Document:

EXHIBIT 4.4

 

Matching Program

 

2020
Cycle

 

Rewarding Long Term Sustainable Performance

 

	
        Important notice: The concession
        of the Program and the definition of all its conditions are a prerogative of the company. The participation is completely optional
        and voluntary to employees (the enrollment for Vale’s CEO and Executive Directors is mandatory, according to the Net AIP
        received, such as their participation during the three-year cycle), once all of the eligibility criteria are met and all conditions
        for participation are formally accepted by the employee. The purchase of shares is characterized as a risky investment, since it
        represents the investment of funds in variable income (i.e. publicly traded shares). By choosing to participate in the program,
        the employee recognizes and understands the risks posed, such as: capital market volatility, share liquidity and oscillation of
        their value in the stock exchange. The combination of these risks may bring earnings or losses to any employee who participates
        in the Program. Leaders who have had their variable compensation suspended, pursuant to the resolution of the Board of Directors,
        will only be able to exercise the right to participate in the 2020 Matching Cycle Program after this suspension ends.

         

        Both the purchase and the sale of the Vale
        S.A. shares, as well as the profits (dividends, interests, etc.) earned by each employee between the purchase and the sale, may
        be subject to taxes, especially with regards to personal income taxes - in cases of positive results from the sale of the shares.
        The tax regulations are dynamic and therefore subject to change and interpretation. The Human Resources team will be responsible
        for providing generic and relevant information regarding the Program, and participants are responsible for evaluating their personal
        finances and consulting with their accountants/financial advisors to ensure they are aware of all of the financial implications
        linked to participating in this Program.

         

        Note that Matching Program participants
        should be aware of legal requirements, as well as Vale’s Code of Conduct and Disclosure of Material Acts or Facts and Securities
        Trading Policies.

 

Human Resources

 

FEBRUARY, 2020.

 

    1

     

    

 

		Matching
                                         Manual | 2020 Cycle

                                                                      

Human
Resources

	 

 

Table of Contents

 

	1.      General Concepts	3
	1.1.   About Matching Program	3
	1.2.   Conditions for Eligibility	3
	1.3.   Fundamental Characteristics	3
	2.       Executives Placement in the Groups	4
	3.       How to Join the Program	5
	3.1.   Program Enrollment	5
	3.2.   Registration Process in the Plan Administrators	6
	3.3.   Shares Required for the Participation	6
	3.3.1.   Type of Share	6
	3.3.2.   Reference Value of the Participant	6
	3.3.3.   Share Grant Price	7
	3.3.4.   Number of Shares to Participate	7
	4.       Shares Acquisition Process	7
	4.1.   Use of Vested Shares	7
	4.2.   Purchase of Shares in the Market	8
	4.2.1.   Financial Contribution	8
	5.       Shares Management During the Cycle	8
	5.1.   Shares Administration	8
	5.2.   Brokerage Fees	9
	5.3.   Dividends and Interests on Equity	9
	6.       Matching Award	9
	6.1.   Conditions for staying in the Program	9
	6.2.   Matching Award Payment at the End of the Cycle	10
	6.3.   Early Payment During the Cycle	10
	6.4.   Virtual Dividends Payment	12
	7.       Employees with Special Work Conditions	12
	8.       Key Dates of 2020 Cycle	13
	Appendix A: Participating Companies List	14
	Appendix B: Eligible Employees Placement Distribution	15
	Appendix C: Registration Regularization in the Plan Administrators	16
	Appendix D: Methodology for Currency Conversion	17
	Appendix E: Methodology for Share Price Calculation	19

 

    2

     

    

 

		Matching Manual | 2020 Cycle

                                                                      

                                                                     Human Resources
	 

 

		1.	General
                                         Concepts

 

		1.1.	About Matching Program

 

As part of Vale's initiative to provide
its executives a package aligned with the practices, trends and conditions prevailing in the market and focus on the company's
main strategic pillars, the company relies on Incentive Programs Based on Shares, among them, Matching. It is a set of programs
(typically Matching and PSU) with specific purposes and rules that make up a significant portion of the long-term award of the
company's leadership body aligned with the interests of shareholders, giving focus on sustainable results and long-term value generation.

 

The Matching Program is a long-term award
mechanism offered to Vale's executives and their affiliated and subsidiaries participant companies1,
that meet the eligibility conditions for participation. The program is governed by the criteria and rules established in this Manual2
and aims to:

 

		§	Increase Vale's ability to recruit and retain top talent;

 

		§	Stimulate the sense of “ownership”;

 

		§	Strengthen a culture of long-term sustainable performance;

 

		§	Stimulate the development of our executive’s skills; and

 

		§	Reward executives with exceptional/high/solid performance and who invested their own resources
in the company’s shares.

 

		1.2.	Conditions for Eligibility

 

The executives who meet all of the
conditions below will be eligible to participate in the Matching Program 2020 Cycle:

 

		§	He/she must be active and working for Vale as of December 31st, 2019, with salary grade
of 14V or above and occupying one of the following positions (or equivalents in technical career): (i) CEO; (ii) Executive Director;
(iii) Director; (iv) Executive Manager; and (v) Manager;

 

		§	He/she
                                         must meet the specific conditions of placement in the groups and of participation options
                                         that are eligible for the program3;

 

		§	He/she must be active and effectively working for Vale at the official start date of the cycle;
and

 

		§	He/she must accept the program participation conditions through the Enrollment Form, by the deadline
established.

 

		§	By decision of the Board of Vale S.A. certain executives have had their eligibility to participate
suspended. Such executives will not be eligible to participate in the Matching Program until the Board of Vale S.A. lifts the suspension.

 

		1.3.	Fundamental Characteristics

 

The main characteristics of the 2020 Matching
program are specified below:

 

 

1
See Appendix A: Participating Companies List the companies whose executives may be eligible. For the purpose of this manual, the
terminology “Vale” will be used for Vale S.A. and other related companies of the group, affiliated and controlled, which
are also participant.

 

2
Situations not covered in this manual should be evaluated and defined case by case by the Human Resources Director.

 

3
See details about the criteria for placing in the groups and for participation options in 2 Executives Placement in the Groups.

 

    3

     

    

 

		Matching Manual | 2020 Cycle

                                                                     

                                                                    Human Resources
	 

 

		§	Participants acquire Vale's shares traded in Brazil (B3 S.A. – Brasil, Bolsa, Balcão)
or ADRs issued by Vale traded on the New York Stock Exchange (NYSE)4,
using its own resources, and shall hold such Shares in their entirety and under their ownership throughout the whole period of
the cycle;

 

		§	The number of Shares required for each executive’s participation will be established based
on the participant's Reference Value and the share Concession Price5;

 

		§	The vesting period of the cycle is 03 (three) years, officially starting on March 23rd,
2020 and ending with the award in March 20236,
with an exact date to be previously established and communicated to the participants in the same year of the payment;

 

		§	The award paid by Vale at the end of the cycle is subject to the compliance with the conditions of permanence
(see 6.1 Conditions for staying in the Program) and will occur in the same amount of Shares (1: 1 in shares) acquired by the executive,
including the withheld income tax;

 

		§	In addition to the program's award, Vale may also make cash payments during the cycle, relative to the
number of shares to which he will be entitled as an award at the end of the cycle, equivalent and of a net worth per share of dividends
eventually paid by the company to the shareholders (see details in 6.4 Virtual Dividends Payment); and

 

		§	Participation in the Matching Program is entirely voluntary and optional7,
and the eligible executive who chooses to enroll must formalize his/her option through the Enrollment Form.

 

Important notes:

 

The rules described in this
document are valid exclusively for the Matching Program starting in 2020.

 

The grant of the 2020 cycle
of the Matching Program does not require Vale to grant this incentive, or any other similar program, in future years. Vale reserves
the right to examine and determine the eventual grant of similar incentives in subsequent years. Thus, employee participation in
the 2020 cycle shall not generate rights nor shall it generate expectations of future entitlement to equal or similar programs.

 

		2.	Executives
                                         Placement in the Groups

 

In accordance to the eligibility rules
(see 1.2 Conditions for Eligibility), the executive must comply with the specific conditions of placement in the groups and participation
options to be able to participate in the program.

 

 

4
For the purpose of this manual, the terminology “Shares” will be used for both Vale’s shares traded in Brazil
and Vale’s ADRs traded in NYSE.

 

5
See details about the Reference Value and the Concession Price in 3.3 Shares Required for the Participation.

 

6
The established closing month may change, in accordance with Vale's Disclosure of Material Acts or Facts and Securities Trading
Policy. In case of changes, Vale will notify participants in advance.

 

7
For CEO and Executive Directors, participation in the program is mandatory according to the Net AIP received and Administrative
Counselor decision and approval. For this public there is no exercise of placement by the People Integrated Cycle; the participation
is defined by the Extra option. Leaders who have had their variable compensation suspended, pursuant to the resolution of the Board
of Directors, will only be able to exercise the right to participate in the 2020 Matching Cycle Program after this suspension ends.

 

    4

     

    

 

 

	Matching
        Manual | 2020 Cycle

         

        Human
Resources
	

 

The executive’s placement7,8
in the groups A, B or C is the responsibility of the immediate manager and has a recommendation based on the following
criteria:

 

Table 2.: recommended criteria for the
placement

	Recommendation
    for Placement in the Groups	Participation Options
	Gr. A	§  Executives evaluated as Top Management potential, according to People Integrated Cycle.	
        § 
        Executives can choose by one of the options:

        § 
        Extra, as per the level and region;

        § 
        Standard, as per the level and region; or

        § 
        Do not participate in the program.

	Gr. B	
        o
        Executives evaluated as Management and Expert potential, according to People Integrated Cycle; or

        o
        Executives evaluated as Too Soon to Tell due to being hired or promoted to an eligible managerial level after September 30th,
        2019.
	
        § 
        Executives can choose by one of the options:

        § 
        Standard, as per the level and region; or

        § 
        Do not participate in the program

	Gr. C	§  Executives evaluated as Below or Developing performance, according to the People Integrated Cycle 2019. 	§  Are not eligible to participate in the program.

 

 

The immediate manager may place the eligible
executives differently than the recommendation, however always ensuring that only a maximum of 30%9
of the total of this team is placed in Group A. The other eligible executives which are not allocated to Group A, will automatically
be considered in Group B.

 

If there are eligible executives who may
not have been part of the People Integrated Cycle, such executives will automatically be allocated to Group B.

 

		3.	How to Join the Program

 

		3.1.	Program
                                         Enrollment

 

After the placement exercise by the immediate
manager (see 2 Executives Placement in the Groups), the executive who is eligible to participate shall formalize his/her option
via the Enrollment Form, indicating whether he/she will choose (i) Extra option (if applicable), (ii) Standard option or (iii)
not participating in the 2020 cycle, as well he/she will have to choose to use vested Shares or purchase the Shares in the Market.

 

By opting for participation, via any of
the two options, the executive will also be formalizing his acceptance and agreement with the guidelines, rules and conditions
of the Matching 2020 program, described in this document and in the Enrollment Form.

 

Important note:

 

Participation value is subject
to executive’s level and region and is informed on the Enrollment Form received by the participant.

 

 

8
All Directors with the grade 01V that report directly to the CEO should be automatically placed in Group A.

 

9
For rounding purposes, the calculation of 30% shall follow the distribution of Appendix B: Eligible Employees Placement
Distribution.

 

    5

     

    

 

	Matching
        Manual | 2020 Cycle

         

        Human
        Resources

         
	

 

3.2.  
Registration Process in the Plan Administrators

 

It is necessary that the participant is
registered in the stock market regulatory bodies and has an updated account in one of the official Vale Matching plan administrators,
as follow:

 

		§	Ágora Investimentos, for participants who are in Brazil at the official start date
of 2020 cycle;
	 	 	 

		§	Solium Capital, for participants who are outside Brazil at the official start date of 2020
cycle. 10
	 	 	 

See in Appendix C: Registration Regularization
in the Plan Administrators the list of documents and main guidelines for the registration regularization. For further information,
the executive can contact directly the administrators in the contacts below:

 

		§	Ágora
                                         Investimentos: stockoption@agorainvestimentos.com.br or +55 (11) 3556-3000
                                         (Monday to Friday, 10am to 5pm);

 

		§	Solium
                                         Capital, help@solium.com or +1-403-515-3909.

 

Important note:

 

The information update process with
the Matching official administrator, according to participant’s location, is the sole responsibility of the participant11.
Any leader who does not send the registration information within the outlined enrollment period may lose the right to participate
in the 2020 cycle.

 

3.3.  
Shares Required for the Participation

 

		3.3.1.	Type of Share

 

Will be considered for this program the ordinary shares or ADRs backed in ordinary shares traded on the NYSE, and issued by Vale,
through the authorized plan administrator for each location.

 

Therefore, at the official start date of
2020 cycle, participants residing in Brazil must acquire VALE3 shares, while participants residing outside Brazil must acquire
VALE ADRs. This manual uses the terminology "Shares" for any of the above types, as specified in footnote 4.

 

		3.3.2.	Reference Value of the Participant

 

The Reference Value to be calculated for
each participant will vary according to the following criteria:

 

		§	Group in which he/she was placed;

 

		§	Base salary on 12/31/201912
(respecting the definition of "base salary" of each location);

 

		§	Salary
grade on 12/31/201912;
	 	 	 

		§	Location where the leader is based on and/or company he/she is active at, both on 12/31/201912;

 

		§	Number of months worked (pro-rated) at Vale, in 2019;

 

		§	Participation
option chosen by the participant in the Enrollment Form (Standard or Extra).

 

 

10
After leaving Vale, all China employees have to close their account at Solium within 6 months (maximum).

 

11
In cases of expatriation, repatriation or transfer from or to Brazil, participants may need to open an account with
both plan administrators. If this is your case, please contact your local HR.

 

12
As officially registered in the source system and/or local payroll, on that date.

 

 

    6

     

    

 

	Matching
        Manual | 2020 Cycle

         

        Human
Resources
	

 

Participants residing in Brazil will have
the Reference Value calculated in Brazilian Reais, while participants residing outside Brazil will have the Reference Value calculated
in US Dollars.

 

Currency conversions that are required
to convert the Reference Value to US Dollars will be made according to the methodology set out in
Appendix D: Methodology for Currency Conversion.

 

		3.3.3.	Share Grant Price

 

The official grant price for the 2020 cycle
will be the average purchase price as of March 23rd, 2020. Consult the Appendix E: Methodology for Share Price
Calculationfor more details.

 

		3.3.4.	Number of Shares to Participate

 

The number of Shares required for the participation
in the 2020 Matching cycle will be established based on each executive’s Reference Value, divided by the Grant Price of the
Share. For executives in Brazil, Reference Value and Grant Price will be in Brazilian Reais, and for executives outside Brazil,
Reference Value and Grant Price will be in US Dollars.

 

The number of Shares for participation
will be rounded down, so there are no fractions (decimal places) for both participants from Brazil and outside Brazil13.

 

Participants will be notified by Vale's
Human Resources area regarding their number of Shares for the 2020 Matching cycle, as well as other information that is necessary
for their enrollment and participation in the cycle.

 

		4.	Shares Acquisition Process

 

The eligible executive who chooses to participate
in the terms of this program is responsible for financing the acquisition of his/her Shares. The number of Shares to be acquired
by each participant, and consequently to be withheld during the three (03) years vesting, must respect the number calculated and
communicated by Vale’s Human Resources (see 3.3 Shares Required for the Participation).

 

The participant can acquire the Shares
in two ways: (i) by using vested Shares of his/her own; or (ii) by purchasing Shares in the market, on the date established by
Vale. The executive must use only one option in order to acquire the number of Shares required for the 2020 cycle.

 

		4.1.	Use of Vested
                                         Shares

 

Vested Shares are Shares or ADRs of the
same type provided by the program (see 3.3.1 Type of Share) already held by the participant on the official start date of the 2020
cycle, except for the Shares already linked to the Matching cycles not yet closed (cycles started in 2018 and 2019).

 

In order to participate in the 2020
cycle using Vested Shares, the participant must ensure ownership of the required number of Shares as communicated by the HR
area at the beginning of the cycle, and that such Shares are under the management of the official program administrator14 (as
per region). In case there is an insufficient number of Vested Shares for participation, the executive must transfer the
outstanding share balance to the official program administrator (as per region) within 5 business days after the start of the
cycle.

 

The use of vested Shares is optional and
must be indicated and authorized by the executive in the Enrollment Form.

 

 

13
In Brazil, the value referring to the residual fraction will be returned in paycheck; in other countries, the decimal
fractions of ADRs purchased will be considered as "Vested Shares" for the participant.

 

14
If the participant has vested Shares in other brokers and wants to use them, he/she must transfer them to the Matching
authorized administrator. This process is optional and must be conducted and funded by the executive directly with his home broker.

 

    7

     

    

 

	Matching
        Manual | 2020 Cycle

         

        Human
        Resources

         
	

 

4.2.  
Purchase of Shares in the Market

 

The purchase of the Shares in the market
will be operated by HR on behalf of the participants together with the plan administrators on March 23rd, 2020,
based on the market share price on this date, using the own resources of the participants who opt to join the cycle via purchase
of Shares. To do so, it will be necessary for participants to deposit / transfer the Participant Reference Value (see 3.3.2 Reference
Value of the Participant), in local currency15,
to Vale's bank account, which will be previously communicated by Vale ́s Human Resources area16.

 

		4.2.1.	Financial Contribution

 

The period for the participants to make
the necessary contribution for the purchase of the Shares will be from March 02nd to 13th, 2020. This
contribution can be made via deposit, transfer or cheque delivery16, and the amount must respect the Reference Value
(see 3.3.2 Share Grant Price of the Participant). Currency conversions that are required should follow the Appendix D: Methodology
for Currency Conversion.

 

It is necessary that the participant make
the contribution of this exact amount and communicate the deposited amount to the HR Team so that his/her participation in the
Matching 2020 cycle can be confirmed. Contributions of a lower amount will not be considered for 2020 Matching, and in this case
the Shares purchased will be vested and free for the personal use of the executive.

 

It is the executive’s responsibility
to communicate to HR once the contribution is made, so that the resources can be properly identified. The registration tool will
be previously informed and must be filled by the participant, respecting the deadline for the contributions period, as established
in this item.

 

Important Note:

 

The executive’s financial
contribution amount for the Matching Shares purchase will not be adjusted in the period between the payment/contribution and the
effective date of the purchase in the market.

 

		5.	Shares Management During the Cycle

 

		5.1.	Shares Administration

 

The executive may sell, transfer or transact
his/her 2020 cycle Shares at any time, in total or partial17.
However, if it is done, he/she will lose the right to receive the award, that will be paid by Vale in 2023, as well as any other
payment that may be made by the company for the 2020 cycle. In addition, any cost resulting from such sale/transaction will be
the responsibility of the executive18.

 

 

15
For calculation details, see Appendix D: Methodology for Currency Conversion

 

16
Cheque delivery only for Canada, US, UK, and New Caledonia.

 

17
With the exception of the CEO and Executive Directors, who must remain in the cycle until its end.

 

    8

     

    

 

	Matching
        Manual | 2020 Cycle

         

        Human
        Resources

         
	

 

The Matching Administrators are responsible
for managing the Shares during the cycle vesting, and Vale will be informed of any transactions made that may invalidate the executive's
participation in this cycle.

 

To consult the program's statement and
number of Shares, please access the administrators’ platforms:

 

		§	For
                                         Shares in Ágora Investimentos19:
                                         verifiqueseuplano.com.br/

			 

		§	For
                                         Shares in Solium19: shareworks.solium.com/

 

5.2.  
Brokerage Fees

 

Any Shares purchased outside the program
through the same brokerage firm that manages the Matching Shares will be subject to brokerage fees defined by the firm. Vale will
not be responsible for paying any fees related to purchases outside the program.

 

		5.3.	Dividends and Interests on Equity

 

In the event of dividends and/or interest
on equity paid by Vale, the holders of Shares acquired through the program will be entitled to dividends as any other Vale’s
shareholder.

 

Executives who have shares in Brazil will
have the amounts deposited in their respective bank accounts, and executives who have ADRs outside Brazil may receive the credit
in the Solium Capital account or choose for the automatic reinvestment in new shares of the same type.

 

Shares acquired with dividend and/or interest
on equity are not part of the Matching Program Shares and, therefore, will not be eligible for the award at the end of the three
(03) year period.

 

		6.	Matching Award

 

		6.1.	Conditions for staying in the Program

 

In order for the executives to be entitled
to receive the Matching 2020 award at the end of the three-year cycle, they must meet all of the conditions below:

 

		§	They must have acquired the Shares (via purchase conducted by Vale and/or via use of vested Shares
- see 4 Shares Acquisition Process) in accordance with the amount established and communicated by HR, and maintained
in full and under his/her ownership during three years, until the payment date;

 

		§	They may not have sold and/or transferred20
(total or partially) the Matching Shares (including vested Shares being used for this cycle) during the three years, until the
payment date;

 

 

18
By having the participation ended, the costs previously funded by Vale will become
the executive's. It is important to keep contacts and registration data with the administrators always update to date, so that
eventual processes and services can be communicated.

 

19
Should the participant have any questions regarding the system access or data consult, It is necessary to contact
directly the plan Administrators of Vale’s Matching program - Ágora: stockoption@agorainvestimentos.com.bror +55
(11) 3556-3000; Solium: help@solium.com or +1-403-515-3909.

 

20
In case of repatriation, expatriation and another international movement related to Vale, the transfer of Shares is allowed as
long as participants use both official plan administrators. In case of total transfer (of all ADRs) to Brazil the fractional shares
with Solium must be kept with Solium or sold by the participant at the participant’s expense and will not be eligible for
the Matching award. 

 

    9

     

    

 

 

	Matching
    Manual | 2020 Cycle 	 
	Human
    Resources

 

		§	Transactions involving derivatives, which set up positions sold in Vale Shares, as well as the
rental of shares belonging to the participant to third parties are prohibited, since the purpose of Matching is to expose and align
the executive to Vale's listed Shares throughout the cycle;

 

		§	Transactions involving derivatives and share renting related to any shares issued by Vale that the
executive holds, even if purchased outside the program, as long as they are an active participant of the program are also prohibited.
Any noncompliance with this rule will be subject to consequences provided for in Vale's Code of Ethics and Conduct.

 

6.2. Matching
Award Payment at the End of the Cycle

 

At the end of the cycle in 2023, participants
who are eligible for the Matching 2020 award will receive by Vale the same number of Shares (1: 1 in shares) initially acquired,
and also including the income tax (gross-up).

 

The Shares issued for the award will be
credited to the participant's account in the official program administrators (Ágora and Solium), either through acquisition
in the market or through the use of Treasury shares, must respect the authorized plan administrator according to the executive's
location at the time of payment (see 3.2 Registration Process in the Plan Administrators), regardless of the location in which
the executive was at the beginning of the program.

 

The area/company responsible for the executive’s
costs at the time of the award will be responsible for the payment of his/her Matching 2020 award21.

 

 6.3. Early Payment During the Cycle

 

The conditions below outline the treatment
for participants who leave Vale before the end of the 2020 cycle:

 

Resignation or Termination
with Cause

 

The executive will not be eligible for
the award or any payment provided by the program. In this case, the Shares purchased will no longer be linked to the program and,
therefore, can be sold or kept as the executive’s decision, since they were acquired based on his/her own resources. Costs
of the portfolio administration, if applicable, will be the full responsibility of the executive after the resignation or termination
with cause.

 

Termination without cause,
Retirement or Mutual Agreement

 

The executive will receive his/her award
in cash, by the time of the termination/retirement or according to their termination letter and pro-rated by the number of months
worked for Vale during the 2020 cycle.

 

The area/company responsible for the executive’s
costs at the time of the termination/retirement will be responsible for the payment of his/her Matching 2020 award21.

 

After the termination/retirement, the Shares
purchased will no longer be linked to the program and, therefore, can be sold or kept as the executive’s decision, since
they were acquired base on his/her own resources. Costs of the portfolio administration, if applicable, will be the full responsibility
of the executive after the termination.

 

 

21 The amount to be disbursed
by the companies must be budgeted and accrued by the companies themselves, according to the guidelines of the applicable budget
cycles. 

 

    10

     

    

 

	Matching
    Manual | 2020 Cycle 	 
	Human
    Resources

 

Important Note:

 

The executive who is transferred
to other participating companies of the group (see Appendix A: Participating Companies List) during the cycle vesting, leading
to a termination in the current company and a hire in another participating company, should remain eligible to participate in the
program until the end of the cycle (according to the established conditions for staying in the program). For cases of transfers
that may generate bi-taxation during the payment, this must be carried out, in proportion to the time worked in the 2020 cycle
at the company from which you are leaving and the difference must be paid by the company to which you are being transferred to
at the time of the award, or upon termination, whichever happens first.

 

Death or Retirement due
to Long-Term Disability

 

The executive or his/her legal heirs will
receive the full 2020 cycle reward, in cash, based on the number of Shares purchased at the beginning of the cycle.

 

The area/company responsible for the executive’s
costs at the time of the termination/retirement will be responsible for the payment of his/her Matching 2020 award22.

 

At this moment, the Shares purchased will
no longer be linked to the program and, therefore, can be sold or kept as the executive’s or legal heirs’ decision,
since they were acquired based on his/her own resources. Costs of the portfolio administration, if applicable, will be the full
responsibility of the executive or the legal heirs, after the termination.

 

Executives from Associated or Subsidiary
Companies that Undergo Change of Control or Divestiture

 

Participants from associated or subsidiary
companies (see Appendix A: Participating Companies List) that undergo Change of Control or Vale ́s divestiture, will receive
the award in cash and pro-rated by the number of months worked for the associated/subsidiary company during the cycle until the
Change of Control or Vale ́s divestiture (while on Vale’s control).

 

The area/company responsible for the executive’s
costs at the time of the Change of Control or divestiture will be responsible for the payment of his/her Matching 2020 award22.

 

At this moment, the Shares purchased will
no longer be linked to the program and, therefore, can be sold or kept as the executive’s decision, since they were acquired
based on his/her own resources. Costs of the portfolio administration, if applicable, will be the full responsibility of the executive
after the effective date of termination.

 

 

22
The amount to be disbursed by the companies must be budgeted and accrued by the companies themselves, according to
the guidelines of the applicable budget cycles.

 

    11

     

    

 

	Matching
    Manual | 2020 Cycle 	 
	Human
    Resources

 

Summary Table of Early Payment During
the Cycle23

 

Table 6.3: Summary of conditions for
early payment

 

	Condition for early payment	 	Eligible for the award	 	Reference date for the calculation	 	Pro-rata for the calculation	 	Time of the award payment	 	Resp. for the award costs	 	Resp. for the mgmt and portfolio costs
	Resignation or termination with cause	 	No	 	--	 	--	 	--	 	--	 	Executive
	Termination without cause, retirement or mutual agreement	 	Yes, in cash	 	Last business day of the month preceding the date of the condition	 	Number of months worked in the cycle	 	Follow local laws and practices and pay, preferably, with the other termination payments	 	Area/company responsible for the employee’s costs on the condition date	 	Executive
	Death or retirement due to long-term disability	 	Yes, in cash	 	Last business day of the month preceding the date of the condition	 	Full	 	Follow local laws and practices and pay, preferably, with the other termination payments	 	Area/company responsible for the employee’s costs on the condition date	 	Executive or legal heirs
	Change of Control or Vale ́s divestiture	 	Yes, in cash	 	Last business day of the month preceding the date of the condition	 	Number of months worked in the cycle in the company, until the change of control/ divestiture	 	Preferably, on the 1st pay after the change of control/divestiture, as established in the change of control/ divestiture contracts	 	Area/company responsible for the employee’s costs on the condition date	 	Executive

 

 6.4. Virtual Dividends Payment

 

In the event of payment of dividends by
Vale, executives participating in the 2020 Matching cycle will be entitled to the "Matching Virtual Dividends" which
is an amount of money relative to the number of shares executives will be entitled to as an award at the end of the cycle, equivalent
to and of the same net amount per share of dividends paid to Vale ́s shareholders. The net amount will be calculated
based on the dividends amount per Share and on the number of Shares from Matching 2020 cycle.

 

Executives will receive the amount in cash
upon deposit at the same time as the payment of dividends and in the same currency that they receive their salary through the regular
process of the local payroll. Currency conversions required to calculate the amount to be paid will be made according to the method
indicated in Appendix D: Methodology for Conversion of Currencies.

 

The company's direction responsible for
the executive's personnel costs at the time of paying the Virtual Dividend will be responsible for disbursing this payment24.

 

	7.	Employees with Special Work Conditions

 

Employees who are away or on leave of absence,
fixed term contracts, expatriates/repatriated, and granted or transferred to other group companies, should be treated according
to their location rules.

 

See below some particularities for expatriate/repatriated
and executives transferred to other companies.

 

Expatriates or Repatriated Employees
(Participating companies)

 

For these cases, Global Mobility rules
prevail and should be consulted.

 

The responsibility for tracking and managing
Matching for the eligible expatriates or repatriates will be the local HR (Host Country HR for expatriates; Home Country HR for
repatriated).

 

 

23
Employees based in Canada, United States and United Kingdom should refer to the 2020 Addendum to Matching Program
Manual.

 

24
The amount to be disbursed by the respective direction of the companies must be budgeted and accrued by them, according
to the guidelines of the applicable budget cycles.

 

 

    12

     

    

 

	Matching
    Manual | 2020 Cycle 	 
	Human
    Resources

 

If the participant is transferred during
the cycle, his/her Shares (including shares obtained via dividends) can remain in the previous administrator - there is no need
to transfer them to the other location25.

 

Regarding the award, Global Mobility rules
should be consulted to define the company responsible for the payment (valid for all the cycles in which the executive may be participating).
Regardless of the paying company, the executive should receive the award based on his/her location at the time of the payment.

 

Executives Transferred to Other Companies
of the Group 

 

In case of employees transferring to another
company after the beginning of the cycle, with corresponding transfer of contractual obligations, the executive will continue
to participate in the 2020 cycle. Payments related to the time worked before the transfer, if applicable, must be made by the destination
company.

 

Executive Directors

 

In case of termination or termination of
the employment contract without contract renewal prior to the end of the cycle, the award amount will be calculated in proportion
to the number of months worked in the 2020 cycle (pro-rated) and officially paid at the vesting date of the 2020 cycle and as the
performance results calculated at the close date.

 

Important note:

 

Executives on leave to investigation
of facts related to lawsuits and police or prosecutorial inquiries may have their eligibility suspended and the payment of awards
postponed until the return of the executive and, if facts are found that constitute a just cause for the termination of the contract,
the payment postponed will not be due to the executive

 

	8.	Key Dates of 2020 Cycle

 

Table 8: Key dates of 2020 cycle.

 

	#	 	Date	 	Brief description of the event
	01	 	February 10 to 21, 202026	 	§ Period for executive to formalize the enrollment option for 2020 cycle
	02	 	March 02 to 13, 2020	 	§ Period for financial contributions
	03	 	March 23, 2020	 	§ Official
                                         date for the beginning of 2020 Matching cycle  

                                              § Date
of the Shares purchase in the market  

	04	 	March
26 to 31, 2020	 	§ Period
for restricting vested shares
	05	 	March, 2023	 	§ End of the cycle, with the award payment for the eligible employees

 

Important note:

 

The dates established above
may be changed, and in this case, will be previously communicated by Vale to the participants. It is the responsibility of the
Matching program participants to always observe the terms of Vale's Securities Trading Policy.

 

 

25
With the exception of expatriates from Brazil who declare tax domicile outside this country. They must transfer their
shares to the official brokerage of the Program outside Brazil.

 

26
Eligible employees may change their enrollment decision until the program official registration in the commissions (SEC and CVM).

 

    13

     

    

 

 

	
        Matching Manual
        | 2020 Cycle

        Human Resources

        
	 

 

Appendix
A: Participating Companies List

 

Below is
the list of the associated/subsidiary companies whose employees may be eligible to participate in the 2020 Matching, as well as
the countries where they are located and the respective HR teams.

 

Important
notes:

 

The
information of the table below is subject to change during the cycle. It is the participant’s responsibility to remain informed
about any changes through local HR.

 

The
following list indicates the companies that may have eligible employees. It does not mean that all the executives from these companies
will be eligible.

 

Table A: List of subsidiary and associated
companies whose employees may be eligible to the 2020 cycle.

 

	#	 	Company	 	Country	 	HR Responsible
	1	 	Companhia Portuária Baia de Sepetiba	 	BRAZIL	 	Latin America
	2	 	Fundação Vale do Rio Doce	 	BRAZIL	 	Latin America
	3	 	Mineração Corumbaense Reunida	 	BRAZIL	 	Latin America
	4	 	Potássio Rio Colorado S.A.	 	ARGENTINA	 	Latin America
	5	 	PT International Nickel Indonesia Tbk	 	INDONESIA	 	Base Metals
	6	 	PT Vale Eksplorasi Indonesia	 	INDONESIA	 	Base Metals
	7	 	Salobo Metais S.A	 	BRAZIL	 	Latin America
	8	 	Transbarge Navegacion S.A	 	PARAGUAY	 	Latin America
	9	 	Vale Americas Inc	 	UNITED STATES	 	Base Metals
	10	 	Vale Asia Kabushiki Kaisha	 	JAPAN	 	Africa, Asia Pacific, Europe & Middle East
	11	 	Vale Base Metals Asia Pacific Pte.Ltd	 	SINGAPORE	 	Base Metals
	12	 	Vale Canada Limited	 	CANADA	 	Base Metals
	13	 	Vale Europe Ltd.	 	UNIT. KINGDOM	 	Base Metals
	14	 	Vale Exploraciones Chile Ltda	 	CHILE	 	Latin America
	15	 	Vale Exploration Peru SAC	 	PERU	 	Latin America
	16	 	Vale Exploration Pty Ltd	 	AUSTRALIA	 	Africa, Asia Pacific, Europe & Middle East
	17	 	Vale India Private Limited	 	INDIA	 	Africa, Asia Pacific, Europe & Middle East
	18	 	Vale International Holdings GmbH	 	AUSTRIA	 	Africa, Asia Pacific, Europe & Middle East
	19	 	Vale International S.A	 	SWITZERLAND	 	Africa, Asia Pacific, Europe & Middle East
	20	 	Vale International S.A	 	UAE	 	Africa, Asia Pacific, Europe & Middle East
	21	 	Vale International S.A. Singapore	 	SINGAPORE	 	Africa, Asia Pacific, Europe & Middle East
	22	 	Vale Japan Ltd.	 	JAPAN	 	Base Metals
	23	 	Vale Malaysia Minerals SDN. BHD.	 	MALAYSIA	 	Africa, Asia Pacific, Europe & Middle East
	24	 	Vale
    Manganês S.A	 	BRAZIL	 	Latin
    America
	25	 	Vale Mozambique Ltda.	 	MOZAMBIQUE	 	Africa, Asia Pacific, Europe & Middle East
	25	 	Vale Newfoundland & Labrador Ltd.	 	CANADA	 	Base Metals
	27	 	Vale Nouvelle-Calédonie S.A.S.	 	NEW CALEDONIA	 	Base Metals
	28	 	Vale Oman Distribution Center LLC	 	OMAN	 	Africa, Asia Pacific, Europe & Middle East
	29	 	Vale Oman Pelletizing Company LLC	 	OMAN	 	Africa, Asia Pacific, Europe & Middle East
	30	 	Vale S.A.	 	BRAZIL	 	Latin America
	31	 	Vale Technology Development (Canada) Limited	 	CANADA	 	Base Metals
	32	 	PT Sumbawa Timur Mining	 	CANADA	 	Base Metals

 

    14

     

    

 

	
        Matching Manual
        | 2020 Cycle

        Human Resources

        
	 

 

Appendix
B: Eligible Employees Placement Distribution

 

Table B: Eligible employees placement
distribution based on the total eligible team.

 

	# Potential 

participants

    (Gr. A + Gr. B)	 	Max. number 

to place
    in Gr. A	 	# Potential

 participants

    (Gr. A + Gr. B)	 	Max. number 

to place
    in Gr. A	 	# Potential

 participants
    

(Gr. A + Gr. B)	 	Max. number 

to place
    in Gr. A
	1	 	1	 	35	 	11	 	68	 	21
	2	 	1	 	36	 	11	 	69	 	21
	3	 	1	 	37	 	12	 	70	 	21
	4	 	2	 	38	 	12	 	71	 	22
	5	 	2	 	39	 	12	 	72	 	22
	6	 	2	 	40	 	12	 	73	 	22
	7	 	3	 	41	 	13	 	74	 	23
	8	 	3	 	42	 	13	 	75	 	23
	9	 	3	 	43	 	13	 	76	 	23
	10	 	3	 	44	 	14	 	77	 	24
	11	 	4	 	45	 	14	 	78	 	24
	12	 	4	 	46	 	14	 	79	 	24
	13	 	4	 	47	 	15	 	80	 	24
	14	 	5	 	48	 	15	 	81	 	25
	15	 	5	 	49	 	15	 	82	 	25
	16	 	5	 	50	 	15	 	83	 	25
	17	 	6	 	51	 	16	 	84	 	26
	18	 	6	 	52	 	16	 	85	 	26
	19	 	6	 	53	 	16	 	86	 	26
	20	 	6	 	54	 	17	 	87	 	27
	21	 	7	 	55	 	17	 	88	 	27
	22	 	7	 	56	 	17	 	89	 	27
	23	 	7	 	57	 	18	 	90	 	27
	24	 	8	 	58	 	18	 	91	 	28
	25	 	8	 	59	 	18	 	92	 	28
	26	 	8	 	60	 	18	 	93	 	28
	27	 	9	 	61	 	19	 	94	 	29
	28	 	9	 	62	 	19	 	95	 	29
	29	 	9	 	63	 	19	 	96	 	29
	30	 	9	 	64	 	20	 	97	 	30
	31	 	10	 	65	 	20	 	98	 	30
	32	 	10	 	66	 	20	 	99	 	30
	33	 	10	 	67	 	21	 	100	 	30
	34	 	11	 	 	 	 	 	 	 	 

 

    15

     

    

 

	Matching Manual | 2020 Cycle

 

Human Resources

	 

 

Appendix
C: Registration Regularization in the Plan Administrators

 

Ágora Investimentos - New executives
account creation

 

Participants who receive the fixed salary
in Brazil and don’t have an account in the Ágora Investimentos should access the website https://cadastro.agorainvest.com.br/
and inform the following data: (i) Access data; (ii) Personal Data; (iii) Financial Data; (iv) Residential Data; and (v) Additional
Data.

 

Ágora Investimentos - Update
of executives already registered

 

Participants who receive the fixed salary
in Brazil and already have an account in the Ágora Investimentos must update the data every 2 years to keep participating
in Matching. For that, those whose registration has been carried out or revalidated 2 years or more, must access the broker's
website (www.agorainvestimentos.com.br) using their CPF and password, validating the old data and updating the new data.

 

Questions should be clarified directly
with Bradesco (stockoption@agorainvestimentos.com.br or +55 (11) 3556-3000 – Monday to Friday 10am to 5 pm)

 

Solium Capital - New executives account
creation

 

Participants who receive the fixed salary
outside Brazil (including international designation) and don’t have an account should contact the local HR and provide the
necessary information to create the account.

 

In addition, it’s necessary to complete
the W-8BEN Form (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) regarding the income statement
in case of dividends payment or Shares sales. If it is not completed, the participant may be subject to taxes, which are his/her
responsibility. The filling of this form must be done online, directly in the Solium system (solium.com). Other forms may be required,
depending on the legal requirements of each country.

 

Solium Capital - Update of executives
already registered

 

If it is necessary to update the account
information, the executive should contact Local HR and request the change. Eventually, Solium may request to update the account
(if applicable).

 

Questions related to the required documentation,
or Shares sales, should be clarified directly with Solium Capital, by calling +1-403-515-3909 or by e-mail help@solium.com.

 

Important note:

 

Leaders living abroad who
have tax registration in Brazil (CPF) should pay special attention to ensure the information registered with the plan administrator
accurately reflects the current status of the tax situation with the Brazilian treasury department, i.e. resident or non-resident.
Any discrepancy may cause tax implications to the participant. 

 

    16

     

    

 

	Matching Manual | 2020 Cycle

 

Human Resources

	 

 

Appendix
D: Methodology for Currency Conversion

 

For executives that are outside Brazil
and with a reference currency other than USD (currency in which the Share is traded outside Brazil), it is necessary to convert
the reference currency to USD currency or vice versa.

 

To do so, the methodology described below
(according to each case) will be used, considering the official website http://www.oanda.com/ and using the internationally recognized
rounding rules, with two decimal places in all values.

 

For the Beginning of the Cycle

 

		§	Reference date for calculation: February 28, 2020 (last business day of the month prior to the
official month of the 2020 cycle beginning);

 

		§	Reference currency: currency in which the executive received his/her base salary on 12/31/2019
and/or currency in which the executive made the financial contribution in Vale's bank account;

 

		§	Method of conversion: bid rate on the reference date;

 

		§	Applicability: calculation of the following amounts - participant Reference Value, amount to be
contributed by the participant and value to be considered for the purchase of Shares in the market (when / if applicable).

 

For Payment at the End of the Cycle

 

		§	Reference date for calculation: official end date of the cycle (to be previously established and
communicated to participants in the same year of payment);

 

		§	Reference currency: currency in which the executive receives his/her base salary at Vale;

 

		§	Method of conversion: bid rate on the reference date;

 

		§	Applicability: calculation of the amounts to be paid to the participants as awards for the Matching
2020 program.

 

For Early Payment (before the end of
the cycle)

 

		§	Reference date for calculation: last day of the month preceding the condition date (according to
6.3 Early Payment During the Cycle);

 

		§	Reference currency: currency in which the executive received his/her last base salary at Vale;

 

		§	Method of conversion: simple average of bid rates of the month preceding the condition date;

 

		§	Applicability: calculation of the amounts to be paid on the termination, to participants who leave
Vale before the end of the cycle (see 6.3 Early Payment During the Cycle).

 

For Virtual Dividends Payment

 

		§	Reference date for calculation: Dividends payment date in Brazil;

 

		§	Reference currency: currency in which the executive receives his/her base salary at Vale;

 

		§	Method of conversion: bid rate on the reference date;

 

		§	Applicability: calculation of the amounts to be paid to participants as Virtual Dividends for the
Matching 2020 program (see 6.3 Early Payment During the Cycle).

 

    17

     

    

 

	Matching Manual | 2020 Cycle

 

Human Resources

	 

  

Important note:

 

The methodology described
above should be applied to all current Matching cycles in which the executive may be participating, thus prevailing on possible
different methodologies that may be described in the other Manuals, prior to this.

 

    18

     

    

 

	

Matching
Manual | 2020 Cycle

 

Human Resources

	 

  

Appendix
E: Methodology for Share Price Calculation

 

For the Beginning of the Cycle

 

The Price to calculate the number of Shares
required in the 2020 cycle will be the Purchase price (B3 S.A. for executives in Brazil, and NYSE for executives outside Brazil)
on March 23rd, 2020. For participants in Brazil, the price will be in Reais (VALE3) and for participants outside
Brazil, the price will be in US Dollars (VALE).

 

Internationally recognized rounding rules,
with two significant decimal places, should be considered in all values.

 

For Payment at the End of the Cycle

 

For the award of executives eligible for
payment, the actual average purchase price of Matching's shares in the market, on the official award day of the cycle, shall be
used in 2023 and / or closing Share price of the last business day prior to the award date if Vale ́s Treasury Shares are
used for the award.

 

Internationally recognized rounding rules,
with two significant figures, should be considered in all values.

 

For Early Payment (before the end of
the cycle)

 

In the case of payment before the end of
the cycle, the price to be used in the calculation shall be established based on the following:

 

		§	Reference date for calculation: last day of the month preceding the condition date (according to
6.3 Early Payment During the Cycle);

 

		§	Period: 60 last trading sessions prior to the reference date;

 

		§	Method of calculation: average of the share price weighted by the volume of Shares traded, in each
of the trading sessions.

 

The trading sessions dates and the type
of the Share shall be in accordance with the participant’s location on the condition date.

 

Internationally recognized rounding rules,
with two significant decimal places, should be considered in all values.

 

Important note:

 

The methodology described
above should be applied to all current Matching cycles in which the executive may be participating, thus prevailing on possible
different methodologies that may be described in the other Manuals, prior to this.

 

    19Exhibit

EXHIBIT 10(f)

THIRD AGREEMENT TO EXTEND THE 
BOARD OF MANAGERS SERVICES AGREEMENT  

This Third Agreement to Extend the Boards of Managers Services Agreement (the “Third Extension Agreement”) is made by and between Cleco Group LLC, a Delaware limited liability company, Cleco Corporate Holdings LLC, a Louisiana limited liability, and Cleco Power LLC, a Louisiana limited liability company (each a “Company” and collectively, the “Companies”), and  _____________ (“Manager”). 

WHEREAS, the Board of Managers Services Agreement (the “Agreement”) between the Companies and Manager dated April 11, 2016 expired on April 30, 2017;
    
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2017 which expires on April 30, 2018 (the “First Extension Agreement”);

WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2018 which expires on April 30, 2019 (the “Second Extension Agreement”);

WHEREAS, the Companies and the Manager each desire to extend and continue said Agreement for the period of time and subject to the terms set forth in this Third Extension Agreement;

NOW THEREFORE, for good value, the parties hereto agree to the following:

1.    This Third Extension Agreement shall become effective on May 1, 2019 and continue through April 30, 2020, subject to the early termination provisions found in Section 3 of the Agreement.

2.    “Schedule 1 - Independent Director Compensation” of the Agreement shall be amended as follows:

	
	
	Independent director compensation                                                      Annual                          Per Quarter

	Base compensation - each independent director                                        $150,000                         $37,500

	Additional compensation if a Committee Chair                                        $  20,000                          $  5,000

	Additional compensation if Board Chair                                                   $  82,500                          $20,625

   
3.    This Third Extension Agreement shall be on all other terms and conditions as stated in the Agreement.       

By their signatures below, the undersigned representative of the Companies certifies that they are fully authorized to enter into the terms and conditions of this Third Extension Agreement and to execute and bind the Companies and their predecessors, successors, parents, subsidiaries, affiliates and assigns to this Third Extension Agreement.

- 1 -

[Signature page follow]
In witness whereof, the parties hereto enter into this Third Extension Agreement effective as of May 1, 2019. 

Cleco Group LLC
    

By:                         

Name:    William G. Fontenot         

Title:      President & CEO             

Cleco Corporate Holdings LLC 

By:                         

Name:    William G. Fontenot         

Title:   President & CEO             

Cleco Power LLC 

By:                         

Name:   William G. Fontenot             

Title:    President & CEO             

MANAGER    

                        

Date        

- 2 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]