Document:

wow_Ex4.1

		

			 

		

		
			Exhibit 4.1
		

		
			 
		

		
			WideOpenWest, Inc. 
		

		
			 
		

		
			Description of Securities
		

		
			 
		

		
			The summary of the general terms and provisions of the common stock of WideOpenWest, Inc. (“WOW”, “we” and “our”) set forth below does not purport to be complete and is subject to and qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation (our “certificate of incorporation”) and Amended and Restated Bylaws (our “bylaws,” and together with our certificate of incorporation, our “Charter Documents”), each of which is incorporated herein by reference and attached as an exhibit to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. We encourage you to read our Charter Documents and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”) for additional information.
		

		
			 
		

		
			General
		

		
			 
		

		
			Our authorized capital stock consists of 700,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share.
		

		
			 
		

		
			Dividends on Capital Stock
		

		
			 
		

		
			Each holder of shares of our capital stock will be entitled to receive such dividends and other distributions in cash, stock or property as may be declared by our Board of Directors from time to time out of our assets or funds legally available for dividends or other distributions. See the section entitled “Dividend Policy.” These rights are subject to the preferential rights of any other class or series of our preferred stock.
		

		
			 
		

		
			Common Stock
		

		
			 
		

		
			 Each holder of our common stock is entitled to one vote per share on each matter submitted to a vote of stockholders. Our bylaws provide that the presence, in person or by proxy, of holders of shares representing a majority of the outstanding shares of capital stock entitled to vote at a stockholders’ meeting shall constitute a quorum. When a quorum is present, the affirmative vote of a majority of the votes cast is required to take action, unless otherwise specified by law or our certificate of incorporation, and except for the election of directors, which is determined by a plurality vote. There are no cumulative voting rights. 
		

		
			 
		

		
			  If our company is involved in a consolidation, merger, recapitalization, reorganization, or similar event, each holder of common stock will participate pro rata in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.
		

		
			 
		

		
			Our common stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities. Our common stock is neither convertible nor redeemable. Unless our Board of Directors determines otherwise, we will issue all of our capital stock in uncertificated form.  Each holder of common stock is subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock that we may designate and issue in the future.
		

		
			 
		

		
			Preferred Stock
		

		
			 
		

		
			Our Board of Directors has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the DGCL. The issuance of our preferred stock could have 

		 

		

			 

		

		

			 

		

the effect of decreasing the trading price of our common stock, restricting dividends on our capital stock, diluting the voting power of our common stock, impairing the liquidation rights of our capital stock, or delaying or preventing a change in control of our company.
		

		
			Anti-takeover Effects of our Certificate of Incorporation and Bylaws 
		

		
			        Our certificate of incorporation and our bylaws contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with the Board of Directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give the Board of Directors the power to discourage acquisitions that some stockholders may favor.
		

		
			Action by Written Consent, Special Meeting of Stockholders and Advance Notice Requirements for Stockholder Proposals 
		

		
			Our certificate of incorporation provides that stockholder action can be taken only at an annual or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting. Our Charter Documents also provide that, except as otherwise required by law, special meetings of the stockholders can be called only pursuant to a resolution adopted by a majority of the total number of directors that we would have if there were no vacancies. Except as described above, stockholders will not be permitted to call a special meeting or to require the board of directors to call a special meeting. 
		

		
			In addition, our bylaws require advance notice procedures for stockholder proposals to be brought before an annual meeting of the stockholders, including the nomination of directors. Stockholders at an annual meeting may consider only the proposals specified in the notice of meeting or brought before the meeting by or at the direction of the Board of Directors, or by a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered a timely written notice in proper form to our secretary, of the stockholder’s intention to bring such business before the meeting.
		

		
			These provisions could have the effect of delaying until the next stockholder meeting any stockholder actions, even if they are favored by the holders of a majority of our outstanding voting securities. 
		

		
			Classified Board 
		

		
			        Our certificate of incorporation provides that our Board of Directors is divided into three classes of directors, with the classes as nearly equal in number as possible. As a result, approximately one-third of our Board of Directors is elected each year. The classification of directors makes it more difficult for stockholders to change the composition of our board. 
		

		
			Removal of Directors 
		

		
			        Our certificate of incorporation provides that directors may be removed from office only for cause and only upon the affirmative vote of at least 75% of the voting power of our outstanding shares of common stock. 
		

		
			Amendment to Certificate of Incorporation and Bylaws 
		

		
			        The DGCL provides generally that the affirmative vote of a majority of the outstanding stock entitled to vote on amendments to a corporation’s certificate of incorporation or bylaws is required to approve such amendment, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage. Our bylaws may be amended, altered, changed or repealed by a majority vote of our Board of Directors, provided that, in addition to any other vote otherwise required by law, the affirmative vote of at least 75% of the voting power of our outstanding shares of common stock will be required to amend, alter, change or repeal our bylaws. Additionally, the affirmative vote of at least 75% of the voting power of the outstanding shares of capital stock entitled to vote on the adoption, alteration, amendment or repeal of our certificate of incorporation, voting as a single class, will be required to amend 

		 

		

			 

		

		

			 

		

or repeal or to adopt any provision inconsistent with specified provisions of our certificate of incorporation. This requirement of a supermajority vote to approve amendments to our Charter Documents could enable a minority of our stockholders to exercise veto power over any such amendments. 
		

		
			Our certificate of incorporation provided for alternative provisions that were to be in place until such time as our Sponsors (as defined therein) no longer beneficially own 50% or more of our outstanding shares.  As our Sponsors no longer beneficially own such amount, those provisions are no longer applicable and are therefore omitted from this description of securities.
		

		
			Delaware Anti-Takeover Statute 
		

		
			       Section 203 of the DGCL provides that if a person acquires 15% or more of the voting stock of a Delaware corporation, such person becomes an “interested stockholder” and may not engage in certain “business combinations” with the corporation for a period of three years from the time such person acquired 15% or more of the corporation’s voting stock, unless: (1) the board of directors approves the acquisition of stock or the merger transaction before the time that the person becomes an interested stockholder, (2) the interested stockholder owns at least 85% of the outstanding voting stock of the corporation at the time the merger transaction commences (excluding voting stock owned by directors who are also officers and certain employee stock plans), or (3) the merger transaction is approved by the board of directors and by the affirmative vote at a meeting, not by written consent, of stockholders of 2/3 of the holders of the outstanding voting stock which is not owned by the interested stockholder. A Delaware corporation may elect in its certificate of incorporation or bylaws not to be governed by this particular Delaware law. 
		

		
			        Under our certificate of incorporation, we have opted out of Section 203 of the DGCL and are therefore not subject to Section 203.
		

		
			Transfer Agent and Registrar 
		

		
			        The transfer agent and registrar for our common stock is American Stock Transfer and Trust.
		

		
			Listing 
		

		
			        Our common stock is listed on the New York Stock Exchange under the trading symbol “WOW.”Exhibit 10.1

 

Execution
Version

 

AMENDMENT NO. 3 TO CREDIT AGREEMENT

 

This Amendment
No. 3 to Credit Agreement, dated as of March 4, 2020 (this “Amendment”), is entered into by
and among Arconic Inc., a Delaware corporation (“Arconic” and from the 2020 Separation Effective Date (as defined
below), “Howmet”), the lenders party to this Amendment (the “Lenders”) (as defined below),
Citibank, N.A. and JPMorgan Chase Bank, N.A. (each, an Issuer with respect to the L/C Commitments under the Existing Credit Agreement
referenced below), Citibank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”),
JPMorgan Chase Bank, N.A., as syndication agent, and Goldman Sachs Bank USA, as documentation agent. Capitalized terms used but
not otherwise defined herein have the meanings assigned to such terms in the Existing Credit Agreement referenced below.

 

W I T N E S S E T H:

 

WHEREAS, reference is
made to that certain Five-Year Revolving Credit Agreement, dated as of July 25, 2014 (as amended and extended by the letter
agreement, dated June 5, 2015, and as further amended pursuant to Amendment No. 1 to Credit Agreement, dated as of September 16,
2016, and as further amended pursuant to Amendment No. 2 to Credit Agreement, dated as of June 29, 2018, the “Existing
Credit Agreement”; the Existing Credit Agreement, as amended by this Amendment, the “Credit Agreement”),
among Arconic, the lenders and issuers from time to time party thereto, the Administrative Agent and JPMorgan Chase Bank, N.A.,
as Syndication Agent;

 

WHEREAS, Arconic intends
to separate into two independent, publicly traded companies as described in the Registration Statement on Form 10 of Arconic
Rolled Products Corporation publicly filed with the SEC on January 22, 2020 (as such may be amended, supplemented or modified
from time to time (to the extent (i) not materially adverse to the Lenders, provided that any such amendments, supplements
or modifications shall not be deemed to be material and adverse to the rights or interests of the Lenders if relating to the inclusion
of information for which there are placeholders in the Registration Statement on Form 10, such as the distribution ratio and
the distribution and record dates or (ii) made with the prior written approval of the Administrative Agent), the “Arconic
Form 10”) and in connection therewith (i) Arconic’s “rolled product” business and related
assets will be transferred to Arconic Rolled Products Corporation, a Delaware corporation (“Arconic Rolled Products”),
(ii) Arconic Rolled Products will be renamed “Arconic Corporation” on the 2020 Separation Effective Date, and
(iii) Arconic Inc. will be renamed “Howmet Aerospace Inc.” on the 2020 Separation Effective Date (collectively,
the “2020 Separation Transaction”, and the date the 2020 Separation Transaction is consummated, the 2020 Separation
Effective Date (as defined below));

 

WHEREAS, Arconic has
requested that the Existing Credit Agreement be amended on the terms and conditions set forth herein to provide for, among other
things, the establishment of a $1,500,000,000 senior unsecured revolving credit and letter of credit facility (the “New
Facility”) to be provided by the lenders executing this Amendment;

 

WHEREAS, the New Facility
will refinance and replace the existing credit facility under the Existing Credit Agreement and will be established by amending
the Existing Credit Agreement pursuant to this Amendment; and

 

WHEREAS, in connection
with the 2020 Separation Transaction and entering into the New Facility, Arconic has requested, and the Lenders and the Administrative
Agent have agreed, on the terms and conditions set forth herein, to make certain amendments to the Existing Credit Agreement as
provided herein;

 

     

     

    

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

Section 1.       Definitions.
Unless otherwise specifically defined herein, each term used herein (including in the recitals above) that is defined in the Credit
Agreement has the meaning assigned to such term in the Credit Agreement.

 

Section 2.       Amendments
to the Existing Credit Agreement upon the 2020 Separation Effective Date. Subject to the satisfaction of the conditions set
forth in Section 5 below, the parties hereto agree that the Existing Credit Agreement shall be amended, with effect
upon the 2020 Separation Effective Date (as defined in Section 5 below), as follows:

 

(a)            Amendments
to reflect the change of Arconic’s name. Each reference in the Credit Agreement to “Arconic” shall be replaced
with “Howmet”.

 

(b)            Amendments
to reflect the 2020 Separation Effective Date. Each reference in the Credit Agreement to “Effective Date” shall
be replaced with “2020 Separation Effective Date”.

 

(c)            Amendment
of Schedule 6.01(a). Schedule 6.01(a) of the Credit Agreement is hereby amended in its entirety to read as set forth on
Exhibit B to this Amendment.

 

(d)            Amendments
to Article I (Definitions and Construction).

 

(i)           Section 1.01
of the Existing Credit Agreement is hereby amended to insert the following new defined terms in their correct alphabetical order:

 

“2020 Separation Effective Date”
shall have the meaning assigned to such term in Amendment No. 3.

 

“2020 Separation Transaction” shall
have the meaning assigned to such term in Amendment No. 3.

 

“Affected Financial Institution”
shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Amendment No. 3” shall mean
Amendment No. 3 to this Agreement, dated as of March 4, 2020.

 

“Amendment No. 3 Effective Date”
shall have the meaning assigned to such term in Amendment No. 3.

 

“Co-Documentation Agents” shall mean
ABN Amro Capital USA LLC, Bank of Montreal, BNP Paribas, Credit Suisse AG, Cayman Islands Branch, Fifth Third Bank, National Association,
Goldman Sachs Bank USA, Intesa Sanpaolo S.p.A. - New York Branch, Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., MUFG
Bank, Ltd., PNC Bank, National Association, Sumitomo Mitsui Banking Corporation, TD Bank, N.A., Truist Bank and U.S. Bank
National Association.

 

    2

     

    

 

“Designated Grenfell Liabilities”
shall mean costs and expenses (including legal fees) attributable to or arising from the Grenfell Tower Fire, which have been assumed
by Arconic Rolled Products pursuant to the 2020 Separation Documents (as defined in Amendment No. 3).

 

“Grenfell Tower Fire” shall mean
the June 2017 fire at the Grenfell Tower in London, England.

 

“Howmet Lenders” shall have the meaning
assigned to such term in Amendment No. 3.

 

“Resolution Authority” shall mean
an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“UK Financial Institution” shall
mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution Authority” shall mean
the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

(ii)          Section 1.01
of the Existing Credit Agreement is hereby amended by amending and restating the following defined terms in their entirety as follows:

 

“Applicable Margin” shall mean, as
of any date of determination, a per annum rate equal to the rate set forth below opposite the applicable Type of Loan and the Index
Debt Ratings in effect on such date set forth below; provided, that in the event the Index Debt Ratings fall within different
categories, the Applicable Margin shall be based on the category corresponding to the higher of such Index Debt Ratings, unless
such Index Debt Ratings differ by two or more categories, in which case the spreads shall be based upon the category one level
below the category corresponding to the higher of such Index Debt Ratings:

 

    3

     

    

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt

Ratings of at

least BBB+

by S&P

and/or Baa1

by Moody’s	Index Debt 

Ratings less

than

Category 1,

but at least

BBB by

S&P and/or

Baa2 by

Moody’s	Index Debt

Ratings less

than

Category 2,

but at least 

BBB- by 

S&P and/or 

Baa3 by 

Moody’s.	Index Debt

Ratings less

than

Category 3,

but at least

BB+ by 

S&P and/or

Ba1 by

Moody’s.	Index Debt

Ratings less

than

Category 4,

but at least

BB by S&P

and/or Ba2

by

Moody’s.	Index Debt

Ratings

equal to or

lower than

BB- by

S&P and/or

Ba3 by

Moody’s.
	Applicable Margin for LIBOR Loans	1.015%	1.125%	1.325%	1.50%	1.70%	1.90%
	Applicable Margin for Base Rate Loans	0.015%	0.125%	0.325%	0.50%	0.70%	0.90%

 

“Applicable Facility Fee Rate” shall
mean, as of any date of determination, a per annum rate equal to the rate set forth below opposite the Index Debt Ratings in effect
on such date set forth below; provided, that in the event the Index Debt Ratings fall within different categories, the Applicable
Facility Fee Rate shall be based on the category corresponding to the higher of such Index Debt Ratings, unless such Index Debt
Ratings differ by two or more categories, in which case the fee shall be based upon the category one level below the category corresponding
to the higher of such Index Debt Ratings:

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt

Ratings of at

least BBB+

by S&P

and/or Baa1

by Moody’s	Index Debt

Ratings less

than

Category 1,

but at least

BBB by

S&P and/or

Baa2 by 

Moody’s	Index Debt 

Ratings less

than

Category 2, 

but at least 

BBB- by 

S&P and/or 

Baa3 by 

Moody’s.	Index Debt 

Ratings less 

than 

Category 3,

but at least 

BB+ by

S&P and/or 

Ba1 by 

Moody’s.	Index Debt 

Ratings less 

than 

Category 4, 

but at least

BB by S&P

and/or Ba2

by 

Moody’s.	Index Debt

Ratings

equal to or 

lower than 

BB- by 

S&P and/or 

Ba3 by 

Moody’s.
	Applicable Facility Fee Rate	0.11%	0.125%	0.175%	0.25%	0.30%	0.35%

 

    4

     

    

 

“Bail-In Action” means the exercise
of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial
Institution.

 

“Bail-In Legislation” shall mean
(a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

“Consolidated EBITDA” shall mean,
for any period, for Howmet and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period
plus the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges
for such period, (ii) the provision for federal, state, local and foreign income Taxes payable by Howmet and its Subsidiaries
for such period, (iii) the amount of depreciation and amortization expense, and (iv) the aggregate amount of fees, expenses
and charges incurred or attributed to Howmet and its Subsidiaries in connection with the 2020 Separation Transaction, provided,
that, to the extent that the 2020 Separation Effective Date shall have occurred during such period, all of the foregoing shall
be determined on a pro forma basis as if the 2020 Separation Effective Date occurred at the beginning of such period.

 

“Consolidated Net Income” shall mean,
for any period, for Howmet and its Subsidiaries on a consolidated basis, the net income of Howmet and its Subsidiaries (excluding
any unusual, non-recurring, exceptional or non-cash expenses, losses or charges and any unusual, non-recurring, exceptional or
non-cash gains) for such period ((x) excluding any impact of the Designated Grenfell Liabilities or gain or loss (including
as a result of insurance recoveries received directly from the insurance company or indirectly from Arconic Corporation), in each
case arising from or attributable to the Grenfell Tower Fire and (y) reduced for any cash payments made during such period,
whether or not such cash payments would be required to reduce net income in accordance with GAAP, resulting from the Designated
Grenfell Liabilities except to the extent such payments either (i) have been reimbursed in cash directly from an insurance
provider or reimbursed indirectly from Arconic Corporation or (ii) are expected to be covered and reimbursed in cash within
365 days (A) directly by an insurance provider that is financially sound and reputable and has not disputed coverage or (B) indirectly
by Arconic Corporation (in each case of (A) and (B), as determined by Howmet in good faith), such adjustments pursuant to
clauses (x) and (y) as set forth in reasonable detail in the certificate of a Financial Officer delivered pursuant
to Section 5.01(c)(ii); provided that to the extent such amounts are not so reimbursed within such 365 day period,
or are no longer expected to be covered and reimbursed or are disputed, then such unreimbursed amount shall reduce net income for
such period).

 

    5

     

    

 

“Exchange Act Reports” shall mean
the Annual Report of Howmet on Form 10-K for the year ended December 31, 2018, the Quarterly Reports of Howmet on Form 10-Q
for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, and the current reports of Howmet on
Form 8-K dated January 1, 2019 to the 2020 Separation Effective Date, filed by Howmet with the SEC pursuant to the Securities
Exchange Act of 1934; provided, however, that for the purpose of satisfaction of the condition set forth in Section 2.21(b)(B) with
respect to the First Extension or the Second Extension only, “Exchange Act Reports” shall mean Howmet’s Annual
Report on Form 10-K for the fiscal year of Howmet most recently ended prior to the delivery of the Extension Request with
respect to the First Extension or the Second Extension, as applicable (the “Applicable Fiscal Year”), the Quarterly
Reports of Howmet on Form 10-Q for each of the quarters ended after the Applicable Fiscal Year and prior to the applicable
Extended Maturity Effective Date and all current reports of Howmet on Forms 8-K filed after the Applicable Fiscal Year and prior
to the applicable Extended Maturity Effective Date. Notwithstanding the foregoing, references to “Howmet” with respect
to any date or period prior to the 2020 Separation Effective Date shall be references to “Arconic Inc.”.

 

“First Extended Maturity Date” shall
mean the sixth anniversary of the 2020 Separation Effective Date or, if such day is not a Business Day, on the immediately preceding
Business Day.

 

“Initial Scheduled Maturity Date”
shall mean the fifth anniversary of the 2020 Separation Effective Date or, if such day is not a Business Day, on the immediately
preceding Business Day.

 

“Letter of Credit Sublimit” shall
mean $500,000,000.

 

“Second Extended Maturity Date” shall
mean the seventh anniversary of the 2020 Separation Effective Date or, if such day is not a Business Day, on the immediately preceding
Business Day.

 

“Write-Down and Conversion Powers”
shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the
applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to
have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

    6

     

    

 

(iii)          Article I
of the Existing Credit Agreement is hereby amended by amending the definition of “Commitment” by replacing “$3,000,000,000”
thereof with “$1,500,000,000”.

 

(iv)          Article I
of the Existing Credit Agreement is hereby amended by amending the definition of “Consolidated Net Debt” by replacing
 “$500,000,000” thereof with “$400,000,000”.

 

(v)           Article I
of the Existing Credit Agreement is hereby amended by amending the definition of “Defaulting Lender” by inserting “or
(vi) any Lender that has become the subject of a Bail-In Action. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any of clauses (i) through (vi)” after “”to become a Non-Defaulting Lender),”
and before “above will be conclusive and binding absent manifest error”.

 

(vi)         Article I
of the Existing Credit Agreement is hereby amended by amending the definition of “Interest Period” by inserting “(except
with respect to Borrowings denominated in Euros)” after “1, 2” and before “, 3 or 6”.

 

(vii)       Article I
of the Existing Credit Agreement is hereby amended by inserting, after Section 1.03 thereof, the following new Section 1.04:

 

SECTION 1.04. Divisions. For all purposes
under the Loan Documents (including Article VI), in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability
of any person becomes the asset, right, obligation or liability of a different person, then it shall be deemed to have been transferred
from the original person to the subsequent person, and (b) if any new person comes into existence, such new person shall be
deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

 

(viii)      Article II
of the Existing Credit Agreement is hereby amended by amending Section 2.12(b) by inserting “or foreign”
after “United States” and before “financial regulatory authorities.”

 

(ix)        Article II
of the Existing Credit Agreement is hereby amended by amending and restating the proviso of Section 2.16 thereof in its entirety
as follows:

 

provided, however, that, (i) if any
such purchase or purchases or adjustments shall be made pursuant to this Section and the payment giving rise thereto shall
thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase
price or prices or adjustment restored without interest and (ii) the provisions of this paragraph shall not apply to (x) any
payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement, (y) any payment obtained
by any lender as consideration for the assignment of or sale of a participation in any of its Revolving Credit Outstandings to
any permitted assignee or participation or (z) the application of cash collateral provided for in Section 2.23
or the last paragraph of Article VII.

 

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(x)          Article III
of the Existing Credit Agreement is hereby amended by amending and restating Section 3.06 thereof in its entirety as follows:

 

SECTION 3.06. Financial Statements. In the
case of Howmet, it has furnished to the Lenders copies of its consolidated balance sheet as of December 31, 2018, and the
related consolidated statements of income and shareholders’ equity and cash flows for the three years ended December 31,
2018, all audited by PricewaterhouseCoopers LLP, and Howmet’s unaudited consolidated balance sheets as at March 31,
2019, June 30, 2019 and September 30, 2019 and the related unaudited consolidated statements of income and shareholders’
equity and cash flows for the three months then ended. Such financial statements (including the notes thereto) present fairly the
financial condition of Howmet and its Subsidiaries as of such dates and the results of their operations and cash flows for the
periods then ended (subject, in the case of said balance sheets as at March 31, 2019, June 30, 2019 and September 30,
2019, respectively, and said statements of income, shareholders equity and cash flows for the three months then ended, to the absence
of footnote disclosure and normal year-end audit adjustments), all in conformity with GAAP. Notwithstanding the foregoing, references
to “Howmet” with respect to any date or period prior to the 2020 Separation Effective Date shall be references to “Arconic
Inc.”.

 

(xi)         Article III
of the Existing Credit Agreement is hereby amended by amending and restating Section 3.09 thereof in its entirety as follows:

 

SECTION 3.09. No Material Adverse Change.
Since December 31, 2018, there has been no material adverse change in the business, assets, operations or financial condition
of itself and its Subsidiaries, taken as a whole, except, in the case of Howmet and the Borrowing Subsidiaries, as disclosed in
the Exchange Act Reports on or prior to the Amendment No. 3 Effective Date.

 

(xii)        Article III
of the Existing Credit Agreement is hereby amended by amending and restating Section 3.19(a) thereof in its entirety
as follows:

 

(a)            Neither
the Borrower nor any of its Subsidiaries, nor any of the directors or officers of the Borrower or any of its Subsidiaries, nor,
to the Borrower’s knowledge, any of the employees, agents or controlled affiliates of the Borrower or any of its Subsidiaries,
is a person that is, or, in the case of the Borrower or its Subsidiaries, is majority-owned or controlled by one or more persons
that are (A) the subject of any Sanctions (a “Sanctioned Person”) or (B) located, organized or resident in
a country or territory (including, without limitation, as of the date hereof, Crimea, Cuba, Iran, North Korea and Syria) that
is the subject of Sanctions that broadly restrict or prohibit dealings with that country or territory (a “Sanctioned Country”).

 

    8

     

    

 

(xiii)        Article VI
of the Existing Credit Agreement is hereby amended by inserting the following new sentence at the end of Section 6.02:

 

“Notwithstanding anything to the contrary contained
herein, nothing in this Section 6.02 shall prohibit or otherwise restrict the 2020 Separation Transactions.”

 

(xiv)       Article VI
of the Existing Credit Agreement is hereby amended by amending and restating Section 6.03 thereof in its entirety as follows:

 

SECTION 6.03. Consolidated Net Leverage Ratio.
Howmet shall not permit the ratio of Consolidated Net Debt to Consolidated EBITDA as of the end of each fiscal quarter for the
period of the four fiscal quarters of Howmet most recently ended, to be greater than 3.50 to 1.00.

 

(xv)        Article X
of the Existing Credit Agreement is hereby amended by amending and restating clause (b)(i) of Section 10.04 in its entirety
as follows:

 

(b)(i) Subject to the conditions set forth in paragraph
(b)(ii) below, any Lender may assign to one or more assignees (other than to any Borrower or any Borrower’s Subsidiary
or Affiliate or to any natural person (or a holding company, investment vehicle, or trust for, or owned and operated by or for
the primary benefit of a natural person)) all or a portion of its rights and obligations under this Agreement (including all or
a portion of its rights and obligations with respect to its Commitment, the Loans and the Letters of Credit) to (1) any other
Lender or an Affiliate of such Lender or (2) with the prior written consent (such consent not to be unreasonably withheld
) of:

 

(xvi)       Article X
of the Existing Credit Agreement is hereby amended by amending and restating clause (iv) of Section 10.08(b) in
its entirety as follows:

 

(iv) amend or modify the provisions of Sections
2.15 and 2.16, the provisions of Article VIII, the provisions of this Section or the definition of
 “Required Lenders”, without the prior written consent of each Lender,

 

(xvii)      Article X
of the Existing Credit Agreement is hereby amended by amending and restating clause (a) of Section 10.18 thereof in its
entirety as follows:

 

(a) to such person’s respective Affiliates
and their respective employees, representatives, service providers and agents that are or are expected to be involved in the evaluation
of such information in connection with the Transactions contemplated by this Agreement and are advised of the confidential nature
of such information,

 

    9

     

    

 

(xviii)     Article X
of the Existing Credit Agreement is hereby amended by amending and restating Section 10.20 thereof in its entirety as follows:

 

Section 10.20. Acknowledgement and Consent to
Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a) the application of any Write-Down and Conversion
Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party
hereto that is an Affected Financial Institution; and (b)the effects of any Bail-in Action on any such liability, including, if
applicable:

 

(i) a reduction in full or in part or cancellation of
any such liability;

 

(ii) a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge
institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will
be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(iii) the variation of the terms of such liability
in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

 

Section 3.      Reduction
and Deemed Assignment of Commitments

 

(a)            Subject
to the terms and conditions set forth herein, upon the 2020 Separation Effective Date (i) each lender party hereto hereby
agrees to commit to provide its respective Commitment as set forth in Schedule 2.01(a) of Exhibit A hereto (which
shall be deemed to supersede and replace Schedule 2.01(a) of the Existing Credit Agreement on the 2020 Separation Effective
Date) (each lender listed on Schedule 2.01(a) of Exhibit A hereto, a “Lender”), (ii) each
Lender that is not a Lender under the Existing Credit Agreement (a “New Lender”, together with each Lender under
clause (i) above, the “Howmet Lenders”) shall become a party to the Credit Agreement as a “Lender”
thereunder, and (iii) each Lender under the Existing Credit Agreement that is not a party hereto (each, an “Exiting
Lender”) shall, on the 2020 Separation Effective Date, be deemed to have assigned the entire amount of its Commitment
and Loans (if any) to the other Lenders (including the New Lenders), allocated among the Lenders in such amounts as shall be required
such that, after giving effect to all of the foregoing, the Commitment of each Lender on the 2020 Separation Effective Date shall
be as set forth in Schedule 2.01(a) of Exhibit A hereto. Schedule 2.01(a) of Exhibit A hereto
shall be deemed to supersede and replace Schedule 2.01(a) of the Existing Credit Agreement upon the 2020 Separation
Effective Date; provided, that, in the event that, following the date hereof but prior to the occurrence of the 2020 Separation
Effective Date, any Commitments are assigned or changed pursuant to the Credit Agreement (other than as set forth above), then
upon the 2020 Separation Effective Date, the Administrative Agent shall make such changes to Schedule 2.01(a) of Exhibit A
hereto solely to the extent necessary to give effect to any such assignment or change and to the other provisions of this Section 3(a).

 

    10

     

    

 

(b)            Each
Issuer committed to providing L/C Commitments under the Existing Credit Agreement immediately prior to the effectiveness of this
Amendment shall continue to act in such capacity immediately following the effectiveness hereof. Schedule 2.01(b) of Exhibit A
hereto shall be deemed to supersede and replace Schedule 2.01(b) of the Existing Credit Agreement upon the 2020 Separation
Effective Date; provided, that, in the event that, following the date hereof but prior to the occurrence of the 2020 Separation
Effective Date, any L/C Commitments are changed pursuant to the Credit Agreement (other than as set forth above), then upon the
2020 Separation Effective Date, the Administrative Agent shall make such changes to Schedule 2.01(b) of Exhibit A
hereto solely to the extent necessary to give effect to any such change and to the other provisions of this Section 3(b).

 

(c)            In
furtherance of the foregoing, (i) each Exiting Lender shall cease to have a Commitment on the 2020 Separation Effective Date
and shall cease to be a Lender under the Credit Agreement as though its Commitment had been assigned to the other Lenders in accordance
with Section 10.04(b) of the Credit Agreement, (ii) all unpaid interest, fees and other amounts owing to such Exiting
Lender under the Credit Agreement immediately prior to the occurrence of the 2020 Separation Effective Date shall be paid by Arconic
to such Exiting Lender on the 2020 Separation Effective Date and (iii) any outstanding Loans of the Exiting Lenders deemed
assigned to the other Lenders pursuant to Section 3(a) above shall be deemed purchased at par by such Lenders
from the Exiting Lenders on the 2020 Separation Effective Date.

 

(d)            Each
New Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the 2020 Separation Effective
Date, become a Lender for all purposes of the Credit Agreement and have a Commitment in the principal amount as set forth opposite
its name in Schedule 2.01(a) of Exhibit A hereto. Each New Lender (i) agrees that it will, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement,
(ii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers
under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together
with such powers as are reasonably incidental thereto, (iii) agrees to be bound by the terms of the Credit Agreement and perform
in accordance with their terms all of the obligations that, by the terms of the Credit Agreement, are required to be performed
by it as a Lender, (iv) represents and warrants that it has full power and authority, and has taken all actions necessary,
to execute and deliver this Amendment, to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement and (v) confirms it has delivered the documentation required under Section 2.18 of the Credit Agreement and
an Administrative Questionnaire in the form supplied by the Administrative Agent, duly completed by each New Lender.

 

Section 4.     Conditions
Precedent to Amendment No. 3 Effective Date.

 

This Amendment shall
be effective upon the date on which the following conditions precedent are satisfied (such date, the “Amendment No. 3
Effective Date”):

 

(a)            Amendment.
The Administrative Agent shall have received counterparts of this Amendment, duly executed by Arconic, the Lenders (including each
New Lender), each Issuer and the Administrative Agent.

 

(b)            Fees
and Expenses. The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Amendment
No. 3 Effective Date (including, without limitation, (x) upfront fees payable to the Lenders and (y) fees and other
amounts due and payable under Section 10.05 (Expenses; Indemnity) of the Existing Credit Agreement).

 

    11

     

    

 

Section 5.     Conditions
Precedent to 2020 Separation Effective Date.

 

The amendments set forth
under Sections 2 and 3 herein shall be effective upon the date on which the following conditions precedent are satisfied (such
date, the “2020 Separation Effective Date” which date shall be no later than August 1, 2020):

 

(a)            Consummation
of Separation and Certificate. Each of the material agreements and documentation (including all schedules and exhibits thereto)
relating to the 2020 Separation Transaction (including any amendments, supplements or other modifications with respect thereto
or waivers or consents in respect thereof) (collectively, the “2020 Separation Documents”) shall be consistent
in all material respects with Arconic Form 10 and otherwise reasonably acceptable to the Administrative Agent, in each case,
to the extent material to the interests of the Lenders with respect to the 2020 Separation Transaction. The 2020 Separation Transaction
shall be consummated in all material respects in accordance with the terms of the 2020 Separation Documents and Arconic Form 10.
Arconic shall deliver to the Administrative Agent, on the 2020 Separation Effective Date, a certificate of an officer of Arconic
certifying that the requirements of this clause (a) have been satisfied.

 

(b)            Opinion.
The Administrative Agent shall have received a written opinion reasonably satisfactory to the Administrative Agent and the Lenders
of Cleary Gottlieb Steen & Hamilton LLP, as counsel to Arconic, K&L Gates LLP, as counsel to Arconic and Richards,
Layton & Finger, P.A., as Delaware counsel to Arconic, dated the 2020 Separation Effective Date and addressed to the Administrative
Agent and the Lenders.

 

(c)            Corporate
Documents. The Administrative Agent shall have received (i) a copy, including all amendments thereto, of the charter of
Arconic, certified as of a recent date by the Secretary of State or other appropriate official of its jurisdiction of incorporation
and a certificate as to the good standing of Arconic as of a recent date, from such Secretary of State or other official; (ii) a
certificate of the Secretary or Assistant Secretary of Arconic dated the 2020 Separation Effective Date and certifying (A) that
attached thereto is a true and complete copy of the by-laws of Arconic as in effect on the 2020 Separation Effective Date showing
all amendments thereto since the date of the resolutions described in clause (B) below, (B) that attached thereto is
a true and complete copy of resolutions duly adopted by the Board of Directors of Arconic authorizing the execution, delivery and
performance of this Amendment and the borrowings by Arconic hereunder, and that such resolutions have not been modified, rescinded
or amended and are in full force and effect, (C) that the charter of Arconic has not been amended since the date of the last
amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above and (D) as to the
incumbency and specimen signature of each officer executing this Amendment or any other document delivered in connection herewith
on behalf of Arconic; (iii) a certificate of another officer of Arconic as to the incumbency and specimen signature of the
Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above; and (iv) such other documents
as the Lenders or Weil, Gotshal & Manges LLP, counsel for the Administrative Agent may reasonably request.

 

(d)            Existing
Loans. No loans shall be outstanding under the Existing Credit Agreement.

 

(e)            Representations
and Warranties. The representations and warranties set forth in Section 6 of this Amendment shall be true and correct
in all material respects (or in all respects if such representation or warranty is qualified by Material Adverse Effect or other
materiality qualifier) on and as of the 2020 Separation Effective Date with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date.

 

    12

     

    

 

(f)            Conditions
Precedent Certificates. The Administrative Agent shall have received certificates dated the 2020 Separation Effective Date
and signed by a Financial Officer of Arconic confirming the satisfaction of the conditions precedent set forth in paragraphs (d) and
(e) of this Section 5 and that as of the 2020 Separation Effective Date, no Event of Default or Default has occurred
and is continuing.

 

(g)            Responsible
Officer Certificates. The Administrative Agent shall have received certificates of a Responsible Officer of Arconic, each dated
the 2020 Separation Effective Date and stating that (i) except as previously disclosed, Arconic and each of its Subsidiaries
have complied in all respects with all Federal, state, local and foreign statutes, ordinances, orders, judgments, rulings and regulations
relating to environmental pollution or to environmental regulation or control except to the extent any such failure so to comply
would not, alone or together with any other such failure, be reasonably likely to result in a Material Adverse Effect; (ii) neither
Arconic nor any of its Subsidiaries has received notice of any failure so to comply which alone or together with any other such
failure would be reasonably likely to result in a Material Adverse Effect; and (iii) the plants of Arconic and its Subsidiaries
do not manage any hazardous wastes, toxic pollutants or substances similarly denominated in violation of any applicable law or
regulations promulgated pursuant thereto including, for operations within the United States, the Resource Conservation and Recovery
Act, the Comprehensive Environmental Response Compensation and Liability Act, the Hazardous Materials Transportation Act, the Toxic
Substance Control Act, the Clean Air Act, the Clean Water Act or any other applicable law, where such violation would be reasonably
likely to result, individually or together with any such other violations, in a Material Adverse Effect.

 

(h)            Fees
and Expenses. The Administrative Agent shall have received all fees and other amounts due and payable under Section 10.05
(Expenses; Indemnity) of the Credit Agreement on or prior to the 2020 Separation Effective Date to the extent invoiced at
least two Business Days prior to the 2020 Separation Effective Date (or such shorter period as agreed to by Arconic); provided
that such invoice requirement is applicable only if written notice of the date on which the 2020 Separation Effective Date will
occur is provided to the Administrative Agent at least four Business Days prior to the 2020 Separation Effective Date (or such
shorter period as agreed to by the Administrative Agent).

 

Section 6.     Representations
and Warranties. To induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, Arconic hereby
represents and warrants to the Administrative Agent and the Lenders, that:

 

(a)            Authorization.
Arconic has the power and authority, corporate or otherwise, to execute, deliver and carry out the provisions of this Amendment,
or to become a party to this Amendment in accordance with the terms hereof and to perform its obligations hereunder and under the
Credit Agreement as modified hereby, and all such action has been duly and validly authorized by all necessary proceedings, corporate
or otherwise, on its part.

 

(b)            Enforceability.
This Amendment has been duly executed and delivered by Arconic and this Amendment and the Credit Agreement as modified hereby constitute
the legal, valid and binding obligations of Arconic, enforceable in accordance with their respective terms, except as limited by
bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by
general principles of equity limiting the availability of equitable remedies.

 

(c)            Governmental
Approvals. No authorization, consent, approval, license, exemption or other action by, and no registration, qualification,
designation, declaration or filing with, any Governmental Authority (other than filings under the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the SEC promulgated thereunder) is necessary in connection with Arconic’s
execution and delivery of this Amendment, the consummation by Arconic of the transactions contemplated hereby or Arconic’s
performance of or compliance with the terms and conditions hereof or of the Credit Agreement as modified hereby.

 

    13

     

    

 

(d)            No
Conflict. None of the execution and delivery by Arconic of this Amendment, the consummation by Arconic of the transactions
contemplated hereby or the performance by Arconic of or compliance by Arconic with the terms and conditions hereof or of the Credit
Agreement as modified hereby will (a) violate any law, constitution, statute, treaty, regulation, rule, ordinance, order,
injunction, writ, decree or award of any Governmental Authority to which it is subject, (b) conflict with or result in a breach
or default under its charter or Memorandum and Articles of Association or by-laws (or equivalent organizational or governing documents),
as applicable, (c) conflict with or result in a breach or default which is material in the context of this Amendment under
any agreement or instrument to which Arconic is a party or by which it or any of its properties, whether now owned or hereafter
acquired, may be subject or bound or (d) result in the creation or imposition of any Lien prohibited by Section 6.01
of the Credit Agreement upon any property or assets, whether now owned or hereafter acquired, of Arconic.

 

(e)            No
Default; Representations and Warranties. On and as of the Amendment No. 3 Effective Date and the 2020 Separation Effective
Date, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of
Arconic set forth in the Loan Documents are true and correct in all material respects (or in all respects if such representation
or warranty is qualified by Material Adverse Effect or other materiality qualifier) with the same effect as though made on and
as of the date hereof, except to the extent that any such representation or warranty specifically refers to an earlier date, in
which case such representation or warranty is true and correct in all material respects (or in all respects if such representation
or warranty is qualified by Material Adverse Effect or other materiality qualifier) as of such earlier date.

 

Section 7.     Reference
to and Effect on the Existing Credit Agreement.

 

(a)            From
the Amendment No. 3 Effective Date (i) this Amendment and the Existing Credit Agreement shall be construed as a single
instrument and (ii) each reference in the Existing Credit Agreement to “the Credit Agreement”, “this Agreement”,
 “hereunder”, “hereof” or words of like import, and each reference in each of the other Loan Documents to
 “the Credit Agreement”, “thereunder”, “thereof” or words of like import, shall mean and be
a reference to the Credit Agreement as amended hereby.

 

(b)            From
the 2020 Separation Effective Date, each reference to “Facility” shall mean and be a reference to the “New Facility”
as defined herein.

 

(c)            Except
as expressly set forth in this Amendment, all of the terms and provisions of the Existing Credit Agreement, each other Loan Document,
and all other instruments and agreements executed in connection therewith are and shall remain in full force and effect and are
hereby reaffirmed, ratified and confirmed, and the Borrowers shall continue to be bound by all of such terms and provisions.

 

(d)            Except
with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit
Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

(e)            This
Amendment is a Loan Document under (and as defined in) the Credit Agreement.

 

    14

     

    

 

Section 8.     Ticking
Fee. Arconic agrees to pay, or cause any other Borrower to pay, in immediately available Dollars for the account of the Howmet
Lenders, a ticking fee (collectively, the “Ticking Fee”) at a rate per annum equal to the Applicable Facility Fee Rate
(as such term is to be defined as of the 2020 Separation Effective Date) on the average daily amount of such Howmet Lender’s
commitment as set forth on Schedule 2.01(a) of Exhibit A, for the period commencing on and including the
91st day after the Amendment No. 3 Effective Date (the “Ticking Fee Start Date”) and expiring on the earlier of
(x) the 2020 Separation Effective Date and (y) the date such commitment as set forth on Schedule 2.01(a) of
Exhibit A is terminated. Accrued Ticking Fees shall be payable in arrears on (A) the last Business Day of each
calendar quarter, commencing on the first such Business Day following the Ticking Fee Start Date, for the account of each Howmet
Lender and (B) the date on which the commitments on Schedule 2.01(a) of Exhibit A hereto shall be terminated
in whole (or, in the case of Letters of Credit, fully cash collateralized in accordance with the last paragraph of Article VII),
for the account of each Howmet Lender. All Ticking Fees shall be computed on the basis of the actual number of days elapsed in
a year of 360 days

 

Section 9.     Miscellaneous.

 

(a)            Governing
Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO ANY CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. SECTION 10.11
AND 10.15 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO.

 

(b)            Headings.
Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the
construction of, or to be taken into consideration in interpreting, this Amendment.

 

(c)            Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken
together shall constitute but one contract, and shall become effective as provided in Section 10.03 of the Credit Agreement.
Delivery of an executed counterpart of a signature page of this Amendment by facsimile, PDF or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Amendment.

 

Section 10.     Term.
Except in the case of Section 8, this Amendment shall terminate if the 2020 Separation Effective Date has not occurred
on or prior to August 1, 2020.

 

[Signature
Pages Follow]

 

    15

     

    

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as
of the day and year first above written.

 

 

	 	ARCONIC INC.
	 	 	 
	 	 	 	 
	 	By:	/s/ Peter Hong
	 	 	Name:	Peter Hong
	 	 	Title:	Vice President and Treasurer

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	CITIBANK, N.A.,
	 	individually as a Lender, as an Issuer and as Administrative Agent
	 	 	 
	 	 	 	 
	 	By:	/s/ Michael Vondriska
	 	 	Name:	Michael Vondriska
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	JPMorgan Chase Bank, N.A.,
    as a Lender and as an Issuer
	 	 	 
	 	 	 	 
	 	By:	/s/ James Shender
	 	 	Name:	James Shender
	 	 	Title:	Executive Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	ABN Amro capital usa llc,
    as a Lender
	 	 	 
	 	 	 	 
	 	By:	/s/ Jamie Matos
	 	 	Name:	Jamie Matos
	 	 	Title:	Director
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Amit Wynalda
	 	 	Name:	Amit Wynalda
	 	 	Title:	Executive Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Bank
    of montreal, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Josh Hovermale
	 	 	Name:	Josh Hovermale
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	BNP paribas,
    as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Raymond G. Dunning
	 	 	Name:	Raymond G. Dunning
	 	 	Title:	Managing Director
	 	 	 	 
	 	By:	/s/
    Nicolas Anberree
	 	 	Name:	Nicolas Anberree
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	CREdit
    suisse ag, cayman islands branch, as a Lender
	 	 	 	 
	 	By:	/s/
    Judy Smith
	 	 	Name:	Judy Smith
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Andrew Griffin
	 	 	Name:	Andrew Griffin
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	fifth
    third bank, national association, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Michael S. Barnett
	 	 	Name:	Michael S. Barnett
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	GOLDMAN
    SACHS BANK USA, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Ryan Durkin
	 	 	Name:	Ryan Durkin
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Name of Institution:
	 	 	 	 	 
	 	 	Intesa Sanpaolo S.P.A. - New York Branch
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/
    Alessandro Toigo
	 	 	 	Name:	Alessandro Toigo
	 	 	 	Title:	Head of Corporate Desk
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/
    William Denton
	 	 	 	Name:	William Denton
	 	 	 	Title:	Global Relationship Manager

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Mizuho
    Bank, Ltd., as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Donna DeMagistris
	 	 	Name:	Donna DeMagistris
	 	 	Title:	Executive Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Morgan
    Stanley Bank, N.A., as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Alysha Salinger
	 	 	Name:	Alysha Salinger
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	MUFG
    Bank, Ltd., as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Liwei Liu
	 	 	Name:	Liwei Liu
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	PNC Bank,
    National Association, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Joseph McElhinny
	 	 	Name:	Joseph McElhinny
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Sumitomo
    Mitsui Banking Corporation, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Michael Maguire
	 	 	Name:	Michael Maguire
	 	 	Title:	Managing Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	TD Bank,
    N.A., as a Lender
	 	 	 	 
	 	By:	/s/
    Maciej Niedzwiecki
	 	 	Name:	Maciej Niedzwiecki
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Truist Bank as successor by merger
    to SunTrust Bank, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Julie Lindberg
	 	 	Name:	Julie Lindberg
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	U.S.
    Bank National Association, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Kelsey E. Hehman
	 	 	Name:	Kelsey E. Hehman
	 	 	Title:	Assistant Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Citizens
    Bank, N.A., as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Eric J. Grasso
	 	 	Name:	Eric J. Grasso
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	ING Bank
    N.V., Dublin Branch, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Sean Hassett
	 	 	Name:	Sean Hassett
	 	 	Title:	Director
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Pádraig Matthews
	 	 	Name:	Pádraig Matthews
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	The Bank
    of Nova Scotia, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Kevin McCarthy
	 	 	Name:	Kevin McCarthy
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	The Huntington
    National Bank, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Marcel Fournier
	 	 	Name:	Marcel Fournier
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Banco Bradesco S.A., New York Branch,
    as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Sonia Bettencourt
	 	 	Name:	Sonia Bettencourt
	 	 	Title:	Coordinator
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Marcio Bonilha Neto
	 	 	Name:	Marcio Bonilha Neto
	 	 	Title:	Coordinator

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	M&T
    Bank, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Ramal Moreland
	 	 	Name:	Ramal Moreland
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Nomura
    Corporate Funding Americas, LLC, as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
    Garrett P. Carpenter
	 	 	Name:	Garrett P. Carpenter
	 	 	Title:	Managing Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Riyad
    Bank, Houston Agency, as a Lender
	 	 
	 	 	 
	 	By:	/s/ Michael
    Meiss
	 	 	Michael Meiss
	 	 	General Manager
	 	 	 
	 	 	 
	 	 	/s/ Manny
    Cafeo
	 	 	Manny Cafeo
	 	 	Vice President, Operations Manager

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Standard
    Chartered Bank, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    James Beck
	 	 	Name:	James Beck
	 	 	Title:	Associate Director
	 	 	 	Standard Chartered Bank

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	The Bank
    of New York Mellon, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    William M. Feathers
	 	 	Name:	William M. Feathers
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

	 	Westpac
    Banking Corporation, as a Lender
	 	 
	 	 	 	 
	 	By:	/s/
    Stuart Brown
	 	 	Name:	Stuart Brown
	 	 	Title:	Executive Director, Westpac

 

[Signature
Page to Amendment No. 3 to Credit Agreement]

 

     

     

    

 

EXHIBIT A

 

[Amendments
to Schedules to Credit Agreement]

 

     

     

    

 

SCHEDULE 2.01(a)

TO CREDIT AGREEMENT

 

LENDERS AND
COMMITMENTS

 

	Lender	Commitment
	Citibank
    N.A.	$85,000,000
	JPMorgan
    Chase Bank, N.A.	$85,000,000
	ABN
    Amro Capital USA LLC	$65,000,000
	Bank
    of Montreal	$65,000,000
	BNP
    Paribas	$65,000,000
	Credit
    Suisse AG, Cayman Islands Branch	$65,000,000
	Fifth
    Third Bank, National Association	$65,000,000
	Goldman
    Sachs Bank USA	$65,000,000
	Intesa
    Sanpaolo S.p.A.- New York Branch	$65,000,000
	Mizuho
    Bank, Ltd.	$65,000,000
	Morgan
    Stanley Bank, N.A.	$65,000,000
	MUFG
    Bank, Ltd.	$65,000,000
	PNC
    Bank, National Association	$65,000,000
	Sumitomo
    Mitsui Banking Corporation	$65,000,000
	TD
    Bank, N.A.	$65,000,000
	Truist
    Bank	$65,000,000
	U.S.
    Bank National Association	$65,000,000
	Citizens
    Bank, N.A.	$45,000,000
	ING
    Bank N.V., Dublin Branch	$45,000,000
	The
    Bank of Nova Scotia	$45,000,000
	The
    Huntington National Bank	$45,000,000
	Banco
    Bradesco S.A., New York Branch	$25,000,000
	M&T
    Bank	$25,000,000
	Nomura
    Corporate Funding Americas, LLC	$25,000,000
	Riyad
    Bank, Houston Agency	$25,000,000
	Standard
    Chartered Bank	$25,000,000
	The
    Bank of New York Mellon	$25,000,000
	Westpac
    Banking Corporation	$25,000,000
	Total	$1,500,000,000

 

     

     

    

 

SCHEDULE 2.01(b)

TO CREDIT AGREEMENT

 

ISSUERS AND
L/C COMMITMENTS

 

	Issuing
    Bank	Commitment
	Citibank,
    N.A.	$200,000,000
	JPMorgan
    Chase Bank, N.A.	$200,000,000

 

     

     

    

 

EXHIBIT B

 

Schedule
6.01(a) to Credit Agreement

 

	ENTITY	REGION	LIEN
    TYPE	NET
    LIEN AMOUNT 

    (USD)	DESCRIPTION
    OF

    COLLATERAL	SECURED
    PARTY
	X9805
    CONS - ADJ TO CORP EQUITY	Corporate	Leased
    Equipment	$7,659,174.62	Makino
    Mag Equipment - Tied to L3926 RTI Claro - Laval	GE
    Capital
	L0558
    HOWMET CIRAL SNC	Europe	Leased
    Structures	–	Leased
    building at tooling plant	District
    du Pays d'Evron
	L3926
    RTI CLARO - LAVAL	North
    America	Mortgages/
    Leases	$3,624,311.89	Makino
    Mag Equipment	GE
    Capital
	L0059
    ACOA - PITTSBURGH - CORP HQ	North
    America	Computer
    Software	$249,932.20	Computer
    Software	Cisco
	L0059
    ACOA - PITTSBURGH - CORP HQ	North
    America	Mortgages/
    Leases	$218,690.71	Computer
    Software	Cisco
	L0671
    Three Rivers Insurance Co (Arconic Inc.)	North
    America	Pledged
    Collateral	$21,198,765.00	Three
    Rivers currently pledges a portion of its investment security assets held at TD Wealth Management as collateral for bank letters
    of credit issued by TD Bank. Calculated by taking the total amount of LOCs outstanding divided by 80%. As reported to the
    banks on June 29, 2018. (Original amount on June 29, 2018 - 25,945,681.25)	TD
    Bank
	L0671
    Three Rivers Insurance Co (Arconic Inc.)	North
    America	Pledged
    Collateral	–	Three
    Rivers currently pledges a portion of its investment security assets held at TD Wealth Management as collateral for bank letters
    of credit issued by TD Bank. Calculated by taking the total amount of LOCs outstanding divided by 80%. As adjusted after June 29,
    2018. (No amount remaining because net lien amount is less than the original amount seen on June 29, 2018 above)	TD
    Bank
	 	 	Total
    Lien Amount:	$32,950,874.42	 	 
	 	 	 	 	 	 
	 	 	Applicable
    Lien Amount:	–

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