Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 SETTLEMENT
AGREEMENT 
 This settlement agreement (this “Agreement”), dated as of May 22, 2017, is entered into by and among
Arconic Inc., a Pennsylvania corporation (the “Company”), Elliott Associates, L.P., a Delaware limited partnership (“Elliott Associates”), Elliott International, L.P., a Cayman Islands limited partnership
(“Elliott International”), and Elliott International Capital Advisors Inc., a Delaware corporation (“EICA” and collectively with Elliott Associates and Elliott International, “Elliott”; each of
Elliott Associates, Elliott International and EICA is an “Elliott Party”). Each of the Company and the Elliott Parties is referred to herein as a “Party” and, collectively, as the “Parties.” Certain
capitalized terms used herein are defined in paragraph 17 below. 
 WHEREAS, the Company’s 2017 annual meeting of shareholders is
scheduled to be held on May 25, 2017 (including any adjournment or postponement thereof, the “Annual Meeting”); 

WHEREAS, L. Rafael Reif has submitted his resignation as a member of the Board of Directors of the Company (the “Board”) to
be effective as of immediately following the Annual Meeting, and the Board has resolved (a) to appoint James “Jim” F. Albaugh to fill the vacancy resulting from Mr. Reif’s resignation, with such appointment to be effective
as of immediately following the Annual Meeting, and (b) that Mr. Albaugh will be a member of the “Incumbent Board” for the purposes of the Amendment and Restatement of the Trust Agreement between Wells Fargo Bank, N.A. (as
successor trustee) and Arconic Inc., dated September 24, 2007, as amended; 
 WHEREAS, Elliott and the Company have each nominated
certain individuals for election as directors at the Annual Meeting; and 
 WHEREAS, Elliott and the Company desire to withdraw certain of
their respective director nominations in furtherance of the shared objective of working together in a positive and constructive manner for the benefit of all shareholders. 

NOW, THEREFORE, in consideration of the mutual representations, warranties and covenants and subject to the conditions set forth in this
Agreement, and intending to be legally bound hereby, the Parties agree as follows: 
  

	 	1.	Withdrawal of Elliott Director Nominations. Each Elliott Party, on behalf of itself and its Affiliates, hereby irrevocably withdraws the nomination of Bernd F. Kessler notified by or on behalf of it to the
Company in connection with the Annual Meeting and any related materials or notices submitted to the Company in connection therewith or related thereto (in respect of Mr. Kessler only), and agrees not to nominate any new nominee for election at
the Annual Meeting in substitution for Mr. Kessler, so that its nominees for election at the Annual Meeting shall consist only of Christopher L. Ayers, Elmer L. Doty and Patrice E. Merrin (the “Elliott Nominees”). Each Elliott
Party hereby further (a) agrees that all votes on any proxies that have been or may be received by or on behalf of any Elliott Party for the election of Mr. Kessler at the Annual Meeting will be disregarded, and (b) withdraws and
terminates all requests for stock list materials and other books and records of the Company under Section 1508 of the Pennsylvania Business Corporation Law or other statutory or regulatory provisions providing for shareholder access to books
and records. 

	 	2.	Withdrawal of Company Director Nominations. The Company hereby irrevocably withdraws the nominations of James “Jim” F. Albaugh, Amy E. Alving and Janet C. Wolfenbarger in connection with the Annual
Meeting, and agrees not to nominate any new nominees for election at the Annual Meeting in substitution for Mr. Albaugh, Dr. Alving or General Wolfenbarger, so that its nominees for election at the Annual Meeting shall consist only of
David P. Hess and Ulrich R. Schmidt (the “Company Nominees”). The Company hereby further agrees that all votes on any proxies that have been or may be received by or on behalf of the Company for the election of Mr. Albaugh,
Dr. Alving and General Wolfenbarger at the Annual Meeting will be disregarded. 

  

	 	3.	Voting of Elliott Shares. At the Annual Meeting, the Elliott Parties will cause to be present for quorum purposes all Company common stock that the Elliott Parties or any of their respective controlling or
controlled Affiliates have the right to vote as of the record date for such meeting, and vote or cause to be voted all such common stock (a) in favor of the election of the Company Nominees, (b) in favor of the election of the Elliott
Nominees, and (c) in accordance with the recommendation of the Board on each proposal set forth in the Company’s proxy statement dated March 13, 2017. 

 

	 	4.	Annual Meeting Date; Governance Proposals. The Company shall cause the Annual Meeting to be held on May 25, 2017, and shall not cause the Annual Meeting to be adjourned or postponed to a later date. The
Company shall not withdraw proposals 5-8 set forth in the Company’s proxy statement dated March 13, 2017. 

  

	 	5.	 Replacement of Elliott-Recommended Directors. In the event that any of the three directors appointed to
the Board pursuant to the agreement (the “2016 Agreement”) with Elliott dated February 1, 2016 (i.e., Sean O. Mahoney, John C. Plant or Ulrich “Rick” Schmidt, collectively, the “2016 Directors”) or
any of the Elliott Nominees (together with the 2016 Directors, the “Elliott-Recommended Directors”) becomes unable or unwilling to serve as a director of the Company (other than on account of failure to be elected, reelected or
nominated for election), the Company agrees that during the Term, Elliott will have the right to select a replacement candidate who (a) qualifies as “independent” under the applicable rules and regulations of the U.S. Securities and
Exchange Commission (the “SEC”) and the New York Stock Exchange (“NYSE”), and whose service as a director of the Company complies with applicable requirements of the Clayton Antitrust Act of 1914 and other
applicable competition laws and regulations, (b) is not an employee, director, general partner, manager or other agent of any Elliott Party or any Affiliate of any Elliott Party, (c) is not a limited partner, member or other investor in
any Elliott Party or any Affiliate of any Elliott Party and (d) does not have any agreement, arrangement or understanding, written or oral, with any Elliott Party or any Affiliate thereof regarding such replacement candidate’s service on
the Board (the foregoing, the “Independence Criteria”). Subject to the approval of the Governance and Nominating Committee of the Board, not to be unreasonably withheld, delayed or conditioned, the Company shall appoint such
replacement candidate who meets the Independence Criteria and has provided the Required Information to replace any such Elliott-Recommended Director who is unable or unwilling to serve, with such replacement candidate to be appointed to the Board to
serve the unexpired term, if any, of the departed Elliott-Recommend Director and such replacement shall be considered an “Elliott-Recommended Director” for all purposes of this Agreement; provided, however,

  
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	 	that Elliott’s right to select a qualified replacement candidate, and the Company’s obligation to appoint such candidate to the Board, shall terminate prior to the end of the Term upon the earliest of
(i) five Business days’ after written notice is delivered by the Company to Elliott of a material breach of this Agreement by Elliott if such breach has not been cured within such notice period, provided that the Company is not then
in material breach of this Agreement, (ii) in the case of Elliott’s right to select a qualified replacement candidate to replace any of the Elliott-Recommended Directors other than the Elliott Nominees, such time as the Elliott Parties and
their controlling and controlled Affiliates’ Net Long Position constitutes less than 10% of the Company’s outstanding common stock as a result of dispositions by the Elliott Parties, or (iii) in the case of Elliott’s right to
select a qualified replacement candidate to replace any of the Elliott Nominees, such time as the Elliott Parties and their controlling and controlled Affiliates’ Net Long Position constitutes less than 5% of the Company’s outstanding
common stock as a result of dispositions by the Elliott Parties. For the avoidance of doubt, neither the Board nor the Governance and Nominating Committee shall be required to nominate any Elliott-Recommended Directors for election after the Annual
Meeting. 

  

	 	6.	Company Policies. The Parties acknowledge that each of the Elliott Nominees, upon election to the Board, will be governed by the same protections and obligations regarding confidentiality, conflicts of interest,
fiduciary duties, trading and disclosure policies and other governance policies (collectively, “Company Policies”), and shall be required to preserve the confidentiality of Company business and information, including discussions or
matters considered in meetings of the Board or Board committees, and shall have the same rights and benefits, including with respect to insurance, indemnification, exculpation, compensation and fees, as are applicable to all independent directors of
the Company. 

  

	 	7.	Board Committees; Board Size; Board Chair. As promptly as practicable following the Annual Meeting, (a) Christopher L. Ayers shall be appointed to serve on the Executive Committee and the Finance Committee
of the Board, (b) Elmer L. Doty shall be appointed to serve on two standing committees of the Board to be determined by the Governance and Nominating Committee, and (c) Patrice E. Merrin shall be appointed to serve on the CEO Search
Committee and the Compensation Committee of the Board. For the avoidance of doubt, each Party hereby acknowledges and agrees that there are no continuing rights or obligations under paragraph 3 of the agreement between Alcoa Inc. and the Elliott
Parties dated February 1, 2016. The Board shall not, during the Term, increase the size of the Board above thirteen (13) directors; provided that the Board may be increased to enable the Company’s new permanent Chief Executive
Officer to become a member of the Board. At or prior to the appointment of the Company’s new permanent Chief Executive Officer, the Board shall designate a new Chair who shall qualify as an “independent” director under the applicable
rules and regulations of the SEC and the NYSE. The Board shall not include the Company’s new permanent Chief Executive Officer among the potential candidates for Chair prior to the second anniversary of the date of this Agreement.

  
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	 	8.	Corporate Governance Guidelines. The Company hereby agrees that as promptly as practicable following the Annual Meeting, the Company’s Corporate Governance Guidelines shall be amended to provide that in
recommending nominations of directors for re-election each year, the Governance and Nominating Committee will consider, as detracting factors, (i) lengthy tenure on the Board and (ii) whether any potential director nominee serves on more
than three public company boards (not including the Company’s Board), in each case while assessing whether such factors are outweighed by other qualifications, skills and attributes of potential director nominees that are consistent with
independent and engaged oversight by the Board. 

  

	 	9.	Reincorporation in Delaware. The Company shall use reasonable best efforts to reincorporate in Delaware (by merger, conversion or otherwise) on or prior to December 31, 2017, and the Certificate of
Incorporation, Bylaws and corporate governance documents of the resulting Delaware corporation will (a) provide for a declassified Board structure with all directors having terms expiring on an annual basis and (b) contain no provisions
requiring a supermajority shareholder vote. With respect to any special meeting of shareholders of the Company convened to approve one or more proposals required to effect the reincorporation, the Elliott Parties will cause to be present for quorum
purposes all Company common stock that the Elliott Parties or any of their respective controlling or controlled Affiliates have the right to vote as of the record date for such special meeting, and vote or cause to be voted all such common stock in
favor of the approval of such proposals. 

  

	 	10.	CEO Search Process. The Board has formed a CEO Search Committee to work with an executive recruitment firm and oversee the recruitment of a permanent Chief Executive Officer (the “CEO Search
Process”). Promptly following their appointment or election to the Board, James F. Albaugh and Patrice E. Merrin shall be appointed to the CEO Search Committee. The Parties have entered into a confidentiality agreement regarding any
non-public information to be received by Elliott in connection with the CEO Search Process, in the form attached hereto as Exhibit B, and shall cooperate in good faith to agree on further terms and conditions thereof as contemplated by such
confidentiality agreement. The CEO Search Committee shall (a) keep Elliott reasonably informed regarding the CEO Search Process so that they can provide input and feedback to the CEO Search Committee, including keeping Elliott reasonably
informed about key CEO candidates and material developments in the status of the CEO Search Process, (b) provide Elliott with an opportunity to meet any CEO candidates who are interviewed by a majority of the Board members (as shall be the case
for all final round CEO candidates), and (c) provide Elliott with an opportunity to present its views to the CEO Search Committee for its consideration; provided, in each case, that in exercising its rights under this paragraph 10, the
Elliott Parties shall not unreasonably delay or interfere with the CEO Search Process. It is expressly agreed that neither Elliott nor any directors nominated by Elliott shall have any veto, consent or special voting rights with respect to the CEO
Search Process or the selection of a permanent Chief Executive Officer, which such selection shall be made by the Board. The CEO Search Committee shall include Mr. Larry Lawson among the candidates to be considered to serve as a potential
permanent Chief Executive Officer. From the date hereof until May 31, 2018, each of the Elliott Parties agrees that it shall, and shall cause its respective Affiliates and its and their respective principals, directors, members, general
partners, officers and employees and agents, and representatives acting on their behalf, not to make or cause to be made any public statement or announcement (including in any document or report filed or furnished to the SEC or through the press,
media, analysts or other Persons) regarding the CEO Search Process or the candidates under consideration. 

  
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	 	11.	Private Communications; Confidentiality. The Company hereby confirms that it will afford representatives of the Elliott Parties a reasonable opportunity to continue to engage in discussions with the Company.
Subject to the foregoing, in addition, the Elliott Parties acknowledge and agree that the Company’s directors, Chief Executive Officer, Chief Financial Officer, Chief Legal Officer or investor relations personnel (the “Contact
Personnel”) may engage in discussions with the Elliott Parties and their respective Affiliates subject to, and in accordance with, the terms of their fiduciary duties to the Company and the Company Policies (but without being limited by
Company Policies to the extent they provide that management (rather than directors) shall be responsible for engaging in communications with external constituencies). The Company shall not adopt any new Company Policies that further restrict the
ability of the Contact Personnel to engage in discussions with the Elliott Parties. Without limiting the foregoing and without limiting Elliott’s rights under paragraph 10, the Company may restrict the Contact Personnel and instruct them to
refrain from disclosing to the Elliott Parties and their respective Affiliates (a) any information regarding the deliberations of the Board or its committees as a whole or of individual members of the Board or its committees or members of the
Company’s management, (b) any confidential or proprietary information of any third party in the possession of the Company and its subsidiaries that either (i) is identified as such to the Contact Personnel by or on behalf of the
Company or (ii) as to which it is reasonably apparent that the Company or any of its subsidiaries is obligated by a contractual, legal or fiduciary obligation prohibiting disclosure, (c) any legal advice provided by external or internal
counsel to the Company or any of its subsidiaries or (d) any other information that may constitute a waiver of the Company’s or any of its subsidiaries’ attorney-client privilege or attorney work-product privilege (both with respect
to internal or external legal counsel). The Elliott Parties hereby agree that any confidential or proprietary information of the Company that they or their Affiliates obtain in discussions contemplated by this paragraph 11 will be kept confidential
and may be used solely for the purpose of monitoring and evaluating their investment in the Company. 

  

	 	12.	Registration Rights. Each of the Company, on the one hand, and the Elliott Parties, on the other hand, shall cooperate in good faith to enter into a registration rights agreement (the “Registration Rights
Agreement”) within 30 Business days of the date of this Agreement containing customary and reasonable terms. The Registration Rights Agreement shall (a) obligate the Company to file a resale registration statement relating to the
resale by the Elliott Parties of the Company common stock held by them within 30 Business days of the date of such agreement and to use its commercially reasonable efforts to keep such registration statement continuously effective until the earlier
of (x) such time as the Elliott Parties beneficially own less than 10% of the Company’s outstanding common stock or (y) the date that is two years after the date of such agreement, (b) include no demand rights (except as
contemplated by the preceding clause (a)) or piggyback registration rights or right to require underwritten offerings, (c) provide the Elliott Parties with customary indemnification, indemnification procedures and related rights, (d) not
obligate the Company to pay any expenses of the Elliott Parties, except pursuant to the indemnification rights contemplated by the preceding clause (c), and (e) provide the Company with black-out rights for any periods during which the Company
shall reasonably determine that sales should be suspended due to material non-public information or other legal considerations. 

  
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	 	13.	Press Release. Following the execution of this Agreement, by 9:20 A.M. (New York time) on May 22, 2017, the Company shall issue a press release in the form attached hereto as Exhibit A (the
“Press Release”). No Party shall make any statement regarding this Agreement that is inconsistent with the Press Release. None of the Elliott Parties or their Affiliates shall issue a press release in connection with this Agreement
or the actions contemplated hereby. 

  

	 	14.	Form 8-K; Schedule 13D Amendment; Updates to Solicitation Materials. Promptly following the execution and delivery of this Agreement, the Company will file a Current Report on Form 8-K, which will report the
entry into this Agreement. The Elliott Parties shall promptly, but in no case prior to the filing or other public release by the Company of the Press Release, prepare and file an amendment to the Schedule 13D with respect to the Company originally
filed by the Elliott Parties with the SEC on November 23, 2015, as amended through the date hereof, to report the entry into this Agreement and to amend applicable items to conform to its obligations hereunder. Such Current Report on Form 8-K
and amendment to Schedule 13D shall be consistent with the Press Release and the terms of this Agreement, and shall be in form and substance reasonably acceptable to the Company and the Elliott Parties. In addition, promptly following the execution
and delivery of this Agreement (and in any event no later than the second business day following the date hereof), each of the Elliott Parties and the Company shall file with the SEC definitive additional materials supplementing their respective
proxy statements for the Annual Meeting to disclose the terms of this Agreement, including the withdrawal of the nominations of Mr. Kessler, Mr. Albaugh, Dr. Alving and General Wolfenbarger, as applicable, and the fact that votes for
such withdrawn nominees on previously submitted proxy cards will be disregarded. Such definitive additional materials shall be consistent with the terms of this Agreement. 

 

	 	15.	Insider Trading Restrictions. The Elliott Parties hereby acknowledge that they are aware of their obligations under the United States securities laws. 

 

	 	16.	Representations and Warranties of the Company. The Company represents and warrants to Elliott that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto,
(b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except
as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles and (c) the
execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or
violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of
termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound. 

  
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	 	17.	Representations and Warranties of Elliott Parties. Each of the Elliott Parties represents and warrants to the Company that (a) the authorized signatory of such Elliott Party set forth on the signature page
hereto has the power and authority to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind it thereto, (b) this Agreement has been duly authorized, executed and delivered
by such Elliott Party, and is a valid and binding obligation of such Elliott Party, enforceable against it in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the
fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of Elliott as currently in effect, (d) the execution, delivery and
performance of this Agreement by such Elliott Party does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to Elliott, or (ii) result in any breach or violation of or constitute a
default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration
or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such Elliott Party is a party or by which it is bound, and (e) as of the date of this Agreement, (i) the Elliott
Parties beneficially own in the aggregate 51,102,133 shares of Company common stock, and (ii) the Elliott Parties have additional economic exposure to the Company’s common stock through notional principal amount derivative agreements in
the form of cash settled swaps comparable to an interest in 7,262,517 shares of Company common stock. 

  

	 	18.	Certain Defined Terms. “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and shall include Persons who become Affiliates of any Person subsequent to
the date of this Agreement. “Beneficially own”, “beneficially owned” and “beneficial ownership” shall have the meaning set forth in Rules 13d-3 and 13d-5(b)(1) promulgated under the Exchange Act.
“Business day” shall mean any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed. “Controlled,” “controlling” and “controlled by”
shall have the meanings set forth in Rule 12b-2 promulgated under the Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. “Net Long Position” shall mean, with respect to any
Person, such Person’s net long position, as defined in Rule 14e-4 under the Exchange Act, mutatis mutandis, in respect of the Company common stock. “Person” shall be interpreted broadly to include, among others, any
individual, general or limited partnership, corporation, limited liability or unlimited liability company, joint venture, estate, trust, group, association or other entity of any kind or structure. “Required Information” means any
information required to be disclosed in a proxy statement or other filing under applicable law, stock exchange rules or listing standards, and information in connection with assessing eligibility, independence and other criteria 

  
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	 	applicable to directors or satisfying compliance and legal obligations, including appropriate background checks comparable to those undergone by other non-management directors. “Term” shall mean the
date of this Agreement until the date immediately prior to the annual meeting of shareholders of the Company to be held in 2018 (including any adjournment or postponement thereof). 

 

	 	19.	Affiliates. Each of the Elliott Parties agrees that it will cause its Affiliates, including Elliott Management Corporation, and their respective employees and other representatives, to comply with the terms of
this Agreement. 

  

	 	20.	Specific Performance. Each of Elliott, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It is
accordingly agreed that Elliott, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and
the other Party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This paragraph 20 is not the exclusive remedy
for any violation of this Agreement. 

  

	 	21.	Expenses. Each Party shall be responsible for its own fees and expenses incurred in connection with (a) the Annual Meeting, including any and all nominations and solicitation efforts in connection therewith
and all matters related thereto, and (b) the negotiation, execution and effectuation of this Agreement and the transactions contemplated hereby. 

  

	 	22.	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the Parties that the Parties would have executed the
remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to use their best efforts to agree upon and substitute a valid and
enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction. 

  

	 	23.	Notices. Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(a) upon receipt, when delivered personally, (b) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), or (c) one Business day
after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses and facsimile numbers for such communications shall be: 

  
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 If to the Company: 

Arconic Inc. 
 390 Park Avenue

 New York, New York 10022 

Facsimile No: (212) 437-9876 

Attention: Chief Legal Officer 

With a copy (which shall not constitute notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Facsimile No: (212) 403-2000 

Attention: Karessa L. Cain 
 If
to the Elliott Parties: 
 Elliott Associates, L.P. 

Elliott International, L.P. 
 40
West 57th Street 
 New York, New York 10019 

Facsimile No: (212) 478-2401 

Attention: Dave Miller 

Austin Camporin 

With copies (which shall not constitute notice) to: 

Elliott Associates, L.P. 

Elliott International, L.P. 
 40
West 57th Street 
 New York, New York 10019 

Facsimile No: (212) 478-1851 

Attention: General Counsel 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York,
New York 10019-6099 
 Facsimile No: (212) 728-8111 

Attention: Maurice M. Lefkort 

Martin L. Seidel 

Olshan Frome Wolosky LLP 
 Park
Avenue Tower 
 65 East 55th Street 

New York, New York 10022 

Facsimile No: (212) 451-2222 

Attention: Steve Wolosky 

  
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	 	24.	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without reference to the conflict of laws principles thereof that would result in
the application of the laws of another jurisdiction. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and
enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto or its successors or assigns, shall be brought and determined exclusively in either (a) the United
States District Court for the Southern District of New York, to the extent that such court has subject matter jurisdiction, or (b) the Commercial Division of the Supreme Court of the State of New York in the County of New York (or if such court
lacks subject matter jurisdiction, in the courts of the State of New York in the County of New York) and, in each case, any appellate court therefrom. Each of the Parties hereto hereby irrevocably submits with regard to any such action or proceeding
for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each
of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the abovenamed courts for any reason,
(ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution
of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by applicable legal requirements, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the
venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

  

	 	25.	Counterparts; Headings. This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by
each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). The paragraph headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or
interpretation of this Agreement. 

  

	 	26.	Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries; Waiver of Jury Trial. This Agreement contains the entire understanding of the Parties hereto with respect to its subject
matter and, in the event of any inconsistency between the terms of this Agreement and the terms of the 2016 Agreement, the terms of this Agreement shall control. There are no restrictions, agreements, promises, representations, warranties, covenants
or undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement can be made except in writing signed by an authorized representative of each the Company and the Elliott Parties. No failure on the
part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. Time is of the essence in the performance of this 

  
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	 	Agreement. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable
by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this Agreement or any rights or obligations hereunder without, with respect to any Elliott Party, the prior
written consent of the Company, and with respect to the Company, the prior written consent of the Elliott Parties. This Agreement is solely for the benefit of the Parties hereto and is not enforceable by any other Persons. Each of the Parties, after
consulting or having had the opportunity to consult with counsel, knowingly, voluntarily and intentionally waives any right that such Party may have had to a trial by jury in any litigation based on or arising out of this Agreement or any related
instrument or agreement, or any of the transactions contemplated thereby, or any related course of conduct, dealing, statements (whether oral or written), or actions of any of them. 

 

	 	27.	Interpretation. Each of the Parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this
Agreement with the advice of such counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among the Parties shall be deemed the work product
of all of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party
that drafted or prepared it is of no application and is hereby expressly waived by each of the Parties, and any controversy over interpretations of this Agreement shall be decided without regard to events of drafting or preparation. Whenever the
words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

[Signature page follows]  

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the Parties as of the date hereof. 
  

			
	ARCONIC INC.
		
	By:	 	 /s/ Katherine H. Ramundo

		 	Name: Katherine H. Ramundo
		 	Title: Executive Vice President, Chief
          Legal Officer and Secretary
	
	ELLIOTT ASSOCIATES, L.P.
	
	 By:  Elliott Capital Advisors, L.P.,

        its General Partner

	
	 By:  Braxton Associates, Inc.,

        its General Partner

		
	By:	 	 /s/ Elliot Greenberg

		 	Name: Elliot Greenberg
		 	Title:   Vice President
	
	ELLIOTT INTERNATIONAL, L.P.
	
	 By:  Elliott International Capital Advisors Inc.,

        as Attorney-in-Fact

		
	By:	 	 /s/ Elliot Greenberg

		 	Name: Elliot Greenberg
		 	Title:   Vice President
	
	ELLIOTT INTERNATIONAL CAPITAL ADVISORS INC.
		
	By:	 	 /s/ Elliot Greenberg

		 	Name: Elliot Greenberg
		 	Title:   Vice President

  

  
 [Signature page to
Settlement Agreement dated May 22, 2017] 

 Exhibit A: 

Press Release 
 [to
be attached] 

 [ARCONIC LOGO] 

FOR IMMEDIATE RELEASE 
  

					
	Investor Contact	  	Media Contact	 
		
	Patricia Figueroa	  	 	Shona Sabnis	 
	(212) 836-2758	  	 	(212) 836-2626	 
	Patricia.Figueroa@arconic.com	  	 	Shona.Sabnis@arconic.com	 

 Arconic and Elliott Reach Resolution to End Proxy Contest 

NEW YORK, May 22, 2017 – Arconic (NYSE: ARNC) (the “Company”) today announced that it has entered into an agreement with affiliates
of Elliott Management Corporation (collectively, “Elliott”), which have combined beneficial and economic ownership of approximately 13.2% of the Company’s outstanding common stock, to resolve the pending proxy contest in connection
with the Company’s May 25, 2017 annual meeting of shareholders. 
 Under the terms of the agreement, Elliott will nominate Christopher L. Ayers,
Elmer L. Doty and Patrice E. Merrin for election as directors at the upcoming annual meeting, and the Company will nominate David P. Hess and Ulrich R. Schmidt for election as directors. Elliott and the Company have agreed to withdraw their
respective nominations of any other director candidates for election at the annual meeting. 
 The Company’s Board of Directors issued the following
statement about the agreement: 
 “We are pleased to have reached a constructive agreement with Elliott, our largest shareholder, and
look forward to working collaboratively with Elliott to enable Arconic to realize the full potential of its great businesses. We are proud of what Arconic has accomplished to date. In the weeks and months ahead, we will recruit a new world-class CEO
and select a new permanent Board Chair. We expect the new CEO to work with the Board to review Arconic’s strategy and its operations with the goal of optimizing the Company’s strategic plan and associated performance targets.” 

One of Elliott’s director nominees will be added to the CEO search committee and Elliott will have the opportunity to engage collaboratively with the CEO
search committee and meet with candidates as the Board manages the search and selection process. The mandate of the CEO search committee is to identify a world-class leader for Arconic. It will consider a number of candidates, including Larry
Lawson. 
 W/2898623 

 Dave Miller, Senior Portfolio Manager of Elliott, said, “Elliott greatly appreciates the support received
from other Arconic shareholders throughout this contest, and we would like to express our profound gratitude to those shareholders. We commend and thank the Arconic Board for demonstrating its responsiveness to the Company’s shareholders
through this agreement. We believe the governance improvements and substantial infusion of new perspectives and talent into the Board announced today – with highly qualified directors being drawn from both the Elliott and Company cards –
will successfully position Arconic to realize its immense potential. We look forward to working collaboratively with the CEO search committee and the Board to ensure that Arconic has the right leadership at this critical juncture of its
evolution.” 
 The agreement between the Company and Elliott will be filed with the U.S. Securities and Exchange Commission. 

In addition, the Company today announced that L. Rafael Reif, an Arconic director since 2015, has announced his resignation as a Board member and that the
Board has appointed James “Jim” F. Albaugh, who was a candidate previously nominated by Arconic for election at the annual meeting, to fill the resulting vacancy on the Board, with such resignation and appointment to be effective
immediately following the 2017 annual meeting. 
 The Board remarked, “Rafael has been a valued colleague and member of this Board, helping to lead our
oversight of the transformational separation that created today’s Arconic. On behalf of the shareholders and the entire Board, we sincerely thank him for all his efforts and energy.” 

The Company also announced that it will be working to reincorporate in Delaware by the end of this year, and the certificate of incorporation and bylaws of
the resulting Delaware corporation will provide for an annually elected Board and contain no provisions requiring a supermajority shareholder vote. 

About Arconic 
 Arconic (NYSE: ARNC) creates breakthrough
products that shape industries. Working in close partnership with our customers, we solve complex engineering challenges to transform the way we fly, drive, build and power. Through the ingenuity of our people and cutting-edge advanced manufacturing
techniques, we deliver these products at a quality and efficiency that ensures customer success and shareholder value. For more information: www.arconic.com. Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube. 

  
 -2- 

 Forward–Looking Statements 

This communication contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,”
“forecasts,” “guidance,” “goal,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,”
“will,” “would,” or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements,
including, without limitation, forecasts relating to the growth of end markets and potential share gains; statements and guidance regarding future financial results or operating performance; and statements about Arconic’s strategies, outlook,
business and financial prospects. Forward-looking statements are not guarantees of future performance, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks
and uncertainties, including, but not limited to: (a) deterioration in global economic and financial market conditions generally; (b) unfavorable changes in the markets served by Arconic; (c) the inability to achieve the level of
revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated from restructuring programs and productivity improvement, cash sustainability,
technology advancements, and other initiatives; (d) changes in discount rates or investment returns on pension assets; (e) Arconic’s inability to realize expected benefits, in each case as planned and by targeted completion dates,
from acquisitions, divestitures, facility closures, curtailments, expansions, or joint ventures; (f) the impact of cyber attacks and potential information technology or data security breaches; (g) political, economic, and regulatory risks
in the countries in which Arconic operates or sells products; (h) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; and (i) the other risk factors discussed
in Arconic’s Form 10-K for the year ended December 31, 2016, and other reports filed with the U.S. Securities and Exchange Commission (SEC). Arconic disclaims any obligation to update publicly any forward-looking statements, whether in
response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks discussed above and other risks in the market. 

  
 -3- 

 Exhibit B: 

Confidentiality Agreement 

[to be attached] 

 Execution Version 

Arconic Inc. 
 390 Park
Avenue 
 New York, New York 10022 

May 22, 2017 
 Elliott Associates, L.P. 

40 West 57th Street 
 New York, NY 10019-4001 

Attention: Jesse A. Cohn 
 Ladies and Gentlemen: 

1. Elliott Associates, L.P. (“Elliott”) and Arconic Inc. (the “Company”) have agreed that the Company will (i) make
available to Elliott, Elliott’s affiliates or Elliott’s or its affiliates’ respective agents, members, representatives, attorneys, advisors, directors, limited and general partners, officers and employees (collectively,
“Representatives”), certain confidential information regarding the Company’s process for retaining a new Chief Executive Officer (the “CEO Search”) and (ii) include Elliott in the CEO Search, each on the terms and
conditions set forth in that certain Settlement Agreement, dated as of the date hereof, by and between the Company and Elliott (the confidential information received pursuant to the foregoing clauses (i) and (ii) collectively, the
“Evaluation Material”). Notwithstanding the foregoing, “Evaluation Material” does not include any information that (i) was publicly available prior to the date of this agreement or hereafter becomes publicly available
without any violation of this agreement on the part of Elliott or any of its Representatives, (ii) was available to Elliott or its Representatives on a non-confidential basis prior to its disclosure by the Company or its Representatives,
(iii) becomes available to Elliott or its Representatives from a person (other than the Company and its Representatives) who is not, to the best of such person’s knowledge, subject to any legally binding obligation to keep such information
confidential, or (iv) is independently developed by Elliott without use of or reference to the Evaluation Material. 
 2. Promptly
following the date of this agreement, Elliott and the Company shall cooperate in good faith to agree on reasonable rules and procedures regarding, among other things, the duration of the restrictions in Paragraphs 1 and 3 of this agreement and an
obligation on the part of the Company to publicly disclose Evaluation Material that constitutes material non-public information restricting Elliott and its Representatives from offering and trading (without contravening this agreement or such laws)
in any loans or debt or equity securities of the Company. 
 3. Elliott hereby agrees that it and its Representatives will (a) keep the
Evaluation Material confidential and (b) not disclose any of the Evaluation Material in any manner whatsoever without the prior written consent of the Company; provided, however, that Elliott may disclose any of such information to its
Representatives (i) who need to know such information for the sole purpose of advising Elliott with respect to the CEO Search or its participation therein and (ii) who are informed by Elliott of the confidential nature of such information
and agree to comply with the restrictions herein; provided, further, that Elliott will be responsible for any violation of the confidentiality provisions of this agreement by its Representatives as if they were parties hereto. 

 4. Notwithstanding the foregoing, Elliott or its Representatives may disclose Evaluation Material
to the extent such disclosure is required by applicable subpoena, legal process or other legal requirement or upon a request by a regulatory authority to disclose any of the Evaluation Material, provided that Elliott promptly notifies (except
to the extent such notice would be legally prohibited or would not be reasonably practicable) the Company in writing so that the Company may, at the Company’s sole expense, seek a protective order or other appropriate remedy and/or waive
compliance with this agreement (and in no event will Elliott or its Representatives oppose action by the Company to obtain, at the Company’s sole expense, a protective order or other relief to prevent the disclosure of the Evaluation Material).

 5. Elliott acknowledges that (i) none of the Company or any of its Representatives makes any representation or warranty, express or
implied, as to the accuracy or completeness of the Evaluation Material, and (ii) none of the Company or any of its Representatives shall have any liability to Elliott or its Representatives relating to or resulting from the use of the
Evaluation Material or any errors therein or omissions therefrom. All Evaluation Material shall remain the property of the Company, and neither Elliott nor its Representatives shall by virtue of the Company’s disclosure of and/or Elliott’s
use of any Evaluation Material acquire any rights with respect thereto, all of which rights (including any intellectual property rights) shall remain exclusively with the Company. 

6. Elliott acknowledges that the Evaluation Material may contain material non-public information under applicable federal and state securities
laws, and that is aware of its obligations under the United States securities laws. 
 7. Each party acknowledges that (i) the other
party would be irreparably injured by a breach of this agreement and (ii) monetary remedies may be inadequate to protect a party against any actual or threatened breach or continuation of any breach of this agreement. Without prejudice to any
other rights and remedies otherwise available to a party hereunder, each party shall be entitled to seek equitable relief by way of injunction or otherwise to prevent breaches or threatened breaches of any of the provisions of this agreement. Such
remedy shall not be deemed to be the exclusive remedy for a breach of this agreement but shall be in addition to all other remedies available at law or equity (other than punitive, special or consequential damages) to the non-breaching party. 

8. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the choice
of law principles of such state. Each party hereto hereby irrevocably and unconditionally consents to the exclusive institution and resolution of any action, suit or proceeding of any kind or nature with respect to or arising out of this agreement
brought by any party hereto in the Chancery Court of the State of Delaware and the appellate courts thereof. Each party hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding
arising out of this agreement in such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum. The parties agree that a final judgment in any such dispute shall be conclusive and may be enforced in other jurisdictions by suits on the judgment or in any other manner provided by law. 

  
 - 2 - 

 9. This agreement may only be amended with the prior written consent of both parties, and neither
party may assign any of its rights or obligations hereunder without the prior written consent of the other party. This agreement may be executed in two or more counterparts (including by fax and .pdf), which together shall constitute a single
agreement. 
 [Signature page follows] 

  
 - 3 - 

 Please confirm your agreement with the foregoing by signing and returning this agreement to the
undersigned, whereupon this letter agreement shall become a binding agreement between Elliott and the Company. 
  

	
	Very truly yours,
	
	ARCONIC INC.
	
	By:                                     
                                       
	Name:
	Title:

 Accepted and agreed 
 as of
the date first written above: 
 ELLIOTT ASSOCIATES, L.P. 

By: Elliott Capital Advisors, L.P., as General Partner 
 By:
Braxton Associates, Inc., as General Partner 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Confidentiality Agreement dated May 22, 2017]EX-4.1

 Exhibit 4.1 

CITIBANK CREDIT CARD ISSUANCE TRUST 

Citiseries 

Class 2017-A6 Notes 

Issuer Certificate 
 Pursuant to
Sections 202 and 301(h) of the Indenture 
 Reference is made to the Second Amended and Restated Indenture dated as of
September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016, between Citibank Credit Card Issuance Trust (the “Issuer”) and Deutsche Bank Trust Company Americas,
as trustee (as so further amended and restated, the “Indenture”). Capitalized terms used herein that are not otherwise defined have the meanings set forth in the Indenture. All references herein to designated Sections are to the designated
Sections of the Indenture. 
 Section 301(h) provides that the Issuer may from time to time create a tranche of Notes either by or pursuant
to an Issuer Certificate setting forth the principal terms thereof. Pursuant to this Issuer Certificate, there is hereby created a tranche of Notes having the following terms: 

Series Designation: Citiseries. This series is included in Group 1. 

Tranche Designation: $775,000,000 Floating Rate Class 2017-A6 Notes of May 2027 (Legal Maturity Date May
2029) (hereinafter, the “Class 2017-A6 Notes”) 
 Currency: The
Class 2017-A6 Notes will be payable, and denominated, in Dollars. 
 Denominations: The Class 2017-A6 Notes will be issuable in minimum denominations of $100,000 and multiples of $1,000 in excess of that amount. 

Issuance Date: May 22, 2017 
 Initial Principal
Amount: $775,000,000 
 Issue Price: 100% 

Interest Rate: The Class 2017-A6 Notes will accrue interest with respect to any interest period at a per
annum rate equal to the Class 2017-A6 Note Rate for such interest period, calculated on the basis of the actual number of days in such interest period divided by 360. The
“Class 2017-A6 Note Rate” means, with respect to the first interest period, 1.82562% per annum and, with respect to each interest period thereafter, a per annum rate equal to LIBOR for such
interest period plus 0.77%. 
 The Issuer will determine LIBOR for each applicable interest period on the second business day before the beginning of that
interest period. For purposes of calculating LIBOR, a business day is any day on which dealings in deposits in U.S. Dollars are transacted in the London interbank market. 

 “LIBOR” means, as of any date of determination, the rate for deposits in U.S. Dollars for the
Designated Maturity (commencing on the first day of the relevant interest period) which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate
for that day will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for the Designated
Maturity (commencing on the first day of the relevant interest period). The Issuer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for
that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Issuer, at
approximately 11:00 a.m., New York City time, on that day for loans in U.S. Dollars to leading European banks for a period of the Designated Maturity (commencing on the first day of the relevant interest period). 

“Reuters Screen LIBOR01 Page” means the display page currently so designated on the Reuters Monitor Money Rates service (or such other page
as may replace that page on that service or any successor service for the purpose of displaying comparable rates or prices). 
 “Designated
Maturity” means one month. 
 “Reference Banks” means four major banks in the London interbank market selected by the Issuer. 

Scheduled Interest Payment Dates: The 14th day of each month, beginning July 2017. 

Each payment of interest on the Class 2017-A6 Notes will include all interest accrued from and including the
preceding Interest Payment Date — or, for the first interest period, from and including the Issuance Date — to and including the day preceding the current Interest Payment Date, plus any interest accrued but not previously paid. 

The first deposit targeted to be made to the Interest Funding sub-Account for the
Class 2017-A6 Notes will be on the July 13, 2017 Interest Deposit Date and in an amount equal to $2,082,981.71. 

Expected Principal Payment Date: May 14, 2027 
 Legal
Maturity Date: May 14, 2029 
 Monthly Principal Date: For the month in which the Expected Principal Payment Date occurs, May 14, 2027,
and for each other month, the 14th day of such month, or if such day is not a Business Day, the next following Business Day. 
 Required Subordinated
Amount of Class B Notes: $46,367,552.50 

  
 2 

 Required Subordinated Amount of Class C Notes: $61,823,377.50 

Controlled Accumulation Amount: $64,583,333.33 
 Form
of Notes: The Class 2017-A6 Notes will be issued as Global Notes. The Global Notes will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, and will
be exchangeable for individual Notes only in accordance with the provisions of Section 204(c). 
 Additional Issuances of Class 2017-A6 Notes: The Issuer may at any time and from time to time issue additional Class 2017-A6 Notes, subject to the satisfaction of (i) the conditions
precedent set forth in Section 311(a) and (ii) the following conditions: 
  

	 	(a)	The Issuer has obtained written confirmation from each Rating Agency that there will be no Ratings Effect with respect to the then outstanding Class 2017-A6 Notes as a result
of the issuance of such additional Class 2017-A6 Notes; 

  

	 	(b)	As of the date of issuance of the additional Class 2017-A6 Notes, all amounts due and owing to the Holders of the then outstanding
Class 2017-A6 Notes have been paid and there is no Nominal Liquidation Amount Deficit with respect to the then outstanding Class 2017-A6 Notes;

  

	 	(c)	The additional Class 2017-A6 Notes will be fungible with the original Class 2017-A6 Notes for federal income tax purposes;

  

	 	(d)	If Holders of the then outstanding Class 2017-A6 Notes have the benefit of a Derivative Agreement, the Issuer will have obtained a Derivative Agreement for the benefit of the
Holders of the additional Class 2017-A6 Notes; and 

  

	 	(e)	The ratio of the Controlled Accumulation Amount to the Initial Dollar Principal Amount of the Class 2017-A6 Notes, including the additional
Class 2017-A6 Notes, will be equal to the ratio of the Controlled Accumulation Amount (before giving effect to the additional issuance) to the Initial Dollar Principal Amount of the Class 2017-A6 Notes, excluding the additional Class 2017-A6 Notes. 

As of the date of issuance of additional Class 2017-A6 Notes, the Outstanding Dollar Principal Amount and Nominal
Liquidation Amount of the Class 2017-A6 Notes will be increased to reflect the Initial Dollar Principal Amount of the additional Class 2017-A6 Notes. 

Any outstanding Class 2017-A6 Notes and any additional Class 2017-A6
Notes will be equally and ratably entitled to the benefits of the Indenture without preference, priority or distinction. 
 Optional Redemption
Provisions other than Section 1202 “Clean-Up Call”: None 

  
 3 

 Additional Early Redemption Events or changes to Early Redemption Events: None 

Additional Events of Default or changes to Events of Default: None 

Business Day: means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking
institutions in New York, New York or South Dakota, or any other state in which the principal executive offices of any Additional Seller are located, are authorized or obligated by law, executive order or governmental decree to be closed. 

Securities Exchange Listing: None 

  
 4 

 The Class 2017-A6 Notes shall have such other terms
as are set forth in the form of Note attached hereto as Exhibit A. Pursuant to Section 202, the form of Note attached hereto has been approved by the Issuer. 

 

			
	CITIBANK CREDIT CARD ISSUANCE TRUST
	By	 	Citibank, N.A.,
		 	as Managing Beneficiary
	
	 /s/ Douglas C. Morrison

	Douglas C. Morrison
	Vice President

 Dated: May 22, 2017 

  
 5 

 Citiseries 

Class 2017-A6 Notes 

Reference is made to the resolutions adopted by the Board of Directors of Citibank, N.A. on January 25, 2017. The resolutions authorize
Citibank, N.A. from time to time to issue and sell, or to arrange for or participate in the issuance and sale of, one or more series and/or classes of pass-through certificates, participation certificates, commercial paper, notes, bonds or other
securities representing ownership interests in, or backed or secured by, pools of credit card receivables or interests therein (the “Receivables”) in an aggregate principal amount such that up to $45,000,000,000 of such certificates,
commercial paper, notes, bonds or other securities are outstanding at any one time and to sell, transfer, convey, assign or pledge or grant a security interest in all or any portion of its Receivables to Citibank Credit Card Master Trust I, Citibank
Omni Trust or any direct or indirect subsidiaries of Citibank, N.A., affiliates of Citigroup Inc., additional trusts or other entities or trustees in connection therewith on such terms as to be determined by the Citibank, N.A. Securitization Pricing
and Loan Committee (the “Pricing and Loan Committee”). 
 The undersigned, a duly authorized member of the Pricing and Loan
Committee, on behalf of such Pricing and Loan Committee, does hereby certify that the preceding Issuer Certificate, the terms of the tranche of Notes set forth in and to be created by the Issuer Certificate and the increase in the Invested Amount of
the Collateral Certificate resulting from the issuance of such Notes have been approved by such Pricing and Loan Committee. In addition, the following underwriting/selling agent terms with respect to this tranche of Notes have been approved by the
Pricing and Loan Committee: 
 Issue Price: 100% 

Underwriting Commission: 0.350% 

Proceeds to Issuer: 99.650% 

Representative of the Underwriters: Citigroup Global Markets Inc. 

The preceding Issuer Certificate and this certification of Pricing and Loan Committee approval shall be, continuously from the time of their
execution, official records of Citibank, N.A. 
  

	
	 /s/ Douglas C. Morrison

	Douglas C. Morrison
	Member of the Securitization Pricing and Loan Committee
	Citibank, N.A.

 Dated: May 22, 2017 

  
 6 

 Exhibit A 

FORM OF 
 CITISERIES 

FLOATING RATE CLASS 2017-A6 NOTES OF MAY 2027 

(Legal Maturity Date May 2029) 
  

					
	$[    ],000,000	 		  	REGISTERED
	CUSIP No. 17305E GE9	 		  	No. R-[1][2]

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND IN THE
INDENTURE REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

CITIBANK CREDIT CARD ISSUANCE TRUST 

CITISERIES 
 FLOATING RATE CLASS 2017-A6 NOTES OF MAY 2027 
 (Legal Maturity Date May 2029) 

CITIBANK CREDIT CARD ISSUANCE TRUST, a trust formed and existing under the laws of the State of Delaware (including any successor, the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of [    ] HUNDRED MILLION DOLLARS ($[    ],000,000). The Expected Principal Payment Date for
this Note is May 14, 2027. The Legal Maturity Date for this Note is May 14, 2029. 
 The Issuer hereby promises to pay interest on this Note on
the 14th day of each month, beginning July 2017, until the principal of this Note is paid or made available for payment, subject to certain limitations set forth in the Indenture. Interest will accrue on the outstanding principal amount of this Note
for each interest period in an amount equal to the product of (i) the actual 

 
number of days in such interest period divided by 360, (ii) a rate per annum equal to the Class 2017-A6 Note Rate for such interest period, and
(iii) the outstanding principal amount of this Note as of the preceding Interest Payment Date (after giving effect to any payments of principal made on the preceding Interest Payment Date) or, with respect to the first Interest Payment Date,
the initial principal amount of this Note. The Class 2017-A6 Note Rate will be determined as provided in the Indenture. 

If any Interest Payment Date or Principal Payment Date of this Note falls on a day that is not a Business Day, the required payment of interest or principal
will be made on the following Business Day. 
 This Note is one of the Citiseries, Class 2017-A6 Notes issued
pursuant to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016 (as so further amended and restated and
otherwise modified from time to time, the “Indenture”) between the Issuer and Deutsche Bank Trust Company Americas, as Trustee. For purposes of this Note, the term “Indenture” includes any supplemental indenture or Issuer
Certificate relating to the Citiseries, Class 2017-A6 Notes. This Note is subject to all of the terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are
defined in the Indenture will have the meanings assigned to them therein. 
 The principal of and interest on this Note are payable in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the further
provisions of this Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note will not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an Issuer
Authorized Officer. 
  

					
	CITIBANK CREDIT CARD ISSUANCE TRUST
		
	By:	 	CITIBANK, N.A.,
		 	as Managing Beneficiary of
		 	Citibank Credit Card Issuance Trust
			
		 	By:	 	  

		 		 	Douglas C. Morrison
		 		 	Vice President

 Dated: May 22, 2017 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within mentioned Indenture. 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee under the Indenture
		
	By:	 	  

		 	Authorized Signatory

 Dated: May 22, 2017 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Citiseries Floating Rate
Class 2017-A6 Notes of May 2027 (Legal Maturity Date May 2029) (herein called the “Notes”), all issued under an Indenture, to which Indenture reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. 
 This Note ranks pari passu with all other
Class A Notes of the same series, as set forth in the Indenture. This Note is secured to the extent, and by the collateral, described in the Indenture. 

The Issuer will pay interest on overdue interest as set forth in the Indenture to the extent lawful. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Trustee on the Notes, against the Issuer, the Issuer Trustee, Citibank, N.A., the Trustee or any affiliate, officer, employee or director of any
of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder of this Note will be subject to Article V of the Indenture. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, in each case
other than Citibank, N.A. as Holder or owner, agrees that this Note is intended to be debt of Citibank, N.A. for federal, state and local income and franchise tax purposes, and agrees to treat this Note accordingly for all such purposes, unless
otherwise required by a taxing authority. 
 Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a
beneficial interest in this Note, agrees that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to this Note, the Indenture or any Derivative Agreement. 

This Note and the Indenture will be construed in accordance with and governed by the laws of the State of New York. 

Certain amendments may be made to the Indenture without the consent of the Holder of this Note. This Note must be surrendered for final payment of principal
and interest. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                                       
                      
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
  

					
		 	  
	 	
			
		 	  
	 	
	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*
		 		 		 	Signature Guaranteed:	 	

  
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement or any change whatsoever.

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