Document:

Exhibit

Exhibit 10.14

Novelis 2018 Executive Long-Term Incentive Plan

		
	1.
	Title and Administration.  This long-term incentive plan (the “2018 Executive LTIP” or the “Plan”) will be administered by the Human Resources department of Novelis Inc. (the “Company”).   

		
	2.
	Performance Period and Award Date.  The performance period will commence on April 1, 2017 and end on March 31, 2020.  The award date will be May 5, 2017, or such later date as may be determined for a participant as provided herein.  

		
	3.
	Target Opportunity.  Each participant’s target opportunity will be determined by the Company’s Human Resources department or the Compensation Committee of the Company’s Board of Directors (the “Board”), as applicable.  Currency exchange rates will be fixed on the award date.

		
	4.
	Plan Design.  A participant’s target opportunity under the Plan will be comprised of Novelis Performance Units, Hindalco Stock Appreciation Rights, and Hindalco Restricted Stock Units.  

		
	(a)
	Novelis Performance Units.  Novelis Performance Units will comprise 50% of each participant’s award under the Plan.

		
	(i)
	Value.  Each Novelis Performance Unit (“PU”) will have a fixed value of US$100.  

		
	(ii)
	Vesting.  The PUs are at-risk, and the number of PUs that vest will be determined by the Company’s achievement of ROCE targets established for the performance period.  Vesting will range from 50% (threshold) to 200% (maximum) of target award value. Performance results between threshold level and target level or between target level and maximum level will be determined by means of interpolation. 

		
	(iii)
	Definitions.

		
	•
	ROCE means NOPAT divided by fiscal year average CE. ROCE will be calculated for each fiscal year of the performance period.  The sum for all fiscal years in the performance period will be divided by the number of fiscal years in the performance period to obtain a simple average.

		
	•
	NOPAT means (i) EBITDA minus (ii) all the following:  depreciation, derivatives not in operating EBITDA, book tax, adjustments to eliminate proportional consolidation, and all Net Other Costs. 

		
	•
	CE means (i) book debt plus (ii) book equity plus (iii) goodwill impairment (fixed at $1.5 billion) less (iv) cash in excess of $400 million, plus (v) any new impairment impacting equity; this total amount will be normalized for dividend and/or capital payments, if any.  Average CE for a fiscal year will be based on the beginning and ending balances for the fiscal year.

		
	•
	EBITDA means Operating EBITDA Before Metal Price Lag, which is equivalent to “Segment Income” as reported in Novelis Inc.’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission.

		
	(iv)
	Target Modifications.  In the event the Company completes a significant strategic transaction during the performance period, the Board may, in its sole discretion, modify the ROCE targets established for the performance period.

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	(v)
	Payments.  Payments will be made in cash in the first quarter following the end of the performance period.

		
	(b)
	Hindalco Stock Appreciation Rights. Hindalco Stock Appreciation Rights will comprise 20% of each participant’s award under the Plan.

		
	(i)
	Value.  The Black Scholes method of valuation will be used to arrive at the number of SARs to be awarded to participant.  Each Hindalco Stock Appreciation Right (“Hindalco SAR”) will track the appreciation value of one Hindalco share.  Total cash payouts over the term each award will be capped at a maximum of 3.0 times the value on the award date.

		
	(ii)
	Vesting and Expiration. Hindalco SARs will vest ratably in one-third tranches on each anniversary of the award date, provided the Company achieves at least 75% of the Operating EBITDA before Metal Price Lag target established for the performance year.  Hindalco SARs must be exercised no later than the seventh anniversary of the award date.

		
	(iii)
	Exercise.  The exercise price of a Hindalco SAR will be determined by using the average of the high and low prices of a Hindalco share as published by the Bombay Stock Exchange on the award date.  Upon exercise, the participant will receive a cash payment equal to the product of (i) the number of Hindalco SARs exercised, times (ii) the increase in value of one Hindalco share from the award date through the date of exercise.  If an employee exercises on a date the Bombay Stock Exchange is closed, the exercise price will be the closing price of Hindalco shares on the immediately previous date the Bombay Stock Exchange was open.  A participant may exercise vested Hindalco SARs at any time prior to the expiration date.  

		
	(c)
	Hindalco Restricted Stock Units. Hindalco Restricted Stock Units will comprise 30% of each participant’s award under the Plan.

		
	(i)
	Value.  The value of each RSU will be equivalent to the value of one Hindalco share.  The initial value of each RSU will be determined by using the average of the high and low prices of a Hindalco share as published by the Bombay Stock Exchange on the award date.  Total cash payouts over the term each award will be capped at a maximum of 3.0 times the value on the award date.

		
	(ii)
	Vesting.  The RSUs will vest ratably in one- third tranches on each anniversary of the award date and will be paid in cash within 30 days of the applicable vesting date.

		
	5.
	Eligibility.  Employees in job bands 3 and higher are eligible to participate in the Plan.  An individual must be either employed in an eligible job band or transferred or hired into an eligible job band during the performance year to receive a payout under the Plan.  Eligibility and payments for employees who begin employment with the Company after the start of the performance period will be determined by the “Plan Rules Administration” document then in effect as maintained by the Company’s Human Resources department.  

		
	(a)
	Employment After Award Date.  Eligibility for employees who begin employment with Novelis after the award date will be determined as follows.

		
	(i)
	First or Second Quarter. An eligible employee who begins employment after the award date but before the end of the second quarter of the fiscal year will be granted an award at 90% 

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of the target amount for the employee’s job band.  The award date will be the following October 1.  
		
	(ii)
	Third Quarter. An eligible employee who begins employment during the third quarter of the fiscal year will be granted an award at 75% of the target amount for the employee’s job band.  The award date will be the following January 1.  

		
	(iii)
	Fourth Quarter.  An eligible employee who begins employment after the start of the fourth quarter of the fiscal year will not be eligible for an award under the Plan.  

		
	(b)
	Promotion After Award Date. Awards for employees promoted into an eligible job band during the fiscal year will be determined as follows.  

		
	(i)
	First Quarter. An employee who is promoted into an eligible job band during the first quarter of the fiscal year will be eligible for a full award under the Plan.  

		
	(ii)
	Second Quarter.  An employee who is promoted into an eligible band during the second quarter of the fiscal year will be granted an award at 90% of the target amount for the employee’s job band.  The award date will be the following October 1.  

		
	(iii)
	Third Quarter.  An employee who is promoted into an eligible job band during the third quarter of the fiscal year will be granted an award at 75% of the target amount for the employee’s job band.  The award date will be the following January 1.  

		
	(iv)
	Fourth Quarter.  An employee who is promoted into an eligible job band after the start of the fourth quarter of the fiscal year will not be eligible for an award under the Plan in that fiscal year.  

		
	(v)
	Promotion of Eligible Employees.  An employee in an eligible job band who is promoted into a higher job band during the first quarter of the fiscal year will be eligible for a full award under the Plan at the level of the higher job band.  An employee in an eligible job band who is promoted into a higher job band after the start of the second quarter of the fiscal year will not be eligible for an award at the level of the employee’s new job band.  

		
	6.
	Separation from Employment.  Participants whose employment terminates during the performance year will be subject to the applicable terms set forth below.  

	
			
	Event
	Awards
	Vesting and Exercise Treatment

	Death,
Disability
	SARs
	•    All unvested SARs will vest immediately.
•    Vested SARs must be exercised within one year, and in no event later than the seventh anniversary of the award date.

	RSUs
	•    All unvested RSUs will vest immediately and will be cashed out 30 days following the date of death or disability.

	PUs
	•    Vesting will be prorated based on months of service during the performance period, subject to the PU vesting rules set forth above.  
•    Vested PUs will be cashed out after the end of the performance period. 

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	Retirement
	SARs
	•    If Retirement occurs more than one year after the award date, unvested SARs will continue on the vesting schedule and must be exercised no later than the third anniversary of the Retirement date. 
•    Vested SARs must be exercised prior to the expiration date. 
•    If Retirement occurs before the first anniversary of the award date, all unvested SARs will be forfeited.

	RSUs
	•    If Retirement occurs more than one year after the award date, unvested RSUs will vest immediately and will be cashed out within 30 days following date of Retirement.  
•    If Retirement occurs before the first anniversary of the award date, all unvested RSUs will be forfeited.

	PUs
	•    Vesting will be prorated based on months of service during the performance period, subject to the PU vesting rules set forth above.  
•    Vested PUs will be cashed out after the end of the performance period.

	Change in Control
	SARs
	•    All unvested SARs will vest immediately and the vested portion will be cashed out within 30 days following a change in control.

	RSUs
	•    All unvested RSUs will vest immediately and will be cashed out within 30 days following a change in control.

	PUs
	•    Vesting will be prorated based on months of service during the performance period, subject to the PU vesting rules set forth above.  
•    Vested PUs will be cashed out after the end of the performance period.

	Intercompany Transfers
	SARs
	•    Any unvested SARs scheduled to vest within six months after the date of transfer will continue to vest according to the vesting schedule.  
•    All other unvested SARs will be forfeited.

	RSUs
	•    Any unvested SARs scheduled to vest within six months after the date of transfer will continue to vest according to the vesting schedule.  
•    All other unvested SARs will be forfeited.

	PUs
	•    Vesting will be prorated based on months of service during the performance period, subject to the PU vesting rules set forth above.  
•    Vested PUs will be cashed out after the end of the performance period.

	Voluntary Termination
	SARs
	•    Participant must exercise unvested SARs within 90 days, and in no event later than the seventh anniversary of the award date.
•    All unvested SARs will be forfeited.

	RSUs
	•    All RSUs will be forfeited.

	PUs
	•    All PUs will be forfeited.

	Involuntary Termination – Without Cause
(e.g,, plant closure, sale of assets, position elimination) 

	SARs
	•    Vesting will be prorated based on months of service during the performance period, subject to the SAR vesting rules set forth above. 
•    Vested SARs must be exercised within 90 days, and in no event later than the seventh anniversary of the award date.

	RSUs
	•    Vesting will be prorated based on months of service during the performance period, subject to the RSU vesting rules set forth above. 
•    Vested RSUs will be cashed out 30 days following the date of termination.

	PUs
	•    Vesting will be prorated based on months of service during the performance period, subject to the PU vesting rules set forth above.  
•    Vested PUs will be cashed out after the end of the performance period.

	Involuntary Termination – For Cause
	SARs
	All SARs will be forfeited.

	RSUs
	All RSUs will be forfeited.

	PUs
	All PUs will be forfeited.

		
	7.
	Definitions. The following terms will have the meaning ascribed to them below.  

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	(a)
	Retirement means separation from service with the Company and its subsidiaries and affiliates on or after (i) reaching 65 years of age or (ii) having a combination of age and service greater than or equal to 65 with a minimum age of 55.  

		
	(b)
	Change in Control means the first to occur of any of the following events: (i) any person or entity (excluding any person or entity affiliated with the Aditya Birla Group) is or becomes the beneficial owner, directly or indirectly through any parent entity of the Company or otherwise, of securities of the Company representing 35% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities (the “Value or Vote of the Company”); provided, however, that a Change in Control shall not be deemed to have occurred in the event that (A) any person or entity becomes the beneficial owner of securities representing 50% or less of the Value or Vote of the Company through (i) an initial public offering, (ii) a secondary offering, (iii) a private placement of securities, (iv) a share exchange transaction, or (v) any similar share purchase transaction in which the Company or any of its affiliates issues securities (any such transaction, a “Share Issuance Transaction”); and (B) a person or entity’s beneficial ownership interest in the Value or Vote of the Company is diluted solely as a result of any Share Issuance Transaction; or (ii) the majority of the members of the Board of Directors of the Company is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or (iii) the consummation of a merger or consolidation of the Company with any other entity not affiliated with the Aditya Birla Group, other than (a) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, 50% or more of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (b) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person or entity is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person or entity any securities acquired directly from the Company or its affiliates, other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities; or (iv) the sale or disposition of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of its assets to a member of the Aditya Birla Group. 

Notwithstanding the foregoing, no “Change in Control” shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.  For purposes of this Section, “beneficial ownership” shall be determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.  
		
	8.
	Taxes. 

		
	(a)
	Taxes and Other Withholdings.  All payments under this plan shall be subject to applicable tax and other withholdings. 

		
	(b)
	Compliance with §409A of the U.S. Internal Revenue Code.  To the extent applicable, this plan shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall 

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be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder.  Notwithstanding anything in this plan to the contrary, all payments and benefits under this plan that would constitute non-exempt “deferred compensation” for purposes of Section 409A and that would otherwise be payable or distributable hereunder by reason of an individual’s termination of employment, will not be payable or distributable to individual unless the circumstances giving rise to such termination of employment meet any description or definition of “separation from service” in Section 409A and applicable regulations (without giving effect to any elective provisions that may be available under such definition).  If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service.”  Further, to the extent the individual is a “specified employee” within the meaning of Section 409A and notwithstanding paragraph 7 or any other provision herein to the contrary, then payment may not be made before the date which is six (6) months after the date of separation from service (or, if earlier, the date of death of individual).  
		
	9.
	Interpretation and Amendment.  The Company will interpret and construe the terms and conditions of the plan in its sole discretion, including but not limited to all decisions regarding eligibility for, and the amount of benefits payable under, the Plan.  The Company also reserves the right to amend or modify this Plan at any time.

		
	10.
	No Right to Continued Service.  Nothing in the Plan confers upon any participant the right to continued employment or service with the Company or any subsidiary or affiliate or to otherwise interfere with or restrict the right of the Company or any subsidiary or affiliate to terminate the participant’s employment or service for any reason.

6Exhibit

Exhibit 10.23
June 6, 2016    
                    
Dear Steve,  

Re: Promotion Letter 

Novelis Inc. is pleased to offer you the role of Senior Vice President, Business Performance and Execution. This position will initially be based in Atlanta, Georgia (US) but may be relocated to any other location based on business needs. You will report to Mr. Steven Fisher, President and Chief Executive Officer of Novelis Inc.  The terms and conditions applicable to your appointment to this position are as follows:

		
	1.
	Position Title 

Senior Vice President, Business Performance and Execution of Novelis Inc.

		
	2.
	Base Salary

Effective June 6, 2016, your base salary will be $400,000 annually.  Your next salary review will be in July 2017.

		
	3.
	Annual Incentives

You are entitled to participate in the Novelis Annual Incentive Plan (AIP). The target opportunity for your position will be 60% of your annual base salary. The annual incentive performance measures for Fiscal Year 2017 are set forth in the Novelis 2017 Executive Annual Incentive Plan. 

		
	4.
	Long Term Incentive Plan (LTIP)

You are eligible to participate in the Novelis Long Term Incentive Plan (LTIP).  Your target opportunity for Fiscal 2017 is $300,000. The LTIP grant is in the form of 50% Novelis Performance Units, 20% Hindalco Stock Appreciation Rights (SARs) and 30% Hindalco Restricted Stock Units (RSU’s) as more fully described in the Novelis 2017 Executive LTIP Plan. 

		
	5.
	Benefits

Novelis provides a wide range of benefits as well as an annual Company paid executive physical examination. Benefits include:
		
	•
	Savings and Retirement 

		
	•
	Life insurance 

		
	•
	Medical and prescription drug plan for you and your eligible dependents

		
	•
	Dental coverage for you and your eligible dependents

		
	•
	Short-Term Disability

		
	•
	Long-Term Disability 

		
	•
	Business Travel and Accident Insurance 

		
	•
	Flex Perks – You will receive an annual stipend of $48,000 minus required deductions, paid to you over 12 months.  This amount is intended for your personal use for club memberships, tax preparation services, car allowance, professional financial services or as you may choose.  The company does not otherwise pay club dues and/or other services.

		
	6.
	Vacation Entitlement

Your vacation entitlement is governed by Novelis’ vacation policy but will be no less than 25 days annually. You are also entitled to the paid holidays in Novelis’ published holiday schedule for the Atlanta office.

		
	7.
	Change in Control 

Novelis will provide you with a separate agreement that provides protection in the event of a Change in Control.   

		
	8.
	Retention Award

Novelis will provide you with a separate award letter that details the terms of your retention award of $200,000, which will be payable over a two year period.

		
	9.
	Severance and Other Termination Benefits

You are entitled to severance and other benefits if the Company shall terminate your employment other than for Cause, or you terminate your employment for Good Reason defined as follows: 

“Cause” means only (i) your conviction of any crime (whether or not involving the company) constituting a felony in the applicable jurisdiction; (ii) willful and material violation of the companies policies including, but not limited to, those relating to sexual harassment and confidential information; (iii) willful misconduct in the performance of your duties for the Company; or (iv) willful failure or refusal to perform your material duties and responsibilities which is not remedied within ten (10) days after written demand from the Board of Directors to remedy such failure or refusal.

“Good Reason” means any of the following if it shall occur without your express written consent:  (i) a material reduction in your position, duties, reporting relationships, responsibilities, authority, or status within the Company except as contained in this contract;  (ii)  a reduction in your base salary and target 

2

short term and long term incentive opportunities in effect on date hereof or as the same may be increased from time to time during the term of this Agreement; or (iii) any failure of the Company  to comply with its obligations under this Agreement, in each case which is not remedied within ten (10) day after written demand by you to remedy such reduction or failure.

Your right to receive severance and benefits shall be subject to the terms and conditions of the Company's release from and waiver by you of claims, non-compete agreement and non-solicitation agreement for executive employees. No payments or benefits shall be paid unless you execute such release and waiver of claims, non-compete agreement and non-solicitation agreement. The Release shall not release your right to receive indemnification and defense from the Company for any claims arising out of the performance of your duties on behalf of the Company. Termination of employment due to Cause, Death, Disability or Retirement at any time shall not give rise to any rights to compensation.

(a) Severance Pay. The Company shall pay a lump sum cash amount equal to:
        [A x (B + C)] - D, where

                     "A" equals a multiplier of 1.5;

"B" equals your annual base salary (including all amounts of such base salary that are voluntarily deferred under any qualified and non-qualified plans of the Company) determined at the rate in effect as of the date of appointment, which stands at $ 400,000;

"C" equals your target short term incentive opportunity given in this contract of employment which is $240,000; and

"D" equals the amount of retention and severance payments, if any, paid or payable to you by the Company other than pursuant to this Agreement; it being expressly understood that the purpose of this deduction is to avoid any duplication of payments to you.

(b)     Other Benefits

		
	(i)
	If you are not eligible for retiree medical benefits and are covered under the Company's group health plan at the time of your termination of employment, the Company shall pay an additional lump sum cash amount for the purpose of assisting you with the cost of post-employment medical continuation coverage equal to: (C x M) / (1 - T), where

"C" equals the full monthly COBRA premium charged for coverage under the Company's group medical plan at your then current level of coverage;

                                "M" equals twelve (12) months; and

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                                "T" equals an assumed tax rate of 40%

(ii) To the extent applicable, you shall be entitled to continue coverage under the Company's group life plan for a period of twelve (12) months at your pre-termination level of coverage.

(iii)  You shall be entitled to twelve (12) months of additional credit for benefit accrual and contribution allocation purposes including credit for age, service and earnings pro rated over twelve (12) months under the Company's tax-qualified and non-qualified pension, savings or other retirement plans; provided that if applicable provisions of the Code prevent payment in respect of such credit under the Company's tax-qualified plans, such payments shall be made under the Company's non-qualified plans.

(iv) To the extent you are not already fully vested under the Company's tax-qualified and non-qualified retirement pension, savings and other retirement plans, you shall become 100% vested under such plans; provided that if applicable provisions of the Code prevent accelerated vesting under the Company's tax-qualified plans, an equivalent benefit shall be payable under the Company's non-qualified plans.

Notwithstanding the foregoing provisions of this paragraph 9 or any other provision in this Agreement, if you are a “specified employee" within the meaning of Code Section 409A, then all payments under this Agreement shall be delayed for a period of six (6) months to the extent required by Section 409A.

Should you decide to voluntarily separate from the company you will have to give the company a 3 month notice and will not be entitled to any of the payments in this paragraph 9.   

10. Internal Revenue Code Section 409A

To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and the applicable U.S. Treasury regulations and other interpretative guidance issued thereunder, including without limitation any regulations or other guidance that may be issued after the effective date of this Agreement. Notwithstanding any provision of the Agreement to the contrary, the Company may adopt such amendments to the Agreement or adopt other policies and procedures, or take any other actions, that the Company determines is necessary or appropriate to exempt the Agreement from Section 409A and/or preserve the intended tax treatment of the benefits provided hereunder, or to comply with the requirements of Section 409A and related U.S. Treasury guidance, as long as such changes do not reduce the overall compensation.

11. Non-Competition 

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	11.1
	Competing Entities:   In this Agreement, “Competing Entities” includes any entity whose major business consists of manufacturing or recycling of aluminium, alumina, or downstream rolled aluminium products. 

		
	11.2 
	Competitive Activities:  You covenant and agree that, while employed with the Company and for 24 months thereafter, you shall not, directly or indirectly, in any manner whatsoever including, without limitation, either individually, or in partnership, jointly or in conjunction with any other person, or as employee, principal, agent, consultant, director, shareholder, lender or otherwise:

		
	(a)
	be engaged actively in or by any Competing Entities in order to provide products or services similar to the products and services provided by the Company;

		
	(b)
	have any financial or other interest including, without limitation, an interest by way of royalty or other compensation arrangements, in or in respect of any Competing Entities, excluding the ownership of not more than 5% of the issued shares of any such Competing Entities, the shares of which are listed on a recognized stock exchange or traded in the over-the-counter market; or 

		
	(c)
	advise, lend money to or guarantee the debts or obligations of any Competing Entities.

12.    Non-Solicitation

		
	12.1
	Customers and Suppliers: You covenant and agree that, while employed with the Company and for 24 months thereafter, you will not, in any manner, directly or indirectly, by any means, in any capacity, in order to direct away from the Company, approach, solicit, or contact any customers or suppliers of the Company who has actively done business with the Company in the preceding twenty four months, or any prospective customer or supplier that the Company approached, solicited or contacted in the preceding twenty four months, or attempt to do any of the foregoing, in order to offer or obtain services or products that compete with the business of the Company (or any material part thereof) as conducted at the time of the cessation of the your employment or during the twenty four month period prior to such date or contemplated to be carried on in its most recent annual business plan.

		
	12.2
	Employees: You covenant and agree that, while employed with the Company and for 24 months thereafter, you will not induce or solicit, or attempt to induce or solicit, or assist any person to induce or solicit, any management or higher employee, contractor or advisor of the Company, or assist or encourage any management or higher employee, contractor or advisor of the Company, to accept employment or engagement elsewhere that competes with the business of the Company (or any 

5

material part thereof) as conducted at the time of the cessation of your employment or any other business conducted by the Company during the twenty four month period prior to such date or contemplated to be carried on in its most recent annual business plan.

13.    Governing Law

This letter agreement shall be governed by, and shall be construed in accordance with, the internal laws (and not the laws of conflicts) of the State of Georgia.

14. Obligation to Mitigate Damages: No Effect on other Contractual Rights 

14.1 You shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by you as a result of employment by another employer after your termination of employment, or otherwise.

14.2 The provision of this Agreement, and any payments provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish your existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan or arrangement providing retirement benefits or health, life, disability, or similar welfare benefits.

15. Successor to the Company

The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to absolutely and unconditionally assume and agree to perform this Agreement in the same manner and to the extent that the Company would be required to perform it if no such succession or assignment had taken place. 

Any failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession or assignment shall entitle you to terminate your employment for Good Reason.

16. Indemnification

The Company will provide full indemnification to the maximum extent permitted under the Companies by-laws and applicable law. The Company shall maintain Directors and Officers liability insurance coverage in an amount reasonably anticipated to satisfy such indemnification during your employment and at all times thereafter for the duration of any period of limitations during which any action may be brought against you.

17. General

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	17.1 
	All the information in this letter including eligibility for participation in compensation and benefits plan is subject to the terms of applicable plan documents and policies, which are subject to change during the normal course of Novelis business, but shall not result in an overall reduction of your compensation or terms and conditions of your employment. Your employment at Novelis is “at – will” and either you or Novelis may decide to terminate the employment relationship at any time for any reason, except as provided by law. The terms of this letter, therefore, do not and are not intended to create either an express or implied contract of employment with Novelis for any particular duration. 

		
	17.2
	In carrying out the Company’s business, employees often learn confidential or proprietary information about the Company, its customers, suppliers, or joint venture parties. Employees must maintain the confidentiality of all information so entrusted to them, except when disclosure is authorized or legally mandated. Confidential or proprietary information of the Company, and of other companies, includes any non-public information that would be harmful to the relevant company or useful or helpful to competitors if disclosed.  You will find more information about this in the Code of Conduct.  By signing below, you acknowledge you have received a copy of the Novelis/Aditya Birla Group Code of Conduct.   

 
If you agree with the foregoing terms, please sign and return a copy of this letter to me. If you have any questions, please feel free to contact me.

Sincerely,

                    
HR Shashikant
Senior Vice President and Chief Human Resources Officer

Accepted:

/Steve E. Pohl/
                    
Steve E. Pohl

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