Document:

Consulting Agreement

 Exhibit 10(b) 

CONSULTING AGREEMENT 

THIS AGREEMENT is made effective August 1, 2010 between Alcoa Inc., a Pennsylvania corporation, including all of
its subsidiaries and divisions (hereinafter called “ALCOA”), and Bernt Reitan, an individual currently residing at 350 East
79th Street, Apt 36C, New York, New York 10021-9209
(hereinafter called “Consultant”). 
 WHEREAS, Alcoa desires personal consulting services from Consultant and
Consultant desires to render the performance of such services; 
 NOW, THEREFORE, in consideration of the mutual covenants
contained in this Consulting Agreement, and intending to be legally bound, the parties agree as follows: 
 ARTICLE I -
DEFINITIONS 
 Section 1.1. The term “Consulting Services” means the personal and associated services of
Consultant provided to Alcoa’s Global Primary Products Group in areas relating to Consultant’s expertise and knowledge of aluminum manufacturing and fabrication, smelting, bauxite mining, bauxite refining and/or the sale or distribution of
alumina and alumina related products, alumina refining and smelting technology and smelter and refinery construction. Requests for Consulting Services shall only be made by John Thuestad or his designee. All requests for Consulting services shall be
subject to allowing for your reasonable personal plans and commitments. Consultant will consult with John Thuestad or his designee to develop specific goals, objectives and criteria relating to the Consulting Services. Consultant shall provide
Consulting Services to Alcoa as an independent contractor. Alcoa disclaims any right to control the manner of performance of the Consulting Services. It is understood that Alcoa can except or reject any or all proposals and recommendations of
Consultant. 

 Section 1.2. Consulting Services shall be performed from your home in Oslo, Norway.
When available, Alcoa will provide office space and support in its office in Oslo, Norway, or at one of its other offices if necessary. It is understood that Consultant will, upon Alcoa’s request provide Consulting Services and if necessary,
meet with representatives of Alcoa at any of its locations mutually agreed upon by Alcoa and Consultant. 
 ARTICLE II -
COMPENSATION 
 Section 2.1. Effective August 1, 2010 Alcoa shall pay Consultant a fee of $125,000 for the performance
of Consulting Services. Effective August 1, 2011, the anniversary date of this Agreement, Alcoa shall pay Consultant a fee of $125,000 for the performance of Consulting Services. It is agreed that Consultant will not be required to provide more
than 25 days of Consulting Services during any one-year term of this Agreement. 
 Section 2.2. Consultant shall have the
right to be reimbursed for all reasonable travel, living, telephone and other expenses incurred in the performance of approved Consulting Services, including domestic air travel costs (coach class accommodations), international air travel costs
(business class accommodations) and other expenses directly incurred in rendering Consulting Services to Alcoa. Reimbursable expenses shall include any approved expenses incurred for communication needs e.g. cell phone. Such expenses shall be
reimbursable to the Consultant under Section 2.3 of this Agreement. Consultant may not reveal to any party whatsoever without Alcoa’s express written approval the character of, or compensation for Consulting Services being performed for
Alcoa, except that the parties agree that the Consultant may disclose to potential future employers his obligation to provide consulting services to Alcoa. 
  

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 Section 2.3. For incurred reimbursable expenses, Consultant shall be paid within
thirty (30) days after receipt by Alcoa of a statement showing itemized expenses incurred during the preceding calendar month. Consulting Services and expenses may also be reimbursed in such other manner as agreed upon by Alcoa and Consultant.

 ARTICLE III - CONFIDENTIALITY 

Section 3.1. All data and other information of every kind, which is not generally known or used outside of Alcoa and which gives
Alcoa a competitive advantage over others who do not know or use it, whether expressed in writing or otherwise, including information of a technical, engineering, operational or economic nature, learned or obtained by Consultant during the term of
this Agreement or disclosed or revealed to Consultant by Alcoa, in the course of performing Consulting Services for Alcoa under this Agreement, and which Consultant knows, or has reason to believe includes factual information which Alcoa expects to
be treated in confidence (all herein called “Information”) shall be: 
  

	 	(a)	received and maintained in strict confidence by Consultant and shall not be disclosed, directly or indirectly, by Consultant to any related or unrelated party
whatsoever; and 

  

	 	(b)	used by Consultant only for the performance of Consulting Services for Alcoa. 

Section 3.2. The foregoing obligations of confidentiality, limited use and non-disclosure shall not apply to the following two
exclusions: 
  

	 	(a)	Information of a factual nature which is or becomes available in issued patents, published patent applications or printed publications of general public circulation
other than by acts or omissions of Consultant; or 

  

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	 	(b)	Information of a factual nature which Consultant hereafter lawfully obtains without restriction from a third party other than from a third party who obtained such
Information from Alcoa. 

 Section 3.3. The obligations imposed by this Article III shall continue in effect
for a period of three (3) year(s) from the date on which the last Consulting Services are performed by Consultant for Alcoa, and shall survive the termination of this Agreement by either party. 

ARTICLE IV - TERM 

Section 4.1. The initial term of this Agreement shall be effective August 1, 2010 through July 31, 2012, and may be
renewed upon such terms and conditions as may be agree upon by Consultant and Alcoa. 
 ARTICLE V - MISCELLANEOUS 

Section 5.1. Consultant agrees to indemnify and to hold Alcoa harmless against any and all liability, claims and demands by or on
behalf of Consultant or others (including but not limited to Alcoa employees and other third-parties) including claims on account of injury or loss to property or life caused solely by the gross negligence or willful acts or omission solely of

  

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Consultant, arising out of or in any manner connected with the performance of the Consulting Services. In the event that it is determined that Consultant acted in good faith and in a manner
believed to be in, or not opposed to the best interest of Alcoa, Consultant shall not be required to indemnify or hold Alcoa harmless against any and all liability, claims and demands. If necessary, the final determination of whether or not
Consultant acted in good faith will be determined by independent legal counsel, or other disinterested person agreed upon by Alcoa and Consultant. Nothing contained in the Section 6.1 shall obligate Consultant to save and hold Alcoa harmless
from and against any liability, claims or demands which may arise from the sole negligence of Alcoa. 
 Alcoa agrees to
indemnify and hold Consultant harmless against any and all liability claims and demands by or on behalf of Alcoa or others (including, but not limited to Alcoa employees and other third-parties) including claims on account of injury or loss to
property or life, resulting from acts or omissions solely of Alcoa or others, arising out of or in any manner connected with the performance of the Consulting Services. 

Section 5.2. This Agreement shall inure to the benefit of and be binding upon Alcoa, its successors and assigns. This agreement may
not be assigned by Consultant without the prior written approval of Alcoa. 
 Section 5.3. This Agreement sets forth the
entire understanding between the parties as to the subject matter of this Agreement supersedes all other prior agreements, commitments, representations, writings and discussions between them, whether written or oral, with respect to the subject
matter hereof. It is expressly understood that no representations, promises, warranties or agreements have been made by either party except as the same are set forth herein, that this Agreement does not supersede the terms of your employment as set
forth in the October 30, 2008 
  

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letter from Klaus Kleinfeld and this Agreement will not affect your rights under any applicable Alcoa compensation or benefit plan. Except as otherwise expressly provided in this Agreement, this
Agreement may not be amended except in writing and signed by a Consultant and Alcoa. 
 Section 5.4. No party shall be
deemed to have waived any right, power or privilege under this Agreement or any provision hereof unless such waiver shall have been duly executed in writing and acknowledged by the party to be charged with such waiver. The failure of any party to
enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of such provisions, nor in any way to affect the validity of this Agreement, or the right of any party to thereafter enforce each and every such
provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach of this Agreement. 

Section 5.5. Notices 

Notices to the parties shall be sent as follows 
  

			
	 To Alcoa:
	 	John Thuestad
		 	 Alcoa Inc.
 390 Park Avenue,

 New York, NY. 10022-4608

		
	 To Consultant:
	 	 Bernt Reitan
 350 E 79 Street

 NY, NY 10021-9209

Section 5.6. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York. 

 

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	 WITNESS:
	  	Alcoa Inc.
			
	 /s/ Dale C. Perdue
	  	By	  	 /s/ John D. Bergen

		  	Date	  	 22 Feb 2010

		
	WITNESS:	  	Bernt Reitan
			
	 /s/ Peter Nicklin
	  	By	  	 /s/ Bernt Reitan

		  	Date	  	 22 Feb 2010

 

 7First Supplemental Agreement

 Exhibit 10(c) 

FIRST SUPPLEMENTAL AGREEMENT 

to the Aluminium Project Framework 

Shareholders Agreement 

dated 3/1/1431H, corresponding to 20 December 

2009 G 

SAUDI ARABIAN MINING COMPANY (MA’ADEN) 

and 
 ALCOA
INC. 

 FIRST SUPPLEMENTAL AGREEMENT 

THIS FIRST SUPPLEMENTAL AGREEMENT (hereinafter referred to as the “Supplemental Agreement”), is made and entered into on
14/4/1431H, corresponding to 30/3/2010G, by and between: 
  

	(1)	SAUDI ARABIAN MINING COMPANY (MA’ADEN), a company organized under the laws and regulations of the Kingdom of Saudi Arabia with commercial registration
No.1010164391, having its head office and address at PO Box 68861, Riyadh 11537, Kingdom of Saudi Arabia (together with its legal successors and permitted assigns, hereinafter referred to as “Ma’aden”); and

  

	(2)	ALCOA INC., a corporation under the laws of the Commonwealth of Pennsylvania, USA, whose principal place of business is at 390 Park Avenue, New York, NY 1022,
USA, (together with its legal successors and permitted assigns, hereinafter referred to as “Alcoa”), 

(hereinafter jointly referred to as the “Parties” or individually as a “Party”). 

RECITALS: 
  

	(A)	 The Parties entered into the Original Agreement on 3/1/1431H corresponding to the
20th day of December 2009 G pursuant to which the Parties
desired to enter into the Joint Venture in respect of the Project (as such terms are defined in the Original Agreement). 

  

	(B)	 The Parties entered into a Signing Side Letter also on 3/1/1431H corresponding to the
20th day of December 2009 G clarifying certain matters in
the Original Agreement. 

  

	(C)	The Parties have agreed to amend the Original Agreement by entering into this Supplemental Agreement. 

IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this
Supplemental Agreement, the following words and expressions shall have the following meanings: 
 “Entire
Agreement” means the Original Agreement as amended by this Supplemental Agreement; 

“Original Agreement” means the Aluminium Project Framework Shareholders Agreement that was entered
into on 3/1/1431H corresponding to the 20th day of
December 2009 G, between the Parties, as amended by the Signing Side Letter of even date; 
 “Parties” means the
signatories to this Supplemental Agreement; and 
 “Supplemental Agreement” means this supplemental agreement.

  

	1.2	One agreement 

 The Original
Agreement, together with this Supplemental Agreement, shall, with effect on and from the date hereof, be read and construed as one document and references in the Original Agreement to “this Agreement” shall from the date hereof (but not
for any purposes prior to the date hereof) incorporate references to this Supplemental Agreement. 
  

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	1.3	Terms defined 

 In this
Supplemental Agreement, unless the context requires otherwise, terms defined in the Original Agreement and not otherwise defined herein, shall have the same meanings in this Supplemental Agreement. The principles of interpretation in Clause
1.2 of the Original Agreement shall also apply to this Supplemental Agreement. 
  

	1.4	Provisions incorporated by reference 

The provisions of Clauses 1.3, 19 - 26 (inclusive) of the Original Agreement apply to this Supplemental Agreement as though
incorporated herein. 
  

	1.5	Immediate effect 

 The amendments
provided for in this Supplemental Agreement shall, save where expressly provided to the contrary, take effect forthwith upon execution of this Supplemental Agreement by the Parties. 

 

	2.	AMENDMENTS TO THE ORIGINAL AGREEMENT 

  

	2.1	Amended wording 

 Clause
4.1 of the Original Agreement shall be deleted and replaced with the following new Clause 4.1: 
  

	 	“4.1	Share Capital as of Incorporation 

  

	 	(a)	The Parties acknowledge that each Company shall be incorporated with an initial Share Capital, and the ownership of such shares as at the date of incorporation shall
be, as set out in the tables below: 

  

	 	(i)	In the case of the Mining & Refining Company: 

  

							
	Shareholder	  	Shareholder
Percentage	 	Number of Shares	  	Paid In Capital
	 Ma’aden
	  	74.9%	 	381,990	  	SR 3,819,900,000
	 Alcoa
	  	25.1%	 	128,010	  	SR 1,280,100,000
	 TOTAL
	  	100%	 	510,000	  	SR 5,100,000,000

  

	 	(ii)	In the case of the Smelting Company: 

  

							
	Shareholder	  	Shareholder Percentage	 	Number of Shares	  	Paid In Capital
	 Ma’aden
	  	74.9%	 	572,985	  	SR 5,729,850,000
	 Alcoa
	  	25.1%	 	192,015	  	SR 1,920,150,000
	 TOTAL
	  	100%	 	765,000	  	SR 7,650,000,000

  

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 In the case of the Rolling Company: 

 

							
	Shareholder	  	Shareholder
Percentage	 	Number of Shares	  	Paid In Capital
	 Ma’aden
	  	74.9%	 	292,110	  	SR 2,921,100,000
	 Alcoa
	  	25.1%	 	97,890	  	SR 978,900,000
	 TOTAL
	  	100%	 	390,000	  	SR 3,900,000,000

  

	 	(b)	Each Share shall entitle the holder thereof to one (1) vote on each matter coming before the Shareholders. 

 

	 	(c)	Notwithstanding anything to the contrary contained in the Articles of Association of each Company, each Share shall entitle the holder thereof to receive Share
Distributions in accordance with Clause 11 of this Agreement.” 

  

	2.2	Amendment to Clause 13  

Notwithstanding Clause 13.1(b), the Parties agree that, in view of the changes to the proposed initial Shareholder Percentages, the
amounts payable by Alcoa in respect of the Entry Payment shall be confirmed and the Agreed Pre-Incorporation Costs shall be modified as follows: 
  

	 	(i)	the Entry Payment shall comprise an amount of eighty million US Dollars (US$80 million) which was paid by Alcoa to Ma’aden on 7/1/1431H, corresponding to
24 December 2009 G; and 

  

	 	(ii)	the amount of Alcoa’s pro rata share of the Agreed Pre-Incorporation Costs incurred by Ma’aden prior to the Calculation Date, based on its Shareholder
Percentage set out in Clause 4.1 shall comprise thirty-four million US Dollars (US$34 million) which shall be due and payable by Alcoa to Ma’aden on 1 August 2010, being the Deferred Payment Date (as defined in the Signing Side
Letter). 

  

	2.3	Amended wording 

 Clause
17.1 of the Original Agreement shall be deleted and replaced with the following new Clause 17.1: 
  

	 	“17.1	General Prohibitions 

  

	 	(a)	Unless permitted by this Clause 17 or with the prior written consent of Alcoa, neither Ma’aden nor any Affiliate of Ma’aden shall do, or agree to
do, any of the following: 

  

	 	(i)	sell, transfer or otherwise dispose of, any of its Transferable Interests or any interest in any of its Transferable Interests; 

 

	 	(ii)	encumber any of its Transferable Interests or any interest in any of its Transferable Interests; 

 

	 	(iii)	enter into any agreement or arrangement in respect of the votes or other rights attached to any of its Transferable Interests; or 

 

	 	(iv)	enter into any agreement or arrangement to do any of the foregoing. 

 

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	 	(b)	The Alcoa Affiliate that will hold Alcoa’s Transferable Interests in the Smelting Company and the Rolling Company shall be directly or indirectly wholly legally
and beneficially owned by Alcoa, and the Alcoa Affiliate that will hold its Transferable Interests in the Mining & Refining Company shall be directly or indirectly wholly legally and beneficially owned 60% (or more) by Alcoa, and 40% by
Alumina Limited, a company listed on the Australian Stock Exchange with registered number ABN 85 004 820 419 (“Alumina Limited”), subject to the following provisions of this sub clause (b). Unless permitted by Clauses 14 or
15 or this Clause 17 but subject to Clause 17.1(c) below, Alcoa shall not and shall procure that its Affiliates shall not, (notwithstanding the provisions of Clause 17.2) without the prior written consent of Ma’aden do,
or agree to do, any of the following: 

  

	 	(i)	enter into any transaction or series of transactions which have the aim or effect of directly or indirectly selling, transferring or otherwise disposing of legal and/or
beneficial interests in relation to the Transferable Interests to any person who is not directly or indirectly wholly legally and beneficially owned by Alcoa (or in the case of any Transferable Interests in the Mining & Refining Company 60%
(or more) by Alcoa and 40% by Alumina Limited); 

  

	 	(ii)	enter into any agreement or arrangement in respect of the votes or other rights attached to any of its Transferable Interests to any person who is not directly or
indirectly wholly legally and beneficially owned by Alcoa (or in the case of any Transferable Interests in the Mining & Refining Company 60% (or more) by Alcoa and 40% by Alumina Limited); 

 

	 	(iii)	enter into any agreement or arrangement to encumber any of its Transferable Interests or any interest in any of its Transferable Interests to any person who is not
directly or indirectly wholly legally and beneficially owned by Alcoa (or in the case of any Transferable Interests in the Mining & Refining Company 60% (or more) by Alcoa and 40% by Alumina Limited ); or 

 

	 	(iv)	enter into any agreement or arrangement to do any of the foregoing. 

  

	 	(c)	Notwithstanding the above, Alcoa shall, provided it has supplied Ma’aden in writing with sufficient information to identify the parties involved and all relevant
material terms of such transaction thirty (30) days in advance of the consummation by Alcoa of any such transaction, be permitted to enter into a significant strategic joint venture or similar transaction involving all or a substantial portion
of Alcoa’s interests in the relevant business of bauxite mining and alumina refining, aluminium smelting and/or aluminium rolling, as the case may be, provided that (i) the proportion of the revenues properly attributable to Alcoa’s
Transferable Interests in the Project is not material in comparison to the total revenues in respect of all of Alcoa’s operations which are included within such transaction in the calendar year prior to such transaction; and (ii) such
transaction is entered into only with a strategic partner rather than financial investors. For the purposes of this clause: a “strategic partner” is a person and/or group of persons who are, immediately prior to the date of any such
transaction with Alcoa, engaged in the business of owning and operating bauxite mines and alumina refineries, aluminium smelters and/or aluminium rolling mills, as the case may be, in each case, including operations outside the Kingdom: and the
proportion of revenues shall not be considered to be material if it is less than the initial Shareholder Percentage of Alcoa.” 

  

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	2.4	New clauses 

 New Clauses
17.11, 17.12 and 17.13 shall be added to the Original Agreement as follows:- 
  

	 	“17.11  	Put And Call Option 

  

	 	(a)	Alcoa hereby grants to Ma’aden an option (the “Put Option”) to require Alcoa to purchase from Ma’aden (i) such number of Shares as at
the relevant time constitutes 14.9% of the total issued Shares of each of the Companies; and (ii) 14.9% of the total aggregate Shareholder Loans provided to each of the Companies (the “Option Interests”), on the terms set out
in this Clause 17. Ma’aden hereby grants to Alcoa an option (the “Call Option”) to require Ma’aden to sell to Alcoa all of the Option Interests on the terms set out in this Clause 17.

  

	 	(b)	The Put Option may only be exercised by Ma’aden and the Call Option may only be exercised by Alcoa within a period of six (6) months from the date falling
five (5) years after the Commercial Production Date (the “Option Period”) and shall be exercised simultaneously for all of the Companies. If the Put Option or the Call Option is not exercised during the Option Period, it shall
lapse. 

  

	 	(c)	The Put Option shall be exercised by Ma’aden giving Alcoa written notice (the “Put Option Notice”) which shall include: 

 

	 	(i)	a statement to the effect that Ma’aden is exercising the Put Option; and 

 

	 	(ii)	a signature by or on behalf of Ma’aden. 

  

	 	(d)	The Call Option shall be exercised by Alcoa giving Ma’aden written notice (the “Call Option Notice”) which shall include:

  

	 	(i)	a statement to the effect that Alcoa is exercising the Call Option; and 

  

	 	(ii)	a signature by or on behalf of Alcoa. 

  

	 	(e)	The Put Option and the Call Option may be exercised only in respect of all of the Option Interests. 

 

	 	(f)	All Distributions resolved or declared to be paid or made by the relevant Company in respect of the Option Interests by reference to a record date which falls on or
before the date on which completion of the sale of the Option Interests under the Put Option (the “Put Option Completion Date”) or the Call Option (the “Call Option Completion Date”) (as the case may be) occurs
shall belong to, and be payable to, Ma’aden. For the purposes of this Clause 17.11, “completion” shall be the date when the Parties sign before a notary the required shareholders resolutions authorising the amendment of each of
the Companies’ articles of association to reflect the transfer. 

  

	 	(g)	The consideration payable by Alcoa for the Option Interests (the “Option Consideration”) shall be calculated in accordance with the provisions of
Clause 17.12. 

  

	 	(h)	The Parties shall use their respective reasonable endeavours to: 

  

	 	(i)	procure that the Option Consideration shall be finally determined as quickly as possible consistent with the provisions of Clause 17.12; and

  

	 	(ii)	 no later than twelve (12) months following the determination of the Option Consideration, take all such action as may reasonably be required to
give 

  

 6 

	 	
effect to any transfer of the Option Interests pursuant to this Clause 17.11, including cooperating in obtaining approvals required from all relevant Governmental Authorities.

  

	 	(i)	On the Put Option Completion Date or Call Option Completion Date (as applicable), Alcoa shall pay or procure the payment of the Option Consideration to Ma’aden in
cash to a bank account, the details of which Ma’aden shall provide in writing to Alcoa not less than three (3) Business Days prior to the Put Option Completion Date or the Call Option Completion Date (as applicable).

  

	 	17.12	Put and Call Option Valuations 

  

	 	(a)	Option Consideration 

 The
Parties shall act in good faith to determine the Option Consideration and, in doing so, shall follow the approach and apply the valuation methods set out below. 
  

	 	(b)	Valuation Panel 

 In the event
that the Parties are unable to agree the Option Consideration within fifteen (15) days of the date of the Call Option Notice or the Put Option Notice (as the case may be), the Parties shall refer the valuation to a panel of independent experts
with appropriate experience in the aluminium industry (each a “Valuer”). The panel shall consist of three Valuers, one of whom shall be appointed by each Party and the third of whom, who shall act as chairman of the panel, shall be
jointly nominated by the two Valuers nominated by the Parties. Failing agreement as to the identity of the third Valuer within five (5) Business Days of being required to do so, such third Valuer shall be nominated by the International Centre
for Expertise in accordance with the provisions for the appointment of experts under the Rules of Expertise of the International Chamber of Commerce (who shall be instructed to nominate only a Valuer experienced in valuing rolling mills, aluminium
smelters, alumina refineries, bauxite mines and/or associated facilities, and shall have experience in, and relevant knowledge of the Kingdom and the GCC region). 
  

	 	(c)	Submission of Valuation 

 The
Valuers shall be instructed to collectively submit a single Option Consideration valuation to the Parties within sixty (60) days of the appointment of the third Valuer (or such longer time as the Parties may agree) and such valuation shall be
final and binding upon the Parties. The Option Consideration shall be determined on a fair value basis in accordance with Clause 17.12(d) below. 
  

	 	(d)	Valuation Approach 

 In valuing
the Transferable Interests which are the subject of the Put Option or Call Option, as the case may be, the Valuers: 
  

	 	(i)	shall prepare the valuation by using the discounted cashflows methodology based on the net present value of cashflows attributable to the Option Interests which take
into account the terms of the Project Agreements (including, for the avoidance of doubt, the Gas Allocation Letter, the Gas Supply Agreement to be entered into with Saudi Aramco, the Energy Conversion Agreement entered into between Ma’aden and
SWCC dated 10 October 2009 and other agreements with Government or publicly held entities) over the remaining life of the Project; 

  

 7 

	 	(ii)	shall consider cashflows from Expansions, taking into account any agreed Expansions; 

 

	 	(iii)	shall use an appropriate discount rate to compute the net present value, taking into account customary factors such as the industry, the geography, the Parties’
familiarity with the operations, and other relevant factors; 

  

	 	(iv)	shall not apply any discount to the Option Interests as a result of the Option Interests not conferring Control over any Company or not conferring any minority
protection rights; 

  

	 	(v)	may consult persons engaged in the marketing of aluminium who, in the Valuers’ opinion, are experts in the making of price forecasts on a regular basis;

  

	 	(vi)	may consult any other experts as the Valuers think fit; 

  

	 	(vii)	shall be entitled to rely in good faith upon the opinions of any experts so consulted; and 

 

	 	(viii)	shall consider any submissions as to the value of the Option Consideration which may be made to the Valuers by a Party within thirty (30) days of receipt by the
Party of notice of the appointment of the third Valuer. 

  

	 	17.13	Notwithstanding Clauses 17.1(a), 17.3 and 17.4, Ma’aden shall be entitled to sell, transfer and assign to one or more Saudi public companies
or public funds or any combination of the same consistent with the provisions of Clause 17.8 (and may procure the sale, transfer and assignment by any of its Affiliates to the same), its rights, title and interest in and to Transferable
Interests held by Ma’aden of up to 14.9% of the aggregate of the Transferable Interests of a Company. Such sale may take place at any time prior to the Put Option or Call Option being exercised by Ma’aden or Alcoa respectively pursuant to
Clause 17.11. Ma’aden shall give not less than sixty (60) days’ prior written notice to Alcoa of such a proposed transfer including details of the proposed Saudi public companies and /or public funds (the
“Transferees”). Ma’aden shall procure that, as a condition of such transfer, the Transferees shall agree to be bound by all the terms of this Agreement and shall execute an Adherence Agreement, provided that the Transferees
further agree that Ma’aden shall represent the Transferees in all dealings with Alcoa that arise in connection with the exercise of the Put Option or Call Option, as the case may be. The Parties agree that, for the purposes of determining
Ma’aden’s Shareholder Percentage in connection with its rights and obligations under Clause 5.4 (in respect of the Aluminium offtake) and Clause 5.12 (in respect of the Ma’aden LOC under the Gas Allocation Letter),
Ma’aden’s Shareholder Percentage shall be deemed to include as between Ma’aden and Alcoa, any such Shares and Shareholder Loans held by such Saudi public companies or public funds. The Parties hereby agree to take any action which may
reasonably be required in order to implement the provisions of this Clause 17.13 including (without limitation) cooperating as necessary to amend the relevant Company’s foreign investment licence, articles of association and commercial
registration so as to formalize the transfer of the Shares.” 

  

	2.5	Amended wording 

 Clause
21.3(a) of the Original Agreement shall be amended by inserting the words “, Clause 17.12” in the first line after the words “in Clause 9”. 

 

 8 

	3.	NOTICES 

 All notices,
approvals, consents or other communications in connection with this Supplemental Agreement shall be given in accordance with the notice provision set out in Clause 23 of the Original Agreement. 

 

	4.	COUNTERPARTS 

 This
Supplemental Agreement may be executed in any number of counterparts and by the parties to it on separate counterparts and each such counterpart shall constitute an original of this Supplemental Agreement but all of which together constitute one and
the same instrument. This Supplemental Agreement shall not be effective until each party has executed at least one counterpart. 
  

	5.	GOVERNING LAW AND DISPUTE RESOLUTION 

This Supplemental Agreement shall be governed by, construed and interpreted according to English law and, for the avoidance of doubt, the
dispute mechanisms in Clause 21 of the Original Agreement (as amended by this Supplemental Agreement) shall apply to this Supplemental Agreement as though incorporated herein. 

 

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 IN WITNESS WHEREOF, each Party has caused this Supplemental Agreement to be executed by its duly
authorized representative as of the date first written above. 
  

					
	 	  	SAUDI ARABIAN MINING COMPANY
(MA’ADEN)	  	 
			
	 By:
	  	Dr. Abdullah Dabbagh, President and CEO	  	
			
	 Signed:
	  	 /s/ Dr. Abdullah Dabbagh
	  	
		  	  
 ALCOA INC.
	  	
			
	 By:
	  	Klaus Kleinfeld, President and CEO	  	
			
	 Signed:
	  	 /s/ Klaus Kleinfeld
	  	

  

 10

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