This letter confirms two mutually-agreed changes to your June 1, 2010 employment and RSU agreements, as follows:Employment Agreement • May 13th, 2011 • Aleris International, Inc. • Secondary smelting & refining of nonferrous metals
Although Section 2(b) of your employment contract allows the Company to pay a portion of your 2011 annual bonus in Aleris Holding stock, we have agreed that your entire 2011 annual bonus will be paid in cash and that no portion will be paid in stock. Until further action by the Compensation Committee, you will have the opportunity to purchase shares of Aleris Holding stock with up to 50% of the after-tax proceeds of your annual bonus at fair market value (as determined by the Aleris Holding’s Board of Directors), with any such purchase to be effected when the bonus is paid.
This letter confirms two mutually-agreed changes to your June 1, 2010 employment and RSU agreements, as follows:Employment Agreement • May 13th, 2011 • Aleris International, Inc. • Secondary smelting & refining of nonferrous metals
