Document:

Supplemental Retirement Plan for Executives

 Exhibit 10A 
 SUPPLEMENTAL RETIREMENT PLAN 
 FOR EXECUTIVES OF 
 CARPENTER TECHNOLOGY CORPORATION 
 Effective December 13, 1979 
 Restated August 20, 2007 
  

	1.	Purpose 

 The purpose of this Plan is to
attract, retain and motivate designated employees of Carpenter Technology Corporation (the “Company” or “Corporation”) who are Participants in the Plan by providing supplemental pension and death benefits to enhance their
economic security during their active careers with the Corporation and in Retirement. 
  

	2.	Definitions 

  

	 	(A)	“Annual Base Formula Retirement Benefit” shall mean the annual benefit computed to measure total annual retirement income, as provided in Section 6.

  

	 	(B)	“Annual Supplemental Retirement Benefit” shall mean the annual benefit to be paid from the Plan, as provided in Section 7 hereof. 

  

	 	(C)	“Average Annual Earnings” shall, after the adjustment of “earnings” as indicated below, mean “average monthly earnings” as both of these terms
are used in the General Retirement Plan multiplied by 12 (in the event the Participant or Former Participant has insufficient service to calculate such average monthly earnings, such Participant’s average monthly compensation shall be
determined by the Board in its discretion). Such average monthly earnings shall be recalculated with the following adjustments to the definition of earnings under the General Retirement Plan. 

  

	 	(1)	Annual compensation under the General Retirement Plan will not be limited by the application of section 401(a)(17) of the Code and the regulations thereunder, as amended.

  

	 	(2)	Compensation deferred under the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation or any similar non-qualified plan or arrangement will
count as earnings. 

  

	 	(3)	The amount of any bonus payments for fiscal year 2002 under the Corporation’s Executive Bonus Compensation Plan (then titled the Executive Annual Compensation Plan or EACP)
that were voluntarily waived will count as earnings. 

  

 1 

	 	(4)	The Fair Market Value as of the last day of fiscal year 2004 of any restricted shares of the Corporation’s Common Stock received in lieu of cash compensation under the
Corporation’s Executive Bonus Compensation Plan (then titled the EACP) for fiscal year 2004 will count as earnings. 

  

	 	(D)	“Board” shall mean the Board of Directors of Carpenter Technology Corporation. 

  

	 	(E)	“Change in Control” shall mean and include each of the following: 

  

	 	(1)	The acquisition by any person, entity, or group of persons (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (each, a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of either (i) 50% or more of the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) 30% or more
of the total voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, the following
acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by a person that is considered immediately prior to such acquisition or acquisitions to effectively control the
Company within the meaning of Section 409A of the Code, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company or (iv) any acquisition by any corporation
pursuant to a transaction that complies with Sections 2(E)(3)(i), 2(E)(3)(ii), and 2(E)(3)(iii); 

  

	 	(2)	the date a majority of the individuals who constitute the Board of Directors (the “Incumbent Board”) cease for any reason, during any 12-month period, to constitute at
least a majority of the Board of Directors; provided, however, that any individual becoming a director during such 12-month period whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors;

  

	 	(3)	 consummation of a reorganization, merger, consolidation or sale or other disposition of all or substantially all of the assets of the Company or the 

  

 2 

	 	 
acquisition of the assets or stock of another entity (a “Business Combination”), in each case, unless, following such Business Combination,
(i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
surviving entity resulting from such Business Combination (including, without limitation, a surviving entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through
one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no
Person (excluding any surviving entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such surviving entity resulting from such Business Combination) beneficially owns, directly or
indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the surviving entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such surviving entity,
except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the surviving entity resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

  

	 	(4)	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

  

	 	(F)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	(G)	“Disability” shall mean that a qualified physician designated by the Corporation has reviewed and approved the determination that prior to Separation from Service
the employee: 

  

	 	(1)	is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or 

  

	 	(2)	 is, by reason of any medically determinable physical or mental impairment 

  

 3 

	 	 
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits
for a period of not less than 3 months under an accident and health plan covering employees of the Corporation. 

  

	 	(H)	“Early Retirement Benefit” shall mean the annual benefit payable to a Participant under Section 7(B) hereof. 

  

	 	(I)	“Former Participant” shall mean any person who was previously a Participant and was either (i) a Participant for at least three years or (ii) an employee
of the Company for at least ten years. 

  

	 	(J)	“General Retirement Plan” shall mean the Corporation’s “General Retirement Plan for Employees of Carpenter Technology Corporation” as in effect on
the last date of a Participant’s employment with the Corporation as a participant under the General Retirement Plan. 

  

	 	(K)	“Participant” shall mean any person included in the Plan, as provided in Section 3 and shall also mean a Former Participant except as otherwise provided in
Section 6. 

  

	 	(L)	“Plan” shall mean this Supplemental Retirement Plan for Executives of Carpenter Technology Corporation. 

  

	 	(M)	“Retirement” shall mean the Participant’s Separation from Service on account of “retirement”, as that term is defined in the General Retirement Plan.

  

	 	(N)	“Separation from Service” shall mean a Participant’s termination of employment with the Company which entitles the Participant to benefits under the Plan.

  

	 	(O)	“Surviving Spouse” shall have the meaning ascribed to such term in Sections 3.13(f) or 4.5(a)(1), as applicable, of the General Retirement Plan.

  

	3.	Participants 

 Participants in the Plan will
consist of such employees of the Corporation as the Board in its sole discretion may from time to time designate. An employee previously designated a Participant shall cease to be eligible to participate upon the occurrence of the following:

  

	 	(A)	Such Participant’s Separation from Service with the Corporation for any reason other than Retirement under conditions where benefits are payable under Section 7 (except
that a Former Participant shall be eligible to receive any previously accrued benefit under this Plan); 

  

 4 

	 	(B)	The Board’s determination, in its sole discretion, that such Participant is no longer eligible to participate in the Plan (except that a Former Participant shall be eligible to
receive any previously accrued benefit under this Plan); 

  

	 	(C)	Such Participant commences performing services for the Corporation solely as an independent contractor or consultant (except that such Participant shall continue to receive any
previously accrued benefit under this Plan); or 

  

	 	(D)	The Board’s determination that such Participant breached the non-competition covenant contained in the Supplemental Retirement Agreement described in Section 4(C) hereof
(in which case no further payments will be made under the Plan). 

  

	4.	Supplemental Retirement Agreement 

 Each
Participant, as a condition precedent to becoming a Participant, will enter into an agreement with the Corporation, in a form supplied by and satisfactory to the Corporation, which will, inter alia, 
  

	 	(A)	set forth any additional terms and conditions to benefits or participation not otherwise provided herein, 

  

	 	(B)	permit the Corporation, in its sole discretion, to insure the Participant’s life under an individual life insurance policy in which the Corporation is the owner and beneficiary
at no cost to the Participant, and 

  

	 	(C)	contain a non-competition covenant. 

  

	5.	Payment of Benefits 

 Each Participant who
shall have a Separation from Service under the conditions set forth in Section 7 will receive a monthly Annual Supplemental Retirement Benefit paid from the general assets of the Corporation for a period of fifteen years commencing as provided
herein. Notwithstanding the foregoing, upon a Change in Control, each Participant shall receive a lump sum payment of their benefits hereunder, as described in Section 5(C) below. 
  

	 	(A)	Disability. Upon a Participant’s Disability, a Participant shall commence payment on or about the first of the month following Retirement subject to any age reduction
applicable under Section 7(B). 

  

	 	(B)	 Death. In the event of the death of a Participant prior to the commencement of the 

  

 5 

	 	 
Annual Supplemental Retirement Benefit under Section 7 or prior to the completion of payments commenced under Sections 5(A) or 5(D) hereof, a
Participant’s Annual Supplemental Retirement Benefit shall be payable in the following order: 

  

	 	(1)	To the last beneficiary effectively designated by such Participant in monthly installments for the remainder of the payment period provided in Section 5(A) or 5(D), as
applicable, then 

  

	 	(2)	To the Surviving Spouse of the Participant, if different, in monthly installments for the remainder of the payment period provided in Section 5(A) or 5(D), as applicable, and
finally 

  

	 	(3)	To the estate of the Participant or the estate of a payee provided in Sections 5(C)(i) or 5(C)(ii) above, as the Pension Board determines, in its sole discretion, in a lump sum. Any
lump sum payment hereunder shall be calculated as the present value of the remaining payments, determined in accordance with the average rate of interest published by the Pension Benefit Guaranty Corporation for immediate annuities for the 36 months
immediately preceding the date of such payment. 

  

	 	(C)	Change in Control. Within 30 days following the occurrence of a Change in Control event, all Participants as of the date of this restatement (January 1, 2007) shall receive
the actuarial present value of the benefits that would be payable under Section 7(A) hereof, calculated as if each such Participant had a Separation from Service as of the date of such Change in Control event, in a lump sum calculated as in
Section 5(B)(3) above. Notwithstanding the foregoing, any such Participants not eligible for a Normal Retirement under Section 7(A) of this Plan as of the date of such Change in Control will receive a lump sum that is adjusted for Early
Retirement as indicated in Section 7(B) of this Plan. In addition, unless otherwise determined by the Board of Directors, if a Participant is liable for the payment of any excise tax (the “Basic Excise Tax”) pursuant to
Section 4999 of the Code, or any successor or like provision, as a result of any payment under this Section 5(C), the Company shall pay the Participant an amount (the “Special Reimbursement”) which, after payment to the
Participant (or on the Participant’s behalf) of any federal, state and local taxes, including, without limitation, any further excise tax under said Section 4999, with respect to or resulting from the Special Reimbursement, equals the net
amount of the Basic Excise Tax. The Special Reimbursement shall be paid as soon as practicable after it is determined by the Company or the Participant and reviewed for accuracy by the Company’s certified public accountants, but in no event
later than the close of the calendar year next following the calendar year in which the taxes due under this Section 3.1.4 are remitted to the taxing authority. 

  

 6 

	 	(D)	Other Retirement. 

  

	 	(1)	If the Participant has a Separation from Service with eligibility under Section 7(A), the initial installment shall be paid on or about the first of the month immediately
following Retirement. 

  

	 	(2)	If the Participant has a Separation from Service with eligibility under Section 7(B or C), the initial installment shall be paid on or about: 

  

	 	(a)	the first of the month following Retirement for Participants who are (i) at least age 55 with 10 but less then 30 years of service, or (ii) at least age 60 with a vested
benefit but less then 10 years of service, or 

  

	 	(b)	for all other Participants, the first of the month following (i) attainment of age 55 for those with 10 but less then 30 years of service, or attainment of age 60 for those
with a vested benefit but less then 10 years of service. 

  

	 	(3)	Notwithstanding anything to the contrary in this Section 5(D), a Participant is a “Specified Employee,” as that term is defined in section 409A of the Code and the
applicable regulations thereunder, payment of such Participant’s benefits shall commence no earlier than the first day of the 7th month following such Participant’s Retirement. In such event, such Participant’s first installment
payment shall be increased by an amount equal to 

  

	 	(a)	that number of monthly payments that would have otherwise been made to such Participant during the period between such Participant’s Retirement and the first installment
payment provided by this Section 5(D) under the form of annuity in which such Participant’s are payable, plus 

  

	 	(b)	a reasonable rate of interest on each of the monthly payments that would have otherwise been made to such Participant during the period between such Participant’s Retirement
and the first installment payment provided by this Section 5(D). 

	 	(E)	No benefit payable under this Plan shall be subject in any way to alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance of any kind, and
any attempt to accomplish the same shall be void and of no effect. 

  

 7 

	6.	Annual Base Formula Retirement Benefit 

 The
Annual Base Formula Retirement Benefit shall be calculated on either (i) the date of the applicable Participant’s Retirement, (ii) in the case of a Former Participant, upon such Former Participant’s termination of participation
or (iii) the date of a Change in Control, and will be equal to: 
  

	 	(A)	the Participant’s or Former Participant’s Average Annual Earnings, 

  

	 	(B)	multiplied by a percentage which is: 

  

	 	(1)	five percent for each year of service, or fraction thereof, with the Corporation up to a maximum of ten years, that an individual has been designated a Participant in this Plan,
plus 

  

	 	(2)	for each additional year in excess of the service credited in (1) above that the Participant accrues a benefit under paragraph 3.3 of the General Retirement Plan, 1.3 percent
for each additional year of service during the first 20 years of Continuous Service (as defined in the General Retirement Plan) and 1.4 percent for each other additional year of service, or fraction thereof 

 provided, however, that the aggregate of the percentages of this Subparagraph 6(B) shall not exceed the sum of 60% plus one-quarter percent per year for
each year, or fraction thereof, of Continuous Service exceeding 30 years, 
  

	 	(C)	reduced by the sum of the following (such reduction to commence and be fixed as of the respective calculation dates hereinafter stated): 

  

	 	(1)	the Participant’s accrued pension benefits calculated to be payable from any other defined benefit pension plans provided by the Corporation or its subsidiaries (including but
not limited to the General Retirement Plan, the Benefit Equalization Plan, the Earnings Adjustment Plan, the Officers’ Supplemental Retirement Plan, or any replacement or successor pension plans) as of the respective date or dates of earliest
entitlement (including the application of any early retirement factor) or, if later, the date of retirement under such pension plans, before any actuarial reduction for option election or conversion in Appendix I of the General Retirement Plan to a
life annuity; provided, however, that any such reduction shall not include the portion of any other pension benefit resulting from the Participant’s express contribution or any Increased Benefit calculated under paragraph 3.6 of the General
Retirement Plan, nor any benefits attributable to a defined contribution entitlement, and 

  

 8 

	 	(2)	the amount of the Primary Social Security Retirement Benefit calculated to be payable as of the date of earliest entitlement or, if later, the date of Retirement hereunder.

  

	7.	Annual Supplemental Retirement Benefits 

  

	 	(A)	Normal Retirement 

  

	 	(1)	A Participant shall receive upon Retirement a Normal Supplemental Retirement Benefit (as defined below) if the Participant has attained (a) age 62 or older with five or more
years of service with the Corporation or its subsidiaries, or (b) thirty years of service with the Corporation or its subsidiaries. 

  

	 	(2)	“Normal Supplemental Retirement Benefit” shall mean the Annual Base Formula Retirement Benefit, as set forth in Section 6. 

  

	 	(B)	Early Retirement 

  

	 	(1)	In the event of Retirement before attainment of eligibility for Normal Retirement or grant of a Mutual Consent Retirement, a Participant shall commence receiving his or her Early
Retirement Benefit (as defined below) as indicated in Section 5(D) of this Plan. 

  

	 	(2)	“Early Retirement Benefit” shall mean the Annual Base Formula Retirement Benefit, as set forth in Section 6(A) and 6(B), reduced to its equivalent actuarial value
from age 62 to the date of initial payment to the Participant based on the early retirement factors in paragraph 3.3(c)(2) of the General Retirement Plan, and subsequently adjusted for any further reduction required under Section 6(C).

  

	 	(C)	Mutual Consent Retirement 

  

	 	(1)	A Participant shall receive an actuarially adjusted monthly Plan benefit as of the commencement date indicated in Section 5(D) based upon the value of the Plan benefit that
would have been paid at Retirement hereunder with ten or more years’ service with the Corporation or its subsidiaries, a “Mutual Consent Retirement,” if: (a) the Participant is entitled to retire with monthly payments under the
General Retirement Plan in the month following a Separation from Service, and (b) both the Participant and the Corporation agree that retirement under this Plan would be mutually beneficial. 

  

 9 

	 	(2)	The amount of such benefit will be the Annual Base Formula Retirement Benefit, as set forth in Section 6. 

  

	 	(D)	Notwithstanding anything to the contrary contained in this Plan, no Participant, Surviving Spouse or other beneficiary may become entitled to benefits under this Plan without the
Participant or Former Participant first completing five consecutive years of service with the Corporation or its subsidiaries, unless otherwise provided in writing and expressly authorized by Board approval. 

  

	8.	General Provision 

  

	 	(A)	The exclusive power to interpret this Plan and the responsibility for carrying out its provisions are vested in the Human Resources Committee, including any successor committee, of
the Board, in the same manner and scope as the Pension Board’s authority under paragraph 7.1 of the General Retirement Plan. Management of this Plan’s administration including the determination of initial claim applications is delegated to
the Corporation’s vice-president responsible for benefit administration. Whenever such vice-president submits a claim application under this Plan, determination of eligibility will be made by the Corporation’s Chief Executive Officer.

  

	 	(B)	Except for substituting the adjudicators designated in Section 8(A) above, the claim procedures established under the General Retirement Plan shall be utilized herein.

  

	 	(C)	The benefits provided by this Plan will be paid from the general assets of the Corporation or otherwise as the Board may from time to time determine. 

  

	 	(D)	The Board or, when so designated by the Board, the Human Resources Committee or such Committee’s designee reserves the right at any time to modify or amend in whole or in part
any or all of the provisions of the Plan, subject to the provisions of the Supplemental Retirement Agreement between the Corporation and each Participant. 

  

	 	(E)	The masculine pronoun shall mean the feminine pronoun wherever appropriate. 

  

 10Deferred Compensation Plan for Non-Management Directors

 Exhibit 10C 
 CARPENTER TECHNOLOGY CORPORATION 
 DEFERRED COMPENSATION PLAN 
 FOR NON-MANAGEMENT DIRECTORS 
 As
amended and restated, effective January 1, 2005 
 REVISED 
 This is the Carpenter Technology Corporation Deferred Compensation Plan for Non-Management Directors, effective January 1, 1995, established by Carpenter Technology Corporation and its subsidiaries expressly
included herein to provide its non-employee directors with an additional method of planning for their retirement. The Plan is intended to be an unfunded plan maintained for the purpose of providing deferred compensation to the non-employee directors
of Carpenter Technology Corporation. 
 The Plan has been amended and restated, effective January 1, 2005, to meet the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended, to achieve deferral of taxation until deferred amounts are distributed in accordance with the terms of the Plan. 
 ARTICLE I—DEFINITIONS 
 The following words and phrases as used
herein have the following meanings unless the context plainly requires a different meaning: 
 1.1 Account means the total amount
credited to the bookkeeping accounts in which a Participant’s Deferral Credits are maintained, including earnings thereon. The Accounts will consist of Tranches for each type of Deferral made under Article IV, as the Plan Administrator deems
necessary. 
 1.2 Beneficiary means the person that the Participant designates to receive any unpaid portion of the Participant’s
Account should the Participant’s death occur before the Participant receives the entire balance to the credit of such Participant’s Account. If the Participant does not designate a beneficiary, his Beneficiary shall be his spouse if he is
married at the time of his death, or his estate if he is unmarried at the time of his death. 
 1.3 Board of Directors means the board
of directors of Carpenter Technology Corporation. 
 1.4 Change in Control means and includes each of the following: 
 1.4.1 The acquisition by any person, entity, or group of persons (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (each, a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided,
however, that, the following 

  

 1 

 
acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company,
(iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company or (iv) any acquisition by any corporation pursuant to a transaction that complies with Sections 1.4.3
(i), 1.4.3 (ii) and 1.4.3(iii); 
 1.4.2 individuals who, as of the date hereof, constitute the Board of Directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board of Directors; 
 1.4.3 consummation of a reorganization, merger, consolidation or sale or other disposition
of all or substantially all of the assets of the Company or the acquisition of the assets or stock of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all
of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than
50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the surviving entity resulting from such
Business Combination (including, without limitation, a surviving entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any
surviving entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such surviving entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then-outstanding shares of common stock of the surviving entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such surviving entity, except to the extent that
such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the surviving entity resulting from such Business Combination were members of the Incumbent Board at the time of
the execution of the initial agreement or of the action of the Board of Directors providing for such Business Combination; or 
 1.4.4
approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
 1.5 Code means the Internal
Revenue Code of 1986, as amended. 
  

 2 

 1.6 Company means the Carpenter Technology Corporation or any successor by merger, purchase or
otherwise. 
 1.7 Compensation means all cash amounts that a Director receives in payment for serving on the Board of Directors.
Notwithstanding the preceding sentence, Compensation shall not include amounts either granted or elected as stock units under the Carpenter Technology Corporation Stock-Based Compensation Plan for Non-Employee Directors, or identified by the Company
as expense allowances or reimbursements. 
 1.8 Credits means the amount credited to a Participant’s Account or Tranche, as
appropriate, as a result of a Participant’s Deferrals plus earnings credited under Section 4.4. 
 1.9 Deferral means an
amount deferred under the Plan pursuant to a Participant’s election under Article IV and credited to a Participant’s Account. No money or other assets will actually be contributed to such Accounts. 
 1.10 Director means an individual who serves on the Board of Directors or on the board of directors of any subsidiary that the Board of Directors
of Carpenter Technology Corporation designates to participate in the Plan. A list of the subsidiaries currently designated to participate in the Plan is attached hereto as Appendix A. 
 1.11 Disability means a qualified physician designated by the Company has reviewed and approved the determination that a Participant: 

1.11.1 is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 
 1.11.2 is, by reasons of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3
months under an accident and health plan covering Directors or employees of the Company or any subsidiary. 
 1.12 Effective Date
means January 1, 1995. 
 1.13 Event means any one or combination of the following elected by the Participant in writing prior to
the year of deferral to govern distribution of a Tranche: Change in Control, Disability, Termination or specific date or dates (such as attainment of a specified age). When a Participant elects a combination of events, the Participant must specify
whether the event that is the “earlier of” or “later of” will control distribution. In the absence of a designation by the Participant, the “earlier of” will apply to a combination of events. 
 1.14 Five-Year Medium Term Note Borrowing Rate means the Company’s Five-Year Medium Term Note Borrowing Rate, as provided by one of the
Company’s investment bankers for any such medium term note that would have been issued on November 15 (or the next business day thereafter if November 15 is not a business day) of each Plan Year. 
  

 3 

 1.15 Participant means a Director who is eligible and elects to participate in the Plan pursuant
to Article II. 
 1.16 Pension Board means the Pension Board appointed pursuant to the General Retirement Plan for Employees of
Carpenter Technology Corporation, as constituted from time to time. 
 1.17 Plan means this Carpenter Technology Corporation Deferred
Compensation Plan for Non-Management Directors, as may be amended from time to time. 
 1.18 Plan Administrator means the Pension
Board. 
 1.19 Plan Year means the 12-month period beginning January 1 and ending December 31. 
 1.20 Termination means a Participant’s termination of service as a Director with the Company and, if applicable, the board of all
participating subsidiaries listed in Appendix A. 
 1.21 Tranche means the Deferrals and associated investment results related to each
separate election made by a Participant under Article IV. 
 1.22 Unforeseeable Emergency means a severe financial hardship to the
Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 
 ARTICLE
II—PARTICIPATION 
 2.1 Eligibility to Participate. All Directors who are neither current nor past employees of the
Company or any of its subsidiaries are eligible to participate in the Plan. 
 2.2 Participation. Any Director who elects to
participate in the Plan shall become a Participant in the Plan immediately upon enrolling as a Participant by the method required by the Plan Administrator. An individual shall remain a Participant in the Plan until all amounts credited to the
Participant’s Account have been distributed to the Participant or the Participant’s Beneficiary. 
 ARTICLE III—VESTING

 Participants are always fully vested in all amounts credited to their Accounts. 
 ARTICLE IV—DEFERRAL CREDITS 
 4.1 Eligibility to Receive Deferral Credits. Subject to Section 5.4.2, a Participant may receive Deferral Credits in each Plan Year that the Participant is a Director and is not an employee of the Company. 
  

 4 

 4.2 Deferrals. A Participant may elect to defer receipt of up to 100% of the Participant’s
Compensation and to have the Company credit that amount to the Participant’s Account under the Plan. 
 4.3 Elections.

 4.3.1 Frequency and Timing of Elections. Any elections made pursuant to this Section 4.3 may not be modified during the Plan
Year to which such election applies, except that a Participant’s elections must cease to apply in the event such Participant receives a hardship distribution under the Savings Plan of Carpenter Technology Corporation or a distribution from this
Plan due to an Unforeseeable Emergency. The Participant must make an election by December 15 of a Plan Year for it to take effect for the next Plan Year. Notwithstanding the foregoing, a newly appointed Director may file an initial election
governing Deferrals during the first 30 days of eligibility to participate in the Plan.  
 4.3.2 Duration of Elections.
Elections to receive Deferral Credits under this Article IV expire at the end of each Plan Year for which the election was made. Each such election shall constitute a separate Tranche. 
 4.3.3 Restriction on Elections. Elections to receive Deferral Credits may be in the form of a whole percentage or in $1 increments. 

4.4 Earnings. All amounts credited to a Participant’s Account shall be credited with earnings at a rate equal to the Five-Year Medium Term
Note Borrowing Rate, established as of November 15 (or the next business day thereafter if November 15 is not a business day) of the prior Plan Year. For the first Plan Year, the rate is 8.25%. The Pension Board shall communicate to all
Directors the Five-Year Medium Term Note Borrowing Rate for the next Plan Year no later than November 30 of the current Plan Year. Earnings on Credits shall begin to accrue on the date that such Deferral would have been paid to the Participant
but for an election to defer under this Article IV. Earnings shall be compounded semi-annually on each January 1 and July 1. In addition, any distribution not made on either January 1 or July 1 shall have earnings compounded
as of the date of distribution. 
 ARTICLE V—DISTRIBUTIONS 
 5.1 Source of Distributions. All distributions shall, at the Company’sdiscretion, be made directly out of the Company’s general assets
or from the Carpenter Technology Corporation Non-Qualified Benefits Trust for Directors, if available. 
 5.2 Form of Distributions. A
Participant may receive distributions in one of the following manners, which the Participant shall elect on the initial enrollment form for each Tranche. 
 5.2.1 A lump sum distribution of the Participant’s entire Tranche; 
 5.2.2 Ten annual installments,
with the distribution each year equal to the product resulting from multiplying the then current Tranche balance by a fraction. The numerator 

  

 5 

 
of the fraction is always one, and the denominator of the fraction is ten for the first distribution and is reduced by one for each subsequent distribution;
or 
 5.2.3 Fifteen annual installments, with the distribution each year equal to the product resulting from multiplying the then current
Tranche balance by a fraction. The numerator of the fraction is always one, and the denominator of the fraction is fifteen for the first distribution and is reduced by one for each subsequent distribution. 
 5.3 Timing of Distributions. Each Participant shall elect the timing of the distribution with respect to each of his or her Tranches in the manner
authorized by the Plan Administrator. The Participant’s election(s) shall indicate that payment of each Tranche shall be made (in the case of a lump sum election) or shall commence (in the case of an installment election) as soon as
administratively practicable following the Participant’s elected Event; provided, however, if the Participant is a key employee, as defined in Code section 416(i) without regard to paragraph (5) thereof, and the common stock of the Company
is publicly traded on an established securities market, any distributions scheduled to be paid upon Termination shall not commence before the date which is 6 months following the date of Termination (or, if earlier, the death of the Participant or
Event elected by the Participant other than Termination) and, if such distribution is the first in a series of installments, subsequent distributions shall be paid upon the anniversary of the Termination date. 
 Notwithstanding a Participant’s elections under Article IV, the balance of a Participant’s Account shall be paid as soon as practicable
following the date of the Participant’s death. 
 5.4 Change in Form or Time of Distribution. A Participant may change his or her
form and timing election applicable to the distribution of any Tranche under Sections 5.2 and 5.3, provided that such request for change is made (i) at least twelve (12) consecutive months prior to the date on which such distribution
would otherwise have been made or commenced and (ii) the first payment with respect to such new election is deferred for a period of not less than 5 years beyond the date such distribution would otherwise have been made. 
 5.5 Distributions Due to Unforeseeable Emergency. Distributions hereunder may commence if the Plan Administrator determines, based on uniform,
established standards, that the Participant has incurred an Unforeseeable Emergency. The amount distributed under this Section 5.5 shall not exceed the amount necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the
extent the liquidation of such assets would not itself cause severe financial hardship). The Plan Administrator shall make such distribution from the Tranche(s) identified by the Participant. If the Participant fails to identify Tranches with
sufficient Credits to satisfy the Unforeseeable Emergency, the Plan Administrator shall determine any additional Tranches required to complete the distribution. 
  

 6 

 5.6 Termination of Service. Upon Termination, a Participant, or the Beneficiary if the Termination
is caused by the Participant’s death, shall receive distribution of the Participant’s Account pursuant to the election(s) in place under Sections 5.2, 5.3 and 5.4. 
 ARTICLE VI—PLAN ADMINISTRATION 
 6.1 General. The Plan shall
be administered by the Company subject to the oversight of the Plan Administrator. Employees (of the Company) and members (of the Committee or Pension Board), including any appointee or designee of such entity, shall use that degree of care, skill,
prudence and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the employee’s or member’s conduct of a similar situation. 
 The Committee, Company or Pension Board may appoint such agents, who need not be members (of the Committee or Pension Board) or employees (of the
Company), as it deems necessary for the effective exercise of its duties and may delegate to such agents any powers and duties, both ministerial and discretionary, as the Committee, Company or Pension Board, as applicable, may deem expedient and
appropriate. 
 6.2 Responsibilities and Reports. The Plan Administrator may pursuant to a written resolution allocate specific
responsibilities under the Plan among one or more of its members, or such other persons it deems appropriate. The Plan Administrator shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports that are
furnished by any actuary, accountant, controller, counsel, investment banker or other person who is employed or engaged for such purposes. 
 6.3 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not preempted by federal law. 
 ARTICLE VII—CLAIMS PROCEDURE 
 7.1 Plan Interpretation. The
Human Resources Committee of the Board of Directors (including any designated sub-committee or successor committee performing similar duties, hereafter the “Committee”) shall have the authority and responsibility to interpret and construe
the Plan and to decide all questions arising thereunder, including without limitation, questions of eligibility for participation, eligibility for Deferral Credits, the amount of Account balances, and the timing of the distribution thereof, and
shall have the authority to deviate from the literal terms of the Plan to the extent it shall determine to be necessary or appropriate to operate the Plan in compliance with the provisions of applicable law. Notwithstanding the above, a member of
the Human Resources Committee shall not take any part in decisions regarding his participation in the Plan. The decisions of the Committee upon all matters within the scope of its authority shall be final, binding and conclusive upon all parties.

 7.2 Denial of Claim for Benefits. Any denial by the Committee of any claim for benefits under the Plan by a Participant or
Beneficiary shall be stated in writing by the Committee and delivered or mailed to the Participant or Beneficiary. The Committee shall furnish the claimant with notice of the decision not later than 90 days after receipt of the claim, 

  

 7 

 
unless special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required, written notice
of the extension shall be furnished to the claimant prior to the termination of the initial 90 day period. In no event shall such extension exceed a period of 90 days from the end of such initial period. The extension notice shall indicate the
special circumstances requiring an extension of time and the date by which the Committee expects to render the final decision. The notice of the Committee’s decision shall be written in a manner calculated to be understood by the claimant and
shall include (i) the specific reasons for the denial, including, where appropriate, references to the Plan, (ii) any additional information necessary to perfect the claim with an explanation of why the information is necessary, and
(iii) an explanation of the procedure for perfecting the claim. 
 7.3 Appeal of Denial. The claimant shall have 60 days
after receipt of written notification of denial of his or her claim in which to file a written appeal with the Committee. As a part of any such appeal, the claimant may submit issues and comments in writing and shall, on request, be afforded an
opportunity to review any documents pertinent to the perfection of his or her claim. The Committee shall render a written decision on the claimant’s appeal ordinarily within 60 days of receipt of notice thereof but, in no case, later than
120 days. 
 ARTICLE VIII—FUNDING 
 8.1 Funding. The Company shall not segregate or hold separately from its general assets any amounts credited to the Accounts, and shall be under no obligation whatsoever to fund in advance any amounts under the
Plan, including all Credits and earnings thereon. 
 8.2 Insolvency. In the event that the Company becomes insolvent, all Participants
and Beneficiaries shall be treated as general, unsecured creditors of the Company with respect to any amounts credited to the Accounts under the Plan. 
 ARTICLE IX—AMENDMENT AND TERMINATION 
 9.1 Reservation of Rights. The Company
reserves the right to amend or terminate the Plan at any time by action of the Board of Directors. Notwithstanding the foregoing, no such amendment or termination shall reduce the balance of any Participant’s Account as of the date of such
amendment or termination. 
 9.2 Funding upon Termination. Upon a complete termination of the Plan, the Company shall contribute to
the Carpenter Technology Corporation Non-Qualified Benefits Trust for Directors an amount equal to the aggregate of all amounts credited to Participants’ Accounts as of the date of such termination. If the Carpenter Technology Corporation
Non-Qualified Benefits Trust for Directors does not exist at the time the Plan is terminated, the Company shall create an irrevocable grantor trust to which it will contribute such amounts. This newly created trust shall be designed to ensure that
Participants will not be subject to taxation on amounts contributed to and held under the trust on their behalf before the amounts are distributed. 
 9.3 Survival of Accounts and Elections. Notwithstanding any termination of the Plan, the trustee of the trust to which amounts are contributed under Section 9.2 shall maintain 

  

 8 

 
the Accounts for Participants in the same manner as under this Plan and all elections for distributions under Article V of the Plan shall survive the
termination and remain in effect. 
 ARTICLE X—MISCELLANEOUS 
 10.1 Limited Purpose of Plan. The establishment or existence of the Plan shall not confer upon any individual the right to continue as a Director.

 10.2 Non-alienation. No amounts payable under the Plan shall be subject in any manner to anticipation, assignment, or voluntary or
involuntary alienation. 
 10.3 Facility of Payment. If the Plan Administrator, in its sole discretion, deems a Participant or
Beneficiary who is eligible to receive any payment hereunder to be incompetent to receive the same by reason of age, illness or any infirmity or incapacity of any kind, the Plan Administrator may direct the Company to apply such payment directly for
the benefit of such person, or to make payment to any person selected by the Plan Administrator to disburse the same for the benefit of the Participant or Beneficiary. Payments made pursuant to this Section 10.3 shall operate as a discharge, to
the extent thereof, of all liabilities of the Company and the Plan Administrator to the person for whose benefit the payments are made. 
 To
record the adoption of the Plan as amended and restated to be effective January 1, 2005, the Carpenter Technology Corporation has caused its authorized officers to affix its corporate name and seal this
             day of                     , 2007. 
  

									
	[CORPORATE SEAL]	 		 	CARPENTER TECHNOLOGY CORPORATION
					
	Attest:	 	  
	 		 	By:	 	  

		 	Walter L. Pease	 		 		 	David A. Christiansen
		 	Assistant Secretary	 		 		 	Vice President, General Counsel & Secretary

  

 9 

 CARPENTER TECHNOLOGY CORPORATION 
 DEFERRED COMPENSATION PLAN FOR NON-MANAGEMENT DIRECTORS 
 APPENDIX A

 PARTICIPATING SUBSIDIARIES 
 None 
 As of January 1, 2005

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]