Document:

EX-10.2

 Exhibit 10.2 

ARCONIC CORPORATION 

AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE PLAN 

The Company hereby adopts, effective as of May 17, 2022 (the “Effective Date”), the Arconic Corporation
Amended and Restated Change in Control Severance Plan (this “Plan”). The Plan is primarily for the purpose of providing severance pay for a select group of management or highly compensated employees. All benefits under the Plan will
be paid solely from the general assets of the Company. All capitalized terms used and not otherwise defined herein are defined in Section 1 hereof. 

SECTION 1. DEFINITIONS. As hereinafter used: 

1.1 “Affiliate” shall have the meaning set forth in Rule 12b-2 under
Section 12 of the Exchange Act. 
 1.2 “Applicable Multiplier” shall mean (a) in the case of a
Tier I Employee, three (3), (b) in the case of a Tier II Employee, two (2), and (c) in the case of a Tier III Employee, one and one-half (1.5). 

1.3 “Applicable Period” shall mean (a) in the case of a Tier I Employee, the thirty-six (36)-month period immediately following such Tier I Employee’s Severance Date, (b) in the case of a Tier II Employee, the twenty-four (24)-month period immediately following such Tier II
Employee’s Severance Date, and (c) in the case of a Tier III Employee, the eighteen (18)-month period immediately following such Tier III Employee’s Severance Date. 

1.4 “Beneficial Owner” shall have the meaning set forth in Rule 13d-3
under the Exchange Act. 
 1.5 “Board” means (a) prior to a Change in Control, the Board of Directors
of the Company and (b) following a Change in Control, if the Company is not the ultimate parent corporation of the group that includes the Company and all of its Affiliates and is not publicly traded, the board of directors of the ultimate
parent company of such group. 
 1.6 “Business Combination” shall have the meaning set forth in
Section 1.8(c). 
 1.7 “Cause” means any of the following, as determined by the Company in its sole and
absolute discretion: 
 (a) the willful failure by the Eligible Employee to perform the Eligible
Employee’s material duties with the Company or the Employer, or to comply with the material lawful directives of the Company or the Employer, that has not been cured within thirty (30) days after a written demand for performance is
delivered to the Eligible Employee by the Company, unless the Company determines in its discretion that the failure is not capable of cure; 

(b) any willful conduct by the Eligible Employee which is injurious to, or adverse to the best interests of,
the Company or any Affiliate, monetarily, or otherwise, including, but not limited to, its reputation or standing in its industry; 

(c) any act or acts of fraud, misappropriation, theft or embezzlement on the Eligible Employee’s part
which result in or are intended to result in the Eligible Employee’s or another’s personal enrichment at the expense of the Company or its Affiliates; 

(d) the Eligible Employee’s conviction of, or plea of nolo contendere to, a felony under the laws of the
United States or any state or comparable crime under the laws of a jurisdiction outside the United States or the Eligible Employee’s conviction of any misdemeanor involving moral turpitude; or 

(e) the Eligible Employee’s material failure to abide by the Company’s Code of Conduct or other
policies governing the conduct of employees of the Company, and, as applicable, any Affiliate, provided that if a Change in Control has occurred, “Cause” shall not include this subsection (e). 

No act, or failure to act, on the Eligible Employee’s part shall be deemed “willful” unless
done, or omitted to be done, by the Eligible Employee not in good faith and without reasonable belief that the Eligible Employee’s act, or failure 

 
to act, was in the best interest of the Company or an Affiliate. 
 1.8
“Change in Control” means the occurrence of an event set forth in any one of the following paragraphs: 

(a) any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common
stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1.8, the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the
Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates or (iv) any acquisition pursuant to a transaction that
complies with Sections 1.8(c)(i), 1.8(c)(ii) and 1.8(c)(iii); 
 (b) individuals who, as of the Effective
Date, constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds (2/3) of the directors then comprising the Incumbent Board shall be considered as though
such individual was a member of the Incumbent Board; but, provided, further, that any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be considered a member of the Incumbent Board unless and until such individual is elected to the
Board at an annual meeting of the Company occurring after the date such individual initially assumed office, so long as such election occurs pursuant to a nomination approved by a vote of at least two-thirds (2⁄3) of the directors then comprising the Incumbent Board, which nomination is not made pursuant to a Company contractual obligation; 

(c) consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction
involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a
“Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, 55% or more of the then-outstanding shares of common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non- corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the
Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity,
equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent securities), except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for
a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the
action of the Board providing for such Business Combination; or 
 (d) the shareholders of the Company
approve a plan of complete liquidation or dissolution of the Company. 
 1.9 “Code” means the Internal
Revenue Code of 1986, as it may be amended from time to time, including rules, regulations and guidance promulgated thereunder and successor provisions and rules and regulations thereto. 

 1.10 “Committee” means the Compensation and Benefits
Committee of the Board or any successor to such committee. 
 1.11 “Company” means Arconic Corporation or
any successors thereto. 
 1.12 “DB Pension Plan” means any
tax-qualified, supplemental or excess defined benefit pension plan maintained by the Company or any of its Affiliates and any other defined benefit plan or agreement entered into between the Eligible Employee
and the Company or any of its Affiliates which is designed to provide the Eligible Employee with supplemental defined benefit retirement benefits. 

1.13 “DC Pension Plan” means any tax-qualified, supplemental or excess
defined contribution plan maintained by the Company or any of its Affiliates and any other defined contribution plan or agreement entered into between the Eligible Employee and the Company or any of its Affiliates which is designed to provide the
Eligible Employee with supplemental defined contribution retirement benefits. 
 1.14 “Delayed Payment Date”
shall have the meaning set forth in Section 2.1(g). 
 1.15 “Eligible Employee” means any Tier I, Tier
II, or Tier III Employee; provided that, any Tier I, Tier II or Tier III Employee who is party to an individual agreement with the Company or any of its Affiliates that provides for severance benefits upon an involuntary termination in connection
with a Change in Control or similar transaction shall not be considered an “Eligible Employee” while such agreement is in effect. An Eligible Employee becomes a “Severed Employee” once he or she incurs a Severance Event.

 1.16 “Employer” means the Company or any of its Subsidiaries that employs the applicable Eligible
Employee. 
 1.17 “Entity” means any individual, entity, person (within the meaning of Section 3(a)(9)
of the Exchange Act), or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than (a) an employee plan of the Company or any of its Affiliates, (b) any Affiliate of the Company, (c) an
underwriter temporarily holding securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Company.

 1.18 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 1.19 “Excise Tax” shall mean any excise tax imposed under Section 4999 of the Code. 

1.20 “Good Reason” in respect of an Eligible Employee means the occurrence, after a Change in Control (or
prior to a Change in Control, under the circumstances described in the second sentence of Section 1.29 hereof, treating all references below to a “Change in Control” as references to the date that the Company enters into an agreement
the consummation of which would constitute a Change in Control), of any of the following without the Eligible Employee’s written consent: 

(a) the assignment to the Eligible Employee of any duties inconsistent with the Eligible Employee’s
employment status with the Employer immediately prior to the Change in Control or a substantial adverse alteration in the nature or status of the Eligible Employee’s responsibilities from those in effect immediately prior to the Change in
Control, including, but not limited to, (i) with respect to a Tier I Employee, the Eligible Employee’s ceasing to hold the office as the sole chief executive officer of the Company (or its parent or successor) and to function in that
capacity, reporting directly to the board of directors of a public company, and (ii) with respect to a Tier II Employee, the Eligible Employee’s ceasing to report directly to the chief executive officer of a public company; 

(b) a reduction by the Company in the Eligible Employee’s total compensation and benefits in the aggregate
from that in effect immediately prior to the Change in Control. Total compensation and benefits includes, but is not limited to (i) annual base salary, annual variable compensation opportunity (taking into account applicable performance
criteria and the target bonus amount of annual variable compensation); (ii) long-term stock-based and cash incentive opportunity (taking into account applicable performance criteria and the target equity compensation amount); and (iii) benefits
and 

 
perquisites under pension, savings, life insurance, medical, health, disability, accident and material fringe benefit plans of the Company or its Subsidiaries or Affiliates in which the Eligible
Employee was participating immediately before the Change in Control; 
 (c) the relocation of the Eligible
Employee’s principal place of employment to a location more than fifty (50) miles from the Eligible Employee’s principal place of employment immediately prior to the Change in Control; or 

(d) the failure by the Employer to pay to the Eligible Employee any portion of the Eligible Employee’s
compensation, within fourteen (14) days of the date such compensation is due. 
 The Eligible Employee’s continued
employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. For purposes of any determination regarding the existence of Good Reason, any good faith determination
by the Eligible Employee that Good Reason exists shall be conclusive. 
 1.21 “Incumbent Board” shall have
the meaning set forth in Section 1.8(b). 
 1.22 “Notice of Termination” shall have the meaning set
forth in Section 3.5. 
 1.23 “Outstanding Company Common Stock” shall have the meaning set
forth in Section 1.8(a). 
 1.24 “Outstanding Company Voting Securities” shall have the meaning
set forth in Section 1.8(a). 
 1.25 “Person” shall have the meaning set forth in Section 1.8(a).

 1.26 “Plan Payments” shall have the meaning given in Section 2.2(a). 

1.27 “Section 409A” shall have the meaning set forth in Section 4.10(a). 

1.28 A “Separation from Service” means a “separation from service” within the meaning of
Section 409A and Treasury Regulation Section 1.409A-1(h). 
 1.29
“Severance Event” means an Eligible Employee’s Separation from Service on or within two (2) years immediately following the date of a Change in Control, as a result of the Eligible Employee’s (a) involuntary
termination by the Employer other than for Cause, or (b) resignation for Good Reason. In addition, for purposes of this Plan, the Eligible Employee shall be deemed to have incurred a Severance Event, if (i) the Eligible Employee’s
Separation from Service occurs because his employment is terminated by the Employer without Cause prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of an Entity that
has entered into an agreement with the Company the consummation of which would constitute a Change in Control or (ii) the Eligible Employee’s Separation from Service occurs because he terminates his employment for Good Reason prior to a
Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such an Entity. An Eligible Employee will not be considered to have incurred a
Severance Event if his or her employment is discontinued by reason of the Eligible Employee’s death or a physical or mental condition causing such Eligible Employee’s inability to substantially perform his or her duties with the Employer,
including, without limitation, such condition entitling him or her to benefits under any sick pay or disability income policy or program of the Company or any of its Affiliates. 

1.30 “Severance Date” means the effective date of an Eligible Employee’s Severance Event. 

1.31 “Severance Pay” shall have the meaning set forth in Section 2.1(a). 

1.32 “Severed Employee” shall have the meaning set forth in Section 1.15. 

1.33 “Subsidiary” shall have the meaning set forth in Rule 12b-2 under
Section 12 of the Exchange Act. 

 1.34 “Tier I Employee” means (a) each employee of the
Company or a Subsidiary thereof who participated in the Plan as a Tier I Employee as of immediately prior to the Effective Date and who has not waived in writing the right to continue to participate in the Plan, and (b) each other employee of
the Company or any Subsidiary thereof who is designated by the Committee as eligible to participate in this Plan as a Tier I Employee. 

1.35 “Tier II Employee” means (a) each employee of the Company or a Subsidiary thereof who participated
in the Plan as a Tier II Employee as of immediately prior to the Effective Date and who has not waived in writing the right to continue to participate in the Plan, and (b) each other employee of the Company or any Subsidiary thereof who is
designated by the Committee as eligible to participate in this Plan as a Tier II Employee. 
 1.36 “Tier III
Employee” means (a) each employee of the Company or a Subsidiary thereof who participated in the Plan as a Tier III Employee as of immediately prior to the Effective Date and who has not waived in writing the right to continue to
participate in the Plan, and (b) each other employee of the Company or any Subsidiary thereof who is designated by the Committee as eligible to participate in this Plan as a Tier III Employee. 

SECTION 2. BENEFITS. 

2.1 Severance Payments and Benefits. Each Severed Employee shall be entitled, subject to Section 2.4, to receive
the following payments and benefits from the Company.  

(a) Severance Pay. A lump sum cash amount (the “Severance Pay”) equal to the sum of
(i) the product of (A) the sum of (1) the Severed Employee’s annual base salary, and (2) the Severed Employee’s target annual cash incentive compensation as in effect immediately prior to the Change in Control, and
(B) the Applicable Multiplier, and (ii) the product of (A) such target annual cash incentive compensation and (B) a fraction, the numerator of which is the number of days elapsed through the Severance Date in the fiscal year
during which the Severance Date occurs and the denominator of which is 365 (or 366, if such fiscal year is a leap year). For purposes of this Section 2.1(a), annual base salary shall be the higher of the Severed Employee’s (x) base
monthly salary in the calendar month immediately preceding a Change in Control and (y) base monthly salary in the calendar month immediately preceding the Severed Employee’s Severance Date (in each case, without regard to any reductions
therein which constitute Good Reason), multiplied by twelve (12). 
 (b) Benefits. During the
Applicable Period, the Company shall arrange to provide the Severed Employee and anyone entitled to claim through the Severed Employee life, accident and health (including medical, behavioral, prescription drug, dental and vision) benefits
substantially similar to those provided to the Severed Employee and anyone entitled to claim through the Severed Employee immediately prior to the Severed Employee’s Severance Date or, if more favorable to the Severed Employee, those provided
to the Severed Employee and those entitled to claim through the Severed Employee immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater after-tax cost to
the Severed Employee than the after tax cost to the Severed Employee immediately prior to such Severance Date or occurrence. 

(c) Defined Contribution Cash Payment. In addition to the retirement benefits to which the Severed
Employee is entitled under each DC Pension Plan, the Company shall pay the Severed Employee a lump sum cash amount equal to the product of (i) the annual value of Company contributions or allocations (excluding any employee deferrals or
contributions, and earnings) to all DC Pension Plans, on behalf of the employee (determined based on the rate of contributions and allocations in effect as of immediately prior to such Change in Control (or, if earlier, immediately prior to Severed
Employee’s Severance Date, without regard to any reductions therein which constitute Good Reason), but assuming such contributions and allocations are applied to the annualized base salary plus target annual cash incentive compensation as
determined in Section 2.1(a)) and (ii) the Applicable Multiplier. 
 (d) Defined Benefit Pension
Cash Payment. If the Severed Employee would have become eligible for an early retirement subsidy with respect to such Severed Employee’s retirement benefits under any DB Pension Plan had the Severed Employee remained employed by the Company
(or, as applicable, the Employer) through the end of the Applicable Period, in addition to the retirement benefits to which the Severed Employee is entitled under each DB Pension Plan, 

 
the Company shall pay the Severed Employee a lump sum cash amount equal to the excess of the actuarial equivalent of the aggregate retirement pension (taking into account any early retirement
subsidies associated therewith and determined in accordance with the normal form of payment under each DB Pension Plan, commencing at the date on or after the last day of the Applicable Period as of which the actuarial equivalent of such form of
payment is greatest) which the Severed Employee would have accrued and vested in under the terms of all DB Pension Plans determined: 

(i) without regard to any amendment to any DB Pension Plan made subsequent to a Change in Control and on or
prior to the date of the Severed Employee’s Severance Date, which amendment adversely affects in any manner the computation of retirement benefits thereunder, and 

(ii) solely for purposes of determining eligibility for pension benefits, including all applicable retirement
subsidies, as if the Severed Employee had accumulated (after the Severed Employee’s Severance Date) the number of additional months of age and service credit thereunder that the Severed Employee would have accumulated had the Severed Employee
remained employed by the Company (or, as applicable, the Employer) during the Applicable Period; 
 over the actuarial
equivalent of the aggregate retirement pension (taking into account any early retirement subsidies associated therewith and determined in accordance with the normal form of payment under each DB Pension Plan, commencing at the date on or after the
Severed Employee’s Severance Date as of which the actuarial equivalent of such form of payment is greatest) that the Severed Employee had accrued and vested in pursuant to the provisions of the DB Pension Plans as of the Severed Employee’s
Severance Date. 
 For purposes of this Section 2.1(d), “actuarial equivalent” shall be determined based upon
the Severed Employee’s age as of the Severed Employee’s Severance Date using the same assumptions utilized under the Arconic Corp. Pension Plan A, Section 8.3(d)(ii) or the
successor to such provision (without regard to applicable dollar limitations ($5,000 as of January 1, 2020)) immediately prior to the Severed Employee’s Severance Date or, if more favorable to the Severed Employee, immediately prior to the
first occurrence of an event or circumstance constituting Good Reason. 
 (e) Post-Retirement Benefit
Plans. If the Severed Employee would have become entitled to benefits under the Company’s post-retirement health care plans, as in effect immediately prior to the Severed Employee’s Severance Date or, if more favorable to the Severed
Employee, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, had the Severed Employee’s employment terminated at any time during the Applicable Period, the Company shall provide such
post-retirement health care benefits to the Severed Employee and the Severed Employee’s dependents commencing on the later of (i) the date on which such coverage would have first become available in accordance with the terms of the
applicable plan and (ii) the date on which benefits described in Section 2.1(b) terminate, and ending upon the death of the Eligible Employee. Any such benefit that is dependent on service or compensation shall be determined as if the
Severed Employee had accumulated (after the Severed Employee’s Severance Date) the number of additional months of age and service credit thereunder that the Severed Employee would have accumulated had the Severed Employee remained employed by
the Company (or, as applicable, the Employer) through the end of the Applicable Period, and as if the Severed Employee had been credited with compensation for each full calendar month following the calendar month of the Severed Employee’s
Severance Date up to the end of the Applicable Period equal to the Severed Employee’s annualized based salary as determined in Section 2.1(a), plus the Severed Employee’s target annual cash incentive compensation as determined in
Section 2.1(a), divided by twelve (12). Except for the additional service and compensation credit during the Applicable Period, nothing herein is intended to provide the Severed Employee with benefits that exceed the benefits provided to other
participants in the applicable post-retirement health care plans, as in effect from time to time. 
 (f)
Outplacement. The Company shall provide the Severed Employee with reasonable outplacement services suitable to the Severed Employee’s position through the date that is six (6) months following the Severed Employee’s Severance
Date or, if earlier, the date on which the Severed Employee first accepts an offer of employment from a new employer. 

(g) Timing of Payment. The amounts described in Sections 2.1(a), (c) and (d) shall be paid to the
Eligible Employee in a cash lump sum as soon as practicable after the Severance Date but in no event later than thirty (30) days 

 
after the Severance Date; provided that, if the Severed Employee is, as of the Severance Date, a “specified employee” within the meaning of Section 409A as determined in accordance
with the methodology duly adopted by the Company as in effect on the Severance Date, then such lump sum amounts shall instead be paid on the first business day following the day that is at least six (6) months after the Severance Date (or if
sooner, upon the death of the Severed Employee) (the “Delayed Payment Date”), with interest at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code, from the first business day after the Severance Date
through the Delayed Payment Date. 
 2.2 Reduction of Certain Payments. 

(a) Anything in this Plan to the contrary notwithstanding, if the Accounting Firm (as defined below) shall
determine that receipt of all Payments (as defined below) of any Severed Employee would subject the Severed Employee to the Excise Tax, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Plan
(the “Plan Payments”) so that the Parachute Value (as defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Plan Payments shall be so reduced only if the Accounting Firm determines
that the Severed Employee would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Plan Payments were so reduced. If the Accounting Firm determines that the Severed Employee
would not have a greater Net After-Tax Receipt of aggregate Payments if the Plan Payments were so reduced, the Severed Employee shall receive all Plan Payments to which the Participant is entitled hereunder.

 (b) If the Accounting Firm determines that aggregate Plan Payments should be reduced so that the Parachute
Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give the Severed Employee notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under
this Section 2.2 shall be binding upon the Company, its Affiliates and the Severed Employee and shall be made as soon as reasonably practicable and in no event later than fifteen (15) days following the Severance Date. For purposes of
reducing the Plan Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under the Plan (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if
applicable, shall be made by reducing the Plan Payments that have a Parachute Value in the following order: Section 2.1(c), Section 2.1(d), Section 2.1(a), Section 2.1(b), Section 2.1(e), Section 2.1(f), in each case,
beginning with payments or benefits that do not constitute non-qualified deferred compensation and reducing payments or benefits in reverse chronological order beginning with those that are to be paid or
provided the farthest in time from the Severance Date, based on the Accounting Firm’s determination. All reasonable fees and expenses of the Accounting Firm shall be borne solely by the Company. 

(c) To the extent requested by the Severed Employee, the Company and its Affiliates shall cooperate with the
Severed Employee in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be provided by the Severed Employee (including, without limitation, the Severed Employee’s agreeing to refrain from
performing services pursuant to a covenant not to compete or similar covenant, before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final
regulations under Section 280G of the Code)), such that payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and
Q&A-40 to Q&A-44 of the Treasury Regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment”
within the meaning of Q&A-2(a) of the Treasury Regulations under Section 280G of the Code in accordance with Q&A-5(a) of the Treasury Regulations under
Section 280G of the Code. 
 (d) The following terms shall have the following meanings for purposes of
this Section 2.2: 
 “Accounting Firm” shall mean a nationally recognized
certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Company
prior to a Change in Control for purposes of making the applicable determinations hereunder. 
 “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b) (2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Participant with
respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Severed
Employee’s 

 
taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to apply to the Severed Employee in the relevant tax year(s). 

“Parachute Value” of a Payment shall mean the present value as of the date of the change in
control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether
and to what extent the Excise Tax will apply to such Payment. 
 “Payment” shall mean any
payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Severed Employee, whether paid or payable pursuant to this Plan or otherwise. 

“Safe Harbor Amount” shall mean the maximum Parachute Value of all Payments that the Severed
Employee can receive without any Payments being subject to the Excise Tax. 
 The provisions of this Section 2.2 shall
survive the expiration or termination of the Plan. 
 2.3 Legal Fees. The Company shall pay to any Eligible
Employee all legal fees and expenses incurred by such Eligible Employee in disputing in good faith any issue hereunder or in seeking in good faith to obtain or enforce any benefit or right provided by this Plan; provided, that the payment of legal
fees hereunder by the Company shall not be required if the Eligible Employee pursues such dispute in a manner inconsistent with the provisions of Section 3.3 hereof; and provided further, that the Eligible Employee shall be required to repay
any such amounts to the Company to the extent that an arbitrator issues a final, unappealable order setting forth a determination that the position taken by the Eligible Employee was frivolous or advanced in bad faith. The Company shall pay to the
Eligible Employee all legal fees and expenses incurred in connection with any tax audit or proceeding to the extent attributable to the application of Section 4999 of the Code to any payment or benefit provided hereunder. All payments for legal
fees and expenses shall be made within fourteen (14) business days after delivery of the Eligible Employee’s written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require.
In order to comply with Section 409A, in no event shall the payments by the Company under this Section 2.3 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred,
provided, that the Eligible Employee shall have submitted an invoice for such fees and expenses at least fourteen (14) business days before the end of the calendar year next following the calendar year in which such fees and expenses were
incurred. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year, and the Eligible
Employee’s right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. 

2.4 Withholding. The Company shall be entitled to withhold from amounts to be paid to any Severed Employee hereunder any
federal, state or local withholding or other taxes or charges (or foreign equivalents of such taxes or charges) which it is from time to time required to withhold under applicable law or regulation. Further, in its sole discretion, the Company may
withhold from amounts to be paid to any Severed Employee hereunder any amount owed by the Severed Employee to the Company or its Affiliates. 

2.5 Status of Plan Payments. No payments or benefits pursuant to this Plan shall constitute “compensation” (or
similar term) under any employee benefit plan sponsored or maintained by the Company or any of its Affiliates, including any DB Pension Plan or DC Pension Plan. 

2.6 Mitigation; Setoff. A Severed Employee is not required to seek other employment or attempt in any way to reduce any
amounts payable to the Severed Employee under the Plan. Further, no payment or benefit provided for in this Plan shall be reduced by any compensation earned by the Severed Employee as a result of employment by another employer or by retirement
benefits.  
 SECTION 3. PLAN ADMINISTRATION; CLAIMS PROCEDURES. 

3.1 The Committee shall administer the Plan and, prior to a Change in Control: 

 (a) the Committee, in its sole and absolute discretion, may
interpret and construe the terms of the Plan, prescribe, amend and rescind rules and regulations under the Plan and make all other determinations necessary or advisable for the administration of the Plan, subject to all of the provisions of the
Plan; 
 (b) any determination by the Committee shall be final and binding with respect to the subject matter
thereof on all Eligible Employees and all other persons; 
 (c) the Committee may delegate any of its duties
hereunder to such person or persons from time to time as it may designate, and in such case, references to the Committee herein shall include such delegate of the Committee. 

Notwithstanding anything in the Plan to the contrary, after a Change in Control, neither the Committee nor any other person shall have
discretionary authority in the administration of the Plan, and any arbitrator, court or tribunal that adjudicates any dispute, controversy, or claim in connection with benefits under Section 2 will apply a de novo standard of review to
any determinations made by the Committee or the Company. Such de novo standard shall apply notwithstanding the grant of full discretion hereunder to the Committee or any person or characterization of any decision by the Committee or by such
person as final, binding or conclusive on any party. 
 3.2 The Committee is empowered, on behalf of the Company, to engage
accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under the Plan. The functions of any such persons engaged by the Committee shall be limited to the specified
services and duties for which they are engaged, and such persons shall have no other duties, obligations or responsibilities under the Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of
the Plan. All reasonable expenses thereof shall be borne by the Company. 
 3.3 Claims Procedure. 

(a) In the event of a claim by an Eligible Employee, such Eligible Employee shall present the reason for his or
her claim in writing to the Committee. The Committee shall, within ninety (90) days after receipt of such written claim (unless special circumstances require an extension of up to ninety (90) days, in which case written notice of the
extension shall be furnished to the Eligible Employee prior to the end of the initial ninety (90)-day period, indicating the special circumstances requiring an extension and the date by which the Committee
expects to render its decision), send a written notification to the Eligible Employee as to its disposition. In the event the claim is wholly or partially denied, such written notification shall (i) state the specific reason or reasons for the
denial, (ii) make specific reference to the relevant Plan provisions on which the denial is based, (iii) provide a description of any additional material or information necessary for the Eligible Employee to perfect the claim and an
explanation of why such material or information is necessary, and (iv) describe the Plan’s review procedures and the time limits applicable to such procedures, including the Eligible Employee’s right to bring a civil action under
Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) following a full or partial denial of the claim on review. 

(b) In the event that an Eligible Employee wishes to appeal the denial of his or her claim he or she may
request a review of such denial by making application in writing to the Committee within sixty (60) days after receipt of such denial. An Eligible Employee (or his or her duly authorized legal representative) shall be provided, upon written
request to the Committee and free of charge, reasonable access to, and copies of, all documents, records or other information in the Company’s possession relevant to his or her claim and may submit comments, documents, records and other
information relating to the claim, which shall be taken into account by the Committee in reviewing its denial of the Eligible Employee’s claim, without regard to whether such information was submitted or considered in the initial claim. 

(c) Within sixty (60) days after receipt of a written appeal (unless special circumstances require an
extension of up to sixty (60) days, in which case written notice of the extension shall be furnished to the Eligible Employee prior to the end of the initial sixty (60)-day period, indicating the special
circumstances requiring an extension and the date by which the Committee expects to render its decision on review), the Committee shall notify the Eligible Employee of the final decision in writing. In the event the claim is wholly or partially
denied on review, such written notification shall (i) state the specific reason or reasons for the denial, (ii) make specific reference to the relevant Plan provisions on which the denial is based, (iii) include a statement of the
Eligible Employee’s entitlement, upon written request to the Committee and free of charge, reasonable access to, and copies of, all documents, records or other information in the Company’s possession relevant to his or

 
her claim, and (iv) describe the Eligible Employee’s right to bring a civil action under Section 502(a) of ERISA.  

(d) Notwithstanding the foregoing, upon the mutual agreement of the Eligible Employee and the Committee, any
claim, dispute or controversy that has been submitted by the Eligible Employee in writing to the Committee may be submitted directly to arbitration in accordance with Section 3.4. 

3.4 Any claim, dispute or controversy arising under or in connection with the Plan, and which is not resolved in accordance
with Section 3.3, shall be settled exclusively by arbitration in Wilmington, Delaware. All claims, disputes and controversies shall be submitted to the CPR Institute for Dispute Resolution (“CPR”) in accordance with the
CPR’s rules then in effect; provided, however, that the evidentiary standards set forth in this Plan shall apply. The claim, dispute or controversy shall be heard and decided by three (3) arbitrators selected from CPR’s
employment panel. The arbitrators’ decision shall be final and binding on all parties. Judgment may be entered on the arbitrators’ award in any court having jurisdiction. 

3.5 Any purported termination of an Eligible Employee’s employment shall be communicated by written Notice of Termination
from one party hereto to the other party in accordance with Section 4.7. For purposes of this Plan, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Plan
relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Eligible Employee’s employment under the provision so indicated, and shall specify the Severance Date (which, in the
case of a termination by the Company, shall not be less than thirty (30) days, and, in the case of a termination by the Eligible Employee, shall not be less than fifteen (15) days nor more than sixty (60) days, respectively, after the
date such Notice of Termination is given). 
 3.6 PLAN MODIFICATION OR TERMINATION. 

The Plan may be amended or terminated by the Board at any time and for any reason; provided, however, that the
Committee may make amendments to the Plan (a) that are required by applicable law, (b) that will have minimal effect upon the Company’s cost of providing benefits under the Plan, or (c) that do not change or alter the character
and intent of the Plan; and provided, further that the Plan may not be terminated, or amended in any manner that adversely affects any Eligible Employee (other than an Eligible Employee whose employment with the Company and its Subsidiaries
commences subsequent to the applicable Change in Control), (i) within two (2) years immediately following a Change in Control, or (ii) in anticipation of a specific contemplated Change in Control. 

SECTION 4. GENERAL PROVISIONS. 

4.1 Except as otherwise provided herein or by law, no right or interest of any Eligible Employee under the Plan shall be
assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including, without limitation, by execution, levy, garnishment, attachment, pledge or in any manner. No attempted assignment or transfer of any
such right or interest shall be effective, and no right or interest of any Eligible Employee under the Plan shall be liable for, or subject to, any obligation or liability of such Eligible Employee. The Plan shall inure to the benefit of, and be
binding upon, the Company and its successors and assigns. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company
to assume expressly and agree to perform the obligations set forth in the Plan in the same manner and to the same extent as the Company would be required to do so. 

4.2 Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor
the payment of any benefits shall be construed as giving any Eligible Employee, or any person whomsoever, the right to be retained in the service of the Company, and all Eligible Employees shall remain subject to discharge to the same extent as if
the Plan had never been adopted. 
 4.3 If any provision of this Plan shall be held invalid or unenforceable, such invalidity
or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. 

4.4 If a Severed Employee dies while any amount is still payable to such Severed Employee, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Plan to the executor, personal representative or administrators of the Severed Employee’s estate. 

 4.5 The headings and captions herein are provided for reference and
convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 4.6
The Plan shall not be funded. No Eligible Employee shall have any right to, or interest in, any assets of the Company which may be applied by the Company to the payment of benefits or other rights under this Plan. 

4.7 Any notice or other communication required or permitted pursuant to the terms hereof shall be in writing and shall be
deemed to have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by overnight courier, postage prepaid, to the Company at its corporate headquarters address, to the attention of
the Chief Legal Officer of the Company, or to the Eligible Employee at the Eligible Employee’s Company email address while the Eligible Employee is still employed by the Company or the Employer, or at the Eligible Employee’s most recent
home address reflected on the books and records of the Company. 
 4.8 This Plan shall be construed and enforced according to
the laws of the State of Delaware, without regard to its principles of conflicts of law. 
 4.9 Payments to a Severed
Employee under this Plan shall be in lieu of any severance or similar payments that otherwise might be payable under any plan, program, policy or agreement sponsored or maintained by the Company that provides severance benefits to employees upon
termination of employment or other payments or bonuses upon an involuntary termination of employment by the Employer other than for Cause, except that the payment or acceleration of equity or equity-based awards shall be in addition to, rather than
in lieu of, any payment or benefits due under the Plan. 
 4.10 Section 409A. 

(a) The payments, entitlements, and obligations under this Plan are intended to comply with the requirements of
Section 409A of the Code (“Section 409A”) or an exemption or exclusion therefrom (including, but not limited to, the “short-term deferral” and “separation pay” exceptions) and this Plan
shall in all respects be interpreted and administered in accordance with such intent. Notwithstanding the foregoing, the Company may unilaterally amend the terms of this Plan to avoid the application of, or to comply with, Section 409A, in a
particular circumstance or as necessary or desirable to satisfy any of the requirements under Section 409A or to mitigate any additional tax, interest and/or penalties that may apply under Section 409A if exemption or compliance is not
practicable and in a manner that preserves the economics of payments owed to a Severed Employee under this Plan, but the Company shall not be under any obligation to make any such amendment. Although the Company intends to administer this Plan so
that it will comply with or be exempt from the requirements of Section 409A, to the extent applicable thereto, the Company does not represent or warrant that this Plan will comply with or be exempt from Section 409A or any other provision
of federal, state, local or non-United States law. Neither the Company or any Affiliate nor any of their respective directors, officers, employees or advisers shall be liable to any Eligible Employee or
Severed Employee (or any other individual claiming a benefit through an Eligible Employee or Severed Employee) for any tax, interest, or penalties he or she may owe as a result of payments made under this Plan, and the Company shall have no
obligation to indemnify or otherwise protect any Eligible Employee or Severed Employee from the obligation to pay any taxes pursuant to Section 409A, or otherwise. 

(b) Each payment of compensation under this Plan shall be treated as a separate payment of compensation for
purposes of applying Section 409A. If amounts or benefits to be made or provided upon a termination of employment under this Plan constitute non-qualified deferred compensation subject to
Section 409A, as determined in the Company’s sole discretion, such amounts or benefits may only be made or provided upon a “separation from service” under Section 409A. In no event may a Severed Employee, directly or
indirectly, designate the calendar year of any payment under this Plan. 
 (c) Notwithstanding anything to
the contrary in this Plan, with respect to all reimbursements and in-kind benefits provided under this Plan that are subject to Section 409A shall be made in accordance with the requirements of
Section 409A, including without limitation, where applicable, the requirement that (a) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (b) the reimbursement of any eligible fees and expenses shall be made no later than the last
day of the calendar year following the year in which the applicable fees and expenses were incurred; and (c) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for
another benefit.EX-10.3

 Exhibit 10.3 

Amended and Restated Arconic Corporation 2020 Annual Cash Incentive Plan 

The Plan has been approved by the Compensation and Benefits Committee of the Board of Directors of Arconic Corp. (the
“Compensation Committee”). The terms of the Plan are as follows: 
  

	1.	 PURPOSE 

This Amended and Restated Arconic Corporation 2020 Annual Cash Incentive Plan (the “Plan”) is intended
to attract, retain, motivate and reward Participants by providing them with the opportunity to earn annual incentive compensation under the Plan based upon achievement of pre-established Performance Goals.

  

	2.	 DEFINITIONS 

For purposes of the Plan, the following terms have the meanings set forth below: 

2.1 “Arconic Corp.” means Arconic Corporation, a Delaware corporation, and its successors or assigns. 

2.2 “Award” means an incentive award providing a Participant the opportunity to earn cash compensation under the
Plan, subject to the achievement of one or more Performance Goals established pursuant to Section 6 of this Plan or such other terms as the Compensation Committee may establish. 

2.3 “Award Agreement” means any written or electronic agreement, contract, or other instrument or document that the
Compensation Committee may deem advisable to evidence an Award and which may set forth additional terms and conditions regarding such Award and such Participant’s participation in the Plan. 

2.4 “Award Level” means the amount of incentive compensation (generally expressed as a percentage of the
Participant’s Base Salary) that may be paid to a Participant under the Plan for the achievement in a given Plan Year of an associated, specified level of performance measured in terms of Performance Goals established pursuant to Section 6
of this Plan. Award Levels may be established at threshold, target and maximum levels. 
 2.5 “Award Payment” means
the actual dollar or local currency amount paid to a Participant under any Award pursuant to the Plan. 
 2.6 “Base
Salary” means with respect to any Participant the annual base salary actually paid to such Participant during the Plan Year. For the sake of clarity, Base Salary does not include any bonus or incentive compensation, whether under the Plan, any
other short-term or long-term incentive plan or otherwise. Base Salary shall be determined without reduction for salary deferrals under any Company-sponsored nonqualified deferred compensation plan and, in the United States, Code Section 401(k)
plan or flexible spending account plan (under Code Section 125), and without inclusion of any amounts previously deferred under any company-sponsored nonqualified deferred compensation plan, Code Section 401(k) plan or flexible spending
account plan (under Code Section 125) that become subject to inclusion in gross income for Federal tax purposes. 

 2.7 “Board” means the Board of Directors of Arconic Corp. 

2.8 “Cause” means any of the following, as determined by Arconic Corp. in its sole and absolute discretion:
(a) the willful failure by the Participant to perform the Participant’s material duties with the Company, or to comply with the material lawful directives of the Company, that has not been cured within 30 days after a written demand for
performance is delivered to the Participant by the Company, unless Arconic Corp. determines in its discretion that the failure is not capable of cure; (b) any willful conduct by the Participant which is injurious to, or adverse to the best
interests of, the Company or any affiliate, monetarily, or otherwise, including, but not limited to, its reputation or standing in its industry; (c) any act or acts of fraud, misappropriation, theft or embezzlement on the Participant’s
part which result in or are intended to result in the Participant’s or another’s personal enrichment at the expense of the Company or its affiliates; (d) the Participant’s conviction of, or plea of nolo contendere to, a felony
under the laws of the United States or any state or comparable crime under the laws of a jurisdiction outside the United States or the Participant’s conviction of any misdemeanor involving moral turpitude; or (e) the Participant’s
material failure to abide by Arconic Corp.’s Code of Conduct or other policies governing the conduct of employees of the Company. No act, or failure to act on the Participant’s part, shall be deemed “willful” unless done, or
omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s act, or failure to act, was in the best interest of the Company or an affiliate. 

2.9 “CEO” means Arconic Corp.’s Chief Executive Officer. 

2.10 “Code” means the Internal Revenue Code of 1986, as amended including rules, regulations and guidance promulgated
thereunder and successor provisions and rules and regulations thereto. 
 2.11 “Company” means Arconic Corp. and
all of its Subsidiaries, collectively, or its successors or assigns. 
 2.12 “Disability” means a
Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less
than twelve (12) months. 
 2.13 “Executive Officer” means each officer of the Company whose compensation is
approved by the Compensation Committee on an annual basis. 
 2.14 “Participant” means an officer, manager or
employee of Arconic Corp. or any of its Subsidiaries who is selected by the CEO, or approved by the Compensation Committee, for participation in the Plan for a given Plan Year in accordance with Section 5. 

2.15 “Performance Goals” means the Company Performance Goals (as defined below) and/or Personal Performance Goals
established for each Award pursuant to Section 6.1 of this Plan, against which a Participant’s performance shall be measured to determine if an Award Payment may be payable under the Plan. Company Performance Goals may be based upon one or
more Performance Measures set forth in Section 6.2 of this Plan (collectively, “Company Performance Goals”). 

  
 2 

 2.16 “Performance Measures” means the performance measures set
forth in Section 6.2 of this Plan for Arconic Corp. or any one or more of its groups, divisions, business units, or Subsidiaries, and other performance metrics as the Compensation Committee deems appropriate under the circumstances. 

2.17 “Personal Performance Goal” means goals or levels of performance based upon achievement of certain individual
business objectives and/or personal performance objectives, in each case which support the business plan of the Company. Personal Performance Goals may include personal performance objectives such as teamwork, interpersonal skills, employee
development, project management skills and leadership, and/or individual business objectives such as the implementation of policies and plans, the negotiation and/or completion of transactions, the development of long-term business goals, formation
of joint ventures, research or development collaborations, technology and best practice sharing within the Company, and the completion of other corporate goals. 

2.18 “Performance Period” means that period established by the Compensation Committee at the time any Award is
granted or at any time thereafter during which any Performance Goals with respect to such Award are to be measured. 
 2.19
“Retirement” means the termination of a Participant by his or her resignation from continuous service upon or after attainment of (a) normal retirement age of 65; (b) age 55 and completion of 10 years of continuous service;
(c) such lesser age for any individual Participant with rights to a pension other than a deferred vested pension benefit under a retirement plan of Arconic Corp. and/or a Subsidiary and/or an affiliate; (d) as defined under or in
accordance with, the Arconic Corporation Amended and Restated 2020 Stock Incentive Plan; or (e) as may be approved by the Compensation Committee, in its discretion; but in each case under (a), (b), (c) or (d) hereof only if such
termination is approved as Retirement by, in the case of an Executive Officer, the Compensation Committee, and, in the case of any other officer or employee, the CEO. 

2.20 “Section 409A” means Section 409A of the Code. 

2.21 “Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act of 1933,
as amended. 
  

	3.	 ADMINISTRATION 

3.1 Power and Authority of the Compensation Committee. The Plan shall be administered by the Compensation Committee,
which shall have full power, discretion and authority to, without limitation: 
 (a) Designate each Performance Period; 

(b) Establish the Performance Goals for each Performance Period and determine whether and to what extent such Performance Goals
have been achieved; 
 (c) Determine at any time the cash amount payable with respect to an Award; 

(d) Prescribe, amend and rescind rules and procedures relating to the Plan; 

  
 3 

 (e) Employ such legal counsel, independent auditors and consultants as it
deems desirable for the administration of the Plan and to rely upon any opinion or computation received therefrom; 
 (f)
Amend, modify, or cancel any Award, and authorize the exchange, substitution, or replacement of Awards; 
 (g) Delegate its
administrative powers under the Plan to the extent not prohibited by applicable laws, regulations or stock exchange listing rules; and 

(h) Make all determinations, and formulate such procedures, as may be necessary or advisable in the opinion of the Compensation
Committee for the administration of the Plan. 
 3.2 Plan Construction and Interpretation. The Compensation Committee
shall have full power and authority to construe and interpret the Plan and to correct any defect or omission, or reconcile any inconsistency, in the Plan or any Award. 

3.3 Determinations of Compensation Committee Final and Binding. All determinations by the Compensation Committee in
carrying out and administering the Plan and in construing and interpreting the Plan shall be made in the Compensation Committee’s sole discretion and shall be final, binding and conclusive for all purposes and upon all persons interested
herein. The Compensation Committee’s decisions regarding the amount of each Award need not be consistent among Participants. 

3.4 Limitation on Liability. No member of the Compensation Committee or the Board (or its delegates) shall be liable for
any action or determination made in good faith with respect to the Plan or any award pursuant to it. Arconic Corp. shall indemnify and hold harmless each member of the Compensation Committee and the Board, and the estate and heirs of each such
member, against all claims, liabilities, expenses, penalties, damages or other pecuniary losses, including legal fees, which such Compensation Committee member or Board member or his or her estate or heirs may suffer as a result of any act or
omission to act in connection with the Plan, to the extent that insurance, if any, does not cover the payment of such items. 
  

	4.	 TERM 

The effective date of this Plan is January 1, 2020. The Plan will remain in effect for successive fiscal years beginning
on January 1 of each year (each, a “Plan Year”), until terminated by the Compensation Committee at the Compensation Committee’s sole discretion. 
  

	5.	 ELIGIBILITY 

5.1 In order to be eligible to participate in the Plan for any Plan Year, except as set forth in Sections 5.2 and 6.8
below, an individual must (i) be an officer or employee, employed on a full-time or part-time basis with Arconic Corp. or any of its Subsidiaries in a Plan-eligible position (such positions to be determined in the sole discretion of the
Compensation Committee); and (ii) be hired, transferred or promoted to a Plan-eligible position before the commencement of the final two weeks of the Plan Year. 

  
 4 

 5.2 Directors who are not employees of the Company, temporary employees,
leased employees, interns, consultants and independent contractors shall not be eligible to participate in the Plan. 
 5.3
An officer or employee who, after January 1 of the Plan Year, is hired, or is transferred or promoted from a position not eligible for an Award to a position which the Compensation Committee has determined is eligible for an Award for the Plan
Year, may participate in the Plan on a pro rata basis as of the date the employee was hired, transferred or promoted, as the case may be. 
  

	6.	 PERFORMANCE AWARDS 

6.1 Establishment of Awards. 

(a) As promptly as practicable after the beginning of each Plan Year with respect to which any Awards are to be granted to
Participants, and, in any event, before April 1 of such Plan Year, the Compensation Committee shall take those actions for which it is responsible under this Plan to (i) establish the Performance Goals, Performance Measures, Award Levels
and, if applicable, the threshold Award Level, target Award Level and maximum Award Level, for each Participant, and (iii) establish such other terms and conditions for each Award as it deems appropriate, which terms may be set forth in an
Award Agreement. 
 (b) In the case of the CEO and each of the Executive Officers, the Compensation Committee will establish
for each Plan Year the Award Levels, the Performance Goals, Performance Measures and the weighting of the Performance Goals. With respect to all other Participants, the Compensation Committee will approve the Award Levels and Company Performance
Goals for each such Participant. 
 (c) The Award Levels, Performance Goals and the weighting of the Performance Goals will
vary among Participants depending on the Participant’s role and responsibilities. The Award Levels and Performance Goals may change from Plan Year to Plan Year. 

6.2 Performance Measures. The Performance Measures from which the Compensation Committee may establish Performance Goals
shall include the achievement of operational goals based on the attainment by Arconic Corp., on a consolidated basis, and/or by specified Subsidiaries or groups, divisions or business units of Arconic Corp., of specified levels of one or more of the
following performance criteria, any one of which, if applicable, may be normalized for fluctuations in currency or the price of aluminum on the London Metal Exchange or established relative to a comparison with other corporations or an external
index or indicator, or relative to a comparison with performance in prior periods, as the Compensation Committee deems appropriate: (a) earnings, including operating income, earnings before or after taxes, and earnings before or after interest,
taxes, depreciation, and amortization; (b) book value per share; (c) pre-tax income, after-tax income, income from continuing operations, or after tax
operating income; (d) operating profit or improvements thereto; (e) earnings per common share (basic or diluted) or improvement thereto; (f) return on assets (net or gross); (g) return on capital; (h) return on invested capital;
(i) sales, 

  
 5 

 
revenues or returns on sales or revenues or growth in sales, revenues or returns on sales or revenues; (j) share price appreciation; (k) total shareholder return; (l) cash flow,
operating cash flow, free cash flow, cash flow return on investment (discounted or otherwise), improvements in cash on hand, reduction of debt, improvements in the capital structure of the Company including debt to capital ratios;
(m) implementation or completion of critical projects or processes; (n) economic profit, economic value added or created; (o) cumulative earnings per share growth; (p) achievement of cost reduction goals; (q) return on
shareholders’ equity; (r) total shareholders’ return improvement or relative performance as compared with other selected companies or as compared with Company, Subsidiary, group, division or business unit history; (s) reduction
of days working capital, working capital or inventory; (t) operating margin or profit margin or growth thereof; (u) cost targets, reductions and savings, productivity and efficiencies; (v) strategic business criteria, consisting of
one or more objectives based on meeting specified market penetration, geographic business expansion, customer satisfaction (including improvements in product quality and delivery), employee satisfaction, human resources management including
improvements in diversity representation, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (w) the achievement of
sustainability measures, community engagement measures or environmental, health or safety goals of Arconic Corp. or a Subsidiary, group, division or business unit of the Company for or within which the Participant is primarily employed;
(x) improvement in performance against competition benchmarks approved by the Compensation Committee; or (y) improvements in audit and compliance measures. 

6.3 Measurement. 

(a) The Compensation Committee shall have sole discretion to determine (i) with respect to all Participants, the Award
Levels which represent the amounts potentially payable under each Award, the Company Performance Goals applicable to each Award, and the method of determining whether each Company Performance Goal has been met, and (ii) with respect to the
Executive Officers, the Personal Performance Goals, if applicable, the method of determining whether each such Personal Performance Goal has been met and the weighting of each Performance Goal. 

(b) Unless otherwise determined by the Compensation Committee, each Award shall include a threshold Performance Goal that must
be attained in order for a threshold Award Level to be payable, a target Performance Goal that must be attained for a target Award Level to be payable, and a maximum Performance Goal that must be attained for a maximum Award Level to be payable. The
amount of each Award and the Performance Goals may vary among Participants and may be determined based on the Participant’s ability to directly impact the Company’s performance or on an assessment of the Participant’s overall
contributions to the Company’s success. 
 6.4 Company Performance Goals. To the extent the Compensation
Committee elects to base Award opportunities and Performance Goals on a Company Performance Goal, the Compensation Committee shall select the Performance Measures for the Plan Year from the criteria listed in Section 6.2 or establish such other
criteria as the Compensation Committee may determine appropriate. The Compensation Committee shall also establish the threshold, target and maximum Performance Goals applicable for each Company Performance Goal. 

  
 6 

 6.5 Personal Performance Goals. To the extent the Compensation
Committee elects to base Award opportunities and Performance Goals on one or more Personal Performance Goals, the components of the Personal Performance Goals will: (a) be established for the Participant’s position for the Plan Year by the
Participant’s supervisor with the approval of the CEO; (b) include only components that support the business plan of the Company; and (c) identify how the Participant will support the achievement of such goals. The Personal
Performance Goals for the Executive Officers will be established by the Compensation Committee. The determination of whether a Participant (other than an Executive Officer) has attained his or her Personal Performance Goals and the Award Payment
payable with respect to the attainment of such Personal Performance Goals shall be determined by the CEO, subject to final approval by the Compensation Committee. The determination of whether an Executive Officer has attained his or her Personal
Performance Goals and the Award Payment payable with respect to the attainment of such Personal Performance Goals shall be determined by the Compensation Committee. 

6.6 Certification and Payment. 

(a) As soon as practicable after Arconic Corp.’s audited financial statements are available for a Plan Year with respect
to which the Awards are outstanding, the performance of Arconic Corp., on a consolidated basis, and each applicable group, division, business unit or Subsidiary will be determined for such Plan Year. The financial and operational performance shall
then be evaluated to determine the extent to which the Company Performance Goals have been achieved, based upon standards established for such Plan Year. In performing such evaluation, the Compensation Committee is authorized to make adjustments in
the method of calculating attainment of the Company Performance Goals, including, but not limited to, the authority: 

(i) to adjust or exclude the dilutive or anti-dilutive effects of acquisitions or joint ventures; 

(ii) to adjust the impact of the disposition of any businesses divested by the Company during a Plan Year; 

(iii) to exclude, in whole or in part, restructuring and/or other nonrecurring charges; 

(iv) to exclude, in whole or in part, exchange rate effects, as applicable, for
non-U.S. dollar denominated net sales and operating earnings; 
 (v)
to exclude, in whole or in part, the effects of changes to generally accepted accounting standards (“GAAP”) made by the relevant accounting authority; 

(vi) to exclude, in whole or in part, the effects of any statutory adjustments to corporate taxes; 

(vii) to exclude, in whole or in part, the impact of any “unusual or nonrecurring items” as
determined under GAAP; 

  
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 (viii) to exclude, in whole or in part, the effect of any
change in the outstanding shares of common stock of Arconic Corp. by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or
exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; 

(ix) to give effect to or to ignore, in whole or in part, any other unusual,
non-recurring gain or loss or other extraordinary item; and 
 (x) to
give effect to or to ignore, in whole or in part, any other facts, circumstances or considerations deemed appropriate by the Compensation Committee. 

Award Payments for a Plan Year will be included as an expense in determining the Company’s financial performance under the Plan for that
Plan Year. 
 (b) The Compensation Committee and each of its members shall be entitled to rely upon information provided by
appropriate officers of the Company with respect to financial and other data in order to determine if the Performance Goals for any Participant in a Plan Year have been met. 

(c) Unless otherwise determined by the Compensation Committee or deferred in accordance with Arconic Corp.’s Deferred
Compensation Plan, Award Payments for any Plan Year shall be paid in cash as soon as practicable after the Compensation Committee determines that the Performance Goals specified for such Award were in fact satisfied. It is intended that payment will
be made no later than required to ensure that no amount paid or to be paid hereunder shall be subject to the provisions of Section 409A(a)(1)(B) of the Code and all payments are intended to be eligible for the short-term deferral exception to
Section 409A of the Code, except to the extent a payment is deferred under Arconic Corp.’s Deferred Compensation Plan. 

6.7 Limit on Award Payments. Under no circumstances shall the aggregate amount payable to any Participant under an Award
for any Plan Year exceed US$9,000,000. 
 6.8 Termination of Employment. 

(a) Other than in cases of Retirement, a Participant who voluntarily terminates employment prior to the date the Award Payment
is paid for a given Plan Year shall forfeit any right to receive any Award Payment for that Plan Year. 
 (b) In the event of
a Participant’s involuntary termination by the Company without Cause, the Participant will remain eligible for an Award Payment for the applicable Plan Year only if the Participant has been employed by the Company for a continuous period of not
less than six months in such Plan Year. 
 (c) In the event of a Participant’s Retirement, the Participant will remain
eligible for an Award Payment for the applicable Plan Year only if the Participant has been employed by the Company for a continuous period of not less than six months in such Plan Year, provided that

  
 8 

 
circumstances that would have warranted a termination of the Participant’s employment by the Company for Cause do not exist. 

(d) In the event of a Participant’s termination by the Company for Cause, the Participant shall forfeit any right to
receive any Award Payment for the Plan Year. 
 (e) In the event of the Participant’s death or Disability: 

(i) if a Participant’s employment is terminated prior to the end of a Plan Year by reason of death or
Disability, the Participant or the Participant’s heir or legal representative may, upon the Compensation Committee’s approval, be eligible to be paid a prorated portion of the Award Payment for that Plan Year for the period of time
employed during such Plan Year, based on the actual level of attainment of the Performance Goals; and 
 (ii)
if a Participant’s employment is terminated by reason of death or Disability after the end of a Plan Year, but prior to payment to that Participant of the Award Payment otherwise payable (or any portion thereof) under an Award, the Participant
or the Participant’s heir or legal representative will be eligible for the amount of the Award Payment earned by the Participant for that Plan Year, based on the actual level of attainment of the Performance Goals. 

 

	7.	 WITHHOLDING TAXES 

The Company shall have the right, at the time of payment of an Award Payment, to make adequate provision for any federal,
state, local or foreign taxes (including social contributions and any other applicable taxes) which it believes are or may be required by law to be withheld with respect to an award under the Plan (“Tax Liability”), to ensure the payment
of any such Tax Liability. The Company may provide for the payment of any Tax Liability by withholding from the amount of the Award Payment or by any other method deemed appropriate by the Compensation Committee. 

 

	8.	 AMENDMENT AND TERMINATION 

The Compensation Committee may at any time and in its sole discretion suspend, amend or terminate the Plan. 

 

	9.	 MISCELLANEOUS 

9.1 No Guarantee of Employment. Nothing in this Plan or any Award granted hereunder shall confer upon any employee any
right to continue in the employ of the Company or interfere in any way with the right of the Company to terminate his or her employment at any time. 

9.2 Not Compensation for Other Plans. Except as otherwise explicitly required under the terms of an employee benefit
plan of the Company that is intended to be qualified under Section 401(a) of the Code, no Award under this Plan and no amount payable or paid under any Award shall be deemed to be or counted as salary or compensation for the purpose of
computing benefits 

  
 9 

 
under any employee benefit plan or other arrangement of the Company for the benefit of any employee. 

9.3 Compliance with Law. The Plan and the grant of awards under it shall be subject to all applicable U.S. federal and
state and any applicable foreign laws, rules and regulations and to such approvals by any governmental or regulatory agency as may be required. 

9.4 State Law. The Plan shall be construed in accordance with and governed by the laws of the State of Delaware, United
States of America, without reference to principles of conflict of laws, and construed accordingly. 
 9.5
Interpretation. All Awards and any Award Agreements shall be subject to the terms of this Plan, or the terms of this Plan, as amended from time to time, and as interpreted by the Compensation Committee. 

9.6 No Alienation. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or
in favor of any party other than the Company or an affiliate of the Company, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an affiliate of the Company. No Award shall be
assignable or transferable, either voluntarily or involuntarily, by a Participant, including as between spouses or pursuant to a domestic relations order in connection with dissolution of marriage, or by operation of law, except pursuant to
Section 6.8(e) or the laws of descent. 
 9.7 Section 409A. This Plan may be amended at any
time, without the consent of any party, to avoid the application of Section 409A of the Code in a particular circumstance or that is necessary or desirable to satisfy any of the requirements under Section 409A of the Code, but the Company
shall not be under any obligation to make any such amendment. Nothing in the Plan shall provide a basis for any person to take action against the Company or any affiliate based on matters covered by Section 409A of the Code, including the tax
treatment of any amount paid or Award made under the Plan, and neither the Company nor any of its affiliates shall under any circumstances have any liability to any Participant or any other party for any taxes, penalties or interest due on amounts
paid or payable under the Plan, including taxes, penalties or interest imposed under Section 409A of the Code. 
 9.8
Forfeiture and Recoupment. In accordance with the Company’s Compensation Recovery Policy, as it may be amended from time to time (the “Policy”), in the event a Participant is determined to have engaged in misconduct (as
determined in accordance with the Policy), the Compensation Committee shall have full power and authority to determine whether, to what extent, and under what circumstances any Awards granted to such Participant shall be forfeited or cancelled and
any Award Payments may be recouped by the Company. Notwithstanding the foregoing or any other provision of this Plan to the contrary, in the event that: (a) the amount of any Award or Award Payment was calculated based upon the achievement of
certain financial results that were subsequently the subject of a restatement (other than a restatement required because of changes in applicable financial reporting standards or under similar circumstances), (b) the Participant engaged in
intentional misconduct that caused or partially caused the need for the restatement, and (c) the amount of the Award or Award Payment had the financial results been properly reported would have been lower than the amount actually awarded or
paid to the 

  
 10 

 
Participant, then, to the full extent permitted by applicable law, in all appropriate cases, the Compensation Committee will effect the cancellation of the Award and/or recovery of the Award
Payment to the extent of the excess of any Award or Award Payment the Participant received over what he or she should have received absent the restatement during the period commencing 36 months prior to the date of the restatement and ending on the
last day of the last period to which the restatement applies, as such amount may be determined by the Compensation Committee. Further, all Awards and Award Payments (including Award Payments previously paid in accordance with the terms of the
applicable Award Agreement) shall be subject to the terms and conditions, if applicable, of any other recoupment policy that may be adopted by the Company from time to time or any recoupment requirement imposed under applicable laws, rules,
regulations or stock exchange listing standards, including, without limitation, recoupment requirements imposed pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Section 304 of the
Sarbanes-Oxley Act of 2002, or any regulations promulgated thereunder, or recoupment requirements under the laws of any other jurisdiction. 

9.9. Participants Outside the United States. Awards may be granted to employees who are foreign nationals or residents
or employed outside the United States, or both, on such terms and conditions different from those applicable to Awards to employees who are not foreign nationals or residents or who are employed in the United States as may, in the judgment of the
Compensation Committee, be necessary or desirable in order to recognize differences in local law, regulations or tax policy. If any provision of the Plan is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as
to any person or Award, or would disqualify the Plan or any Award under any law outside the United States where an employee is based, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be construed or
deemed amended without, in the sole determination of the Compensation Committee, materially altering the intent of the Plan, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan shall remain in
full force and effect. 
 9.10. Severability. If any provision of the Plan is held invalid or unenforceable, the
invalidity or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be enforced and construed as if such provision had not been included. 

9.11 Unfunded Plan. The Plan is intended to constitute an unfunded plan for incentive compensation. Prior to the payment
of any Award, nothing contained herein shall give any Participant any rights that are greater than those of a general creditor of the Company. No amounts awarded or accrued under the Plan shall be funded, set aside, subject to interest payment or
otherwise segregated prior to payment of an Award. Any Award payable under the Plan is voluntary and occasional and does not create any contractual or other right to receive Awards in future years or benefits in lieu of such Awards. 

  
 11

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