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Exhibit 10.1

FRANKLIN ELECTRIC CO., INC.
NONEMPLOYEE DIRECTORS’ DEFERRED COMPENSATION PLAN
(As Amended and Restated May 6, 2020)

TABLE OF CONTENTS
Page

Article I - Introduction .................................................................................................................................................................... 1
Article II - Shares Subject to the Plan ............................................................................................................................................. 1
Article III - Director Compensation ................................................................................................................................................ 1
Article IV - Deferral Elections ........................................................................................................................................................ 2
Article V - Participant Accounts ..................................................................................................................................................... 3
Article VI - Distribution of Accounts ............................................................................................................................................. 4
Article VII - Administration of the Plan ......................................................................................................................................... 6
Article VIII - Amendment or Termination ...................................................................................................................................... 7
Article IX - General Provisions ....................................................................................................................................................... 8

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FRANKLIN ELECTRIC CO., INC.
NONEMPLOYEE DIRECTORS’ DEFERRED COMPENSATION PLAN

Article I -Introduction

Franklin Electric Co., Inc., an Indiana corporation (the “Company”), maintains the Nonemployee Directors’ Deferred Compensation Plan (the “Plan”) for members of its Board of Directors (the “Board”) who are not employees of the Company or an affiliate of the Company (the “Nonemployee Directors”). The Plan was initially effective as of February 11, 2000, amended as of April 28, 2006, amended as of February 19, 2010, amended as of April 1, 2011, amended as of December 13, 2019, and is hereby amended and restated as of May 6, 2020.

Article II -Shares Subject to the Plan

2.1 Number of Shares.   Subject to adjustment as provided in Section 2.2 herein, the total number of shares of common stock of the Company (“Common Stock”) available for issuance under the Plan shall be 200,000 shares. Such shares of Common Stock may be either authorized but unissued, reacquired or a combination thereof.

2.2 Adjustment.   Any increase in the number of outstanding shares of Common Stock occurring through stock splits or stock dividends after the adoption of the Plan shall be reflected proportionately in an increase in the aggregate number of shares of Common Stock then available for issuance under the Plan. Any fractional shares of Common Stock resulting from such adjustments shall be eliminated. If changes in capitalization other than those considered above shall occur, the Board shall make such adjustment in the number and class of shares of Common Stock which may thereafter be issued, as the Board in its discretion may consider appropriate, and all such adjustments shall be conclusive upon all persons.

Article III -Director Compensation

3.1 Director Compensation.   The Plan permits each Nonemployee Director to make an election for each calendar year to defer receipt of any portion in increments of 10% of (a) the retainer payable to the Nonemployee Director for his or her services as a member of the Board for the fiscal year that begins in such calendar year; (b) the fees paid to the Nonemployee Director for each Board and Committee meeting attended during such calendar year; (c) the fees paid to each Nonemployee Director, if any, for services during such calendar year as Chairman of a Board Committee; and (d) the Stock Award granted to the Nonemployee Director during each such calendar year under the Franklin Electric Co., Inc. 2012 Stock Plan (or any successor equity-based plan) (the “Stock Plan”) (collectively, the “Director Compensation”). The components of Director Compensation described in Subsections (a) – (c) shall be referred to herein as the “Cash Portion” and the component of Director Compensation described in Subsection (d) shall be referred to herein as the “Stock Portion”.

3.2 Participation.   Each Nonemployee Director shall become a participant under the Plan (a “Participant”) by filing the written Election Form described in Article IV below with the Plan Administrator with respect to the deferral of the entire amount of Director Compensation payable to him or her during a calendar year.

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Article IV -Deferral Elections

4.1 Initial Election.

(a) Each Nonemployee Director may elect, on an Election Form provided by the Plan Administrator and in accordance with Section 3.1(b), to defer receipt of his or her Director Compensation payable during a calendar year until the date on which his or her service on the Board terminates for any reason. In such case, the value of such Director Compensation will be credited to the Participant Account established for him or her under the Plan pursuant to the provisions of Section 5.1 below.
(b) If a Nonemployee Director does not make an election pursuant to Subsection 4.1(a) above to defer Director Compensation payable during a calendar year, the Nonemployee Director shall receive (i) with respect to the retainer described in Subsection 3.1(a), at his or her option, either (A) a cash payment equal to such amount, or (B) a distribution of a number of full shares of Common Stock equal to the cash value of such amount divided by the Fair Market Value (as defined in Section 9.2) of a share of Common Stock on the date on which such amount is payable, and cash for any fractional shares; (ii) with respect to the fees described in Subsections 3.1(b) and (c), a cash payment equal to such amount; and (iii) with respect to the Stock Portion, the Stock Award that would otherwise be granted under the Stock Plan, in accordance with the terms of the Stock Plan. Any distribution of cash or Common Stock shall be made as soon as practicable after the date on which such Director Compensation is payable. Any distribution of Common Stock shall be evidenced by a certificate representing the applicable number of shares of Common Stock, registered in the name of the Nonemployee Director, and issued to the Nonemployee Director, provided that the Company may instead reflect the issuance of shares of Common Stock on a non-certificated basis, with the ownership of such shares by the Nonemployee Director evidenced solely by book entry in the records of the Company’s transfer agent.

4.2 Timing of Election.

(a) An Election Form effective for a calendar year shall be delivered to the Plan Administrator prior to the first day of such calendar year. An Election Form shall remain in effect for subsequent calendar years until a written notice to revise the Election Form is delivered to the Plan Administrator on or before the first day of the calendar year in which the revision is to become effective. Except as provided in Subsection 4.2(b) below, an initial Election Form or a revised Election Form shall apply only to Director Compensation otherwise payable to a Nonemployee Director after the end of the calendar year in which such initial or revised Election Form is delivered to the Plan Administrator. Any Election Form delivered by a Nonemployee Director shall be irrevocable with respect to any Director Compensation covered by the elections set forth therein. If an Election Form is not in effect for a Nonemployee Director for a calendar year, he or she shall be deemed to have elected to receive the Cash Portion of his or her Director Compensation in cash as specified in Subsection 4.1(b)(i)(A).

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(b) Notwithstanding the provisions of Subsection 4.2(a), an election made by a Nonemployee Director in the calendar year in which he or she first becomes a Nonemployee Director may be made pursuant to an Election Form delivered to the Plan Administrator within thirty days after the date on which he or she initially becomes a Nonemployee Director, and such Election Form shall be effective with respect to Director Compensation earned from and after the date such Election Form is delivered to the Plan Administrator.

Article V -Participant Accounts

5.1 Credits to Account.

(a) A Participant’s Director Compensation deferred pursuant to Section 4.1 shall be credited to the Participant’s Account as of the date on which such payment would have been made (a “Payment Date”).

(b) The Participant shall have indicated on the Election Form to have the Cash Portion of the deferred Director Compensation credited to his or her Account invested in one of the following ways:

(i) Such dollar amount shall be held in the Cash Subaccount of the Participant’s Account and credited with interest as of the end of each calendar month at the rate in effect for such month as published by Wells Fargo for its Stable Return Fund, or a similar interest rate as determined by the Plan Administrator; or

(ii) Such dollar amount shall be held in the Stock Subaccount of the Participant’s Account and converted into a number of phantom shares of Common Stock (“Stock Units”), determined by dividing such dollar amount by the Fair Market Value of a share of Common Stock on the Payment Date. The number of Stock Units for full shares of Common Stock shall be credited to the Stock Subaccount. Any cash remaining after such conversion, together with other subsequent credits of the Cash Portion of deferred Director Compensation, shall be converted into Stock Units on the next applicable Payment Date.

(c) The Stock Portion of the deferred Director Compensation shall be held in the Stock Subaccount of the Participant’s Account and converted as of the applicable Payment Date into a number of Stock Units equal to the number of shares of Common Stock subject to the Stock Award. Any subsequent credits of the Stock Portion of deferred Director Compensation shall be converted into Stock Units on the next applicable Payment Date.

(d) Additional credits shall be made to the Stock Subaccount of a Participant’s Account in amounts equal to the cash dividends (or the fair market value of dividends paid in property other than Common Stock) that the Participant would have received had he or she been the owner on each record date of a number of shares of Common Stock equal to the number of Stock Units in his or her Stock Subaccount on such date. In the case of a dividend in Common Stock or a Common Stock split, additional credits will be made to the Stock Subaccount of a Participant’s Account of a number of Stock Units equal to the number of full shares of Common Stock that the Participant would have received had he or she been the owner on each record date of a number of shares of Common Stock equal to the number of Stock Units in his or her Stock Subaccount on such date. All dividends will be converted into Stock Units as described above on the applicable dividend payment date.

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5.2 Transfer Between Subaccounts.

(a) Except as provided in Subsection (b) below, amounts credited to a Participant’s Cash Subaccount and/or Stock Subaccount pursuant to Section 5.1 shall remain in such Subaccount until distributions occur as described in Article VI, and no Participant shall be permitted to transfer any amounts between such Subaccounts.

(b) Notwithstanding Subsection (a), a Participant may elect to transfer all or a portion of his or her Stock Subaccount to the Cash Subaccount. Such election may be made once the Stock Portion has been held in the Stock Subaccount for three full years, and in accordance with procedures established by the Plan Administrator. In such case, the Stock Subaccount will be reduced by the number of Stock Units to be transferred and the Cash Subaccount will be credited with an amount equal to the number of Stock Units transferred multiplied by the Fair Market Value of a share of Common Stock on the date of the transfer.

5.3 Accounts Maintained Until Payment.   Each Participant Account shall be maintained on the books of the Company until full payment of the balance thereof has been made to the applicable Participant (or the beneficiaries of a deceased Participant). No funds shall be set aside or earmarked for any Participant Account, which shall be purely a bookkeeping device.

Article VI -Distribution of Accounts

6.1 Distribution on Termination of Service.   Distributions of a Participant’s Account shall be made to the Participant according to one or more of the following methods as irrevocably elected by the Participant on the Election Form provided in Article IV:

(a) As a lump sum payable on a date identified on the Election Form submitted by the Participant, so long as the distribution date is at least one calendar year after the calendar year for which the election is made;

(b) In a designated number of monthly installments, not less than twelve (12) or more than one hundred twenty (120), commencing on a date identified on the Election Form submitted by the Participant, so long as the distribution commencement date is at least one calendar year after the calendar year for which the election is made. The initial monthly installment as calculated herein shall remain in effect until the end of the first year in which said installments commenced. Beginning with the first monthly installment in the second year, the monthly installment payable for each year shall be computed as of the beginning of said year based on the previous year ending balance divided by the number of remaining installment payments. Earnings determined under Article V shall accrue and be credited to the Plan as described in Article V. Any residual amounts determined after calculation of the final year’s installment payments shall be paid with the last scheduled installment payment; or

(c) In a designated number of annual installments, not less than one (1) or more than ten (10), commencing on a date identified on the Election Form submitted by the Participant, so long as the distribution commencement date is at least one calendar year after the calendar year for which the election is made. The initial monthly installment shall be computed by dividing the amount to be paid under such installment plan by the number of annual installments to be paid. Beginning with the second annual installment, the installment payable for each year shall be computed as of the beginning of said year based on the previous year ending balance divided by the number of remaining installment payments. Earnings determined under Article V shall accrue and be credited to the Plan as described in Article V. Any residual amounts determined after calculation of the final year’s installment payments shall be paid with the last scheduled installment payment.

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6.2 Form of Distribution.

(a) (i)  The balance of the Stock Subaccount of the Participant’s Account shall be distributed in shares of Common Stock or in cash as designated by the Participant (or his or her beneficiaries in the event of his or her death) by written notice delivered to the Plan Administrator prior to the applicable distribution date. If a timely designation is not received by the Plan Administrator, distribution shall be made in cash or in Common Stock as the Company shall decide.

(ii) The balance of the Cash Subaccount of the Participant’s Account shall be distributed in cash.

(b) In the event of a distribution in Common Stock, a certificate representing a number of shares of Common Stock equal to the number of Stock Units in the Participant’s Account, registered in the name of the Participant (or his or her beneficiaries), and any remaining cash in the Stock Subaccount shall be distributed to the Participant (or his or her beneficiaries). Notwithstanding the foregoing, the Company, in lieu of issuing a stock certificate, may reflect the issuance of shares of Common Stock on a non-certificated basis, with the ownership of such shares by the Participant (or his or her beneficiaries) evidenced solely by book entry in the records of the Company’s transfer agent.

(c) In the event of a cash distribution, the Participant (or his or her beneficiaries) shall receive an amount in cash equal to the aggregate of (i) the number of Stock Units in the Stock Subaccount multiplied by the Fair Market Value of a share of Common Stock on the applicable distribution date, (ii) any cash in the Stock Subaccount, and (iii) any cash in the Cash Subaccount, including interest credited for the month of January.

6.3 Distribution Upon Death.   If a Participant’s service on the Board terminates by reason of his or her death, or if he or she dies after becoming entitled to distribution hereunder, but prior to receipt of his or her entire distribution, all cash or Common Stock then distributable hereunder with respect to him or her shall be distributed to such beneficiary or beneficiaries as such Participant shall have designated by an instrument in writing last filed with the Company prior to his or her death, or in the absence of such designation or of any living beneficiary, to his or her spouse, or if not then living, to his or her then living descendants, per stirpes, or if none is then living, to the personal representative of his or her estate, in the same manner as would have been distributed to the Participant had he or she continued to live.

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6.4 Unforeseeable Emergency.   In the discretion of the Plan Administrator, and at the written request of a Participant, up to 100% of the balance in his or her Account, determined as of the last day of the calendar month prior to the date of distribution, may be distributed to the Participant in a lump sum in the case of an Unforeseeable Emergency, subject to the limitations set forth below. For purposes of this Section 6.4, an Unforeseeable Emergency is a severe financial hardship of the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a spouse or dependent (as defined in Section 152(a) of the Internal Revenue Code of 1986, as amended (the “Code”)) of the Participant, loss of the Participant’s property due to casualty or other similar, extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances constituting an Unforeseeable Emergency will depend upon the facts of each case, as determined by the Plan Administrator in its discretion, but in any case payment may not be made to the extent that such hardship is or may be relieved:

(a) through reimbursement or compensation by insurance or otherwise;

(b) by liquidation of the Participant’s assets to the extent the liquidation of such assets would not itself cause severe financial hardship; or

(c) by cessation of deferrals under the Plan.

Distribution of amounts because of an Unforeseeable Emergency shall be permitted only to the extent reasonably needed to satisfy the Unforeseeable Emergency (which may include amounts necessary to pay any Federal, state or local taxes or penalties reasonably anticipated to result from the distribution).

6.5 Distribution Limitation for Key Employees.   Notwithstanding the foregoing, if at the time of a Participant’s termination of service on the Board he or she is employed by the Company or any affiliate thereof, and is considered to be a Key Employee as defined in Code Section 409A, distribution of his or her Account shall not be made earlier than six months following the Participant’s termination of service on the Board, to the extent required by Code Section 409A.

Article VII -Administration of the Plan

7.1 Plan Administration.   The Corporate Governance Committee of the Board of Directors of the Company shall act as the Plan Administrator. The Plan Administrator shall be responsible for the general operation and administration of the Plan, and shall have such powers as are necessary to discharge its duties under the Plan, including, without limitation, the following:

(a) To construe and interpret the Plan, to decide all questions of eligibility, to determine the amount, manner and time of payment of any benefits hereunder, to prescribe rules and procedures to be followed by Participants and their beneficiaries under the Plan, and to otherwise carry out the purposes of the Plan.

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(b) To appoint or employ individuals to assist in the administration of the Plan and any other agents deemed advisable. The decisions of the Plan Administrator shall be binding and conclusive upon all Participants, beneficiaries and other persons.

7.2 Claims for Benefits.   Any Participant claiming a benefit, requesting an interpretation or ruling, or requesting information, under the Plan, shall present the request in writing to the Plan Administrator, which shall respond in writing as soon as practicable. If the claim or request is denied, the written notice of denial shall state the following:

(a) the reasons for denial, with specific reference to the Plan provisions upon which the denial is based;

(b)  a description of any additional material or information required and an explanation of why it is necessary; and

(c) an explanation of the Plan’s review procedure.

The initial notice of denial shall normally be given within 90 days after receipt of the claim. If special circumstances require an extension of time, the claimant shall be so notified and the time limit shall be 180 days. Any person whose claim or request is denied, or who has not received a response within 30 days, may request review by notice in writing to the Plan Administrator. The original decision shall be reviewed, by the Plan Administrator, which may, but shall not be required to, grant the claimant a hearing. On review, whether or not there is a hearing, the claimant may have representation, examine pertinent documents and submit issues and comments in writing. The decision on review shall ordinarily be made within 60 days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be so notified and the time limit shall be extended to 120 days. The decision on review shall be in writing and shall state the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties concerned.

Article VIII -Amendment or Termination

8.1 Authority.   The Company intends the Plan to be permanent but reserves the right to amend or terminate the Plan when, in the sole opinion of the Company, such amendment or termination is advisable. Any such amendment or termination shall be made pursuant to a resolution of the Board without further action on the part of the Company’s stockholders to the extent permitted by law, regulation or stock exchange requirements, and shall be effective as of the date of such resolution or such later date as the resolution may expressly state.

8.2 Limits.   No amendment or termination of the Plan shall (a) directly or indirectly deprive any current or former Participant or his or her beneficiaries of all or any portion of his or her Account as determined as of the effective date of such amendment or termination, or (b) directly or indirectly reduce the balance of any Account held hereunder as of the effective date of such amendment or termination. Upon termination of the Plan, distribution of balances in all Accounts shall continue to be made to Participants or their beneficiaries in the manner and at the time described in Article VI. No additional deferred Director Compensation shall be credited to the Accounts of Participants after termination of the Plan, but the Company shall continue to credit earnings, gains and losses to Accounts pursuant to Article VI until the balances of such Accounts have been fully distributed to Participants or their beneficiaries.

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8.3 Stockholder Approval.   No such amendment, modification or termination of the Plan may occur without the approval of the stockholders of the Company, if stockholder approval for such amendment, modification or termination is required by the federal securities laws, any national securities exchange or system on which the Shares are then listed or reported, or a regulatory body having jurisdiction with respect thereto.

Article IX -General Provisions

9.1 Plan Unfunded.   The Plan at all times shall be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any benefits hereunder. The right of a Participant or his or her beneficiary to receive a benefit hereunder shall be an unsecured claim against the general assets of the Company, and neither the Participant nor a beneficiary shall have any rights in or against any specific assets of the Company. All amounts credited to Accounts shall constitute general assets of the Company.

9.2 Fair Market Value.   For all purposes of the Plan, the Fair Market Value of a share of Common Stock as of a given date shall be the consolidated closing bid price for a share of Common Stock on The NASDAQ Stock Market for the preceding trading day, or if there is no such consolidated closing bid price on the trading day preceding the given date, then on the last previous day on which a consolidated closing bid price was reported.

9.3 No Guaranty of Assets.   Nothing contained in the Plan shall constitute a guaranty by the Company, the Corporate Governance Committee, the Plan Administrator, or any other person or entity, that the assets of the Company will be sufficient to pay any benefit hereunder. No Participant or beneficiary shall have any right to receive a distribution under the Plan except in accordance with the terms of the Plan.

9.4 No Guaranty of Service.   Establishment of the Plan shall not be construed to give any Nonemployee Director the right to be retained as a member of the Board.

9.5 No Assignment.   No interest of any person or entity in, or right to receive a distribution under, the Plan, shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

9.6 Governing Law.   The Plan shall be construed and administered under the laws of the State of Indiana, except to the extent preempted by federal law.

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9.7 Incapacity of Participant.   If any person entitled to a payment under the Plan is deemed by the Company to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Company may provide for such payment or any part thereof to be made to any other person or institution that is contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of the Company, the Committee, the Plan Administrator and the Plan therefor.

9.8 Succession.   The Plan shall be continued, following a transfer or sale of assets of the Company, or following the merger or consolidation of the Company into or with any other corporation or entity, by the transferee, purchaser or successor entity, unless the Plan has been terminated by the Company pursuant to the provisions of Article VIII prior to the effective date of such transaction.

9.9 Location of Participants.   Each Participant or beneficiary shall keep the Plan Administrator informed of his or her current address. The Plan Administrator shall not be obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Plan Administrator within three years after the date on which payment of the Participant’s benefits under the Plan be made, payment may be made as though the Participant had died at the end of the three-year period. If, within one additional year after such three-year period has elapsed, or, within three years after the actual death of a Participant, the Plan Administrator is unable to locate any beneficiary of the Participant, then the Company shall have no further obligation to pay any benefit hereunder to such Participant, or beneficiary or any other person and such benefit shall be forfeited. If such Participant, or his or her beneficiary or any other person, subsequently makes a valid claim for distribution of the amount forfeited, such amount, without gains or earnings thereon, shall be distributed to such Participant or his or her beneficiary or such other person pursuant to Article VI.

9.10 No Liability.   Notwithstanding any of the preceding provisions of the Plan, none of the Company, any member of the Board, any Plan Administrator or any individual acting as an employee or agent of the Company, the Board, or the Plan Administrator, shall be liable to any Participant, former Participant, or any beneficiary or other person for any claim, loss, liability or expense incurred by such Participant, or beneficiary or other person in connection with the Plan.

9.11 Savings Clause.   Notwithstanding anything to the contrary contained in the Plan, if (a) the Internal Revenue Service prevails in a claim by it that amounts credited to a Participant’s Account, and/or earnings thereon, constitute taxable income to the Participant or his or her beneficiary for any taxable year of his, prior to the taxable year in which such credits and/or earnings are distributed to him or (b) legal counsel satisfactory to the Company, and the applicable Participant or his or her beneficiary, renders an opinion that the Internal Revenue Service would likely prevail in such a claim, the balance of such Participant’s Account shall be immediately distributed to the Participant or his or her beneficiary. For purposes of this paragraph, the Internal Revenue Service shall be deemed to have prevailed in a claim if such claim is upheld by a court of final jurisdiction, or if the Company, or a Participant or beneficiary, based upon an opinion of legal counsel satisfactory to the Company and the Participant or his or her beneficiary, fails to appeal a decision of the Internal Revenue Service, or a court of applicable jurisdiction, with respect to such claim, to an appropriate Internal Revenue Service appeals authority or to a court of higher jurisdiction, within the appropriate time period.

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9.12 Notices.   Any notice under the Plan shall be in writing, or by electronic means, and shall be received when actually delivered, or mailed postage paid as first class U.S. Mail. Notices shall be directed to the Company at its principal business office at 400 East Spring Street, Bluffton, Indiana 46714, to a Participant at the address stated in his or her Election Form, and to a beneficiary entitled to benefits at the address stated in the Participant’s beneficiary designation, or to such other addresses any party may specify by notice to the other parties.

10Exhibit 4.1

 

SIXTH SUPPLEMENTAL INDENTURE, dated as of May 6, 2020 (the “Sixth
Supplemental Indenture”), between HOWMET AEROSPACE INC. (f/k/a Arconic Inc.), a Delaware corporation (the “Company”)
having its principal office at 201 Isabella Street, Suite 200, Pittsburgh, Pennsylvania, and THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as successor trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee are parties
to an Indenture dated as of September 30, 1993 (the “Base Indenture” and as supplemented by the First Supplemental
Indenture dated as of January 25, 2007, the Second Supplemental Indenture dated as of July 15, 2008 and the Fourth Supplemental
Indenture dated as of December 31, 2017, the “Indenture”), governing securities including the Company’s
outstanding 5.40% Notes due 2021 (the “Notes”). Capitalized terms used herein, not otherwise defined, shall
have the same meanings given them in the Indenture. References herein to Sections are to sections of the Base Indenture as previously
amended by the supplemental indentures referenced in this paragraph to the extent applicable.

 

Effective March 31, 2020, the Company
has changed its name from Arconic Inc. to Howmet Aerospace Inc., by means of an amendment to its certificate of incorporation,
as filed with the Secretary of State of the State of Delaware, on March 30, 2020.

 

Section 902 provides that a supplemental
indenture may be entered into by the Company and the Trustee for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders of Securities of a series
with the consent of not less than 50% in principal amount of the then Outstanding Securities of the series affected by the supplemental
indenture (the “Required Consents”).

 

The Company has conducted a tender offer
(the “Offer”) to purchase for cash a portion of the outstanding Notes, upon the terms and subject to the conditions
set forth in the Offer to Purchase and Consent Solicitation Statement dated as of April 22, 2020, as amended or supplemented through
the date hereof (the “Offer to Purchase and Consent Solicitation Statement”).

 

In connection with the Offer and forming
a part thereof, the Company has solicited (the “Solicitation”) consents of the Holders of the Notes to effect
certain amendments to the Indenture as applicable to the Notes as described in the Offer to Purchase and Consent Solicitation Statement
and set forth in this Sixth Supplemental Indenture.

 

Pursuant to the Solicitation, the Required
Consents in respect of the Notes have been validly delivered and not validly revoked.

 

The Company has requested the Trustee
to join with it in the execution and delivery of this Sixth Supplemental Indenture in order to supplement and amend the Indenture
and the Securities solely with respect to the Notes.

 

The Company has determined that this Sixth
Supplemental Indenture complies with Section 902.

 

The Company represents and warrants that
all things necessary to make this Sixth Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance
with the terms of the Indenture, and a valid amendment of and supplement to the Indenture have been done.

 

NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL
INDENTURE WITNESSETH:

 

In consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

     

     

    

 

I. AMENDMENTS TO THE INDENTURE

 

Following the execution and delivery by
the Company and the Trustee of this Sixth Supplemental Indenture, the terms hereof shall become operative on the initial date (the
 “Operative Date”) of acceptance for purchase by the Company of the Notes validly tendered in the tender offer
contemplated by the Offer to Purchase and Consent Solicitation Statement. Effective as of the Operative Date, this Sixth Supplemental
Indenture hereby amends the Indenture and the Notes as provided for herein. If the Operative Date does not occur, then the terms
of this Sixth Supplemental Indenture shall be null and void and the Indenture and the Notes shall continue in full force and effect
without any modification or amendment hereby.

 

As of the Operative Date, solely with respect
to the Notes:

 

A. Section 106 (Notice to Holders of Securities;
Waiver) is hereby amended to add the following at the end of such section:

 

Except as otherwise specified
herein, so long as any Securities are registered in the name of Cede & Co., as nominee for The Depository Trust Company, or
another Depositary, and subject to any listing requirements, notices, reports and other information that are required to be sent
to the Holders of such Securities may be given by delivery of the relevant notice to The Depository Trust Company for communication
by The Depository Trust Company to entitled participants and account holders of such clearing systems.

 

B. Each of clauses (3), (4), (5), (6), (7)
and (8) of Section 501 (Events of Default) is hereby deleted in its entirety and replaced with the text “Intentionally omitted.”
All textual references in the Indenture exclusively relating to clauses (3), (4), (5), (6), (7) and (8) of Section 501 and any
and all obligations thereunder are hereby deleted, and such clauses, references and obligations shall be of no further force or
effect.

 

C. Section 515 (Waiver of Usury, Stay or
Extension Laws) is hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All textual references
in the Indenture to Section 515 and any and all obligations thereunder are hereby deleted, and such section, references and obligations
shall be of no further force or effect.

 

D. Section 704 (Reports by Company) is hereby
amended and restated in its entirety so that Section 704 reads as follows:

 

The Company shall file with the
Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof,
as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act. To the extent
such information, documents or reports are filed with the Commission and required to be delivered to the Trustee or the Holders,
the availability of such information, documents or reports on the Commission's Electronic Data Gathering Analysis and Retrieval
system or any successor thereto or the Company's website will be deemed to have satisfied such delivery requirements to the Trustee
or the Holders, as applicable.

 

E. Section 801 (Company May Consolidate,
Etc., Only on Certain Terms) is hereby deleted in its entirety and replaced with the text “Intentionally omitted.”
All textual references in the Indenture to Section 801 and any and all obligations thereunder are hereby deleted, and such section,
references and obligations shall be of no further force or effect.

 

F. Section 1005 (Corporate Existence) is
hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All textual references in the Indenture
to Section 1005 and any and all obligations thereunder are hereby deleted, and such section, references and obligations shall be
of no further force or effect.

 

     

     

    

 

G. Section 1006 (Maintenance of Properties)
is hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All textual references in the
Indenture to Section 1006 and any and all obligations thereunder are hereby deleted, and such section, references and obligations
shall be of no further force or effect.

 

H. Section 1007 (Payment of Taxes and Other
Claims) is hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All textual references
in the Indenture to Section 1007 and any and all obligations thereunder are hereby deleted, and such section, references and obligations
shall be of no further force or effect.

 

I. Section 1008 (Purchase of Securities
by Company or Subsidiary) is hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All
textual references in the Indenture to Section 1008 and any and all obligations thereunder are hereby deleted, and such section,
references and obligations shall be of no further force or effect.

 

J. Section 1009 (Limitation on Liens) is
hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All textual references in the Indenture
to Section 1009 and any and all obligations thereunder are hereby deleted, and such section, references and obligations shall be
of no further force or effect.

 

K. Section 1010 (Limitation on Sale and
Lease-Back) is hereby deleted in its entirety and replaced with the text “Intentionally omitted.” All textual references
in the Indenture to Section 1010 and any and all obligations thereunder are hereby deleted, and such section, references and obligations
shall be of no further force or effect.

 

L. The second sentence of Section 1102 (Election
to Redeem; Notice to Trustee) is hereby amended to read as follows:

 

In case of any redemption at the
election of the Company of less than all the Securities of any series the Company will notify the Trustee at least five Business
Days prior to giving notice of redemption, or a shorter period as may be satisfactory to the Trustee, of the Redemption Date, the
aggregate principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed.

 

M. Section 1104 (Notice of Redemption) is
hereby amended to replace the number 30 with the number 15 in the first sentence of Section 1104.

 

N. Section 1104 (Notice of Redemption) is
hereby amended to add the following to the end of such section:

 

Any notice of redemption of Securities
to be redeemed at the option of the Company may state that such redemption shall be conditional, in the Company’s discretion,
on one or more conditions precedent, and that such conditional notice of redemption may be rescinded by the Company if it determines
that any or all such conditions will not be satisfied by the Redemption Date, and that in such event, such redemption notice shall
be of no further force or effect and the Company shall not be required to redeem the applicable Securities on the Redemption Date
or otherwise.

 

In the event a notice of redemption
contains such a condition or conditions and the Company determines that any or all such conditions will not be satisfied prior
to the Redemption Date, the Company shall provide written notice to the Trustee prior to the close of business at least one Business
Day prior to the Redemption Date. Such notice may provide that the redemption notice shall be rescinded and the redemption shall
not occur, as determined by the Company in accordance with the preceding paragraph and, upon receipt of such notice, the notice
of redemption shall be rescinded and the redemption shall not occur, as provided in such notice. Upon receipt of such notice, the
Trustee shall provide such notice to each Holder of the applicable Securities in the same manner in which the notice of redemption
was provided.

 

O. The first sentence of the first paragraph
of Section 1106 (Securities Payable on Redemption Date) is hereby amended to read as follows:

 

     

     

    

 

Notice of redemption having been
given as aforesaid and, in the case of a conditional notice of redemption, not thereafter rescinded in accordance with Section
1104, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if
any) such Securities shall cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to
be redeemed, except to the extent provided below, shall be void.

 

P. The last paragraph of Section 1106 (Securities
Payable on Redemption Date) is hereby amended to read as follows:

 

Except, in the case of a redemption
of Securities to be redeemed at the option of the Company, where the redemption notice therefor has been rescinded in accordance
with Section 1104, if any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal
and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

Q. Each of clauses (2), (3), (4), (5), (6),
(7) and (9) of Section 1304 (Conditions to Defeasance or Covenant Defeasance) is hereby deleted in its entirety and replaced with
the text “Intentionally omitted.” All textual references in the Indenture exclusively relating to clauses (2), (3),
(4), (5), (6), (7) and (9) of Section 1304 and any and all obligations thereunder are hereby deleted, and such clauses, references
and obligations shall be of no further force or effect.

 

R. All definitions in the Indenture which
are used exclusively in the sections and clauses deleted pursuant to the foregoing provisions of this Sixth Supplemental Indenture
or whose sole use or uses in the Indenture were eliminated in the amendments set forth above are hereby deleted. All cross-references
in the Indenture to sections and clauses deleted by the foregoing provisions shall also be deleted in their entirety.

 

S. To the extent that the Notes include
any of the sections, clauses or definitions to be deleted or amended pursuant to the foregoing provisions of this Sixth Supplemental
Indenture, such provisions of the Notes shall be deemed deleted or amended as applicable.

 

II. GENERAL PROVISIONS

 

A. The recitals contained herein shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of same. The Trustee makes
no representation as to the validity of this Sixth Supplemental Indenture. The Indenture, as supplemented and amended by this Sixth
Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

B. This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. Each party agrees that this Sixth Supplemental Indenture may be electronically or digitally signed,
and that any such electronic or digital signatures appearing on this Sixth Supplemental Indenture are the same as handwritten signatures
for the purposes of validity, enforceability and admissibility.

 

C. This Sixth Supplemental Indenture shall
have effect solely with respect to the Notes and shall not alter or amend the terms applicable to any other securities issued pursuant
to the Base Indenture as amended. 

 

D. The Company hereby certifies that this
Sixth Supplemental Indenture conforms to the current requirements of the Trust Indenture Act.

 

E. This Sixth Supplemental Indenture shall
be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

 

F. Henceforth, all references in the Indenture
and the Securities to the “Company” shall be deemed to be references to Howmet Aerospace Inc.

 

[Signature Pages Follow]

 

     

     

    

 

	 	HOWMET AEROSPACE INC.
	 	 
	 	 
	 	
        

        By
	
        /s/ Peter
Hong 

	 	Name:	 Peter Hong
	 	Title:	Vice President and Treasurer 

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	 	 
	 	By	
        /s/ Shannon
Matthews 

	 	Name:	Shannon Matthews
	 	Title:	Agent

 

    [Signature Page to the Sixth Supplemental Indenture]

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