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ARCONIC CORP : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

11/18/2021 | 05:16pm EDT

Item 5.02 Departure of Directors or Certain Officers? Election of Directors? Appointment of Certain Officers? Compensatory Arrangements of Certain Officers. On November 13, 2021, Diana C. Toman, the Executive Vice President, Chief Legal Officer and Secretary of Arconic Corporation (the "Company"), notified the Company of her intention to resign from the Company due to personal reasons. In connection with Ms. Toman's resignation, the Company and Ms. Toman entered into a Separation Agreement, dated as of November 17, 2021 (the "Separation Agreement"). Pursuant to the Separation Agreement, Ms. Toman will remain available to provide transition and certain other advisory services through December 31, 2021 (the "Separation Date"), and will continue to receive her current base salary through the Separation Date. In addition, she will receive lump sum payments of $506,000, representing her current annual base salary; $379,500, representing her target incentive compensation award for the year ended December 31, 2021; and $525,000, representing a one-time supplemental separation payment. She will also be entitled to two years of certain health and welfare benefits similar to the benefits to which she was entitled prior to the Separation Date. The Separation Agreement provides for a general release of claims in favor of the Company, as well as customary confidentiality and non-disparagement provisions.

The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed herewith as Exhibit 10.1, and is incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.          Exhibit
  10.1                 Separation Agreement, dated November 1    7    , 2021, by and between
                     Arconic Corporation and Diana C. Toman


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