EXHIBIT 10.4
Published on March 20, 2006
Exhibit 10.4
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Novelis Founders Performance Award - Jack Morrison
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Novelis Share Price Targets
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Initial Price - March 24 $21.82 - NYSE Closing Price on March 24, 2005
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8% Increase Price $23.57 - Tranche #1
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16% Increase Price $25.31 - Tranche #2
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25% Increase Price $27.28 - Tranche #3
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Performance Share Units (PSUs) To Be Awarded
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Share Start of End of
# of PSUs Price Measurement Measurement
Awarded Target [1] Period Period
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Tranche #1 7,200 $ 23.57 March 24, 2005 March 23, 2008
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Tranche #2 7,200 $ 25.31 March 24, 2006 March 23, 2008
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Tranche #3 7,200 $ 27.28 March 24, 2007 March 23, 2008
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Total Potential Award 21,600
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[1] Closing share price on the NYSE must reach or exceed this level for 15
consecutive trading days
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PSU Value at Share Price Target
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# of PSUs Share Price Cash
Paid in Cash Target Payment [1]
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Tranche #1 7,200 $ 23.57 $ 169,704
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Tranche #2 7,200 $ 25.31 $ 182,232
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Tranche #3 7,200 $ 27.28 $ 196,416
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Total Potential Value $ 548,352
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[1] Actual payment will be based on closing share price on NYSE for 5 trading
days prior to payment
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Payment Date
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Tranche #1 Later of March 24, 2006 or six months after PSUs awarded
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Tranche #2 Later of March 24, 2007 or six months after PSUs awarded
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Tranche #3 Later of March 24, 2008 or six months after PSUs awarded
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Agreed and Accepted by:
Executive's Name: Jack Morrison Date: March 31, 2005
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Executive's Signature: /s/ Jack Morrison
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