Document:

Amendment One to the License Agreement with Children's Medical Center

 Exhibit 10.22 

Confidential materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions. 

 AMENDMENT ONE TO THE 
 EXCLUSIVE LICENSE 
 (CMCC-10665) 

This amendment is made and entered into as of May 12, 2011 (the “Amendment”) by and between Children’s Medical Center Corporation, a
corporation duly organized and existing under the laws of the Commonwealth of Massachusetts and having offices located at 300 Longwood Avenue, Boston, MA (“CMCC”) and InVivo Therapeutics Corporation, a business corporation organized and
existing under the laws of the State of Delaware and having its principal office at One Broadway, 14th Floor, Cambridge, MA “Licensee”). 
 WHEREAS, CMCC and Licensee have entered into that certain Exclusive License Agreement with an effective date of July 2, 2007 and identified as agreement number CMCC-6748 (the “Agreement”);

 WHEREAS CMCC and Licensee wish to amend such Agreement through this Amendment; and 
 WHEREAS the Agreement otherwise remains unchanged. 
 In consideration of these premises and of the
mutual promises set forth below, the parties agree to amend the Agreement as follows: 
 Amendments to the Agreement: 

1. Article I. Definitions, Paragraph F of the Agreement, “Field of Use”, is hereby deleted in its entirety and replaced as follows:

  

	F.	“Field of Use” shall mean the following three subfields: i) treatment of nerve injury of the central nervous system including the brain, and spinal cord; ii)
treatment of nerve injury of the retina and the cranial nerves; and iii) treatment of the following pathologic conditions: nerve root impingement from musculoskeletal elements, demyelinated tissue, damage to neural elements exiting the spinal cord
and lumbosacral region of spinal cord by administering a Licensed Product to the peripheral nerves in the intraspinal location, foraminal and extraspinal areas, extrapyramidal regions, areas of peripheral bony impingement, and for repair or
treatment of neural elements following damage from prostate surgery; excluding the development and commercialization of tissue engineered products for human and animal therapeutics in the field of genitourinary. 

2. In consideration for expanding the Field of Use, Licensee shall pay to CMCC a license amendment fee of $[****] within thirty (30) days of
the full execution of this Amendment in addition to any other payments due under the Agreement and/or this Amendment. 

  Confidential materials omitted and filed separately with the Securities and Exchange
Commission. Asterisks denote omissions. 
  3. In each of the following paragraphs, the term “Development Plan” shall be
replaced with the terms “Development Plan and Commercialization Plan”: 
 Article II, Paragraph A 

Article III, Paragraphs C, F and G 
 Article V, Paragraphs C and D 
 4. Article III Due Diligence and Related Matters, Paragraph
B of the Agreement, is hereby deleted in its entirety and replaced as follows: 
  

	 	B.	The parties acknowledge that Licensee had provided to CMCC prior to the date of execution of the Agreement an initial written development plan setting forth for a
period of five (5) years beginning July 2, 2007, projections for the initial indications and markets for Licensed Products and Licensed Processes for the subfield of Spinal Cord Injury in the Field of Use. Licensee represents that Licensee
has used diligent efforts during the first three (3) years of the Agreement as described in Article III, Section D of the Agreement of having (i) raised and allocated a cumulative total of investment capital and/or research and development
funds of at least $[****] during the year of September 26, 2006 and September 26, 2007 and (ii) expended at least $[****] to implement such initial development plan. The parties acknowledge that Licensee has provided to CMCC prior to
the date of execution of this Amendment a written development plan (“Development Plan”) setting forth for a period of two (2) years beginning November 16, 2010, projections for the initial indications and markets for Licensed
Products and Licensed Processes in the Field of Use, including (i) time-delimited targets for pre-clinical development, clinical trials, regulatory approval, manufacturing and marketing that represent reasonable efforts, consistent with
industry norms for similar technology and applications, to bring Licensed Products to the marketplace; and (ii) actual or projected financial resources and/or strategic alliances that will be required to implement the Development Plan and
(iii) identified project management structure calculated to meet the objectives and commitments in the Development Plan. The Development Plan is attached hereto as Appendix 2 and is hereby incorporated herein by reference. In addition, prior to
submission of the first regulatory filing relating to the first Licensed Product, but in any event no later than July 2, 2012, which is five years from the Effective Date of the Agreement, Licensee shall submit a commercialization plan
(“Commercialization Plan”) setting forth projected (i) time delimited commercialization milestones for bringing Licensed Products to the marketplace and (ii) strategic alliances (including but not limited to alliances with
Distributors) required to achieve the goals outlined in the Commercialization Plan. The Commercialization Plan shall be attached to the Agreement as Appendix 3. 

  Confidential materials omitted and filed separately with the Securities and Exchange
Commission. Asterisks denote omissions. 
  5. Article IV Paragraph A.3 of the Agreement, is hereby deleted in its entirety and
replaced as follows: 
 3. Licensee shall make the following payments to CMCC upon the occurrence of the following events
(“Milestones”): 
  

	 	(a)	$[****] upon the filing with the United States Food and Drug Administration (“FDA”) of the first Investigational New Drug (“IND”) application,
Investigational Device Exemption (“IDE”) application, or comparable application for the first_Licensed Product in the first subfield of the Field of Use, and $[****] for filing such an application for the first_Licensed Products in each of
the second and third subfields of the Field of Use; 

  

	 	(b)	$[****] upon the enrollment of the first patient in Phase II testing of the first Licensed Product in the first subfield of the Field of Use, and $[****] for enrollment
of the first patient in phase II testing of the first_Licensed Products each of the second and third subfields of the Field of Use; 

  

	 	(c)	$[****] upon the enrollment of the first patient in Phase III testing of the first Licensed Product in the first subfield of the Field of Use, and $[****] for the
enrollment of the first patient in Phase III testing of the first Licensed Products each of the second and third subfields of the Field of Use; 

  

	 	(d)	$[****] upon filing with the FDA of each first New Drug Application (“NDA”), 510(k) application, Pre-Market Approval (“PMA”) application or PMA
Supplement, or BLA, or comparable application in each of the three subfields of the Field of Use; 

  

	 	(e)	$[****] upon approval fby the FDA of the first NDA, 510(k), PMA or PMA Supplement, BLA, or comparable application within the United States with respect to any Licensed
Product; 

  

	 	(f)	$[****] upon first marketing approval in the first country outside of the United States; and 

 

	 	(g)	Running royalties in an amount equal to [**] percent ([**]%) of Net Sales of Licensed Products used, leased or sold by and/or for Licensee (including its
Affiliates). 

 6. Article VI Patent Prosecution, Paragraph B of the Agreement, is hereby deleted in its entirety and
replaced as follows: 
  

	 	B.	Licensee shall reimburse CMCC for all patent costs, past, present and future incurred by CMCC for the preparation, filing, prosecution and maintenance of patents
underlying the Patent Rights. Licensee shall pay 

	 	 
such costs for the patents and applications in Appendix 1A within thirty (30) days after receipt of an invoice covering such costs. Upon request of CMCC, and only upon such CMCC request,
Licensee agrees to have CMCC’s patent counsel directly bill Licensee and Licensee shall directly pay such invoices in compliance with such counsel’s customary business terms, but in any event not greater than thirty (30) days from
receipt of invoice which is not disputed in good faith. If Licensee elects to no longer pay the expenses of a patent application or patent included within Patent Rights, Licensed Products or Licensed Processes, Licensee shall notify CMCC, and MIT
(at the address specified below), not less than sixty (60) days prior to such action and shall thereby surrender its rights under such patent or patent application. Such notice shall not relieve Licensee from responsibility to reimburse CMCC
for patent-related expenses incurred prior to the expiration of the (60)-day notice period (or such longer period specified in Licensee’s notice). CMCC and MIT shall each then be free to license its rights to that patent or patent application
to any other party on any other terms. Notice to MIT described herein shall be sent consistent with Article XV to: 

 Massachusetts Institute of Technology 
 Technology Licensing Office, Room NE18-501

 One Cambridge Center, Kendall Square 
 Cambridge, MA 02142-1601 
 Attention: Director 

Tel: 617-253-6966 
 Fax: 617-258-6790 
 7. Article VI Patent Prosecution, Paragraph D of the Agreement, is
hereby deleted in its entirety and replaced as follows: 
 D. MIT shall prepare, file, prosecute, and maintain all of the Patent
Rights in Appendix 1B. Licensee shall reimburse MIT, as enumerated in Articles VI(D)(i), VI(D)(ii), and VI(D)(iii) below, for patent costs, past, present and future incurred by MIT for the preparation, filing, prosecution and maintenance of patents
underlying the Patent Rights in Appendix 1B. MIT shall directly submit invoices for payment to Licensee. Licensee shall reimburse all amounts due pursuant to this Section within thirty (30) days of invoicing. Any payments by Licensee that are
not paid on or before the date such payments are due under this Article VI( D) shall bear interest, to the extent permitted by law, at two percentage points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the
date payment is due. In all instances, MIT shall pay the fees prescribed for large entities to the United States Patent and Trademark Office. 

 (i) Payment of Patent Costs Incurred by MIT from July 2, 2007
through May 12, 2011. Licensee shall be responsible for payment of Twenty Five Percent (25%) of the total patent costs incurred by MIT from the Effective Date through May 12, 2011, for the Patent Rights in Appendix 1B. 

(ii) Additional Payment of Patent Costs Incurred Prior to May 12, 2011. In addition to the amounts due in
Article VI(D)(i), Licensee shall be responsible for payment of One Hundred Percent (100%) of the total unreimbursed patent costs incurred by MIT prior to May 12, 2011, for the Patent Rights in Appendix 1B. The amount due under this section
VI(D)(ii), shall not exceed Fifty Thousand dollars ($50,000). 
 (iii) Payment of Patent Costs Incurred by
MIT on and After May 12, 2011 
 For the purpose of this section, “Co-Licensed Cases” shall mean
CMCC Case 23 (MIT Case 4973) and CMCC Case 30 (MIT Case 4279) 
  

	 	(a)	Co-Licensed Cases. Licensee shall be responsible for payment of Fifty Percent (50%) of the total unreimbursed patent costs incurred by MIT on and after
May 1, 2011, for the Patent Rights in the Co-Licensed Cases. As of May 1, 2011, there is another licensee paying Fifty Percent (50%) of the total unreimbursed patent costs incurred by MIT for the Patent Rights in the Co-Licensed Cases
(“Third Party”). In the event that the Third Party abandons its rights to the Co-Licensed Cases, Licensee shall pay One Hundred Percent (100%) of the costs of the Co-Licensed Cases from the date of abandonment of such rights by the
Third Party. 

  

	 	(b)	Patent Rights listed in Appendix 1B except for Co-Licensed Cases. Licensee shall be responsible for payment of One Hundred Percent (100%) of the total
unreimbursed patent costs incurred by MIT on and after May 1, 2011, for the Patent Rights in Appendix 1B (excluding the Co-Licensed Cases). 

 8. Article XV. Payments, Notices, And Other Communications, notice to Licensee shall be made to the following: 
 Attn: Chief Executive Officer 
 InVivo Therapeutics Corporation 

One Broadway, 14th Floor 
 Cambridge, MA 02142 

 9. The following two (2) sentences are hereby added as the last sentences to Article III,
Paragraph G of the Agreement: 
 The parties acknowledge and agree that the Field of Use is comprised of the three
(3) subfields identified as i) through iii) in the definition thereof (each a “Subfield”). If Licensee fails to meet a requirement set forth in the Development Plan and/or Commercialization Plan pertaining to a Subfield and CMCC
terminates the rights granted to Licensee in accordance with this Paragraph G, such termination of rights shall apply only to such Subfield and not to any other Subfields which license granted under such Subfields shall continue pursuant to the
terms of the Agreement. For clarity, any loss of Subfields under this section does not relieve Licensee of obligations under this agreement in any other Subfields. 
 10 Appendix 1A shall be deleted and replaced in its entirety with Appendix 1A of this Amendment One. 
 11. Appendix 1B shall be deleted and replaced in its entirety with Appendix 1B of this Amendment One. 
 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals and duly executed this Amendment the day and year set forth below. 

 

									
	CHILDREN’S MEDICAL CENTER CORPORATION	 		 	INVIVO THERAPEUTICS CORPORATION
					
	By	 	/s/ Erik Halvorsen	 		 	By	 	/s/ Frank Reynolds
		 	Erik Halvorsen Ph.D.	 		 		 	Frank Reynolds
		 	Director of Technology & Business Development	 		 		 	Chief Executive Officer
		 		 		 		 	
	Date	 	5-25-11	 		 	Date	 	May 12 2011

  

 Appendix 1A: Patent Rights 

The following patents and patent applications based on CMCC case 1455 (M.I.T. Case 

Number 12084) and CMCC case 1456 (M.I.T. Case 13490Q): 
  

									
	Country	  	Serial Number	  	Filing Date	  	Status	  	Issue Date
	 U.S.
	  	60/794,986	  	4/25/2006	  	Expired	  	00/00/00
	 U.S.
	  	11/789,538	  	4/25/2007	  	Pend	  	00/00/00
	 U.S.
	  	12/186,346	  	8/5/2008	  	Pend	  	00/00/00
	 PCT
	  	PCT/US08/72226	  	8/5/2008	  	Expired	  	00/00/00
	 Australia
	  	2008360388	  	8/5/2008	  	Pend	  	00/00/00
	 Brazil
	  	TBA-BR	  	8/5/2008	  	Pend	  	00/00/00
	 Canada
	  	TBA-CA	  	8/5/2008	  	Pend	  	00/00/00
	 China
	  	TBA-CN	  	8/5/2008	  	Pend	  	00/00/00
	 India
	  	TBA-IN	  	8/5/2008	  	Pend	  	00/00/00
	 Japan
	  	TBA-JP	  	8/5/2008	  	Pend	  	00/00/00
	 Singapore
	  	TBA-SG	  	8/5/2008	  	Pend	  	00/00/00
	 South Korea
	  	10-2011-7005148	  	8/5/2008	  	Pend	  	00/00/00
	 EPO
	  	EP-TBA	  	8/5/2008	  	Pend	  	00/00/00
	 PCT
	  	PCT/US07/067403	  	4/25/2007	  	Expired	  	00/00/00
	 Australia
	  	TBA- AU	  	4/25/2007	  	Pend	  	00/00/00
	 Brazil
	  	PI 0709638-0	  	10/23/2008	  	Pend	  	00/00/00
	 Canada
	  	2650804	  	4/25/2007	  	Pend	  	00/00/00
	 China
	  	200780022752.6	  	4/25/2007	  	Pend	  	00/00/00
	 India
	  	TBA	  	10/24/2008	  	Pend	  	00/00/00
	 Japan
	  	0	  	10/23/2008	  	Pend	  	00/00/00
	 Singapore
	  	200807854-5	  	4/25/2007	  	Pend	  	00/00/00
	 South Korea
	  	10-2008-7028672	  	11/24/2008	  	Pend	  	00/00/00
	 EPO
	  	7761270.3	  	4/25/2007	  	Pend	  	00/00/00
	 Hong Kong
	  	9106081.8	  	4/25/2007	  	Pend	  	00/00/00

 Appendix 1B: Additional Patent Rights 

 

	I.	United States Patents and Applications 

CMCC Case No. 23 (M.I.T. Case No. 4973) 
 United States of America Patent No. 5804178, Issued September 8,1998 
 “IMPLANTATION
OF CELL-MATRIX STRUCTURE ADJACENT MESENTERY, OMENTUM OR PERITONEUM TISSUE” 
 by Linda G. Griffith, Lynt Johnson, Robert S. Langer and
Joseph P. Vacanti 
 CMCC Case No. 25 (M.I.T. Case No. 5573) 
 United States of America Patent No. 5514378, Issued May 7, 1996 
 “BIOCOMPATIBLE
POLYMER MEMBRANES AND METHODS OF PREPARATION OF THREE DIMENSIONAL MEMBRANE STRUCTURES” 
 by Linda G. Griffith, Robert S. Langer, Antonios
G. Mikos, Georgios Sarakinos and Joseph P. Vacanti 
 CMCC Case Nos. 20 and 30 (M.I.T. Case No. 4279) 

United States of America Patent No. 5759830, Issued June 2, 1998 
 United States of America Patent No. 5770417, Issued June 23,1998 

“THREE-DIMENSIONAL FIBROUS SCAFFOLD CONTAINING 
 ATTACHED CELLS FOR PRODUCING VASCULARIZED TISSUE IN VIVO” 
 by Robert S. Langer and Joseph P.
Vacanti 
 United States of America Patent No. 5770193, Issued June 23, 1998 “PREPARATION OF THREE-DIMENSIONAL FIBROUS SCAFFOLD
CONTAINING ATTACHED CELLS FOR PRODUCING VASCULARIZED TISSUE IN VIVO” 
 by Robert S. Langer and Joseph P. Vacanti 

CMCC Case No. 26 (M.I.T. Case No. 5729) 
 United States of America Patent No. 6309635, Issued October 30, 2011 

“PREVASCULARIZED POLYMERIC IMPLANTS FOR ORGAN TRANSPLANTATION” 
 by James C. Gilbert, Donald E. Ingber, Robert S. Langer, James E. Stein and Joseph P. Vacanti 

CMCC Case No. 389 (M.I.T. Case No. 6560) 
 United States of America Patent No. 7462471, Issued December 9, 2008 

 “POROUS BIODEGRADABLE POLYMERIC MATERIALS FOR CELL TRANSPLANTATION” 

by Linda G. Griffith, Robert S. Langer, Antonios G. Mikos, Georgios Sarakinos and Joseph P. Vacanti 

CMCC Case No. 415 (M.I.T. Case No. 6798) 
 United States of America Patent No. 6281015, Issued August 28, 2001 
 “LOCALIZED
DELIVERY OF FACTORS ENHANCING SURVIVAL OF TRANSPLANTED CELLS” 
 by Robert S. Langer, David J. Mooney and Joseph P. Vacanti 

CMCC Case No. 505 (M.I.T. Case No. 7138) 
 United States of America Patent No. 6095148, Issued August 1, 2000 
 “NEURONAL
STIMULATION USING ELECTRICALLY CONDUCTING POLYMERS” 
 by Robert S. Langer, Christine E. Schmidt, Venkatiam P. Shastri and Joseph P. Vacanti

 M.I.T. Case No. 6984 

United States of America Patent No. 5654381, Issued August 5, 1997 
 “FUNCTIONALIZED POLYESTER GRAFT COPOLYMERS” 
 by Jeffrey S. Hrkach, Robert S. Langer and
Noah Lotan 
 M.I.T. Case No. 13525 (CMCC Case No. 26) 
 United States of America Patent No. 6689608, Issued February 10, 2004 
 United States of
America Serial No. 12/218448, Filed July 15, 2008 
 “POROUS BIODEGRADABLE POLYMERIC MATERIALS FOR CELL TRANSPLANTATION”

 by Linda G. Griffith, Robert S. Langer, Antonios G. Mikos, Georgios Sarakinos and Joseph P. Vacanti 

 

	II.	International (non-U.S.) Patents and Applications 

 CMCC Case No. 26 (M.I.T. Case No. 5729) 
 European Patent Convention Patent
No. 0610423, Issued May 7, 1997 
 Japan Patent No. 3524919, Issued February 20, 2004 

Austria Patent No. 0610423, Issued May 7, 1997 
 Belgium Patent No. 0610423, Issued May 7, 1997 
 France Patent No. 0610423, Issued
May 7, 1997 
 Germany Patent No. 69219613, Issued May 7, 1997 
 Italy Patent No. 0610423, Issued May 7, 1997 

 Luxembourg Patent No. 0610423, Issued May 7,1997 

Netherlands Patent No. 0610423, Issued May 7, 1997 
 Sweden Patent No. 0610423, Issued May 7, 1997 
 United Kingdom Patent No. 0610423,
Issued May 7, 1997 
 “PREVASCULARIZED POLYMERIC IMPLANTS FOR ORGAN TRANSPLANTATION” 

by James C. Gilbert, Donald E. Ingber, Robert S. Langer, James E. Stein and Joseph P. Vacanti 
 CMCC Case No. 30 (M.I.T. Case No. 4279) 
 Canada Patent No. 1340581, Issued
June 8, 1999 
 “CHIMERIC NEOMORPHOGENESIS OF ORGANS BY CONTROLLED CELLULAR IMPLANTATION USING ARTIFICIAL MATRICES” 

by Robert S. Langer and Joseph P. Vacanti 

CMCC Case No. 415 (M.I.T. Case No. 6798) 
 European Patent Convention Patent No. 0794790, Issued April 17, 2002 
 Japan Patent
No. 4361134, Issued August 21, 2009 
 Canada Patent No. 2207286, Issued October 7, 2003 

Ireland Patent No. 0794790, Issued April 17, 2002 
 Belgium Patent No. 0794790, Issued April 17, 2002 
 Switzerland Patent No. 0794790,
Issued April 17, 2002 
 Germany Patent No. 0794790, Issued April 17, 2002 

Denmark Patent No. 0794790, Issued April 17, 2002 
 Spain Patent No. 0794790, Issued April 17, 2002 
 France Patent No. 0794790, Issued
April 17, 2002 
 Austria Patent No. 0794790, Issued April 17, 2002 
 Greece Patent No. 3039884, Issued April 17, 2002 
 Sweden Patent No. 0794790, Issued
April 17, 2002 
 Italy Patent No. 0794790, Issued April 17, 2002 
 Luxembourg Patent No. 0794790, Issued April 17, 2002 
 Monaco Patent No. 0794790,
Issued April 17, 2002 
 Netherlands Patent No. 0794790, Issued April 17, 2002 

Portugal Patent No. 0794790, Issued April 17, 2002 
 United Kingdom Patent No. 0794790, Issued April 17, 2002 
 “LOCALIZED DELIVERY OF
FACTORS ENHANCING SURVIVAL OF TRANSPLANTED CELLS” 
 by Robert S. Langer, David J. Mooney and Joseph P. Vacanti 

CMCC Case No. 505 (M.I.T. Case No. 7138) 
 New Zealand Patent No. 321886, Issued June 8, 2000 
 Japan Patent No. 4451929,
Issued February 5,2010 
 South Korea Serial No. 98-703320, Filed October 31, 1996 

 Australia Patent No. 720275, Issued September 11, 2000 

Canada Serial No. 2236749, Filed October 31, 1996 
 Japan Serial No. 2008-287194, Filed October 31, 1996 
 Japan Serial No. 2009-244981,
Filed October 31, 1996 
 “NEURONAL STIMULATION USING ELECTRICALLY CONDUCTING POLYMERS” 

by Robert S. Langer, Christine E. Schmidt, Venkatram P. Shastri and Joseph P. Vacanti 

  Confidential materials omitted and filed separately with the Securities and Exchange
Commission. Asterisks denote omissions. 
  Appendix 2 

Development Plan 
 [****]Second Supplemental Indenture

 Exhibit 4.1 
 EXECUTION VERSION 
 SECOND SUPPLEMENTAL INDENTURE 

This SECOND SUPPLEMENTAL INDENTURE, dated as of June 30, 2011 (this “Supplemental Indenture”), is entered into by and
between Carpenter Technology Corporation, a corporation incorporated under the laws of the State of Delaware (the “Company”), and U.S. Bank National Association, as successor trustee (the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of January 12, 1994 (the “Base Indenture” ) as supplemented by the First Supplemental Indenture, dated
May 22, 2003 (the “First Supplemental Indenture” and together with the Base Indenture, the “Indenture”), relating to the issuance from time to time by the Company of its Securities on terms to be specified at the time of
issuance; 
 WHEREAS, the Company proposes to create under the Indenture a new series of Securities; 

WHEREAS, Section 301 of the Indenture provides that at or prior to the issuance of any Securities within a series, the terms of the
series of Securities shall be established by a supplemental indenture or under resolutions of the Board of Directors of the Company; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding agreement of the Company have been done or performed.

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Company and the Trustee mutually covenant and agree as follows: 
 ARTICLE ONE

 RELATION TO INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION 

SECTION 1.01 Relation to Indenture. This Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02 Definitions. For all purposes of this Supplemental Indenture, the following terms shall have the respective
meanings set forth in this Section. 
 “Change of Control” means any one of the following: (1) the consummation
of the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its
subsidiaries taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) other than to the Company or one of its subsidiaries; (2) the consummation of any transaction
(including, without limitation, any merger 

 
or consolidation) the result of which is that any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; (3) the consummation
by the Company of a consolidation with, or merger with or into, any Person, or the consummation by any Person of a consolidation with, or merger with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding
Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such
transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; (4) the first day on which the majority of the members of the Board of
Directors of the Company cease to be Continuing Directors; or (5) the adoption of a plan relating to the liquidation or dissolution of the Company. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the weekly Federal Reserve Statistical Release designated “H.15 (519)”
(or any successor release) published by the Board of Governors of the Federal Reserve System or (ii) if such release (or any successor release) is not published or does not contain such prices on such Business Day, (a) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (b) if the Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Continuing Director” means, as of any date of determination, any member of the
Board of Directors of the Company who (1) was a member of such Board of Directors on the date of closing the offering of the Notes; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of
the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor Rating Categories of
Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor Rating Categories of S&P) and the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.

  
 2 

 “Moody’s” means Moody’s Investors Service Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Person” means any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Rating Agency” means (1) each of Moody’s and S&P and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the control of the Company, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-l(e)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a
resolution of the Board of Directors) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Rating Category” means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or
equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or
Moody’s used by another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+ and - for S&P; 1, 2 and 3 for Moody’s; or the equivalent gradations
for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB-to B+, will constitute a decrease of one gradation). 

“Rating Date” means the date that is 60 days prior to the earlier of (i) the occurrence of a Change of Control or
(ii) public notice of the occurrence of a Change of Control or of the intention by the Company to effect a Change of Control. 
 “Ratings Event” means the occurrence of the events described in (a) or (b) of this definition on, or within 60 days after the earlier of, (i) the occurrence of a Change of Control
or (ii) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a
possible downgrade by any of the Rating Agencies): (a) if the Notes are rated by both Rating Agencies on the Rating Date as Investment Grade, the rating of the Notes shall be reduced so that the Notes are rated below Investment Grade by both
Rating Agencies, or (b) if the Notes are rated below Investment Grade by at least one Rating Agency, the ratings of the Notes by both Rating Agencies shall be decreased by one or more gradations (including gradations within Rating Categories,
as well as between Rating Categories) and the Notes are then rated below Investment Grade by both Rating Agencies. 

“Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner &
Smith Incorporated and their respective successors (or their respective affiliates which are Primary Treasury Dealer); provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York
City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any three other Primary Treasury Dealers selected by the Company. 

  
 3 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by
such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and its successors. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of
any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 SECTION 1.03 Rules of Construction. For all purposes of this Supplemental Indenture: 
 (a) capitalized terms used herein without definition shall have the meanings specified in the Indenture; 
 (b) all references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; 

(c) the terms “herein,” “hereof,” “hereunder” and other words of similar import refer to
this Supplemental Indenture; and 
 (d) in the event of a conflict with the definition of terms or other
provisions contained in the Indenture, the definitions or other provisions contained in this Supplemental Indenture shall control. 
 ARTICLE TWO 
 THE SECURITIES 

There is hereby established a series of Securities pursuant to the Indenture with the following terms: 

SECTION 2.01 Title of the Securities. The series of Securities shall be designated the 5.20% Senior Notes due 2021 (the
“Notes”). 
 SECTION 2.02 Aggregate Principal Amount. The Notes will be initially issued in an aggregate
principal amount of $250,000,000 (not including the Notes authenticated 

  
 4 

 
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 304, 305 or 306 of the Indenture); provided that the Company may,
without the consent of Holders of the Notes, issue additional Notes having the same ranking and the same interest rate, maturity and other terms as the Notes, except for the issue date, issue price and payment of interest accruing prior to the issue
date of the additional Notes), which additional Notes will constitute a single series of Securities under the Indenture. 

SECTION 2.03 Maturity Date. The date on which the principal of the Notes is payable is July 15, 2021, subject to the
provisions of the Indenture relating to acceleration. 
 SECTION 2.04 Ranking. The Notes will be unsecured senior
debt of the Company and will rank on a parity with all other unsecured and unsubordinated indebtedness of the Company. 

SECTION 2.05 Interest. The Notes will bear interest from June 30, 2011, or from the most recent interest payment date to
which interest has been paid or duly provided for, at a rate of 5.20% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2012. The Company will pay interest to the Person in
whose name a Note is registered at the close of business on January 1 or July 1 next preceding the interest payment date. The Company will compute interest on the basis of a 360-day year consisting of twelve 30-day months. If any interest
payment date or maturity date falls on a day that is not a Business Day, the required payment of interest or principal will be made on the next Business Day as if made on the date that payment was due, and no interest will accrue on that payment for
the period from and after the interest payment date or maturity date, as the case may be, to the date of the payment on the next Business Day. 
 SECTION 2.06 Place of Payment for Principal and Interest. The principal of and interest on the Notes will be payable at the office or agency of the Company maintained for that purpose,
pursuant to the Indenture, in the City of New York, which shall be initially the corporate trust office of the Trustee; provided, however, that at the option of the Company, such payment of principal or interest may be made by check mailed to the
person entitled thereto as provided in the Indenture. 
 SECTION 2.07 Issuance Price. The purchase price to be paid
to the Company for the sale of the Notes pursuant to the terms of the Underwriting Agreement, dated as of June 27, 2011, between the Company, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as
Underwriters, shall be 99.185% of the principal amount of the Notes, reflecting the initial offering price to the public of the Notes of 99.835% of the principal amount of the Notes and the underwriting discount of 0.650% of the principal amount of
the Notes. 
 SECTION 2.08 Defeasance. The Notes shall be subject to legal defeasance under Section 1302 of the
Indenture and to covenant defeasance under Section 1303 of the Indenture as permitted pursuant to Section 1301 of the Indenture. 
 SECTION 2.09 Sinking Fund. The Notes shall not have the benefit of any sinking fund. 

  
 5 

 SECTION 2.10 Form and Dating (a) The Notes shall be substantially in the
form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. 

(b) The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental
Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Notes conflicts with the
express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling. 
 (c) The Notes will be issued in the form of a fully-registered global security (the “Global Security”). The Depository Trust Company shall serve as the depository (the Depositary”) for the
Global Security. The Global Security will be deposited with, or on behalf of, the Depositary and registered, at the request of the Depositary, in the name of Cede &Co. Except as set forth below, the Global Security may be transferred, in whole
and not in part, only by the Depositary to its nominee or by its nominee to such Depositary or another nominee of the Depositary or by the Depositary or its nominee to a successor of the Depositary or a nominee of such successor. If (i) the
Depositary is at any time unwilling or unable to continue as depositary and a successor depositary is not appointed by the Company within 90 calendar days after receipt of such notice from the Depositary; (ii) the Depositary ceases to be a
clearing agency registered under the Exchange Act and the Company does not appoint a successor depositary within 90 calendar days of becoming aware that the Depositary has ceased to be registered as a clearing agency; (iii) the Company, in
their sole discretion, determines that the Notes will be exchangeable for definitive securities in registered form and notify the Trustee of their decision; or (iv) an Event of Default with respect to the Notes represented by the Global
Security has occurred and is continuing, then in each case the Company may issue Notes in certificated form in exchange for the Global Security. In each of these instances, an owner of an interest in the Global Security would be entitled to physical
delivery of such Notes in certificated form. Notes so issued in certificated form will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will be issued in registered form only. 

SECTION 2.11 Optional Redemption. (a) The Notes will be redeemable, at any time in whole or from time to time in part
prior to April 15, 2021 at the option of the Company at a Redemption Price equal to the greater of: 
 (i) 100% of the
principal amount of the Notes being redeemed; or 
 (ii) as determined by a Reference Treasury Dealer, the sum of the present
values of the remaining scheduled payments of principal and interest on the Notes being redeemed from the Redemption Date to, but excluding, the maturity date discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate, plus 35 basis points, 
 plus, in either case, accrued and
unpaid interest thereon, if any, to but excluding the Redemption Date. 

  
 6 

 (b) On and after April 15, 2021, the Notes will be redeemable at the option of the
Company, at any time in whole or from time to time in part, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but
excluding, such Redemption Date. 
 (c) Notice of any redemption will be mailed by first class mail at least 30 days but not
more that 60 days before the Redemption Date to each Holder of the Notes to be redeemed at its registered address. Once notice of redemption is mailed or otherwise transmitted to DTC, the Notes called for redemption will become due and payable on
the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest to, but excluding, the Redemption Date. Unless the Company defaults in payment of the applicable Redemption Price, interest will cease to accrue on the
Notes or portions thereof called for redemption on and after the Redemption Date. 
 SECTION 2.12 Change of Control
Repurchase Event 
 (a) If a Change of Control Repurchase Event occurs, Holders of the Notes may require the Company to
repurchase, in cash, all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Notes at a purchase price in cash of 101% of the principal amount, plus accrued and unpaid interest, if any, on such Notes to, but
not including, the date of purchase. Within 30 calendar days following a Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company
shall mail a notice to each Holder of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase the Notes. The repurchase must
occur no earlier than 30 days and no later than 60 days after the notice is mailed other than as required by law. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned
on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (b) On or before
the date specified for the repurchase of the Notes, the Company shall, to the extent lawful: 
 (i) accept for
payment all the Notes or portions of the Notes properly tendered pursuant to the Company’s offer; 
 (ii)
deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of the Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of repurchased Notes. 

(c) The Company shall comply with all requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes. To the extent that these requirements conflict with the provisions requiring repurchases of the Notes, the Company

  
 7 

 
shall comply with such requirements instead of the repurchase provisions and shall not be considered to have breached it obligations with respect to repurchasing Notes hereunder. 

(d) The paying agent will promptly deliver each holder of Notes properly tendered, the purchase price for the Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of
$2,000 and integral multiples of $1,000. 
 (e) The Company shall not be required to comply with the obligations of this
Section 2.12 if a third party instead satisfies them, it being understood that such third party may make an offer to repurchase Notes that is conditioned and prior to the occurrence of a Change of Control. The Company shall also not be required
to comply with the obligations of this Section 2.12 if notice of redemption has been given hereunder unless there has been a default in the payment of the applicable Redemption Price. 

SECTION 2.13 Execution and Authentication of Notes. The Notes shall be executed on behalf of the Company by its Chairman of
the Board, its Vice Chairman of the Board, its President or one of its Vice Presidents and attested by its Treasurer, one of its Assistant Treasurers, its Secretary, or one of its Assistant Secretaries. The signature of any of these officers on the
Notes may be manual or facsimile. At any time and from time to time after the execution and delivery of this Second Supplemental Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with an
order for the authentication and delivery of such Notes, and the Trustee in accordance with such order shall authenticate and deliver such Notes. Such order may be signed by the Company’s Treasurer, one of its Assistant Treasurers, its
Secretary, or one of its Assistant Secretaries. 
 ARTICLE THREE 

MISCELLANEOUS PROVISIONS 
 SECTION 3.01 Ratification. The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

SECTION 3.02 Governing Law. This Supplemental Indenture shall be governed by, and construed and enforced in accordance with,
the laws of the jurisdiction which govern the Indenture and its construction. 
 SECTION 3.03 Counterparts and Method of
Execution. This Supplemental Indenture may be executed in several counterparts, all of which together shall constitute one agreement binding on all parties hereto, notwithstanding that all parties have not signed the same counterpart.

 SECTION 3.04 Section Titles. Section titles are for descriptive purposes only and shall not control or alter the
meaning of this Supplemental Indenture as set forth in the text. 

  
 8 

 IN WITNESS WHEREOF, Carpenter Technology Corporation and U.S. Bank National
Association, as Trustee have caused this Supplemental Indenture to be duly executed, all as of the day and year first above written. 
  

			
	Carpenter Technology Corporation
		
	By:	 	   /s/ K. Douglas Ralph

	Name:	 	K. Douglas Ralph
	Title:	 	Senior Vice President and Chief
		 	 Financial Officer

		
	By:	 	   /s/ James D. Dee

	Name:	 	James D. Dee
	Title:	 	Vice President, General Counsel
		 	 and Secretary

	
	U.S. Bank National Association, as Trustee
		
	By:	 	   /s/ K. Wendy Kumar

	Name:	 	K. Wendy Kumar
	Title:	 	Vice President

  
 9 

 Exhibit A 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE CITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO CARPENTER
TECHNOLOGY CORPORATION (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1

			
	 No. 01
	  	CUSIP NO.:144285 AJ2  
		
		  	ISIN NO.:US144285AJ27

 PRINCIPAL AMOUNT: Two Hundred and Fifty Million Dollars ($250,000,000) 

CARPENTER TECHNOLOGY CORPORATION 
 5.20% Senior Notes Due 2021 
 ORIGINAL ISSUE PRICE: 99.835% 

ORIGINAL ISSUE DATE: June 30, 2011 

INTEREST RATE: 5.20% 
 STATED MATURITY:
July 15, 2021 
 INTEREST PAYMENT DATES: January 15 and July 15, commencing January 15, 2012 

REGULAR RECORD DATES: January 1 and July 1 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date

 Carpenter Technology Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of TWO HUNDRED AND FIFTY MILLION
Dollars on 
 June 30, 2021 and to pay interest thereon from June 30, 2011 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on January 15 and July 15 in each year, commencing January 15, 2012, at the rate of 5.20% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close of business on
the Regular Record Date for such interest. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is
registered at the close of business on a special record date for the payment of such defaulted interest to be set by the Trustee (a “Special Record Date”), notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. 
 If any interest payment due or maturity date falls on
a day that is not a Business Day, the required payment of interest or principal will be made on the next Business Day as if made on the date that payment was due, and no interest will accrue on that payment for the period from

  
 A-2

 
and after the interest payment date or maturity date, as the case may be, to the date of the payment on the next Business Day. 

Payment of the principal and interest on this Security will be made at the office or agency of the Company maintained for that purpose in
the City of New York, which shall initially be the corporate trust office of the Trustee; provided, however, that at the option of the Company payment of principal or interest may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 A-3

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 Date: June 30, 2011 
  

			
	 CARPENTER TECHNOLOGY

CORPORATION.

	
	  

	Name:	 	Jim Dee
	Title:	 	Vice President, General Counsel
	and Secretary
	
	  

	Name:	 	Doug Ralph
	Title:	 	Senior Vice President and
	  Chief Financial Officer

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Date: June 30, 2011 
  

			
	 U.S. BANK NATIONAL ASSOCIATION.
     as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-4

 Carpenter Technology Corporation 

5.20% Senior Notes Due 2021 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture, dated as of
January 12, 1994, as supplemented by the First Supplemental Indenture, dated as of May 22, 2003 and the Second Supplemental Indenture, dated June 30, 2011 (collectively called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and U.S. Bank National Associate, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof. 
 The Securities will be redeemable, at any
time in whole or from time to time in part prior to April 15, 2021 at the option of the Company at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Securities being redeemed; or (ii) as determined by
a Reference Treasury Dealer, the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed from the Redemption Date to, but excluding, the maturity date discounted to the date of
redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate, plus 35 basis points, plus, in either case, accrued and unpaid interest thereon, if any, to but excluding
the Redemption Date. On and after April 15, 2021, the Securities will be redeemable at the option of the Company, at any time in whole or from time to time in part, at a Redemption Price equal to 100% of the principal amount of the Securities
to be redeemed, plus accrued and unpaid interest on the principal amount of the Securities being redeemed to, but excluding, such Redemption Date. 
 Notice of any redemption will be mailed by first class mail at least 30 days but not more that 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address.
Once notice of redemption is mailed or otherwise transmitted to DTC, the Securities called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest to, but excluding,
the Redemption Date. Unless the Company defaults in payment of the applicable Redemption Price, interest will cease to accrue on the Securities or portions thereof called for redemption on and after the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Securities. 

  
 A-5

 “Comparable Treasury Price” means, with respect to any redemption date,
(i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the weekly Federal Reserve
Statistical Release designated “H.15 (519)” (or any successor release) published by the Board of Governors of the Federal Reserve System or (ii) if such release (or any successor release) is not published or does not contain such
prices on such Business Day, (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (b) if the Trustee obtains fewer than
three such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer”
means (i) each of J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors (or their respective affiliates which are Primary Treasury Dealer); provided, however, that if any of
the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any three other Primary
Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal 

amount, quoted in writing to the Trustee by the Reference Treasury Dealer at 3:30 p.m., New 

York City time, on the third Business Day preceding the Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of 

  
 A-6

 
this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right
to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of
any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No
reference herein to the Indenture and no provision of this Security or of the Indenture shall affect or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security
at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 

  
 A-7

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
 A-8

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to 

                         
                                         
                                         
                                         
                                         
                                         
                            
 (Insert assignee’s soc. sec. or tax I.D. no.) 

                      
                                         
                                         
                                         
                                         
                                         
                               

                      
                                         
                                         
                                         
                                         
                                         
                               

                      
                                         
                                         
                                         
                                         
                                         
                               

                      
                                         
                                         
                                         
                                         
                                         
                               

(Print or type assignee’s name, address and zip code) 
 and irrevocably appoint                             
agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

                         
                                         
                                         
                                         
                                         
                                         
                            
 Date:              
  

	
	Your Signature:
                                        
        
	 (Sign exactly as your name appears on the face
 of this Security)

 Signature Guarantee:
                     

  
 A-9

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 2.12 of the Second Supplemental Indenture,
check the box: 
  

	 ̈	2.12 Change of Control Repurchase Event 

 If you want to elect to have only part of this Security purchased by the Company pursuant to Section 2.12 of the Second Supplemental Indenture, state the amount:
$            . 
  

			
	 Date:                     
	 	Your Signature:
		 	(Sign exactly as your name appears on the other side of the Security)
	
	Tax I.D. number

  

					
	Signature Guarantee:	  	  
	  	

 (Signature must be guaranteed by a 

participant in a recognized signature 
 guarantee medallion program) 

  
 A-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]