Document:

Management Services Agreement, dated as of 12/18/2006

 Exhibit 10.18 
 EXECUTION COPY 
 MANAGEMENT SERVICES AGREEMENT 
 This Management Services Agreement (the “Agreement”) is entered into as of December 18, 2006, by and among Aurora Acquisition
Merger Sub, Inc., a Delaware corporation (together with its subsidiaries, “MergerSub”), Aurora Acquisition Holdings, Inc., a Delaware corporation (“Aurora” or the “Company”, and together with
MergerSub and their respective subsidiaries, the “Companies”) and TPG GenPar IV, L.P. and TPG GenPar V, L.P. (the “Managers”). 
 WHEREAS, each of Aurora and MergerSub will engage in a transaction in which MergerSub will merge with and into Aleris International, Inc., a Delaware corporation (“Aleris”), with Aleris surviving (the
“Merger”) pursuant to an Agreement and Plan of Merger, dated as of August 7, 2006 (as amended from time to time, the “Merger Agreement”); 
 WHEREAS, pursuant to the Merger Agreement and by virtue of the Merger, Aleris will assume, by operation of law, all of the liabilities and obligations of
the Company, including all liabilities and obligations set forth in this Agreement; 
 WHEREAS, TPG Partners V, L.P. (together with parallel
investment entities, “TPG V”‘), TPG Partners IV, L.P. (“TPG IV”) and certain co-investors are making an equity investment in Aurora Acquisition Holdings, LLC in connection with the Merger; and 
 WHEREAS, the Companies wish to retain the Managers to provide certain management and advisory services to the Companies, and the Managers are willing to
provide such services on the terms set forth below. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties
hereto, intending to be legally bound, hereby agree as follows: 
 1 . Services. Each Manager hereby agrees that, during the term of
this Agreement (the “Term”) it will provide to the Companies, to the extent appropriate and requested by the Companies, by and through itself and/or its successors, assigns, affiliates, officers, employees and/or representatives and
third parties (collectively hereinafter referred to as the “Manager Designees”), as the Managers in their sole discretion may designate from time to time, management, advisory and consulting services in relation to the affairs of
the Companies, including, without limitation: 
 (a) advice in connection with the negotiation and consummation of agreements, contracts,
documents and instruments necessary to provide the Companies with financing on terms and conditions satisfactory to the Companies; 
  

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 (b) advice in connection with acquisition, disposition and change of control transactions involving any
of the Companies or any of their direct or indirect subsidiaries or any of their respective successors; 
 (c) financial, managerial and
operational advice in connection with day-today operations, including, without limitation, advice with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of the Companies; and

 (d) such other services (which may include financial and strategic planning and analysis, consulting services, human resources and
executive recruitment services and other services) as the Managers and the Companies may from time to time agree in writing. 
 The Managers
or the Manager Designees will devote such time and efforts to the performance of the services contemplated hereby as the Managers deem reasonably necessary or appropriate; provided, however, that no minimum number of hours is required
to be devoted by the Managers or the Manager Designees on a weekly, monthly, annual or other basis. The Companies acknowledge that each of the services are not exclusive to the Companies and that the Managers and the Manager Designees may render
similar services to other persons and entities. The Managers and the Companies understand that the Companies may at times engage one or more investment bankers or financial advisers to provide services in addition to, but not in lieu of, services
provided by the Managers and the Manager Designees under this Agreement; provided that any such engagement will be made pursuant to the terms of the Amended and Restated Limited Liability Operating Agreement (the “LLC
Agreement”) of Aurora Acquisition Holdings, LLC (“Holdings”) among affiliates of the Managers and certain other parties. In providing services to the Companies, the Managers and Manager Designees will act as independent
contractors and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no party has the right or ability to contract for or on
behalf of any other party or to effect any transaction for the account of any other party. 
 2. Payment of Fees. 
 (a) On the date hereof, the Companies, jointly and severally, will pay to the Managers (or their designees) an aggregate transaction fee (the
“Transaction Fee”) equal to $42,500,000 (forty two million five hundred thousand dollars), of which 35.63% will be received in respect of services performed by the Managers or the Manager Designees on behalf of TPG IV and 64.37%
will be received in respect of services performed by Managers or the Manager Designees on behalf of TPG V (the “Fee Percentages”). 
 (b) During the Term, the Companies, jointly and severally, will pay to the Managers (or their designees) an aggregate annual Monitoring Fee (the “Monitoring Fee”) equal to $9,000,000 (nine million dollars) as compensation
for the services provided by the Managers or the Manager Designees under this Agreement, such fee being payable by the Companies 

  

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quarterly in advance on or before the start of each calendar quarter; provided, that in the event that either TPG IV or TPG V or any of their respective
affiliates increases its equity contribution to any of the Companies after the date hereof, the Managers shall have the right to increase the Monitoring Fee proportionately to reflect such increased equity commitment. 
 (c) During the Term, the Managers or the Manager Designees will advise the Companies in connection with financing, acquisition, disposition and change of
control transactions involving the Companies or any of their direct or indirect subsidiaries (however structured), and the Companies will pay to the Managers (or their designees) an aggregate fee (the “Subsequent Fee”) in connection
with each such transaction equal to customary fees charged by internationally-recognized investment banks for serving as a financial advisor in similar transactions, such fee to be due and payable for the foregoing services at the closing of such
transaction. 
 (d) The parties hereto acknowledge and agree that an objective of the Companies is to maximize value for their direct and
indirect equity holders, which may include the consummation of an initial registered public offering of the equity securities or equity interests of the Companies or their successors (an “IPO”) or the sale of either of the Companies
or their successors (through merger or otherwise) or a sale of all or substantially all of the assets of either of the Companies or their successors (any such sale transaction, a “Sale”). The services provided to the Companies by
the Managers and the Manager Designees will help to facilitate the consummation of a IPO or Sale, should the Companies determine to pursue such a transaction. In the event a IPO or Sale is consummated, the Companies will pay in cash on the date of
consummation of such IPO or Sale (in lieu of any Subsequent Fee) an aggregate success fee (the “Success Fee”) in an amount equal to four (4) times the Monitoring Fee in effect at such time. 
 (e) Each payment made pursuant to this Section 2 shall be paid by wire transfer of immediately available federal funds to the accounts specified on
Schedule 1 hereto, or to such respective other account(s) as the respective Managers may specify to the Companies in writing prior to such payment. In the event of a IPO or a Sale that includes non-cash consideration, each Manager may elect for it
or its designee receive all or any portion of its respective fee in the form of such non-cash consideration, valued at the sale price. Each payment made pursuant to this Section 2 shall be paid to each Manager (or its designee) pro rata in
proportion to the number of shares of common stock of the Company owned by investment funds Affiliated with such Manager and the number of shares of common stock of the Company owned by all investment funds Affiliated with any of the Managers, which
shall initially be in the proportions indicated on Schedule 2 hereto; provided, however, that only for the purpose of determining such pro rata proportions under this Section 2, TPG Partners IV, L.P. only shall be deemed to be an Affiliate of
TPG GenPar IV, L.P. and TPG Partners V, L.P. only shall be deemed to be an Affiliate of TPG GenPar V, L.P. 
 3. Deferral. Any fee
that would have been payable to the Managers (or their designees) pursuant to Section 2 above absent the restrictions, if any, in any financing or similar agreements (the “Financing Documents”) applicable to the Companies (the
“Deferred Fees”) will accrue upon the immediately succeeding period in which such amounts could, consistent with the Financing Documents, be paid, and will be paid in such succeeding period (in addition to such other amounts that
would otherwise be payable at such time) in the manner set forth in Section 2. 
  

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 4. Term. This Agreement will continue in full force and effect unless terminated by the Managers;
provided, that the termination of this Agreement will not relieve a party from liability for any breach of this Agreement on or prior to such termination. In the event of a termination of this Agreement, the Companies will pay the Managers
(or their respective designees) all unpaid Transaction Fees (pursuant to Section 2(a) above), Monitoring Fees (pursuant to Section 2(b) above), Subsequent Fees (pursuant to Section 2(c) above), Success Fees (pursuant to
Section 2(d) above), Deferred Fees (pursuant to Section 3 above) and expenses (pursuant to Section 5(a) below) due with respect to periods prior to the date of termination. This Section 4, Section 5 and Section 9
will survive termination of this Agreement. 
 5. Expenses; Indemnification. 
 (a) Expenses. The Companies, jointly and severally, will pay to the Managers (or their respective designees) on demand all Reimbursable Expenses.
As used herein, “Reimbursable Expenses” means (i) all out-of-pocket expenses incurred from and after the consummation of the merger (the “Closing Date”) relating to the services provided by the Managers, their
respective affiliates, or the Manager Designees to the Companies or any of their affiliates from time to time (including, without limitation, all air travel (by first class on a commercial airline or by charter, as determined by the Managers or the
Manager Designees) and other travel related expenses), (ii) all out-of-pocket legal expenses incurred by the Managers, their respective affiliates or the Manager Designees in connection with the enforcement of rights or taking of actions under
this Agreement, the Merger Agreement or any related documents or instruments, whether incurred on or after the date of this Agreement; and (iii) all expenses incurred by the Managers, their respective affiliates or the Manager Designees which
are properly allocable to the Companies under this Agreement, whether incurred on or after the date of this Agreement. 
 (b) Indemnity
and Liability. The Companies, jointly and severally, will indemnify, exonerate and hold the Managers, the Manager Designees and each of their respective partners, shareholders, members, affiliates, directors, officers, fiduciaries, managers,
controlling persons, employees and agents and each of the partners, shareholders, members, affiliates, directors, officers, fiduciaries, managers, controlling persons, employees and agents of each of the foregoing (collectively, the
“Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including attorneys’ fees and
expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement (collectively, the “Indemnified Liabilities”), arising out of any action, cause of action, suit, arbitration, investigation or claim
arising out of, or in any way relating to (i) this Agreement, the Merger Agreement, any transaction to which any of the Companies is a party or any other circumstances with respect to any of the Companies or (ii) operations of, or services
provided by the Managers or the Manager Designees to, the Companies, or any of their respective affiliates from time to time; provided that the foregoing indemnification rights will not be available to the extent that any such
Indemnified Liabilities arose on account of such Indemnitee’s gross negligence or 

  

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willful misconduct; and provided, further, that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any
reason, the Companies hereby agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. For purposes of this Section 5(b), none of the
circumstances described in the limitations contained in the two provisos in the immediately preceding sentence will be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the
extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Companies, then such payments will be promptly repaid by such Indemnitee to the Companies without interest. The
rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such person may have under any other agreement or instrument referenced above or any other agreement or instrument to which such Indemnitee is or
becomes a party or is or otherwise becomes a beneficiary or under law or regulation. 
 6. Disclaimer and Limitation of Liability;
Opportunities. 
 (a) Disclaimer; Standard of Care. Neither of the Managers nor any Manager Designee makes any representations or
warranties, express or implied, in respect of the services to be provided by the Managers or the Manager Designees hereunder. In no event will the Managers, the Manager Designees or Indemnitees be liable to the Companies or any of their respective
affiliates for any act, alleged act, omission or alleged omission that does not constitute gross negligence or willful misconduct of the Managers or the Manager Designees as determined by a final, non-appealable determination of a court of competent
jurisdiction. 
 (b) Freedom to Pursue Opportunities. In recognition that the Managers, the Manager Designees and their respective
Indemnitees currently have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which the Managers, the Manager Designees or their respective Indemnitees may serve as an advisor, a director or in
some other capacity, and in recognition that each Manager, each Manager Designee and their respective Indemnitees have myriad duties to various investors and partners, and in anticipation that the Companies, on the one hand and each Manager and
Manager Designee (or one or more of their respective affiliates, associated investment funds or portfolio companies), on the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of
corporate opportunities, and in recognition of the benefits to be derived by the Companies hereunder and in recognition of the difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in
determining the full scope of such duties in any particular situation, the provisions of this Section 6(b) are set forth to regulate, define and guide the conduct of certain affairs of the Companies as they may involve the Managers or the
Manager Designees. Except as the Managers or the Manager Designees, may otherwise agree in writing after the date hereof: 
 (i) The Managers, the Manager Designees and their respective Indemnitees will have the right: (A) to directly or indirectly engage in any business (including, without limitation, any business activities or lines of business that are
the same as or similar to those pursued by, or competitive with, the Companies and their subsidiaries), (B) to directly or indirectly do business with 

  

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any client or customer of the Companies and their subsidiaries, (C) to take any other action that a Manager or a Manager Designee believes in good faith
is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 6(b), and (D) not to present potential transactions, matters or business opportunities to the Companies or any of their
subsidiaries, and to pursue, directly or indirectly, any such opportunity for itself, and to direct any such opportunity to another Person. 
 (ii) The Managers, the Manager Designees and their respective Indemnitees will have no duty (contractual or otherwise) to communicate or present any corporate opportunities to the Companies or any of their affiliates
or to refrain from any actions specified in Section 6(b)(i), and the Companies, on their own behalf and on behalf of their affiliates, hereby renounce and waive any right to require the Managers, the Manager Designees or any of their respective
Indemnitees to act in a manner inconsistent with the provisions of this Section 6(b). 
 (iii) None of the Managers, the
Manager Designees nor any of their respective Indemnitees will be liable to the Companies or any of their affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this
Section 6(b) or of any such Person’s participation therein. 
 (c) Limitation of Liability. In no event will a Manager, a
Manager Designee or any of their respective Indemnitees be liable to the Companies or any of their affiliates for any indirect, special, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not such
damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to the services to be provided by a Manager or a Manager Designee hereunder. 
 7. Assignment, etc. Except as provided below, none of the parties hereto will have the right to assign this Agreement without the prior written
consent of each of the other parties. Notwithstanding the foregoing, (a) each Manager may assign all or part of its rights and obligations hereunder to any of its respective affiliates that provides services similar to those called for by this
Agreement, in which event such Manager will no longer be entitled to any fees under Section 2 and reimbursement of expenses under Section 5(a) and will be released of all of its obligations hereunder and (b) the provisions hereof for
the benefit of Indemnitees of the Managers will inure to the benefit of such Indemnitees and their successors and assigns. 
 8.
Amendments and Waivers. No amendment or waiver of any term, provision or condition of this Agreement will be effective, unless in writing and executed by the Managers and the Companies; provided, that any Manager may waive any portion
of any fee to which it is entitled pursuant to this Agreement, and, unless otherwise directed by the Manager, such waived portion will revert to the Companies. No waiver on any one occasion will extend to or effect or be construed as a waiver of any
right or remedy on any future occasion. No course of dealing of any person nor any delay or omission in exercising any right or remedy will constitute an amendment of this Agreement or a waiver of any right or remedy of any party hereto. 

 

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 9. Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE COURTS OF THE STATE OF
NEW YORK OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN MANHATTAN, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING. 
 10. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. 
 10. Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any
prior communication or agreement with respect thereto. 
 11. Notice. All notices, demands, and communications required or permitted
under this Agreement will be in writing and will be effective if served upon such other party and such other party’s copied persons as specified below to the address set forth for it below (or to such other address as such party will have
specified by notice to each other party) if (i) delivered personally, (ii) sent and received by facsimile, (iii) sent by electronic mail or (iv) sent by certified or registered mail or by Federal Express, DHL, UPS or any other
comparably reputable overnight courier service, postage prepaid, to the appropriate address as follows: 
 If to the
Companies, to: 
 Aleris International, Inc. 
 25825 Science Park Drive 
 Suite 400 
 Beachwood, Ohio 44122 
 Facsimile. 216-910-3650 
 If to a Manager, to: 
 Texas Pacific Group 
 301 Commerce Street, Suite 3300 
 Fort Worth, Texas 76102 
 Attention: John Viola 
 Telephone: 1 (817) 871-4000 
 Facsimile No.: 1 (817) 871-4088 
  

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 with a copy (which will not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Attention: Robert P. Davis, Esq. 
 Telephone: (212) 225-2000 
 Facsimile No.:(212) 225-3999 
 Unless otherwise specified herein, such notices or other communications will
be deemed effective, (a) on the date received, if personally delivered or sent by facsimile or electronic mail during normal business hours, (b) on the business day after being received if sent by facsimile or electronic mail other than
during normal business hours, (c) one business day after being sent by Federal Express, DHL or UPS or other comparably reputable delivery service and (d) five business days after being sent by registered or certified mail. Each of the
parties hereto will be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 
 12.
Severability. If in any proceedings a court will refuse to enforce any provision of this Agreement, then such unenforceable provision will be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to
permit the remaining provisions to be enforced. To the full extent, however, that the provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be valid and binding agreement enforceable in
accordance with its terms, and in the event that any provision hereof will be found to be invalid or unenforceable, such provision will be construed by limiting it so as to be valid and enforceable to the maximum extent consistent with and possible
under applicable law. 
 13. Counterparts. This Agreement may be executed in any number of counterparts and by each of the parties
hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which together will constitute one and the same agreement. 
  

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 IN WITNESS WHEREOF, each of the parties has duly executed this Agreement as of the date first above
written. 
 [Executed Signature Pages to Follow] 
  

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	AURORA ACQUISITION HOLDINGS, INC.
		
	By:	 	 /s/ John E. Viola

		 	Name:	 	John E. Viola
		 	Title:	 	Vice President and Treasurer
	
	AURORA ACQUISITION MERGER SUB, INC.
		
	By:	 	 /s/ Clive D. Bode

		 	Name:	 	Clive D. Bode
		 	Title:	 	Vice President and Secretary
	
	TPG GENPAR IV, L.P.
		
	By:	 	TPG Advisors IV, Inc.,
		 	its general partner
		
	By:	 	 /s/ Clive D. Bode

		 	Name:	 	Clive D. Bode
		 	Title:	 	Vice President
	
	TPG GENPAR V, L.P.
		
	By:	 	TPG Advisors V, Inc.,
		 	its general partner
		
	By:	 	 /s/ Clive D. Bode

		 	Name:	 	Clive D. Bode
		 	Title:	 	Vice President

  

 Management Services Agreement 

 Schedule 1 
 Wire Transfer Instructions for the Manager: 
 JP Morgan Chase 
 ABA# 021000021 
 Tarrant Partners, L.P. 
 Account number 07303006780 
  

 11Management Stockholders Agreement, dated as of 12/19/2006

 Exhibit 10.19 
 EXECUTION COPY 
 MANAGEMENT STOCKHOLDERS’ AGREEMENT 
 This MANAGEMENT STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of December 19, 2006, is by and among Aleris
International, Inc. (“Aleris”), Aurora Acquisition Holdings, Inc. (the “Parent”, and together with Aleris, the “Company”), the Majority Stockholder (as defined below) and the individuals listed on
Schedule A attached hereto (each, a “Management Stockholder”). 
 WHEREAS, the Management Stockholder may become the owner
of shares of common stock of the Company, $0.01 par value per share (“Common Stock”) and/or may be granted options to purchase Common Stock (the “Options”), pursuant to Aurora Acquisition Holdings, Inc. Management
Equity Incentive Plan (the “Plan”); and 
 WHEREAS, as a condition to the issuance of any shares of Common Stock by the
Company to the Management Stockholder, the Management Stockholder is required to execute this Agreement; and 
 WHEREAS, the Management
Stockholder, the Majority Stockholder and the Company desire to enter into this Agreement and to have this Agreement apply to any shares of Common Stock acquired by the Management Stockholder from whatever source, now or in the future (in the
aggregate, the “Shares”). 
 NOW THEREFORE, in consideration of the premises hereinafter set forth, and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows. 
 1. Investment. The
Management Stockholder represents that the Shares are being acquired for investment and not with a view toward the distribution thereof. 
 2. Issuance of Shares. The Management Stockholder acknowledges and agrees that the certificate for the Shares shall bear the following legends (except that the second paragraph of this legend shall not be required after the Shares
have been registered and except that the first paragraph of this legend shall not be required after the termination of this Agreement): 
  

	
	 The shares represented by this certificate are subject to the terms and conditions of a Management Stockholders’ Agreement dated as of
December 19, 2006 and may not be sold, transferred, hypothecated, assigned or encumbered, except as may be permitted by the aforesaid Agreement. A copy of the Management Stockholders’ Agreement may be obtained from the Secretary of the
Company.
  
 The shares represented by this certificate have not been registered
under the Securities Act of 1933. The shares have been acquired for investment and may not be sold, transferred, pledged or hypothecated in the absence of an effective registration statement for the shares under the Securities Act of 1933 or an
opinion of counsel for the Company that registration is not required under said Act.

 Upon the termination of this Agreement, or upon registration of the Shares under the Securities Act of
1933 (the “Securities Act”), the Management Stockholder shall have the right to exchange any Shares containing the above legend (i) in the case of the registration of the Shares, for Shares legended only with the first
paragraph described above and (ii) in the case of the termination of this Agreement, for Shares legended only with the second paragraph described above. 
 3. Transfer of Shares; Call Rights. 
 (a) Transfer Restrictions. The Management Stockholder
agrees that he or she will not cause or permit the Shares or his or her interest in the Shares to be sold, transferred, hypothecated, assigned or encumbered except as expressly permitted by this Section 3; provided, however, that
the Shares or any such interest may be Transferred (i) on the Management Stockholder’s death by bequest or inheritance to the Management Stockholder’s executors, administrators, testamentary trustees, legatees or beneficiaries,
(ii) subject to the prior written approval by the Board of Directors of the Parent (the “Board”) and compliance with all applicable tax, securities and other laws, any trust or custodianship created by the Participant, the
beneficiaries of which may include only the Participant, the Participant’s spouse or the Participant’s lineal descendants, and (iii) in accordance with Section 4 of this Agreement, subject in any such case to the agreement by
each Transferee (other than the Company or as otherwise permitted by the Company) in writing to be bound by the terms of this Agreement as if such Transferee had been an original signatory hereto and provided in any such case that no such Transfer
that would cause the Company to be required to register the Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall be permitted. 
 (b) Call Rights. 
 (i) The Company (or
its designated assignee) shall have the right, during the ninety-day period following the later to occur of (x) the termination of the Management Stockholder’s employment for any reason and (y) the date on which the Management
Stockholder or Transferee has held the Shares most recently acquired to be sold pursuant to this Section 3(b) for at least six (6) months, to purchase from the Management Stockholder or the Management Stockholder’s Transferee, and
upon the exercise of such right the Management Stockholder or such Transferee shall sell to the Company (or its designated assignee), all or any portion of the Shares acquired by the Management Stockholder or Transferee on the exercise of Options
and held by the Management Stockholder or Transferee as of the date as of which such right is exercised at a per Share price equal to the Fair Market Value (as defined in the Plan) of a share of Common Stock determined as of the date as of which
such right is exercised. The Company (or its designated assignee) shall exercise such right by delivering to the Management Stockholder or Transferee, as applicable, a written notice specifying its intent to purchase Shares held by the Management
Stockholder or Transferee (the “Call Notice”), the date as of which such right is to be exercised and the number of Shares to be purchased. Such purchase and sale shall occur on such date as the Company (or its designated 

  

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assignee) shall specify which date shall not be later than ninety (90) days after the fiscal quarter-end immediately following the date as of which the
Company’s right is exercised; provided that the Company may delay any such payment in the event such payment will result in the violation of the terms or provisions of, or result in a default or event of default under, any
guarantee, financing or security agreement or document entered into by the Company or any of its Affiliates and in effect on such date (hereinafter a “Financing Agreement”). In the event the payment of the purchase price is delayed
as a result of a restriction imposed by a Financing Agreement as provided above, such payment shall be made without the application of further conditions or impediments as soon as practicable after the payment of such purchase price would no longer
result in the violation of the terms or provisions of, or result in a default or event of default under, any Financing Agreement, and such payment shall equal the amount that would have been paid to the Management Stockholder or Transferee if no
delay had occurred plus interest for the period from the date on which the purchase price would have been paid but for the delay in payment provided herein to the date on which such payment is made (the “Delay Period”), calculated
at an annual rate equal to the average annual prime rate charged during the Delay Period by a nationally recognized bank designated by the Board. Notwithstanding the foregoing, if the delayed payment is not made within two (2) years after the
date on which the Company issues the Call Notice, the exercise of the call right pursuant to the Call Notice shall be null and void, and the Shares specified in such Call Notice shall no longer be subject to this Section 3(b). 
 (ii) In the event that the Management Stockholder or Transferee disagrees with the Company’s determination of the Fair Market Value of a Share, the
Management Stockholder or Transferee shall have the right to require the Company to seek an appraisal to determine the Fair Market Value of a Share in lieu of the Board determination (an “Outside Appraisal”). Any such Outside
Appraisal shall be made by a qualified person, which can be an accounting firm or investment banking firm or similar firm (an “Appraiser”), having substantial experience in the valuation of similar enterprises in the United States.
The Company and the Management Stockholder or Transferee shall mutually agree upon such Appraiser within 30 days of the Call Notice. The Management Stockholder or Transferee and the Company shall each bear 50% of the fees and expenses of the
Appraiser; provided, that in the event the Appraiser’s determination of Fair Market Value of a Share is higher than the Company’s determination of Fair Market Value of a Share by more than 10% of the Company’s determination of
Fair Market Value of a Share, the Company shall bear 100% of the fees and expenses of the Appraiser. The Company will have thirty (30) days following the conclusion of the Outside Appraisal to exercise its call right on the Shares of Common
Stock originally designated in the Call Notice, using the Fair Market Value determined in the Outside Appraisal, subject in all cases to the Company’s right to delay payment in accordance with the provisions of Section 3(b)(i). 

(c) If the Board receives the advice of counsel selected by the Company and reasonably acceptable to the Management Stockholder or any Transferee that
the inclusion of the call right described in this Section 3 would result in the Option or Shares becoming subject to Section 409A of the Code, the Board shall have the right to make such modifications or amendments to this Section 3
as the Board determines are reasonably necessary to avoid the application of Section 409A of the Code without the consent of the Management Stockholder or any Transferee. In making any such amendments or modifications, the Board shall take all
steps to put the parties in substantially same economic position as they would have been in had such 

  

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modifications or amendments not been made, to the extent reasonably practical. The Management Stockholder and any Transferee hereby stipulate that Cleary
Gottlieb Steen & Hamilton LLP is acceptable counsel for purposes of this Section 3(c). 
 4. Certain Rights. 

(a) Drag Along Rights. If the Majority Stockholder desires to sell all or substantially all of its shares of Common Stock or a portion of its
shares of Common Stock representing Control of the Company, in either case to a good faith independent purchaser (a “Purchaser”) (other than any other investment partnership, limited liability company or other entity established for
investment purposes and controlled by one or more of the members or the principals of the Majority Stockholder or any of its affiliates and other than any employees of the Majority Stockholder hereinafter referred to as a “Permitted
Transferee”) and said Purchaser desires to acquire all or substantially all of the issued and outstanding shares of Common Stock (or all or substantially all of the assets of the Company) upon such terms and conditions as agreed to with the
Majority Stockholder, the Management Stockholder or his or her Transferee agrees to sell all of his or her Shares to said Purchaser (or to vote all of his or her Shares in favor of any merger or other transaction which would effect a sale of such
shares of Common Stock or assets of the Company) at the same price per share of Common Stock and pursuant to the same terms and conditions with respect to payment for the shares of Common Stock as agreed to by the Majority Stockholder. In such case,
the Majority Stockholder shall give written notice of such sale to the Management Stockholder or his or her Transferee at least fifteen (15) business days prior to the consummation of such sale, setting forth (i) the consideration to be
received by the holders of shares of Common Stock, (ii) the identity of the Purchaser, (iii) any other material items and conditions of the proposed transfer and (iv) the date of the proposed transfer. In no event, however, shall the
Management Stockholder or his or her Transferee be required to make any representations regarding the Company or the other selling stockholders, and (x) neither the Management Stockholder nor his or her Transferee shall have any liability with
respect to representations of any other stockholder with respect to such other stockholders’ interest in the Company, the authority of such other stockholders to effect such transaction, the enforceability of such other stockholders’
obligations thereunder and other representations and covenants particular to such other stockholders, and (y) the maximum potential liability for any indemnities of the Management Stockholder and his or her Transferee(s) shall be limited to the
lesser of (i) his, her or its pro rata portion (based upon his, her or its share of aggregate proceeds received in the sale) of the indemnity obligations or (ii) the amount of the aggregate proceeds received by him, her or it, including
any amounts held in escrow for the purposes of securing indemnification claims and any amounts that may be set off by future payments. The Majority Stockholder and the Management Stockholder or his or her Transferee who exercises similar drag-along
rights shall be responsible for his or her proportionate share of the costs of the proposed Transfer to the extent not paid or reimbursed by the proposed Purchaser or the Company. For purposes of this Section 4(a), “Control of the
Company” shall mean the sale or disposition in a single transaction or a series of related transactions of at least fifty percent (50)% of the issued and outstanding shares of Common Stock or securities representing at least fifty percent
(50)% of the voting power of the Company. 
  

 4 

 (b) Tag Along Rights. 
 (i) Subject to paragraph (iv) of this Section 4(b), if the Majority Stockholder or its Permitted Transferee proposes to transfer any of its
shares of Common Stock to a Purchaser (other than a Permitted Transferee), then the Majority Stockholder or his or her Transferee (hereinafter referred to as a “Selling Stockholder”) shall give written notice of such proposed
transfer to the Management Stockholder or his or her Transferee (the “Selling Stockholder’s Notice”) at least thirty (30) days prior to the consummation of such proposed transfer, and shall provide notice to all other
stockholders of the Company to whom the Majority Stockholder has granted similar “tag-along” rights (such stockholders together with the Management Stockholder or his or her Transferee, referred to herein as the “Other
Stockholders”) setting forth the proposed material terms and conditions of such Transfer (including price per Share). 
 (ii) The
Management Stockholder or his or her Transferee shall have the right to elect, by delivery of written notice to the Majority Stockholder within fifteen (15) days from delivery of the Selling Stockholder’s Notice, to sell to the proposed
transferee a number of its shares of Common Stock, not to exceed (a) the number of shares of Common Stock held by such Management Stockholder or his or her Transferee multiplied by (b) a fraction, the numerator of which is aggregate number
of the Majority Stockholder’s shares of Common Stock proposed to be transferred, and the denominator of which is the aggregate number of shares of Common Stock held by the Majority Stockholder, on substantially the same terms and conditions
(including price per share of Common Stock) as the Majority Stockholder. In the event that the transferee does not wish to acquire all of the shares offered by the Management Stockholder or his or her Transferee, the number of shares of Common Stock
to be purchased by such transferee shall be allocated pro rata among the Majority Stockholders and the Other Stockholders in accordance with the number of shares of Common Stock that each such stockholder elected to transfer to the transferee. If
any Other Stockholder has not delivered written notice of its intent to participate in the Transfer by the end of the fifteen (15th) Business Day following delivery of the Tag-Along Notice, such Other Stockholder shall be deemed to have
consented to the Transfer. 
 (iii) Any transfer of Shares by the Management Stockholder or his or her Transferee shall be at the same price
per share of Common Stock and pursuant to the same terms and conditions with respect to payment for the shares of Common Stock as agreed to by the Selling Stockholder, provided, that in order to be entitled to exercise its tag-along rights pursuant
to this Section 4(b), the Management Stockholder or his or her Transferee must agree to make to the proposed Purchaser, representations, warranties, covenants, indemnities and agreements comparable to those made by the Selling Stockholder in
connection with the proposed transfer and agree to the same conditions to the proposed transfer as the Selling Stockholder agrees, it being understood that all such representations, warranties, covenants, indemnities and agreements shall be made by
the Selling Stockholder, the Management Stockholder or his or her Transferee and any Other Stockholder exercising similar tag-along rights severally and not jointly. The Selling Stockholder, the Management Stockholder and any Other Stockholder who
exercises similar tag-along rights shall be responsible for their proportionate share of the costs of the proposed Transfer to the extent not paid or reimbursed by the proposed Purchaser or the Company. 
  

 5 

 (iv) Notwithstanding anything to the contrary contained herein, the provisions of this Section 4(b)
shall not apply to any sale or transfer by the Majority Stockholder of shares of Common Stock unless and until the Majority Stockholder, after giving effect to the proposed sale or transfer, shall have sold or transferred in the aggregate (other
than to Permitted Transferees) shares of Common Stock, representing 20.0% of shares of Common Stock owned by the Majority Stockholder as of December 19, 2006 (without taking into account any shares of Common Stock transferred to any employee of
the Company on or before June 30, 2006). 
 5. Piggyback Registration Rights. 
 (a) Notice to Management Stockholder. If the Company determines that it will file a registration statement under the Securities Act, other than a
registration statement on Form S-4 or Form S-8 or any successor form, for an offering which includes shares of Common Stock held by the Majority Stockholder, then the Company shall give prompt written notice to the Management Stockholder or
Transferee that such filing is expected to be made (but in no event less than 30 days nor more than 60 days in advance of filing such registration statement), the jurisdiction or jurisdictions in which such offering is expected to be made, and the
underwriter or underwriters (if any) that the Company (or the person requesting such registration) intends to designate for such offering. If the Company, within 15 days after giving such notice, receives a written request for registration of any
Shares from the Management Stockholder or Transferee, then the Company shall include in the same registration statement the number of Shares to be sold by the Management Stockholder or Transferee as shall have been specified in his or her request,
except that the Management Stockholder or Transferee shall not be permitted to register more than a Pro Rata Portion of her Shares. The Company shall bear all costs of preparing and filing the registration statement, and shall indemnify and hold
harmless, to the extent customary and reasonable, pursuant to indemnification and contribution provisions to be entered into by the Company at the time of filing of the registration statement, the seller of any shares of Common Stock covered by such
registration statement. 
 Notwithstanding anything herein to the contrary, the Company, on prior notice to the participating Stockholder,
may abandon its intention to file a registration statement under this Section 5(a) at any time prior to such filing. 
 For purposes of
Section 5 hereof, “Pro Rata Portion” shall mean a number equal to the product of (x) the total number of Shares owned by the Management Stockholder or Transferee and (y) a fraction, the numerator of which shall be the
total number of shares of Common Stock offered (for sale or registration, as applicable) by the Majority Stockholder, and the denominator of which shall be the total number of shares of Common Stock owned by the Majority Stockholder. 
 (b) Allocation. If the managing underwriter shall inform the Company in writing that the number of shares of Common Stock requested to be included
in such registration exceeds the number which can be sold in (or during the time of) such offering within a price range acceptable to the Majority Stockholder, then the Company shall include in such registration such number of shares of Common Stock
which the Company is so advised can be sold in (or during the time of) such offering. All holders of shares of Common Stock proposing to sell shares of Common Stock shall share pro rata in the number of shares of Common Stock to be excluded from
such offering, such sharing to be based on the respective numbers of shares of Common Stock as to which registration has been requested by such holders. 
  

 6 

 (c) Permitted Transfer. Notwithstanding anything to the contrary contained herein, sales of Shares
pursuant to a registration statement filed by the Company may be made without compliance with any other provision of this Agreement. 
 6.
Termination. This Agreement shall terminate with respect to the Common Stock immediately following the existence of a Public Market for the Common Stock except that (i) the requirements contained in Section 2 hereof shall survive
the termination of this Agreement and (ii) during such period of time, if any, as the Management Stockholder is precluded from selling such Shares pursuant to Rule 144 of the Securities Act, no Transfer will require the Company to register the
Common Stock under Section 12(g) of the Exchange Act. For this purpose, a “Public Market” for the Common Stock shall be deemed to exist if at least 20% of the total outstanding Common Stock is registered under
Section 12(b) or 12(g) of the Exchange Act and trading regularly occurs in such Common Stock in, on or through the facilities of securities exchanges and/or inter-dealer quotation systems in the United States (within the meaning of
Section 902(n) of the Securities Act) or any designated offshore securities market (within the meaning of Rule 902(a) of the Securities Act). 
 7. Distributions With Respect To Shares. As used herein, the term “Shares” includes securities of any kind whatsoever distributed with respect to the Common Stock acquired by the Management Stockholder or his or her
Transferee pursuant to the Plan or any such securities resulting from a stock split or consolidation involving such Common Stock. 
 8.
Amendment; Assignment. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by authorized representatives of the parties or, in the case of a waiver,
by an authorized representative of the party waiving compliance. No such written instrument shall be effective unless it expressly recites that it is intended to amend, supersede, cancel, renew or extend this Agreement or to waive compliance with
one or more of the terms hereof, as the case may be. Except for the Management Stockholder’s right to assign his or her rights under Section 3(a) or the Company’s right to assign its rights under Section 3(b), no party to this
Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the other parties hereto. 
 9. “Majority Stockholder”. For purposes of this Agreement, the Majority Stockholder shall mean, collectively, TPG Partners IV, L.P. and TPG Partners V, L.P., collectively or individually as the context requires and their
respective affiliates. 
 10. Notices. Each notice and other communication hereunder shall be in writing and shall be given and shall
be deemed to have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable overnight courier, or the third business day if sent by registered mail, return receipt requested, to
the parties as follows: 
  

 7 

 If to the Management Stockholder, to his most recent address shown on records of the Company or its
Affiliate; 
 If to the Company: 
 Aleris International, Inc. 
 25825 Science Park Drive 
 Suite 400 
 Beachwood, Ohio 44122 
 Facsimile: 216-910-3650 
 Attn: General
Counsel 
 with a copy to: 
 Robert J. Raymond 
 Cleary, Gottlieb, Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006

 If to the Parent: 
 Aurora
Acquisition Holding, Inc. 
 301 Commerce Street, Suite 3300 
 Fort Worth, TX 76102 
 Attention: General Counsel 
 with a copy to: 
 Robert J. Raymond

 Cleary, Gottlieb, Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 or to such other address as any party may have furnished to the others in writing in accordance herewith, except that notices of change of address shall
only be effective upon receipt. 
 11. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed to be an original, but each of which together shall constitute one and the same document. 
  

 8 

 12. Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware, without reference to its principles of conflicts of law. 
 13. Binding Effect. This Agreement shall be
binding upon, inure to the benefit of, and be enforceable by the heirs, personal representatives, successors and permitted assigns of the parties hereto. Nothing expressed or referred to in this Agreement is intended or shall be construed to give
any person other than the parties to this Agreement, or their respective heirs, personal representatives, successors or assigns, any legal or equitable rights, remedy or claim under or in respect of this Agreement or any provision contained herein.

 14. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof. 
 15. Severability. If any term, provision, covenant or restriction of this Agreement, is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 16. Miscellaneous. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. 
 *    *    *    *    *    * 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	AURORA ACQUISITION HOLDINGS, INC.
		
	By:	 	 /s/ John E. Viola

		 	Name: John E. Viola
		 	Title: Vice President and Treasurer
	
	ALERIS INTERNATIONAL, INC.
		
	By:	 	 /s/ Michael D. Friday

		 	Name:
		 	Title:

  

					
		 	1 of 2	 	

 Management Stockholders’ Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 

			
	TPG PARTNERS IV, L.P.
		
	By:	 	 TPG GenPar IV, L.P.,
 its general
partner

		
	By:	 	 TPG Advisors IV, Inc.,
 its general
partner

		
	By:	 	 /s/ Clive D. Bode

		 	Name: Clive D. Bode
		 	Title: Vice President
	
	TPG PARTNERS V, L.P.
		
	By:	 	 TPG GenPar V, L.P.,
 its general
partner

		
	By:	 	 TPG Advisors V, Inc.,
 its general
partner

		
	By:	 	 /s/ Clive D. Bode

		 	Name: Clive D. Bode
		 	Title: Vice President

  

					
		 	2 of 2	 	

 Management Stockholders’ Agreement 
  

 SCHEDULE A 
 MANAGEMENT STOCKHOLDERS 
  

			
	By:	 	 /s/ Steven J. Demetriou

		 	 Name: Steven J. Demetriou

		
	By:	 	 /s/ John J. Wasz

		 	 Name: John J. Wasz

		
	By:	 	 /s/ Michael D. Friday

		 	Name: Michael D. Friday
		
	By:	 	 /s/ Christopher R. Clegg

		 	 Name: Christopher R. Clegg

		
	By:	 	 /s/ Sean M. Stack

		 	 Name: Sean M. Stack

  

 A-1

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