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Exhibit 10
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[Alcoa
logo]
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Alcoa
390 Park Avenue
New York, New York 10022
USA
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Alain J.P.
Belda
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Franklin A. Thomas
Lead Director
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Chairman of the Board
Alcoa Inc.
390 Park Avenue
New York, New York 10022
Dear Alain:
As you have informed us of your
intent to step down as an executive of the Company on
August 1, 2009, this letter agreement confirms the
understanding reached between you and the Board of Directors of
Alcoa Inc. (the “Company”), regarding the terms of the
transition of your leadership.
On behalf of the Board of Directors
I wish to convey our deep appreciation for your outstanding
leadership of the Company and the innumerable contributions you
have made over your more than 40 year career to this wonderful
organization. We anticipate further occasions to acknowledge our
gratitude for your leadership.
The terms of our agreement are as
follows:
This agreement will be effective as
of July 24, 2009 and continue in effect until all obligations
hereunder are fulfilled or it is terminated or amended by mutual
agreement.
It is expected that you will
continue to serve the Company and the Board as Chairman through the
Company’s Annual Meeting on April 23, 2010.
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