Document:

EX-10.1

 Exhibit 10.1 

RETIREMENT, TRANSITION AND RELEASE AGREEMENT 

This Retirement, Transition and Release Agreement (as it subsequently may be amended from time to time, this
“Agreement”) is entered into as of October 12, 2022 (“Effective Date”) by and among Kevin B. Kramer (“Executive”) and ATI Inc. (together with its
affiliates, the “Company”). 
 RECITALS 

WHEREAS, Executive and the Company have agreed that Executive will retire from his position with the Company as Senior Vice President, Chief
Commercial and Marketing Officer; 
 WHEREAS, certain benefits and compensation programs of the Company provide for retirement for employees
who are at least 55 years of age and have at least five years of service with the Company, provided that such retirement requires the consent of the Company; 

WHEREAS, the parties currently contemplate that Executive will retire as of January 31, 2024 (“Retirement Date”)
and Executive has agreed to assist, from the Effective Date to the Retirement Date, in the transition of his role and responsibilities and such other matters as may from time to time be assigned to him by the Company’s Board Chair, President
and Chief Executive Officer; 
 WHEREAS, subject to Executive’s agreement to assist the Company in such matters, when and as requested
prior to the Retirement Date, and his execution and delivery as of the Retirement Date of the Release of Claims attached as Appendix A hereto, the Company has agreed to provide Executive with (a) its consent to enable Executive’s
retirement as of the Retirement Date and to ensure that Executive is treated as having retired for purposes of such compensation and benefit programs, and (b) certain additional compensation as provided in this Agreement; and 

WHEREAS, in consideration therefor, Executive has agreed to the terms and conditions of this Agreement, including its provisions pertaining to
confidentiality, non-competition, non-solicitation and non-disparagement and including the general release of claims contained
herein. 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which
hereby is acknowledged, Executive and the Company hereby agree as follows: 
 ARTICLE I 

RETIREMENT AND CONSENT; COMPENSATION AND BENEFITS 

1.1 Title; Transition Assistance. Executive hereby agrees that, during the term of this Agreement, he will
cooperate with and assist the Company in the transition of his current role and responsibilities, as and when requested by the Company. Executive hereby acknowledges that, effective January 1, 2023, his title will be changed to Senior Advisor
to the Chief Executive Officer. In his new role, Executive will continue to report to Robert S. Wetherbee but will no longer serve on the Company’s Executive Council. 

1.2 Company Commitment. Subject to the terms and conditions of this Agreement, Executive’s compliance with
the same and to Executive’s continued employment by the Company through the Retirement Date: 

 (a) Company Consent. Subject to Executive’s execution and
delivery as of the Retirement Date of the Release of Claims attached as Appendix A hereto (the “Release”), the Company hereby agrees to provide Executive with its consent to Executive’s retirement, as of the
Retirement Date, for purposes of the Company’s 2020 Incentive Plan, 2022 Incentive Plan, any equity awards made to Executive thereunder, the Company’s Defined Contribution Restoration Plan, and any other benefit plans or programs
maintained by the Company in which Executive participates that may require consent of the Company as a prerequisite to retirement. Executive shall be deemed to have been separated from employment with the Company for all purposes no later than the
Retirement Date. Executive acknowledges and understands that Company has no obligation to consent to his retirement, that the Company would not provide said consent but for Executive’s entering this Agreement and providing the Release and his
agreement to cooperate with the Company in the transition of his role and responsibilities, and that the Company’s consent to Executive’s retirement provides new and adequate consideration for his agreement to the provisions of this
Agreement, including, without limitation, the restrictive covenants under Article II and the general release of claims under Article III. 

(b) Compensation. (i) During the term of this Agreement, Executive will continue to receive his base salary at its
current annual rate of $510,000, payable in accordance with the Company’s regular payroll policies and practices as may be in effect from time to time, provided that Executive will not be eligible for any increase, or subject to any
decrease, in base salary during the term of this Agreement; and (ii) Executive will be entitled to receive any award under the Company’s 2022 or 2023 Annual Performance Plan (“APP”) that would otherwise be payable
to Executive under the terms and conditions thereof and at his current target award equal to 80% of his base salary (which target award level will not be eligible to any increase, or subject to any decrease, during the term of this Agreement),
payable in accordance with the terms thereof and the Company’s usual practices. 
 (c) Continuation of Coverage Under the
Company’s Medical Plan. Provided that Executive has elected and he and/or any of his current dependents remains eligible for continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985
(“COBRA”), the Company will make COBRA continuation payments on his or their behalf as appropriate from the Retirement Date until the earlier of (i) the Executive’s
65th birthday or (ii) such time as Executive otherwise becomes Medicare-eligible. 

(d) Additional Payment. The Company will pay to Executive, within 30 days following the Retirement Date (or such date as may be
required by Section 409A of the Internal Revenue Code of 1986, as amended, or related Treasury regulations), an additional cash payment in an amount calculated such that the net amount retained by the Executive, after deduction of any federal,
state and local income and employment taxes, is equal to eight percent (8%) of the amount payable to Executive under the terms of the Company’s 2023 APP based on the Company’s actual performance for the year ended December 31, 2023
relative to the performance metrics specified under the 2023 APP, and with regard to any individual performance component of the 2023 APP, Executive’s actual performance relative to any goals or target specified therefor, as certified by the
Personnel and Compensation Committee of the Board of Directors of the Company (the “Board”) or such other committee to which the Board has delegated responsibility therefor as of the Retirement Date. 

1.3 Acknowledgment. Executive acknowledges that nothing in this Agreement is intended in any way to alter the terms and
conditions of any long-term equity award outstanding as of the Effective Date, which awards have or shall vest and be paid, if at all, in accordance with the terms and conditions set forth in the award agreements governing such awards. For the
avoidance of doubt, the parties acknowledge that the Executive’s retirement from the Company as of the Retirement Date will constitute his separation of service from the Company within the meaning of Treasury Regulation 1.409A-1(h) and for purposes of Section 409A of the Internal Revenue Code of 1986, as amended.     

  
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 ARTICLE II 

COVENANTS 
 2.1
Non-Disclosure of Confidential Information; Non-Interference with Rights. 

(a) Executive shall not take or maintain copies of, use, divulge or otherwise disclose, directly or indirectly, any trade secret or other
proprietary or confidential information (“Confidential Information”) concerning the business or policies of Company which he may have learned as an officer or employee of Company, except to the extent such use or disclosure
is (i) required by applicable law, (ii) lawfully obtainable from the public domain, or (iii) authorized by Company. Confidential Information includes, without limitation, confidential information and Company trade secrets, whether in
tangible or intangible form, regarding the Company’s: products; services; near and long-term business strategies, plans and expectations; marketing strategies; business plans; operations; costs; current or prospective customer information
(including without limitation customer lists, requirements, creditworthiness, preferences, pricing information, sales volume, margins and similar matters); product concepts; designs; specification; technical data and
know-how; purchasing information (including without limitation pricing, sales information and other terms and conditions of sale); financial information; employee and personnel information; vendor and business
partner information; customer information; internal procedures or techniques; forecasts; trade information; software programs; project requirements, and all other information that is not generally known to those outside of the Company. Confidential
Information also includes the information of any other person or entity that the Company has an obligation to maintain as confidential. 

(b) Nothing in this Agreement prevents Executive from initiating communications directly with, or responding to any inquiry from, or providing
truthful information in any legal or governmental proceeding or investigation, provided that such disclosure is made only to the extent necessary. Additionally, nothing in this Agreement prohibits Executive from reporting, disclosing, or discussing
conduct that constitutes unlawful discrimination, harassment, or sexual assault.    In accordance with the Defend Trade Secrets Act of 2016, notwithstanding any other provision of this Agreement or the provisions contained in the
agreements consented to or signed by Executive during employment, Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that: (i) is made (A) in confidence
to a federal, state or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; and (ii) is made in a complaint or other
document that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the Company’s trade secrets to his attorney and
use the trade secret information in the court proceeding if Executive: (A) files any document containing the trade secret under seal and (B) does not disclose the trade secret except pursuant to court order. 

2.2 Non-Solicitation and Non-Competition.

 (a) Company’s Investment. Executive understands that the Company has spent and will continue to spend
substantial amounts of time, money and effort to develop its business, Confidential Information, reputation, goodwill (both associated with its trade names and geographic areas of business), and its customer, suppler and employee relationships.
Executive further understands that he has, and will continue to, benefit from those investments and efforts, and acknowledges that the Company would not enter into this Agreement or consent to his retirement without his express agreement to be bound
by the provisions of this this Section 2.2. 

  
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 (b) Non-Solicitation. Executive
shall not, either for his own account or for or on behalf of any other person or entity, directly or indirectly, take any of the following actions through and including January 31, 2026: 

(i) Solicit any employee of the Company with the intention of encouraging such person to terminate the person’s employment with the
Company; 
 (ii) Solicit or transact business with any Customer (as defined below) for the purpose of offering any service or product
offered by the Company or any service or product that directly or indirectly competes with or is substantially similar to such service or product (hereafter, “Competitive Services”). “Customer” means
(A) any current or former customer of the Company (1) with whom Executive has had material contact in the performance of his duties at any time during the 24-month period preceding the Retirement
Date, or (2) about whom Executive has knowledge of Confidential Information; (B) any person or entity who contacted the Company, at any time during the 6-month period preceding the Retirement Date,
for the purpose of seeking or obtaining the Company’s services; or (C) any person or entity whom the Company contacted, at any time during the 6-month period preceding the Retirement Date, for the
purpose of providing or selling the Company’s services; 
 (iii) Solicit or transact business with any Customer, vendor, contractor or
supplier of the Company for the purpose of encouraging such person to terminate its relationship with the Company or to place elsewhere or reduce the volume of its business with the Company; or 

(iv) Otherwise attempt to directly or indirectly interfere with the Company’s business or relationships with its employees, independent
contractors, vendors, suppliers, or Customers when such activities will involve the inevitable use of, or near certain influence by Executive’s knowledge of, Confidential Information disclosed to the Executive during the term of
Executive’s employment with the Company. 
 (c) Non-Competition. Executive
shall not, either for his own account or for or on behalf of any other person or entity, directly or indirectly, take any of the following actions through and including January 31, 2026: 

(i) Have an ownership or financial interest in a “Competitor,” defined as any person or entity (including Executive or
an entity that Executive becomes employed by or otherwise affiliated with or renders services to) that offers, or is actively planning to offer, Competitive Services within a “Restricted Territory” defined as any metropolitan
statistical area (as defined by the U.S. Census Bureau) or any other country or territory where the Company did business during Executive’s employment or does or actively plans to do business at the time of the subject competitive activity,
provided that Executive’s passive ownership of securities of a publicly held Competitor does not violate this provision, so long as his ownership does not exceed 0.5% of such Competitor’s issued and outstanding voting stock; 

(ii) Advise or consult with a Competitor concerning Competitive Services in the Restricted Territory; 

(iii) Be employed by or provide services to or for, whether as an employee, consultant, independent contractor or in any other working
relationship with, a Competitor in the Restricted Territory where Executive’s duties are similar to the duties that he performed on behalf of the Company at any time during the 24-month period preceding
the Effective Date; or 
 (iv) Otherwise engage in the production, marketing, sale, distribution, offering or provision of Competitive
Services in the Restricted Territory. 

  
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 2.3 Non-Disparagement.
Executive agrees that he will not, in any way, disparage the Company or members of its management, including but not limited to members of the Company’s Executive Council or Board of Directors, to any person(s) or organization(s), including
without limitation any employee of the Company. The Company agrees to take commercially reasonable action to ensure that members of its Executive Council will not, in any way, disparage the Executive to parties external to the Company, provided that
nothing in this Agreement shall prohibit or restrict members of the Company’s Executive Counsel from performing the duties of their respective roles with Company or from disclosing any information required by law or legal process. A disparaging
statement is any communication, oral or written, including electronic postings on social media, which would cause or tend to cause the recipient of the communication to question the business condition, integrity, legal compliance, competence,
fairness, quality of services, or good character of the person or entity to whom or to which the communication relates, provided that, for purposes of this Section 2.3, the terms “disparage” and “disparaging
statement” do not include any statement made by Executive in private, one-on-one discussion with Robert S. Wetherbee for the purpose of Executive’s performance
of his duties in his ongoing role with the Company. 
 2.4 Cooperation. Executive agrees to cooperate with the Company
in the prosecution or defense of claims asserted by or against it or the investigation of potential claims and shall be available, by telephone, video conference or in person, at such reasonable times as may be requested by the Company, to discuss
and consult with employees or agents of the Company with respect to business matters of the Company. Such cooperation and consultation shall including meeting with representatives of the Company or the Company’s attorneys, or both, divulging to
the Company any information that the Company may request for possible use in the conduct of its business or in litigation, arbitration, investigations (whether internal or external) or other legal proceeding, and testifying on behalf of the Company
at the Company’s request. The Company agrees to reimburse Executive for reasonable personal expenses incurred by Executive pursuant to this Section 2.4. Nothing in this paragraph shall preclude Executive from complying with legal
obligations to testify under oath truthfully and accurately or producing information in response to a properly served subpoena or as otherwise required by law or legal process. 

2.5 Future Employment. Through and including January 31, 2026, Executive agrees (a) to notify the Company in
writing of the name and address of any new person or entity by whom or which Executive becomes employed or for whom or which Executive agrees to perform consulting or other services, and (b) to advise such person or entity of his obligations
under this Article II of this Agreement. 
 2.6 Work Product. Executive agrees that all works of authorship developed
or created in whole or in part by Executive during his employment by the Company, whether alone or in collaboration with other Company employees or third parties providing consulting other services to the Company shall to the extent possible be
deemed works made for hire within the meaning of the Copyright Act (17 U.S. C. §101 et. Seq.)(“Work Product”) and that all Work Product shall remain the property of the Company. To the extent that any such Work Product
may not, under applicable law, be considered work made for hire, the Executive hereby grants, transfers, assigns, conveys and relinquishes all of his right, title and interest in and to the Work Product to the Company in perpetuity or for the
longest period otherwise permitted by law. Consistent with his recognition of the Company’s absolute ownership of all Work Product, the Executive agrees that he shall not take or maintain any Work Product or copies thereof and shall not use any
Work Product for the benefit of any party other than the Company. 

  
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 ARTICLE III 

RELEASE OF CLAIMS 

3.1 Released Claims. 

(a) In consideration of the Company’s consent to his retirement and the other consideration provided pursuant to this Agreement, except
as provided in paragraph3.2 below, Executive, on behalf of himself, his heirs, dependents, and administrators, absolutely, irrevocably and unconditionally releases and forever discharges the Company, which includes all parents, subsidiaries,
affiliates, predecessors, successors, assigns and their respective directors, officers, employees, agents, attorneys and shareholders (severally and collectively, the “Releasees”) from any and all claims, known and unknown,
under federal, state and local law (including all common law claims) and all statues, ordinances and regulations including, but not limited to, claims relating to breach of contract, breach of promise, misrepresentation, invasion of privacy,
wrongful discharge, discrimination on account of age, race, sex, religion, national origin, military status, disability or other such characteristics protected by law, that Executive may have against any of the Releasees relating to, or arising out
of, his employment with, or retirement or separation from employment with, the Company whether now apparent or yet to be discovered or which may develop based on events that have transpired from the beginning of time to the Effective Date, whether
or not any action, claim, compliant, grievance or charge has been filed by Executive or on Executive’s behalf. Further, Executive specifically releases the Releasees from any and all claims arising under Title VII of the Civil Rights Act of
1964, the Civil Rights Act of 1866, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act (“ADEA”), as amended, the Family and Medical Leave Act, the Worker Adjustment and Retraining
Notification Act, as amended, and any similar state or local law, ordinance or regulation prohibiting discrimination in employment, based on events that have transpired from the beginning of time to the Effective Date. In addition, Executive also
releases the Releasees and waives any right to or claim for any and all attorney’s fees, including litigation expenses and costs that Executive may claim under any statute, regulation or at common law or in equity, including but not limited to
those set forth above. 
 (b) Subject to paragraph 3.2 below, Executive covenants and agrees that he will not now or at any time in the
future commence, maintain, or participate in as a party, or permit to be filed by another person on his behalf or as a member of any alleged class of persons, any action, suit, proceeding, claim, or complaint of any kind against any of the Releasees
with respect to any matter which arises from or relates to his employment with, or retirement or separation from employment with, the Company or which is encompassed in the release set forth in paragraph 3.1(a) above. 

(c) Executive understands that by signing this Agreement, he waives and releases any unknown or undiscovered claims against any Releasees
based on events that have transpired up to and including the Effective Date. Executive acknowledges that facts may be discovered in the future that are different from those Executive agrees to be true in entering into this Agreement. Notwithstanding
that information may arise or facts may be discovered in the future, it is understood and agreed that Executive assumes such risks and the release of all claims contained in this Agreement shall remain in full force and effect in all respects,
regardless of such additional or different facts, whether such facts are now known or unknown, suspected or unsuspected, discoverable, or not currently discoverable. 

3.2 Retained Claims. The parties agree, and Executive understands, that this Agreement does not waive or restrict
Executive’s right or ability to file: 
 (a) a claim challenging the validity of this Agreement, including challenges made pursuant to
the ADEA or Older Worker Benefits Protection Act; 

  
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 (b) a claim or pursue a remedy for any rights or claims under the ADEA that may arise after
the Effective Date; 
 (c) a claim compelling enforcement of this Agreement; 

(d) a claim for unemployment compensation benefits, provided that the Company cannot and will not make the ultimate determination as to
Executive’s eligibility for such benefits; 
 (e) a claim for workers’ compensation benefits; 

(f) a claim for long-term or short-term disability; and/or 

(g) a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local administrative body or
government agency. Executive agrees, however, that he shall not be entitled to receive any monetary benefit from or obtain any monetary relief through any such charge or complaint, whether filed by Executive or on Executive’s behalf, based upon
claims arising from or attributable in any way to his employment with, or retirement or separation from employment with, the Company. 
 In addition, this
Agreement does not surrender or waive any right Executive may have under the Employee Retirement Income Security Act of 1974, as amended, including but not limited to his right to any vested and accrued retirement benefits. 

3.3 Knowing and Voluntary Agreement. Executive hereby acknowledges and agrees that: 

(a) he has a period of at least twenty-one (21) days within which to review, consider, and sign
this Agreement; 
 (b) he has a period of seven (7) days following his execution of this Agreement within which to change his mind and
revoke this Agreement. If Executive wishes to revoke this Agreement after signing, he must provide written notice of that revocation to the Company at the address set forth in paragraph 4.9 below within said
7-day revocation period. The release of claims contained in this Agreement becomes effective and enforceable after the expiration of seven (7) days after Executive has signed this Agreement, provided he
has not revoked it during that period; 
 (c) he has been advised, and has had an opportunity, to review and discuss the terms and meaning
of this Agreement with legal counsel of his choosing; 
 (d) he understands the terms and meaning of this Agreement, including that he is
knowingly and voluntarily waiving and releasing all claims described in paragraph 1(a), including any claims under the ADEA; 
 (e) the
consideration Executive is receiving in exchange for this Agreement is something of value to which Executive is not already entitled; and 

(f) he is entering into this Agreement freely and voluntarily. 

  
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 ARTICLE IV 

MISCELLANEOUS PROVISIONS 

4.1 Term. Subject to Sections 4.2 and 4.3 below, this Agreement shall extend from the Effective Date through and
including the Retirement Date, provided that, if, prior to the Retirement Date, Executive voluntarily terminates his employment or the Company terminates Executive’s employment “for Cause”, Executive shall not be eligible for
the benefits set forth in this Agreement. For purposes of this Agreement, the term “Cause” shall have the meaning ascribed to such term in that certain Change in Control Severance Agreement, dated as of January 31, 2020 (the
“CIC Agreement”), between the Company and the Executive, as may be amended, supplemented or otherwise modified from time to time. 

4.2 Severability. Should any provision of this Agreement be declared illegal or unenforceable by any court of
competent jurisdiction and if such provision cannot be modified to be enforceable (including the general release language), such provision shall immediately become null and void, leaving the remainder of the Agreement in full force and effect.
Notwithstanding the foregoing, if a court of competent jurisdiction determines that the scope of the restrictive covenants in Article II of this Agreement exceed the maximum restrictiveness such court deems reasonable and enforceable, the parties
intend that the court should reform, modify and enforce the provision to such narrower scope as it determines to be reasonable and enforceable. 

4.3 Injunctive Relief; Survival. In the event of a breach by Executive of any of the provisions of this Agreement,
the Company shall be entitled, if it shall so elect, to institute legal proceedings to obtain damages for any such breach or to enforce the specific performance of this Agreement by Executive and to enjoin him from any further violation of this
Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law. Executive acknowledges that the remedies at law for any breach of this Agreement may be inadequate, and that the Company shall
be entitled to injunctive relief in the event of a breach of this Agreement. Executive acknowledges that his breach or threatened breach of the covenants in Article II of this Agreement would cause the Company irreparable harm, and that the Company
would be entitled to seek extraordinary relief in court, including temporary restraining orders, preliminary or permanent injunctions, or other equitable relief, without the necessity of showing any actual damages or that money damages would not
afford an adequate remedy, and without the necessity of posting any security. If Executive breaches any of the restrictive covenants in Article II, to the extent authorized by law, Executive will be responsible for the reasonable attorneys’
fees and costs the Company incurs in enforcing this Agreement. Additionally, if Executive violates any of the terms of the restrictive covenants in Article II, the period of time during which such restrictive covenant would otherwise have been in
effect under the terms of this Agreement shall be automatically extended by the period of time during which Executive was in violation of such covenant(s). Notwithstanding anything to the contrary contained in or implied by this Agreement, the
provisions of Articles II and III of this Agreement and of this Article IV shall survive termination of this Agreement. 
 4.4
Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes all prior negotiations, understandings and agreements, proposed or otherwise, written or oral, concerning the subject matters of
this Agreement. However, this Agreement shall not supersede (a) the CIC Agreement or (b) any obligation of Executive under any agreement concerning confidentiality, trade secrets, proprietary information,
non-disclosure, inventions, patents, copyrights or intellectual property that Executive previously executed, which in each case shall continue to remain in full force and effect. Executive agrees that he has
not relied on any representation or statement, whether written or oral, other than as set forth in this Agreement. Furthermore, no modification of this Agreement shall be binding unless in writing signed by both parties. 

  
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 4.5 Successors and Assigns. This Agreement shall be binding
upon, and shall inure to the benefit of, the respective heirs, executors, legal representatives and other successors and assigns of the parties to this Agreement. Nothing in this Agreement shall preclude the Company from consolidating or merging
into or with, or transferring all or substantially all of its assets to, another corporation or entity which assumes this Agreement and all obligations and undertakings of the Company hereunder. Upon such consolidation, merger or transfer of assets
and assumption, the term “Company” as used herein shall mean such other corporation or entity, and this Agreement shall continue in full force and effect. 

4.6 Construction. The language of all sections of this Agreement shall in all cases be construed as a whole, according to
its fair meaning and not strictly against the drafter of the language of this Agreement. 
 4.7 Judicial Enforcement.
This Agreement may be specially enforced in judicial proceedings. 
 4.8 Counterparts; Section Headings; Gender and
Number. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The section headings of this Agreement are for
convenience of reference only and shall not affect the construction or interpretation of any of the provisions of this Agreement. Where appropriate to the context of this Agreement, (a) use of the singular shall be deemed also to refer to the
plural and use of the plural to the singular, and (b) the use of the word “its” or another word denoting any gender shall include all genders. 

4.9 Notices. Any notice or other communication required or permitted by this Agreement to be delivered by one
party to another must be in writing and personally delivered or sent by registered United States mail (return receipt requested and postage prepaid), by overnight delivery or by facsimile transmission, to the address for such party specified below
or to such other address as the party may from time to time advise the other parties, and shall be deemed to have been delivered upon actual personal delivery, on the first business day after the date of delivery shown on any such facsimile
transmission, three days after deposit in the United States mail or one day after delivery to an overnight delivery service, as the case may be. 
  

			
	Executive:	  	 Kevin B. Kramer
 1543 Beechwood Blvd.

Pittsburgh, PA 15217

		
	Company:	  	 ATI Inc.
 116 15th Street
 Suite 301

Pittsburgh, PA 15222
 Attn: Chief Legal and Compliance
Officer

 4.10 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of law principles. 

  
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 4.11 Forum Selection; Service of Process.
All disputes among the parties regarding the construction or enforcement of this Agreement shall be resolved exclusively in a state or federal court of competent jurisdiction in Pittsburgh, Pennsylvania. Each party hereby irrevocably consents to the
service of any summons and complaint and any other process which may be served in any action or proceeding arising out of or related to this Agreement brought in any state or federal court located in Pittsburgh, Pennsylvania by the mailing by
certified or registered mail of copies of such process to such party at its address set forth in Section 4.9 above. 
 IN WITNESS
WHEREOF, the parties have entered into this Agreement as of the date first above written. 
  

			
	 /s/ Kevin B. Kramer

	Kevin B. Kramer
	
	ATI INC.
		
	By:	 	 /s/ Elliot S. Davis

	Name: Elliot S. Davis
	Title: Senior Vice President,
	   Chief Legal and Compliance Officer

  
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 Appendix A 

Form of Retirement Date Release Agreement 

THIS RELEASE (this “Release”) is entered into effective as of January 31, 2024 (“Retirement
Date”) by Kevin B. Kramer (the “Executive”) in favor of ATI Inc. (the “Company”). 

WHEREAS, certain benefits and compensation programs of the Company provide for retirement for employees who are at least 55 years of age and
have at least five years of service with the Company, provided that such retirement requires the consent of the Company; 
 WHEREAS,
Executive and the Company are party to that certain Retirement, Transition and Release Agreement dated as of September __, 2022 (the “Retirement Agreement”) pursuant to which the Company agreed to provide its consent to
Executive’s retirement subject to certain conditions, including but not limited to his execution of this Release as of the effective date of his retirement; 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which hereby is
acknowledged, Executive hereby agrees as follows: 
 1. Released Claims. 

(a) Except as provided in paragraph 2 below, Executive, on behalf of himself, his heirs, dependents, and administrators, absolutely,
irrevocably and unconditionally releases and forever discharges the Company, which includes all parents, subsidiaries, affiliates, predecessors, successors, assigns and their respective directors, officers, employees, agents, attorneys and
shareholders (severally and collectively, the “Releasees”) from any and all claims, known and unknown, under federal, state and local law (including all common law claims) and all statues, ordinances and regulations
including, but not limited to, claims relating to breach of contract, breach of promise, misrepresentation, invasion of privacy, wrongful discharge, discrimination on account of age, race, sex, religion, national origin, military status, disability
or other such characteristics protected by law, that Executive may have against any of the Releasees relating to, or arising out of, his employment with, or retirement or separation from employment with, the Company whether now apparent or yet to be
discovered or which may develop based on events that have transpired from the beginning of time to the Retirement Date, whether or not any action, claim, compliant, grievance or charge has been filed by Executive or on Executive’s behalf.
Further, Executive specifically releases the Releasees from any and all claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment
Act (“ADEA”), as amended, the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act, as amended, and any similar state or local law, ordinance or regulation prohibiting discrimination in
employment, based on events that have transpired from the beginning of time to the Effective Date. In addition, Executive also releases the Releasees and waives any right to or claim for any and all attorney’s fees, including litigation
expenses and costs that Executive may claim under any statute, regulation or at common law or in equity, including but not limited to those set forth above. 

(b) Subject to paragraph 2 below, Executive covenants and agrees that he will not now or at any time in the future commence, maintain, or
participate in as a party, or permit to be filed by another person on his behalf or as a member of any alleged class of persons, any action, suit, proceeding, claim, or complaint of any kind against any of the Releasees with respect to any matter
which arises from or relates to his employment with, or retirement or separation from employment with, the Company or which is encompassed in the release set forth in paragraph 1(a) above. 

  
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 (c) Executive understands that by signing this Release, he waives and releases any unknown
or undiscovered claims against any Releasees based on events that have transpired up to and including the Retirement Date. Executive acknowledges that facts may be discovered in the future that are different from those Executive agrees to be true in
entering into this Agreement. Notwithstanding that information may arise or facts may be discovered in the future, it is understood and agreed that Executive assumes such risks and the release of all claims contained in this Agreement shall remain
in full force and effect in all respects, regardless of such additional or different facts, whether such facts are now known or unknown, suspected or unsuspected, discoverable, or not currently discoverable. 

2. Retained Claims. The parties agree, and Executive understands, that this Release does not waive or restrict
Executive’s right or ability to file: 
 (a) a claim challenging the validity of this Agreement, including challenges made pursuant to
the ADEA or Older Worker Benefits Protection Act; 
 (b) a claim or pursue a remedy for any rights or claims under the ADEA that may arise
after the Effective Date; 
 (c) a claim compelling enforcement of the Retirement Agreement; 

(d) a claim for unemployment compensation benefits, provided that the Company cannot and will not make the ultimate determination as to
Executive’s eligibility for such benefits; 
 (e) a claim for workers’ compensation benefits; 

(f) a claim for long-term or short-term disability; and/or 

(g) a charge or complaint with the Equal Employment Opportunity Commission or any other federal, state or local administrative body or
government agency. Executive agrees, however, that he shall not be entitled to receive any monetary benefit from or obtain any monetary relief through any such charge or complaint, whether filed by Executive or on Executive’s behalf, based upon
claims arising from or attributable in any way to his employment with, or retirement or separation from employment with, the Company. 
 In addition, this
Release does not surrender or waive any right Executive may have under the Employee Retirement Income Security Act of 1974, as amended, including but not limited to his right to any vested and accrued retirement benefits. 

3. Knowing and Voluntary Agreement. Executive hereby acknowledges and agrees that: 

(a) he has a period of at least twenty-one (21) days within which to review, consider, and sign
this Release 
 (b) he has a period of seven (7) days following his execution of this Release within which to change his mind and
revoke this Release. If Executive wishes to revoke this Agreement after signing, he must provide written notice of that revocation to the Company at the address set forth in paragraph 4.9 of the Retirement Agreement within said 7-day revocation period. The release of claims contained in this Release becomes effective and enforceable after the expiration of seven (7) days after Executive has signed this Release, provided he has not
revoked it during that period; 

  
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 (c) he has been advised, and has had an opportunity, to review and discuss the terms and
meaning of this Release with legal counsel of his choosing; 
 (d) he understands the terms and meaning of this Release, including that he
is knowingly and voluntarily waiving and releasing all claims described in paragraph 1(a), including any claims under the ADEA; 
 (e) the
consideration Executive is receiving in exchange for this Release is something of value to which Executive is not already entitled; and 

(f) he is signing this Release freely and voluntarily. 

4. Severability. Should any provision of this Release be declared illegal or unenforceable by any court of
competent jurisdiction and if such provision cannot be modified to be enforceable (including the general release language), such provision shall immediately become null and void, leaving the remainder of the Release in full force and effect. 

5. Successors and Assigns. This Release shall be binding upon, and shall inure to the benefit of, the respective
heirs, executors, legal representatives and other successors and assigns of the parties named herein. 
 IN WITNESS WHEREOF, Executive has
duly executed this Release as of the date first above written. 
  

	
	  
 Kevin B. Kramer

  
 13Document

Exhibit 10.12

Consulting Agreement
This Consulting Agreement (the “Agreement”) is entered into as of August 16, 2022, by and between Claude Demby (“Advisor”) and SMART Global Holdings, Inc. (the “Company”).
WHEREAS, Advisor currently serves as Senior Vice President and President, LED Solutions, for the Company (“President, LED Solutions”);
WHEREAS, Advisor intends to retire from his position as President, LED Solutions, effective as of 5:00 p.m. EST on September 2, 2022 (the “Effective Date”); and
WHEREAS, the Company desires to provide an orderly transition of Advisor’s previous duties and responsibilities by permitting Advisor to continue to provide Services (as hereinafter defined) to the Company pursuant to this Agreement and Advisor desires to assist the Company in realizing an orderly transition through the provision of the Services.
NOW, THEREFORE, in furtherance of the foregoing, Advisor and the Company agree as follows:
1.Retirement.  Advisor is retiring from his service President, LED Solutions, and will no longer serve as an employee of the Company, effective as of the Effective Date. The Company will pay Advisor for all earned but unpaid compensation through the Effective Date (including all earned but unused vacation), less all applicable taxes and withholdings, on or before the Company’s next regularly-scheduled payday after the Effective Date.
2.Services.  Following the Effective Date, Advisor shall provide the following services (the “Services”) to the Company: advice to the Chief Executive Officer of the Company, as reasonably requested by the Chief Executive Officer from time to time, and such other services are reasonably requested by the Company’s Chief Executive Officer to assist in the orderly transition of Advisor’s duties and responsibilities. Advisor shall not perform any services or act in any other capacity for the Company other than the provision of the Services. The Services are not expected to be performed for more than 10 hours per quarter.
3.Term and Termination.
(a)  The term of the Services to be provided pursuant to this Agreement shall commence on the Effective Date and continue until April 30, 2023 (the “Term”); provided, that (i) Advisor may terminate the Term early for any reason with 30 days’ written notice and (ii) the Company may terminate the Term early upon written notice to Advisor of a termination for “Cause” in accordance with Section 3(b).
(b)  For purposes of this Agreement, “Cause” shall mean the Advisor’s: (A) material breach of this Agreement or any other material written agreement with the Company, (B) conviction of, or plea of nolo contendere to, a felony (excluding traffic offenses) which has or is reasonably expected to have a material detrimental effect on the reputation or business of the Company or its affiliates; (C) gross misconduct or other intentional conduct that has or is reasonably expected to have a material detrimental effect on the reputation or business of the Company or its affiliates; (D) willful and improper disclosure of confidential information; or (E) willful failure to reasonably cooperate with the Company in any investigation or formal proceeding; provided that no such determination may be made until Advisor has been given written notice detailing the specific Cause event and a period of thirty (30) days following receipt of such notice to cure such event (if the event is curable), or, if such event is not so cured (or is not curable), an opportunity on at least five (5) days advance written notice to appear (with legal counsel) before the full Board to discuss the specific circumstances alleged to constitute a Cause event.
4.Compensation.  In consideration for the Services, and subject to Advisor’s compliance with this Agreement, Advisor shall receive the following to which, absent this Agreement, he is not otherwise entitled:
(a)  As of the date hereof, Advisor holds certain equity-based awards granted under the SMART Global Holdings, Inc. Amended and Restated 2017 Share Incentive Plan and/or the SMART Global Holdings, Inc. 2021 Inducement Plan (the “Plans”). These equity-based awards include restricted stock units (“RSUs”) and performance share units (“PSUs”). For purposes of the RSUs and PSUs, Advisor’s retirement pursuant to Section 1 will not be considered a “termination of employment or service” as defined in the Plans, but rather, during the Term, the RSUs and PSUs will continue to vest in accordance with the vesting schedule provided in the applicable award agreements setting forth such RSUs and PSUs. For 
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the avoidance of doubt, the final day of the Term will be deemed a “termination of employment or service” for purposes of the RSUs and PSUs, and any RSUs and PSUs that would be forfeited pursuant to their terms upon a termination of employment or service will be forfeited. The terms provided by the Plans and the underlying award agreements shall continue to apply during the Term.
(b)  Before the end of the 2022 calendar year, Advisor shall receive his bonus under the Company’s bonus program with respect to the 2022 fiscal year, during which Employee provided services as an employee, with the actual amount to be based on the determination by the Company’s compensation committee of Company performance during the 2022 fiscal year.
(c)  If Advisor elects health benefit continuation coverage under COBRA in connection with his retirement, then from the first full month after the month in which the Effective Date falls, until the earlier of (x) the expiration of the Term or (y) the date the Advisor becomes eligible for equivalent health benefits with another employer, Advisor shall pay the same premium that is paid by active employees of the Company for the same level of coverage.
Except as set forth in this Section 4, Advisor will not be eligible to participate in or receive any other compensation or benefits in connection with the provision of the Services.
5.Release. In consideration for the benefits outlined in the Agreement, to which Advisor is not otherwise entitled, Advisor hereby releases the Company as follows (the “Release”):
(a)  Advisor, and anyone claiming through Advisor or on Advisor’s behalf, hereby generally and completely releases and waives each and every past, present, and future parent, division, subsidiary, partnership, owner, trustee, fiduciary, administrator, member, shareholder, investor, associate, affiliate, predecessor, successor and related affiliate of the Company, and all of their current or former agents, officers, directors, partners, representatives, attorneys, contractors, insurance companies, administrators, successors, assigns, current and former employees, plan administrators, insurers, and any other persons acting by, through, under, or in concert with any of the persons or entities listed in this subsection, the predecessors, successors, and assigns of each entity listed above, and each of them (“Released Parties”), from any and all claims, rights, debts, liabilities, demands, causes of action, obligations, and damages, known or unknown, suspected or unsuspected, arising as of or prior to the date of Advisor’s signature to this Agreement, under any applicable law, including federal, state, local, or common law, including but not limited to claims in any way related to Advisor’s employment with the Released Parties, Advisor’s separation from employment, the terms and conditions of Advisor’s employment, and all claims under the Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974, the Equal pay Act, the Lilly Ledbetter Fair Pay Act of 2009, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act, the Fair Credit Reporting Act, the Americans with Disabilities Act, the Worker Adjustment and Retraining Notification Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the California Labor Code, the California Business and Professions Code, all California Wage Orders, the California Fair Employment and Housing Act, the California Family Rights Act, the California Civil Code, the California Government Code, and/or the laws prohibiting discrimination, harassment, and/or retaliation in any state in which you are employed, and any and all federal, state, and local employment laws, as well as any and all common law tort or contract theories under federal, state or local laws (“Released Claims”). The Released Claims also include claims of discrimination or retaliation on the basis of workers’ compensation status, but do not include workers’ compensation claims or any claim that by law may not be released.
(b)  Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Advisor (or Advisor’s attorney) from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving other disclosures to a governmental or regulatory entity concerning suspected violations of the law, in each case without receiving prior authorization from or having to disclose any such conduct to the Company, or from responding if properly subpoenaed or otherwise required to do so under applicable law. Nothing in this Agreement shall be construed to affect the Equal Employment Opportunity Commission’s (“Commission”), National Labor Relations Board’s, the Occupational Safety and Health Administration’s, and the Securities and Exchange Commission’s, or any federal, state, or local governmental agency or commission’s (“Governmental Agencies”) or any state agency’s independent right and responsibility to enforce the law, nor does this Agreement affect Advisor’s right to file a charge or participate in an investigation or proceeding conducted by either the Commission or any such Governmental Agency, although this Agreement does bar any claim that Advisor might have to receive monetary damages in connection with any Commission or Governmental Agency proceeding concerning matters 
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covered by this Agreement. This Agreement does not limit Advisor’s right to receive an award or bounty for information provided to any Governmental Agencies, including under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”). Further, nothing in this Agreement prohibits Advisor from testifying in an administrative, legislative or judicial proceeding regarding alleged criminal conduct or harassment, when Advisor has been required or requested to attend a proceeding pursuant to court order, subpoena, or written request from an administrative agency or the legislature. Moreover, nothing in this Agreement prevents the disclosure of factual information relating to claims of sexual assault, harassment, discrimination, failure to prevent harassment or discrimination, or retaliation against a person for reporting an act of harassment or discrimination, as those claims are defined under the California Fair Employment and Housing Act, to the extent the claims are filed in a civil or administrative action, and to the extent such disclosures are protected by law.
(c)  Execution of this Agreement does not bar any claim that arises hereafter, including (without limitation) a claim for breach of this Agreement, any claim to indemnity under section 2802 of the California Labor Code, and does not release Advisor’s eligibility for indemnification in accordance with applicable law.
(d)  Advisor acknowledges that he has been advised or has had an opportunity to seek advice by legal counsel and he is, by this Agreement, waiving claims pursuant to California Civil Code Section 1542 or the laws of other states similar hereto, and he expressly waives such rights as quoted below:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
Advisor hereby expressly waives any rights he may have under any other statute or common law principles of similar effect.
(e)  Advisor acknowledges that Advisor is knowingly and voluntarily waiving and releasing any rights Advisor has under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”) and that the consideration given for the waiver and release is in addition to anything of value to which Advisor was already entitled. Advisor further acknowledges that Advisor has been advised by this writing, as required by the ADEA, that: (i) Advisor’s waiver and release specified in this paragraph do not apply to any rights or claims that arise after the date Advisor signs this Release; (ii) Advisor has the right to consult with an attorney prior to signing this Release; (iii) Advisor has up to 21 days to consider this Agreement (although Advisor may choose voluntarily to sign this Release earlier and thereby waive any remaining portion of the review period); (iv) Advisor has seven days after Advisor signs this Agreement to revoke the Release; and (v) this Agreement will not be effective until the date on which the revocation period has expired, which will be the eighth day after Advisor signs this Release, assuming Advisor has returned it to the Company by such date.
(f)  In addition, Advisor agrees that during the Term and at all times thereafter, he shall not make any written or oral statements about any of the Released Parties that are negative or disparaging, implied or express, or that are intended to damage the Company’s business reputation or goodwill. The Company agrees that during the Term and at all times thereafter, its directors and management team (including its Section 16 officers) shall not make any written or oral statements about Advisor that are negative or disparaging, implied or express, or that are intended to damage the Advisor’s business reputation or goodwill. Notwithstanding the foregoing, nothing in this Agreement or otherwise shall preclude Advisor from (a) communicating or testifying truthfully to the extent required by law to any federal, state, provincial or local governmental agency or in response to a subpoena to testify issued by a court of competent jurisdiction, or otherwise pursuant to legal process, (b) responding publicly to incorrect, disparaging or derogatory public statements by the Company to the extent reasonably necessary to correct or refute such public statements or (c) disclosing acts in good faith thought to be unlawful.
6.Independent Contractor Status.  Advisor shall act solely as an independent contractor with respect to the Company, and as such, shall not be authorized to and shall not seek or attempt to bind, represent or speak on behalf of the Company to third parties without the prior written consent of the Company. Advisor hereby acknowledges and agrees that all amounts payable pursuant to this Agreement shall represent fees for services as an independent contractor, and shall therefore be paid without any deductions or withholdings taken therefrom for taxes or for any other purpose. Advisor shall be solely responsible for the payment of any federal, state, or local income or self-employment taxes imposed on him with respect to any amounts paid to Advisor with respect to or as a result of this Agreement. With respect to the Services provided hereunder, Advisor shall not be eligible to participate in the benefit plans of the Company, including without 
3

limitation, any retirement, pension, profit sharing, group insurance, health insurance or similar plans, if any, that have been or may be instituted by the Company for the benefit of its employees; provided that Advisor may participate in the benefit plans of the Company in his status as a former employee of the Company where applicable.
7.Expenses.  Advisor’s expenses incurred in the performance of the Services are the responsibility of Advisor; however, Advisor may seek reimbursement for expenses incurred in connection with performing the Services under this Agreement, provided that such expenses have been expressly approved for reimbursement by the Company in writing prior to expenditure.
8.Section 409A.  This Agreement and the payments to be made hereunder are intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and construed in compliance therewith.
9.Notices.  All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given:
									
	If to the Company:	SMART Global Holdings, Inc.
		c/o Chief Executive Officer

		890 Tasman Drive

		Milpitas, California 95035

		
	If to Advisor:	Claude Demby
		**********
		**********

10.Indemnification and D&O coverage.  Nothing in this Agreement will adversely affect Advisor’s rights with respect to Company provided indemnification and directors and officers (“D&O”) insurance coverage relating to Advisor’s services with the Company, whether before or after the Effective Date. In addition, Advisor will continue to have full rights to Company provided indemnification and D&O insurance coverage with respect to the Services provided by Advisor hereunder.
11.Miscellaneous.  This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to such subject matter. The provisions and obligations of this Agreement which are intended to survive upon termination of this Agreement shall survive. This Agreement and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the State of California without regard to its principles of conflict of laws. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. No amendment, modification, termination or waiver of any provisions of this Agreement and no consent to any departure by any party therefrom shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the given instance and for the specific purpose for which given.
12.Assignment.  Neither this Agreement nor any right or interest hereunder shall be assignable by Advisor, his beneficiaries or legal representatives without the Company’s prior written consent. The Company may assign this Agreement to any successor or assign (whether directly or indirectly, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and its permitted successors and assigns.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

									
		SMART GLOBAL HOLDINGS, INC.
		By:	/s/ Mark Adams
			Name: Mark Adams
			Title: Chief Executive Officer
			
		ADVISOR:
			/s/ Claude Demby
			Claude Demby

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