Document:

Form of Stock Option Award Agreement

 Exhibit 10 (B) 
 CARPENTER TECHNOLOGY CORPORATION 
 STOCK-BASED
COMPENSATION PLAN 
 FOR OFFICERS AND KEY EMPLOYEES 
 STOCK OPTION AWARD AGREEMENT 
 CARPENTER TECHNOLOGY
CORPORATION (the “Company”) grants this STOCK OPTION to the individual identified below (the “Participant”). Capitalized terms used herein without definition have the respective meanings ascribed to them in the CARPENTER
TECHNOLOGY CORPORATION STOCK-BASED COMPENSATION PLAN FOR OFFICERS AND KEY EMPLOYEES, as amended and effective June 30, 2009 (the “Plan”); the terms, conditions and provisions of which are applicable to the Award evidenced hereby and
incorporated herein by reference. 
 1. Grant of Option. The Participant has been granted a non-qualified stock option
(the “Option”) to purchase the number of Shares set forth below (the “Option Shares”) pursuant to the terms of the Plan. 
 2. Price. The purchase price per Option Share is set forth below. 
 3. Term of Exercise. One-third ( 1/3) of the total Option Shares shall become exercisable on each of the first three anniversaries of the Grant Date contingent upon continued employment of the Participant with the Company on each such
anniversary and shall continue to be exercisable within the period ending on the tenth anniversary of the Grant Date, except as otherwise provided under the terms of the Plan. 
 4. Payment. Notice of the Participant’s intention to exercise all or a portion of the Option shall be given (in accordance with
the procedures established by the Company from time to time) by the Participant or, in the case of death of the participant, his/her legal representative. The form of payment is to be specified in such notice. Full payment for Option Shares
purchased shall be made to the Plan Administrator, as specified in the guidelines, following delivery to the Plan Administrator of notice of intention to exercise. 
 5. Binding Effect. Subject to the terms of the Plan, the terms of this Option shall be binding upon, and inure to the benefit of, both the Company, its successors and assigns, and the Participant,
his/her heirs and personal representatives. 
 6. Plan Compliance. The Participant should be aware that the terms of this
Option, including methods for exercise, may be modified without the consent of the Participant to comply with applicable law, stock exchange or accounting requirements. 
  

			
		 	CARPENTER TECHNOLOGY CORPORATION
		
	By:	 	  

		
		 	President and Chief Executive Officer

 Name of Participant: 
 Number of Option Shares: 
 Purchase Price per Option Share: 
 Grant Date:Deferred Compensation Plan

 Exhibit 10 (C) 
 DEFERRED COMPENSATION PLAN FOR 
 OFFICERS
AND KEY EMPLOYEES OF 
 CARPENTER TECHNOLOGY CORPORATION 
 As amended and restated, effective January 1, 2008 
 This is the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation, effective January 1, 1995, established by Carpenter Technology Corporation and its
subsidiaries expressly included herein to provide its senior executives 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
for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. 
 The Plan was 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 or the Human Resources Committee thereof
(including any duly appointed sub-committee or successor committee performing similar duties, hereafter the “Committee”), whenever said Board delegates responsibilities under this Plan to the Committee. 
 1.4. Bonus Compensation means any compensation plan designated by the Committee or, for Employees whose Salary is not determined by
said Committee, the Company’s Chief Executive Officer as a bonus compensation plan eligible for Deferrals under Section 4.2.2 including, but not limited to, the Executive Bonus Compensation Plan, the Salaried Exempt Annual Compensation
Plan and any successor plans. 
  

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 1.5. Change in Control means and includes each of the following: 
 1.5.1. 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) more than 50% of the then-outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or, (ii) within any 12 month period, 35% or more of 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 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 1.5.3 (i), 1.5.3
(ii) and 1.5.3 (iii); 
 1.5.2. 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; 
 1.5.3. 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 
  

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 1.5.4. approval by the stockholders of the Company of a complete liquidation or dissolution
of the Company. 
 1.6. Code means the Internal Revenue Code of 1986, as amended. 
 1.7. Company means Carpenter Technology Corporation or any successor by merger, purchase or otherwise. 
 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 investment returns credited under Section 4.6. 
 1.9. Deferral means an amount
deferred under the Plan pursuant to a Participant’s election or an Employer Addition under Article IV, and credited to a Participant’s Account. No money or other assets will actually be contributed to such Accounts. 
 1.10. Disability means a qualified physician designated by the Company has reviewed and approved the determination that the Employee:

 1.10.1. 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 
 1.10.2. 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 Employees of an Employer. 
 1.11.
Effective Date means January 1, 1995. 
 1.12. Employee means an individual who is employed by an Employer.

 1.13. Employer means the Company and any subsidiary that (1) the Board of Directors designates as an Employer and
(2) the board of such subsidiary approves participation in the Plan. A list of the subsidiaries currently designated as Employers is attached hereto as Appendix A. 
 1.14. Employer Addition means Deferrals made on behalf of a Participant by an Employer. 
 1.15. 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: Termination or specific date (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. 
  

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 1.16. Executive Bonus Compensation Plan means the Carpenter Technology Corporation
Executive Bonus Compensation Plan, as may be amended from time to time. 
 1.17. Investment Funds means the investment
alternatives made available by the Plan Administrator from time to time under the Plan. 
 1.18. Participant means a
Senior Executive who elects to participate or is otherwise granted participation in the Plan pursuant to Section 2.2. 
 1.19. 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. 
 1.20. Plan means this Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation, as may be
amended from time to time. 
 1.21. Plan Administrator means the Pension Board. 
 1.22. Plan Year means the 12-month period beginning January 1 and ending December 31. 
 1.23. Salary means all amounts of cash compensation that are treated as wages for federal income tax withholding under section
3401(a) of the Code for the Plan Year (or would be except for payment by a foreign Company subsidiary) plus amounts that would be paid to the Employee during the year but for the Employee’s election under a cash or deferred arrangement
described in section 401(k) of the Code or a cafeteria plan described in section 125 of the Code. Notwithstanding the preceding sentence, Salary shall not include Bonus Compensation or any compensation plan designated under Section 4.2.3;

 1.23.1. severance payments under a written agreement with the Company or any subsidiary following an Employee’s
Termination; 
 1.23.2. contributions by the Employer to this or any other plan or plans for the benefit of its employees,
except as otherwise expressly provided in this Section 1.23; or 
 1.23.3. amounts identified by the Employer as expense
allowances or reimbursements regardless of whether such amounts are treated as wages under the Code. 
 1.24. Senior
Executive means an Employee who is classified as “exempt” under the Fair Labor Standards Act of 1938, as amended, and whose salary grade is at least 19, or its equivalent as determined by the management of Carpenter Technology
Corporation, or any other Employee who the Board of Directors expressly designates as a Senior Executive. 
  

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 1.25 Termination means a Participant’s termination of employment with the
Company that complies with “separation from service” as defined in 26 CFR 1.409A-1(h). 
 1.26 Tranche means
the Deferrals and associated investment results related to each separate election made by a Participant under Article IV. 
 1.27 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. 
 1.28 Valuation Date means any day on which the New York Stock Exchange or any successor to its business is open for trading.

 ARTICLE II 
 PARTICIPATION 
 2.1 Eligibility to Participate. All Senior
Executives are eligible to participate in the Plan. 
 2.2 Participation. Any Senior Executive 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. Any Senior Executive receiving Employer Additions shall become a Participant on the date of the initial
Employer Addition, if the Participant has not enrolled under the preceding sentence. 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. A Participant may receive Deferral Credits in each Plan Year that the Participant is a Senior Executive. 
 4.2 Participant Deferrals. 
 4.2.1. Salary Deferrals. A Participant may elect to defer receipt of up to
35% of the Participant’s Salary and to have the Employer credit that amount to the Participant’s Account under the Plan. 
  

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 4.2.2. Bonus Compensation Deferrals. A Participant may elect to defer receipt of up
to 100% of the amounts the Participant is eligible to receive under any Bonus Compensation plan and to have the Employer credit that amount to the Participant’s Account under the Plan. 
 4.2.3 Other Cash Deferrals. A Participant may elect to defer receipt of up to 100% of the amount the Participant is eligible to
receive under any cash compensation plan that the Board of Directors or, for Employees whose Salary is not determined by said Board, the Company’s Chief Executive Officer designates a compensation plan for purposes of this Section 4.2.3,
and to have the Employer credit of that amount to the Participant’s Account under the Plan. 
 4.3 Employer
Additions. The Participant’s Employer will contribute to a separate Tranche on behalf of a Senior Executive whose Company Basic Contributions (as defined in the Savings Plan of Carpenter Technology Corporation (“Savings Plan”))
are limited by Code section 401(a)(17). The amount of the Employer Addition will equal the amount that would have been contributed to the Savings Plan as Company Basic Contributions except for such limitation. 
 4.4 Elections. 
 4.4.1. Frequency and Timing of Elections. Any elections made pursuant to this Section 4.4 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 or a distribution from this Plan due to an Unforeseeable Emergency. For Salary Deferrals, Other Cash Deferrals and Employer Additions, described in Sections 4.2.1,
4.2.3, and 4.3 respectively, 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 new Participant (or a Participant who has been ineligible to receive
Deferral Credits or Employer Additions for a period of 24 consecutive months) may file an initial election governing Salary Deferrals and Employer Additions during the first 30 days of participation in this Plan. 
 For Bonus Compensation Deferrals described in Section 4.2.2 and any Other Cash Deferrals described in Section 4.2.3 that are
constructed as bonus compensation, the Participant must make an election by the earlier of: 
 4.4.1.1. December 15
of the final fiscal year of the performance period applicable to such Bonus Compensation; or 
 4.4.1.2. six months prior to
any date within the performance period upon which the outcome of any performance goals or measures will determine all or a portion of the Bonus Compensation to be paid to the Participant. 
  

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 For example, to defer an award paid after the end of the two-year July 1, 2006 to
June 30, 2008 performance period, during which the Participant’s bonus, although not paid until the end of the performance period, is calculated separately for each year, the Participant must make an election by the earlier of
December 15, 2007 (4.4.1.1 above) or December 31, 2006 (4.4.1.2 above). 
 4.4.2. Duration of Elections.
Elections to defer amounts under this Article IV expire at the end of the Plan Year, fiscal year or performance period for which the election was made. Each such election shall constitute a separate Tranche. In the case of a distribution of the
Participant’s entire Account by operation of the Plan’s terms under Section 5.3 instead of the Participant’s election, such Senior Executive’s participation in the Plan will terminate for the remainder of any unexpired
election period during which such distribution occurs. 
 4.4.3. Restriction on Elections. Elections to defer amounts
may be in the form of a whole percentage or in $1 increments. 
 4.5 Investment Funds. The Plan Administrator shall
establish multiple Investment Funds which shall be maintained for the purpose of determining the investment return to be credited to each Participant’s Account. The Plan Administrator may change the number, identity or composition of the
Investment Funds from time to time. Each Participant shall indicate the Investment Funds based on which Deferrals under Sections 4.2 and 4.3 are to be adjusted. 
 4.6 Investment Returns. Each Participant’s Account shall be increased or decreased by the net amount of investment earnings or losses that it would have achieved had it actually been invested
in the deemed investments. The Company is not required to purchase or hold any of the deemed investments. Investment Fund elections must be made in a minimum of 1% increments and in such a manner as the Plan Administrator shall specify. A
Participant may change his or her Investment Fund election as soon as administratively practicable following the date the Plan Administrator receives notice of such change in the form prescribed by the Plan Administrator. 
 No less frequently than as of each Valuation Date, each Participant’s Account shall be increased or decreased to reflect investment
results. Each Participant’s Account shall be adjusted by the investment return of the Investment Funds in which the Participant’s elected to be deemed to participate. The investment return adjustment is intended to reflect the actual
performance of the Investment Fund net of any applicable investment management fees or administrative expenses determined by the Plan Administrator. Notwithstanding the above, the amount of any payment of Plan benefits pursuant to Article V shall be
determined as of the Valuation Date preceding the date of payment. 
 ARTICLE V 
 DISTRIBUTIONS 
 5.1 Source of Distributions. All distributions shall, at the Employer’s discretion, be made directly out of the Employer’s general assets or from the Carpenter Technology Corporation Non-Qualified Employee Benefits Trust,
if available. 
  

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 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 forms for each Tranche. A Participant may elect to receive distributions from each Tranche in different manners and at different times. 
 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 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 and in compliance with the requirements of Code Section 409A 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) 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 the foregoing, a Participant’s elections under Article IV, the balance of a Participant’s Account shall be paid
as soon as administratively practicable and in compliance with the requirements of Code Section 409A following the date of the Participant’s Disability after Termination or death, or a Change in Control. 
 For purposes of this Section 5.3, a distribution will comply with Code Section 409A where (1) an
event distribution (Termination, Disability, death, Change in Control or Unforeseeable Emergency) is made within 90 days and the Participant is not permitted to elect the taxable year of the distribution, and (2) a specific date
distribution is made within the same taxable year of such specific date or, if later, the 15th day of the third calendar month following such specific date. 
 5.4 Default
Form and Timing Election. If the Participant has not affirmatively made a form or timing of distribution election pursuant to Sections 5.2 and/or 5.3 above, the Participant will be deemed to have made elections as indicated in Sections
5.2.1 and 5.3 based upon Termination. 
  

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 5.5 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 (or a deemed election under Section 5.4), 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. 
 5.6 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 5.6 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 determine the Investment Fund or Funds under Section 4.5 and the
Participant shall identify the Tranche(s) from which such distribution shall be made. 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. 
 5.7 Distributions Due to a Domestic Relations Order. Distributions
hereunder may commence to an individual other than the Participant if the Plan Administrator determines it is necessary to fulfill a domestic relations order as defined in section 414(p)(1)(B) of the Code. 
 5.8 Distributions Due to Tax Obligations. Distributions hereunder may commence to the Participant for the payment of tax obligation
under the Federal Insurance Contributions Act (FICA), Railroad Retirement Act (RRTA), or any state, local or foreign tax obligation arising from Plan participation as determined at the sole discretion of the Plan Administrator in compliance with the
requirements of 26 CFR 1.409A-3(j)(4). 
 5.9 Termination of Employment. Upon Termination, a Participant shall receive
distribution of the Participant’s Account pursuant to the election(s) in place under Sections 5.2, 5.3, 5.4 and 5.5. If the Termination is caused by the Participant’s death, the Beneficiary shall receive distribution of the
Participant’s account in accordance with Section 5.3. 
 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. 
  

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 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 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, 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. 
  

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 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 Employer 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 Employer becomes insolvent, all Participants and Beneficiaries shall be treated as general,
unsecured creditors of the Employer with respect to any amounts credited to the Accounts under the Plan. 
 ARTICLE IX 

 AMENDMENT AND TERMINATION 
 9.1 Reservation of Rights. The Employer 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 Employer shall contribute to the Carpenter Technology Corporation Non-Qualified Employee Benefits Trust 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 Employee Benefits Trust does not exist at the time the Plan is terminated, the Employer 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 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.

  

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 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 an Employee. The Employer expressly reserves the right to discharge any Employee whenever in its judgment its best interests so require. 

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 Employer 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 all Employers and the Plan Administrator to the person for whose benefit the payments are made. 
  

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 DEFERRED COMPENSATION PLAN FOR 
 OFFICERS AND KEY EMPLOYEES OF 
 CARPENTER TECHNOLOGY CORPORATION 
 APPENDIX A 
 PARTICIPATING SUBSIDIARIES 
 [NONE] 
 As of January 1, 2005

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