Document:

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                                                                   EXHIBIT 10.18

                         CONSULTING, NON-COMPETITION AND

                            CONFIDENTIALITY AGREEMENT

         This Consulting, Non-Competition and Confidentiality Agreement (the
"AGREEMENT") is made as of the 5th day of November 2004 (the "EFFECTIVE DATE"),
by and between Richard Harcke ("HARCKE") and Haynes Wire Company, a Delaware
corporation ("BUYER").

                              PRELIMINARY STATEMENT

         Prior to the date hereof, Sellers have engaged in the business of
owning and operating a wire manufacturing business (the "BUSINESS"). This
Agreement is made in connection with and as a condition to consummation of the
transactions contemplated by a certain Asset Purchase Agreement dated October
28, 2004, by and among Harcke, The Branford Wire and Manufacturing Company, a
Connecticut corporation ("BRANFORD"), Carolina Industries, Inc. a Connecticut
corporation ("CAROLINA INDUSTRIES") (Branford and Carolina Industries together,
"SELLERS") and Buyer (the "ASSET PURCHASE AGREEMENT"). Under the terms of the
Asset Purchase Agreement, Buyer has agreed to purchase, and Sellers have agreed
to sell, the assets used in Sellers' operation of the Business. Harcke has
acquired extensive knowledge about the conduct of the Business as the owner and
operator of Sellers. This Agreement is entered into between Buyer and Harcke to
protect the goodwill of the Business that is being sold to Buyer by Sellers and
to protect against unfair competition by Harcke. All capitalized terms not
herein defined have the meaning ascribed to them in the Asset Purchase
Agreement.

                                    AGREEMENT

         In consideration of the premises and mutual covenants contained in this
Agreement and as an inducement to Buyer to enter into the Asset Purchase
Agreement, the parties hereby agree as follows:

I.       CONSULTING

         A. SERVICES. For a period of six (6) months from the Effective Date,
Harcke will, at the request of the officers of Buyer from time to time, provide
consulting services to Buyer or any affiliate of Buyer with respect to all
aspects of the Business, including without limitation the provision of advice on
business strategy and operations for the Business and management advice and
consultation to the officers of Buyer (collectively, the "SERVICES"). Harcke
shall provide the Services at such times as may be reasonably requested by
Buyer.

II.      NON-COMPETITION

         A. AGREEMENT NOT TO COMPETE. To protect Buyer's interest in the
goodwill acquired by Buyer from Sellers and to prevent unfair competition, for a
period of seven (7) years from the Effective Date (the "RESTRICTED PERIOD"),
except as provided in SECTION II(A) and subject to the geographical limitations
set forth in SECTION II(B), Harcke shall not:

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                  1. Engage in any activity directly or indirectly, as an owner,
         consultant, independent contractor or otherwise in the Business or any
         related business that is competitive with Buyer, including without
         limitation any activity that is necessary or incident to the conduct of
         the Business or any related business in a manner similar to any of the
         business practices engaged in by either Seller during Harcke's
         ownership and operation of such Seller; provided, however, nothing
         contained in this Agreement shall prevent either Seller from continuing
         to sell the Excess Inventory (as such term is defined in the Asset
         Purchase Agreement);

                  2. Perform, on behalf of himself or any person or entity, the
         same or similar services as those performed by Harcke for either Seller
         prior to the date of this Agreement;

                  3. Hire or employ or attempt to hire or employ any person who
         on or after the date hereof, is an employee, manager, or officer of
         Buyer (each, an "EMPLOYEE"), or in any way cause or assist or attempt
         to cause or assist, or, directly or indirectly, seek to solicit,
         induce, bring about, influence, promote, facilitate, cause, assist or
         encourage any Employee to leave Buyer's employ or to accept employment
         with or otherwise perform services for on or on behalf of any person or
         entity that engages in, or otherwise competes with, the Business or any
         related business ("COMPETITOR"); or

                  4. Contact any customers or suppliers of Buyer, either
         directly or indirectly, for himself or for others, so as to (i)
         directly or indirectly divert or influence or attempt to divert or
         influence any business of Buyer to a Competitor, or (ii) directly or
         indirectly solicit or provide services similar to those provided by
         Buyer, or (iii) otherwise directly or indirectly interfere in any
         fashion with Buyer's relationship with such customers or suppliers, or
         with the business or operations then being conducted by Buyer.

         B. GEOGRAPHICAL LIMITATIONS. The restrictions set forth in SECTION
II(A) in this Agreement shall be applicable to the following geographic areas
that can be enforced against Harcke during the Restricted Period:

                  1. In North America;

                  2. In the United States of America;

                  3. In each State in which Sellers previously had operations
         and/or conducted significant activities relating to the Business, and
         all contiguous states;

                  4. In the State of North Carolina;

                  5. In Henderson County, North Carolina, and all contiguous
         counties; and

                  6. Within a fifty (50) mile radius of any location at which
         Sellers conducted the Business.

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III.     CONFIDENTIALITY

         A. CONFIDENTIAL INFORMATION DEFINED. "CONFIDENTIAL INFORMATION" as used
in this Agreement shall mean, collectively, any and all data and information
about Buyer's or Sellers' businesses including, but not limited to (i) all
information relating to selling or financing processes, specifications and
procedures relating to the Business; (ii) customer lists and other
customer-related information including names, addresses, specifications or
requirements, purchase or delivery quantities, lines of credit, and delivery,
financing, and auction schedules; (iii) supplier lists; (iv) marketing plans and
concepts; and (v) sales, costs, profits, profit margins, salaries and other
financial information pertaining to Buyer or either Seller; provided, however,
that "Confidential Information" shall in no event include data or information
that (a) was available to the public prior to the date hereof or (b) becomes
available to the public other than as a result of disclosure by Harcke in
violation hereof.

         B. USE OR DISCLOSURE OF CONFIDENTIAL INFORMATION. Throughout the
Restricted Period, Harcke agrees to (i) keep confidential and not to disclose to
anyone except the authorized representatives of Buyer all Confidential
Information; and (ii) refrain from using such Confidential Information in any
manner adverse to the interests of Buyer.

         C. RECORDS AND COPIES. Any and all records and copies of records
pertaining to the Confidential Information that were or are made or received by
either Seller or Harcke shall be kept confidential and Harcke shall not disclose
any such records or copies of records to anyone except Buyer and its authorized
representatives. All records and copies of records of Buyer are and shall remain
the property of Buyer and shall be subject to Buyer's custody and control.

IV.      COMPENSATION

         A. COMPENSATION. In full payment and satisfaction for the Services and
Harcke's agreements and understandings in SECTIONS I and II and subject to the
terms and conditions of this Agreement, Buyer shall compensate Harcke as
follows:

                  1. Buyer shall pay Harcke seven (7) equal annual installments
         of $110,000.00 each. The first installment shall be paid on the
         Effective Date and one (1) additional installment shall be paid on each
         of the first six (6) anniversaries of the Effective Date; provided that
         Buyer shall not be required to make any payment due on any anniversary
         following a breach by Harcke of his obligations under SECTIONS I or II
         of this Agreement. At any time on or after April 1, 2005, Buyer shall,
         upon three (3) Business Days written request from Harcke, escrow the
         remaining $660,000 of installments to be paid in exchange for Harcke's
         performance under this Agreement with Investors Bank and Trust Company.
         In the event that Harcke requests that Buyer provide the escrow as set
         forth above and Buyer does not provide such escrow, this Agreement
         shall automatically terminate, including all obligations of Harcke not
         to compete under ARTICLE II and of Buyer to make payments to Harcke
         under this ARTICLE IV.

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                  2. For a period of three (3) years following the Effective
         Date, Buyer shall provide Harcke with office space at the facilities of
         Buyer located at 158 N. Egerton Road, Mountain Home, North Carolina
         28758, as the parties shall mutually agree.

                  3. During the Restricted Period, Buyer shall provide Harcke
         and his spouse with medical benefits comparable to those previously
         provided to Harcke and his spouse by Sellers.

V.       GENERAL PROVISIONS

         A. REMEDIES. Harcke acknowledges and agrees that any violation by
Harcke of this Agreement will cause Buyer to suffer irreparable harm for which
Buyer will not have any adequate remedy at law. Therefore, if Harcke threatens
to violate or violates any provision of this Agreement, Buyer shall be entitled
to injunctive relief without bond, including, but not limited to, temporary
restraining orders and/or preliminary or permanent injunctions, to restrain or
enjoin any violation or threatened violation of this Agreement. Buyer's right to
injunctive relief shall be in addition to, and not in lieu of, any other legal
or equitable remedies that may be available to Buyer, including but not limited
to monetary damages to the extent they are calculable, including lost profits.

         B. CLAIMS BY HARCKE. Any claim or cause of action by Harcke against
Buyer shall not constitute a defense to the enforcement of the restrictions and
covenants set forth in this Agreement and shall not be used to prohibit
injunctive relief.

         C. GOVERNING LAW; JURISDICTION AND VENUE. This Agreement shall be
construed and enforced in accordance with, and governed by, the Laws of the
State of Indiana (without giving effect to the principles of conflicts of Laws
thereof). The parties hereto irrevocably agree and consent to the non-exclusive
jurisdiction of the courts of the State of Indiana and the federal courts of the
United States, sitting in Indianapolis, Indiana for the adjudication of any
matters arising under or in connection with this Agreement.

         D. COSTS AND ATTORNEYS' FEES. In the event any party brings suit to
construe or enforce the terms hereof, or raises this Agreement as a defense in a
suit brought by another party, the prevailing party shall be entitled to recover
its reasonable costs and expenses, including, without limitation, reasonable
attorneys' fees incurred by that party in enforcing the terms and conditions of
this Agreement.

         E. SEVERABILITY. Harcke acknowledges and agrees that the restrictions
contained in this Agreement are reasonable and necessary to safeguard the
protectable interests of Buyer. If, notwithstanding such acknowledgement and
agreement, any clause, portion, section, restriction or paragraph of this
Agreement is determined to be unreasonable, unenforceable or invalid for any
reason, such determination shall not affect the enforceability or validity of
the remainder of this Agreement, and the unreasonable, unenforceable or invalid
provision shall be deemed amended and modified and shall be given effect and
enforced to the maximum extent that is determined to be reasonable and
enforceable.

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         F. ENTIRE AGREEMENT, MODIFICATIONS, INTERPRETATION. This Agreement
constitutes the entire agreement by and between Buyer and Harcke with respect to
the matters addressed herein and shall supersede all prior and contemporaneous
agreements, representations, and understandings whether written or oral, with
respect to such obligations. No amendment to or modification of this Agreement
shall be effective unless the amendment or modification is in writing and signed
by the parties. This Agreement shall be construed as a whole, according to its
fair meaning, and not strictly construed for or against either party.

         G. SUCCESSORS AND ASSIGNS. Neither party hereto shall assign or
delegate this Agreement or any rights or obligations hereunder without the prior
written consent of the other party hereto, and any attempted assignment or
delegation without prior written consent shall be void and of no force or
effect; provided, however, Buyer may without consent assign this Agreement and
all of its rights and delegate its obligations hereunder to an affiliate of
Buyer or to any person or entity who shall acquire all or substantially all of
the assets of Buyer. This Agreement shall inure to the benefit of and shall be
binding upon the successors and permitted assigns of the parties hereto.

         H. NON-WAIVER. No act or omission by Buyer shall be deemed a waiver by
Buyer of any of Buyer's rights under this Agreement. Therefore, the failure of
Buyer to enforce any restriction against Harcke or to seek a different remedy
shall not be construed as a waiver or estoppel to the enforcement of the
restrictions against Harcke.

         I. NOTICES. All notices, requests and other communications hereunder
must be in writing and will be deemed to have been duly given only if delivered
personally or by facsimile transmission, with confirmation of successful
transmission, and mailed (first class postage prepaid) to the parties at the
following addresses or facsimile numbers:

          If to Buyer:         Haynes Wire Company
                               1020 West Park Avenue
                               P.O. Box 9013
                               Kokomo, IN  46904-9013
                               Tel. No.  (765) 456-6000
                               Fax. No.  (765) 456-6125
                               Attn:  Francis J. Petro, President and CEO

         With a copy to:       Ice Miller
                               One American Square, Box 82001
                               Indianapolis, IN 46282-0200
                               Facsimile No.: (317) 592-4666
                               Attn: Stephen J. Hackman

         If to Harcke:         Richard Harcke
                               420 Vanderbilt Road
                               Asheville, NC  28803
                               Tel. No. 828-692-5791
                               Fax  No. 828-697-9818

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         J. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, and all such counterparts taken together shall constitute one and the
same instrument. Signatures on this Agreement may be communicated by facsimile
transmission and shall be binding upon the parties transmitting the same by
facsimile transmission. Counterparts with original signatures shall be mailed to
the other parties within three (3) calendar days of the applicable facsimile
transmission; PROVIDED, that the failure to provide the original counterpart
shall have no effect on the validity or the binding nature of this Agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

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         THE PARTIES HERETO ACKNOWLEDGE THAT THEY HAVE READ THIS AGREEMENT,
UNDERSTAND IT, AND AGREE TO BE BOUND BY ITS TERMS. They further acknowledge that
they have exercised due diligence in reviewing this Agreement, and that each has
had adequate opportunity to consult with legal counsel or other advisors to the
extent that each deemed such consultation necessary.

         IN WITNESS WHEREOF, Buyer and Harcke have executed this Agreement
effective for all purposes as of the Effective Date.

"BUYER"                                            "HARCKE"

HAYNES WIRE COMPANY

By: /s/Marcel Martin                              By: /s/Richard Harcke
    --------------------------------------           ---------------------------
    Marcel Martin, Vice President-Finance,            Richard Harcke
    Chief Financial Officer and Treasurer

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                                                                   EXHIBIT 10.19

                    SEPARATION AGREEMENT AND GENERAL RELEASE

     SEPARATION AGREEMENT (the "Agreement"), made and entered into as of
February 23, 2005, and effective as of September 30, 2005 (the "Effective
Date"), by and between Haynes International, Inc., a Delaware corporation (the
"Company"), and Michael Rothman (the "Employee").

W I T N E S S E T H:

     WHEREAS, the Employee has served as the Vice President of Engineering and
Technology of the Company through the date of this Agreement;

     WHEREAS, the Employee and the Company have mutually agreed that the
Employee will separate from his employment as of the Effective Date;

     WHEREAS, the Employee and the Company have mutually agreed that between the
date of this Agreement and the Effective Date, the Employee will be placed on
special assignment, reporting to the Company's Chief Executive Officer and
performing such assignments as directed by the Chief Executive Officer;

     WHEREAS, the parties hereto desire to enter into this Agreement in order to
settle fully and finally all matters between them, including but not limited to
any matters arising out of Employee's employment with the Company, the mutual
decision to separate the Employee's employment with the Company as of the
Effective Date, and the decision to place him on special assignment between the
date of this Agreement and the Effective Date; and

     NOW THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Company and the Employee agree as follows:

     1.      SPECIAL ASSIGNMENT AND SEPARATION

     In exchange for the promises made by the Company in this Agreement, the
Employee agrees that he will be separated from his employment with the Company
as of the Effective Date and that he will be placed on special assignment
between the date of this Agreement and the Effective Date. Employee further
agrees and understands that his continued employment through and including the
Effective Date will be on an at-will basis and may be terminated before that
date with or without cause by either party. Employee further agrees and
understands that his continued employment through such date will be contingent
upon his continued satisfactory performance and compliance with all Company
policies, rules, and standards of behavior. If the Company subsequently elects
to discontinue the Employee's employment prior to the Effective Date, the
Employee will not be entitled to any compensation past his last day of actual
work for the Company.

     2.      PAYMENTS IN CONNECTION WITH SEPARATION.

             (a)    In connection with the Employee's separation, the Employee
     shall be entitled to receive the following payments and benefits:

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                    (i)   payment of accrued but unpaid Base Salary, vacation,
             and approved expenses through the Effective Date

                    (ii)      subject to paragraph (b) below and Section 6(b)
                              hereof, a cash payment equal to seven months of
                              the Employee's base salary as in effect
                              immediately prior to the Effective Date, less
                              state, federal, and local withholdings required by
                              law. Such amount will be paid in seven equal
                              monthly installments beginning the first month
                              following the Release Effective Date (as herein
                              defined), It is understood and agreed that the
                              payments and benefits which will be provided to
                              Employee by Company pursuant to this sub-paragraph
                              are consideration provided to Employee in addition
                              to anything of value to which he is already
                              entitled.

                       (iii)  The Employee's bonus for fiscal year 2005 under
                              the Management Incentive Plan will be paid in full
                              at such time as employee bonuses under the
                              Management Incentive Plan are paid to other
                              participants in such plan; and

             (b)    RELEASE. As a condition of the Employee's entitlement to any
     of the payments and benefits provided paragraph (a) above, the Employee
     shall execute on the Effective Date and shall not have revoked prior to the
     Release Effective Date (as hereinafter defined) a release of claims against
     the Company substantially in the form attached hereto as EXHIBIT A (the
     "Release"). EMPLOYEE ACKNOWLEDGES THAT HE HAS BEEN ADVISED IN WRITING TO
     CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THE RELEASE. Employee and
     Company agree that Employee has a period of seven (7) days following the
     execution of the Release within which to revoke the Release. The parties
     also acknowledge and agree that the Release shall not be effective or
     enforceable until the seven (7) day revocation period expires. The date on
     which this seven (7) day period expires shall be the effective date of the
     Release (the "Release Effective Date"). Except as specifically provided in
     Section 3(a) or required under applicable law, Employee will not be
     eligible to receive any salary, bonus or other compensation described in
     Section 3(a) with respect to any future periods after the Effective Date;
     provided, however, Employee shall have the right to receive all
     compensation that he is entitled under any benefit plans of Company to the
     extent he is fully vested as of the Effective Date pursuant to the terms
     and conditions of such employee benefit plans.

     3.      CONFIDENTIALITY. For purposes of this Section 4, the term "Company"
shall include, in addition to Company, its affiliates, subsidiaries and any of
their respective predecessors, successors and assigns.

             (a)    CONFIDENTIAL INFORMATION. As used in this Agreement,
     "Confidential Information" means any and all confidential, proprietary or
     other information, whether or not originated by Employee or Company, which
     is in any way related to the past or present Company's Business (as defined
     below) and is either designated as confidential or not generally known by
     or available to the public. Confidential Information includes, but is not
     limited to (whether or not reduced to writing or designated as
     confidential) (i) information regarding Company's existing and potential
     customers and vendors; (ii) any

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     contacts (including the existence and contents thereof and parties thereto)
     to which Company is a party or is bound; (iii) information regarding
     products and services being purchased or leased by or provided to Company;
     (iv) information received by Company from third parties under an obligation
     of confidentiality, restricted, disclosure or restricted use; (v) personnel
     and financial information of Company; (vi) information with respect to
     Company's products, services, facilities, business methods, systems, trade
     secrets, technical know-how, and other intellectual property; (vii)
     marketing and developmental plans and techniques, price and cost data,
     forecasts and forecast assumptions, and potential strategies of Company;
     and (viii) any other information relating to Company which was obtained by
     Employee in connection with his employment by Company, whether before, on
     or after the Effective Date.

             (b)    NON-DISCLOSURE AND NON-USE OF CONFIDENTIAL INFORMATION.
     Employee acknowledges that the Confidential Information of Company is a
     valuable, unique asset of Company and Employee's unauthorized use or
     disclosure thereof could cause irreparable harm to Company for which no
     remedy at law could be adequate. Accordingly, Employee agrees that he shall
     hold all Confidential Information of Company in strict confidence and
     solely for the benefit of Company, and that he shall not, directly or
     indirectly, disclose or use or authorize any third party to disclose or use
     any Confidential Information, except (i) with the express written consent
     of Company, (ii) to the extent that any such information is in or becomes
     in the public domain other than as a result of Employee's breach of any of
     his obligations hereunder, or (iii) where required to be disclosed by court
     order, subpoena or other government process and in such event, Employee
     shall cooperate with Company in attempting to keep such information
     confidential. The Company shall reimburse Employee for all reasonable
     expenses and costs he may incur as a result of cooperating under this
     Section 4(b), upon receipt of proper documentation.

             (c)    OWNERSHIP OF CONFIDENTIAL INFORMATION. Employee acknowledges
     and agrees that all Confidential Information is and shall remain the
     exclusive property of Company, whether or not prepared in whole or in part
     by Employee and whether or not disclosed to or entrusted to the custody of
     Employee. Employee has delivered to Company all documents, tapes, disks, or
     other storage media and any other materials, and all copies thereof in
     whatever form, in the possession of Employee pertaining to the Company's
     Business, including, but not limited to, any containing Confidential
     Information.

             (d)    SURVIVAL. Employee's obligations set forth in this
     Section 4, and Company's rights and remedies with respect hereto, shall
     survive indefinitely following the Effective Date.

     4.      RESTRICTIVE COVENANTS.

     For purposes of this Section 5, the term "Company" shall include, in
addition to Company, its affiliates, subsidiaries and any of their respective
predecessors, successors and assigns.

             (a)    NON-COMPETITION. During the Restricted Period and within the
     Restricted Area (each as defined in subsection (d) below), Employee shall
     not, directly or indirectly, perform on behalf of any Competitor (as
     defined in subsection (d) below) the same or

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     similar services as those that Employee performed for Company during
     Employee's employment by Company or otherwise. In addition, Employee shall
     not, during the Restricted Period or within the Restricted Area, directly
     or indirectly engage in, own, manage, operate, join, control, lend money or
     other assistance to, or participate in or be connected with (as an officer,
     director, member, manager, partner, shareholder, consultant, employee,
     agent, or otherwise), any Competitor.

             (b)    NON-SOLICITATION. During the Restricted Period, Employee
     shall not, directly or indirectly, for himself or on behalf of any Person
     (as defined in subsection (d) below), (i) solicit or attempt to solicit any
     Customers (as defined in subsection (d) below) or prospective Customers
     with whom Employee had contact at any time during Employee's employment by
     Company; (ii) divert or attempt to divert any business of Company to any
     other Person; (iii) solicit or attempt to solicit for employment, endeavor
     to entice away from Company, recruit, hire, or otherwise interfere with
     Company's relationship with, any Person who is employed by or otherwise
     engaged to perform services for Company (or was employed or otherwise
     engaged to perform services for Company, as of any given time, within the
     immediately preceding twelve (12) month period); (iv) cause or assist, or
     attempt to cause or assist, any employee or other service provider to leave
     Company; or (v) otherwise interfere in any manner with the employment or
     business relationships of Company or the business or operations then being
     conducted by Company.

             (c)    NON-DISPARAGEMENT. Employee shall not for all time following
     the Effective Date make any statement, either written or oral, regarding
     the Company, or any of its agents, subsidiaries, affiliates, related
     entities, directors, officers, servants or employees, which is disparaging
     to the Company, or its agents, subsidiaries, affiliates, related entities,
     directors, officers, servants or employees, or which has a tendency to harm
     their reputation by lowering them in the estimation of the community or
     deterring others from associating or dealing with them. The Company agrees
     that its officers, directors or management employees shall not for all time
     following the Effective Date make any such disparaging statements
     referenced above, either written or oral, pertaining to the Employee.
     Notwithstanding the foregoing, nothing, in this Section 5(c) shall prohibit
     any person from making truthful statements when required by order of a
     court or other body having jurisdiction, or as may otherwise be required by
     law or legal process.

             (d)    DEFINITIONS.  For purposes of Section 4 and Section 5
     hereof, the following definitions have the following meanings:

                    (i)       "Company's Business" means the business of
             developing, manufacturing, selling or distributing high-performance
             alloys for service in severe corrosion and high temperature
             applications.

                    (ii)      "Competitor" means any Person that engages in a
             business that is the same as, or similar to, the Company's
             Business.

                    (iii)     "Customer" means any Person which, as of any given
             date, used or purchased or contracted to use or purchase any
             services or products from Company within the immediately preceding
             twelve (12) month period.

                    (iv)      "Person" means any individual, corporation,
             partnership, joint venture, association, limited liability company,
             joint-stock company, trust, or

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             unincorporated organization, or any governmental agency, officer,
             department, commission, board, bureau, or instrumentality thereof.

                    (v)       "Restricted Area" means, because the market for
             Company's Business is global, or has the potential of being global,
             and is not dependent upon the physical location or presence of the
             Company, Employee, or any individual or entity that may be in
             violation of this Agreement, the broadest geographic region
             enforceable by law (excluding any location where this type of
             restriction is prohibited by law) as follows: (A) everywhere in the
             world that has access to Company's Business because of the
             availability of the Internet; (B) everywhere in the world that
             Employee has the ability to compete with Company's Business through
             the Internet; (C) each state, commonwealth, territory, province and
             other political subdivision located in North America; (D) each
             state, commonwealth, territory and other political subdivision of
             the United States of America; (E) Indiana and any state in which
             Employee has performed any services for Company; (F) any
             geographical area in which Company has performed any services or
             sold any products; (G) any geographical area in which Company or
             any of its subsidiaries have engaged in the Company's Business,
             which has resulted in aggregate sales revenues of at least $25,000
             during any year in the five (5) year period immediately preceding
             the commencement of the Restricted Period; (H) any state or other
             jurisdiction where Company had an office at any time during
             Employee's employment by Company; (I) within one hundred (100)
             miles of any location in which Company had an office at any time
             during Employee's employment by Company; and (J) within one hundred
             (100) miles of any location in which Employee provided services for
             Company.

                    (vi)      "Restricted Period" means the period commencing as
             of the Effective Date through the first (1st) anniversary of the
             Effective Date. In the event of a breach of this Agreement by
             Employee, the Restricted Period will be extended automatically by
             the period of the breach.

             (e)    SURVIVAL. Employee's obligations set forth in this
     Section 5, and Company's rights and remedies with respect thereto, will
     remain in full force and effect during the Restricted Period and until full
     resolution of any dispute related to the performance of Employee's
     obligations during the Restricted Period.

             (f)    PUBLIC COMPANY EXCEPTION. The prohibitions contained in
     Sections 4 and 5 do not prohibit Employee's ownership of stock which is
     publicly traded, provided that (1) the investment is passive, (2) Employee
     has no other involvement with the company, (3) Employee's interest is less
     than five (5%) percent of the shares of the company, and (4) Employee makes
     full disclosure to Company of the stock at the time that Employee acquires
     the shares of stock.

     5.      GENERAL.

             (a)    REASONABLENESS. Employee has carefully considered the
     nature, extent and duration of the restrictions and obligations contained
     in this Agreement, including, without limitation, the geographical coverage
     contained in Section 5, the time periods contained in SECTION 4 and SECTION
     5, and acknowledges and agrees that such restrictions

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     are fair and reasonable in all respects to protect the legitimate interests
     of Company and that these restrictions are designed for the reasonable
     protection of Company's Business.

             (b)    REMEDIES. Employee recognizes that any breach of this
     Agreement shall cause irreparable injury to Company, inadequately
     compensable in monetary damages. Accordingly, in addition to any other
     legal or equitable remedies that may be available to Company, Employee
     agrees that Company shall be able to seek and obtain injunctive relief in
     the form of a temporary restraining order, preliminary injunction, or
     permanent injunction, in each case without notice or bond, against Employee
     to enforce this Agreement. Company shall not be required to demonstrate
     actual injury or damage to obtain injunctive relief from the courts. To the
     extent that any damages are calculable resulting from the breach of this
     Agreement, Company shall also be entitled to recover damages, including,
     but not limited to, any lost profits of Company and/or its affiliates or
     subsidiaries. For purposes of this Agreement, lost profits of Company shall
     be deemed to include all gross revenues resulting from any activity of
     Employee in violation of this Agreement and all such revenues shall be held
     in trust for the benefit of Company. Any recovery of damages by Company
     shall be in addition to and not in lieu of the injunctive relief to which
     Company is entitled. In no event will a damage recovery be considered a
     penalty in liquidated damages. In addition, in any action at law or in
     equity arising out of this Agreement, the prevailing party shall be
     entitled to recover, in addition to any damages caused by a breach of this
     Agreement, all costs and expenses, including, but not limited to,
     reasonable attorneys' fees, expenses, and court costs incurred by such
     party in connection with such action or proceeding. Without limiting
     Company's rights under this SECTION 6(c) or any other remedies of Company,
     if a court of competent jurisdiction determines that Employee breached any
     of the provisions of SECTIONS 4 OR 5, Company shall have the right to cease
     making any payments or providing any benefits otherwise due to the Employee
     under the terms and conditions of this Agreement.

             (c)    CLAIMS BY EMPLOYEE. Employee acknowledges and agrees that
     any claim or cause of action by Employee against Company shall not
     constitute a defense to the enforcement of the restrictions and covenants
     set forth in this Agreement and shall not be used to prohibit injunctive
     relief.

             (d)    AMENDMENTS. This Agreement may not be modified, amended, or
     waived in any manner except by an instrument in writing signed by both
     parties to this. Agreement.

             (e)    WAIVER. The waiver by either party of compliance by the
     other party with any provision of this Agreement shall not operate or be
     construed as a waiver of any other provision of this Agreement (whether or
     not similar), or a continuing waiver, or a waiver of any subsequent. breach
     by a party of any provision of this Agreement.

             (f)    GOVERNING LAW; JURISDICTION. The laws of the State of
     Indiana shall govern the validity, performance, enforcement,
     interpretation, and other aspects of this Agreement, notwithstanding any
     state's choice of law provisions to the contrary. The parties intend the
     provisions of this Agreement to supplement, but not displace, their
     respective obligations and responsibilities under the Indiana Uniform Trade
     Secrets Act. Any proceeding to enforce, interpret, challenge the validity
     of', or recover for the breach of any provision of, this Agreement may be
     filed in the courts of the State of Indiana or the United States District
     Court sitting in Indianapolis, Indiana, and the parties hereto

<Page>

     expressly waive any and all objections to personal jurisdiction, service of
     processor venue in connection therewith.

             (g)    COMPLETE AGREEMENT. This Agreement constitutes a complete
     and total integration of the understanding of the parties with respect to
     the subject matter hereof and thereof and supersedes all prior or
     contemporaneous negotiations, commitments, agreements, writings, and
     discussions with respect to the subject matter of this Agreement, including
     but not limited to the Severance Agreement and the Offer Letter.

             (h)    SEVERABILITY. If a court having proper jurisdiction holds a
     particular provision of this Agreement unenforceable or invalid for any
     reason, that provision shall be modified only to the extent necessary in
     the opinion of such court to make it enforceable and valid and the
     remainder of this Agreement shall be deemed valid and enforceable and shall
     be enforced to the greatest extent possible under the then existing law. In
     the event the court determines such modification is not possible, the
     provision shall be deemed severable and deleted, and all other provisions
     of this Agreement shall remain unchanged and in full force and effect.

             (i)    ENFORCEABILITY IN JURISDICTIONS. The parties hereto intend
     to and hereby confer jurisdiction to enforce the covenants contained in
     Sections 4 and 5 above upon the courts of any state within the geographical
     scope of such covenants. If the courts of any one or more of such states
     shall hold any of the previous covenants unenforceable by reason of the
     breadth of such scope or otherwise, it is the intention of the parties
     hereto that such determination not bar or in any way affect the Company's
     rights to the relief provided above in the courts of any other states
     within the geographical scope of such covenants, as to breaches of such
     covenants in such other respective jurisdictions, the above covenants as
     they relate to each state being, for this purpose, severable into diverse
     and independent covenants.

             (j)    COUNTERPARTS. This Agreement may be executed in two (2)
     counterparts, each of which shall be deemed an original but both of which
     together shall constitute one and the same Agreement. Facsimile
     transmission of the executed version of this Agreement or any counterpart
     hereof shall have the same force and effect as the original.

             (k)    HEADINGS. The headings of the Sections of this Agreement are
     inserted for convenience only and shall not be deemed to constitute part of
     this Agreement or to affect the construction of this Agreement.

             (l)    THIRD PARTY BENEFICIARIES. Company's affiliates and
     subsidiaries are expressly made third party beneficiaries of this
     Agreement.

             (m)    NOTICES. Any notice required or permitted hereunder shall be
     personally delivered or mailed by certified mail, return receipt requested,
     to the addresses of the parties set out on the signature pages hereto, or
     as changed from time to time by notice as provided herein.

             (n)    SUCCESSORS AND ASSIGNS. Employee shall not assign or
     transfer any of his rights or obligations under this Agreement to any
     individual or entity. Company may assign its rights hereunder to any of its
     affiliates or to any individual or entity who or that shall acquire or
     succeed to, by operation of law or otherwise, all or substantially all of
     the assets of Company or Company's Business. All provisions of this
     Agreement are binding

<Page>

     upon, shall inure to the benefit of, and are enforceable by or against, the
     parties and their respective heirs, executors, administrators or other
     legal representatives and permitted successors and assigns.

             (o)    OPPORTUNITY TO CONSULT COUNSEL. EMPLOYEE ACKNOWLEDGES THAT
     HE HAS CAREFULLY READ THIS AGREEMENT AND HAS BEEN GIVEN ADEQUATE
     OPPORTUNITY, AND HAS BEEN ENCOURAGED BY COMPANY, TO CONSULT WITH LEGAL
     COUNSEL OF HIS CHOICE CONCERNING THE TERMS HEREOF BEFORE EXECUTING THIS
     AGREEMENT.

                            [SIGNATURE PAGE FOLLOWS]

<Page>

             IN WITNESS WHEREOF, the parties have made this Agreement effective
as of the Effective Date.

                              "COMPANY"

                              HAYNES INTERNATIONAL, INC.

                              By: /s/Jean C. Neel
                                  ---------------------------------------

                              Printed: Jean C. Neel
                                       ----------------------------------

                              Title: Vice President - Corporate Affairs
                                     ------------------------------------

                              Haynes International, Inc.
                              1020 West Park Avenue
                              Kokomo, Indiana 46904

                              "EMPLOYEE"

                              /s/ Michael L. Rothman
                              -------------------------------------------
                              Michael Rothman
                              3500 Candy Lane
                              Kokomo, IN  46902

<Page>

[Exhibits A, Release of Claims, has been omitted from this Agreement as filed
with the Securities and Exchange Commission (the "SEC"). The omitted information
is considered immaterial from an investor's perspective. The Registrant will
furnish supplementally a copy of the omitted exhibit to the SEC upon request
from the SEC.]

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