Document:

exv10w3

Exhibit 10.3

HCA Inc.

Restricted Share Unit Agreement

(Director)

     THIS RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”) is made and entered into as of
the ___ day of March, 2011 (the “Grant Date”), between HCA Inc., a Delaware corporation
(the “Company”), and [director], (the “Grantee”). Capitalized terms not otherwise defined
herein shall have the meaning ascribed to such terms in the 2006 Stock Incentive Plan for Key
Employees of HCA Inc. and its Affiliates, as Amended and Restated (the “Plan”).

     WHEREAS, the Company has adopted the Plan, which permits the issuance of awards that are based
on Shares of the Company, including the grant of a right to receive one Share at a specified date
(or dates) in the future (a “Restricted Share Unit”); and

     WHEREAS, the Company has determined that a portion of the Grantee’s annual retainer for
services as a director of the Company (a “Director”) should be paid to the Grantee in the form of
Restricted Share Units, to be granted pursuant to the terms and conditions set forth in this award
Agreement;

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Grant of Restricted Share Unit Award.

          1.1 The Company hereby grants to the Grantee an award (“Award”) of [number] Restricted Share
Units (“RSUs”) on the terms and conditions set forth in this Agreement and as otherwise provided in
the Plan.

          1.2 The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior
to the dates on which the RSUs shall vest in accordance with Section 2 hereof. This Award may not
be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee
other than by will or the laws of descent and distribution.

     2. Vesting and Payment.

          2.1 Except as provided in Section 2.2, the Award shall vest __________________________, so
long as the Grantee continues to serve on the Board through such date (such _________ period
sometimes referred to as the “Restricted Period”).

 

 

          2.2 Notwithstanding Section 2.1 above, all RSUs covered by the Award shall immediately vest
upon the occurrence of a Change in Control that occurs prior to the expiration of the Restricted
Period. If the Grantee’s service as a Director is terminated for any reason other than death or
Disability, the Grantee shall forfeit all rights with respect to all RSUs that are not vested on
such date; provided, however, if such termination is with Cause (as defined below), all RSUs
whether vested or unvested shall immediately become void and of no effect. If the Grantee’s
service as a Director is terminated by death or Disability, the RSUs covered by the Award shall
immediately vest, but only in proportion to the length of the Director’s service as a director
during such Restricted Period. For purposes of this Agreement, Cause shall mean the reasons for
which a Director can be removed from the Board by the Company pursuant to the governing documents
of the Company (including, without limitation, the Company’s by-laws and charter). For purposes of
this Agreement, “Disability” shall mean that the Grantee is unable to perform the essential duties
of a Director. Notwithstanding the foregoing, this provision is subject in its entirety to Section
9 of the Plan.

          2.3 The Grantee shall be entitled to payment in respect of all RSUs covered by the Award upon
the vesting of such RSUs. Subject to the provisions of the Plan, such payment shall be made
through the issuance to the Grantee, as promptly as practicable thereafter (or to the executors or
administrators of Grantee’s estate, as promptly as practicable after the Company’s receipt of
notification of Grantee’s death, as the case may be), of a number of Shares equal to the number of
such vested RSUs. Notwithstanding the foregoing, if the Grantee shall have elected to defer
payment of such vested RSUs to such later date as may be permitted by the Company, in accordance
with the requirements of Section 409A of the Code, by ______________________, 20___, payment of
such vested RSUs shall instead be made on such later date (the “Deferral Election”).

     3. Dividend Equivalent Rights.

          In the event that the Grantee makes a Deferral Election with respect to the settlement of the
vested RSUs, the Grantee shall receive Dividend Equivalent Rights in respect of any vested RSUs
covered by this Award at the time of any payment of dividends to stockholders on Shares. The
amount of any such Dividend Equivalent Right shall equal the amount that would be payable to the
Grantee as a stockholder in respect of a number of Shares equal to the number of vested RSUs then
credited to the Grantee hereunder. Any such Dividend Equivalent Right shall be paid in accordance
with the Company’s payment practices as may be established from time to time and as of the date on
which such dividend would have been payable in respect of such number of Shares. No Dividend
Equivalent Rights shall be paid under any circumstances in respect of RSUs that are not vested.

     4. No Right to Continued Service.

          Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the
Grantee any right to continue service as a member of the Board.

 

 

     5. Adjustments.

          Notwithstanding anything else contained in this Agreement, the RSUs granted hereunder and this
Agreement shall be subject to adjustment, substitution or cancellation in accordance with the
provisions of Sections 8 and 9 of the Plan.

     6. Grantee Bound by the Plan.

          This Agreement shall be construed in accordance and consistent with, and subject to, the terms
of the Plan. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound
by all the terms and provisions thereof.

     7. Plan Governs.

          The terms of this Agreement are governed by the terms of the Plan, and in the case of any
inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan
shall govern.

     8. Modification of Agreement.

          Subject to the provisions of Section 3 of the Plan, this Agreement may be modified, amended,
suspended or terminated, and any terms or conditions may be waived, but only by a written
instrument executed by the parties hereto.

     9. Severability.

          If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or
Award under any laws deemed applicable by the Committee, such provision shall be construed or
deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the
Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder
of the Plan and Award shall remain in full force and effect.

     10. Taxes.

          The Grantee shall be responsible for all taxes due in connection with the grant or vesting or
any payment or transfer with respect to the RSUs and Shares payable hereunder.

     11. Governing Law.

          The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Delaware without giving effect to the conflicts of law principles
thereof, except to the extent that such laws are preempted by Federal law.

 

 

     12. Successors in Interest.

          This Agreement shall inure to the benefit of and be binding upon any successor to the Company.
This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations
imposed upon the Grantee and all rights granted to the Company under this Agreement shall be
binding upon the Grantee’s heirs, executors, administrators and successors.

     13. Resolution of Disputes.

          Any dispute or disagreement which may arise under, or as a result of, or in any way related
to, the interpretation, construction or application of this Agreement shall be determined by the
Board. Any determination made hereunder shall be final, binding and conclusive on the Grantee and
the Company for all purposes.

	14.	 	Entire Agreement.

          This Agreement and the Plan contain the entire agreement and understanding of the parties
hereto with respect to the subject matter contained herein and supersede all prior communications,
representations and negotiations in respect thereto.

	 	 	 

	 

	 	HCA Inc.

By:

	 
	 	 
	 

	 	Grantee:
	 
	 	 
	 
	 

	 	 
	 

	 	Please Print
	 
	 	 
	 

	 	Grantee:
	 
	 	 
	 
	 

	 	 
	 

	 	Signatureexv4w3

Exhibit 4.3

Matching Program

2011 Cycle

Rewarding the Sustainable Performance

March 2011

This document constitutes part of a prospectus covering securities that have been
registered under the Securities Act of 1933.

Important Notice: Participation in this program is completely optional for all eligible
employees. Participants are advised that the purchase of publicly traded shares is a
speculative investment that is subject to several risks such as capital market volatility,
share liquidity and oscillation of the share price. These risks may result in investment
losses. Vale does not represent or warranty the security of any share purchases made by
eligible employees through this program.

The purchase of shares through this program, matching rewards and/or disposition of such
shares may have tax consequences, including capital gains and losses, for a participant.
Please note that the tax treatment of capital gains or losses on shares purchased and/or
awarded through this program is dynamic due to the personal financial circumstances of a
participant and the taxation rules of the applicable jurisdiction, which may change from
time to time. Accordingly, the Human Resources Centers will endeavour to provide generic and
non-exhaustive information on the tax consequences of participation in this program, but all
participants shall be responsible for evaluating their own specific individual financial
situation, as well as consulting their own tax expert or other independent professional
advisor when electing to participate in this program.

 

 

Table of Contents

	 	 	 	 	 	 	 

	I.
	 	Purpose	 	 	2	 
	 
	 	 	 	 	 	 
	II.
	 	Eligibility	 	 	3	 
	 
	 	 	 	 	 	 
	III.
	 	Matching	 	 	4	 
	 
	 	 	 	 	 	 
	 
	 	a) Acquisition Criteria of Shares	 	 	4	 
	 
	 	 	 	 	 	 
	 
	 	b) Acquisition of Shares	 	 	5	 
	 
	 	 	 	 	 	 
	 
	 	c) Dividends and Interests	 	 	5	 
	 
	 	 	 	 	 	 
	 
	 	d) Matching of Shares	 	 	6	 
	 
	 	 	 	 	 	 
	 
	 	e) Special Conditions	 	 	7	 
	 
	 	 	 	 	 	 
	IV.
	 	Timetable	 	 	9	 
	 
	 	 	 	 	 	 
	 
	 	a) Enrollment to the Program and Opening of Account	 	 	9	 
	 
	 	 	 	 	 	 
	 
	 	b) Wire of Funds to Shares Acquisition	 	 	10	 
	 
	 	 	 	 	 	 
	 
	 	c) Acquisition of Shares	 	 	10	 
	 
	 	 	 	 	 	 
	V.
	 	Questions & Answers	 	 	11	 
	 
	 	 	 	 	 	 
	VI.
	 	Glossary	 	 	14	 
	 
	 	 	 	 	 	 
	 
	 	Appendix	 	 	16	 

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I. Purpose

The purpose of Vale’s Matching Program is to establish a reward mechanism for employees with a view
to:

	 	§	 	 Encouraging employee “ownership”;
	 
	 	§	 	 Raising attraction and retention capacity of Employees by Vale;
	 
	 	§	 	Reinforcing the sustainable performance culture.

General Information

The following rules are exclusively valid for the 2011 Matching Program cycle; Entitlement
to stock matching awards under this program shall be based on the employee’s performance in
2010.

The 2011 Matching Program term shall commence on April 4th, 2011 and end on
April 3rd, 2014.

The implementation of the 2011 Matching Program is a one-time discretionary benefit and Vale
reserves its right to unilaterally alter, amend, change or modify the formula utilized to
calculate the matching benefit awards, or to eliminate the Matching Program benefit, in
whole or in part, at any time in subsequent years, with or without prior notice.

For greater clarity, employee’s participation in the 2011 Matching Program shall not
generate an expectation of future entitlement, as Vale is not obliged to implement the
Matching Program in the years to come.

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II. Eligibility

Employees
who meet all of the following conditions are eligible to
participate in the Matching Program:

	 	1.	 	Employees of Vale in the following positions, as based on the December
2010 corporate structure:1

	 	i.	 	CEO (L7);
	 
	 	ii.	 	Executive Officer (L6);
	 
	 	iii.	 	Officer (L5);
	 
	 	iv.	 	Department Officer (L4), Technical Officer (TM);
	 
	 	v.	 	General Manager (L3), Senior Technical Manager (TS);
	 
	 	vi.	 	Manager (L2), Technical Manager (TT);
	 
	 	vii.	 	Project Leaders (PE, PS and PL).

	 	2.	 	Have received the short-term incentive (AIP-Annual Incentive Plan) award
related to the 2010 performance cycle;
	 
	 	3.	 	Be an active employee of Vale or an approved participant subsidiary
(Appendix), on the acquisition date of shares;
	 
	 	4.	 	Having been positioned in the Career and Succession matrix in the quadrants
eligible for participation in the Matching Program.
	 
	 	5.	 	Having sent the transference receipt of the amount due to Vale’s designed bank
account in each country
	 
	 	6.	 	Be in accordance by sending the Term of Enrollment signed within the deadline
established.

 

			
	1	 	Given that titles differ within each level according to the local
market of each operating company, please confirm with your Local Human Resources or Global
Compensation Team your eligibility to participate in the Matching Program. In order to be
eligible the employee must have occupied one of the above noted positions in paragraph 1 as
of December 31st 2010.

3

 

III. Matching

Employees eligible to participate in the Program may acquire Vale preferred shares,
according to the criteria defined below, and shall be entitled, at the expiry of the term of
the program, to a reward that matches on a one to one basis (1:1) the number of shares
purchased by the Employee, provided that such shares are owned and retained in whole by the
Employee for the entirety of term of the Matching Program.

a) Acquisition Criteria of Shares

Participation in the program is completely optional and will be based on employees’ position in the
quadrants as per the Career & Succession matrix:

Participation Options

(% of net amount received as short-term incentive — AIP- award payable for 2010 to acquire Vale
shares)

	 	 	 	 	 

	Ø

	 	 	50%	

- Employee must be identified on cluster 1

- Employee must be among the 30% top ranked within his/her level within his/her Executive
Director’s areas.

	 	 	 	 	 

	Ø

	 	 	30	%

- Employee must be identified on cluster 1 (below the 30% top ranked) or on cluster 2

	 	 	 

	Ø

	 	Not eligible

- Employees identified on cluster 3

Although eligible to participate in the Program, the employees shall observe and comply
rigorously with the established schedule, in order to be entitled to the Matching.

4

 

b) Acquisition of Shares

Vale is responsible for the definition and contracting of the brokerage firm that shall perform the
opening of accounts, purchases and custody of shares and monitoring the balances of the employees
until the end of the cycle. In addition to that, the Company shall also undertake, at the
contracted brokerage firms, the expenses related to these provided services during the cycle.

	 	§	 	For the Employees receiving short-term incentive (AIP) in Brazil, a brokerage
firm in Brazil will acquire the shares (VALE5) at BM&FBOVESPA and monitor the accounts.
	 
	 	§	 	For the Employees receiving short-term incentive (AIP) outside
Brazil, a brokerage firm in USA will acquire the ADR’s (American Depositary Receipt) of
Vale shares (VALE.PR) at the New York Stock Exchange (NYSE) and monitor the accounts.
	 
	 	§	 	For Employees under long-term international assignments or
transferred to other countries, if the largest part of the AIP is paid in Brazil, the
brokerage firm in Brazil will be used and if the larger AIP portion is received outside
Brazil, the brokerage firm in USA will be used.

To purchase the shares and to be entitled to the Program, the Employee shall provide the
documentation required to open the account to the brokerage firm, according to the
established schedule contained in this document. Once the account is opened and the funds
received, the brokerage firm shall perform the acquisition of shares at market prices on
April 4th.

c) Dividends and Interests

In case of statement of dividends and/or interests by Vale:

	 	§	 	 The Employees that use brokerage firm in Brazil will have their funds
deposited in their bank account.
	 
	 	§	 	 The Employees that use brokerage firm in USA may choose to deposit
these amounts in the bank account of their choice or to use the funds for automatic
reinvestment in new Vale shares.

However, Vale shares acquired with the amounts received as dividends and/or interests shall not be
considered for the Matching Program and, as a consequence,

5

 

shall not increase the shares balance to be contemplated by the Program at the end of the cycle.

d) Matching of Shares

During the term of the Matching Program, participating Employees have the right to sell all
or part of the shares purchased through this program.. The Employee shall forfeit the right
to the share Matching reward offered by Vale on all shares sold prior to the expiry of the
term of the program, being April 3rd, 2014, and shall also be responsible for any costs
arising from such sale.

At the end of the cycle, that is, three years after the acquisition of shares, Vale shall
check the Employees’ balances with the brokerage firms. Those who have not sold any of the
acquired shares in the beginning of the cycle shall be eligible to the Matching reward
receipt.

Example: Employee eligible to have 30% or 50% of the net value of its short-term incentive
(AIP).

Moment I (cycle starts)

	 	§	 	 Net value received related to 2010 AIP = $100,000.00
	 
	 	§	 	Percentage chosen by the Employee to purchase the shares = 50% = $50,000.00
	 
	 	§	 	Hypothetical share price on the acquisition date = $25.00
	 
	 	§	 	# of acquired shares = 2,000

Moment
II (cycle ends)

	 	§	 	3 years after the acquisition of shares, the brokerage firm informs
Vale that the Employee did not sell any of the shares acquired in the beginning of the
cycle. Thus, the Employee is eligible to the Matching.
	 
	 	§	 	# of shares acquired by the Employee and kept for three years = 2,000
	 
	 	§	 	 Number of Matching shares = 2,000
	 
	 	 	 	Employee’s balance in the end of the Matching = equivalent to 4,000 shares (double of
initial balance)

6

 

e) Special Conditions

I. Termination of Employment

The conditions below define what shall happen in the case of the following employment related
events:

	 	§	 	Resignation: An Employee shall not be eligible to the Matching reward if he or she
resigns his or her employment and such resignation is effective during the term of the Matching
Program. However, the Employee may sell or keep the shares that were
acquired with his/her funds. Administration costs of the fund, where applicable, will be the
responsibility of the individual as of the effective date of resignation.
	 
	 	§	 	 Dismissal by Vale (Without Cause): An employee dismissed
without just cause during the term of the Matching Program may sell or keep the shares
acquired with his/her own funds and the Matching reward entitlement shall be prorated for
the period of time from the commencement of the Matching Program cycle. Administration
costs of the fund, where applicable, will be the responsibility of the individual as of
the resignation date.
	 
	 	§	 	Dismissal by Vale (For Cause): An employee dismissed for just
cause during the term of the Matching Program may sell or keep the shares acquired with
his/her own funds, but shall not be entitled to any Matching reward from Vale.
Administration costs of the fund, where applicable, will be the responsibility of the
individual as of the date of termination.
	 
	 	§	 	Death or permanent disability: In the event of death or the
employee becoming permanently disabled during the term of the Matching Program, the
employee or his/her legal heirs may sell or keep the shares acquired with his/her own
funds and shall receive the full Matching reward value upon death/disability date.
Administration costs of the fund, where applicable, will be the responsibility of the
individual as of the date of death or permanent disability.
	 
	 	§	 	Change of Control: An employee dismissed without just cause
following a Change of Control event may sell or keep the shares acquired with his/her own
funds and the Matching reward entitlement shall be prorated for the number of months
he/she participated in the Matching Program, to the date that the Change of Control
occurs. Administration costs of the fund, where

7

 

	 	 	 	applicable, will be the responsibility of the individual as of the date that the Change of
Control occurs.

For special conditions in which the Employee is eligible to receive a proportional or full
Matching reward, the Vale share price for such a reward, which shall be paid in
cash, shall be calculated based on the average share closing price over the 30 days
prior to the termination date.

II. Recent Hires or Promotions

For this cycle, the cases of those who have been recently hired, promoted or
laterally shifted, will be treated as follows:

	 	 	 	 	 
	#	 	Situation	 	Position
	1

	 	Promoted to L2/TT, L3/TS, L4/TM,
after June, 1st, 2010.
	 	Eligible as Cluster 2.
	2

	 	New Employees, hired after June 1st,
2010.
	 	Eligible as Cluster 2.
	4

	 	Lateral shifts of L2 and above.
	 	Eligible in the quadrant of the cycle
prior to the shift.

III. Participation Subject to Analysis

The Employee’s participation in the scenarios below shall be defined case-by-case
by the Matching Management Committee:

	 	§	 	 Those on a statutory leave of absence, such as sick leave, maternity leave,
etc.; eligibility to participate in the Matching Program and entitlement to any Matching rewards
under the program shall be assessed according to the applicable labor, employment and social
security laws of the jurisdiction in which the employee is employed;  
	 
	 	§	 	 Those on non-remunerated leave;  
	 
	 	§	 	 Other situation not provided above.

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IV. Timetable

In order to be eligible to participate in the Program, the employee shall observe the schedule below.

Summary:

	 	 	 
	Date	 	Event
	Until March 21st, 2011

	 	Deadline to send the
form and documents
to open the bank
account in brokerage
firm — new
participants (Brazil
and abroad)
	 
	 	 
	Until March 21st, 2011

	 	Deadline to send to
local HR the
enrollment form
signed (Brazil and
abroad)
	 
	 	 
	From March 21st to 28th , 2011

	 	Deposit of funds in
the Vale bank
account designated
by each country.
	 
	 	 
	April 4th,2011

	 	Acquisition of Shares

a) Enrollment to the Program and Opening of Account

The enrollment to the Program assumes the forwarding of the “Enrollment Form” (totally
filled in and signed) and the documents necessary to open the account. In the Enrollment
Form, the Employee shall opt for the percentage applicable to its reward range.

If the Employee has participated in the last Matching cycle and already has an account for
this purpose in the brokerage defined by Vale and if for this cycle he is still eligible to
use the same brokerage, it will not be necessary to open a new account.

For those who do not meet the condition described above, please refer to the
documents below:

	 	1.	 	Employees receiving short-term incentive (AIP) award in Brazil shall
fill in the form of the brokerage firm in Brazil. Along with the completed form,
the Employee shall send, to its Human Resources Representative, a copy
of the following documents: ID card, CPF (Individual Taxpayer’s Roll) and proof
of residence. Doubts related to the brokerage form and documentation can be
sorted out through your local HR.
	 
	 	2.	 	Employees receiving short-term incentive (AIP) award outside Brazil
(including those on international assignments) shall fill in and send

9

 

	 	 	 	(electronically) the scanned form. After sending the form, the Employee shall
send, to its HR Center, the original one. Questions related to the brokerage
form and documentation can be sorted out through your local HR.

b) Wire of Funds to Shares Acquisition

After the enrollment, each employee shall transfer the funds according to his/her investment
option, into a bank account designated by Vale, in each country. The funds will be remitted
by wire transfer directed by Vale to the brokerage firms for the shares acquisition

c) Acquisition of Shares

Date of Shares Acquisition: April 4th2011.

On the determined date, the brokerage firms shall purchase, at market value, the shares
related to the Employees’ investment. The number of shares shall be allocated to each
participant proportionally to their investment by the average acquisition price of the whole
shares.

As soon as the shares have been purchased, the Employees will receive from the brokerage a
communication: share price of the purchase, shares balance, site address, login and password
(for online consultation).

10

 

V. Questions & Answers

1. Who shall I contact to perform the purchase of shares and which documents shall be
necessary to carry out this operation?

You shall contact your Local Human Resources Representative that is responsible for
intermediating the opening of your account at the brokerage firm identified for your
situation.

2. The percentage used for the purchase of shares shall be calculated on the
net or gross amount of the short-term incentive (AIP) referent to 2010?

The percentage to be used by the Employee for the purchase of shares shall be calculated on
the net amount of the short-term incentive (AIP) award referent to 2010.

3. If I am promoted before or after the purchase of shares, what shall happen?

The positions occupied on December 31st 2010 shall be used as reference. Thus,
promotions and admissions after such date shall not have effect on the reward program.

4. Which are the starting and end dates of the Matching cycle?

The 2011 cycle starts on April 4th , 2011 and ends on April 3rd , 2014.

5. If I resign during the cycle, what shall my entitlement be?

If the Employee resigns from Vale voluntarily, he/she may sell or keep the shares that were
acquired with his/her own funds, but shall not be eligible for any Matching reward. After
resignation, the employee shall be responsible for any costs he/she may incur in the
administration and or disposition of the shares by the broker, if any.

6. If I am terminated during the cycle, what shall my entitlement be?

The Employee terminated without just cause may sell or keep the shares acquired with its own
funds and shall receive the prorated Matching value, according to the Program rules, based
on the number of months he/she participated in the Matching

11

 

Program up to the termination date. A terminated employee shall be responsible for any costs
he/she may incur in the administration and or disposition of the shares by the broker, if
any.

7. Shall I receive the Matching in cash or shares?

Vale will determine the form of payment at the time of payout at its discretion. However,
the total payment at the time the matching is due, will be equivalent to the amount of
shares initially purchased in the program.

8. Can I purchase more shares with the amount that I shall receive as dividends and/or
interests?

Each brokerage has a different process, enabling purchase preferred shares with the amount
received as dividends or making a deposit in the specified bank account. However, this
shall not be considered for the Matching Program.

9. Can I acquire additional shares in the account opened for the Matching?

No. Only automatic investments made with amounts received as dividends and/or interests
shall be performed. The Matching account shall be blocked for other shares
acquisitions.

10. In case of deployment/split of shares, how will the Matching be
calculated?

In case of share deployment/split, the number of shares to be received shall also
be adjusted in order to reflect the eventual deployment/split.

11. If the amount sent to the brokerage cannot buy a whole number of shares,
what should happen?

For the Employees that acquire shares at BM&FBOVESPA, the brokerage in Brazil will purchase
the largest number of whole shares and the remaining funds shall be wired to the Employee
bank account as informed in the opening account form. For the Employees that acquire shares
at NYSE, the brokerage in USA has a procedure that allows the purchase of a factionary
number of shares, therefore, no remaining funds will be returned.

12

 

Example:

a) Employee that has acquired shares at BM&FBOVESPA.

Funds remitted = $50,020.00

Hypothetical share price = $25.00

Number of shares purchased = 2,000

Remaining funds to be wired to the Employee’s bank account = $20.00

b) Employee that has acquired Vale ADR’s at NYSE.

Funds remitted = $25,020.00

Hypothetical share price = $12.50

Number of shares purchased = 2,001.60

12. And if I sell all or part of the shares before the cycle ends?

This reward was designed with the purpose of promoting ownership and vision among Vale
Employees. Thus, the Company expects from participants, a shareowner attitude (that is, from
that who shall have share ownership for a certain period for believing in the Company growth
capacity) and not only a shareholder one (that is, that who temporarily owns the share,
until it finds the adequate moment to sell it). For such reason, if you sell all or part of
the shares acquired prior to the end of the cycle, you shall not receive any Matching reward
amount, and any costs arising from the sale or custody by the broker of such shares shall be
the sole responsibility of the Employee.

13

 

VI. Glossary

Employees: Vale employees or subsidiaries approved (Appendix), who fill the positions
eligible to participate in this program

Matching Cycle: The 2011 cycle starts on March 1st, 2011 and ends 36 months
after.

Brokerage Firm: Firm that shall perform the opening of the account, share custody and
purchase and monitoring of the Employees’ balance.

Short-term incentive (AIP — Annual Incentive Plan): Company Program, from which its
employees receive, according to the performance combination of the Company, of the
Department and Individual, an amount as participation in the Company profits referent to the
year considered as time interval for the performance evaluations.

Matching Management Committee: Committee composed by the CFO and the HR and
Corporate Services Officer. This committee is responsible for the decision-making related to
the Matching reward program in situations not covered in this document.

BM&FBOVESPA: São Paulo Stock Exchange (www.bmfBM&FBOVESPA.com.br).

NYSE: New York Stock Exchange (www.nyse.com).

ADR’s (American Depositary Receipt): They represent the ownership of shares from
foreign companies negotiated in the US financial market. ADR’s allow to foreign investors
residing in the US the purchase of shares from foreign companies without remitting funds
abroad. ADR’s have their value determined by the US dollar; their dividends are paid through
the same currency and can be negotiated as US companies shares.

14

 

Career and Succession Matrix: Tool used by Vale to classify its employees according
to the evaluation of the latter regarding the performance and competences observed
throughout one year.

Dividends: They are payments made by the companies to the owners of their shares.
When a company obtains profits, these can be managed mainly by two manners: reinvested in
the own company (also called retained earnings) or paid to the shareholders as dividends.

Interests: It is a remuneration system to the shareholder alternative to the payment
of dividends. The difference lays on the tax effect of this measure, which is entitled to
some deductibility for the company in the calculation of its income tax.

15

 

APPENDIX

Subsidiaries Approved for the 2011 Matching Program.

	 	 	 

	BRAZIL
	 	 
	VALE

	 	CPBS
	FRDSA

	 	Mineração Corumbá
	FVRD

	 	Salobo Metais
	FCA

	 	Vale Fosfatado
	Instituto Tecnológico Vale (L3 e acima)

	 	Vale Fertilizantes (L3 e acima)
	Urucum

	 	Vale Óleo e Gás
	Vale Manganês

	 	FNS
	 
	 	 
	ABROAD
	 	 
	Vale Manganese Norway

	 	Rio Doce Guine
	RDAsia Shanghai

	 	RDI India
	Vale Minerals Shanghai

	 	Vale Exploration Australia
	Vale International Korea (Seul)

	 	Vale Exploration Mozambique
	Valeserve Malaysia Sdn. Bhd.

	 	Vale Singapore
	Vale Manganese France

	 	Vale Philippines
	Vale Exploration (Peru)

	 	Vale Congo
	Tres Valles Project

	 	Potassio Rio Colorado (Argentina)
	Vale Exploration Chile

	 	Gevale (Angola)
	Vale Colombia (Coal Operations)

	 	MRK (Cazaquistao)
	Vale Exploration Argentina (Argentina)

	 	Vale Exploration Indonesia
	Tethys Mining LLC (Mongólia)

	 	Exploration Eurasia
	Vale Moçambique

	 	Vale Exploration Oman
	Vale South Africa Limited.

	 	Vale Exploration China
	Bayovar (Peru)

	 	Vale Exploration Canada
	Vale Internacional S.A (Suíca)

	 	Vale Logística Argentina
	Vale Inco

	 	Porto San Nicolás (Argentina)
	Vale Asia K.K.(Japan)

	 	Transbarge Navegación (Paraguai)
	Vale Australia

	 	Vale Oman
	Vale Coal Colombia

	 	Vale Cazaquistão

16

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