EXHIBIT 10.3
Published on March 20, 2006
Exhibit 10.3 - ---------------------------------------------------------------------------------------------------------------------------- Novelis Founders Performance Award - Chris Bark-Jones - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Novelis Share Price Targets - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Initial Price - March 24 $21.82 - NYSE Closing Price on March 24, 2005 - ---------------------------------------------------------------------------------------------------------------------------- 8% Increase Price $23.57 - Tranche #1 - ---------------------------------------------------------------------------------------------------------------------------- 16% Increase Price $25.31 - Tranche #2 - ---------------------------------------------------------------------------------------------------------------------------- 25% Increase Price $27.28 - Tranche #3 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Performance Share Units (PSUs) To Be Awarded - ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Share Start of End of # of PSUs Price Measurement Measurement Awarded Target [1] Period Period - ---------------------------------------------------------------------------------------------------------------------------- Tranche #1 7,200 $ 23.57 March 24, 2005 March 23, 2008 - ---------------------------------------------------------------------------------------------------------------------------- Tranche #2 7,200 $ 25.31 March 24, 2006 March 23, 2008 - ---------------------------------------------------------------------------------------------------------------------------- Tranche #3 7,200 $ 27.28 March 24, 2007 March 23, 2008 - ---------------------------------------------------------------------------------------------------------------------------- Total Potential Award 21,600 - ----------------------------------------------------- [1] Closing share price on the NYSE must reach or exceed this level for 15 consecutive trading days - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- PSU Value at Share Price Target - ---------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------- # of PSUs Share Price Cash Paid in Cash Target Payment [1] - -------------------------------------------------------------------------------------------------- Tranche #1 7,200 $ 23.57 $ 169,704 - -------------------------------------------------------------------------------------------------- Tranche #2 7,200 $ 25.31 $ 182,232 - -------------------------------------------------------------------------------------------------- Tranche #3 7,200 $ 27.28 $ 196,416 - -------------------------------------------------------------------------------------------------- Total Potential Value $ 548,352 - -------------------------------------------------------------------------------------------------- [1] Actual payment will be based on closing share price on NYSE for 5 trading days prior to payment - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Payment Date - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Tranche #1 Later of March 24, 2006 or six months after PSUs awarded - ---------------------------------------------------------------------------------------------------------------------------- Tranche #2 Later of March 24, 2007 or six months after PSUs awarded - ---------------------------------------------------------------------------------------------------------------------------- Tranche #3 Later of March 24, 2008 or six months after PSUs awarded - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Agreed and Accepted by: Executive's Name: Chris Bark-Jones Date: March 31, 2005 ---------------- Executive's Signature: /s/ Chris Bark-Jones