Document:

Exhibit 10.5

 

ARCONIC CORPORATION

LEGAL FEE REIMBURSEMENT PLAN

 

Arconic Corporation (the “Company”)
hereby adopts, effective as of April 1, 2020, the Arconic Corporation Legal Fee Reimbursement Plan (this “Plan”).
All capitalized terms used and not otherwise defined herein are defined in Section 1 hereof.

 

SECTION 1.        
DEFINITIONS. As hereinafter used:

 

1.1         
 “Affiliate” shall have the meaning set forth in Rule 12b-2 under Section 12 of the Exchange Act.

 

1.2         
 “Benefits Claim” shall have the meaning set forth in Section 2.1.

 

1.3         
 “Board” means (a) prior to a Change in Control, the Board of Directors of the Company, and (b) following
a Change in Control, if the Company is not the ultimate parent corporation of the group that includes the Company and all of its
Affiliates and is not publicly traded, the board of directors of the ultimate parent company of such group.

 

1.4         
 “Business Combination” shall have the meaning set forth in Section 1.4(c).

 

1.5         
 “Change in Control” means the occurrence of an event set forth in any one of the following paragraphs:

 

(a)          
any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”)
becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the
then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that, for purposes
of this Section 1.4, the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly
from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any of its Affiliates or (iv) any acquisition pursuant to a transaction that
complies with Sections 1.4(c)(i), 1.4(c)(ii) and 1.4(c)(iii);

 

(b)          
individuals who, as of April 1, 2020, constituted the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any individual becoming a director
subsequent to April 1, 2020 whose election, or nomination for election by the Company’s shareholders, was approved by a vote
of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual was a
member of the Incumbent Board; but, provided, further, that any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be considered
a member of the Incumbent Board unless and until such individual is elected to the Board at an annual meeting of the Company occurring
after the date such individual initially assumed office, so long as such election occurs pursuant to a nomination approved by a
vote of at least two-thirds of the directors then comprising the Incumbent Board, which nomination is not made pursuant to a Company
contractual obligation;

 

     

    	 	 

    

 

(c)           
consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company
or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition
of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”),
in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities that
were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior
to such Business Combination beneficially own, directly or indirectly, 55% or more of the then-outstanding shares of common stock
(or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities
entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case
may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such
transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more
Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding
Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting
from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares
of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination
or the combined voting power of the then-outstanding voting securities of such entity entitled to vote generally in the election
of directors (or, for a non-corporate entity, equivalent securities), except to the extent that such ownership existed prior to
the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for a non-corporate
entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at
the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or

 

(d)          
the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company.

 

1.6         
 “Claim” shall have the meaning set forth in Section 2.1.

 

1.7         
 “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time.

 

1.8         
 “Committee” means the Benefits Management Committee, or any other committee of employees or directors of the
Company that is designated by the Board prior to a Change in Control.

 

     

    	 	 

    

 

1.9         
 “Company” means Arconic Corporation or any successors thereto.

 

1.10       
 “Covered Plans” means the plans and agreements listed on Exhibit A hereto.

 

1.11       
 “Eligible Participant” means a current or former employee of the Company and its Affiliates (or any of their
respective predecessors) who is a participant in a Covered Plan as of immediately prior to the effective time of a Change in Control.

 

1.12       
 “Entity” means any individual, entity, “person” (within the meaning of Section 3(a)(9) of the
Exchange Act), or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than
(a) an employee plan of the Company or any of its Affiliates, (b) any Affiliate of the Company, (c) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly,
by shareholders of the Company in substantially the same proportions as their ownership of the Company.

 

1.13       
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

1.14       
 “Incumbent Board” shall have the meaning set forth in Section 1.4(b).

 

1.15       
 “Outstanding Company Common Stock” shall have the meaning set forth in Section 1.4(a).

 

1.16       
 “Outstanding Company Voting Securities” shall have the meaning set forth in Section 1.4(a).

 

1.17       
 “Person” shall have the meaning set forth in Section 1.4(a).

 

1.18       
 “Subsidiary” shall have the meaning set forth in Rule 12b-2 under Section 12 of the Exchange Act.

 

SECTION 2.        
BENEFITS.

 

2.1         
Right of Expense Payment. Following a Change in Control, any Eligible Participant may submit to the Company one or more
claims under this Plan (each, a “Claim”) for payment of legal fees and documented out-of-pocket expenses actually and
reasonably incurred by such Eligible Participant after the Change in Control in seeking in good faith to enforce any right to payments
or benefits that have become due to such Eligible Participant under a Covered Plan and have not been timely paid or provided (“Benefits
Claim”). Subject to the terms and conditions of this Plan, including without limitation Section 2.2, each Claim shall be
paid by the Company in accordance with Section 2.3. For the avoidance of doubt, this Section 2.1 shall have no application unless
and until a Change in Control occurs.

 

2.2         
Procedural Requirements. Payment by the Company of an Eligible Participant’s Claim shall be subject to the following
conditions:

 

(a)          
prior to initiating any legal or arbitration proceeding seeking to obtain or enforce any benefit or right provided to such Eligible
Participant by a Covered Plan:

 

(i)            
either: (A) with respect to any Covered Plan that contains an administrative claims procedure, the Eligible Participant has exhausted
such procedure and has received a final, unappealable determination from the Company under such Covered Plan denying such Eligible
Participant a right or benefit; or (B) with respect to any Covered Plan that does not contain an administrative claims procedure,
the Eligible Participant has provided a written notice to the Company, setting out in reasonable detail the Eligible Participant’s
claim to a right or benefit under a Covered Plan and the Company has not, within 30 days following receipt of the written notice
described in Section 2.2(b), provided, or indicated in writing its willingness to provide, the applicable right or benefit; and

 

     

    	 	 

    

 

(ii)           
the Eligible Participant has applied in writing for, and received, a determination from, the Committee (which determination shall
be given within 30 days following receipt of the Eligible Participant’s written application) that the Eligible Participant’s
Benefits Claim is reasonable or being advanced by the Eligible Participant in good faith; provided however, that, if the Committee
determines that such Benefits Claim is unreasonable or being advanced in bad faith, and the Eligible Participant nonetheless initiates
a legal or arbitration proceeding and the Eligible Participant is determined (by judicial or arbitrator order) to be entitled to
a majority of the dollar amount of the Benefits Claim, then the Eligible Participant, upon delivering evidence of such determination
to the Committee, will be treated as having satisfied the requirement of this Section 2.2(a)(ii); and

 

(b)          
any legal or arbitration proceeding brought by the Eligible Participant in seeking to obtain or enforce any benefit or right under
a Covered Plan complies with any forum selection, arbitration, or other provision of the Covered Plan with respect to the manner
in which such a proceeding may be brought.

 

2.3         
Payment Terms. Subject to satisfaction of the conditions set forth in Section 2.2, the Company shall pay each Claim within
14 business days after delivery of the Eligible Participant’s written request for payment accompanied with such evidence
of fees and documented out-of-pocket expenses actually and reasonably incurred and covered by such Claim, and such evidence of
satisfaction of the requirements of Section 2.2, as the Company reasonably may require. Payment of legal fees shall be limited
to hours billed by legal counsel using standard hourly rates, and no payment shall be made in respect of contingent or other non-hourly
fees. In order to comply with Section 409A of the Code, in no event shall the payment by the Company of a Claim be made later
than the end of the calendar year next following the calendar year in which the fees and expenses covered by such Claim were incurred,
provided, that the Eligible Participant shall have submitted the written request for payment contemplated by this Section
2.3 at least 14 business days before the end of the calendar year next following the calendar year in which such fees and
expenses were incurred. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year
shall not affect the amount of legal fees and expenses that the Company is obligated to pay in any other calendar year, and the
Eligible Participant’s right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for
any other benefit.

 

2.4         
Recoupment. An Eligible Participant who has received payment of a Claim under this Plan shall be required to repay the full
amount received by such Eligible Participant in respect of such Claim to the Company if a court issues a final, unappealable judgment
setting forth a determination that the Benefits Claim made by the Eligible Participant was unreasonable or advanced in bad faith.
Repayment shall be made within 30 days following the Company’s delivery of a written notice demanding payment which includes
a copy of the judgment referenced in the preceding sentence.

 

     

    	 	 

    

 

2.5         
Withholding. The Company shall be entitled to withhold from amounts to be paid to any Eligible Participant hereunder any
federal, state or local withholding or other taxes or charges (or foreign equivalents of such taxes or charges) which it is from
time to time required to withhold under applicable law or regulation.

 

2.6         
Status of Plan Payments. No payments or benefits pursuant to this Plan shall constitute “compensation” (or any
similar term) under any employee benefit plan sponsored or maintained by the Company or any of its Affiliates.

 

SECTION 3.        
PLAN ADMINISTRATION.

 

3.1         
Plan Administration. The Committee shall administer the Plan and, prior to a Change in Control:

 

(a)          
the Committee may interpret and construe the terms of the Plan, prescribe, amend and rescind rules and regulations under the Plan
and make all other determinations necessary or advisable for the administration of the Plan, subject to all of the provisions of
the Plan;

 

(b)          
any determination by the Committee shall be final and binding with respect to the subject matter thereof on all Eligible Participants
and all other persons; and

 

(c)           
the Committee may delegate any of its duties hereunder to such person or persons from time to time as it may designate.

 

Notwithstanding anything in the Plan to the contrary, after
a Change in Control, neither the Committee nor any other person shall have discretionary authority in the administration of the
Plan, and any court or tribunal that adjudicates any dispute, controversy, or claim in connection with benefits under Section 2
will apply a de novo standard of review to any determinations made by the Committee or the Company. Such de novo standard
shall apply notwithstanding the grant of full discretion hereunder to the Committee or any person or characterization of any decision
by the Committee or by such person as final, binding or conclusive on any party.

 

3.2         
Plan Modification or Termination. The Plan may be amended or terminated by the Board at any time; provided, however,
that the Plan may not be terminated, or amended in any manner that adversely affects any Eligible Participant’s rights under
this Plan, (i) following a Change in Control, or (ii) in anticipation of a specific contemplated Change in Control.

 

SECTION 4.        
GENERAL PROVISIONS.

 

4.1         
Non-Assignment. Except as otherwise provided herein or by law, no right or interest of any Eligible Participant under the
Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including,
without limitation, by execution, levy, garnishment, attachment, pledge or in any manner. No attempted assignment or transfer of
any such right or interest shall be effective, and no right or interest of any Eligible Participant under the Plan shall be liable
for, or subject to, any obligation or liability of such Eligible Participant. The Plan shall inure to the benefit of, and be binding
upon, the Company and its successors and assigns. The Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly
and agree to perform the obligations set forth in the Plan in the same manner and to the same extent as the Company would be required
to do so.

 

     

    	 	 

    

 

4.2         
No Modification of Employment. Neither the establishment of the Plan, nor any modification thereof, nor the creation of
any fund, trust or account, nor the payment of any benefits shall be construed as amending any Covered Plan or as giving any Eligible
Participant the right to be retained in the service of the Company, and all Eligible Participants shall remain subject to discharge
to the same extent as if the Plan had never been adopted.

 

4.3         
Severability; Captions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been
included. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the
Plan, and shall not be employed in the construction of the Plan.

 

4.4         
Unfunded Plan. The Plan shall not be funded. No Eligible Participant shall have any right to, or interest in, any assets
of the Company which may be applied by the Company to the payment of benefits or other rights under this Plan.

 

4.5         
Notice and Communications. Any notice or other communication required or permitted pursuant to the terms hereof shall be
in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States certified mail,
return receipt requested, or by overnight courier, postage prepaid, to the Company at its corporate headquarters address, to the
attention of the Chief Legal Officer of the Company, or to the Eligible Participant at the Eligible Participant’s most recent
home address reflected on the books and records of the Company.

 

4.6         
Governing Law. This Plan shall be construed and enforced according to the laws of the State of New York, without regard
to its principles of conflicts of law.

 

4.7         
Section 409A. The obligations under this Plan are intended to comply with the requirements of Section 409A of the Code or
an exemption or exclusion therefrom and shall in all respects be administered in accordance with Section 409A of the Code. Each
payment of compensation under this Plan shall be treated as a separate payment of compensation for purposes of applying Section
409A of the Code. In no event may an Eligible Participant, directly or indirectly, designate the calendar year of any payment under
this Plan.

 

[Signature Page Follows.]

 

     

    	 	 

    

 

IN WITNESS WHEREOF, the undersigned has
caused this Plan to be effective as of the date first set forth above.

 

	 	ARCONIC CORPORATION	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Diana C. Toman 	 
	 	 	Name: 	Diana C. Toman 	 
	 	 	Title:	Executive Vice President, General Counsel and Corporate Secretary	 

 

     

    	 	 

    

 

Exhibit A

Covered Plans

Deferral Plans 

	 	·	Arconic Corp. Deferred Compensation Plan

		·
	Arconic Corporation 2020 Deferred Fee Plan for Directors

 

Non-qualified Pension Plans

		·	Arconic Corp. Excess Plan A

		·	Arconic Corp. Excess Plan B

		·	Arconic Corp. Excess Plan C

		·	Arconic Corp. Supplemental Pension Plan 

		·	Arconic Corp. Global Pension Plan

		·	Alumax LLC Excess Benefit Plan, as amended and restated

 

Death Benefits

		·	Arconic Corp. Executive Permanent Life Insurance Plan

		·	Alumax Executive Post Retirement Life Program, as amended

		·	Alumax Split Dollar Life Insurance Plan, as amended

 

Certain Individual Pension and Retirement Benefit Agreements

 

The individual pension and retirement benefit agreements with
the individuals set forth on the list maintained by the Company for purposes of this Plan.Exhibit 10.6

 

ARCONIC CORPORATION

 

2020 DEFERRED FEE PLAN FOR DIRECTORS

 

(Effective April 1, 2020)

 

		Article	I         
Introduction

 

Arconic Corporation, a Delaware corporation,
(the “Company”) has established this 2020 Deferred Fee Plan for Directors (the “Plan”) to
provide non-employee directors with an opportunity to defer receipt of fees earned for services as a member of the Company’s
Board of Directors (the “Board”), to provide for deferrals of Restricted Share Units (as defined herein) with
respect to common stock of the Company granted to non-employee directors, and to receive liabilities transferred from the Arconic
Inc. Plan (as defined herein).

 

		Article	II        DEFinitions

 

		2.1	Definitions. The following definitions apply unless the context clearly indicates otherwise:

 

		(a)	Annual Equity Award means the annual Restricted Share Unit award that a Director will be entitled to receive as compensation
for serving as a Director in a relevant year (not including any Fees), which, unless otherwise determined by the Board, will be
granted under the Stock Plan.

 

		(b)	Arconic Inc. Plan means the Arconic Inc. Amended and Restated Deferred Fee Plan for Directors.

 

		(c)	Arconic Stock Fund means, with respect to a Director who participated in the Arconic Inc. Plan prior to November 1,
2016, the investment option under the Arconic Inc. Plan relating to the Arconic Stock Fund (formerly known as the Alcoa Stock Fund)
under Arconic Inc.’s principal tax-qualified retirement savings plan for salaried employees.

 

		(d)	Beneficiary means the person or persons designated by a Director under Section 4.1 to receive any amount payable under
Section 5.3.

 

		(e)	Board has the meaning ascribed to such term in Article I.

 

		(f)	Chairman means the Chairman of the Board.

 

		(g)	Code means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

		(h)	Company has the meaning ascribed to such term in Article I.

 

		(i)	Converted Director RSUs means any restricted share units granted under the Stock Plan to satisfy the automatic adjustment
and conversion, in accordance with the terms of the Employee Matters Agreement, of deferred fee restricted share units or annual
equity award restricted share units granted to a Director by Arconic Inc. over Arconic Inc. common stock prior to the Effective
Date and deferred under the terms of the Arconic Inc. Plan.

 

     

     

    

 

		(j)	Credits means amounts credited to a Director’s Deferred Fee Account, with all Investment Option units valued by
reference to the comparable fund offered under the Savings Plan.

 

		(k)	Deferred Fee Account means a bookkeeping account established by the Company in the name of a Director with respect to
amounts deferred into Investment Options hereunder. For the avoidance of doubt, Deferred Fee Account does not include any amounts
deferred into Deferred Fee RSU Awards.

 

		(l)	Deferred Fee RSU Award means each award of Restricted Share Units granted in lieu of Fees pursuant to a deferral election
made by a Director pursuant to Article III.

 

		(m)	Director means a non-employee member of the Board. Any Director who is a director or chairman of the board of directors
of a subsidiary or affiliate of the Company shall not, by virtue thereof, be deemed to be an employee of the Company or such subsidiary
or affiliate for purposes of eligibility under this Plan.

 

		(n)	Director Stock Ownership Guideline means the minimum value of Shares or Restricted Share Units (or, if applicable, units
in the Legacy Arconic DSU Account), required to be held by each Director until retirement from the Board, as established from time
to time by the Board. As of the Effective Date, the Director Stock Ownership Guideline for a Director is $750,000. A Director’s
compliance with the Director Stock Ownership Guideline shall be measured based on the value of the Director’s investment
on the first Monday in December of each year, or on such other date as may be designated by the Secretary’s office (the “Annual
Valuation Date”).

 

		(o)	Effective Date means April 1, 2020, the effective date of the separation of the Company’s business from
                                                                Arconic Inc.’s business.

 

		(p)	Employee Matters Agreement means the Employee Matters Agreement dated March 31, 2020 by and between Arconic Inc. and
                                                                the Company and entered into in connection with the separation of the Company’s business from Arconic Inc.’s
                                                                business.

 

		(q)	Equity Restructuring means a nonreciprocal transaction between the Company and its shareholders, such as a stock dividend,
stock split (including a reverse stock split), spin-off, rights offering or recapitalization through a large, nonrecurring cash
dividend, that affects the Shares (or other securities of the Company) or the price of Shares (or other securities) and causes
a change in the per share value of the Shares.

 

		(r)	Fair Market Value means, unless otherwise defined in the Stock Plan, with respect to Shares on any given date, the closing
price per Share on that date as reported on the New York Stock Exchange or other stock exchange on which the Shares principally
trade. If the New York Stock Exchange or such other exchange is not open for business on the date fair market value is being determined,
the closing price as reported for the immediately preceding business day on which that exchange is open for business will be used.

 

		(s)	Fees means all cash amounts payable to a Director for services rendered as a member of the Board that are specifically
designated as fees, including, but not limited to, annual and/or quarterly retainer fees, fees (if any) paid for attending meetings
of the Board or any Committee thereof, fees for serving as
a Committee Chair, as Lead Director or Chairman or as a member of a Committee, and any per diem fees.

 

(Effective April 1, 2020)

 

    Page 2 of 9

     

    

 

		(t)	Investment Options means the respective options established hereunder with reference to the comparable funds under the
Savings Plan, with the exception of the Company’s Stock Fund.

 

		(u)	Legacy Arconic DSU Account means any amount held in a Director’s Deferred Fee Account that relates to an amount
previously credited to the Arconic Stock Fund under the Arconic Inc. Plan and notionally credited in Shares under this Plan, in
accordance with the terms of the Employee Matters Agreement and Article VII.

 

		(v)	Plan has the meaning ascribed to such term in Article I.

 

		(w)	Restricted Share Unit means an award of a right to receive Shares, including any such award that is granted under, and
subject to the terms of, the Stock Plan.

 

		(x)	Shares means the shares of common stock of the Company, $0.01 par value per Share.

 

		(y)	Savings Plan means the Company’s principal tax-qualified retirement savings plan for salaried employees.

 

		(z)	Secretary means the Corporate Secretary of the Company.

 

		(aa)	Separation from Service means a “separation from service” as defined in Section 409A of the Code.

 

		(bb)	Stock Plan means the Arconic Corporation 2020 Stock Incentive Plan, as may be amended from time to time, and any successor
thereto.

 

		(cc)	Unforeseeable Emergency means a severe financial hardship to the Director resulting from (i) an illness or accident
of the Director or his or her spouse or dependent; (ii) loss of the Director’s property due to casualty; or (iii)
other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Director’s control.
For the avoidance of doubt, a circumstance does not constitute an “Unforeseeable Emergency” for purposes of the Plan
unless such circumstance constitutes an “unforeseeable emergency” as defined in Section 409A of the Code.

 

		Article	III    DEFERRAL OF COMPENSATION

 

		3.1	Deferral of Fees. A Director may elect, with respect to each calendar year, to defer under the Plan the receipt of all
Fees, or a specified portion (in 1% increments) of the Fees, otherwise payable to him or her and may elect to invest such deferred
Fees in one or more Investment Options and/or in Deferred Fee RSU Awards. Fees deferred in respect of each calendar year shall
be separately designated and tracked in an individual sub-account to the Director’s Deferred Fee Account (each, an “Annual
Sub-Account”) and shall be paid in accordance with Article V of the Plan.

 

		3.2	Deferral of Restricted Share Units. Unless otherwise determined by the Board or as may be required pursuant to Section
6.6, any Restricted Share Units granted to a Director (whether as a Deferred Fee RSU Award or an Annual Equity Award) shall, once
any vesting requirements have been met, be deferred and paid in accordance
with Article V of the Plan. Any dividend equivalents on Restricted Share Units shall be deferred and paid in the same manner and
at the same time as the Restricted Share Units to which they relate.

 

(Effective April 1, 2020)

 

    Page 3 of 9

     

    

 

		3.3	Manner of Electing Deferral. A Director may elect to defer the receipt of all or certain Fees and may elect the form
of payment of Restricted Share Units by giving written notice (including by electronic means) to the Secretary on an election form
provided by the Company, or in any other manner that is deemed sufficient from time to time by the Board. Such election form will
require the Director to specify (i) the percentage (if any) of the Director’s Fees that will be deferred and the manner of
investment of such deferred Fees in accordance with Sections 3.5 and 3.6, and (ii) the form of payment of any deferred Fees (including
Deferred Fee RSU Awards) and, separately, of the Director’s Annual Equity Award, which in each case, may be either a single
lump sum payment or up to ten (10) annual installment payments. In the event and to the extent that a Director fails to specify
the form of payment, payment will be made in a lump sum. Payment will be made in accordance with Article V of the Plan.

 

		3.4	Annual Elections of Deferral. An election to defer Fees and to elect the form of payment of an Annual Equity Award shall
be made prior to the beginning of the calendar year in which the Fees will be earned or, as applicable, the Annual Equity Award
will be granted; provided, however, that an election made within thirty (30) days after a person first becomes a Director
shall be effective for Fees earned, or any Annual Equity Award granted, in the same calendar year, but after the date of such deferral
election. The election to defer receipt of payment may not be canceled or modified after it becomes irrevocable under Section 409A
of the Code unless the Chairman, in his sole discretion, determines in accordance with Section 5.1 that an Unforeseeable Emergency
exists, or except as otherwise permitted by the Code.

 

		3.5	Deferring Fees into Investment Options. A Director may designate all or a portion of his or her deferred Fees to be
invested in one or more of the Investment Options, in which case, the Director’s deferred Fees shall be credited to the designated
Investment Option(s) at the beginning of the calendar quarter following the quarter in which such Fees were earned. Such Fees shall
be credited to the Director’s Deferred Fee Account as Credits for “units” in the Director’s Deferred Fee
Account. As of any specified date, the value per unit in the Director’s Deferred Fee Account shall be deemed to be the value
determined for the comparable fund under the Savings Plan.

 

		3.6	Deferred Fee RSU Awards. A Director may designate all or a portion of his or her deferred Fees to be invested in Deferred
Fee RSU Awards, except that a deferral of Fees pursuant to an election made within thirty (30) days after a person first becomes
a Director may be invested in Deferred Fee RSU Awards only with respect to any Fees to be earned in the quarter (or other Fees
payment period) following the quarter in which the Director commences service on the Board. The number of Restricted Share Units
subject to each Deferred Fee RSU Award shall be determined by dividing the dollar amount of the Fees subject to the Director’s
election by the Fair Market Value of a Share on the date(s) that such Fees (or any installment thereof) would otherwise have been
paid in cash to the Director (the “Fees Payment Date”). Unless otherwise determined by the Board, the Deferred
Fee RSU Award shall (i) be granted on the applicable Fees Payment Date(s), (ii) not be subject to vesting requirements or other
forfeiture restrictions, and (iii) be granted under, and subject to the terms of, the Stock Plan and evidenced by a form of Award
Agreement (as defined in the Stock Plan) that shall be approved by the Board prior to the grant of any such Deferred Fee RSU Award,
which Award Agreement is incorporated by reference into this Section 3.6. The Shares subject to the Deferred Fee RSU Award shall
be delivered to the Director in accordance with Article V of the Plan.

 

(Effective April 1, 2020)

 

    Page 4 of 9

     

    

 

		3.7	Subsequent Deferral Elections. After a deferral election made by a Director in accordance with this Article III has
become irrevocable under Section 409A of the Code, the Director may elect to change the time and form of payment of the deferred
amount covered by such election only by submitting a payment election change at least (12) months prior to the date on which the
deferred amount (or first installment thereof, as applicable) is scheduled to be paid (the “First Scheduled Payment Date”)
that will result in a delay of payment (or commencement of payment) of such deferred amount until the date that is at least five
(5) years after the First Scheduled Payment Date. A payment election change is irrevocable upon receipt and shall not take effect
until the first date that is at least twelve (12) months after the date of receipt.

 

		3.8	Transfers Between Investment Options. To the extent that a Director has Credits notionally invested in one or more Investment
Options, the Director may elect to designate a different Investment Option for all or any portion of such Credits in accordance
with the procedures established by the Board from time to time.

 

		3.9	Method of Payment.
                                         All payments with respect to a Director’s Deferred Fee Account shall be made in
                                         cash, and no Director shall have the right to demand payment in Shares or in any other
                                         medium. Subject to the terms of the Stock Plan, if applicable, and except as set forth
                                         in Section 5.2, all payments with respect to Deferred Fee RSU Awards and Annual Equity
                                         Awards shall be made in Shares.

 

		Article	IV     Beneficiaries

 

		4.1	Designation of Beneficiary. Each Director may designate from time to time one or more natural persons or entities as
his or her Beneficiary or Beneficiaries to whom the amounts credited to his or her Deferred Fee Account and/or his or her Deferred
Fee RSU Awards are to be paid if he or she dies before all such amounts have been paid to the Director. Each Beneficiary designation
shall be made on a form prescribed by the Company and shall be effective only when filed with the Secretary during the Director’s
lifetime. Each Beneficiary designation filed with the Secretary shall revoke all Beneficiary designations previously made. The
revocation of a Beneficiary designation shall not require the consent of any Beneficiary. In the absence of an effective Beneficiary
designation, or if payment cannot be made to a Beneficiary, payment shall be made to the Director’s estate. Any beneficiary
designation with respect to an Annual Equity Award or Deferred Fee RSU Award will be made in accordance with the terms of the Stock
Plan, to the extent applicable.

 

		Article	V        PAYMENTS

 

		5.1	Payment upon Unforeseeable Emergency. No payment may be made from a Director’s Deferred Fee Account or in settlement
of a Director’s Annual Equity Awards and Deferred Fee RSU Awards except as provided in this Article V, unless an Unforeseeable
Emergency exists as determined by the Chairman in his sole discretion. If an Unforeseeable Emergency is determined by the Chairman
to exist, the Chairman shall determine when and to what extent Credits in the Director’s Deferred Fee Account and/or Shares
underlying the Director’s Annual Equity Awards and Deferred Fee RSU Awards may be paid to such Director prior to or after
the Director’s Separation from Service; provided, however, that the amounts distributed in connection with such an emergency
cannot exceed the amounts necessary to satisfy the emergency plus what is necessary to pay
taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which the hardship is or
may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Director’s assets
(to the extent such liquidation would not itself cause severe financial hardship). All payments with respect to an Unforeseeable
Emergency shall be made in a lump sum upon the Chairman’s determination that an Unforeseeable Emergency exists, subject to
any advance approval by the Board as may be required for purposes of exemption under Section 16(b) of the Securities Exchange Act
of 1934, as amended.

  

(Effective April 1, 2020)

 

    Page 5 of 9

     

    

 

		5.2	Payment upon a Director’s Separation from Service.

 

		(a)	Payment of any amount in a Director’s Deferred Fee Account (valued in accordance with the last sentence of Section 3.5)
and of the Director’s Deferred Fee RSU Awards (if any) and Annual Equity Awards shall be made following the Director’s
Separation from Service, as set forth in this Section 5.2, except as otherwise set forth in Section 5.1 or Section 5.3.

 

		(b)	To the extent a Director elected to receive a lump sum payment, such payment shall be made in the sixth (6th) calendar month
that commences following the date of the Director’s Separation from Service, but in no event earlier than after a full six
(6) months following such Separation from Service, subject to any subsequent deferral election by the Director pursuant to Section
3.7.

 

		(c)	To the extent a Director elected to receive installment payments, the first such installment payment shall be made either (i)
during the sixth (6th) calendar month that commences following the Director’s Separation from Service, but in no event earlier
than after a full six (6) months following such Separation from Service, or (ii) during the first month of the calendar year following
the Director’s Separation from Service, whichever of (i) or (ii) occurs later, subject to any subsequent deferral election
by the Director pursuant to Section 3.7. Subsequent installment payments shall be made during the first calendar month of each
succeeding year until the Director’s Deferred Fee Account is exhausted or all Restricted Share Units have been paid, as applicable.
If the Director elected to receive deferred Fees credited to any Annual Sub-Account or settlement of a Deferred Fee RSU Award or
Annual Equity Award in installment payments, the amount of each payment shall be, respectively, a fraction of the value of the
Director’s Annual Sub-Account and in such sub-account, or a fraction of the number of Restricted Share Units that remains
subject to such Deferred Fee RSU Award or Annual Equity Award, in each case on the last day of the calendar month preceding payment,
the numerator of which fraction is one and the denominator of which is the total number of installments elected minus the number
of installments previously paid. Any fractional Share portion of an installment payment of a Deferred Fee RSU Award or Annual Equity
Award, or any portion of a dividend equivalent on such award that was not reinvested in additional Restricted Share Units pursuant
to its terms, will be paid in cash at the same time as the installment payment to which it is attributable.

 

		5.3	Payment upon a Director’s Death. If a Director dies with any amount credited to his or her Deferred Fee Account
and/or any outstanding Deferred Fee RSU Awards, the value of said Deferred Fee Account and/or Shares underlying such Deferred Fee
RSU Awards shall be paid as soon as administratively practicable in a single payment to the Beneficiary (or in separate payments
to the Beneficiaries if more than one were designated by the Director) or to the Director’s estate, as the case may be (subject
to the terms of the Stock Plan if and to the extent applicable to the Deferred Fee RSU Awards). If a Director dies with any outstanding
Annual Equity Awards that are vested (or become vested upon the Director’s death), such awards shall be paid as soon as administratively
practicable in a single payment to the party eligible to receive such payment under the terms of the Stock Plan.

 

(Effective April 1, 2020)

 

    Page 6 of 9

     

    

 

		5.4	Separate Payments. Each payment payable under this Plan is intended to constitute a separate payment for purposes of
Section 409A of the Code.

 

		Article	VI     MISCELLANEOUS

 

		6.1	Director’s Rights Unsecured. Payments payable hereunder shall be payable out of the general assets of the Company,
and no segregation of assets for such payments shall be made by the Company. The right of any Director or Beneficiary to receive
payments from a Deferred Fee Account shall be a claim against the general assets of the Company as an unsecured general creditor.
The Company may, in its absolute discretion, establish one or more trusts or reserves, which may be funded by reference to amounts
of Credits standing in the Director’s Deferred Fee Accounts hereunder or otherwise. Any such trust or reserve shall remain
subject to the claims of creditors of the Company. If any amounts held in a trust of the above described nature are found (due
to the creation or operation of said trust) in a final decision by a court of competent jurisdiction, or under a “determination”
by the Internal Revenue Service in a closing agreement in audit or final refund disposition (within the meaning of Section 1313(a)
of the Code), to have been includable in the gross income of a Director or Beneficiary prior to payment of such amounts from said
trust, the trustee for the trust shall, as soon as practicable, pay to such Director or Beneficiary an amount equal to the amount
determined to have been includable in gross income in such determination, and shall accordingly reduce the Director’s or
Beneficiary’s future benefits payable under this Plan. The trustee shall not make any distribution to a Director or Beneficiary
pursuant to this paragraph unless it has received a copy of the written determination described above, together with any legal
opinion that it may request as to the applicability thereof.

 

		6.2	Responsibility for Taxes. The Director or Beneficiary is liable for any and all taxes that are applicable to the amounts
payable under the Plan, including any taxes deemed payable prior to payment out of the Plan.

 

		6.3	Non-assignability. The right of any Director or Beneficiary to the payment of Credits in a Deferred Fee Account shall
not be assigned, transferred, pledged or encumbered and shall not be subject in any manner to alienation or anticipation.

 

		6.4	Administration and Interpretation. The Plan shall be administered by the Board. Subject to the terms of the Plan and
applicable law and without limitation, the Board shall have full power and authority to: (i) designate Directors for participation,
(ii) determine the terms and conditions of any deferral made under the Plan, (iii) interpret and administer the Plan and any instrument
or agreement relating to, or deferral made under, the Plan, (iv) establish, amend, suspend or waive such rules and regulations
and appoint such agents as it shall deem appropriate for the proper administration of the Plan, and (v) make any other determination
and take any other action that the Board deems necessary or desirable for the administration of the Plan. To the extent permitted
by applicable laws, the Board may, in its discretion, delegate to the Secretary’s office any or all authority and responsibility
to act with respect to administrative matters relating to the Plan, and to the extent set forth in the Plan, the Board may delegate
certain questions of construction and interpretation to the Chairman, whose decision on such matters shall be final and binding.
The determination of the Board on all matters within its authority relating to the Plan shall be final, conclusive and binding
upon all parties, including the Company, its shareholders, the Directors and any Beneficiary.

 

(Effective April 1, 2020)

 

    Page 7 of 9

     

    

 

		6.5	Section 409A of the Code. The Plan is intended to comply with the requirements of Section 409A of the Code,
and the provisions of the Plan and any deferral election form shall be interpreted in a manner that satisfies the requirements
of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition
of any deferral election form would otherwise frustrate or conflict with this intent, the provision, such provision, term or condition
will be interpreted and deemed amended so as to avoid this conflict. Although the Company may attempt to avoid adverse tax treatment
under Section 409A of the Code, the Company makes no representation to that effect and expressly disavows any covenant to
maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard
to the potential negative tax impact on a Director.

 

		6.6	Non-U.S. Directors. Directors who are foreign nationals or residents or employed outside the United States, or both,
may participate in the Plan on such terms and conditions different from those applicable to Directors who are not foreign nationals
or residents or who are employed in the United States as may, in the judgment of the Board, be necessary or desirable in order
to recognize differences in local law, regulations or tax policy.

 

		6.7	Amendment and Termination. The Plan may be amended, modified or terminated at any time by the Board. No amendment, modification
or termination shall, without the consent of a Director, adversely affect such Director’s rights with respect to amounts
theretofore credited to his or her Deferred Fee Account or with respect to Annual Equity Awards or Deferred Fee RSU Awards theretofore
granted to such Director.

 

		6.8	Notices. All notices to the Company under the Plan shall be in writing and shall be given to the Secretary or to an
agent or other person designated by the Secretary.

 

		6.9	Governing Law. This Plan shall be construed in accordance with and governed by the laws of the State of Delaware, excluding
any choice of law provisions, which may indicate the application of the laws of another jurisdiction.

 

		Article	VII  TRANSFER OF LIABILITIES UNDER ARCONIC
INC. PLAN

 

		7.1	Transfer of Arconic Inc. Deferred Fee Account Liabilities. In accordance with the terms of the Employee Matters Agreement,
if prior to the Effective Date a Director participated in the Arconic Inc. Plan, the Director’s Deferred Fee Account or Legacy
Arconic DSU Account, as applicable, will be credited with the applicable amount of such Director’s deferred fee account balance
under the Arconic Inc. Plan and all liabilities relating to the participation of the Director in the Arconic Inc. Plan shall be
transferred to this Plan and assumed by the Company. To the extent the Director’s deferred fee account balance under the
Arconic Inc. Plan was invested in one or more investment options other than the Arconic Stock Fund, it will be reflected as a Credit
in an equivalent Investment Option(s) in the Director’s Deferred Fee Account, as determined by the Company.

 

		7.2	Adjustment of Credits Transferred from Arconic Stock Fund. Any amount transferred from a Director’s deferred fee
account under the Arconic Inc. Plan that was notionally invested in the Arconic Stock Fund will, following adjustment of such amount
in accordance with the terms of the Employee Matters Agreement, be held
as a Credit in the Legacy Arconic DSU Account and will be subject to the terms set forth in Section 7.4 and Section 7.5. All amounts
that were notionally invested in the Arconic Stock Fund and that are held as a Credit in the Legacy Arconic DSU Account have been
adjusted so that, from and after the Effective Date, such notionally invested Credits represent a number of notionally credited
shares in Arconic Corporation (including any resulting fractional share) as provided for in the Employee Matters Agreement.

 

(Effective April 1, 2020)

 

    Page 8 of 9

     

    

 

		7.3	Converted Director RSUs. Any Converted Director RSUs, which were originally deferred under the Arconic Inc. Plan, will
remain deferred under this Plan in accordance with the terms of such original deferral, as further set forth in Section 7.6.

 

		7.4	Transfers to or from the Legacy Arconic DSU Account. The Legacy Arconic DSU Account has been established solely for
the purpose of receiving amounts transferred from a Director’s deferred fee account under the Arconic Inc. Plan and is not
an Investment Option under this Plan. No deferred Fees or Credits notionally invested in Investment Options may be credited to,
or transferred into, the Legacy Arconic DSU Account. A Director who holds Credits in the Legacy Arconic DSU Account may not transfer
such Credits to other Investment Options if, as of the last Annual Valuation Date, the Director is not in compliance with the Director
Stock Ownership Guideline. If the Director is in compliance with the Director Stock Ownership Guideline as of the last Annual Valuation
Date, the Director may transfer Credits from the Legacy Arconic DSU Account to other Investment Options only upon preclearance
of such transaction by the Secretary in accordance with the Company’s Insider Trading Policy. Notwithstanding the foregoing,
beginning six (6) months after the Director’s Separation from Service, and prior to a complete distribution of any amounts
in the Director’s Deferred Fee Account, the Director may transfer Credits from the Legacy Arconic DSU Account to other Investment
Options to the same extent and frequency as a participant in the Savings Plan may transfer investment credits into or out of the
Company’s Stock Fund. Any transfer out of the Legacy Arconic DSU Account permitted by this Section 7.4 can be accomplished
only once every fifteen (15) days or at such other frequency as may apply under the Savings Plan for credits in the Company’s
Stock Fund. In addition, such transfers shall be subject to reasonable administrative minimums, and any other restrictions recommended
by counsel to ensure compliance with applicable law.

 

		7.5	Capitalization Adjustments. In the event of any stock dividend, stock split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to shareholders, or any other change affecting
the Shares or the price of the Shares or, alternatively, in the event of an Equity Restructuring, any Credits in the Legacy Arconic
DSU Account will be subject to the applicable adjustment provisions of the Stock Plan.

 

		7.6	Continuation of Terms of Arconic Inc. Plan. Deferred fee amounts that are transferred to a Director’s Deferred
Fee Account from his or her account under the Arconic Inc. Plan and Converted Director RSUs, which were originally deferred under
the Arconic Inc. Plan, will be subject to the same terms and conditions under this Plan as applied to such deferred fee amounts
and restricted share units under the Arconic Inc. Plan, except to the extent necessary to reflect the Company’s separation
from Arconic Inc. and sponsorship of this Plan. Accordingly, unless the context otherwise requires, references in the Arconic Inc.
Plan to the following terms shall have the following replacement meanings under this Plan: (i) the “Company” means
Arconic Corporation, (ii) the “Board of Directors” or the “Board” means the Board of Directors of Arconic
Corporation, (iii) the “Alcoa Stock Fund” means the “Arconic Stock Fund” and amounts transferred
from such fund under the Arconic Inc. Plan shall be reflected in the Legacy Arconic DSU Account, (iv) the “2013 Alcoa Stock
Incentive Plan, as Amended and Restated” means the “Arconic Corporation 2020 Stock Incentive Plan,” (v) “stock,”
 “common stock” or “shares” means shares of Arconic Corporation common stock, and (vi) “Investment
Options” means the Investment Options under Section 2.1(t) of the Plan; and all other terms of a Director’s deferrals
under the Arconic Inc. Plan will remain in effect under this Plan. For avoidance of doubt, in no event will the transfer to this
Plan of amounts in a Director’s account under the Arconic Inc. Plan or the Company’s assumption of the Converted Director
RSUs under the Stock Plan and deferral of such awards under this Plan result in any change in the time or form of payment of such
deferred amounts within the meaning of Section 409A of the Code.

 

(Effective April 1, 2020)

 

    Page 9 of 9

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