Howmet Aerospace Inc. — Director's Dealing 2015

Jan 16, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC. (AA)
CIK: 0000004281
Period of Report: 2015-01-14

Reporting Person: KLEINFELD KLAUS (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-14	Common Stock	M	400000	$8.33	Acquired	1806450	Direct
2015-01-14	Common Stock	S	400000	$15.114	Disposed	1406450	Direct
2015-01-14	Common Stock	M	400000	$8.33	Acquired	1806450	Direct
2015-01-14	Common Stock	S	316448	$14.7634	Disposed	1490002	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-14	Employee Stock Option (right to buy)	$8.33	M	800000	Disposed	2015-01-23	Common Stock (800000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7843	Indirect

Footnotes

F1: The transactions reported on this Form 4 (exercise of employee stock options expiring on January 23, 2015 and sale of shares acquired upon the exercise) were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 18, 2014. A portion of the proceeds of the sale of shares was used to pay the exercise price of the stock options and applicable withholding taxes.

F2: The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $15.05 to $15.31. The reporting person undertakes to provide to Alcoa Inc., any security holder of Alcoa Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote.

F3: The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $14.59 to $14.89. The reporting person undertakes to provide to Alcoa Inc., any security holder of Alcoa Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote.

F4: The option, representing a right to purchase a total of 2,400,000 shares, became exercisable in three equal annual installments beginning on January 23, 2010, which was the first anniversary of the date on which the option was granted.

F5: Employee stock options are granted without payment of consideration.