Document:

Exhibit 10.1

 

	 	EXECUTION COPY
	 	 
	 	 
	 	 
	 	
        Arconic

        201 Isabella Street

        Pittsburgh PA 15212

         

 

February 24, 2020

 

John C. Plant

c/o Arconic Inc.

201 Isabella Street

Pittsburgh PA 15212

 

Dear John:

 

This letter (this “Agreement”)
memorializes our recent discussions concerning an extension of your service at Arconic Inc., which is expected to be renamed Howmet
Aerospace, Inc. (regardless of whether a name change occurs and what the precise name becomes after any change, hereinafter referred
to as the “Company”), following consummation of the expected distribution by the Company of all outstanding
shares of Arconic Rolled Products Corporation (to be renamed Arconic Corporation), as disclosed in Arconic Rolled Products Corporation’s
definitive Form 10 filing on February 13, 2020 (the “Form 10,” and such spinoff, the “Separation”).
The terms and conditions of this Agreement shall be effective as of the date of consummation of the Separation (the “Spinoff
Date”).

 

Position:

 

You will serve as Co-Chief Executive Officer
of the Company from the Spinoff Date through March 31, 2023 (the “Term”), provided that the Term shall
automatically conclude upon termination of your employment with the Company for any reason. During the Term, you will report directly
and solely to the Board, which will be solely authorized to instruct you as to your duties and responsibilities. During the Term,
you will devote substantially all of your working time and attention to the business and affairs of the Company (excluding any
vacation and sick time to which you are entitled) and you will comply with the Company’s policies and rules, as in effect
from time to time. Your principal place of employment will be at the Company’s offices in Pittsburgh, Pennsylvania, subject
to travel to Company headquarters and other Company offices as necessary to perform your duties hereunder, as well as to reasonable
travel requirements.

 

Base Salary

 

During the Term, you will continue to receive
a base salary at an annual rate of $1,600,000, payable in accordance with the Company’s normal payroll practices, and subject
to all applicable taxes and withholdings.

 

     

     

    

 

Incentive Compensation:

 

On the later of April 1, 2020 or the date
immediately following the Spinoff Date, the Company will grant you restricted stock units (the “RSUs”) pursuant
to the Company’s 2013 Stock Incentive Plan, as amended and restated (the “Equity Plan”) in respect of
2,800,000 shares of common stock of the Company, par value $1 (“Shares”) on the terms set forth below.

 

Vesting Conditions. 1,000,000 RSUs will be “Service-Vesting
RSUs” and 1,800,000 RSUs will be “Performance-Vesting RSUs”.

 

		·	Service-Vesting RSUs. The Service-Vesting RSUs will vest in three equal installments on March 31, 2021, March
31, 2022, and March 31, 2023, respectively, subject, except as otherwise provided below, to your continued employment through the
applicable vesting date.

 

		o	Termination for Cause; Resignation without Good
Reason. In the event of a termination of your employment by the Company for Cause (as defined in the Company’s Executive
Severance Plan) or your resignation without Good Reason (as defined below), all unvested Service-Vesting RSUs will be forfeited.

 

		o	Termination due to Death or Disability. In
the event of a termination of your employment due to your death or Disability (as customarily defined in award agreements under
the Equity Plan), then a portion of the Service-Vesting RSUs equal to the excess of (x) the product of (i) 1,000,000, multiplied
by (ii) a fraction (not to exceed 1.0), the numerator of which is the number of days from April 1, 2020 through the date of such
termination of employment and the denominator of which is 1095 minus (y) the number of Service-Vesting RSUs that have vested prior
to (or on) the date of such termination, will vest immediately, and the remainder of the unvested Service-Vesting RSUs will be
forfeited.

 

		o	Termination without Cause or by you for Good Reason.
In the event that your employment is terminated by the Company without Cause or by you for Good Reason, then all Service-Vesting
RSUs will immediately and fully vest on the date of such termination of employment.

 

		·	Performance-Vesting RSUs. The Performance-Vesting RSUs will be comprised of three tranches of 600,000 RSUs, each
of which may vest in part or in full on March 31, 2023 (or earlier upon certain terminations of employment or Change in Control
scenarios, as set forth below), if you remain employed through such date, with the degree of vesting based upon achievement of
the Share price goals set forth below for the applicable tranche. Except as otherwise provided below, no performance-Vesting RSUs
will vest if your employment terminates prior to March 31, 2023.

 

		o	Tranche #1. The performance period for the first tranche (“Tranche #1”) of Performance-Vesting RSUs
shall encompass the period from the day after the release of the Company’s Q1 2020 earnings results (the “Earnings
Release Date”) through March 31, 2021 (“Performance Period #1”). The degree of eligibility for vesting
shall be based on the highest Average Price (as defined below) during such period, in accordance with the table below, with the
number of Performance-Vesting RSUs in the row that corresponds to the highest threshold in the left column that is equaled or exceeded
by the highest Average Price during Performance Period #1 (such highest threshold, the “Performance Period #1 Achieved
Price”) becoming eligible to vest (it being understood, for the avoidance of doubt, that such vesting shall remain additionally
subject to the continued service requirement), and with all other Performance-Vesting RSUs in Tranche #1 forfeited as of March
31, 2021.

 

    	 	2	 

     

    

 

	Highest Average Price 	# of Tranche #1 Performance-Vesting RSUs Eligible to Vest
	Less than 110% of the Performance Period #1 Benchmark	0
	110% of the Performance Period #1 Benchmark	100,000
	115% of the Performance Period #1 Benchmark	200,000
	120% of the Performance Period #1 Benchmark	300,000
	125% of the Performance Period #1 Benchmark	400,000
	130% of the Performance Period #1 Benchmark	500,000
	135% of the Performance Period #1 Benchmark	600,000

 

		o	Tranche #2 and Tranche #3. The performance periods for the second tranche and the third tranche of Performance-Vesting
RSUs shall be April 1, 2021 through March 31, 2022 (“Performance Period #2”) and April 1, 2022 through March
31, 2023 (“Performance Period #3,” and each of Performance Period #1, Performance Period #2, and Performance
Period #3, a “Performance Period”), respectively. The degree of eligibility for vesting shall be based on the
highest Average Price (as defined below) during the applicable Performance Period, in accordance with the table below, with the
number of Performance-Vesting RSUs in the row that corresponds to the highest threshold in the left column that is equaled or exceeded
by the highest Average Price during the applicable period (such highest threshold achieved during Performance Period #2, the “Performance
Period #2 Achieved Price”) becoming eligible to vest from the applicable tranche (it being understood, for the avoidance
of doubt, that such vesting shall remain additionally subject to the continued service requirement), and with all other Performance-Vesting
RSUs in the applicable tranche forfeited as of March 31, 2022, in the case of Performance Period #2 or March 31, 2023, in the case
of Performance Period #3:

 

    	 	3	 

     

    

 

	Highest Average Price during applicable Performance Period	# of Tranche Performance-Vesting RSUs Eligible to Vest
	Less than 110% of the applicable Performance Period Benchmark	0
	110% of the applicable Performance Period Benchmark	100,000
	115% of the applicable Performance Period Benchmark	200,000
	120% of the applicable Performance Period Benchmark	300,000
	125% of the applicable Performance Period Benchmark	400,000
	130% of the applicable Performance Period Benchmark	500,000
	135% of the applicable Performance Period Benchmark	600,000

 

		§	Special Outperformance Pull-Forward Opportunity. Notwithstanding the foregoing, you will have the opportunity to have
the performance condition satisfied for each of Tranche #2 and Tranche #3 in the Performance Period immediately preceding Performance
Period #2 and Performance Period #3, respectively. The performance condition (but not, for the avoidance of doubt, the service
condition) for any Performance-Vesting RSU in respect of Performance Period #2 or Performance Period #3 may be achieved in the
immediately preceding Performance Period (and shall not need to be re-achieved during the Performance Period to which such Performance-Vesting
RSU relates) if the Average Stock Price on a day during such immediately preceding Performance Period equals or exceeds the applicable
threshold for such Performance-Vesting RSU, assuming (x) solely for purposes of this clause (x), that the Performance Period Benchmark
for Performance Period #2 is 135% of the actual Performance Period Benchmark for Performance Period #1 and (y) that the Performance
Period Benchmark for Performance Period #3 is 135% of the actual Performance Period Benchmark for Performance Period #2.

 

		§	Performance Condition Not Achieved; Termination for Cause; Resignation without Good Reason. All outstanding Performance-Vesting
RSUs will be forfeited upon the termination of your employment by the Company for Cause or your resignation without Good Reason,
in either case, prior to March 31, 2023. Any portion of a tranche of Performance Vesting RSUs will also be forfeited if the applicable
Average Price for such portion has not been achieved as of the conclusion of the applicable Performance Period.

 

		§	Termination due to Death or Disability; Resignation for Good Reason; Termination without Cause; Change in Control. If,
prior to March 31, 2023, you experience a termination of employment due to your Death or Disability, by the Company without Cause,
or by you for Good Reason, or if a Change in Control (as defined in the Equity Plan) occurs prior to March 31, 2023, you (or your
estate, as the case may be) will immediately vest in any portion of the Performance-Vesting RSUs for which the applicable Average
Price goal has already been achieved (with achievement for the Performance Period during which occurs the date of termination or
the date of the Change in Control, as applicable, determined based on the highest Average Price during such Performance Period
through such date or, in the case of a Change in Control that results in the direct sale or exchange of Shares, the per Share value
of the Change in Control consideration measured as of the date of the Change in Control), and you will forfeit any Performance-Vesting
RSUs for which the applicable Average Price goal has not already been achieved (including, for the avoidance of doubt, the Performance-Vesting
RSUs encompassing any tranche with respect to which the applicable Performance Period has not commenced, unless the performance
condition in respect of any such Performance-Vesting RSU was previously achieved pursuant to the Special Outperformance Pull-Forward
Opportunity set forth above).

 

    	 	4	 

     

    

 

For purposes hereof, “Good Reason”
means the occurrence of any of the following events without your express prior written consent: (A) a reduction in your base
salary; (B) a material diminution in your title, role or responsibilities with the Company (other than incident to your transition
from sole Chief Executive Officer to Co-Chief Executive Officer) resulting from an action taken by the Company or one of its affiliates
(including, without limitation and for the avoidance of doubt, the Company’s failure to maintain your position as Co-Chief
Executive Officer of the Company, you ceasing to report solely to the Board, and the Company’s failure to maintain your Board
position, but excluding, for the avoidance of doubt, your failure to be reelected to the Board by the Company’s shareholders);
(C) the relocation of your principal place of employment to a location that is more than 50 miles from both Pittsburgh, PA
and the then-current Company headquarters; or (D) upon or following a Change in Control, your not being offered and retained as
chief executive officer of the ultimate parent entity resulting from the Change in Control; provided that no event will
constitute “Good Reason” unless (x) you provide the Company written notice of your objection to such event within
30 days following such event, (y) such event is not corrected, in all material respects, by the Company within 30 days following
the Company’s receipt of such notice and (z) you resign from your employment with the Company not more than 10 days
following the expiration of the 30-day correction period.

 

For purposes hereof, (w) the “Average
Price” for any day shall mean the average of the daily per-share closing prices of the Shares on the New York Stock Exchange
occurring during the five consecutive trading days that are not Event Blackout Days (as defined below) preceding such date, (x)
the Performance Period Benchmark for Performance Period #1 shall equal the lesser of (i) $24 and (ii) the greater of (A) $22 and
(B) the average of the daily per-share closing prices of the Shares on the New York Stock Exchange occurring during the period
commencing on the eleventh trading day after the Spinoff Date and ending on the last trading day prior to the Earnings Release
Date, (y) the Performance Period Benchmark for Performance Period #2 shall equal the greater of (i) the Performance Period #1 Achieved
Price and (ii) the Average Price on March 31, 2021, and (z) Performance Period Benchmark for Performance Period #3 shall equal
the greater of (i) the Performance Period #2 Achieved Price and (ii) the Average Price on March 31, 2022. For purposes of the preceding
sentence, if no Average Price threshold is achieved for either Performance Period #1 or Performance Period #2, the lowest such
threshold in the applicable table shall be deemed to be the Performance Period #1 Achieved Price or Performance Period #1 Achieved
Price, as applicable. For purposes hereof, a trading day shall be an Event Blackout Day if on such day you are subject to trading
restrictions applicable to Company insiders that are not related to the Company’s regular quarterly earnings release process.

 

    	 	5	 

     

    

 

All references to Share price amounts set
forth above assume that the Separation is consummated as expected and are not intended to be adjusted in connection with the Separation.
In the event of an adjustment event of the type described in Section 4(f) of the Equity Plan (excluding the Separation, but including
without limitation any other split-off or a spin-off involving the equity of the Company), or in the event of a material change
to the terms of the Separation described in the Form 10 that the Committee reasonably determines could affect the expected relative
post-Separation ratio in the values of the Company and of the entity comprising the separated businesses (a “Spinoff Capitalization
Modification”), the Committee (as defined in the Equity Plan) will make such adjustments as it reasonably and in good
faith deems equitable to the amounts of the Average Price targets, Performance Period Benchmarks (including for purposes of the
Special Outperformance Pull-Forward Opportunity described above), and/or to actual Share values in consultation with you.

 

Other Terms and Conditions. The RSU Award may, at the
Company’s election, be settled in cash rather than Shares. The RSU Award shall be subject to the additional terms and conditions
contained in the award agreement attached to this Agreement as Annex A.

 

The RSUs shall be your sole incentive compensation
for the Term (unless otherwise determined by the Company), it being understood that nothing herein shall modify the terms of your
Outperformance Bonus opportunity (as defined in the letter agreement between you and the Company, dated as of February 13, 2019
(the “Original Letter Agreement”)) or of the RSUs (as defined in the letter agreement between you and the Company,
dated as of August 1, 2019 (the “Second Letter Agreement,” and, such RSUs together with the Outperformance Bonus,
the “Prior Incentive Opportunities”) granted to you on August __, 2019, and for purposes of clarity and the
avoidance of doubt, nothing herein shall divest you of any rights you have in any Company equity granted to you prior to the date
of this Agreement. You will not be eligible for annual bonuses during the Term or for any equity-based compensation other than
as contemplated hereby unless otherwise determined by the Company.

 

Employee Benefits:

 

During the Term, you will be eligible to participate in Company
benefit plans as in effect from time to time on the terms applicable to Company senior executives generally (subject to the applicable
eligibility and other requirements set forth therein), including health care, life insurance, and disability coverage, provided
that, as set forth below, you will not participate in any severance plans or programs. You will be reimbursed for business-related
expenses incurred by you in performing your duties hereunder in accordance with the Company’s policies and procedures as
in effect from time to time. In addition, the Company will pay directly to your attorney, within 20 days following the full execution
of this Agreement, all reasonable and documented attorneys’ fees incurred in the negotiation and drafting of this Agreement
in an amount not to exceed $20,000.

 

    	 	6	 

     

    

 

Severance; No Nonqualified Deferred Compensation:

 

In the event that prior to March 31, 2023,
the Company terminates your employment without Cause, or you terminate employment for Good Reason, the Company will pay you, no
later than the 60th day following the date of termination, and subject to your execution (within 45 days of the date
of such termination) and non-revocation of a reasonable and customary release of claims in a form reasonably satisfactory to the
Company presented to you as soon as reasonably practicable following such termination, a cash severance payment equal to (x) if
such termination does not occur upon, or during the two-year period following, a Change in Control, $3,200,000 or (y) if such termination
occurs upon the date of, or during the two-year period following, a Change in Control, the product of (i) 650,000 multiplied by
(ii) the Average Price on the date immediately preceding the date of the Change in Control (in the event of an adjustment event
of the type described in Section 4(f) of the Equity Plan (excluding the Separation, but including without limitation any other
split-off or a spin-off involving the equity of the Company) or a Spinoff Capitalization Modification, the Committee will make
such adjustments as it reasonably and in good faith deems equitable to this clause (y)).

 

You will not participate in the Company’s
Executive Severance Plan or in its Change in Control Severance Plan, nor will you be eligible for severance under any other severance
plan or program of the Company and its affiliates. You will not participate in any nonqualified deferred compensation plan sponsored
by the Company or any of its affiliates. Except as provided hereunder, you hereby waive any right to participate in any severance
plans or programs and any nonqualified deferred compensation plans of the Company, notwithstanding the terms of any such plans.

 

Indemnification:

 

You will be covered as an insured officer under the Company’s
director and officer liability insurance policy, as in effect from time to time, to the same extent, and on the same terms, as
other executive officers and directors of the Company. In addition, the Company acknowledges the continued force and effect of
the Indemnification Agreement between the Company and you dated January 19, 2018.

 

Board Service:

 

During the Term, you will not be eligible to receive compensation
and/or benefits (including, without limitation, director fees and equity awards) pursuant to any non-employee director plans or
programs maintained by the Company.

 

    	 	7	 

     

    

 

Section 409A:

 

The payments and benefits provided hereunder are intended to
comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the provisions
of this Agreement shall be interpreted and applied consistently with such intent. All reimbursements under this Agreement that
constitute deferred compensation within the meaning of Section 409A will be made or provided in accordance with the requirements
of Section 409A, including, without limitation, that (i) in no event will any reimbursement payments be made later than the end
of the calendar year next following the calendar year in which the applicable expenses were incurred, (ii) the amount of reimbursement
payments that the Company is obligated to pay in any given calendar year shall not affect the amount of reimbursement payments
that the Company is obligated to pay in any other calendar year, (iii) your right to have the Company pay such reimbursements may
not be liquidated or exchanged for any other benefit, and (iv) any reimbursement is for expenses incurred during your lifetime
(or during a shorter period of time specified herein). Any payments that qualify for the “short-term deferral” exception
or another exception under Section 409A of the Code shall be paid under the applicable exception. For purposes of the limitations
on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be
treated as a separate payment of compensation for purposes of applying the exclusion under Section 409A of the Code for short-term
deferral amounts, the separation pay exception or any other exception or exclusion under Section 409A of the Code. In no event
may you, directly or indirectly, designate the calendar year of any payment hereunder.

 

Miscellaneous:

 

You hereby represent that you are not subject or party to any
agreement, understanding or undertaking, including any restrictive covenant with any prior employer, that would prohibit you from
accepting, and serving in, the positions contemplated hereby. Your employment with the Company will at all times be at-will, subject
to the provisions of this Agreement. Upon your termination of employment for any reason, you will, if requested by the Board, immediately
resign from the Board, your position as an officer of the Company, and all offices and directorships of all subsidiaries and affiliates
of the Company.

  

Neither party hereto may assign any rights or delegate any duties
under this Agreement without the prior written consent of the other party; provided, that this Agreement shall inure to
the benefit of and be binding upon the successors and assigns of the Company upon any sale of all or substantially all of the Company’s
assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation, all as though such
successors and assigns of the Company and their respective successors and assigns were the Company.

 

Except as otherwise contemplated herein,
this Agreement contains the entire agreement between you and the Company with respect to the subject matter hereof and supersedes
the Original Letter Agreement and the Second Letter Agreement, provided that the terms of such agreements related to the
Prior Incentive Opportunities shall remain in effect. For the avoidance of doubt, the Confidentiality, Developments, Non-Competition
and Non-Solicitation Agreement between you and the Company, dated as of February 13, 2019, shall remain in full force and effect
and be unaffected hereby. No modification or termination of this Agreement may be made orally, but must be made in writing and
signed by you and the Company.

 

Notwithstanding anything to the contrary
herein, in the event the Separation has not been consummated as of June 1, 2020, this Agreement shall be null and void ab initio
and of no force or effect. For the avoidance of doubt, in such event the Original Letter Agreement and the Second Letter Agreement
shall remain in effect and shall govern your employment.

 

    	 	8	 

     

    

 

Governing Law; Jurisdiction:

 

This Agreement will be governed and interpreted
in accordance with the laws of the State of New York without reference to its choice of law principles. Any action arising out
of or related to this Agreement will be brought in the state or federal courts with jurisdiction in New York, New York, and you
and the Company consent to the jurisdiction and venue of such courts.

 

 

[Signature Page Follows.]

    	 	9	 

     

    

 

To accept our offer,
please sign and date the bottom of this Agreement.

 

 

Best Regards,

 

	/s/ James F. Albaugh	 
	 	 
	James F. Albaugh	 
	Chair of the Compensation and Benefits Committee	 
	Arconic Board of Directors	 

 

 

 

 

 

I, John C. Plant, acknowledge and agree to the terms set forth
in this Agreement.

 

	Accepted by:	 	Date:
	 	 	 
	/s/ John C. Plant	 	2/24/20
	 John C. Plant	 	 

 

    [Signature Page to Letter Agreement]

     

    

 

Annex A

 

[HOWMET AEROSPACE] INC.

RESTRICTED SHARE UNIT AWARD

Grant Date: April __, 2020

 

This Restricted Share Unit Award represents a grant of Restricted
Share Units relating to 2,800,000 shares of common stock of [Howmet Aerospace, Inc.] (the “Company”), par value $1.
The terms and conditions of this Restricted Share Unit Award Agreement, as set forth in this agreement between the Company and
John C. Plant (the “Participant”, and this agreement, the “Award Agreement”) are authorized by the Compensation
and Benefits Committee of the Board of Directors. The Restricted Share Unit award is granted pursuant to the 2013 [Howmet Aerospace]
Stock Incentive Plan, as amended and restated and as may be further amended from time to time (the “Plan”). Capitalized
terms used but not defined in the Award Agreement shall have the meaning given to such terms in the Plan. Reference is made to
the letter agreement dated as of February __, 2020 between the Company and the Participant (the “Letter Agreement”).

 

General Terms and Conditions

 

1.       The Restricted Share
Units are subject to the provisions of the Award Agreement (including the provisions of the Plan deemed to be incorporated by reference
herein). Interpretations of the Award Agreement by the Committee are binding on the Participant and the Company. A Restricted Share
Unit is an undertaking by the Company to issue a Share or an equivalent cash amount in accordance with Section 3 of the Award Agreement,
subject to the fulfillment of certain conditions, except to the extent otherwise provided in the Plan or herein. A Participant
has no voting rights or rights to receive dividends on Restricted Share Units, but the Board of Directors may authorize that dividend
equivalents be accrued and paid on Restricted Share Units upon vesting in accordance with Section 2 of the Award Agreement.

 

Vesting and Payment

 

2.       The Restricted Share
Units will be subject to the vesting terms and conditions set forth in the Letter Agreement which are deemed to be incorporated
herein.

 

3.       Upon the vesting
of the Restricted Share Units in accordance with the terms of the Award Agreement, Participant will receive, within 30 days following
the vesting date, one Share for each vested Restricted Share Unit; provided, that the Company may instead make a cash payment in
settlement of all or a portion of such vested Restricted Share Units that equals, for each applicable Restricted Share Unit, the
Fair Market Value of a Share on the date of such settlement. Subject to Section 14 of the Award Agreement, the Company shall have
sole discretion to determine whether to settle Restricted Share Units in Shares, cash or a combination thereof.

 

    	 	1	 

     

    

 

Taxes

 

4.       All taxes required
to be withheld under applicable tax laws in connection with the Restricted Share Units must be paid by the Participant at the appropriate
time under applicable tax laws. The Company will satisfy applicable tax withholding obligations by withholding from the Shares
to be issued (or cash to be paid) upon payment of the Restricted Share Units, unless an alternative withholding method is approved
by the Committee or withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting
consequences, in which case withholding will be made pursuant to Section 15(l) of the Plan. The number of Shares or amount of cash
withheld will be that number or amount with a fair market value equal to the taxes required to be withheld at the minimum required
rates or, to the extent permitted under applicable accounting principles and approved by the Committee, at up to the maximum individual
tax rate for the applicable tax jurisdiction, which include applicable income taxes, federal and state unemployment compensation
taxes and FICA/FUTA taxes. Further, notwithstanding anything herein to the contrary, the Company may cause a portion of the Restricted
Share Units to vest prior to the stated vesting date set forth in the Letter Agreement in order to satisfy any tax-related items
that arise prior to the date of settlement of the Restricted Share Units; provided, that to the extent necessary to avoid a prohibited
distribution under Section 409A of the Code, the number of Restricted Share Units so accelerated and settled shall be with respect
to a number of Shares with a value that does not exceed the liability for such tax-related items.

 

Beneficiaries

 

5.       If permitted by
the Company, Participants will be entitled to designate one or more beneficiaries to receive the amounts payable in respect of
any Restricted Share Units that are outstanding and have not been settled at the time of death of the Participant. All beneficiary
designations will be on beneficiary designation forms approved for the Plan. Copies of the form are available from the Communications
Center on Merrill Lynch’s OnLine® website www.benefits.ml.com.

 

6.       Beneficiary designations
on an approved form will be effective at the time received by the Communications Center on Merrill Lynch’s OnLine® website www.benefits.ml.com.
A Participant may revoke a beneficiary designation at any time by written notice to the Communications Center on Merrill Lynch’s
OnLine® website www.benefits.ml.com or by filing a new designation
form. Any designation form previously filed by a Participant will be automatically revoked and superseded by a later-filed form.

 

7.       A Participant will
be entitled to designate any number of beneficiaries on the form, and the beneficiaries may be natural or corporate persons.

 

8.       The failure of any
Participant to obtain any recommended signature on the form will not prohibit the Company from treating such designation as valid
and effective. No beneficiary will acquire any beneficial or other interest in any Restricted Share Unit prior to the death of
the Participant who designated such beneficiary.

 

9.       Unless the Participant
indicates on the form that a named beneficiary is to receive Restricted Share Units only upon the prior death of another named
beneficiary, all beneficiaries designated on the form will be entitled to share equally in the amounts payable in respect of the
Restricted Share Units upon settlement. Unless otherwise indicated, all such beneficiaries will have an equal, undivided interest
in all such Restricted Share Units.

 

    	 	2	 

     

    

 

10.     Should a beneficiary
die after the Participant but before the Restricted Share Unit is paid, such beneficiary’s rights and interest in the Award
will be transferable by the beneficiary’s last will and testament or by the laws of descent and distribution. A named beneficiary
who predeceases the Participant will obtain no rights or interest in a Restricted Share Unit, nor will any person claiming on behalf
of such individual. Unless otherwise specifically indicated by the Participant on the beneficiary designation form, beneficiaries
designated by class (such as “children,” “grandchildren” etc.) will be deemed to refer to the members of
the class living at the time of the Participant’s death, and all members of the class will be deemed to take “per
capita.”

 

11.     If a Participant
does not designate a beneficiary or if the Company does not permit a beneficiary designation, the Restricted Share Units that have
not yet vested or been paid at the time of death of the Participant will be paid to the Participant’s legal heirs pursuant
to the Participant’s last will and testament or by the laws of descent and distribution.

 

Adjustments 

 

12.     In the event of
an Equity Restructuring, the Committee will equitably adjust the Restricted Share Unit as it deems appropriate to reflect the Equity
Restructuring, which may include (i) adjusting the number and type of securities subject to the Restricted Share Unit; and (ii) adjusting
the terms and conditions of the Restricted Share Unit. The adjustments provided under this Section 12 will be nondiscretionary
and final and binding on all interested parties, including the affected Participant and the Company; provided that the Committee
will determine whether an adjustment is equitable.

 

Repayment/Forfeiture

 

13.     As an additional
condition of receiving the Restricted Share Unit, the Participant agrees that the Restricted Share Unit and any benefits or proceeds
the Participant may receive hereunder shall be subject to forfeiture and/or repayment to the Company to the extent required (i)
under the terms of any recoupment or “clawback” policy adopted by the Company to comply with applicable laws or with
the Company’s Corporate Governance Guidelines or other similar requirements, as such policy may be amended from time to time
(and such requirements shall be deemed incorporated into the Award Agreement without the Participant’s consent) or (ii) to
comply with any requirements imposed under applicable laws and/or the rules and regulations of the securities exchange or inter-dealer
quotation system on which the Shares are listed or quoted, including, without limitation, pursuant to Section 954 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010. Further, if the Participant receives any amount in excess of what the Participant
should have received under the terms of the Restricted Share Unit for any reason (including without limitation by reason of a financial
restatement, mistake in calculations or administrative error), all as determined by the Committee, then the Participant shall be
required to promptly repay any such excess amount to the Company.

 

    	 	3	 

     

    

 

Miscellaneous Provisions 

 

14.     Stock Exchange
Requirements; Applicable Laws. Notwithstanding anything to the contrary in the Award Agreement, no Shares issuable upon vesting
of the Restricted Share Units, and no certificate representing all or any part of such Shares, shall be issued or delivered if,
in the opinion of counsel to the Company, such issuance or delivery would cause the Company to be in violation of, or to incur
liability under, any securities law, or any rule, regulation or procedure of any U.S. national securities exchange upon which any
securities of the Company are listed, or any listing agreement with any such securities exchange, or any other requirement of law
or of any administrative or regulatory body having jurisdiction over the Company or a Subsidiary.

 

15.     Non-Transferability.
The Restricted Share Units are non-transferable and may not be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by the Participant other than by will or the laws of descent and distribution and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided, that,
the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

16.     Shareholder
Rights. No person or entity shall be entitled to vote, receive dividends or be deemed for any purpose the holder of any Shares
unless the Restricted Share Unit shall have vested and been paid in the form of Shares in accordance with the provisions of the
Award Agreement.

 

17.     Notices.
Any notice required or permitted under the Award Agreement shall be in writing and shall be deemed sufficient when delivered personally
or sent by confirmed email, telegram, or fax or five days after being deposited in the mail, as certified or registered mail, with
postage prepaid, and addressed to the Company at the Company’s principal corporate offices or to the Participant at the address
maintained for the Participant in the Company’s records or, in either case, as subsequently modified by written notice to
the other party.

 

18.     Severability
and Judicial Modification. If any provision of the Award Agreement is held to be invalid or unenforceable under the applicable
laws of any country, state, province, territory or other political subdivision or the Company elects not to enforce such restriction,
the remaining provisions shall remain in full force and effect and the invalid or unenforceable provision shall be modified only
to the extent necessary to render that provision valid and enforceable to the fullest extent permitted by law. If the invalid or
unenforceable provision cannot be, or is not, modified, that provision shall be severed from the Award Agreement and all other
provisions shall remain valid and enforceable.

 

19.     Successors.
The Award Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, on the one
hand, and the Participant and his or her heirs, beneficiaries, legatees and personal representatives, on the other hand.

 

20.     Imposition of
Other Requirements. The Company reserves the right to impose other requirements on the Restricted Share Unit and on any Shares
acquired under the Award Agreement, to the extent the Company determines it is necessary or advisable for legal or administrative
reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the
foregoing.

 

    	 	4	 

     

    

 

21.     Compliance with
Code Section 409A. It is intended that the Restricted Share Units granted pursuant to the Award Agreement be compliant with
or exempt from Section 409A of the Code and the Award Agreement shall be interpreted, construed and operated to reflect this intent.
Notwithstanding the foregoing, the Award Agreement and the Plan may be amended at any time, without the consent of any party, to
the extent necessary or desirable to satisfy any of the requirements under Section 409A of the Code, but the Company shall not
be under any obligation to make any such amendment. Further, the Company and its Subsidiaries do not make any representation to
the Participant that the Restricted Share Units granted pursuant to the Award Agreement satisfies the requirements of Section 409A
of the Code, and the Company and its Subsidiaries will have no liability or other obligation to indemnify or hold harmless the
Participant or any other party for any tax, additional tax, interest or penalties that the Participant or any other party may incur
in the event that any provision of the Award Agreement or any amendment or modification thereof or any other action taken with
respect thereto, is deemed to violate any of the requirements of Section 409A of the Code.

 

22.     Waiver.
A waiver by the Company of breach of any provision of the Award Agreement shall not operate or be construed as a waiver of any
other provision of the Award Agreement, or of any subsequent breach by the Participant or any other Participant.

 

23.     No Advice Regarding
Award. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
the Participant’s acceptance of the Restricted Share Unit, or the Participant’s acquisition or sale of the underlying
Shares. The Participant is hereby advised to consult with the Participant’s own personal tax, legal and financial advisors
regarding the Participant’s acceptance of the Restricted Share Unit before taking any action related thereto.

 

24.     Governing Law
and Venue. As stated in the Plan, the Restricted Share Unit and the provisions of the Award Agreement and all determinations
made and actions taken thereunder, to the extent not otherwise governed by the laws of the United States, shall be governed by
the laws of the State of New York, United States of America, without reference to principles of conflict of laws, and construed
accordingly. The jurisdiction and venue for any disputes arising under, or any actions brought to enforce (or otherwise relating
to), the Restricted Share Unit will be exclusively in the courts in the State of New York, County of New York, including the Federal
Courts located therein (should Federal jurisdiction exist).

 

25.     Electronic Delivery
and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Share Unit
by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Restricted Share Unit through an on-line or electronic system established and maintained by the Company or a third party
designated by the Company.

 

26.     Entire Agreement.
The Award Agreement and the Plan embody the entire understanding and agreement of the parties with respect to the subject matter
hereof, and no promise, condition, representation or warranty, express or implied, not stated or incorporated by reference herein,
shall bind either party hereto.

 

    	 	5	 

     

    

 

 

[Signature Page Follows.]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the parties have duly executed the Award
Agreement as of the Grant Date first written above.

 

 

[HOWMET AEROSPACE] INC.

by

 

	 	 
	 	 
	Name:	Katherine Hargrove Ramundo	 
	Title:
	Executive
        Vice President
	 
	 	Chief Legal Officer and Secretary	 

 

 

 

	John C. PlantExhibit 10.2

  

	 	
        Arconic

        201 Isabella Street

        Pittsburgh PA 15212

         

 

February 24, 2020

 

Tolga Oal

c/o Arconic Inc.

201 Isabella Street

Pittsburgh PA 15212

 

 

Dear Tolga:

 

As we have discussed, on behalf of Arconic
Inc., which is expected to be renamed Howmet Aerospace, Inc. (the “Company”), I am pleased to offer you the position
of Co-Chief Executive Officer of the Company following consummation of the expected distribution by the Company of all outstanding
shares of Arconic Rolled Products Corporation, to be renamed Arconic Corporation (the “Separation” and the date of
such separation “Legal Day 1”).

 

Prior to the Separation, your position will be as Co-Chief Executive
Officer Designate and you will report directly to the Company’s Chief Executive Officer. Effective Legal Day 1, you will
report directly to the Board of Directors of Howmet Aerospace, Inc. (the “Board”) and you will also be appointed as
a member of the Board. During your employment with the Company, you will devote substantially all of your working time and attention
to the business and affairs of the Company (excluding any vacation to which you are entitled) and you will comply with the
Company’s policies and rules, as in effect from time to time.

 

Set forth below is your total compensation package, together
with other important information.

 

Base Salary:

 

As of the Separation, your annual base salary will become $875,000
paid on a monthly basis in accordance with the Company’s normal payroll practices, and subject to all applicable taxes and
withholdings.

 

Incentive Compensation:

 

You will initially be eligible for a target annual cash incentive
compensation opportunity of 100% of your base salary (i.e., $875,000 based on your initial base salary) for a full year, if individual
and business performance targets are met. Actual payouts could be higher or lower than target depending on individual and business
performance. Your annual cash incentive compensation opportunity and award for 2020 will be prorated to reflect the portion of
the year that you are Co-CEO of the Company. (i.e., a blended rate will apply, with your current target annual cash incentive opportunity
applying to the portion of 2020 prior to Legal Day 1, and with the target annual cash incentive opportunity set forth in this paragraph
applying to the remainder of the year).

 

    	 	 	 

     

    

 

Equity Compensation:

 

You will be eligible for annual equity compensation awards in
connection with the Company’s regular annual grant cycles.  For your first such award, anticipated to be granted in
the first month following Legal Day 1, you will be granted (i) a restricted share unit award with a grant date value of $1,400,000,
which will vest on the third anniversary of the grant date, subject to your continued employment with the Company through such
date and (ii) a performance-based restricted share unit award with a grant date value (at target) of $2,100,000, which will be
subject to performance goals applicable to Howmet Aerospace Inc., as well as to your continued employment with the Company through
the third anniversary of the grant date (together, the “RSUs”). The RSUs shall be granted under the 2013 Arconic Stock
Incentive Plan and shall be subject to the same Restricted Share Unit Terms and Conditions consistent with those applicable to
2020 annual awards to Company senior executives generally.

 

For each subsequent calendar year (starting in 2021) in which
you are employed by the Company, you shall be eligible to receive additional grants of equity-based and other long-term incentives
offered to senior executives generally, at a level, and on terms and conditions, that are commensurate with your positions and
responsibilities at the Company, and appropriate in light of your performance and of corresponding awards (if any) to other senior
executives of the Company (in all cases, as determined in good faith by the Board or a committee thereof).

 

Equity Ownership Requirements:

 

Consistent with Company’s efforts to align the interests
of its senior leadership with the interests of shareholders, the Company has adopted equity ownership requirements for senior executives.
You will be subject to these requirements, currently 6.0 times base salary for the Chief Executive Officer, during your employment
with the Company. Until equity ownership requirements are met, you are required to retain 50% of shares acquired upon vesting of
restricted stock units and performance-based restricted stock units or upon exercise of stock options, after deducting those used
to pay for applicable taxes and/or the exercise price.

 

Relocation:

 

No later than September 30, 2020, you will relocate and establish
a permanent residence in the Pittsburgh, PA metropolitan area. The Company provides a Transfer and Relocation Plan, the terms of
which are determined by the Company in its discretion from time to time, to help facilitate your permanent relocation.

 

Benefits:

 

You will continue to be eligible to participate in Company benefit
plans as in effect from time to time on the terms applicable to Company senior executives generally (subject to the applicable
eligibility and other requirements set forth therein).

 

Confidentiality, Developments, Non-Competition
and Non-Solicitation Agreement:

 

In consideration of your employment with
the Company, you agree to execute the Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement attached hereto
as Annex A.

 

    	 	2	 

     

    

 

Severance:

 

On Legal Day 1, you will be designated as a Tier I Employee
under each of the Company’s Executive Severance Plan and Change in Control Severance Plan (together, the “Severance
Plans”). Your participation in such plans is subject to the terms and conditions of such plans as in effect from time to
time. You acknowledge that the Company has informed you that it anticipates reducing the Tier I Employee multipliers under the
Severance Plans by .5 (i.e., the multiplier under Section 2.1(a)(i) of the Company’s Executive Severance Plan would become
1.5 and the Applicable Period thereunder would become 18 months, and the Applicable Multiplier and Applicable Period under the
Company’s Change in Control Severance Plan would become 2.5 and 30 months, respectively) and you hereby consent to any amendment
effectuating such reductions, without regard to the one-year limitation on effectiveness of amendments under the Company’s
Executive Severance Plan.

 

Indemnification:

 

You will be covered as an insured officer
under the Company’s director and officer liability insurance policy, as in effect from time to time, to the same extent,
and on the same terms, as other executive officers of the Company.

 

Section 409A:

 

The payments and benefits provided under
this letter are intended to comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986,
as amended, and the provisions of this letter shall be interpreted and applied consistently with such intent. All reimbursements
under this letter that constitute deferred compensation within the meaning of Section 409A will be made or provided in accordance
with the requirements of Section 409A, including, without limitation, that (i) in no event will any reimbursement payments be made
later than the end of the calendar year next following the calendar year in which the applicable expenses were incurred; (ii) the
amount of reimbursement payments that the Company is obligated to pay in any given calendar year shall not affect the amount of
reimbursement payments that the Company is obligated to pay in any other calendar year; and (iii) your right to have the Company
pay such reimbursements may not be liquidated or exchanged for any other benefit.

 

Miscellaneous:

 

Your employment with the Company will at
all times be at-will. Subject to your rights to the payments and benefits upon certain termination of employment in accordance
with the terms of the Executive Severance Plan and the Change in Control Severance Plan, in each case, as in effect from time to
time, and this letter, nothing herein will confer upon you any right to continue in the employment of the Company for any period
of specific duration or interfere with or otherwise restrict in any way the rights of the Company or you to terminate your employment
at any time and for any reason, with or without cause. Upon your termination of employment for any reason and as a condition to
any payments and benefits to which you may become entitled under the Company’s Executive Severance Plan, Change in Control
Severance Plan, or this letter, at the request of the Board you will immediately resign from the Board, your position as an officer
of the Company and all offices and directorships of all subsidiaries and affiliates of the Company. Any waiver of any breach of
this letter shall not be construed to be a continuing waiver or consent to any subsequent breach on the part of either you or the
Company. All payments hereunder shall be subject to applicable tax withholding.

 

    	 	3	 

     

    

 

Successors:

 

Neither party hereto may assign any rights
or delegate any duties under this letter without the prior written consent of the other party; provided, however, that this letter
shall inure to the benefit of and be binding upon the successors and assigns of the Company upon any sale of all or substantially
all of the Company’s assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation,
all as though such successors and assigns of the Company and their respective successors and assigns were the Company.

 

Entire Agreement:

 

Except as otherwise contemplated herein,
this letter contains the entire agreement between you and the Company with respect to the subject matter hereof. No modification
or termination of this letter may be made orally, but must be made in writing and signed by you and the Company.

 

In the event that the Separation has not
been consummated as of June 1, 2020 (as such date may be extended by mutual agreement of you and the Company), this letter agreement
shall be null and void ab initio.

 

Governing Law; Jurisdiction:

 

This letter will be governed and interpreted
in accordance with the laws of the State of Delaware without reference to its choice of law principles. Any action arising out
of or related to this letter will be brought in the state or federal courts with jurisdiction in Delaware, and you and the Company
consent to the jurisdiction and venue of such courts.

 

[Signature page follows.]

    	 	4	 

     

    

 

To accept our offer, please sign and date
the bottom of this letter and return it to me. If you have any questions, please feel free to call me.

 

I look forward to your contributions to the future of the Company.

 

Best Regards,

 

	/s/ James F. Albaugh	 
	 	 
	James F. Albaugh	 
	Chairman, Compensation Committee of the
Arconic Inc. Board of Directors	 

 

		cc:	Neil Marchuk

 

 

Attachments: 

Confidentiality, Developments, Non-Competition and Non-Solicitation
Agreement

 

 

 

 

 

 

I, Tolga Oal, am pleased to accept your offer of employment
dated February 24, 2020, for the position of Co-Chief Executive Officer Designate in the terms detailed in the offer letter.

 

	Accepted
    by:	 	Date:
	 	 	 
	 	 	 
	/s/
    Tolga Oal	 	2/24/2020
	Tolga Oal	 	 

 

 

[Signature
Page]

     

     

    

 

Exhibit A

 

Confidentiality, Developments, Non-Competition,
and Non-Solicitation Agreement

 

As an employee of Arconic
Inc. (“Arconic”) or one of its subsidiaries (Arconic collectively with its subsidiaries, the “Company”),
you (“you” or “Employee”) will have access to or may develop confidential and proprietary information (as
defined below) of the Company. Therefore, in consideration of your employment, and recognizing the highly competitive nature of
the Company’s business, you enter into this Confidentiality, Non-Competition, and Non-Solicitation Agreement (this “Agreement”)
intending to be legally bound.

 

Confidentiality

 

You acknowledge that,
as an employee of the Company, you have access, and are privy, to information which is confidential and proprietary to the Company
and which is not generally available to the public from sources outside of the Company.

 

You agree to regard
and preserve as confidential any and all Confidential Information pertaining to the Company’s operations and affairs and
all information which is either learned or obtained by you during your employment, and which you know, or have reason to believe,
includes Confidential Information. You agree that you will use Confidential Information only for the performance of your duties
for the Company and you agree not to disclose any Confidential Information you acquire, except as expressly permitted below. You
understand and agree that this obligation of confidentiality shall continue indefinitely following the termination of your employment
with the Company.

 

Nothing in this Agreement
shall prohibit or restrict you from: (i) making any disclosure of relevant and necessary information or documents in any action,
investigation, or proceeding relating to this Agreement, or as required by law or legal process; or (ii) participating, cooperating,
or testifying in any action, investigation, or proceeding with, or reporting possible violations or providing information to, any
governmental agency or legislative body regarding this Agreement or the Company, including, but not limited to, the Company’s
Legal Department, the Securities & Exchange Commission, and/or pursuant to the Dodd-Frank Act (including without limitations
the whistleblower provisions thereof) or Sarbanes-Oxley Act; provided that, other than with respect to providing information to
a governmental agency and to the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling
the disclosure of any such information or documents, you will give the General Counsel of the Company prompt written notice so
as to permit the Company to protect its interests in confidentiality to the fullest extent possible. Notwithstanding any provision
of this Agreement to the contrary, the provisions of this Agreement are not intended to, and shall be interpreted in a manner that
does not, limit or restrict you from exercising any legally protected whistleblower rights (including pursuant to Rule 21F under
the Securities Exchange Act of 1934, as amended).

 

Upon termination of
your employment or at any time requested by the Company, you will deliver promptly to the Company all memoranda, notes, records,
reports and other documents (whether in paper or electronic form and all copies thereof) relating to the business of the Company
and all other Company property which you obtained or developed while employed by, or otherwise serving or acting on behalf of,
the Company and which you may then possess or have under your control, whether directly or indirectly.

 

    	 	1	 

     

    

 

Disclosure of Developments and Other
Inventions

 

Without disclosing
any third party confidential information, Employee shall promptly disclose to Company all Developments and any inventions or developments
that Employee believes do not constitute a Development, so that Company can make an independent assessment. Employee represents
and warrants that if Employee developed, conceived or created any Development or other Intellectual Property prior to the date
hereof that relates to Company’s Business, Employee has listed such Intellectual Property on Appendix 1 in a manner that
does not violate any third party rights or disclose any third party confidential information.

 

Ownership of Developments

 

Ownership: All
right, title and interest (including all Intellectual Property rights of any sort throughout the world) relating to any and all
Developments (other than Employee Statutorily Exempt Developments) shall be the exclusive property of Company.

 

Assignment of Rights:
In consideration of Employee’s employment by Company as set forth in the Employment Agreement, Employee hereby assigns to
Company or its designee any and all right, title and/or interest (including all Intellectual Property rights of any sort throughout
the world) in and to any Developments that Employee has or may in the future acquire with respect to any Developments, provided
that this section shall not apply to any Employee Statutorily Exempt Developments.

 

Further Assistance
and Assurances: Employee shall, both during and after his/her employment by Company, at the expense of Company, perform all
lawful acts requested by, or on behalf of, Company to enable Company to obtain, perfect, sustain, and enforce its ownership interest
in any Development(s) in accordance with this Section and to obtain and maintain patents, copyrights and other Intellectual Property
rights for such Development(s) throughout the world.

 

Attorney-In-Fact:
Employee hereby irrevocably designates and appoints Company as Employee’s agent and attorney-in-fact, coupled with an interest
and with full power of substitution, to act for and on Employee’s behalf to execute and file any document and to do all other
lawfully permitted acts to further the purposes of this Section with the same legal force and effect as if executed by Employee.

 

Acknowledgement
of Employee Statutorily Exempt Developments: Employee acknowledges and agrees that, by executing this Agreement, nothing in
this Agreement is intended to expand the scope of protection provided to Employee by Sections 2870 through 2872 of the California
Labor Code or any other statute of like effect. Employee agrees to promptly advise the Company in writing of any developments that
Employee believes may qualify under Sections 2870 through 2872 of the California Labor Code or any other statute of like effect.

 

Records: Employee
agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings, and in any other form that
may be required by the Company) of all Developments made, written, conceived and/or reduced to practice by Employee during the
period of employment by Company, which records shall be available to and remain the sole property of the Company at all times.

 

    	 	2	 

     

    

 

Employee IP –
Ownership and Restrictions; License: Any discovery, invention, improvement, computer program and related documentation or other
work that (i) is created during the term of Employee’s employment with the Company and does not fall within the definition
of the term “Development” as defined herein, (ii) is an Employee Statutorily Exempt Development, or (iii) was developed,
created, or conceived prior to Employee’s employment with Company shall, as between Company and Employee, belong to Employee
and shall not be used by Employee in his or her performance on behalf of the Company. Without limiting Company’s other rights
and remedies, if, when acting within the scope of Employee’s employment or otherwise on behalf of Company, Employee uses
or discloses Employee’s own or any third party’s confidential information or other Intellectual Property in violation
of this Agreement (or if any Development cannot be fully made, used, reproduced, distributed and otherwise exploited without using
or violating the foregoing), Employee hereby: (a) grants to Company a perpetual, irrevocable, worldwide, fully-paid, royalty-free,
non-exclusive, sub-licensable right and license to use, exploit and exercise all such confidential information and/or Intellectual
Property rights; and (b) warrants that he/she is entitled to grant such license to the extent the confidential information or Intellectual
Property used by Employee in violation of this Section belongs to a third party.

 

 

Restrictive Covenants

 

Non-Competition:
During your employment and for a period of one year thereafter (regardless of whether the termination of your employment is voluntary
or involuntary), you will not directly or indirectly (i) engage in, carry on, or provide services (paid or unpaid) whether as a
director, officer, partner, owner, employee, inventor, consultant, advisor, or agent, to any Competitive Business (as defined below)
or (ii) hold any economic interest in any Competitive Business. However, notwithstanding the foregoing, you may own up to five
percent (5%) of the outstanding securities of any publicly traded company and you shall not be prohibited from becoming employed
by, or associated with, a private equity firm or hedge fund (or one of their portfolio companies) that has an investment in a Competitive
Business as long as you have no involvement whatsoever with such Competitive Business (including the formation, planning, or acquisition
of, or investment in, any such Competitive Business).

 

It is not the Company’s
intention to restrict or limit your activities following your termination of employment with the Company unless it is believed
that there is a substantial possibility that your future services or activities in any of the lines of business in which the Company
is engaged may be detrimental to the Company. So as to not unduly restrict your future employment, if you desire to enter into
any employment arrangement or relationship with any potential Competitive Business within the one-year restricted period, please
consult with the Executive Vice President of Human Resources of Arconic/Howmet to discuss your intended relationship with the entity.
Due to the many different businesses in which the Company presently engages, or which in the future the Company may engage, we
will discuss your desire to enter into a business or professional relationship with any manufacturer or firm which is a Competitive
Business. The Company’s consent will not be unreasonably withheld.

 

Also, as a reminder,
Arconic/Howmet stock incentive awards continue to be subject to forfeiture, under the terms of that program, to the extent you
become associated with, employed by, render services to, or own any interest in any business that is in competition with the Company
or if you engage in willful conduct that is injurious to the Company.

 

Non-Solicitation:
During your employment and for a period of one year thereafter (regardless of whether the termination of your employment was voluntary
or involuntary), you will not directly or indirectly (i) solicit, induce or attempt to solicit or induce any employee of the Company
to leave the Company for any reason; (ii) hire or attempt to hire any employee of the Company; or (iii) solicit business from,
or engage in business with, any customer or supplier of the Company that you met and/or dealt with during your employment with
the Company for any purpose. In the event that you become aware that any employee of the Company has been hired by any business
or firm with which you are then affiliated, you will immediately notify the Executive Vice President of Human Resources of Arconic/Howmet
to confirm your non-solicitation of said employee

 

    	 	3	 

     

    

 

You acknowledge and
agree that given the nature of the Company’s business, which is conducted throughout the world, the unique and extraordinary
services you will be providing to the Company and your position of confidence and trust with the Company, the scope and duration
of the covenants included in this Agreement (the “Restrictive Covenants”) are reasonable and necessary to protect the
legitimate business interests of the Company. You further acknowledge that you have received substantial consideration from the
Company and that your general skills and abilities are such that you can be gainfully employed in noncompetitive employment, and
that this Agreement will in no way prevent you from earning a living following your employment with the Company.

 

You also recognize
and agree that any breach or threatened or anticipated breach of any part of these Restrictive Covenants will result in irreparable
harm to the Company, and that the remedy at law for any such breach or threatened breach will be inadequate. Accordingly, in addition
to any other legal or equitable remedies that may be available to the Company, you agree that the Company will be entitled to obtain
an injunction, without posting a bond, to prevent any breach or threatened breach of any part of these Restrictive Covenants.

 

In the event that any
court of competent jurisdiction finds that the limitations set forth in these Restrictive Covenants are overly broad with respect
to duration, geographic scope or scope of prohibited activities, such court will have the authority to reduce the duration, area
or activities of such provisions so as to be enforceable to the maximum extent compatible with applicable law, and such provisions
will then be enforced as modified.

 

Notice of Immunity – Defend
Trade Secrets Act of 2016

 

Company employees,
contractors, and consultants may disclose Trade Secrets in confidence, either directly or indirectly, to a Federal, State, or local
government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or in
a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, Company
employees, contractors, and consultants who file retaliation lawsuits for reporting a suspected violation of law may disclose related
Trade Secrets to their attorney and use them in related court proceedings, as long as the individual files documents containing
the Trade Secret under seal and does not otherwise disclose the Trade Secret except pursuant to court order.

 

Definitions
for Purposes of this Agreement

 

“Business”
means areas of actual or demonstrably anticipated research and development conducted (or to be conducted) by, or for the benefit
of, Company as well as all products or services sold by, on behalf of, or for the benefit of Company worldwide.

 

“Competitive
Business” means any domestic or international business or firm (including any business in the process of being formed or
planned) that is engaged, or has active plans to become engaged, in any line of business of the Company with which you have had
direct functional accountability, or for which you provided leadership or support, during your last eighteen (18) months of employment
with the Company.

 

“Confidential
Information” includes, but is not limited to strategic plans, trade secrets, inventions, discoveries, technical and operating
know-how, accounting information, product information, marketing and sales data, business strategies, customer information, and
employee data of the Company that is proprietary in nature, and any similar information, data or materials of third parties that
the Company has a duty to keep confidential

 

    	 	4	 

     

    

 

“Developments”
means all discoveries, inventions, innovations, improvements, computer programs and related documentation, and other works of authorship,
mask works, designs, know-how, ideas and information made, written, conceived and/or reduced to practice, in whole or in part,
(whether or not patentable or subject to other forms of protection) by Employee, individually or with any other person, during
and after the period of Employee’s employment by Company that: (a) relate in any manner to the Business or activities of
Company; and/or (b) are created: (i) at any time using Company resources, including, but not limited to, Company computers, cellphones,
smartphones, etc.; (ii) during working hours; (iii) at a Company facility; (iv) by, or on behalf of, Company; and/or (v) using
Confidential Information.

 

“Employee Statutorily
Exempt Developments” means any Developments which qualify fully under the provisions of any applicable statute (including,
e.g., Section 2870 of the California Labor Code) that prohibits the assignment to Company of Employee’s rights in any inventions
developed entirely on Employee’s own time without using the Company’s equipment, supplies, facilities, resources, trade
secrets or Confidential Information (i.e., excluding inventions that either (i) relate at the time of conception or reduction to
practice of the invention to the Company’s Business, or actual or demonstrably anticipated research or development; or (ii)
result from any work performed by Employee for the Company).

 

“Intellectual
Property” means any intellectual and industrial property and all rights thereof, including, but not limited to, patents,
utility models, semi-conductor topography rights; copyrights, mask works, authors’ rights, registered and unregistered trademarks,
brands, domain names, trade secrets, know-how and other rights in information, drawings, logos, plans, database rights, technical
notes, prototypes, processes, methods, algorithms, any technical-related documentation, any software, registered designs and other
designs, in each case, whether registered or unregistered and including applications for registration, and all rights or forms
of protection having equivalent or similar effect anywhere in the world.

 

Governing Law; Jurisdiction

 

This Agreement will
be governed and interpreted in accordance with the laws of the State of Delaware without reference to its choice of law principles.
Any action arising out of or related to this Agreement will be brought in the state or Federal courts located in Delaware, and
you and the Company consent to the jurisdiction and venue of such courts.

 

Amendment; Waiver

 

No provision of this
Agreement may be modified, waived, or discharged unless such waiver, modification or discharge is in writing. Any failure by you
or the Company to enforce any of the provisions of this Agreement should not be construed to be a waiver of such provisions or
any right to enforce each and every provision in the future. A waiver of any breach of this Agreement will not be construed as
a waiver of any other or subsequent breach.

 

Successors; Binding Agreement

 

The Company has the
right to assign its rights and obligations under this Agreement to any entity that acquires all or substantially all of the assets
of the business for which you work, and continues your employment. The rights and obligations of the Company under this Agreement
will inure to the benefit and be binding upon the successors and assigns of the Company

 

    	 	5	 

     

    

 

Severability

 

In the event that any
one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remainder of this Agreement will not in any way be affected or impaired thereby.

 

This Agreement is the
entire agreement between the parties with respect to the matters covered by this Agreement and it replaces all previous agreements,
oral or written, between the parties regarding such matters. PROVISIONS OF THIS AGREEMENT MAY NOT BE WAIVED OR CHANGED EXCEPT BY
A SUBSEQUENT AGREEMENT SIGNED BY YOU AND AN OFFICER OF THE COMPANY.

 

If you agree to the
terms of this Agreement, please sign on the line provided below and return two signed copies. A fully executed copy will be returned
to you for your files after it is signed by the Company.

 

 

ARCONIC INC.

 

 

	By:	 	/s/
    Katherine Ramundo	 
	 	 	
    Katherine Ramundo	 
	 	 	Executive Vice President, Chief Legal Officer and Secretary	 

 

 

 

AGREED TO AND ACCEPTED AS OF THIS 24th
DAY OF February, 2020:

 

 

	/s/
    Tolga Oal	 
	Tolga Oal	 

 

    	 	6	 

     

    

 

Appendix 1

 

Prior Employee Inventions 

 

 

 

    	 	7

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