Document:

EX-10.2

 Exhibit 10.2 

ALCOA USA CORP. DEFERRED COMPENSATION PLAN 

(EFFECTIVE AUGUST 1, 2016) 

Effective August 1, 2016, in anticipation of its separation into two separate publicly-traded companies, Alcoa Inc. spun off certain
assets and liabilities from the Alcoa Deferred Compensation Plan (now referred to as the Arconic Deferred Compensation Plan) (the “Predecessor Plan”) to form this Plan. This Plan is intended as a continuation of the Predecessor Plan for
the Participants covered by this Plan and recognizes elections and Retirements under the Predecessor Plan. No person is entitled to a benefit under both this Plan and the Predecessor Plan. References in this Plan to dates and actions prior to
August 1, 2016, refer to the Predecessor Plan. 
 The Predecessor Plan and this Plan were adopted for the exclusive benefit of select
management and highly compensated employees (1) who are actively at work for the Company (as defined below) or a subsidiary on or after June 1, 1990, (2) who meet the requirements for participation hereunder, and (3) who are not
in a collective bargaining unit. 
 The purposes of this Plan are to promote the growth and profitability of the Company, to attract and
retain employees and to provide eligible employees with certain benefits under the terms and conditions as set forth herein. In order to enhance the benefits provided under this Plan, the Predecessor Plan was amended and restated effective
October 30, 1992. All Credits in Participants’ accounts under the Predecessor Plan as of December 31, 2004, including any Earnings Credits thereon after December 31, 2004, shall continue to be subject to all Plan provisions in
effect as of that date. 
 Effective January 1, 2009, the AFL Deferred Compensation and Excess Plan, (which was created by the merger
of the Alcoa Fujikura Ltd. Telecommunications Division Deferred Compensation Plan and Alcoa Fujikura Ltd. Deferred Compensation Plan effective January 1, 1993) (“AFL Plan”) was merged into the Predecessor Plan and the Predecessor Plan
was the surviving plan. All Pre-2005 Credits from the AFL Plan and earnings thereon continued to be treated as Pre-2005 Credits under the Predecessor Plan. All Post-2004 Credits from the AFL Plan and earnings thereon, including all account balances
of any Participant with less than three (3) years of Continuous Service as of January 1, 2005, are treated as Post-2004 Credits under this Plan. 

 ARTICLE I - DEFINITIONS 

1.1 The following terms have the specified meanings. 

“Additional Salary Reduction Credits” means any amounts deemed to be credited to a Participant’s account equivalent to the
dollar amount by which a Participant elected to reduce his or her salary up to a whole percentage of not more than 14%. Effective June 1, 1995, a Participant who is authorized by the Committee may elect to reduce his or her salary up to a whole
percentage of not more than 20%. Effective January 1, 2011, a Participant who is authorized by the Committee may elect to reduce his or her salary up to a whole percentage of not more than 25%; provided however that a Participant who has
elected and is contributing a portion of his or her Salary under the Savings Plan, may not elect to defer any percentage of said Salary as an Additional Salary Reduction Credit under this Plan, except as otherwise provided in Section 3.2 but
only up to the foregoing limitation. In no circumstance shall any portion of an Employee’s sales incentive payments be included for the preceding purposes. 

“Affiliate” means any corporate or non-corporate business entity which the Company and/or one or more Subsidiaries, or Alcoa
Upstream Corporation (anticipated in the second half of 2016 to be renamed Alcoa Corporation) (the parent of the Company) or one of its subsidiaries, controls in fact. 

“Award Year” means the calendar year for which awards are made under the provisions of the Incentive Compensation Plan. 

“Award Date” means February of the calendar year following the Award Year except as may be otherwise designated in accordance with
the provisions of the Incentive Compensation Plan. 
 “Beneficiary” means the person or persons designated in writing by a
Participant, in accordance with Article VIII of this Plan, to receive benefits in the event of the Participant’s death. Beneficiary also includes any person or persons designated in writing by a Participant’s Beneficiary, to receive
benefits in the event of the Participant’s Beneficiary’s death. Beneficiary designations made under the Predecessor Plan will be honored under this Plan. 

“Board” means the Board of Directors of the Company or any duly authorized committee thereof. 

“Code” means the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. 

“Committee” means the Benefits Management Committee of the Company, administrative committee that has complete authority to control
and manage the operation and administration of this Plan. 
 “Company” means Alcoa USA Corp. Prior to August 1, 2016,
references to the Company shall mean Alcoa Inc. 
 “Company Stock” means the Company Stock of the Company’s publicly traded
parent corporation, as defined in the Savings Plan. 

  
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 “Continuous Service” means, except as modified by the balance of this definition, the
period of continuous employment with the Company, Subsidiary or Affiliate, either as a salaried employee or as an hourly-rated employee, subject to such rules as may be adopted from time to time by the Committee. Continuous Service shall terminate
upon any quit, dismissal, discharge or any other termination of employment with the Company, Subsidiary or Affiliate; any determination by the Committee that employment with these entities has terminated shall be conclusive. Continuous Service upon
reemployment does not include any Continuous Service accrued prior to a termination of Continuous Service, except that if a Participant’s Continuous Service is terminated by reason of Retirement, Continuous Service at the time of such
termination shall be reinstated upon the date of his or her reemployment with the Company, a Subsidiary or Affiliate. Effective January 1, 2009, absences from such employment due to inactive status, sick leave, leave of absence or layoff shall
constitute a termination of Continuous Service after such status has continued for 6 months, except to the extent the Participant has the legal right to be reemployed either through contract or statute. Effective as of July 1, 1998 all years of
service accrued with Alumax, Inc. or any of its subsidiaries (“Alumax”) on and after June 16, 1998, by any Participant who was actively employed with Alumax on June 16, 1998, will be taken into account to determine Continuous
Service. 
 “Credits” means the Salary Reduction Credits, Additional Salary Reduction Credits, Incentive Compensation Deferral
Credits, Employer Contribution Credits, Excess D Deferral Credits and Matching Company Credits credited to a Participant’s account with a deemed value equivalent to the unit value of the Investment Option in which each Credit is deemed to be
invested. In no circumstance shall any portion of an Employee’s sales incentive payments be included for the preceding purposes. 

“Earnings Credits” mean: 

(a) the interest deemed to be credited to the accounts of Participants in the Equivalent Fixed Income Investment Fund, 

(b) the amount of the increase or decrease in the deemed value of Participant’s investments in the Equivalent Equity
Investment Fund, and 
 (c) the deemed amount of dividends received, and gain or loss realized on, Equivalent Company Stock.

 “Eligible Employee” means any employee who is a member of the group of select management and highly compensated employees, who
on or after June 1, 1990 is actively at work for the Company, a Subsidiary or Affiliate, has a job grade of 19 or higher, as determined by the Company, is not in a collective bargaining unit, and (a) who is eligible for participation in
the Savings Plan, or (b) who on or after January 1, 1999 is eligible to participate in the Alumax Inc. Thrift Plan for Salaried Employees and is named as an Eligible Employee by the Executive Vice President—Human Resources, as
previously identified, or (c) who on or after May 3, 2000 is a Reynolds Metals Company employee and is eligible for Incentive Compensation. Such Alumax eligible employees will be eligible to make Salary Reduction Credits and/or Incentive

  
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Compensation Deferral Credits, in accordance with this plan, as previously identified, or (d) who is a participant in the Howmet Deferred Compensation Plan, and has elected to transfer their
account balance in that plan to this Plan prior to December 1, 2007. Effective January 1, 2013, only employees, who are in a job grade 21 or higher or effective August 11, 2014, employees who are in a job band of 40 or higher (or
under a comparable level of compensation band), as determined by the Company, are eligible to participate in the Plan. All Credits, including Earnings Credits in the accounts of former Eligible Employees who are not in a job grade of 21 or higher or
effective August 11, 2014, a job band of 40 or higher (or under a comparable level of compensation band) will continue to be maintained under all Plan provisions. 

“Employer Contribution Credits” means an amount deemed to be equivalent to the dollar amount that otherwise would have been
contributed by the Company to the Participant’s account under the Savings Plan as either a Discretionary Contribution, Restricted Discretionary Contribution or an Employer Retirement Income Contribution, had the contribution under the Savings
Plan not been limited by the Code’s limits on contributions to the Savings Plan. In no circumstance shall any portion of an Employee’s sales incentive payments be included for the preceding purposes. 

“Equivalent Company Stock” means the number of shares of Company Stock deemed to be credited to a Participant’s account. 

“Equivalent Equity Investment Fund” means the phantom investment vehicle which is deemed to be equivalent in all respects, including
value, to the Equity Investment Fund established under the Savings Plan. 
 “Equivalent Fixed Income Fund” means the phantom
investment vehicle which is deemed to be equivalent in all respects, including value, to the Fixed Income Fund established under the Savings Plan. 

“Excess D Deferral Credits” means any amounts on and after January 1, 1993 deemed to be credited to a Participant’s
account equivalent to the dollar amount which the Participant will have automatically credited to the Plan in accordance with the Company’s Employees’ Excess Benefits Plan D. 

“Incentive Compensation Plan” means the Incentive Compensation Plan of the Company, and effective January 1, 1997 the
Management Incentive Program of Alcoa Building Products for employees in Job Grades 19 and above. 
 “Incentive Compensation Deferral
Credits” means any amounts deemed to be credited to a Participant’s account on the applicable Award Date equivalent to the percentage that the Participant has elected to defer from an award which he or she is eligible to receive under the
Company’s Incentive Compensation Plan for the 1991 Award Year or any later Award Year. Any such deferrals must be in an amount equal to 25%, 50%, 75%, or 100% of such award. 

  
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 “Investment Options” means the phantom investment vehicles established hereunder for
either Salary Reduction Credits, Additional Salary Reduction Credits, Matching Company Credits, Incentive Compensation Deferral Credits, Employer Contribution Credits, and/or Excess D Deferral Credits with reference to the equivalent investment
options under the Savings Plan, or any other such equivalent investment option added to the Savings Plan after January 1, 1993 unless otherwise determined by the Committee. 

“Matching Company Credits” means an amount deemed to be equivalent to the dollar amount that otherwise would have been contributed
by the Company to the Participant’s account under the Savings Plan, had the Participant elected to contribute to the Savings Plan an amount equivalent to the Participant’s elected Salary Reduction Credits under this Plan and the
Participant’s contribution under the Savings Plan had not been limited by the Code’s limits on contributions to the Savings Plan. In no circumstance shall any portion of an Employee’s sales incentive payments be included for the
preceding purposes. 
 “Other Plan” means any cash or deferred arrangements established under Section 401(k) of the Code,
other than the Savings Plan, under which a Participant may elect to have a portion of his or her Salary reduced. 
 “Participant”
means any Eligible Employee who commences participation in this Plan as provided in Article II. Effective August 1, 2016, “Participant” shall not include any person who is a participant in the Arconic Deferred Compensation Plan. 

“Plan” means the Alcoa USA Corp. Deferred Compensation Plan, adopted by the Company as described herein or as from time to time
hereafter amended. References to the Plan prior to August 1, 2016, shall be references to the Predecessor Plan. 
 “Post-2004
Credits” means Salary Reduction Credits, Additional Salary Reduction Credits, Incentive Compensation Deferral Credits, and Matching Company Credits credited to a Participant’s account on and after January 1, 2005, including any
Earnings Credits on such amounts. Notwithstanding anything herein to the contrary, Post-2004 Credits also include all Credits of any Participant with less than three (3) years of Continuous Service as of January 1, 2005. In no circumstance
shall any portion of an Employee’s sales incentive payments be included for the preceding purposes. 
 “Predecessor Plan”
means Arconic Deferred Compensation Plan (prior to August 1, 2016, referred to as the Alcoa Deferred Compensation Plan). 

“Retirement” means termination of employment after either: 
  

	 	(a)	becoming eligible for a normal or early Retirement type under a qualified pension plan of the Company, a Subsidiary or Affiliate; or 

  
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	 	(b)	if not eligible to participate in a qualified pension plan pursuant to the above subsection (a) , attaining either: 

  

	 	(i)	age 55 and completing 10 or more years of Continuous Service; or 

  

	 	(ii)	age 65 and completing three or more years of Continuous Service. 

 “Salary” means
“Eligible Compensation” as defined in the Savings Plan or “Compensation” as defined in the Alumax Inc. Thrift Plan for Salaried Employees, as applicable, without regard to the limitations imposed by Section 401(a)(17) of the
Code. In no circumstance shall any portion of an Employee’s sales incentive payments be included for the preceding purposes. 

“Salary Reduction Credits” means any amounts deemed to be credited to a Participant’s account equivalent to the dollar amount
by which a Participant elected to reduce his or her Salary by a whole percentage of not more than 6%; provided, however, a Participant who has elected and is contributing a portion of his or her Salary under the Savings Plan, may not elect to defer
any percentage of said Salary as a Salary Reduction Credit under this Plan except as otherwise provided in Section 3.2 but only up to the foregoing limitation. In no circumstance shall any portion of an Employee’s sales incentive payments
be included for the preceding purposes. 
 “Savings Plan” means, effective August 1, 2016, the Retirement Savings Plan for
Salaried Employees of Alcoa USA Corp., as now in existence or hereinafter amended. Prior to August 1, 2016, “Savings Plan” refers to the Arconic Salaried Retirement Savings Plan, the Arconic Hourly Non-Bargaining Retirement Savings
Plan, and/or the Arconic Fastener Systems and Rings Retirement Savings Plan. 
 “Specified Employee” means a “specified
employee” as defined under written guidelines adopted by the Company, which comply with Section 409A of the Code and any regulations promulgated thereunder. 

“Subsidiary” means a corporation at least 50% of whose outstanding voting stock is owned or controlled by the Company and/or one or
more other Subsidiaries, and any non-corporate business entity in which the Company and/or one or more other Subsidiaries have at least a 50% interest in capital or profits. 

“Year of Plan Participation” means any 12-month period extending from the first day of the month a Participant begins participation
in the Savings Plan and/or this Plan if the Participant has maintained an account in the Savings Plan and/or this Plan for such 12-month period. 

ARTICLE II - PARTICIPATION 

2.1 An Eligible Employee shall commence participation in this Plan upon the first day of his or her first full payroll period following the
receipt of his or her application or request for participation by the Company or its designee. Such Eligible Employee may only become a Participant after executing the appropriate form for authorizing payroll deductions from his or her Salary and
for selecting investment options. An Eligible Employee shall also commence 

  
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participation on the Award Date applicable to the portion of any award which he or she is eligible to receive under the provisions of the Incentive Compensation Plan and has deferred for the 1991
Award Year or any later Award Year, or on such date that his or her account would have been credited with Excess D Deferral Credits. If a Participant ceases to participate in this Plan as a result of the transfer of such Participant’s
employment to a company whose employees participate in the Arconic Deferred Compensation Plan (“Arconic Plan”) after August 1, 2016, but before the date of the legal separation of Alcoa Inc. into two separate publicly-traded companies
(Arconic Inc. and Alcoa Corporation) (the “Separation Date”), the account balance of such Participant shall automatically be transferred from this Plan to the Arconic Plan and such person shall cease to be a Participant. If a participant
in the Arconic Plan transfers employment to the Company (or an Affiliate or Subsidiary) after August 1, 2016, but before the Separation Date, the Arconic Plan account balance of such Participant shall be accepted by this Plan. 

ARTICLE III - PARTICIPANT DEFERRALS 

3.1    Commencing January 1, 1993 a Participant may by proper election reduce his or her Salary each month in an
amount up to, but not more than 6% of his or her Salary, which shall be deemed to be credited to his or her account as Salary Reduction Credits. Whether or not the Participant elects any Salary Reduction Credits, Participant may by proper election
reduce his or her Salary each month in an amount up to, but not more than 14% of said Salary, which shall be credited to his or her account as Additional Salary Reduction Credits. Effective June 1, 1995, the figure 14% in the foregoing sentence
is revised to read 20% for Participants whose Additional Salary Reduction Credit limitation has been increased to 20% by the Committee. 

A Participant may change a previously elected percentage of Salary reduction or terminate further deferrals in this Plan effective for the
first full payroll period following the date the Company or its designee is advised of such request either orally or in writing in accordance with uniform rules established by the Committee. Effective January 1, 2005, elections for salary
reductions must be received by the Plan in the year before such salary is earned, and such election is irrevocable. Effective January 1, 2011, the figure 20% in the foregoing sentence is revised to read 25% for Participants whose Additional
Salary Reduction Credit limitation has been increased to 25% by the Committee. Elections made under the Predecessor Plan as of August 1, 2016, are recognized under the Plan, and Participants do not have the ability to change such elections
unless they otherwise would have had such right under the Predecessor Plan. 
  3.2    In accordance with uniform
rules established by the Committee, Salary Reduction Credits and Additional Salary Reduction Credits shall be deemed to be credited to the Participant’s account equivalent to the amount by which the Participant’s Salary is reduced in each
category. 
  Effective January 1, 2013, only Eligible Employees, including any promotions, new hires or rehires on or after that
date, who are in a job band of 60 or above (or under a comparable level of compensation band and formerly job grade 25) at the time of election may elect or remove a “spill over” election. From that date forward, an Eligible Employee who
is in a job band 60 or above (or under a comparable level of compensation band and formerly job grade 25), who has 

  
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elected and is contributing a portion of his or her Salary under the Savings Plan, but has been limited by Code limits on their contributions to the Savings Plan, and who has elected to make a
“spill-over” election to this Plan will be credited with Salary Reduction Credits or Additional Salary Reduction Credits, as applicable, up to the amount that their election to the Savings Plan was limited. An Eligible Employee, who is in
a job band 50 (or under a comparable level of compensation band and formerly job grade 24) on or after January 1, 2013 will not be eligible to elect a “spill-over” election. Notwithstanding the forgoing, any Participant who was in a
job band 50 (formerly job grade 24), and who was eligible to make a “spill-over” election to this Plan, on December 31, 2012, will remain eligible to do so in the future as long as they have not incurred a severance from service. 

 3.3     Commencing for the 1991 Award Year and later Award Years a Participant who by proper election has deferred
under the Incentive Compensation Plan all or a portion of an award which he or she is eligible to receive under said Plan, shall have his or her account deemed to be credited with Incentive Compensation Deferred Credits in an amount equal to the
amount of such deferral. Effective January 1, 2005, such Incentive Compensation Deferral Credit elections must be received by the Plan at least 6 months before the end of the year in which they are earned, and such election is irrevocable. 

3.4     Excess D Deferral Credits shall be credited to Participants’ accounts as applicable. 

3.5     A Participant who is authorized by the Committee and who by proper election has deferred the receipt of any
“special payments” (as determined by the Company), shall have his or her account credited in an amount equal to the amount of such deferral. Such special payment credits shall be treated as Incentive Compensation Deferral Credits.
Participant elections related to the deferrals of “special payments,” which were elected prior to the Participant’s termination of Continuous Service, will be credited to the Participant’s Plan account at the time payment would
otherwise have been made. Payments in 2001 under the Performance Enhancement Reward Program will be treated as “special payments” under this plan. 

3.6     Effective as of May 1, 2008, to the extent the Company agrees to contribute an amount(s) to a
Participant’s account pursuant to an employment agreement approved by the Compensation Committee of the Board, the Participant shall have his or her account credited with such amount(s). Any vesting contingencies related to such amount(s) that
are provided for in such employment agreement will continue to apply to any such amount(s) pursuant to the terms of such employment agreement. Except for the vesting contingencies, which will continue to apply, any such contributed amount(s) will be
treated the same as an Employer Contribution Credit. 
  ARTICLE IV - MATCHING COMPANY CREDIT 

4.1     A Participant who has elected to reduce his or her Salary under this Plan shall have his or her account deemed to
be credited with Matching Company Credits for which he or she is eligible. 

  
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 Effective April 1, 2009, no Matching Company Credits will be deemed to be credited to any
Participant account under this Plan. Effective February 1, 2010, Matching Company Credits equivalent to the dollar amount that otherwise would have been contributed by the Company to the Participant’s account under the Savings Plan on or
after February 1, 2010 will again be deemed to be credited to Participant accounts under this Plan. 
 ARTICLE V -
INVESTMENTS 
 5.1 (a) Employer Contribution Credits, Salary Reduction Credits, Additional Salary Reduction Credits, Excess D
Deferral Credits and Incentive Compensation Deferral Credits shall be deemed to be invested in 1% increments, at the election of the Participant, in one or more of the Investment Options. A Participant may change his or her investment election,
effective for the first full payroll period following the date the appropriate direction has been properly received by the Company or its designee, in accordance with uniform rules established by the Committee. 

(b) Matching Company Credits shall be deemed to be invested in the phantom investment vehicle which is equivalent to the investment vehicle
under the Savings Plan in which the Company’s matching contributions to Participants’ accounts are invested. 
 ARTICLE VI -
CREDIT CONVERSION 
 All Credits and Earnings Credits in a Participant’s account on October 30, 1992 shall be converted to
the applicable Investment Option in accordance with the conversion of investments in the Savings Plan as in effect on October 30, 1992, and shall thereafter be contingently credited by reference to the unit value of the Investment Options. 

ARTICLE VII - TRANSFER OF CREDITS 

7.1 (a) A Participant may, by appropriate direction which is properly received by the Company or its designee, in accordance with uniform
rules established by the Company, elect to transfer in increments of 1% or $1.00 all or part of the deemed value of his or her Salary Reduction Credits, Additional Salary Reduction Credits, Incentive Compensation Deferral Credits, Matching Company
Credits, Excess D Deferral Credits, except as may be limited by the Committee, from any one or more investment Options to any one or more other such Investment Options. Such a transfer may be made daily. 

(b) Effective Date of Transfer. The effective date of any transfer under paragraph (a) above shall be the date for which the Appropriate
Direction to the Company or its designee has been properly received in accordance with uniform rules established by the Company. 
 (c)
Notwithstanding the foregoing, upon a Participant’s termination of employment, for any reason other than Retirement, he or she may not elect to transfer any part of his or her Salary Reduction Credits, Additional Salary Reduction Credits,
Matching Company Credits, Incentive Compensation Deferral Credits, Excess D Deferral Credits and Earnings Credits from the investment vehicle in which such Credits were deemed to be invested on the date employment was terminated, to any other
investment vehicle. 

  
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 (d) The Company reserves the right to refuse to honor any Participant direction related to
investments or withdrawals, including transfers among investment options, where necessary or desirable to assure compliance with applicable law including U.S. and other Securities laws. However, the Company does not assume any responsibility for
compliance by officers or others with any such laws, and any failure by the Company to delay or dishonor any such direction shall not be deemed to increase the Company’s legal exposure to the Participant or third parties. 

ARTICLE VIII - DISTRIBUTIONS 

8.1     Except as otherwise specified in this Article VIII, the amount of Credits in a Participant’s account shall be
distributed to the Participant upon his or her termination of Continuous Service, unless the Participant has the legal right to be reemployed either through contract or statute. 

Effective September 1, 2000, any transfer of employment to a subsidiary or affiliate in which the Company and/or any one or more
Subsidiaries have at least a 20% ownership interest will not be considered a termination in Continuous Service for purposes of this Article VIII–Distributions. 

Effective June 1, 2007, Participants, whose employment is with such a subsidiary or affiliate of the Company in which the Company and/or
any one or more Subsidiaries have at least a 20% ownership interest but less than a majority ownership interest, must notify the Company upon his or her termination of Continuous Service with such subsidiary or affiliate. Notwithstanding the
foregoing, any contributions made pursuant to Section 3.6 will be subject to the vesting contingencies related thereto. 

8.2     All distributions made pursuant to the termination of the Participant’s Continuous Service by reason other
than death or Retirement shall be paid to the Participant as soon as administratively practical in a lump sum. All distributions of Post-2004 Credits made pursuant to the termination of the Participant’s Continuous Service by reason other than
Retirement, or to the extent such Post-2004 Credits are valued equal or less than $50,000, shall be paid to the Participant as soon as administratively practical in a lump sum. The term “as soon as administratively practical” for purposes
of this paragraph means within the later of: (a) 90 days of Retirement or termination or (b) 2 1⁄2 months after the year of Retirement or
termination. 
 8.3     For Pre-2005 Credits, prior to his or her Retirement date, a Participant may elect that the
value of his or her account be distributed either in a lump sum at Retirement or in annual installments of any number designated by the Participant up to, but not more than ten (10) following his or her Retirement, commencing the
January 31 of the first calendar year following such Retirement and each January 31 thereafter until he or she has received all installments. A Participant’s election to receive installments must be made at least 6 months prior to his
or her 

  
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Retirement date. The Participant’s election to receive either a lump sum or annual installments shall become irrevocable 6 months prior to the Participant’s Retirement date, or at such
other time as may be approved by the Committee. In the event the Participant fails to make such an election, all amounts in his or her account shall be distributed as a lump sum distribution as soon as administratively practical after his or her
Retirement. All distributions of Post-2004 Credits made pursuant to the termination of the Participant’s Continuous Service by reason of Retirement and to the extent such Post-2004 Credits are valued more than $50,000, shall be paid to the
Participant in ten (10) annual installments, unless the Participant made an irrevocable election for a different distribution option as of the later of: i. June 30, 2005 or ii. within 30 days after becoming a Eligible Participant. The term
“as soon as administratively practical” for purposes of this paragraph means within the later of: (a) 90 days of Retirement or (b) 2 1⁄2
months after the year of Retirement. 
  If a Participant has irrevocably elected to receive annual installments following Retirement or
is receiving annual installments, for either Pre-2005 or Post-2004 Credits, and is subsequently reemployed by the Company on or after January 1, 2009, such annual installments shall continue regardless of reemployment or reinstatement of
Continuous Service. Credits and Earnings Credits thereon accrued during the term of reemployment will be distributed separately upon subsequent termination. 

8.4     The Beneficiary under this Plan shall be the Participant’s spouse unless otherwise designated in writing by
the Participant and such other designated Beneficiary has been agreed to in writing by the Participant’s spouse on a form approved by the Committee. 

Distributions from this Plan to a Beneficiary shall be in a lump sum or in annual installments of any number designated by the Participant up
to, but not more than ten (10) following his or her death commencing the first January 31 after the Participant’s death and each January 31 thereafter until all installments have been distributed. 

In the event a Beneficiary dies prior to receiving all the annual installments which he or she is entitled to receive from this Plan, any
remaining installments will be distributed as soon as administratively practical in a lump sum to the Beneficiary’s designated Beneficiary, or if there is no designated Beneficiary, then to the Beneficiary’s estate, The term “as soon
as administratively practical” for purposes of this paragraph means within the later of: (a) 90 days of death or (b) 2 1⁄2 months after the year
of death. 
 8.5     This Plan shall not be construed as conferring any rights upon any Participant for continuation of
employment with the Company, Subsidiary or Affiliate, nor shall it interfere with the rights of the Company, Subsidiary or Affiliate to terminate the employment of any Participant and/or to take any personnel action affecting any Participant without
regard to the effect which such action may have upon such Participant as to recipient of benefits under this Plan. 

8.6     No benefit under this Plan may be assigned, transferred, pledged or encumbered or be subject in any manner to
alienation or anticipation except as provided in a qualified domestic relations order. 

  
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  8.7     (a) Benefits payable hereunder shall be payable out of the
general assets of the Company or a participating Subsidiary, and no segregation of assets for such benefits shall be made. The right of a Participant or any Beneficiary to receive benefits under this Plan shall be an unsecured claim against said
assets and shall be no greater than the rights of an unsecured general creditor to the Company. Notwithstanding the foregoing, in the event the Company establishes a trust, to which it may, but shall not be required to contribute money or other
property of the Company in contemplation of paying benefits under this Plan, such money or other property shall remain subject to the claims of creditors of the Company. 

(b) Notwithstanding any other provisions of this Plan, if any amounts held in a trust of the above described nature are found, due to the
creation or operation of said trust, in a final decision by a court of competent jurisdiction, or under a “determination” by the Internal Revenue Service in a closing agreement in audit or a final refund disposition (within the meaning of
Section 1313(a) of the Code), to have been includable in the gross income of a Participant or Beneficiary prior to payment of such amounts from said trust, the trustee for the trust shall, as soon as administratively practicable, pay to such
Participant or Beneficiary an amount equal to the amount determined to have been includable in gross income in such determination, and shall accordingly reduce the Participant’s or Beneficiary’s future benefits payable under this Plan. The
trustee shall not make any distribution to a Participant or Beneficiary pursuant to this paragraph 8.7(b) unless it has received a copy of the written determination described above together with any legal opinion which it may request as to the
applicability thereof. The term “as soon as administratively practical” in this Section means within the later of: (a) 90 days of the trustee’s determination or (b) 2 1⁄2 months after the year of the trustee’s determination. 
 8.8     To the
extent a Participant is a Specified Employee, any distribution to the Participant, will be delayed until the first day of the seventh month following the date that the distribution would otherwise have begun. Other than Earnings Credits, no other
Credits will be applied to the Participant’s account during that time. 
  ARTICLE IX - ADMINISTRATION AND EXPENSES OF THE
PLAN 
  9.1     The general administration of this Plan shall be by the Committee. The Committee’s
discretion with respect to this Plan includes the authority to determine eligibility under all provisions, correct all defects, supply all omissions, reconcile all inconsistencies in the Plan, ensure all benefits are paid in accordance to the Plan,
interpret Plan provisions for all Participants or Beneficiaries, and decide all issues of credibility necessary to carry out and operate the Plan. Benefits under this Plan will be paid only if the Committee in its sole and absolute discretion
decides that the applicant is entitled to them. All actions, decisions, or interpretations of the Committee are conclusive, final, and binding. 

  
 12 

 All costs and expenses incurred in administering the Plan, including the expenses of the
Committee, the fees and expenses of the Trustee, the fees and charges payable under the investment arrangements, and other legal and administrative expenses, shall be paid by the Plan. Notwithstanding, for any Affiliate of which the Company owns
less than an 80% interest as defined under Code Section 1504, the obligation of and liability for the deferred compensation benefits accrued under this Plan for Participants employed by such an Affiliate, shall remain the sole obligation and
liability of the Affiliate by express resolution of its board or other governing body. 
 ARTICLE X - AMENDMENT AND TERMINATION

  10.1     This Plan may be amended, suspended or terminated at any time by the Board or any other entity
approved by the Board, including the Committee, provided that no such amendment, suspension or termination shall reduce or in any manner adversely affect any Participant’s or Board’s rights with respect to benefits that are payable or may
become payable under this Plan based upon said Participant’s Credits as of the date of such amendment, suspension or termination. 

ARTICLE XI - CONSTRUCTION 

11.1     This Plan shall be construed, regulated and administered under the laws of the Commonwealth of Pennsylvania,
including its choice of law provisions and applicable statute of limitations. 
  ARTICLE XII - CLAIMS AND APPEALS 

12.1     If a claim by a Participant or Beneficiary is denied, in whole or in part the Participant or Beneficiary, or
their representative will receive written notice from the plan administrator. This notice will include the reasons for denial, the specific plan provision involved, an explanation of how claims are reviewed, the procedure for requesting a review of
the denied claim, and a description of the information that must be submitted with the appeal. The Participant or Beneficiary, or their representative, may file a written appeal for review of a denied claim to the Committee or its delegate. The
process and the time frames for the determination claims and appeals are as follows: 
  (a) The plan administrator reviews initial claim
and makes determination within 90 days of the date the claim is received. 
 (b) The plan administrator may extend the above 90-day period an
additional 90 days if required due to special circumstances beyond control of plan administrator. 
 (c) The Participant or Beneficiary, or
their representative, may submit an appeal of a denied claim within 60 days of receipt of the denial. 
 (d) The plan administrator reviews
and makes a determination on the appeal within 60 days of the date the appeal was received. 

  
 13 

 (e) The plan administrator may extend the above 60-day period an additional 60 days if required
by special circumstances beyond the control of the plan administrator. 
  12.2     In the case where the plan
administrator requires an extension of the period to provide a determination on an initial claim or an appeal, the Plan will notify the Participant or Beneficiary, or their representative, prior to the expiration of the initial determination period.
The notification will describe the circumstances requiring the extension and the date a determination is expected to be made. If additional information is required from the Participant or Beneficiary, the determination period will be suspended until
the earlier of i) the date the information is received by the plan administrator or ii) 45 days from the date the information was requested. 

12.3     Participants or Beneficiaries, or their representative, who having received an adverse appeal determination and
thereby exhausted the remedies provided under the this Plan, proceed to file suit in state or federal court, must file such suit within 180 days from the date of the adverse appeal determination notice or any right to file such suit will be
permanently foreclosed. 

  
 14EX-10.3

 Exhibit 10.3 

ALCOA USA CORP. 

NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN C 

(as adopted effective August 1, 2016) 

Alcoa USA Corp. has adopted the following Alcoa USA Corp. Nonqualified Supplemental Retirement Plan C (this “Excess Plan”) effective
August 1, 2016. Effective August 1, 2016, in anticipation of its separation into two separate publicly-traded companies, Alcoa Inc. separated the Alcoa Inc. Employees’ Excess Benefits Plan C (the “Predecessor Plan”) into two
separate plans: this Excess Plan and the Predecessor Plan (renamed Arconic Employees’ Excess Benefits Plan C). No person is entitled to a benefit under both plans. This Excess Plan is intended as a continuation of the Predecessor Plan for the
Participants covered by this Excess Plan and recognizes Retirements and service accrued under the Predecessor Plan. 
 This Excess Plan is
for the exclusive benefit of selected management and highly compensated employees, whose pension benefits calculated under certain qualified and non-qualified plans does not take into account certain deferred compensation amounts. 

ARTICLE I - DEFINITIONS 
 1.1 The following terms
have the specified meanings: 
 “Additional Compensation” means any amount which the Participant has irrevocably elected to defer
under one or more of the following: (1) the Incentive Compensation Plan of the Company, not including any gain or loss thereon, (2) the Alcoa USA Corp. Deferred Compensation Plan, not including any gain or loss thereon, or (3) the
Performance Pay Plan of the Company, not including any gain or loss thereon. 
 “Annual Compensation” means the total payments
made by the Company and by any Subsidiaries during a calendar year for services rendered as an employee, except as otherwise provided by contractual agreement, other than living and similar allowances and premium pay and payments made for specific
purposes as determined under supplemental rules adopted by the Company. Annual Compensation will include any amounts by which the Participant has elected to reduce his or her salary under the Retirement Savings Plan for Salaried Employees of Alcoa
USA Corp. (or any predecessor plan) or under any cash or deferred arrangement established under Section 401(k) of the Code, and will include any Additional Compensation. “Special Payments” within the meaning of the Alcoa USA Corp.
Deferred Compensation Plan are not treated as Annual Compensation. 
 “Average Final Compensation” means the average Annual
Compensation as determined under the Rule of the Salaried Pension Plan in which the Participant participates. 
 “Board of
Directors” means the Board of Directors of the Company. 

  
 - 1 - 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Benefits Management Committee of the Company, which has been delegated by the Board of Directors to have the
discretionary authority to interpret and administer this Excess Plan. 
 “Company” means Alcoa USA Corp., a subsidiary of Alcoa
Inc., which is anticipated to be spun off from the Alcoa Inc. controlled group of corporations as part of Alcoa Corporation in the second half of 2016. 

“Excess Plan” means the Alcoa USA Corp. Nonqualified Supplemental Retirement Plan C, adopted by the Company as described herein
or as from time to time hereafter amended. 
 “Other Plans” means the Salaried Pension Plan, any defined benefit retirement plan
of any affiliate or subsidiary of the Company, Alcoa Corporation, the Alcoa USA Corp. Excess Benefit Plan and Alcoa USA Corp. Nonqualified Supplemental Retirement Plan B (“Excess B”), or such similar plan of any affiliate or subsidiary of
the Company, as any presently exist or may exist in the future. 
 “Participant” means, on or after August 1, 2016, any
employee of the Company or any participating affiliate or subsidiary of the Company who meets one or more of the following requirements: 

(1) retires or dies while covered under Excess B, or 

(2) has Additional Compensation and is a participant in the Salaried Pension Plan, or 

(3) on or after January 1, 1989, and before August 11, 2014, retired, died or terminated employment while covered under the Salaried
Pension Plan, and immediately prior to retirement, death or termination was in a job grade of 19 or above, or 
 (4) on or after
August 11, 2014, retires, dies or terminates while covered under the Salaried Pension Plan, and immediately prior to retirement, death or termination is in a job band of 35 or above, or an equivalent of such job bands as determined by the
Company. 
 Effective January 1, 2008, any employee who as of December 31, 2007 was a participant in Rule IC of the Salaried Pension Plan and is
in a job grade of 27 or above, or an equivalent of such job grade as determined by the Company, is excluded from participation in this Excess Plan but will be eligible under the Alcoa USA Supplemental Pension Plan for Senior Executives (prior to
August 1, 2016 named the Alcoa Supplemental Pension Plan for Senior Executives). “Participant” shall not include any person who is a participant in the Arconic Employees’ Excess Benefits Plan C. 

  
 - 2 - 

 “Pension Service” means the service used to calculate the Participant’s monthly
retirement benefit under the Salaried Pension Plan. 
 “Predecessor Plan” means Alcoa Inc. Employees’ Excess Benefits Plan C,
as amended and restated effective as of December 31, 2007, as amended, and renamed effective August 1, 2016, as Arconic Employees’ Excess Benefits Plan C. 

“Reduced Average Final Compensation” means Average Final Compensation which is calculated by reducing each year’s Annual
Compensation used by one-half of the amount, if any, received by a Participant from the Incentive Compensation Plan and the Performance Pay Plan of the Company. 

“Retirement” or “Retires” means the termination of employment after attainment of a specified age and specified service as
determined under Normal or Early Retirement type under the Salaried Pension Plan Rules or Excess B. Notwithstanding the foregoing, “Retirement” also includes termination of active employment under a Disability Retirement under the Salaried
Pension Plan Rules, and such disability must also comply with Section 409A of the Code and the regulations promulgated thereunder for purposes of this Excess Plan. “Retirement” shall also mean any retirement as may be defined under
any executive severance agreement entered into between the Company and a Participant to the extent it otherwise complies with termination of employment for purposes of Section 409(A) of the Code. 

“Salaried Pension Plan” means the Pension Plan for Certain Salaried Employees of Alcoa USA Corp. as now in effect and as from time
to time hereafter amended. References to the Salaried Pension Plan prior to August 1, 2016, shall be references to Alcoa Retirement Plan I. 

“Short Term Applicable Rate of Interest” shall mean the rate prescribed for January of the year of retirement under
Section 1274(d) of the Code. 
 “Specified Employee” means an employee as defined under written guidelines
adopted by the Company, which comply with Section 409A of the Code and any regulations promulgated thereunder. 
 “Surviving
Spouse” means a deceased Participant’s spouse who is entitled to receive surviving spouse benefits under the Salaried Pension Plan or Excess B. For any Participant retiring with a benefit under this Excess Plan or the Predecessor Plan on
or after January 1, 2012, the term Surviving Spouse in the Plan and the Predecessor Plan includes a Surviving Domestic Partner as defined in the Salaried Pension Plan who is designated as a beneficiary under Alcoa Retirement the Salaried
Pension Plan. 
 ARTICLE II - BENEFITS 

2.1 Effective January 1, 2008, the benefit payable under this Excess Plan or the Prior Plan to a Participant who retires or terminates with a vested
benefit on or after January 1, 2008 under the Salaried Pension Plan – Rules IC, ID, IE, IF, IG, IH, IJ, IM, IN, IP or Excess B as it relates to the 

  
 - 3 - 

 
foregoing Rules, is equal to the portion of pension benefits in pay status that would have been payable had the Salaried Pension Plan used Annual Compensation in determining the pension benefit,
without regard to Section 401(a)(17) of the Code. The pension otherwise payable under this Excess Plan will be subject to offsets for payments made from Other Plans. 

Effective at the close of business on December 31, 2011, the Salaried Pension Plan, Rule IC was amended to stop future accruals of age
and service for purposes of calculating the amount of a 70/80 Retirement or a Rule of 65 Retirement for any Participant in a job grade 19 or above on October 1, 2012. Effective January 1, 2012, the Predecessor Plan was amended to provide a
70/80 Retirement for age and service accrued on or after January 1, 2012, including any applicable Supplemental Pension (as such terms are described under the Salaried Pension Plan, Rule IC), for any such impacted Participant who meets the age,
service and other contingent eligibility requirements for such Retirement and Supplement on or after that date under this nonqualified Plan; subject to any offset for 70/80 Retirement made under Rule IC (including an offset for any 70/80 Retirement
provided due to a Change in Control). 
 2.2 Notwithstanding the foregoing Section 2.1, the following formulas will also continue to apply through
December 31, 2012, for anyone who is a Participant as of December 31, 2007. Effective December 31, 2012, the formulas will be frozen as to any additional accruals. Anyone who becomes a Participant after December 31, 2007, will
only receive accruals under Section 2.1, and will be ineligible for the following formulas: 
 A. FORMULA 1 – 

(1) for participants who retire on or after January 1, 1989 and are eligible under the Salaried Pension Plan – Rules IC, ID, IE, IF,
IG, IH, or IJ, or Excess B as it relates to the foregoing Rules, the portion of pension benefits in pay status that would have been payable for that month to a Participant under the Salaried Pension Plan at the time Pension Service terminates, had
the Salaried Pension Plan used Annual Compensation in determining the pension benefit; however, Annual Compensation is subject to the limits provided for in Section 401(a)(17) of the Code, through 1993, and $250,000 thereafter, or 

(2) for participants who retire under the Salaried Pension Plan – Rules IM, IN, or IP, or Excess B as it relates to Rules IM, IN, or IP,
the portion of pension benefits in pay status that would have been payable for that month to a Participant under the Salaried Pension Plan at the time Pension Service terminates, had the Salaried Pension Plan used Annual Compensation in determining
the pension benefit, without regard to Section 401(a)(17) of the Code. 
 B. FORMULA 2 - for participants who retire on or after
January 1, 1989, and are eligible under the Salaried Pension Plan, Rule IC, or Excess B as it relates to Rule IC, the amount of pension benefits which would have been payable to the Participant using the formula contained in the Salaried
Pension Plan, Rule IC, effective December 31, 1988, had the Salaried Pension Plan, Rule IC used Annual Compensation in determining the pension benefit, or 

  
 - 4 - 

 C. FORMULA 3 - for participants who retire on or after January 1, 1989 under the
Salaried Pension Plan, Rule IC, or Excess B as it relates to Rule IC, one-twelfth of the following: 
 (1)    a. 1.7% of
Reduced Average Final Compensation for each year of Pension Service up to 30 years, plus 
 b. 1.3% of Reduced Average Final
Compensation for each year of Pension Service in excess of 30, less 
 c. the projected earnings Social Security offset as
defined in the Salaried Pension Plan, Rule IC as of December 31, 1988, 
 less the amount determined in the following paragraph
(2) a. and b, or (3) a. and b., as applicable. 
 (2)    a. for Participants who retire prior to attaining age
62 on any type of pension provided under the Salaried Pension Plan, Rule IC, or pension equivalent under Excess B as it relates to Rule IC (other than a 55/10 pension or deferred vested pension), a reduction which equals one percent (1%) for
each year, and prorated monthly for a partial year, said retirement precedes age 62, times the amount calculated in the foregoing paragraph (1), plus 

b. any and all applicable reductions and offsets in accordance with the provisions of the Salaried Pension Plan, Rule IC, or of
Excess B as it relates to Rule IC, (i.e., actuarial reductions and any other percentage reduction made in order to create a joint and survivor annuity). 

(3)    a. for Participants who retire prior to attaining age 62 on a 55/10 pension or deferred vested pension, the Salaried
Pension Plan, Rule IC, actuarial reduction to provide for payment prior to age 62, times the amount calculated in the foregoing paragraph (1), plus 

b. any and all applicable reductions and offsets in accordance with the provisions of the Salaried Pension Plan, Rule IC, or
Excess B as it relates to Rule IC (i.e., actuarial reductions and any other percentage reduction made in order to create a joint and survivor annuity). 

D. The pension otherwise payable under Formulas 1, 2 or 3 will be subject to offsets for payments made from Other Plans. 

2.3 A benefit payable under this Excess Plan to the Surviving Spouse: 

A. of a deceased retiree, will be 50% of the pension payable to the retiree on the retiree’s date of death, subject to offset for payments
made from Other Plans. 

  
 - 5 - 

 B. of an employee who dies while accruing Pension Service, will be 50% of the pension calculated
under paragraph 2.1, (or if applicable, the greater of: Formula 1, Formula 2 or Formula 3 (excluding paragraphs 2.2 C. (2), as applicable) on the employee’s date of death, subject to the offset for payments made under Other Plans. 

C. of an employee who terminates with only rights to a deferred vested pension, will be 50% of the pension calculated under paragraph 2.1, (or
if applicable, the greater of Formula 1, Formula 2 or Formula 3, as applicable) on the date that the employee’s Pension Service is terminated, subject to the offset of payments made under Other Plans. 

2.4 Where the benefits under the Other Plans are not payable solely in the form of monthly pension benefits over the same time period, the Committee will, if
necessary, adjust the benefits payable under this Excess Plan so that the Participant or Surviving Spouse is neither advantaged nor disadvantaged for pension purposes. 

2.5 Benefits payable to a Participant who retires or to a Surviving Spouse under this Excess Plan in conjunction with benefits payable under any specific
Other Plans will commence concurrently with benefits payable to said Participant or Surviving Spouse under such Other Plans. Upon the cessation of payment of benefits to a Participant or Surviving Spouse under any Other Plans, benefits payable under
this Excess Plan in conjunction with benefits payable under said Other Plans will concurrently cease. 
 2.6 This Excess Plan will not be construed as
conferring any rights upon any Participant for continuation of employment with the Company or any affiliate or subsidiary of the Company, nor will it interfere with the rights of the Company or an affiliate or subsidiary of the Company to terminate
the employment of any Participant and/or to take any personnel action affecting any Participant without regard to the effect which such action might have upon such Participant as a prospective recipient of benefits under this Excess Plan. 

2.7 No benefit under this Excess Plan may be assigned, transferred, pledged or encumbered or be subject in any manner to alienation or anticipation, except
that any exceptions to the non-alienation provisions in the Salaried Pension Plan, will also apply to benefits hereunder 
 2.8 Notwithstanding the
foregoing provisions of this Article II, all Benefits not in pay status as of January 1, 2009, under the Predecessor Plan, will be payable under this Excess Plan in monthly installments as provided below: 

a. Benefits will be payable commencing on the last day of the month of 

i) a Participant’s Retirement, or 

ii) to the extent the Participant is not eligible for Retirement, but is otherwise vested in the Salaried Pension Plan, the later of: 

  
 - 6 - 

 x) termination of vesting service as provided in the Salaried Pension Plan, or 

y) attainment of age 55, or 
 z)
such other date as irrevocably elected in writing by the Participant under the Predecessor Plan prior to December 31, 2008. 
 b.
Notwithstanding the foregoing, to the extent the Participant is a Specified Employee, such monthly installment will commence on the last day of the seventh month following the date determined in a. above, and will be paid retroactively to the date
determined in a. above, and will include interest accrued on the missed payments. “Interest” means the interest calculated using the Short Term Applicable Rate of Interest in effect as of January of the year of retirement. 

c. The determination of any Benefit payable with respect to Participant who Retires pursuant to the terms of an executive severance agreement,
will include any service credit provided by such agreement for purposes of determining vesting and eligibility, but not benefit accrual. 

d. i) The form of payment of Benefit paid to a Participant who has a Surviving Spouse as defined under the Salaried Pension Plan, is a joint
and survivor annuity, in which the Participant’s Benefit paid during his or her lifetime is reduced, and an amount equal to 50% of the Benefit amount received by the Participant is paid to the Surviving Spouse. There are no optional forms of
payment or Qualified Optional Survivor Annuities (as that term is described in the Salaried Pension Plan) under this Excess Plan. 

To the extent a Participant dies before his or her payments have begun, payments to the Surviving Spouse will be as follows:

 1) If the Participant was a Participant in Rule IM of the Salaried Pension Plan, and dies while accruing pension service, the survivor
annuity under this Excess Plan will begin the later of: a) the month following the Participant’s death or b) the month after the Participant would have turned age 55. 

2) If the Participant was a Participant in Rule IC or Rule IN of the Salaried Pension Plan, and dies while accruing pension service, the
survivor annuity under this Excess Plan will begin the month following the Participant’s death. 
 3) If the Participant dies after
pension service has terminated, the survivor annuity under this Excess Plan will begin the later of: the month following the Participant’s death or the month after the Participant would have turned age 55. 

  
 - 7 - 

 ii) The form of payment of Benefits paid to a Participant who has no Surviving Spouse on the date
payment of Benefits commence is a single life annuity as described in the Salaried Pension Plan. 
 e. If a Participant is receiving payments
under this Excess Plan and is subsequently reemployed by the Company, payments under this Excess Plan shall continue regardless of the cessation of the Participant’s monthly Pension payments due to such reemployment under the Salaried Pension
Plan. 
  2.9 Notwithstanding any provision to the contrary in this Excess Plan, if at any time the present value of a Participant’s nonqualified
benefits under all nonqualified defined benefit plans of the Company, not otherwise payable under the provisions of the Plan, shall be equal to or less than the Code Section 402(g) limit in effect at the time of any payment event (for 2016,
$18,000 or less and as adjusted from time to time by the Internal Revenue Service), the Company may, in the sole and absolute discretion of the Company, elect to distribute the entire benefit to the Participant in the form of a lump sum payment, in
lieu of any other benefit payable under the Plan. The present value shall be determined by the Company, in the Company’s sole and absolute discretion, using reasonable actuarial assumptions. The distribution of the lump sum shall be made as
soon as reasonably practicable, but no later than ninety (90) days after a payment event or two and one-half (2 1⁄2) months after the year of the payment
event, whichever is later. This payment shall extinguish any and all liability under this Excess Plan and any and all the plans from which the lump sum is provided. 

ARTICLE III - CONTRIBUTIONS 
 3.1 Benefits
payable hereunder will be payable out of general assets of Alcoa Corporation, the Company or another subsidiary of Alcoa Corporation that is a participating employer in this Excess Plan, and no segregation of assets for such benefits will be made.
The right of a Participant or a Surviving Spouse to receive benefits under this Excess Plan will be an unsecured claim against said assets. 

ARTICLE IV - ADMINISTRATION OF EXCESS PLAN 
 4.1
The general administration of this Excess Plan will be by the Committee. The Committee’s discretion with respect to this Excess Plan includes the authority to determine eligibility under all provisions, correct all defects, supply all
omissions, reconcile all inconsistencies in this Excess Plan, ensure all benefits are paid in accordance to this Excess Plan, interpret plan provisions for all Participants or Surviving Spouses, and decide all issues of credibility necessary to
carry out and operate this Excess Plan. Benefits under this Excess Plan will be paid only if the Committee in its sole and absolute discretion decides that the applicant is entitled to them. All actions, decisions, or interpretations of the
Committee are conclusive, final, and binding. 

  
 - 8 - 

 ARTICLE V - AMENDMENT AND TERMINATION 

5.1 This Excess Plan may be amended, suspended or terminated at any time by the Board of Directors or any other entity approved by the Board of Directors,
including the Committee, provided, however, that no amendment, suspension or termination will reduce or in any manner adversely affect any Participant’s rights with respect to benefits that are payable or may become payable under Article II
hereof based upon said Participant’s Additional Compensation as of the date of such amendment, suspension termination. 
 ARTICLE VI -
CONSTRUCTION 
 6.1 This Excess Plan will be construed, regulated and administered under the laws of the Commonwealth of Pennsylvania except as modified by
any applicable law. 
 ARTICLE VII- CHANGE IN CONTROL 

7.1 Provisions Upon Change in Control. Notwithstanding any other provision of the Plan, in the event of a Change in Control, as that term is defined in
the Salaried Pension Plan, neither the Company, the Board of Directors, the Committee, or other designee of the Board of Directors, may, during the three-year period commencing on the date that the Change in Control occurs: 

a. Amend, modify, or terminate this Excess Plan, except to the extent as may be legally required by any law or regulations prescribed
thereunder, or any provision of the Code or any regulation prescribed thereunder; or 
 b. Reduce future Excess Plan benefits of any
Participant. 
 ARTICLE VIII – CLAIMS AND APPEALS 

8.1 If a claim by a Participant or Surviving Spouse is denied in whole or in part, the Participant or Surviving Spouse, or their representative will receive
written notice from the plan administrator. This notice will include the reasons for denial, the specific Plan provision involved, an explanation of how claims are reviewed, the procedure for requesting a review of the denied claim, and a
description of the information that must be submitted with the appeal. The Participant or Surviving Spouse, or their representative, may file a written appeal for review of a denied claim to the Committee or its delegate. The process and the time
frames for the determination claims and appeals are as follows: 
 a. The plan administrator reviews initial claim and makes determination
within 90 days of the date the claim is received. 
 b. The plan administrator may extend the above 90-day period an additional 90 days if
required due to special circumstances beyond control of plan administrator. 

  
 - 9 - 

 c. The Participant or Surviving Spouse, or their representative, may submit an appeal of a denied
claim within 60 days of receipt of the denial. 
 d. The plan administrator reviews and makes a determination on the appeal within 60 days of
the date the appeal was received. 
 e. The plan administrator may extend the above 60-day period an additional 60 days if required by
special circumstances beyond the control of the plan administrator. 
 8.2 In the case where the plan administrator requires an extension of
the period to provide a determination on an initial claim or an appeal, the plan will notify the Participant or Surviving Spouse, or their representative, prior to the expiration of the initial determination period. The notification will describe
the circumstances requiring the extension and the date a determination is expected to be made. If additional information is required from the Participant or Surviving Spouse, the determination period will be suspended until the earlier of i) the
date the information is received by the plan administrator or ii) 45 days from the date the information was requested. 
 8.3 Participants
or Surviving Spouses, or their representative, who having received an adverse appeal determination and thereby exhausted the remedies provided under the Excess Plan, proceed to file suit in state or federal court, must file such suit within 180 days
from the date of the adverse appeal determination notice or any right to file such suit will be permanently foreclosed. 

  
 - 10 -

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