Document:

Exhibit

Exhibit (10)p

KIMBERLY-CLARK CORPORATION
SEVERANCE PAY PLAN

Amended and Restated as of January 1, 2017

TABLE OF CONTENTS

ARTICLE    TITLE

I        NAME, PURPOSE AND EFFECTIVE DATE OF PLAN

II        DEFINITIONS

III        ELIGIBILITY AND PARTICIPATION

IV        SEVERANCE BENEFITS

V        PLAN ADMINISTRATION

VI        LIMITATIONS AND LIABILITIES

APPENDIX A - COVERED EMPLOYERS

        

ARTICLE I

NAME, PURPOSE AND EFFECTIVE DATE OF PLAN

		
	1.1
	Name of the Plan.  Kimberly-Clark Corporation (the “Corporation”) hereby establishes a severance pay plan for its Employees, to be known as the Kimberly-Clark Corporation Severance Pay Plan (the “Plan”) as set forth in this document.  The Plan is intended to qualify as an employee welfare benefit plan within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  

		
	1.2
	Purpose of the Plan.  The purpose of the Plan is to provide Eligible Employees a severance benefit in the event of involuntary termination of employment.  The Plan is not intended as a replacement or substitution for any confidentiality or noncompete agreement between an Employee and Employer executed prior or subsequent to the effective date of the Plan.

		
	1.3
	Effective Date.  The Plan is effective as of January 1, 1998 and is amended and restated to apply to involuntary Separations of Service after January 1, 2017. 

ARTICLE II

DEFINITIONS AND CONSTRUCTION

		
	2.1
	Definitions.  When the following words and phrases appear in this Plan, they shall have the respective meanings set forth below unless the context clearly indicates otherwise:

		
	(a)
	AIP:  The Annual Incentive Program or any successor plan.

		
	(b)
	Average MAAP:  The three year average of the annual awards paid to the Participant under MAAP or EOAAP.  The three year average of the annual awards paid to the Participant will be determined based on the three year period consisting of the year of the termination of employment (or, if the award for that year has not yet paid for the year of severance, for the preceding year) and the two preceding years. If a Participant has been paid less than three years of annual awards the Average MAAP will be determined based on the average dollar amount of the annual awards paid in prior years to the Participant under MAAP or EOAAP.  If a Participant has not received any prior payment of annual awards, the Average MAAP will be determined as follows:

		
	(i)
	For a Participant classified at the Corporation’s Grade 1 through 4 level, as defined by the Corporation’s compensation department, the Average MAAP shall be calculated based on the prior three year average MAAP payment to other employees at the same grade level.

		
	(ii)
	For a Participant who is an Executive Officer, as that term is used in Rule 3b-7 of the Securities Exchange Act of 1934 as amended from time to time, except for the Chief Executive Officer of the Corporation, (“Executive Officer”), the Average MAAP shall be calculated based on the prior three year average MAAP or EOAAP payment to Executive Officers.

		
	(iii)
	For the Chief Executive Officer of the Corporation, the Average MAAP shall be calculated based on the prior three year average MAAP or EOAAP payment to the previous Chief Executive Officer(s) of the Corporation.

		
	(c)
	Board:  The Board of Directors of the Corporation.

		
	(d)
	Cause: Any termination of employment which is classified by the Employer as for cause, including but not limited to: (i) unsatisfactory performance of duties or inability to meet the requirements of the position, unless classified by the Employer as a Performance Termination; (ii) any habitual neglect of duty or misconduct of the Employee in discharging any of his duties and responsibilities; (iii) excessive unexcused, or statutorily unprotected absenteeism or inattention to duties; (iv) failure or refusal to comply with the provisions of the Employer’s personnel manual or any other rule or policy of the Employer; (v) misconduct, 

including but not limited to, engaging in conduct which the Committee reasonably determines to be detrimental to the Employer; (vi) disloyal, dishonest or illegal conduct by the Employee; (vii) theft, fraud, embezzlement or other criminal activity involving the Employee’s relationship with the Employer; (viii) violation of any applicable statute, regulation, or rule, or provision of any applicable code of professional ethics; (ix) suspension, revocation, or other restriction of the Participant’s professional license, if applicable; or (x) the Employer’s inability to confirm, to its sole satisfaction, the references and/or credentials which the Participant provided with respect to any professional license, educational background and employment history.

		
	(e)
	COBRA:  Medical continuation coverage elected under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985. Participants shall be eligible to receive medical continuation coverage under COBRA for the number of months provided under Article IV without payment of the applicable premium if the Participant is otherwise eligible for, and timely elects, COBRA medical continuation coverage.  The Participant shall be responsible for any additional months of COBRA coverage elected beyond the months of COBRA provided by the Corporation under this Plan. The Participant may also enroll in other applicable COBRA coverage (e.g. dental and/or the health care spending accounts); however, the Participant shall be responsible for and must pay the COBRA premium for such coverage.

		
	(f)
	Code:  The Internal Revenue Code of 1986, as amended from time to time, and as construed and interpreted by valid regulations or rulings issued thereunder.

		
	(g)
	Committee:  The Benefits Administration Committee is appointed to administer and regulate the Plan as provided in Article V.

		
	(h)
	Comparable Position:  A position offered to an employee will be considered a Comparable Position under this Plan unless the Committee determines in its sole discretion that any of the following apply (i) there is a material diminution in the Employee’s Earnings on the date of such offer, (ii) a material change in the geographic location at which the Employee must perform the services, (iii) the position offered to the Employee is a material diminution of the Employee’s authority, duties or responsibilities. The Employee must provide notice to the Corporation of the existence of any of the above conditions within a period not to exceed 90 days of the initial offer of the non-Comparable Position to the employee, upon the notice of which the Corporation must be provided a period of at least 30 days during which it may remedy the offer and not be required to pay the severance amount. The determination whether a position offered will be considered a Comparable Position under this Plan shall be in the Committee’s sole discretion and the Committee shall have the power to promulgate Committee Rules and other guidelines in connection with this determination. Any such determination by the Committee whether a Participant is offered a Comparable Position shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.

        
		
	(i)
	Earnings:  The base salary of an Eligible Employee at his or her current stated hourly, weekly, monthly or annual rate on his Termination Date.  If Eligible Employee is a full-time Employee, Earnings are the hourly pay rate (excluding shift differential) times 40 (hours).  If Eligible Employee is an Employee who works less than 40 hours per week, Earnings are the hourly pay rate (excluding shift differential) times the Employee’s regularly scheduled hours per week.  Earnings do not include overtime pay, MAAP, bonus or other remuneration for all Eligible Employees.  The calculation of a week of Earnings shall be made subject to any applicable Committee rule. 

		
	(j)
	Effective Date: January 1, 1998, or with respect to a particular Subsidiary, such later date as of which the Committee deems such Subsidiary to be an Employer, or as set forth in Appendix A. The Plan is amended and restated to apply to involuntary Separations of Service after January 1, 2017.

		
	(k)
	Eligible Employee:  An hourly Employee not covered by a collective bargaining unit, or salaried Employee, on the regular payroll of an Employer.  For purposes of this subsection, “on the regular payroll of an Employer” shall mean paid through the payroll department of such Employer, and shall exclude employees classified by an Employer as intermittent or temporary, and persons classified by an Employer as independent contractors, regardless of how such employees may be classified by any federal, state, or local, domestic or foreign, governmental agency or instrumentality thereof, or court.

		
	(l)
	Employee:  A person employed by an Employer.

		
	(m)
	Employer:  The Corporation and each Subsidiary which the Committee shall from time to time designate as an Employer for purposes of the Plan.  A list of Employers is set forth in Appendix A.

		
	(n)
	EOAAP:  The Executive Officer Achievement Award Program or any successor plan.

		
	(o)
	MAAP:  The Management Achievement Award Program or any successor plan.

		
	(p)
	MAAP Eligible:  Eligible Employees who as of their date of termination of employment meet the eligibility requirements to participate under MAAP.

		
	(q)
	Participant:  An individual who has met the eligibility requirements to receive Severance Pay pursuant to Article III.  

		
	(r)
	Performance Termination: Any termination of employment with the Corporation or a Subsidiary which is classified by the Employer as for unsatisfactory performance of duties, or inability to meet the requirements of the position. The termination of employment will be classified as a Performance Termination if it is approved by the Employee’s team leader, the supervisor of the team leader for the Employee and the applicable Human Resources Business Partner, and also meets one of the following criteria:  

		
	(i)
	the Employee failed to successfully improve his or her performance to an acceptable level following completion of a Performance Improvement Plan notwithstanding the Employee’s previous or most recent performance rating; or 

		
	 (ii) 
	the Employee’s team leader has offered the Employee a choice of either entering into a Performance Improvement Plan or a Performance Termination, and the Employee has elected a Performance Termination rather than entering into a Performance Improvement Plan.

		
	(s)
	Plan Year:  A twelve calendar month period beginning January 1 through December 31.

		
	(t)
	Separation from Service.  Termination of employment with the Corporation or a Subsidiary.  A Separation from Service will be deemed to have occurred if the Employee’s services with the Corporation or a Subsidiary is reduced to an annual rate that is 20 percent or less of the services rendered, on average, during the immediately preceding three years of employment (or if employed less than three years, such lesser period).  The Committee shall have the power to promulgate Committee Rules and other guidelines in connection with the determination of a Separation from Service and any such determination by the Committee shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.

		
	(u)
	Severance Pay:  Payment made to a Participant pursuant to Article IV hereof.

		
	(v)
	Subsidiary:  Any corporation, 50% or more of the voting shares of which are owned directly or indirectly by the Corporation, which is incorporated under the laws of one of the States of the United States.

		
	(w)
	Termination Date: The date of an Employee’s Separation from Service.

		
	(x)
	Years of Service:  An Employee shall be credited with a Year of Service for each year commencing with the Employee’s vacation eligibility date as maintained by the payroll department of such Employer until the Employee’s Termination Date, rounded to the nearest whole year of service.  Notwithstanding any provision in the Plan to the contrary, an Employee’s credited Years of Service shall be reduced to the extent such Years of Service have previously been used to calculate a prior severance payment to the Employee.

		
	2.2
	Construction:  Where appearing in the Plan the masculine shall include the feminine and the plural shall include the singular, unless the context clearly indicates otherwise.  The words “hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire Plan and not to any particular Section or subsection.

ARTICLE III

ELIGIBILITY AND PARTICIPATION

		
	3.1
	Participation. An Eligible Employee shall become a Participant on the later of the Effective Date or the first day actively employed by an Employer. 

		
	3.2
	Eligibility.  Each Participant whose employment is involuntarily terminated shall receive Severance Pay; provided, however, that Severance Pay shall not be paid to any Participant who:

		
	(a)
	is terminated for Cause;

		
	(b)
	is terminated during a period in which such Participant is not actively at work (i.e. has been on leave) for more than 25 weeks, except to the extent otherwise required by law;

		
	(c)
	voluntarily quits or retires; 

		
	(d)
	dies; 

		
	(e)
	is offered a Comparable Position as defined in Section 3.5 below. 

3.3    Duration.  A Participant remains a Participant under the Plan until the earliest of:

		
	(a)
	the date the Participant is no longer an Eligible Employee;

		
	(b)
	the Participant’s Termination Date; or

		
	(c)
	the date the Plan terminates.

		
	3.4
	Severance Agreement and Release. No Participant shall be entitled to receive Severance Pay hereunder unless such Participant executes a Separation Agreement and Full and Final Release of Claims (the “Agreement”), in the form required by the Corporation, within the period specified for such individual therein and such Participant does not revoke such Agreement in writing within the 7-day period following the date on which it is executed. 

		
	3.5
	Comparable Position.  Severance Pay shall not be paid to any Employee whose employment is involuntarily terminated related to 

		
	(a)
	any separation or reorganization of the Corporation including, but not limited to, a sale, spin-off or shutdown of a portion of the Corporation, including but not limited to a portion of a mill or other location, if such Employee is offered a Comparable Position with the successor entity,

		
	(b)
	the outsourcing of an Employee to a company other than an Employer, in which such Employee is offered or continues in a Comparable Position, or

		
	(c)
	any elimination of a job function, or transfer of an Employee’s position to another location, in which such Employee is offered a Comparable Position with the Corporation.

ARTICLE IV

SEVERANCE BENEFITS

		
	4.1
	Severance Pay.  Whether any Severance Pay is payable under this Plan, or any increase or decrease in the amount of Severance Pay, shall be in the sole discretion and as authorized pursuant to subsection 5.7(b) below. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.  Subject to the exercise of such discretion, a Participant’s Severance Pay shall be determined as follows:

		
	(a)
	Each individual who is eligible as provided in Article III above, shall receive, the Severance Pay, COBRA, outplacement assistance services and Employee Assistance Program services set forth below.  

	
							
	Provision
	Executive Officer
	Grades 
1-4
	Other
MAAP-Eligible
	Salaried
Exempt
	Salaried
Non-Exempt
	Production
Non-Union

	Severance -Termination on or after 12 months employment
	2 x the sum of annual Earnings plus Average  MAAP
	The sum of annual Earnings plus Average  MAAP
	2 weeks of Earnings per Year of Service (26 weeks Earnings minimum)
	2 weeks of Earnings per Year of Service (12 weeks Earnings minimum)
	1 week of Earnings per Year of Service (6 weeks Earnings minimum)
	1 week of Earnings per Year of Service (6 weeks Earnings minimum)

	Severance - Termination within first 12 months employment
	3 months Earnings
	3 months Earnings
	3 months Earnings
	3 months Earnings 
	6 weeks Earnings
	6 weeks Earnings

	Current Year EOAAP, MAAP or AIP
	EOAAP pro-rated based on actual performance if Separation from Service is after March 31 of the performance year
	MAAP pro-rated based on target, or based on actual performance for an officer of the Corporation elected by the Board, if Separation from Service is after March 31 of the performance year
	MAAP pro-rated based on target if Separation from Service is after March 31 of the performance year
	AIP pro-rated based on target if Separation from Service is after March 31 of the performance year
	 
	 

	COBRA
	6 months
	6 months
	6 months
	6 months
	6 months
	6 months

	Outplacement
	6 months
	6 months
	6 months
	3 months
	1 month
	Reduction in force - workshop;
Single termination - 1 month

	EAP
	3 months
	3 months
	3 months
	3 months
	3 months
	3 months

		
	(b)
	Each individual who is eligible as provided in Article III above, and whose employment is classified by the Employer as a Performance Termination, shall receive, the Severance Pay, COBRA, outplacement assistance services and Employee Assistance Program services set forth below.  Notwithstanding the foregoing, any Participant who is elected by the Board shall not be eligible to receive a benefit under this subsection 4.1(b). 

	
							
	Provision
	Executive Officer
	Grades 
1-4
	Other
MAAP-Eligible
	Salaried
Exempt
	Salaried
Non-Exempt
	Production
Non-Union

	Severance - Performance Termination
	N/A
	6 months Earnings
	3 months Earnings
	3 months Earnings
	6 weeks Earnings
	N/A

	COBRA
	N/A
	6 months
	6 months
	6 months
	6 months
	N/A

	Outplacement
	N/A
	6 months
	6 months
	3 months
	1 month
	1 month

	EAP
	N/A
	3 months
	3 months
	3 months
	3 months
	N/A

		
	(c)
	Severance Pay, including the payment of any prorated current year AIP or MAAP  shall be paid as a lump sum cash payment no later than 60 days following the Participant’s last date of employment, if the Agreement provides for a 21 day period to consider the release, and no later than 75 days following the Participant’s last date of employment if the Agreement provides for a 45 day period to consider the release, provided, however, should any payments under this Plan be delayed no interest will be owed to the Participant with 

respect to such late payment.  Notwithstanding the foregoing, if the Agreement provides for a 21 day period to consider the release and the last date of Employee’s employment is on or after November 1, or if the Agreement provides for a 45 day period to consider the release and the last date of Employee’s employment is after October 15, then the payment will always be made in the first applicable pay period in the following calendar year. Notwithstanding the foregoing, any current year EOAAP, or MAAP that is payable to an officer of the Corporation elected by the Board, shall be paid at the same time as it was payable under the provisions of EOAAP or MAAP but no later than 60 days following the end of the calendar year of the Separation from Service. 

		
	(d)
	The Severance Pay determined pursuant to subsection 4.1(a) and (b) above will be offset by any amount paid to a Participant (but not less than zero) pursuant to the Worker Adjustment and Retraining Notification Act (“WARN”), or any similar state law, in lieu of notice thereunder.  The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of an Eligible Employee's involuntary termination, and the Committee shall so construe and implement the terms of the Plan.

		
	(e)
	If, at the time Severance Pay is to be made hereunder, a Participant is indebted or obligated to an Employer or any affiliate, including, but not limited to, any repayment under the Corporation’s relocation program, then such Severance Pay shall be reduced by the amount of such indebtedness or obligation to the extent allowable under applicable federal or state law; provided that the Corporation may in its sole discretion elect not to reduce the Severance Pay by the amount of such indebtedness or obligation and provided that any such election by the Corporation shall not constitute a waiver of its claim of such indebtedness or obligation, in accordance with applicable law.

		
	(f)
	Notwithstanding any provision in the Plan to the contrary, Severance Pay shall be reduced by the amount of any other severance payments, whether under any severance plan or offer letter or other individual agreement, made by an Employer. 

		
	(g)
	Severance Pay hereunder shall not be considered “compensation” for purposes of determining any benefits provided under any pension, savings, or other benefit plan maintained by an Employer.

		
	4.2
	Withholding.  A Participant shall be responsible for payment of any federal, Social Security, state, local or other taxes on Severance Pay under the Plan.  The Employer shall deduct from Severance Pay any federal, Social Security, state, local or other taxes which are subject to withholding, as determined by the Employer.

		
	4.3
	Recovery of Overpayments.  If it is determined that any amount paid to an individual under this Plan should not have been paid or should have been paid in a lesser amount, written notice thereof shall be given and such individual shall promptly repay the amount of the overpayment to the Plan.  Notwithstanding the foregoing, the Plan in all cases reserves the right to pursue collection of any remaining overpayments if the above recovery efforts under this paragraph have failed.  

ARTICLE V

PLAN ADMINISTRATION

BENEFITS ADMINISTRATION COMMITTEE

		
	5.1
	Membership. The Committee shall consist of at least three persons who shall be officers or directors of the Corporation or Eligible Employees.  Members of the Committee shall be appointed from time to time by, and shall serve at the pleasure of, the Chief Human Resources Officer of the Corporation (the “CHRO”).  The CHRO shall appoint one of the members of the Committee to serve as chairman.  If the CHRO does not appoint a chairman, the Committee, in its discretion, may elect one of its members as chairman.  The Committee shall appoint a Secretary who may be but need not be, a member of the Committee.  The Committee shall not receive compensation for its services.  Committee expenses shall be paid by the Corporation.

		
	5.2
	Powers.  The Committee shall have all such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the power to construe or interpret the Plan, to determine all questions of eligibility hereunder, to adopt rules relating to coverage, and to perform such other duties as may from time to time be delegated 

to it by the Board.  Any interpretations of this Plan by persons other than the Committee or individuals or organizations to whom the Committee has delegated administrative duties shall have no effect hereunder.  The Committee may prescribe such forms and systems and adopt such rules and methods and tables as it deems advisable.  It may employ such agents, attorneys, accountants, actuaries, medical advisors, or clerical assistants (none of whom need be members of the Committee) as it deems necessary for the effective exercise of its duties, and may delegate to such agents any power and duties, both ministerial and discretionary, as it may deem necessary and appropriate.  Notwithstanding the foregoing, any claim which arises under any other plan shall not be subject to review under this Plan, and the Committee's authority under this Article V shall not extend to any matter as to which an Administrator under such Program is empowered to make determinations under such plan.  In administering the Plan, the Committee will be entitled, to the extent permitted by law, to rely conclusively on all tables, valuations, certificates, opinions and reports which are furnished by, or in accordance with the instructions of, the Committee of each of the Programs, or by accountants, counsel or other experts employed or engaged by the Committee.

		
	5.3
	Procedures. The Committee may take any action upon a majority vote at any meeting at which all members are present, and may take any action without a meeting upon the unanimous written consent of all members.  All action by the Committee shall be evidenced by a certificate signed by the chairperson or by the secretary to the Committee.  The Committee shall appoint a secretary to the Committee who need not be a member of the Committee, and all acts and determinations of the Committee shall be recorded by the secretary, or under his supervision.  All such records, together with such other documents as may be necessary for the administration of the Plan, shall be preserved in the custody of the secretary.

		
	5.4
	Rules and Decisions.  All rules and decisions of the Committee shall be uniformly and consistently applied to all Eligible Employees and Participants under this Plan in similar circumstances and shall be conclusive and binding upon all persons affected by them.

		
	5.5
	Books and Records.  The records of the Employers shall be conclusive evidence as to all information contained therein with respect to the basis for participation in the Plan and for the calculation of Severance Pay.

		
	5.6
	Claim Procedure.  The Committee procedure for handling all claims hereunder and review of denied claims shall be consistent with the provisions of ERISA. If a claim for Plan benefits is denied, the Committee shall provide a written notice within 90 days to the person claiming the benefits that contains the specific reasons for the denial, specific references to Plan provisions on which the Committee based its denial and a statement that the claimant may (a) request a review upon written application to the Committee within 60 days, (b) may review pertinent Plan documents and (c) may submit issues and comments in writing.  If a claim is denied because of incomplete information, the notice shall also indicate what additional information is required.  If additional time is required to make a decision on the claim, the Committee shall notify the claimant of the delay within the original 90 day period.  This notice will also indicate the special circumstances requiring the extension and the date by which a decision is expected.  This extension period may not exceed 90 days beyond the end of the first 90-day period.

The claimant may request a review of a denied claim by writing the Committee in care of the Plan Administrator.  The appeal must, however, be made within 60 days after the claimant's receipt of notice of the denial of the claim.  Pertinent documents may be reviewed in preparing an appeal, and issues and comments may be submitted in writing.  An appeal shall be given a complete review by the Committee, and a written decision, including reasons, shall be provided within 60 days.  If there are special circumstances requiring an extensive review, the Committee shall notify the claimant in a written notice within the original 60 day period of its receipt of the appeal and indicating that the decision will be delayed.  A final decision on the appeal shall be made within 120 days of the Committee's receipt of the appeal.

The Committee shall have all of the authority with respect to all aspects of claims for benefits under the Plan, and it shall administer this authority in its sole discretion.

5.7    Committee Discretion.  

		
	(a)
	Any action on matters within the discretion of the Committee, including but not limited to, the amount of Severance Pay conferred upon a Participant, shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan.  The Committee shall exercise all of the powers, duties and responsibilities set forth hereunder in its sole discretion. Notwithstanding anything in this Plan to the contrary, the Committee shall have the sole discretion to interpret the terms of the Plan included but not 

limited to, whether a termination is voluntarily or involuntary, whether a Participant’s termination is for Cause, whether a Participant is offered a Comparable Position, and whether Severance Pay shall be payable to any Participant under this Plan.

		
	(b)
	Any increase or decrease in the amount of Severance Pay for Eligible Employees who are not elected by the Board, different than the amount set forth in 4.1(a) and (b) above may be authorized in their sole discretion by (i) the Committee, (ii) a Group President or Senior Vice President of the Corporation with the endorsement of either the Senior Vice President Global Human Resources or the Vice President Compensation and Benefits or (iii) the Chief Executive Officer. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all such Eligible Employees and other persons claiming rights under the Plan.  

		
	(c)
	Any increase or decrease in the amount of Severance Pay for Eligible Employees who are elected by the Board, different than the amount set forth in 4.1(a) and (b) above may be authorized in their sole discretion by the Management Development and Compensation Committee of the Board. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all such Eligible Employees and other persons claiming rights under the Plan.  

 
		
	5.8
	Plan Amendments.  The Board may from time to time modify, alter, amend or terminate the Plan.  Any action permitted to be taken by the Board under the foregoing provision may be taken by the CHRO if such action:

		
	(a)
	is required by law, or

		
	(b)
	is estimated not to increase the annual cost of the Plan by more than $5,000,000, or

		
	(c)
	is estimated not to increase the annual cost of the Plan by more than $25,000,000 provided such action is approved and duly executed by the CEO.

Any action taken by the Board or CHRO shall be made by or pursuant to a resolution duly adopted by the Board or CHRO and shall be evidenced by such resolution or by a written instrument executed by such persons as the Board or CHRO shall authorize for that purpose.

The Board or CHRO also shall have the right to make any amendment retroactively which is necessary to bring the Plan into conformity with the Code or which is otherwise permitted by applicable law.  Any such amendment will be binding and effective for the Employer.

Any action which is required or permitted to be taken by the Board under the provisions of this Plan may be taken by the Management, Development and Compensation Committee of the Board or any other duly authorized committee of the Board designated under the By-Laws of the Corporation.

The Board, the Management, Development and Compensation Committee or any duly authorized committee of the Board, the CEO or the CHRO may authorize persons to carry out its policies and directives subject to the limitations and guidelines set by it, and delegate its authority under the Plan.

		
	5.9
	Annual Reporting to the CEO.  The CHRO shall report to the CEO before January 31 of each year all action taken by such position hereunder during the preceding calendar year.

		
	5.10
	Annual Reporting to the Board.  The CEO shall report to the Board before January 31 of each year all action taken by such position hereunder during the preceding calendar year.

		
	5.11
	Delegation of Duties.  This Plan is sponsored by Kimberly-Clark Corporation.  The Committee reserves the right to delegate any and all administrative duties to one or more individuals or organizations.  Any reference herein to any other entity or person, other than the Committee or any of its members, which is performing administrative services shall also include any other third party administrators.  The responsibilities of any third party administrator may be governed, in part, by a separate administrative services contract.  

		
	5.12
	Funding.  Benefits shall be paid from the general assets of the Corporation.

ARTICLE VI

LIMITATIONS AND LIABILITIES

		
	6.1
	Non-Guarantee of Employment.  Nothing contained in this Plan shall be construed as a contract of employment between an Employer and a Participant, or as a right of any Participant to be continued in the employment of his Employer, or as a limitation of the right of an Employer to discharge any Participant with or without Cause.  Nor shall anything contained in this Plan affect the eligibility requirements under any other plans maintained by the Employer, nor give any person a right to coverage under any other Plan.

		
	6.2
	Non-Alienation.  Except as otherwise provided herein, no right or interest of any Participant or Beneficiary in the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, execution, levy, bankruptcy, or any other disposition of any kind, either voluntary or involuntary, prior to actual receipt of payment by the person entitled to such right or interest under the provisions hereof, and any such disposition or attempted disposition shall be void.

		
	6.3
	Applicable Law.  This Plan is construed under, to the extent not preempted by federal law, enforced in accordance with and governed by, the laws of the State of Wisconsin.  If any provision of this Plan is found to be invalid, such provision shall be deemed modified to comply with applicable law and the remaining terms and provisions of this Plan will remain in full force and effect.

		
	6.4
	Notice.  Any notice given hereunder is sufficient if given to the Employee by the Employer, or if mailed to the Employee to the last known address of the Employee as such address appears on the records of the Employer.

		
	6.5
	Service of Process.  The Plan Administrator shall be the designated recipient of the services of process with respect to legal actions regarding the Plan.

		
	6.6
	No Guarantee of Tax Consequences. The Employer makes no commitment or guarantee that any amounts paid to or for the benefit of a Participant under this Plan will be excludable from the Participant's gross income for federal, Social Security, or state income tax purposes, or that any other federal, Social Security, or state income tax treatment will apply to or be available to any Participant.  It shall be the obligation of each Participant to determine whether each payment under this Plan is excludable from the Participant's gross income for federal, Social Security, and state income tax purposes, and to notify the Plan Administrator if the Participant has reason to believe that any such payment is not so excludable.   This Plan is intended to be compliant with Section 409A of the Code and the guidance promulgated thereunder.  Notwithstanding any other provision of this Plan, the Corporation and the Committee shall administer and interpret the Plan, and exercise all authority and discretion under the Plan, to satisfy the requirements of Code Section 409A and the guidance promulgated thereunder and any noncompliant provisions of this Plan will either be void or deemed amended to comply with Section 409A of the Code and the guidance promulgated thereunder.   

		
	6.7
	Limitation of Liability.  Neither the Employer, the Plan Administrator, nor the Committee shall be liable for any act or failure to act which is made in good faith pursuant to the provisions of the Plan, except to the extent required by applicable law.  It is expressly understood and agreed by each Eligible Employee who becomes a Participant that, except for its or their willful misconduct or gross neglect, neither the Employer, the Plan Administrator nor the Committee shall be subject to any legal liability to any Participant, for any cause or reason whatsoever, in connection with this Plan, and each such Participant hereby releases the Employer, its officers and agents, and the Plan Administrator, and its agents, and the Committee, from any and all liability or obligation except as provided in this paragraph.

		
	6.8
	Indemnification of the Committee.  The Employer shall indemnify the Committee and each of its members and hold them harmless from the consequences of their acts or conduct in their official capacity, including payment for all reasonable legal expenses and court costs, except to the extent that such consequences are the result of their own willful misconduct or breach of good faith.

APPENDIX A

EMPLOYERS COVERED BY THE KIMBERLY-CLARK CORPORATION
SEVERANCE PAY PLAN

	
		
	Employers
	Participating Units

	Kimberly-Clark Corporation
	All salaried and hourly non-organized employees*

	Kimberly-Clark Financial Services, Inc.
	All salaried and hourly non-organized employees*

	Kimberly-Clark Global Sales, LLC
	All salaried employees*

	Kimberly-Clark International Services Corporation
	All salaried and hourly non-organized employees except those who transfer to a 50% or less owned foreign subsidiary on a non-temporary basis*

	Kimberly-Clark Pennsylvania, LLC
	All salaried employees*

	Kimberly-Clark Worldwide, Inc.
	All salaried and hourly non-organized employees*

*including those on temporary assignment at other employers or in other classifications, but excluding employees on temporary assignment from another Employer or classification.Exhibit 10.1

 

	 	
        Arconic

        390 Park Avenue

        New York, NY 10022

         

        Patricia F. Russo

        Interim Chair

        Board of Directors

 

October 19, 2017

 

Charles P. Blankenship

1005 Anchorage Woods Circle

Louisville, KY 40223

 

Dear Chip:

 

As we have discussed, on behalf of Arconic Inc. (“Arconic”
or the “Company”), I am pleased to offer you the position of Chief Executive Officer, effective January 15, 2018 (the
“Effective Date”). As Chief Executive Officer you will report directly to the Company’s Board of Directors (the
“Board”). You will also be appointed as a member of the Board effective as of the Effective Date. During your employment
with the Company, you will devote substantially all of your working time and attention to the business and affairs of the Company
(excluding any vacation to which you are entitled) and you will comply with the Company’s policies and rules, as in
effect from time to time. Set forth below is your total compensation package, together with other important information.

 

Base Salary:

Your annual salary will initially be $1,250,000, paid on a monthly
basis in accordance with the Company’s normal payroll practices, and subject to all applicable taxes and withholdings.

 

Incentive Compensation:

You will initially be eligible for a target annual cash incentive
compensation opportunity of 150% of your base salary (i.e., $1,875,000 based on your initial base salary) for a full year, if individual
and business performance targets are met. Actual payouts could be higher or lower than target depending on individual and business
performance.

 

Sign-On Cash Bonus:

You will receive a special sign-on cash bonus of $650,000, less
applicable tax withholding, payable as soon as administratively feasible after the Effective Date. Should you voluntarily terminate
your employment with Arconic for any reason in the first 12 months after your receipt of the bonus, you agree to reimburse the
Company for the full amount of the bonus.

 

Initial Equity Awards:

You will receive a special one-time stock option award with a grant
date fair value of $4,000,000, which will vest in full on the fourth anniversary of the grant date, subject to your continued employment
with the Company through such anniversary date. The grant date will be as soon as administratively feasible after the Effective
Date. The exercise price for the stock options will be the closing price of the Company’s common stock on the NYSE on the
date of grant. The foregoing award will be subject to the provisions of the Arconic Stock Incentive Plan and the stock option terms
and conditions thereunder at the time of grant.

 

     

     

    

 

In addition, you will receive a special one-time restricted stock
unit award with a grant date fair value of $3,000,000, which will vest in full on the third anniversary of the grant date, subject
to your continued employment with the Company through such anniversary date. The grant date will be as soon as administratively
feasible after the Effective Date. The foregoing award will be subject to the provisions of the Arconic Stock Incentive Plan and
the restricted stock unit terms and conditions thereunder at the time of grant.

 

Annual Equity Awards:

You will be eligible for an annual equity compensation award. 
As part of the normal grant cycle in January 2018, you will be granted an award with a grant date fair value of $8,500,000, which
will be subject to the provisions of the Arconic Stock Incentive Plan and the applicable terms and conditions thereunder at the
time of grant.  Eighty percent (80%) of the award will be granted as performance-based restricted stock units and twenty percent
(20%) of the award will be granted as time-vested stock options. The design of the executive equity compensation award program
is reviewed each year and is subject to change.

 

Equity Ownership Requirements:

Consistent with Arconic’s efforts to align the interests of
its senior leadership with the interests of Arconic shareholders, the Board has adopted equity ownership requirements for senior
Arconic executives. You will be subject to these requirements, currently 6.0 times base salary for the Chief Executive Officer,
during your employment with the Company. Until equity ownership requirements are met, you are required to retain 50% of shares
acquired upon vesting of restricted stock units and performance-based restricted stock units or upon exercise of stock options,
after deducting those used to pay for applicable taxes and/or the exercise price.

 

Stock Purchase Commitment:

You hereby agree that, as soon as practicable following the public
announcement of your appointment as Chief Executive Officer and in any event no later than June 30, 2018, you will purchase shares
of Arconic common stock with an aggregate purchase price of $1,000,000. All shares of Arconic common stock so purchased by you
will count towards your equity ownership requirement. You agree not to dispose of any shares of Arconic common stock so purchased
prior to the earlier of (i) the date on which you meet the equity ownership requirement without including the portion of these
shares that you propose to sell and (ii) your termination of employment with Arconic. You further acknowledge and agree that you
are subject to Arconic’s policy against hedging and pledging Company stock, as in effect from time to time.

 

Expense Reimbursement, Temporary Housing and Related Expenses,
and Permanent Relocation:

You will be reimbursed for business-related expenses incurred by
you in performing your duties hereunder in accordance with the Company’s policies and procedures as in effect from time to
time.

 

Within eighteen (18) months following the Effective Date, you will
relocate and establish a permanent residence in the metropolitan area in which the Company headquarters is then located (the “Company
Headquarters Location”). During the period (the “Relocation Period”) commencing on the Effective Date and ending
on the earlier of the date on which you establish a permanent residence in the Company Headquarters Location and the date that
is eighteen (18) months following the Effective Date, you will be reimbursed for reasonable expenses for temporary corporate housing
and reasonable day-to-day living expenses incurred while you are performing services for the Company in the Company Headquarters
Location. To the extent that you are required to recognize any such expense reimbursements as taxable income, the Company will
provide you with an additional make-whole payment intended to place you in the same after-tax position that you would have been
in had you not recognized such amounts as taxable income. Each such make-whole payment will be calculated and paid in accordance
with the Company’s customary practices for payments of this type, as in effect from time to time.

 

    	 	2	 

     

    

 

During the Relocation Period, the Company will allow you to use
Company aircraft or, in the event that the Company aircraft is unavailable, will reimburse you for the cost of a commercial flight,
for purposes of commuting between Louisville, Kentucky and the Company Headquarters Location, provided that the maximum aggregate
incremental cost to the Company of such aircraft use, as determined by the Company, together with all such reimbursements for commercial
flights, shall not exceed $200,000 in any calendar year or $300,000 in the aggregate. You agree to provide all information reasonably
requested by the Company in order to monitor the incremental cost to the Company of your Company aircraft use and commercial flight
reimbursements. You are responsible for any and all commuting expenses once the aggregate incremental cost to the Company of your
Company aircraft use and commercial flight reimbursements has reached the annual or aggregate limits set forth above.

 

In addition, Arconic provides a Transfer and Relocation Plan, the
terms of which are determined by the Company in its discretion from time to time, to help facilitate your permanent relocation.
Should you voluntarily terminate your employment with Arconic in the first 24 months after you permanently relocate to the Company
Headquarters Location, you agree to reimburse the Company for the cost actually incurred by the Company under the Transfer and
Relocation Plan in respect of your permanent relocation.

 

Benefits:

During your employment with the Company, you will be eligible to
participate in Company benefit plans as in effect from time to time on the terms applicable to Company senior executives generally
(subject to the applicable eligibility and other requirements set forth therein), including health care, life insurance, and disability
coverage. Information regarding these plans is enclosed herewith for your reference.

 

Retirement Savings Plan:

Arconic offers a tax qualified 401(k) savings plan and a non-qualified
deferred compensation plan to help you save toward retirement. Information regarding these plans is enclosed herewith for your
reference. Current Company contributions are:

		·	3% of your base salary and incentive compensation, and

		·	a match of your deferred pre-tax savings dollar-for-dollar up to 6%
of your base pay. 

 

Vacation:

During your employment with
the Company, you will be entitled to such vacation benefits as are available to similarly situated Company senior executives from
time to time (but not less than four (4) weeks per year), in addition to Company-recognized holidays.

 

Confidentiality, Developments, Non-Competition
and Non-Solicitation Agreement:

In consideration of your employment with the
Company, you agree to execute the Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement attached hereto
as Annex A.

 

    	 	3	 

     

    

 

Severance:

On the Effective Date, you will become an Eligible Employee under
the Arconic Inc. Executive Severance Plan and the Arconic Inc. Change in Control Severance Plan. Your participation in such plans
is subject to the terms and conditions of such plans as in effect from time to time, provided that, for purposes of your participation
in the Executive Severance Plan, your resignation for “Good Reason” (as defined below) will be treated as a “Severance
Event” as such term is used in the Executive Severance Plan. Copies of the current plans are enclosed herewith for your reference.

 

“Good Reason” means the occurrence of any of the following
without your consent: (i) elimination of the Chief Executive Officer title or a change in your reporting relationship so that you
no longer report to the Board, (ii) failure by the Company to appoint you as a member of the Board as of the Effective Date, (iii)
failure by the Company to grant the special sign-on cash bonus, special one-time stock option award, special one-time restricted
stock unit award, or 2018 annual equity award, in each case, in accordance with the terms of this letter, or (iv) a material diminution
in your base salary or target annual cash incentive compensation opportunity (other than pursuant to an across-the-board reduction
that applies to Company senior executives generally); provided that, in order for your resignation to constitute a resignation
for Good Reason, (A) you must provide notice to the Company of the existence of the condition described in clauses (i)-(iv) within
30 days after the initial existence of the condition, upon the notice of which the Company has 30 days to remedy the condition,
and (B) if the condition is not remedied by the Company within 30 days after delivery of the notice, you must resign from employment
with the Company within 30 days after the Company’s failure to remedy the condition.

 

Indemnification:

You will be covered as an insured officer under
the Company’s director and officer liability insurance policy, as in effect from time to time, to the same extent, and on
the same terms, as other executive officers of the Company.

 

Section 409A:

The payments and benefits provided under this
letter are intended to comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended, and the provisions of this letter shall be interpreted and applied consistently with such intent. All reimbursements under
this letter that constitute deferred compensation within the meaning of Section 409A will be made or provided in accordance with
the requirements of Section 409A, including, without limitation, that (i) in no event will any reimbursement payments be made later
than the end of the calendar year next following the calendar year in which the applicable expenses were incurred; (ii) the amount
of reimbursement payments that the Company is obligated to pay in any given calendar year shall not affect the amount of reimbursement
payments that the Company is obligated to pay in any other calendar year; and (iii) your right to have the Company pay such reimbursements
may not be liquidated or exchanged for any other benefit. All income tax make-whole payments provided under this letter will be
paid no later than the end of your taxable year next following your taxable year in which the taxes are remitted.

 

Miscellaneous:

Your employment with the Company will at all
times be at-will. Subject to your rights to the payments and benefits upon certain termination of employment in accordance with
the terms of the Executive Severance Plan and the Change in Control Severance Plan, in each case, as in effect from time to time,
and this letter, nothing herein will confer upon you any right to continue in the employment of the Company for any period of specific
duration or interfere with or otherwise restrict in any way the rights of the Company or you to terminate your employment at any
time and for any reason, with or without cause. Upon your termination of employment for any reason and as a condition to any payments
and benefits to which you may become entitled under the Executive Severance Plan or Change in Control Severance Plan, at the request
of the Board you will immediately resign from the Board, your position as an officer of the Company and all offices and directorships
of all subsidiaries and affiliates of the Company. Any waiver of any breach of this letter shall not be construed to be a continuing
waiver or consent to any subsequent breach on the part of either you or the Company.

 

    	 	4	 

     

    

 

Successors:

Neither party hereto may assign any rights
or delegate any duties under this letter without the prior written consent of the other party; provided, however, that this letter
shall inure to the benefit of and be binding upon the successors and assigns of the Company upon any sale of all or substantially
all of the Company’s assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation,
all as though such successors and assigns of the Company and their respective successors and assigns were the Company.

 

Entire Agreement:

Except as otherwise contemplated herein, this
letter contains the entire agreement between you and the Company with respect to the subject matter hereof. No modification or
termination of this letter may be made orally, but must be made in writing and signed by you and the Company.

 

Governing Law; Jurisdiction:

This letter will be governed and interpreted
in accordance with the laws of the State of New York without reference to its choice of law principles. Any action arising out
of or related to this letter will be brought in the state or federal courts with jurisdiction in New York, New York, and you and
the Company consent to the jurisdiction and venue of such courts.

 

This offer is contingent upon the following conditions:

 

		v	Having successfully completed a pre-employment drug screen. You will
need to present a photo ID at the time of your screening. 

		v	Providing authorization and release for Arconic to conduct a comprehensive
review of your background, the result of which is satisfactory to Arconic. The authorization and release will also be valid for
subsequent reports during your period of employment with Arconic.

		v	Providing us with documentation in the original form establishing
both your identity and your employment eligibility in the U.S. 

		v	Signing the attached Confidentiality, Developments, Non-Competition
and Non-Solicitation Agreement. 

		v	Your truthful representation that you are not subject or party to
any agreement, understanding or undertaking, including any restrictive covenant with any prior employer, that would prohibit or
restrict you from accepting the position of Chief Executive Officer of the Company or from performing your duties with the Company.

 

    	 	5	 

     

    

 

To accept our offer, please sign and date the bottom of this letter
and return it to me by October 19, 2017. If you have any questions, please feel free to call me.

 

I look forward to officially welcoming you to Arconic.

 

Best Regards,

 

	/s/ Patricia F. Russo	 
	 	 
	Patricia F. Russo	 
	Interim Chair	 
	Arconic Board of Directors	 

 

		cc:	Vas Nair

 

Attachments: 

Confidentiality, Developments, Non-Competition and Non-Solicitation
Agreement

 

 

 

I, Charles P. Blankenship, am pleased to accept your offer of employment
dated October 19, 2017, for the position of Chief Executive Officer in the terms detailed in the offer letter.

 

	Accepted by:	 	Date:
	 	 	 
	/s/ Charles P. Blankenship	 	October 19, 2017
	Charles P. Blankenship	 	 

 

    	 	6	 

     

    

 

Annex A 

 

Confidentiality, Developments, Non-Competition,
and Non-Solicitation Agreement

 

As an employee of Arconic
Inc. (“Arconic”) or one of its subsidiaries (Arconic collectively with its subsidiaries, the “Company”),
you (“you” or “Employee”) will have access to or may develop confidential and proprietary information (as
defined below) of the Company. Therefore, in consideration of your employment, and recognizing the highly competitive nature of
the Company’s business, you enter into this Confidentiality, Non-Competition, and Non-Solicitation Agreement (this “Agreement”)
intending to be legally bound.

 

Confidentiality

 

You acknowledge that, as
an employee of the Company, you have access, and are privy, to information which is confidential and proprietary to the Company
and which is not generally available to the public from sources outside of the Company.

 

You agree to regard and
preserve as confidential any and all Confidential Information pertaining to the Company’s operations and affairs and all
information which is either learned or obtained by you during your employment, and which you know, or have reason to believe, includes
Confidential Information. You agree that you will use Confidential Information only for the performance of your duties for the
Company and you agree not to disclose any Confidential Information you acquire, except as expressly permitted below. You understand
and agree that this obligation of confidentiality shall continue indefinitely following the termination of your employment with
the Company.

 

Nothing in this Agreement
shall prohibit or restrict you from: (i) making any disclosure of relevant and necessary information or documents in any action,
investigation, or proceeding relating to this Agreement, or as required by law or legal process; or (ii) participating, cooperating,
or testifying in any action, investigation, or proceeding with, or reporting possible violations or providing information to, any
governmental agency or legislative body regarding this Agreement or the Company, including, but not limited to, the Company’s
Legal Department, the Securities & Exchange Commission, and/or pursuant to the Dodd-Frank Act (including without limitations
the whistleblower provisions thereof) or Sarbanes-Oxley Act; provided that, other than with respect to providing information to
a governmental agency and to the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling
the disclosure of any such information or documents, you will give the General Counsel of the Company prompt written notice so
as to permit the Company to protect its interests in confidentiality to the fullest extent possible. Notwithstanding any provision
of this Agreement to the contrary, the provisions of this Agreement are not intended to, and shall be interpreted in a manner that
does not, limit or restrict you from exercising any legally protected whistleblower rights (including pursuant to Rule 21F under
the Securities Exchange Act of 1934, as amended).

 

Upon termination of your
employment or at any time requested by the Company, you will deliver promptly to the Company all memoranda, notes, records, reports
and other documents (whether in paper or electronic form and all copies thereof) relating to the business of the Company and all
other Company property which you obtained or developed while employed by, or otherwise serving or acting on behalf of, the Company
and which you may then possess or have under your control, whether directly or indirectly.

 

    	 	7	 

     

    

 

Disclosure of Developments and Other
Inventions

 

Without disclosing any
third party confidential information, Employee shall promptly disclose to Company all Developments and any inventions or developments
that Employee believes do not constitute a Development, so that Company can make an independent assessment. Employee represents
and warrants that if Employee developed, conceived or created any Development or other Intellectual Property prior to the date
hereof that relates to Company’s Business, Employee has listed such Intellectual Property on Appendix 1 in a manner that
does not violate any third party rights or disclose any third party confidential information.

 

Ownership of Developments

 

Ownership: All right,
title and interest (including all Intellectual Property rights of any sort throughout the world) relating to any and all Developments
(other than Employee Statutorily Exempt Developments) shall be the exclusive property of Company.

 

Assignment of Rights:
In consideration of Employee’s employment by Company as set forth in the Employment Agreement, Employee hereby assigns to
Company or its designee any and all right, title and/or interest (including all Intellectual Property rights of any sort throughout
the world) in and to any Developments that Employee has or may in the future acquire with respect to any Developments, provided
that this section shall not apply to any Employee Statutorily Exempt Developments.

 

Further Assistance and
Assurances: Employee shall, both during and after his/her employment by Company, at the expense of Company, perform all lawful
acts requested by, or on behalf of, Company to enable Company to obtain, perfect, sustain, and enforce its ownership interest in
any Development(s) in accordance with this Section and to obtain and maintain patents, copyrights and other Intellectual Property
rights for such Development(s) throughout the world.

 

Attorney-In-Fact:
Employee hereby irrevocably designates and appoints Company as Employee’s agent and attorney-in-fact, coupled with an interest
and with full power of substitution, to act for and on Employee’s behalf to execute and file any document and to do all other
lawfully permitted acts to further the purposes of this Section with the same legal force and effect as if executed by Employee.

 

Acknowledgement of Employee
Statutorily Exempt Developments: Employee acknowledges and agrees that, by executing this Agreement, nothing in this Agreement
is intended to expand the scope of protection provided to Employee by Sections 2870 through 2872 of the California Labor Code or
any other statute of like effect. Employee agrees to promptly advise the Company in writing of any developments that Employee believes
may qualify under Sections 2870 through 2872 of the California Labor Code or any other statute of like effect.

 

Records: Employee
agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings, and in any other form that
may be required by the Company) of all Developments made, written, conceived and/or reduced to practice by Employee during the
period of employment by Company, which records shall be available to and remain the sole property of the Company at all times.

 

    	 	8	 

     

    

 

Employee IP –
Ownership and Restrictions; License: Any discovery, invention, improvement, computer program and related documentation or other
work that (i) is created during the term of Employee’s employment with the Company and does not fall within the definition
of the term “Development” as defined herein, (ii) is an Employee Statutorily Exempt Development, or (iii) was developed,
created, or conceived prior to Employee’s employment with Company shall, as between Company and Employee, belong to Employee
and shall not be used by Employee in his or her performance on behalf of the Company. Without limiting Company’s other rights
and remedies, if, when acting within the scope of Employee’s employment or otherwise on behalf of Company, Employee uses
or discloses Employee’s own or any third party’s confidential information or other Intellectual Property in violation
of this Agreement (or if any Development cannot be fully made, used, reproduced, distributed and otherwise exploited without using
or violating the foregoing), Employee hereby: (a) grants to Company a perpetual, irrevocable, worldwide, fully-paid, royalty-free,
non-exclusive, sub-licensable right and license to use, exploit and exercise all such confidential information and/or Intellectual
Property rights; and (b) warrants that he/she is entitled to grant such license to the extent the confidential information or Intellectual
Property used by Employee in violation of this Section belongs to a third party.

 

Restrictive Covenants

 

Non-Competition:
During your employment and for a period of one year thereafter (regardless of whether the termination of your employment is voluntary
or involuntary), you will not directly or indirectly (i) engage in, carry on, or provide services (paid or unpaid) whether as a
director, officer, partner, owner, employee, inventor, consultant, advisor, or agent, to any Competitive Business (as defined below)
or (ii) hold any economic interest in any Competitive Business. However, notwithstanding the foregoing, you may own up to five
percent (5%) of the outstanding securities of any publicly traded company and you shall not be prohibited from becoming employed
by, or associated with, a private equity firm or hedge fund (or one of their portfolio companies) that has an investment in a Competitive
Business as long as you have no involvement whatsoever with such Competitive Business (including the formation, planning, or acquisition
of, or investment in, any such Competitive Business).

 

It is not the Company’s
intention to restrict or limit your activities following your termination of employment with the Company unless it is believed
that there is a substantial possibility that your future services or activities in any of the lines of business in which the Company
is engaged may be detrimental to the Company. So as to not unduly restrict your future employment, if you desire to enter into
any employment arrangement or relationship with any potential Competitive Business within the one-year restricted period, please
consult with the Executive Vice President of Human Resources of Arconic to discuss your intended relationship with the entity.
Due to the many different businesses in which the Company presently engages, or which in the future the Company may engage, we
will discuss your desire to enter into a business or professional relationship with any manufacturer or firm which is a Competitive
Business. The Company’s consent will not be unreasonably withheld.

 

Also, as a reminder, Arconic
stock incentive awards continue to be subject to forfeiture, under the terms of that program, to the extent you become associated
with, employed by, render services to, or own any interest in any business that is in competition with the Company or if you engage
in willful conduct that is injurious to the Company.

 

Non-Solicitation:
During your employment and for a period of one year thereafter (regardless of whether the termination of your employment was voluntary
or involuntary), you will not directly or indirectly (i) solicit, induce or attempt to solicit or induce any employee of the Company
to leave the Company for any reason; (ii) hire or attempt to hire any employee of the Company; or (iii) solicit business from,
or engage in business with, any customer or supplier of the Company that you met and/or dealt with during your employment with
the Company for any purpose. In the event that you become aware that any employee of the Company has been hired by any business
or firm with which you are then affiliated, you will immediately notify the Executive Vice President of Human Resources of Arconic
to confirm your non-solicitation of said employee

 

    	 	9	 

     

    

 

You acknowledge and agree
that given the nature of the Company’s business, which is conducted throughout the world, the unique and extraordinary services
you will be providing to the Company and your position of confidence and trust with the Company, the scope and duration of the
covenants included in this Agreement (the “Restrictive Covenants”) are reasonable and necessary to protect the legitimate
business interests of the Company. You further acknowledge that you have received substantial consideration from the Company and
that your general skills and abilities are such that you can be gainfully employed in noncompetitive employment, and that this
Agreement will in no way prevent you from earning a living following your employment with the Company.

 

You also recognize and
agree that any breach or threatened or anticipated breach of any part of these Restrictive Covenants will result in irreparable
harm to the Company, and that the remedy at law for any such breach or threatened breach will be inadequate. Accordingly, in addition
to any other legal or equitable remedies that may be available to the Company, you agree that the Company will be entitled to obtain
an injunction, without posting a bond, to prevent any breach or threatened breach of any part of these Restrictive Covenants.

 

In the event that any court
of competent jurisdiction finds that the limitations set forth in these Restrictive Covenants are overly broad with respect to
duration, geographic scope or scope of prohibited activities, such court will have the authority to reduce the duration, area or
activities of such provisions so as to be enforceable to the maximum extent compatible with applicable law, and such provisions
will then be enforced as modified.

 

Notice of Immunity – Defend Trade
Secrets Act of 2016

 

Company employees, contractors,
and consultants may disclose Trade Secrets in confidence, either directly or indirectly, to a Federal, State, or local government
official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, Company employees, contractors,
and consultants who file retaliation lawsuits for reporting a suspected violation of law may disclose related Trade Secrets to
their attorney and use them in related court proceedings, as long as the individual files documents containing the Trade Secret
under seal and does not otherwise disclose the Trade Secret except pursuant to court order.

 

Definitions
for Purposes of this Agreement

 

“Business”
means areas of actual or demonstrably anticipated research and development conducted (or to be conducted) by, or for the benefit
of, Company as well as all products or services sold by, on behalf of, or for the benefit of Company worldwide.

 

“Competitive Business”
means any domestic or international business or firm (including any business in the process of being formed or planned) that is
engaged, or has active plans to become engaged, in any line of business of the Company with which you have had direct functional
accountability, or for which you provided leadership or support, during your last eighteen (18) months of employment with the Company.

 

“Confidential Information”
includes, but is not limited to strategic plans, trade secrets, inventions, discoveries, technical and operating know-how, accounting
information, product information, marketing and sales data, business strategies, customer information, and employee data of the
Company that is proprietary in nature, and any similar information, data or materials of third parties that the Company has a duty
to keep confidential

 

    	 	10	 

     

    

 

“Developments”
means all discoveries, inventions, innovations, improvements, computer programs and related documentation, and other works of authorship,
mask works, designs, know-how, ideas and information made, written, conceived and/or reduced to practice, in whole or in part,
(whether or not patentable or subject to other forms of protection) by Employee, individually or with any other person, during
and after the period of Employee’s employment by Company that: (a) relate in any manner to the Business or activities of
Company; and/or (b) are created: (i) at any time using Company resources, including, but not limited to, Company computers, cellphones,
smartphones, etc.; (ii) during working hours; (iii) at a Company facility; (iv) by, or on behalf of, Company; and/or (v) using
Confidential Information.

 

“Employee Statutorily
Exempt Developments” means any Developments which qualify fully under the provisions of any applicable statute (including,
e.g., Section 2870 of the California Labor Code) that prohibits the assignment to Company of Employee’s rights in any inventions
developed entirely on Employee’s own time without using the Company’s equipment, supplies, facilities, resources, trade
secrets or Confidential Information (i.e., excluding inventions that either (i) relate at the time of conception or reduction to
practice of the invention to the Company’s Business, or actual or demonstrably anticipated research or development; or (ii)
result from any work performed by Employee for the Company).

 

“Intellectual Property”
means any intellectual and industrial property and all rights thereof, including, but not limited to, patents, utility models,
semi-conductor topography rights; copyrights, mask works, authors’ rights, registered and unregistered trademarks, brands,
domain names, trade secrets, know-how and other rights in information, drawings, logos, plans, database rights, technical notes,
prototypes, processes, methods, algorithms, any technical-related documentation, any software, registered designs and other designs,
in each case, whether registered or unregistered and including applications for registration, and all rights or forms of protection
having equivalent or similar effect anywhere in the world.

 

Governing Law; Jurisdiction

 

This Agreement will be
governed and interpreted in accordance with the laws of the State of New York without reference to its choice of law principles.
Any action arising out of or related to this Agreement will be brought in the state or Federal courts located in New York, and
you and the Company consent to the jurisdiction and venue of such courts.

 

Amendment; Waiver

 

No provision of this Agreement
may be modified, waived, or discharged unless such waiver, modification or discharge is in writing. Any failure by you or the Company
to enforce any of the provisions of this Agreement should not be construed to be a waiver of such provisions or any right to enforce
each and every provision in the future. A waiver of any breach of this Agreement will not be construed as a waiver of any other
or subsequent breach.

 

Successors; Binding Agreement

 

The Company has the right
to assign its rights and obligations under this Agreement to any entity that acquires all or substantially all of the assets of
the business for which you work, and continues your employment. The rights and obligations of the Company under this Agreement
will inure to the benefit and be binding upon the successors and assigns of the Company

 

    	 	11	 

     

    

 

Severability

 

In the event that any one
or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remainder of this Agreement will not in any way be affected or impaired thereby.

 

This Agreement is the entire
agreement between the parties with respect to the matters covered by this Agreement and it replaces all previous agreements, oral
or written, between the parties regarding such matters. PROVISIONS OF THIS AGREEMENT MAY NOT BE WAIVED OR CHANGED EXCEPT BY A SUBSEQUENT
AGREEMENT SIGNED BY YOU AND AN OFFICER OF THE COMPANY.

 

If you agree to the terms
of this Agreement, please sign on the line provided below and return two signed copies. A fully executed copy will be returned
to you for your files after it is signed by the Company.

 

Sincerely,

 

ARCONIC INC.

 

	By:  	/s/ Katherine Hargrove Ramundo	 
	 	Katherine Hargrove Ramundo	 

 

AGREED TO AND ACCEPTED AS OF THIS 19th DAY
OF October, 2017:

 

	/s/ Charles P. Blankenship	 
	Charles P. Blankenship	 

 

    	 	12	 

     

    

 

Appendix 1

 

Prior Employee Inventions 

 

    	 	13

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