Document:

EX-10.24

 Exhibit 10.24 

Non-Employee Director Compensation Policy 

The following non-employee director compensation shall apply to all
non-employee directors of the Company. 
  

	 	•	 	 Each non-employee director will receive an annual cash retainer in the
amount of $40,000 per year. 

  

	 	•	 	 The chairman of the board will receive an additional annual cash retainer in the amount of $30,000 per year.

  

	 	•	 	 The chairperson of the audit committee will receive additional annual cash compensation in the amount of $20,000
per year for such chairperson’s service on the audit committee. Each non-chairperson member of the audit committee will receive additional annual cash compensation in the amount of $10,000 per year for
such member’s service on the audit committee. 

  

	 	•	 	 The chairperson of the compensation committee will receive additional annual cash compensation in the amount of
$15,000 per year for such chairperson’s service on the compensation committee. Each non-chairperson member of the compensation committee will receive additional annual cash compensation in the amount of
$7,500 per year for such member’s service on the compensation committee. 

  

	 	•	 	 The chairperson of the nominating and corporate governance committee will receive additional annual cash
compensation in the amount of $10,000 per year for such chairperson’s service on the nominating and corporate governance committee. Each non-chairperson member of the nominating and corporate governance
committee will receive additional annual cash compensation in the amount of $5,000 per year for such member’s service on the nominating and corporate governance committee. 

 

	 	•	 	 Each non-employee director will receive an initial option award to
acquire shares of the Company’s Common Stock with a cash value equal to $390,000 upon a director’s initial appointment or election to the Board of Directors, which award will vest over a three-year period on each anniversary of the grant
date, and an annual option award with a cash value equal to $195,000 on the date of each annual stockholder’s meeting thereafter, which award will fully vesting on the first anniversary of the grant date. The number of shares to be covered by
each option award will be determined as follows: The option value will be calculated by multiplying the closing price of the Company’s Common Stock on the day prior to the grant date by the Black-Scholes value that date. The resulting option
value will be divided into the target value of the option award. If the result is not a whole number of shares, the number of shares will be rounded up to the nearest whole share.Exhibit

Exhibit 10(AA)

June 29, 2015 
    
Mr. Brian J. Malloy

Dear Brian:

We are pleased to extend an offer of employment to you with Carpenter Technology Corporation.  Should you accept this offer, your position will be Vice President - Sales and Customer Service Specialty Alloys Operations reporting to Joe Haniford, Senior Vice President  Specialty Alloys Operations. You will work out of our Reading, PA location.  Your first day of employment will be July 20, 2015.  Highlights of your new position include:
 
		
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	Annual Base Salary: $325,000 paid bi-weekly.

		
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	Annual Bonus Plan: You will be eligible to participate in the Company’s Executive Bonus Compensation Plan or such successor arrangement (if any) as the Board may from time to time establish.  Your target annual bonus opportunity for the fiscal year ending June 30, 2016  is 55% of your annual base salary pro-rated based on earnings received during the fiscal year.  Zero to 200% of target will be earned based on achievement of Operating Income, Free Cash Flow, and Safety performance objectives, as well as a measure of your personal contribution towards overall results,  during the fiscal year ending June 30, 2016.  The relevant corporate performance objectives are determined by the Board or its Human Resources Committee each fiscal year.

		
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	One-Time Restricted Stock Unit Award: On your start date, you will receive a one-time restricted stock unit award with respect to shares of common stock of the Company with a fair market value on that date of $50,000.00.  This award will vest, and 100% of the shares subject thereto will become deliverable, on the second anniversary of the grant date. This award will be documented in an individual award agreement as soon as practical following your start date, and such award agreement will then constitute the exclusive terms of the award.

		
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	Long Term Incentive Grants:  The Company generally grants equity awards to its senior executives annually. The terms of these awards are determined by the Human Resources Committee of Carpenter’s Board of Directors. You will be eligible to receive an annual award valued at $250,000  at the time these grants are made to all employees in similar positions. The next anticipated grant will be made in the first fiscal quarter of  2016. 

The current value of the annual equity incentive for your position ranges from  $100,000 - $250,000, but the actual award may vary based upon the plan design as reviewed and approved by the Human Resources Committee of the Board of Directors. 

		
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	Health, Welfare and Retirement Benefits:  You will be eligible to participate in the employee benefit programs applicable to our salaried employees generally, including the Company’s health and welfare plans, as well as the defined contribution plan.  In addition, you will be eligible to participate in the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation.  Your annual vacation entitlement will be 5 weeks. Except as herein provided, or as may be hereafter approved by the Board or its Human Resources Committee, you will not be entitled to further compensation or benefits. 

Exhibit 10(AA)

		
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	Executive Severance Plan: Your employment by the Company is “at will” and may be terminated by the Company or by you at any time.  However, if your employment terminates due to a termination by the Company without “cause” or a resignation by you with “good reason” (each, as defined in the attached Plan document), you will be entitled to receive the severance benefits included in the Severance Pay Plan for Executives of Carpenter Technology Corporation attached hereto as Exhibit D.

		
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	Change in Control Severance:    You will be entitled to severance benefits in the event of a change in control, as described in the Change in Control Severance Plan attached hereto as Exhibit E. For avoidance of doubt, benefits under this section will be in lieu of, not in addition to, the severance benefits described in the Severance Pay Plan for Executives of Carpenter Technology Corporation.

		
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	Intellectual Property, Confidentiality and Restrictive Covenants: In your capacity as an executive of the Company, you will be exposed to the Company’s most sensitive and proprietary information and technology, and will be provided with access to the Company’s most valuable and carefully cultivated business relationships.  Accordingly, your employment is conditioned upon your execution of the Intellectual Property Agreement and Non-Competition Agreement     attached hereto as Exhibit F. 

You represent and warrant that there are no restrictions, agreements or understandings whatsoever that would prevent or make unlawful your execution of this letter, that would be inconsistent or in conflict with this letter or your obligations hereunder, or that would otherwise prevent, limit or impair your ability to be employed by the Company.  

Your ownership of or transactions in securities of the Company will be subject to the Company’s insider trading policies and stock ownership guidelines from time to time in effect.

Reimbursement by the Company of any expense will be subject to Company policies and practices in effect from time to time and will be further subject to the requirements of Treas. Reg. §§ 1.409A-3(i)(1)(iv)(A)(3), (4) and (5).

Any payment or transfer of property to you will be subject to tax withholding to the extent required by applicable law.

This letter constitutes our entire agreement and understanding regarding the matters addressed herein, and merges and supersedes all prior or contemporaneous discussions, agreements, and understandings of every nature between us regarding these matters. 

This letter will be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to the application of the principles of conflicts of laws.

This offer of employment is contingent upon your successfully meeting all of Carpenter’s terms of employment.  Among those is a pre-employment physical examination and providing documentation that verifies both your identity and eligibility for employment in the United States in compliance with the Immigration Reform and Control Act of 1986.

To acknowledge your consent and agreement to with the foregoing, please execute and date this letter in the space provided below and return an executed copy to me.  This letter may be signed in multiple counterparts, each of which will be deemed an original, and all of which together will constitute a single instrument.

Congratulations!

Exhibit 10(AA)

Sincerely,

/s/ John Rice                                                
John L. Rice
Vice President Human Resources
Carpenter Technology Corp.

ACCEPTED:                        DATE:        

 /s/ Brian J. Malloy                                             June 30, 2015                                  
Brian J. MalloyExhibit

Exhibit 10(AB)

April 24, 2018

Mr. Mike Murtagh

Dear Mike: 

Congratulations on your new role within Carpenter. This memo will outline the changes in compensation and benefit programs and supercedes any prior memos or understandings regarding this subject matter.

		
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	Title:  Vice President and Group President--Specialty Alloy Operations  (SAO)

		
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	Effective date: July 1, 2018  

 
		
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	Annual Base Salary: $420,250.00

		
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	Salary Grade: 25

		
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	Location: Philadelphia

		
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	Annual Bonus Plan: You will be eligible to participate in the Company’s Bonus Compensation Plan or such successor arrangement (if any) as the Board may from time to time approve.  Your target annual bonus opportunity for this role is 55% of your annual base salary pro-rated based on earnings received during fiscal year 2019.   

		
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	Long Term Incentive Grants:  The Company generally grants equity awards to its senior executives annually.  The terms of these awards are determined by the Compensation Committee of Carpenter’s Board of Directors. You will be eligible to receive an annual award at the time these grants are made to all employees in similar positions. The current value of the annual equity incentive for your position is $400,000.00 The total value of the grant awarded to you in August 2018 will be $550,000.00 

		
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	Health Benefits, 401K Savings Plan, Vacation Benefit:   remain the same as you currently have available to you.

Please indicate your acceptance by signing below and returning the original copy of this letter to me.  

Sincerely,

/s/ John Rice                            

John Rice
Vice President Human Resources

Exhibit 10(AB)

By execution of this offer letter, you agree that this offer by Carpenter will be “at will” and either you or the Company may terminate your employment at any time and for any reason, with or without cause.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company.

ACCEPTED:                        DATE:        

/s/ Michael Murtagh                            8/7/2016                                 
Michael Murtagh

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