X0303 4 2011-01-20 0000004281 ALCOA INC AA 0001232224 DEROMA NICHOLAS JOHN 201 ISABELLA STREET PITTSBURGH PA 15212 0 1 0 0 EVP, Chief Legal & Compl. Ofcr Common Stock 2011-01-20 4 A 0 14316 0 A 19316 D Common Stock 930 I By Company 401(k) Plan Employee Stock Option (right to buy) 13.54 2011-01-20 4 A 0 132960 A 2020-01-26 Common Stock 132960 265920 D The option vests in three annual installments as follows: 1/3 vests on January 26, 2011, 1/3 vests on January 26, 2012 and 1/3 vests on January 26, 2013. Employee stock options are granted without payment of consideration. On January 26, 2010, the reporting person was granted a performance stock option at a target level of 132,960 shares, with the actual number to be received to be based on Alcoa's free cash flow and profit performance for 2010. Based on the calculation of Alcoa's performance for 2010, the reporting person received on January 20, 2011 an option to purchase 132,960 shares of Alcoa common stock. Brenda Hart (Assistant Secretary), by power of attorney 2011-01-24