Document:

Exhibit 4(b)

 

ARCONIC CORP. SALARIED 401(K) PLAN

 

EFFECTIVE FEBRUARY 1, 2020

 

    

     

    

 

ARCONIC CORP. SALARIED 401(K) PLAN

 

TABLE OF CONTENTS

 

	HISTORY AND PURPOSE	1
	 	 
	DEFINITIONS	2
	 	 
	GENERAL PROVISIONS	11
	SECTION 1. PARTICIPATION	11
	SECTION 2. EMPLOYEE SAVINGS	11
	SECTION 3. PARTICIPATING EMPLOYER CONTRIBUTIONS (MATCH)	14
	SECTION 4. DISCRETIONARY CONTRIBUTIONS	14
	SECTION 5. EMPLOYER RETIREMENT INCOME CONTRIBUTIONS	15
	SECTION 6. NONFORFEITURE OF PARTICIPATING EMPLOYER CONTRIBUTIONS, DISCRETIONARY CONTRIBUTIONS RESTRICTED DISCRETIONARY CONTRIBUTIONS, AND EMLOYER RETIREMENT INCOME CONTRIBUTIONS	15
	SECTION 7. ROLLOVER CONTRIBUTIONS	15
	SECTION 8. INVESTMENTS	16
	SECTION 9. TRANSFERS BETWEEN INVESTMENTS	17
	SECTION 10. WITHDRAWALS DURING EMPLOYMENT	17
	SECTION 11. DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT	18
	SECTION 12. PAYMENT OF DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT	19
	SECTION 13. GENERAL PROVISIONS WITH RESPECT TO WITHDRAWALS	21
	SECTION 14. NONASSIGNABILITY	22
	SECTION 15. EXTENT OF PARTICIPANT’S RIGHTS	22
	SECTION 16. MANAGEMENT OF FUNDS	23
	 	 
	OTHER PROVISIONS OF THE PLAN	26
	SECTION 17. LOANS	26
	SECTION 18. TRUST	27
	SECTION 19. ADMINISTRATION	27
	SECTION 20. AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION	30
	SECTION 21. ADMINISTRATIVE EXPENSES	31
	SECTION 22. SELECTION OF BENEFICIARIES	31
	SECTION 23. PARTICIPANT’S STATEMENT	32
	SECTION 24. EFFECTIVE DATE OF PLAN	32
	SECTION 25. CONSTRUCTION	32

 

Arconic Corp. Salaried 401(k) Plan

Effective as of February 1, 2020

 

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	APPENDICES & SCHEDULES
	 	 	 
	APPENDIX A	 	LIMITATIONS & DISCRIMINATION TESTING
	APPENDIX B	 	CODE SECTION 415 LIMITATIONS
	APPENDIX C	 	TOP HEAVY RULES
	APPENDIX D	 	MINIMUM DISTRIBUTION REQUIREMENTS
	SCHEDULE A	 	MERGERS, TRANSFERS, AND RESTATEMENTS
	SCHEDULE B-1	 	ARCONIC SALARIED RETIREMENT SAVINGS PLAN PARTICIPATING EMPLOYERS AND EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC)
	SCHEDULE B-2	 	DISCRETIONARY CONTRIBUTIONS AND RESTRICTED DISCRETIONARY CONTRIBUTIONS
	SCHEDULE C-1	 	ACTIVE EMPLOYERS AND LOCATIONS SPUN OFF FROM THE HOWMET AEROSPACE RETIREMENT SAVINGS PLAN, EFFECTIVE FEBRUARY 1, 2020
	SCHEDULE C-2	 	LEGACY EMPLOYERS AND LOCATIONS SPUN OFF FROM THE HOWMET AEROSPACE RETIREMENT SAVINGS PLAN, EFFECTIVE FEBRUARY 1, 2020

 

Arconic Corp. Salaried 401(k) Plan

Effective as of February 1, 2020

 

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ARCONIC CORP. SALARIED 401(K) PLAN

EFFECTIVE FEBRUARY 1,
2020

 

HISTORY AND PURPOSE

 

Effective
February 1, 2020, Arconic Rolled Products Corporation (herein called “Arconic”) established the Arconic Corp.
Salaried 401(k) Plan (the “Salaried Plan” or “Plan”) for the exclusive benefit of its eligible employees
who are paid on a salaried basis. The Plan is a defined contribution, individual account 401(k) plan intended to qualify under
Section 401(a) of the Internal Revenue Code. The purpose of the Plan is to provide retirement benefits, and to enable
Participants to acquire a stock interest in the Company.

 

Effective
February 1, 2020, in anticipation of its separation into two separate publicly-traded companies, Arconic Inc. spun off certain
assets and liabilities from the Arconic Salaried Retirement Savings Plan (referred to as the Howmet Aerospace Salaried Retirement
Savings Plan, effective February 1, 2020) (the “Predecessor Plan”) to form this Plan. This Plan is intended as
a continuation of the Predecessor Plan for the Participants covered by this Plan and recognizes elections and Retirements under
the Predecessor Plan. From February 1, 2020 through the Separation Date, no person may participate concurrently in both this
Plan and the Predecessor Plan. References in this Plan to dates and actions prior to February 1, 2020, refer to the Predecessor
Plan.

 

The Arconic Stock Fund
is an employee stock ownership plan (ESOP), within the meaning of Section 4975(e) of the Code, and is intended to comply
with all applicable provisions. The assets held in the ESOP must be invested primarily in employer securities as defined in Code
Section 409(l).

 

The Plan is intended
to be construed in accordance with any regulatory guidance issued with respect to applicable laws and regulations.

 

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DEFINITIONS

 

For the purpose of
this Plan, unless a different meaning is plainly required by the context:

 

AFFILIATE means
any non-corporate business entity or corporate business entity without voting stock, as such, which Arconic and/or one or more
Subsidiaries control in fact.

 

AFTER-TAX SAVINGS
means such portions of the total amounts contributed to the Plan by a Participant in accordance with Section 2 that are
not accorded favorable tax treatment under Section 401(k) of the Code, but not including contributions made by a Participant
in excess of the annual limit on 401(k) contributions under Code Section 402(g) or in excess of the “average
deferral percentage limit” of Section 401(k)(3) of the Code.

 

ARCONIC STOCK means
common stock of Arconic Inc. and any substituted security under Section 16.

 

ARCONIC means
Arconic Corporation For periods prior to the Separation Date, references to Arconic shall mean Arconic Rolled Products Corporation.

 

ARCONIC STOCK FUND
means the ESOP as described in Section 16(e), which became effective February 1, 2020.

 

AUTOMATIC ENROLLMENT
or AUTOMATICALLY ENROLLED means the automatic default enrollment in the Plan described in Sections 1(b) and 2(c) and
applicable to Eligible Employees who do not opt out of the Plan.

 

AUTOMATIC PRE-TAX
RATE ESCALATION means the feature that is effective with Automatic Enrollment or that may be elected by a Participant, in which
the rate of Payroll Deduction for Pre-Tax Savings is increased until a target Payroll Deduction rate is reached. The Automatic
Pre-Tax Rate Escalation will increase effective April 1 of each year.

 

AUTOMATIC REBALANCING
means the feature described in Section 8(d).

 

BENEFICIARY means
the recipient or recipients designated by a Participant, in accordance with Section 22 of the Plan, to receive benefits in
the event of the Participant’s death as either a primary beneficiary, or a contingent beneficiary who will receive benefits
in the event the primary beneficiary predeceases the Participant. Beneficiaries named under the Predecessor Plan shall be recognized
for purposes of this Plan.

 

BENEFITS INVESTMENTS
COMMITTEE means the Benefits Investments Committee of Arconic (or prior to the Separation Date, Benefits Investments Committee
of Arconic Inc.), which shall have authority over the investment of Plan assets as described herein and over the selection of the
Core Funds.

 

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BENEFITS MANAGEMENT
COMMITTEE means the administrative committee of Arconic (or prior to the Separation Date, Benefits Management Committee of
Arconic Inc.), which shall have the power to interpret and administer the Plan in accordance with Section 19.

 

BOARD means
the Board of Directors of Arconic.

 

BROKERAGE ACCOUNT
means the investment option whereby a Participant may invest and personally manage investments outside the Core Funds as described
in Section 16(h).

 

BUSINESS DAY
means any day on which the Plan Administrator, Designee and New York Stock Exchange is open for business.

 

CODE means the
Internal Revenue Code of 1986, as amended.

 

CONTINUOUS SERVICE
means, except as modified by the balance of this definition, the period of continuous employment with Arconic, a Subsidiary
or Affiliate, either as a salaried employee or as an hourly-rated employee, commencing with the Participant’s Employment
Commencement Date or Reemployment Commencement Date. For purposes of the preceding sentence, continuous employment with Arconic,
a Subsidiary or Affiliate shall include continuous employment with Arconic Inc. (or a Subsidiary or Affiliate of Arconic Inc. as
defined in the Predecessor Plan) for periods prior to the Separation Date. Continuous Service terminates on the Participant’s
Severance from Service Date. Continuous Service upon reemployment does not include any Continuous Service accrued prior to a termination
of Continuous Service, except as follows:

 

A Participant who incurs
a Severance from Service Date and thereafter has a Reemployment Commencement Date, will have his or her Continuous Service on the
Severance from Service Date reinstated if the period between his or her Severance from Service Date and his or her Reemployment
Commencement Date is less than the greater of (a) five years or (b) the aggregate number of years of Continuous Service
earned before the Severance from Service Date.

 

CORE FUND means
any investment vehicle (including the Arconic Stock Fund and Target Maturity Funds) for Pre-Tax Savings, After-Tax Savings, Participating
Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, or Employer Retirement Income Contributions,
but excluding the Brokerage Account. The Benefits Investments Committee will determine the Core Funds, and may make changes to
the composition of the funds from time to time.

 

CURRENT MARKET
VALUE means, with respect to any investment allocated to the accounts of any Participant in the Core Funds, the unitized
value of the securities and cash of the investment in the applicable Fund as of a specified date, less any fees provided for in
Section 21, valued in accordance with a procedure adopted by the investment manager for the fund and acceptable to the Benefits
Investments Committee.

 

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DESIGNEE means
such entity as may be chosen from time to time by the Plan Administrator and approved by the Benefits Management Committee to
handle certain specified administration functions of the Plan.

 

DISCRETIONARY CONTRIBUTIONS
means amounts contributed by a Participating Employer as determined under Section 4(a).

 

EFFECTIVE DATE with
respect to a distribution has the meaning prescribed in Section 13, with respect to a transfer has the meaning prescribed
in Section 9 and with respect to a qualified domestic relations order has the meaning prescribed in Section 14.

 

ELIGIBLE COMPENSATION
means:

 

		(i)	the regular base salary and if applicable, the base salary adjustment. Where commission payments
constitute all or part of an employee’s remuneration, the commissions actually paid as remuneration during a regular pay
period will be used to determine the Eligible Compensation for such employee. For the foregoing purpose, only amounts up to one
hundred percent (100%) of the target sales incentive payment established by the Company shall constitute Eligible Compensation
under this Plan. Any sales incentive payment exceeding one hundred percent (100%) of the target will not be Eligible Compensation.

 

		(ii)	the regular hourly wages and if applicable: cash cola, regular vacation pay, witness pay, holiday
advance pay (for a holiday not worked), bereavement pay, shift differential, jury pay, job upgrades, schedule premium, income adjustments,
and wage adjustments which are payable during such periods as the employee is an Eligible Employee as determined by the Participating
Employers.

 

In no event may the
amount of Eligible Compensation for any Participant during any Plan Year, for any purposes under this Plan, exceed $285,000, as
adjusted for any Plan Year for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code applicable
to that calendar year. Eligible Compensation does not include signing bonuses or other one-time special bonus payments.

 

In addition to the
forgoing, for purposes of allocating Employer Retirement Income Contributions as indicated in Schedule B-1, Eligible Compensation
will include any Variable Compensation Awards or incentive compensation payable during such periods as the employee is an Eligible
Employee as determined by the Participating Employers and shall also include the amount of any sales incentive payments exceeding
one hundred percent (100%) of the target sales incentive payment.

 

ELIGIBLE EMPLOYEE
means any person who meets all of the following conditions:

 

(a)           (1)            Is
a resident or citizen of the U.S., employed by a Participating Employer at a participating Company (Company Code) and specified
location (Location Code), as indicated in Schedule B-1 (including individuals temporarily assigned to non-US locations); or

 

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(2)            Is
not a U.S. resident or citizen, but is employed by a Participating Employer at a participating Company (Company Code) and specified
location (Location Code), as indicated in Schedule B-1 on a long term assignment and has been localized to that location’s
payroll and benefits; and

 

(b)           Is
a Full-time or Part-time Employee, and receives regular compensation in the form of: (1) a weekly, semimonthly or monthly
salary, (2) periodic commissions, (3) an hourly wage; and

 

(c)           Is
not in a unit of employees covered by a collective bargaining agreement, unless such agreement provides for the application of
the Plan to the employees in such unit and does not provide for supplemental unemployment benefits or similar benefits; and

 

(d)           Is
not in a group of employees excluded from coverage under the Plan by the Benefits Management Committee, or the appropriate governing
body of a Participating Employer, which is uniform in application to all employees similarly situated; and

 

(e)           Is
not a U.S. resident or citizen who is on the Company’s U.S. expatriate payroll and benefit program; and

 

(f)            Is
not an agency, leased, or contract employee (as determined by the Company, without regard to any court, or agency decision determining
common-law employment status) or is an individual who is not on the payroll of the Company and receiving a W-2. A “leased
employee” is defined in Section 414(n) of the Code and is excluded from participation in the Plan. (For purposes
of this Plan only, any former leased employee, upon becoming an Eligible Employee, will receive Continuous Service credit for all
prior service performed with the recipient Participating Employer as a leased employee prior to becoming an Eligible Employee.)

 

(g)           Is
a Temporary Employee who, in addition to meeting the above described terms and conditions (other than (b)), has at least one year
of Continuous Service.

 

EMPLOYER RETIREMENT
INCOME CONTRIBUTIONS (also “ERIC”) means an amount equal to the percentage of Eligible Compensation specified in
Section 5 that is contributed in accordance with Section 5 and as indicated in Schedule B-1, to the Eligible Employees
of a specified location without regard to Employment Commencement Date or Reemployment Commencement Date.

 

EMPLOYMENT COMMENCEMENT
DATE means the date on which an Eligible Employee is first employed by and performs an Hour of Service for Arconic, a Subsidiary
or an Affiliate (or Arconic Inc. or its subsidiaries or affiliates for periods prior to Separation Date) as a Full-Time or Part-Time
Employee, or with respect to an individual described in subsection (g) of the definition of Eligible Employee, a Temporary
Employee.

 

ERISA means
the Employee Retirement Income Security Act of 1974 as amended.

 

ESOP or EMPLOYEE
STOCK OWNERSHIP PLAN means the Arconic Stock Fund as described in Section 16(e).

 

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FINANCIAL HARDSHIP
means an immediate and heavy financial need which a Participant is not able to meet from other reasonably available resources.
An immediate and heavy financial need includes:

 

(a)           Extraordinary
medical expenses incurred by the Participant, the Participant’s spouse, dependents of the Participant, or primary Beneficiary;

 

(b)           Purchase,
excluding mortgage payments, of a principal residence for the Participant;

 

(c)           Payment
of tuition for the next year of post-secondary education for the Participant, his or her spouse, children , dependents or primary
Beneficiary;

 

(d)           Expenses
necessary to prevent eviction of the Participant from his principal residence, or foreclosure on the mortgage of the Participant’s
principal residence;

 

(e)           Funeral
expenses of a family member or primary Beneficiary; and

 

(f)            All
other expenses that the Internal Revenue Service will accept as an immediate and heavy financial need.

 

A withdrawal will be
deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if all of the following requirements are
satisfied:

 

(i)            The
withdrawal is not in excess of the amount of the immediate and heavy financial need (including taxes on such withdrawal) of the
Participant,

 

(ii)           The
Participant has obtained all distributions, other than hardship withdrawals, and all nontaxable loans currently available under
all plans maintained by the Participating Employer (unless such a loan would contribute to the hardship), and

 

(iii)          The
Participant represents in writing (including by using an electronic medium as defined in Section 1.401(a)-21(e)(3)), that
the Participant has insufficient cash or other liquid assets reasonably available to satisfy the financial need.

 

Based upon the foregoing
provisions, the Designee determines whether or not a Participant has incurred a Financial Hardship.

 

FULL-TIME EMPLOYEE
means an active employee who works 100 percent of a regular work schedule for the location where he or she is employed.

 

HOUR OF SERVICE
means:

 

(a)           Each
hour for which an employee is paid or entitled to payment for the performance of duties for Arconic, a Subsidiary or Affiliate
(or Arconic Inc. or its subsidiaries or affiliates for periods prior to Separation Date);

 

 

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(b)           Each
hour for which an Employee is paid or entitled to payment by Arconic (or Arconic Inc. or its subsidiaries or affiliates for periods
prior to Separation Date), a Subsidiary or Affiliate on account of a period during which no duties are performed, whether or not
the employment relationship has terminated, due to vacation, holiday, illness, incapacity (including disability), layoff, jury
duty, military duty, or leave of absence; and

 

(c)           Each
hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by Arconic, a Subsidiary or Affiliate
(or Arconic Inc. or its subsidiaries or affiliates for periods prior to Separation Date), excluding any hour credited under (a) or
(b) above, which is credited to the computation period or periods to which the award, agreement or payment pertains, rather
than to the computation period in which the award, agreement or payment is made.

 

INVESTMENT FUND
means any Core Fund and the Brokerage Account.

 

KEY EMPLOYEE means
any employee or former employee (including any deceased employee) who at any time during the Plan Year that includes the determination
date, as defined in Section 416(g)(4)(C) of the Code, was (i) an officer of a Participating Employer having annual
compensation greater than $185,000 (as adjusted under Section 416(i)(1) of the Code, (ii) a five percent owner of
the Participating Employer, or (iii) a one percent owner of a Participating Employer having annual compensation of more than
$150,000. For this purpose, annual compensation means compensation as defined in Section 415(c)(3) of the Code, but includes
amounts contributed by the Participating Employer pursuant to a salary reduction agreement which are excludable from the Participant’s
gross income under Section 125, 402(a), Section 401(h), Section 401(b), and Section 132(f)(4).

 

LAYOFF or LAID-OFF
means the absence from employment due to a reduction of a Participating Employer’s work force due to lack of work, where
it is intended that the Participant will be subject to recall and the Participant has not been placed on a Temporary Layoff.

 

NORMAL RETIREMENT
AGE means the date a Participant attains age 65.

 

PART-TIME EMPLOYEE
means an active employee who works at least 50 percent but less than 100 percent of the regular work schedule for the location
where he or she is employed.

 

PARTICIPANT
means:

 

(a)           an
Eligible Employee who has elected to participate in the Plan in accordance with the provisions of Section 1, or who receives
Employer Retirement Income Contributions, Discretionary Contributions or Restricted Discretionary Contributions, or who is Automatically
Enrolled in the Plan. Such a person continues as a Participant so long as he or she has an account balance in the Plan. Notwithstanding
the foregoing, a contractor, agency employee, temporary employee or “leased employee” as defined in Section 414(n) of
the Code is not a Participant under the Plan; or

 

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(b)           an
Eligible Employee who is employed with a Participating Employer on December 31 of any Plan Year where such Participating Employer
has elected to make a Discretionary Contribution or Restricted Discretionary Contribution for that Plan Year; or

 

(c)           an
individual who participated in the Predecessor Plan as of January 31, 2020, who was associated with one of the companies,
locations and location business code combinations identified on Schedule C-1 or Schedule C-2. Such individuals
had their entire accounts transferred to this Plan effective February 1, 2020.

 

Effective February 1,
2020, a Participant shall not include any person who is a participant in the Predecessor Plan prior to the Separation Date. If
a Participant ceases to participate in this Plan as a result of the transfer of such Participant’s employment to a company
whose employees participate in the Howmet Aerospace Salaried Retirement Savings Plan (“Howmet Aerospace Plan”) after
February 1, 2020, but before the Separation Date, the account balance of such Participant shall automatically be transferred
from this Plan to the Howmet Aerospace Plan and such person shall cease to be a Participant in this Plan. If a participant in the
Howmet Aerospace Plan transfers employment to Arconic (or an Affiliate or Subsidiary) after February 1, 2020, but before the
Separation Date, the Howmet Aerospace Plan account balance of such Participant shall be accepted by this Plan.

 

PARTICIPATING EMPLOYER
means Arconic, except as specified hereafter, and any other entity in which Arconic or one or more Subsidiaries or Affiliates have
an ownership interest, and that is authorized by Arconic to participate in the Plan and which adopts the Plan by proper action
of its board of directors or other governing body, provided that each said entity agrees to reimburse Arconic from time to time
upon demand for its proper portion of the expenses and contributions required to carry out the provisions hereof and of the agreement
under which the assets of the Plan are held or managed. Schedule B-1 lists applicable locations of Participating Employers.

 

PARTICIPATING EMPLOYER
CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 3.

 

PARTICIPATION DATE
means the date on which an Eligible Employee commences participation in the Plan (or, if prior to February 1, 2020, the Predecessor
Plan).

 

PAYROLL DEDUCTIONS
means the Pre-Tax Savings and After-Tax Savings based on a reduction of the Participants’ Eligible Compensation for the
applicable Payroll Period.

 

PAYROLL PERIOD means
the regularly scheduled payroll cycles in which a Participant earns Eligible Compensation.

 

PERMANENT LAYOFF
means an absence from employment due to a reduction of the work force by a Participating Employer due to lack of work, where
it is intended that the Participant will not be subject to recall. A Participant’s Continuous Service for purposes of the
Plan will be terminated on the first day of Permanent Layoff.

 

 

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PERMANENT SHUTDOWN
means the permanent shutdown, as determined by a Participating Employer, of a plant, department or substantial portion thereof,
of a Participating Employer at which a Participant who is affected thereby is employed.

 

PLAN means the
Arconic Corp. Salaried 401(k) Plan, effective as of February 1, 2020, and as may be amended from time to time. For periods
prior to February 1, 2020, references to the Plan shall mean the Predecessor Plan.

 

PLAN ADMINISTRATOR
means Arconic.

 

PLAN YEAR means
the calendar year.

 

PREDECESSOR PLAN
means the Arconic Salaried Retirement Savings Plan (now referred to as the Howmet Aerospace Salaried Retirement Savings Plan).

 

PRE-TAX CATCH-UP
CONTRIBUTIONS means contributions permitted under Section 414(v) of the Code, as described in Section 2(k) of
the Plan.

 

PRE-TAX SAVINGS
means the amount by which a Participant has elected to reduce his or her Eligible Compensation and defer the receipt thereof
in accordance with Section 2 and the contribution of the said amount to the Plan, or an amount by which a Participant’s
Eligible Compensation is deferred and contributed to the Plan pursuant to Automatic Enrollment.

 

PROPERLY RECEIVED
means any request to participate, request to change participation in the Plan, request for suspension of Payroll Deductions,
a request for a transfer between investments in accordance with Sections 8 or 9, or a request for a withdrawal in accordance
with either Section 10 or 11, or a Beneficiary designation, consent or revocation in accordance with Section 22, are
Properly Received provided it is received by the Plan Administrator or its Designee in accordance with uniform rules established
by the Plan Administrator.

 

QUALIFIED DEFAULT
INVESTMENT ALTERNATIVE or QDIA means the Targeted Maturity Funds to which the Plan may direct the assets of a Participant’s
account in the absence of Participant investment direction. Each Participant’s account will be invested in the appropriate
Targeted Maturity Fund based on the Participant’s year of birth.

  

REEMPLOYMENT COMMENCEMENT
DATE means the date on which a Participant is first reemployed by a Participating Employer following a Severance from Service
Date.

 

RESTRICTED DISCRETIONARY
CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under  Section 4(b).

 

RETIREMENT means
termination of Continuous Service with rights to a pension other than a deferred vested pension benefit under a retirement plan
of Arconic and/or a Subsidiary and/or an Affiliate, termination of Continuous Service upon or after attainment of age 55 and completion
of 10 years of Continuous Service, or Normal Retirement Age.

 

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ROLLOVER CONTRIBUTION
means an eligible rollover distribution as described in Section 402(c)(4) of the Code, or a direct transfer of an eligible
rollover distribution as described in Section 401(a)(31) of the Code (“Direct Rollover”) which is transferred
to the Plan pursuant to Section 7.

 

SAFE HARBOR NOTICE
means the notice described in Section 3(b) required for a Plan Year in which the Plan is operated as a safe harbor plan,
that informs Participants of their rights and obligations under the Plan, including, but not limited to a description of the safe
harbor Participating Employer Contributions, withdrawal and vesting provisions.

 

SAVINGS means
the total amount of Pre-Tax Savings and After-Tax Savings contributed to the Plan in accordance with Section 2.

 

SEPARATION DATE
shall mean the legal separation of Arconic Inc. into two separate publicly traded companies (Arconic Corporation and Howmet
Aerospace Inc.).

 

SEVERANCE FROM SERVICE
DATE means the date Continuous Service terminates and is the earliest of: (i) the first date the Eligible Employee quits,
retires, is discharged (including Permanent Layoffs), or dies, (ii) the first anniversary of the first date the Eligible Employee
is absent from work due to a Temporary Layoff, or (iii) the second anniversary of the first date the Eligible Employee is
absent from work for any other reason (including a disability). Notwithstanding the foregoing, an employee will not be deemed to
have terminated from Continuous Service until the second anniversary of the employee’s absence, if the absence is due to
the pregnancy of the Eligible Employee, the birth of a child of the Eligible Employee or the placement of a child with the Eligible
Employee in connection with adoption proceedings, or for purposes of caring for that child for a period beginning immediately following
such birth or placement. The period between the first anniversary and second anniversary of the first day of absence will not constitute
Continuous Service. Severance from Service Date will also mean the date on which a participant ceases employment with Arconic or
a Subsidiary in connection with a sale of assets or interest in a Participating Employer and commences employment with the purchaser
of such assets or interest, provided there is no transfer to the purchaser of Plan assets and liabilities relating to such participant.

 

SUBSIDIARY means
a corporation a majority of whose voting stock is owned or controlled by Arconic and/or one or more other Subsidiaries.

 

TARGETED MATURITY
FUNDS means the investment vehicles that are pre-mixed funds consisting of varying asset allocations that follow an investment
strategy based on a targeted retirement date. Targeted Maturity Funds are Core Funds.

 

TEMPORARY EMPLOYEE
means a person who does not work on a regular schedule, or works less than fifty percent of the regular hours for the location
where he or she is employed, or works fifty percent or more of the regular hours for the location but is hired for a specified
period of time not to exceed twelve month.

 

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TEMPORARY LAYOFF
means an absence from employment due to a reduction of the work force by a Participating Employer due to lack of work, where it
is intended that the Participant will not be subject to recall or the Participant has been designated as a temporary recall in
the Company’s human capital management system (currently, the Global People System), but where there is an expectation that
the Participant may return to work within the calendar year. A Participant’s Continuous Service will be terminated on the
first anniversary of the first day of Temporary Layoff.

 

TOTAL AND PERMANENT
DISABILITY means disability by injury or disease which, on the basis of medical evidence satisfactory to a medical doctor chosen
by the Benefits Management Committee, prevents the employee from engaging in any employment with Arconic, a Subsidiary or Affiliate
suitable to his or her training and experience and will be permanent and continuous during the remainder of the employee’s
life, and the employee is not otherwise employed by Arconic, a Subsidiary or Affiliate.

 

TRUSTEE means
the Trustee or Trustees appointed by the Board or its delegate, including but not limited to the Benefits Investments Committee
in accordance with the provisions of Section 18.

 

U.S. means the
United States of America.

 

VARIABLE COMPENSATION
AWARDS means performance pay, profit sharing or gain sharing awards or other variable compensation awards as determined by
the Participating Employer and approved by the Plan Administrator. Variable Compensation Awards do not include signing bonuses
or other one-time special bonus payments.

 

GENERAL PROVISIONS

 

SECTION 1.
PARTICIPATION

 

An Eligible Employee
participates in the Plan:

 

(a)          by
submitting an application or request for participation that is Properly Received, or by receiving Discretionary Contributions,
Restricted Discretionary Contributions, Participating Employer Contributions, or Employer Retirement Income Contributions; or

 

(b)          by
being Automatically Enrolled sixty (60) days following Employment Commencement Date or Reemployment Commencement Date, or after
an employee employed on a temporary basis becomes an Eligible Employee; or

 

(c)          by
being Automatically Enrolled sixty (60) days following the initial participation of a new Company or Location resulting from an
acquisition or restructuring of a business unit.

 

 

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SECTION 2.
EMPLOYEE SAVINGS

 

(a)          An
Eligible Employee may elect to pay into the Plan through Payroll Deductions properly authorized by such employee, a whole percentage
of his or her Eligible Compensation in Pre-Tax Savings in an amount equal to one through twenty-five percent (25%), and After-Tax
Savings equal to one through ten percent (10%), the aggregate of which cannot be greater than twenty-five percent (25%).

 

(b)          An
Eligible Employee subject to Automatic Enrollment will be subject to automatic Payroll Deductions equal to three percent of Eligible
Compensation for any applicable payroll period, which will be contributed to the Plan as Pre-Tax Savings. Absent the Participant’s
election of investment funds, such Pre-Tax Savings will be deposited into the appropriate QDIA, as described in Section 8(a).

 

(c)          Payroll
Deductions for Pre-Tax Savings made pursuant to Automatic Enrollment are subject to Automatic Pre-Tax Rate Escalation whereby,
providing the Participant has participated in the Plan at least ninety days, the Participant’s Pre-Tax Savings rate will
be increased by one percent on each April 1 after his or her Participation Date until the Pre-Tax Savings rate attains a target
rate of six percent of Eligible Compensation. A Participant may change the percentage rate in whole percentages up to the maximum
permitted by the Plan or opt out of Automatic Pre-Tax Rate Escalation at any time in a manner designated by the Plan Administrator
that is Properly Received.

 

Any Participant may
elect to begin or end Automatic Pre-Tax Savings Rate Escalation at any time in a manner designated by the Plan that is Properly
Received. An election to begin Automatic Pre-Tax Saving Rate Escalation shall designate a beginning Pre-Tax Savings rate, a target
rate up to the maximum permitted by the Plan, and an annual rate (in whole percentages) by which the Pre-Tax rate increases until
the target rate is attained.

 

(d)          Any
employee contributions which have been contributed to a Participant’s account under a qualified defined contribution plan
of a Participating Employer which has been merged with this Plan, are credited to the Participant as Pre-Tax and After-Tax Savings
Accounts, as applicable, as determined by the Plan Administrator, and thereafter be treated like Pre-Tax and After-Tax Savings
with respect to withdrawals, loans, and investment options under the Plan. Any protected optional form of benefits provided under
said qualified defined contribution plan will be maintained under the Plan.

 

(e)          All
Participating Employer Contributions and Discretionary Contributions, and Restricted Discretionary Contributions and Employer Retirement
Income Contributions are irrevocable, except that any such contribution which was made by a mistake of fact or conditioned upon
qualification of the Plan or any amendment thereof under Section 401 of the Code or upon the deductibility of the contribution
under Section 404 of the Code, will be returned to the Participating Employer within one year after the payment of the contribution
made by mistake, the denial of the qualification or the disallowance of the deduction (to the extent disallowed), whichever is
applicable.

 

 

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(f)           A
Participant may change his or her election for Payroll Deductions, effective for the first full Payroll Period following the date
that such request is Properly Received.

 

(g)          A
Participant may direct that Payroll Deductions for Savings be discontinued beginning with the first full Payroll Period following
the date that such direction is Properly Received. A Participant may direct that such deductions be resumed beginning with the
first full Payroll Period following the date that such direction is Properly Received, except as provided in the definition of
Financial Hardship.

 

(h)          Payroll
Deductions are paid to the Trustee as soon as practicable, but no later than the period prescribed by the Department of Labor for
depositing contributions.

 

(i)           Additional
limitations on Savings, Participating Employer Contributions, Discretionary Contributions and Restricted Discretionary Contributions
are provided in Appendices A, B and C. For Plan Years in which the Plan is operated in accordance with the safe harbor requirements
of Sections 401(a)(12) and 401(m)(11) of the Code, Sections 5 and 9 of Appendix A do not apply with respect to Pre-Tax
Savings and Participating Employer Contributions except as otherwise provided in Appendix A.

 

Notwithstanding the
foregoing, in the event it is determined by the Benefits Management Committee or its Designee that for any particular month the
maximum percentage of Eligible Compensation which a Participant may elect to pay into the Plan as Pre-Tax Savings must be reduced
so as to prevent the actual percentage of Pre-Tax Savings for Participants who are Highly Compensated Employees from exceeding
the elected percentage of Pre-Tax Savings of all other Participants, pursuant to the limitations in the Appendices, the maximum
percentage of Pre-Tax Savings for said Highly Compensated Employees may be reduced, for any particular Month to the extent deemed
necessary by the Benefits Management Committee or its designee. The said Participants’ previously elected percentage of After-Tax
Savings will not be affected in any manner by a reduction of the maximum percentage of Pre-Tax Savings in accordance with the foregoing.

 

(j)           An
Eligible Employee who meets the requirements listed below may make an election for a Plan Year to defer extra Pre-Tax Catch-Up
Contributions in an amount that equals an annual maximum amount of six thousand dollars ($6,500), or such other amount adjusted
for cost-of-living increases as may be provided by the Secretary of the Treasury pursuant to Section 414(v)(2) (C) of
the Code. Eligible Employees who meet the requirements are individuals who i) have attained 50 or will attain age 50 during the
applicable Plan Year; ii) are contributing no less than six percent (6%) of Eligible Compensation in Pre-Tax Savings; and iii)
have submitted an election to make Pre-Tax Catch-Up Contributions for applicable Plan Year.

 

(k)          A
Participant who’s compensation is suspended due to an absence from employment due to military leave protected by Uniformed
Services Employment and Reemployment Rights Act of 1994 (“USERRA”), may upon his or her return to employment contribute
 “make up” Pre-Tax Contributions equal to the amount he or she would have contributed except for the absence based upon
the Participant’s election on file. Such make up contributions must be paid to the Plan during a period that does not exceed
the lesser of three (3) times the length of time of the military leave or five (5) years, commencing from the date employment
is resumed.

 

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SECTION 3.
PARTICIPATING EMPLOYER CONTRIBUTIONS (MATCH)

 

Participating Employer
Contributions will be allocated under the Plan to the account of those Participants for whom Pre-Tax Savings are paid into the
Plan for such Payroll Period in accordance with Section 2, where the Participating Employer with whom the Participant is actively
employed has elected to make such contributions. All Participating Employer Contributions will be invested in the same Core Funds
elected by the Participant for his or her current Savings (or if none, then in the QDIA).

 

(a)          Schedule
B provides a list of Participating Employers and Participating Employer Contributions. Participating Employer Contributions will
be allocated under the Plan on a payroll basis in an amount equal to 100% of each dollar of Pre-Tax Savings and Pre-Tax Catch-Up
Contributions up to six percent of the Participant’s Eligible Compensation. For a Plan Year in which the Plan is operated
as a safe harbor plan, such Participating Employer Contributions will be designated as Safe Harbor Participating Employer Contributions.
The amount of all such Contributions are contributed on a Payroll Period basis by the Participating Employer out of current income
or accumulated earnings.

 

(b)          Any
employer contributions which have been contributed to a Participant’s account under a qualified defined contribution plan
of a Participating Employer which has been merged with this Plan, are credited to the Participant as Participating Employer Contributions
and thereafter be treated like Participating Employer Contributions with respect to withdrawals, loans, and investment options
under the Plan. Any protected optional form of benefits provided under said merged qualified defined contribution plan will be
maintained under the Plan.

 

(c)          Safe
Harbor Participating Employer Contributions. For a Plan Year in which the Plan is operated as a safe harbor plan, Participating
Employer Contributions will satisfy the safe harbor requirements of Sections 401(k)(12) and 401(m)(11) of the Code. For safe
harbor purposes, Participating Employer Contributions will be allocated under the Plan on a payroll basis in an amount equal to
100% of each dollar of Pre-Tax Savings and Pre-Tax Catch-Up Contributions up to six percent of the Participant’s Eligible
Compensation.

 

SECTION 4.
DISCRETIONARY CONTRIBUTIONS

 

(a)          A
Participating Employer for each Plan Year may contribute under the Plan to the account of those Eligible Employees who are employed
with said Participating Employer on the date established by such Participating Employer. Discretionary Contributions are allocated
to Eligible Employees based on either uniform dollar amounts or whole or partial percentages of Eligible Compensation. A Participating
Employer may elect to make one Discretionary Contribution for any Plan Year on or before December 31 of said Plan Year and
may direct, but is not obligated to direct, the Trustee to promptly invest such amount in the Arconic Stock Fund.

  

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(b)          A
Participating Employer for each Plan Year may contribute under the plan to the account of those Eligible Employees who are employed
with said Participating Employer on the last day of the Plan Year, Restricted Discretionary Contributions in an amount determined
by its board of directors or in the case of an Affiliate, the appropriate governing entity, unless disapproved by the Benefits
Management Committee. Restricted Discretionary Contributions will be allocated to Eligible Employees based on either uniform dollar
amounts or whole or partial percentages of Eligible Compensation. A Participating Employer may elect to make one Restricted Discretionary
Contribution for any Plan Year on or before December 31 of the Plan Year. The Restricted Discretionary Contribution will be
paid to the Trustee no later than the date fixed by law for the filing of the Participating Employer’s federal income tax
return for the year for which the contribution is made, including any extensions of time granted by the Internal Revenue Service
for filing the return. The Participating employer may direct, but is not obligated to direct, the Trustee to promptly invest such
amount in the Arconic Stock Fund; otherwise, Restricted Discretionary Contributions will be invested in accordance with the provisions
of Section 8(b).

 

(c)          An
Eligible Employee who incurs an absence due to military leave protected by USERRA and eligible to receive Discretionary or Restricted
Discretionary Contributions will receive those contributions based on the Eligible Compensation that would have been received had
the individual remained actively employed during the period of military leave.

 

SECTION 5.
EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC)

 

ERIC of three percent
of Eligible Compensation shall be made to the accounts of Participants who are eligible under Schedule B-1, on a Payroll Period
basis.

 

An Eligible Employee
who incurs an absence due to military leave protected by USERRA and eligible to receive ERIC will receive those contributions based
on the Eligible Compensation that would have been received had the individual remained actively employed during the period of military
leave.

 

Withdrawals of ERIC
are permitted by Participants who have attained age 591⁄2.

 

SECTION 6. NONFORFEITURE
OF PARTICIPATING EMPLOYER CONTRIBUTIONS, DISCRETIONARY CONTRIBUTIONS RESTRICTED DISCRETIONARY CONTRIBUTIONS, AND EMLOYER RETIREMENT
INCOME CONTRIBUTIONS

 

All Participating Employer
Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contribution,
and any investment earnings attributable thereto held in a Participant’s account are nonforfeitable and not subject to divestment.

 

SECTION 7.
ROLLOVER CONTRIBUTIONS

 

An Eligible Employee
of a Participating Employer who is or may become a Participant may, unless disapproved under objective procedures established by
the Benefits Management Committee, make a Rollover Contribution to the Plan. An Eligible Employee’s Rollover Contribution
is credited to his or her account and thereafter treated like the Participant’s Pre-Tax Savings with respect to withdrawals,
loans and investment options under the Plan. The Plan does not accept Roth rollovers.

  

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SECTION 8.
INVESTMENTS

 

(a)          Savings
and Employer Retirement Income Contributions. Pre-Tax Savings (including Rollover Contributions), After-Tax Savings, and
Employer Retirement Income Contributions will be invested, at the election of the Participant, in any of the Core Funds in one
percent increments. Pre-Tax Savings of any Participant who is Automatically Enrolled and Employer Retirement Income Contributions
made to the account of a Participant who has not made investment election will be contributed to the appropriate QDIA fund, based
on the Participant’s date of birth.

 

A Participant may change
his or her current investment election or transfer assets deposited by the Plan into a QDIA fund any day of the Plan Year, to be
effective for the next following Payroll Period, within the limitations otherwise provided in this Plan, by directing the Plan
Administrator or its Designee to make such change which direction is Properly Received.

 

(b)          Participating
Employer Contributions, Discretionary Contributions and Restricted Discretionary Contributions. All Participating Employer
Contributions will be invested in the same Core Funds elected by the Participant for his or her current Savings (or if none, then
in the QDIA). Discretionary Contributions, and Restricted Discretionary Contributions may be invested in the Arconic Stock Fund
if directed by the Participating Employer, subject to Section 9, or otherwise invested in the same Core Funds elected by the
Participant for his or her current Savings (or if none, then in the QDIA).

 

(c)          Brokerage
Account. A portion of Pre-Tax or After Tax Savings, and Participating Employer Contributions, Discretionary Contributions,
Restricted Discretionary Contributions, or Employer Retirement Income Contributions subject to transfer as provided in Section 9,
or any other amounts invested in the Core Funds may be transferred in amounts of one thousand dollars ($1,000) or more and reallocated
to a Brokerage Account, a self-directed brokerage account that allows a Participant to select and personally manage investment
options not otherwise available under the Plan, in accordance with the provisions of Section 16. Any amounts to be withdrawn,
loaned or distributed from a Brokerage Account must be first transferred back to the Core Funds, as described in Section 16(h).

 

(d)          Automatic
Rebalancing of Investments. A Participant may elect to have his or her account balance automatically rebalanced, or readjusted,
at ninety-day intervals, to equal the percentage(s) directed by the Participant for investing such account balance in any
Core Fund(s). The Participant may cancel Automatic Rebalancing at any time in a manner designated by the Plan Administrator that
is Properly Received.

  

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SECTION 9.
TRANSFERS BETWEEN INVESTMENTS

 

(a)          Transfers
of Savings, Participating Employer, Discretionary, Restricted Discretionary and Employer Retirement Income Contributions.
A Participant may elect to transfer in whole percentage increments or specified dollar amounts all or part of the Current Market
Value of the Participants’ Pre-Tax Savings, After Tax Savings, Participating Employer, Discretionary, Restricted Discretionary
and Employer Retirement Income Contributions subject to the following:

 

(1)            transfers
from any one or more Core Funds to the Brokerage Account must be made in amounts of one thousand dollars ($1,000) or more;

 

(2)            transfers
may be made on a daily basis;

 

(3)            investment
Fund transfers do not constitute a change in the Participant’s current investment election; and

 

(4)            transfer
provisions may be subject to restrictions imposed by mutual fund companies underlying the Core Funds.

 

(b)          Effective
Date of Transfer. The effective date of any transfer will be the date for which the appropriate direction to the Plan Administrator
or its Designee has been Properly Received.

 

(c)          Value
of Transfer. The Current Market Value of Savings, Participating Employer Contributions, Discretionary Contributions, Restricted
Discretionary Contributions, and Employer Retirement Income Contributions to be transferred into or out of an Investment Fund are
determined in accordance with the value of the Investment Fund at the close of business of the Business Day on the Effective Date.

 

SECTION 10.
WITHDRAWALS DURING EMPLOYMENT

 

Withdrawals are not
permitted prior to the termination of the Participant’s Continuous Service, except for the following:

 

(1)            Upon
attainment by the Participant of age 591⁄2; or

 

(2)            Upon
a determination by the Plan Administrator or Designee that the Participant has suffered a Financial Hardship with respect to Pre-Tax
Savings and investment earnings attributable thereto), and Employer Contributions contributed to the Predecessor Plan prior to
January 1, 2011.

 

A Participant may withdraw
the Current Market Value of After-Tax Savings at any time. A Participant may voluntarily withdraw all or a portion of the Current
Market Value of Participating Employer Contributions and Discretionary Contributions made to the Predecessor Plan prior to January 1,
2011. Notwithstanding anything to the contrary herein, any and all withdrawals during employment are subject to a $250.00 minimum.

  

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SECTION 11.
DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT

 

(a)          A
Participant whose Continuous Service terminates is eligible to receive as a distribution the Current Market Value of all Savings,
Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement
Income Contributions made to the Participant’s accounts. In the event a Participant who has terminated employment received
a total distribution of the Current Market Value of his or her account under the Plan has a Reemployment Commencement Date, he
or she will not be permitted to repay the distributed amount other than as a Rollover Contribution from an eligible retirement
plan described in Sections 402(c)(4) and 401(a)(31) of the Code, as provided in Section 7.

 

(b)          Direct
Rollovers.

 

(i)           Notwithstanding
any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this subsection, a distributee
may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution
paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

 

(ii)          Definitions:

 

(1)            Eligible
rollover distribution: An eligible rollover distribution means any distribution to an employee of all or any portion of the balance
to the credit of the employee in the Plan, and as otherwise described in this subsection (1). An eligible rollover distribution
does not include any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually)
made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee’s
designated Beneficiary; or for a specified period of ten years or more; any distribution to the extent such distribution is required
under Section 401(a)(9) of the Code; and any amount distributed on account of hardship.

 

(2)            Eligible
Retirement Plan: An eligible retirement plan is an individual retirement account or individual retirement annuity described in
Sections 408(a) and 408(b) of the Code; a qualified trust described in Section 401(a) of the Code that
accepts the distributee’s eligible rollover distribution; an annuity plan or contract described in Sections 403(a) and
403(b) of the Code; or an eligible plan under Section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately
account for amounts transferred into such plan from this plan. The definition of eligible retirement plan will also apply in the
case of a distribution to a surviving spouse of a Participant or the spouse or former spouse who is the alternate payee under a
qualified domestic relations order as defined in Section 414(p) of the Code. With respect to an eligible rollover distribution
to a Participant’s nonspouse Beneficiary, an eligible retirement plan is an individual retirement account or annuity described
in Sections 408(a) and 408(b) of the Code established for the purpose of receiving such distribution, and identifying
the deceased Participant and Beneficiary.

 

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(3)            Distributee:
A distributee includes an employee or former employee. In addition, the employee’s or former employee’s surviving spouse
and the employee’s or former employee’s spouse or former spouse who is an alternate payee under a qualified domestic
relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse
or former spouse. A distributee includes the employee’s or former employee’s nonspouse Beneficiary, provided the transfer
of the eligible rollover distribution is made as described in paragraph (4) below.

 

(4)            Direct
Rollover: A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee.

 

SECTION 12.
PAYMENT OF DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT

 

(a)           Subject
to the following provisions of this Section, payment to a Participant or Beneficiary of the Current Market Value of all Savings,
Participating Employer Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions in the
Participant’s account from any Investment Fund, other than the Arconic Stock Fund, upon the Participant’s termination
of Continuous Service is made in cash. All amounts held in the Arconic Stock Fund at the time of the Participant’s termination
of Continuous Service are paid in cash or Company Stock. Such payment will be made in accordance with the following rules:

 

(i)           If
the Current Market Value of all of the Participant’s vested account balances (not including Rollover Contributions) in all
qualified defined contribution plans of Arconic, the Subsidiaries and Affiliates is less than one thousand dollars ($1,000), then
a total distribution of all of the Participant’s vested account balances will be made to the Participant at a time determined
by the Plan. If the Current Market Value of all of the Participant’s vested account balances (not including Rollover Contributions)
in all qualified defined contribution plans of Arconic, the Subsidiaries and Affiliates (i) is greater than one thousand dollars
($1,000) but less than five thousand dollars ($5,000), the distribution will be paid in a direct rollover to an individual retirement
account designated by the Benefits Management Committee unless the Participant, or Beneficiary if applicable, elects to have such
distribution paid directly to an eligible retirement plan specified by the Participant or Beneficiary in a direct rollover or to
receive the distribution directly in cash. The value of any delisted stock that is no longer publicly traded but that is held in
the Participant’s Brokerage Account shall not be considered for purposes of the preceding valuation. Any such delisted stock
shall be distributed in-kind where the value of the Participant’s vested account balances (not including Rollover Contributions)
in all qualified defined contribution plans of Arconic, the Subsidiaries and Affiliates is less than five thousand dollars ($5,000),
in a direct rollover to an individual retirement account designated by the Benefits Management Committee. Upon such distribution
of de-listed stock, the amounts distributed will be reported for income tax purposes using reasonable methods available at such
time and determined by the Plan.

 

(ii)          If
the Current Market Value of all of the Participant’s vested account balances in all defined contribution plans of Arconic,
the Subsidiaries and Affiliates exceeds five thousand dollars ($5,000), the distribution is made upon the consent of the Participant,
or surviving spouse if applicable, and if no consent is given and no claim for benefits has been made, such distribution is made
in total upon his or her attainment of age 69. Prior to the distribution of the total Current Market Value of the Participant’s
total account balance, the Participant, or the Beneficiary in the case of a Participant who dies with an account balance in the
Plan, may request four partial distributions (subject to a $250.00 minimum) during each Plan Year in which the account balance
is maintained in the Plan. Notwithstanding the foregoing, in the event that a claim for benefits is made, a distribution is made
no later than the 60th day after the latest of the last day of the Plan Year in which occurs: (1) the date
on which the Participant attains the earlier of age 65, (2) occurs the tenth anniversary of the year in which the Participant
commenced participation in the Plan, or (3) the Participant terminates his or her service with the Participating Employer.

 

 

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(iii)         If
a distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than
30 days after the notice required under Section 1.411(a)-11(c) of the Income Tax Regulations is given, provided that:

 

(a)            the
Plan Administrator clearly informs the Participant that the Participant has a right to a period of at least 30 days after receiving
the notice to consider the decision of whether or not to elect a distribution (and, if applicable a particular distribution option),
and

 

(b)            the
Participant, after receiving the notice, affirmatively elects a distribution.

 

(iv)        If
the Participant dies with an account balance in the Plan, the entire interest of the Participant will be distributed not later
than 5 years after the death of the Participant.

 

(b)          Upon
any distribution of Company Stock from the Arconic Stock Fund, the Trustee delivers to the recipient a certificate representing
the number of whole shares of Company Stock being distributed and cash equal to the Current Market Value on the Effective Date
of distribution of any fractional interest in a share being distributed. With respect to any shares of Company Stock which are
to be sold for the account of the recipient, the Trustee may, at its option (1) purchase such shares for Plan purposes at
the Current Market Value on the Effective Date of distribution, or (2) sell such shares on the open market for the account
of the recipient.

 

(c)          Notwithstanding
the foregoing provisions of this Section, distribution of a Participant’s account balances commences the April 1 next
following the calendar year in which the Participant attains age 70-1/2 years in accordance with Section 13(b) (or, for
Participants transferred to this Plan from the Predecessor Plan who were already receiving distributions from the Predecessor Plan
after reaching their required distribution dates, April 1 of the calendar year following the calendar year in which the Participant
attained age 701⁄2).

 

(d)          Notwithstanding
the foregoing, if a Participant is reemployed by a Participating Employer, then distribution of his or her account balances other
than minimum required distributions under Section 401(a)(9) of the Code, if any, payable to him or her during the period
of his or her reemployment is suspended until his or her subsequent termination from employment. Upon his or her subsequent termination
from employment, the Participant’s account balances are paid in accordance with the foregoing provisions of this Section 12.

 

 

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(e)           Notwithstanding
paragraphs (a) and (b) above, in the event that any qualified defined contribution plan is merged with this Plan
or this Plan is the surviving plan with respect to any assets of Participants of a merging plan which are transferred to this Plan,
any distribution options contained in the merging plan which are not contained in this Plan may continue to be distribution options
available to the said Participant of the merging plan for distribution of his or her account, in accordance with Section 411(d)(6) of
the Code.

 

SECTION 13.
GENERAL PROVISIONS WITH RESPECT TO WITHDRAWALS

 

(a)           Effective
Date of Withdrawal. The Effective Date of any withdrawal from the Plan is the Business Day such request for withdrawal
is Properly Received by the Plan Administrator or its Designee.

 

(b)          Distribution
Limitations. Distribution of all amounts payable under the Plan to a Participant commences:

 

(i)            Not
later than (1) the required distribution dates or (2) the required distribution date, without violating Treasury regulations,
if any, over the life of the Participant or over the lives of the Participant and a Beneficiary, or over a period not extending
beyond the life expectancy of the Participant and a Beneficiary.

 

(ii)           If
distribution of the Participant’s interest in the Plan has begun in accordance with paragraph (i)(2) above and
the Participant dies before his or her entire interest is distributed, the Participant’s remaining interest in the Plan will
be distributed at least as rapidly as under the method of distribution stated under paragraph (i)(2) above being used
on the date of the Participant’s death. If the Participant dies before the distribution of his or her interest in the Plan
has begun in accordance with paragraph (i)(2) above, the entire interest of the Participant will be distributed not later
than five years after the death of the Participant.

  

For the purposes of
this paragraph (b), any amount paid to a minor child is treated as if it had been paid to the surviving spouse if such amount will
become payable to the surviving spouse upon such child reaching majority or any other designated event as may be permitted by Treasury
Regulations, if any.

 

(c)          Appendix D,
Minimum Distribution Requirements, provides the Plan provisions to comply with Section 401(a)(9) of the Code and Treasury
Regulations §1.401(a)(9)-2 through -9, as applicable, relating to required minimum distributions.

 

 

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SECTION 14.
NONASSIGNABILITY

 

Except as required
under ERISA, no right or interest, of any Participant or Beneficiary in the Plan or in such Participant’s accounts is (a) assignable
or transferable or subject to any lien in whole or in part, either directly or by operation of law or otherwise, including, but
not by way of limitation, alienation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, other
than a transfer as a result of death or mental incompetence, or (b) liable for, or subject to, any obligation or liability
of such Participant or Beneficiary. Such portions of the Savings, Participating Employer Contributions, Discretionary Contributions,
Restricted Discretionary Contributions, and Employer Retirement Income Contributions in the account of a Participant as are payable
to another in accordance with the provisions of a “qualified domestic relations order,” as defined in Section 414(p) of
the Code and any applicable regulations thereunder, are distributed to the party designated in and in accordance with said order.
The Effective Date of withdrawal for any such distribution is the first Business Day following the Plan Administrator’s determination
that the said order is in compliance with Section 414(p) of the Code and any applicable regulations thereunder and such
distribution is made as soon as administratively practical thereafter. The Plan Administrator or Designee has promulgated procedures
to determine whether a domestic relations order is a qualified domestic relations order. The procedures will be provided to a participant
or alternate payee upon written request, or upon receipt of the domestic relations order by the Plan Administrator or Designee.
An administrative fee shall be charged to process each qualified domestic relations order. The amount of any such the fee shall
be determined by the Benefits Management Committee.

 

SECTION 15.
EXTENT OF PARTICIPANT’S RIGHTS

 

(a)           General.
No person has any interest in or right to any part of the assets held under the Plan or the income thereon, except as and to the
extent expressly provided in the Plan.

 

At the time of withdrawal
by a Participant or Beneficiary he or she will receive shares or cash. There is no guarantee that the Current Market Value of any
investment will be equal to or greater than the amount of the Participant’s Savings therein. This Plan is designed to comply
with and operate under Section 404(c) of ERISA. A Participant and his or her Beneficiaries assume all risk in connection
with any decrease in the value of any investments allocated to such Participant’s account. For purposes of Section 404(c)(1) of
ERISA, in the absence of Participant or Beneficiary investment direction, a Participant or Beneficiary shall be treated as having
exercised control over the assets invested in any investment which qualifies as a QDIA in accordance with Section 404(c)(5) of
ERISA and the regulations promulgated thereunder.

 

The Plan does not and
should not be construed as conferring any rights upon any person for a continuation of employment, nor does it interfere with the
rights of Arconic or any Subsidiary or Affiliate to terminate the employment of any person or to take any personnel action affecting
such person without regard to the effect which such action might have upon such person or his or her Beneficiaries as a prospective
recipient of benefits under the Plan.

 

(b)          Military
Service. Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect
to qualified military service will be provided in accordance with Section 414(u) of the Internal Revenue Code. The Beneficiary
of any Participant who dies while performing “qualified military service” (as defined in Code Section 414(u)),
shall be entitled to any additional benefits (other than contributions relating to the period of qualified military service, but
including any other survivor benefits) that would have been provided under the Plan had the Participant resumed active employment
on the day preceding the Participant’s death and then incurred a Severance from Service Date on account of death. This Section is
intended to comply with, and shall be interpreted to comply with, Code Section 401(a)(37).

 

 

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SECTION 16.
MANAGEMENT OF FUNDS

 

(a)          General.
Savings, Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer
Retirement Income Contributions paid to the Trustee are invested as provided in the Plan.

 

(b)          Trustees
and Investment Managers. The Board or its designee (including but not limited to the Benefits Investments Committee when
acting in accordance with the charter of the Benefits Investments Committee) has the responsibility to appoint, review the performance
of, and remove where deemed appropriate, one or more Trustees, and one or more investment managers each of which is a bank, insurance
company or other investment adviser qualified under Section 3(38) of ERISA. The duties of each Trustee and manager, to the
extent not set forth in the Plan, are set forth in a trust agreement or other written documents approved by the Board or its designee.
Except as otherwise provided in such documents or in the Plan, each such investment manager has sole investment control and management
responsibility with respect to those assets of the Plan for which it is designated the investment manager. The Board may delegate
its authority to appoint an investment manager, to remove an investment manager, to approve and direct the execution by the proper
officer or officers of Arconic of amendments to agreements with any investment manager and to review the performance of any such
managers. Such delegation also includes the authority to approve written documents setting forth the duties of any manager and
to direct the execution of investment management agreements by the proper officer or officers of Arconic. No Trustee has any investment
responsibility for any assets which are subject to the investment control of another investment manager and as to such assets it
only has custodial duties if it is the custodian.

 

(c)          Designation
of Investment Strategy. The Board may from time to time designate, as to part or all of the assets of the Plan, that a
separate fund or funds be established. Except as otherwise provided in the Plan, as to each such separate fund the Board or its
designee may specify the investment strategy to be employed and the investment manager is thereupon relieved of responsibility
for assuring that the specified investment strategy creates suitable diversification of the overall assets of the Plan, provided
that such investment manager has followed such specifications.

 

(d)          (1)           Acquisition
of Fixed Income Investments by the Trustee. The Trustee will enter into investment arrangements with insurance companies,
banks or money managers, as directed by an investment manager duly appointed by the Board or its designee for the Fixed Income
Fund. The Trustee will invest all Savings and other amounts to be invested in the Fixed Income Fund in accordance with such directions.

 

 

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(2)            Accounting
for Participant’s Accounts. Participants’ investments in the Fixed Income Fund are accounted for on a unit
basis. The Trustee allocates to the accounts of each Participant such units in the Fixed Income Fund as may be acquired with funds
(if any) in such Participant’s accounts to be invested therein. Such allocations will be made in a uniform manner as determined
by the Benefits Investments Committee. Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective
Date of the transfer or withdrawal.

 

(e)          (1)           Acquisition
of Company Stock by Trustee. The Savings, Participating Employer Contributions, Discretionary Contributions, Restricted
Discretionary Contributions, and Employer Retirement Income Contributions to be invested in the Arconic Stock Fund are used by
the Trustee to purchase from time to time shares of Company Stock (i) from Arconic, at the Current Market Value thereof, or
(ii) to the extent Arconic does make shares available for purchase by the Trustee for such purpose, on the open market, unless
Arconic otherwise directs. The Trustee, to the extent reasonable, invests any cash held in the fund in cash equivalents (including
commercial paper). The Trustee also holds for the purpose of allocation to the accounts of individual Participants as hereinafter
provided (i) shares of such stock which the Trustee has acquired upon withdrawal by a Participant, and (ii) shares of
such stock which the Trustee has acquired pursuant to Participants’ elections to transfer investments under the provisions
of Section 9. All shares of such stock purchased by the Trustee are carried in the accounts of the Trustee at the actual cost
thereof, including any taxes, commissions, etc. which are not paid by the Participating Employer, incident to the purchase.

 

(2)            Allocation
of Stock to Participants’ Accounts. Participants’ investments in the Arconic Stock Fund are accounted for on
a unit basis. The Trustee allocates to the accounts of each Participant such units in the Arconic Stock Fund as may be acquired
with funds (if any) in such Participants’ accounts to be invested therein. Such allocations are made in a uniform manner
as determined by the Benefits Investments Committee. Transfers and withdrawals are valued based on the Current Market Value per
unit on the Effective Date of the transfer or withdrawal.

  

(3)            Allocation
of Dividends to Participants’ Accounts. In valuing the units, dividends are accounted for on the date the Board declares
the dividend. Once received, dividends are invested in the Arconic Stock Fund. A Participant may elect to receive an annual distribution
of the dividends posted to their account during the Plan Year. Such election must be made prior to the last dividend record date
in the Plan Year, and distribution will be made as soon as administratively practical following the date the final dividends are
posted to the Participant’s account. Distribution will be paid in a lump sum from the Arconic Stock Fund. To the extent the
Participant’s account balance in the Arconic Stock Fund is insufficient to pay the dividends, the balance of the distribution
will be paid pro-rata from the Participant’s other Core Fund investments.

  

(4)            Stock
Splits & Dividends. Shares of Company Stock received by the Trustee by reason of a stock split or stock dividend
become part of the Arconic Stock Fund.

  

(5)            Voting.
The Trustee exercises its voting rights in accordance with written directions of each Participant with respect to at least the
number of whole shares of Company Stock held by it in the Participants’ accounts on the record date for voting. With respect
to all other shares of Company Stock held by the Trustee on the record date for voting (the “Other Shares”), including
but not limited to, (i) fractional shares in the Participants’ accounts (if they are not subject to direct voting),
(ii) shares for which it has not received written directions from any Participant, and (iii) any shares which have not
yet been allocated to Participants’ accounts, the Trustee exercises its voting rights in the same proportion (for, against,
abstain and so on) on each matter as it exercises its voting rights with respect to shares of Company Stock for which voting directions
were received from all participants in all plans which participate in the Arconic Stock Fund.

  

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(f)            (1)            Acquisition
of Other Investments by Trustee. Arconic has and in the future will enter into investment arrangements with various investment
managers. Any such arrangements must be approved by the Benefits Investments Committee. Expenses incurred in connection with the
purchase or sale of securities by the investment manager are paid from the applicable Investment Fund.

 

(2)           Accounting
for Participant’s Accounts. Participants’ investments in the Core Funds are accounted for on a unit basis.
The Trustee allocates to the accounts of each Participant such units in each of the Core Funds as may be acquired with funds (if
any) in such Participant’s accounts to be invested therein. Such allocations will be made in a uniform manner as determined
by the Benefits Investments Committee. Transfers and withdrawals are valued based on the Current Market Value per unit on the
Effective Date of the transfer or withdrawal.

 

(g)            Transition
Provision. Pending investment under an arrangement established pursuant to this Section and pending distribution to
Participants following withdrawal from such an arrangement, cash is invested by the Trustee in short-term fixed income securities
or cash equivalents (including commercial paper) and the value of such securities or cash equivalents is allocated to the accounts
of Participants in an equitable manner determined by the Benefits Investments Committee.

 

(h)            Brokerage
Account. Participants have the right to invest and personally manage investments outside of the Core Funds by investing
through the Brokerage Account offered by a broker selected by the Plan (“Broker”). Investment options through the Brokerage
Account are mutual funds (other than those already available as Core Funds), any taxable equity or fixed income security publicly
traded in a U.S. security market (including American Depository Receipts), and money market funds. Pre-Tax Savings, After-Tax Savings,
Rollover Contributions, Participating Employer Contributions, Discretionary Contributions Restricted Discretionary Contributions,
and Employer Retirement Income Contributions that are subject to transfer as provided in Section 9, may not be directly invested
in the Brokerage Account, nor may withdrawals, distributions or loans be made directly from the Brokerage Account. Such transactions
must be processed through the Core Funds. An administrative fee shall be charged to each Participant who maintains a balance in
the Brokerage Account. The amount of any such the fee shall be determined by the Benefits Management Committee.

  

(1)            Restrictions
of Trading in the Brokerage Account. Certain restrictions apply to investment vehicles that may be available through the
Brokerage Account. Specifically, the following investments are not available through the Brokerage Account: Arconic company stock
(common or preferred) and bonds; funds currently available in the Core Funds; tax-free funds; securities of publicly traded limited
partnerships; options contracts; purchase on short sales, futures, precious metals, and currencies; real estate (other than funds);
annuities; life insurance policies; collectibles; commodities; foreign stocks (not American Depository Receipt); and margin trading
and trade-away trades that are placed by another broker and settle with the Broker.

  

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(2)            Trading
within the Brokerage Account. Investment purchases in the Brokerage Account may be made after such amounts are transferred
from the Participant’s Core Fund accounts. Transfers from Core Funds may be made as provided in Section 9. Transferred
funds will be held in the Broker’s money market fund until the Participant’s buy orders are received by the Broker.
Trades may be subject to initial and subsequent investment minimums required by a mutual fund.

 

Transfers are made
out of the Brokerage Account and into the Core Funds from the Schwab Money Market Fund. If there are insufficient funds to make
the requested transfer, the participant must submit a sell order with Schwab. The proceeds of securities sold will be invested
automatically in the Broker’s money market fund and will be subsequently transferred out of the Brokerage Account to the
Core Funds as directed by the Participant.

 

(3)            Expenses
Incurred by Trading and Voting. The Broker’s standard commission schedule will be deducted from the Brokerage Account
of the Participant who initiates the trades, and any other fees and expenses incurred through the Brokerage Account will be paid
directly by the Participant.

 

The Broker will execute
proxies for any securities held in the Brokerage Account accounts in accordance with written directions of any Participant.

  

OTHER PROVISIONS OF THE PLAN

  

SECTION 17.
LOANS

  

(a)            A
Participant may borrow a proportion of the Current Market Value of his or her Savings, Participating Employer and Discretionary
Contributions which are eligible for transfer under Section 9 of this Plan (“Eligible Loan Account Balance”).

  

A Participant may not
borrow Restricted Discretionary Contributions or Employer Retirement Income Contributions. In addition, a Participant may not borrow
Participating Employer Contributions, or Discretionary Contributions, made on or after January 1, 2011 to the Predecessor
Plan or investment gains thereon.

 

A Participant shall
pay a $100 processing fee, or such other amount as may be designated by the Plan Administrator, for each loan request. The fee
will be included in the loan amount, subject to the limitations of this Section 17, and deducted prior to distribution of
the loan.

  

(b)            A
loan to a Participant, when added to the balance of any other outstanding loans the Participant has under the Plan, cannot exceed
the lesser of:

  

(1)            $50,000
reduced to the extent of the highest outstanding loan balance of the Participant’s loans outstanding during the 365 day period
immediately preceding the date on which the loan is made; or

 

 

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(2)            50%
of the sum of the Participant’s (A) Eligible Loan Account Balance, plus (B) Restricted Discretionary Contributions
and vested portion of Employer Retirement Income Contributions balances.

 

A Participant may refinance
any general purpose loan for any reason at any time (but only once in a twelve-month period), as may be permitted under the Code
or ERISA.

 

(c)            Each
loan to a Participant is secured by a promissory note under which the Participant pledges and grants the Trustee an interest in
the Participant’s Eligible Loan Account Balance to the extent of the unpaid loan.

 

(d)            All
loans to Participants are treated as investments of plan assets in their respective accounts. All principal and interest associated
with a Participant’s repayment of a loan are credited to his or her Plan account.

 

(e)            The
Plan Administrator has developed a procedure in accordance with the Code and ERISA under which such loans from the Plan will be
made available to Participants, which procedure has been approved by the Benefits Management Committee.

 

(f)            Loan
repayments will be suspended under this Plan during a period of military service as permitted under Section 414(u)(4) of
the Internal Revenue Code and the regulations promulgated under Section 72(p) of the Code. Upon the Participant’s
return to active employment, loan repayments will resume and the period of repayment extended in direct proportion of the Participant’s
period of absence for military leave.

 

(g)            All
loans borrowed by Participants under the Predecessor Plan shall be honored on the same terms and conditions under this Plan.

 

SECTION 18.
TRUST

 

All assets of the Plan
are held in trust for the Plan, except as otherwise permitted by applicable law. Arconic has entered into a trust agreement with
a national banking association which acts as Trustee under the Plan. The Board or its designee (including but not limited to the
Benefits Investments Committee when acting in accordance with the charter of the Benefits Investments Committee) may, from time
to time, amend such trust agreement (subject to its terms), remove such Trustee or any Successor Trustee and upon removal or resignation
of a Trustee, appoint a Successor Trustee.

 

SECTION 19.
ADMINISTRATION

  

(a)            Duties
of Plan Administrator. The Plan Administrator or its Designee are responsible for the preparation and the filing with governmental
agencies and the furnishing to Participants and Beneficiaries, of all summaries, descriptions, annual and other reports, notices
and other documents and information which are required to be so prepared and filed or furnished under ERISA or the Code, retain
appropriate records and also have all of the other responsibilities and duties of the administrator of the Plan as set forth in
ERISA, except as otherwise provided in the Plan. Each Participating Employer by whom a Participant is employed furnishes to the
Plan Administrator or its Designee any records required for the foregoing.

  

 

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(b)            The
Benefits Management Committee. Except as provided in Section 16 and in paragraph (a) of this Section, or to the
extent that such powers are granted to the Benefits Investments Committee in the Plan or the charter of the Benefits Investments
Committee, the complete authority to control and manage the operation and administration of the Plan is placed in the Benefits
Management Committee, which consists of one or more persons appointed from time to time by the Board.

 

(c)            Duties
of Benefits Management Committee. Subject to the limitations of the Plan, the Benefits Management Committee has the discretionary
authority to: (1) construe and interpret the Plan, (2) interpret administrative forms and other information, (3) make
credibility findings, and (4) establish supplemental regulations for the administration of the Plan and the transaction of
its business. All actions, determinations and interpretations of the Benefits Management Committee will be performed in a uniform
and nondiscriminatory manner to all Participants in similar circumstances. All interpretations of the Plan and determinations of
disputed questions made by the Benefits Management Committee are conclusive, final and binding upon the Participating Employers,
Participants, Beneficiaries, other employees and any other individuals claiming rights under the Plan, subject to a claimant’s
request under paragraph (e) of this Section to have the Benefits Management Committee review the denial of a claim. When
making an interpretation or determination, the Benefits Management Committee is entitled to rely upon information furnished by
the individual, Participant, Beneficiary or Participating Employer, unless in accordance with an appeals procedure established
by the Benefits Management Committee the claimant establishes to the satisfaction of the Benefits Management Committee that Continuous
Service, compensation or other records are erroneous.

 

(d)            Application
for Benefits. Each person applying for a benefit under the Plan must furnish all information required under procedures
approved by the Benefits Management Committee.

 

(e)            Review
of Denial of Benefits. If any applicant’s claim for benefits under the Plan is denied, the applicant will be notified
in writing of such denial. Such notice will set forth the specific reasons for such denial and will be written in a manner calculated
to be understood by the applicant. The applicant will be afforded a reasonable opportunity for a full and fair review by the Benefits
Management Committee or its Designee of the decision denying his or her claim for benefits, in accordance with a claims procedure
which the Benefits Management Committee adopts. After the final determination of an appeal by the Benefits Management Committee
or its Designee, the applicant must file any litigation arising out of the underlying facts or circumstances giving rise to such
claim and appeal, under ERISA or otherwise, within one hundred eighty (180) days following the date of the final notice provided
by the Benefits Management Committee or its Designee.

 

 

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(f)            Extent
of Benefits Management Committee’s and Benefits Investments Committee’s Responsibility. The members of the
Benefits Management Committee and Benefits Investments Committee will act in a prudent manner in the performance of their duties.
No member will be personally liable by virtue of any contract, agreement, bond or other instrument made or executed by or on behalf
of such member as a member of the Benefits Management Committee or Benefits Investments Committee. To the extent permitted by ERISA,
no member of the Benefits Management Committee or Benefits Investments Committee will be liable for any mistake of judgment made
by himself or herself or any other member, nor for any loss, unless resulting from his or her own gross negligence or willful misconduct,
and no member will be liable for the neglect, omissions or wrongdoing of any other member thereof, or of the agents or counsel
of the Benefits Management Committee or Benefits Investments Committee, as the case may be. To the extent permitted by law, Arconic
will indemnify and save harmless each member of the Benefits Management Committee and Benefits Investments Committee against all
expenses and liabilities arising out of his or her services as such, except for expenses and liabilities arising from such member’s
own gross negligence or willful misconduct as determined by the Board.

  

(g)            Relationship
to Other Fiduciaries. Each fiduciary in carrying out its responsibilities under the Plan may rely upon any direction, information
or action of another fiduciary as being proper under this Plan or the documents under which the assets of the Plan are managed,
and is not required to inquire into the propriety of any such direction, information or action. It is intended under this Plan
and such documents that each fiduciary is responsible for the proper exercise of its own powers, duties, responsibilities and obligations
under this Plan and such documents and is not responsible for any act or failure to act of another fiduciary, except as otherwise
provided by ERISA.

  

(h)            Multiple
Fiduciaries. Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan.

  

(i)            Further
Allocation of Fiduciary Duties. Any two or more fiduciaries named herein or appointed by the Board as provided herein may
from time to time agree in writing with respect to the allocation of duties and responsibilities under the Plan, including fiduciary
responsibilities, among the fiduciaries so agreeing, provided however that any reallocation of fiduciary responsibilities clearly
allocated by the Plan or by the Board requires prior approval of the Board.

 

(j)            Delegation
of Fiduciary Duties. Any fiduciary named herein or appointed by the Board as provided herein may designate another person
or persons to carry out any or all of the duties and fiduciary responsibilities which it has under the Plan and which are specified
in such designation except that no Trustee may delegate fiduciary responsibilities with respect to investment functions without
the prior approval of the Board.

 

(k)            Delegation
of Ministerial Duties. Any fiduciary named herein, appointed by the Board as provided herein or designated under paragraph
(j) above may delegate ministerial duties as follows: employ one or more persons to render advice, including legal and accounting
services, with regard to any responsibility such fiduciary has under the Plan; may appoint ministerial agents (including brokers
or others who may execute investment transactions); and may delegate to others its clerical and other non-fiduciary functions.

 

  

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(l)            No
Added Remuneration for Employees. No member of the Benefits Management Committee or Benefits Investments Committee and
no other person who renders services to or for the Plan may receive remuneration for services as such if he or she also is an employee
of Arconic, a Subsidiary or Affiliate.

 

SECTION 20.
AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION

 

(a)            Rights
Reserved. Arconic reserves the right, by action of the Board or the Benefits Management Committee, taken in accordance
with the Board’s or Benefits Management Committee’s operating procedures, (1) to amend, modify, suspend or terminate
the Plan or to suspend or completely discontinue contributions to the Plan, and (2) to terminate the Participation in the
Plan of any Participating Employer or any designated group of Eligible Employees employed either within or outside the U.S. Any
Participating Employer may terminate its participation in the Plan or suspend or discontinue its contributions under the Plan at
any time upon 30 days prior written notice to the Plan Administrator. Such 30 day notice requirement may be waived by the Benefits
Management Committee. No such amendment or other action relating to the Plan may reduce the amounts then credited to any Participant’s
account, or provide or have the effect of providing that the securities and funds held in trust for the Plan or the income thereof
may be used for or devoted to purposes other than the exclusive benefit of Participants and their Beneficiaries and for the payment
of expenses of the Plan.

 

(b)            Sale
of Assets, etc. In the event any assets of any business of any Participating Employer are transferred to another entity
by sale, merger, consolidation or otherwise, and the entity to which said assets are transferred has in effect, or thereupon establishes,
a tax-qualified plan and related trust for the exclusive benefit of employees which qualify under the applicable provisions of
the Code, all assets under the Plan, held in the accounts of Participants who continue in the employment of the transferee entity,
may be transferred and paid, for their respective accounts, to the trust for the tax-qualified plan of said transferee entity,
provided that any such transfer of investments will be effected in such manner as to preclude, for federal income tax purposes,
a termination of the Plan or the constructive receipt of benefits thereunder with respect to said Participants.

 

(c)            Transfer
of Plan Assets.

 

(1)            Notwithstanding
the foregoing, in the event of any merger or consolidation of the Plan with, or a transfer of any of the assets and liabilities
of the Plan to any other plan, each affected Participant must (as if such plan were terminated immediately after such merger, consolidation
or transfer) be entitled to a benefit under such other plan which is equal to or greater than the benefit he or she would have
been entitled to receive under the Plan immediately prior to such merger, consolidation or transfer (as if the Plan had then terminated).
In the event that assets are transferred to this Plan from any other plan sponsored by Arconic or any Subsidiary or Affiliate,
each Participant who has assets transferred from such plan or plans will be entitled to a benefit under this Plan which is equal
to or greater than the benefit he or she had under such other plan. Any protected optional form of benefits provided under said
plan will be maintained under this Plan. These provisions do not constitute a guaranty against investment losses.

 

 

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(2)            In
the event a participant in the Arconic Corp. Hourly 401(k) Plan (“Arconic Hourly Plan”) becomes an Eligible Employee
under this Plan, all of the participant’s accounts in the Arconic Hourly Plan will be transferred to analogous accounts in
this Plan as soon as reasonably practical after the Plan Administrator or Designee receives notice.

 

(3)            In
the event a Participant ceases to be an Eligible Employee under this Plan and the Participant becomes an eligible employee under
the Arconic Hourly Plan, all of the Participant’s accounts will be transferred to analogous accounts in the Arconic Hourly
Plan, as soon as reasonably practical after the Plan Administrator or Designee receives notice and the Participant ceases to be
a Participant, and will be entitled to no further benefits under this Plan.

 

SECTION 21.
ADMINISTRATIVE EXPENSES

  

Except as otherwise
provided in the Plan, all costs and expenses incurred in administering the Plan, including the expenses of the Benefits Management
Committee or Benefits Investments Committee, the fees and expenses of the Trustee, the fees and charges payable under the investment
arrangements, and other legal and administrative expenses, are paid by the Plan.

  

Investments in the
Core Funds will be subject to an administrative expense fee, which will be used to pay the expenses of the Plan. The fee will be
periodically adjusted by the Plan Administrator based on the actual expenses of the Plan.

  

SECTION 22.
SELECTION OF BENEFICIARIES

 

(a)            Designation
of Beneficiary. Subject to such administrative procedures as may be adopted from time to time, the Beneficiary with respect
to all of the assets in the accounts of a Participant will be the Participant’s spouse if then living, or if not, the Participant’s
estate. With the written notarized consent of a Participant’s spouse, a Participant may file with the Plan Administrator
or its Designee a written designation of a Beneficiary or Beneficiaries other than his or her spouse. In the event the designation
of such other Beneficiary is revoked in writing by the Participant, his or her spouse will become the Beneficiary of said assets
until such time as the Participant, with his or her spouse’s written notarized consent, designates in writing another Beneficiary
or Beneficiaries. Beneficiaries named under the Predecessor Plan shall be recognized for purposes of this Plan.

 

In the event a Participant
certifies that he or she does not have a spouse, a Beneficiary or Beneficiaries with respect to all or part of the assets in the
accounts of the Participant may be designated or revoked by the sole action of the Participant.

 

If there is no designated
Beneficiary, or if no Beneficiary is living at the time of the Participant’s death, the Beneficiary is the Participant’s
spouse if then living, or if not, the Participant’s estate.

 

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Written designations
of a primary Beneficiary or a contingent Beneficiary to receive the assets of a Participant in the case where the primary Beneficiary
is deceased, spousal consents, and revocations are made on a form or forms approved by the Plan Administrator. Any such written
designation, consent or revocation becomes effective on the calendar day on which such designation, consent or revocation is Properly
Received. After the death of a Participant, a properly designated Beneficiary may name his or her own Beneficiary to receive a
distribution of the Beneficiary’s account balances when the Beneficiary is deceased (“Subsequent Beneficiary”).
A Subsequent Beneficiary shall receive a total distribution of the Subsequent Beneficiary’s account balance within the later
of: (i) ninety (90) days after death of the Beneficiary who named such Beneficiary or (ii) five (5) years of the
Participant’s death.

  

(b)            Other
Payments. In case of incapacity of a Participant or Beneficiary entitled to a benefit under the Plan, benefit payment are
made to such person’s legal representative who makes claim therefore, or if no such claim has been received, to such other
person or persons as the Benefits Management Committee, utilizing objective criteria, selects from among dependents, next of kin
or friends. Any payment of a benefit under the Plan in accordance with the provisions of this Section is a complete discharge
of any liability for the payment of such benefit under the Plan.

 

SECTION 23.
PARTICIPANT’S STATEMENT

 

A statement showing
each Participant’s interest in each of the Plan’s Investment Funds will be made available at least quarterly.

  

SECTION 24.
EFFECTIVE DATE OF PLAN

 

The Plan is effective
February 1, 2020.

 

SECTION 25.
CONSTRUCTION

  

It is intended that
the Plan conform to the applicable requirements of ERISA and the Code, and that the Plan and related trust agreement are considered
one if and to the extent necessary for compliance therewith. Except to the extent otherwise provided in ERISA and the Code, the
Plan is construed, regulated and administered under the laws of the state of Delaware, including its applicable statute of limitations
(as such may be superseded by any limitations period provided under the terms of the Plan).

 

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APPENDIX A

 

LIMITATIONS AND DISCRIMINATION TESTING

  

1.            Pre-Tax
Savings for any Plan Year of a Participant is subject to the following limitations:

 

(a)            The
applicable limit as defined in Treasury Regulation section 1.402(g)-1(d) with respect to the Pre-Tax Savings of this Plan
and elective deferrals of all other plans, contracts, or arrangements of the employer;

 

(b)            if
the Participant is a Highly Compensated Employee with respect to any Participating Employer for that year, the amount that may
be made on his or her behalf in compliance with the special discrimination tests of Sections 401(k) and 401(m) of
the Code for that year, as applied separately to each Plan;

 

(c)            the
amount deductible by the Participating Employer for that year under Section 404 of the Code; and

 

(d)            the
maximum permitted amount under Appendix B of the Plan.

 

2.            To
conform the operation of the Plan to the requirements of Sections 401(k) and 401(m) of the Code and the limitations
of Paragraphs (1)(a) and (1)(b) above with respect to any Participant, the Plan Administrator may, without that Participant’s
consent:

 

(a)            prospectively
modify or revoke his or her election to have Savings, Participating Employer Contributions, Discretionary Contributions, and Restricted
Discretionary Contributions made on his or her behalf,

 

(b)            distribute
to him or her the amount by which the Pre-Tax Savings made on his or her behalf for any Year exceeds the limitation of Paragraph
(1)(a) above for that year plus the amount of any income allocable to such excess (but not more than his Pre-Tax Savings account
balance) by the April 15 next following the end of that Plan Year;

 

(c)            distribute
to him or her the amount by which the Pre-Tax Savings made on his or her behalf for any Plan Year exceeds the limitations of Paragraph
(1)(b) above for that year (as determined in accordance with Section 401(k)(8)(B) of the Code) plus the amount of
any income allocable to such excess (but not more than his Pre-Tax Savings account balance) by the end of the Plan Year following
the Plan Year for which the amounts were contributed; and

 

(d)            make
appropriate adjustments to his or her Pre-Tax Savings account to reflect such distributions.

  

3.            Such
modification or revocation described in 2. above is made only if necessary under one of the following circumstances:

 

(a)            to
ensure that the discrimination tests of Section 401(k) of the Code governing permissible levels of Pre-Tax Savings contributions
for both the ESOP and non-ESOP portions of the Plan are met for such Plan Year, or to ensure that one of the following Average
Actual Deferral Percentage tests are met for both the ESOP and non-ESOP portions of the Plan for such Plan Year;

 

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(b)            to
ensure that a Participant’s annual additions for any calendar year will not exceed the limitations of Appendix B; or

 

(c)            to
ensure deductibility of the Employer’s entire contribution to the Plan for federal income tax purposes.

 

4.            Definitions.
For purposes of this Appendix A, the following terms are defined as follows:

 

(a)            “Actual
Deferral Percentage” means the ratio, expressed as a percentage calculated to the nearest one-hundredth of one percent,
of the amount of Pre-Tax Savings on behalf of an Eligible Employee for a Plan Year to the Eligible Employee’s Compensation
for the Plan Year, whether or not the employee was a Participant for the entire Plan Year. A Highly Compensated Employee’s
Savings include such savings for the Plan Year which is in excess of the limitations set forth in Section 415(c)(1) of
the Code (“Excess Pre-Tax Savings”), but exclude Excess Pre-Tax Savings for Non Highly Compensated Employees. Any Eligible
Employee who does not elect to make Pre-Tax Savings and who does not receive Qualified Matching Contributions for a Plan Year will
have zero Actual Deferral Percentage for the Plan Year.

 

(b)            “Average
Actual Deferral Percentage” means, for the group of Eligible Employees who are Highly Compensated Employees for a Plan
Year or the group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year, the average of the Actual Deferral
Percentages of all Eligible Employees in such group for the Plan Year.

 

(c)            “Average
Contribution Percentage” means, for the group of Eligible Employees who are Highly Compensated Employees for a Plan Year
or the group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year, the average of the Contribution
Percentages of all Eligible Employees in such group for the Plan Year.

 

(d)            “Contribution
Percentage” means the ratio, expressed as a percentage calculated to the nearest one-hundredth of one percent, of the
sum of Participating Employer Contributions (other than Qualified Matching Contributions treated as Elective Deferrals under paragraph
7 of this Appendix) and any After-Tax Savings on behalf of an Eligible Employee for a Plan Year to the Employee’s Compensation
for the Plan Year, whether or not the employee was a Participant for the entire Plan Year. For these purposes, an Eligible Employee’s
Contribution Percentage for any Plan Year is calculated by excluding any forfeitures of Excess Aggregate Contributions allocated
to the Eligible Employee’s account for the Plan Year.

 

(e)            “Compensation”
means the total amount of compensation (within the meaning of Section 415(c)(3) of the Code, and subject to the limitation
of Section 401(a)(17) of the Code) received by an employee from the Employer while an Eligible Employee under the Plan during
the Plan Year. An Eligible Employee’s Compensation for a Plan Year includes all Pre-Tax Savings made to the plan for the
Plan Year, and all other such employee savings made by the Employer for the Plan Year to any other plan on behalf of the employee
that are not currently includible in the gross income of the employee under Sections 125, 132(f)(4), 402(a)(8), 402(h) or
403(b) of the Code, provided that Arconic has elected to treat all such elective contributions as compensation with respect
to all employees under all plans of the Participating Employer.

 

 

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(f)            “Eligible
Employee” means, with respect to any Plan Year, any employee who is eligible to commence participation in the Plan under
Section 1 of the Plan and to have Savings made to the Plan under Section 2 of the Plan for the Plan Year, regardless
of whether any contributions are made to the Plan on behalf of the employee for the Plan Year.

 

(g)            “Excess
Contributions” means, with respect to any Plan Year, the excess of the aggregate amount of Pre-Tax Savings, including
Qualified Matching Contributions treated as Elective Deferrals under paragraph 7 of this Appendix, actually made to the Plan on
behalf of Highly Compensated Employees for the Plan Year over the maximum amount of such contributions permitted under paragraph
5 of this Appendix.

 

(h)            “Excess
Aggregate Contributions” means, with respect to any Plan Year, the excess of the aggregate amount of Participating Employer
Contributions and any After-Tax Savings actually made to the Plan on behalf of Highly Compensated Employees for the Plan Year over
the maximum amount of such contributions permitted under paragraph 9 of this Appendix.

 

(i)            “Employer”
means Arconic and all other entities as required to be covered under Section 414(c) of the Code.

 

(j)            “Highly
Compensated Employee” includes, for any Plan Year, the following Employees:

 

(i)            A
Highly Compensated Active Employee includes any employee (other than employees who are non-resident aliens and receive no earned
income from sources within the U.S.) who performs service for the Employer during the Determination Year and who during the Look-Back
Year:

 

(1)            was
a 5% owner (within the meaning pursuant to Section 416(i)(1) of the Code) at any time during the year or the preceding
year, or

 

(2)            for
the preceding year received Compensation from the Employer in excess of $80,000 (as adjusted pursuant to Section 415(d) of
the Code) for such year.

 

 (ii)           A Highly Compensated Former Employee means:

 

(1)            any
employee who was a Highly Compensated Employee when the employee separated from service, or

 

(2)            any
employee who was a Highly compensated Employee at any time after attaining the age 55.

  

 

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(k)            “Non-Highly
Compensated Employee” means, for any Plan Year, an employee who is not a Highly Compensated Employee.

   

(l)            “Qualified
Matching Contributions” means any Participating Employer Contributions to this Plan on behalf of Eligible Employees,
provided that amounts attributable to such contributions are not distributable merely on account of the Employee’s hardship
and are immediately vested.

 

5.            Average
Actual Deferral Percentage Test. For each Plan Year, the Plan must satisfy one of the following Average Actual Deferral Percentage
tests with respect to Pre-Tax Savings, and Qualified Matching Contributions treated as Pre-Tax Savings under paragraph 7 of this
Appendix, made to both the ESOP and non-ESOP portions of the Plan for the Plan Year:

 

(a)            the
Average Actual Deferral Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year will
not exceed the Average Actual Deferral Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees
for the Plan Year multiplied by 1.25; or

 

(b)            the
Average Actual Deferral Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year will
not exceed the Average Actual Deferral Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees
for the Plan Year multiplied by two, provided that the Average Actual Deferral Percentage for the group of Eligible Employees who
are Highly Compensated Employees for the Plan Year does not exceed the Average Actual Deferral Percentage for the group of Eligible
Employees who are Non-Highly Compensated Employees by more than two percentage points.

 

(c)            The
Average Actual Deferral Percentage Test for all contributions to the ESOP portion of the Plan will be computed separately under
this Section.

 

For Plan Years in which
the Plan is operated in accordance with the safe harbor requirements of Section 401(k)(12) of the Code, Section 5 of
this Appendix A does not apply.

 

6.            Special
Rules.

 

(a)            Aggregation
of Plans. In the event that this Plan satisfies the requirements of Section 401(a)(4), 401(k) or 410(b) of the
Code only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of such sections of
the Code only if aggregated with this Plan, then the provisions stated herein will be applied by determining the Actual Deferral
Percentages of Employees as if all such plans (excluding other ESOPs) were a single plan. For plan years beginning after December 31,
1989, plans may be aggregated in order to satisfy Section 401(k) of the Code only if they have the same plan year. Notwithstanding
the foregoing, certain plans will be treated as separate if mandatorily disaggregated under regulations under Section 401(k) of
the Code.

 

(b)            In
the event the Plan does not pass the ADP test, the test will be disaggregated by removing from the test all participants who have
not attained age 21 and completed one eligibility year within 6 months of the last day of the plan year.

 

(c)            All
ESOP portions of the Savings Plan shall be aggregated for ADP with the Non-ESOP portions of the Savings Plan.

  

 

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7.            Treatment
of Qualified Matching Contributions. If any Qualified Matching Contributions are made on behalf of Eligible Employees for a
Plan Year, Arconic may elect, in accordance with the regulations of the Secretary of Treasury under Section 401(k) of
the Code, to treat all or a portion of such Qualified Matching Contributions as Pre-Tax Savings for purposes of calculating the
Actual Deferral Percentages of Eligible Employees for the Plan Year. Any such Qualified Matching Contributions for a Plan Year
must be made no later than the end of the 12 month period immediately following the close of the Plan Year.

 

8.            Correction
of Excess Contributions.

 

(a)            General
Rule. If the Plan does not satisfy one of the Average Actual Deferral Percentage tests of paragraph 5 of this Appendix as
of the end of a Plan Year, the Excess Contributions for the Plan Year will be corrected if the Excess Contributions for the Plan
Year are timely recharacterized as employee After-Tax Savings contributions in accordance with subsection (c) below or timely
distributed to Highly Compensated Employees in accordance with subsection (d) below.

 

(b)            Allocation
of Excess Contributions. In the event the nondiscrimination requirements of paragraph 5 of this Appendix are not satisfied
for a Plan Year, the “deferral percentage leveling method” described in the preceding paragraph is performed as a first
step in order to determine the total dollar amount of Excess Contribution to be distributed: a calculation is made to determine
the dollar amount of Elective Deferrals necessary to reduce the deferral percentage of the Highly Compensated Employee with the
highest deferral percentage to be equal to the deferral percentage of the Highly Compensated Employee with the next highest deferral
percentage, and where necessary, calculations are made to determine the dollar amounts of reductions of the deferral percentage
of subsequent Highly Compensated Employees that may be required in order to satisfy the nondiscrimination requirements in paragraph
5 of this Appendix. The total dollar amount of Excess Contribution that must be distributed for the Plan Year is the sum of the
dollar amounts so calculated for each Highly Compensated Employee whose deferral percentage is so reduced.

 

Distribution of the
total amount of Excess Contribution determined in the paragraph above is made using the “dollar leveling method.” Excess
Contributions of the Highly Compensated Employee with the largest dollar amount of contributions for the Plan Year shall be distributed
to the extent necessary to cause that Highly Compensated Employee’s dollar amount of Excess Contributions to equal the dollar
amount of Excess Contributions of the Highest Compensated Employee with the next highest dollar amount of Excess Contributions
for the Plan Year. If the total amount distributed is less than the amount of total Excess Contribution, then both Highly Compensated
Employees’ amounts are reduced to the same dollar level of the Highly Compensated Employee electing the third highest dollar
amount and the dollar leveling process is repeated until the total dollar amount that should be reduced as calculated in the above
paragraph is distributed. However, if reduction of a lesser amount of contributions would equal the total dollar amount of Excess
Contributions that must be distributed for the Plan Year, the lesser amount is distributed.

 

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A participant who has
had his contributions reduced in accordance with this subparagraph shall have the amount of such reduction paid to him in cash
as soon as practicable, subject to applicable payroll taxes. The amount of the Excess Contributions to be distributed shall be
reduced by excess deferrals under 402(g) previously distributed for the Plan Year. The distributions of Excess Contributions
shall include the income allocable thereto, including both the income allocable for the Plan Year for which the Contributions were
made and the income for the period between the end of that Plan Year and the date as of which the distribution is made. The distribution
of Excess Contributions shall include the income or loss allocable only for the Plan Year of the Excess Contributions, and will
not include the income or loss for the period between the end of the Plan Year and the date distribution is made. In addition,
any Company Matching Contributions associated with the Excess Contribution shall be treated as forfeiture and used to reduce the
Employer’s contribution under Section 3 of the Plan.

 

(c)            Recharacterization
of Excess Contributions. Any recharacterization of Excess Contributions as employee After-Tax Savings will be accomplished
by the Plan Administrator in the manner provided in subsection (b) above within 21⁄2 months after the close of the Plan
Year, providing such notices and following such procedures as required by regulations of the Secretary of Treasury, and will be
deemed to occur no earlier than the date on which the last Highly Compensated Employee is informed in writing of the amount of
his or her recharacterized Excess Contributions and the consequences thereof. Any Excess Contributions that are recharacterized
as employee after-tax contributions for a Plan Year will, in combination with other Participating Employer Contributions to the
Plan for the Plan Year, satisfy the Average Contribution Percentage tests of paragraph 9 of this Appendix for the Plan Year.
Any recharacterized Excess Contributions remain nonforfeitable under the Plan and are subject to the same distribution requirements
as Pre-Tax Savings. Recharacterized Excess Contributions are taxable to the Highly Compensated Employee for the year in which the
Highly Compensated Employee could have originally elected to receive the Excess Contributions amount in cash.

 

(d)            Distribution
of Excess Contributions. If any Excess Contributions allocated to Highly Compensated Employees for a Plan Year are not corrected
by recharacterization under (c) above, then such Excess Contributions, plus any income and minus any loss allocable thereto,
will be distributed to Highly Compensated Employees no later than 12 months following the close of the Plan Year.

 

(e)            Income
or Loss Allocable to Excess Contributions. The income or loss allocable to the Excess Contributions referred to in subsection
(d) above include the allocable income or loss for the Plan Year of the Excess Contributions and the allocable income or loss
for the period between the end of the Plan Year and the distribution of the Excess Contributions, calculated as follows:

 

The income or loss
allocable for the Plan Year of the Excess Contributions is determined by multiplying the total investment income or loss (including
dividends, interest, realized gains or losses, and unrealized appreciation or depreciation) allocable to the Participant’s
Pre-Tax Savings and amounts treated as Pre-Tax Savings under paragraph 7 of this Appendix for the Plan Year by a fraction,
the numerator of which is the Excess Contributions allocated to the Participant for the Plan Year, and the denominator of which
is the total account balance attributable to the Participant’s Pre-Tax Savings and amounts treated as Pre-Tax Savings under
paragraph 7 of this Appendix as of the end of the Plan Year, reduced by the investment gain (or increased by the investment
loss) allocated to such total amount for the Plan Year.

 

 

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The income or loss
allocable to the Excess Contributions referred to in subsection (d) above will include only the income or loss allocable for
the Plan Year of the Excess Contributions, and not the income or loss for the period between the end of the Plan Year and the distribution
of Excess Contributions.

 

(f)            Coordination
with Excess Pre-Tax Savings. The amount of any Excess Contributions to be recharacterized under subsection (c) above or
distributed under subsection (d) above with respect to any Highly Compensated Employee for a Plan Year is reduced by any excess
Pre-Tax Savings previously distributed to the Highly Compensated Employee for the employee’s taxable year ending with or
within the Plan Year.

 

(g)            Accounting
for Excess Contributions. The amount of Excess Contributions allocated to a Highly Compensated Employee for a Plan Year that
is recharacterized under subsection (c) above or distributed under subsection (d) above is attributed first to the Participant’s
Pre-Tax Savings for the Plan Year and then, to the extent such Excess Contributions exceed the Participant’s Pre-Tax Savings
for the Plan Year, attributed to amounts treated as Pre-Tax Savings under paragraph 4 of this Appendix in proportion to the
amounts of such contributions on behalf of the Participant for the Plan Year.

 

9.            Average
Contribution Percentage Tests. For each Plan Year for which Participating Employer Contributions are made to the Plan (other
than Qualified Matching Contributions treated as Pre-Tax Savings for the Plan Year under paragraph 7 of this Appendix) or any After-Tax
Savings are made to the Plan (including any Excess Contributions recharacterized as After-Tax Savings for the Plan Year under paragraph 8(c) of
this Appendix), both the ESOP and non-ESOP portions of the Plan will satisfy one of the following Average Contribution Percentage
tests for the Plan Year:

 

(a)            the
Average Contribution Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year will
not exceed the Average Contribution Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees for
the Plan Year multiplied by 1.25; or

 

(b)            the
Average Contribution Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year will
not exceed the Average Contribution Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees for
the Plan Year multiplied by two, provided that the Average Contribution Percentage for the group of Eligible Employees who are
Highly Compensated Employees for the Plan Year does not exceed the Average Contribution Percentage for the group of Eligible Employees
who are Non-Highly Compensated Employees by more than two percentage points.

 

(c)            the
Average Contribution Percentage Test applies separately to the ESOP portion of the Plan.

 

(d)            For
Plan Years in which the Plan is operated in accordance with the safe harbor requirements of Sections 401(k)(12) and 401(m)(11)
of the Code with respect to Participating Employer Contributions only, Section 9 of this Appendix A does not apply. Notwithstanding
the foregoing sentence, the Plan Administrator may include Participating Employer Contributions, or any other employer contributions
that meet the definition of qualified non-elective contributions, in the Average Contribution Percentage Tests for any Plan Year,
to the extent that such inclusion is permitted under the law and would improve the Average Contribution Percentage testing results.
The Average Contribution Percentage Test applies separately to the ESOP portion of the Plan.

 

 

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10.          Special
Rules.

 

(a)          Aggregation
of Plans. In the event that this Plan satisfies the requirements of Section 401(a)(4), 401(m) or 410(b) of the
Code only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of such sections of
the Code only if aggregated with this Plan, then the provisions stated herein will be applied by determining the Contribution Percentages
of Employees as if all such plans were a single plan. For plan years beginning after December 31, 1989, plans may be aggregated
to satisfy Section 401(m) of the Code only if they have the same plan year. Notwithstanding the foregoing, certain plans
will be treated as separate if mandatorily disaggregated under regulations under Section 401(k) of the Code.

 

(b)          In
the event the Plan does not pass the ACP test, the test will be disaggregated by removing from the test all participants who have
not attained age 21 and completed one eligibility year within 6 months of the last day of the plan year.

 

(c)          All
ESOP portions of the Savings Plan shall be aggregated for ACP with the Non-ESOP portions of the Savings Plan.

 

11.          Treatment
of Pre-Tax Savings as Participating Employer Contributions.

 

Arconic may elect,
in accordance with the regulations of the Secretary of Treasury under Section 401(m) of the Code, to treat all or a portion
of the Pre-Tax Savings made on behalf of Eligible Employees for a Plan Year as Participating Employer Contributions for purposes
of calculating the Contribution Percentages of Eligible Employees for the Plan Year. Any such Pre-Tax Savings for a Plan Year must
be made no later than the end of the 12 month period immediately following the close of the Plan Year. Notwithstanding the preceding,
Arconic may elect to treat Pre-Tax Savings as Participating Employer Contributions for purposes of calculating Contribution Percentages
only if one of the Average Actual Deferral Percentage Tests of paragraph 5 of this Appendix is satisfied before the Pre-Tax
Savings are treated as Participating Employer Contribution for the Plan Year, and one of the Average Actual Deferral Percentage
Tests of paragraph 5 of this Appendix continues to be satisfied for the Plan Year excluding the Pre-Tax Savings treated as
Participating Employer Contributions for the Plan Year.

 

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12.          Correction
of Excess Aggregate Contributions.

 

(a)          General
Rule. If the Plan does not satisfy one of the Average Contribution Percentages tests of paragraph 9 of this Appendix as
of the end of a Plan Year, the Excess Aggregate Contributions for the Plan Year will be corrected by the Employer if the Excess
Aggregate Contributions for the Plan Year are forfeited or timely distributed to Highly Compensated Employees in accordance with
subsection (c) below.

 

(b)          Allocation
of Excess Aggregate Contributions. In the event Excess Aggregate Contributions are made to the Plan for a Plan Year, the Contribution
Percentage for the Highly Compensated Employee with the largest dollar amount of deferrals for the Plan Year will be reduced to
minimum extent necessary either:

            

(i)           to
enable the Plan to satisfy one of the Average Contribution Percentage tests of paragraph 9 of this Appendix for the Plan Year;
or

 

(ii)          to
cause the Highly Compensated employee’s Contribution Percentage to equal the next highest Contribution Percentage of any
Highly Compensated Employee for the Plan Year.

 

This process is repeated
until the Average Contribution Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan
Year is sufficiently reduced to enable the Plan to satisfy one of the Average Contribution Percentage tests of paragraph 9 of this
Appendix for the Plan Year. The amount of Excess Aggregate Contributions to be allocated to each Highly Compensated Employee
for the Plan Year is equal the total After-Tax Savings and Participating Employer Contributions, including Pre-Tax Savings on behalf
of the Highly Compensated Employee for the Plan Year minus the amount determined by multiplying the Highly Compensated Employee’s
reduced Contribution Percentage (as determined above) by the employee’s Compensation for the Plan Year.

 

(c)          Forfeiture
or Distribution of Excess Aggregate Contributions. Excess Aggregate Contributions, plus any income or minus any loss allocable
thereto, must be forfeited to the extent attributable under subsection (f) below to Participating Employer Contributions that
are not vested, and otherwise distributed to Highly Compensated Employees no later than 12 months following the close of the Plan
Year.

 

(d)          Income
or Loss Allocable to Excess Aggregate Contributions. The income or loss allocable to the Excess Aggregate Contributions referred
to in subsection (c) above include the allocable income or loss for the Plan Year of the Excess Aggregate Contributions and
the allocable income or loss for the period between the end of the Plan Year and the distribution of the Excess Aggregate Contributions,
calculated as follows:

 

(i)          the
income or loss allocable for the Plan Year of the Excess Aggregate Contributions is determined by multiplying the total investment
income or loss (including dividends, interest, realized gains or losses, and unrealized appreciation or depreciation) allocable
to the Participant’s After-tax Savings, Participating Employer Contributions, and any other amounts taken into account under
this section for the Plan Year by a fraction, the numerator of which is the Excess Aggregate Contributions allocated to the Participant
for the Plan Year, and the denominator of which is the total account balance attributable to the Participant’s After-tax
Savings, Participating Employer Contributions and other amounts taken into account under this section as of the end of the Plan
Year, reduced by the investment gain (or increased by the investment loss) allocated to such total amount for the Plan Year;

 

 

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(ii)          the
income or loss allocable to the period (if any) between the end of the Plan Year of the Excess Aggregate Contributions and the
distribution of the Excess Aggregate Contributions by the Plan is determined by multiplying the total investment income or loss
allocated to the Participant’s Participating Employer Contributions and amounts treated as Participating Employer Contributions
under paragraph 11 of this Appendix for such period by a fraction determined under the method described in (i) above.
In the alternative, the income or loss allocable to the period between the end of the Plan Year of the Excess Aggregate Contributions
and the distribution of the Excess Aggregate Contributions equals 10% of the income or loss allocable to the Participant’s
Excess Aggregate Contributions for the Plan Year (as determined under (i) above multiplied by the number of calendar months
that elapse between the end of the Plan Year and the date of distribution. For these purposes, a distribution occurring on or before
the fifteenth day of a calendar month is treated as having been made on the last day of the preceding calendar month, and a distribution
occurring after the fifteenth date of a calendar month is treated as having been made on the first day of the following calendar
month.

 

The income or loss
will include only the income or loss allocable for the Plan Year of the Excess Aggregate Contributions, and not the income or loss
for the period between the end of the Plan Year and the distribution of Excess Aggregate Contributions.

 

(e)          Coordination
with Excess Contributions. The determination of the amount of Excess Aggregate Contributions for a Plan Year is made after
the determination of the amount of any Excess Contributions for the Plan Year.

 

(f)          Accounting
for Excess Aggregate Contributions. The amount of Excess Aggregate Contributions allocated to a Highly Compensated Employee
for a Plan Year is attributed to Participating Employer Contributions and any amounts treated as Participating Employer Contributions
in proportion to the amounts of such contributions on behalf of the Participant for the Plan Year.

 

13.          Recordkeeping
Requirements.

 

(a)          Average
Actual Deferral Percentage Tests. The Employer maintains records sufficient to demonstrate satisfaction of the Average Actual
Deferral Percentage tests of paragraph 5 of this Appendix for each Plan Year, and the extent to which any Qualified Matching
Contributions are treated as Pre-Tax Savings under paragraph 7 of this Appendix for purposes of such tests. The determination
of Eligible Employees’ Actual Deferral Percentages, and the disposition of all Pre-Tax Savings (and any Qualified Matching
Contributions treated as Pre-Tax Savings under paragraph 7 of this Appendix) on behalf of Participants, must satisfy such other
requirements as may be prescribed by the Secretary of Treasury.

 

 

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(b)          Average
Contribution Percentage Tests. The Employer maintains records sufficient to demonstrate satisfaction of the Average Contribution
Percentage tests of paragraph 9 of this Appendix for each Plan Year, and the extent to which any Pre-Tax Savings are
treated as Participating Employer Contributions under paragraph 11 of this Appendix for purposes of such tests. The determination
of Eligible Employees’ Average Contribution Percentages, and the disposition of all Participating Employer Contributions
(and any Pre-Tax Savings) on behalf of Participants, must satisfy such other requirements as may be prescribed by the Secretary
of Treasury.

 

14.          Distribution
of Excess Elective Deferrals. Excess Elective Deferrals means Pre-Tax Savings that is includible in a Participant’s gross
income under Section 402(g) of the Code to the extent it exceeds the dollar limitation. Excess Elective Deferrals are
treated as annual additions under the Plan unless such amounts are distributed no later than the first April 15th following
the close of the Participant’s taxable year. Excess Elective Deferrals are adjusted for any income or loss up to the date
of distribution as calculated under paragraph 8(e) and 12(d) of this Appendix. A Participant is deemed to notify the
Plan Administrator of Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan
and any other plans of the Employer. A Participant may assign any Excess Elective Deferrals made by the Participant to any other
plans other than those of the Employer by notifying the Plan Administrator on or before January 15th of the following year.

 

15.          Safe
Harbor Alternative Discrimination Testing. The Average Actual Deferral Percentage Test in section 5, and Average Contribution
Percentage Test in section 9 of this Appendix A with respect to Participating Employer Contributions only, will be treated
as satisfied for a Plan Year providing the following requirements are met:

 

(a)          Participating
Employer Contributions equal to 100% of each dollar of Pre-Tax Savings up to six percent of the Participant’s Eligible Compensation
are made on behalf of each Participant as described in Section 3(b) of the Plan, or the safe harbor contribution requirements
of Section 401(k)(12)(B) or (C) and Section 401(m)(13)(B) are otherwise met;

 

(b)          within
the period commencing no earlier than ninety days but no later than thirty days before the beginning of each Plan year, the Plan
Administrator provides to each Eligible Employee the written notice described in Treasury Regulation Section 1.401(k)-3 of
their rights and obligations under the Plan, including, but not limited to a description of the safe harbor Participating Employer
Contributions, withdrawal and vesting provisions; and

 

(c)          the
Participating Employer Contributions contributed to the Plan on or after January 1, 2011, described in subparagraph (a) are
nonforfeitable and may not be distributed before the earliest of the following to occur: the Participant’s Severance from
Service Date, attainment of age 591⁄2, or date of the Plan’s termination.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 43
	 

     

    

 

APPENDIX B

 

CODE SECTION 415 LIMITATIONS

 

The limitations imposed
by Section 415 of the Code are hereby incorporated by reference. If there is any discrepancy between the provisions of this
Plan and the provisions of Code Section 415 and the regulations thereunder, the discrepancy will be resolved in such a way
to give full effect to the provisions of Code Section 415.

 

The maximum annual
additions provided by the Plan will be exactly equal to the maximum amounts permitted under Code Section 415 and the regulations
thereunder. In the event a Participant’s annual additions for any Plan Year would exceed the maximum amount of annual additions
permitted under Code Section 415, such Participant’s Savings are automatically reduced, in whole or in part, by the
amount required to eliminate such excess.

 

For purposes of applying
the limitations described in this Appendix B, compensation will include any differential pay received by a Participant absent
for military leave and any payment earned prior to a Participant’s separation from employment that is paid within a period
ending on the later of i) two and one-half months following the date the Participant separated from employment, or ii) the end
of the Plan Year in which the date the Participant separated from employment (“Post-Separation Compensation”). Post-Separation
Compensation will include any payments for vacation, sickness, or leave of absence that otherwise would have been included as compensation
had the Participant remained employed.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
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APPENDIX C

 

TOP HEAVY RULES

 

(a)          This
Plan constitutes a “Top Heavy Plan” for a Plan Year if as of the last day of the preceding Plan Year the present value
of the cumulative account balances under the Plan for Participants who are Key Employees exceed 60 percent of the present value
of the aggregate of all account balances for all Participants in the Plan. A non-Key Employee means any Participant or former Participant
who is not a Key Employee.

 

(b)          This
Plan constitutes a Top Heavy Plan for a Plan Year if the employee benefit plans which make up the group of plans of which this
Plan is considered a part are such that, when aggregated, the sum of (1) the present value of the account balances of Key
Employees under all defined contribution plans in the group, and (2) the present value of the cumulative accrued benefits
of Key Employees under all defined benefit plans in the group exceed 60 percent of the sum of such amounts for all employees who
participate in the plans in the said group.

 

(1)          The
group of plans in which this Plan is considered a part includes (A) all plans of Arconic, the Subsidiaries and Affiliates
which enable the particular plans in which a Key Employee participates to meet the qualification requirement of Section 401(a)(4) of
the Code or Section 410 of the Code; and, (B) all plans which Arconic, in its discretion, decides to include, provided
that the inclusion of such plan or plans would not prevent the group of plans from meeting the qualification requirements of Sections 401(a)(4) and
410 of the Code. The date upon which the account balances are valued for purposes of calculating the top heavy ratio to determine
whether or not the Plan is Top Heavy for a particular Plan Year is the determination date, which is the last day of the preceding
Plan Year, or in the case of the first plan year of any plan, the last day of such plan year.

 

(2)          The
amounts of account balances of an employee as of the determination date are increased by the distributions made with respect to
the employee under the plan and any plan aggregated with the plan under Section 416(g)(2) of the Code during the one-year
period ending on the determination date. The preceding sentence also applies to distributions under a terminated plan which, had
it not been terminated, would have been aggregated with the plan under Section 416(g)(2)(A)(i) of the Code. In the case
of a distribution made for a reason other than severance from employment, death, or disability, this provision is applied by substituting
 “five-year period” for “one-year period.”

 

(3)          The
accounts of any individual who has not performed services for the employer during the one-year period ending on the determination
date are not taken into account.

 

(c)          The
following provisions are applicable to Participants for any Plan Year with respect to which the Plan is Top Heavy:

 

(1)          The
minimum Participating Employer Contribution for a Participant, who is a non-Key Employee and has not separated from service at
the end of the Plan Year, must not be less than three percent of his or her Eligible Compensation for the Top Heavy Plan Year.
If said allocation is less than three percent of his or her Eligible Compensation, then said allocation is the largest percentage
allocated to a Key Employee for the Top Heavy Plan Year. In the event the highest rate allocated to a Key Employee for the Top
Heavy Plan Year is less than three percent, Pre-Tax amounts contributed to the Plan are included in determining contributions made
on behalf of Key Employees. Compensation for determining a minimum benefit, a minimum contribution and for all other Top Heavy
purposes is the Participant’s W-2 earnings for the calendar year that ends with the Plan Year.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 45
	 

     

    

 

Participating Employer
Contributions used to satisfy the minimum contribution requirements are treated as Participating Employer Contributions for purposes
of the actual contribution percentage test and other requirements of Section 401(m) of the Code.

 

(2)          With
respect to benefits accruing during any Plan Year in which the Plan is Top Heavy, average compensation is limited to amounts not
in excess of the amount permitted under Section 401(a)(17) of the Code. If the accrued benefit as of the end of the last Plan
Year before the Plan became Top Heavy is greater than the accrued benefit determined by limiting compensation, that higher accrued
benefit cannot be reduced.

 

(3)          In
the event the Plan is Top Heavy with respect to a Plan Year and ceases to be Top Heavy for a subsequent Plan Year, the Participant’s
account balance in any such subsequent Plan Year is not less than the Participant’s Pre-Tax Savings (subject to adjustment
for earnings) computed as of the end of the most recent Plan Year for which the Plan was Top Heavy.

 

(d)          Notwithstanding
any of the above, if a non-Key Employee participates in this Plan and a defined benefit pension plan included in a required aggregation
group which is top heavy, a minimum allocation of five percent of Section 415 compensation is provided under this Plan. The
Plan will not be deemed Top Heavy if ninety percent is substituted for sixty percent in (b)(1) of this Appendix and Participating
Employer provides additional contributions to the Plan on behalf of non-Key Employees who participate in both defined benefit and
defined contribution plans maintained by a Participating Employer, in amounts at least equal to the amount set forth in Paragraph
(c)(1) of this Appendix as modified by substituting “seven and one-half percent” for “three percent.”
If the non-Key Employee does not participate in a defined benefit plan maintained by Arconic, a Subsidiary or Affiliate, such employee
will receive an additional contribution of four percent.

 

(e)          For
Plan Years in which the Plan meets the safe harbor alternative method of discrimination testing described in Paragraph 16 of Appendix A,
the term “Top Heavy Plan” described in this Appendix C does not apply.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 46
	 

     

    

 

APPENDIX D

 

MINIMUM DISTRIBUTION REQUIREMENTS

 

SECTION 1.
General Rules

 

1.1.          Effective
Date. The provisions of this Appendix D will apply for purposes of determining required minimum distributions.

 

1.2.          Precedence.
The requirements of this Appendix D will take precedence over any inconsistent provisions of the Plan.

 

1.3.          Requirements
of Treasury Regulations Incorporated. All distributions required under this Appendix D will be determined and made in accordance
with section 401(a)(9) of the Internal Revenue Code and Treasury regulations §§1.401)(a)(9)-2 through -9, which
will override any inconsistent distribution provisions of the Plan. Distribution of any incidental death benefit requirements provided
under the Plan will be a distribution for purposes of this Appendix D.

 

1.4.          TEFRA
Section 242(b)(2) Elections. Notwithstanding the other provisions of this Appendix D, distributions may be made
under a designation made before January 1, 1984, in accordance with section 242(b)(2) of the Tax Equity and Fiscal Responsibility
Act (TEFRA) and the provisions of the Plan that relate to section 242(b)(2) of TEFRA.

 

SECTION 2.
Time and Manner of Distribution.

 

2.1          Required
Beginning Date. The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no
later than the Participant’s required beginning date.

 

2.2.          Death
of Participant Before Distributions Begin. If the Participant dies before distributions begin and there is a designated Beneficiary,
the Participant’s entire interest will be distributed to the designated Beneficiary by December 31 of the calendar year
containing the fifth anniversary of the Participant’s death. If the Participant’s surviving spouse is the Participant’s
sole designated Beneficiary and the surviving spouse dies after the Participant but before distributions to either the Participant
or the surviving spouse begin, this election will apply as if the surviving spouse were the Participant. This election will apply
to all distributions.

 

If there is no designated
Beneficiary as of September 30 of the year following the year of the Participant’s death, the Participant’s entire
interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s
death.

 

2.3.          Forms
of Distribution. Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company
or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made
in accordance with sections 3 and 4 of this Appendix D. If the Participant’s interest is distributed in the form of
an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of section
401(a)(9) of the Code and the Treasury regulations.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
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SECTION 3.
Required Minimum Distributions During Participant’s Lifetime.

 

3.1.          Amount
of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant’s lifetime, the minimum amount
that will be distributed for each distribution calendar year is the lesser of:

 

(a)          the
quotient obtained by dividing the Participant’s account balance by the distribution period in the Uniform Lifetime Table
set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the Participant’s
birthday in the distribution calendar year; or

 

(b)          if
the Participant’s sole designated Beneficiary for the distribution calendar year is the Participant’s spouse, the quotient
obtained by dividing the Participant’s account balance by the number in the Joint and Last Survivor Table set forth in section
1.401(a)(9)-9 of the Treasury regulations, using the Participant’s and spouse’s attained ages as of the Participant’s
and spouse’s birthdays in the distribution calendar year.

 

3.2.          Lifetime
Required Minimum Distributions Continue Through Year of Participant’s Death. Required minimum distributions will be determined
under this section 3 beginning with the first distribution calendar year and up to and including the distribution calendar year
that includes the Participant’s date of death

 

SECTION 4.
Required Minimum Distributions After Participant’s Death.

 

4.1.          Death
On or After Date Distributions Begin.

 

(a)          Participant
Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is a designated
Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s
death is the quotient obtained by dividing the Participant’s account balance by the longer of the remaining life expectancy
of the Participant or the remaining life expectancy of the Participant’s designated Beneficiary, determined as follows:

 

(1)          The
Participant’s remaining life expectancy is calculated using the age of the Participant in the year of death, reduced by one
for each subsequent year.

 

(2)          If
the Participant’s surviving spouse is the Participant’s sole designated Beneficiary, the remaining life expectancy
of the surviving spouse is calculated for each distribution calendar year after the year of the Participant’s death using
the surviving spouse’s age as of the spouse’s birthday in that year. For distribution calendar years after the year
of the surviving spouse’s death, the remaining life expectancy of the surviving spouse is calculated using the age of the
surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent
calendar year.

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
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(3)          If
the Participant’s surviving spouse is not the Participant’s sole designated Beneficiary, the designated Beneficiary’s
remaining life expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant’s
death, reduced by one for each subsequent year.

 

(b)          No
Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is no designated Beneficiary
as of September 30 of the year after the year of the Participant’s death, the minimum amount that will be distributed
for each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s
account balance by the Participant’s remaining life expectancy calculated using the age of the Participant in the year of
death, reduced by one for each subsequent year.

 

4.2.          Death
Before Date Distributions Begin.

 

(a)          Participant
Survived by Designated Beneficiary. If the Participant dies before the date distributions begin and there is a designated Beneficiary,
the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death
is the quotient obtained by dividing the Participant’s account balance by the remaining life expectancy of the Participant’s
designated Beneficiary, determined as provided in section 4.1.

 

(b)          No
Designated Beneficiary. If the Participant dies before the date distributions begin and there is no designated Beneficiary as of
September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire
interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s
death.

 

(c)          Death
of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions
begin, the Participant’s surviving spouse is the Participant’s sole designated Beneficiary, and the surviving spouse
dies before distributions are required to begin to the surviving spouse under section 2.2, this section 4.2 will apply as
if the surviving spouse were the Participant.

 

SECTION 5.
Definitions.

 

5.1.          Designated
Beneficiary. The individual who is designated as the Beneficiary under Section 22 of the Plan and is the designated Beneficiary
under section 40l(a)(9) of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

 

5.2.          Distribution
calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s
death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s
required beginning date. For distributions beginning after the Participant’s death, the first distribution calendar year
is the calendar year in which distributions are required to begin under section 2.2. The required minimum distribution for
the Participant’s first distribution calendar year will be made on or before the Participant’s required beginning date.
The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution
calendar year in which the Participant’s required beginning date occurs, will be made on or before December 31 of that
distribution calendar year.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 49
	 

     

    

 

5.3.          Life
expectancy. Life expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the Treasury regulations.

 

5.4.          Participant’s
account balance. The account balance as of the last valuation date in the calendar year immediately preceding the distribution
calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated
to the account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made
in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts
rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed
or transferred in the valuation calendar year.

 

5.5          Required
beginning date. The date specified in section 13(b) of the Plan.

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 50
	 

     

    

 

 

SCHEDULE A

 

MERGERS, TRANSFERS, AND RESTATEMENTS

 

NONE

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 51
	 

     

    

 

	
        SCHEDULE B-1

        ARCONIC CORP. SALARIED 401(K) PLAN

        PARTICIPATING EMPLOYERS AND
EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC)

	Company Code	Company Description	EE Type	LOC	Location Description	ERIC
	N01	Arconic Rolled Products

 Corporation	S	ALC	Alcoa, Tennessee	Y
	N01	Arconic Rolled Products

 Corporation	S	ATC	Alcoa Center, Pennsylvania	Y
	N01	Arconic Rolled Products

 Corporation	S	CBB	Cranberry Township, Pennsylvania	Y
	N01	Arconic Rolled Products

 Corporation	S	CDL	Chandler, Arizona	Y
	N01	Arconic Rolled Products

 Corporation	S	CHI	Chicago, Illinois	Y
	N01	Arconic Rolled Products

 Corporation	S	CHP	Chicago, Illinois (AEP)	Y
	N01	Arconic Rolled Products

 Corporation	S	DAL	Dallas, Texas	Y
	N01	Arconic Rolled Products

 Corporation	S	DAN	Danville, Illinois	Y
	N01	Arconic Rolled Products

 Corporation	S	DAV	Davenport, Iowa	Y
	N01	Arconic Rolled Products

 Corporation	S	DET	Detroit, Michigan	Y
	N01	Arconic Rolled Products

 Corporation	S	HUT	Hutchinson, Kansas	Y
	N01	Arconic Rolled Products

 Corporation	S	LAF	Lafayette, Indiana	Y
	N01	Arconic Rolled Products

 Corporation	S	LNX	Lancaster, Pennsylvania (Alumax)	Y
	N01	Arconic Rolled Products

 Corporation	S	MAS	Massena, New York	Y
	N01	Arconic Rolled Products

 Corporation	S	NGX	Norcross, Georgia 	Y
	N01	Arconic Rolled Products

 Corporation	S	NY1	New York, New York	Y
	N01	Arconic Rolled Products

 Corporation	S	PI1	Pittsburgh, Pennsylvania	Y
	N01	Arconic Rolled Products

 Corporation	S	SEA	Seattle, Washington	Y
	N01	Arconic Rolled Products

 Corporation	S	STS	San Antonio, Texas	Y
	N02	Arconic Tennessee LLC	S	ALC	Alcoa, Tennessee	Y
	N03	Arconic Technologies LLC	S	ATC	Alcoa Center, Pennsylvania	Y
	N03	Arconic Technologies LLC	S	DET	Detroit, Michigan	Y
	N03	Arconic Technologies LLC	S	STS	San Antonio, Texas	Y
	N04	Arconic Davenport LLC	S	DAN	Danville, Illinois	Y
	N04	Arconic Davenport LLC	S	DAV	Davenport, Iowa	Y

  

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 52
	 

     

    

 

	
        

SCHEDULE B-1

ARCONIC CORP. SALARIED 401(K) PLAN

PARTICIPATING EMPLOYERS AND EMPLOYER RETIREMENT INCOME CONTRIBUTIONS
(ERIC)

 

	Company

 Code	Company Description	EE Type	LOC	Location Description	ERIC
	N04	Arconic Davenport LLC	S	HUT	Hutchinson, Kansas	Y
	N05	Arconic Lafayette LLC	S	LAF	Lafayette, Indiana	Y
	N06	Arconic Massena LLC	S	MAS	Massena, New York	Y
	R02	Arconic Architectural Products LLC	S	EGY	Eastman, Georgia (RMC)	Y
	655	Pimalco Inc.	S	CDL	Chandler, Arizona	Y
	721	Halethorpe Extrusions, Inc.	S	BAL	Baltimore, Maryland	Y
	828	Kawneer Commercial Windows LLC 	S	TRA	Traco, Kawneer Commercial Windows LLC 	Y
	985	Arconic Lancaster Corp.	S	LNX	Lancaster, Pennsylvania (Alumax)	Y
	985	Arconic Lancaster Corp.	S	TXX	Texarkana, Texas (Alumax)	Y
	988	Kawneer Company, Inc.	S	AUX	Atlanta Service Center(Alumax)	Y
	988	Kawneer Company, Inc.	S	BPX	Bloomsburg, PA (Kawneer)	Y
	988	Kawneer Company, Inc.	S	BTX	Jessup, Maryland (BTX)	Y
	988	Kawneer Company, Inc.	S	CHX	Chicago, Illinois (Alumax-FIX)	Y
	988	Kawneer Company, Inc.	S	CLX	Cleveland, Ohio (Alumax)	Y
	988	Kawneer Company, Inc.	S	CSX	Southern California Service Center	Y
	988	Kawneer Company, Inc.	S	HUX	Houston, Texas (Alumax)	Y
	988	Kawneer Company, Inc.	S	HVX	Harrisonburg, Virginia (Kawneer)	Y
	988	Kawneer Company, Inc.	S	IVX	Irving (Dallas), Texas (Alumax)	Y
	988	Kawneer Company, Inc.	S	KAX	Kansas City, Missouri (Alumax)	Y
	988	Kawneer Company, Inc.	S	NGX	Norcross, Georgia (Kawneer)	Y
	988	Kawneer Company, Inc.	S	ORX	Orlando, Florida (Alumax)	Y
	988	Kawneer Company, Inc.	S	SAX	Springdale, Arkansas (Kawneer)	Y
	988	Kawneer Company, Inc.	S	SKX	Salt Lake, Utah (Alumax)	Y
	988	Kawneer Company, Inc.	S	SSX	Seattle, Washington (Alumax)	Y
	988	Kawneer Company, Inc.	S	VGX	Visalia, California (Kawneer)	Y

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 53
	 

     

    

 

SCHEDULE B-2

ARCONIC CORP. SALARIED 401(k) PLAN

 

DISCRETIONARY CONTRIBUTIONS

 

 

NONE

 

RESTRICTED DISCRETIONARY CONTRIBUTIONS

 

 NONE

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 54
	 

     

    

 

	
        SCHEDULE C-1

        ARCONIC CORP. SALARIED 401(K) PLAN

        ACTIVE EMPLOYERS AND LOCATIONS
TRANSFERRED FROM THE HOWMET 

AEROSPACE RETIREMENT SAVINGS PLAN, EFFECTIVE FEBRUARY 1, 2020

         

	Company 

Code	Company Description	EE Type	LOC	Location Description	ERIC
	N01	Arconic Rolled Products

 Corporation	S	ALC	Alcoa, Tennessee	Y
	N01	Arconic Rolled Products

 Corporation	S	ATC	Alcoa Center, Pennsylvania	Y
	N01	Arconic Rolled Products

 Corporation	S	CBB	Cranberry Township, Pennsylvania	Y
	N01	Arconic Rolled Products

 Corporation	S	CDL	Chandler, Arizona	Y
	N01	Arconic Rolled Products

 Corporation	S	CHI	Chicago, Illinois	Y
	N01	Arconic Rolled Products

 Corporation	S	CHP	Chicago, Illinois (AEP)	Y
	N01	Arconic Rolled Products

 Corporation	S	DAL	Dallas, Texas	Y
	N01	Arconic Rolled Products

 Corporation	S	DAN	Danville, Illinois	Y
	N01	Arconic Rolled Products

 Corporation	S	DAV	Davenport, Iowa	Y
	N01	Arconic Rolled Products

 Corporation	S	DET	Detroit, Michigan	Y
	N01	Arconic Rolled Products

 Corporation	S	HUT	Hutchinson, Kansas	Y
	N01	Arconic Rolled Products

 Corporation	S	LAF	Lafayette, Indiana	Y
	N01	Arconic Rolled Products

 Corporation	S	LNX	Lancaster, Pennsylvania (Alumax)	Y
	N01	Arconic Rolled Products

 Corporation	S	MAS	Massena, New York	Y
	N01	Arconic Rolled Products

 Corporation	S	NGX	Norcross, Georgia 	Y
	N01	Arconic Rolled Products

 Corporation	S	NY1	New York, New York	Y
	N01	Arconic Rolled Products

 Corporation	S	PI1	Pittsburgh, Pennsylvania	Y
	N01	Arconic Rolled Products

 Corporation	S	SEA	Seattle, Washington	Y
	N01	Arconic Rolled Products

 Corporation	S	STS	San Antonio, Texas	Y
	N02	Arconic Tennessee LLC	S	ALC	Alcoa, Tennessee	Y
	N03	Arconic Technologis LLC	S	ATC	Alcoa Center, Pennsylvania	Y
	N03	Arconic Technologies LLC	S	DET	Detroit, Michigan	Y
	N03	Arconic Technologies LLC	S	STS	San Antonio, Texas	Y
	N04	Arconic Davenport LLC	S	DAN	Danville, Illinois	Y

  

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 55
	 

     

    

 

	
        SCHEDULE C-1 

ARCONIC CORP. SALARIED
        401(K) PLAN 

ACTIVE EMPLOYERS AND LOCATIONS TRANSFERRED FROM THE HOWMET AEROSPACE 

RETIREMENT SAVINGS PLAN, EFFECTIVE FEBRUARY
        1, 2020

         

	Company

 Code	Company Description	EE Type	LOC	Location Description	ERIC
	N04	Arconic Davenport LLC	S	DAV	Davenport, Iowa	Y
	N04	Arconic Davenport LLC	S	HUT	Hutchinson, Kansas	Y
	N05	Arconic Lafayette LLC	S	LAF	Lafayette, Indiana	Y
	N06	Arconic Massena LLC	S	MAS	Massena, New York	Y
	R02	Arconic Architectural Products LLC	S	EGY	Eastman, Georgia (RMC)	Y
	655	Pimalco Inc.	S	CDL	Chandler, Arizona	Y
	721	Halethorpe Extrusions, Inc.	S	BAL	Baltimore, Maryland	Y
	828	Kawneer
Commercial Windows LLC 	S	TRA	Traco, Kawneer Commercial Windows LLC 	Y
	985	Arconic Lancaster Corp.	S	LNX	Lancaster, Pennsylvania (Alumax)	Y
	985	Arconic Lancaster Corp.	S	TXX	Texarkana, Texas (Alumax)	Y
	988	Kawneer Company, Inc.	S	AUX	Atlanta Service Center(Alumax)	Y
	988	Kawneer Company, Inc.	S	BPX	Bloomsburg, PA (Kawneer)	Y
	988	Kawneer Company, Inc.	S	BTX	Jessup, Maryland (BTX)	Y
	988	Kawneer Company, Inc.	S	CHX	Chicago, Illinois (Alumax-FIX)	Y
	988	Kawneer Company, Inc.	S	CLX	Cleveland, Ohio (Alumax)	Y
	988	Kawneer Company, Inc.	S	CSX	Southern California Service Center	Y
	988	Kawneer Company, Inc.	S	HUX	Houston, Texas (Alumax)	Y
	988	Kawneer Company, Inc.	S	HVX	Harrisonburg, Virginia (Kawneer)	Y
	988	Kawneer Company, Inc.	S	IVX	Irving (Dallas), Texas (Alumax)	Y
	988	Kawneer Company, Inc.	S	KAX	Kansas City, Missouri (Alumax)	Y
	988	Kawneer Company, Inc.	S	NGX	Norcross, Georgia (Kawneer)	Y
	988	Kawneer Company, Inc.	S	ORX	Orlando, Florida (Alumax)	Y
	988	Kawneer Company, Inc.	S	SAX	Springdale, Arkansas (Kawneer)	Y
	988	Kawneer Company, Inc.	S	SKX	Salt Lake, Utah (Alumax)	Y
	988	Kawneer Company, Inc.	S	SSX	Seattle, Washington (Alumax)	Y
	988	Kawneer Company, Inc.	S	VGX	Visalia, California (Kawneer)	Y

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 56
	 

     

    

 

	
        SCHEDULE C-2

        ARCONIC CORP. SALARIED 401(K) PLAN

        LEGACY EMPLOYERS AND LOCATIONS
TRANSFERRED FROM THE HOWMET

 AEROSPACE RETIREMENT SAVINGS PLAN, EFFECTIVE FEBRUARY 1, 2020

         

	Company Code	Company Description	LOC	Location Description
	010	Arconic Inc.	ATC	Alcoa Center, Pennsylvania
	010	Arconic Inc.	ALC	Alcoa, Tennessee
	010	Arconic Inc.	BEI	Beijing, China
	010	Arconic Inc.	BIE	Birmingham, England
	010	Arconic Inc.	CDL	Chandler, Arizona
	010	Arconic Inc.	CHP	Chicago, Illinois (AEP)
	010	Arconic Inc.	CHI	Chicago, Illinois(CHI)
	010	Arconic Inc.	CBB	Cranberry, PA
	010	Arconic Inc.	DAL	Dallas, Texas
	010	Arconic Inc.	DAN	Danville, Illinois
	010	Arconic Inc.	DAV	Davenport, Iowa
	010	Arconic Inc.	DET	Detroit, Michigan
	010	Arconic Inc.	DMX	Detroit, Michigan (Alumax)
	010	Arconic Inc.	FHN	Frickenhausen, Germany
	010	Arconic Inc.	HSV	Hawesville, Kentucky
	010	Arconic Inc.	HKY	Hawesville, Kentucky (ACMI)
	010	Arconic Inc.	HHT	Hutchinson, Kansas
	010	Arconic Inc.	HUT	Hutchinson, Kansas
	010	Arconic Inc.	KNO	Knoxville, Tennessee
	010	Arconic Inc.	KS1	Kunshan GRP*CRP, China
	010	Arconic Inc.	LAF	Lafayette, Indiana
	010	Arconic Inc.	LAN	Lancaster, Pennsylvania
	010	Arconic Inc.	LEB	Lebanon, Pennsylvania
	010	Arconic Inc.	MAS	Massena, New York
	010	Arconic Inc.	MOS	Moscow, Russia
	010	Arconic Inc.	PCF	Plant City, Florida (Hdqts)
	010	Arconic Inc.	REX	Runcorn, England (Alumax)
	010	Arconic Inc.	STS	San Antonio, Texas(STS)
	010	Arconic Inc.	SEA	Seattle, Washington(SEA)
	010	Arconic Inc.	STL	St Louis, Missouri
	010	Arconic Inc.	WAR	Warrick (Newburgh, IN)
	010	Arconic Inc.	WPN	White Plains, NY
	349	Alcoa Recycling Company, Inc.	All	All Locations
	453	Structural Laminates, Co.	All	All Locations
	655	Pimalco, Inc.	All	All Locations

 

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 57
	 

     

    

 

	
        SCHEDULE C-2

        ARCONIC CORP. SALARIED 401(K) PLAN

        LEGACY EMPLOYERS AND LOCATIONS
TRANSFERRED FROM THE HOWMET

AEROSPACE RETIREMENT SAVINGS PLAN, EFFECTIVE FEBRUARY 1, 2020

         

	Company Code	Company Description	LOC	Location Description

	672	Tifton Aluminum Company, Inc.	All	All Locations
	721	Halethorpe Extrusions, Inc.	All	All Locations
	727	Plant City Extrusions LLC	All	All Locations
	760	Arconic Defense Inc.	All	All Locations
	828	Kawneer Commercial Windows LLC	All	All Locations
	958	Alumax Inc.	All	All Locations
	982	Alumax Extrusions Inc. PA 	All	All Locations
	985	Alumax Mill Products Inc.	All	All Locations
	988	Kawneer Company, Inc.	All	All Locations
	DVB	Alcoa Extrusions (to Sapa Extrusions)	All	All Locations
	R01	Reynolds Metals Company	ATC	Alcoa Center, Pennsylvania
	R01	Reynolds Metals Company	5	Alloys Plant- Muscle Shoals, AL
	R01	Reynolds Metals Company	JK2	Can Division Headquarters
	R01	Reynolds Metals Company	AA1	Can Equipment Impl Center, VA
	R01	Reynolds Metals Company	AB7	Can Machinery Plant, VA
	R01	Reynolds Metals Company	EGY	Eastman, Georgia (RMC)
	R01	Reynolds Metals Company	ABD	Fulton Can Plant, NY
	R01	Reynolds Metals Company	LYY	Louisville, Kentucky (PLT #15)
	R01	Reynolds Metals Company	3	McCook Sheet & Plate, IL
	R01	Reynolds Metals Company	MIY	McCook, Illinois (RMC-McCook)
	R01	Reynolds Metals Company	ABE	Milwaukee Can, WI
	R01	Reynolds Metals Company	ABG	Monticello Can Plant, IN
	R01	Reynolds Metals Company	M3Y	Muscle Shoals  Alabama (RMC)
	R01	Reynolds Metals Company	RCY	Richmond, Virginia (CAN MACH)
	R01	Reynolds Metals Company	ACR	Salisbury Can Plant, NC
	R01	Reynolds Metals Company	AB9	Seattle Can Plant, WA
	R02	Arconic Architectural Products LLC	All	All Locations

 

    	Arconic Corp. Salaried 401(k) Plan
Effective as of February 1, 2020
	
 58EX-4.1

 Exhibit 4.1 

SECOND AMENDMENT TO WARRANT TO PURCHASE COMMON STOCK 

This Second Amendment to Warrant to Purchase Common Stock (this “Amendment”) is entered into as of January 31, 2020, by and between
LIFE SCIENCE LOANS II, LLC (“Holder”) and SAVARA INC. a Delaware corporation (“Company”). 
 RECITALS 

Company has issued for the benefit of Holder that certain Warrant to Purchase Common Stock dated April 28, 2017 (as amended from time to time,
including by that certain Amendment to Warrant to Purchase Common Stock dated as of June 26, 2017, the “Warrant”). Holder and Company now desire to amend the Warrant in accordance with the terms of this Amendment. 

NOW, THEREFORE, Holder and Company agree as follows: 

1.    The Warrant Price for which the Warrant is exercisable is amended and restated in its entirety to read as follows:

 “Warrant Price: $2.87” 

2.    Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Warrant. The
Warrant, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. 

3.    This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one instrument. 
 [Balance of Page Intentionally Left Blank]

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	SAVARA INC.
		
	By:	 	 /s/ David L. Lowrance

	Name:	 	David L. Lowrance
	Title:	 	CFO
	
	LIFE SCIENCE LOANS II, LLC
		
	By:	 	 /s/ Trent Dawson

	Name:	 	Trent Dawson
	Title:	 	Chief Financial Officer

  
 [Signature
Page to Second Amendment to Warrant to Purchase Common Stock]

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