter be referred to individually as a “Party”, and collectively as “Parties.”  
RECITALS
WHEREAS, the Parties have entered into that certain Facility Agreement, dated March 29, 2011, as amended by that certain Amendment Agreement, dated May 18, 2011 (as amended, the “Existing Facility Agreement”); and
WHEREAS, the Parties desire to amend certain terms with respect to the Existing Facility Agreement in accordance with the terms and conditions herein (as amended, the “Facility Agreement”). 
NOW THEREFORE, based on mutual consultation, the Parties hereby agreed as follows:  
AGREEMENT

1.    Definitions and Interpretation.  In this Amendment (including the Recitals), words and expressions defined, and rules of construction and interpretation set out, in the Facility Agreement shall, unless the context otherwise requires, have the same meanings herein.

2.Interest Rates.  The Borrower and the Lender agree that, subject to the terms and conditions herein: (i) commencing from October 26, 2011, the interest rates and the corresponding definitions of “Base Rate” and “Margin” with respect to all undisbursed portions of the Facilities shall be amended from the current interest rates set forth in Section 8.1 of the Existing Facility Agreement to the following interest rates: 6-month USD LIBOR plus five hundred basic points (500 bps) for USD Loans under Facility A; and 110% of the then current benchmark rate published by the PBOC for loans of the same term and type for RMB Loans under Facility B and Facility C (collectively, the “Conditional Rates”); and (ii) the interest rates of all outstanding Loans and Loans to be disbursed shall, as of the date of the execution of the New Facility Agreement (defined below), adjust to the Conditional Rates; provided that the Conditional Rates shall apply only if the Lender complies with this Amendment.

3.Continuing Performance.  The Lender hereby agrees to timely perform all of its obligations under 

(i) the Facility Agreement and (ii) following the formation of the banking syndicate, the amended and restated Facility Agreement to be entered into by the Borrower and the members of the lending syndicate (the “New Facility Agreement”), including, without limitation, disbursing the Loans in the amounts and on the dates requested by the Borrower in accordance with the Facility Agreement and the New Facility Agreement, as applicable. 

4.Rate Protection.  The Lender hereby agrees that the interest rate for any Loan is at no time higher than the interest rate for any US Dollar or RMB loan of a similar amount and tenor offered by the Lender to any other borrower to finance a similar project with similar industrial credit risks, and that if such other borrower receives a lower interest rate or more preferable interest rate terms than the Borrower, the Lender shall adjust the interest rate(s) with respect to the applicable Loan(s) to the lower/more preferable interest rates offered to such other borrower (“Rate Protection”), and the Lender shall (and shall procure the syndicate to) execute an amendment to the Facility Agreement and/or any related documents reflecting such amended terms.  Each party shall bear its own legal fees in connection with such amendment.

5.Refinancing Right.  The Lender hereby agrees that if it fails to perform its obligations with respect to the Rate Protection, or the Borrower has been offered financing in connection with the Project at a lower interest rate or on more preferable interest rate terms than those provided by the Lender in the domestic market, the Borrower shall have the right to (i) refinance all or a portion of the Facilities with such other lender(s) and/or (ii) negotiate the financing price or terms of all or a portion of the Facilities with the Lender so as to lower the Borrower’s financing costs and/or optimize the Borrower’s financing terms under the Facility Agreement (the “Refinancing Right”).  The Borrower agrees that the Borrower’s exercise of the Refinancing Right shall not breach the Facility Agreement or the New Facility Agreement.  

6.The New Facility Agreement.  

(a)The Lender shall use its best efforts to form the banking syndicate and to cause all of the members of the syndicate to execute the New Facility Agreement, which shall include the following terms: 

		
	(i)
	a decrease to the existing commitment under Facility A (the USD term loan) from US$100 million to US$30 million; 

		
	(ii)
	an increase to the existing commitment under Facility B (the RMB term loan) from RMB532 million to RMB997.5 million; 

		
	(iii)
	an amendment to the currency of the USD Revolving Loans under Facility C (the revolving loan) from US Dollars to RMB, such that the total commitment of Facility C is an amount equal to RMB232,750,000; 

		
	(iv)
	an undertaking by the syndicate to lend to the Borrower no less than 100% of the Facilities, of which the Lender shall at all times maintain a share of no less than 40%; provided that the interest rates for all of the Facilities disbursed under the New Facility Agreement shall not be higher than the Conditional Rates;

		
	(v)
	Rate Protection and Refinancing Right with respect to all Loans disbursed under the Facilities; and

		
	(vi)
	applicable syndication provisions that are satisfactory in form and substance to the Borrower;

provided that all of the existing terms in the Facility Agreement shall, unless otherwise 

specifically agreed by the Borrower and the Lender, remain unchanged, and that no such amendment shall include any terms or conditions that are less favorable to the Borrower than the terms in the existing Facility Agreement. 
(b)Notwithstanding anything to the contrary herein, the Borrower acknowledges that the above terms may be further reviewed in connection with the formation of the lending syndicate; provided that no actual amendment or modification shall be made to any of the terms herein without the Borrower’s express written consent and/or until all of the finance documents with respect to the syndication of the facilities (including, without limitation, any new or amended facility agreement) has been executed by all of the parties thereto.

7.Amount of Utilisation.  Notwithstanding anything to the contrary under Section 5.3 of the Facility Agreement, the Parties agree that any Utilisation of any of the Facilities shall not be subject to any integral multiple requirement. 

8.Miscellaneous

(a)Except as expressly set forth in this Amendment, the Existing Facility Agreement shall remain as originally stated.  
(b)This Amendment constitutes the entire agreement of the Parties in respect of the subject matter contained herein, and shall supersede all other agreements, correspondence and understandings with respect to such subject matter.
(c)The terms set forth herein shall immediately become effective upon the execution of this Amendment both Parties hereto and shall be deemed as an amendment to the Existing Facility Agreement.  
(d)Neither this Amendment nor any such discussion is a forbearance or waiver of any breaches or defaults or the Borrower’s rights or remedies, whether present, past or future, and is without prejudice to any such rights that the Borrower may have under the Facility Agreement or any other Finance Document.
(e)This Amendment may be executed in any number of counterparts, each of which shall be deemed to an original, and such counterparts together shall constitute one instrument.  
(f)This Amendment is a Finance Document.

[SIGNATURE PAGE FOLLOWS]

[Signature Page to Amendment No. 2 of Facility Agreement]

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have caused this Amendment to be duly executed on their behalf, as of the day and year first set forth above.

LENDER

For and on behalf of     )                    )
BANK OF CHINA, ZHENJIANG BRANCH    ) 
JINGKOU SUB-BRANCH     )
(中国银行镇江分行京口支行)    )

By:     /s/  Yan Huijun______
Name:     Yan Huijun_________
Title:    Chairman of Bank of China Limited, Zhenjiang Jingkou Sub-Branch 

BORROWER
    
For and on behalf of                         )
)
ALERIS DINGSHENG ALUMINUM             )
(ZHENJIANG) CO., LTD.                    )
(爱励鼎胜铝业༈镇江༉有限公司)                )

By:    _/s/ Roelof IJsbrand Baan________
Name:      _   Roelof IJsbrand Baan  _______
Title:    _     Chairman and legal representative of 
        Aleris Dingsheng Aluminum (Zhenjiang) Co., Ltd.

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