Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 4 dated as of March 4, 2021 (this “Agreement”) to the Revolving Credit Agreement dated as of
September 16, 2016, as amended as of October 26, 2016, as amended and restated as of November 14, 2017 and as amended and restated as of November 21, 2018, as amended as of August 16, 2019, as amended as of April 21,
2020 and as amended as of June 24, 2020 (as further amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), among ALCOA CORPORATION, a Delaware corporation
(“Holdings”), ALCOA NEDERLAND HOLDING B.V., a besloten vennootschap met beperkte aansprakelijkheid incorporated under the laws of the Netherlands (the “Borrower”), the several banks and other financial
institutions or entities from time to time party as Lenders and Issuers thereto and JPMorgan Chase Bank, N.A. (the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms
in the Existing Credit Agreement, except as otherwise expressly set forth herein. 
 WHEREAS, the Borrower has requested that the Existing
Credit Agreement be amended as set forth herein; 
 WHEREAS, the Lenders party hereto (which constitute the Required Lenders under the
Existing Credit Agreement) and the Administrative Agent are willing, subject to the terms and conditions set forth below, to amend the Existing Credit Agreement on the terms set forth herein (the Existing Credit Agreement, as so amended, is referred
to as the “Amended Credit Agreement”). 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

SECTION 1. Rules of Interpretation. The rules of interpretation set forth in Section 1.02(a) of the Existing Credit Agreement are
hereby incorporated by reference herein, mutatis mutandis. 
 SECTION 2. Effect of this Agreement. The parties hereto
agree that, from and after the Amendment No. 4 Effective Date, upon the occurrence of the Amendment Period Termination Date (as defined in the Amended Credit Agreement), the covenants set forth in Section 3 of that certain Amendment
No. 2 to the Existing Credit Agreement, dated as of April 21, 2020, shall cease to apply and shall be of no further force and effect. 

 SECTION 3. Amendment to the Existing Credit Agreement. On the terms and subject to
the conditions set forth herein, effective as of the Amendment No. 4 Effective Date, the Existing Credit Agreement is hereby amended as follows: 

(a) Section 1.01 of the Existing Credit Agreement is hereby amended by inserting the following defined terms in the appropriate
alphabetical order therein: 
 “2021 Minimum Pension Payment” shall mean payments made on or after the issuance of the 2021
Senior Notes by Holdings to fund mandatory or discretionary contributions to the pension and other postretirement benefit plans of Holdings and its consolidated Subsidiaries in an amount no less than (x) the aggregate principal amount of the
2021 Senior Notes, minus (y) $200,000,000. 
 “2021 Netting Amount” shall mean (a) for any date occurring in the fiscal
quarter during which the 2021 Senior Notes are issued, the principal amount of the 2021 Senior Notes and (b) for any date occurring thereafter but on or prior to December 31, 2021 (i) if prior to the last day of the first full fiscal
quarter ended after the date on which the 2021 Senior Notes are issued the 2021 Minimum Pension Payment shall have been made, the principal amount of the 2021 Senior Notes or (ii) otherwise, the lesser of (x) the amount of mandatory or
discretionary contributions to the pension and other postretirement benefit plans of Holdings and its consolidated Subsidiaries made on or after the issuance of the 2021 Senior Notes and (y) the principal amount of the 2021 Senior Notes. 

“2021 Senior Notes” shall mean senior unsecured notes in an aggregate amount not to exceed $750,000,000 issued by the Borrower
in the fiscal year ending on December 31, 2021. 
 “2024 Notes Redemption” shall mean the redemption of all the
Borrower’s outstanding senior unsecured notes due 2024, including the payment of all interest and other obligations in respect thereof. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Alcoa Warrick Sale” means the sale, transfer or other disposition of (i) all of the Equity Interests of Alcoa Warrick
LLC and (ii) real property, intellectual property, equipment and other assets related to the rolling mill business of Alcoa Warrick LLC. 

“Amendment No. 4 Effective Date” shall mean March 4, 2021. 

“Collateral Release Incremental Leverage Ratio Increase” shall have the meaning assigned to such term in Section 6.13(b).

 “Maximum Leverage Ratio” shall have the meaning assigned to such term in Section 6.13(a). 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 

  
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 “UK Financial Institutions” means any BRRD Undertaking (as such term is
defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the
resolution of any UK Financial Institution. 
 (b) Section 1.01 of the Existing Credit Agreement is hereby amended by amending and
restating the definition of “Amendment Period Termination Date” in its entirety as follows: 
 “Amendment Period
Termination Date” means the earliest of (a) April 1, 2021, (b) the date on which the Borrower elects to terminate the Amendment Period as evidenced in a certificate signed by a Financial Officer and delivered to the Administrative
Agent and (c) the date on which the 2024 Notes Redemption occurs. 
 (c) Section 1.01 of the Existing Credit Agreement is hereby
amended by amending and restating the definition of “Approved Asset Disposition” in its entirety as follows: 
 “Approved
Asset Disposition” shall mean (i) the sale or other disposition of the assets set forth on Schedule 1.01(a) and (ii) the Alcoa Warrick Sale. 

(d) Section 1.01 of the Existing Credit Agreement is hereby amended by amending and restating the definition of “Bail-In Action” in its entirety as follows: 

“Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by
the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 (e) Section 1.01 of the
Existing Credit Agreement is hereby amended by amending and restating the definition of “Bail-In Legislation” in its entirety as follows: 

“Bail-In Legislation” shall mean, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable to the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  
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 (f) Section 1.01 of the Existing Credit Agreement is hereby amended by revising the
definition of “Consolidated Cash Interest Expense” by deleting the “and” at the end of subclause (iv), inserting “and” after subclause (v) and inserting a new subclause (vi) at the end of subclause
(b) thereof: 
 (vi) to the extent included in such consolidated interest expense for such period, any interest breakage
costs or redemption premium attributable to the redemption or repayment of any Indebtedness. 
 (g) Section 1.01 of the Existing Credit
Agreement is hereby amended by amending the definition of “EEA Financial Institution” by replacing the reference to “any institution” in clause (c) thereto with “any financial institution”. 

(h) Section 1.01 of the Existing Credit Agreement is hereby amended by amending and restating clause (b) of the definition of
“Excluded Deposit Account” in its entirety as follows: 
 (b) subject to the requirements of Section 5.13(c),
deposit accounts (other than concentration accounts, investment accounts, escrow accounts holding funds for the sole benefit of third parties (other than any Loan Party) and accounts already subject to a perfected security interest in favor of the
Administrative Agent on behalf of the Secured Parties) not falling under any other exception in this definition of Excluded Deposit Accounts, the average daily balance for any calendar month of which, as of the end of such calendar month, does not
exceed $100,000,000 for all such deposit accounts 
 (i) Section 1.01 of the Existing Credit Agreement is hereby amended by amending
and restating the definition of “Total Indebtedness” in its entirety as follows: 
 “Total Indebtedness” shall
mean, as of any date, an amount equal to (a) the aggregate principal amount of Indebtedness of Holdings, the Borrower and the Restricted Subsidiaries outstanding as of such date of the type set forth in clauses (a), (b), (c) and (f) of the
definition of “Indebtedness”, other funded Indebtedness that would appear on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP and Indebtedness incurred pursuant to Permitted Receivables Facilities,
minus (b) for any date occurring on or before June 30, 2021 (provided that, in the case of such measurement with respect to each of the fiscal quarters ending March 31, 2021 and June 30, 2021, a Cash Netting Notice has
been timely delivered in respect of such fiscal quarter and not revoked in writing by the Borrower), an amount equal to the lesser of (A) unrestricted cash and cash equivalents that would appear on a balance sheet prepared as of such date on a
consolidated basis in accordance with GAAP and (B) 

  
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the amount of (x) the Net Proceeds of the 2020 Senior Notes minus (y) the aggregate principal amount of Outstanding Notes that are redeemed, repurchased or repaid by or on behalf
of the Borrower after June 24, 2020 (which amount in this clause (b) shall not be negative); minus (c) for any date occurring on or before December 31, 2021, the 2021 Netting Amount; provided that, for the avoidance of
doubt, “Total Indebtedness” shall not include any Indebtedness in respect of Hedging Agreements. 
 (j) Section 1.01 of the
Existing Credit Agreement is hereby amended by amending and restating the definition of “Write-Down and Conversion Powers” in its entirety as follows: 

“Write-Down and Conversion Powers” shall mean, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 (k)
Section 6.01(a) of the Existing Credit Agreement is hereby amended by (i) adding “and” after clause (xxvi) thereof and (ii) adding at the end of such clause the following new clause (xxvii): 

(xxvii) the 2021 Senior Notes. 

(l) Section 6.04(w) of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 

(w)    Investments in the Elysis Entity in an aggregate amount, valued at cost at the time each such
Investment is made, not exceeding, at the time such Investments are made and immediately after giving effect thereto, $150,000,000; 
 (m)
Section 6.04(y) of the Existing Credit Agreement is hereby amended by adding at the end of such clause the following proviso: 

; provided that, for any fiscal year ended after the incurrence of the 2021 Senior Notes, the Consolidated Net Leverage
Ratio for such fiscal year shall be increased by the Incremental Leverage Ratio Increase if and to the extent the Maximum Leverage Ratio is so increased. 

  
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 (n) Section 6.05(p) of the Existing Credit Agreement is hereby amended by replacing the
first reference to “(o)” in clause (p) thereof with “(p)”. 
 (o) Section 6.12 of the Existing Credit
Agreement is hereby amended and restated in its entirety as follows: 
 SECTION 6.12. Interest Expense Coverage Ratio.
Holdings and the Borrower shall not permit the ratio of (a) Consolidated EBITDA to (b) Consolidated Cash Interest Expense, in each case for any period of four consecutive fiscal quarters of Holdings ending on or following the Amendment
No. 4 Effective Date, to be less than 4.00 to 1.00. 
 (p) Section 6.13(a) of the Existing Credit Agreement is hereby amended and
restated it in its entirety as follows: 
 (a) Prior to the Collateral Release Date, Holdings and the Borrower shall not
permit the Leverage Ratio for any period of four fiscal quarters of Holdings ending on or following the Amendment No. 4 Effective Date to exceed 2.75 to 1.00 (the “Maximum Leverage Ratio”); provided that if, on or
following the date of issuance of the 2021 Senior Notes until December 31, 2021, Holdings shall fund mandatory or discretionary contributions to the pension and other postretirement benefit plans of Holdings and its consolidated Subsidiaries,
then on and after March 31, 2022, the Maximum Leverage Ratio shall be increased by an amount equal to (a) the lesser of (x) the aggregate amount of payments so made and (y) the principal amount of 2021 Senior Notes issued,
divided by (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of Holdings most recently ended on the date of issuance the 2021 Senior Notes (or, if such date is not the last day of a fiscal quarter, ended on the last day
of the fiscal quarter of Holdings most recently ended prior to such date) to 1.00 (the amount of each such increase with respect to the incurrence of the 2021 Senior Notes, the “Incremental Leverage Ratio Increase”). 

(q) Section 6.13(b) of the Existing Credit Agreement is hereby amended by replacing each reference to “Incremental Leverage Ratio
Increase” therein to “Collateral Release Incremental Leverage Ratio Increase”. 
 (r) Section 9.24 of the Existing
Credit Agreement is hereby amended by (i) replacing each reference to “EEA Financial Institutions” therein with “Affected Financial Institutions” and (ii) replacing each reference to “an EEA Resolution
Authority” or “any EEA Resolution Authority” therein with “the applicable Resolution Authority”. 
 SECTION 4.
Effectiveness of this Agreement. This Agreement and the amendment of the Existing Credit Agreement as set forth in Section 3 hereof shall 

  
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become effective on the first date (the “Amendment No. 4 Effective Date”) on which each of the following conditions shall have been satisfied: 

(a) The Administrative Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of Holdings,
the Borrower, the Required Lenders (as such term is defined in the Existing Credit Agreement) and the Administrative Agent. 
 (b) The
representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or, in the case of representations and warranties qualified as to materiality, in all respects) on and as of the
Amendment No. 4 Effective Date, except in the case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be true and correct in all material respects (or in all
respects, as applicable) as of such earlier date. 
 (c) At the time of and immediately after giving effect to this Agreement, no Event of
Default or Default shall have occurred and be continuing. 
 (d) The Administrative Agent shall have received the fees set forth in
Section 6 and all reasonable and documented out-of-pocket expenses in connection with this Agreement to the extent required under Section 9.05 of the Credit
Agreement. 
 SECTION 5. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and to each
of the Lenders: 
 (a) This Agreement has been duly authorized, executed and delivered by the Borrower, and each of this Agreement and the
Amended Credit Agreement constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement
of creditors’ rights or by general principles of equity limiting the availability of equitable remedies. 
 (b) At the time of and
immediately after giving effect to this Agreement, no Event of Default or Default has occurred and is continuing. 
 SECTION 6. Fees.
The Borrower agrees to pay to the Administrative Agent for the benefit of each Lender who timely executes and delivers a counterpart to this Agreement an amount equal to 0.05% of the amount of such Lender’s Commitment under the Existing Credit
Agreement immediately prior to the Amendment No. 4 Effective Date. 
 SECTION 7. Counterparts; Amendments. (a) This
Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each of the parties hereto. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of an original executed counterpart
of this Agreement. 

  
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 (b) The words “execution”, “signed”, “signature”,
“delivery” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar State laws based on the Uniform Electronic
Transactions Act. Each party hereto executing this Agreement through electronic means hereby represents and warrants that it has the corporate capacity and authority to execute this Agreement through electronic means and that there are no
restrictions for doing so in such party’s organizational documents. 
 SECTION 8. Credit Agreement. (a) Except as expressly
set forth herein, this Agreement (a) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Borrower under the Existing Credit
Agreement or any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of
which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to any future consent to, or waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document in similar or different circumstances. After the Amendment No. 4 Effective Date, any reference in the Loan Documents to the
Credit Agreement shall mean the Credit Agreement as modified hereby. This Agreement shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents. 

(b) For the avoidance of doubt, the parties hereto agree that, to the extent that any amendment made to the Existing Credit Agreement in
accordance with Section 2 of this Agreement shall constitute a novation within the meaning of Article 1271 et seq. of the Luxembourg Civil Code, then, notwithstanding any such novation, all the rights (including in relation to Liens) of the
Secured Parties against the Loan Parties shall be maintained in accordance with Article 1278 of the Luxembourg Civil Code. 
 SECTION 9.
Applicable Law; Waiver of Jury Trial. (a) THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER
JURISDICTION. 

  
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 (b) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 9.11 AND 9.15 OF THE
EXISTING CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN. 
 (c) Notwithstanding paragraph (a) of this Section,
if any Dutch Loan Party is represented by an attorney in connection with the signing and/or execution of this Agreement (including by way of accession to this Agreement), any other Loan Document, or any other agreement, deed or document referred to
in, or made pursuant to, any Loan Document, it is hereby expressly acknowledged and accepted by the other parties to this Agreement that the existence and extent of the attorney’s authority and the effects of the attorney’s exercise or
purported exercise of his or her authority shall be governed by the laws of the Netherlands. 
 SECTION 10. Notices. All notices
hereunder shall be given in accordance with the provisions of Section 9.01 of the Amended Credit Agreement. 
 SECTION 11.
Headings. The Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

					
	ALCOA CORPORATION
		
	 By
	 	 /s/ Renato C. A. Bacchi

		 	Name:	 	Renato C.A. Bacchi
		 	Title:	 	 Senior Vice President and

Treasurer

  

					
	ALCOA NEDERLAND HOLDING B.V.
		
	 By
	 	 /s/ Renato C.A. Bacchi

		 	Name:	 	Renato C.A. Bacchi
		 	Title:	 	Managing Director

 
					
	 JPMORGAN CHASE BANK, N.A.,

individually as a Lender and as Administrative Agent

		
	    By:	 	 /s/ James Shender

		 	Name:	 	James Shender
		 	Title:	 	Executive Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Citibank, N.A.
	
                     
                                       

 
					
		
	By:	 	 /s/ Sumeet
Singal                    

		 	Name:	 	Sumeet Singal
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	
                     
                                       

 
					
		
	By:	 	 /s/ Judith Smith

		 	Name:	 	Judith Smith
		 	Title:	 	Authorized Signatory
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Michael Dieffenbacher

		 	Name:	 	Michael Dieffenbacher
		 	Title:	 	Authorized Signatory

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Morgan Stanley Senior Funding, Inc.
	
                     
                                       

 
					
		
	By:	 	 /s/ Tim Kok

		 	Name:	 	Tim Kok
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	ABN AMRO Capital USA LLC
	
                     
                                       

 
					
		
	By:	 	 /s/ Jamie Matos

		 	Name:	 	Jamie Matos
		 	Title:	 	Director
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Amit Wynalda

		 	Name:	 	Amit Wynalda
		 	Title:	 	Executive Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	BANCO BRADESCO S.A., NEW YORK BRANCH
	
                     
                                       

 
					
		
	By:	 	 /s/ Fabiana Guglielmi Paes de Barros

		 	Name:	 	Fabiana Guglielmi Paes de Barros
		 	Title:	 	General Manager
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Sônia Bettencourt

		 	Name:	 	Sônia Bettencourt
		 	Title:	 	Manager

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
	
                     
                                       

 
					
		
	By:	 	 /s/ Cara Younger

		 	Name:	 	Cara Younger
		 	Title:	 	Executive Director
		
	By:	 	 /s/ Miriam Trautman

		 	Name:	 	Miriam Trautman
		 	Title:	 	Senior Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Bank of America, N.A.
	
                     
                                       

 
					
		
	By:	 	 /s/ Shaf Hasan

		 	Name:	 	Shaf Hasan
		 	Title:	 	Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	BNP PARIBAS
	
                     
                                       

 
					
		
	By:	 	 /s/ Michael Hoffman

		 	Name:	 	Michael Hoffman
		 	Title:	 	Director
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Emma Petersen

		 	Name:	 	Emma Petersen
		 	Title:	 	Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Deutsche Bank AG New York Branch
	
                     
                                       

 
					
		
	By:	 	 /s/ Philip Tancorra

		 	Name:	 	Philip Tancorra
		 	Title:	 	Vice President
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Michael Strobel

		 	Name:	 	Michael Strobel
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Goldman Sachs Bank USA:
	
                     
                                         
                  

 
					
		
	By:	 	 /s/ Dan Martis

		 	Name:	 	Dan Martis
		 	Title:	 	Authorized Signatory

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	MUFG BANK, LTD.
	
                     
                                         
                       

 
					
		
	By:	 	 /s/ Liwei Liu

		 	Name:	 	Liwei Liu
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	SUMITOMO MITSUI BANKING CORPORATION
	
                     
                                         
                  

 
					
		
	By:	 	 /s/ Jun Ashley

		 	Name:	 	Jun Ashley
		 	Title:	 	Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	TRUIST BANK, as successor by merger, to SUNTRUST BANK, as Revolving Lender
	
                     
                                       

 
					
		
	By:	 	 /s/ Katherine Bass

		 	Name:	 	Katherine Bass
		 	Title:	 	Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Australia and New Zealand Banking Group Limited
	
                     
                                         
                  

 
					
		
	By:	 	 /s/ Cynthia Dioquino

		 	Name:	 	Cynthia Dioquino
		 	Title:	 	Associate Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	THE BANK OF NEW YORK MELLON
	
                     
                                         
                   

 
					
		
	By:	 	 /s/ William M. Feathers

		 	Name:	 	William M. Feathers
		 	Title:	 	Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	ING Bank N.V., Dublin Branch
	
                     
                                       

 
					
		
	By:	 	 /s/ Cormac Langford

		 	Name:	 	Cormac Langford
		 	Title:	 	Director
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Louise Gough

		 	Name:	 	Louise Gough
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	PNC BANK, NATIONAL ASSOCIATION
	
                     
                                         
                  

 
					
		
	By:	 	 /s/ Joseph McElhinny

		 	Name:	 	Joseph McElhinny
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Westpac Banking Corporation
	
                     
                                       

 
					
		
	By:	 	 /s/ Stuart Brown

		 	Name:	 	Stuart Brown
		 	Title:	 	Tier Two Attorney

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Bank of Montreal
	
                     
                                         
                  

 
					
		
	By:	 	 /s/ Namrata Chopra

		 	Name:	 	Namrata Chopra
		 	Title:	 	Vice President, Corporate Banking

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	The Bank of Nova Scotia
	
                     
                                       

 
					
		
	By:	 	 /s/ Ian Stephenson

		 	Name:	 	Ian Stephenson
		 	Title:	 	Managing Director
	
	For institutions that require a second signature:
		
	By:	 	 /s/ Rannon Stuive

		 	Name:	 	Rannon Stuive
		 	Title:	 	Associate Director

  
 [Amendment No. 4
Signature Page] 

 
					
	LENDERS
	
	SIGNATURE PAGE TO AMENDMENT NO. 4, AMONG ALCOA CORPORATION, ALCOA NEDERLAND HOLDING B.V., THE LENDERS PARTY THERETO AND JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT
	
	Name of Institution:
	
	Riyad Bank, Houston Agency
	
                     
                                         
                  

 
					
		
	By:	 	 /s/ Michael Meiss

		 	Name:	 	Michael Meiss
		 	Title:	 	General Manger
		
	By:	 	 /s/ Roxanne Crawford

		 	Name:	 	Roxanne Crawford
		 	Title:	 	Vice President, Administrative Officer

  
 [Amendment No. 4
Signature Page] 

 
					
	 ROYAL BANK OF CANADA.,
 individually
as a Lender

		
	By:	 	 /s/ Mike Alfieri

		 	Name:	 	Mike Alfieri
		 	Title:	 	Vice President

  
 [Amendment No. 4
Signature Page]Document

Exhibit 4.2 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934

As of the date of the Annual Report on Form 10-K of which this exhibit forms a part, the only class of securities of Arbutus Biopharma Corporation (“we,” “us” and “our”) registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is our common shares, without par value. 

CAPITAL STOCK

The following description of our capital stock summarizes provisions of our Notice of Articles and Articles, as amended, or our Articles, the Investment Canada Act (Canada), the Competition Act (Canada) and the Business Corporations Act (British Columbia). The following description does not purport to be complete and is subject to, and qualified in its entierty by, our Articles, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part, and to the applicable provisions of the Investment Canada Act, the Competition Act and the Business Corporations Act.

Authorized and Outstanding Shares 

Our authorized share capital consists of (i) an unlimited number of common shares, without par value, (ii) an unlimited number of preferred shares, without par value, and (iii) 1,164,000 Series A Participating Convertible Preferred Shares. As of March 3, 2021 there were (a) 95,583,915 common shares outstanding and (b) 1,164,000 Series A Participating Convertible Preferred Shares outstanding. None of our common shares or preferred shares are held by us or on behalf of us.

Voting Rights 

The holders of our common shares are entitled to receive notice of any meeting of our shareholders and to attend and vote thereat, except those meetings at which only the holders of shares of another class or of a particular series are entitled to vote. Each common share entitles its holder to one vote. There are no cumulative voting rights. 

Dividends

Subject to the rights of the holders of preferred shares, the holders of common shares are entitled to receive on a pro rata basis such dividends as our Board of Directors may declare out of funds legally available for payment of dividends. 

Liquidation Rights 

In the event of the dissolution, liquidation, winding-up or other distribution of our assets, those holders are entitled to receive on a pro rata basis all of our assets remaining after payment of all of our liabilities, subject to the rights of holders of preferred shares. 

Other Rights and Preferences.

The terms of our common shares do not include any preemptive, conversion or subscription rights, nor any redemption or sinking fund provisions. The common shares are not subject to future calls or assessments by us. 

Series A Participating Convertible Preferred Shares

In October 2017, we entered into a subscription agreement with Roivant Sciences Ltd., or Roivant, for the sale of 1,164,000 Series A participating convertible preferred shares, or the Preferred Shares, for gross proceeds of $116.4 million. These Preferred Shares are non-voting and accrue an 8.75% per annum coupon in the form of additional Preferred Shares, compounded annually, until October 18, 2021, at which time all the Preferred Shares will be subject to mandatory conversion into common shares (subject to limited exceptions in the event of certain fundamental corporate transactions relating to our capital structure or assets, which would permit earlier conversion at Roivant’s option). The conversion price is $7.13 per share, which will result in the Preferred Shares being converted into approximately 23 million common shares. After conversion of the 

Preferred Shares into common shares, based on the number of common shares outstanding as of March 3, 2021, Roivant would hold approximately 33% of our common shares. Roivant agreed to a four year lock-up period for this investment and its existing holdings in us. Roivant also agreed to a four year standstill whereby Roivant will not acquire greater than 49.99% of our common shares or securities convertible into common shares. The initial investment of $50.0 million closed in October 2017, and the remaining amount of $66.4 million closed in January 2018 following regulatory and shareholder approvals.

Registration Rights

On January 11, 2015, we entered into an Agreement and Plan of Merger and Reorganization, or the Merger Agreement, with OnCore Biopharma, Inc., or OnCore, pursuant to which OnCore became our wholly-owned subsidiary. In connection with the Merger Agreement, we entered into a Registration Rights Agreement, or the Registration Rights Agreement, with certain of OnCore’s shareholders. On October 16, 2017, we entered into an Amending Agreement pursuant to which the common shares underlying the Preferred Shares purchased by Roivant were included as registrable securities under the Registration Rights Agreement.

Pursuant to the Registration Rights Agreement, certain holders of our common shares have registration rights. After registration of these common shares pursuant to these rights, these shares will become freely tradable without restriction under the Securities Act. The registration rights will terminate with respect to each shareholder on the date on which such shareholder ceases to beneficially own more than three percent of our common shares then outstanding, if such shares may be sold pursuant to Rule 144 of the Securities Act.

An aggregate of approximately 42 million common shares are entitled to these registration rights, including approximately 23 million common shares issuable upon conversion of the Preferred Shares.

Director Nomination Rights

Pursuant to the terms of the Amended and Restated Governance Agreement, dated October 16, 2017, between us and Roivant and Part 28 of our Articles, for so long as Roivant has "beneficial ownership" (as defined pursuant Rule 13d-3 under the Securities Exchange Act of 1934, as amended, or the Exchange Act), or Beneficial Ownership, or exercises control or direction over not less than:

•thirty percent (30%) of our issued and outstanding common shares calculated on a partially diluted basis as of a particular date, Roivant has the right to nominate three (3) individuals for election to our Board of Directors at each shareholder meeting, one (1) of whom must satisfy the applicable independence standards;
•twenty percent (20%) of our issued and outstanding common shares calculated on a partially diluted basis as of a particular date, Roivant has the right to nominate two (2) individuals for election to our Board of Directors at each shareholder meeting; and
•ten percent (10%) of our issued and outstanding common shares calculated on a partially diluted basis as of a particular date, Roivant has the right to nominate one (1) individual for election to our Board of Directors at each shareholder meeting.

Upon Roivant having Beneficial Ownership or exercising control or direction over less than ten percent (10%) of our outstanding common shares calculated on a partially diluted basis as of a particular date, the nomination rights provided above will be of no further force and effect. The total number of common shares underlying the Preferred Shares beneficially owned by Roivant are included in the Beneficial Ownership calculations described above.

Limitations to Control due to Certain Provisions of Canadian and British Columbian Law and our Articles

Unless such offer constitutes an exempt transaction, an offer made by a person, or an offeror, to acquire outstanding shares of a Canadian entity that, when aggregated with the offeror’s holdings (and those of persons or companies acting jointly with the offeror), would constitute 20% or more of the outstanding shares, would be subject to the take-over provisions of Canadian securities laws. The foregoing is a limited and general summary of certain aspects of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof.

In addition to the take-over bid requirements noted above, the acquisition of shares may trigger the application of additional statutory regimes including amongst others, the Investment Canada Act (Canada) and the Competition Act (Canada).

As well, under the Business Corporations Act (British Columbia), unless otherwise stated in our Articles, certain corporate actions require the approval of a special majority of shareholders, meaning holders of shares representing 66 2/3% of those 

votes cast in respect of a shareholder vote addressing such matter. Those items requiring the approval of a special majority generally relate to fundamental changes with respect to our business, and include amongst others, resolutions: (i) removing a director prior to the expiry of his or her term; (ii) altering our Articles, (iii) approving an amalgamation; (iv) approving a plan of arrangement; and (v) providing for a sale of all or substantially all of our assets.

The Nasdaq Global Select Market

Our common shares are listed on the Nasdaq Global Select Market under the symbol “ABUS.”

Transfer Agent and Registrar

The transfer agent and registrar for our common shares is AST Trust Company (Canada).

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