EX-4.1



 Exhibit 4.1 

EXECUTION VERSION 

STOCKHOLDER AND REGISTRATION RIGHTS AGREEMENT 

BY AND BETWEEN 
 ALCOA INC. 

AND 
 ALCOA UPSTREAM CORPORATION

 DATED AS OF OCTOBER 31, 2016 







 TABLE OF CONTENTS 
  

			
	 	 	 Page

		
	 TABLE OF CONTENTS
	 	i
		
	 ARTICLE I DEFINITIONS
	 	1
		
	 ARTICLE II REGISTRATION RIGHTS
	 	6
		
	 Section 2.01   Registration.
	 	6
	 Section 2.02   Piggyback Registrations.
	 	10
	 Section 2.03   Registration Procedures.
	 	12
	 Section 2.04   Underwritten Offerings or Exchange Offers.
	 	18
	 Section 2.05   Registration Rights Agreement with Participating Banks.
	 	19
	 Section 2.06   Registration Expenses Paid by UpstreamCo.
	 	19
	 Section 2.07   Indemnification.
	 	20
	 Section 2.08   Reporting Requirements; Rule 144.
	 	22
	 Section 2.09   Registration Rights Covenant.
	 	22
		
	 ARTICLE III VOTING RESTRICTIONS
	 	22
		
	 Section 3.01   Voting of UpstreamCo Shares.
	 	22
		
	 ARTICLE IV MISCELLANEOUS
	 	23
		
	 Section 4.01   Further Assurances.
	 	23
	 Section 4.02   Term and Termination.
	 	23
	 Section 4.03   Counterparts; Entire Agreement; Corporate Power.
	 	24
	 Section 4.04   Disputes and Governing Law.
	 	24
	 Section 4.05   Successors, Assigns and Transferees.
	 	25
	 Section 4.06   Third-Party Beneficiaries.
	 	26
	 Section 4.07   Notices.
	 	26
	 Section 4.08   Severability.
	 	27
	 Section 4.09   Headings.
	 	27
	 Section 4.10   Waiver of Default.
	 	27
	 Section 4.11   Amendments.
	 	28
	 Section 4.12   Interpretation.
	 	28
	 Section 4.13   Performance.
	 	28
	 Section 4.14   Registrations, Exchanges, etc.
	 	29
	 Section 4.15   Mutual Drafting.
	 	29
		
	 Exhibit A – Form of Agreement to be Bound
	 	A-1


  
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 STOCKHOLDER AND REGISTRATION RIGHTS AGREEMENT 

This STOCKHOLDER AND REGISTRATION RIGHTS AGREEMENT, dated as of October 31, 2016 (this “Agreement”), is by and between Alcoa
Inc., a Pennsylvania corporation (“Parent”), and Alcoa Upstream Corporation, a Delaware corporation (“UpstreamCo”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned
to them in Article I. 
 R E C I T A L S 

WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is appropriate and desirable to
distribute up to eighty and one tenth of a percent (80.1%) of the outstanding UpstreamCo Shares owned by Parent to Parent’s shareholders (the “Distribution”); 

WHEREAS, Parent may Sell those UpstreamCo Shares that are not distributed in the Distribution (such UpstreamCo Shares not distributed in the
Distribution, the “Retained Shares”) through one or more transactions, including pursuant to one or more transactions registered under the Securities Act; 

WHEREAS, UpstreamCo desires to grant to the Parent Group the Registration Rights for the Retained Shares and other Registrable Securities,
subject to the terms and conditions of this Agreement; 
 WHEREAS, the Parent Group desires to grant UpstreamCo a proxy to vote the Retained
Shares in proportion to the votes cast by UpstreamCo’s other stockholders, subject to the terms and conditions of this Agreement; and 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I DEFINITIONS 
 For the
purpose of this Agreement, the following terms shall have the following meanings: 
 “Affiliate” shall have the meaning
given to such term in the Separation and Distribution Agreement. 
 “Agreement” shall have the meaning set forth in the
Preamble. 
 “Ancillary Agreements” shall have the meaning given to such term in the Separation and Distribution Agreement.

 “Ancillary Filings” shall have the meaning set forth in Section 2.03(a)(i). 







 “Blackout Notice” shall have the meaning set forth in Section 2.01(d).

 “Blackout Period” shall have the meaning set forth in Section 2.01(d). 

“Block Trade” means an Underwritten Offering not involving any “road show” which is commonly known as a “block
trade.” 
 “Change of Control” shall have the meaning given to such term in the Separation and Distribution Agreement.

 “Debt” shall mean any indebtedness of any member of the Parent Group, including debt securities, notes, credit
facilities, credit agreements and other debt instruments, including, in each case, any amounts due thereunder. 
 “Debt
Exchanges” shall mean one or more Public Debt Exchanges or Private Debt Exchanges. 
 “Demand Registration” shall
have the meaning set forth in Section 2.01(a). 
 “Disadvantageous Condition” shall have the meaning set forth in
Section 2.01(d). 
 “Dispute” shall have the meaning set forth in Section 4.04(a). 

“Distribution” shall have the meaning set forth in the Recitals. 

“Distribution Date” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, together with the rules and regulations
promulgated thereunder. 
 “Effective Time” shall have the meaning given to such term in the Separation and Distribution
Agreement. 
 “Exchange Offer” shall mean an exchange offer of Registrable Securities for outstanding securities of a
Holder. 
 “Force Majeure” shall have the meaning given to such term in the Separation and Distribution Agreement.

 “Governmental Authority” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Group” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Holder” shall mean any member of the Parent Group, so long as such Person holds any Registrable Securities, and any
Permitted Transferee, so long as such Person holds any Registrable Securities. 

  
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 “Indemnifying Party” shall have the meaning set forth in Section 2.07(c).

 “Indemnitee” shall have the meaning set forth in Section 2.07(c). 

“Initiating Holder” shall have the meaning set forth in Section 2.01(a). 

“Law” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Lock-up Period” shall have the meaning set forth in Section 3.01(d). 

“Losses” shall have the meaning set forth in Section 2.07(a). 

“Offering Confidential Information” shall mean, with respect to a Piggyback Registration, (i) UpstreamCo’s plan to
file the relevant Registration Statement and engage in the offering so registered, (ii) any information regarding the offering being registered (including the potential timing, price, number of shares, underwriters or other counterparties,
selling stockholders or plan of distribution) and (iii) any other information (including information contained in draft supplements or amendments to offering materials) provided to any Holders by UpstreamCo (or by third parties) in connection
with a Piggyback Registration; provided, that Offering Confidential Information shall not include information that (x) was or becomes generally available to the public (including as a result of the filing of the relevant Registration
Statement) other than as a result of a disclosure by any Holder, (y) was or becomes available to any Holder from a source not bound by any confidentiality agreement with UpstreamCo or (z) was otherwise in such Holder’s possession prior to
it being furnished to such Holder by UpstreamCo or on UpstreamCo’s behalf. 
 “Other Holders” shall have the meaning
set forth in Section 2.01(f). 
 “Parent” shall have the meaning set forth in the Preamble. 

“Parent Board” shall have the meaning set forth in the Recitals. 

“Parent Group” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Participating Banks” means such investment banks that engage in any Debt Exchange with one or more members of the
Parent Group. 
 “Parties” shall mean the parties to this Agreement. 

“Permitted Transferee” shall mean any Transferee and any Subsequent Transferee. 

“Person” shall mean an individual, a general or limited partnership, a corporation, a trust, a joint venture, an
unincorporated organization, a limited liability entity, any other entity and any Governmental Authority. 

  
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 “Piggyback Registration” shall have the meaning set forth in Section
2.02(a). 
 “Private Debt Exchange” shall mean a private exchange pursuant to which one or more members of the Parent
Group shall Sell some or all of their Registrable Securities to one or more Participating Banks in exchange for the satisfaction of Debt, in a transaction or transactions not required to be registered under the Securities Act. 

“Prospectus” shall mean the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus (including, for the avoidance of doubt, any Takedown Prospectus Supplement), including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“Public Debt Exchange” shall mean a public exchange pursuant to which one or more members of the Parent Group shall Sell some
or all of their Registrable Securities to one or more Participating Banks in exchange for the satisfaction of Debt, in a transaction or transactions registered under the Securities Act. 

“Registrable Securities” shall mean the Retained Shares and any UpstreamCo Shares or other securities issued with respect to,
in exchange for, or in replacement of such Retained Shares; provided, that the term “Registrable Securities” excludes any security (i) the offering and Sale of which has been effectively registered under the Securities Act and
which has been Sold in accordance with a Registration Statement, (ii) that has been Sold by a Holder in a transaction or transactions exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1)
thereof (including transactions pursuant to Rule 144) such that the further Sale of such securities by the transferee or assignee is not restricted under the Securities Act or (iii) that has been Sold by a Holder in a transaction in which such
Holder’s rights under this Agreement are not, or cannot be, assigned. 
 “Registration” shall mean a registration with
the SEC of the offer and Sale to the public of any Registrable Securities under a Registration Statement. The terms “Register” and “Registering” shall have correlative meanings. 

“Registration Expenses” shall mean all expenses incident to the UpstreamCo Group’s performance of or compliance with
this Agreement, including all (i) registration, qualification and filing fees, (ii) fees and expenses of compliance with securities or blue sky Laws (including reasonable fees and disbursements of counsel in connection with blue sky
qualifications within the United States of any Registrable Securities being registered), (iii) printing expenses, messenger, telephone and delivery expenses, (iv) internal expenses of UpstreamCo Group (including all salaries and expenses
of employees of members of UpstreamCo Group performing legal or accounting duties), (v) fees and disbursements of counsel for UpstreamCo and customary fees and expenses for independent certified public accountants retained by the UpstreamCo
Group (including the expenses of any comfort letters or costs associated with the delivery by UpstreamCo Group members’ independent certified public accountants of comfort letters customarily requested by underwriters) and (vi) fees and
expenses of listing any Registrable Securities on any securities exchange on which the UpstreamCo Shares are then listed and Financial Industry Regulatory Authority registration and filing fees; but excluding any fees or disbursements of any Holder,
all expenses incurred in connection with the 

  
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printing, mailing and delivering of copies of any Registration Statement, any Prospectus, any other offering documents and any amendments and supplements thereto to any underwriters and dealers;
any underwriting discounts, fees or commissions attributable to the offer and Sale of any Registrable Securities, any fees and expenses of the underwriters or dealer managers, the cost of preparing, printing or producing any agreements among
underwriters, underwriting agreements and blue sky or legal investment memoranda, any selling agreements and any other similar documents in connection with the offering, Sale, distribution or delivery of the Registrable Securities or other
UpstreamCo Shares to be Sold, including any fees of counsel for any underwriters in connection with the qualification of the Registrable Securities or other UpstreamCo Shares to be Sold for offering and Sale or distribution under state securities
Laws, any stock transfer taxes, out-of-pocket costs and expenses relating to any investor presentations on any “road show” presentations undertaken in connection with marketing of the Registrable Securities and any fees and expenses of any
counsel to the Holder or the underwriters or dealer managers. 
 “Registration Period” shall have the meaning set forth in
Section 2.01(c). 
 “Registration Rights” shall mean the rights of the Holders to cause UpstreamCo to Register
Registrable Securities pursuant to Article II. 
 “Registration Statement” shall mean any registration
statement of UpstreamCo filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference into such registration statement. For the avoidance of doubt, it is acknowledged and agreed that such Registration Statement may be on any form that shall be
applicable, including Form S-1, Form S-3 or Form S-4 and may be a Shelf Registration Statement. 
 “Retained Shares” shall
have the meaning set forth in the recitals. 
 “Sale” shall mean the direct or indirect transfer, sale, assignment or other
disposition of a security. The terms “Sell” and “Sold” shall have correlative meanings. 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder. 
 “Separation and Distribution Agreement” shall mean the Separation and Distribution Agreement by and between
Parent and UpstreamCo in connection with the Separation and the Distribution, as it may be amended from time to time. 
 “Shelf
Registration” means a registration pursuant to a Shelf Registration Statement. 

  
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 “Shelf Registration Statement” shall mean a Registration Statement of UpstreamCo
for an offering of Registrable Securities to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or similar provisions then in effect). 

“Subsequent Transferee” shall have the meaning set forth in Section 4.05(b). 

“Subsidiary” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Takedown Prospectus Supplement” shall have the meaning set forth in Section 2.01(g). 

“Takedown Request” shall have the meaning set forth in Section 2.01(g). 

“Third Party” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Transferee” shall have the meaning set forth in Section 4.05(b). 

“Underwritten Offering” shall mean a Registration in which Registrable Securities are Sold to an underwriter or underwriters
on a firm commitment basis for reoffering to the public. 
 “UpstreamCo” shall have the meaning set forth in the Preamble.

 “UpstreamCo Board” shall mean the board of directors of UpstreamCo. 

“UpstreamCo Group” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“UpstreamCo Public Sale” shall have the meaning set forth in Section 2.02(a). 

“UpstreamCo Shares” shall mean the shares of common stock, par value $0.01 per share, of UpstreamCo. 

ARTICLE II REGISTRATION RIGHTS 

Section 2.01 Registration. 

(a) At any time prior to the fifth anniversary of the Distribution Date, any Holder(s) of 10% or more of the then outstanding Registrable
Securities (and any Holders acting together which collectively hold 10% or more of the then outstanding Registrable Securities) (collectively, the “Initiating Holder”; provided, that the 10% ownership threshold shall not apply to
any Holder that is a member of the Parent Group) shall have the right to request that UpstreamCo file a Registration Statement with the SEC on the appropriate registration form for all or part of the Registrable Securities held by such Initiating
Holder, by delivering a written request thereof to UpstreamCo specifying the number of shares of Registrable Securities such Initiating Holder wishes to register (a “Demand Registration”). UpstreamCo shall (i) within five


  
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days of the receipt of a Demand Registration, give written notice of such Demand Registration to all Holders of Registrable Securities, (ii) use its commercially reasonable efforts to
prepare and file the Registration Statement as expeditiously as possible but in any event within 30 days of such request (provided, that in no event shall UpstreamCo be required to file the Registration Statement prior to the end of the Lock-up
Period), and (iii) use its commercially reasonable efforts to cause the Registration Statement to become effective in respect of each Demand Registration in accordance with the intended method of distribution set forth in the written request
delivered by the Initiating Holder. UpstreamCo shall include in such Registration all Registrable Securities with respect to which UpstreamCo receives, within the 10 days immediately following the receipt by the Holder(s) of such notice from
UpstreamCo, a request for inclusion in the Registration from the Holder(s) thereof. Each such request from a Holder of Registrable Securities for inclusion in the Registration shall also specify the aggregate amount of Registrable Securities
proposed to be Registered. The Initiating Holder may request that the Registration Statement be on any appropriate form, including Form S-4 in the case of an Exchange Offer or a Shelf Registration Statement, and UpstreamCo shall effect the
Registration on the form so requested.
 (b) The Holder(s) may collectively make a total of three Demand Registration requests pursuant to
Section 2.01(a) (including any exercise of rights to Demand Registration transferred pursuant to Section 4.05 and including any exercise of rights to Demand Registration made pursuant to any registration rights agreement entered into
pursuant to Section 2.05); provided that the Holder(s) may not make more than two Demand Registration requests in any 365-day period. In addition, and notwithstanding anything to the contrary, the Parent Group shall be permitted
to engage in up to four Private Debt Exchanges within any nine-month period during the first eighteen months following the date hereof, and Demand Registration request(s) made by the Participating Banks in such Private Debt Exchanges pursuant to one
or more registration rights agreements with UpstreamCo pursuant to Section 2.05 shall collectively count only as one Demand Registration request for purposes of the limitation on the number of Demand Registration requests set forth in
the first sentence of this Section 2.01(b) (it being understood that the Parent Group shall be permitted to engage in additional Private Debt Exchanges outside such nine-month period, but each Demand Registration request by the Participating
Banks for such Private Debt Exchange pursuant to its registration rights agreement with UpstreamCo pursuant to Section 2.05 shall count as an additional Demand Registration request for purposes of the limitation on the number of Demand
Registration requests set forth in the first sentence of this Section 2.01(b)). Furthermore, and notwithstanding anything to the contrary, if, at the time of the third Demand Registration, UpstreamCo is prohibited under then-existing SEC
rules from registering all remaining Registrable Securities pursuant to a Shelf Registration, regardless of whether the Holder or Holders has requested that such third Demand Registration be a Shelf Registration or otherwise, then such Demand
Registration shall not count toward the total number of Demand Registration requests made by the Holder(s), and the Holder(s) shall continue to be able to make additional Demand Registration requests until such time as UpstreamCo is permitted under
then-existing SEC rules to register all of the remaining Registrable Securities pursuant to a Shelf Registration. 
 (c) UpstreamCo shall be
deemed to have effected a Registration for purposes of this Section 2.01 if the Registration Statement is declared effective by the SEC or becomes effective upon filing with the SEC and remains effective until the earlier of (i) the date
when all 

  
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Registrable Securities thereunder have been Sold and (ii) in the case of a Registration Statement that is not a Shelf Registration Statement, 60 days from the effective date of the
Registration Statement, in the case of a Shelf Registration Statement on Form S-1, 12 months from the effective date of the Shelf Registration Statement, or in the case of a Shelf Registration Statement on any other form, 24 months from the
effective date of the Shelf Registration Statement (the “Registration Period”). No Registration shall be deemed to have been effective if the conditions to closing specified in the underwriting agreement or dealer manager
agreement, if any, entered into in connection with such Registration are not satisfied by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement or dealer manager agreement by any member of the UpstreamCo
Group. If during the Registration Period, such Registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other Governmental Authority or the need to update or supplement the Registration
Statement, the Registration Period shall be extended on a day-for-day basis for any period in which the Holder(s) is unable to complete an offering as a result of such stop order, injunction or other order or requirement of the SEC or other
Governmental Authority. 
 (d) With respect to any Registration Statement or Takedown Prospectus Supplement, whether filed or to be filed
pursuant to this Agreement, if UpstreamCo shall reasonably determine, upon the advice of legal counsel, that maintaining the effectiveness of such Registration Statement or filing an amendment or supplement thereto (or, if no Registration Statement
has yet been filed, filing such a Registration Statement), or filing such Takedown Prospectus Supplement, would (i) require the public disclosure of material nonpublic information concerning any transaction or negotiations involving UpstreamCo
or any of its consolidated Subsidiaries that would materially interfere with such transaction or negotiations or (ii) require the public disclosure of material nonpublic information concerning UpstreamCo that, if disclosed at such time, would
be materially adverse to UpstreamCo (a “Disadvantageous Condition”), UpstreamCo may, for the shortest period reasonably practicable, and in any event for not more than 60 consecutive calendar days (a “Blackout
Period”), notify the Holders whose offers and Sales of Registrable Securities are covered (or to be covered) by such Registration Statement or Takedown Prospectus Supplement (a “Blackout Notice”) that such Registration
Statement is unavailable for use (or will not be filed as requested). Upon the receipt of any such Blackout Notice, the Holders shall forthwith discontinue use of the Prospectus or Takedown Prospectus Supplement contained in any effective
Registration Statement; provided, that, if at the time of receipt of such Blackout Notice any Holder shall have Sold its Registrable Securities (or have signed a firm commitment underwriting agreement with respect to the purchase of such
shares) and the Disadvantageous Condition is not of a nature that would require a post-effective amendment to the Registration Statement or Takedown Prospectus Supplement, then UpstreamCo shall use its commercially reasonable efforts to take such
action as to eliminate any restriction imposed by federal securities Laws on the timely delivery of such Registrable Securities. When any Disadvantageous Condition as to which a Blackout Notice has been previously delivered shall cease to
exist, UpstreamCo shall as promptly as reasonably practicable notify the Holders and take such actions in respect of such Registration Statement or Takedown Prospectus Supplement as are otherwise required by this Agreement. The effectiveness
period for any Demand Registration or Shelf Registration Statement for which UpstreamCo has given notice of a Blackout Period shall be increased by the length of time of such Blackout Period. UpstreamCo shall not impose, in any 365-day period,
Blackout Periods lasting, in the aggregate, in excess of 90 calendar days. If UpstreamCo declares a Blackout Period with respect to a 

  
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Demand Registration for a Registration Statement that has not yet been declared effective or a Takedown Request for which a Takedown Prospectus Supplement has not yet been filed, (i) the
Holders may by notice to UpstreamCo withdraw the related Demand Registration request or Takedown Request, in the case of a Demand Registration request without such Demand Registration request counting against the number of Demand Registration
requests permitted to be made under Section 2.01(b), and (ii) the Holders shall not be responsible for any of UpstreamCo’s related Registration Expenses. 

(e) If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a) or Section 2.01(g) (provided,
in the case of a request pursuant to Section 2.01(g), that the proceeds from the Registrable Securities to be included in the Takedown Request are reasonably expected to be $100,000,000 or greater), such offering of Registrable Securities shall be
in the form of an Underwritten Offering or an Exchange Offer, and UpstreamCo shall include such information in the written notice to the Holders required under Section 2.01(a). In the event that the Initiating Holder intends to Sell the
Registrable Securities by means of an Underwritten Offering or Exchange Offer, the right of any Holder to include Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such Underwritten Offering or
Exchange Offer and the inclusion of such Holder’s Registrable Securities in the Underwritten Offering or the Exchange Offer to the extent provided herein. The Holders of a majority of the outstanding Registrable Securities being included
in any Underwritten Offering or Exchange Offer shall select the underwriter(s) in the case of an Underwritten Offering or the dealer manager(s) in the case of an Exchange Offer, provided that such underwriter(s) or dealer manager(s) are reasonably
acceptable to UpstreamCo. UpstreamCo shall be entitled to designate counsel for such underwriter(s) or dealer manager(s) (subject to their approval), provided that such designated underwriters’ counsel shall be a firm of national
reputation representing underwriters or dealer managers in capital markets transactions. 
 (f) If the managing underwriter or underwriters
of a proposed Underwritten Offering of Registrable Securities included in a Registration pursuant to this Section 2.01 inform(s) in writing the Holders participating in such Registration that, in its or their opinion, the number of securities
requested to be included in such Registration exceeds the number that can be Sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the
securities offered, the number of Registrable Securities to be included in such Registration shall be reduced to the maximum number recommended by the managing underwriter or underwriters and allocated pro rata among the Holders, including the
Initiating Holder, in proportion to the number of Registrable Securities each Holder has requested to be included in such Registration; provided, that the Initiating Holder may notify UpstreamCo in writing that the Registration Statement
shall be abandoned or withdrawn, in which event UpstreamCo shall abandon or withdraw such Registration Statement. In the event the Initiating Holder notifies UpstreamCo that such Registration Statement shall be abandoned or withdrawn, such
Holder shall not be deemed to have requested a Demand Registration pursuant to Section 2.01(a), and UpstreamCo shall not be deemed to have effected a Demand Registration pursuant to Section 2.01(b). If the amount of Registrable
Securities to be underwritten has not been limited in accordance with the first sentence of this Section 2.01(f), UpstreamCo and the holders of UpstreamCo Shares or, if the Registrable Securities include securities other than UpstreamCo
Shares, the holders of securities of the same class of those securities included in the Registrable Securities, in each case, other 

  
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than the Holders (“Other Holders”), may include such securities for their own account or for the account of Other Holders in such Registration if the underwriter(s) so agree and
to the extent that, in the opinion of such underwriter(s), the inclusion of such additional amount will not adversely affect the offering of the Registrable Securities included in such Registration. 

(g) With respect to any Demand Registration, the requesting Holders may request that UpstreamCo effect a registration of the Registrable
Securities under a Shelf Registration, in which event UpstreamCo shall file, and shall thereafter use its commercially reasonable efforts to make and keep effective in accordance with Section 2.01(c) (including by renewing or refiling upon
expiration), a Shelf Registration Statement; provided, that UpstreamCo shall not be required to maintain in effect more than one Shelf Registration at any one time pursuant to this Section 2.01(g). Thereafter, UpstreamCo shall, as
promptly as reasonably practicable following the written request of Holders for a resale of Registrable Securities (a “Takedown Request”), file a prospectus supplement (a “Takedown Prospectus Supplement”) to such
Shelf Registration Statement under Rule 424 promulgated under the Securities Act with respect to resales of the Registrable Securities pursuant to Holder’s intended method of distribution thereof. Each Takedown Request shall specify the
Registrable Securities to be registered, their aggregate amount and the intended method or methods of distribution thereof. If, in the case of an Underwritten Offering pursuant to a Takedown Request, the requesting Holder(s) so elect, such offering
shall be in the form of a Block Trade, in which such event the requesting Holder(s) shall give at least eight (8) business days’ prior notice in writing of such transaction to UpstreamCo (which such notice shall identify the potential
underwriter(s) and include contact information for such underwriter(s)), and UpstreamCo shall use commercially reasonable efforts to cooperate with such requesting Holder(s) to the extent it is reasonably able and shall not be required to give
notice thereof to other Holders of Registrable Securities or permit their participation therein unless UpstreamCo determines it is reasonably practicable to do so. In no event shall UpstreamCo be required to effect, pursuant to this Section
2.01(g), during any 90-day period, more than (A) two Block Trades or (B) more than one Underwritten Offering that is not a Block Trade pursuant to a Takedown Request (it being understood, for the avoidance of doubt, that a Takedown Request shall
not count as a Demand Registration request for purposes of the limit set forth in Section 2.01(b)). 
 Section 2.02 Piggyback
Registrations. 
 (a) At any time after the end of the Lock-up Period and prior to the earlier to occur of the fifth anniversary of the
Distribution Date or the date on which the Registrable Securities then held by the Holder(s) represents less than 1% of UpstreamCo’s then-issued and outstanding UpstreamCo Shares (or, if the Registrable Securities include securities other than
UpstreamCo Shares, less than 1% of UpstreamCo’s then-issued and outstanding securities of the same class as the securities included in the Registrable Securities), if UpstreamCo proposes to file a Registration Statement (other than a Shelf
Registration) or a Prospectus supplement filed pursuant to a Shelf Registration Statement under the Securities Act with respect to any offering of such securities for its own account and/or for the account of any Other Holders (other than (i) a
Registration or Takedown Prospectus Supplement under Section 2.01, (ii) a Registration pursuant to a Registration Statement on Form S-8 or Form S-4 or similar form that relates to a transaction subject to Rule 145 under the Securities Act,
(iii) in connection with any dividend reinvestment or similar plan, (iv) for the purpose of offering securities to another entity or its 

  
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security holders in connection with the acquisition of assets or securities of such entity or any similar transaction or (v) a Registration in which the only UpstreamCo Shares being
registered are UpstreamCo Shares issuable upon conversion of debt securities that are also being registered) (an “UpstreamCo Public Sale”), then, as soon as practicable, but in any event not less than 15 days prior to the proposed
date of filing such Registration Statement, UpstreamCo shall give written notice of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity to Register under such Registration Statement such number of
Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 2.02(b) and Section 2.02(c), UpstreamCo shall use its commercially reasonable efforts to
include in a Registration Statement with respect to an UpstreamCo Public Sale all Registrable Securities that are requested to be included therein within five business days after the receipt of any such notice; provided, however, that
if, at any time after giving written notice of its intention to Register any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, UpstreamCo shall determine for any reason not to
Register or to delay Registration of the UpstreamCo Public Sale, UpstreamCo may, at its election, give written notice of such determination to each such Holder and, thereupon, (x) in the case of a determination not to Register, shall be
relieved of its obligation to Register any Registrable Securities in connection with such Registration, without prejudice, however, to the rights of any Holder to request that such Registration be effected as a Demand Registration under Section
2.01 and (y) in the case of a determination to delay Registration, shall be permitted to delay Registering any Registrable Securities for the same period as the delay in Registering such other UpstreamCo Shares in the UpstreamCo Public
Sale. No Registration effected under this Section 2.02 shall relieve UpstreamCo of its obligation to effect any Demand Registration under Section 2.01. For purposes of clarification, UpstreamCo’s filing of a Shelf
Registration Statement shall not be deemed to be an UpstreamCo Public Sale; provided, however, that any prospectus supplement filed pursuant to a Shelf Registration Statement with respect to an offering of UpstreamCo Shares for its own
account and/or for the account of any other Persons will be an UpstreamCo Public Sale, unless such offering qualifies for an exemption from the UpstreamCo Public Sale definition in this Section 2.02(a).

(b) In the case of any Underwritten Offering, each Holder shall have the right to withdraw such Holder’s request for inclusion of its
Registrable Securities in such Underwritten Offering pursuant to Section 2.02(a) at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to UpstreamCo of such Holder’s request to
withdraw and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration at any time prior to the effective date thereof. 

(c) If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of Registrable Securities included in a
Piggyback Registration informs UpstreamCo and each Holder in writing that, in its or their opinion, the number of securities of such class that such Holder and any other Persons intend to include in such offering exceeds the number that can be Sold
in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) first,
all securities of UpstreamCo and any other Persons (other than UpstreamCo’s executive officers and directors) for whom UpstreamCo is effecting the Registration, as the case may be, proposes to Sell, (ii) second, the


  
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number, if any, of Registrable Securities of such class that, in the opinion of such managing underwriter or underwriters, can be Sold without having such adverse effect, with such number to be
allocated pro rata among the Holders that have requested to participate in such Registration based on the relative number of Registrable Securities of such class requested by such Holder to be included in such Sale, (iii) third, the number of
securities of executive officers and directors of UpstreamCo for whom UpstreamCo is effecting the Registration, as the case may be, with such number to be allocated pro rata among the executive officers and directors and (iv) fourth, any other
securities eligible for inclusion in such Registration, allocated among the holders of such securities in such proportion as UpstreamCo and those holders may agree. 

(d) After a Holder has been notified of its opportunity to include Registrable Securities in a Piggyback Registration, such Holder (i) shall
treat the Offering Confidential Information as confidential information, (ii) shall not use any Offering Confidential Information for any purpose other than to evaluate whether to include its Registrable Securities (or other UpstreamCo Shares) in
such Piggyback Registration and (iii) shall not disclose any Offering Confidential Information to any Person other than such of its agents, employees, advisors and counsel as have a need to know such Offering Confidential Information, and to cause
such agents, employees, advisors and counsel to comply with the requirements of this Section 2.02(d); provided, that any such Holder may disclose Offering Confidential Information if such disclosure is required by legal process, but
such Holder shall cooperate with UpstreamCo to limit the extent of such disclosure through protective order or otherwise, and to seek confidential treatment of the Offering Confidential Information. 

Section 2.03 Registration Procedures. 

(a) In connection with UpstreamCo’s Registration obligations under Section 2.01 and Section 2.02, UpstreamCo shall use its
commercially reasonable efforts to effect such Registration to permit the offer and Sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in
connection therewith, UpstreamCo shall, and shall cause the members of the UpstreamCo Group to: 
 (i) prepare and file the
required Registration Statement or Takedown Prospectus Supplement, including all exhibits and financial statements and, in the case of an Exchange Offer, any document required under Rule 425 or Rule 165 with respect to such Exchange Offer
(collectively, the “Ancillary Filings”) required under the Securities Act to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements thereto, (A) furnish to
the underwriters or dealer managers, if any, and to the Holders, copies of all documents prepared to be filed, which documents shall be subject to the review and comment of such underwriters or dealer managers and such Holders and their respective
counsel, and provide such underwriters or dealers managers, if any, and such Holders and their respective counsel reasonable time to review and comment thereon and (B) not file with the SEC any Registration Statement or Prospectus or amendments
or supplements thereto or any Ancillary Filing to which the Holders or the underwriters or dealer managers, if any, shall reasonably object; 

  
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 (ii) prepare and file with the SEC such amendments and post-effective amendments
to such Registration Statement and supplements to the Prospectus and any Ancillary Filing as may be reasonably requested by the participating Holders; 

(iii) promptly notify the participating Holders and the managing underwriters or dealer managers, if any, and, if requested,
confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by any member of the UpstreamCo Group (A) when the applicable Registration Statement or any
amendment thereto has been filed or becomes effective, the applicable Prospectus or any amendment or supplement to such Prospectus has been filed, or any Ancillary Filing has been filed, (B) of any comments (written or oral) by the SEC or any
request (written or oral) by the SEC or any other Governmental Authority for amendments or supplements to such Registration Statement, such Prospectus or any Ancillary Filing, or for any additional information, (C) of the issuance by the SEC of
any stop order suspending the effectiveness of such Registration Statement, any order preventing or suspending the use of any preliminary or final Prospectus or any Ancillary Filing, or the initiation or threatening of any proceedings for such
purposes, (D) if, at any time, the representations and warranties (written or oral) in any applicable underwriting agreement or dealer manager agreement cease to be true and correct in all material respects and (E) of the receipt by any
member of the UpstreamCo Group of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or Sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(iv) (A) promptly notify each participating Holder and the managing underwriter(s) or dealer manager(s), if any, when
UpstreamCo becomes aware of the occurrence of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Ancillary Filing contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, or if for any other
reason it shall be necessary during such time period to amend or supplement such Registration Statement, Prospectus or any Ancillary Filing in order to comply with the Securities Act, and (B) in either case, as promptly as reasonably practicable
thereafter, prepare and file with the SEC, and furnish without charge to each participating Holder and the underwriter(s) or dealer manager(s), if any, an amendment or supplement to such Registration Statement, Prospectus or Ancillary Filing that
will correct such statement or omission or effect such compliance; 
 (v) use its commercially reasonable efforts to prevent
or obtain the withdrawal of any stop order or other order suspending the use of any preliminary or final Prospectus; 

  
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 (vi) promptly (A) incorporate in a Prospectus supplement or post-effective
amendment such information as the managing underwriter(s) or dealer manager(s), if any, and the Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities and (B) make all required
filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(vii) furnish to each participating Holder and each underwriter or dealer manager, if any, without charge, as many conformed
copies as such Holder or underwriter or dealer manager may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits (including those incorporated by reference); 
 (viii) deliver to each participating
Holder and each underwriter or dealer manager, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto as such Holder or underwriter or dealer manager may
reasonably request (it being understood that UpstreamCo consents to the use of such Prospectus or any amendment or supplement thereto by each participating Holder and the underwriter(s) or dealer manager(s), if any, in connection with the offering
and Sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto) and such other documents as such participating Holder or underwriter or dealer manager may reasonably request in order to facilitate the Sale
of the Registrable Securities by such Holder or underwriter or dealer manager; 
 (ix) on or prior to the date on which the
applicable Registration Statement is declared effective or becomes effective, use its commercially reasonable efforts to register or qualify, and cooperate with each participating Holder, the managing underwriter(s) or dealer manager(s), if any, and
their respective counsel, in connection with the registration or qualification of, such Registrable Securities for offer and Sale under the securities or “blue sky” Laws of each state and other jurisdiction of the United States as any
participating Holder or managing underwriter(s) or dealer manager(s), if any, or their respective counsel reasonably request, and in any foreign jurisdiction mutually agreeable to UpstreamCo and the participating Holders, and do any and all other
acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as such Registration Statement remains in effect and so as to permit the continuance of offers and Sales and dealings in such
jurisdictions for so long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration Statement; provided that UpstreamCo will not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified, to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject or conform its capitalization or the composition of its
assets at the time to the securities or blue sky Laws of any such jurisdiction; 

  
 14 








 (x) in connection with any Sale of Registrable Securities that will result in
such securities no longer being Registrable Securities, cooperate with each participating Holder and the managing underwriter(s) or dealer manager(s), if any, to (A) facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be Sold and not bearing any restrictive Securities Act legends and (B) register such Registrable Securities in such denominations and such names as such participating Holder or the underwriter(s) or dealer manager(s), if
any, may request at least two business days prior to such Sale of Registrable Securities; provided that UpstreamCo may satisfy its obligations hereunder without issuing physical stock certificates through the use of the Depository Trust
Company’s Direct Registration System; 
 (xi) cooperate and assist in any filings required to be made with the Financial
Industry Regulatory Authority and each securities exchange, if any, on which any of UpstreamCo’s securities are then listed or quoted and on each inter-dealer quotation system on which any of UpstreamCo’s securities are then quoted, and in
the performance of any due diligence investigation by any underwriter or dealer manager (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of each such exchange,
and use its commercially reasonable efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other Governmental Authorities as may be necessary to enable the seller or
sellers thereof or the underwriter(s) or dealer manager(s), if any, to consummate the Sale of such Registrable Securities; 

(xii) not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable
Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with the Depository Trust Company; provided, that UpstreamCo may satisfy its obligations
hereunder without issuing physical stock certificates through the use of the Depository Trust Company’s Direct Registration System; 

(xiii) obtain for delivery to and addressed to each participating Holder and to the underwriter(s) or dealer manager(s), if
any, opinions from counsel for UpstreamCo, in each case dated the effective date of the Registration Statement or, in the event of an Underwritten Offering, the date of the closing under the underwriting agreement or, in the event of an Exchange
Offer, the date of the closing under the dealer manager agreement or similar agreement or otherwise, and in each such case in customary form and content for the type of Underwritten Offering or Exchange Offer, as applicable; 

(xiv) in the case of an Underwritten Offering or Exchange Offer, obtain for delivery to and addressed to UpstreamCo and the
managing underwriter(s) or 

  
 15 








 
dealer manager(s), if any, and, to the extent requested, each participating Holder, a cold comfort letter from UpstreamCo’s independent registered public accounting firm in customary form
and content for the type of Underwritten Offering or Exchange Offer, dated the date of execution of the underwriting agreement or dealer manager agreement or, if none, the date of commencement of the Exchange Offer, and brought down to the closing,
whether under the underwriting agreement or dealer manager agreement, if applicable, or otherwise; 
 (xv) in the case of an
Exchange Offer that does not involve a dealer manager, provide to each participating Holder such customary written representations and warranties or other covenants or agreements as may be requested by any participating Holder comparable to those
that would be included in an underwriting or dealer manager agreement; 
 (xvi) use its commercially reasonable efforts to
comply with all applicable rules and regulations of the SEC and make generally available to its security holders, as soon as reasonably practicable, but in any event no later than 90 days, after the end of the 12-month period beginning with the
first day of UpstreamCo’s first quarter commencing after the effective date of the applicable Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and covering the period of at least 12
months, but not more than 18 months, beginning with the first month after the effective date of the Registration Statement; 

(xvii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(xviii) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities
exchange on which any of UpstreamCo’s securities are then listed or quoted and on each inter-dealer quotation system on which any of UpstreamCo’s securities are then quoted; 

(xix) provide (A) each Holder participating in the Registration, (B) the underwriters (which term, for purposes of
this Agreement, shall include any Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities to be registered, (C) the Sale or placement agent therefor, if any,
(D) the dealer manager therefor, if any, (E) counsel for such Holder, underwriters, agent, or dealer manager and (F) any attorney, accountant or other agent or representative retained by such Holder or any such underwriter or dealer
manager, as selected by such Holder, in each case, the opportunity to participate in the preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each amendment or supplement thereto; and for a
reasonable period prior to the filing of such Registration Statement, upon execution of a customary confidentiality agreement, make available for inspection upon reasonable notice at reasonable times and for


  
 16 








 
reasonable periods, by the parties referred to in clauses (A) through (F) above, all pertinent financial and other records, pertinent corporate and other documents and properties of the
UpstreamCo Group that are available to UpstreamCo, and cause all of the UpstreamCo Group’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available at
reasonable times and for reasonable periods to discuss the business of UpstreamCo and to supply all information available to UpstreamCo reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to
enable them to exercise their due diligence or other responsibility, subject to the foregoing; provided, that in no event shall any member of the UpstreamCo Group be required to make available any information which the UpstreamCo Board
determines in good faith to be competitively sensitive or confidential. The recipients of such information shall coordinate with one another so that the inspection permitted hereunder will not unnecessarily interfere with the UpstreamCo
Group’s conduct of business. Each Holder agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of
UpstreamCo or its Affiliates unless and until such information is made generally available to the public by UpstreamCo or such Affiliate or for any reason not related to the Registration of Registrable Securities;

(xx) cause the senior executive officers of UpstreamCo to participate at reasonable times and for reasonable periods in the
customary “road show” presentations that may be reasonably requested by the managing underwriter(s) or dealer manager(s), if any, and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein
and customary selling efforts related thereto; 
 (xxi) comply with all requirements of the Securities Act, Exchange Act and
other applicable Laws, rules and regulations, as well as all applicable stock exchange rules; and 
 (xxii) take all other
customary steps reasonably necessary or advisable to effect the Registration and distribution of the Registrable Securities contemplated hereby. 

(b) As a condition precedent to any Registration hereunder, UpstreamCo may require each Holder as to which any Registration is being effected
to furnish to UpstreamCo such information regarding the distribution of such securities and such other information relating to such Holder, its ownership of Registrable Securities and other matters as UpstreamCo may from time to time reasonably
request in writing. Each such Holder agrees to furnish such information to UpstreamCo and to cooperate with UpstreamCo as reasonably necessary to enable UpstreamCo to comply with the provisions of this Agreement.

(c) Each Holder shall, as promptly as reasonably practicable, notify UpstreamCo, at any time when a Prospectus is required to be delivered (or
deemed delivered) under the Securities Act, of the occurrence of an event, of which such Holder has knowledge, 

  
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relating to such Holder or its Sale of Registrable Securities thereunder requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered (or deemed
delivered) to the purchasers of such Registrable Securities, such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they are made, not misleading. 
 (d) Parent agrees (on behalf of itself and each member of the
Parent Group), and any other Holder agrees by acquisition of such Registrable Securities, that, upon receipt of any written notice from UpstreamCo of the occurrence of any event of the kind described in Section 2.03(a)(iv), such Holder
will forthwith discontinue Sales of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 2.03(a)(iv), or until
such Holder is advised in writing by UpstreamCo that the use of the Prospectus may be resumed, and if so directed by UpstreamCo, such Holder will deliver to UpstreamCo, at UpstreamCo’s expense, all copies of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice. In the event UpstreamCo shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by
the number of days during the period from and including the date of the giving of such notice through the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or
amended Prospectus contemplated by Section 2.03(a)(iv) or is advised in writing by UpstreamCo that the use of the Prospectus may be resumed. 

Section 2.04 Underwritten Offerings or Exchange Offers. 

(a) If requested by the managing underwriter(s) for any Underwritten Offering or dealer manager(s) for any Exchange Offer that is requested by
Holders pursuant to a Demand Registration or Takedown Request under Section 2.01, UpstreamCo shall enter into an underwriting agreement or dealer manager agreement, as applicable, with such underwriter(s) or dealer manager(s) for such
offering, such agreement to be reasonably satisfactory in substance and form to UpstreamCo and the underwriter(s) or dealer manager(s) and, if Parent Group is a participating Holder, to Parent Group. Such agreement shall contain such
representations and warranties by UpstreamCo and such other terms as are generally prevailing in agreements of that type. Each Holder with Registrable Securities to be included in any Underwritten Offering or Exchange Offer by such
underwriter(s) or dealer manager(s) shall enter into such underwriting agreement or dealer manager agreement at the request of UpstreamCo, which agreement shall contain such reasonable representations and warranties by the Holder and such other
reasonable terms as are generally prevailing in agreements of that type. 
 (b) In the event of an UpstreamCo Public Sale involving an
offering of UpstreamCo Shares or other equity securities of UpstreamCo in an Underwritten Offering (whether in a Demand Registration or a Piggyback Registration or pursuant to a Takedown Request, whether or not the Holders participate therein), the
Holders hereby agree, and, in the event of an UpstreamCo Public Sale of UpstreamCo Shares or other equity securities of UpstreamCo in an Underwritten Offering or an Exchange Offer, UpstreamCo shall agree, and, except in the case of a Shelf
Registration, it shall cause its executive officers and directors to 

  
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agree, if requested by the managing underwriter or underwriters in such Underwritten Offering or by the Holder or the dealer manager or dealer managers, in an Exchange Offer, not to effect any
Sale or distribution (including any offer to Sell, contract to Sell, short Sale or any option to purchase) of any securities (except, in each case, as part of the applicable Registration, if permitted hereunder) that are of the same type as those
being Registered in connection with such public offering and Sale, or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning five days before, and ending 90 days (or such lesser period as may
be permitted by UpstreamCo or the participating Holder(s), as applicable, or such managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such Registration (or, if later, the date of the
Prospectus), to the extent timely notified in writing by such selling Person or the managing underwriter or underwriters or dealer manager or dealer managers. The participating Holders and UpstreamCo, as applicable, also agree to execute an
agreement evidencing the restrictions in this Section 2.04(b) in customary form, which form is reasonably satisfactory to UpstreamCo or the participating Holder(s), as applicable, and the underwriter(s) or dealer manager(s), as applicable;
provided that such restrictions may be included in the underwriting agreement or dealer manager agreement, if applicable. UpstreamCo may impose stop-transfer instructions with respect to the securities subject to the foregoing
restriction until the end of the required stand-off period. 
 (c) No Holder may participate in any Underwritten Offering or Exchange Offer
hereunder unless such Holder (i) agrees to Sell such Holder’s securities on the basis provided in any underwriting arrangements or dealer manager agreements approved by UpstreamCo or other Persons entitled to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, dealer manager agreements and other documents reasonably required under the terms of such underwriting arrangements or dealer manager
agreements or this Agreement. 
 Section 2.05 Registration Rights Agreement with Participating Banks. 

If one or more members of the Parent Group decides to engage in a Private Debt Exchange with one or more Participating Banks, UpstreamCo shall
enter into a registration rights agreement with the Participating Banks in connection with such Private Debt Exchange on terms and conditions consistent with this Agreement (other than the voting provisions contained in Article III hereof)
and reasonably satisfactory to UpstreamCo and the Parent Group. 
 Section 2.06 Registration Expenses Paid by UpstreamCo. 

In the case of any Registration of Registrable Securities required pursuant to this Agreement, UpstreamCo shall pay all Registration Expenses
regardless of whether the Registration Statement becomes effective; provided, however, that UpstreamCo shall not be required to pay for any expenses of any Registration begun pursuant to Section 2.01 if the Demand Registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be Registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable
Securities agree to forfeit their right to one Demand Registration to which they have the right pursuant to Section 2.01(b). 

  
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 Section 2.07 Indemnification. 

(a) UpstreamCo agrees to indemnify and hold harmless, to the full extent permitted by applicable Law, each Holder whose shares are included in
a Registration Statement, such Holder’s Affiliates and their respective officers, directors, agents, advisors, employees and each Person, if any, who controls (within the meaning of the Securities Act or the Exchange Act) such Holder, from and
against any and all losses, claims, damages, liabilities (or actions or proceedings in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal
expenses) (each, a “Loss” and collectively, “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the offering
and Sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or
any such statement made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that UpstreamCo has filed or is required to file pursuant to Rule 433(d) of the Securities Act or any Ancillary Filing, (ii) any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which
they were made) not misleading; provided, that with respect to any untrue statement or omission or alleged untrue statement or omission made in any Prospectus, the indemnity agreement contained in this paragraph shall not apply to the extent
that any such liability results from or arises out of (A) the fact that a current copy of the Prospectus was not sent or given to the Person asserting any such liability at or prior to the written confirmation of the Sale of the Registrable
Securities concerned to such Person if it is determined by a court of competent jurisdiction in a final and non-appealable judgment that UpstreamCo has provided such Prospectus and it was the responsibility of such Holder or its agents to provide
such Person with a current copy of the Prospectus and such current copy of the Prospectus would have cured the defect giving rise to such liability, (B) the use of any Prospectus by or on behalf of any Holder after UpstreamCo has notified such
Person (x) that such Prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, (y) that a stop order has been issued by the SEC with respect to a Registration Statement or (z) that a Disadvantageous Condition exists, or (C) information furnished in writing by such Holder or on such
Holder’s behalf, in either case expressly for use in such Registration Statement, Prospectus relating to such Holder’s Registrable Securities. This indemnity shall be in addition to any liability UpstreamCo may otherwise have,
including under the Separation and Distribution Agreement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Sale of such
securities by such Holder. 
 (b) Each participating Holder whose Registrable Securities are included in a Registration Statement agrees
(severally and not jointly) to indemnify and hold harmless, to the full extent permitted by applicable Law, UpstreamCo, its directors, officers, agents, advisors, employees and each Person, if any, who controls (within the meaning of the Securities
Act and the Exchange Act) UpstreamCo from and against any and all Losses (i) arising out of or based upon information furnished in writing by such Holder or on such Holder’s behalf, in either case


  
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expressly for use in a Registration Statement, Prospectus relating to such Holder’s Registrable Securities or (ii) resulting from (A) the fact that a current copy of the Prospectus
was not sent or given to the Person asserting any such liability at or prior to the written confirmation of the Sale of the Registrable Securities concerned to such Person if it is determined by a court of competent jurisdiction in a final and
non-appealable judgment that it was the responsibility of such Holder or its agent to provide such Person with a current copy of the Prospectus and such current copy of the Prospectus would have cured the defect giving rise to such liability, or
(B) the use of any Prospectus by or on behalf of any Holder after UpstreamCo has notified such Person (x) that such Prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (y) that a stop order has been issued by the SEC with respect to a Registration Statement or (z) that a
Disadvantageous Condition exists. This indemnity shall be in addition to any liability the participating Holder may otherwise have, including under the Separation and Distribution Agreement. In no event shall the liability of any
participating Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such holder under the Sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of UpstreamCo or any indemnified party. 
 (c) Any claim or
action with respect to which a Party (an “Indemnifying Party”) may be obligated to provide indemnification to any Person entitled to indemnification hereunder (an “Indemnitee”) shall be subject to the procedures for
indemnification set forth in Sections 4.4 and 4.5 of the Separation and Distribution Agreement. 
 (d) If for any reason the
indemnification provided for in Section 2.07(a) or Section 2.07(b) is unavailable to an Indemnitee or insufficient to hold it harmless as contemplated by Section 2.07(a) or Section 2.07(b), then the
Indemnifying Party shall contribute to the amount paid or payable by the Indemnitee as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnitee on the other
hand. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Indemnifying Party or the Indemnitee and the Parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. For the avoidance of doubt, the establishment of such relative
fault, and any disagreements or disputes relating thereto, shall be subject to Section 4.04. Notwithstanding anything in this Section 2.07(d) to the contrary, no Indemnifying Party (other than UpstreamCo) shall be required
pursuant to this Section 2.07(d) to contribute any amount in excess of the amount by which the net proceeds received by such Indemnifying Party from the Sale of Registrable Securities in the offering to which the Losses of the
Indemnitees relate (before deducting expenses, if any) exceeds the amount of any damages which such Indemnifying Party has otherwise been required to pay by reason of such untrue statement or omission. The Parties hereto agree that it would not
be just and equitable if contribution pursuant to this Section 2.07(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this
Section 2.07(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. The amount paid or payable by an Indemnitee 

  
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hereunder shall be deemed to include, for purposes of this Section 2.07(d), any legal or other expenses reasonably incurred by such Indemnitee in connection with investigating, preparing
to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. If indemnification is available
under this Section 2.07, the Indemnifying Parties shall indemnify each Indemnitee to the full extent provided in Section 2.07(a) and Section 2.07(b) without regard to the relative fault of said Indemnifying
Parties or Indemnitee. Any Holders’ obligations to contribute pursuant to this Section 2.07(d) are several and not joint. 

Section 2.08 Reporting Requirements; Rule 144. 

Until the earlier of (a) the expiration or termination of this Agreement in accordance with its terms and (b) the date upon which there cease
to be any Holders of Registrable Securities, UpstreamCo shall use its commercially reasonable efforts to be and remain in compliance with the periodic filing requirements imposed under the SEC’s rules and regulations, including the Exchange
Act, and any other applicable Laws or rules, and thereafter shall timely file such information, documents and reports as the SEC may require or prescribe under Sections 13, 14 and 15(d), as applicable, of the Exchange Act so that UpstreamCo will
qualify for registration on Form S-3 and to enable the Holders to Sell Registrable Securities without registration under the Securities Act consistent with the exemptions from registration under the Securities Act provided by (i) Rule 144 or
Regulation S under the Securities Act, as amended from time to time, or (ii) any similar SEC rule or regulation then in effect. From and after the date hereof through such earlier date, UpstreamCo shall forthwith upon request furnish any
Holder (x) a written statement by UpstreamCo as to whether it has complied with such requirements and, if not, the specifics thereof, (y) a copy of the most recent annual or quarterly report of UpstreamCo and (z) such other reports
and documents filed by UpstreamCo with the SEC as such Holder may reasonably request in availing itself of an exemption for the offering and Sale of Registrable Securities without registration under the Securities Act. 

Section 2.09 Registration Rights Covenant. 

UpstreamCo covenants that it will not, and it will cause the members of the UpstreamCo Group not to, grant any right of registration under the
Securities Act relating to the UpstreamCo Shares or any of its other securities to any Person other than pursuant to this Agreement, unless the rights so granted to another Person do not limit or restrict the rights of the Holder(s) hereunder. 

ARTICLE III VOTING RESTRICTIONS AND LOCK-UP PERIOD 

Section 3.01 Voting of UpstreamCo Shares. 

(a) From the date of this Agreement and until the date that the Parent Group ceases to own any Retained Shares, Parent shall, and shall cause
each member of the Parent Group to (in each case, to the extent that they own any Retained Shares), be present, in person or by proxy, at each and every UpstreamCo stockholder meeting, and otherwise to cause all Retained Shares owned by them to be
counted as present for purposes of establishing a quorum 

  
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at any such meeting, and to vote or consent on any matter (including waivers of contractual or statutory rights), or cause to be voted or consented on any such matter, all such Retained Shares in
proportion to the votes cast by the other holders of UpstreamCo Shares on such matter. 
 (b) From the date of this Agreement and until the
date that the Parent Group ceases to own any Retained Shares, Parent hereby grants, and shall cause each member of the Parent Group (in each case, to the extent that they own any Retained Shares) to grant, an irrevocable proxy, which shall be deemed
coupled with an interest sufficient in Law to support an irrevocable proxy to UpstreamCo or its designees, to vote, with respect to any matter (including waivers of contractual or statutory rights), all Retained Shares owned by them, in proportion
to the votes cast by the other holders of UpstreamCo Shares on such matter; provided, that (i) such proxy shall automatically be revoked as to a particular Retained Share upon any Sale of such Retained Share from a member of the Parent
Group to a Person other than a member of the Parent Group and (ii) nothing in this Section 3.01(b) shall limit or prohibit any such Sale. 

(c) Parent acknowledges and agrees (on behalf of itself and each member of the Parent Group) that UpstreamCo will be irreparably damaged in
the event any of the provisions of this Article III are not performed by Parent in accordance with their terms or are otherwise breached. Accordingly, it is agreed that UpstreamCo shall be entitled to an injunction to prevent
breaches of this Article III and to specific enforcement of the provisions of this Article III in any action instituted in any court of the United States or any state having subject matter jurisdiction over such action. 

Section 3.02 Lock-up Period. 

(a) Notwithstanding anything to the contrary in this Agreement, during the 60-day period commencing immediately following the Effective Time
(the “Lock-up Period”), Parent shall not, directly or indirectly sell, transfer, assign or pledge any Registrable Securities to any Person, including by way of hedging or derivative transactions or otherwise, without the
UpstreamCo’s prior written consent. 
 ARTICLE IV MISCELLANEOUS 

Section 4.01 Further Assurances. 

In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use its commercially reasonable
efforts, prior to, on and after the date hereof, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable Laws, regulations and agreements to consummate and
make effective the transactions contemplated by this Agreement. 
 Section 4.02 Term and Termination. 

This Agreement shall terminate upon the earlier of (a) five years after the Distribution Date, (b) the time at which all Registrable
Securities are held by Persons other than Holders and (c) the time at which all Registrable Securities have been Sold in accordance with one or more Registration Statements; provided, that the provisions of Section 2.06 and
Section 2.07 and this Article IV shall survive any such termination. 

  
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 Section 4.03 Counterparts; Entire Agreement; Corporate Power. 

(a) This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 
 (b) This Agreement and
the Exhibit hereto contain the entire agreement between the Parties with respect to the subject matter hereof, and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to
such subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein. 

(c) Parent represents on behalf of itself and each other member of the Parent Group, and UpstreamCo represents on behalf of itself and each
other member of the UpstreamCo Group, as follows:
 (i) each such Person has the requisite corporate or other power and authority and has
taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby, and 

(ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance
with the terms hereof. 
 (d) Each Party acknowledges that it and each other Party may execute this Agreement by facsimile, stamp or
mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective as
delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by email in
portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it shall not assert that any such signature or delivery is not adequate to bind such Party to the same extent as if it were
signed manually and delivered in person. 
 Section 4.04 Disputes and Governing Law. 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement (including the validity, interpretation, breach or
termination of this Agreement) (a “Dispute”), shall be resolved in accordance with the procedures set forth in Article VII of the Separation and Distribution Agreement, which shall be the sole and exclusive procedures
for the resolution of any such Dispute unless otherwise specified in this Agreement or in Article VII of the Separation and Distribution Agreement. 

(b) This Agreement (and any claims or disputes arising out of or related hereto or to the transactions contemplated hereby or to the
inducement of any Party to enter 

  
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herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance
with the Laws of the State of Delaware, irrespective of the choice of laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability, performance and remedies. 

(c) THE PARTIES EXPRESSLY WAIVE AND FOREGO ANY RIGHT TO TRIAL BY JURY. 

Section 4.05 Successors, Assigns and Transferees. 

(a) Except as set forth herein, this Agreement shall be binding upon and inure to the benefit of the Parties hereto, and their respective
successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party hereto. Notwithstanding
the foregoing, no such consent shall be required for the assignment of a party’s rights and obligations under this Agreement (except as otherwise provided herein) in whole (i.e., the assignment of a party’s rights and obligations
under this Agreement, the Separation and Distribution Agreement and all other Ancillary Agreements all at the same time) in connection with a Change of Control of a Party so long as the resulting, surviving or transferee Person assumes all the
obligations of the relevant party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. Nothing herein is intended to, or shall be construed to, prohibit either Party or any
member of its Group from being party to or undertaking a Change of Control.
 (b) Notwithstanding any other terms of this Section
4.05, in connection with the Sale of Registrable Securities, Parent may assign its Registration-related rights and obligations under this Agreement relating to such Registrable Securities to the following transferees in such Sale: (i) a
member of the Parent Group to which Registrable Securities are Sold, (ii) one or more Participating Banks to which Registrable Securities are Sold, (iii) any transferee to which Registrable Securities are Sold, if UpstreamCo provides prior
written consent to the transfer of such Registration-related rights and obligations along with the Sale of Registrable Securities or (iv) any other transferee to which Registrable Securities are Sold, unless such Sale consists of Registrable
Securities representing less than 1% of UpstreamCo’s then-issued and outstanding securities of the same class as the Registrable Securities and such Registrable Securities are eligible for Sale pursuant to an exemption from the registration and
prospectus delivery requirements of the Securities Act under Section 4(a) thereof (including transactions pursuant to Rule 144); provided, that in the case of clauses (i), (ii), (iii) or (iv), (x) UpstreamCo is given written notice prior to
or at the time of such Sale stating the name and address of the transferee and identifying the securities with respect to which the Registration-related rights and obligations are being Sold and (y) the transferee executes a counterpart in the form
attached hereto as Exhibit A and delivers the same to UpstreamCo (any such transferee in such Sale, a “Transferee”). In connection with the Sale of Registrable Securities, a Transferee or Subsequent Transferee (as
defined below) may assign its Registration-related rights and obligations under this Agreement relating to such Registrable Securities to the following subsequent transferees: (A) an Affiliate of such Transferee to which Registrable Securities
are Sold, (B) any subsequent transferee to which Registrable Securities are Sold, if UpstreamCo 

  
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provides prior written consent to the transfer of such Registration-related rights and obligations along with the Sale of Registrable Securities or (C) any other subsequent transferee to which
Registrable Securities are Sold, unless such Sale consists of Registrable Securities representing less than 1% of UpstreamCo’s then-issued and outstanding securities of the same class as the Registrable Securities and such Registrable
Securities are eligible for Sale pursuant to an exemption from the registration and prospectus delivery requirements of the Securities Act under Section 4(a) thereof (including transactions pursuant to Rule 144); provided, that in the case of
clauses (A), (B) or (C), (x) UpstreamCo is given written notice prior to or at the time of such Sale stating the name and address of the subsequent transferee and identifying the securities with respect to which the Registration-related rights and
obligations are being assigned and (y) the subsequent transferee executes a counterpart in the form attached hereto as Exhibit A and delivers the same to UpstreamCo (any such subsequent transferee, a “Subsequent
Transferee”).
 Section 4.06 Third-Party Beneficiaries.  

Except for any Person expressly entitled to indemnification rights under this Agreement, (a) the provisions of this Agreement are solely for
the benefit of the Parties hereto and parties thereto, respectively, and are not intended to confer upon any other Person any rights or remedies hereunder, and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not
provide any third Person with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

Section 4.07 Notices. 

All notices, requests, claims, demands or other communications under this Agreement shall be in writing and shall be given or made (and shall
be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via overnight courier service), or by
registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 4.07):

 If to Parent, to: 
 Alcoa
Inc. 
 390 Park Avenue 
 New
York, New York 10022 
 Attention: Chief Legal Officer 

Facsimile: 212-836-2816 
 and 


  
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 Alcoa Inc. 

390 Park Avenue 
 New York, New
York 10022 
 Attention: Chief Financial Officer 

Facsimile: 212-836-2813 
 If
to UpstreamCo, to: 
 Alcoa Upstream Corporation 

201 Isabella Street 
 Pittsburgh,
Pennsylvania 15212 
 Attn: General Counsel 

Facsimile: 412-992-5440 
 and 

Alcoa Upstream Corporation 
 390
Park Avenue 
 New York, New York 10022 

Attn: Chief Financial Officer 

Facsimile: 212-518-5491 
 A Party may, by
written notice to the other Party, change the address to which any such notices are to be given. 
 Section 4.08 Severability. 

If any provision of this Agreement or the application hereof to any Person or circumstance is determined by a court of competent jurisdiction
to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full
force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original
intent of the Parties. 
 Section 4.09 Headings.  

The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 Section 4.10 Waiver of Default. 

Waiver by a Party of any default by the other Party of any provision of this Agreement must be in writing and shall not be deemed a waiver by
the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party. No failure or delay by a Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor
shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

  
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 Section 4.11 Amendments. 

No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by a Party, unless such waiver, amendment,
supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or modification, or the Holders of a majority of the Registrable Securities, if
such waiver, amendment, supplement or modification is sought to be enforced against a Holder. 
 Section 4.12 Interpretation. 

In this Agreement, (a) words in the singular shall be deemed to include the plural and vice versa and words of one gender shall be deemed to
include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole
(including all of the Schedules, Exhibits and Appendices hereto) and not to any particular provision of this Agreement; (c) Article, Section, Schedule, Exhibit and Appendix references are to the Articles, Sections, Schedules, Exhibits and Appendices
to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement, the Separation and Distribution Agreement and each other Ancillary Agreement) shall be deemed to include the
exhibits, schedules and annexes to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the word
“or” shall not be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days; (h) references to “business day” shall mean any day other than a Saturday, a Sunday or a day on
which banking institutions are generally authorized or required by law to close in Pittsburgh, Pennsylvania or New York, New York; (i) references herein to this Agreement or any other agreement contemplated herein shall be deemed to refer to this
Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; the word “extent” in the phrase “to the extent” shall mean the
degree to which a subject or other thing extends, and such phrase shall not mean simply “if”; and (k) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this
Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to October 31, 2016. 

Section 4.13 Performance. 

Parent shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this
Agreement to be performed by any member of the Parent Group. UpstreamCo shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by any member of
the UpstreamCo Group. Each Party (including its permitted successors and assigns) further agrees that it shall (a) give timely notice of the terms, conditions and continuing obligations contained in this Agreement to all of the other members of
its Group 

  
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and (b) cause all of the other members of its Group not to take any action or fail to take any such action inconsistent with such Party’s obligations under this Agreement or the transactions
contemplated hereby. 
 Section 4.14 Registrations, Exchanges, etc. 

Notwithstanding anything to the contrary that may be contained in this Agreement, the provisions of this Agreement shall apply to the full
extent set forth herein with respect to (a) any UpstreamCo Shares, now or hereafter authorized to be issued, (b) any and all securities of UpstreamCo into which UpstreamCo Shares are converted, exchanged or substituted in any
recapitalization or other capital reorganization by UpstreamCo and (c) any and all securities of any kind whatsoever of UpstreamCo or any successor or permitted assign of UpstreamCo (whether by merger, consolidation, sale of assets or
otherwise) which may be issued on or after the date hereof in respect of, in conversion of, in exchange for or in substitution of, UpstreamCo Shares, and shall be appropriately adjusted for any stock dividends, or other distributions, stock splits
or reverse stock splits, combinations, recapitalizations, mergers, consolidations, exchange offers or other reorganizations occurring after the date hereof. 

Section 4.15 Mutual Drafting. 

This Agreement shall be deemed to be the joint work product of the Parties, and any rule of construction that a document shall be interpreted
or construed against a drafter of such document shall not be applicable. 
 [The remainder of this page has been left blank
intentionally.] 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written. 
  

					
	ALCOA INC.
		
	By:	 	 /s/ Max Laun

		 	Name:	 	Max Laun
		 	Title:	 	Vice President & General Counsel


 [Signature Page to Stockholder and Registration Rights Agreement] 







 
					
	ALCOA UPSTREAM CORPORATION
		
	By:	 	 /s/ John Kenna

		 	Name:	 	John Kenna
		 	Title:	 	Vice President - Tax


 [Signature Page to Stockholder and Registration Rights Agreement] 







 Exhibit A 

Form of 
 Agreement to
be Bound 
 THIS INSTRUMENT forms part of the Stockholder and Registration Rights Agreement (the “Agreement”), dated as of
October 31, 2016, by and between Alcoa Inc., a Pennsylvania corporation (“Parent”), and Alcoa Upstream Corporation, a Delaware corporation. The undersigned hereby acknowledges having received a copy of the Agreement and having
read the Agreement in its entirety, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agrees that the terms and conditions of the Agreement binding upon
and inuring to the benefit of Parent shall be binding upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this instrument on this      day of
            , 20    . 
  

	
	  

	(Signature of transferee)
	
	  

	Print name


  
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