Document:

2005 Deferred Fee Plan for Directors

 Exhibit 10(a) 
 ALCOA INC. 
 2005 DEFERRED FEE PLAN FOR DIRECTORS 

(Effective January 1, 2005; As Amended Effective July 20, 2012) 

ARTICLE I—INTRODUCTION 
 Alcoa Inc. (the “Company”) has established this 2005 Deferred Fee Plan for Directors (the “Plan”) to provide non-employee Directors with an opportunity to defer receipt of fees earned
for services as a member of the Company’s Board of Directors (the “Board”) in 2005 and beyond. 
 ARTICLE
II—DEFINITIONS 
 2.1 Definitions. The following definitions apply unless the context clearly indicates
otherwise: 
  

	 	(a)	Alcoa Stock Fund means the Investment Option established hereunder with reference to the Alcoa Stock Fund under the Savings Plan. 

 

	 	(b)	Beneficiary means the person or persons designated by a Director under Section 4.1 to receive any amount payable under Section 5.3.

  

	 	(c)	Chairman means the Chairman of the Board. 

  

	 	(d)	Credits means amounts credited to a Director’s Deferred Fee Account, with all Investment Option units valued by reference to the comparable fund offered
under the Company’s principal savings plan for salaried employees (“Savings Plan”). 

  

	 	(e)	Deferred Fee Account means a bookkeeping account established by the Company in the name of a Director with respect to amounts deferred hereunder.

  

	 	(f)	Director means a non-employee member of the Board who participates in this Plan. Any Director who is a director or chairman of the board of directors of a
subsidiary or affiliate of the Company shall not, by virtue thereof, be deemed to be an employee of the Company or such subsidiary or affiliate for purposes of eligibility under this Plan. 

 

	 	(g)	Director Share Ownership Guideline means the minimum number of shares of Company stock or stock equivalents required to be held by each Director, as established
from time to time by the Board. Effective January 1, 2011, the Director Share Ownership Guideline for a Director shall be $350,000. A Director is required to invest in Alcoa common stock or defer into the Alcoa stock fund under this Plan until
the value of the investment reaches $350,000. The investment will be valued on the first Monday in December of each year and shall be held until retirement from the board of directors of the Company. Until the Director Share Ownership Guideline is
satisfied by a particular Director, he or she is required to defer the Required Deferral Amount (defined below) or otherwise use that amount of annual Fees for the purchase of Company stock. 

 

	 	(h)	Fees means all cash amounts payable to a Director for services rendered as a member of the Board in 2005 and thereafter that are specifically designated as fees,
including, but not limited to, annual and/or quarterly retainer fees, fees (if any) paid for attending meetings of the Board or any Committee thereof, Committee Chair fees, Lead Director fees and any per diem fees. 

 

	 	(i)	Investment Options means the respective options established hereunder with reference to the comparable funds under the Savings Plan. 

 

	 	(j)	Required Deferral Amount means 50% of annual Fees, until such time as a Director has satisfied the then applicable Director Share Ownership Guideline.

  

	 	(k)	Secretary means the Secretary of the Company. 

  
 (Effective January 1, 2005;
As Amended Effective July 20, 2012) 

	 	(l)	Unforeseen Emergency means a severe financial hardship to the Director resulting from (1) an illness or accident affecting the Director or his or her spouse
or dependent; (2) loss of the Director’s property due to casualty; or (3) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Director’s control. 

ARTICLE III—DEFERRAL OF COMPENSATION 
 3.1 Amount of Deferral. Beginning January 1, 2005, until a Director owns beneficial shares of Alcoa Stock and/or has units in the Alcoa Stock Fund at least equal to the then applicable
Director Share Ownership Guideline, the Director will be required to defer at least the Required Deferral Amount in the Alcoa Stock Fund. Beyond that requirement, a Director may elect to defer receipt of all Fees, or of all Fees of one or more
types, or a specified portion (in 1% increments) otherwise payable to him or her. 
 3.2 Manner of Electing Deferral. A
Director may elect, or modify a prior election, to defer the receipt of all or certain Fees by giving written notice to the Secretary on a form provided by the Company, or in any other manner that is deemed sufficient from time to time by the
Chairman. 
 3.3 Annual Elections of Deferral. An election to defer Fees shall be made prior to the beginning of the
calendar year in which the Fees will be earned; provided, however, that an election made within 30 days after a person first becomes a Director shall be effective for Fees earned during that year. An election shall continue in effect until the end
of the year following the date of the deferral election, or until the end of the Director’s service on the Board, whichever shall occur first. The election to defer receipt of payment may not be canceled or modified unless the Chairman, in his
sole discretion, determines that an Unforeseen Emergency exists, or except as otherwise permitted by Internal Revenue Service regulations. 
 3.4 Deferring Fees. A Director shall designate the portion of his or her deferred Fees to be invested in one or more of the Investment Options. Deferral of the Required Deferral Amount into the
Alcoa Stock Fund is required until the Director Share Guideline is satisfied. Any Director who has satisfied the Director Share Ownership Guideline or who wishes to defer funds other than the Required Deferral Amount may designate Investment Options
other than the Alcoa Stock Fund for those amounts. A Director’s deferred Fees shall be credited to the designated Investment Option(s) at the beginning of the calendar quarter following the quarter in which such Fees were earned. Such Fees
shall be credited to the Director’s Deferred Fee Account as Credits for “units” in the Director’s Deferred Fee Account. As of any specified date, the value per unit in the Director’s Deferred Fee Account shall be deemed to
be the value determined for the comparable fund under the Savings Plan. 
 3.5 Transfers. A Director may elect to
designate a different Investment Option for all or any portion of the Credits for units in the various Investment Options in his or her Deferred Fee Account, except that, once the Credits in the Alcoa Stock Fund equal the Director Share Ownership
Guideline, Credits for at least that number of units must be maintained in the Alcoa Stock Fund for the duration of the Director’s service on the Board. Beginning six (6) months after termination of Board service, and prior to a complete
distribution of the Director’s account, the Director may transfer Credits for units in the Alcoa Stock Fund to other Investment Options to the same extent and frequency as a participant in the Savings Plan. A written election on a form provided
by the Company for transfer of investments into or out of any fund other than the Alcoa Stock Fund must be received by the Secretary prior to 4:00 p.m. Eastern Time on the business day when it is to become effective. Transfer of investments into or
out of the Alcoa Stock Fund must be received by 8:00 a.m. Eastern Time on the business day it is to become effective. Such transfers into or out of the Alcoa Stock Fund can be accomplished only once every fifteen (15) days. In addition, such
transfers shall be subject to reasonable administrative minimums, and any restrictions recommended by counsel to assure compliance with applicable law. 
 3.6 Method of Payment. 
  

	 	(a)	All payments with respect to a Director’s Deferred Fee Account shall be made in cash, and no Director shall have the right to demand payment in shares of Company
Stock or in any other medium. 

  

	 	(b)	Payments shall be made in a lump sum as soon as administratively practicable following six (6) months after the conclusion of the Director’s service on the
Board. Notwithstanding the foregoing, a Director can elect (at the time of making his or her annual deferral designation under Section 3.3) to receive the deferred Fees in up to ten (10) annual installments. The first such installment
payment shall occur during the sixth month following the conclusion of the Director’s service on the Board, or during the first month of the calendar year following the conclusion of the Director’s service on the Board, whichever occurs
later. 

  
 (Effective January 1, 2005;
As Amended Effective July 20, 2012) 

	 	(c)	An election to receive installment payments in lieu of a lump sum, if made by a Director at any time other than the time when the deferral designation is made with
respect to Fees to be earned in a given year, must be made at least twelve months before the Director’s service on the Board ends, and that election will result in a delay of payment with respect to such Fees of five (5) years from the
date of the end of the Director’s service. 

 ARTICLE IV—BENEFICIARIES 

4.1 Designation of Beneficiary. Each Director may designate from time to time one or more natural persons or entities as his or
her Beneficiary or Beneficiaries to whom the amounts credited to his or her Deferred Fee Account are to be paid if he or she dies before all such amounts have been paid to the Director. Each Beneficiary designation shall be made on a form prescribed
by the Company and shall be effective only when filed with the Secretary during the Director’s lifetime. Each Beneficiary designation filed with the Secretary shall revoke all Beneficiary designations previously made. The revocation of a
Beneficiary designation shall not require the consent of any Beneficiary. In the absence of an effective Beneficiary designation, or if payment can be made to no Beneficiary, payment shall be made to the Director’s estate. 

ARTICLE V—PAYMENTS 
 5.1 Payment of Deferred Fees. No payment may be made from a Director’s Deferred Fee Account except as provided in this Article, unless an Unforeseen Emergency exists as determined by the
Chairman in his sole discretion. If an Unforeseen Emergency is determined by the Chairman to exist, the Chairman shall determine when and to what extent Credits in the Director’s Deferred Fee Account may be paid to such Director prior to or
after the Director’s service on the Board; provided, however, that the amounts distributed in connection with such an emergency cannot exceed the amounts necessary to satisfy the emergency plus what is necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Director’s assets (to the
extent such liquidation would not itself cause severe financial hardship.). 
 5.2. Payment upon Termination of Service on
the Board. The value of a Director’s Deferred Fee Account, determined in accordance with the last sentence of Section 3.4, shall be payable in cash in a lump sum as soon as administratively practicable following six (6) months
after the Director’s service on the Board ends, or if elected in advance by the Director under Section 3.6 hereof, in annual installments. If installments are elected, the amount of each payment shall be a fraction of the value of the
Director’s Deferred Fee Account designated by the Director for installment payments and in such account on the last day of the calendar month preceding payment, the numerator of which is one and the denominator of which is the total number of
installments elected minus the number of installments previously paid. The first installment payment shall be made as provided in the last sentence of Section 3.6(b), and all subsequent installment payments shall be made during the first month
of each succeeding year until said account is exhausted, except as provided in Section 5.1 or Section 5.3. 
 5.3
Payment upon a Director’s Death. If a Director dies with any amount credited to his or her Deferred Fee Account, the value of said account shall be paid as soon as administratively practicable in a single payment to the Beneficiary (or
in several payments to each of the Beneficiaries if more than one were named by the Director) or to the Director’s estate, as the case may be. 
 ARTICLE VI—MISCELLANEOUS 
 6.1 Director’s Rights
Unsecured. Payments payable hereunder shall be payable out of the general assets of the Company, and no segregation of assets for such payments shall be made by the Company. The right of any Director or Beneficiary to receive payments from a
Deferred Fee Account shall be a claim against the general assets of the Company as an unsecured general creditor. The Company may, in its absolute discretion, establish one or more trusts or reserves, which may be funded by reference to amounts of
Credits standing in the Director’s Deferred Fee Accounts hereunder or otherwise. Any such trust or reserve shall remain subject to the claims of creditors of the 

  
 (Effective January 1, 2005;
As Amended Effective July 20, 2012) 

 
Company. 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 final refund disposition (within the meaning of Section 1313(a) of the Internal Revenue Code of 1986, as amended), to have been includable in the
gross income of a Director or Beneficiary prior to payment of such amounts from said trust, the trustee for the trust shall, as soon as practicable, pay to such Director or Beneficiary an amount equal to the amount determined to have been includable
in gross income in such determination, and shall accordingly reduce the Director’s or Beneficiary’s future benefits payable under this Plan. The trustee shall not make any distribution to a Director or Beneficiary pursuant to this
paragraph unless it has received a copy of the written determination described above, together with any legal opinion that it may request as to the applicability thereof. 
 6.2 Responsibility for Taxes. The Director or Beneficiary is liable for any and all taxes that are applicable to the amounts payable under the Plan, including any taxes deemed payable prior to
payment out of the Plan. 
 6.3 Non-assignability. The right of any Director or Beneficiary to the payment of Credits in
a Deferred Fee Account shall not be assigned, transferred, pledged or encumbered and shall not be subject in any manner to alienation or anticipation. 
 6.4 Administration and Interpretation. The Plan shall be administered by the Secretary’s office. Questions of construction and interpretation will be referred to the Chairman. The
Chairman’s decision shall be final and binding. 
 6.5 Amendment and Termination. The Plan may be amended, modified
or terminated at any time by the Board. No amendment, modification or termination shall, without the consent of a Director, adversely affect such Director’s rights with respect to amounts theretofore credited to his or her Deferred Fee Account
or earlier effect the payment of Fees already deferred. 
 6.6 Notices. All notices to the Company under the Plan shall
be in writing and shall be given to the Secretary or to an agent or other person designated by the Secretary. 
 6.7
Governing Law. This Plan shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania, excluding any choice of law provisions, which may indicate the application of the laws of another jurisdiction.

  
 (Effective January 1, 2005;
As Amended Effective July 20, 2012)Employment Offer Letter between Alcoa Inc. and Audrey Strauss

 Exhibit 10(b) 
 [Alcoa logo] 
 April 2, 2012 
 Ms. Audrey Strauss 
 Dear Audrey, 
 On behalf of Alcoa, I am pleased to confirm the offer we discussed for you to join Alcoa as EVP, Chief Legal Officer. You will also hold the additional titles of Compliance Officer and Corporate
Secretary. Reporting to Klaus Kleinfeld, Chairman and CEO, you will be based in New York, NY. The total compensation package includes annual targeted cash, as well as substantial additional long-term compensation opportunities as specified below:

  

	 	•	 	 Annual salary of $565,000, paid on a monthly basis. Your salary shall not be decreased without your express written consent.

  

	 	•	 	 Annual opportunity for variable compensation of 100% of base salary if targets are met. The maximum opportunity for exceptional performance is 200% of
base salary. 

  

	 	•	 	 You will be eligible for an annual equity award as part of the normal grant cycle starting in January, 2013. The guideline for your first year grant
will be $1,500,000, subject to the provisions of the plan at the time of grant. As a reference, in 2012, 80% of equity was granted as performance-based restricted stock units and 20% was granted as stock options. The design of the program is
reviewed each year and is subject to change. 

  

	 	•	 	 You will receive a special one-time sign-on cash bonus of $1,500,000, less any applicable tax withholding, payable as soon as administratively feasible
after your start date. Should you voluntarily terminate your employment with Alcoa for any reason within three years of receipt of this payment you agree to reimburse Alcoa pro-rata for the time after your date of termination not worked within three
years of hire. 

  

	 	•	 	 You will be eligible to participate in all Alcoa U.S. employee benefit plans including medical, life insurance, and disability, offered to executives
at your level. Details of these plans will be sent to you separately. 

  

	 	•	 	 You will be eligible to participate in Alcoa’s retirement programs, will receive Alcoa contributions for your retirement, and will be eligible to
retire under such plans (including the Alcoa Retirement Savings Plan) and on retirement receive benefits per plan provisions. Currently these retirement programs are: 

 

	 	•	 	 Annually, 3% Employee Retirement Income Contribution (ERIC) of your base pay and annual incentive 

 

	 	•	 	 A 401(k) savings plan: The company currently matches your savings dollar-for-dollar up to 6% of your base pay 

 Audrey Strauss 
 April, 2012 
 Page 2 of 3 

 

	 	•	 	 401(k) company matching contributions and ERIC on any pay in excess of the IRS earnings cap, currently $250,000 in 2012, will be made to the Deferred
Compensation Plan. 

  

	 	•	 	 You will be eligible for four weeks of vacation per year. 

 

	 	•	 	 Consistent with Alcoa’s efforts to align the company’s senior leadership with the interests of Alcoa shareholders, the Board of Directors has
adopted guidelines on share ownership for senior Alcoa executives. The stock ownership guideline for executives at your level is currently 3 times base salary. Until stock ownership requirements are met, each executive is required to retain 50% of
shares acquired upon vesting of restricted/performance shares or upon exercise of stock options, after deducting those used to pay for applicable taxes or the exercise price. 

 

	 	•	 	 Alcoa will pay to your legal counsel the reasonable costs associated with the fees and disbursements for legal counsel on your behalf associated with
the negotiation of your employment agreement and related documents with Alcoa Inc., provided such amount shall not exceed $25,000. 

 This offer is contingent upon the following conditions: 
  

	 	•	 	 Having a medical examination to determine if you can perform the essential functions of this position with reasonable accommodations. If you have a
medical problem that you think might affect your work, let us know immediately so we can give your case special attention. Included in the medical examination will be a drug screen. You will need to present a photo ID at the time of your medical
examination. 

  

	 	•	 	 Providing authorization and release for Alcoa to conduct a background screen to procure a consumer report and/or investigative consumer report on you
that shall be valid for subsequent consumer and/or investigative consumer reports during your period of employment with Alcoa for the purposes of investigating any incidents of workplace misconduct or criminal activity for which you are alleged to
have been involved during your employment. 

  

	 	•	 	 Providing us with documentation in the original form establishing both your identity and your employment eligibility as required by the U.S. Department
of Justice. 

  

	 	•	 	 Signing the attached Employment Agreement. 

  

	 	•	 	 Signing the attached Executive Severance Agreement. 

 As we’ve discussed, we believe that you have the ideal qualifications to make a significant contribution to the success of our company. To accept our offer, please sign and date the bottom of this
letter and return it to me. If you have any questions please feel free to call me. I look forward to receiving your signed letter and to working with you to achieve our goals. In anticipation of your positive reply, Audrey, welcome to Alcoa!

 Best regards, 

			
		
	/s/ John D. Bergen	 	 
	John D. Bergen	 	 

 Audrey Strauss 
 April, 2012 
 Page 3 of 3 
 Jack Bergen, VP Human Resources 
 Alcoa Inc. 

cc: Klaus Kleinfeld, Chairman and CEO 

Attachment 
 I, Audrey Strauss, am pleased to
accept your offer of employment dated April 2, 2012 for the position of EVP, Chief Legal and Compliance Officer and Corporate Secretary, on the terms detailed in the offer letter. Attached please find my signed Employment and Severance
agreements. 
 I would like my start date with Alcoa to be: May 1, 2012 

 

					
	Accepted by:	 		 	Date:
			
	 /s/ Audrey Strauss
	 		 	April 3, 2012
	 Audrey Strauss

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