SEC Contract Filing

Filing Date: 2019-10-31

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>aa-ex103_43.htm
<DESCRIPTION>EX-10.3
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">EXHIBIT 10.3</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">ALCOA CORPORATION</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">TERMS AND CONDITIONS FOR STOCK OPTION AWARDS</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These terms and conditions, including Appendices attached hereto (the &#8220;Award Terms&#8221;), are authorized by the Compensation and Benefits Committee (the &#8220;Committee&#8221;) of the Board of Directors.&nbsp;&nbsp;They are deemed to be incorporated into and form a part of every Stock Option award issued on or after October 1, 2019 under the Alcoa Corporation 2016 Stock Incentive Plan, as may be amended from time to time (the &#8220;Plan&#8221;).</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Terms that are defined in the Plan have the same meanings in the Award Terms.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;;font-weight:bold;font-style:italic;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">General Terms and Conditions</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font>Stock Option awards are subject to the terms and conditions set forth in the Participant&#8217;s account with the Company&#8217;s designated stock plan broker or service provider (the &#8220;Broker&#8221;), subject to the provisions of the Plan and the Award Terms.&nbsp;&nbsp;If the Plan and the Award Terms are inconsistent, the provisions of the Plan will govern.&nbsp;&nbsp;Interpretations of the Plan and the Award Terms by the Committee are binding on the Participant and the Company.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font>The exercise price (or option price) of a stock option is 100% of the fair market value per Share on the date of grant, unless the Participant&#8217;s account with the Broker specifies a higher exercise price.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="margin-left:36pt;"></font>The expiration date of a Stock Option is ten years after the date of grant.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;;font-weight:bold;font-style:italic;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Vesting and Exercisability</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.<font style="margin-left:36pt;"></font>Stock Options vest as to one-third of the Award on the first anniversary of the grant date, as to one-third of the Award on the second anniversary of the grant date and as to one-third of the Award on the third anniversary of the grant date.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.<font style="margin-left:36pt;"></font>Except as provided in paragraph 7, once vested, a Stock Option may be exercised until its expiration date, as long as the Participant remains an active employee of the Company or a Subsidiary.&nbsp;&nbsp;As an administrative matter, the vested portion of this Stock Option may be exercised only until the close of the New York Stock Exchange on the expiration date or such earlier termination date set forth in paragraph 7 or, if such date is not a business day on the New York Stock Exchange, the last business day before such date.&nbsp;&nbsp;Any later attempt to exercise the Stock Option will not be honored.&nbsp;&nbsp;The Participant is solely responsible for any election to exercise the Stock Option, and the Company has no obligation to provide notice to the Participant of any matter, including, but not limited to, the date the Stock Option terminates.&nbsp;&nbsp;Neither the Company nor any Subsidiary has any liability in the event of the Participant&#8217;s failure to timely exercise any vested Stock Option prior to its expiration.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.<font style="margin-left:36pt;"></font>Except as provided in paragraph 7:</p>
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