SEC Contract Filing

Filing Date: 2020-04-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>20
<FILENAME>tm2014707d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.5</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARCONIC CORPORATION<BR>
LEGAL FEE REIMBURSEMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Arconic Corporation (the &ldquo;<U>Company</U>&rdquo;)
hereby adopts, effective as of April 1, 2020, the Arconic Corporation Legal Fee Reimbursement Plan (this &ldquo;<U>Plan</U>&rdquo;).
All capitalized terms used and not otherwise defined herein are defined in Section&nbsp;1 hereof.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>DEFINITIONS</U>. As hereinafter used:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Affiliate</U>&rdquo; shall have the meaning set forth in Rule 12b-2 under Section&nbsp;12 of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Benefits Claim</U>&rdquo; shall have the meaning set forth in Section 2.1.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Board</U>&rdquo; means (a)&nbsp;prior to a Change in Control, the Board of Directors of the Company, and (b)&nbsp;following
a Change in Control, if the Company is not the ultimate parent corporation of the group that includes the Company and all of its
Affiliates and is not publicly traded, the board of directors of the ultimate parent company of such group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Business Combination</U>&rdquo; shall have the meaning set forth in Section 1.4(c).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;<U>Change in Control</U>&rdquo; means the occurrence of an event set forth in any one of the following paragraphs:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act) (a &ldquo;<U>Person</U>&rdquo;)
becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A)&nbsp;the
then-outstanding shares of common stock of the Company (the &ldquo;<U>Outstanding Company Common Stock</U>&rdquo;) or (B)&nbsp;the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors
(the &ldquo;<U>Outstanding Company Voting Securities</U>&rdquo;);&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that, for purposes
of this Section&nbsp;1.4, the following acquisitions shall not constitute a Change of Control: (i)&nbsp;any acquisition directly
from the Company, (ii)&nbsp;any acquisition by the Company, (iii)&nbsp;any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any of its Affiliates or (iv)&nbsp;any acquisition pursuant to a transaction that
complies with Sections 1.4(c)(i), 1.4(c)(ii) and 1.4(c)(iii);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
individuals who, as of April 1, 2020, constituted the Board (the &ldquo;<U>Incumbent Board</U>&rdquo;) cease for any reason to
constitute at least a majority of the Board;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that any individual becoming a director
subsequent to April 1, 2020 whose election, or nomination for election by the Company&rsquo;s shareholders, was approved by a vote
of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual was a
member of the Incumbent Board; <U>but</U>, <U>provided</U>, <U>further</U>, that any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or remov