Document:

EX-10.3

 Exhibit 10.3 
 TOTAL SHAREHOLDER RETURN INCENTIVE COMPENSATION PROGRAM 
 AWARD AGREEMENT

 This Total Shareholder Return Incentive Compensation Program Award Agreement (the “Agreement”) effective as of
January 1, 2013 by and between ALLEGHENY TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Company”) and [NAME] (the “Employee”). 
 WHEREAS, the Company has adopted the Allegheny Technologies Incorporated 2007 Incentive Plan (the “Plan”) and, in accordance with the Plan, has adopted Administrative Rules for the Total
Shareholder Return Incentive Compensation Program, as amended (the “TSRP”) as a portion of the Plan to (i) assist the Company retain and motivate key management employees; (ii) reward key management employees for the overall
success of the Company; and (iii) provide a means of encouraging key management employees to acquire and hold shares of Company Common Stock. 
 WHEREAS, the TSRP provides that each TSR Target Award made under the TSRP shall be evidenced by an Award Agreement between the Company and the key management employee who receives a TSR Target Award under
the TSRP setting forth the terms and conditions of such TSR Target Award; 
 WHEREAS, the Company desires to make a TSR Target
Award to the Participant and evidence such TSR Target Award by this Award Agreement and the Participant, having read and understood the Plan and the TSRP, is willing to enter into this Award Agreement on the terms and conditions set forth herein.

 NOW THEREFORE, in consideration of the covenants and agreements herein contained and intending to be legally bound, the
parties hereto agree with each other as follows: 
 Subject to the attainment of the Performance Levels described below and to
the terms and conditions of the Plan, the TSRP and the Terms and Conditions of Award attached hereto and incorporated herein by reference, by which Participant agrees to be bound, the Company awards to Participant the Award described below, with
respect to the Performance Period described below: 
 PERFORMANCE PERIOD: January 1, 2013 through December 31, 2015

 TSR TARGET AWARD: [NUMBER OF SHARES] of Company Common Stock, equals applicable base salary times [PERCENTAGE] (which is the
Participant’s target award opportunity as a percent of salary) divided by $27.69 (which is the average of the high and low trading prices of stock for the 30 trading days prior to January 1, 2013). 

 PERFORMANCE LEVELS: The following table shows the performance award relationship under the
TSRP for the 2013-2015 performance period: 
  

							
	 	  	 Outcome Relative to Peer Group
TSR
	 
	 Level of Performance
	  	 Three-Year Percentile

Ranking in TSR
	  	Percent of Target
Award
Earned	 
	 Below Threshold
	  	Below 35th percentile	  	 	0	% 
	 Threshold
	  	35th percentile	  	 	50	% 
	 Target
	  	50th percentile	  	 	100	% 
	 Outstanding
	  	90th percentile	  	 	200	% 

 Note: Interpolation between points will be made on a straight line basis on
each scale. Below the 35th percentile and above the
90th percentile, there will be no extrapolation.

 THE ACTUAL AWARD UNDER THE TSRP WILL EQUAL THE TSR TARGET AWARD TIMES THE APPLICABLE PERCENT OF TARGET AWARD EARNED. NO AWARD
SHALL BE DELIVERED UNLESS THE EMPLOYEE HAS FULLY COMPLIED WITH ALL CORPORATION POLICIES, INCLUDING, BUT NOT LIMITED TO, THE COMPANY’S CORPORATE GUIDELIINES FOR BUSINESS CONDUCT AND ETHICS. 

IN WITNESS WHEREOF, the parties hereto have executed this Total Shareholder Return Incentive Compensation Program Award Agreement
effective the day and year first above written. 
  

			
	ALLEGHENY TECHNOLOGIES INCORPORATED
		
	By:	 	/s/ Elliot S. Davis
	Name:	 	Elliot S. Davis
	Title:	 	Senior Vice President, General Counsel,
		 	Chief Compliance Officer
		 	and Corporate Secretary

  

					
	PARTICIPANT	  		  	WITNESS
			
	 	  		  	  

  
 2 

 TERMS AND CONDITIONS OF TSRP AWARD 

Section 1: Definitions 

Capitalized words used but not defined below or elsewhere in these Terms and Conditions shall have the meanings ascribed to them in the Plan.

 “Administrative Rules” or “TSRP” shall mean the Administrative Rules for the TSRP adopted by the
Committee effective January 1, 2001, as amended effective February 24, 2005 and as amended effective February 21, 2008 and as further amended effective December 9, 2011, as the same may be amended from time to time.

 “Award” shall mean the grant of a TSR Target Award evidenced by this Award Agreement. 

“Committee” means the Personnel and Compensation Committee of the Board of Directors. 

“Common Stock” shall mean the common stock, $0.10 par value per share, of Allegheny Technologies Incorporated. 

“Company” shall mean Allegheny Technologies Incorporated and its subsidiaries, unless the context requires otherwise. 

“Disability” shall mean the total and permanent disability of Participant as determined by the Committee in its sole discretion.

 “Outstanding” shall mean a relative standing of the Company’s TSR as against the TSR for the Peer Group, in each case
for the TSR Performance Period, equal to or greater than 90%. 
 “Peer Group” shall mean the corporations listed on Exhibit 1
to this Award Agreement, subject to the adjustments to such group as permitted under the Administrative Rules. 
 “Retirement”
means a termination of employment with the Company and each of its subsidiaries, with the consent of the Company, at or after (i) attaining age 55 and (ii) completing five years of employment with the Company and/or any subsidiary of the
Company. 
 “Target” shall mean a relative standing of the Company’s TSR as against the TSR of the Peer Group, in each
case for the TSR Performance Period, of equal to or greater than 50% but less than 75%. 
 “Threshold” shall mean a relative
standing of the Company’s TSR as against the TSR of the Peer Group, in each case for the TSR Performance Period, of equal to or greater than 35% but less than 50%. 
 “TSR Performance Level” means the measure of Company TSR performance relative to the Peer Group, as set forth on page 2 of this Award Agreement. In determining the final Performance
Level, the Committee shall use straight-line interpolation between Threshold and Target, and between Target and Outstanding. No TSR Reward will be earned for a Performance 

  
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Level less than Threshold. No additional TSR Reward above Outstanding will be earned for a Performance Level greater than Outstanding. 
 Section 2: TSRP Award 
 2.1 Subject to the attainment of the TSR Performance Levels and
to the terms and conditions otherwise set forth in the Plan, the TSRP and this Award Agreement, the Company awards to Participant the TSRP Award described in the first two pages of this Award Agreement with respect to the Performance Period
described therein. 
 Section 3: Payment 
 3.1 Subject to the withholding obligations and any requirements of Section 4 then applicable, the Company shall deliver to the Participant certificates representing the TSR Rewards, if any, for the
TSR Performance Period within 75 days after the end of the TSR Performance Period. 
 3.2 If the Participant terminates employment with the
Company and each subsidiary of the Company during a then uncompleted TSR Performance Period for reasons other than death, Disability or Retirement, any TSR Target Award for any then uncompleted TSR Performance Period shall be forfeited automatically
and the shares represented by such TSR Target Awards shall again be eligible for awards under the Rules. 
 3.3 If the Participant terminates
employment with the Company and each Subsidiary of the Company during a then uncompleted TSR Performance Period due to the Participant’s death, Disability, or Retirement, a pro rata award based on the number of full months worked by the
Participant during that Performance Period will be calculated, based on goal achievement over the entire performance period. Any award determined to be payable shall be paid after the end of the applicable Performance Period. 

Section 4: Miscellaneous 
 4.1
General Restriction. To the extent any TSR Target Award is denominated in Common Stock under this Award Agreement, it shall be subject to the requirement that if at any time the Committee shall determine that any listing or registration of
the shares of Common Stock or any consent or approval of any governmental body or any other agreement or consent is necessary or desirable as a condition of the issuance of shares of Common Stock or cash in satisfaction thereof, such issuance of
shares of Common Stock may not be consummated unless such requirement is satisfied in a manner acceptable to the Committee. The Company shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as the same
shall be in effect from time to time) or to take any other affirmative action to cause the issuance of shares pursuant to the distribution of TSR Rewards to comply with any law or regulation of any governmental authority. 

4.2 Non-Assignability. No TSR Target Award granted under this Award Agreement shall be assignable or transferable by the Participant, except by
will or by the laws of descent and distribution. During the life of the Participant, any TSR Rewards shall be payable only to the Participant. No assignment or transfer of a TSR Target Award or of the rights represented thereby, whether voluntary or
involuntary, by operation of law or otherwise (except by will or 

  
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the laws of descent and distribution), shall vest in the assignee or transferee any interest or right herein whatsoever, and immediately upon such purported assignment or transfer, the TSR Target
Awards shall terminate and become of no further effect. 
 4.3 Withholding Obligations. Whenever the Company makes delivery under the
Plan, in whole or in part, the Company shall notify the Participant of the amount of withholding for tax, if any, which must be paid under federal and, where applicable, state and local law. The Company shall, in the discretion of the Company, but
with the consent of the Committee, arrange for payment for such withholding for taxes in any one or combination of the following ways: (i) acceptance of an amount in cash paid by the Participant; or (ii) reduction in the number of shares
to be issued by that number of shares which, in aggregate, have a value equal to such withholding amount. If the full amount of the required withholding is not recovered in the above manner, the Participant shall, forthwith upon receipt of notice,
remit the deficiency to the Company. No shares of Common Stock shall be issued or delivered to the Participant (and/or the Participant’s designee) until all applicable withholding obligations shall have been satisfied in full. 

4.4 Delivery of Certificates. As soon as practicable after compliance by the Participant with all applicable conditions including, but not limited
to, the satisfaction of the Withholding Obligations described in Section 4.3 hereof, the Company will issue and deliver by mail, or cause delivery by mail, to the Participant at the address of the Company’s records, certificates registered
in the name of the Participant (and/or the Participant’s designee) for the number of shares of Common Stock which the Participant is entitled to receive (subject to reduction for withholding as provided in Section 4.3 hereof) under the
provisions of this Award Agreement. 
 4.5 No Right to Employment. Nothing in the Plan or in this Award Agreement shall confer upon the
Participant the right to continue in the employ of the Company or any subsidiary or affect any right that the Company or a subsidiary may have to terminate the employment of the Participant. 
 4.6 Amendment or Termination of the Plan. The Plan, or any part thereof (including the TSRP and/or Administrative Rules) may be terminated or may, from time to time, be amended, each in accordance
with the Plan, TSRP or Administrative Rules, as applicable, provided, however, the termination or amendment of the Plan, the Administrative Rules or TSRP shall not, without the consent of the Participant, affect Participant’s rights under this
Award Agreement. 
 4.7 Investment Representation. Under the federal and/or state securities laws, the Participant may be required to
deliver, and, if so, shall deliver, to the Committee, upon demand by the Committee, at the time of any payment of Common Stock, a written representation that the shares to be acquired are to be acquired for investment and not for resale or with a
view to the distribution thereof. Upon such demand, delivery of such representation prior to delivery of any shares shall be a condition precedent to the right of the Participant to receive any shares. 

4.8 No Rights as Shareholder. The Participant shall have no rights as a stockholder of the Company with respect to shares of Common Stock subject
to the Award evidenced this Award 

  
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Agreement unless and until a certificate for shares of Common Stock is issued to the Participant. 
 4.9 Adjustment of Award. In the event of any change or changes in the outstanding Common Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger,
consolidation, split-up, combination or exchange of shares or any rights offering to purchase a substantial amount of Common Stock at a price substantially below fair market value or of any similar change affecting the Common Stock, any of which
takes effect after the first grant of a TSR Target Award under this Award Agreement, the Committee may, in its discretion, appropriately adjust the number of shares of Common Stock which may be issued under this Award Agreement, the number of shares
of Common Stock subject to TSR Target Awards under this Award Agreement and any and all other adjustments deemed appropriate by the Committee to prevent substantial dilution or enlargement of the rights granted to the Participant in such manner as
the Committee shall deem appropriate. Any adjustment so made shall be final and binding upon the Participant. 
 4.10 Awards Not a Bar to
Corporate Event. The existence of the TSR Target Awards granted hereunder shall not affect in any way the right or the power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or
other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Common Stock or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

4.11 Not Income for Qualified Plans. No amounts of income received by a Participant pursuant to this Award Agreement shall be considered
compensation for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or any of its affiliates. 
 4.12 Meaning of Participant. Whenever the word “Participant” is used in any provision of this Award Agreement under circumstances where the provision should logically be construed to
apply to the executors, the administrators, or the person or persons to whom the TSR Target Awards may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or
persons. 
 4.13 Determinations of Committee. The actions taken and determinations of the Committee made pursuant to this Award Agreement
and of the Committee pursuant to the Plan, the TSRP and the Administrative Rules shall be final, conclusive and binding upon the Company and upon the Participant. No member of the Committee shall be liable for any action taken or determination made
relating to this Award Agreement, the Plan, the TSRP, or the Administrative Rules if made in good faith. 

  
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 Exhibit 1: List of Peer Companies (2013-2015 Performance Period) 

Alcoa Inc. 
 AK Steel Holding Corp. 

Carpenter Technology Corp. 
 AM Castle &
Co. 
 Commercial Metals Company 

Kennametal Inc. 
 Materion Corporation

 Nucor Corporation 
 Precision
Castparts Corp. 
 Reliance Steel & Aluminum Co. 
 RTI International Metals, Inc. 
 Schnitzer Steel Industries, Inc. 

Steel Dynamics Inc. 
 Timken Co. 

United States Steel Corporation 
 Universal
Stainless & Alloy Products 
 Worthington Industries, Inc. 

  
 7EX-10.4

 Exhibit 10.4 
 KEY EXECUTIVE PERFORMANCE PLAN AGREEMENT 
 This Key Executive Performance
Plan Agreement (the “Agreement”) made as of the 28th day of February, 2013 by and between ALLEGHENY TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Corporation”) and [NAME] (the “Employee”). 

WHEREAS, the Corporation sponsors and maintains the Allegheny Technologies Incorporated Key Executive Performance Plan (the
“KEPP”); 
 WHEREAS, the Corporation desires to encourage the Employee to remain an employee of the Corporation and,
during the KEPP Performance Period measuring calendar years 2013, 2014 and 2015 (the “2013-2015 Performance Period”) to contribute substantially to the financial performance of the Corporation and, to provide that incentive, the
Corporation has awarded the Employee the opportunity to participate in the KEPP for the 2013-2015 Performance Period, subject to the terms and conditions set forth in the KEPP and in this Agreement; and 

WHEREAS, the Corporation and the Employee desire to evidence the Award of the opportunity to participate in the KEPP for the 2013-2015
Performance Period and the terms and conditions applicable thereto in this KEPP Agreement. 
 NOW THEREFORE, in consideration of
the mutual promises and covenants contained herein and intending to be legally bound, the Corporation and the Employee agree as follows: 
 1. KEPP Document Controls; Definitions. In the event of any conflict between the provisions of the KEPP document and this Agreement, the provisions of the KEPP document shall control. Initially
capitalized terms not specifically defined in this Agreement shall have the meanings ascribed thereto under the KEPP document, which is attached hereto as Exhibit I and made a part hereof. 

2. Grant of Award for 2013-2015 Performance Period. The Corporation hereby grants an Award under KEPP to the Employee to
participate in the KEPP for the 2013-2015 Performance Period. The Employee’s opportunity is measured as a multiple of his annual base salary at the rate in effect on the Date of Award, which for the Employee for the 2013-2015 Performance Period
is [BASE SALARY] (the “Base Amount”). For each gradation of achievement of Earnings in Level I, the Base Amount shall be multiplied by the designated gradation of achievement as set forth under Section 3 or as determined by the
Committee under Section 4 of this Agreement. 
 3. Level I Earnings Gradations. For the 2013-2015 Performance
Period, Earnings shall be measured in aggregate income before taxes as reported by the Corporation for calendar years 2013, 2014 and 2015. The gradations and amounts shall be as follows for the 2013-2015 Performance Period: 

					
	Gradation	  	Earnings (in income before taxes of	 
	 	  	                       
the Corporation, in millions)	 
	 1X
	  	$	1,085	  
	 2X
	  	$	1,305	  
	 3X
	  	$	1,565	  
	 4X
	  	$	1,875	  
	 5X
	  	$	2,255	  

 No KEPP Payments will be made under Level I if aggregate income before taxes of the Corporation for 2013,
2014 and 2015 is less than $1,085 million. No KEPP payment in excess of 5X will be made if aggregate income before taxes of the Corporation for 2013, 2014 and 2015 is in excess of $2,255 million. 

4. Level II Opportunities. No Level II opportunities are granted for the 2013-2015 Performance Period. 

5. Termination of Employment. If Employee’s employment with the Corporation and all of its direct or indirect subsidiaries is
terminated by either party for any reason prior to January 1, 2016 (except if such date is preceded by a Change in Control as provided in Section 6 below, including, but not limited to, the involuntary termination of the Employee’s
employment with the Corporation for any reason, with or without cause, other than the Employee’s death, disability or retirement with the consent of the Corporation when the Employee is at least 55 years of age with at least five years of
service (“Retirement”)), all rights of the Employee to the Award made under this Agreement shall terminate immediately and be forfeited in their entirety. Without limiting the foregoing, the Employee will not be considered for any KEPP
Payment under Level II. If the Employee dies, has a Retirement or becomes disabled during the 2013-2015 Performance Period, the Employee shall be entitled to a KEPP Payment equal to the greater of (i) a pro rata KEPP Award determined by
multiplying (a) the gradation of earnings under Level I actually achieved by the Corporation for the 2013-2015 Performance Period by (b) the Employee’s Base Amount and then by (c) a fraction of which the numerator is the number
of months beginning on January 1, 2013 and ending on the effective date of the Employee’s death, Disability or Retirement and the denominator is 36 and (ii) the amount reserved in the Participant Retention Achievement Bank as of the
last day of the calendar year immediately preceding the date of the Employee’s death, Disability or Retirement. Any KEPP Payment due to the Employee if he becomes disabled or has a Retirement or to the Beneficiary of the Employee if he dies
shall be paid after the end of the 2013-2015 Performance Period when KEPP Payments are made to other participants in KEPP for the 2013-2015 Performance Period. 

  
 2 

 6. Change of Control. In the event of a Change in Control, the Employee shall be
entitled to receive an amount determined under Section 8.01 of the KEPP Document. 
 7. Withholding. The Corporation
or its direct or indirect subsidiary may withhold from amount of any KEPP Payment due to Employee all taxes, including social security taxes, which the Corporation or its direct or indirect subsidiary is required or otherwise authorized to withhold
with respect to any KEPP Payment. 
 8. No Right to Continued Employment; Effect on Benefit Plans. This Agreement shall
not confer upon Employee any right with respect to continuance of his or her employment or other relationship, nor shall it interfere in any way with the right of the Corporation or its direct or indirect subsidiary to terminate his or her
employment or other relationship at any time. Income realized by Employee pursuant to this Agreement shall not be included in Employee’s earnings for the purpose of any benefit plan, qualified or non-qualified, in which Employee may be enrolled
or for which Employee may become eligible unless otherwise specifically provided for in such plan. 
 9. Employee
Representations. In connection with this Award, the Employee represents the following: 
 (a) Employee has reviewed with
Employee’s own tax advisors, the federal, state, local and foreign tax consequences of this Agreement and the transactions contemplated hereby. Employee is relying solely on such advisors and not on any statements or representations of the
Corporation or any of its agents. Employee understands that Employee (and not the Corporation) shall be responsible for Employee’s own tax liability that may arise as a result of this Agreement and the transactions contemplated hereby.

 (b) Employee has received, read and understood this Agreement and KEPP and agrees to abide by and be bound by their respective
terms and conditions. 
 10. Miscellaneous. 
 (a) Governing Law. This Agreement shall be governed and construed in accordance with the domestic laws of the Commonwealth of Pennsylvania without regard to such Commonwealth’s principles of
conflicts of laws. 
 (b) Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be
binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. Neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation without the consent of all parties
hereto. 
 (c) Entire Agreement; Amendment. This Agreement contain the entire understanding between the parties hereto
with respect to the subject matter of this 

  
 3 

 
Agreement and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written, with respect to the subject matter of this
Agreement. This Agreement may not be amended or modified without the written consent of the Corporation and Employee. 
 (d)
Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which when so executed and delivered shall be taken to be an original and all of which together shall constitute one document. 

(e) Compliance with Corporate Policies. No payment will be made under this Agreement or the KEPP unless the Employee has fully
complied with all Corporation policies, including, but not limited to, the Corporation’s Corporate Guidelines for Business Conduct and Ethics. 
 (f) Clawback. The Employee acknowledges and agrees that the Employee will repay any Overpayment as defined in any “Clawback of Incentive Payments” letter agreement between the Corporation
and the Employee and that any such letter agreement is incorporated by reference herein. 
 IN WITNESS WHEREOF, the parties have
executed this Key Executive Performance Plan Agreement as of the date first written above. 
  

			
	ALLEGHENY TECHNOLOGIES INCORPORATED
		
	By:	 	/s/ Elliot S. Davis
	Name:	 	Elliot S. Davis
	Title:	 	Senior Vice President, General Counsel,
		 	Chief Compliance Officer
		 	and Corporate Secretary

  

					
	PARTICIPANT	  		  	WITNESS
			
	  
	  		  	  

  
 4 

 APPENDIX I 

ALLEGHENY TECHNOLOGIES INCORPORATED 

KEY EXECUTIVE PERFORMANCE PLAN 

Effective as of January 1, 2004 
 And as amended through February 28, 2013 
 Article I. Adoption and Purpose of the
Key Executive Performance Plan 
 1.01 Adoption. This Key Executive Performance Plan is adopted by the
Personnel and Compensation Committee of the Board of Directors as a part of the Allegheny Technologies Incorporated executive compensation program effective January 1, 2004. The KEPP Payments, if any, earned under this Plan are intended as
performance based compensation within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended, as incentive compensation determined solely with reference to attainment in predetermined levels of Earnings and Operational
Goals within the relevant Performance Period. 
 1.02 Purpose. The purposes of the KEPP are (i) to
direct the focus of key management employees to the achievement of goals deemed necessary for the success of the Corporation, (ii) to assist the Corporation in retaining and motivating selected key management employees of the Corporation and
its subsidiaries who will contribute to the success of the Corporation and (iii) to reward key management employees for the overall success of the Corporation as determined with reference to predetermined levels of Earnings of the Corporation
and attainment of Operational Goals. The KEPP is intended to act as an incentive to participating key management employees to achieve long-term objectives that will inure to the benefit of all stockholders of the Corporation measured in terms of
achievement of predetermined levels of Earnings of the Corporation and attainment of Operational Goals. 
 1.03
Plan Document. This KEPP plan document is intended as the plan document as adopted by the Committee, which will govern all Performance Periods of the KEPP after 2007 as the Incentive Plan was reapproved by the shareholders at the Annual
Meeting in May of 2012. 
 Article II. Definitions 
 For purposes of this Plan, the capitalized terms set forth below shall have the following meanings: 

  
 A-1

 2.01 Award means an opportunity to earn a KEPP Payment in a
particular Performance Period. Each Award shall be denominated in dollars that can be earned upon attainment of predetermined Earnings thresholds (Level 1) and, if Level 2 awards are deemed appropriate, the maximum amount that may be paid with
respect to Operational Goals before the application of Negative Discretion (Level 2). 
 2.02 Award
Agreement means a written agreement between the Corporation and a Participant or a written acknowledgment from the Corporation specifically setting forth the terms and conditions of a KEPP Award granted to a Participant pursuant to Article VI of
this Plan. 
 2.03 Board means the Board of Directors of the Corporation. 

2.04 Cause means a determination by the Committee that a Participant has engaged in conduct that is dishonest or
illegal, involves moral turpitude or jeopardizes the Corporation’s right to operate its business in the manner in which it is now operated. 
 2.05 Change in Control means any of the events set forth below: 
 (a) The acquisition in one or more transactions, other than from the Corporation, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a number of Corporation Voting Securities in excess of 25% of the Corporation Voting Securities unless such acquisition has been approved by the Board; or

 (b) Any election has occurred of persons to the Board that causes two-thirds of the Board to consist of
persons other than (i) persons who were members of the Board on January 1, 2012 and (ii) persons who were nominated for election as members of the Board at a time when two-thirds of the Board consisted of persons who were members of
the Board on January 1, 2012; provided, however, that any person nominated for election by the Board at a time when at least two-thirds of the members of the Board were persons described in clauses (i) and/or (ii) or by persons
who were themselves nominated by such Board shall, for this purpose, be deemed to have been nominated by a Board composed of persons described in clause (i); or 
 (c) Approval by the stockholders of the Corporation of a reorganization, merger or consolidation, unless, following such reorganization, merger or consolidation, all or substantially all of the
individuals and entities who were the respective beneficial owners of the Outstanding Stock and Corporation Voting Securities immediately prior to such reorganization, merger or consolidation, following such reorganization, merger or consolidation
beneficially own, directly or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or

  
 A-2

 
trustees, as the case may be, of the entity resulting from such reorganization, merger or consolidation in substantially the same proportion as their ownership of the Outstanding Stock and
Corporation Voting Securities immediately prior to such reorganization, merger or consolidation, as the case may be; or 
 (d) Approval by the stockholders of the Corporation of (i) a complete liquidation or dissolution of the Corporation or (ii) a sale or other disposition of all or substantially all the assets of
the Corporation. 
 2.06 Committee means the Personnel and Compensation Committee of the Board.

 2.07 Corporation means Allegheny Technologies Incorporated, a Delaware corporation, and its successors.

 2.08 Corporation Voting Securities means the combined voting power of all outstanding voting securities
of the Corporation entitled to vote generally in the election of the Board. 
 2.09 Date of Award means
the date as of which an Award is granted in accordance with Article VI of this Plan. 
 2.10 Disability
means any physical or mental injury or disease of a permanent nature which renders a Participant incapable of meeting the requirements of the employment performed by such Participant immediately prior to the commencement of such disability. The
determination of whether a Participant is disabled shall be made by the Committee in its sole and absolute discretion. Notwithstanding the foregoing, if a Participant’s employment by the Corporation or an applicable subsidiary terminates by
reason of a disability, as defined in an Employment Agreement between such Participant and the Corporation or an applicable subsidiary, such Participant shall be deemed to be disabled for purposes of the KEPP. 

2.11 Earnings means income before taxes. 

2.12 Effective Date means January 1, 2004. 

2.13 Exchange Act means the Securities Exchange Act of 1934, as amended. 

2.14 KEPP Payment means the amount actually earned by a Participant in a particular Performance Period. Each KEPP
Payment shall be the sum of the amounts earned by a Participant during a Performance Period as Level 1 and, if awarded, Level 2 achievement or, if greater, the amount under the Participant Retention Achievement Bank under Section 8.04.

  
 A-3

 2.15 Level 1 means that portion of an Award that may be earned based
on attainment of Earnings. 
 2.16 Level 2 means that portion of an Award, if a Level 2 award has been
made, that may be earned after application of Negative Discretion by the Committee, based on the relative attainment of Operational Goals. The Level 2 portion of any Award shall be denominated in the maximum amount that may be earned with respect to
Operational Goals prior to the application of Negative Discretion. 
 2.17 Negative Discretion means the
power of the Committee to be exercised solely in the Committee’s discretion to reduce the Level 2 portion of any Award. It is anticipated that the Committee will review with the Chief Executive Officer of the Corporation the relative attainment
of Operational Goals during a particular Performance Period before the Committee exercises its Negative Discretion. 
 2.18 Operational Goals means the goals set by the Committee at the commencement of a Performance Period to be attained by the Participants during the course of a particular Performance Period.
Operational Goals will be set forth in terms of operating objectives and/or criteria, which may or may not be earnings measures that, in the judgment of the Committee after consultation with the Chief Executive Officer of the Corporation, will
enhance the success of the Corporation during and beyond a particular Performance Period. 
 2.19 Participant
means any key management employee selected by the Committee, pursuant to Section 5.01 of this Plan, as eligible to participate under the KEPP for any one or more Performance Period. 

2.20 Performance Period means a period of more than one fiscal year of the Corporation over which the attainment of
Earnings and Operational Goals shall be measured. 
 2.21 Plan or KEPP means the Key Executive
Performance Plan as set forth in this plan document or as the same may be amended from time to time. 
 2.22
Retirement means, a termination of employment with the Corporation and each subsidiary of the Corporation at or after (i) attaining age 55 and (ii) completing five years of employment with the Corporation and/or any subsidiary of
the Corporation. 
 2.23 Withholding Obligations means the amount of federal, state and local income and
payroll taxes the Corporation determines in good faith must be withheld with respect to a KEPP Payment. Withholding Obligations may be settled by the Participant, as permitted by the Committee in its discretion, in cash, previously owned shares of
common stock of the Corporation or any combination of the foregoing. 

  
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 Article III. Administration 

In addition to any power reserved to the Committee under the governing documents of the Corporation, the KEPP shall be
administered by the Committee, which shall have exclusive and final authority and discretion in each determination, interpretation or other action affecting the KEPP and its Participants. The Committee shall have the sole and absolute authority and
discretion to interpret the KEPP, to amend or modify this Plan for the KEPP, to select, in accordance with Section 5.01 of this Plan, the persons who will be Participants hereunder, to set all Earnings thresholds and Operational Goals, to
determine all performance criteria, levels of Awards and KEPP Payments payable, to determine, after review of the Corporation’s financial reports, the degree to which any threshold of Earnings has been achieved for a Performance Period with
respect to the Level 1 portion of any Award, to review the attainment of Operational Goals and exercise Negative Discretion with respect to the Level 2 portion of any Award, to impose such conditions and restrictions as it determines appropriate and
to take such other actions and make such other determinations in connection with the KEPP as it may deem necessary or advisable. 
 Article
IV. Overview of KEPP 
 4.01 Cash Bonus Plan. KEPP is designed to pay cash bonuses to participating
key executives after the end of a Performance Period based on the level (i) of achievement of predetermined Earnings thresholds and, if the Committee determines a Level 2 award is appropriate, (ii) attainment of Operational Goals (to which
the Committee may exercise Negative Discretion). 
 4.02 Levels of Awards. KEPP Awards may be granted with
two levels. The first level, Level 1, is a cash bonus payment based on achievement of Earnings that the Committee has no discretion to reduce. KEPP Payments earned under Level 1 will be earned solely with reference to Earnings attained during the
Performance Period. The second level, Level 2, if formed, is a cash bonus payment based on the level of attainment of Operational Goals that the Committee has the Negative Discretion to reduce. The Committee’s judgment in exercising its
Negative Discretion to arrive at a KEPP Payment under Level 2 is expected to be guided by the degree to which the Corporation generally or the participating key executives in particular have attained predetermined Operational Goals. The Committee is
expected to review the level of attainment of Operational Goals with the Chief Executive Officer of the Corporation before exercising any Negative Discretion. 
 4.03 Participating Key Executives. It is intended that the number of participating key executives shall be limited to those key executives with the most direct influence on the attainment of
Earnings and operational goals. 

  
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 Article V. Participation 

5.01 Designation of Participants. Participants in the KEPP shall be such key management employees of the
Corporation or of its subsidiaries as the Committee, in its sole discretion, may designate as eligible to participate in the KEPP for any one or more Performance Periods. No later than 90 days after the commencement of each Performance Period during
the term of the KEPP, the Committee shall designate the Participants who are eligible to participate in the KEPP during such Performance Period. The Committee’s designation of a Participant with respect to any Performance Period shall not
require the Committee to designate such person as a Participant with respect to any other Performance Period. The Committee shall consider such factors as it deems pertinent in selecting Participants. The Committee shall promptly provide to each
person selected as a Participant written notice of such selection. 
 Article VI. Grants under the KEPP 

6.01 Annual Determination Regarding Performance Period. No later than the 60th day of each calendar year, the Committee shall determine whether to
establish a Performance Period, provided, however, for a Performance Period established in calendar year 2004, the Committee may make a determination under this Section 6.01 at any time prior to the 90th day of calendar year 2004. 

6.02 Determination of Grants, Awards (both Level 1 and Level 2) and Performance Criteria. For
each Performance Period, the Committee shall take the following actions no later than the 90th day of the first calendar year of that Performance Period: 
 (a)
Identify Participants for that Performance Period. 
 (b) Establish the level of Level 1 and, if deemed
appropriate, Level 2 opportunities for each Participant. 
 (c) Set the Earnings target(s). 

(d) If Level 2 is formed for a Performance Period, set the Operational Goals and relative weightings after discussing such
goals and weighting with the Chief Executive Officer in order to bring the Operational Goals as closely as possible in line with the Corporation’s business plans. 

6.03 Termination of Employment. If a Participant terminates employment with the Corporation and each subsidiary of
the Corporation during a then uncompleted Performance Period for reasons other than death, Disability or Retirement, any KEPP Award for any then uncompleted Performance Period shall be forfeited automatically. If a Participant terminates employment
with the Corporation and each subsidiary of the 

  
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Corporation for reasons of death, Disability or Retirement during a then uncompleted Performance Period, the Participant shall be entitled to receive a pro rata KEPP Payment for each then
uncompleted Performance Period determined: 
 (a) when the KEPP Payments for all other Participants in such
Performance Period(s) are determined; and 
 (b) based on the actual level of achievement of Earnings for that
Performance Period and the attainment of Operational Goals, after the application of Negative Discretion. 
 Article VII. Determination of
Achievement of Earnings and Operational Goals 
 7.01 Determination of Earnings and Operational Goals.
As promptly as administratively feasible but in no event later than the March 1st of the calendar year following last calendar year of each Performance Period, the Committee shall determine Earnings of the Corporation and the attainment of
Operational Goals and the degree, if any, to which the Committee will exercise Negative Discretion. 
 7.02
Determination of KEPP Payments. KEPP Payments for a particular Performance Period for a particular Participant shall be the result of adding (i) the amount earned by a particular Participant under Level 1 based on the Corporation’s
actual Earnings during the Performance Period and (ii) the amount earned by a particular Participant under Level 2 based on attainment of Operational Goals and after the application, if any, by the Committee of Negative Discretion or, if
greater, the Participant Retention Achievement Bank amount determined under Section 8.04. 
 Article VIII. Miscellaneous 

8.01 Change in Control. In the event of a Change in Control, KEPP Payments shall be determined for all then
uncompleted Performance Periods as of the date of the Change in Control at the highest level Earnings for each such uncompleted Performance Period and KEPP Payments shall be delivered to the Participant as soon after the Change in Control as is
administratively feasible. 
 8.02 Non-Uniform Determinations. The actions and determinations of the
Committee need not be uniform and may be taken or made by the Committee selectively among employees or Participants, whether or not similarly situated. 
 8.03 Amendment and Termination of the Plan. The Committee shall have complete power and authority to amend or terminate this Plan at any time it is deemed necessary or appropriate. No termination
or amendment of the Plan may, without the consent of the Participant to whom any award shall theretofore have been granted under the KEPP, adversely affect the right of such individual under such award; provided,

  
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however, that the Committee may, in its sole discretion, make such provision in the Award Agreement for amendments which, in its sole discretion, it deems appropriate. 

8.04 Participant Retention Achievement Bank. In order to retain participants designated as eligible to participate
in KEPP for the 2006-2008 and each subsequent Performance Period (“Banking Performance Period(s)”), for those Performance Periods, KEPP Payments will be made under this Participant Retention Achievement Bank provision if greater than the
KEPP Payment otherwise due under the KEPP for the relevant Banking Performance Periods. The aggregate amount in the Participant Retention Achievement Bank shall be equal to the sum of the three amounts (none less than 0) determined as of the close
of each year in the relevant Banking Performance Period by taking the amount of Earnings for that year multiplied by three and determining the Level 1 amount due for that level of achievement for the entire three year, relevant Banking Performance
Period(s) and then dividing the KEPP Payment due under the foregoing clause by three. The resulting amount will be one of the three amounts added together (one for each year in the relevant Banking Performance Period) to comprise the aggregate
Participant Retention Achievement Bank. The amount of the KEPP Payment due to any individual Participant for the relevant Banking Performance Period will be equal to the amount determined by multiplying the Participant Retention Achievement Bank by
a fraction, the numerator of which is the Level 1 KEPP Payment due to that Participant if actual performance for the relevant Banking Performance Period was at the 1X Threshold Reference and the denominator of which is the sum of all payments due at
Level 1 for 1X achievement for all Participants for the relevant Banking Performance Period. 

  
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