ALCOA CORPORATION (NYSE:AA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 3, 2019, Alcoa Corporation (the “Company”) and Mr. Tómas M. Sigurðsson, Senior Vice President, Strategic Alliances, agreed that, effective December 31, 2019 (the “Effective Date”), Mr. Sigurðsson will leave the Company. The position will be eliminated. In connection with his separation from the Company, Mr. Sigurðsson will receive: (i) severance payments provided under his Executive Severance Agreement with the Company dated and effective as of December 1, 2016; (ii) personal benefits in the form of an auto allowance and outplacement and tax services totaling approximately $65,000; and (iii) a cash amount (which shall be no less than $670,481) equal to the value of his unvested restricted share unit and performance restricted share unit (“PRSU”) awards, pro-rated based on his service through the Effective Date (and in the case of the PRSUs, based on Company performance against the applicable goals as of such date), and vested in-the-money stock options as of the Effective Date, which value will be determined by multiplying the number of shares relating to such awards by the closing market price per share of the Company’s common stock on the Effective Date (for such stock options, less the exercise price per share). Such cash payments will be made no later than February 28, 2020. The foregoing payments are subject to Mr. Sigurðsson’s execution and non-revocation of a release of claims against the Company that includes his agreement to abide by confidentiality, non-competition, non-solicitation and non-disparagement obligations.