Document:

EX-10.1

 Exhibit 10.1 
 TERMINATION AGREEMENT 
  

			
	Between:	  	CALGON CARBON CORPORATION, a company under US law, with its registered office at Orange Street 1209, 19810 Wilmington Delaware (US), with Belgian branch named CHEMVIRON
CARBON, domiciled office at Parc Industriel de Feluy C, 7181 Seneffe (Feluy) (Belgium), hereinafter referred to as the “Employer”;
		
	and:	  	Mr C.H.S. MAJOOR, residing at Sparrenlaan 14, 3090 Overijse (Belgium), hereinafter referred to as the “Employee”;

 Hereinafter collectively referred to as the “Parties”. 

WHEREAS: 
 The Employee has been employed
by the Employer from 1 January 2001 under an employment contract of indefinite duration, signed on 21 December 2000. 
 By a
registered letter dated 19 December 2011, the Employer terminated the Employee’s employment contract by giving notice equal to 18 months, commencing on 1 January 2012. 
 Pursuant to this termination, discussions between the Parties ensued regarding the duration of the notice period, the gross annual remuneration to determine a corresponding compensation in lieu of notice,
the interpretation of the termination clause in the employment contract, the reimbursement of outstanding expenses, the exercise of stock options and restricted shares, any variable salary and bonus due and the departure holiday allowance.

 However, the Parties wish to settle by mutual consent the matters in dispute with respect to termination of their employment relationship.

 NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS: 
  

	1.	TERMINATION 

 The employment contract
shall be definitively terminated on 6 January 2012 (the “Termination Date”). This date shall be the Employee’s last working day. 

	2.	PAYMENTS 

  

	2.1	No later than 31 January 2012, the Employer shall pay the Employee the following amounts, in full and final settlement, by way of concession:

  

	 	•	 	 EUR 733,043.84 gross as compensation in lieu of notice, equal to 29 months salary, after the deduction of social security contributions and taxes;

  

	 	•	 	 the gross departure vacation allowance (single and double vacation pay), as calculated by the Employer’s payroll agency, after the deduction of
social security contributions and taxes. 

  

	2.2	In addition, within 20 calendar days after submission of sufficient and appropriate expense reports, documentation and exhibits by the Employee, the Employer will
reimburse the Employee’s reasonable and necessary business expenses made in 2011, in accordance and within the limits of the Employer’s existing expense reports’ policies. 

 

	2.3	The above payments do not constitute in any way an admission by the Employer that it has violated any law, breached any obligation or acted wrongfully towards the
Employee in any way. 

  

	2.4	All amounts will be paid by the Employer in EUR to the following bank account: 

 

					
	 - Beneficiary name: C.H.S. Majoor
	  		  	

					
	 - A/C no:
	 	  
	  	

					
	 - Bank:
	 	  
	  	

					
	 - IBAN/BIC:
	 	  
	  	

  

	2.5	The Employee confirms and recognises that the gross monthly salary for December 2011 (including a part so-called guaranteed salary) and the year end bonus 2011 has
already been paid to him. 

  

	3.	BONUS 

 In addition to the payments as
mentioned in Article 2 of this agreement, no later than 31 December 2011, the Employer shall pay the Employee EUR 355,215.26 gross as bonus for the Employee’s important role in M&A transactions in 2011, after the deduction of social
security contributions and taxes and, no later than 31 December 2011, in view of the termination on 6 January 2012, EUR 54,490.02 gross as departure vacation allowance (single and double vacation pay) on this bonus amount, after the
deduction of social security contributions and taxes. 
  

	4.	GROUP INSURANCE 

 In addition to the
payments as mentioned in Article 2 of this agreement, no later than 31 January 2012, the Employer will pay a one-time lump-sum equal to 29 times the monthly employer’s contribution to the group insurance plan (Swiss Life Defined Benefits
Plan - Swiss Life Pool Leaderfund (GN 1044/01)). 

  
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	5.	STOCK OPTIONS AND RESTRICTED SHARES 

  

	5.1	The Parties expressly agree that the Employee can exercise the Employer’s vested options in accordance with the provisions in the existing and applicable stock
option plans and the applicable stock option agreements. The Parties agree that the Employee can keep and maintain the shares and gains resulted from the exercised vested options. 

 

	5.2	Further, the Employee has been advised, understands and acknowledges that any unvested options and any options that were not exercised by the Termination Date (other
than the options mentioned in Article 5.1 of the present agreement) are forfeited. 

  

	5.3	The Parties expressly agree that the Employee can keep and maintain restricted shares, for which the Employee received the necessary certificates, provided that these
are vested on 6 January 2012, in accordance with the provisions in the existing and applicable policies and restricted stock agreements. In this respect, the Employee has been advised, understands, acknowledges and unequivocally agrees that he
forfeits all rights to any unvested restricted shares as of the Termination Date. 

  

	6.	NON SOLICITATION OBLIGATION 

  

	6.1	The Parties agree that the Employee undertakes, for a period of 12 months following the Termination Date, not to persuade, cause or attempt to persuade any employee,
distributor or sales representative of the Employer or group company, to terminate his, her or its relationship with the Employer or group company; and/or not to persuade, cause or attempt to persuade any customer or supplier of, or person otherwise
doing business with the Employer or group company to terminate his, her or its relationship with the Employer or group company, or take any action liable to result in the impairment of such a relationship or assist, cause or attempt to assist any
competitor of the Employer or group company to carry on or develop businesses in the activated carbon industry. 

  

	6.2	In the event the Employee breaches this no solicitation obligation, he shall pay the Employer damages equal to two years’ remuneration of the poached employee or
sales representative concerned, and otherwise (distributor, customer, supplier or any other person doing business with the Employer or group company) of a an amount equal to EUR 50,000 per breach as damages, plus EUR 5,000 for each day the
violation continues after the date of the initial breach, without prejudice to the Employer’s right to claim damages for any actual harm suffered. This compensation represents a reasonable assessment of the damage the Employer would sustain due
to violation of this no solicitation obligation. 

  

	7.	RESIGNATION OF DIRECTORSHIPS 

  

	7.1	No later than 31 December 2011, the Employee (or its permanent representative) shall resign as director and managing director of any group company of the Employer,
parent entities, subsidiaries, and affiliates and any other offices possibly held. 

  
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	7.2	This resignation by the Employee will be done by means of a resignation letter, drafted in the appropriate way, including the provision that the Employee has no claim
against any of the companies within the Carbon group and/or its respective corporate bodies and officers, directors, managers, employees and shareholders, from any nature whatsoever. Further, the letter needs to provide that if such claim exists or
would exist, the Employee irrevocably waives these claims and discharge any of the companies within the Carbon group and each of their officers, directors, managers, employees and shareholders from any responsibility of any nature in respect
thereof. 

  

	7.3	Upon receipt of this letter, the Employer, and its affiliates acknowledge that its has no claim against the Employee from any nature whatsoever, except in the case of
fraud. 

  

	8.	HOSPITALISATION INSURANCE 

  

	8.1	The Employee has the right to continue the hospitalisation insurance on an individual basis, in whole or in part. 

 

	8.2	Should the Employee wishes to do so, he needs to contact the hospitalisation insurer Delta Lloyd, Fosnylaan 39, 1060 Brussels (MasterCare Hospi GN 1044/4) in writing or
by e-mail, within 30 days from the Termination Date. 

  

	9.	COMMUNICATION 

 A communication on the
Employer’s letterhead, is appended to the present agreement as Annex I and will be sent out once this agreement has been signed by both Parties. 
  

	10.	DOCUMENTS 

  

	10.1	Within 30 days following the Termination Date, the Employer shall provide the Employee with the following payroll documents: 

 

	 	•	 	 pay slip(s) with regard to the payments referred to under Article 2 and 3 of the present agreement; 

 

	 	•	 	 C4 form (unemployment certificate); 

  

	 	•	 	 certificate of employment; 

  

	 	•	 	 vacation certificates. 

  

	10.2	Within the statutory term, the Employer shall also provide the Employee with all relevant tax documents. 

 

	11.	COMPANY PROPERTY 

 On 31 December
2011, the Employee will return in Feluy any and all property of the Employer in his possession or control, including, without being limited hereto, company car, keys and board documents, 

  
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petrol card, laptop, blackberry, data, notes, memoranda and any other documents and records (including computer disks and other computerized files), identification badges, keys, papers, equipment
and the like. 
  

	12.	NO DISPARAGEMENT     

  

	12.1	The Parties agree not to do or say anything to any party (including, without being limited hereto, employees, clients, suppliers, etc.) that could reasonably be
expected to disparage the other Party or diminish or impair the goodwill or reputation of that Party and its services. 

  

	12.2	Furthermore, the Employee shall refrain from taking any action liable to harm or adversely affect the business of the Employer or group company.

  

	13.	REPRESENTATIONS 

  

	13.1	The Parties acknowledge that the present agreement constitutes a settlement within the meaning of article 2044 of the Civil Code. 

 

	13.2	The Employee has unequivocally and irrevocably agreed to the amount of compensation in lieu of notice as well as the remuneration and notice period used to determine
said compensation, the bonus, the departure holiday pay and the amount paid into the group insurance. 

  

	13.3	In return, the Employee agrees to waive all claims against the Employer or any related companies, parent entities, subsidiaries, affiliates and predecessor entities and
each of their respective shareholders, directors and officers, that have arisen or which may arise from the signing, execution and termination of the employment contract and/or with regard to any aspect of his directorship(s) or any other contract,
including, but not limited to any salary and/or benefits for the period of 1 January 2012 until 6 January 2012 included, arrears, additional compensation in lieu of notice, costs, bonuses, expenses, early retirement and/or occupational
pension entitlements, damages, outplacement, legal and/or extra legal holidays, working time reduction days, vacation pay, non-compete compensation existing on the signing date of this agreement and/or no solicitation compensation, interest, any
claims relating to taxes, directorship fees, rights or claims under any applicable employment or employment discrimination laws or ordinances, and any or all rights or claims for wrongful or retaliatory discharge, breach of an implied or express
employment contract, duties of good faith and fair dealing, detrimental reliance, promissory estoppel, harassment, invasion of privacy, negligence, defamation, outrageous conduct, intentional or negligent infliction of emotional distress,
unemployment compensation, any or all rights or claims for wrongful denial of any employee benefits, health or disability benefits, hospitalisation benefits, health care expenses and health care claims and any and all rights or claims for monetary
damages or individual equitable relief under any other federal, state, or local statutes, or under common law, or the laws of any country in Asia, the United States or Belgium. The Parties declare that they have no further obligations to one other
for any reason whatsoever. 

  

	13.4	 Further, the Employee agrees to indemnify and hold the Employer, any group companies, its parent entities, subsidiaries, affiliates and predecessor
entities and each of their respective shareholders, 

  
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directors and officers harmless for any and all claims, liability, actions or judgments arising from or threatened as a result of any claim the Employee may have, in whatsoever capacity, against
the Employer, any group companies, its parent entities, subsidiaries and affiliates, etc. 

  

	13.5	The Employee agrees and acknowledges that any applicable personal taxes on the payments as mentioned in Article 2 and 3 of the present agreement will be borne and paid
by him and are his sole responsibility, including any personal taxes related to his expat status. Further, the Employee agrees and acknowledges that if any tax liability arises from the payments as mentioned in Article 2 and 3 of the present
agreement and/or from his expat status, he alone will be responsible for paying these amounts and will indemnify the Employer for any amounts of income tax or social security contributions (including any interest and fines) that may be assessed
against it. The Employee acknowledges and agrees to include and declare the payments as mentioned in Article 2 and 3 of the present agreement in his tax returns if required under the applicable tax laws. 

 

	13.6	Notwithstanding the above, the Employer agrees and acknowledges to remain responsible for the correct management of all expense reports and the relevant documentation
relating to costs made by the Employee, in the Employer’s possession. In the event of a tax control/audit, the Employer will be responsible for any tax and financial consequences thereof. 

 

	13.7	The Employee represents and warrants that there are no outstanding personal expenses or liabilities incurred in the name of the Employer as of the signing date of this
agreement, and that none will be incurred after the signing date of this agreement and that in the event any personal expenses or liabilities are incurred or otherwise arise or become known after the signing date of this agreement, they shall be
off-set and deducted by the Employer from the payments as mentioned in Article 2 and 3 of the present agreement or be paid by the Employee to the Employer at the latter’s first request. 

 

	13.8	The Employee has been advised, understands, acknowledges and unequivocally and irrevocably agrees that he has no entitlements to and/or under any bonus (plan) and/or
any short term or long term incentive (plan), other than the payments as mentioned in Article 2 and 3 of the present agreement. Further, the Employee has been advised, understands and acknowledges that any accrued bonuses and/or incentives are
forfeited, other than the payments as mentioned in Article 2 and 3 of the present agreement. Except for the payments as mentioned in Article 2 and 3 of the present agreement, the Employee unequivocally and irrevocably agrees that he cannot initiate
any claim against the Employer regarding bonuses and/or short or long term incentives. 

  

	13.9	The Parties acknowledge that they have been assisted by counsel in defending their rights and positions with respect to the negotiating, drafting and signing of this
agreement. The Parties agree not to invoke any mistake of law or fact with regard to the existence and extent of their rights. 

  

	13.10	The Employee acknowledges and agrees that the non compete clause as mentioned in Article 13 of his employment contract or in a bonus and/or stock option plan, is not
valid nor enforceable. Therefore, the Employee waives any non-compete compensation or any related claim in this respect. 

  

	13.11	 Aside from the obligations mentioned in the present agreement, the Employer voluntary waives all claims against the Employee, that have arisen or which
may arise from the signing, execution and termination of the employment contract, including, but not limited to damages, reimbursement of 

  
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alleged undue amounts, compensation for taxes paid by the Employer for or on behalf of the Employee and any or all rights or claims for duties of good faith and fair dealing, detrimental
reliance, promissory estoppel, invasion of privacy, negligence, defamation, outrageous conduct, intentional or negligent infliction of emotional distress, harassment and any and all rights or claims for monetary damages or individual equitable
relief under any other federal, state, or local statutes, or under common law, or the laws of any country in Asia, the United States or Belgium. 

  

	14.	CONFIDENTIALITY 

  

	14.1	The Employee undertakes not to make use of or divulge any information and data regarding the Employer or the activities of the Employer and any group companies and
related companies, parent entities, subsidiaries, affiliates and predecessor entities and each of their respective shareholders, directors and officers provided however that this information and data are confidential or that the Employer has asked
the Employee to keep this information and data confidential. 

 In the event the Employee breaches this
confidentiality obligation, he shall pay an amount equal to EUR 50,000 per breach as damages, plus EUR 5,000 for each day the violation continues after the date of the initial breach, without prejudice to the Employer’s right to claim
damages for any actual harm suffered. This compensation represents a reasonable assessment of the damage the Employer would sustain due to violation of this confidentiality obligation. 

 

	14.2	The Employer and the Employee agree that the existence and content of the present agreement are strictly confidential. 

This confidentiality obligation does not prevent the Employer from communicating the terms and conditions of the present agreement:

  

	 	•	 	 to its legal and financial counsel; 

  

	 	•	 	 to third parties, insofar this is necessary to execute the payments; 

 

	 	•	 	 to its board of directors and senior management; 

  

	 	•	 	 to its legal and/or HR department; 

  

	 	•	 	 to the public authorities, as required by law; 

  

	 	•	 	 to the US SEC (filing this agreement and description in a public filing) 

 

	 	•	 	 as required by court order or applicable law. 

 This confidentiality obligation does not prevent the Employee from communicating the terms and conditions of the present agreement: 

 

	 	•	 	 to his legal and financial counsel; 

  

	 	•	 	 to his immediate family; 

  

	 	•	 	 as required by court order or applicable law. 

 Prior to any communication, the third party must commit to keep the information received confidential, unless ordered otherwise by a court. 

 

	14.3	The Parties agree that this agreement may be used as evidence in subsequent litigation in which either Party alleges a breach of this agreement.

  
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	15.	NONCOMPLIANCE 

  

	15.1	The Parties agree that in the event of noncompliance by either party with the obligations arising from this agreement, the only possible remedy is specific performance.

  

	15.2	The Parties agree that rescission of the present agreement in return for compensation, in accordance with article 1184(2) of the Civil Code, is not possible.

  

	16.	MISCELLANEOUS 

  

	16.1	This agreement contains all of representations, obligations, understandings and conditions made between the Parties, and no other representations, obligations,
understandings or conditions exist between the Parties except as expressly set forth herein. This agreement may only be amended, modified, or changed with the written consent of both Parties. 

 

	16.2	Should a court find any term, condition, section or portion of this agreement to be unreasonable or unenforceable, this will not effect the remaining terms, conditions,
sections or portions of this agreement, which will continue in full force and effect. 

  

	17.	APPLICABLE LAW AND JURISDICTION 

  

	17.1	This agreement shall be governed by and construed in accordance with Belgian law. 

 

	17.2	All disputes regarding the interpretation and performance of this agreement shall be submitted to the exclusive jurisdiction of the Belgian courts.

 IN WITNESS WHEREOF, the Parties have caused this agreement to be executed on 29th December 2011 in Feluy, in two original copies, each party
acknowledging receipt of one. 
  

					
	 /s/ Richard D. Rose
	 		 	 /s/ C.H.S. (Kees) Majoor

	The Employer	 		 	The Employee
	Name: Richard D. Rose	 		 	
	Title: Legal Representative, Senior Vice President, General Counsel and Secretary	 		 	
		 		 	(signature, date, name, initials on each page)
	(signature, date, name, position, initials on each page)	 		 	

  
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 Annex I: Draft communication 
 Further to a difference in opinion between the Calgon Board and Mr Kees Majoor, the parties have decided to separate amicably on 6 January 2012. 

  
 9Exhibit 4.4

 Exhibit 4.4 
 

 
 Matching Program 
 2012 Cycle 
 Rewarding the Sustainable Performance 

February, 2012 
 This
document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933. 

Important Notice: Participation in this program is completely optional, once all of the eligibility criteria are met and all conditions
accepted by the employee. The purchase of shares is characterized as a risk investment, once it represents the investment of funds in variable income (i.e. publicly traded shares). Thus, while investing in shares, one is subject to several risks
such as: capital market volatility, share liquidity and oscillation of their quotations in the stock exchange. These risks associated can result in earnings or losses. 
 The option of each Employee for the acquisition and, after certain period of time, after Vale share sale, as well as the profits (dividends, interests etc.) that are noticed by the Employee between the two events,
may have tax consequences, especially the eventual incidence of income tax, if there is positive result in the sale of its shares. We clarify that tax legislation is dynamic, thus, being able to suffer interpretation changes or alterations. The
Human Resources Centers shall provide generic and non-exhaustive information on the said tax consequences, and each Employee should be responsible for evaluating their specific individual condition, as well as consulting their own tax expert to make
sure of the tax implications thereof. 

 

 
 Table of Contents 
  

				September 30,	
	 I. Purpose
	    	 	2	  
	 II. Eligibility
	    	 	3	  
	 III. Matching
	    	 	3	  
	 a) Acquisition Criteria of Shares
	    	 	4	  
	 b) Acquisition of Shares
	    	 	5	  
	 c) Dividends and Interests
	    	 	5	  
	 d) Matching of Shares
	    	 	6	  
	 e) Special Conditions
	    	 	6	  
	 IV. Timetable
	    	 	9	  
	 a) Enrollment to the Program and Opening of Account
	    	 	9	  
	 b) Wire of Funds to Shares Acquisition
	    	 	10	  
	 c) Acquisition of Shares
	    	 	10	  
	 V. Questions & Answers
	    	 	11	  
	 VI. Glossary
	    	 	14	  

  
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 I. Purpose 

The purpose of Vale ́s Matching Program is to establish a reward mechanism for Vale with a view to: 

 

	 	•	 	 Encouraging employee “ownership”; 

  

	 	•	 	 Raising attraction and retention capacity of Employees by Vale; 

 

	 	•	 	 Reinforcing the sustainable performance culture and the competencies development. 

The following rules are exclusively valid for the 2012 Matching program cycle; Entitlement to stock matching awards under this program shall be
based on the employee’s performance in 2011. 
 The 2012 cycle shall commence on February 23rd, 2012 and ends on February 22nd, 2015. 
 The
implementation of the 2012 Matching Program is a one-time discretionary benefit and Vale reserves its right to unilaterally alter, amend, change or modify the formula utilized to calculate the matching benefit awards, or to eliminate the Matching
Program benefit, in whole or in part, at any time in subsequent years, with or without prior notice. 
 For greater clarity,
employee’s participation in the 2012 Matching Program shall not generate an expectation of future entitlement, as Vale is not obliged to implement the Matching Program in the years to come. 

  
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 II. Eligibility 

Employees who meet all of the following conditions are eligible to participate in the Matching Program: 

 

	 	1.	 Employees of Vale in the following positions, as based on the December 2011 corporate structure1: 

  

	 	i.	 CEO (L7); 

  

	 	ii.	 Executive Director (L6); 

  

	 	iii.	 Director (L5); 

  

	 	iv.	 Department Director (L4), Technical Director (TM); 

  

	 	v.	 General Manager (L3), Senior Technical Manager (TS); 

  

	 	vi.	 Manager (L2), Technical Manager (TT); 

  

	 	vii.	 Project Leaders (PE, PS and PL). 

  

	 	2.	 Have received the short-term incentive (AIP-Annual Incentive Plan) award related to 2011 performance cycle; 

 

	 	3.	 Be an active employee of Vale or an approved participant subsidiary (Appendix), on the acquisition date of shares; 

 

	 	4.	 Having been positioned in the Career and Succession matrix in the quadrants eligible for participation in the Matching Program; 

 

	 	5.	 Be in accordance with the automatic payroll withholding from their net short-term incentive (AIP) award payment, sending the term of Enrollment signed within
the deadline established. 

 III. Matching 

Employees eligible to participate in the Program may acquire Vale preferred
shares2, according to the criteria defined below, and shall be entitled, at
the expiry of the term of the program, to a reward that matches one a one to one basis (1:1) the number of shares purchased by the Employee, provided that such shares are owned and retained in whole by the Employee entirety of the term of the
Matching Program. 
  
  

	1 	 Given that titles differ within each level according to the local market of each operating company, please confirm with your Local Human Resources or Global
Compensation Team your eligibility to participate in the Matching Program. In order to be eligible the employee must have occupied one of the above noted positions in paragraph 1 as of December 31st 2011. 

 

	2 	 American Depositary Receptors backed in preferred VALE shares 

  
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	 	a)	 Acquisition Criteria of Shares 

 Participation in the program is completely optional and will be based on employees’ position in the quadrants as per the Career & Succession matrix: 

Participation Options 
 (% of net amount received as
short-term incentive—AIP- award payable for 2011 to acquire Vale shares) 
  

	 	•	 	 50% participation in following priority: 

 i. Employee must be identified in cluster 1 and must be among the 30% top ranked employees within his/her level within his/her Executive Director’s (L6) areas;

 ii. Employee must be identified in cluster 2 and selected by the Executive Director (L6) (consent of L5 HR Director)
based (not exclusively) on results of Career and Succession Matrix; this option is only available if the 30% reference (top ranked employees in his/her level) is not achieved with employees ranked in cluster 1; 

iii. Employee must be ranked in cluster 2, based on results of 2011 Career and Succession Matrix; this option is only available if
the 30% top ranked employees is not achieved according to the two previous references (“i” and “ii”); 
  

	 	•	 	 30% participation 

- Employee must be identified in cluster 1 and he/she is positioned below the 30% top ranked employees in
his/her level within his/her Executive ́s Director ́s (L6) areas 
 - Employee must be identified in cluster
2 and he/she is not included in the situations related to “50% participation” described in the specific items above (“ii” and “iii”); 

 

	 	•	 	 Not eligible 

 -
Employees identified on cluster 3 
 Although eligible to participate in the Program, the employees shall observe and
comply rigorously with the established schedule, in order to be entitled to the Matching. 

  
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	 	b)	 Acquisition of Shares 

Vale is responsible for the definition and contracting of the brokerage firm that shall perform the opening of accounts, purchases and custody of
shares and monitoring the balances of the employees until the end of the cycle. In addition to that, the Company shall also undertake, at the contracted brokerage firms, the expenses related to these provided services during the cycle.

  

	 	•	 	 For the Employees receiving short-term incentive (AIP) in Brazil, a brokerage firm in Brazil will acquire the shares (VALE5) at “BM&FBOVESPA S.A
Bolsa de Valores, Mercadorias e Futuros” and monitor the accounts. 

  

	 	•	 	 For the Employees receiving short-term incentive (AIP) outside Brazil, a brokerage firm in USA will acquire the ADR’s (American Depositary Receipt) of
Vale shares (VALE.PR) at the New York Stock Exchange (NYSE) and monitor the accounts. 

 To purchase
the shares and to be entitled to the Program, the Employee shall provide the documentation required to open the account to the brokerage firm, according to the established schedule contained in this document. Once the account is opened and the funds
received, the brokerage firm shall perform the acquisition of shares at market prices on February, 23rd 2012. 
  

	 	c)	 Dividends and Interests 

 In case of
statement of dividends and/or interests by Vale: 
  

	 	•	 	 The Employees that use the brokerage firm in Brazil will have theirs funds deposited in their bank account. 

 

	 	•	 	 The Employees that use the brokerage firm in USA may choose to deposit these amounts in the bank account of their choice or to use the funds for automatic
reinvestment in new Vale shares. 

 However, Vale shares acquired with the amounts received as dividends and/or
interests shall not increase the shares balance to be contemplated by the Program at the end of the cycle. 

  
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	 	d)	 Matching of Shares 

 During the term of the Matching Program, participating Employees have the right to sell all or part of the shares purchased through this program. The Employee shall forfeit the right to the share Matching reward
offered by Vale on all shares prior to the expiry of the term of the program, being February, 22 nd, 2015, and shall also be responsible for any costs arising from such sale. 
 At the end of the
cycle, that is, three years after the acquisition of shares, Vale shall check the Employees’ balances with the brokerage firms. Those who have not sold any of the acquired shares in the beginning of the cycle shall be eligible to the Matching
reward receipt. 
 Example: Employee eligible to have 30% or 50% of the net value of its short-term incentive (AIP). 

Moment I (cycle starts) 
  

	 	•	 	 Net value received related to 2011 AIP = $100,000.00 

  

	 	•	 	 Percentage chosen by the Employee to purchase the shares = 50% = $50,000.00 

 Hypothetical share price on the acquisition date = $ 25.00 
 # of acquired shares = 2,000 

Moment II (cycle ends) 
  

	 	•	 	 3 years after the acquisition of shares, the brokerage firm informs Vale that the Employee did not sell any of the shares acquired in the beginning of the
cycle. Thus, the Employee is eligible for the Matching reward. 

  

	 	•	 	 # of shares acquired by the Employee and kept for three years = 2,000 

 

	 	•	 	 Number of Matching shares = 2,000 

 Employee’s balance in the end of the Matching = equivalent to 4,000 shares (double of initial balance) 
  

	 	e)	 Special Conditions 

  

	 	i.	 Termination of Employment 

  
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 The conditions below define what shall happen in the
case of the following employment related events: 
  

	 	•	 	 Resignation: An Employee shall not be eligible for the Matching reward if he or she resigns his-her employment and such resignation is effective
during the term of the Matching Program. However, the Employee may sell or keep the shares that were acquired with his/her funds. Administration costs of the fund, where applicable, will be the responsibility of the individual as of the effective
date of resignation. 

  

	 	•	 	 Dismissal by Vale (Without Cause): An employee dismissed without just cause during the term of the Matching Program may sell or keep the shares
acquired with his/her own funds and the Matching reward entitlement shall be prorated for the period of time from the commencement of the Matching Program cycle. Administration costs of the fund, where applicable, will be the responsibility of the
individual as of the dismissal date. 

  

	 	•	 	 Dismissal by Vale (For Cause): An employee dismissed for just cause during the term of the Matching Program may sell or keep the shares acquired with
his/her own funds, but shall not be entitled to any Matching reward from Vale. Administration costs of the fund, where applicable, will be the responsibility of the individual as of the date of termination. 

 

	 	•	 	 Death or permanent disability: In the event of death or the employee becoming permanently disabled during the term of the Matching Program, the
employee or his/her legal heirs may sell or keep the shares acquired with his/her own funds and shall receive the full Matching reward value upon death/disability date. Administration costs of the fund, where applicable, will be the responsibility
of the individual as of the date of death or permanent disability. 

  

	 	•	 	 Change of Control: An employee dismissed without just cause following a Change of Control event may sell or keep the shares acquired with his/her own
funds and the Matching reward entitlement shall be prorated for the number of months he/she participated in the Matching Program, to the date that the Change of Control occurs. Administration costs of the fund, where applicable, will be the
responsibility of the individual as of the date that the Change of Control occurs. 

 For special conditions in which
the Employee is eligible to receive a proportional or full Matching reward, the Vale share price for such a reward, which shall be paid in cash, shall be calculated based on the average share closing price over the 30 days prior to the termination
date. 

  
 7 

 

 
  
  

	 	 ii. Recent Hires or Promotions 

 For this cycle, the cases of those who have been recently hired, promoted or laterally shifted, the employee will be treated as follows: 

 

			September 30,		September 30,
	 #
	    	 Situations
	    	 Position in quadrant

	1	    	 Promoted to L2/TT, L3/TS, L4/TM,
 after June, 1st, 2011.
	    	 Eligible as Cluster 2.

	2	    	 New Employees, hired after June 1st, 2011.
	    	 Eligible as Cluster 2

	3	    	 Lateral shifts of L2 and above
	    	 Eligible in the quadrant of the cycle prior the shift

  

	 	iii.	 Participation Subject to Analysis 

The Employee’s participation in the scenarios below shall be defined case-by-case by the Matching Management Committee: 

 

	 	•	 	 Those on a statutory leave of absence, such as sick leave, maternity leave, etc.; eligibility to participate in the Matching Program and entitlement to any
Matching rewards under the program shall be assessed according to the applicable labor, employment and social security laws of the jurisdiction in which the employee is employed; 

 

	 	•	 	 Those on non-remunerated leave; 

  

	 	•	 	 Employees assigned to entities in which Vale has participation; 

 

	 	•	 	 Other situation not provided above. 

  
 8 

 

 
  
 IV. Timetable 

In order to be eligible to participate in the Program, the employee shall observe the schedule below. 
 Summary: 
  

			
	 Date
	  	 Evento

		
	 Until January, 30th, 2012
	  	Deadline to send to local HR the enrollment form signed (Brazil and abroad)
		
	 Until February, 3 rd, 2012
	  	Deadline to send the form and documents to open the bank account in brokerage firm – new participants (Brazil)
		
	 Until February, 6 th, 2012
	  	Deadline to send the form and documents to open the bank account in brokerage firm – new participants (Worldwide)
		
	 AIP Payment
	  	Deposit of funds in the Vale bank account designated by each country.
		
	 February, 23rd and/or 24th, 2012
	  	Acquisition of shares
		
	 February, 22nd, 2015
	  	Calculation of Matching for eligible Executive

  

	a)	 Enrollment to the Program and Opening of Account 

 The enrollment to the Program assumes the forwarding of the “Enrollment Form” (totally filled in and signed) and the documents necessary to open the account. In the Enrollment Form, the Employee shall opt
for the percentage applicable to its reward range. If the Employee has participated in the last Matching cycle and already has an account for this purpose in the brokerage firm defined by Vale and if for this cycle he is still eligible to use the
same brokerage firm, it will not be necessary to open a new account. 
 For those who do not meet the condition described above, please refer to the
documents below: 
  

	 	1.	 Employees receiving short-term incentive (AIP) award in Brazil shall fill in the form of the brokerage firm in Brazil. Along with the completed form,
the Employee shall send, to its Human Resources Representative, a copy of the following documents: ID card, CPF (Individual Taxpayer’s Roll) and proof of residence. Doubts related to the brokerage form and documentation can be sorted out
through your local HR. 

  
 9 

 

 
  
  

	 	2.	 Employees receiving short-term incentive (AIP) award outside Brazil (including those on international assignments) shall fill in and send (electronically) the
scanned form. After sending the form, the Employee shall send, to its HR Center, the original form. Doubts related to the brokerage form and documentation can be sorted out through your local HR. 

b) Wire of Funds to Shares Acquisition 
 After the enrollment, each employee shall transfer the funds according to his/her investment option, into a bank account designated by Vale, in each country. The funds will be remitted by wire transfer directed by
Vale to the brokerage firms for the shares acquisition. 
 c) Acquisition of Shares 

Acquisition date of shares: February 23rd and/or
24th , 2012 

On the determined date, the brokerage firms shall purchase, at market value, the shares related to the Employees’ investment. The
number of shares shall be allocated to each participant proportionally to their investment by the average acquisition price of the whole shares. 
 As soon as the shares have been purchased, the Employees will receive from the brokerage firm a communication: share price of the purchase, shares balance, site address, login and password (for online
consultation). 

  
 10 

 

 
  
 V—Questions & Answers

 1. Who shall I contact to perform the purchase of shares and which documents shall be necessary to carry out this operation?

 You shall contact your Local Human Resources Representative that is responsible for intermediating the opening of your account at
the brokerage firm identified for your situation. The Local Human Resources Representative also is responsible to indicate the required documents. 
 2. The percentage used for the purchase of shares shall be calculated on the net or gross amount of the short-term incentive (AIP) referent to 2011? 

The percentage to be used by the Employee for the purchase of shares shall be calculated on the net amount of the short-term incentive (AIP)
award referent to 2011. 
 3. If I am promoted before or after the purchase of shares, what shall happen? 

The positions occupied on December 31st, 2011 shall be used as reference. Thus, promotions and admissions after such date shall not have effect on the reward program.

 4. Which are the starting and end dates of the Matching cycle? 
 The 2012 cycle starts on
February 23rd, 2012 and ends on February 22nd, 2015. 
 5. If I resign during the cycle, what shall my entitlement be? 
 If the Employee resigns from
Vale voluntarily, he/she may sell or keep the shares that were acquired with his/her own funds, but shall not be eligible for any Matching reward. After resignation, the employee shall be responsible for any costs he/she may incur in the
administration and/or disposition of the shares by the broker, if any. 
 6. If I am terminated during the cycle, what shall my entitlement be?

 The Employee terminated without just cause may sell or keep the shares acquired with its own funds and shall receive the prorated
Matching value, according to the Program rules, based on the number of months he/she participated in the Matching Program up to the termination date. A terminated employee shall be responsible for any costs he/she may incur in the administration
and/or disposition of the shares by the broker, if any. 

  
 11 

 

 
  
 7. Shall I receive the Matching in cash or
shares? 
 Vale will determine the form of payment at the time of payout at its discretion. However, the total payment at the time the
matching is due will be equivalent to the amount of shares initially purchased in the program. 
 8. Can I purchase more shares with the amount that I
shall receive as dividends and/or interests? 
 Each brokerage firm has a different process, enabling purchase preferred shares with
the amount received as dividends, or making a deposit in the specified bank account. However, this shall not be considered for the Matching Program. 

9. Can I acquire additional shares in the account opened for the Matching? 
 No. Only automatic investments made with amounts received as dividends and/or interests shall be performed. The Matching account shall be blocked for other share acquisitions. 

 

	10.	 In case of deployment/split of shares, how shall the Matching be calculated? 

In case of share deployment/split of shares, the number of shares to be received shall also be adjusted in order to reflect the eventual
deployment/split. 
  

	11.	 If the amount sent to the brokerage firm cannot buy a whole number of shares, what should happen? 

For the Employees that acquire shares at BM&FBOVESPA, the brokerage firm in Brazil will purchase the largest number of whole shares and the
remaining funds shall be wired to the Employee bank account as informed in the opening account form. 
 For the Employees that acquire
shares at NYSE, the brokerage firm in USA has a procedure that allows the purchase of a factionary number of shares, therefore, no remaining funds will be returned. 

  
 12 

 

 
  
 Example: 

a) Employee that has acquired shares at BM&FBOVESPA. 
 Funds
remitted = $ 50,020.00 
 Hypothetical share price = $ 25.00 
 Number of shares purchased = 2,000 
 Remaining funds to be wired to the Employee’s bank account = $ 20.00

 b) Employee that has acquired Vale ADR’s at NYSE. 

Funds remitted = $ 25,020.00 
 Hypothetical share price = $ 12.50

 Number of shares purchased = 2,001.60 
  

	12.	 What happens if I sell all or part of the shares before the cycle ends? 

This reward was designed with the purpose of promoting ownership and vision among Vale Employees. Thus, the Company expects from participants, a
shareowner attitude (that is, from that who shall have share ownership for a certain period for believing in the Company growth capacity) and not only a shareholder one (that is, that who temporarily owns the share, until it finds the adequate
moment to sell it). For such reason, if you sell all or part of the shares acquired prior to the end of the cycle, you shall not receive any Matching reward amount, and any costs arising from the sale or custody by the broker of such shares shall be
the sole responsibility of the Employee. 

  
 13 

 

 
  
  
 VI— Glossary 
 Employees: Vale employees or subsidiaries approved (Appendix), who
fill the positions eligible to participate in this program 
 Matching Cycle: The 2012 cycle starts on February, 23rd, 2012 and ends 36 months
after. 
 Brokerage Firm: Firm that shall perform the opening of the account, share custody and purchase and monitoring of the
Employees’ balance. 
 Short-term incentive (AIP—Annual Incentive Plan): Company Program, from which its employees
receive, according to the performance combination of the Company, the Department and the Individual, an amount as participation in the Company profits referent to the year considered as time interval for the performance evaluations. 

Matching Management Committee: Committee composed of the CFO and the HR and Corporate Services Officer. This committee is responsible for
the decision making related to the Matching reward program in situations not covered in this 
 document. 

BM&FBOVESPA: São Paulo Stock Exchange (www.bmfBM&FBOVESPA.com.br). 
 NYSE: New York Stock Exchange (www.nyse.com). 
 ADR’s (American Depository
Receipt): They represent the ownership of shares from foreign companies negotiated in the US financial market. ADR’s allow to foreign investors residing in the US the purchase of shares from foreign companies without remitting funds abroad.
ADR’s have their value determined by the US dollar; their dividends are paid through the same currency and can be negotiated as US companies shares. 
 Career and Succession Matrix: Tool used by Vale to classify its employees according to the evaluation of the latter regarding the performance and competences observed throughout one year. 

Dividends: Payments made by companies to the owners of their shares. When a company obtains profits, these can be managed mainly by two
manners: reinvest in their own company (also called retained earnings) or paid to the shareholders as dividends. 

  
 14 

 

 
  
 Interests: A remuneration
system alternative to the payment of dividends for the shareholder. The difference is in the tax effect of this measure, which is eligible for some deductions for the company in the calculation of its income tax. 

  
 15 

 

 
  
 APPENDIX 

Subsidiaries approved for the 2012Matching Program. 
 BRAZIL 
 VALE 

FRDSA 
 FVRD 
 FCA 
 Instituto Tecnológico Vale 
 Urucum 
 Vale Manganês 
 CPBS 
 Mineração Corumbá 
 Salobo Metais 
 Vale Fosfatado 
 Vale Fertilizantes (L3 and above) 
 Vale Óleo e Gás 

FNS 
 ABROAD 

Vale Manganese Norway 
 RDAsia Shanghai 

Vale Minerals Shanghai 
 Vale International Korea (Seul) 

Valeserve Malaysia Sdn. Bhd. 
 Vale Manganese France 

Vale Exploration (Peru) 
 Tres Valles Project 

Vale Exploration Chile 
 Vale Colombia (Coal Operations) 

Vale Exploration Argentina (Argentina) 
 Tethys Mining LLC
(Mongólia) 
 Vale Moçambique 
 Vale South
Africa Limited. 
 Bayovar (Peru) 
 Vale Internacional S.A
(Suíca) 
 Vale Inco 
 Vale Asia K.K.(Japan)

 Vale Australia 
 Vale Coal Colombia 

Rio Doce Guine 

  
 16 

 

 
  
 RDI India 

Vale Exploration Australia 
 Vale Exploration Mozambique 

Vale Singapore 
 Vale Philippines 

Vale Congo 
 Potassio Rio Colorado (Argentina) 

Gevale (Angola) 
 MRK (Cazaquistao) 

Vale Exploration Indonesia 
 Exploration Eurasia 

Vale Exploration Oman 
 Vale Exploration China 

Vale Exploration Canada 
 Vale Logística Argentina 

Porto San Nicolás (Argentina) 
 Transbarge Navegación
(Paraguai) 
 Vale Oman 
 Vale Cazaquistão

 PT International Niquel (Indonesia) 

  
 17

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