Document:

EX-10.1

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as
of this 21st day of August, 2009, by and among WELLMAN PRODUCTS GROUP, INC., an Ohio
corporation which maintains a place of business at 6180 Cochran Road, Solon, Ohio 44139
(hereinafter referred to as “Wellman”), HAWK CORPORATION, a Delaware corporation which maintains a
place of business at 200 Public Square, Suite 1500, Cleveland Ohio 44114 (hereinafter referred to
as “Hawk”), and B. CHRISTOPHER DISANTIS, an individual who resides at 8059 Long Forest Drive,
Brecksville, Ohio 44141 (hereinafter referred to as “Employee”).

R E C I T A L S :

A. Wellman and Employee are parties to an Employment Agreement dated as of August 14, 2006
(the “Original Agreement”).

B. Wellman, Hawk and Employee are parties to a certain Amendment to Agreements dated as of
November 10, 2006 (the “OA Amendment No. 1”) which, among other things, amended the Original
Agreement.

C. Wellman and Employee amended the Original Agreement and the OA Amendment No. 1 in a Second
Amendment to Employment Agreement dated December 30, 2008 (the “OA Amendment No. 2” and together
with the Original Agreement and the OA Amendment No. 1, the “Amended Original Agreement”).

D. Hawk and Employee are also parties to a Change in Control Agreement dated August 14, 2006,
as amended by First Amendment to Change in Control dated December 30, 2008 (hereinafter, the
“Control Agreement”).

E. The parties now desire to modify and restate the Amended Original Agreement in the manner
set forth in this Agreement.

ACCORDINGLY, in consideration of the promises hereinafter set forth in this Agreement, the
parties agree as follows:

1. Effective Date. This Agreement shall be effective on the first date after the
execution by the parties of this Agreement (the “Effective Date”).

2. Position, Duties and Responsibilities. Hawk hereby employs Employee, and Employee
agrees to be employed by Hawk, as its President and Chief Operating Officer, or to such other
senior management position as the parties may define by mutual agreement. In addition, Hawk hereby
employs Employee, and Employee agrees to be employed, in senior management positions at those
direct and indirect subsidiaries and affiliates of Hawk as Hawk may designate from time to time.
Hawk and the direct and indirect subsidiaries and affiliates of Hawk for which Employee is
designated to provide services (including but not limited to Wellman) are referred to collectively
hereinafter as the “Employer.” During the “Employment Period” (as hereinafter defined), the
Chairman of the Board of Directors of Hawk (the “Chairman”) shall be entitled to establish the
business hours, conditions of employment, reporting relationships, job assignments, duties and
responsibilities of Employee hereunder, and to modify the foregoing from time to time. Employee
shall report to the Chairman, and only to the Chairman. Employee shall devote all of his business
efforts to the business of Employer; provided, however, that Employee may serve on such boards and
engage in such civic activities as may be approved by the Chairman, and so long as such service and
activities do not interfere with Employee’s performance of his duties and responsibilities to
Employer.

3. Employment Period. The term of this Agreement shall be five (5) years, commencing
on the Effective Date (hereinafter referred to as the “Employment Period”). Thereafter, the
Employment Period may be extended for additional one (1) year periods, in each case upon the
written agreement of the parties.

4. Compensation.

(a) For services rendered pursuant to this Agreement, and for the covenants and agreements of
Employee set forth herein, Employee shall receive the following: (i) a base salary at the rate of
$32,083.33 per month (annual rate: $385,000) payable in accordance with the normal payroll
procedures of Employer, which amount is subject to annual review and possible increase at the
discretion of Chairman, with the advice and consent of the Compensation Committee of the Board of
Directors of Hawk (the “Compensation Committee”); (ii) an opportunity to earn incentive
compensation on annual basis, in such amount and manner as may be determined by the Chairman, with
input from Employee and with the advice and consent of the Compensation Committee, with respect to
a particular year, in a target amount which shall be consistent with past practice; provided,
however, that Employee must be actively employed by Employer at the end of a year in order to earn
incentive compensation with respect to that year; notwithstanding the foregoing, in the year of
termination of Employee’s employment, if the termination is due to death, disability or under
circumstances which entitle Employee to receive severance pay pursuant to the Control Agreement or
Paragraph 6(b) below, Employee shall earn pro rata incentive compensation computed as follows: the
amount of annual incentive compensation earned by Employee (if any) during the calendar year
immediately prior to the year of termination, multiplied by a fraction the numerator of which is
the number of days worked by Employee during the calendar year in which the termination occurs and
the denominator of which is 365; (iii) five (5) weeks of vacation per year; provided, however, that
unused vacation may not be carried over to a subsequent year; (iv) the right to participate in the

standard benefits which Employer provides to all of its employees, and in such additional benefits,
if any, as Employer provides to its senior management; (v) the right to participate in the 1997
Stock Option Plan, the Amended and Restated 2000 Long Term Incentive Plan and the Deferred
Compensation Plan effective June 1, 2007 (collectively, the “Plans”) in accordance with and subject
to all of the terms and conditions contained in the Plans, subject to the execution of such
documents as may be required by the Committee appointed pursuant to the Plans; (vi) an automobile
allowance at the rate of $600 per month (annual rate: $7,200), (vii) a special insurance benefit
package consisting of split dollar life insurance in the face amount of $2,000,000 (conditioned
upon the execution of a mutually satisfactory agreement with respect thereto), term life insurance
in the face amount of $3,000,000, and supplemental disability insurance (in addition to the other
disability insurance provided to all employees of Employer providing an additional benefit of
$10,000 per month), and (viii) such other benefits and/or perquisites as may be provided at the
discretion of the Chairman from time to time.

(b) To ensure compliance with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the Treasury Regulations and other interpretive guidance issued thereunder, each
as in effect from time to time (collectively, “Section 409A”), no payment under Paragraph 4(a)(i)
or 4(a)(ii) above shall be made later than March 15 of the calendar year following the calendar
year in which the amount was earned and accrued.

5. Termination. Employer may terminate Employee’s employment under this Agreement at
any time for “Cause” (as defined in Section 1.1(k) of the Control Agreement, which definition is
incorporated herein as though fully rewritten). Upon a termination for “Cause”, Employer shall not
be obligated to make any further payments to Employee under this Agreement or otherwise (including,
without limitation, any accrued and unpaid bonuses and severance benefits), except for amounts of
any earned and unpaid base salary.

6. Severance.

(a) The parties acknowledge and agree that (i) certain severance benefits may be provided to
Employee pursuant to provisions of the Control Agreement, and (ii) Employee shall not be entitled
to any of the “Severance Benefits” described in this Paragraph 6 if he is entitled to any severance
benefits pursuant to the terms of the Control Agreement.

(b) Subject to the terms of subparagraph (a) above, in the event of the termination of
Employee’s employment by Employer for a reason other than for “Cause”, Employer (i) will continue
to pay to Employee the “Annual Salary” for a period of twenty four (24) months following the date
of termination; (ii) will continue to provide to Employee and his family “Basic Medical Coverage”
and “Executive Medical Benefits” (as hereinafter defined) for a period of twenty four (24) months
following the date of termination, (iii) will cause each “Stock Award” of Employee that is
outstanding immediately before the date of termination and

not yet exercised or forfeited (as the case may be) to automatically accelerate and become fully
vested, exercisable or nonforfeitable upon the date of the termination, as though all requisite
time had passed, or all requisite performance goals had been attained or satisfied, to fully vest
the Stock Award or cause it to become fully vested, exercisable or nonforfeitable, and (iv) will
cause any “Discretionary Contribution” which had been credited to Employee’s account under the Hawk
Corporation Deferred Compensation Plan dated June 1, 2007 but which had not yet vested as of the
date of the termination to automatically become fully vested and nonforfeitable on the date of
termination, as though all requisite time had passed to fully vest such Discretionary Contribution.
In addition, Employee shall be entitled to receive payment for any earned vacation which he had
not used as of the date of termination (the “Vacation Severance Amount”). For purposes of this
Agreement, the definition of “Annual Salary” shall be identical to the definition of “Annual
Salary” set forth in Section 1.1(e) of the Control Agreement, the definition of “Cause” shall be
identical to the definition of “Cause” set forth in Section 1.1(k) of the Control Agreement, the
definition of “Stock Award” shall be identical to the definition of “Stock Award” set forth in
Section 1.1(cc) of the Control Agreement, and the definition of “Discretionary Contribution” shall
be identical to the definition of “Discretionary Contribution” set forth in Section 2.1(q) of the
Hawk Corporation Deferred Compensation Plan dated June 1, 2007, and each of those definitions is
incorporated herein to the same extent as if it had been fully rewritten in this Agreement. For
purposes hereof, “Basic Medical Coverage” shall mean the same group medical insurance coverage as
is provided to all salaried employees, and “Executive Medical Benefits” shall mean the additional
medical benefits that are provided (if any) from time to time to high level executives only, in
each case on the same basis as such benefits had been provided immediately prior to the termination
and subject to the provisions of the applicable plans.

(c) The continuation of Annual Salary, Basic Medical Coverage and Executive Medical Benefits,
the vesting of certain Stock Awards and Discretionary Contributions, and the payment of the
Vacation Severance Amount as described in subparagraph (b) above (collectively, the “Severance
Benefits”) are intended by the parties to be in settlement of any and all claims of Employee
arising out of or related to Employee’s employment with Employer, including, without limitation,
the termination of such employment, any express or implied employment agreement, this Agreement, or
the breach thereof (collectively, “Employment Claims”). In consideration of Hawk providing the
Severance Benefits, upon his acceptance of any of the Severance Benefits, and without further
action by Employee, Employee will be deemed to have released and waived any and all Employment
Claims against Employer, and will be deemed to have covenanted not to sue Employer in connection
with any Employment Claim, and Employee hereby so releases, waives and covenants. Employee shall
execute a General Waiver and Release of Claims substantially in the form of Exhibit A
hereto (the “Release”), and Employer’s obligation to provide the Severance Benefits shall be
conditioned upon the execution and delivery by Employee of the Release.

(d) In further consideration for such release and waiver and covenant not to sue, it is agreed
that Employee shall not be required to mitigate damages, by seeking other employment or otherwise,
and Employer shall not be entitled to set off against amounts payable to Employee pursuant to this
subparagraph any amounts earned by Employee from other employment during the balance of the
Employment Period.

(e) Employer’s obligation to provide the Severance Benefits shall also be subject to, and
conditioned upon, Employee’s waiver of any other cash severance payment or other benefits provided
Employer or its affiliates pursuant to any other severance agreement with Employee substantially in
the form of Exhibit B hereto (the “Severance Waiver”). No amount shall be payable under
this Agreement to, or on behalf of, Employee unless and until the Employee has executed and
delivered the Severance Waiver.

(f) To ensure compliance with Section 409A, Employer shall pay:

(i) the amount payable under Paragraph 6(b)(i) in accordance with the normal payroll
procedures of Employer in effect as of the Effective Date;

(ii) the Vacation Severance Amount in a lump sum payment by no later than March 15 of the
calendar year following the year of the termination of Employee’s employment with Employer under
Paragraph 6(b) above; and

(iii) to the extent that any continued payments or reimbursements of Basic Medical Coverage
and Executive Medical Benefits under Paragraph 6(b)(ii) above are deemed to constitute taxable
compensation to Employee, any such payment due to Employee shall be paid to Employee on or before
the last day of Employee’s taxable year following the taxable year in which the related expense
was incurred. The amount of any such payments eligible for reimbursement in one year shall not
affect the payments or expenses that are eligible for payment or reimbursement in any other
taxable year, and Employee’s right to such payments or reimbursement shall not be subject to
liquidation or exchange for any other benefit.

7. Death of Employee.

(a) If Employee should die during the Employment Period, Employer (i) shall pay Annual Salary
to Employee’s wife (or if at the time of Employee’s decease Employee has no wife, then to his
beneficiaries) for a period of one year, at the rate of Annual Salary earned by Employee
immediately prior to his death, (ii) shall continue to provide the Basic Medical Coverage and
Executive Medical Benefits (as defined in paragraph 6(b) above) to Employee’s family for a period
of one year, and (iii) shall cause the Stock Awards to vest, in the same manner as is provided in
paragraph 6(b)(iii) above. Employer shall have no further duties or obligations to Employee
pursuant to this Agreement.

(b) To ensure compliance with Section 409A, Employer shall pay (i) all amounts payable under
Paragraph 7(a)(i) in accordance with the normal payroll procedures of Employer in effect as of the
Effective Date beginning with the first pay period (determined in accordance with Employer’s normal
payroll procedures) following the date of Employee’s death and (ii) to the extent that any
continued payments or reimbursements of Basic Medical Coverage and Executive Medical Benefits under
Paragraph 7(a)(ii) above are deemed to constitute taxable compensation, any such payment due to
Employee’s family shall be paid on or before the last day of the calendar year following the
taxable year in which the related expense was incurred. The amount of any such payments eligible
for reimbursement in one year shall not affect the payments or expenses that are eligible for
payment or reimbursement in any other taxable year, and the right of Employee’s family to such
payments or reimbursement shall not be subject to liquidation or exchange for any other benefit.

8. Disability of Employee.

(a) In the event that Employee shall become mentally or physically disabled (as hereinafter
defined) during the Employment Period, Employer shall pay Annual Salary to Employee, at the rate of
Annual Salary earned by Employee immediately prior to his disability, for a period of one year
after the onset of such disability. If, at the end of such period, Employee shall continue to be
so disabled Employer may elect to terminate this Agreement, and Employer shall have no further
duties or obligations pursuant to this Agreement except for the following: Employer (i) shall pay
Annual Salary to Employee for a period of one year, at the rate of Annual Salary earned by Employee
immediately prior to his disability, (ii) shall continue to provide the Basic Medical Coverage and
Executive Medical Benefits (as defined in paragraph 6(b) above) to Employee and his family for a
period of one year, and (iii) shall cause the Stock Awards to vest, in the same manner as is
provided in paragraph 6(b)(iii) above. To ensure compliance with Section 409A, Employer shall pay
all amounts payable under this Paragraph 8(a) in accordance with the normal payroll procedures of
Employer in effect as of the Effective Date beginning with the first pay period (determined in
accordance with Employer’s normal payroll procedures) following the date on which the disability is
deemed to have occurred (as determined under Paragraph 8(c) below).

(b) For purposes of this paragraph 8, Employee shall become “mentally or physically disabled”
if he is unable to perform the essential functions of his position, with or without reasonable
accommodation. In the event that Employee believes that he would be able to perform the essential
functions of his position with a reasonable accommodation, the parties shall engage in an
interactive process concerning such possible accommodation, in accordance with applicable law. If
Employee submits information from one or more physicians in support of that position, Employee
hereby agrees to submit to examinations from one or more physicians selected by Employer, so long
as the physicians selected by Employer are paid by Employer.

(c) The date on which the disability will be deemed to have occurred shall be the day after
Employee last performed the services for Employer which are required of him pursuant to this
Agreement, which performance of services was discontinued because of the mental or physical
disability described herein.

9. Restrictive Covenants. The provisions of the restrictive covenants contained in
Exhibit B to the Control Agreement (hereinafter, the “Restrictive Covenants”) are incorporated
herein to the same extent as if they had been fully rewritten in this Agreement; except that, for
purposes of this Agreement only, certain of the Restrictive Covenants shall be modified to provide
as follows:

(a) The definition of the “Restricted Period” which is set forth in the first sentence of
Section 3 of the Restrictive Covenants is hereby modified by changing the phrase “one (1) year
following the termination of such employment” to read “two (2) years following the termination of
such employment”.

(b) The initial phrase of Section 6 of the Restrictive Covenants is hereby modified by
changing the phrase “During and for a period of two (2) years after the expiration of the
Restricted Period” to read “During the Restricted Period”.

The Restrictive Covenants, as modified in this paragraph, shall survive the termination of this
Agreement, however caused.

10. Disclosure. Employer may notify anyone employing Employee or evidencing an
intention to employ Employee as to the existence and provisions of this Agreement.

11. Incorporation by Reference from Control Agreement. Whenever the text of this
Agreement contains language to indicate, in essence, that a portion of the Control Agreement is
incorporated herein to the same extent as if it had been fully rewritten in this Agreement (or
words of similar meaning), and the text so incorporated herein includes the term “Executive” or the
“Corporation”, such terms shall have the following meanings in this Agreement: (i) “Executive”
shall mean the Employee, and (ii) the Corporation shall mean Hawk, Wellman, each of their
subsidiary companies, each of the constituent entities of any of the foregoing, individually and
collectively, and any successor of any of the foregoing (as described in Article V of the Control
Agreement).

12. Governing Law and Jurisdiction. The parties intend that the validity,
performance and enforcement of this Agreement shall be governed by the laws of the State of Ohio.
In the event of any claim arising out of or related to this Agreement, or the breach thereof, the
parties intend to and hereby confer jurisdiction to enforce the terms of this Agreement upon the
courts of any jurisdiction within the State of Ohio, and hereby waive any objections to venue in
said courts.

13. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto, their heirs, representatives and successors.

14. Severability. In case any one or more of the provisions contained in this
Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect by
a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision of this Agreement, but this Agreement shall be construed as if such invalid,
illegal, or unenforceable provision had never been contained herein.

15. Notices. All notices, requests, demands or other communications hereunder shall
be sent by registered or certified mail to the parties at the addresses set forth on the first page
of this Agreement, or to such other address as a party may designate by notice given pursuant to
this paragraph.

16. Effect of Captions. The captions in this Agreement are included for convenience
only and shall not in any way effect the interpretation or construction of any provision hereof.

17. Remedies Cumulative; No Waiver. All remedies specified herein or otherwise
available shall be cumulative and in addition to any and every other remedy provided hereunder or
now or hereafter available. No waiver or failure (intentional or unintentional) to act with
respect to any breach or default hereunder shall be deemed to be a waiver with respect to any
subsequent breach or default, whether of a similar or different nature.

18. Governing Law; Jurisdiction: Limitations on Filing Actions. This
Agreement shall be governed by and construed in accordance with the substantive law of the State of
Ohio. The parties intend to and hereby do confer jurisdiction upon the courts of any jurisdiction
within the State of Ohio to determine any dispute arising out of or related to this Agreement,
including the enforcement and the breach hereof. The parties agree that any claim arising out of
or related to this Agreement, or the breach hereof, must be filed within six (6) months after the
date of the alleged breach, and in any event within six months after the date of termination of
Employee’s employment, that any claim which is not filed within such six month period is waived,
and that any statute of limitations to the contrary is hereby waived.

19. Acknowledgment. Employee acknowledges that: (i) he has carefully read all of the
terms of this Agreement, and that such terms have been fully explained to him; (ii) he understands
the consequences of each and every term of this Agreement; (iii) he had other employment
opportunities at the time he entered into this Agreement; (iv) he specifically understands that by
signing this Agreement he is giving up certain rights he may have otherwise had, and that he is
agreeing to limit his freedom to engage in certain employment during and after the termination of
this Agreement, and (v) the limitations to his right to compete contained in this Agreement
represent reasonable limitations as to scope, duration and geographical area, and that such
limitations are reasonably related to protection which Employer reasonably requires.

20. Section 409A.

(a) To the extent applicable, this Agreement shall be interpreted in accordance with
Section 409A.

(b) If Employee is a “specified employee” (within the meaning of Treasury Regulation
Section 1.409A-1(i)), as determined by Employer in accordance with Section 409A, as of the date
of Employee’s “separation from service” (within the meaning of Treasury Regulation Section
1.409A-1(h)), to the extent that any payments or benefits under this Agreement are subject to
Section 409A and the delayed payment or distribution of all or any portion of such amounts to
which Employee is entitled under this Agreement is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred under this
Paragraph 20(b) shall be paid or distributed (without interest) to Employee in a lump sum on the
earlier of (i) the date that is six (6) months following termination of Employee’s employment,
(ii) a date that is no later than thirty (30) days after the date of Employee’s death or (iii)
the earliest date as is permitted under Section 409A. For purposes of clarity, the six (6)
month delay shall not apply in the case of severance pay contemplated by Treasury Regulation
Section 1.409A-1(b)(9)(iii) to the extent of the limits set forth therein. Any remaining
payments due under this Agreement shall be paid as otherwise provided herein.

(c) Notwithstanding anything to the contrary in this Agreement, Employer shall be under no
obligation to provide the Severance Benefits described in Paragraph 6(b) of this Agreement
unless Employee shall have executed the Release and the Severance Waiver (and the applicable
revocation period shall have expired) within fifty-five (55) days following the date of
Employee’s termination of employment. The payment of the amounts payable under Paragraph
6(b)(i) shall begin no later than sixty (60) days following the date of termination of
employment or death, as applicable.

(d) For purposes of Section 409A (including, without limitation, for purposes of Treasury
Regulation Section 1.409A-2(b)(2)(iii)), Employee’s right to receive the installment payments
described in Paragraphs 6(b)(i) and 8(a) shall be treated as a right to receive a series of
separate payments and, accordingly, each installment payment shall at all times be considered a
separate and distinct payment.

(e) Notwithstanding anything herein to the contrary, to the extent any of the amounts
payable under Paragraphs 6(b) and 8(a) are treated as non-qualified deferred compensation
subject to Section 409A, then no portion of such amounts shall be payable to Employee unless
Employee’s termination of employment constitutes a “separation from service,” as defined in
Treasury Regulation Section 409A-1(h) (and any successor provision thereto).

(f) To the maximum extent permitted by applicable law, the amounts payable to Employee
under this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)
(with respect to separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4) (with
respect to short-term deferrals).

21. Entire Agreement. This Agreement embodies the entire agreement and understanding
between Employer and Employee and supersedes all prior agreements and understandings relating to
the subject matter hereof.

[The next page is the signature page.]

1

IN WITNESS WHEREOF, the undersigned have hereunto set their hands on the date first
hereinabove mentioned.

WELLMAN PRODUCTS GROUP, INC.

(“Wellman”)

	 	 	 
	By:/s/ Ronald E. Weinberg

	 

	Its:

	 	Chairman of the Board
	
 
	 	 

HAWK CORPORATION

(“Hawk”)

By: /s/Ronald E. Weinberg

Its: Chairman of the Board

/s/ B. Christopher DiSantis

B. Christopher DiSantis (“Employee”)

EXHIBIT A

FORM OF THE RELEASE

GENERAL WAIVER AND RELEASE OF CLAIMS

THIS GENERAL WAIVER AND RELEASE OF CLAIMS (“Release”) is made by and between HAWK CORPORATION,
a Delaware corporation which maintains a place of business at 200 Public Square, Suite 1500,
Cleveland Ohio 44114 (“Hawk” and, together with its direct and indirect subsidiaries and
affiliates, the “Employer”), and B. CHRISTOPHER DISANTIS, an individual who resides at 8059 Long
Forest Drive, Brecksville, Ohio 44141 (“Employee”).

R E C I T A L S :

A. Employee has been employed by Hawk and the direct and indirect subsidiaries and
affiliates of Hawk (collectively, the “Employer”). In connection therewith, Employee and
Employer have previously entered into an Amended and Restated Employment Agreement (the “Employment
Agreement”).

B. This Release is being entered into pursuant to Paragraph 6(c) of the Employment Agreement
and in connection with the termination of Employee’s employment by Employer, and in consideration
for the payment by Employer of certain severance benefits as more fully described in the Employment
Agreement.

ACCORDINGLY, in consideration of the foregoing premises and the agreements hereinafter set
forth, the parties agree as follows:

1. Confirmation of Termination. Employee hereby confirms the termination of his
employment with Employer effective as of       ,        (the “Termination Date”).

2. Release of Claims by Employee.

(a) For good and valuable consideration, including but not limited to the agreement to provide
certain benefits pursuant to the Employment Agreement, the receipt and sufficiency of which is
hereby acknowledged, Employee does hereby fully, finally and forever release and discharge
Employer, its predecessors, successors, subsidiaries, divisions, affiliates, representatives,
officers, directors, members, managers, shareholders, agents, employees, attorneys and assigns, of
and from all claims, demands, actions, causes of action, suits, damages, losses and expenses of any
and every nature whatsoever, whether known or not known, from the beginning of time to the date of
this Release, concerning the employment of Employee by Employer, or the termination of such
employment, and including any and all acts that have been or could have been alleged to have
violated Employee’s rights under federal, state or local law, and including but not limited to the
following: (i) any claims based on the legal theories of wrongful or unjust termination,
breach of contract (express or implied, including the Employment Agreement), promissory estoppel,
negligent or intentional (tortious) conduct, negligent or intentional infliction of emotional
distress, defamation, breach of any implied covenant of good faith and fair dealing, and any and
all forms of employment discrimination, and including claims for attorneys’ fees, expenses and
costs related to any of the foregoing;  (ii) any claims arising out of or related to the Civil
Rights Acts of 1866, 1871, 1964 and 1991; the Age Discrimination in Employment Act of 1967
(“ADEA”); the Older Workers Benefit Protection Act of 1990 (“OWBPA”); the Americans with
Disabilities Act of 1990; Chapter 4112 of the Ohio Revised Code; all federal and state Family and
Medical Leave Acts; the Employee Retirement Income Security Act (“ERISA”), the Civil Rights
Attorney’s Fees Awards Act of 1976, in each case as amended from time to time; or under
any other federal, state or local statute prohibiting discrimination in employment, or to request
that a lawsuit be instituted pursuant to 29 U.S.C. §206(d); or (iii) claims arising out of any
provision of any other law concerning Employee’s employment or the termination thereof, common or
statutory, including but not limited to any law of the United States of America, the State of Ohio
or any other state or government entity. Notwithstanding the foregoing, excluded from this Release
are any claims or causes of action by or on behalf of Employee for: (A) any payment or benefit
that may be due or payable under any Plan (as defined in the Employment Agreement) prior to the
receipt thereof; (B)  a breach by Employer of this Release or the provisions of any written
employment agreement between Employer and Employee that expressly survive the Termination Date,
which breach occurs after the Termination Date; or (C) any failure by Employer to provide Employee
with any indemnification, advancement of expenses (including but not limited to attorneys fees) or
insurance proceeds to which Employee is entitled under Employer’s charter documents or directors
and officers insurance policy.

(b) Employee agrees not to institute a lawsuit with respect to any matters released or
any rights waived in this Agreement. It is understood and agreed that nothing contained in this
Agreement is intended to affect Employee’s right to file an administrative charge with the Equal
Employment Opportunity Commission (“EEOC”), subject to the restriction that if any such charge is
filed Employee agrees not to seek or in any way obtain or accept any monetary award, recovery,
settlement or relief therefrom. Nothing in this Agreement shall prevent Employee from filing a
legal action to challenge the validity of this Agreement (including a challenge as to whether
Employee’s agreement to the terms of this Agreement was knowing and voluntary for purposes of the
ADEA), or to pursue any claims that by law Employee cannot waive. Employee further agrees that
should any class or collective action lawsuit in which he may be a participant be brought against
Employer, he will opt-out of (or refrain from opting in to) the class or collective action.

3. OWBPA Provisions.

(a) IN ACCORDANCE WITH OWBPA, EMPLOYEE IS HEREBY ADVISED AS FOLLOWS:

(i) EMPLOYEE HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS DOCUMENT
CONTAINING A RELEASE;

(ii) EMPLOYEE HAS UP TO TWENTY-ONE (21) DAYS FROM THE DATE ON WHICH HE RECEIVES THIS
DOCUMENT TO CONSIDER WHETHER OR NOT HE WILL SIGN IT; AND

(iii) EMPLOYEE HAS SEVEN (7) DAYS AFTER SIGNING THIS DOCUMENT (THE “REVOCATION PERIOD”)
TO REVOKE HIS SIGNATURE, AND THE RELEASE WILL NOT BECOME EFFECTIVE UNTIL THE REVOCATION
PERIOD HAS EXPIRED.

(b) IF EMPLOYEE CHOOSES TO REVOKE THIS RELEASE, HIS REVOCATION MUST BE IN A SIGNED WRITING AND
MUST BE RECEIVED BY THE CHAIRMAN OF HAWK PRIOR TO THE EXPIRATION OF THE REVOCATION PERIOD.

(c) EMPLOYEE ACKNOWLEDGES THAT CERTAIN OF THE SEVERANCE PAYMENTS AND BENEFITS DESCRIBED IN THE
EMPLOYMENT AGREEMENT ARE CONTINGENT UPON HIS SIGNING THIS RELEASE AND ARE PAYABLE ONLY IF THE
REVOCATION PERIOD HAS EXPIRED WITHOUT REVOCATION OF THIS RELEASE.

4. Release of Claims by Employer. For good and valuable consideration , and except
for obligations of Employee created by this Release, the Employment Agreement (including but not
limited to the Restrictive Covenants) and the provisions of any written employment agreement
between Employee and Employer that expressly survive the Termination Date, Employer does hereby
fully, finally and forever release and discharge Employee and his heirs, estate, beneficiaries,
agents, employees, attorneys, successors and assigns, of and from all claims, demands, actions,
causes of action, suits, damages, losses and expenses of any and every nature whatsoever, whether
known or not known, from the beginning of time to the date of this Release, including but not
limited to all claims arising from Employee’s position as an officer, director, manager or employee
of Employer and the termination of that relationship.

5. No Admission of Liability or Wrongdoing. Neither party admits any liability or
wrongdoing by entering this Agreement, and any such liability or wrongdoing is hereby expressly
denied.

6. Cooperation. Employee agrees to fully cooperate, in good faith and to the best of
his ability, with reasonable requests of Employer in connection with all pending, threatened or
future claims, actions, litigations, arbitrations or inquiries by any state, federal, foreign or
private person or entity, directly or indirectly arising from or relating to any transaction, event
or activity he was involved in, participated in, or had knowledge of, in the course of his
employment. Such cooperation will be at mutually-agreeable times and Employer agrees to reimburse
Employee for the time (to the extent that such cooperation exceeds one hour in any given day) and
expenses incurred in providing such cooperation including, in accordance with Employer’s practice,
customary per-diem amounts incurred in providing testimony. This Section 6 shall not apply
if the claim, action, litigation or arbitration relates to a dispute or controversy between
Employer and Employee.

7. Severability. If any provision of this Release is declared or determined by a
court of competent jurisdiction not to be enforceable in the manner set forth in this Release, the
validity of the remaining parts, terms or provisions shall not be affected thereby. Furthermore,
the parties hereto agree that it is their intention that any unenforceable provision shall be
reformed to make it enforceable in accordance with the interest of the parties hereto.

8. Amendment and Waiver. No provision of this Release may be modified, waived or
discharged except in writing specifically referring to such provision and signed by the party
against whom enforcement of such modification, waiver or discharge is sought. No waiver by either
party of the breach of any condition or provision of this Release shall be deemed a waiver of any
other condition or provision at the same or any other time.

9. Governing Law, Venue and Submission to Jurisdiction. This Release and all rights
hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the
State of Ohio applicable to contracts made and to be performed entirely within that State. The
parties intend to and hereby do confer exclusive jurisdiction upon the courts of any jurisdiction
located within Cuyahoga County, Ohio to determine any dispute arising out of or related to this
Release, including the enforcement and the breach hereof.

10. Binding on Successors, Etc. This Release shall be binding upon and inure to the
benefit of and be enforceable by the respective heirs, legal representatives, successors and
permitted assigns of the parties hereto. Nothing in this Release is intended, and it shall not be
construed, to give any person or entity other than the parties hereto (other than the direct and
indirect subsidiaries of Hawk and their affiliates) any right, remedy or claim under or in respect
of this Release or any provisions hereof.

11. Notices. All notices, demands and other communications required or permitted to
be given hereunder shall be subject to Paragraph 15 of the Employment Agreement.

12. Section Headings. Section headings are for convenient reference only and shall
not affect the meaning or have any bearing on the interpretation of any provision of this Release.

13. Entire Agreement. This Release, along with Section 6(c) of the Employment
Agreement, embodies the entire agreement and understanding between Hawk and Employee with respect
to the subject matter hereof, and supersedes all prior agreements and understandings, oral or
written, relating to the subject matter hereof.

14. Counterparts. This Release may be executed in any number of counterparts, each of
which, when executed, shall be deemed to be an original and all of which together shall be deemed
to be one and the same instrument.

[The next page is the signature page.]

IN WITNESS WHEREOF, Employee has executed this Release, and Hawk has caused this Release to be
duly executed on its behalf, this        day of        , 20      , to be effective as of the
Termination Date.

HAWK CORPORATION

By:

Its:

EMPLOYEE

B. Christopher DiSantis

EXHIBIT B

THE SEVERANCE WAIVER

WAIVER OF SEVERANCE BENEFITS

THIS WAIVER OF SEVERANCE BENEFITS (“Waiver”) is made by and between HAWK CORPORATION, a
Delaware corporation which maintains a place of business at 200 Public Square, Suite 1500,
Cleveland Ohio 44114 (“Hawk” and, together with its direct and indirect subsidiaries and
affiliates, the “Employer”), and B. CHRISTOPHER DISANTIS, an individual who resides at 8059 Long
Forest Drive, Brecksville, Ohio 44141 (“Employee”).

R E C I T A L S :

A. Employee has been employed by Hawk and the direct and indirect subsidiaries and
affiliates of Hawk (collectively, the “Employer”). In connection therewith, Employee and
Employer have previously entered into an Amended and Restated Employment Agreement (the “Employment
Agreement”).

B. Paragraph 6 of the Employment Agreement provides, among other things, that Employee is
entitled to certain “Severance Benefits” (as defined therein) under certain circumstances and
conditions.

C. Paragraph 6 of the Employment Agreement also provides that the payment of Severance
Benefits is subject to and conditioned upon the execution and delivery by Employee of a waiver of
cash severance and other benefits other than the Severance Benefits.

ACCORDINGLY, in consideration of the foregoing premises and the agreements hereinafter set
forth, the parties agree as follows:

1. Confirmation of Termination. Employee hereby confirms the termination of his
employment with Employer effective as of       ,        (the “Termination Date”).

2. Acknowledgement of Right to the Severance Benefits. Hawk and Employee hereby
acknowledge that Employee is entitled to the Severance Benefits.

3. Waiver of Severance Other than the Severance Benefits. Except for the Severance
Benefits, Employee hereby releases and waives any and all claims he might have, pursuant to any
agreement, written or oral, express or implied, to any compensation or benefits of any nature and
description from Hawk, its direct and indirect subsidiaries (including Wellman Products Group) and
the affiliates of any of the foregoing (all of the foregoing being referred to collectively
hereinafter as “the Companies”), arising out of or related to the termination of the employment
relationship between Employee and any of the Companies.

2

4. Binding on Heirs, Etc. This Waiver is made by Employee on behalf of himself, his
heirs, executors, representatives, successors and assigns, and is intended to be binding upon
Employee and his heirs, executors, legal representatives, successors and assigns.

IN WITNESS WHEREOF, Employee has executed this Waiver, and Hawk has caused this Waiver to be
duly executed on its behalf, this        day of        , 20      , to be effective as of the
Termination Date.

HAWK CORPORATION

By:

Its:

EMPLOYEE

B. Christopher DiSantis

3EX-10.2

Exhibit 10.2

AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

THIS AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (“Agreement”) is made as of the
21st day of August, 2009, by and between B. CHRISTOPHER DISANTIS, an individual residing
at 8059 Long Forest Drive, Brecksville, Ohio 44141 (the “Executive”), and HAWK CORPORATION, a
Delaware corporation whose principal address is 200 Public Square, Suite 1500, Cleveland, Ohio
44114 (“Hawk”).

R E C I T A L S :

A. The Executive is an employee of Hawk or one of its subsidiary companies. Hawk and each of
its subsidiary companies are referred to collectively in this Agreement as the “Corporation.” The
definition of the Corporation includes each of the constituent entities, individually and
collectively, and any successors as described in Section 4.2.

B. The Corporation considers it essential to its best interests and the best interests of the
stockholders of the Corporation to foster the continued employment of key management personnel.

C. The uncertainty attendant to a possible Change in Control (as defined below) may result in
the departure or distraction of management personnel to the detriment of the Corporation and its
stockholders.

D. The Board of Directors of Hawk has determined that that it is in the best interest of the
Corporation and its stockholders that, in the event of a prospective Change in Control, the
Executive be reasonably secure in his employment and position with the Corporation, so that the
Executive can exercise independent judgment as to the best interest of the Corporation and its
stockholders, without distraction by any personal uncertainties or risks regarding the Executive’s
continued employment with the Corporation created by the possibility of such a Change in Control.

E. Therefore, Hawk and the Executive entered into a Change in Control Agreement dated as
August 14, 2006 (the “Original CIC Agreement”), to assure severance benefits to the Executive in
the event of a termination of his employment upon or after a Change in Control.

F. The Original CIC Agreement was amended by a First Amendment to Change in Control Agreement
dated December 30, 2008 (the “First Amendment”; the Original CIC as amended by the First Amendment
is referred to hereinafter as the “Control Agreement”).

G. The parties now desire to amend and restate the Control Agreement, so that all of the terms
and conditions are located in one document, and to make certain changes as hereinafter set forth.

ACCORDINGLY, in consideration of the premises and the agreements hereinafter set forth, the
parties agree as follows:

ARTICLE I

DEFINITIONS

1.1 As used herein, the following words and phrases shall have the following respective
meanings unless the context clearly indicates otherwise:

(a) “Accountants” means Hawk’s independent public accountants.

(b) “Acquiring Person” means any Person or “group (within the meaning of Sections 13d and 14d
of the Exchange Act) who or that, together with all Affiliates and Associates, has acquired or
obtained the right to acquire the beneficial ownership of fifty percent (50%) or more of the Shares
then outstanding; provided that none of the following shall be deemed an Acquiring Person for
purposes of this Agreement: (i) the Corporation; (ii) any Welfare Benefit Plan of the Corporation
or any trustee of or fiduciary with respect to any such Plan when acting in such capacity; or
(iii) any Person that is the holder of any Series D Preferred Shares of Hawk as of the Commencement
Date, and the Affiliates, successors, executors, legal representatives, heirs and legal assigns of
such Person.

(c) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General
Rules and Regulations promulgated under the Exchange Act.

(d) “Anniversary Date” means January 1 of each Calendar Year.

(e) “Annual Salary” means the sum of the amounts of the Executive’s regular base salary from
the Corporation, excluding the value of any incentive and bonus compensation, stock option grants,
401(k) or pension contributions by the Corporation, medical, prescription and dental insurance
premiums, automobile allowances, club memberships and other similar perquisites.

(f) “Associate” shall have the meaning ascribed to such term in Rule 12b-2 of the General
Rules and Regulations promulgated under the Exchange Act.

(g) “Average Compensation” means fifty percent (50%) of the total amount of Annual Salary and
bonus under any annual incentive compensation plan of the Corporation, if any, paid or payable to
the Executive during or with respect to the two (2) Calendar Years ending immediately prior to the
Calendar Year in which the termination of Executive’s employment occurs.

(h) “Benefit Continuation Period” means the period of thirty-six (36) consecutive months after
the effective date of a Qualifying Termination.

(i) “Board” means the Board of Directors of Hawk.

(j) “Calendar Year” means the twelve (12) month period commencing each January 1 and ending
each December 31.

(k) “Cause” means any of the following: (i) the Executive’s conviction by a court of
competent jurisdiction as to which no further appeal can be taken of a crime involving moral
turpitude or a felony, or entering a plea of nolo contendere to such a crime; (ii) the commission
by the Executive of a material and demonstrable act of fraud upon, or a material and demonstrable
misappropriation of funds or property of, the Corporation; (iii) the material breach by the
Executive, without the advance written consent of the Corporation, of any material Restrictive
Covenant referenced in Section 4.1; (iv) any material act or omission by the Executive that
directly results in material injury to the business or reputation of the Corporation; (v) the
material breach by Executive of any material provision of this Agreement or any written employment
agreement between the Executive and the Corporation; or (vi) the willful, material and repeated
nonperformance of the Executive’s duties to the Corporation other than by reason of the Executive’s
illness or incapacity; provided that:

(1) no breach of the Restrictive Covenants shall be deemed to constitute Cause if the
Restrictive Covenants have expired pursuant to the provisions of paragraph 1
thereof;

(2) with respect to clauses (iii), (iv), (v) and (vi) of this
Section 1.1(k), the Board shall provide the Executive with notice of such material
breach or nonperformance (which notice shall specifically identify the manner and set forth
specific facts, circumstances and examples of which the Board believes that the Executive
has breached the Agreement, any of the Restrictive Covenants or any such employment
agreement or not substantially performed his duties) and his continued willful failure to
cure such breach or nonperformance within the time period set by the Board (which time
period shall not be less than thirty (30) calendar days after his receipt of such notice);

(3) for purposes of clauses (v) and (vi) of this Section 1.1(k), no act
or failure to act on the Executive’s part shall be deemed “willful” unless it is done or
omitted by the Executive without his reasonable belief that such action or omission was in
the best interest of the Corporation (assuming disclosure of the pertinent facts, any action
or omission by the Executive after consultation with, and in accordance with the advice of,
legal counsel reasonably acceptable to the Corporation shall be deemed to have been taken in
good faith and to not be willful for purposes of this Agreement);

(4) any act, or failure to act, by the Executive based upon authority given pursuant to
a resolution duly adopted by the Board, or upon the instructions of a more senior officer of
the Corporation, or based upon the advice of counsel for the Corporation, shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and
in the best interests of the Corporation; and

(5) a Qualifying Termination shall not be for Cause unless the Corporation provides the
Executive with a copy of a resolution of the Board, adopted at a meeting of the Board by the
affirmative vote of not less than three-quarters of the Whole Board (after at least ten (10)
calendar days’ advance notice is provided to the Executive and the Executive is given an
opportunity, together with his counsel, to be heard before the Board), determining that
Cause exists and specifying the particulars thereof in reasonable detail.

(l) A “Change in Control” shall be deemed to have occurred if and as of such date that any
Acquiring Person, alone or together with its Affiliates and Associates, has acquired or obtained
the right to acquire the beneficial ownership of fifty percent (50%) or more of the Shares then
outstanding.

(m) “CIC Multiple” means a factor of two and ninety-nine one-hundredths (2.99).

(n) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
Treasury Regulations. References herein to any Section of the Code or Treasury Regulation shall
include any successor provisions of the Code or Treasury Regulations.

(o) “Commencement Date” means the date on which this Agreement has been executed by both Hawk
and the Executive, which shall be the beginning date of the term of this Agreement.

(p) “Continuing Director” means any director of the Board who either: (i) is a member of the
Board on the Commencement Date or thereafter is elected or appointed to the Board by the holders of
the Series D Preferred Shares of Hawk; or (ii) is not (A) a Person proposing or attempting
to effect a business combination or similar transaction with Hawk (including, without limitation, a
merger, tender offer or exchange offer, a sale of substantially all of Hawk’s assets, or a
liquidation of Hawk’s assets) or any Affiliate or Associate of such Person, or any Person acting
directly or indirectly on behalf of, or as a representative of, or in concert with, any such
Person, Affiliate or Associate, (B) an Acquiring Person, an Affiliate or Associate of an Acquiring
Person or a Person acting directly or indirectly on behalf of, or as a representative of, or in
concert with, an Acquiring Person or an Affiliate or Associate of an Acquiring Person, or (C) a
Person who was directly or indirectly proposed or nominated as a director of Hawk by an Acquiring
Person (excluding, for purposes of this clause (ii), any Person described in
clause (iii) of Section 1.1(b)).

(q) “Disability” means that, as a result of a physical or mental condition, the Executive is
unable to perform the essential functions of his job, with or without a reasonable accommodation,
at the same level of performance as he engaged in prior to the onset of such condition, and that
such situation is likely to continue for a substantial period of time. For purposes hereof, the
Executive shall suffer a Disability if the Board determines in good faith that the Executive:
(i) has been declared legally incompetent by a final court decree; (ii) has received disability
insurance benefits, from any disability income insurance policy maintained by the Corporation, for
a period of three (3) consecutive months; or (iii) has suffered a physical or mental disability
within the meaning of §22(e)(3) of the Code, as determined by a medical doctor satisfactory to the
Board.

(r) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
References herein to any Section of the Exchange Act shall include any successor provisions of the
Exchange Act.

(s) “Excise Tax” means the excise tax imposed by Section 4999 of the Code.

(t) “Good Reason” means the occurrence of any one or more of the following events (within the
period beginning six (6) months prior to a Change in Control and ending at the end of the
twenty-fourth (24th) month immediately following the month in which the Change in Control occurred)
without the Executive’s specific written consent, except as a result of actions taken in connection
with termination of the Executive’s employment for death, Disability or Cause:

(i) a material adverse change in the Executive’s duties, position or responsibilities
as an executive of the Corporation as in effect immediately prior to the Change in Control
(including but not limited to the Executive’s status, office, title, scope of responsibility
over corporate level staff or operations functions, responsibilities as an officer of the
Corporation or reporting relationship to the Chairman of the Corporation); provided that a
reduction in duties, position or responsibilities solely by virtue of the Corporation being
acquired and made part of a larger entity (as, for example, if the Chief Financial Officer
of the Corporation remains as such following a Change of Control but is not made the Chief
Financial Officer of the larger acquiring entity) shall not constitute Good Reason; and
further provided that the Executive shall have given the Corporation written notice of the
alleged adverse change and the Corporation shall have failed to cure such change within
thirty (30) days after its receipt of such notice;

(ii) a failure of the Corporation to pay or provide the Executive in a timely fashion
the salary or benefits to which the Executive is entitled (whether under any written
employment agreement between the Corporation and the Executive in effect on the date of the
Change in Control or under any Welfare Benefit Plans (including but not limited to cash and
stock bonus Plans) in which the Executive was participating at the time of the Change in
Control); provided that such failure was other than an isolated, insubstantial and
inadvertent action not taken in bad faith and is remedied by the Corporation within
fifteen (15) days following receipt of written notice thereof from the Executive;

(iii) a reduction of the Executive’s base salary as in effect on the date of the Change
in Control;

(iv) the taking of any action by the Corporation (including but not limited to the
elimination of a Plan without providing substitutes therefor, the reduction of the
Executive’s awards thereunder or failure to continue the Executive’s participation therein)
that would materially diminish the aggregate projected value of the Executive’s awards or
benefits under, or fail to provide awards or benefits substantially comparable to, the
Welfare Benefit Plans of the Corporation in which the Executive was participating at the
time of the Change in Control; provided that the diminishment of such awards or benefits as
apply to other groups of employees of the Corporation in addition to executives covered by
this or a similar agreement shall not constitute Good Reason;

(v) the relocation of the principal office at which the Executive performs services on
behalf of the Corporation to a location more than fifty (50) miles from its location
immediately prior to the Change in Control, except for required business travel to an extent
substantially consistent with the Executive’s travel obligations immediately prior to the
Change in Control; or

(vi) a failure by the Corporation to obtain from any successor the assent to this
Agreement described in Article IV within thirty (30) days after the occurrence of a
Change in Control.

Any circumstance described in this Section 1.1(t) shall constitute Good Reason even if such
circumstance would not constitute a breach by the Corporation of the terms of any written
employment agreement between the Corporation and the Executive in effect on the date of the Change
in Control. The Executive shall be deemed to have terminated his employment for Good Reason upon
the effective date stated in a written notice of such termination given by the Executive to Hawk
(which notice shall not be given, in the circumstances described in clause (i) of this
Section 1.1(t) before the end of the thirty (30) day period described therein, or in the
circumstances described in clause (ii) of this Section 1.1(t) before the end of the
fifteen (15) day period described therein), setting forth in reasonable detail the facts and
circumstances claimed to provide the basis for termination; provided that the effective date may
not precede, nor be more than sixty (60) days after, the date such notice is given. The
Executive’s continued employment shall not constitute consent to, or a waiver of rights with
respect to, any circumstances constituting Good Reason hereunder.

(u) “Person” means any individual, firm, corporation, partnership, limited liability company,
trust or other entity, including any successor (by merger or otherwise) of such entity.

(v) “Plan” means any bonus, incentive compensation, savings, retirement, stock option, stock
appreciation, stock ownership or purchase, pension, deferred compensation or Welfare Benefits plan,
policy, practice, program or arrangement of (including any separate contract or agreement with) the
Corporation for its U.S. employees, but does not include any employment agreement between the
Executive and the Corporation.

(w) “Prime Rate” means the rate of interest published from time to time by The Wall Street
Journal, and designated as the Prime Rate in the “Money Rates” section of such publication. If
such publication describes the Prime Rate as a range of rates, for purposes of this Agreement, the
Prime Rate will be the highest rate designated in such range.

(x) “Qualifying Termination” shall mean a termination of the Executive’s employment following
a Change in Control, during the term of this Agreement, for any reason excluding: (i) the
Executive’s death; (ii) the Executive’s Disability; (iii) the exhaustion of the Executive’s Welfare
Benefits under the terms of an applicable sick pay or long-term disability Plan of the Corporation
(other than by reason of the amendment or termination of such a Plan); (iv) by the Corporation for
Cause; or (v) by the Executive without Good Reason. In addition, a Qualifying Termination shall be
deemed to have occurred if, prior to a Change in Control, the Executive’s employment is terminated
during the term of this Agreement (A) by the Corporation without Cause or (B) by the Executive
based on events or circumstances that would constitute Good Reason if a Change in Control had
occurred, in either case, (x) at the request of a Person that has entered into an agreement with
the Corporation, the consummation of which would constitute a Change in Control, or (y) otherwise
in connection with, as a result of or in anticipation of a Change in Control. The mere act of
approving a Change in Control agreement shall not in and of itself be deemed to constitute an event
or circumstance in anticipation of a Change in Control for purposes of this Section 1.1(x).

(y) “Release” means a general waiver and release in substantially the form attached hereto as
Exhibit A.

(z) “Section 409A” means, collectively, Section 409A of the Code and the Treasury Regulations
and other interpretive guidance issued thereunder, each as in effect from time to time.

(aa) “Severance Waiver” has the meaning set forth in Section 3.2(b).

(bb) “Shares” shall mean the shares of Class A Common Stock, $0.01 par value, of Hawk,
any securities issued in exchange for or replacement of the shares of Class A Common Stock
outstanding from time to time, and such other securities of Hawk as a majority of the
Continuing Directors may from time to time determine.

(cc) “Stock Award” means a stock option, stock appreciation right, restricted stock grant,
performance share Plan or any other agreement in which the Executive has, or will (by the passage
of time only, not based on the Executive’s performance) have, (i) an interest in capital stock of
Hawk or a right to obtain capital stock or an interest in capital stock of Hawk or (ii) an interest
or right whose economic value depends solely on the performance of the capital stock of Hawk.

(dd) “Treasury Regulations” means the U.S. Department of the Treasury Regulations promulgated
or proposed under the Code.

(ee) “Welfare Benefits” means medical, prescription, dental, disability, group life and
accidental death insurance (whether funded by insurance policy or self-insured by the Corporation)
provided or arranged by the Corporation to be provided to its U.S. employees or former U.S.
employees.

(ff) “Welfare Benefit Plan” means any Plan that provides any Welfare Benefits.

(gg) “Whole Board” means the total number of directors the Board would have if there were no
vacancies.

ARTICLE II

TERM OF AGREEMENT

2.1 The initial term of this Agreement shall begin on the Commencement Date and extend for a
period of five (5) years. Thereafter, the term of this Agreement may be extended for additional
one (1) year periods, in each case upon the written agreement of the parties. Notwithstanding the
foregoing, if a Change in Control shall occur during the term of this Agreement, then this
Agreement shall terminate three (3) years after the date the Change in Control is completed.

2.2 Notwithstanding Section 2.1, the term of this Agreement shall end upon any
termination of the Executive’s employment that is other than a Qualifying Termination in connection
with a Change in Control. For example, this Agreement shall terminate if the Executive’s position
is eliminated and the Executive’s employment is terminated due to a downsizing, consolidation or
restructuring of the Corporation, or due to the sale, disposition or divestiture of all or a
portion of the Corporation, in each case other than in connection with a Change in Control.

ARTICLE III

COMPENSATION UPON A QUALIFYING TERMINATION

IN CONNECTION WITH A CHANGE IN CONTROL

3.1 Except as otherwise provided in Sections 3.2, 3.3 and 4.2, upon a Qualifying
Termination, the Executive shall be under no further obligation to perform services for the
Corporation and shall be entitled to receive the following payments and benefits:

(a) Within five (5) days after the expiration of the Revocation Period (as defined in the
Release), the Corporation shall make a lump sum cash payment to the Executive in an amount equal to
the sum of: (i) the Executive’s Annual Salary through the date of termination, to the extent not
theretofore paid; (ii) the product of (x) the bonus or compensation due under any annual incentive
compensation plan applicable to the Executive for the Calendar Year in which the termination of
Executive’s employment occurs, and (y) a fraction, the numerator of which is the number of days in
such Calendar Year through the date of termination, and the denominator of which is 365, except
that annual incentive plans that do not have predetermined annual target awards for participants
shall have their pro-rated incentive compensation award for the then current Calendar Year paid as
soon as practicable; and (iii) all unreimbursed expenses incurred and reported by the Executive in
compliance with the Corporation’s business expense reimbursement policies as in effect immediately
prior to the Change in Control; in each case in full satisfaction of the rights of the Executive
thereto; and

(b) (i) Within sixty (60) days after the expiration of the Revocation Period (as defined in
the Release), the Corporation shall make a lump sum cash payment to the Executive in an amount
equal to the CIC Multiple times the Executive’s Average Compensation (except to such extent as that
amount may be limited by Section 3.3); and (ii) if the Qualifying Termination is of the
nature described in clause (A) or (B) of Section 1.1(x), no such lump sum payment shall be
made unless and until the Change in Control related to the Qualifying Termination shall have
occurred.

(c) The Corporation shall continue to provide or arrange to provide the Executive (whether or
not under any Welfare Benefit Plan then maintained), at the Corporation’s sole expense and for the
Benefit Continuation Period, Welfare Benefits that are substantially the same the Welfare Benefits
provided to the Executive (and the Executive’s spouse, dependents and beneficiaries) immediately
before the occurrence of a Qualifying Termination, except that the Welfare Benefits to which the
Executive is entitled under this Section 3.1(c) shall be subject to the Executive’s
compliance with the restrictions described in Sections 3.2, 3.3 and 4.2, and shall be
reduced to the extent that comparable welfare benefits are received by the Executive from an
employer other than the Corporation during the Benefit Continuation Period. (Any indirect payment
by the Corporation, before the occurrence of a Qualifying Termination, of the cost of the
participation by the Executive, or the Executive’s spouse, dependents or beneficiaries, in any
Welfare Benefit Plan as a reimbursement or a credit to the Executive does not mean that the
corresponding Welfare Benefits were not being “provided to the Executive” by the Corporation for
the purpose of this Section 3.1(c)). Notwithstanding the foregoing, this
Section 3.1(c) shall not apply if the termination of the Executive’s employment is
attributable to the death of the Executive; provided that, in such event, the spouse, dependents
and beneficiaries of the Executive shall be entitled to whatever rights and benefits they have
under the Plans at the time of death and nothing herein shall be construed to limit such rights and
benefits.

(d) In the event that the Corporation cannot provide coverage under any Welfare Benefit Plan,
as described in Section 3.1(c), for the entire Benefit Continuation Period or any portion
thereof, for whatever reason, then the Corporation shall pay the actuarial equivalent of the
present value of such foregone coverage for the Executive (and his spouse, dependents and
beneficiaries, as applicable) directly to the Executive, in a cash lump sum payment, within sixty
(60) days after the Executive’s return of the signed Release referred to in Section 3.2(a)
and the signed Severance Waiver. Such determination for each affected Welfare Benefit Plan shall
be made in good faith by the Compensation Committee of the Board.

(e) Each Stock Award of the Executive that is outstanding immediately before the occurrence of
a Qualifying Termination and not yet exercised or forfeited (as the case may be) shall
automatically accelerate and become fully vested, exercisable or nonforfeitable upon the occurrence
of a Qualifying Termination, as though all requisite time had passed, or all requisite performance
goals had been attained or satisfied, to fully vest the Stock Award or cause it to become fully
vested, exercisable or nonforfeitable. In addition to Stock Awards, any compensation due to the
Executive under any performance-based, long-term incentive plan of the Corporation will
automatically accelerate and become fully payable and nonforfeitable upon the occurrence of a
Qualifying Termination, as though all requisite time had passed to fully vest such compensation and
all requisite performance goals attributable thereto have been fully attained or satisfied.

(f) The Executive shall be entitled to such outplacement services and other non-cash severance
or separation benefits as may then be available under the terms of a Plan or agreement to groups of
employees of the Corporation in addition to executives who are covered under the terms of this or a
similar agreement. To the extent any benefits described in this Section 3.1(e) cannot be
provided pursuant to the appropriate Plan or program maintained by the Corporation, Hawk shall
provide such benefits outside such plan or program to the Executive at no additional cost.

(g) Notwithstanding the foregoing, to ensure compliance with Section 409A, the Corporation
shall pay:

	 	(i)	 	all amounts payable under Section
3.1(a)(i) and (ii) no later than March 15 of the calendar
year following the calendar year in which the Qualifying Transaction
occurred;

	 	(ii)	 	any reimbursements payable under Section
3.1(a)(iii) no later than December 31 of the calendar year following
the calendar year in which those expenses were incurred;

	 	(iii)	 	provided that the Executive has executed and
delivered the Release and the Severance Waiver, any amount payable under
Section 3.1(b)(i) no later than March 15 of the calendar year
following the calendar year in which the Qualifying Transaction
occurred;

	 	(iv)	 	provided that the Executive has executed and
delivered the Release and the Severance Waiver, any amount payable under
Section 3.1(b)(ii) no later than March 15 of the calendar year
following the calendar year in which the Change in Control occurred;

	 	(v)	 	provided that the Executive has executed and
delivered the Release and the Severance Waiver, to the extent that any
continued payments or reimbursements of Welfare Benefits under
Section 3.1(c) above are deemed to constitute taxable
compensation to the Executive, any such payment due to the Executive
shall be paid to the Executive on or before the last day of the
Executive’s taxable year following the taxable year in which the related
expense was incurred. The amount of any such payments eligible for
reimbursement in one year shall not affect the payments or expenses that
are eligible for payment or reimbursement in any other taxable year, and
the Executive’s right to such payments or reimbursements shall not be
subject to liquidation or exchange for any other benefit; and

	 	(vi)	 	provided that the Executive has executed and
delivered the Release and the Severance Waiver, any amount payable under
Section 3.1(d) no later than March 15 of the calendar year
following the calendar year in which the Qualifying Transaction
occurred.

3.2 Notwithstanding the provisions of Section 3.1:

(a) The severance payments and benefits provided under Sections 3.1(b) through 3.1(e)
and, if applicable, Section 3.3 shall be conditioned upon the Executive executing and
delivering to Hawk, at the time the Executive’s employment is terminated, the Release. The Release
shall not become effective unless and until it has been executed and delivered by each of the
Executive and Hawk; provided that the severance payments and benefits provided under
Sections 3.1(b) through 3.1(f) and, if applicable, Section 3.3 are not be
conditioned upon Hawk’s execution or delivery of the Release.

(b) The severance payments and benefits provided under Sections 3.1(b) through 3.1(f)
and, if applicable, Section 3.3 shall be subject to, and conditioned upon, the waiver of
any other cash severance payment or other benefits provided by the Corporation pursuant to any
other severance agreement between the Corporation and the Executive in the form of Exhibit 3.2
hereto (the “Severance Waiver”). No amount shall be payable under this Agreement to, or on behalf
of, the Executive unless and until the Executive has executed and delivered the Severance Waiver.

3.3 Notwithstanding the provisions of Section 3.1:

(a) In the event it shall be determined that any compensation by or benefit from the
Corporation to the Executive or for the Executive’s benefit, whether pursuant to the terms of this
Agreement or otherwise, (i) constitute “parachute payments” within the meaning of Section 280G of
the Code and (ii) would be subject to the Excise Tax, then the Executive’s benefits under this
Agreement shall be either (x) delivered in full or (y) delivered as to such lesser extent which
would result in no portion of such benefits being subject to the Excise Tax, whichever of the
foregoing amounts, taking into account the applicable federal, state and local income taxes and the
Excise Tax, results in the receipt by the Executive on an after-tax basis of the greatest amount of
benefits, notwithstanding that all or some portion of such benefits may be taxable under
Section 4999 of the Code.

(b) Unless the Corporation and the Executive otherwise agree in writing, any determination
required under this Section 3.3 shall be made in writing by the Accountants, whose
determination shall be conclusive and binding upon the Executive and the Corporation for all
purposes. For purposes of making the calculations required by this Section 3.3, the
Accountants may make reasonable assumptions and approximations concerning applicable taxes and may
rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999
of the Code. The Corporation and the Executive shall furnish to the Accountants such information
and documents as the Accountants may reasonably request in order to make a determination under this
Section 3.3. The Corporation shall bear all costs the Accountants may incur in connection
with any calculations contemplated by this Section 3.3.

(c) The Corporation shall also pay the Executive an amount equal to the reasonable legal fees
and other expenses incurred in good faith by him in connection with the contest or defense of any
tax audit or proceeding by the Internal Revenue Service to the extent that Section 4999 of the Code
is alleged or claimed to apply to any payment or benefit provided under this Agreement. The
Corporation shall be obligated under the preceding sentence even if the Executive is not successful
in any such tax contest or defense, so long as he acted in good faith. The Corporation shall make
any payment required hereby within thirty (30) days after delivery of notice from the Executive
requesting payment and providing such evidence of the incurrence of those fees and expenses as the
Corporation may reasonably request. To ensure compliance with Section 409A, provided that the
Executive has executed and delivered the Severance Waiver, all payments under this Section
3.3(c) shall be paid no later than March 15 of the calendar year following the calendar year in
which those legal fees and expenses were incurred by the Executive.

(d) The Corporation shall withhold from any payments or benefits under this Agreement (whether
or not otherwise acknowledged under this Agreement) all federal, state, local or other taxes that
it is legally required to withhold.

(e) Except as specifically provided herein, the Executive alone shall be liable for the
payment of any and all tax cost, incremental or otherwise, incurred by the Executive in connection
with the provision of any benefits described in this Agreement. No provision of this Agreement
shall be interpreted to provide for the gross-up or other mitigation of any amount payable or
benefit provided to the Executive under terms of this Agreement as a result of such taxes.

3.4 The Corporation acknowledges that it will be difficult, and may be impossible, for the
Executive to find reasonably comparable employment following a Qualifying Termination.
Accordingly, the parties hereto expressly agree that payments to the Executive in accordance with
the terms of this Agreement will be liquidated damages, and that the Executive will not be required
to mitigate the amount of any payment provided for in this Agreement by seeking other employment or
otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever
create any mitigation, offset, reduction or any other obligation on the part of the Executive
hereunder or otherwise.

3.5 The Corporation’s obligations under this Agreement are absolute and unconditional, and not
subject to any set-off, counterclaim, recoupment, defense or other right the Corporation may have
against the Executive, except as otherwise specifically provided herein or in the Release.

3.6 The Corporation intends that the Executive not be required to incur any
expenses associated with the enforcement of the Executive’s rights under this
Agreement by litigation or other legal action because the cost and expense thereof
would substantially detract from the benefits intended to be extended to the
Executive hereunder. Accordingly, if it should appear to the Executive that the
Corporation has failed to comply with any of its obligations under this Agreement or
in the event that the Corporation or any other Person takes any action to declare
the Agreement void or unenforceable, or institutes any litigation designed to deny,
or to recover from, the Executive the benefits intended to be provided to the
executive hereunder, the Corporation irrevocably authorizes the Executive from time
to time to retain counsel of the Executive’s choice, at the expense of the
Corporation, to represent the Executive in connection with the litigation or defense
of any litigation or other legal action, whether by or against the Corporation or
any director, officer, stockholder or other Affiliate or Associate, in any
jurisdiction. The Corporation shall make any payment required hereby within
thirty (30) days after delivery of notice from the Executive requesting payment and
providing such evidence of the incurrence of those fees and expenses as the
Corporation may reasonably request. To ensure compliance with Section 409A,
provided that the Executive has executed and delivered the Severance Waiver, all
payments under this Section 3.6 shall be paid no later than March 15 of the
calendar year following the calendar year in which those fees and expenses were
incurred by the Executive.

3.7 Without limiting the rights of the Executive at law or in equity, if the Corporation fails
to make any payment required to be under this Agreement on a timely basis, the Corporation shall
pay interest on the amount thereof at an annualized rate of interest equal to the then-applicable
Prime Rate or, if lesser, the highest rate allowed by applicable usury laws.

ARTICLE IV

RESTRICTIVE COVENANTS

4.1 In consideration of the execution and delivery of this Agreement by the Corporation, the
Executive agrees to abide by the restrictive covenants set forth in Exhibit B hereto
(collectively, the “Restrictive Covenants”), which are incorporated by reference as though fully
rewritten here.

4.2 The severance payments and benefits provided under Article III of this Agreement
shall be subject to, and conditioned upon, the Executive’s compliance with the Restrictive
Covenants unless the Restrictive Covenants have expired as provided in paragraph 1 thereof.

ARTICLE V

SUCCESSOR TO CORPORATION

5.1 This Agreement shall bind any successor of the Corporation, its assets or its businesses
(whether direct or indirect, by purchase, merger, consolidation or otherwise) in the same manner
and to the same extent that Hawk would be obligated under this Agreement if no succession had taken
place.

5.2 In the case of any transaction in which a successor would not by the foregoing provision
or by operation of law be bound by this Agreement, the Corporation shall require such successor
expressly and unconditionally to assume and agree to perform Hawk’s obligations under this
Agreement, in the same manner and to the same extent that Hawk would be required to perform if no
such succession had taken place. The term “Corporation,” as used in this Agreement, shall mean the
Corporation as hereinbefore defined and any such successor assignee to its business or assets which
by reason hereof becomes bound by this Agreement.

ARTICLE VI

SECTION 409(A)

6.1 To the extent applicable, this Agreement shall be interpreted in accordance with Section
409A. The parties’ intent in entering into this Agreement is that none of the payment arrangements
hereunder constitute a “deferral of compensation” under Section 409A, and this Agreement shall be
interpreted in a manner consistent with that intent.

6.2 If the Executive is a “specified employee” (within the meaning of Treasury Regulation
Section 1.409A-1(i)), as determined by the Corporation in accordance with Section 409A, as of the
date of the Executive’s separation from service (within the meaning of Treasury Regulation Section
1.409A-1(h)), to the extent that any payments or benefits under this Agreement are subject to
Section 409A and the delayed payment or distribution of all or any portion of such amounts to which
the Executive is entitled under this Agreement is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred under this
Section 6.2 shall be paid or distributed (without interest) to the Executive in a lump sum
on the earlier of (a) the date that is six (6) months following termination of the Executive’s
employment, (b) a date that is no later than thirty (30) days after the date of the Executive’s
death or (c) the earliest date as is permitted under Section 409A. For purposes of clarity, the
six (6) month delay shall not apply in the case of severance pay contemplated by Treasury
Regulation Section 1.409A-1(b)(9)(iii) to the extent of the limits set forth therein. Any
remaining payments due under this Agreement shall be paid as otherwise provided herein.

6.3 To the maximum extent permitted by applicable law, the amounts payable to the Executive
under this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)
(with respect to separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4) (with respect
to short-term deferrals).

ARTICLE VII

MISCELLANEOUS

7.1 Any notices and all other communications provided for herein shall be in writing and shall
be deemed to have been duly given when delivered or when mailed, by certified or registered mail,
return receipt requested, postage prepaid, to the parties hereto at the address set forth in the
preamble of this Agreement, or to such other address as a party shall furnish to the other by
notice given in accordance with this Section.

7.2 Except to the extent otherwise provided in Article II, no provision of this
Agreement may be modified, waived or discharged except in writing specifically referring to such
provision and signed by the party against whom enforcement of such modification, waiver or
discharge is sought. No waiver by either party of the breach of any condition or provision of this
Agreement shall be deemed a waiver of any other condition or provision at the same or any other
time.

7.3 This Agreement and all rights hereunder shall be governed by, and construed and
interpreted in accordance with, the laws of the State of Ohio applicable to contracts made and to
be performed entirely within that State. Subject to Section 3.1(g), the parties intend to
and hereby do confer exclusive jurisdiction upon the courts of any jurisdiction located within
Cuyahoga County, Ohio to determine any dispute arising out of or related to this Agreement,
including the enforcement and the breach hereof.

7.4 The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which shall remain in full
force and effect.

7.5 All remedies specified herein or otherwise available shall be cumulative and in addition
to any and every other remedy provided hereunder or now or hereafter available.

7.6 The captions in this Agreement are included for convenience only and shall not in any way
effect the interpretation or construction of any provision hereof.

7.7 This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
respective heirs, legal representatives, successors and permitted assigns of the parties hereto.
Nothing in this Agreement is intended, and it shall not be construed, to give any Person other than
the parties hereto any right, remedy or claim under or in respect of this Agreement or any
provisions hereof.

7.8 This Agreement embodies the entire agreement and understanding between Hawk and the
Executive with respect to the subject matter hereof, and supersedes all prior agreements and
understandings, oral or written, relating to the subject matter hereof (including but not limited
to any previous non-disclosure and/or non-competition agreement between the Executive and the
Corporation).

7.9 This Agreement may be executed in any number of counterparts, each of which, when
executed, shall be deemed to be an original and all of which together shall be deemed to be one and
the same instrument.

7.10 THIS AGREEMENT DOES NOT CONSTITUTE AN EMPLOYMENT CONTRACT OR IMPOSE ON THE EXECUTIVE
OR THE CORPORATION ANY OBLIGATION TO RETAIN THE EXECUTIVE AS AN EMPLOYEE OR TO CHANGE THE STATUS OF
THE EXECUTIVE’S EMPLOYMENT. NOTHING IN THIS AGREEMENT SHALL CONFER UPON THE EXECUTIVE ANY RIGHT OR
ENTITLEMENT WITH RESPECT TO CONTINUATION OF EMPLOYMENT BY THE CORPORATION OR INTERFERE IN ANY WAY
WITH THE RIGHT OR POWER OF THE CORPORATION TO TERMINATE THE EXECUTIVE’S EMPLOYMENT AT ANY TIME,
WITH OR WITHOUT CAUSE.

[Signature Page Follows]

IN WITNESS WHEREOF, the Executive has executed this Agreement, and Hawk has caused
this Change in Control Agreement to be duly executed on its behalf, as of the date first written
above.

HAWK CORPORATION

By: /s/ Ronald E. Weinberg

Its: Chairman of the Board

EXECUTIVE:

/s/ B. Christopher DiSantis

B. CHRISTOPHER DISANTIS

EXHIBIT A

FORM OF THE RELEASE

GENERAL WAIVER AND RELEASE OF CLAIMS

THIS GENERAL WAIVER AND RELEASE OF CLAIMS (“Release”) is made by and between HAWK CORPORATION,
a Delaware corporation (“Hawk” and, together with its direct and indirect subsidiaries, the
“Corporation”), and the undersigned executive officer or employee of the Corporation (the
“Executive”).

R E C I T A L S :

A. The Executive has been employed by the Corporation and, in connection therewith, the
Executive and Hawk have previously entered into a Change in Control Agreement (the “CIC
Agreement”).

B. This Release is being entered into pursuant to Section 3.2(a) of the CIC Agreement and in
connection with the termination of the Executive’s employment by the Corporation, and in
consideration for the payment by the Corporation of certain severance benefits as more fully
described in the CIC Agreement.

ACCORDINGLY, in consideration of the foregoing premises and the agreements hereinafter set
forth, the parties agree as follows:

1. Confirmation of Termination. The Executive hereby confirms the termination of his
employment with the Corporation effective as of       ,        (the “Termination
Date”).

2. Release of Claims. For good and valuable consideration, including but not limited
to the agreement to provide certain benefits pursuant to the CIC Agreement, the Executive does
hereby fully, finally and forever release and discharge the Corporation, its predecessors,
successors, subsidiaries, divisions, affiliates, representatives, officers, directors, members,
managers, shareholders, agents, employees, attorneys and assigns, of and from all claims, demands,
actions, causes of action, suits, damages, losses and expenses of any and every nature whatsoever,
whether known or not known, from the beginning of time to the date of this Release, concerning the
employment or termination of the Executive by the Corporation, and including any and all acts that
have been or could have been alleged to have violated the Executive’s rights under federal, state
or local law (including but not limited to the following: the Civil Rights Acts of 1866, 1871,
1964 and 1991; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
Protection Act of 1990; the Americans with Disabilities Act of 1990; the Human Rights Laws of the
State and City of New York; the California Fair Employment and Housing Act; all Federal and State
Family and Medical Leave Acts; the Employee Retirement Income Security Act (ERISA)), or any
contract of employment, express or implied and any provision of any other law concerning the
Executive’s employment or termination thereof, common or statutory, including but not limited to
any law of the United States of America, the State of Ohio or any other state or government entity.
Notwithstanding the foregoing, excluded from this release are any claims or causes of action by or
on behalf of the Executive for: (i) any payment or benefit that may be due or payable under the
CIC Agreement or any Plan (as defined in the CIC Agreement) prior to the receipt thereof; (ii) any
failure by the Corporation to cooperate with the Executive in exercising his vested Stock Awards
(as defined in the CIC Agreement) in accordance with the terms hereof and of the respective Plan
and any other agreement relating to the Stock Awards; (iii) the non-payment of any accrued and
unpaid salary or benefits to which the Executive is entitled from the Corporation as of the
effective date of the Qualifying Termination (as defined in the CIC Agreement); (iv) a breach by
the Corporation of this Release, the CIC Agreement or the provisions of any written employment
agreement between the Corporation and the Executive that expressly survive the Termination Date; or
(v) any failure by the Corporation to provide the Executive with any indemnification, advancement
of expenses (including but not limited to attorneys fees) or insurance proceeds to which the
Executive is entitled under the Corporation’s charter documents or directors and officers insurance
policy.

IN ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, THE EXECUTIVE IS HEREBY
ADVISED AS FOLLOWS:

(A) THE EXECUTIVE HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS
DOCUMENT CONTAINING A RELEASE;

(B) THE EXECUTIVE HAS UP TO TWENTY-ONE (21) DAYS FROM THE DATE ON WHICH HE RECEIVES
THIS DOCUMENT TO CONSIDER WHETHER OR NOT HE WILL SIGN IT; AND

(C) THE EXECUTIVE HAS SEVEN (7) DAYS AFTER SIGNING THIS DOCUMENT (THE “REVOCATION
PERIOD”) TO REVOKE HIS SIGNATURE, AND THE RELEASE WILL NOT BECOME EFFECTIVE UNTIL THE
REVOCATION PERIOD HAS EXPIRED.

IF THE EXECUTIVE CHOOSES TO REVOKE THIS RELEASE, HIS REVOCATION MUST BE IN A SIGNED WRITING
AND MUST BE RECEIVED BY THE CHAIRMAN OF HAWK PRIOR TO THE EXPIRATION OF THE REVOCATION PERIOD.

THE EXECUTIVE ACKNOWLEDGES THAT CERTAIN OF THE SEVERANCE PAYMENTS AND BENEFITS DESCRIBED IN
THE CIC AGREEMENT ARE CONTINGENT UPON HIS SIGNING THIS RELEASE AND ARE PAYABLE ONLY IF THE
REVOCATION PERIOD HAS EXPIRED WITHOUT REVOCATION OF THIS RELEASE.

Except for obligations of the Executive created by this Release, the CIC Agreement (including
but not limited to the Restrictive Covenants) and the provisions of any written employment
agreement between the Corporation and the Executive that expressly survive the Termination Date,
the Corporation does hereby fully, finally and forever release and discharge the Executive and his
heirs, estate, beneficiaries, agents, employees, attorneys, successors and assigns, of and from all
claims, demands, actions, causes of action, suits, damages, losses and expenses of any and every
nature whatsoever, whether known or not known, from the beginning of time to the date of this
Release, including but not limited to all claims arising from Executive’s position as an officer,
director, manager or employee of the Corporation and the termination of that relationship.

3. No Admission of Wrongdoing. This Agreement shall not in any way be construed as an
admission by the Executive of any acts of wrongdoing against the Corporation or any other person or
that the Executive has any claim, whatsoever, against the Corporation or any of the Corporation’s
officers, directors, members, managers, employees, affiliates or agents.

4. Cooperation. The Executive agrees to fully cooperate, in good faith and to the
best of his ability, with reasonable requests of the Corporation in connection with all pending,
threatened or future claims, actions, litigations, arbitrations or inquiries by any state, federal,
foreign or private person or entity, directly or indirectly arising from or relating to any
transaction, event or activity he was involved in, participated in, or had knowledge of, in the
course of his employment. Such cooperation will be at mutually-agreeable times and the Corporation
agrees to reimburse the Executive for the time (to the extent that such cooperation exceeds one
hour in any given day) and expenses incurred in providing such cooperation including, in accordance
with the Corporation’s practice, customary per-diem amounts incurred in providing testimony. This
Section 4 shall not apply if the claim, action, litigation or arbitration relates to a
dispute or controversy between the Corporation and the Executive.

5. Severability. If any provision of this Release is declared or determined by a
court of competent jurisdiction not to be enforceable in the manner set forth in this Release, the
validity of the remaining parts, terms or provisions shall not be affected thereby. Furthermore,
the parties hereto agree that it is their intention that any unenforceable provision shall be
reformed to make it enforceable in accordance with the interest of the parties hereto.

6. Amendment and Waiver. No provision of this Release may be modified, waived or
discharged except in writing specifically referring to such provision and signed by the party
against whom enforcement of such modification, waiver or discharge is sought. No waiver by either
party of the breach of any condition or provision of this Release shall be deemed a waiver of any
other condition or provision at the same or any other time.

7 Governing Law, Venue and Submission to Jurisdiction. This Release and all rights
hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the
State of Ohio applicable to contracts made and to be performed entirely within that State. The
parties intend to and hereby do confer exclusive jurisdiction upon the courts of any jurisdiction
located within Cuyahoga County, Ohio to determine any dispute arising out of or related to this
Release, including the enforcement and the breach hereof.

8. Binding on Successors, Etc. This Release shall be binding upon and inure to the
benefit of and be enforceable by the respective heirs, legal representatives, successors and
permitted assigns of the parties hereto. Nothing in this Release is intended, and it shall not be
construed, to give any person or entity other than the parties hereto (other than the direct and
indirect subsidiaries of Hawk) any right, remedy or claim under or in respect of this Release or
any provisions hereof.

9. Notices. All notices, demands and other communications required or permitted to be
given hereunder shall be subject to Section 5.1 of the CIC Agreement.

10. Section Headings. Section headings are for convenient reference only and shall
not affect the meaning or have any bearing on the interpretation of any provision of this Release.

11. Entire Agreement. This Release embodies the entire agreement and understanding
between Hawk and the Executive with respect to the subject matter hereof, and supersedes all prior
agreements and understandings, oral or written, relating to the subject matter hereof.

12. Counterparts. This Release may be executed in any number of counterparts, each of
which, when executed, shall be deemed to be an original and all of which together shall be deemed
to be one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the Executive has executed this Release, and Hawk has caused this
Release to be duly executed on its behalf, this        day of        , 20      , to be effective
as of the Termination Date.

HAWK CORPORATION

By:

Its:

EXECUTIVE

Signature:

Printed name:

EXHIBIT B

RESTRICTIVE COVENANTS

1. Expiration. Notwithstanding any provision to the contrary set forth
below or elsewhere in this Agreement, these Restrictive Covenants shall expire and be of no further
force or effect upon the effective date of the sooner to occur of (i) any Change in Control that
has not been approved by a majority of the Continuing Directors or (ii) a Qualifying Termination of
the Executive’s employment that is of the nature described in clause (A) or (B) of Section
1.1(x) of the Agreement.

2. The Company Business. The parties acknowledge that the Corporation is engaged in
the business of designing, engineering, manufacturing and marketing friction materials and fuel
cell and carbon composite materials used in a wide variety of aerospace, industrial, construction
and other commercial applications (the “Company Business”).

3. Non-Compete. During the period which includes the entire term of the Executive’s
employment with the Corporation and one (1) year following the termination of such employment,
however caused (the “Restricted Period”), the Executive shall not, directly or indirectly, either
(a) within any state in which the Corporation has actively engaged in the Company Business during
any part of the term of the Executive’s employment with the Corporation, or (b) within any state in
which the Executive has actively engaged in any activities on behalf of the Corporation during any
part of the term of the Executive’s employment with the Corporation, or (c) with respect to any
customer or supplier with whom the Executive has had material dealings on behalf of the Corporation
during any part of the term of the Executive’s employment with the Corporation, compete with the
Corporation in any manner in any area of the Company Business in which the Executive has worked for
the Corporation, on behalf of the Executive or any other Person, including, without limitation,
that the Executive shall not: (i) engage in the Company Business for his own account; (ii) enter
the employ of, or render any services to, any Person engaged in the Company Business; (iii) request
or instigate any account or customer of the Corporation to withdraw, diminish, curtail or cancel
any of its business with the Corporation; or (iv) become interested in any Person engaged in the
Company Business as an owner, partner, stockholder, officer, director, licensor, licensee,
principal, agent, the Executive, trustee, consultant or in any other relationship or capacity;
provided that the Executive may own, directly or indirectly, solely as an investment, securities of
any corporation which are traded on any national securities exchange if he (x) is not a controlling
person of, or a member of a group which controls, such corporation or (y) does not, directly or
indirectly, own one percent (1%) or more of any class of securities of such corporation. In the
event of the Executive’s breach of any provision of this section, the running of the Restricted
Period shall be automatically tolled (i.e., no part of the Restricted Period shall expire) from and
after the date of the first such breach.

4. Confidential Information. The Executive acknowledges that confidential
information, including, without limitation, information, knowledge or data (i) of a technical
nature such as but not limited to methods, know-how, formulae, compositions, processes, machinery
(including computer hardware), discoveries, inventions, products, product specifications, computer
programs and similar items or research projects; (ii) of a business nature such as but not limited
to information about products, cost, purchasing or suppliers, profits, market, sales or customers,
including lists of customers, and the financial condition of the Corporation; (iii) pertaining to
future developments such as but not limited to strategic planning, research and development or
future marketing or merchandising, and trade secrets of the Corporation; and (iv) all other matters
which the Corporation treats as confidential (the items described above being referred to
collectively hereinafter as “Confidential Information”), are valuable, special and unique assets of
the Corporation. During and after the Restricted Period, the Executive shall keep secret and
retain in strictest confidence, and shall not use for the benefit of himself or others except in
connection with the business and affairs of the Corporation, any and all Confidential Information
learned by the Executive before or after the date of this Agreement, and shall not disclose such
Confidential Information to anyone outside of the Corporation either during or after employment by
the Corporation, except as required in the course of performing duties of his employment with the
Corporation, without the express written consent of the Corporation or as required by law.

5. Property of the Corporation. The Executive agrees to deliver promptly to the
Corporation all drawings, blueprints, manuals, letters, notes, notebooks, reports, sketches,
formulae, computer programs and files, memoranda, customer lists and all other materials relating
in any way to the Company Business and in any way obtained by the Executive during the period of
his employment with the Corporation which are in his possession or under his control, and all
copies thereof, (i) upon termination of the Executive’s employment with the Corporation, or (ii) at
any other time at the Corporation’s request. The Executive further agrees he will not make or
retain any copies of any of the foregoing and will so represent to the Corporation upon termination
of his employment.

6. Employees and Consultants of the Corporation. During and for a period of two (2)
years after the expiration of the Restricted Period, the Executive shall not, directly or
indirectly (i) hire, solicit, or encourage to either leave the employment of or cease working with
the Corporation, any person who is then an employee of the Corporation, or any consultant who is
then engaged by the Corporation, or (ii) hire any employee or consultant who had left the
employment of or had ceased consulting with the Corporation but who had not yet been a former
employee or former consultant of the Corporation for one (1) full year.

7. Inventions.

(a) The Executive will promptly disclose in writing to the Corporation all inventions,
discoveries, developments, improvements and innovations (collectively, “Inventions”) whether
patentable or not, conceived or made by the Executive, either solely or in concert with others,
during the period of his employment with the Corporation, including, but not limited to, any period
prior to the date of this Agreement, whether or not made or conceived during working hours that
(i) relate in any manner to the existing or contemplated business or research activities of the
Corporation, or (ii) are suggested by or result from the Executive’s work with the Corporation, or
(iii) result from the use of the Corporation’s time, materials or facilities, and the Executive
agrees and understands that all such Inventions shall be the exclusive property of the Corporation.

(b) The Executive hereby assigns to the Corporation his entire right, title and interest to
all such Inventions which are the property of the Corporation under the provisions of
paragraph 7(a) above; and to all unpatented Inventions which the Executive now owns except
those specifically described in paragraph 9 below, and the Executive will, at the
Corporation’s request and expense, execute specific assignments to any such Invention and execute,
acknowledge and deliver such other documents and take such further action as may be considered
necessary by the Corporation at any time during or subsequent to the period of his employment with
the Corporation to obtain and defend letters patent in any and all countries and to vest title in
such Inventions in the Corporation or its assigns.

(c) The Executive agrees that an Invention disclosed by him to a third person or described in
a patent application filed by him or in his behalf within six (6) months following the period of
his employment with the Corporation shall be presumed to have been conceived or made by him during
the period of his employment with the Corporation unless proved to have been conceived and made by
him following the termination of employment with the Corporation.

8. Rights and Remedies Upon Breach. Both parties recognize that the rights and
obligations set forth in this Agreement are special, unique and of extraordinary character. If the
Executive breaches, or threatens to commit a breach of, any of the provisions of paragraphs 3
through 7 above (collectively, the “Restrictive Covenants”), then the Corporation shall have
the following rights and remedies, each of which shall be independent of the other and severally
enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any
other rights and remedies available to the Corporation under law or in equity:

(a) Specific Performance. The right and remedy to have the Restrictive Covenants
specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed
that any such breach or threatened breach will cause irreparable injury to the Corporation and that
money damages will not provide adequate remedy to the Corporation. As to the covenants contained
in paragraph 3 above, specific performance shall be for a period of time equal to the
unexpired portion of the Restricted Period, giving full effect to the tolling provision of
paragraph 3 above, and beginning on the earlier of the date on which the court’s order
becomes final and non-appealable and the date on which all appeals have been exhausted.

(b) Accounting. The right and remedy to require the Executive to account for and pay
over to the Corporation all compensation, profits, monies, accruals, increments or other benefits
(collectively, “Benefits”) derived or received by it as the result of any transactions constituting
a breach of any of the Restrictive Covenants, and the Executive shall account for and pay over such
Benefits to the Corporation.

(c) Blue-Pencilling. If any court determines that any one or more of the
Restrictive Covenants, or any part thereof, shall be unenforceable because of the scope, duration
and/or geographical area covered by such provision, such court shall have the power to reduce the
scope, duration or area of such provision and, in its reduced form, such provision shall then be
enforceable and shall be enforced.

9. Excluded Inventions. The following is a list of all Inventions, whether patented
or unpatented, in which the Executive has any interest and that the Executive does not assign to
the Corporation pursuant hereto (if no Inventions are described below, then there are no exclusions
from the assignment set forth herein):

EXHIBIT 3.2

THE SEVERANCE WAIVER

WAIVER OF SEVERANCE BENEFITS

THIS WAIVER OF SEVERANCE BENEFITS (“Waiver”) is made by and between HAWK CORPORATION, a
Delaware corporation which maintains a place of business at 200 Public Square, Suite 1500,
Cleveland Ohio 44114 (“Hawk” and, together with its direct and indirect subsidiaries and
affiliates, the “Corporation”), and B. CHRISTOPHER DISANTIS, an individual who resides at 8059 Long
Forest Drive, Brecksville, Ohio 44141 (“Executive”).

R E C I T A L S :

A. Executive has been employed by the Corporation. In connection therewith, Executive and the
Corporation have previously entered into an Amended and Restated Change in Control Agreement (the
“CIC Agreement”).

B. Sections 3.1(b) through 3.1(e) and, if applicable, Section 3.3, of the CIC Agreement
provide that Executive is entitled to certain severance benefits and payments under certain
circumstances and conditions.

C. Section 3.2(b) of the CIC Agreement provides that the payment of the severance payments and
benefits referred to above is subject to and conditioned upon the execution and delivery by
Executive of a waiver of cash severance and other benefits (other than the severance payments and
benefits provided pursuant to the CIC Agreement).

ACCORDINGLY, in consideration of the foregoing premises and the agreements hereinafter set
forth, the parties agree as follows:

1. Confirmation of Termination. Executive hereby confirms the termination of his
employment with the Corporation effective as of       ,        (the “Termination
Date”).

2. Acknowledgement of Right to the Severance Benefits. Hawk and Executive hereby
acknowledge that Executive is entitled to certain severance benefits and payments pursuant to
Article III of the CIC Agreement (hereinafter, the “CIC Severance Benefits”).

3. Waiver of Severance Other than the Severance Benefits. Except for the CIC
Severance Benefits, Executive hereby releases and waives any and all claims he might have, pursuant
to any agreement, written or oral, express or implied, to any compensation or benefits of any
nature and description from Hawk, its direct and indirect subsidiaries (including Wellman Products
Group) and the affiliates of any of the foregoing (all of the foregoing being referred to
collectively hereinafter as “the Companies”), arising out of or related to the termination of the
employment relationship between Executive and any of the Companies.

4. Binding on Heirs, Etc. This Waiver is made by Executive on behalf of himself,
his heirs, executors, representatives, successors and assigns, and is intended to be binding upon
Executive and his heirs, executors, legal representatives, successors and assigns.

IN WITNESS WHEREOF, Employee has executed this Waiver, and Hawk has caused this Waiver to be
duly executed on its behalf, this        day of        , 20      , to be effective as of the
Termination Date.

HAWK CORPORATION

By:

Its:

EXECUTIVE

B. Christopher DiSantis

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