Document:

Amd. 1 to Employment Agreement - Aleris Switzerland GmbH and Roelof Baan

 Exhibit 10.26.1 

Amendment One to Employment Agreement 
 Mr. Roeland Baan (also known legally as Roelof IJ. Baan, the “Executive”) and Aleris International, Inc. (the “Company”) and for certain purposes Aleris Corporation (the
“Parent”) formerly Aleris Holding Company entered into an agreement dated as of June 2010. 
 The Executive,
Company and Parent desire to amend the Agreement effective immediately prior to the effectiveness of an initial public offering of Parent pursuant to the Form S-1 filed with the Securities and Exchange Commission on April 26, 2011, as amended,
as follows: 
 1. The last sentence of Section 5(a)(ii) shall be amended to add at the end thereof the following:

 ;provided, further, however, notwithstanding the foregoing, if termination of employment is in anticipation of or within
twelve (12) months following a Change of Control (as defined in the Aleris Corporation 2012 Equity Incentive Plan), the Severance Payment will be paid in a cash lump sum within thirty (30) days following the Date of Termination, to the
extent such a payment would be permissible if being made to an executive subject to United States tax under the rules regarding a “short term deferral” within the meaning of Treasury Regulations Section 1.409A-1(b)(4) of the Code and
“separation pay plans” within the meaning of Treasury Regulations Section 1.409A-1(b)(9) of the Code or otherwise not subject the Executive to taxes if he were subject to United States taxes under Section 409A of the Code. For
purposes of the foregoing, a termination of employment will be deemed to be “in anticipation of” a Change of Control if such termination is for the principal purpose of avoiding or evading the Company’s or Parent’s compensation
obligations that would arise upon a termination following a Change of Control.” 
 2. The penultimate sentence of
Section 5(d) shall be amended to add at the end thereof the following: 
 ;provided, further, however, notwithstanding the
foregoing, if termination of employment is in anticipation of or within twelve (12) months following a Change of Control (as defined in the Aleris Corporation 2012 Equity Incentive Plan), the Non-Renewal Payment will be paid in a cash lump sum
within thirty (30) days following the Date of Termination, to the extent such a payment would be permissible if being made to an executive subject to United States tax under the rules regarding a “short term deferral” within the
meaning of Treasury Regulations Section 1.409A-1(b)(4) of the Code and “separation pay plans” within the meaning of Treasury Regulations Section 1.409A-1(b)(9) of the Code or otherwise not subject the Executive to taxes if he
were subject to United States taxes under Section 409A of the Code. For purposes of the foregoing, a termination of employment will be deemed to be “in anticipation of” a Change of Control if such termination is for the principal
purpose of avoiding or evading the Company’s or Parent’s compensation obligations that would arise upon a termination following a Change of Control.” 

 3. Except as expressly amended by this letter agreement, the Agreement shall otherwise
continue in full force and effect. 
 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	Executive
	
	 
	Name:	 	Roelof IJ. Baan

  

			
	Aleris International, Inc.
		
	By:	 	 
		 	Name:
	
	Aleris Corporation
		
	By:	 	 
		 	Name:Amd. 2 to the Aleris Corp. 2010 Equity Incentive Plan

 Exhibit 10.27.2 

ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 AMENDMENT 2 TO 

STOCK OPTION AGREEMENT 

On June 1, 2010 you were granted an option to purchase shares of common stock of Aleris Corporation (the “Company”) (the
“Option”) pursuant to an Award Agreement issued under the Company’s 2010 Equity Incentive Plan (the “Plan”) amended as of April 28, 2011 by Amendment 1 to the Award Agreement. 

In light of the Company becoming a public company, we have amended, restated and renamed the Plan as the 2012 Equity Incentive Plan and we have mutually
agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of an initial public offering of the Company pursuant to the Form S-1 filed with the Securities and Exchange Commission on April 26, 2011, as
amended, (the “IPO”), as follows: 
  

	1.	Section 1. Grant of Stock Option. The last two sentences of Section 1 are deleted. 

 

	2.	Section 4(b). Termination without Cause or for Good Reason. The words “six (6)” are hereby amended and replaced with “twelve (12)” in
the penultimate sentence of Section 4(b). 

  

	3.	Section 10(c). Government and Other Regulations. Section 10(c) is amended to delete subsection 10(c)(v). 

 

	4.	Section 13. Fair Market Value. Section 13 is amended and restated to read in its entirety as follows: 

Fair Market Value. For purposes of this Agreement, “Fair Market Value”, is defined in the Plan.

  

	5.	Section 15. Stockholders Agreement. Section 15 is deleted. 

 

	6.	Section 18. Stock Option Subject to the Plan. Section 18 is amended and restated to read in its entirety as follows: 

Stock Option Subject to the Plan. By entering into this Agreement, the Optionee agrees and acknowledges that
(i) the Optionee has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Stock Option is subject to the Plan. In the event of a conflict between any term or provision contained in this Agreement and any term
or provision of the Plan, the terms and provisions of this Agreement shall prevail. No amendment to the Plan that is inconsistent with the express terms of this Agreement and that adversely affects any of the Optionee’s rights under this
Agreement shall be effective as to this Agreement without the Optionee’s prior written consent; provided, however, the Committee may amend the Plan and this Agreement to the extent necessary to comply with applicable law. 

 

	7.	Effective date of this Amendment. This Amendment is effective immediately prior to the effectiveness of the IPO. 

 

	8.	Continued Terms of Option. Except as otherwise amended in this Agreement, your Option remains subject in all respects to the terms and conditions of the Award
Agreement, Amendment 1, and the 2012 Equity Incentive Plan and you acknowledge that a copy of the 2012 Equity Incentive Plan has been provided to you. 

 Please indicate your acceptance of this Amendment 2 to the Award Agreement with respect to your Option by signing and returning a copy of this Amendment 2 to the address set forth below as soon as
practicable. 
  

	
	ALERIS CORPORATION
	
	  
	Christopher R. Clegg
	 Executive Vice President, General Counsel & Secretary

	
	  
	Roelof IJ. Baan
	Date:

  
 2Amd. 1 to the Aleris Corp. 2010 Equity Incentive Plan

 Exhibit 10.28.1 

ALERIS CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 AMENDMENT 1 TO 

RESTRICTED STOCK UNIT AGREEMENT 
 On June 11, 2011 you were granted restricted stock units of Aleris Corporation (the “Company”) pursuant to an Award Agreement issued under the Company’s 2010 Equity Incentive Plan (the
“Plan”). 
 In light of the Company becoming a public company, we have amended, restated and renamed the Plan as the 2012
Equity Incentive Plan and we have mutually agreed to amend the terms of your Award Agreement, effective immediately prior to the effectiveness of an initial public offering of the Company pursuant to the Form S-1 filed with the Securities and
Exchange Commission on April 26, 2011, as amended (the “IPO”), as follows: 
  

	 	1.	Section 1. Grant of Restricted Stock Units. The last two sentences of Section 1 are deleted. 

 

	 	2.	Section 9(b). Governmental Regulations and Stop-Transfer Orders. Section 9(b) is amended to delete subsections 9(b)(v), 9(c) and 9(d).

  

	 	3.	Section 10(b). Tax Reporting. Section 10(b) is amended and restated to read in its entirety as follows: 

(b) For purposes of this Agreement, “Fair Market Value” is defined in the Plan. 

 

	 	4.	Section 13. Stockholders Agreement. Section 13 is deleted. 

 

	 	5.	Section 15. Restricted Stock Units Subject to the Plan. Section 15 is amended and restated to read in its entirety as follows:

 Restricted Stock Units Subject to the Plan. By entering into this Agreement, the Participant agrees and
acknowledges that (i) the Participant has received and read a copy of the Plan as in effect on the date hereof, and (ii) the Restricted Stock Units are subject to the Plan. In the event of a conflict between any term or provision contained
in this Agreement and any term or provision of the Plan, the terms and provisions of this Agreement shall prevail. No amendment to the Plan or this Agreement that is inconsistent with the express terms of this Agreement and that adversely affects
any of the Participant’s rights under this Agreement shall be effective as to this Agreement without the Participant’s prior written consent; provided, however, the Committee may amend the Plan and this Agreement to the extent necessary to
comply with the applicable law. 
  

	 	6.	Effective date of this Amendment. This Amendment is effective immediately prior to the effectiveness of the IPO. 

 

	 	7.	Continued Terms of Restricted Stock Units. Except as otherwise amended in this Agreement, your restricted stock units remain subject in all respects to the terms
and conditions of the Award Agreement and the 2012 Equity Incentive Plan and you acknowledge that a copy of the 2012 Equity Incentive Plan has been provided to you. 

 

 Please indicate your acceptance of this Amendment to the Award Agreement with respect to your restricted
stock units by signing and returning a copy of this Amendment to the address set forth below as soon as practicable. 
  

	
	ALERIS CORPORATION
	
	  
	Christopher R. Clegg
	Executive Vice President, General Counsel & Secretary
	
	  
	Roelof IJ. Baan
	Date:

  
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