Document:

Exhibit 10.5

 

Form of Arconic Corporation 2020 Annual
Cash Incentive Plan

 

The Plan has been approved
by the Compensation and Benefits Committee of the Board of Directors of Arconic Corp. (the “Compensation Committee”).
The terms of the Plan are as follows:

 

		1.	Purpose

 

This Arconic Corporation
2020 Annual Cash Incentive Plan (the “Plan”) is intended to attract, retain, motivate and reward Participants by providing
them with the opportunity to earn annual incentive compensation under the Plan based upon achievement of pre-established Performance
Goals.

 

		2.	DEFINITIONS

 

For purposes of the Plan, the following
terms have the meanings set forth below:

 

2.1             
“Arconic Corp.” means Arconic Corporation, a Delaware corporation, and its successors or assigns.

 

2.2             
“Award” means an incentive award providing a Participant the opportunity to earn cash compensation under
the Plan, subject to the achievement of one or more Performance Goals established pursuant to Section 6 of this Plan or such other
terms as the Compensation Committee may establish.

 

2.3             
“Award Agreement” means any written or electronic agreement, contract, or other instrument or document
that the Compensation Committee may deem advisable to evidence an Award and which may set forth additional terms and conditions
regarding such Award and such Participant’s participation in the Plan.

 

2.4             
“Award Level” means the amount of incentive compensation (generally expressed as a percentage of the
Participant’s Base Salary) that may be paid to a Participant under the Plan for the achievement in a given Plan Year of an
associated, specified level of performance measured in terms of Performance Goals established pursuant to Section 6 of this Plan.
Award Levels may be established at threshold, target and maximum levels.

 

2.5             
“Award Payment” means the actual dollar or local currency amount paid to a Participant under any Award
pursuant to the Plan.

 

2.6             
“Base Salary” means with respect to any Participant the annual base salary actually paid to such Participant
during the Plan Year. For the sake of clarity, Base Salary does not include any bonus or incentive compensation, whether under
the Plan, any other short-term or long-term incentive plan or otherwise. Base Salary shall be determined without reduction for
salary deferrals under any Company-sponsored nonqualified deferred compensation plan and, in the United States, Code Section 401(k)
plan or flexible spending account plan (under Code Section 125), and without inclusion of any amounts previously deferred
under any company-sponsored nonqualified deferred compensation plan, Code Section 401(k) plan or flexible spending account
plan (under Code Section 125) that become subject to inclusion in gross income for Federal tax purposes.

 

     

     

    

 

2.7             
“Board” means the Board of Directors of Arconic Corp.

 

2.8             
“Cause” means (a) if the Participant participates in the Arconic Corp. Change in Control Severance Plan,
 “Cause” as defined in such plan; or (b) if the Participant does not participate in the Arconic Corp. Change in
Control Severance Plan, (i) the willful and continued failure by the Participant to substantially perform the Participant’s
duties with Arconic Corp. or a Subsidiary that has not been cured within 30 days after a written demand for substantial performance
is delivered to the Participant by the Board or the Participant’s direct supervisor, which demand specifically identifies
the manner in which the Participant has not substantially performed the Participant’s duties, (ii) the willful engaging
by the Participant in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise; (iii) the
Participant’s fraud or acts of dishonesty relating to the Company, or (iv) the Participant’s conviction of any misdemeanor
relating to the affairs of the Company or indictment for any felony. For purposes of clauses (i) and (ii) of this definition,
no act, or failure to act, on the Participant’s part shall be deemed “willful” unless done, or omitted to be
done, by the Participant not in good faith and without reasonable belief that the Participant’s act, or failure to act, was
in the best interest of the Company.

 

2.9             
“CEO” means Arconic Corp.’s Chief Executive Officer.

 

2.10           
“Code” means the Internal Revenue Code of 1986, as amended including rules, regulations and guidance
promulgated thereunder and successor provisions and rules and regulations thereto.

 

2.11           
“Company” means Arconic Corp. and all of its Subsidiaries, collectively, or its successors or assigns.

 

2.12           
“Disability” means a Participant’s inability to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months.

 

2.13           
“Executive Officer” means each officer of the Company whose compensation is approved by the Compensation
Committee on an annual basis.

 

2.14           
“Participant” means an officer, manager or employee of Arconic Corp. or any of its Subsidiaries who is
selected by the CEO, or approved by the Compensation Committee, for participation in the Plan for a given Plan Year in accordance
with Section 5.

 

2.15           
“Performance Goals” means the Company Performance Goals (as defined below) and/or Personal Performance
Goals established for each Award pursuant to Section 6.1 of this Plan, against which a Participant’s performance shall be
measured to determine if an Award Payment may be payable under the Plan. Company Performance Goals may be based upon one or more
Performance Measures set forth in Section 6.2 of this Plan (collectively, “Company Performance Goals”).

 

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2.16           
“Performance Measures” means the performance measures set forth in Section 6.2 of this Plan for Arconic
Corp. or any one or more of its groups, divisions, business units, or Subsidiaries, and other performance metrics as the Compensation
Committee deems appropriate under the circumstances.

 

2.17          
 “Personal Performance Goal” means goals or levels of performance based upon achievement of certain individual
business objectives and/or personal performance objectives, in each case which support the business plan of the Company. Personal
Performance Goals may include personal performance objectives such as teamwork, interpersonal skills, employee development, project
management skills and leadership, and/or individual business objectives such as the implementation of policies and plans, the negotiation
and/or completion of transactions, the development of long-term business goals, formation of joint ventures, research or development
collaborations, technology and best practice sharing within the Company, and the completion of other corporate goals.

 

2.18           
“Performance Period” means that period established by the Compensation Committee at the time any Award
is granted or at any time thereafter during which any Performance Goals with respect to such Award are to be measured.

 

2.19           
“Retirement” means the termination of a Participant by his or her resignation from continuous service
upon or after attainment of (a) normal retirement age of 65; (b) age 55 and completion of 10 years of continuous service; (c) such
lesser age for any individual Participant with rights to a pension other than a deferred vested pension benefit under a retirement
plan of Arconic Corp. and/or a Subsidiary and/or an affiliate; (d) as defined under or in accordance with, the 2013 Arconic Stock
Incentive Plan, as amended and restated; or (e) as may be approved by the Compensation Committee, in its discretion; but in each
case under (a), (b), (c) or (d) hereof only if such termination is approved as Retirement by, in the case of an Executive Officer,
the Compensation Committee, and, in the case of any other officer or employee, the CEO.

 

2.20           
“Section 409A” means Section 409A of the Code.

 

2.21           
“Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act
of 1933, as amended.

 

		3.	Administration

 

3.1             
Power and Authority of the Compensation Committee. The Plan shall be administered by the Compensation Committee,
which shall have full power, discretion and authority to, without limitation:

 

(a)              
Designate each Performance Period;

 

(b)              
Establish the Performance Goals for each Performance Period and determine whether and to what extent such Performance Goals
have been achieved;

 

(c)              
Determine at any time the cash amount payable with respect to an Award;

 

(d)              
Prescribe, amend and rescind rules and procedures relating to the Plan;

 

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(e)              
Employ such legal counsel, independent auditors and consultants as it deems desirable for the administration of the Plan
and to rely upon any opinion or computation received therefrom;

 

(f)               
Amend, modify, or cancel any Award, and authorize the exchange, substitution, or replacement of Awards;

 

(g)              
Delegate its administrative powers under the Plan to the extent not prohibited by applicable laws, regulations or stock
exchange listing rules; and

 

(h)              
Make all determinations, and formulate such procedures, as may be necessary or advisable in the opinion of the Compensation
Committee for the administration of the Plan.

 

3.2             
Plan Construction and Interpretation. The Compensation Committee shall have full power and authority to construe
and interpret the Plan and to correct any defect or omission, or reconcile any inconsistency, in the Plan or any Award.

 

3.3             
Determinations of Compensation Committee Final and Binding. All determinations by the Compensation Committee
in carrying out and administering the Plan and in construing and interpreting the Plan shall be made in the Compensation Committee’s
sole discretion and shall be final, binding and conclusive for all purposes and upon all persons interested herein. The Compensation
Committee’s decisions regarding the amount of each Award need not be consistent among Participants.

 

3.4             
Limitation on Liability. No member of the Compensation Committee or the Board (or its delegates) shall be
liable for any action or determination made in good faith with respect to the Plan or any award pursuant to it. Arconic Corp. shall
indemnify and hold harmless each member of the Compensation Committee and the Board, and the estate and heirs of each such member,
against all claims, liabilities, expenses, penalties, damages or other pecuniary losses, including legal fees, which such Compensation
Committee member or Board member or his or her estate or heirs may suffer as a result of any act or omission to act in connection
with the Plan, to the extent that insurance, if any, does not cover the payment of such items.

 

		4.	TERM

 

The effective date
of this Plan is January 1, 2020.  The Plan will remain in effect for successive fiscal years beginning on January 1 of each
year (each, a “Plan Year”), until terminated by the Compensation Committee at the Compensation Committee’s sole
discretion.

 

		5.	Eligibility

 

5.1             
In order to be eligible to participate in the Plan for any Plan Year, except as set forth in Sections 5.2 and
6.8 below, an individual must (i) be an officer or employee, employed on a full-time or part-time basis with Arconic Corp.
or any of its Subsidiaries in a Plan-eligible position (such positions to be determined in the sole discretion of the Compensation
Committee); and (ii) be hired, transferred or promoted to a Plan-eligible position before the commencement of the final two
weeks of the Plan Year.

 

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5.2             
Directors who are not employees of the Company, temporary employees, leased employees, interns, consultants and independent
contractors shall not be eligible to participate in the Plan.

 

5.3             
An officer or employee who, after January 1 of the Plan Year, is hired, or is transferred or promoted from a
position not eligible for an Award to a position which the Compensation Committee has determined is eligible for an Award for the
Plan Year, may participate in the Plan on a pro rata basis as of the date the employee was hired, transferred or promoted, as the
case may be.

 

 

		6.	Performance Awards

 

6.1             
Establishment of Awards.

 

(a)              
As promptly as practicable after the beginning of each Plan Year with respect to which any Awards are to be granted to Participants,
and, in any event, before April 1 of such Plan Year, the Compensation Committee shall take those actions for which it is responsible
under this Plan to (i) establish the Performance Goals, Performance Measures, Award Levels and, if applicable, the threshold
Award Level, target Award Level and maximum Award Level, for each Participant, and (iii) establish such other terms and conditions
for each Award as it deems appropriate, which terms may be set forth in an Award Agreement.

 

(b)              
In the case of the CEO and each of the Executive Officers, the Compensation Committee will establish for each Plan Year
the Award Levels, the Performance Goals, Performance Measures and the weighting of the Performance Goals. With respect to all other
Participants, the Compensation Committee will approve the Award Levels and Company Performance Goals for each such Participant.

 

(c)              
The Award Levels, Performance Goals and the weighting of the Performance Goals will vary among Participants depending on
the Participant’s role and responsibilities. The Award Levels and Performance Goals may change from Plan Year to Plan Year.

 

6.2             
Performance Measures. The Performance Measures from which the Compensation Committee may establish Performance
Goals shall include the achievement of operational goals based on the attainment by Arconic Corp., on a consolidated basis, and/or
by specified Subsidiaries or groups, divisions or business units of Arconic Corp., of specified levels of one or more of the following
performance criteria, any one of which, if applicable, may be normalized for fluctuations in currency or the price of aluminum
on the London Metal Exchange or established relative to a comparison with other corporations or an external index or indicator,
or relative to a comparison with performance in prior periods, as the Compensation Committee deems appropriate: (a) earnings,
including operating income, earnings before or after taxes, and earnings before or after interest, taxes, depreciation, and amortization;
(b) book value per share; (c) pre-tax income, after-tax income, income from continuing operations, or after tax operating income;
(d) operating profit or improvements thereto; (e) earnings per common share (basic or diluted) or improvement thereto; (f) return
on assets (net or gross); (g) return on capital; (h) return on invested capital; (i) sales, revenues or returns on sales or revenues
or growth in sales, revenues or returns on sales or revenues; (j) share price appreciation; (k) total shareholder return; (l)
cash flow, operating cash flow, free cash flow, cash flow return on investment (discounted or otherwise), improvements in cash
on hand, reduction of debt, improvements in the capital structure of the Company including debt to capital ratios; (m) implementation
or completion of critical projects or processes; (n) economic profit, economic value added or created; (o) cumulative earnings
per share growth; (p) achievement of cost reduction goals; (q) return on shareholders’ equity; (r) total shareholders’
return improvement or relative performance as compared with other selected companies or as compared with Company, Subsidiary,
group, division or business unit history; (s) reduction of days working capital, working capital or inventory; (t) operating margin
or profit margin or growth thereof; (u) cost targets, reductions and savings, productivity and efficiencies; (v) strategic business
criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion, customer
satisfaction (including improvements in product quality and delivery), employee satisfaction, human resources management including
improvements in diversity representation, supervision of litigation, information technology, and goals relating to acquisitions,
divestitures, joint ventures and similar transactions, and budget comparisons; (w) the achievement of sustainability measures,
community engagement measures or environmental, health or safety goals of Arconic Corp. or a Subsidiary, group, division or business
unit of the Company for or within which the Participant is primarily employed; (x) improvement in performance against competition
benchmarks approved by the Compensation Committee; or (y) improvements in audit and compliance measures.

 

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6.3             
Measurement.

 

(a)              
The Compensation Committee shall have sole discretion to determine (i) with respect to all Participants, the Award Levels
which represent the amounts potentially payable under each Award, the Company Performance Goals applicable to each Award, and the
method of determining whether each Company Performance Goal has been met, and (ii) with respect to the Executive Officers, the
Personal Performance Goals, if applicable, the method of determining whether each such Personal Performance Goal has been met and
the weighting of each Performance Goal.

 

(b)              
Unless otherwise determined by the Compensation Committee, each Award shall include a threshold Performance Goal that must
be attained in order for a threshold Award Level to be payable, a target Performance Goal that must be attained for a target Award
Level to be payable, and a maximum Performance Goal that must be attained for a maximum Award Level to be payable. The amount of
each Award and the Performance Goals may vary among Participants and may be determined based on the Participant’s ability
to directly impact the Company’s performance or on an assessment of the Participant’s overall contributions to the
Company’s success.

 

 

6.4             
Company Performance Goals. To the extent the Compensation Committee elects to base Award opportunities and
Performance Goals on a Company Performance Goal, the Compensation Committee shall select the Performance Measures for the Plan
Year from the criteria listed in Section 6.2 or establish such other criteria as the Compensation Committee may determine
appropriate. The Compensation Committee shall also establish the threshold, target and maximum Performance Goals applicable for
each Company Performance Goal.

 

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6.5             
Personal Performance Goals. To the extent the Compensation Committee elects to base Award opportunities and
Performance Goals on one or more Personal Performance Goals, the components of the Personal Performance Goals will: (a) be established
for the Participant’s position for the Plan Year by the Participant’s supervisor with the approval of the CEO; (b)
include only components that support the business plan of the Company; and (c) identify how the Participant will support the achievement
of such goals. The Personal Performance Goals for the Executive Officers will be established by the Compensation Committee. The
determination of whether a Participant (other than an Executive Officer) has attained his or her Personal Performance Goals and
the Award Payment payable with respect to the attainment of such Personal Performance Goals shall be determined by the CEO, subject
to final approval by the Compensation Committee. The determination of whether an Executive Officer has attained his or her Personal
Performance Goals and the Award Payment payable with respect to the attainment of such Personal Performance Goals shall be determined
by the Compensation Committee.

 

6.6             
Certification and Payment.

 

(a)              
As soon as practicable after Arconic Corp.’s audited financial statements are available for a Plan Year with respect
to which the Awards are outstanding, the performance of Arconic Corp., on a consolidated basis, and each applicable group, division,
business unit or Subsidiary will be determined for such Plan Year. The financial and operational performance shall then be evaluated
to determine the extent to which the Company Performance Goals have been achieved, based upon standards established for such Plan
Year. In performing such evaluation, the Compensation Committee is authorized to make adjustments in the method of calculating
attainment of the Company Performance Goals, including, but not limited to, the authority:

 

(i)             
to adjust or exclude the dilutive or anti-dilutive effects of acquisitions or joint ventures;

 

(ii) 
            to adjust the impact of the disposition of any businesses divested by the Company during a Plan Year;

 

(iii)           
 to exclude, in whole or in part, restructuring and/or other nonrecurring charges;

 

(iv)            to exclude,
in whole or in part, exchange rate effects, as applicable, for non-U.S. dollar denominated net sales and operating earnings;

 

(v)            
to exclude, in whole or in part, the effects of changes to generally accepted accounting standards (“GAAP”)
made by the relevant accounting authority;

 

(vi)            to exclude,
in whole or in part, the effects of any statutory adjustments to corporate taxes;

 

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(vii)         
to exclude, in whole or in part, the impact of any “unusual or nonrecurring items” as determined under GAAP;

 

(viii)        
to exclude, in whole or in part, the effect of any change in the outstanding shares of common stock of Arconic Corp. by
reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination
or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends;

 

(ix)            to give
effect to or to ignore, in whole or in part, any other unusual, non-recurring gain or loss or other extraordinary item; and

 

(x)  
          to give effect to or to ignore, in whole or in part, any other facts, circumstances or considerations deemed appropriate
by the Compensation Committee.

 

Award Payments for a Plan Year will be included as an expense
in determining the Company’s financial performance under the Plan for that Plan Year.

 

(b)              
The Compensation Committee and each of its members shall be entitled to rely upon information provided by appropriate officers
of the Company with respect to financial and other data in order to determine if the Performance Goals for any Participant in a
Plan Year have been met.

 

(c)              
Unless otherwise determined by the Compensation Committee or deferred in accordance with Arconic Corp.’s Deferred
Compensation Plan, Award Payments for any Plan Year shall be paid in cash as soon as practicable after the Compensation Committee
determines that the Performance Goals specified for such Award were in fact satisfied. It is intended that payment will be made
no later than required to ensure that no amount paid or to be paid hereunder shall be subject to the provisions of Section 409A(a)(1)(B)
of the Code and all payments are intended to be eligible for the short-term deferral exception to Section 409A of the Code, except
to the extent a payment is deferred under Arconic Corp.’s Deferred Compensation Plan.

 

6.7             
Limit on Award Payments. Under no circumstances shall the aggregate amount payable to any Participant under
an Award for any Plan Year exceed US$9,000,000.

 

6.8             
Termination of Employment.

 

(a)            
Other than in cases of Retirement, a Participant who voluntarily terminates employment prior to the date the Award Payment
is paid for a given Plan Year shall forfeit any right to receive any Award Payment for that Plan Year.

 

(b)            
In the event of a Participant’s involuntary termination by the Company without Cause, the Participant will remain
eligible for an Award Payment for the applicable Plan Year only if the Participant has been employed by the Company for a continuous
period of not less than six months in such Plan Year.

 

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(c)            
In the event of a Participant’s Retirement, the Participant will remain eligible for an Award Payment for the applicable
Plan Year only if the Participant has been employed by the Company for a continuous period of not less than six months in such
Plan Year, provided that circumstances that would have warranted a termination of the Participant’s employment by the Company
for Cause do not exist.

 

(d)            
In the event of a Participant’s termination by the Company for Cause, the Participant shall forfeit any right to receive
any Award Payment for the Plan Year.

 

(e)            
In the event of the Participant’s death or Disability:

 

(i)             
 if a Participant’s employment is terminated prior to the end of a Plan Year by reason of death or Disability, the
Participant or the Participant’s heir or legal representative may, upon the Compensation Committee’s approval, be eligible
to be paid a prorated portion of the Award Payment for that Plan Year for the period of time employed during such Plan Year, based
on the actual level of attainment of the Performance Goals; and

 

(ii)            
 if a Participant’s employment is terminated by reason of death or Disability after the end of a Plan Year, but prior
to payment to that Participant of the Award Payment otherwise payable (or any portion thereof) under an Award, the Participant
or the Participant’s heir or legal representative will be eligible for the amount of the Award Payment earned by the Participant
for that Plan Year, based on the actual level of attainment of the Performance Goals.

 

		7.	Withholding Taxes

 

The Company shall have
the right, at the time of payment of an Award Payment, to make adequate provision for any federal, state, local or foreign taxes
(including social contributions and any other applicable taxes) which it believes are or may be required by law to be withheld
with respect to an award under the Plan (“Tax Liability”), to ensure the payment of any such Tax Liability. The Company
may provide for the payment of any Tax Liability by withholding from the amount of the Award Payment or by any other method deemed
appropriate by the Compensation Committee.

 

		8.	Amendment And Termination

 

The Compensation Committee
may at any time and in its sole discretion suspend, amend or terminate the Plan.

 

		9.	Miscellaneous

 

9.1             
No Guarantee of Employment. Nothing in this Plan or any Award granted hereunder shall confer upon any employee
any right to continue in the employ of the Company or interfere in any way with the right of the Company to terminate his or her
employment at any time.

 

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9.2             
Not Compensation for Other Plans. Except as otherwise explicitly required under the terms of an employee benefit
plan of the Company that is intended to be qualified under Section 401(a) of the Code, no Award under this Plan and no amount payable
or paid under any Award shall be deemed to be or counted as salary or compensation for the purpose of computing benefits under
any employee benefit plan or other arrangement of the Company for the benefit of any employee.

 

9.3             
Compliance with Law. The Plan and the grant of awards under it shall be subject to all applicable U.S. federal
and state and any applicable foreign laws, rules and regulations and to such approvals by any governmental or regulatory agency
as may be required.

 

9.4             
State Law. The Plan shall be construed in accordance with and governed by the laws of the State of Delaware,
United States of America, without reference to principles of conflict of laws, and construed accordingly.

 

9.5             
Interpretation. All Awards and any Award Agreements shall be subject to the terms of this Plan, or the terms
of this Plan, as amended from time to time, and as interpreted by the Compensation Committee.

 

9.6             
No Alienation. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated
to or in favor of any party other than the Company or an affiliate of the Company, or shall be subject to any lien, obligation,
or liability of such Participant to any other party other than the Company or an affiliate of the Company. No Award shall be assignable
or transferable, either voluntarily or involuntarily, by a Participant, including as between spouses or pursuant to a domestic
relations order in connection with dissolution of marriage, or by operation of law, except pursuant to Section 6.8(e) or the laws
of descent.

 

9.7              Section 409A.
This Plan may be amended at any time, without the consent of any party, to avoid the application of Section 409A of the Code
in a particular circumstance or that is necessary or desirable to satisfy any of the requirements under Section 409A of the
Code, but the Company shall not be under any obligation to make any such amendment. Nothing in the Plan shall provide a basis for
any person to take action against the Company or any affiliate based on matters covered by Section 409A of the Code, including
the tax treatment of any amount paid or Award made under the Plan, and neither the Company nor any of its affiliates shall under
any circumstances have any liability to any Participant or any other party for any taxes, penalties or interest due on amounts
paid or payable under the Plan, including taxes, penalties or interest imposed under Section 409A of the Code.

 

9.8              Forfeiture
and Recoupment. Notwithstanding any other provision of this Plan, if a Participant commits fraud or dishonesty toward the
Company, wrongfully uses or discloses any trade secret, confidential data or other information proprietary to the Company, engages
in misconduct which has or might reasonably be expected to have material reputational or other harm to the Company or intentionally
takes any other action materially adverse to the best interests of the Company, as determined by the Compensation Committee in
its sole and absolute discretion, such Participant shall forfeit all Awards under the Plan and the Compensation Committee has
the discretion to recover Award Payments that were paid under the Plan to the Participant (or, in the case of a deferred incentive,
earned by such Participant) in the three-year period prior to the date the misconduct was discovered or prior to the date the full
impact of the misconduct was known, as determined by the Compensation Committee. Further, Award Payments are subject to any recoupment
requirements under the Sarbanes-Oxley Act or under other applicable laws, rules, regulations or stock exchange listing standards,
including, without limitation, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and shall
apply notwithstanding anything to the contrary in the Plan.

 

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9.9.              Participants
Outside the United States. Awards may be granted to employees who are foreign nationals or residents or employed outside the
United States, or both, on such terms and conditions different from those applicable to Awards to employees who are not foreign
nationals or residents or who are employed in the United States as may, in the judgment of the Compensation Committee, be necessary
or desirable in order to recognize differences in local law, regulations or tax policy. If any provision of the Plan is or becomes
or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the
Plan or any Award under any law outside the United States where an employee is based, such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be construed or deemed amended without, in the sole determination of the
Compensation Committee, materially altering the intent of the Plan, such provision shall be stricken as to such jurisdiction, person
or Award, and the remainder of the Plan shall remain in full force and effect.

 

9.10.           Severability.
If any provision of the Plan is held invalid or unenforceable, the invalidity or unenforceability shall not affect the remaining
parts of the Plan, and the Plan shall be enforced and construed as if such provision had not been included.

 

9.11            Unfunded
Plan. The Plan is intended to constitute an unfunded plan for incentive compensation. Prior to the payment of any Award, nothing
contained herein shall give any Participant any rights that are greater than those of a general creditor of the Company. No amounts
awarded or accrued under the Plan shall be funded, set aside, subject to interest payment or otherwise segregated prior to payment
of an Award. Any Award payable under the Plan is voluntary and occasional and does not create any contractual or other right to
receive Awards in future years or benefits in lieu of such Awards.

 

    11Exhibit 10.6

 

FORM OF ARCONIC CORPORATION

 

NON-EMPLOYEE DIRECTOR
COMPENSATION POLICY

 

Effective [ ], 2020

 

		1.	General. This Non-Employee Director Compensation Policy (the
 “Policy”), sets forth the cash and equity-based compensation that has been approved by the board of directors
of Arconic Inc., a Delaware corporation, (“Parent”) as payable to eligible non-employee members of the board of
directors of Arconic Corporation (“Non-Employee Directors”) commencing [ ], 2020, and which shall be additionally
approved by the board of directors of Arconic Corporation (the “Board”) as soon as practicable following the date
of the separation of Arconic Corporation, a Delaware corporation, (the “Company”) from the Parent (the “Separation
Date”). Subject to such approval by the Board, the cash and equity-based compensation described in this Policy shall be
paid or be made, as applicable, automatically and without further action of the Parent or the Board, to each Non-Employee Director
who may be eligible to receive such compensation. This Policy shall remain in effect until it is revised or rescinded by further
action of the Board. 

 

		2.	Cash Compensation.

 

		(a)	Annual Retainers. Each Non-Employee Director shall be eligible to receive an annual cash retainer of $120,000 for service
on the Board. In addition, subject to paragraph 2(b) below, a Non-Employee Director shall receive the following additional annual
retainers, as applicable:

 

	Non-Employee Director Position	 	Additional Annual Cash Retainer Fee	 
	Lead Director	 		$30,000	 
	Audit Committee Chair Fee (includes Audit Committee Member Fee)	 		$20,000	 
	Compensation and Benefits Committee Chair Fee	 		$15,000	 
	Other Committee Chair Fee	 		$15,000	 

 

		(b)	Payment of Chair Fees. At any one time, each non-Employee Director may receive only one additional annual retainer fee
in connection with service as the Chair of a committee (whether in the position of Lead Director, Audit Committee Chair, Compensation
and Benefits Committee Chair or Other Committee Chair), regardless of how many committee Chair positions held by such director.
For the avoidance of doubt, a non-Employee Director may simultaneously serve as the Chair of more than one committee, but will
receive for such service only one additional annual retainer fee, equal to the highest of the additional annual retainer fees associated
with his or her Chair positions.

 

     

     

    

 

		(c)	Payment of Retainers. The annual retainers described in Section 2(a) shall be earned on a quarterly basis based on a
calendar quarter and shall be paid by the Company in arrears not later than the third business day following the end of each calendar
quarter (if not deferred by the Non-Employee Director in accordance with subsection (e) hereof). In the event a Non-Employee Director
does not serve as a Non-Employee Director, or in the applicable positions described in Section 2(a), for an entire calendar quarter,
the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a
Non-Employee Director, or in such positions, as applicable.

 

		(d)	Exceptional Meeting Fees. A fee of $1,200 shall be paid to a Non-Employee Director for each Board or committee meeting
attended by such Non-Employee Director in excess of five (5) special Board or committee meetings during the applicable calendar
year and applies only to any non-regularly scheduled meeting in excess of a two-hour duration. Such exceptional meeting fees shall
be paid by the Company in arrears not later than the third business day following the end of the calendar quarter in which any
such exceptional meeting occurs (if not deferred by the Non-Employee Director in accordance with subsection (e) hereof).

 

		(e)	Deferral of Retainers. Non-Employee Directors may elect to defer payment of all or a portion of the annual retainers
described in Section 2(a) and the exceptional meeting fees described in Section 2(d) into specified investment funds and/or into
vested restricted share units for shares of the Company’s common stock, which deferral will be made pursuant to the terms of the
Company’s 2020 Deferred Fee Plan for Directors or its successor plan (the “Deferred Fee Plan”). Unless otherwise
determined by the Board, any restricted share units will be granted under the Arconic Corporation 2020 Stock Incentive Plan or
its successor plan (the “Equity Plan”), on the date on which such retainer(s) would otherwise have been paid in
cash. The extent to which a Non-Employee Director may defer annual retainer payments into vested restricted share units will therefore
be subject to any limit on awards granted to a Non-Employee Director set forth in the Equity Plan.

 

    2

     

    

 

		3.	Equity Compensation. Non-Employee Directors shall be granted
the equity awards described below. The awards described below in Sections 3(a) and 3(b) shall be granted under and shall be subject
to the terms and provisions of the Equity Plan and shall be granted subject to an award agreement in substantially the same form
approved by the Board prior to or as of the grant date, setting forth the terms of the award (the “Award Terms”),
consistent with the Equity Plan. For purposes of this Section 3, the number of shares subject to any restricted share unit award
will be determined by dividing the grant date dollar value specified under subsection (a) or (b) hereof by the Fair Market Value
(as defined in the Equity Plan) of a share of the Company’s common stock on the date of grant. 

 

		(a)	Annual Equity Award. A person who is a Non-Employee Director immediately following each annual meeting of the Company’s
stockholders and who will continue to serve as a Non-Employee Director following such annual meeting shall be automatically granted
on the second market trading day following the date of each such annual meeting a restricted share unit award with a grant date
value equal to $150,000 (the “Annual Equity Award”). The Annual Equity Award shall vest on the earlier of the
first anniversary date of the grant date or the date of the Company’s next subsequent annual meeting of stockholders following
the grant date.

 

		(b)	Pro-Rated Annual Equity Award. On the fifth market trading day following a person’s initial appointment as a Non-Employee
Director, and provided such person has not otherwise received an Annual Equity Award for the relevant year under Section 3(a),
the Non-Employee Director shall be automatically granted a restricted share unit award with a grant date value equal to $150,000,
in each case multiplied by a fraction, the numerator of which is 365 less the number of days that have elapsed since the date of
the Company’s last annual meeting of stockholders (or if an annual stockholder meeting has yet to be held by the Company, then
the Separation Date) and the Non-Employee Director’s date of initial appointment, and the denominator of which is 365 (the “Pro-Rated
Award”). The Pro-Rated Award shall vest on the date of the Company’s next subsequent annual meeting of stockholders following
the date of the Non-Employee Director’s appointment to the Board.

 

		(c)	Special Vesting of Equity Awards. Notwithstanding Sections 3(a) or (b) above and as shall be further set forth in the
Award Terms: (i) unvested equity awards shall vest in full upon the death of a Non-Employee Director or upon a Change in Control
where a Replacement Award is not provided or the Non-Employee Director’s service is terminated (where Change in Control and
Replacement Award are as defined in the Equity Plan); and (ii) unvested
equity awards shall vest on a pro-rata basis in the event of a Non-Employee Director’s termination of service for any other reason.

 

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		(d)	Deferral of Equity Award. Payment of the Annual Equity Award or any Pro-Rated Award will be deferred until the Non-Employee
Director’s separation from service, in accordance with the terms of the Deferred Fee Plan, unless otherwise required by applicable
laws.

 

		4.	Stock Ownership Guideline. Within a period of six years from
the date of a person’s initial appointment as a Non- Employee Director, each Non-Employee Director is required to attain ownership
of at least $750,000 in the Company’s common stock and must maintain such ownership until retirement from the Board.

 

		5.	Director Compensation Limit. As further set forth in the Equity
Plan, the sum of the grant date value of all equity awards granted and all cash compensation paid by the Company to a Non-Employee
Director as compensation for services as a Non-Employee Director shall not exceed $750,000 during any calendar year. For avoidance
of doubt, compensation shall count towards this limit for the calendar year in which it is granted or earned, and not later when
distributed, in the event it is deferred.

 

		6.	Policy Subject to Amendment, Modification and Termination.
This Policy may be amended, modified or terminated by the Board in the future at its sole discretion, provided that no such action
that would materially and adversely impact the rights with respect to annual retainers payable in the calendar quarter during which
a Non-Employee Director is then performing services shall be effective without the consent of the affected Non-Employee Director.

 

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