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Consulting Agreement

This is an actual contract by Alcoa.

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Sectors: Materials and Construction
Governing Law: New York, View New York State Laws
Effective Date: August 01, 2010
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Exhibit 10(b)

CONSULTING AGREEMENT

THIS AGREEMENT is made effective August 1, 2010 between Alcoa Inc., a Pennsylvania corporation, including all of its subsidiaries and divisions (hereinafter called " ALCOA" ), and Bernt Reitan, an individual currently residing at 350 East 79 th Street, Apt 36C, New York, New York 10021-9209 (hereinafter called " Consultant" ).

WHEREAS, Alcoa desires personal consulting services from Consultant and Consultant desires to render the performance of such services;

NOW, THEREFORE, in consideration of the mutual covenants contained in this Consulting Agreement, and intending to be legally bound, the parties agree as follows:

ARTICLE I - DEFINITIONS

Section 1.1. The term " Consulting Services" means the personal and associated services of Consultant provided to Alcoa' s Global Primary Products Group in areas relating to Consultant' s expertise and knowledge of aluminum manufacturing and fabrication, smelting, bauxite mining, bauxite refining and/or the sale or distribution of alumina and alumina related products, alumina refining and smelting technology and smelter and refinery construction. Requests for Consulting Services shall only be made by John Thuestad or his designee. All requests for Consulting services shall be subject to allowing for your reasonable personal plans and commitments. Consultant will consult with John Thuestad or his designee to develop specific goals, objectives and criteria relating to the Consulting Services. Consultant shall provide Consulting Services to Alcoa as an independent contractor. Alcoa disclaims any right to control the manner of performance of the Consulting Services. It is understood that Alcoa can except or reject any or all proposals and recommendations of Consultant.

Section 1.2. Consulting Services shall be performed from your home in Oslo, Norway. When available, Alcoa will provide office space and support in its office in Oslo, Norway, or at one of its other offices if necessary. It is understood that Consultant will, upon Alcoa' s request provide Consulting Services and if necessary, meet with representatives of Alcoa at any of its locations mutually agreed upon by Alcoa and Consultant.

ARTICLE II - COMPENSATION

Section 2.1. Effective August 1, 2010 Alcoa shall pay Consultant a fee of $125,000 for the performance of Consulting Services. Effective August 1, 2011, the anniversary date of this Agreement, Alcoa shall pay Consultant a fee of $125,000 for the performance of Consulting Services. It is agreed that Consultant will not be required to provide more than 25 days of Consulting Services during any one-year term of this Agreement.

Section 2.2. Consultant shall have the right to be reimbursed for all reasonable travel, living, telephone and other expenses incurred in the performance of approved Consulting Services, including domestic air travel costs (coach class accommodations), international air travel costs (business class accommodations) and other expenses directly incurred in rendering Consulting Services to Alcoa. Reimbursable expenses shall include any approved expenses incurred for communication needs e.g. cell phone. Such expenses shall be reimbursable to the Consultant under Section 2.3 of this Agreement. Consultant may not reveal to any party whatsoever without Alcoa' s express written approval the character of, or c
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