Document:

Exhibit 10.1

 

ESPORTS TECHNOLOGIES, INC.

2020 STOCK PLAN

(Adopted as of December 9, 2020; Amended as
of February 9, 2022)

______________________

 

	Section 1.	Establishment and Purpose.

 

1.1               
The Board of Directors of Esports Technologies, Inc. (the “Company”) hereby establishes the Esports Technologies, Inc. 2020
Stock Plan (the “Plan”) effective as of December 9, 2020, and amended as of February 9, 2022, and approved by the Company’s
stockholders at the Company’s annual meeting on February 9, 2022. Awards granted prior to the effective date of the Plan’s
amendment and restatement shall be governed by the terms of the Plan as in effect on the grant date of the Award.

 

1.2               
The purpose of the Plan is to attract and retain outstanding individuals as Key Employees, Directors and Consultants of the Company and
its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Key Employees, Directors and Consultants,
and to provide such Key Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the
objectives of the Company and its Subsidiaries, by providing such Key Employees, Directors and Consultants with the opportunity to acquire
or increase their proprietary interest in the Company through receipt of Awards.

 

	Section 2.	Definitions.

 

As used in the Plan, the following
terms shall have the meanings set forth below:

 

2.1               
“Award” means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award, a Stock Unit
Award or an SAR.

 

2.2              
“Award Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award Agreement
or SAR Agreement evidencing an Award granted under the Plan.

 

2.3               
“Board” means the Board of Directors of the Company.

 

2.4               
“Change in Control” has the meaning set forth in Section 8.2 of the Plan.

 

2.5               
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

2.6               
“Committee” means the Compensation Committee of the Board or such other committee as may be designated by the Board
from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants, it shall mean the Board.

 

2.7               
“Common Stock” means the Common Stock, par value $0.001 per share, of the Company.

 

2.8               
“Company” means Esports Technologies, Inc., a Nevada corporation.

 

2.9              
“Consultant” means any person, including an advisor, who is engaged by the Company or an affiliate to render consulting
or advisory services and is compensated for such services. However, service solely as a Director, or payment of a fee for such service,
will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person
is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register
either the offer or the sale of the Company’s securities to such person.

 

 

 

 

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2.10            
“Director” means a director of the Company who is not an employee of the Company or a Subsidiary.

 

2.11            
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.12            
“Fair Market Value” means as of any date, the closing price of a share of Common Stock on the national securities exchange
on which the Common Stock is listed, or, if the Common Stock is not listed on a national securities exchange, the over-the-counter market
on which the Common Stock trades, or, if the Common Stock is not listed on a national securities exchange or an over-the-counter market,
as determined by the Board as of such date, or, if no trading occurred on such date, as of the trading day immediately preceding such
date.

 

2.13            
“Incentive Stock Option” or “ISO” means a Stock Option granted under Section 5 of the Plan that
meets the requirements of Section 422(b) of the Code or any successor provision.

 

2.14            
“Key Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan in accordance
with Section 3. A Key Employee may also include a person who is granted an Award (other than an Incentive Stock Option) in connection
with the hiring of the person prior to the date the person becomes an employee of the Company or any Subsidiary, provided that such Award
shall not vest prior to the commencement of employment.

 

2.15            
“Non-Qualified Stock Option” or “NSO” means a Stock Option granted under Section 5 of the Plan that
is not an Incentive Stock Option.

 

2.16            
“Participant” means a Key Employee, Director or Consultant selected to receive an Award under the Plan.

 

2.17            
“Plan” means the Esports Technologies, Inc. 2019 Stock Plan.

 

2.18            
“Stock Appreciation Right” or “SAR” means a grant of a right to receive shares of Common Stock or
cash under Section 8 of the Plan.

 

2.19            
“Stock Award” means a grant of shares of Common Stock under Section 6 of the Plan.

 

2.20            
“Stock Option” means an Incentive Stock Option or a Non-Qualified Stock Option granted under Section 5 of the Plan.

 

2.21            
“Stock Unit Award” means a grant of a right to receive shares of Common Stock or cash under Section 7 of the Plan.

 

2.22            
“Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less than 50% of
all issued and outstanding equity interest of such entity.

 

	Section 3.	Administration.

 

3.1               
The Board.

 

The Plan shall be administered
by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee director” definition
set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.

 

 

 

 

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3.2               
Authority of the Committee.

 

(a)               
The Committee, in its sole discretion, shall determine the Key Employees and Directors to whom, and the time or times at which Awards
will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards may be
exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant of the
Awards. The terms and conditions of the Awards need not be the same with respect to each Participant or with respect to each Award.

 

(b)               
To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Common Stock is listed or traded, the
Committee may delegate its authority to grant Awards to Key Employees and to determine the terms and conditions thereof to such officer
of the Company as it may determine in its discretion, on such terms and conditions as it may impose, except with respect to Awards to
officers subject to Section 16 of the Exchange Act.

 

(c)                
The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable for
the proper administration of the Plan, and may make determinations and may take such other action in connection with or in relation to
the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the Plan, including interpretation
of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final and conclusive for all purposes and
upon all persons.

 

(d)               
No member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith. Service on
the Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification and reimbursement
as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.

 

3.3               
Award Agreements.

 

(a)                
Each Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award. In the sole discretion of
the Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into one or more of the following
agreements with the Company: (i) an agreement not to compete with the Company and its Subsidiaries which shall become effective as of
the date of the grant of the Award and remain in effect for a specified period of time following termination of the Participant’s
employment with the Company; (ii) an agreement to cancel any employment agreement, fringe benefit or compensation arrangement in effect
between the Company and the Participant; and (iii) an agreement to retain the confidentiality of certain information. Such agreements
may contain such other terms and conditions as the Committee shall determine. If the Participant shall fail to enter into any such agreement
at the request of the Committee, then the Award granted or to be granted to such Participant shall be forfeited and cancelled.

 

	Section 4.	Shares of Common Stock Subject to Plan.

 

4.1               
Total Number of Shares.

 

(a)                
The total number of shares of Common Stock that may be issued under the Plan shall be 5,000,000 (which reflects the 4,000,000 shares previously
authorized under the Plan and 1,000,000 shares to be issued under the Plan pursuant to this amendment and restatement). Such shares may
be either authorized but unissued shares or treasury shares, and shall be adjusted in accordance with the provisions of Section 4.3 of
the Plan.

 

(b)               
The number of shares of Common Stock delivered by a Participant or withheld by the Company on behalf of any such Participant as full or
partial payment of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall not again be available
for issuance pursuant to subsequent Awards, and shall count towards the aggregate number of shares of Common Stock that may be issued
under the Plan. Any shares of Common Stock purchased by the Company with proceeds from a Stock Option exercise shall not again be available
for issuance pursuant to subsequent Awards, shall count against the aggregate number of shares that may be issued under the Plan and shall
not increase the number of shares available under the Plan.

 

 

 

 

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(c)                
If there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons described
in Section 3.3), or if shares of Common Stock are issued under such Award and thereafter are reacquired by the Company pursuant to rights
reserved by the Company upon issuance thereof, the shares of Common Stock subject to such Award or reacquired by the Company shall again
be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of shares of Common Stock that
may be issued under the Plan.

 

4.2               
Shares Under Awards.

 

Of the shares of Common Stock
authorized for issuance under the Plan pursuant to Section 4.1:

 

(a)                
The maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in any calendar year is 1,500,000,
except that the maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in the calendar
year in which such Key Employee begins employment with the Company or its Subsidiaries is 1,500,000.

 

(b)               
The maximum number of shares of Common Stock that may be subject to Stock Options (ISOs and/or NSOs) is 5,000,000 (which reflects the
4,000,000 shares previously authorized under the Plan and 1,000,000 shares to be issued under the Plan pursuant to this amendment and
restatement).

 

(c)                
The maximum number of shares of Common Stock that may be used for Stock Awards and/or Stock Unit Awards that may be granted to any Key
Employee in any calendar year is 1,500,000, or, in the event the Award is settled in cash, an amount equal to the Fair Market Value of
such number of shares on the date on which the Award is settled.

 

(d)               
The maximum number of shares of Common Stock subject to Awards granted under the Plan or otherwise during any one calendar year to any
Director, taken together with any cash fees paid by the Company to such Director during such calendar year for service on the Board, will
not exceed $300,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial
reporting purposes).

 

The numbers of shares described herein shall be
as adjusted in accordance with Section 4.3 of the Plan.

 

4.3               
Adjustment.

 

In the event of any reorganization,
recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision, consolidation
or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction, the Committee shall make
such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits of the Plan and Awards
granted under the Plan. Such adjustments may include: (a) adjustment in the number and kind of shares reserved for issuance under the
Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the exercise price of outstanding
Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments to any of the shares limitations
set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines to be equitable under the circumstances.

 

	Section 5.	Grants of Stock Options.

 

5.1               
Grant.

 

Subject to the terms of the
Plan, the Committee may from time to time grant Stock Options to Participants. Unless otherwise expressly provided at the time of the
grant, Stock Options granted under the Plan to Key Employees will be NSOs. Stock Options granted under the Plan to Directors who are not
employees of the Company or any Subsidiary will be NSOs.

 

 

 

 

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5.2               
Stock Option Agreement.

 

The grant of each Stock Option
shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise period, the exercise
price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of shares of Common Stock to be
subject to each Stock Option and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent
with the Plan.

 

5.3               
Exercise Price and Exercise Period.

 

With respect to each Stock
Option granted to a Participant:

 

(a)                
The per share exercise price of each Stock Option shall be the Fair Market Value of the Common Stock subject to the Stock Option on the
date on which the Stock Option is granted.

 

(b)               
Each Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall have the discretion
to accelerate the date as of which any Stock Option shall become exercisable in the event of the Participant’s termination of employment
with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c)                
No dividends or dividend equivalents shall be paid with respect to any shares subject to a Stock Option prior to the exercise of the Stock
Option.

 

(d)               
Each Stock Option shall expire, and all rights to purchase shares of Common Stock thereunder shall expire, on the date ten years after
the date of grant.

 

5.4               
Required Terms and Conditions of ISOs.

 

In addition to the foregoing,
each ISO granted to a Key Employee shall be subject to the following specific rules:

 

(a)                
The aggregate Fair Market Value (determined with respect to each ISO at the time such Option is granted) of the shares of Common Stock
with respect to which ISOs are exercisable for the first time by a Key Employee during any calendar year (under all incentive stock option
plans of the Company and its Subsidiaries) shall not exceed $100,000. If the aggregate Fair Market Value (determined at the time of grant)
of the Common Stock subject to an ISO which first becomes exercisable in any calendar year exceeds the limitation of this Section 5.4(a),
so much of the ISO that does not exceed the applicable dollar limit shall be an ISO and the remainder shall be a NSO; but in all other
respects, the original Stock Option Agreement shall remain in full force and effect.

 

(b)               
Notwithstanding anything herein to the contrary, if an ISO is granted to a Key Employee who owns stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company (or its parent or subsidiaries within the meaning of Section 422(b)(6)
of the Code): (i) the purchase price of each share of Common Stock subject to the ISO shall be not less than 110% of the Fair Market Value
of the Common Stock on the date the ISO is granted; and (ii) the ISO shall expire, and all rights to purchase shares of Common Stock thereunder
shall expire, no later than the fifth anniversary of the date the ISO was granted.

 

(c)                
No ISOs shall be granted under the Plan after ten years from the earlier of the date the Plan is adopted or approved by shareholders of
the Company.

 

 

 

 

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5.5               
Exercise of Stock Options.

 

(a)                
A Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number of shares
of Common Stock with respect to which the Stock Option is being exercised and any other information the Committee may prescribe. All notices
or requests provided for herein shall be delivered to the Chief Financial Officer of the Company.

 

(b)               
The Committee in its sole discretion may make available one or more of the following alternatives for the payment of the Stock Option
exercise price: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice together
with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the
Stock Option to pay the exercise price; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable
in connection with the exercise of the Stock Option having an aggregate Fair Market Value equal to the exercise price; (iv) by delivering
previously acquired shares of Common Stock that are acceptable to the Committee and that have an aggregate Fair Market Value on the date
of exercise equal to the Stock Option exercise price; or (v) by certifying to ownership by attestation of such previously acquired shares
of Common Stock.

 

The Committee shall have the
sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the Stock Option exercise
price.

 

	Section 6.	Stock Awards.

 

6.1               
Grant.

 

The Committee may, in its
discretion, (a) grant shares of Common Stock under the Plan to any Participant without consideration from such Participant or (b) sell
shares of Common Stock under the Plan to any Participant for such amount of cash, Common Stock or other consideration as the Committee
deems appropriate.

 

6.2               
Stock Award Agreement.

 

Each share of Common Stock
granted or sold hereunder shall be subject to such restrictions, conditions and other terms as the Board may determine at the time of
grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement, and the
following specific rules:

 

(a)                
The Award Agreement shall specify whether the shares of Common Stock are granted or sold to the Participant and such other provisions,
not inconsistent with the terms and conditions of the Plan, as the Committee shall determine.

 

(b)               
The restrictions to which the shares of Common Stock awarded hereunder are subject shall lapse as provided in Stock Award Agreement; provided
that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held
by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without
cause (as determined by the Committee in its sole discretion).

 

(c)                
Except as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant receiving
a grant of or purchasing Common Stock shall thereupon be a stockholder with respect to such shares and shall have the rights of a stockholder
with respect to such shares, including the right to vote such shares and to receive dividends and other distributions paid with respect
to such shares; provided that any dividends or other distributions payable with respect to the Stock Award shall be accumulated and held
by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms of the applicable
Stock Award Agreement. Any such dividends or other distributions held by the Company attributable to the portion of a Stock Award that
is forfeited shall also be forfeited.

 

 

 

 

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	Section 7.	Stock Unit Awards.

 

7.1               
Grant.

 

The Committee may, in its
discretion, grant Stock Unit Awards to any Participant. Each Stock Unit subject to the Award shall entitle the Participant to receive,
on the date or the occurrence of an event (including the attainment of performance goals) as described in the Stock Unit Award Agreement,
a share of Common Stock or cash equal to the Fair Market Value of a share of Common Stock on the date of such event as provided in the
Stock Unit Award Agreement.

 

7.2               
Stock Unit Agreement.

 

Each Stock Unit Award shall
be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant, the general provisions
of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following specific rules:

 

(a)                
The Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the Committee shall
determine.

 

(b)               
The restrictions to which the shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit Agreement; provided
that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held
by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without
cause (as determined by the Board in its sole discretion).

 

(c)                
Except as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving a Stock
Unit Award shall have no rights of a stockholder, including voting or dividends or other distributions rights, with respect to any Stock
Units prior to the date they are settled in shares of Common Stock; provided that a Stock Unit Award Agreement may provide that until
the Stock Units are settled in shares or cash, the Participant shall be entitled to receive on each dividend or distribution payment date
applicable to the Common Stock an amount equal to the dividends or other distributions that the Participant would have received had the
Stock Units held by the Participant as of the related record date been actual shares of Common Stock. Such amounts shall be accumulated
and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms
of the applicable Stock Unit Award Agreement. Such amounts held by the Company attributable to the portion of the Stock Unit Award that
is forfeited shall also be forfeited.

 

	Section 8.	SARs.

 

8.1               
Grant.

 

The Committee may grant SARs
to Participants. Upon exercise, an SAR entitles the Participant to receive from the Company the number of shares of Common Stock having
an aggregate Fair Market Value equal to the excess of the Fair Market Value of one share as of the date on which the SAR is exercised
over the exercise price, multiplied by the number of shares with respect to which the SAR is being exercised. The Committee, in its discretion,
shall be entitled to cause the Company to elect to settle any part or all of its obligations arising out of the exercise of an SAR by
the payment of cash in lieu of all or part of the shares it would otherwise be obligated to deliver in an amount equal to the Fair Market
Value of such shares on the date of exercise. Cash shall be delivered in lieu of any fractional shares. The terms and conditions of any
such Award shall be determined at the time of grant.

 

 

 

 

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8.2               
SAR Agreement.

 

(a)                
Each SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may determine,
including the SAR exercise price, expiration date of the SAR, the number of shares of Common Stock to which the SAR pertains, the form
of settlement and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the Plan.

 

(b)               
The per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the SAR is granted.

 

(c)                
Each SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement, which shall
not be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an SAR because trading
in the Common Stock is prohibited by law or the Company’s insider-trading policy, the SAR exercise date shall be extended to the
date that is 30 days after the expiration of the trading prohibition.

 

(d)               
Each SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan provision, the
Committee shall have the discretion to accelerate the date as of which any SAR shall become exercisable in the event of the Participant’s
termination of employment, or service on the Board, without cause (as determined by the Committee in its sole discretion).

 

(e)                
No dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.

 

(f)                 
A person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established by the Committee
specifying the number of shares of Common Stock with respect to which the SAR is being exercised and any other information the Committee
may prescribe. As soon as reasonably practicable after the exercise of an SAR, the Company shall (i) issue the total number of full shares
of Common Stock to which the Participant is entitled and cash in an amount equal to the Fair Market Value, as of the date of exercise,
of any resulting fractional share, and (ii) if the Committee causes the Company to elect to settle all or part of its obligations arising
out of the exercise of the SAR in cash, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the date of
exercise, of the shares it would otherwise be obligated to deliver.

 

	Section 9.	Change in Control.

 

9.1               
Effect of a Change in Control.

 

(a)                
Notwithstanding any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company (as defined
in Section 9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become fully exercisable,
(ii) all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable to any Awards shall be
deemed satisfied at the highest level, as applicable, in order that Participants may realize the benefits thereunder.

 

(b)               
In addition to the Board’s authority set forth in Section 3, upon such Change in Control of the Company, the Board is authorized
and has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter, to take any one or
more of the following actions: (i) provide for the purchase of any outstanding Stock Option, for an amount of cash equal to the difference
between the exercise price and the then Fair Market Value of the Common Stock covered thereby had such Stock Option been currently exercisable;
(ii) make such adjustment to any such Award then outstanding as the Board deems appropriate to reflect such Change in Control; and (iii)
cause any such Award then outstanding to be assumed by the acquiring or surviving corporation after such Change in Control.

 

 

 

 

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9.2               
Definition of Change in Control.

 

“Change in Control”
of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any of the following
events occurs:

 

(a)                
any Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or
a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership
of shares of Common Stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
30% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election
of directors (“Person” and “Beneficial Owner” being defined in Rule 13d-3 of the General Rules and Regulations
of the Exchange Act);

 

(b)               
the Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or other Person
unless, following such transaction, more than 50% of the combined voting power of the outstanding securities of the surviving, resulting
or acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing
similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such transaction, in substantially the same proportions as their ownership, immediately prior to such transaction, of the Company’s
outstanding securities entitled to vote generally in the election of directors;

 

(c)                
the election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of: (i) three Directors;
or (ii) Directors constituting a majority of the number of Directors of the Company then in office; provided, however, that Directors
whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of Directors of the Company will not be considered as incumbent members of the Board for purposes
of this Section; or

 

(d)               
there is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business and/or assets
to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of the outstanding securities
of the acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing
similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such sale, in substantially the same proportions as their ownership, immediately prior to such sale, of the Company’s outstanding
securities entitled to vote generally in the election of directors.

 

In no event, however, shall
a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of a purchasing group which
consummates the Change in Control transaction. A Participant shall be deemed “part of a purchasing group” for purposes of
the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant in the purchasing company
or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or (b) ownership of equity participation
in the purchasing company or group which is otherwise not deemed to be significant, as determined prior to the Change in Control by a
majority of the disinterested Directors).

 

	Section 10.	Payment of Taxes.

 

(a)                
In connection with any Award, and as a condition to the issuance or delivery of any shares of Common Stock to the Participant in connection
therewith, the Company shall require the Participant to pay the Company the minimum amount of federal, state, local or foreign taxes required
to be withheld, and in the Company’s sole discretion, the Company may permit the Participant to pay the Company up to the maximum
individual statutory rate of applicable withholding.

 

 

 

 

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(b)               
The Company in its sole discretion may make available one or more of the following alternatives for the payment of such taxes: (i) in
cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable instructions to
deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Award to pay the withholding taxes;
(iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable in connection with the Award having
an aggregate Fair Market Value equal to the minimum amount of tax required to be withheld; (iv) by delivering previously acquired shares
of Common Stock of the Company that are acceptable to the Board that have an aggregate Fair Market Value equal to the amount required
to be withheld; or (v) by certifying to ownership by attestation of such previously acquired shares of Common Stock.

 

The Committee shall have the sole discretion to
establish the terms and conditions applicable to any alternative made available for payment of the required withholding taxes.

 

	Section 11.	Postponement.

 

The Committee may postpone
any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Board in its sole discretion may deem necessary
in order to permit the Company:

 

(a)                
to effect, amend or maintain any necessary registration of the Plan or the shares of Common Stock issuable pursuant to an Award, including
upon the exercise of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws of any applicable jurisdiction;

 

(b)               
to permit any action to be taken in order to (i) list such shares of Common Stock on a stock exchange if shares of Common Stock are then
listed on such exchange or (ii) comply with restrictions or regulations incident to the maintenance of a public market for its shares
of Common Stock, including any rules or regulations of any stock exchange on which the shares of Common Stock are listed; or

 

(c)                
to determine that such shares of Common Stock and the Plan are exempt from such registration or that no action of the kind referred to
in (b)(ii) above needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of any Award or any provision
of the Plan to sell or issue shares of Common Stock in violation of the Securities Act of 1933 or the law of any government having jurisdiction
thereof.

 

Any such postponement shall not extend the term
of an Award and neither the Company nor its Directors or officers shall have any obligation or liability to a Participant, the Participant’s
successor or any other person with respect to any shares of Common Stock as to which the Award shall lapse because of such postponement.

 

	Section 12.	Nontransferability.

 

Awards granted under the Plan, and any rights
and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution,
attachment or similar process, by operation of law or otherwise, other than by will or by the laws of descent and distribution.

 

	Section 13.	Delivery of Shares.

 

Shares of Common Stock issued pursuant to a Stock
Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented by stock certificates or on a non-certificated
basis, with the ownership of such shares by the Participant evidenced solely by book entry in the records of the Company’s transfer
agent; provided, however, that upon the written request of the Participant, the Company shall issue, in the name of the Participant, stock
certificates representing such shares of Common Stock.  Notwithstanding the foregoing, shares granted pursuant to a Stock Award shall
be held by the Secretary of the Company until such time as the shares are forfeited or settled.

 

 

 

 

    	 	10	 

     

    

 

	Section 14.	Termination or Amendment of Plan and Award Agreements.

 

14.1            
Termination or Amendment of Plan.

 

(a)                
Except as described in Section 14.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from time to time,
without the approval of the stockholders of the Company, unless such approval is required by applicable law, regulation or rule of any
stock exchange on which the shares of Common Stock are listed. No amendment or termination of the Plan shall adversely affect the right
of any Participant under any outstanding Award in any material way without the written consent of the Participant, unless such amendment
or termination is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.
Subject to the foregoing, the Committee may correct any defect or supply an omission or reconcile any inconsistency in the Plan or in
any Award granted hereunder in the manner and to the extent it shall deem desirable, in its sole discretion, to effectuate the Plan.

 

(b)               
The Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law, regulation
or accounting rules in order to permit Participants who are located outside of the United States to participate in the Plan.

 

14.2            
Amendment of Award Agreements.

 

The Committee shall have the
authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely affect the right of any Participant
under any outstanding Award Agreement in any material way without the written consent of the Participant, unless such amendment is required
by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.

 

14.3            
No Repricing of Stock Options.

 

Notwithstanding the foregoing,
and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement or SAR Agreement
that results in the repricing of Stock Options or SARs without stockholder approval. For this purpose, repricing includes (i) a reduction
in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange for cash, Stock Options or SARs
with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards or any other consideration provided
by the Company, but does not include any adjustment described in Section 4.3.

 

	Section 15.	No Contract of Employment.

 

Neither the adoption of the
Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue the employment of
any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to postpone the retirement
date of any Participant.

 

	Section 16.	Applicable Law.

 

All questions pertaining to
the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined in conformity with
the laws of the State of Nevada, without regard to the conflict of law provisions of any state, and, in the case of Incentive Stock Options,
Section 422 of the Code and regulations issued thereunder.

 

 

 

 

    	 	11	 

     

    

 

	Section 17.	Effective Date and Term of Plan.

 

17.1            
Effective Date.

 

(a)                
The Plan has been adopted by the Board, and is effective, as of December 9, 2020, subject to the approval of the Plan by the stockholders
of the Company.

 

(b)               
In the event the Plan is not approved by stockholders of the Company within 12 months of the date hereof, the Plan shall have no effect.

 

17.2            
Term of Plan.

 

Notwithstanding anything to
the contrary contained herein, no Awards shall be granted on or after December 9, 2030.

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	12Document

Exhibit 10(g)

HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS PLAN

AS AMENDED AND RESTATED
EFFECTIVE JANUARY 1, 2021

HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS PLAN

TABLE OF CONTENTS

    SECTION        PAGE

HISTORY AND PURPOSE    1

DEFINITIONS            2

GENERAL PROVISIONS    12    

    SECTION 1.    PARTICIPATION    12
    SECTION 2.    EMPLOYEE SAVINGS    12
    SECTION 3.    PARTICIPATING EMPLOYER CONTRIBUTIONS    16
    SECTION 4.    NEGOTIATED DEFERRAL CONTRIBUTIONS    17
    SECTION 5.    EMPLOYER RETIREMENT INCOME CONTRIBUTIONS    18
    SECTION 6.    NONFORFEITURE OF PARTICIPATING EMPLOYER
            AND NEGOTIATED DEFERRAL CONTRIBUTIONS    19
    SECTION 7.    ROLLOVER CONTRIBUTIONS    19
    SECTION 8.    INVESTMENTS    19
    SECTION 9.    TRANSFERS BETWEEN INVESTMENTS    20
    SECTION 10.    WITHDRAWALS DURING EMPLOYMENT    21
    SECTION 11.    DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT    21
    SECTION 12.    PAYMENT OF DISTRIBUTIONS UPON
            TERMINATION OF EMPLOYMENT    23
    SECTION 13.    GENERAL PROVISIONS WITH RESPECT
            TO WITHDRAWALS    25
    SECTION 14.    NONASSIGNABILITY    26
    SECTION 15.    EXTENT OF PARTICIPANT'S RIGHTS    26
    SECTION 16.    MANAGEMENT OF FUNDS    27

OTHER PROVISIONS OF THE PLAN    31    

    SECTION 17.    LOANS    31
    SECTION 18.    TRUST    32
    SECTION 19.    ADMINISTRATION    32
    SECTION 20.    AMENDMENT, MODIFICATION,
            SUSPENSION OR TERMINATION    35
    SECTION 21.    ADMINISTRATIVE EXPENSES    36
    SECTION 22.    SELECTION OF BENEFICIARIES    36
    SECTION 23.    PARTICIPANT'S STATEMENT    37
    SECTION 24.    EFFECTIVE DATE OF PLAN    37
    SECTION 25.    CONSTRUCTION    38

APPENDICES & SCHEDULES    39    

APPENDIX A.    LIMITATIONS & DISCRIMINATION TESTING    39
APPENDIX B.    CODE SECTION 415 LIMITATIONS    53
APPENDIX C.    TOP HEAVY RULES    54
APPENDIX D.    PLANS MINIMUM DISTRIBUTION REQUIREMENTS    55
SCHEDULE A.    MERGERS, TRANSFERS, AND RESTATEMENTS    
MERGERS AND RESTATEMENTS    61
SCHEDULE B-1    HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS 
i
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

PLAN PARTICIPATING EMPLOYERS, PARTICIPATING EMPLOYER CONTRIBUTIONS (MATCH)  AND EMPLOYER
RETIREMENT INCOME CONTRIBUTIONS (ERIC) EFFECTIVE       JANUARY 1, 2021    70    
SCHEDULE B-2    NEGOTIATED DEFERRAL CONTRIBUTIONS ON AND 
            AFTER JANUARY 1, 2021
SCHEDULE B-3    RESTRICTED DISCRETIONARY CONTRIBUTIONS    71    
SCHEDULE B-4    RETIREE MEDICAL SAVINGS CONTRIBUTIONS    73
SCHEDULE C-1    ACTIVE EMPLOYERS AND LOCATIONS SPUN OFF TO
            RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
            OF ALCOA USA CORP. EFFECTIVE AUGUST 1, 2016    74
SCHEDULE C-2    LEGACY EMPLOYERS AND LOCATIONS SPUN OFF TO
            RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
            OF ALCOA USA CORP. EFFECTIVE AUGUST 1, 2016    75
SCHEDULE C-3    HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS 
PLAN ACTIVE PARTICIPATING EMPLOYERS AND 
LOCATIONS TRANSFERRED TO THE ARCONIC CORP. 
HOURLY 401(K) PLAN EFFECTIVE FEBRUARY 1, 2020         87
SCHEDULE C-4    HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS 
PLAN LEGACY EMPLOYERS AND LOCATIONS 
SPUN OFF TO ARCONIC CORP. HOURLY 401(K) PLAN         90
EFFECTIVE FEBRUARY 1, 2020
SCHEDULE D    SPECIAL PROVISIONS RELATING TO 
TRANSFERRED RTI PARTICIPANTS                     91
        
ii
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

HOWMET AEROSPACE HOURLY RETIREMENT SAVINGS PLAN
AS AMENDED AND RESTATED
EFFECTIVE JANUARY 1, 2021

HISTORY AND PURPOSE

    The Howmet Aerospace Hourly Retirement Savings Plan (the "Plan") is maintained for the exclusive benefit of eligible employees of Howmet Aerospace Inc. and its subsidiaries who are paid on an hourly basis, including both collectively bargained and non-bargained employee populations.  The Plan is a defined contribution, individual account plan which incorporates an Internal Revenue Code Section 401(k) wage reduction arrangement, intending to qualify under Section 401(a) of the Internal Revenue Code, for the exclusive benefit of its eligible employees.

    Prior to January 1, 1993, the Plan was known as the Alcoa Pre-Tax Savings Plan for Bargaining Employees.  It had been initially adopted effective July 3, 1986, and was subsequently amended and restated from time to time thereafter, as described in Schedule A.   

    Effective January 1, 2011, the Plan was renamed the Alcoa Retirement Savings Plan for Bargaining Employees.  Effective January 1, 2015, the Plan was amended and restated to incorporate provisions of  Plan amendments adopted and new laws and regulations that have come into effect since the January 1, 2010, amendment and restatement of the Plan.  

Effective August 1, 2016, in anticipation of the separation of Alcoa Inc., Alcoa USA Corp. established the Retirement Savings Plan for Hourly Employees of Alcoa USA Corp. (“Alcoa USA Plan”), and the accounts attributable to all Participants who were employees or former employees at the locations identified on Schedules C-1, C-2 were spun off to the Alcoa USA Plan. Effective August 1, 2016, this Plan was renamed as Arconic Bargaining Retirement Savings Plan. No person is entitled to a benefit under both plans.

In anticipation of its separation into two separate publicly-traded companies, effective January 1, 2020, immediately after the transfer of assets and liabilities attributable to salaried employees and former salaried employees held in the Arconic Fastener Systems and Rings Retirement Savings Plan to the Arconic Salaried Retirement Savings Plan, Arconic Inc. (a) merged the Arconic Fastener Systems and Rings Retirement Savings Plan with and into the Arconic Hourly Non-Bargaining Retirement Savings Plan, (b) merged the Arconic Hourly Non-Bargaining Retirement Savings Plan with and into this Plan.  The Arconic Hourly Non-Bargaining Retirement Savings Plan ceased to exist as of 11:59 p.m. on December 31, 2019.  The Plan was renamed the Arconic Hourly Retirement Savings Plan, effective January 1, 2020.  

Effective February 1, 2020, in anticipation of its separation into two separate publicly-traded companies, Arconic Rolled Products Corporation established the Arconic Corp. Hourly 401(k) Plan, and the accounts attributable to all Participants who were employees or former employees at the locations identified on Schedules C-3 and C-4 were spun off to the Arconic Corp. Hourly 401(k) Plan.  No person is entitled to a benefit under both plans.

3
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

Effective February 1, 2020, this Plan was renamed as the Howmet Aerospace Hourly Retirement Savings Plan.

Effective January 1, 2021, the Plan is hereby amended and restated again to incorporate provisions of prior Plan amendments adopted since the January 1, 2015, restatement of the Plan as well as to reflect new laws and regulations that have come into effect since the January 1, 2015, restatement of the Plan.  

The Plan is the survivor plan as the result of mergers with several Subsidiaries' plans.  Schedule A attached hereto contains the details and provisions related to such mergers.  

The Plan is intended to be construed in accordance with any regulatory guidance issued with respect to such new laws and regulations.    

Effective January 1, 2002 the Alcoa Stock Fund was replaced with an employee stock ownership plan, within the meaning of Section 4975(e) of the Code.  The assets held in the ESOP must be invested primarily in employer securities as defined in Code Section 409(l).  Effective November 1, 2016, Alcoa Inc. separated into two separate publicly traded companies.  Alcoa Inc. was renamed Arconic Inc. and began trading under the ticker symbol ARNC.  Alcoa Corporation was spun off from Arconic Inc. and began trading under the ticker symbol AA.  This corporate action resulted in two separate stock funds under the Plan: the Arconic Stock Fund (which is an ESOP invested primarily in employer securities) and the Alcoa Corporation Stock Fund (a non-employer stock fund).  The Alcoa Corporation Stock Fund was liquidated approximately one year after its establishment.  Effective April 1, 2020, Arconic Inc. separated into two-separate publicly traded companies.  Arconic Inc. was renamed Howmet Aerospace Inc. and began trading under the ticker symbol HWM.  Arconic Corporation was spun off from Arconic Inc. and began trading under the ticker symbol ARNC.  This corporate action resulted in two separate stock funds under the Plan: the Howmet Aerospace Stock Fund (which is an ESOP invested primarily in employer securities) and the Arconic Corporation Stock Fund (a non-employer stock-fund). ).  The Arconic Corporation Stock Fund will be liquidated approximately one year after its establishment.  

DEFINITIONS

    For the purpose of this Plan, unless a different meaning is plainly required by the context:

AFFILIATE means any non-corporate business entity or corporate business entity without voting stock, as such, which Howmet Aerospace and/or one or more Subsidiaries control in fact.

    AFTER-TAX SAVINGS means such portions of the total amounts contributed to the Plan by a Participant in accordance with Section 2 that are not accorded favorable tax treatment under Section 401(k) of the Code, but not including contributions made by a Participant in excess of the annual limit on 401(k) contributions under Code Section 402(g) or in excess of the "average deferral percentage limit" of Section 401(k) (3) of the Code.
    
4
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    ALCOA SEPARATION DATE shall mean the legal separation of Alcoa Inc. into two separate publicly traded companies (Alcoa Inc. and Arconic Inc.) that occurred on November 1, 2016.  

ARCONIC SEPARATION DATE shall mean the legal separation of Arconic Inc. into two separate publicly traded companies (Arconic Corporation and Howmet Aerospace Inc.) that occurred on April 1, 2020.  

    AUTOMATIC ENROLLMENT or AUTOMATICALLY ENROLLED means the automatic default enrollment in the Plan described in Sections 1(b) and 2(c) and applicable to Eligible Employees who do not opt out of the Plan.

    AUTOMATIC PRE-TAX RATE ESCALATION means the feature that is effective with Automatic Enrollment or that may be elected by a Participant, in which the rate of Payroll Deduction for Pre-Tax Savings is increased until a target Payroll Deduction rate is reached.  The Automatic Pre-Tax Rate Escalation will increase effective April 1 of each year.

    AUTOMATIC REBALANCING means the feature described in Section 8(d).

    BARGAINING AGREEMENTS means the collective bargaining agreements entered into between a Participating Employer and one or more of the unions designated in Schedule B-1.

    BARGAINED ELIGIBLE EMPLOYEE means an Eligible Employee whose participation in the Plan is subject to a Bargaining Agreement. 

BARGAINED PARTICIPANT means a Bargained Eligible Employee who is a Participant under the Plan.

    BENEFICIARY means the recipient or recipients designated by a Participant, in accordance with Section 22 of the Plan, to receive benefits in the event of the Participant's death as either a primary beneficiary, or a contingent beneficiary who will receive benefits in the event the primary beneficiary predeceases the Participant.

BENEFITS INVESTMENTS COMMITTEE means the Benefits Investments Committee of Howmet Aerospace, which shall have authority over the investment of Plan assets as described herein and over the selection of the Core Funds.  
    BENEFITS MANAGEMENT COMMITTEE means the administrative committee of one or more persons appointed by the Board that interprets and administers the Plan in accordance with Section 19.

    BOARD means the Board of Directors of Howmet Aerospace.

BROKERAGE ACCOUNT means the investment option whereby a Participant may invest and personally manage investments outside the Core Funds as described in Section 16(h).

5
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    BUSINESS DAY means any day on which the Plan Administrator, Designee and New York Stock Exchange is open for business.

    CODE means the Internal Revenue Code of 1986, as amended.

    COLA SAVINGS means the cost of living amounts determined in accordance with all hours worked by the participant as of the dates such amounts are calculated and allocated to a Participant's Pre-Tax Savings account for the next Payroll Period in which such amounts would have been paid to the Participant during a Plan Year, in lieu of the Participant receiving said amounts as wages. Such allocations shall be made in accordance with the terms and conditions of the Bargaining Agreements entered into between Howmet Aerospace and the Aluminum Workers. Cola Savings shall be accorded favorable tax treatment under Section 401(k) of the Code.

    COMPANY STOCK means common stock of Howmet Aerospace and any substituted security under Section 16.

    CONTINUOUS SERVICE means, except as modified by the balance of this definition with respect to certain Participant populations, the period of continuous employment with Howmet Aerospace, a Subsidiary or Affiliate, either as a salaried employee or as an hourly-rated employee, commencing with the Participant’s Employment Commencement Date or Reemployment Commencement Date.  Continuous Service terminates on the Participant’s Severance from Service Date.  Continuous Service upon reemployment does not include any Continuous Service accrued prior to a termination of Continuous Service, except as follows:

    A Participant who incurs a Severance from Service Date and thereafter has a Reemployment Commencement Date, will have his or her Continuous Service on the Severance from Service Date reinstated if the period between his or her Severance from Service Date and his or her Reemployment Commencement Date is less than the greater of (a) five years or (b) the aggregate number of years of Continuous Service earned before the Severance from Service Date.  

CORE FUND means any investment vehicle (including the Howmet Aerospace Stock Fund and Target Maturity Funds) for Pre-Tax Savings, After-Tax Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Restricted Discretionary Contributions, Employer Retirement Income Contributions, or Retiree Medical Savings Contributions, but excluding the Brokerage Account.  The Benefits Investments Committee will determine the Core Funds, and may make changes to the composition of the funds from time to time.   

    CURRENT MARKET VALUE means with respect to any investment allocated to the accounts of any Participant in the Core Funds, the unitized value of the securities and cash of the investment in the applicable Fund as of a specified date, less any fees provided for in Section 21, valued in accordance with a procedure adopted by the investment manager for the Investment Fund and acceptable to the Benefits Investments Committee.  

    DESIGNEE means such entity as may be chosen from time to time by the Plan Administrator and approved by the Benefits Management Committee to handle certain specified administration functions of the Plan.

6
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

DISCRETIONARY CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 4(b).

EFFECTIVE DATE with respect to a distribution has the meaning prescribed in Section 13, with respect to a transfer has the meaning prescribed in Section 9 and with respect to a qualified domestic relations order has the meaning prescribed in Section 14.

    ELIGIBLE COMPENSATION means: (i) the regular base salary and if applicable, the base salary adjustment (where commission payments constitute all or part of an employee’s remuneration, the commissions actually paid as remuneration during a regular pay period will be used to determine the Eligible Compensation for such employee).  For the foregoing purpose, only amounts up to one hundred percent (100%) of the target sales incentive payment paid to salaried employees and established by the Company shall constitute Eligible Compensation under this Plan.  Any sales incentive payment exceeding one hundred percent (100%) of the target will not be Eligible Compensation; (ii) the regular hourly wages and if applicable:  cash cola, regular vacation pay, witness pay, holiday advance pay (for a holiday not worked), bereavement pay, shift differential, jury pay, job upgrades, schedule premium, income adjustments, and wage adjustments which are payable during such periods as the employee is an Eligible Employee as determined by the Participating Employers.  Notwithstanding the above, for purposes of Employee Savings, Eligible Compensation shall also include performance pay for employees who are members of the United Autoworkers union (Union Code 302) at the Cleveland, Ohio Location (Location Code: CLE) of Howmet Aerospace Inc. (Company Code 010) or for employees who are members of the International Association of Machinists (Union Code 415) at the Cleveland, Ohio Location (Location Code: CLE) of Howmet Aerospace Inc. (Company Code 010) (“Performance Pay”).  In no event may the amount of Eligible Compensation for any Participant during any Plan Year, for any purposes under this Plan, exceed $290,000, as adjusted for any Plan Year for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code applicable to that calendar year.

    In addition to the forgoing, for purposes of allocating Employer Retirement Income Contributions as indicated in Schedule B-1, Eligible Compensation will include any Variable Compensation Awards or incentive compensation payable during such periods as the employee is an Eligible Employee as determined by the Participating Employers.  In addition to the forgoing, for purposes of allocating Employer Retirement Income Contributions as indicated in Schedule B-1, Eligible Compensation will include the amount of any sales incentive payments paid to salaried employees exceeding one hundred percent (100%) of the target sales incentive payment.

    In addition, Eligible Compensation will include additional amounts set forth in Section 2(a) or 2(d) for the limited purposes contained therein.

    ELIGIBLE EMPLOYEE means any person who meets all of the following conditions:

(a)    (1)    is a resident or citizen of the U.S., employed by a Participating Employer at a participating Company (Company Code) and specified location (Location Code), as indicated in Schedule B-1 (including individuals temporarily assigned to non-U.S. locations), 

7
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

(2)    Is not a U.S. resident or citizen, but is employed by a Participating Employer at a participating Company (Company Code) and specified location (Location Code), as indicated in Schedule B-1 on a long term assignment and has been localized to that location’s payroll and benefits; and

(b)    is a Full-Time Employee or a Part-Time Employee and who receives regular compensation in the form of: (1) a weekly, semimonthly or monthly salary, (2) periodic commissions, (3) an hourly wage, and who meets all of the following conditions:

    (c)    Is not in a unit of employees covered by a Bargaining Agreement, unless such Bargaining Agreement provides for the application of the Plan to the employees in such unit; and; or

(d)    Eligible Employee shall not include any person who is eligible to participate in the Arconic Corp. Hourly 401(k) Plan prior to the Arconic Separation Date.    

(e)    Eligible Employee shall not include any person who is eligible to participate in the Alcoa USA Plan prior to the Alcoa Separation Date.

(f)    Is not in a group of employees excluded from coverage under the Plan by the Benefits Management Committee, or the appropriate governing body of a Participating Employer, which is uniform in application to all employees similarly situated.
     
A person employed as an expatriate at a location outside the United States will be deemed to be employed at the Company and location from which he or she is transferred.

(g)    Is a Temporary Employee who, in addition to meeting the above described terms and conditions (other than (b)), has at least one year of Continuous Service.  

The following will in no case be Eligible Employees:  agency, leased, contract employees and other individuals who are not on the payroll of the Company, as determined by the Company, without regard to any court, or agency decision determining common-law employment status.  A Leased Employee is excluded from participation in the Plan.  A Leased Employee means any person who is not an employee of any Participating Employer and who provides services if:

a)    such services are provided pursuant to an agreement between the recipient Participating Employer and any other person or a leasing organization, 

b)    such person has performed such services for the recipient Participating Employer on a substantially full-time basis for a period of at least one year, and 

c)    such services are performed under the primary direction or control of the recipient Participating Employer,

or as otherwise defined in Section 414(n) of the Code.  

8
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

Any former Leased Employee, upon becoming an Eligible Employee, will receive Continuous Service credit for all prior service performed with the recipient Participating Employer as a Leased employee prior to becoming an Eligible Employee.

Notwithstanding anything contrary in the Plan, effective for Plan years beginning after December 31,  2020, any non-bargained employee working at least 500 Hours of Service during each of three consecutive twelve-month periods ("LTPT Employee") becomes an Eligible Employee for purposes of making Employee Savings.  No twelve-month period beginning before January 1, 2021 is taken into account.

EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC) means an amount equal to the percentage of Eligible Compensation specified in Section 5 that is contributed to Eligible Employees hired or rehired on or after March 1, 2006, or as indicated in Schedule B in accordance with Section 5 and as indicated in Schedule B-1, to the Eligible Employees of a specified location without regard to Employment Commencement Date or Reemployment Commencement Date, unless an Employment Commencement Date or Reemployment Commencement Dates otherwise specified.

EMPLOYMENT COMMENCEMENT DATE means the date on which an Eligible Employee is first employed by and performs an Hour of Service for Howmet Aerospace, a Subsidiary or an Affiliate as a Full-Time Employee or a Part-Time Employee, or with respect to an individual described in subsection (e) of the definition of Eligible Employee, a Temporary Employee.

    ERISA means the Employee Retirement Income Security Act of 1974 as amended.

    ESOP or EMPLOYEE STOCK OWNERSHIP PLAN means the Howmet Aerospace Stock Fund as described in Section 16(e).

    FINANCIAL HARDSHIP means an immediate and heavy financial need which a Participant is not able to meet from other reasonably available resources.  An immediate and heavy financial need includes:

    (a)    Extraordinary medical expenses incurred by the Participant, the Participant's spouse, dependents of the Participant, or primary Beneficiary;

    (b)    Purchase, excluding mortgage payments, of a principal residence for the Participant;

    (c)    Payment of tuition for the next year of post-secondary education for the Participant, his or her spouse, children, dependents or primary Beneficiary;

    (d)    Expenses necessary to prevent eviction of the Participant from his principal residence, or foreclosure on the mortgage of the Participant's principal residence;

    (e)    Funeral expenses of a family member or primary Beneficiary; 

(f)    Expenses to repair damage to the Participant's principal residence that would qualify for a casualty loss deduction under Code Section 165, such amounts will be determined without regard to Code Section 165(h)(5); and
        
9
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (g)    All other expenses that the Internal Revenue Service will accept as an immediate and heavy financial need.

    A withdrawal will be deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if all of the following requirements are satisfied:

    (i)    The withdrawal is not in excess of the amount of the immediate and heavy financial need (including taxes on such withdrawal) of the Participant,

    (ii)    The Participant has obtained all distributions, other than hardship withdrawals, and all nontaxable loans currently available under all plans maintained by the Participating Employer (unless such a loan would contribute to the hardship), 

    (iii)    The Plan, and all other qualified and non-qualified plans of deferred compensation maintained by all Participating Employers (other than health and welfare or contributory defined benefit plans), provided that for hardship withdrawals made before January 1, 2019, the Participant's Savings will be suspended for at least 6 months after receipt of the hardship withdrawal, and 

    (iv)    The Participant represents in writing (including by using an electronic medium as defined in Section 1.401(a)-21(e)(3)), that the Participant has insufficient cash or other liquid assets reasonably available to satisfy the financial need.  

Based upon the foregoing provisions, the Designee determines whether or not a Participant has incurred a Financial Hardship.
    
FIXED INCOME FUND means a stable value fund whose investments are designed to preserve principal savings while providing a steady rate of return.  The Fixed Income fund is a Core Fund.

FULL-TIME EMPLOYEE means an active employee who works 100 percent of a regular work schedule for the location where he or she is employed.  

HOUR OF SERVICE means:

    (a)    Each hour for which an employee is paid or entitled to payment for the performance of duties for Howmet Aerospace, a Subsidiary or Affiliate;

    (b)    Each hour for which an Employee is paid or entitled to payment by Howmet Aerospace, a Subsidiary or Affiliate on account of a period during which no duties are performed, whether or not the employment relationship has terminated, due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty, or leave of absence; and

    (c)    Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by Howmet Aerospace, a Subsidiary or Affiliate excluding any hour credited under (a) or (b) above, which is credited to the computation period or periods 
10
Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

to which the award, agreement or payment pertains, rather than to the computation period in which the award, agreement or payment is made.

HOWMET AEROSPACE means Howmet Aerospace Inc. (formerly known as Arconic Inc. prior to April 1, 2020 when Arconic Inc. legally separated into two publicly-traded companies -- Howmet Aerospace Inc. and Arconic Corporation and formerly known as Alcoa Inc. prior to August 1, 2016 when Alcoa Inc. legally separated into two publicly traded companies – Alcoa Inc. and Arconic Inc.).

HOWMET AEROSPACE STOCK FUND means the ESOP as described in Section 16(e), which initially became effective January 1, 2002, and which was previously known as the Alcoa Stock Fund prior to the corporate separation of Alcoa Inc. and the renaming of Alcoa Inc. as Arconic Inc. effective November 1, 2016; and Arconic Stock Fund prior to the corporate separation of Arconic Inc. and the renaming of Arconic Inc. as Howmet Aerospace Inc., effective April 1, 2020.
INVESTMENT FUND means any Core Fund and the Brokerage Account.

    KEY EMPLOYEE means any employee or former employee (including any deceased employee) who at any time during the Plan Year that includes the determination date, as defined in Section 416(g)(4)(c) of the Code, was i) an officer of a Participating Employer having annual compensation greater than $185,000 (as adjusted under Section 416(i)(1) of the Code, ii) a five percent owner of the Participating Employer, or iii) a one percent owner of a Participating Employer having annual compensation of more than $150,000.  For purposes of this paragraph, compensation means compensation as defined in Section 415(c)(3) of the Code, but includes amounts contributed by the Participating Employer pursuant to a salary reduction agreement which are excludable from the Participant’s gross income under Section 125, 402(a), Section 401(h), Section 401(b), and Section 132(f)(4).  

    LAYOFF or LAID-OFF means the absence from employment due to a reduction of a Participating Employer's work force due to lack of work, where it is intended that the Participant will be subject to recall and in case of a Non-Bargained Eligible Employee, the Participant has not been placed on a Temporary Layoff.  A Layoff ends on the earlier of the effective date of a recall or the date the Participant's service terminates, and such Layoff has continued for at least twenty-four months calculated from the first day of the Lay Off.

LEASED EMPLOYEE means any person who is not an employee of, and who provides services to, Howmet Aerospace if (A) such services are provided pursuant to an agreement between Howmet Aerospace and any leasing organization, (B) such person has performed such services for the Howmet Aerospace on a substantially full-time basis for a period of at least 1 year, and (C) such services are performed under the primary direction or control of Howmet Aerospace.

NEGOTIATED DEFERRAL CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 4(a).
    NON-BARGAINED ELIGIBLE EMPLOYEE means an Eligible Employee whose participation in the Plan is not subject to a Bargaining Agreement. 

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

NON-BARGAINED PARTICIPANT means a Non-Bargained Eligible Employee who is a Participant under the Plan.

NORMAL RETIREMENT AGE means the time a Participant attains age 65.  
    
    PART-TIME EMPLOYEE means an active employee who works at least 50 percent but less than 100 percent of the regular work schedule for the location where he or she is employed.  

PARTICIPANT means:

    (a)    an Eligible Employee who has elected to participate in the Plan in accordance with the provisions of Section 1, or who receives Employer Retirement Income Contributions, Discretionary Contributions, Restricted Discretionary Contributions, Negotiated Deferral Contributions, or Retiree Medical Savings Contributions, or who is Automatically Enrolled in the Plan.  Such a person continues as a Participant so long as he or she has an account balance in the Plan.  Notwithstanding the foregoing, a contractor, agency employee, temporary employee or Leased Employee is not a Participant under the Plan, or 

    (b)    an Eligible Employee who is employed with a Participating Employer on December 31 of any Plan Year where such Participating Employer has elected to make a Negotiated Deferral Contribution for that Plan Year.

(c)    Effective August 1, 2016, all accounts of Participants who were employees or former employees at the locations identified on Schedules C-1 and C-2 were spun off to the newly-formed Retirement Savings Plan for Hourly Employees of Alcoa USA Corp. (“Alcoa USA Plan”) and such individuals ceased to be Participants in this Plan.  In the event that an employee transferred to a company and location identified on Schedule B-2 shown in the January 1, 2015 edition of the Plan, as amended prior to the Alcoa Separation Date, the Alcoa USA Plan transferred such individual’s account to this Plan as soon as administratively feasible and such individual once again became a Participant in this Plan.

(d)         Effective February 1, 2020, all accounts of Participants who were employees or former employees at the locations identified on Schedules C-3 and C-4 were spun off to the newly-formed Arconic Corp. Hourly 401(k) Plan and such individuals ceased to be Participants in this Plan.  In the event that an employee was transferred to a company and location identified on Schedule B-1 prior to the Arconic Separation Date, the Arconic Corp. Hourly 401(k) Plan transferred such individual’s account to this Plan as soon as administratively feasible and such individual once again became a Participant in this Plan.  If an employee is transferred to a company or location identified on Schedules C-3 and C-4 prior to the Arconic Separation Date, this Plan transferred such individual’s account to the Arconic Corp. Hourly 401(k) Plan as soon as administratively feasible and such individual ceased participation in this Plan and became a participant in the Arconic Corp. Hourly 401(k) Plan.

    PARTICIPATING EMPLOYER means Howmet Aerospace, except as specified hereafter, and any other entity in which Howmet Aerospace or one or more Subsidiaries or Affiliates have an ownership interest, and that is authorized by Arconic to participate in the Plan and which adopts the Plan by proper action of its board of directors or other governing body, provided that each said entity agrees to reimburse Howmet Aerospace 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

from time to time upon demand for its proper portion of the expenses and contributions required to carry out the provisions hereof and of the agreement under which the assets of the Plan are held or managed.  Schedule B-1 lists applicable locations of Participating Employers.  

    PARTICIPATING EMPLOYER CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 3.

PARTICIPATION DATE means the date on which an Eligible Employee commences participation in the Plan.

    PAYROLL DEDUCTIONS means the Pre-Tax Savings and After-Tax Savings based on a reduction of the Participants' Eligible Compensation for the applicable Payroll Period.

    PAYROLL PERIOD means the regularly scheduled payroll cycles in which a Participant earns Eligible Compensation.

    PERMANENT LAYOFF means an absence from employment due to a reduction of the work force by a Participating Employer due to lack of work, where it is intended that the Participant will not be subject to recall.  A Participant's Continuous Service for purposes of the Plan will be terminated on the first day of Permanent Layoff.

    PERMANENT SHUTDOWN means the permanent shutdown, as determined by a Participating Employer, of a plant, department or substantial portion thereof, of a Participating Employer at which a Participant who is affected thereby is employed.

PLAN means the Howmet Aerospace Hourly Retirement Savings Plan, as amended and restated, effective January 1, 2021, and as may be amended from time to time.  Prior to February 1, 2020, the Plan was named the Arconic Hourly Retirement Savings Plan.

    PLAN ADMINISTRATOR means the Benefits Management Committee.

    PLAN YEAR means the calendar year.

    PRE-TAX CATCH-UP CONTRIBUTIONS means contributions permitted under Section 414(v) of the Code, as described in Section 2(k) of the Plan.

    PRE-TAX SAVINGS means the amount by which a Participant has elected to reduce his or her Eligible Compensation and defer the receipt thereof in accordance with Section 2, and the contribution of the said amount to the Plan, or an amount by which a Participant's Eligible Compensation (other than Performance Pay) is deferred and contributed to the Plan pursuant to Automatic Enrollment.

    PROPERLY RECEIVED means any request to participate, to change participation in the Plan, for suspension of Payroll Deductions, to discontinue Automatic Pre-Tax Rate Escalation, for a transfer between investments in accordance with Sections 8 or 9, to discontinue Automatic Investment Rebalancing, or a for a withdrawal in accordance with either Section 10 or 11, or submission of a beneficiary designation, consent or revocation in accordance with Section 22,  made to the Plan Administrator or its 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

Designee in a manner designated by the Plan in accordance with uniform rules established by the Plan Administrator.

    QUALIFIED DEFAULT INVESTMENT ALTERNATIVE or QDIA means the Targeted Maturity Funds to which the Plan may direct the assets of a Participant’s account in the absence of Participant investment direction.  Each Participant’s account will be invested in the appropriate Targeted Maturity Fund based on the Participant’s year of birth.

QUALIFIED INDIVIDUAL means any individual (Participant, alternate payee, Beneficiary) who meets one or more of the criteria described in paragraphs (1), (2), (3), or (4). Participants, alternate payees and Beneficiaries of deceased Participants can be treated as Qualified Individuals. The Plan Administrator may rely on an individual’s certification that the individual satisfies a condition to be a Qualified Individual unless the Plan Administrator has actual knowledge to the contrary.  In applying the criteria, “COVID-19” means either the virus SARS–CoV–2 or coronavirus disease 2019; “an approved test” means a test approved by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetic Act); and a “member of the individual’s household” means someone who shares the individual’s principal residence. The criteria are as follows:
(1)The individual was diagnosed with COVID-19 by an approved test;
(2)The individual’s spouse or dependent (as defined in Code §152) was diagnosed with COVID-19 by an approved test; 
(3)The individual has experienced adverse financial consequences because: (a) the individual or the individual’s spouse, or a member of the individual’s household was quarantined, furloughed or laid off, or had work hours reduced due to COVID-19; (b) the individual, the individual’s  spouse, or a member of the individual’s household was unable to work due to lack of childcare due to COVID-19; (c) A business owned or operated by the individual, the individual’s spouse, or a member of the individual’s household closed or reduced hours due to COVID-19; or (d) the individual, the individual’s spouse, or a member of the individual’s household had a reduction in pay (or self-employment income) due to COVID-19 or had a job offer rescinded or start date for a job delayed due to COVID-19; or
(4)The individual satisfies any other criteria determined by the Treasury or the IRS, including circumstances provided in IRS Notice 2020-50.
    REEMPLOYMENT COMMENCEMENT DATE means the date on which a Participant is first reemployed by a Participating Employer following a Severance from Service Date.

    RESTRICTED DISCRETIONARY CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 4(b).

    RETIREE MEDICAL SAVINGS CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 4(c).

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    RETIREMENT means termination of Continuous Service with rights to a pension other than a deferred vested pension benefit under a retirement plan of Howmet Aerospace and/or a Subsidiary and/or an Affiliate, termination of Continuous Service upon or after attainment of age 55 and completion of 10 years of Continuous Service, or Normal Retirement Age.

    ROLLOVER CONTRIBUTION means an eligible rollover distribution as described in Section 402(c)(4) of the Code, or a direct transfer of an eligible rollover distribution as described in Section 401(a)(31) of the Code ("Direct Rollover") which is transferred to the Plan pursuant to Section 7.  

    SAVINGS means the total amount of Pre-Tax Savings and After-Tax Savings contributed to the Plan in accordance with Section 2.

    SEVERANCE FROM SERVICE DATE means the date Continuous Service terminates and is the earliest of the date the Eligible Employee quits, retires, is discharged (including Permanent Layoffs), or dies, the first anniversary of the first date he or she is absent due to a Temporary Layoff , or the second anniversary of the first date he or she is absent from work for any other reason (including a disability).  Notwithstanding the foregoing, an employee will not be deemed to have terminated from Continuous Service until the second anniversary of the employee's absence, if the absence is due to the pregnancy of the Eligible Employee, the birth of a child of the Eligible Employee or the placement of a child with the Eligible Employee in connection with adoption proceedings, or for purposes of caring for that child for a period beginning immediately following such birth or placement.  The period between the first anniversary and second anniversary of the first day of absence will not constitute Continuous Service.  Severance from Service Date will also mean the date on which a participant ceases employment with Howmet Aerospace or a Subsidiary in connection with a sale of assets or interest in a Participating Employer and commences employment with the purchaser of such assets or interest, provided there is no transfer to the purchaser of Plan assets and liabilities relating to such participant.

    SUBSIDIARY means a corporation, a majority of whose voting stock is owned or controlled by Howmet Aerospace and/or one or more other Subsidiaries.

    TARGETED MATURITY FUNDS means the investment vehicles that are pre-mixed funds consisting of varying asset allocations that follow an investment strategy based on a targeted retirement date.  Targeted Maturity Funds are Core Funds.

    TEMPORARY EMPLOYEE means a person who does not work on a regular schedule, or works less than fifty percent of the regular hours for the location where he or she is employed, or works fifty percent or more of the regular hours for the location but is hired for a specified period of time not to exceed twelve month.  

TEMPORARY LAYOFF means an absence from employment due to a reduction of the work force by a Participating Employer due to lack of work, where it is intended that the Participant will not be subject to recall or the Participant has been designated as a temporary recall in the Company’s human capital management system (currently, the Global People System), but where there is an expectation that the Participant may return to work within the calendar year.  A Participant’s Continuous Service will be terminated on the first anniversary of the first day of Temporary Layoff.
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

TOTAL AND PERMANENT DISABILITY means disability by injury or disease which, on the basis of medical evidence satisfactory to a medical doctor chosen by the Benefits Management Committee, prevents the employee from engaging in any employment with Howmet Aerospace, a Subsidiary or Affiliate suitable to his or her training and experience and that will be permanent and continuous during the remainder of the employee's life, and the employee is not otherwise employed by Howmet Aerospace, a Subsidiary or Affiliate.

    TRUSTEE means the Trustee or Trustees appointed by the Board or its delegate, including but not limited to the Benefits Investments Committee in accordance with the provisions of Section 18.

    U.S. means the United States of America.

    VARIABLE COMPENSATION AWARDS means performance pay, profit sharing or gain sharing awards or other variable compensation awards as determined by the Participating Employer and approved by the Plan Administrator.

GENERAL PROVISIONS

SECTION 1.  PARTICIPATION

    An Eligible Employee participates in the Plan: 

    (a)    by submitting an application or request for participation that is Properly Received, or by receiving Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions, Participating Employer Contributions, or Employer Retirement Income Contributions; or

    (b)    by being Automatically Enrolled sixty (60) days following Employment Commencement Date or Reemployment Commencement Date, or after an employee employed on a temporary basis becomes an Eligible Employee.  

(c)    by being Automatically Enrolled sixty (60) days following the initial participation of a new Company or Location resulting from an acquisition or restructuring of a business unit.

SECTION 2.  EMPLOYEE SAVINGS

    (a)    An Eligible Employee may elect to pay into the Plan through Payroll Deductions properly authorized by such employee, a whole percentage of his or her Eligible Compensation (other than Performance Pay, which can be deferred pursuant to Section 2.b, below).  In no event may the amount in Pre-Tax Savings in an amount equal to one through twenty-five percent (25%), and After-Tax Savings equal to one through ten  percent (10%), the aggregate of which cannot be greater than twenty-five percent (25%). 

    (b)     An Eligible Employee may also elect to pay into the Plan through Payroll Deductions properly authorized by such employee, a whole percentage of his Performance Pay in ten percent (10%) increments, up to fifty percent (50%).

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (c)    An Eligible Employee subject to Automatic Enrollment will be subject to automatic Payroll Deductions equal to three percent of Eligible Compensation for any applicable payroll period, which will be contributed to the Plan as Pre-Tax Savings.  Absent the Participant's election of investment funds, such Pre-Tax Savings will be deposited into the appropriate QDIA, as described in Section 8(a).  Automatic Enrollment shall not apply to Performance Pay. 

    (d)    Payroll Deductions for Pre-Tax Savings made pursuant to Automatic Enrollment are subject to Automatic Pre-Tax Rate Escalation whereby, providing the Participant has participated in the Plan at least ninety days, the Participant's Pre-Tax Savings rate will be increased by one percent on each April 1 after his or her Participation Date until the Pre-Tax Savings rate attains a target rate of six percent of Eligible Compensation.  A Participant may change the percentage rate in whole percentages up to the maximum permitted by the Plan or opt out of Automatic Pre-Tax Rate Escalation at any time in a manner designated by the Plan Administrator that is Properly Received.

    Any Participant may elect to begin or end Automatic Pre-Tax Savings Rate Escalation at any time in a manner designated by the Plan that is Properly Received.  An election to begin Automatic Pre-Tax Saving Rate Escalation shall designate a beginning Pre-Tax Savings rate, a target rate up to the maximum permitted by the Plan, and an annual rate (in whole percentages) by which the Pre-Tax rate increases until the target rate is attained.  

    (e)    Any employee contributions which have been contributed to a Participant's account under a qualified defined contribution plan of a Participating Employer which has been merged with this Plan, are credited to the Participant as Pre-Tax and After-Tax Savings Accounts, as applicable, as determined by the Plan Administrator, and thereafter be treated like Pre-Tax and After-Tax Savings with respect to withdrawals, loans, and investment options under the Plan.  Any protected optional form of benefits provided under said qualified defined contribution plan will be maintained under the Plan.  

    (f)    All Participating Employer Contributions and Negotiated Deferral Contributions, Restricted Discretionary Contributions, Discretionary Contributions, Employer Retirement Income Contributions, and Retiree Medical Savings Contributions are irrevocable, except that any such contribution which was made by a mistake of fact or conditioned upon qualification of the Plan or any amendment thereof under Section 401 of the Code or upon the deductibility of the contribution under Section 404 of the Code, will be returned to the Participating Employer within one year after the payment of the contribution made by mistake, the denial of the qualification or the disallowance of the deduction (to the extent disallowed), whichever is applicable.

    (g)    A Participant may change his or her election for Payroll Deductions, effective for the first full Payroll Period following the date that such request is Properly Received.

    (h)    A Participant may direct that Payroll Deductions for Savings be discontinued beginning with the first full Payroll Period following the date that such direction is Properly Received.  A Participant may direct that such deductions be resumed beginning with the first full Payroll Period following the date that such direction is Properly Received, except as provided in the definition of Financial Hardship.

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (i)    Payroll Deductions are paid to the Trustee as soon as practicable, but no later than the period prescribed by the Department of Labor for depositing contributions. 

    (j)    Additional limitations on Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Discretionary Contributions and Restricted Discretionary Contributions are provided in Appendices A, B and C.  Notwithstanding the foregoing, in the event it is determined by the Benefits Management Committee or its Designee that for any particular month the maximum percentage of Eligible Compensation which a Participant may elect to pay into the Plan as Pre-Tax Savings must be reduced so as to prevent the actual percentage of Pre-Tax Savings for Participants who are Highly Compensated Employees from exceeding the elected percentage of Pre-Tax Savings of all other Participants, pursuant to the limitations in the Appendices, the maximum percentage of Pre-Tax Savings for said Highly Compensated Employees may be reduced, for any particular Month to the extent deemed necessary by the Benefits Management Committee or its designee.  The said Participants’ previously elected percentage of After-Tax Savings will not be affected in any manner by a reduction of the maximum percentage of Pre-Tax Savings in accordance with the foregoing.

    (k)    An Eligible Employee who meets the requirements listed below may make an election for a Plan Year to defer extra Pre-Tax Catch-Up Contributions in an amount that equals an annual maximum amount of six thousand five-hundred dollars ($6,500), or such other amount adjusted for cost-of-living increases as may be provided by the Secretary of the Treasury pursuant to Section 414(v)(2) (C) of the Code.  Eligible Employees who meet the requirements are individuals who i) have attained 50 or will attain age 50 during the applicable taxable year, ii) are contributing no less than six percent (6%) of Eligible Compensation in Pre-Tax Savings; and iii) have submitted an election to make Pre-Tax Catch-Up Contributions for applicable Plan Year.

    In the case where a Bargained Participant is awarded back wages pursuant to a settlement or arbitration agreement by which the Bargained Participant is to be “made whole,” in the case of an individual who is eligible to make Pre-Tax Catch-Up Contributions, the Bargained Participant may defer any portion of the awarded back wages up to the annual maximum amount of the Pre-Tax Catch-Up Contribution for the current Plan Year, provided an election to defer such amount is submitted prior to the date payment of the awarded back wages is made.

    (l)    In the case where a Bargained Participant is awarded back wages pursuant to a settlement or arbitration agreement by which the Bargained Participant is to be “made whole” with respect to such award, the Bargained Participant must contribute Pre-Tax Savings attributable to the back wages or portion of back wages awarded pertaining to the current Plan Year only (“Corrective Contributions”).  The Corrective Contributions will be based on the percentage of Compensation for Pre-Tax Savings designated by the Participant in an election in effect, or defaulted to pursuant to section 2(b) and 2(c), on the date of the Bargained Participant’s termination that preceded the period for which the award has been granted.  Notwithstanding the foregoing, contributions of Corrective Contributions may not cause the Bargained Participant’s Eligible Compensation to exceed the limitation on compensation imposed by Section 401(a)(17) of the Code, or the limitations described in Appendices A or B.

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (m)    A Participant who’s compensation is suspended due to an absence from employment due to military leave protected by Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”), may upon his or her return to employment contribute “make up” Pre-Tax Contributions equal to the amount he or she would have contributed except for the absence based upon the Participant’s election on file.  Such make up contributions must be paid to the Plan during a period that does not exceed the lesser of three (3) times the length of time of the military leave or five (5) years, commencing from the date employment is resumed.

(n)    All employee savings and any investment earnings attributable thereto held in a Participant’s account are nonforfeitable and not subject to divestment.

SECTION 3.  PARTICIPATING EMPLOYER CONTRIBUTIONS (MATCH)

    Participating Employer Contributions will be allocated under the Plan to the account of those Participants for whom Pre-Tax Savings are paid into the Plan for such Payroll Period in accordance with Section 2, where the applicable Bargaining Agreement provides or where the Participating Employer with whom the Participant is actively employed has elected to make such contributions.  The contributions will be the specific amount for each dollar of the Participant’s Eligible Compensation he or she contributes to the Plan as Pre-Tax Savings up to six percent of the Participant’s Eligible Compensation.  Notwithstanding the above, for purposes of Participating Employer Contributions, Eligible Compensation will not include Performance Pay.  Schedule B-1 provides a list of Participating Employers and Participating Employer Contributions.  Subject to the terms of the Bargaining Agreement, unless disapproved by the Benefits Management Committee, a Participating Employer’s election to make or change a Participating Employer Contribution for current and future Plan Years may be made at any time during the Plan Year and continue until changed by the Participating Employer.  Participating Employer Contributions will be allocated to the account of Participants to whom Corrective Contributions have been made for the current Plan Year as described in Section 2(l) above. 

    The amount of all such Contributions are contributed on a Payroll Period basis by the Participating Employer out of current income or accumulated earnings.  All Participating Employer Contributions will be invested in the same Core Funds elected by the Participant for his or her current Savings (or if none, then in the QDIA).  

    All employer contributions which have been contributed to a Participant's account under a qualified defined contribution plan of a Participating Employer which has been merged with this Plan, are credited to the Participant as Participating Employer Contributions and thereafter are treated like Participating Employer Contributions with respect to withdrawals, loans, and investment options under the Plan.  Any protected optional form of benefits provided under said merged qualified defined contribution plan will be maintained under the Plan.  

SECTION 4. NEGOTIATED DEFERRAL CONTRIBUTIONS, DISCRETIONARY CONTRIBUTIONS, RESTRICTED DISCRETIONARY CONTRIBUTIONS, AND RETIREE MEDICAL SAVINGS CONTRIBUTIONS

(a)Negotiated Deferral Contributions consisting of mandatory COLA Savings shall be allocated to the Pre-Tax Savings account of each Eligible Employee employed on the end of each Payroll Period, in accordance with an applicable Bargaining Agreement.  
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

Negotiated Deferral Contributions will be made in an amount attributable to the period occurring in the current Plan Year for which an award of back wages is made pursuant to a settlement or arbitration agreement by which the Participant is to be “made whole” with respect to such award. 

    Notwithstanding the foregoing, Howmet Corporation will contribute Negotiated Contributions under the Plan to the accounts of its Whitehall, MI Eligible Employees on a monthly basis.  Such Negotiated Deferral Contributions will be paid to the Trustee within the period of time specified by law.

    (b)    A Participating Employer for each Plan Year may contribute under the Plan to the account of those Non-Bargained Eligible Employees who are employed with said Participating Employer on the last day of the Plan Year, a Restricted Discretionary Contribution in an amount determined by the Participating Employer, unless disapproved by the Benefits Management Committee.  Bargained Employees covered by a collective bargaining agreement in bargaining locations specified in Schedule B-3 who meet the eligibility requirements specified in Schedule B-3 will receive a Restricted Discretionary Contribution in an amount determined in accordance with an applicable Bargaining Agreement, unless disapproved by the Benefits Management Committee.  Restricted Discretionary Contributions will be allocated to Eligible Employees based on uniform dollar amounts or whole or partial percentages of Eligible Compensation, as specified in Schedule B-3 for Bargained Eligible Employees.  The Restricted Discretionary Contribution will be paid to the Trustee no later than the date fixed by the Bargaining Agreement.  The Participating Employer may direct, but is not obligated to direct, the Trustee to promptly invest such amount in the Howmet Aerospace Stock Fund; otherwise, Restricted Discretionary Contributions will be invested in accordance with the provisions of Section 8(b).

    (c)    Participants covered by the collective bargaining agreement between the master collective bargaining between the Company and the United Steelworkers ratified on or after June 24, 2010 (“Master Agreement”), and Participants in other bargaining locations described in Schedule B-4 who meet the eligibility requirements described below will receive Retiree Medical Savings Contributions to their accounts in an amount equal to $0.40 per hour worked.  For purposes of determining Retiree Medical Savings Contributions, hours will be deemed credited with respect to any back pay awards and military leave, but will not include hours not worked, such as but not limited to, hours credited for vacation, holiday, jury or witness pay.  Retiree Medical Savings Contributions will be contributed on a payroll basis and the Participant will not be required to be employed on the last day of the Plan Year as a condition to receive the contribution.  Contributions will be paid to the Trustee within the period of time specified by law.  Retiree Medical Savings Contributions are not subject to withdrawals, distributions prior to termination of employment, or loans.  Retiree Medical Savings Contributions will be deposited in the appropriate QDIA, but may be transferred by the Participant from the QDIA to any elected Core Fund at any time.

    Participants eligible for Retiree Medical Savings Contributions are Eligible Employees employed at the Master Agreement and other bargaining locations described in the Retiree Medical Savings Contributions table in Schedule B-5 who i) have completed one year of Continuous Service, and ii) have an Employment Commencement Date occurring or are rehired on or after July 1, 2010, regardless of the duration of the period the individual was separated from employment (“Retiree Medical Eligibles”).  
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (d)    A Participating Employer may contribute under the Plan to the account of those Eligible Employees a Discretionary Contribution in an amount determined in accordance with an applicable Bargaining Agreement and as set forth in Schedule B-5.  Discretionary Contributions will be allocated to Eligible Employees based on either uniform dollar amounts or whole or partial percentages of Eligible Compensation.  The Discretionary Contribution will be paid to the Trustee no later than the date fixed by law for the filing of the Participating Employer’s federal income tax return for the year for which the contribution is made, including any extensions of time granted by the Internal Revenue Service for filing the return.  The Participating Employer may direct, but is not obligated to direct, the Trustee to promptly invest such amount in the Howmet Aerospace Stock Fund; otherwise, Discretionary Contributions will be invested in accordance with the provisions of Section 8(b).

(e)    An Eligible Employee who incurs an absence due to military leave protected by USERRA and eligible to receive Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions, or Retiree Medical Savings Contributions will receive those contributions based on the Eligible Compensation or applicable hours that would have been received had the individual remained actively employed during the period of military leave.  

SECTION 5.  EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC)

(a)    As of the dates indicated in Schedule B-1, (i) Eligible Employees with an Employment Commencement Date or Reemployment Commencement Date specified in Schedule B-1 at a Company and Location, designated in Schedule B-1 or (ii) a hire or rehire date otherwise specified in Schedule B-1 will receive an Employer Retirement Income Contribution in the amount of three percent of applicable Eligible Compensation for the Plan Year.  Unless another amount is specified in Schedule B-1, Employer Retirement Income Contributions of three percent of Eligible Compensation will be made to the accounts of Participants on a Payroll Period basis, whether or not employed on the last day of the Plan Year.  An Eligible Employee who incurs an absence due to military leave protected by USERRA and eligible to receive Employer Retirement Income Contributions (“ERIC) will receive those contributions based on the Eligible Compensation that would have been received had the individual remained actively employed during the period of military leave.  

    Withdrawals of Employer Retirement Income Contributions are permitted by Participants who have attained age 59 1⁄2.  

For this purpose, age is determined as of the completed age as of the first day of the calendar year for which ERIC is being made and only complete years of age shall be used; no partial years of age shall be counted.  

SECTION 6.  NONFORFEITURE OF PARTICIPATING EMPLOYER
CONTRIBUTIONS, NEGOTIATED DEFERRAL CONTRIBUTIONS, RESTRICTED DISCRETIONARY CONTRIBUTIONS, DISCRETIONARY CONTRIBUTIONS, EMPLOYER RETIREMENT INCOME CONTRIBUTIONS, AND RETIREE MEDICAL SAVINGS CONTRIBUTIONS

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    All Participating Employer Contributions, Negotiated Deferral Contributions, Restricted Discretionary Contributions, Discretionary Contributions, Employer Retirement Income Contributions, and Retiree Medical Savings Contributions and any investment earnings attributable thereto held in a Participant’s account are nonforfeitable and are not subject to divestment.  In the event that any Participant has his or her account balance transferred to this Plan from the Howmet Aerospace Niles Bargaining Retirement Savings Plan (prior to February 1, 2020, known as the Arconic Retirement Savings Plan for ATEP Bargaining Employees) prior to the merger of the Howmet Aerospace Niles Bargaining Retirement Savings Plan within and into this Plan, the amount of such Participant’s account transferred to this Plan shall become 100% vested and not subject to forfeiture.

SECTION 7.  ROLLOVER CONTRIBUTIONS

    An Eligible Employee of a Participating Employer who is or may become a Participant may, unless disapproved under objective procedures established by the Benefits Management Committee, make a Rollover Contribution to the Plan.  An Eligible Employee's Rollover Contribution is credited to his or her account and thereafter treated like the Participant's Pre-Tax Savings with respect to withdrawals, loans and investment options under the Plan.  The Plan does not accept Roth rollovers.

A Participant who received a Coronavirus-Related Distribution (from this Plan and/or another eligible retirement plan as defined in Code §402(c)(8)(B)), at any time during the 3-year period beginning on the day after receipt of the distribution, may make one or more contributions to the Plan, as rollover contributions, in an aggregate amount not to exceed the amount of such distribution.

SECTION 8.  INVESTMENTS

 (a)    Savings and Employer Retirement Income Contributions.  Pre-Tax Savings (including Rollover Contributions), After-Tax Savings, and Employer Retirement Income Contributions will be invested, at the election of the Participant, in any of the Core Funds in one percent increments.  Pre-Tax Savings of any Participant who is Automatically Enrolled and Employer Retirement Income Contributions made to the account of a Participant who has not made investment election will be contributed to the appropriate QDIA fund, based on the Participant’s date of birth.

    A Participant may change his or her current investment election or transfer assets deposited by the Plan into a QDIA fund any day of the Plan Year, to be effective for the next following Payroll Period, within the limitations otherwise provided in this Plan, by directing the Plan Administrator or its Designee to make such change which direction is Properly Received.

    (b)    Participating Employer Contributions, Discretionary Contributions and Restricted Discretionary Contributions.  All Participating Employer Contributions  will be invested in the same Core Funds elected by the Participant for his or her current Savings (or if none, then in the QDIA).  Restricted Discretionary Contributions and Discretionary Contributions may be invested in the Howmet Aerospace Stock Fund if directed by the Participating Employer, subject to Section 9, or otherwise invested in the same Core Funds elected by the Participant for his or her current Savings (or if none, then in the QDIA).

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

(c)    Brokerage Account.  A portion of Pre-Tax or After Tax Savings, and Participating Employer Contributions, Discretionary Contributions, Negotiated Deferral Contributions, Restricted Discretionary Contributions, or Employer Retirement Income Contributions subject to transfer as provided in Section 9, or  any other amounts invested in the Core Funds may be transferred in amounts of one thousand dollars ($1,000) or more and reallocated to a Brokerage Account, a self-directed brokerage account that allows a Participant to select and personally manage investment options not otherwise available under the Plan, in accordance with the provisions of  Section 16.  Any amounts to be withdrawn, loaned or distributed from a Brokerage Account must be first transferred back to the Core Funds, as described in Section 16(h).

    (d)    Automatic Rebalancing of Investments.    A  Participant may elect to have his or her account balance automatically rebalanced, or readjusted, at ninety-day intervals, to equal the percentage(s) directed by the Participant for investing such account balance in any Core Fund(s).  The Participant may cancel Automatic Rebalancing at any time in a manner designated by the Plan Administrator that is Properly Received.

SECTION 9.  TRANSFERS BETWEEN INVESTMENTS

(a)    Transfer of Savings, Participating Employer, Negotiated Deferral, Restricted Discretionary Contributions, Discretionary Contributions, and Employer Retirement Income Contributions.  A Participant may elect to transfer in whole percentage increments all or part of the Current Market Value of his or her Pre-Tax Savings, After Tax Savings, Participating Employer, Negotiated Deferral Contributions, Restricted Discretionary Contributions, Discretionary Contributions or Employer Retirement Income Contributions subject to the following:  

(1)    Transfers from any one or more Core Funds to the Brokerage Account may be made in amounts of one thousand dollars ($1,000) or more;  

(2)    Transfers may be made on a daily basis;  

(3)    Investment Fund transfers do not constitute a change in the Participant’s current investment election; and 

(4)    Transfer provisions may be subject to restrictions imposed by mutual fund companies underlying the Core Funds.

    (b)    Effective Date of Transfer.  The effective date of any transfer will be the date for which the appropriate direction to the Plan Administrator or its Designee has been Properly Received.

    (c)    Value of Transfer.  The Current Market Value of Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions to be transferred into or out of an Investment Fund are determined in accordance with the value of the Investment Fund at the close of business of the Business Day on the Effective Date.

    SECTION 10.  WITHDRAWALS DURING EMPLOYMENT

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

Notwithstanding anything to the contrary herein, any and all withdrawals during employment are subject to a $250.00 minimum.  Withdrawals are not permitted prior to the termination of the Participant’s Continuous Service, except for the following:

    (1)    Upon attainment by the Participant of age 59 1⁄2; 

(2)    Upon a determination by the Plan Administrator or Designee that the Participant has suffered a Financial Hardship with respect to Pre-Tax Savings (and effective January 1, 2019, investment earnings attributable thereto), and Employer Contributions contributed to the Plan prior to January 1, 2011, or

(3)    Upon a determination by the Plan Administrator or Designee that the individual qualifies as a Qualified Individual, the Qualified Individual may take one or more Coronavirus-Related Distributions. For this purpose, a Coronavirus-Related Distribution means a distribution to a Qualified Individual during the period beginning May 8, 2020 and ending December 30, 2020. The total amount of Coronavirus-Related Distributions to a Qualified Individual pursuant to this subsection (3) from all plans maintained by the Employer, or any related employer described in Code §414(b), (c), (m), or (o), shall not exceed $100,000. Only one Coronavirus-Related Distribution can be requested per month and must be at least $250.  For Qualified Individuals who are at least age 591⁄2, Coronavirus-Related Distributions can be taken with respect to all Pre-Tax and After-Tax Savings, Pre-Tax Catch-Up Contributions, Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, Employer Retirement Income Contribution, Legacy RTI Plan Balances, Rollover Contributions and any investment earnings attributable thereto held in a Participant’s account.  For Qualified Individuals under age 591⁄2, Coronavirus-Related Distributions can be taken only with respect to Pre-Tax and After-Tax Savings, Pre-Tax Catch-Up Contributions, Participating Employer Contributions made prior to January 1, 2011 (unless Participating Employer Contributions are made on or after January 1, 2011 pursuant to the terms of the collective bargaining agreement ), Discretionary Contributions, Restricted Discretionary Contributions, Rollover Contributions and any investment earnings attributable thereto held in a Participant’s account.

A Participant may withdraw the Current Market Value of After-Tax Savings at any time (subject to a $250.00 minimum).  A Participant may voluntarily withdraw all or a portion (subject to a $250.00 minimum) of the Current Market Value of Participating Employer Contributions made to the Plan prior to January 1, 2011.

Subject to the provisions above, a Legacy RTI Participant (as defined in Schedule D) may voluntarily withdraw all or a portion (subject to a $250.00 minimum) of the Current Market Value of his or her Legacy RTI Plan Balance (including his or her Legacy RTI Roth Balance), except that no portion of a Legacy RTI Money Purchase Plan Balance shall be available for withdrawals during employment under any circumstances.

SECTION 11.  DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (a)     A Participant whose Continuous Service terminates is eligible to receive as a distribution the Current Market Value of all Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions made to the Participant’s accounts.  In the event a Participant who has terminated employment received a total distribution of the Current Market Value of his or her account under the Plan has a Reemployment Commencement Date, he or she will not be permitted to repay the distributed amount other than as a Rollover Contribution from an eligible retirement plan described in Sections 402(c) (4) and 401(a) (31) of the Code, as provided in Section 7.

    (b)    Direct Rollovers.  

        (i)    Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's election under this subsection, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, and to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.  

        (ii)    Definitions:

            (1)    Eligible rollover distribution:  An eligible rollover distribution means any distribution to an employee of all or any portion of the balance to the credit of the employee in the Plan, and as otherwise described in this subsection (1).  An eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee's designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and any amount distributed on account of hardship.

            (2)    Eligible retirement plan:  An eligible retirement plan is an individual retirement account or individual retirement annuity described in Sections 408(a) and 408(b) of the Code,  a qualified trust described in Section 401(a) of the Code that accepts the distributee's eligible rollover distribution, an annuity plan or contract described in Sections 403(a) and 403(b) of the Code, or an eligible plan under Section 457(b) of the Code that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such plan from this Plan.  The definition of eligible retirement plan will also apply in the case of a distribution to a surviving spouse of a Participant, or spouse or former spouse who is the alternate payee under a qualified domestic relations order as defined in Section 414(p) of the Code.  With respect to an eligible rollover distribution to a Participant’s nonspouse Beneficiary, an eligible retirement plan is an individual retirement account or annuity described in Sections 408(a) and 408(b) of the Code established for the purpose of receiving such distribution, and identifying the deceased Participant and Beneficiary.

            (3)    Distributee:  A distributee includes an employee or former employee.  In addition, the employee's or former employee's surviving spouse and the employee's or former employee's spouse or former spouse who is an alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse.  A distributee 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

includes the employee's or former employee's nonspouse Beneficiary provided the transfer of the eligible rollover distribution is made as described in paragraph (4) below.  

            (4)    Direct Rollover:  A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee.

SECTION 12.  PAYMENT OF DISTRIBUTIONS UPON TERMINATION OF
             EMPLOYMENT
    
(a)    Subject to the following provisions of this Section, payment to a Participant or Beneficiary of the Current Market Value of all Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions and Employer Retirement Income Contributions in the Participant's account from any Investment Fund, other than the Howmet Aerospace Stock Fund, upon the Participant's termination of Continuous Service is made in cash.  All amounts held in the Howmet Aerospace Stock Fund at the time of the Participant's termination of Continuous Service are paid in cash or Company Stock.  Such payment will be made in accordance with the following rules:

        (i)    If the Current Market Value of all of the Participant's vested account balances (not including Rollover Contributions) in all qualified defined contribution plans of Howmet Aerospace, the Subsidiaries and Affiliates  is less than one thousand dollars ($1,000), then a total distribution of all of the Participant’s vested account balances will be made to the Participant at a time determined by the Plan.  If the Current Market Value of all of the Participant's vested account balances (not including Rollover Contributions) in all qualified defined contribution plans of Howmet Aerospace, the Subsidiaries and Affiliates  is greater than one thousand dollars ($1,000) but less than five thousand dollars ($5,000), and the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover or to receive the distribution directly in cash, then the distribution will be paid in a direct rollover to an individual retirement account designated by the Benefits Management Committee.  The value of any delisted stock that is no longer publicly traded but that is held in the Participant’s Brokerage Account shall not be considered for purposes of the preceding valuation.  Any such delisted stock shall be distributed in-kind where the value of the Participant's vested account balances (not including Rollover Contributions) in all qualified defined contribution plans of Howmet Aerospace, the Subsidiaries and Affiliates is less than five thousand dollars ($5,000), in a direct rollover to an individual retirement account designated by the Benefits Management Committee.  Upon such distribution of de-listed stock, the amounts distributed will be reported for income tax purposes using reasonable methods available at such time and determined by the Plan.

        (ii)    If the Current Market Value of all of the Participant's vested account balances in all defined contribution plans of Howmet Aerospace, the Subsidiaries and Affiliates exceeds five thousand dollars ($5,000), the distribution is made upon the consent of the Participant, or surviving spouse if applicable, and if no consent is given and no claim for benefits has been made, such distribution is made in total upon the later of December 31, 2015, or his or her attainment of age 69.  Notwithstanding the foregoing, if a Participant attains age 70 prior to December 31, 2015, such distribution shall be made in total upon such Participant’s attainment of age 70. Prior to the distribution of the total Current Market Value of the Participant's total account balance, the Participant, or the 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

Beneficiary in the case of a Participant who dies with an account balance in the Plan, may request four partial distributions (subject to a $250.00 minimum) during each Plan Year in which the account balance is maintained in the Plan.  Notwithstanding the foregoing, in the event that a claim for benefits is made, a distribution is made no later than the 60th day after the latest of the last day of the Plan Year in which occurs:  (1) the date on which the Participant attains age 65, (2) occurs the tenth anniversary of the year in which the Participant commenced participation in the Plan, or (3) the Participant terminates his or her service with the Participating Employer.  

        (iii)    If a distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than 30 days after the notice required under Section 1.411(a)-11(c) of the Income Tax Regulations is given, provided that:

            a.    the Plan Administrator clearly informs the Participant that the Participant has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable a particular distribution option), and

            b.    the Participant, after receiving the notice, affirmatively elects a distribution.  

        (iv)    If the Participant dies with an account balance in the Plan, the entire interest of the Participant will be distributed not later than 5 years after the death of the Participant.  

    (b)    Upon any distribution of Company Stock from the Howmet Aerospace Stock Fund, the Trustee delivers to the recipient a certificate representing the number of whole shares of Company Stock being distributed and cash equal to the Current Market Value on the Effective Date of distribution of any fractional interest in a share being distributed.  With respect to any shares of Company Stock which are to be sold for the account of the recipient, the Trustee may, at its option (1) purchase such shares for Plan purposes at the Current Market Value on the Effective Date of distribution, or (2) sell such shares on the open market for the account of the recipient.

(c)            Notwithstanding the foregoing provisions of this Section, distribution of a Participant’s account balances commences the April 1 the calendar year in which the Participant attains age 72 years in accordance with Section 13(b).  Notwithstanding the foregoing, for periods before January 1, 2020, distribution of a Participant’s account balanced commenced the April 1 next following the calendar year in which the Participant attained age 701⁄2.  

    (d)    Notwithstanding the foregoing, if a Participant is reemployed by a Participating Employer, then distribution of his or her account balances other than minimum required distributions under Section 401(a)(9) of the Code, if any, payable to him or her during the period of his or her reemployment is suspended until his or her subsequent termination from employment.  Upon his or her subsequent termination from employment, the Participant's account balances are paid in accordance with the foregoing provisions of this Section 12.

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    (e)    Notwithstanding paragraphs (a) and (b) above, in the event that any qualified defined contribution plan is merged with this Plan or this Plan is the surviving plan with respect to any assets of Participants of a merging plan which are transferred to this Plan, any distribution options contained in the merging plan which are not contained in this Plan may be continued to be distribution options available to the said Participant of the merging plan for distribution of his or her account, in accordance with Section 411(d)(6) of the Code.

SECTION 13.  GENERAL PROVISIONS WITH RESPECT TO WITHDRAWALS

    (a)    Effective Date of Withdrawal.  The Effective Date of any withdrawal from the Plan is the Business Day such request for withdrawal is Properly Received by the Plan Administrator or its Designee.

    (b)    Distribution Limitations.  Distribution of all amounts payable under the Plan to a Participant commences:

        (i)    Not later than the required distribution date, without violating Treasury regulations, if any, over the life of the Participant or over the lives of the Participant and a Beneficiary, or over a period not extending beyond the life expectancy of the Participant and a Beneficiary.

        (ii)    Subject to Schedule D for Legacy RTI Plan Balances only, if distribution of the Participant's interest in the Plan has begun in accordance with paragraph (i) (2) and the Participant dies before his or her entire interest is distributed, the Participant's remaining interest in the Plan will be distributed at least as rapidly as under the method of distribution stated under paragraph (i)(2) above being used on the date of the Participant's death.  If the Participant dies before the distribution of his or her interest in the Plan has begun in accordance with paragraph (i) (2), the entire interest of the Participant will be distributed not later than five years after the death of the Participant.

    For purposes of this paragraph (b), the "required distribution date" means the date prescribed by Treasury Regulations, as amended from time to time, which effective January 1, 1988, is April 1 of the calendar year following the calendar year in which the Participant attains age 70-1/2.  Effective January 1, 2020 the “required distribution date” is April 1 of the calendar year following the calendar year in which the participant attains age 72.

    For the purposes of this paragraph (b), any amount paid to a minor child is treated as if it had been paid to the surviving spouse if such amount will become payable to the surviving spouse upon such child reaching majority or any other designated event as may be permitted by Treasury Regulations, if any.

    (c)    Appendix D, Minimum Distribution Requirements, provides Plan provisions to  comply with Section 401(a)(9) of the Code and Treasury Regulations §1.401(a)(9)-2 through -9, as applicable, relating to required minimum distributions.

This Section 13 shall be interpreted in a manner consistent with Code § 401(a)(9) and the final Treasury Regulations issued thereunder, including the incidental death benefit requirement in Code § 401(a)(9)(G).  All distributions shall be made in accordance with Code § 409(a)(9) and Treasury Regulations §§ 401(a)(9)-2 through 1.401(a)(9)-9,  which 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

shall supersede all inconsistent provisions of the Plan.  All distributions made to comply with Code § 409(a)(9) will be in the form of a distribution of a Participant’s entire vested account balance.  For purposes of Section 401(a)(9), Required Beginning Date shall mean April 1 of the Calendar Year following the calendar year in which the Participant attains age 701/2 for five (5%) owners, within the meaning of Code §416(i), and for all other Participants, April 1 of the calendar year following the calendar year in which such Participant terminates employment with the Employer.

SECTION 14.  NONASSIGNABILITY

    Except as required under ERISA, no right or interest of any Participant or Beneficiary in the Plan or in such Participant’s accounts is (a) assignable or transferable or subject to any lien in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, alienation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner other than a transfer as a result of death or mental incompetence, or (b) liable for, or subject to, any obligation or liability of such Participant or Beneficiary.  Such portions of the Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions in the account of a Participant as are payable to another in accordance with the provisions of a “qualified domestic relations order,” as defined in Section 414(p) of the Code and any applicable regulations thereunder, are distributed to the party designated in and in accordance with said order.  The Effective Date of withdrawal for any such distribution is the first Business Day following the Plan Administrator’s determination that the said order is in compliance with Section 414(p) of the Code and any applicable regulations thereunder, and such distribution is made as soon as administratively practical thereafter.  The Plan Administrator or Designee has promulgated procedures to determine whether a domestic relations order is a qualified domestic relations order.  The procedures will be provided to a participant or alternate payee upon written request, or upon receipt of the domestic relations order by the Plan Administrator or Designee.  An administrative fee shall be charged to process each qualified domestic relations order.  The amount of any such the fee shall be determined by the Benefits Management Committee.

SECTION 15.  EXTENT OF PARTICIPANT'S RIGHTS

    (a)  General.    No person has any interest in or right to any part of the assets held under the Plan or the income thereon, except as and to the extent expressly provided in the Plan.

    At the time of withdrawal by a Participant or Beneficiary, he or she will receive shares or cash.  There is no guarantee that the Current Market Value of any investment will be equal to or greater than the amount of the Participant's Savings therein.  This Plan is designed to comply with and operate under Section 404(c) of ERISA.  A Participant and his or her Beneficiaries assume all risk in connection with any decrease in the value of any investments allocated to such Participant's account.  For purposes of Section 404(c)(1) of ERISA, in the absence of Participant of Beneficiary investment direction, a Participant or Beneficiary shall be treated as having exercised control over the assets invested in any investment which qualifies as a QDIA in accordance with Section 404(c)(5) of ERISA and the regulations promulgated thereunder.

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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

    The Plan does not and should not be construed as conferring any rights upon any person for a continuation of employment, nor does it interfere with the rights of Howmet Aerospace or any Subsidiary or Affiliate to terminate the employment of any person or to take any personnel action affecting such person without regard to the effect which such action might have upon such person or his or her Beneficiaries as a prospective recipient of benefits under the Plan.

    (b)    Military Service.    Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Internal Revenue Code.  The Beneficiary of any Participant who dies on or after January 1, 2007, while performing “qualified military service” (as defined in Code Section 414(u)), shall be entitled to any additional benefits (other than contributions relating to the period of qualified military service, but including any other survivor benefits) that would have been provided under the Plan had the Participant resumed active employment on the day preceding the Participant's death and then incurred a Severance from Service Date on account of death.  This Section is intended to comply with, and shall be interpreted to comply with, Code Section 401(a)(37).

SECTION 16.  MANAGEMENT OF FUNDS

    (a)    General.  Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Restricted Discretionary Contributions, Discretionary Contributions, and Employer Retirement Income Contributions paid to the Trustee are invested as provided in the Plan.

    (b)    Trustees and Investment Managers.  The Board or its designee (including but not limited to the Benefits Investments Committee when acting in accordance with the charter of the Benefits Investments Committee) has the responsibility to appoint, review the performance of, and remove where deemed appropriate, one or more Trustees, and one or more investment managers, each of which is a bank, insurance company or other investment adviser qualified under Section 3(38) of ERISA.  The duties of each Trustee and manager, to the extent not set forth in the Plan, are set forth in a trust agreement or other written documents approved by the Board or its designee.  Except as otherwise provided in such documents or in the Plan, each such investment manager has sole investment control and management responsibility with respect to those assets of the Plan for which it is designated the investment manager.  The Board may delegate its authority to appoint an investment manager, to remove an investment manager, to approve and direct the execution by the proper officer or officers of Howmet Aerospace of amendments to agreements with any investment manager, and to review the performance of any such managers.  Such delegation also includes the authority to approve written documents setting forth the duties of any manager and to direct the execution of investment management agreements by the proper officer or officers of 
Howmet Aerospace.  No Trustee has any investment responsibility for any assets which are subject to the investment control of another investment manager, and as to such assets it only has custodial duties if it is the custodian.

    (c)    Designation of Investment Strategy.  The Board may from time to time designate, as to part or all of the assets of the Plan, that a separate fund or funds be established.  Except as otherwise provided in the Plan, as to each such separate fund the Board or its designee may specify the investment strategy to be employed and the 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

investment manager is thereupon relieved of responsibility for assuring that the specified investment strategy creates suitable diversification of the overall assets of the Plan, provided that such investment manager has followed such specifications.

    (d)    (1)    Acquisition of Fixed Income Investments by the Trustee.  The Trustee will enter into investment arrangements with insurance companies, banks or money managers, as directed by an investment manager duly appointed by the Board or its designee for the Fixed Income Fund.  The Trustee will invest all Savings and other amounts to be invested in the Fixed Income Fund in accordance with such directions.

        (2)    Accounting for Participant's Accounts.  Participants' investments in the Fixed Income Fund are accounted for on a unit basis.  The Trustee allocates to the accounts of each Participant such units in the Fixed Income Fund as may be acquired with funds (if any) in such Participant's accounts to be invested therein. Such allocations will be made in a uniform manner as determined by the Benefits Investments Committee.  Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective Date of the transfer or withdrawal.

    (e)    (1)    Acquisition of Company Stock by Trustee.  The Savings, Participating Employer Contributions, Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions to be invested in the Howmet Aerospace Stock Fund are used by the Trustee to purchase from time to time shares of Company Stock (i) from Howmet Aerospace, at the Current Market Value thereof, or (ii) to the extent Howmet Aerospace does make shares available for purchase by the Trustee for such purpose, on the open market unless Howmet Aerospace otherwise directs, or (iii) by the exercise of warrants or rights as provided in this Section.  The Trustee, to the extent reasonable, invests any cash held in the fund in cash equivalents (including commercial paper).  The Trustee also holds for the purpose of allocation to the accounts of individual Participants as hereinafter provided (i) shares of such stock which the Trustee has acquired upon withdrawal by a Participant, and (ii) shares of such stock which the Trustee has acquired pursuant to Participants’ elections to transfer investments under the provisions of Section 9.  All shares of such stock purchased by the Trustee are carried in the accounts of the Trustee at the actual cost thereof, including any taxes, commissions, etc. which are not paid by the Participating Employer, incident to the purchase except that shares acquired upon the exercise of warrants or rights are carried at the Current Market Value of such shares on the date of such exercise.  

        (2)    Allocation of Stock to Participants' Accounts.  Participants' investments in the Howmet Aerospace Stock Fund are accounted for on a unit basis.  The Trustee allocates to the accounts of each Participant such units in the Howmet Aerospace Stock Fund as may be acquired with funds (if any) in such Participants' accounts to be invested therein.  Such allocations are made in a uniform manner as determined by the Benefits Investments Committee.  Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective Date of the transfer or withdrawal.

        (3)    Allocation of Dividends to Participants' Accounts.  In valuing the units, dividends are accounted for on the date the Board declares the dividend.  Once received, dividends are invested in the Howmet Aerospace Stock Fund.  A Participant may elect to receive an annual distribution of the dividends posted to their account during the Plan Year.  Such election must be made prior to the last dividend record date in the Plan Year, and distribution will be made as soon as administratively practical following the date 
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Howmet Aerospace Hourly Retirement Savings Plan
Amended and Restated Effective as of January 1, 2021

the final dividends are posted to the Participant's account.  Distribution will be paid in a lump sum from the Howmet Aerospace Stock Fund.  To the extent the Participant's account balance in the Howmet Aerospace Stock Fund is insufficient to pay the dividends, the balance of the distribution will be paid pro-rata from the Participant's other Core Fund investments.  

        (4)    Reserved.  

        (5)    Stock Splits & Dividends.  Shares of Company Stock received by the Trustee by reason of a stock split or stock dividend become part of the Howmet Aerospace Stock Fund.

        (6)    Voting.  The Trustee exercises its voting rights in accordance with written directions of each Participant with respect to at least the number of whole shares of Company Stock held by it in the Participants' accounts on the record date for voting.  With respect to all other shares of Company Stock held by the Trustee on the record date for voting (the "Other Shares"), including but not limited to, (i) fractional shares in the Participants' accounts (if they are not subject to direct voting), (ii) shares for which it has not received written directions from any Participant, and (iii) any shares which have not yet been allocated to Participants' accounts, the Trustee exercises its voting rights in the same proportion (for, against, abstain and so on) on each matter as it exercises its voting rights with respect to shares of Company Stock for which voting directions were received from all participants in all plans which participate in the Howmet Aerospace Stock Fund.

(7)     Separation of Alcoa Inc. and Creation of Arconic and Alcoa Corporation Stock Funds.  Effective November 1, 2016, Alcoa Inc. separated into two separate publicly traded companies.  Alcoa Inc. was renamed Arconic Inc. and began trading under the ticker symbol ARNC.  Alcoa Corporation was spun off from Arconic Inc. and began trading under the ticker symbol AA.  This corporate action resulted in two separate stock funds under the Plan: the Arconic Stock Fund (which is an ESOP invested primarily in employer securities) and the Alcoa Corporation Stock Fund (a non-employer stock fund).  The Alcoa Corporation Stock Fund shall be permitted as an investment option under the Plan only for approximately one (1) year after November 1, 2016.  The final liquidation date will be determined by the Committee in its sole and absolute discretion.  No new investments or purchases may be made in the Alcoa Corporation Stock Fund on or after November 1, 2016.  Notwithstanding the foregoing, all dividends under the Alcoa Corporation Stock Fund shall be reinvested in the Alcoa Corporation Stock Fund until its liquidation. Nothing herein shall be interpreted to prevent a Participant from acquiring Alcoa Corporation stock under the Brokerage Account.

(8)    Separation of Arconic Inc. and Creation of Howmet Aerospace Inc. and Arconic Corporation Stock Funds. Effective April 1, 2020, Arconic Inc. separated into two separate publicly traded companies. Arconic Inc. was renamed Howmet Aerospace Inc. and began trading under the ticker symbol HMW. Arconic Corporation was spun off from Arconic Inc. and began trading under the ticker symbol ARNC. This corporate action resulted in two separate stock funds under the Plan: the Howmet Aerospace Stock Fund (which is an ESOP invested primarily in employer securities) and the Arconic Corporation Stock Fund (a non-employer stock fund). 

The Arconic Corporation Stock Fund shall be permitted as an investment option under the Plan only for approximately one (1) year after April 1, 2020. The final 
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liquidation date will be determined by the Benefits Investments Committee in its sole and absolute discretion. Transfers from the Arconic Corporation Stock Fund can be made pursuant to Section 9.  No new investments, transfers to, or purchases may be made in the Arconic Corporation Stock Fund on or after April 1, 2020. Notwithstanding the foregoing, all dividends under the Arconic Corporation Stock Fund shall be reinvested in the Arconic Corporation Stock Fund until its liquidation. Nothing herein shall be interpreted to prevent a Participant from acquiring Arconic Corporation stock under the Brokerage Account.

(f)    (1)    Acquisition of Other Investments by Trustee.  Howmet Aerospace has and in the future will enter into investment arrangements with various investment managers.  Any such arrangements must be approved by the Benefits Investments Committee.  Expenses incurred in connection with the purchase or sale of securities by the investment manager are paid from the applicable Investment Fund.

    (2)    Accounting for Participant's Accounts.  Participants' investments in the Core Funds are accounted for on a unit basis.  The Trustee allocates to the accounts of each Participant such units in each of the Core Funds as may be acquired with funds (if any) in such Participant's accounts to be invested therein. Such allocations will be made in a uniform manner as determined by the Benefits Investments Committee.  Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective Date of the transfer or withdrawal.

    (g)    Transition Provision.  Pending investment under an arrangement established pursuant to this Section, and pending distribution to Participants following withdrawal from such an arrangement, cash is invested by the Trustee in short-term fixed income securities or cash equivalents (including commercial paper) and the value of such securities or cash equivalents is allocated to the accounts of Participants in an equitable manner determined by the Benefits Investments Committee.

(h)    Brokerage Account.  Participants  have the right to invest and personally manage investments outside of the Core Funds by investing through the Brokerage Account offered by a broker selected by the Plan (“Broker”).  Investment options through the Brokerage Account are mutual funds (other than those already available as Core Funds), any taxable equity or fixed income security publicly traded in a U.S. security market (including American Depository Receipts), and money market funds.  Pre-Tax Savings, After-Tax Savings, Rollover Contributions, Participating Employer Contributions, Negotiated Deferral Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions that are subject to transfer as provided in Section 9, may not be directly invested in the Brokerage Account, nor may withdrawals, distributions or loans be made directly from the Brokerage Account.  Such transactions must be processed through the Core Funds.  An administrative fee shall be charged to each Participant who maintains a balance in the Brokerage Account.  The amount of any such the fee shall be determined by the Benefits Management Committee.
 
 (1)    Restrictions of Trading in the Brokerage Account.  Certain restrictions apply to investment vehicles that may be available through the Brokerage Account:  Specifically, the following investments are not available through the Brokerage Account:  Howmet Aerospace company stock (common or preferred) and bonds; funds currently available in the Core Funds; tax-free funds; securities of publicly traded limited partnerships; options contracts; purchase on short sales, futures, precious metals, and 
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currencies; real estate (other than funds); annuities; life insurance policies; collectibles; commodities; foreign stocks (not American Depository Receipt); and margin trading and trade-away trades that are placed by another broker and settle with the Broker.

(2)    Trading within the Brokerage Account.  Investment purchases in the Brokerage Account may be made after such amounts are transferred from the Participant’s Core Fund accounts.  Transfers from Core Funds may be made as provided in Section 9.  Transferred funds will be held in the Broker's money market fund until the Participant’s buy orders are received by the Broker.  Trades may be subject to initial and subsequent investment minimums required by a mutual fund.  

Transfers are made out of the Brokerage Account and into the Core Funds from the Schwab money market fund.  If there are insufficient funds to make the requested transfer, the participant must submit a sell order with Schwab.  The proceeds of securities sold will be invested automatically in the Broker's money market fund and will be subsequently transferred out of the Brokerage Account to the Core Funds as directed by the Participant.

(3)    Expenses Incurred by Trading and Voting.  The Broker’s standard commission schedule will be deducted from the Brokerage Account of the Participant who initiates the trades, and any other fees and expenses incurred through the Brokerage Account will be paid directly by the Participant.  

The Broker will execute proxies for any securities held in the Brokerage Account in accordance with written directions of any Participant. 

OTHER PROVISIONS OF THE PLAN

SECTION 17.  LOANS

    (a)    A Participant may borrow a proportion of the Current Market Value of his or her Savings, Participating Employer, fully vested Discretionary Contributions, and Negotiated Deferral Contributions which are eligible for transfer under Section 9(b) of this Plan ("Eligible Loan Account Balance").

    A Participant may not borrow Restricted Discretionary Contributions or Employer Retirement Income Contributions or Retiree Medical Savings Contributions.  In addition, a Participant may not borrow Participating Employer Contributions made on or after January 1, 2011 or investment gains thereon.
 
    Aa Participant shall pay a $100 processing fee, or such other amount as may be designated by the Plan Administrator, for each loan request.  The fee will be included in the loan amount, subject to the limitations of this Section 17, and deducted prior to distribution of the loan.  Legacy RTI Plan Balances (as defined in Schedule D) shall generally be available for Plan loans, but Legacy RTI Money Purchase Plan Balances and Legacy RTI Roth Balances shall not be available for Plan loans. 

    (b)    A loan to a Participant, when added to the balance of any other outstanding loans the Participant has under the Plan, cannot exceed the lesser of:

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        (1)    $50,000 reduced to the extent of the highest outstanding loan balance of the Participant's loans outstanding during the 365-day period immediately preceding the date on which the loan is made; or

        (2)    50% of the sum of the Participant's (A) Eligible Loan Account Balance, plus (B) Restricted Discretionary Contributions and vested portion of Employer Retirement Income Contributions and Discretionary Contributions balances.

    A Participant may refinance any general purpose loan for any reason at any time (but only once in a twelve-month period), as may be permitted under the Code or ERISA.

    (c)    Each loan to a Participant is secured by a promissory note under which the Participant pledges and grants the Trustee an interest in the Participant's Eligible Loan Account Balance to the extent of the unpaid loan.

    (d)    All loans to Participants are treated as investments of plan assets in their respective accounts.  All principal and interest associated with a Participant's repayment of a loan are credited to his or her Plan account.

    (e)    The Plan Administrator has developed a procedure in accordance with the Code and ERISA under which such loans from the Plan will be made available to Participants which procedure has been approved by the Benefits Management Committee.

    (f)    Loan repayments will be suspended under this Plan during a period of military service as permitted under Section 414(u) (4) of the Internal Revenue Code and the regulations promulgated under Section 72(p) of the Code.  Upon the Participant’s return to active employment, loan repayments will resume and the period of repayment extended in direct proportion of the Participant’s period of absence for military leave.

(g)    If a Qualified Individual has an outstanding loan from the Plan on or after May 8, 2020, then: (1) if the date for any repayment of such loan occurs during the Suspension Period, the due date is extended for the Extension Period; (2) the due date of the loan will be extended by the Extension Period; (3) the Plan will adjust any subsequent repayments to reflect the extension of the due date and any interest accrued during the Suspension Period; and (4) the Plan will disregard the Extension Period in determining the 5-year period and the loan term under Code §72(p)(2)(B) or (C). The Suspension Period will begin May 8, 2020 and end December 31, 2020. The Extension Period, will be one year. The provisions of this Section 17(g) will be applied in accordance with Section 5.B. of Notice 2020-50, or any subsequent applicable guidance, and the adjustment described in (3) may reflect the “safe harbor” described therein.

SECTION 18.  TRUST

    All assets of the Plan are held in trust for the Plan, except as otherwise permitted by applicable law.  Howmet Aerospace has entered into a trust agreement with a national banking association which acts as Trustee under the Plan.  The Board or its designee (including but not limited to the Benefits Investments Committee when acting in accordance with the charter of the Benefits Investments Committee) may, from time to time, amend such trust agreement (subject to its terms), remove such Trustee or any Successor Trustee and upon removal or resignation of a Trustee, appoint a Successor Trustee.  
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SECTION 19.  ADMINISTRATION

    (a)    Duties of Plan Administrator.  The Plan Administrator or its Designee are responsible for the preparation and the filing with governmental agencies and furnishing to Participants and Beneficiaries of all summaries, descriptions, annual and other reports, notices and other documents, and information which are required to be so prepared and filed or furnished under ERISA or the Code, retain appropriate records, and also have all of the other responsibilities and duties of the administrator of the Plan as set forth in ERISA, except as otherwise provided in the Plan.  Each Participating Employer by whom a Participant is employed furnishes to the Plan Administrator or its Designee any records required for the foregoing.

    (b)    The Benefits Management Committee.  Except as provided in Section 16 and in paragraph (a) of this Section, or to the extent that such powers are granted to the Benefits Investments Committee in the Plan or the charter of the Benefits Investments Committee, the complete authority to control and manage the operation and administration of the Plan is placed in the Benefits Management Committee, which consists of one or more persons appointed from time to time by the Board.  

    (c)    Duties of Benefits Management Committee.  Subject to the limitations of the Plan, the Benefits Management Committee has the discretionary authority to:  (1) construe and interpret the Plan, (2) interpret administrative forms and other information, (3) make credibility findings, and (4) establish supplemental regulations for the administration of the Plan and the transaction of its business.  All actions, determinations and interpretations of the Benefits Management Committee will be performed in a uniform and nondiscriminatory manner to all Participants in similar circumstances.  All interpretations of the Plan and determinations of disputed questions made by the Benefits Management Committee are conclusive, final and binding upon the Participating Employers, Participants, Beneficiaries, other employees and any other individuals claiming rights under the Plan, subject to a claimant's request under paragraph (e) of this Section to have the Benefits Management Committee review the denial of a claim.  When making an interpretation or determination, the Benefits Management Committee is entitled to rely upon information furnished by the individual, Participant, Beneficiary or Participating Employer, unless in accordance with an appeals procedure established by the Benefits Management Committee, the claimant establishes to the satisfaction of the Benefits Management Committee that Continuous Service, compensation or other records are erroneous.

    (d)    Application for Benefits.  Each person applying for a benefit under the Plan must furnish all information required under procedures approved by the Benefits Management Committee.

    (e)    Review of Denial of Benefits.  If any applicant's claim for benefits under the Plan is denied, the applicant will be notified in writing of such denial.  Such notice will set forth the specific reasons for such denial and will be written in a manner calculated to be understood by the applicant.  The applicant will be afforded a reasonable opportunity for a full and fair review by the Benefits Management Committee or its Designee of the decision denying his or her claim for benefits, in accordance with a claims procedure which the Benefits Management Committee adopts. After the final determination of an appeal by the Benefits Management Committee or its Designee, the applicant must file any 
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litigation arising out of the underlying facts or circumstances giving rise to such claim and appeal, under ERISA or otherwise, within one hundred eighty (180) days following the date of the final notice provided by the Benefits Management Committee or its Designee.

    (f)    Extent of Benefits Management Committee's and Benefits Investment Committee’s Responsibility.  The members of the Benefits Management Committee and Benefits Investments Committee  will act in a prudent manner in the performance of their duties.  No member will be personally liable by virtue of any contract, agreement, bond or other instrument made or executed by or on behalf of such member as a member of the Benefits Management Committee or Benefits Investments Committee.  To the extent permitted by ERISA, no member of the Benefits Management Committee or Benefits Investments Committee will be liable for any mistake of judgment made by himself or herself or any other member, nor for any loss, unless resulting from his or her own gross negligence or willful misconduct, and no member will be liable for the neglect, omissions or wrongdoing of any other member thereof, or of the agents or counsel of the Benefits Management Committee or Benefits Investments Committee, as the case may be.  To the extent permitted by law, Howmet Aerospace will indemnify and save harmless each member of the Benefits Management Committee and Benefits Investments Committee against all expenses and liabilities arising out of his or her services as such, except for expenses and liabilities arising from such member's own gross negligence or willful misconduct as determined by the Board.

    (g)    Relationship to Other Fiduciaries.  Each fiduciary in carrying out its responsibilities under the Plan may rely upon any direction, information or action of another fiduciary as being proper under this Plan or the documents under which the assets of the Plan are managed, and is not required to inquire into the propriety of any such direction, information, or action.  It is intended under this Plan and such documents that each fiduciary is responsible for the proper exercise of its own powers, duties, responsibilities and obligations under this Plan and such documents and is not responsible for any act or failure to act of another fiduciary, except as otherwise provided by ERISA.

    (h)    Multiple Fiduciaries.  Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan.

    (i)    Further Allocation of Fiduciary Duties.  Any two or more fiduciaries named herein or appointed by the Board as provided herein may from time to time agree in writing with respect to the allocation of duties and responsibilities under the Plan, including fiduciary responsibilities, among the fiduciaries so agreeing, provided however that any reallocation of fiduciary responsibilities clearly allocated by the Plan or by the Board requires prior approval of the Board.

    (j)    Delegation of Fiduciary Duties.  Any fiduciary named herein or appointed by the Board as provided herein may designate another person or persons to carry out any or all of the duties and fiduciary responsibilities which it has under the Plan and which are specified in such designation, except that no Trustee may delegate fiduciary responsibilities with respect to investment functions without the prior approval of the Board.

    (k)    Delegation of Ministerial Duties.  Any fiduciary named herein, appointed by the Board as provided herein, or designated under paragraph (j) above may delegate ministerial duties as follows:  employ one or more persons to render advice, including legal 
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and accounting services, with regard to any responsibility such fiduciary has under the Plan, may appoint ministerial agents (including brokers or others who may execute investment transactions) and may delegate to others its clerical and other non-fiduciary functions.

    (l)    No Added Remuneration for Employees.  No member of the Benefits Management Committee or Benefits Investments Committee and no other person who renders services to or for the Plan may receive remuneration for services as such if he or she also is an employee of Howmet Aerospace, a Subsidiary or Affiliate.

(m)    Lifetime Income Disclosures.  Following the effective date specified in Section 105(a)(2)(D)(v) of ERISA, the Administrator shall provide a lifetime income disclosure to each Participant and designated Beneficiary annually.  The lifetime income disclosure shall set forth the lifetime income stream equivalent of the total benefits accrued with respect to the Participant or Beneficiary under the Plan and shall comply with the requirements of Section 105(a)(2)(D) of ERISA and any regulations promulgated thereunder.

SECTION 20.  AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION

    (a)    Rights Reserved.  Howmet Aerospace reserves the right (subject to the terms of the applicable Bargaining Agreement), by action of the Board or the Benefits Management Committee taken in accordance with the Board's or Benefits Management Committee's operating procedures, (1) to amend, modify, suspend or terminate the Plan or to suspend or completely discontinue contributions to the Plan, and (2)  to terminate the Participation in the Plan of any Participating Employer or any designated group of Eligible Employees employed either within or outside the U.S.  Any Participating Employer may terminate its participation in the Plan or suspend or discontinue its contributions under the Plan at any time upon 30 days prior written notice to the Plan Administrator.  Such 30 day notice requirement may be waived by the Benefits Management Committee.  No such amendment or other action relating to the Plan may reduce the amounts then credited to any Participant's account, or provide or have the effect of providing that the securities and funds held in trust for the Plan or the income thereof may be used for or devoted to purposes other than the exclusive benefit of Participants and their Beneficiaries and for the payment of expenses of the Plan.

    (b)    Sale of Assets, etc.  In the event any assets of any business of any Participating Employer are transferred to another entity by sale, merger, consolidation or otherwise, and the entity to which said assets are transferred has in effect, or thereupon establishes, a tax-qualified plan and related trust for the exclusive benefit of employees which qualify under the applicable provisions of the Code, all assets under the Plan, held in the accounts of Participants who continue in the employment of the transferee entity, may be transferred and paid, for their respective accounts, to the trust for the tax-qualified plan of said transferee entity, provided that any such transfer of investments will be effected in such manner as to preclude, for federal income tax purposes, a termination of the Plan or the constructive receipt of benefits thereunder with respect to said Participants.

    (c)    Transfer of Plan Assets.

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        (1)    Notwithstanding the foregoing, in the event of any merger or consolidation of the Plan with, or a transfer of any of the assets and liabilities of the Plan to, any other plan, each affected Participant must (as if such plan were terminated immediately after such merger, consolidation or transfer) be entitled to a benefit under such other plan which is equal to or greater than the benefit he or she would have been entitled to receive under the Plan immediately prior to such merger, consolidation or transfer (as if the Plan had then terminated).  In the event that assets are transferred to this Plan from any other plan sponsored by Howmet Aerospace or any Subsidiary or Affiliate, each Participant who has assets transferred from such plan or plans will be entitled to a benefit under this Plan which is equal to or greater than the benefit he or she had under such other plan.  Any protected optional form of benefits provided under said plan will be maintained under this Plan.  These provisions do not constitute a guaranty against investment losses.  

        (2)    In the event a participant in the Howmet Aerospace Salaried Retirement Savings Plan or the Howmet Aerospace Niles Bargaining Retirement Savings Plan (“Savings Plan”) becomes an Eligible Employee under this Plan, all of the participant's accounts in the applicable Savings Plan will be transferred to analogous accounts in this Plan as soon as reasonably practical after the Plan Administrator or Designee receives notice.

        (3)    In the event a Participant ceases to be an Eligible Employee under this Plan and the Participant becomes an eligible employee under the Savings Plan (defined above), all of the Participant's accounts will be transferred to analogous accounts in the Savings Plan, as soon as reasonably practical after the Plan Administrator or Designee receives notice and the Participant ceases to be a Participant, and will be entitled to no further benefits under this Plan.

SECTION 21.  ADMINISTRATIVE EXPENSES

    Except as otherwise provided in the Plan, all costs and expenses incurred in administering the Plan, including the expenses of the Benefits Management Committee or Benefits Investments Committee, the fees and expenses of the Trustee, the fees and charges payable under the investment arrangements, and other legal and administrative expenses, are paid by the Plan.

Investments in the Core Funds will be subject to an administrative expense fee, which will be used to pay the expenses of the Plan.    The fee will be periodically adjusted by the Plan Administrator based on the actual expenses of the Plan.  

SECTION 22.  SELECTION OF BENEFICIARIES

    (a)    Designation of Beneficiary.  Subject to such administrative procedures as may be adopted from time to time, the Beneficiary with respect to all of the assets in the accounts of a Participant will be the Participant's spouse if then living, or if not, the Participant's estate.  With the written notarized consent of a Participant's spouse, a Participant may file with the Plan Administrator or its Designee a written designation of a Beneficiary or Beneficiaries other than his or her spouse.  In the event the designation of such other Beneficiary is revoked in writing by the Participant, his or her spouse will become the Beneficiary of said assets until such time as the Participant, with his or her 
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spouse's written notarized consent, designates in writing another Beneficiary or Beneficiaries.

    In the event a Participant certifies that he or she does not have a spouse, a Beneficiary or Beneficiaries with respect to all or part of the assets in the accounts of the Participant may be designated or revoked by the sole action of the Participant.

    If there is no designated Beneficiary, or if no Beneficiary is living at the time of the Participant's death, the Beneficiary is the Participant's spouse if then living, or if not, the Participant's estate.  

    Written designations of a primary Beneficiary or a, contingent Beneficiary to receive the assets of a Participant in the case where the primary Beneficiary is deceased, spousal consents, and revocations are made on a form or forms approved by the Plan Administrator.  Any such written designation, consent or revocation become effective on the calendar day on which such designation, consent or revocation is Properly Received.  After the death of a Participant, a properly designated Beneficiary may name his or her own Beneficiary to receive a distribution of the Beneficiary’s account balances when the Beneficiary is deceased (“Subsequent Beneficiary”).  A Subsequent Beneficiary shall receive a total distribution of the Subsequent Beneficiary’s account balance within the greater of: (i) ninety (90) days after death of the Beneficiary who named such Beneficiary or (ii) five (5) years of the Participant’s death.

    (b)    Other Payments.  In case of incapacity of a Participant or Beneficiary entitled to a benefit under the Plan, benefit payment are made to such person's legal representative who makes claim therefore, or if no such claim has been received, to such other person or persons as the Benefits Management Committee, utilizing objective criteria, selects from among dependents, next of kin, or friends.  Any payment of a benefit under the Plan in accordance with the provisions of this Section is a complete discharge of any liability for the payment of such benefit under the Plan.

SECTION 23.  PARTICIPANT'S STATEMENT

    A statement showing each Participant's interest in each of the Plan's Investment Funds will be made available at least quarterly.

SECTION 24.  EFFECTIVE DATE OF PLAN

    The Plan is amended and restated effective January 1, 2021.

SECTION 25.  CONSTRUCTION

    It is intended that the Plan conform to the applicable requirements of ERISA and the Code, and that the Plan and related trust agreement are considered one if and to the extent necessary for compliance therewith.  Except to the extent otherwise provided in ERISA and the Code, the Plan is construed, regulated and administered under the laws of the Commonwealth of Pennsylvania, including its applicable statute of limitations (as such may be superseded by any limitations period provided under the terms of the Plan).

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SCHEDULE D

SPECIAL PROVISIONS RELATING TO TRANSFERRED RTI PARTICIPANTS

This Schedule D contains special provisions that supersede any contradictory terms in the Plan text.  

The provisions of this Schedule D shall apply to Participants based on the subaccount balances that were transferred to an Arconic Retirement Savings Plan on January 1, 2017, and subsequent transfers of employment shall have no impact on the status of such subaccount balances.

1.    The provisions of this Schedule D shall apply only to the account balances (hereinafter, “Legacy RTI Plan Balance”) of Participants (hereinafter “Legacy RTI Participants”) to either: to a) the Arconic Salaried Retirement Savings Plan (now known as the Howmet Aerospace Salaried Retirement Savings Plan, (b) the Arconic Hourly Non-Bargaining Retirement Savings Plan (now known as the Howmet Aerospace Hourly Retirement Savings Plan) or (c) the Arconic Retirement Savings Plan for ATEP Bargaining Employees (now known as the Howmet Aerospace Niles Bargaining Retirement Savings Plan) from either the: (x) the RTI Employee Savings and Investment Plan; (y) the RTI International Metals, Inc. Employee Savings and Investment Plan; or (z) the RTI Bargaining Unit Employee Savings and Investment Plan (hereinafter “Legacy RTI Plans”) effective January 1, 2017 and subsequently transferred employment to a company and location covered by this Plan. 

2.    Required Minimum Distributions.  Notwithstanding anything to the contrary in Section 13 of the Plan or otherwise, Legacy RTI Participants shall have the right to delay required minimum distributions on all Legacy RTI Plan Balances as of December 31, 2016 until the later of attaining age 70 1⁄2 (age 72 on and after January 1, 2020) or the Participant’s Severance from Service Date.

3.    Legacy RTI Roth Balances. 

(a)    “Legacy RTI Roth Balance” means the portion of a Legacy RTI Participant’s account attributable to Roth 401(k) contributions and earnings thereon under the Legacy RTI Plans prior to January 1, 2017.  

(b)    Separate Roth Subaccounts; No New Contributions.  Separate subaccounts shall be maintained for Legacy RTI Roth Balances.  The Plan will maintain a record of the amount of the Legacy RTI Roth Balances in each such subaccount. Gains, losses, and other credits or charges will be separately allocated on a reasonable and consistent basis to each Participant's Legacy RTI Roth Balances subaccount and the Participant's other subaccounts within the Participant's account.  No new contributions other than properly attributable earnings will be credited to each Participant's Legacy RTI Roth subaccount.  No Roth rollovers are accepted into this Plan, and no in-plan Roth conversions are permitted under this Plan.

(c)    Distributions.  Distributions of Legacy RTI Roth Balances shall be available to the extent that other distributions are available under the Plan.  
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(d)     No Plan Loans.  No Plan loans shall be permitted from Legacy RTI Roth Balances.  

(e)    Small Sum Cashouts.  Legacy RTI Roth Balances will be considered separately from other Plan subaccounts for purposes of rollovers of small sum cashouts under Section 12.  

(f)    Rollovers.  Any portion of an eligible rollover distribution of a Legacy RTI Roth Balance may only be rolled over to another designated Roth account established for the individual under an applicable retirement plan described in Code Section 402A(e)(1) that provides for Roth contributions or to a Roth individual retirement account described in Code Section 408A, subject to the rules of Code Section 402(c).

4.    Legacy RTI Money Purchase Plan Balances. “Legacy RTI Money Purchase Plan Balance” means the portion of the Legacy RTI Plan Balance in a Legacy RTI Participant’s account as of January 1, 2017 that is attributable to a money purchase plan. The following provisions shall apply to Legacy RTI Money Purchase Plan Balances:

(a)    Not Available for Plan Loans.  Legacy RTI Money Purchase Plan Balances will not be available for Plan loans.  All other Legacy RTI Plan Balances in a Legacy RTI Participant’s account will be available for Plan loans.

(b)    Not Available for In-Service Distribution. Legacy RTI Money Purchase Plan Balances will not be available for hardship withdrawals or any other in-service distribution or withdrawal.

(c)    Form of Payment. 

(i)     Special Definitions.  For purposes of this Article, the following special definitions shall apply:

(A)     “Annuity Starting Date” means the first day that an amount is payable as an annuity under the Plan.

(B)    "Qualified Joint and Survivor Annuity" means (1) if the Participant is not married on his or her Annuity Starting Date, an immediate annuity payable for the life of the Participant or (2) if the Participant is married on his Annuity Starting Date, an immediate annuity for the life of the Participant with a survivor annuity for the life of the Participant's spouse (to whom the Participant was married on the Annuity Starting Date) equal to 50 percent of the amount of the annuity which is payable during the joint lives of the Participant and such spouse, provided that the survivor annuity shall not be payable to a Participant's spouse if such spouse is not the same spouse to whom the Participant was married on his Annuity Starting Date.

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(B)     "Qualified Optional Survivor Annuity" means a joint and survivor annuity that the Participant, subject to the spousal consent rules described in subsection (iv) hereof, may elect and in which the survivor annuity portion of the annuity is equal to 75%.

(C)     "Qualified Preretirement Survivor Annuity" means an annuity purchased with at least 50% of a Participant's account balance that is payable for the life of a Participant's surviving spouse.   

(ii)    The default form of payment for the entire account balance of all Legacy RTI Plan Participants with a Legacy RTI Money Purchase Plan Balance is a Qualified Joint and Survivor Annuity.  Distribution shall be made to the Participant from his or her account in the form of a Qualified Joint and Survivor Annuity in the amount that can be purchased with such account, unless the Participant waives the Qualified Joint and Survivor Annuity as provided in subsection (iii) hereof.  The Participant may also elect a Qualified Optional Survivor Annuity.  If the Participant dies prior to his Annuity Starting Date, distribution shall be made to the Participant's surviving spouse, if any, in the form of a Qualified Preretirement Survivor Annuity in the amount that can be purchased with such account, unless the Participant waives the Qualified Preretirement Survivor Annuity as provided in subsection (iii) hereof, or unless the Participant's surviving spouse elects in writing to receive distribution in one of the other forms of payment provided under the Plan.  A Participant's account that is subject to the requirements of this subsection shall be used to purchase the Qualified Preretirement Survivor Annuity and the balance of the Participant's account that is not used to purchase the Qualified Preretirement Survivor Annuity shall be distributed to the Participant's spouse. In the event that the Participant’s benefit is payable in the form of a Qualified Joint and Survivor Annuity or Qualified Optional Survivor Annuity, the following provisions shall apply: 

(A)    The Trustee shall purchase the annuity contract on behalf of a Participant or Beneficiary from an insurance company.  Such annuity contract shall be nontransferable.

(B)     The terms of the annuity contract shall comply with the requirements of the Plan and distributions under such contract shall be made in accordance with Code Section 401(a)(9) and the Treasury Regulations issued thereunder.

(C)     The annuity contract may provide for payment over the life of the Participant and, upon the death of the Participant, may provide a survivor annuity continuing for the life of the Participant's spouse.  The types of annuity contracts available for purchase are limited to the Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity. 
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(D)     The annuity contract must provide for non-increasing payments.

(iii)     Waiver of the Qualified Joint and Survivor Annuity and/or Qualified Preretirement Survivor Annuity Rights.  A Participant may waive the Qualified Joint and Survivor Annuity and elect another form of distribution permitted under the Plan at any time during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married, his or her spouse must consent in writing to such election as provided in subsection (iv) hereof. A Participant may waive or revoke a waiver of the Qualified Joint and Survivor Annuity and elect another form of distribution permitted under the Plan at any time and any number of times during the 180-day period ending on his Annuity Starting Date; provided, however, that if the Participant is married and is electing a form of distribution other than the Qualified Joint and Survivor Annuity or the Qualified Optional Survivor Annuity, his spouse must consent in writing to such election as provided in subsection (iv) hereof.  A Participant may waive the Qualified Preretirement Survivor Annuity and designate a non-spouse Beneficiary at any time during the "applicable election period"; provided, however, that the Participant's spouse must consent in writing to such election as provided in subsection (iv) hereof.  The "applicable election period" begins on the later of (1) the date the Participant's account becomes subject to the requirements of this section or (2) the first day of the Plan Year in which the Participant attains age 35 or, if he terminates employment prior to such date, the date he or she terminates employment with the Employer and all Related Employers.  The "applicable election period" ends on the earlier of the Participant's Annuity Starting Date or the date of the Participant's death.  A Participant whose employment has not terminated may elect to waive the Qualified Preretirement Survivor Annuity prior to the Plan Year in which he or she attains age 35, provided that any such waiver shall cease to be effective as of the first day of the Plan Year in which the Participant attains age 35. A Participant's waiver of the Qualified Joint and Survivor Annuity or Qualified Preretirement Survivor Annuity shall be valid only if the applicable notice described in subsection (v) or (vi) has been provided to the Participant.

(iv)     Spouse's Consent to Waiver.  A spouse's written consent must acknowledge the effect of the Participant's election and must be witnessed by a Plan representative or a notary public.  In addition, the spouse's written consent must either (a) specify any non-spouse Beneficiary designated by the Participant and that such designation may not be changed without written spousal consent or (b) acknowledge that the spouse has the right to limit consent as provided in clause (a) above, but permit the Participant to change the designated Beneficiary without the spouse's further consent. A Participant's spouse shall be deemed to have given written consent to 
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a Participant's waiver if the Participant establishes to the satisfaction of a Plan representative that spousal consent cannot be obtained because the spouse cannot be located or because of other circumstances set forth in Code Section 401(a)(11) and Treasury Regulations issued thereunder. Any written consent given or deemed to have been given by a Participant's spouse hereunder shall be irrevocable and shall be effective only with respect to such spouse and not with respect to any subsequent spouse. In addition, with regard to a Participant's waiver of the Qualified Joint and Survivor Annuity form of distribution, the spouse's written consent must either (a) specify the form of distribution elected instead of the Qualified Joint and Survivor Annuity, and that such form may not be changed (except to a Qualified Joint and Survivor Annuity) without written spousal consent or (b) acknowledge that the spouse has the right to limit consent as provided in clause (a) above, but permit the Participant to change the form of distribution elected without the spouse's further consent. A spouse's consent to a Participant's waiver shall be valid only if the applicable notice described in section (v) or (vi) has been provided to the Participant.

(v)    Notice Regarding Qualified Joint and Survivor Annuity.  The notice provided to a Participant under this section shall include a written explanation that satisfies the requirements of Code Section 417(a)(3) and regulations issued thereunder.  The notice will include a description of the following: (i) the terms and conditions of a Qualified Joint and Survivor Annuity and the Qualified Optional Survivor Annuity; (ii) the participant's right to make and the effect of any election to waive the qualified joint and survivor annuity form of benefit; (iii) the rights of a participant's spouse; and (iv) the right to make, and the effect of, a revocation of a previous election to waive the qualified joint and survivor annuity.

(vi)    Notice Regarding Qualified Preretirement Survivor Annuity.  The Participant shall be provided with a written explanation of the Qualified Preretirement Survivor Annuity comparable to the written explanation provided with respect to the Qualified Joint and Survivor Annuity, as described in subsection (v) hereof.  Such explanation shall be furnished within whichever of the following periods ends last: (a) the period beginning with the first day of the Plan Year in which the Participant reaches age 32 and ending with the end of the Plan Year preceding the Plan Year in which he reaches age 35; (b) a reasonable period ending after the employee becomes a Participant; or (c) in the case of a Participant who separates from service before age 35, a reasonable period ending after such separation from service.  For purposes of the preceding sentence, the two-year period beginning one year prior to the date of the event described above and ending one year after such date shall be considered reasonable; provided, however, that in the case of a Participant who separates from service and subsequently recommences employment with the Company, the applicable period 
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for such Participant shall be redetermined in accordance with this subsection. 

(vii)    Former Spouse.  For purposes of this Section, a former spouse of a Participant shall be treated as the spouse or surviving spouse of the Participant, and a current spouse shall not be so treated, to the extent required under a qualified domestic relations order, as defined in Code Section 414(p).

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