Document:

Amended and Restated Noranda Aluminum Holding Corp Long-Term Incentive Plan

 Exhibit 10.4 
 AMENDED AND RESTATED 
 NORANDA ALUMINUM HOLDING CORPORATION 
 2007 LONG-TERM INCENTIVE PLAN 

 ARTICLE I 
 PURPOSE OF THE PLAN 
 The purpose of the NORANDA ALUMINUM HOLDING CORPORATION AMENDED AND RESTATED
2007 LONG-TERM INCENTIVE PLAN (the “Plan”) is (i) to further the growth and success of Noranda Aluminum Holding Corporation, a Delaware corporation (the “Company”), and its Subsidiaries (as hereinafter defined)
by enabling directors and employees of and, consultants or Investor Director Providers (as hereinafter defined) to, the Company or any of its Subsidiaries to acquire Shares (as hereinafter defined), thereby increasing their personal interest in such
growth and success, and (ii) to provide a means of rewarding outstanding performance by such persons to the Company and/or its Subsidiaries. Awards granted under the Plan (the “Awards”) shall be nonqualified stock options
(referred to herein as “Options” or “NSOs”), rights to purchase Shares, restricted stock (referred to herein as “Restricted Stock”), restricted stock units (referred to herein as “Restricted
Stock Units”) and other awards settleable in, or based upon, Common Stock (as hereinafter defined) (“Other Stock-Based Awards”). 
 ARTICLE II 
 DEFINITIONS 
 As used in the Plan, the following terms shall have the meanings set forth below: 
 “Adoption Agreement” means an agreement between the Company and a holder of Shares, pursuant to which such holder agrees to become a
party to the Securityholders Agreement, in the form attached as Exhibit A thereto. 
 “Affiliate” means with respect to any
Person, any other Person that, directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with, such Person and/or one or more Affiliates thereof. As used in this definition and the definition of
“Change in Control”, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies (whether through the ownership of securities or any partnership or other ownership interests, 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 Noranda Holdings, LP or any of their respective Affiliates, other than the Company and its Subsidiaries. 
 “Award” has the meaning set forth in Article I hereof. 
 “Award Agreement”
means any writing setting forth the terms of an Award that has been duly authorized and approved by the Board or the Committee. 
 “Board” means the Board of Directors of the Company. 
 “Capital Stock” means any and all shares
of, interests and participations in, and other equivalents (however designated) of stock, including, without limitation, all Common Stock. 
  

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 “Cause” means, with respect to a Termination of Relationship: (i) if such
Participant is at the time of a Termination of Relationship a party to an Award Agreement which was entered into under this Plan and defines such term, the meaning given in the Award Agreement; and (ii) otherwise if such Participant is at the
time of a Termination of Relationship a party to an employment, consulting or similar agreement with the Company or any of its Subsidiaries which defines such term, the meaning given in such agreement.  
 “Change in Control” means (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or

 14(d)(2) of the Exchange Act) (other than the Sponsor, a Sponsor-controlled entity, or an Affiliate of the Company immediately prior to such acquisition)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50%, indirectly or directly, of the voting power of the Company (other than any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any of its Subsidiaries) or (ii) consummation of an amalgamation, a merger, consolidation, recapitalization or similar business combination transaction of the Company or any direct or indirect
subsidiary thereof with any other entity (other than the Sponsor, a Sponsor-controlled entity, or an Affiliate of the Company immediately prior to such transaction) or a sale or other disposition of all or substantially all of the assets of the
Company to any other person or entity (other than the Sponsor, a Sponsor-controlled entity, or an Affiliate of the Company immediately prior to such transaction), following which the voting securities of the Company that are outstanding immediately
prior to such transaction cease to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity (or the person or entity that owns substantially all of the Company’s assets either directly or
through one or more subsidiaries) or any parent or other affiliate thereof) at least 50% of the combined voting power of the securities of the Company or, if the Company is not the surviving entity, such surviving entity (or the person or entity
that owns substantially all of the Company’s assets either directly or through one or more subsidiaries) or any parent or other affiliate thereof, outstanding immediately after such transaction. 
 “Closing Date” shall have the meaning ascribed thereto in the Stock Acquisition Agreement, dated as of April 10, 2007, by and among
Noranda Finance LLC, Noranda Aluminum Acquisition Corporation (formerly named Music City Acquisition Corporation), a Delaware corporation and Xstrata (Schweiz) A.G. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee”
means the Compensation Committee of the Board or such other committee appointed by the Board to administer the Plan. 
 “Common
Stock” means the common stock of the Company, par value $0.01 per share. 
 “Company” has the meaning set forth in
Article I hereof. 
 “Corporate Transaction” has the meaning set forth in Section 10.1 hereof. 
 “Disability” means, with respect to each Participant, unless otherwise defined in such Participant’s Award Agreement, that the
Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which 

  

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can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under
an accident, disability or health plan covering employees of the Company. 
 “Effective Date” means the date the Plan is
adopted by the Board. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means, on the Closing Date, the price the Investor pays to acquire the Common Stock after taking into account
any additional capital contributions and as of any subsequent, specified date, the closing price of the Common Stock on any national securities exchange or any national market system (including, but not limited to, The NASDAQ National Market) on
that date, or if no prices are reported on that date, on the last preceding date on which such prices of the Common Stock are so reported. If the Common Stock is not then listed on any national securities exchange but is traded over the counter at
the time determination of its Fair Market Value is required to be made, its Fair Market Value shall be deemed to be equal to the average between the reported high and low sales prices of Common Stock on the most recent date on which Common Stock was
publicly traded. If the Common Stock is not publicly traded at the time a determination of its Fair Market Value is made, the Board shall reasonably determine its Fair Market Value in good faith as it deems appropriate (such determination will be
made in the manner that satisfies Section 409A of the Code and in good faith, and may be based on the advice of an independent investment banker or appraiser recognized to be an expert in making such valuations, but will not take into account
any reduction in value of the Common Stock because the Common Stock (x) represents a minority position; (y) is subject to restrictions on transfer and resale; or (z) lacks liquidity). 
 “Good Reason” means with respect to a Termination of Relationship: (i) if such Participant is at the time of a Termination of
Relationship a party to an Award Agreement which was entered into under this Plan and defines such term, the meaning given in the Award Agreement; and (ii) otherwise if such Participant is at the time of a Termination of Relationship a party to
an employment, consulting or similar agreement with the Company or any of its Subsidiaries which defines such term, the meaning given in such agreement. 
 “Investor” means, collectively, Apollo Investment Fund VI, L.P. and each of its Affiliates and any other investment fund or vehicle managed by Apollo Management, L.P. or any of its Affiliates
(including any successors or assigns of any such manager). 
 “Investor Director Provider” means any investor in the Company
that makes available for service as members of the Board certain individuals who provide services to, own equity interests in or are otherwise employed by such investor or any of its Affiliates. 
 “Investor Investment” means direct or indirect investments in Shares or other Capital Stock of the Company made by the Investor on or
after the Closing Date, but excluding any 

  

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purchases or repurchases of Shares on any securities exchange or any national market system after an initial Public Offering. 
 “Investor IRR” means the pretax compounded annual internal rate of return realized by the Investor on the Investor Investment, based on
the aggregate amount invested by the Investor for all Investor Investments and the aggregate amount of cash received by the Investor in respect of all Investor Investments, assuming all Investor Investments were purchased by one Person and were held
continuously by such Person. The Investor IRR shall be determined based on the actual time of each Investor Investment and actual cash received by the Investor in respect of all Investor Investments and including, as a return on each Investor
Investment, any cash dividends, cash distributions, cash sales or cash interest made by the Company or any Subsidiary in respect of such Investor Investment during such period, but excluding any other amounts payable that are not directly
attributable to an Investor Investment, including, without limitation, any fees payable pursuant to (x) the Management Fee Agreement, dated as of May 18, 2007, by and among the Company, Apollo Management VI, L.P., and Apollo Alternative
Assets, L.P. and (y) the Transaction Fee Agreement, dated as of May 18, 2007, by and among the Company, Apollo Management VI, L.P. and Apollo Alternative Assets, L.P. 
 “Notice” has the meaning set forth in Section 5.7 hereof. 
 “NSOs” has the meaning set forth in Article I hereof. 
 “Option” has the meaning set forth in Article I hereof. 
 “Option Price”
has the meaning set forth in Section 5.4 hereof. 
 “Option Shares” has the meaning set forth in
Section 5.7(b) hereof. 
 “Participant” has the meaning set forth in Article IV hereof. 
 “Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a corporation, an association,
a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
 “Plan” has the meaning set forth in Article I hereof. 
 “Purchase Price” has the meaning set forth in Section 6.2 hereof. 
 “Qualified Public Offering” means an underwritten public offering of Common Stock by the Company pursuant to an effective Registration Statement filed by the Company with the U.S. Securities and Exchange Commission (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 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) under the Securities Act, pursuant to which the aggregate offering price of the Common Stock sold in such offering is at
least $200,000,000. 
  

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 “Registration Statement” means a registration statement filed by the Company with the
U.S. Securities and Exchange Commission. 
 “Reserved Shares” means, at any time, an aggregate of 1,500,000 Shares, as the
same may be adjusted at or prior to such time in accordance with Section 10.1. 
 “Restricted Stock” means an
Award granted to a Participant pursuant to Article VII hereof. 
 “Restricted Stock Unit” means an Award granted to a
Participant pursuant to Article VIII hereof. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Securityholders Agreement” means the Securityholders Agreement, by and among the Company and certain of its securityholders, dated
as of May 29, 2007, as it is amended, supplemented, restated or otherwise modified from time to time. 
 “Shares” means
shares of Common Stock. 
 “Sponsor” means Apollo Management VI, L.P. and its Affiliates. 
 “Stock Award” means an Award of the right to purchase Shares under Article VI of the Plan. 
 “Subsidiary” means any corporation or other entity of which the Company owns securities or interests having a majority, directly or
indirectly, of the ordinary voting power in electing the board of directors, managers, general partners or similar governing Persons thereof. 
 “Termination Date” means the tenth anniversary of the Effective Date. 
 “Termination of
Relationship” means (i) if the Participant is an employee of the Company or any Subsidiary, the termination of the Participant’s employment with the Company and its Subsidiaries for any reason; (ii) if the Participant is a
consultant to the Company or any Subsidiary, the termination of the Participant’s consulting relationship with the Company and its Subsidiaries for any reason; (iii) if the Participant is a director of the Company or any Subsidiary, the
termination of the Participant’s service as a director of the Company or such Subsidiary for any reason; and (iv) if the Participant is an Investor Director Provider to the Company or any Subsidiary, the termination of such Investor
Director Provider’s right to appoint at least one member of the Board; including, in the case of clauses (i), (ii), (iii) or (iv), as a result of such Subsidiary no longer being a Subsidiary of the Company because of a sale, divestiture or
other disposition of such Subsidiary by the Company (whether such disposition is effected by the Company or another subsidiary thereof). Notwithstanding the foregoing, a Termination of Relationship shall not be deemed to have occurred if a
Participant remains an employee, consultant or director of the Company or any Subsidiary. In the event that an Award hereunder is intended to be “deferred compensation” compliant with to Section 409A of the Code, the Committee may
modify the definition of “Termination of Relationship” to facilitate such compliance. 
  

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 “Vested Options” means Options that have vested in accordance with the applicable Award
Agreement. 
 ARTICLE III 
 ADMINISTRATION OF THE PLAN; SHARES SUBJECT TO THE PLAN 
 3.1 Committee. 
 The Plan shall be administered by the Board or the Committee. The term “Committee” shall, for all purposes of the Plan, be deemed to refer to
the Board if the Board is administering the Plan. 
 3.2 Procedures. 
 The Committee shall adopt such rules and regulations as it shall deem appropriate concerning the holding of meetings and the administration of the Plan.
The entire Committee shall constitute a quorum and the actions of the entire Committee present at a meeting, or actions approved in writing by the entire Committee, shall be the actions of the Committee. 
 3.3 Interpretation; Powers of Committee. 
 Except as may otherwise be expressly reserved to the Board as provided herein, and with respect to any Award, except as may otherwise be provided in the Award Agreement evidencing such Award or an employment or consulting agreement between
the Participant and Company, the Committee shall have all powers with respect to the administration of the Plan, including the authority to: 
 (a) determine eligibility and the particular persons who will receive Awards; 
 (b) grant Awards to eligible persons, determine the
price and number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions of Awards consistent with the express limits of the Plan, establish the installments (if any) in which such Awards will
become exercisable or will vest and the respective consequences thereof (or determine that no delayed exercisability or vesting is required), and establish the events of termination or reversion of such Awards; 
 (c) approve the forms of Award Agreements, which need not be identical either as to type of Award or among Participants; 
 (d) construe and interpret the provisions of the Plan and any Award Agreement or other agreement defining the rights and obligations of the Company and
Participants under the Plan, make factual determinations with respect to the administration of the Plan, further define the terms used in the Plan, and prescribe, amend and rescind rules and regulations relating to the administration of the Plan;

  

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 (e) cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend,
or terminate any or all outstanding Awards held by Participants, subject to any required consent under Article XIII; 
 (f) accelerate or
extend the exercisability or extend the term of any or all outstanding Awards, subject to any consent required under Article XIII; and 
 (g)
make all other determinations and take such other action as contemplated by this Plan or as may be necessary or advisable for the administration of this Plan and the effectuation of its purposes. 
 All decisions of the Board or the Committee, as the case may be, shall be reasonable and made in good faith and shall be conclusive and binding on all
Participants in the Plan. 
 3.4 Compliance with Code Section 162(m). 
 In the event the Company becomes a “publicly-held corporation” as defined in Section 162(m)(2) of the Code, the Company may establish a
committee of outside directors meeting the requirements of Section 162(m)(2) of the Code to (i) approve Awards that might reasonably be anticipated to result in the payment of employee remuneration that would otherwise exceed the limit on
employee remuneration deductible for income tax purposes by the Company pursuant to Section 162(m) of the Code; and (ii) administer the Plan. In such event, the powers reserved to the Committee in the Plan shall be exercised by such
compensation committee. In addition, Awards under the Plan may be granted upon satisfaction of the conditions to such grants provided pursuant to Section 162(m) of the Code and any Treasury Regulations promulgated thereunder. 
 3.5 Number of Shares. 
 Subject to the
provisions of Article X (relating to adjustments upon changes in capital structure and other corporate transactions), the aggregate number of Shares with respect to which Awards may be granted under the Plan shall not exceed the Reserved Shares.
Shares that are subject to or underlie Options granted under the Plan that expire or for any reason are canceled or terminated without having been exercised (or Shares subject to or underlying the unexercised portion of any Options, in the case of
Options that were partially exercised at the time of their expiration, cancellation or termination), as well as Shares that are subject to Stock Awards made under the Plan that are not actually purchased pursuant to such Stock Awards and Shares that
are subject to Restricted Stock or Restricted Stock Units that are forfeited, will again, except to the extent prohibited by law or applicable listing or regulatory requirements, be available for subsequent Award grants under the Plan. 

3.6 Reservation of Shares. 
 The number of
Shares reserved for issuance with respect to Awards granted under the Plan shall at no time be less than the maximum number of Shares which may be issued or delivered at any time pursuant to outstanding Awards. 
  

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 ARTICLE IV 
 ELIGIBILITY 
 Awards may be granted under the Plan only to persons who are employees or directors of,
or consultants or Investor Director Providers to, the Company or any of its Subsidiaries on the date of the grant. Each such person to whom an Award is granted under the Plan is referred to herein as a “Participant”. 
 ARTICLE V 
 STOCK OPTIONS

 5.1 General. 
 Options may
be granted under the Plan at any time and from time to time on or prior to the Termination Date. Each Option granted under the Plan shall be designated as an NSO and shall be subject to the terms and conditions applicable to NSOs set forth in the
Plan. Each Option shall be evidenced by an Award Agreement incorporating the terms and provisions of the Plan that shall be executed by the Company and the Participant. The Award Agreement shall specify the number of Shares for which such Option
shall be exercisable, the Option Price (as defined in Section 5.4 below) for such Shares and the other terms and conditions of the Option. 
 5.2 Vesting. 
 The Committee, in its sole discretion, shall determine and set forth in the Award Agreement whether and
to what extent any Options are subject to vesting based upon the Participant’s continued service to, or the Participant’s performance of duties for, the Company and its Subsidiaries, or upon any other basis. 
 5.3 Date of Grant. 
 Except as may be otherwise
provided in an Award Agreement, the date of grant of an Option under this Plan shall be the date as of which the Committee approves the grant. 
 5.4
Option Price. 
 The Option Price shall be determined by the Committee and set forth in the Award Agreement. In no event, however,
may the Committee determine an Option Price that is less than the Fair Market Value of the Share on the date of grant. 
 5.5 Automatic Termination of
Options. 
 Each Option granted under the Plan, to the extent not previously exercised, shall automatically terminate and shall become
null and void and be of no further force or effect upon such date or dates as are set forth in the applicable Award Agreement, consistent with the terms of the Plan. 
  

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 5.6 Payment of Option Price. 
 The aggregate Option Price shall be paid in cash (by wire transfer of immediately available funds to a bank account of the Company designated by the Committee or by delivery of a personal or certified check payable to
the Company); provided that the Committee may, in its sole discretion, specify one or more of the following other forms of payment which may be used by a Participant (but only to the extent permitted by applicable law) upon exercise of his
Option: 
 (a) by surrender of shares of Common Stock (by delivery of such shares or by attestation) with a Fair Market Value equal to the
Option Price which were obtained by the Participant in the public market (but, subject in any case, to the applicable limitations of Rule 16b-3 under the Exchange Act); 
 (b) to the extent permitted by applicable law, if the Common Stock is a class of securities then listed or admitted to trading on any national securities exchange or traded on any national market system (including,
but not limited to, The Nasdaq National Market), in compliance with any cashless exercise program authorized by the Board or the Committee for use in connection with the Plan at the time of such exercise (but, subject in any case, to the applicable
limitations of Rule 16b-3 under the Exchange Act); or 
 (c) a combination of the methods set forth in this Section 5.6.

 5.7 Notice of Exercise. 
 A
Participant (or other person, as provided in Section 11.2) may exercise an Option (for the Shares represented thereby) granted under the Plan in whole or in part (but for the purchase of whole Shares only), as provided in the Award
Agreement evidencing his Option, by delivering a written notice (the “Notice”) to the Secretary of the Company. The Notice shall state: 
 (a) that the Participant elects to exercise the Option; 
 (b) the number of Shares with respect to which the
Option is being exercised (the “Option Shares”); 
 (c) the method of payment for the Option Shares (which method must be
available to the Participant under the terms of his Award Agreement); 
 (d) the date upon which the Participant desires to consummate the
purchase of the Option Shares (which date must be prior to the termination of such Option); and 
 (e) any additional provisions consistent
with the Plan as the Committee may from time to time require. 
 The exercise date of an Option shall be the date on which the Company
receives the Notice from the Participant. Such Notice shall also contain, to the extent such Participant is not then a party to the Securityholders Agreement (and the Securityholders Agreement has not been terminated prior to such date), an Adoption
Agreement, in form and substance satisfactory to the 

  

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Board pursuant to which the Participant agrees to become a party to the Securityholders Agreement. 
 5.8 Issuance of Certificates. 
 The Company
shall issue stock certificates in the name of the Participant (or other person exercising the applicable Option in accordance with the provisions of Section 11.2), representing the Shares purchased upon exercise of the Option as soon as
practicable after receipt of the Notice and payment of the aggregate Option Price for such Shares; provided that the Company, in its sole discretion, may elect to not issue any fractional Shares upon the exercise of an Option (determining the
fractional Shares after aggregating all Shares issuable to a single holder as a result of an exercise of an Option for more than one Share) and, in lieu of issuing such fractional Shares, shall pay the Participant the Fair Market Value thereof as
determined by the Board in good faith. Neither the Participant nor any person exercising an Option in accordance with the provisions of Section 11.2 shall have any privileges as a stockholder of the Company with respect to any Shares of
stock issuable upon exercise of an Option granted under the Plan until the date of issuance of stock certificates representing such Shares pursuant to this Section 5.8. 
 ARTICLE VI 
 STOCK AWARDS 
 6.1 General. 
 Stock Awards may be granted
under the Plan at any time and from time to time on or prior to the Termination Date. Each Stock Award shall be evidenced by an Award Agreement that shall be executed by the Company and the Participant. The Award Agreement shall specify the terms
and conditions of the Stock Award, including, without limitation, the number of Shares covered by the Stock Award, the Purchase Price (as defined in Section 6.2 below), if any, for such Shares and the deadline for the purchase of such
Shares. 
 6.2 Purchase Price; Payment. 
 The price (the “Purchase Price”), if any, at which each Share covered by the Stock Award may be purchased upon exercise of a Stock Award shall be determined by the Committee and set forth in the applicable Award Agreement.
The Company will not be obligated to issue certificates evidencing Shares purchased under this Article VI unless and until it receives full payment of the aggregate Purchase Price therefor and all other conditions to the purchase, as reasonably
determined by the Committee, have been satisfied. The Purchase Price of any shares subject to a Stock Award must be paid in full at the time of the purchase. 
  

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 ARTICLE VII 
 RESTRICTED STOCK 
 7.1 General. 
 Shares of Restricted Stock may be awarded either alone or in addition to other Awards granted under the Plan. The Committee shall determine the employees,
consultants, directors and Investor Director Providers to whom and the time or times at which grants of Restricted Stock will be awarded, the number of Shares to be awarded to any Participant, the conditions for vesting, the time or times within
which such Awards may be subject to forfeiture and any other terms and conditions of the Awards, in addition to those contained in Section 7.3. 
 The Committee may, prior to grant, condition the vesting of Restricted Stock upon continued service of the Participant. The provisions of Restricted Stock Awards need not be the same with respect to each recipient.

 7.2 Awards and Certificates. 
 Shares of Restricted Stock shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Shares of Restricted
Stock shall be registered in the name of such Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award. 
 The Committee may require that the certificates evidencing such Shares be held in custody by the Company until the restrictions thereon shall have lapsed
and that, as a condition of any Award of Restricted Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 
 7.3 Terms and Conditions. Shares of Restricted Stock shall be subject to the following terms and conditions: 
 (a) Subject to the provisions of the Plan and the Award Agreement referred to in Section 7.3(d), during the restricted period, the Participant shall not be permitted to sell, assign, transfer, pledge or
otherwise encumber Shares of Restricted Stock. Within these limits, the Committee may provide for the lapse of restrictions based upon period of service in installments or otherwise and may accelerate or waive, in whole or in part, restrictions
based upon period of service. 
 (b) Except as provided in this paragraph (b) and paragraph (a), above, and the Award Agreement, the
Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Shares that is the subject of the Restricted Stock, including, if applicable, the right to vote
the Shares and the right to receive any cash dividends. Dividends payable in Shares and other non-cash dividends and distributions and extraordinary cash dividends shall be held subject to the vesting of the underlying Restricted Stock, unless the
Committee determines otherwise in the applicable Award Agreement or makes 

  

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an adjustment or substitution to the Restricted Stock pursuant to Section 10.1 in connection with such dividend or distribution. 
 (c) If and when any applicable Restriction Period expires without a prior forfeiture of the Restricted Stock, unlegended certificates for such Shares
shall be delivered to the Participant upon surrender of the legended certificates. 
 (d) Each Award of Restricted Stock shall be confirmed
by, and be subject to, the terms of an Award Agreement. 
 ARTICLE VIII 
 RESTRICTED STOCK UNITS 
 8.1 Nature of Award. 
 Restricted Stock Units are Awards denominated in Shares that will be settled, subject to the terms and conditions of the Restricted Stock Units, either by
delivery of Shares to the Participant or by the payment of cash based upon the Fair Market Value of a specified number of Shares. Restricted Stock Units may be awarded either alone or in addition to other Awards granted under the Plan. The Committee
shall determine the employees, consultants, directors and Investor Director Providers to whom and the time or times at which grants of Restricted Stock Units will be awarded, the number of Shares to be awarded to any Participant, the conditions for
vesting, the time or times within which such Awards may be subject to forfeiture and any other terms and conditions of the Awards, in addition to those contained in Section 8.2. 
 8.2 Terms and Conditions. 
 The Committee may,
in connection with the grant of Restricted Stock Units, condition the vesting thereof upon the continued service of the Participant. Each Award of Restricted Stock Units shall be confirmed by, and be subject to, the terms of an Award Agreement. The
applicable Award Agreement shall specify the consequences for the Restricted Stock Units of the Participant’s Termination of Relationship. An Award of Restricted Stock Units shall be settled as and when the Restricted Stock Units vest or at a
later time specified by the Committee or in accordance with an election of the Participant, if the Committee so permits. Restricted Stock Units may not be sold, assigned, transferred, pledged or otherwise encumbered until they are settled, except to
the extent provided in the applicable Award Agreement in the event of the Participant’s death. The Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the applicable Participant
shall be entitled to receive current or deferred payments of cash, Common Stock or other property corresponding to the dividends payable on the Common Stock (subject to Section 21.3 below). 
  

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 ARTICLE IX 
 OTHER STOCK-BASED AWARDS 
 Other Awards of Common Stock and other Awards that are valued in whole or
in part by reference to, or are otherwise based upon, Common Stock, including (without limitation) dividend equivalents and convertible debentures, may be granted under the Plan. 
 ARTICLE X 
 ADJUSTMENTS 
 10.1 Changes in Capital Structure. 
 In the
event of an extraordinary stock dividend, stock split, reverse stock split, share combination, or recapitalization or similar event affecting the capital structure of the Company, an extraordinary cash dividend, separation, spinoff or a
reorganization (each, an “Adjustment Event”), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to: (A) the aggregate number and kind of Shares or other securities reserved
for issuance and delivery under the Plan, (B) the number and kind of Shares or other securities subject to outstanding Awards; (C) performance metrics and targets underlying outstanding Awards; and (D) the Option Price of outstanding
Options. In the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”),
the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to: (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan,
(B) the number and kind of Shares or other securities subject to outstanding Awards; (C) performance metrics and targets underlying outstanding Awards; and (D) the Option Price of outstanding Options. In the case of Corporate
Transactions, such adjustments may include, without limitation, (1) the cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as
determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with respect to which shareholders of Common Stock receive consideration other than publicly traded equity securities of
the ultimate surviving entity, any such determination by the Committee that the value of an Option shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate
Transaction over the Option Price of such Option shall conclusively be deemed valid); and (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the
Company) for the Shares subject to outstanding Awards. 
 10.2 Special Rules. 
 The following rules shall apply in connection with Section 10.1 above: 
 (a) No adjustment shall be made for non-extraordinary cash dividends or the issuance to stockholders of rights to subscribe for additional Shares or other
securities (except in connection with a Corporate Transaction); and 
  

 13 

 (b) Any adjustments referred to in Section 10.1 shall be made by the Committee or the Board
in its discretion and shall, absent manifest error, be conclusive and binding on all Persons holding any Awards granted under the Plan. 
 ARTICLE XI 
 RESTRICTIONS ON AWARDS 
 11.1 Compliance With Securities Laws. 
 No Awards shall be granted under the Plan, and no
Shares shall be issued and delivered pursuant to Awards granted under the Plan, unless and until the Company and/or the Participant shall have complied with all applicable Federal, state or foreign registration, listing and/or qualification
requirements and all other requirements of law or of any regulatory agencies having jurisdiction. 
 The Committee in its discretion may, as
a condition to the delivery of any Shares pursuant to any Award granted under the Plan, require the applicable Participant (i) to represent in writing that the Shares received pursuant to such Award are being acquired for investment and not
with a view to distribution and (ii) to make such other representations and warranties as are deemed reasonably appropriate by the Committee. Stock certificates representing Shares acquired under the Plan that have not been registered under the
Securities Act shall, if required by the Committee, bear such legends as may be required by the Securityholders Agreement and the applicable Award Agreement. 
 11.2 Nonassignability of Awards. 
 No Award granted under this Plan shall be assignable or otherwise transferable by
the Participant, except by designation of a beneficiary, by will or by the laws of descent and distribution. An Award may be exercised during the lifetime of the Participant only by the Participant, unless the Participant becomes subject to a
Disability. If a Participant dies or becomes subject to a Disability, his Options shall thereafter be exercisable, during the period specified in the applicable Award Agreement (as the case may be), by his designated beneficiary or if no beneficiary
has been designated in writing, by his executors or administrators to the full extent (but only to such extent) to which such Options were exercisable by the Participant at the time of (and after giving effect to any vesting that may occur in
connection with) his death or Disability. Before granting any Awards or issuing any Shares under the Plan to any person who is not already a party to the Securityholders Agreement, the Company shall obtain an executed Adoption Agreement from such
person, unless a Public Offering shall have already occurred prior to such grant or issuance. 
  

 14 

 11.3 No Right to an Award or Grant. 
 Neither the adoption of the Plan nor any action of the Board or the Committee shall be deemed to give an employee, director, consultant or Investor
Director Provider any right to be granted an Option to purchase Common Stock, receive an Award under the Plan except as may be evidenced by an Award Agreement duly executed on behalf of the Company, and then only to the extent of and on the terms
and conditions expressly set forth in the Award Agreement. The Plan will be unfunded. The Company will not be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the payment of any Award.

 11.4 No Evidence of Employment or Service. 
 Nothing contained in the Plan or in any Award Agreement shall confer upon any Participant any right with respect to the continuation of his employment by or service with the Company or any of its Subsidiaries or
interfere in any way with the right of the Company or any such Subsidiary, in its sole discretion (subject to the terms of any separate agreement to the contrary), at any time to terminate such employment or service or to increase or decrease the
compensation of the Participant from the rate in existence at the time of the grant of an Award. 
 11.5 No Restriction of Corporate Action. 

 Nothing contained in the Plan or in any Award Agreement will be construed to prevent the Company or any Subsidiary or Affiliate of the
Company from taking any corporate action which is deemed by the Company or by its Subsidiaries and Affiliates to be appropriate or in its best interest, whether such action would have an adverse effect on the Plan or any Award made under the Plan.
No Participant or beneficiary of a Participant will have any claim against the Company or any Affiliate as a result of any corporate action. 
 ARTICLE XII 
 TERM OF THE PLAN 
 This Plan shall become effective on the Effective Date and shall terminate on the Termination Date. No Awards may be granted after the Termination Date. Any Award outstanding as of the Termination Date shall remain in
effect and the terms of the Plan will apply until such Award terminates as provided in the Plan or the applicable Award Agreement. 
 ARTICLE XIII 
 AMENDMENT OF PLAN 
 The Plan may be modified or amended in any respect, and at any time or from time to time, by the Board or by the Committee with the prior approval of the Board. Notwithstanding the foregoing, the Plan may not be
modified or amended as it pertains to any existing Award Agreement without the consent of an applicable Participant where such modification or amendment would materially impair the rights of such Participant. In addition, no such 

  

 15 

 
amendment shall be made without the approval of the Company’s stockholders to the extent such approval is required by applicable law or regulation or
the listing standards of the securities exchange, which is, at the applicable time, the principal market for the Common Stock. 
 ARTICLE
XIV 
 CAPTIONS 
 The
use of captions in the Plan is for convenience. The captions are not intended to provide substantive rights. 
 ARTICLE XV 

WITHHOLDING TAXES 
 Upon any
exercise or payment of any Award, the Company shall have the right at its option and in its sole discretion to (i) require the Participant to pay or provide for payment of the amount of any taxes which the Company or any Subsidiary may be
required to withhold with respect to such exercise or payment; (ii) deduct from any amount payable to the Participant in cash or securities in respect of the Award the amount of any taxes which the Company may be required to withhold with
respect to such exercise or payment; or (iii) reduce the number of Shares to be delivered to the Participant in connection with such exercise or payment by the appropriate number of Shares, valued at their then Fair Market Value, to satisfy the
minimum withholding obligation. In no event will the value of Shares withheld under clause (iii) above exceed the minimum amount of required withholding under applicable law. 
 ARTICLE XVI 
 SECTION 83(B) ELECTION 
 To the extent permitted by the Board or Committee, each Participant of a Stock Award or Restricted Stock may, but is not obligated to, make an election
under Section 83(b) of the Code to be taxed currently with respect to any Award issued under this Plan. The election permitted under this Article XVI shall comply in all respects with and shall be made within the period of time prescribed under
Section 83(b) of the Code. Each Participant shall prepare such forms as are required to make an election under Section 83(b) of the Code. The Company shall have no liability to any grantee who fails to make a permitted Section 83(b)
election in a timely manner. 
 ARTICLE XVII 
 CODE SECTION 409A COMPLIANCE 
 If any distribution or settlement of an Award pursuant to the terms of
this Plan or an Award Agreement would subject a Participant to tax under Section 409A of the Code, the Company may modify the Plan or applicable Award Agreement in the least restrictive manner necessary in order to comply with the provisions of
Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions and, in each case, without any material diminution in the value of the payments to an
affected Participant. 
  

 16 

 ARTICLE XVIII 
 SECTION 16 COMPLIANCE 
 In the event that the Company becomes subject to Section 16 of the
Exchange Act, it is intended that the Plan and any Award made to a Participant subject to Section 16 of the Exchange Act will meet all of the requirements of Rule 16b-3. Accordingly, unless otherwise provided by the Committee, if any provisions
of the Plan or any Award would disqualify the Plan or the Award, or would otherwise not comply with Rule 16b-3, such provision or Award will be construed or deemed amended to conform to Rule 16b-3. 
 ARTICLE XIX 
 OTHER PROVISIONS 

 Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Committee, in its sole discretion. 
 ARTICLE XX 
 NUMBER AND GENDER 
 With respect to words used in the Plan, the singular form shall include the
plural form, the masculine gender shall include the feminine gender, and vice versa, as the context requires. 
 ARTICLE XXI

 MISCELLANEOUS 
 21.1
Subsidiary Employees. 
 In the case of a grant of an Award to an employee or consultant of any Subsidiary of the Company, the
Company may, if the Committee so directs, issue or transfer the shares of Common Stock, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the
Subsidiary will transfer the shares of Common Stock to the employee or consultant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All shares of Common Stock underlying Awards that are
forfeited or canceled should revert to the Company. 
 21.2 Foreign Employees and Foreign Law Considerations. 
 The Committee may grant Awards to individuals who are eligible to participate in the plan who are foreign nationals, who are located outside the United
States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States,
on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to 

  

 17 

 
foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments,
procedures, or subplans as may be necessary or advisable to comply with such legal or regulatory provisions. 
 21.3 Limitation on Dividend
Reinvestment and Dividend Equivalents. 
 Reinvestment of dividends in additional Restricted Stock at the time of any dividend
payment, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient Shares are available under Section 3.5 for such reinvestment (taking into
account then outstanding Options and other Awards). 
 ARTICLE XXII 
 GOVERNING LAW 
 All questions concerning the construction, interpretation and
validity of the Plan and the instruments evidencing the Awards granted hereunder shall be governed by and construed and enforced in accordance with the domestic laws of the State of Delaware, without giving effect to any choice or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of
Delaware will control the interpretation and construction of this Plan, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 
 * * * * * * 
 As adopted by the Board of
Directors of NORANDA ALUMINUM HOLDING CORPORATION on May 29, 2007 and as amended and restated on October 23, 2007. 
  

 18Non Qualified Stock Option Agreement, dated as of May 29, 2007

 Exhibit 10.5 
  

			
		 	 NON QUALIFIED STOCK OPTION
 AGREEMENT
(this “Agreement”) dated as of
 May 29, 2007, between NORANDA ALUMINUM
 HOLDING CORPORATION, a Delaware
 corporation (the
“Company”), and the Optionee set
 forth on the signature page to this Agreement (the
 “Optionee”).

 WHEREAS, pursuant to the Stock Acquisition Agreement, dated as of April 10, 2007, by
and among Noranda Finance LLC (as successor in interest to Noranda Finance Inc.), Noranda Aluminum Acquisition Corporation (formerly named Music City Acquisition Corporation), a Delaware corporation (“Acquisition Corp.”) and Xstrata
(Schweiz) A.G. (“Xstrata”), Acquisition Corp. has acquired all of the outstanding capital stock of Noranda Intermediate Holding Corporation, a Delaware corporation wholly owned by Noranda Finance LLC (the
“Acquisition”) effective as of May 18, 2007 (the “Closing Date”); 
 WHEREAS, the
Company, acting through the Committee with the consent of the Company’s Board of Directors (the “Board”) has agreed to grant to the Optionee, effective on May 29, 2007 (the “Grant Date”), an option under
the Noranda Aluminum Holding Corporation 2007 Long-Term Incentive Plan (the “Plan”) to purchase a number of shares of the Company’s common stock (“Shares”) on the terms and subject to the conditions set forth
in this Agreement and the Plan; and 
 WHEREAS, the Optionee purchased Shares pursuant to a subscription agreement dated May 29,
2007 (the “Subscription Agreement”) and in connection therewith, became a party to the Securityholders Agreement relating to the Company, by and among the Company and certain of its securityholders, dated as of May 29, 2007, as
the same may be amended from time to time (the “Securityholders Agreement”); 
 WHEREAS, future securities in the
Company (including those being acquired pursuant to this Agreement) owned by the Optionee shall be subject to the terms of the Securityholders Agreement. 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements contained in this Agreement, the parties hereto hereby agree as follows: 
 Section 1. The Plan. The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth herein in their
entirety. In the event of a conflict between any provision of this Agreement and the Plan, the provisions of this Agreement shall control. A copy of the Plan may be obtained from the Company by the Optionee upon request. Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Plan or the Securityholders Agreement, as the case may be. 
 Section 2. Option; Option Price. Effective on the Grant Date, on the terms and subject to the conditions of the Plan and this Agreement, the Company hereby grants to the Optionee the option (the
“Option”) to purchase Shares pursuant to Tranche A options (“Tranche A Options”) and Tranche B options (“Tranche B Options”) at the price per Share (the “Option  

 
Price”) and in the amounts set forth on the signature page hereto. To the extent permitted by the Committee, payment of the Option Price may be
made in any manner specified by Section 5.6 of the Plan. The Option is not intended to qualify for federal income tax purposes as an “incentive stock option” within the meaning of Section 422 of the Code. 
 Section 3. Term. The term of the Option (the “Option Term”) shall commence on the Grant Date and expire on the tenth
anniversary of the Grant Date, unless the Option shall have sooner been terminated in accordance with the terms of the Plan (including, without limitation, Article V of the Plan) or this Agreement. 
 Section 4. Vesting. Subject to the Optionees not having a Termination of Relationship prior to the applicable vesting date and except as
otherwise set forth in Section 7, the Options shall become non-forfeitable and exercisable (any Options that shall have become non-forfeitable and exercisable pursuant to Section 4, the “Vested Options”)
according to the following provisions: 
 (a) Tranche A Options. Twenty percent (20%) of the Tranche A Options shall become Vested
Options on each of the first five anniversaries of the Closing Date. In the event of a Termination of Relationship as a result of the Optionee’s death or Disability, the next applicable tranche of Tranche A Options which has not theretofore
become a Vested Option pursuant to the immediately preceding sentence shall become a Vested Option, and the remaining Options which are not Vested Options shall be forfeited. In the event of the consummation of a Change in Control, each Tranche A
Option which has not theretofore become a Vested Option and which is scheduled to vest on each of the remaining vesting dates based on anniversaries of the Closing Date will vest upon the earlier of (i) the Optionee’s continued employment
with the Company for 18 months after such Change in Control or (ii) a Termination of Relationship for any reason other than for Cause (as defined in Section 22), within 18 months following the consummation of such Change in Control.
In all cases involving the consummation of a Change in Control, Tranche A Options shall otherwise continue to vest in accordance with the terms of the first sentence of this Section 4(a). 
 (b) Tranche B Options. All of the Tranche B Options shall become Vested Options and shall become exercisable on the date that the Investor IRR is
equal to or exceeds 25% (the “Tranche B Targets”); provided, however, that, for purposes of this Section 4(b), the Tranche B Targets shall in no event be deemed met solely as a result of the distribution of any dividends
or any similar distribution event prior to the one-year anniversary of the Closing Date (any such distribution, a “Distribution Event”); provided, further, however, that the effect on the Investor IRR of any Distribution Event shall
be taken into account in combination with any other events (other than any subsequent Distribution Events) occurring after such Distribution Event for purposes of determining whether the Tranche B Targets have been met. 
 All decisions by the Committee with respect to any calculations pursuant to this Section 4 (absent manifest error), including the Investor IRR and the date
the Investor IRR is equal to or exceeds the applicable targets, shall be final and binding on the Optionee. Except as otherwise provided herein, all unvested Options will immediately terminate upon a Termination of Relationship. 
  

 2 

 Section 5. Restriction on Transfer/Securityholders Agreement. The Option may not be
transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Optionee, except (i) if permitted by the Board or the Committee, (ii) by will or the laws of descent and distribution or (iii) pursuant to
beneficiary designation procedures approved by the Company. The Option shall not be subject to execution, attachment or similar process. Shares of Common Stock acquired pursuant to the exercise of Options hereunder will be subject to the
Securityholders Agreement. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions of this Agreement or the Securityholders Agreement shall be null and void and without effect.

 Section 6. Optionee’s Employment. Nothing in this Agreement or in the Option shall confer upon the Optionee any right to
continue in the employ of the Company or any of its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries, as the case may be, in its sole discretion, to terminate the Optionee’s employment or to increase or
decrease the Optionee’s compensation at any time. 
 Section 7. Termination. 
 (a) The Option shall automatically terminate and shall become null and void, be unexercisable and be of no further force and effect upon the earliest of:

 (i) the tenth anniversary of the Grant Date; 
 (ii) the 180th day following the Termination of Relationship in the case of a Termination of Relationship for death or Disability; 
 (iii) the 90th day following the Termination of Relationship in the case of a Termination of Relationship without Cause or with Good Reason (as defined in Section 23); 
 (iv) the 60th day following the Termination of Relationship in the case of a Termination of Relationship occurring because the Optionee resigns his employment without Good Reason; and 
 (v) the day of the Termination of Relationship in the case of a Termination of Relationship with Cause. 
 (b) Except as otherwise provided in Section 4(a) of this Agreement, upon a Termination of Relationship for any reason, the unvested portion
of the Option (i.e., that portion which does not constitute Vested Options) shall terminate on the date the Termination of Relationship occurs. 
 Section 8. Securities Law Representations. The Optionee acknowledges that the Option and the Shares are not being registered under the Securities Act of 1933, as amended (the “Securities
Act”), based, in part, on either (i) reliance upon an exemption from registration under Securities and Exchange Commission Rule 701 promulgated under the Securities Act or (ii) the fact that the Optionee is an “accredited
investor” (as defined under the Securities Act and the rules and regulations promulgated thereunder), and, in each of (i) and (ii) above, a comparable 

  

 3 

 
exemption from qualification under applicable state securities laws, as each may be amended from time to time. The Optionee, by executing this Agreement,
hereby makes the following representations to the Company and acknowledges that the Company’s reliance on federal and state securities law exemptions from registration and qualification is predicated, in substantial part, upon the accuracy of
these representations: 
 (a) The Optionee is an “accredited investor” within the meaning of Rule 501(a)(1), (2) or (3) of
the Securities Act. 
 (b) The Optionee is acquiring the Option and, if and when he exercises the Option, will acquire the Shares solely for
the Optionee’s own account, for investment purposes only, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the Shares or Option within the meaning of the
Securities Act and/or any applicable state securities laws. 
 (c) The Optionee acknowledges that he has not acquired the Option or the
Shares as a result of any general solicitation or general advertising in the United States, including any meeting whose attendees have been invited by general solicitation or general advertising. 
 (d) The Optionee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Option and the
restrictions imposed on any Shares purchased upon exercise of the Option. The Optionee has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to exercise the Option and purchase
the Shares. However, in evaluating the merits and risks of an investment in the Shares, the Optionee has and will rely only upon the advice of his own legal counsel, tax advisors, and/or investment advisors. 
 (e) The Optionee is aware that the Option may be of no practical value, that any value it may have depends on its vesting and exercisability as well as
an increase in the Fair Market Value of the underlying Shares to an amount in excess of the Option Price, and that any investment in common shares of a closely held corporation such as the Company is non-marketable, non-transferable and could
require capital to be invested for an indefinite period of time, possibly without return, and at substantial risk of loss. 
 (f) The
Optionee understands that the Option and the Shares are being offered in an Acquisition not involving any public offering within the United States within the meaning of the Securities Act and that the Option and the Shares have not been and will not
be registered under the Securities Act, and that the Option and the Shares are “restricted securities” as defined by Rule 144(a)(3) under the Securities Act, and that, under such laws and applicable regulations, such securities may be
resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions of Rule 144 promulgated under the Securities Act or in an offshore Acquisition meeting the requirements of Rule
903 or 904 of Regulation S under the Securities Act, each as presently in effect. The Optionee acknowledges reviewing a copy of Rule 144 promulgated under the Securities Act and Regulation S under the Securities Act, as presently in effect, and
represents that he is familiar with such rule, and understands the resale limitations imposed thereby and by the Securities Act and the applicable state securities law. 
  

 4 

 (g) The Optionee agrees that he will comply with all applicable laws and regulations in effect in any
jurisdiction in which he sells any of the securities or otherwise transfers any interest therein. 
 (h) The Optionee has read and
understands the restrictions and limitations set forth in the Securityholders Agreement, the Plan and this Agreement. 
 (i) The Optionee
understands and acknowledges that, if and when he exercises the Option, (i) any certificate evidencing the Shares (or evidencing any other securities issued with respect thereto pursuant to any stock split, stock dividend, merger or other form
of reorganization or recapitalization) when issued shall bear any legends which may be required by applicable federal and state securities laws, and (ii) except as otherwise provided under the Securityholders Agreement, the Company has no
obligation to register the Shares or file any registration statement under federal or state securities laws. 
 Section 9.
Designation of Beneficiary. The Optionee may appoint any individual or legal entity in writing as his beneficiary to receive any Option (to the extent not previously terminated or forfeited) under this Agreement upon the Optionee’s death
or Disability. The Optionee may revoke his designation of a beneficiary at any time and appoint a new beneficiary in writing. To be effective, the Optionee must complete the designation of a beneficiary or revocation of a beneficiary by written
notice to the Company under Section 11 of this Agreement before the date of the Optionee’s death. In the absence of a beneficiary designation, the legal representative of the Optionee’s estate shall be deemed the beneficiary.

 Section 10. Notices. All notices, claims, certifications, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given and delivered if personally delivered or if sent by nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed
as follows: 
 If to the Company, to it at: 
  

					
	If to the Company, to:
		
		 	 Noranda Aluminum Holding Corporation
 c/o
Apollo Management VI, L.P.

		 	9 West 57th Street
		 	43rd Floor
		 	Facsimile:	  	(212) 515-3288
		 	Attention:	  	Eric Press
	
	with a copy (which shall not constitute notice) to:
		
		 	Apollo Management, L.P.
		 	9 West 57th Street
		 	43rd Floor
		 	New York, New York 10019
		 	Facsimile:	  	(212) 515-3288
		 	Attention:	  	Eric Press

  

 5 

					
		 	and	  	
		
		 	Wachtell, Lipton, Rosen & Katz
		 	51 West 52nd Street
		 	New York, New York 10019
		 	Facsimile:	  	(212) 403-2269
		 	Attention:	  	Andrew J. Nussbaum, Esq.

 If to the Optionee, to him at the address set forth on the signature page hereto; or to such other address as the
party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such notice or other communication shall be deemed to have been received (a) in the case of personal delivery, on the date of such
delivery (or if such date is not a business day, on the next business day after the date of delivery), (b) in the case of nationally-recognized overnight courier, on the next business day after the date sent, (c) in the case of telecopy
transmission, when received (or if not sent on a business day, on the next business day after the date sent), and (d) in the case of mailing, on the third business day following that on which the piece of mail containing such communication is
posted. 
 Section 11. Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement must be in
writing and shall not operate or be construed as a waiver of any other or subsequent breach. 
 Section 12. Optionee’s
Undertaking. The Optionee hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the
obligations or restrictions imposed on the Optionee pursuant to the express provisions of this Agreement and the Plan; provided, however, that such additional actions and documents are consistent with the terms of this Agreement. 
 Section 13. Modification of Rights. The rights of the Optionee are subject to modification and termination in certain events as provided in
this Agreement and the Plan (with respect to the Options granted hereby). Notwithstanding the foregoing, the Optionee’s rights under this Agreement and the Plan may not be materially impaired without the Optionee’s prior written consent.

 Section 14. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW 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 AGREEMENT, EVEN IF UNDER 

  

 6 

 
SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 
 Section 15. Restrictive Covenants. The grant, vesting and exercise of Options pursuant to this Agreement shall be subject to the
Optionee’s continued compliance with the restrictive covenants in Section 9 of the Securityholders Agreement. 
 Section 16. Withholding. As a condition to exercising this Option in whole or in part, the Optionee will pay, or make provisions satisfactory to the Company for payment of, any Federal, state and local taxes required to be
withheld in connection with such exercise. 
 Section 17. Adjustment. In the event of any event described in Article X of the
Plan occurring after the Grant Date, the adjustment provisions (including cash payments) as provided for under Article X of the Plan shall apply. 
 Section 18. Counterparts. This Agreement may be executed in one or more counterparts, and each such counterpart shall be deemed to be an original, but all such counterparts together shall constitute but one agreement.

 Section 19. Entire Agreement. This Agreement and the Plan (and the other writings referred to herein) constitute the entire
agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto. 
 Section 20. Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest
extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the
remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 21. Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, trial by jury in any suit, action or proceeding arising hereunder.

 Section 22. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a) “Cause” means a Termination of Relationship by the Company or any of its Subsidiaries due to the Optionee’s:
(i) commission of a crime or an act of moral turpitude; (ii) willful commission of an act of dishonesty involving the Company or any of its Affiliates or Subsidiaries; or (iii) a material breach of the Optionee’s obligations
under any agreement entered into between the Optionee and the Company or any of its Subsidiaries or Affiliates; provided, 

  

 7 

 
however, that none of the events described in the foregoing clause (iii) shall constitute Cause unless the Company has notified the Optionee in writing
describing the events which constitute Cause and then only if the Optionee fails to cure such events within 15 days after the Optionee’s receipt of such written notice (provided that, in the event such breach is not curable, no notice period
shall be required). 
 (b) “Disability” means (i) the Optionee’s inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) the Optionee is, by reason of any
medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident, disability or
health plan covering employees of the Company. Whether the Optionee has incurred a “Disability” shall be determined by a physician selected by the Company or its insurers, which physician is reasonably acceptable to the Optionee (or the
Optionee’s legal representative). 
 (c) “Good Reason” means a Termination of Relationship by the Optionee within 90
days after any of the following actions are taken by the Company or any of its Subsidiaries without the Optionee’s written consent: (i) a reduction of the Optionee’s annual base salary or target bonus opportunity under any bonus plan
maintained by the Company or any of its Subsidiaries (but not including any diminution related to a broader compensation reduction that is not limited to any particular employee or executive of the Company or any of its Subsidiaries); or (ii) a
reduction or adverse change in the Optionee’s title, duties or responsibilities; provided, however, that none of the events described in the foregoing clauses (i) and (ii) shall constitute Good Reason unless the Optionee has notified
the Company in writing describing the events which constitute Good Reason and then, in the case of clauses (i) and (ii), only if the Company fails to cure such events within 30 days after the Company’s receipt of such written notice.

  

 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Nonqualified Stock Option Agreement as
of the date first written above. 
  

			
	 NORANDA ALUMINUM HOLDING
 CORPORATION

		
	By:	 	 /s/ Richard J. Anderson

	Name:	 	Richard J. Anderson
	Title:	 	Chief Financial Officer
	
	OPTIONEE
	
	See attached signature page

  

 9 

	
	WILLIAM BROOKS
	
	 /s/ William Brooks

	
	Last address on the records of the Company:

  

					
	 Number of Shares of Common Stock subject to Tranche A Options:
	  	 	34,050	 
		  	 	 	 
		
	 Number of Shares of Common Stock subject to Tranche B Options:
	  	 	34,050	 
		  	 	 	 
		
	 Option Price for Tranche A Options and Tranche B Options:
	  	$	10.00 	each

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