Document:

Forms of Fixed Rate and Floating Rate

 Exhibit 4.F 
  
 IF THE REGISTERED OWNER OF THIS SECURITY (AS INDICATED BELOW) IS THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) OR A NOMINEE OF
THE DEPOSITORY, THEN THIS SECURITY IS A GLOBAL SECURITY AND THE FOLLOWING LEGENDS SHALL APPLY: 
  
 THIS SECURITY IS A BOOK-ENTRY SECURITY IN A GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS GLOBAL SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE
BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED
CIRCUMSTANCES. 
  
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY (55 WATER STREET, NEW YORK, NEW YORK) TO CARPENTER TECHNOLOGY CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR,
OR IN LIEU OF, THIS SECURITY IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	 REGISTERED NO.
FX-                    
	 	 CUSIP NO.: 14428T

	 	 	 PRINCIPAL AMOUNT:
                    

  
 CARPENTER TECHNOLOGY
CORPORATION 
  
 MEDIUM-TERM NOTE, SERIES B 
 Due From 9 Months to 30 Years From Original Issue Date 
 (Fixed Rate) 
  

			
	 ORIGINAL ISSUE PRICE:
	 	 REDEMPTION PRICE:

		
	 ORIGINAL ISSUE DATE:
	 	 REDEMPTION COMMENCEMENT DATE:

		
	 INTEREST RATE:
	 	 HOLDER’S OPTIONAL REPAYMENT DATE(S):

		
	 STATED MATURITY:
	 	 HOLDER’S OPTIONAL REPAYMENT PRICE:

		
	 	 	 AMORTIZATION FORMULA:

		
	 	 	 AMORTIZATION PAYMENT DATE(S):

  
 OTHER PROVISIONS: 
  
 IF APPLICABLE, THE FOLLOWING WILL BE COMPLETED SOLELY FOR THE PURPOSE OF APPLYING THE UNITED
STATES FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”) RULES: 
  
 TOTAL AMOUNT OF OID: 
 YIELD TO MATURITY: 
 INITIAL
ACCRUAL PERIOD OID: 
 METHOD USED TO DETERMINE YIELD FOR 
 INITIAL ACCRUAL PERIOD: 

              APPROXIMATE 
              EXACT 
  
 CARPENTER TECHNOLOGY CORPORATION 
  
 If applicable, the Redemption Price initially shall be         % of the
principal amount of this Security to be redeemed and shall decline at each anniversary of the Redemption Commencement Date by         % of the principal amount to be redeemed until the Redemption Price
is 100% of such principal amount, together with interest thereon to the date fixed for redemption. 
  
 Carpenter Technology Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     Dollars on
                                        
and to pay interest thereon from the Original Issue Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 15 and October 15 in each year, commencing at the
                            , at the rate of         %
per annum, until the principal hereof is paid or made available for payment provided, that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of
        % per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 or October 1 (whether or not
a Business Day), as the case may be, next preceding such Interest Payment Date; provided, however, that interest payable at Stated Maturity or upon earlier redemption or repayment will be payable to the Person to whom principal shall be payable. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be set by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. 
  
 Payment of the principal of (and
premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in Reading, Pennsylvania, of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. The Company will, at all
times, appoint and maintain a paying agent, initially the Trustee (the “Paying Agent”), authorized by the Company to pay the principal of, and premium, if any, or interest on, this Security on behalf of the Company to the person entitled
thereto. 
  
 Reference is hereby made to the further provisions of
this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  
 In Witness Whereof, the Company has caused this instrument to be duly executed under its corporate seal. 
  
  

					
	 Dated:
                    
	 	 CARPENTER TECHNOLOGY CORPORATION

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 Attest: 
 Name: 
 Title: 

 CERTIFICATE OF AUTHENTICATION 
 THIS IS ONE OF THE SECURITIES DESCRIBED IN THE WITHIN MENTIONED INDENTURE 
  

			
	 U.S. Bank Trust National Association

	 as Trustee

		
	 By:
	 	  

	 	 	         Authorized Signatory

  
 (Reverse of
Security) 
  
 CARPENTER TECHNOLOGY CORPORATION 
  
 MEDIUM-TERM NOTE, SERIES B 
 Due from 9 Months to 30 Years From Original Issue Date 
 (Fixed Rate) 
  
 This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of January 12, 1994 (herein called the “Indenture”, which term shall here
the meaning assigned to it in such instrument), between the Company and U.S. Bank Trust National Association, as successor Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face hereof. The Securities of this series may be issued from time to time in an aggregate initial offering price of up to $198,000,000, may mature at different
times, bear interest, if any, at different rates, and be redeemable at different times or not at all. 
  
 If a Redemption Commencement Date is specified on the face hereof, this Security may be redeemed at the option of the Company as a whole, or from time to
time in part, on any date on or after such Redemption Commencement Date and prior to maturity, upon mailing a notice of such redemption not less than 30 nor more than 60 days prior to the date fixed for redemption to the Holders of Securities to be
redeemed at their last registered addresses, all as further provided in the Indenture, at the Optional Redemption Prices, if any, specified on the face hereof (expressed in percentages of the principal amount) together in each case with accrued
interest to the date fixed for redemption. If less than all of the Notes with like tenor and terms are to be redeemed, the Notes to be redeemed shall be selected not more than 60 days prior to the redemption date by the Trustee by such method as the
Trustee shall deem fair and appropriate. 
  
 If a Repayment Date
or Repayment Dates are specified on the face hereof, this Security will be repayable at the option of the Holder, in whole or from time to time in part, on such Repayment Date or Repayment Dates at the Repayment Price specified on the face hereof,
together with accrued interest thereon to the Repayment Date on which repayment is sought. In order for this Security to be repaid, the Company must receive at the Corporate Trust Office of the Trustee in the City of New York, New York, at least 30
days, but not more than 60 days, prior to the specified Repayment Date (i) the Security with the form below entitled “Option to Elect Repayment” duly completed or (ii) a facsimile transmission or letter from a member of a national
securities exchange, the National Association of Securities Dealers, Inc., or a commercial bank or trust company in the United States of America, setting forth the name of the Holder of the Security, the principal amount of the Security, the portion
of the principal amount of the Security to be repaid (which shall not be less than the minimum authorized denomination of this Security), the certificate number or a description of the tenor and terms of the Security, a statement that the option to
elect repayment is being exercised thereby and a guarantee that this Security with the form below entitled “Option to Elect Repayment” duly completed will be received by the Trustee not later than five Business Days after the date of such
facsimile transmission or letter. If the procedure described in clause (ii) of the preceding sentence is followed, this Security with form duly completed must be received by the Trustee by such fifth Business Day. Exercise of any 

 repayment option by the Holder of any Security shall be irrevocable. No transfer or exchange of any Security (or, in the
event that any Security is to be repaid in part, such portion of the Security to be repaid) will be permitted after exercise of a repayment option. The repayment option may be exercised by the Holder of a Security for less than the entire principal
amount of the Security provided that the principal amount of the Security remaining outstanding after repayment, if any, is an authorized denomination. The Trustee will refer all questions as to the validity, eligibility (including time of receipt)
and acceptance of any Security for repayment to the Company whose determination of such questions will be final and binding. 
  
 Payment of interest on this Security with respect to any Interest Payment Date will include interest accrued to but excluding such Interest Payment Date.
Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 Any Payment on this Security due on any date which is not a Business Day need not be made on such day, but may be made on the next succeeding Business Day
with the same force and effect as if made on the due date, and no interest shall accrue for the period from and after such date. 
  
 In the event of redemption or repayment of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
  
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon
compliance with certain conditions set forth in this Indenture. 
  
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
Notwithstanding anything herein to the contrary, if this Note is an Original Issue Discount Note as specified on the face hereof, the amount payable in the event of redemption or repayment prior to the Stated Maturity hereof in lieu of the principal
amount due at the Stated Maturity hereof shall be the Amortized Face Amount of this Security as of the Redemption Date or the date of repayment, as the case may be. The “Amortized Face Amount” of this Security shall be the amount equal to
(a) the Issue Price (as set forth on the face hereof) plus (b) that portion of the difference between the Issue Price and the principal amount hereof that has accrued at the Yield to Maturity (as set forth on the face hereof) (computed in accordance
with generally accepted United States bond yield computation principles) at the date as of which the Amortized Face Amount is calculated but in no event shall the Amortized Face Amount of this Security exceed its principal amount. 
  
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 As provided in and subject to the provisions of the Indenture, the Holder of this security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy thereunder, unless such Holder shall have previously given the the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal
amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such 

 proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall affect or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rates, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on
this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. Transfers or exchanges of Certificated Registered Securities may not be effected during the 15 day period
preceding the mailing of a notice of redemption. 
  
 No service
charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  
 This Security shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of laws
provisions thereof. 
  
 OPTION TO ELECT REPAYMENT 
  
 The undersigned hereby irrevocably request(s) and instructs the Company to
repay the within Security (or the portion hereof specified below) pursuant to its terms at a price equal to the Repayment Price specified on the face hereof, together with accrued interest to the Repayment Date, to the undersigned at 
  
 (Please print or typewrite name and address of the undersigned) 

 
 If less than the entire principal amount of this Security is to be repaid,
specify the portion hereof which the Holder elects to have repaid                      and specify the denomination or denominations (which
shall be in authorized denominations) of the Securities to be issued to the Holder for the portion of the within Security not being repaid (in the absence of any such specification, one such Security will be issued for the portion not being repaid):

  
 Dated:
                     
  
 (Signature) 

			
	 Sign exactly as name appears on the front of this Security
 [SIGNATURE GUARANTEED required only if Securities are to be
 issued
and delivered to other than the registered holder]

	
	 Fill in for registration of Securities if to be issued otherwise than to the
 registered holder:

		
	 Name:
	 	 
	 Address:
	 	 
	 	 	(Please print name and address including zip code)
	 	 	 SOCIAL SECURITY OR OTHER

	 	 	 TAXPAYER ID NUMBER:

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  
 TEN COM - as tenants in common

  
 TEN ENT - as tenants by the entireties 
  
 JT TEN - as joint tenant with right of survivorship and not as tenants in common 

 
 UNIF GIFT MIN ACT - Custodian 
 (Cust) (Minor) 
 under Uniform Gifts to Minors Act 
  
 (State) 
 Additional abbreviations may be used though not in the above list. 

 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  
 (Please print or typewrite name and address, including postal zip code, of assignee) 
  
 PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
                                        

  
 the within Security of Carpenter Technology Corporation and hereby does
irrevocably constitute and appoint 
  
 Attorney to transfer said Security on the
books of the within named Company, with full power of substitution in the premises. 
  
 Dated:                     

  

			
	 NOTE:
	 	The Signature to this assignment must correspond with the name as written upon the face of the within Security in every particular, without alteration or enlargement or any change
whatsoever.

 IF THE REGISTERED OWNER OF THIS SECURITY (AS INDICATED BELOW) IS THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITORY”) OR A NOMINEE OF THE DEPOSITORY, THEN THIS SECURITY IS A GLOBAL SECURITY AND THE FOLLOWING LEGENDS SHALL APPLY: 
  
 THIS SECURITY IS A BOOK-ENTRY SECURITY IN A GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE
OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
  
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (55 WATER STREET, NEW YORK, NEW YORK) TO CARPENTER TECHNOLOGY CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY SECURITY ISSUED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	 REGISTERED NO.
FX-                    
	 	 CUSIP NO.: 14428T

	 	 	 PRINCIPAL AMOUNT:

  
 CARPENTER TECHNOLOGY
CORPORATION 
  
 MEDIUM-TERM NOTE, SERIES B 
 Due From 9 Months to 30 Years From Original Issue Date 
 (Floating Rate) 
  
 ORIGINAL ISSUE PRICE: 
  
 ORIGINAL ISSUE DATE: 
  
 INITIAL INTEREST RATE:            % 
  
 INTEREST RATE BASIS:
                        (IF LIBOR, LIBOR REUTERS/LIBOR TELERATE) 
  
 SPREAD (PLUS OR MINUS): 
  
 SPREAD MULTIPLIER:            % 
  
 INTEREST PAYMENT DATES: 
  
 INTEREST DETERMINATION DATES: 
  
 INTEREST RESET DATES: 
  
 STATED MATURITY:

  
 INDEX MATURITY: 

 MAXIMUM INTEREST RATE: 
  
 MINIMUM INTEREST RATE: 
  
 REGULAR RECORD DATES: 
  
 REDEMPTION PRICE:

  
 REDEMPTION COMMENCEMENT DATE: 
  
 HOLDER’S OPTIONAL REPAYMENT DATE(S): 
  
 HOLDER’S OPTIONAL REPAYMENT PRICE: 
  
 AMORTIZATION FORMULA: 
  
 AMORTIZATION PAYMENT DATE(S): 
  
 CALCULATION AGENT (if other than U.S. Bank Trust National Association): 
  
 OTHER PROVISIONS: 
  
 IF APPLICABLE, THE FOLLOWING WILL BE COMPLETED SOLELY FOR THE PURPOSE OF APPLYING THE UNITED STATES FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT
(“OID”) RULES: 
  
 TOTAL AMOUNT OF OID: 
  
 YIELD TO MATURITY: 
  
 INITIAL ACCRUAL PERIOD OID: 
 METHOD USED TO
DETERMINE 
 YIELD FOR INITIAL ACCRUAL 
 PERIOD: 
  
              APPROXIMATE

              EXACT 
  
 If applicable, the Redemption Price initially shall be         % of the principal amount of
this Security to be redeemed and shall decline at each anniversary of the Redemption Commencement Date by         % of the principal amount to be redeemed until the Redemption Price is 100% of such
principal amount, together with interest thereon to the date fixed for redemption. 
  
 Carpenter Technology Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of                                     Dollars on
                                        ,
and to pay interest thereon from the Original Issue Date shown above or from the most recent Interest Payment Date (or, if the interest Reset Dates shown above are daily or weekly, from the day following the most recent Regular Record Date) to which
interest has been paid or duly provided for on the Interest Payment Dates set forth above, and at Stated Maturity or upon earlier redemption or repayment, commencing on the first Interest Payment Date next succeeding the Original Issue Date;
provided, however, that if the Original Issue Date is after a Regular Record Date and before the Interest Payment Date following the next succeeding Regular Record Date, interest payments will commence on the Interest Payment Date following the next
succeeding Regular Record Date at a rate per annum determined in accordance with the provisions on the reverse hereof, depending on the Interest Rate Basis specified above, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided 

 for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which, unless otherwise indicated above, shall be the 15th calendar day (whether or not a Business Day) next preceding such
Interest Payment Date; provided, however, that interest payable at Stated Maturity specified above or upon earlier redemption or repayment will be payable to the person to whom principal shall be payable. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be set by the Trustee, notice whereof shall be given to the Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
  
 Payment of the principal of (and premium, if any) and any such interest on
this Security will be made at the office or agency of the Company maintained for that purpose in Reading, Pennsylvania of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. The Company will, at all times, appoint and maintain a
paying agent, initially the Trustee (the “Paying Agent”), authorized by the Company, to pay the principal of, and premium, if any, or interest on, this Security on behalf of the Company to the person entitled thereto. 
  
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the Certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 In Witness Whereof, the Company has caused this instrument to be duly executed under a facsimile of its
Corporate Seal. 
  
 Dated:
                     
  

			
	 CARPENTER TECHNOLOGY CORPORATION

		
	 By:
	 	  

	Name:	 	 
	 Its:
	 	 

  

			
	 Attest:
	 	  

	 Name:
	 	 
	 Its:
	 	 

  
 CERTIFICATE OF
AUTHENTICATION 
  
 THIS IS ONE OF THE SECURITIES DESCRIBED IN THE
WITHIN MENTIONED INDENTURE. 
  
  

			
	 U.S. Bank Trust National Association

	 as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory

  
  
 (Reverse of Security) 
  
 CARPENTER TECHNOLOGY CORPORATION MEDIUM-TERM NOTE, SERIES B 
 Due From 9 Months To 30
Years From Original Issue Date 
 (Floating Rate) 
  
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or
more series under an Indenture, dated as of January 12, 1994 (herein called the “Indenture”), between the Company and U.S. Bank Trust National Association, as successor Trustee (herein called the “Trustee”, which term includes
any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the Securities of the series designated on the face hereof. The Securities of this series may be issued from time to time in an
aggregate initial offering price of up to $198,000,000, may mature at different times, bear interest, if any, at different rates, and be redeemable at different times or not at all. 
  
 The interest rate payable on this Security will be calculated by reference to the Interest Rate Basis specified on the face
hereof (a) plus or minus the Spread, if any, and/or (b) multiplied by the Spread Multiplier, if any. This Security may have either or both of the following: (A) the Maximum Interest Rate Specified on the face hereof, which will be the maximum
numerical interest rate limitation, or ceiling, on the rate of interest which may accrue during any interest period and (b) the Minimum Interest Rate specified on the face hereof, which will be the minimum numerical interest rate limitation, or
floor, on the rate of interest which may accrue during any interest period. The Interest Rate Basis may be (a) the Commercial Paper Rate, (b) the Prime Rate, (c) LIBOR, (d) the Treasury Rate, (e) the CD Rate, (f) the CMT Rate, (g) the Federal Funds
Rate or (h) such other Interest Rate Basis as is set forth on the face hereof. The “Index Maturity” is the period to maturity of the instrument or obligation from which the Interest Rate Basis is calculated. Except as otherwise provided
herein, all percentages resulting from any calculation will be rounded, if necessary, to the nearest one-hundred thousandth of a percentage point, (e.g., 9.876545% (or 0.09876545) being rounded to 9.87655% (or 0.0987655), and all dollar amounts used
in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upwards). 

 Interest will be payable, in the case of Securities which reset daily or weekly, on the third Wednesday
of March, June, September and December of each year; in the case of Securities which reset monthly, on the third Wednesday of each month or on the third Wednesday of March, June, September and December of each year (as specified on the face hereof);
in the case of Securities which reset quarterly, on the third Wednesday of March, June, September, and December of each year; in the case of Securities which reset semi-annually, on the third Wednesday of the two months of each year specified on the
face hereof; and in the case of Securities which reset annually, on the third Wednesday of the month specified on the face hereof (each an “Interest Payment Date”); and in each case, at Stated Maturity or upon earlier redemption or
repayment. 
  
 Payments of interest with respect to an Interest
Payment Date will include interest accrued to but excluding such Interest Payment Date; provided, however, that if the Interest Reset Dates are daily or weekly, the interest payable, other than interest payable on the date on which principal is
payable, will include interest accrued to but excluding the day following the immediately preceding Regular Record Date. Accrued interest from the Original Issue Date or from the last date to which interest has been paid is calculated by multiplying
the face amount of this Security by an accrued interest factor, computed by adding the interest factor calculated for each day from such starting date to but excluding the date for which accrued interest is being calculated. The interest factor
(expressed as a decimal) for each such day is computed by dividing the interest rate (expressed as a decimal) applicable to such day by 360 or, if the Interest Rate Basis specified on the face hereof is the Treasury Rate or CMT Rate, by the actual
number of days in the year. 
  
 The rate of interest on this
Security will be reset daily, weekly, monthly, quarterly, semiannually or annually (each an “Interest Reset Date”), as specified on the face hereof. The Interest Reset Date will be, if this Security resets daily, each Market Day, if this
Security resets weekly (except where the specified Interest Rate Basis is the Treasury Rate), the Wednesday of each week, or if the specified Interest Rate Basis is the Treasury Rate, the Tuesday of each week, if this Security resets monthly, the
third Wednesday of each month, if this Security resets quarterly, the third Wednesday of March, June, September and December, if this Security resets semi-annually, the third Wednesday of two months of each year, as specified on the face hereof, and
if this Security resets annually, the third Wednesday of one month of the year, as specified on the face hereof, provided, however, that (i) the interest rate in effect from the Original Issue Date to the first Interest Payment Date will be the
Initial Interest Rate specified on the face hereof, and (ii) the interest rate in effect for the ten days immediately prior to Stated Maturity or, with respect to any portion of the principal amount hereof to be redeemed or repaid, the date of
redemption or Repayment Date, will be that in effect on the tenth day preceding such Stated Maturity, date of redemption or Repayment Date, as the case may be. If any Interest Reset Date would otherwise be a day that is not a Market Day, the
Interest Reset Date shall be postponed to the next day that is a Market Day, except that if the specified interest Rate Basis is LIBOR and such Market Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately
preceding Market Day. 
  
 If any Interest Payment Date specified
on the face hereof would otherwise fall on a day that is not a Market Day, such Interest Payment Date shall be the next succeeding Market Day, or if the specified Interest Rate Basis is LIBOR (a “LIBOR Security”), and such succeeding
Market Day falls in the next calendar month, such Interest Payment Date shall be the next preceding Market Day. “Market Day” means (a) with respect to any Security, other than a LIBOR Security, each Business Day and (b) with respect to any
LIBOR Security, any such Business Day on which dealings in deposits in U.S. dollars are transacted in the London interbank market. “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in the city of New York, New York are authorized or obligated by law or executive order to close. If Stated Maturity falls on a day that is not a Market Day, Stated Maturity shall be the next succeeding Market Day (or, in the
case of a LIBOR Security, if such next succeeding Market Day is in the next calendar month, the next preceding Market Day). 
  
 The Interest Determination Date pertaining to any Interest Reset Date for a Security specifying the Commercial Paper Rate (the “Commercial Paper
Interest Determination Date”), for a Security specifying the Prime Rate (the “Prime Rate Interest Determination Date”), for a LIBOR Security (the “LIBOR Interest Determination Date”), for a Security specifying the CD Rate
(the “CD Rate Interest Determination Date”), for a Security specifying the CMT Rate (the “CMT Rate Interest Determination Date”) and for a Security specifying the Federal Funds Rate (the “Federal Funds Interest Determination
Date”) will be the second Market Day preceding such Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset Date for a Security specifying the Treasury 

 Rate (the “Treasury Interest Determination Date”) will be the day of the week in which such Interest Reset Date
falls on which Treasury bills would normally be auctioned. Treasury bills are usually sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is usually held on the following Tuesday, except that such
auction may be held on the preceding Friday. If, as the result of a legal holiday, an auction is so held on the preceding Friday, such Friday will be the Treasury Interest Determination Date pertaining to the Interest Reset Date occurring in the
next succeeding week. If an auction date shall fall on any Interest Reset Date for a Treasury Rate Security, then such Interest Reset Date shall instead be the first Market Date immediately following such auction date. Unless otherwise specified on
the face hereof, the Calculation Date, if applicable, pertaining to any Interest Determination Date, is the date by which the applicable interest rate is determined and is the earlier of (a) the tenth calendar day after such Interest Determination
Date or, if any such day is not a Market Day, the next succeeding Market Date and (b) the Market Day preceding the applicable Interest Payment Date or date of Stated Maturity, as the case may be. 
  
 Determination of Commercial Paper Rate. If the Interest Rate Basis of this
Security is the Commercial Paper Rate, the interest rate with respect to any Interest Reset Date shall equal the Money Market Yield (calculated as described below) of the per annum rate (quoted on a bank discount basis) for the relevant Commercial
Paper Interest Determination Date for commercial paper having the Index Maturity specified on the face hereof, as published by the Board of Governors of the Federal Reserve System in the “Statistical Release H.15(519), Selected Interest
Rates” or any successor publication of the Board of Governors of the Federal Reserve System (“H.15 (519)”) under the heading “Commercial Paper—Non Financial.” In the event that such rate is not published prior to 3:00
P.M., New York City time, on the relevant Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield of the rate on such Commercial Paper Interest Determination Date for commercial paper of the specified Index Maturity as
published by the Federal Reserve Bank of New York in its daily statistical release, “Composite 3:30 P.M. Quotations for U.S. Government Securities” or any Successor Publication published by the Federal Reserve Bank of New York
(“Composite Quotations”) under the heading “Commercial Paper”. If by 3:00 P.M., New York City time, on such Calculation Date such rate is not yet available in either H.15(519) or Composite Quotations, then the Commercial Paper
Rate with respect to such Interest Reset Date shall be calculated by the Calculation Agent and shall be the Money Market Yield of the arithmetic mean of the offered per annum rates (quoted on a bank discount basis), as of 11:00 A.M., New York City
time, on such Commercial Paper Interest Determination Date, of three leading dealers of commercial paper in The City of New York selected by the Calculation Agent for commercial paper of the Index Maturity specified on the face hereof placed for an
industrial issuer whose bond rating is “AA”, or the equivalent, from a nationally recognized rating agency; provided, however, that, if fewer than three dealers selected as aforesaid by the Calculation Agent are quoting as mentioned above,
the Commercial Paper Rate with respect to such Interest Reset Date will be the Commercial Paper Rate in effect on such Commercial Paper Interest Determination Date. 
  
 “Money Market Yield” shall be a yield (expressed as a percentage) calculated in accordance with the following
formula: 
  

					
	 “Money Market Yield =
	  	360 x D	  	x 100
	 	  	360 - (D x M)

  
 where “D” refers to the per
annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal, and “M” refers to the actual number of days in the period from the Interest Reset Date to but excluding the day that numerically corresponds to
such Interest Reset Date (or, if there is not any such numerically corresponding day, the last day) in the calendar month that is the number of months corresponding to the Index Maturity specified on theface hereof after the month in which such
Interest Reset Date falls. 
  
 Determination of Prime Rate. If the
Interest Rate Basis of this Security is the Prime Rate, the interest rate with respect to any Interest Reset Date shall equal, the rate set forth in H.15(519) for the relevant Prime Rate Interest Determination Date opposite the caption “Bank
Prime Loan.” If such rate is not yet published by 9:00 A.M., New York City time, on the Calculation Date, the Prime Rate for such Prime Rate Interest Determination Date will be the arithmetic mean of the rates of interest publicly announced by
each bank that appears on the display designated as page “USPRIME1” on the Reuters Monitor Money Rate Service (or such other page as may replace the USPRIME1 page on such service for the purpose of displaying prime rates of major United
States banks) (the “Reuters Screen USPRIME1 Page”) as such bank’s prime rate or base lending rate as in effect for such Prime Rate Interest 

 Determination Date as quoted on the Reuters Screen USPRIME1 Page on such Prime Rate Interest Determination Date, or, if
fewer than four such rates appear on the Reuters Screen USPRIME1 Page for such Interest Determination Date, the Prime Rate shall be the arithmetic mean of the rate announced as a prime or base rate for commercial loans quoted on the basis of the
actual number of days in the year divided by a 360-day year as of the close of business on each Prime Rate Interest Determination Date by three major money center banks in The City of New York selected by the Calculation Agent from which quotations
are requested. If fewer than three quotations are provided, the Prime Rate will be determined as the arithmetic mean of the announced prime rates quoted in The City of New York on the relevant Prime Rate Interest Determination Date by three
substitute banks or trust companies organized and doing business under the laws of the United States, or any state thereof, having total equity capital of at least U.S. $500,000,000 and being subject to supervision or examination by federal or state
authority, selected by the Calculation Agent to quote such rate or rates; provided, however, that, if the banks or trust companies selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Prime Rate with
respect to such Prime Rate Interest Reset Date will be the Prime Rate in effect on such Prime Rate Interest Determination Date. 
  
 Determination of LIBOR. If the Interest Rate Basis of this Security is LIBOR, the interest rate with respect to any Interest Reset Date shall be
determined by the Calculation Agent in accordance with the following provisions: 
  
 (i) LIBOR will be, as specified on the face hereof, either (a) the arithmetic mean of the offered rates for deposits in U.S. dollars
having the Index Maturity specified on the face hereof, that appear on the Reuters Screen LIBO Page as of 11:00 A.M., London time, on such LIBOR Interest Determination Date, if at least two such offered rates appear on the Reuters Screen LIBO Page
(“LIBOR Reuters”), or (b) the rate for deposits in U.S. dollars having the Index Maturity specified on the face hereof, that appears on the Telerate Page 3750, as of 11:00 A.M., London time, on that LIBOR Interest Determination Date
(“LIBOR Telerate”). “Reuters Screen LIBO Page” means the display designated as page “LIBO” on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBO page on that service for the purpose of
displaying London interbank offered rates of major banks). “Telerate Page 3750” means the display designated as page “3750” on the Telerate Service (or such other page as may replace the 3750 page on that service or such other
service or services as may be nominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits). If neither LIBOR Reuters nor LIBOR Telerate is specified on the face hereof,
LIBOR will be determined as if LIBOR Telerate had been specified. If fewer than two offered rates appear on the Reuters Screen LIBO Page, or if no rate appears on the Telerate Page 3750, as applicable, LIBOR in respect of that LIBOR Interest Reset
Date will be determined as if the parties had specified the rate described in (ii) below. 
  
 (ii) With respect to LIBOR Interest Determination Date on which fewer than two offered rates for the Index Maturity specified on the face
hereof appear on the Reuters Screen LIBO Page as specified in (i)(a) above, or on which no rate appears on Telerate Page 3750, as specified in (i)(b) above, as applicable, LIBOR will be determined on the basis of the rates at approximately 11:00
A.M. London time, on such LIBOR Interest Determination Date at which deposits in U.S. dollars having such specified Index Maturity are offered to prime banks in the London interbank market by four major banks in the London interbank market selected
by the Calculation Agent commencing on the second Market Day immediately following such LIBOR Interest Determination Date and in a principal amount equal to an amount not less than U.S. $1,000,000 that in the Calculation Agent’s judgment is
representative for a single transaction in such market at such time (a “Representative Amount”). The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two such
quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such quotations. If fewer than two quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of the
rates quoted at approximately 11:00 A.M., New York City time, on such LIBOR Interest Determination Date by three major banks in The City of New York, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks having the
Index Maturity specified on the face hereof commencing on the Interest Reset Date and in a Representative Amount; provided, however, that, if fewer than three banks selected as aforesaid by the Calculation Agent are quoting as mentioned in this
sentence, LIBOR with respect to such Interest Reset Date will be the LIBOR in effect on such LIBOR Interest Determination Date. 

 Determination of Treasury Rate. If the Interest Rate Basis of this Security is the Treasury Rate, the
interest rate with respect to any Interest Reset Date shall equal the rate for the auction on the relevant Treasury Interest Determination Date of direct obligations of the United States(“Treasury bills”) having the Index Maturity
specified on the face hereof as published in H.15(519) under the heading “U.S. Government Securities/Treasury Bills/Auction Average (Investment)” or, if not so published by 3:00 P.M., New York City time, on the relevant Calculation Date,
the auction average rate (expressed as a bond equivalent, on the basis of a year of 365 or 366 days, as applicable, and applied on a daily basis) for such auction as otherwise announced by the United States Department of Treasury. In the event that
the results of such auction of Treasury bills having the Index Maturity specified on the face hereof are not published or reported as provided above by 3:00 P.M., New York City time, on such Calculation Date, or, if no such auction is held during
such week, then the Treasury Rate shall be the rate set forth in H.15(519) for the relevant Treasury Interest Determination Date for the specified Index Maturity under the heading “U.S. Government Securities/Treasury Bills/Secondary
Market.” If such rate is not so published by 3:00 P.M., New York City time, on the relevant Calculation Date, the Treasury Rate for such Interest Reset Date shall be calculated by the Calculation Agent and shall be a yield to maturity
(expressed as a bond equivalent, on the basis of a year of 365 or 366 days, as applicable, and applied on a daily basis) of the arithmetic mean of the secondary market bid rates as of approximately 3:30 P.M., New York City time, on such Treasury
Interest Determination Date of three leading primary United States government securities dealers in The City of New York selected by the Calculation Agent for the issue of Treasury bills with a remaining maturity closest to the Index Maturity
specified on the face hereof; provided, however, that, if fewer than three dealers selected as aforesaid by the Calculation Agent are quoting as mentioned in this sentence, the Treasury Rate with respect to such Interest Reset Date will be the
Treasury Rate in effect on such Treasury Interest Determination Date. 
  
 Determination of CD Rate. If the Interest Rate Basis of this Security is the CD Rate, the interest rate with respect to any Interest Reset Date shall equal the rate for the relevant CD Rate Interest Determination Date for negotiable
certificates of deposit having the Index Maturity specified on the face hereof as published in H.15(519) under the heading “CDs (Secondary Market).” In the event that such rate is not published prior to 3:00 P.M., New York City time, on
the relevant Calculation Date, then the CD Rate with respect to such Interest Reset Date shall be the rate on such CD Rate Interest Determination Date for negotiable certificates of deposit having the specified Index Maturity as published in the
Composite Quotations under the heading “Certificates of Deposit.” If by 3:00 P.M., New York City time, on such Calculation Date such rate is not published in either H.15(519) or Composite Quotations, the CD Rate with respect to such
Interest Reset Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the secondary market offered rates as of 10:00 A.M., New York City time, on such CD Rate Interest Determination Date, of three leading nonbank
dealers of negotiable U.S. dollar certificates of deposit in The City of New York selected by the Calculation Agent for negotiable certificates of deposit of major United States money market banks with a remaining maturity closest to the Index
Maturity specified on the face hereof in a denomination of $5,000,000; provided, however, that, if fewer than three dealers selected as aforesaid by the Calculation Agent are quoting as mentioned in this sentence, the CD rate with respect to such
Interest Reset Date will be the CD Rate in effect on such CD Rate Interest Determination Date. 
  
 Determination of Federal Funds Rate. If the Interest Rate Basis of this Security is the Federal Funds Rate, the interest rate with respect to any Interest Reset Date shall equal the rate on the relevant Federal Funds
Interest Determination Date for Federal Funds as published in H.15(519) under the heading “Federal Funds (Effective).” In the event that such rate is not published prior to 3:00 P.M., New York City time, on the relevant Calculation Date,
then the Federal Funds Rate with respect to such Interest Reset Date will be the rate on such Federal Funds Interest Determination Date as published in Composite Quotations under the heading “Federal Funds/Effective Rate.” If by 3:00 P.M.,
New York City time, on such Calculation Date such rate is not published in either H.15(519) or Composite Quotations, the Federal Funds Rate with respect to such Interest Reset Date shall be calculated by the Calculation Agent and shall be the
arithmetic mean of the rates, as of 11:00 A.M., New York City time, on such Federal Funds Interest Determination Date for the last transaction of not less than $1,000,000 in overnight Federal Funds arranged by three leading brokers of Federal Funds
transactions in The City of New York selected by the Calculation Agent; provided, however, that, if fewer than three brokers selected as aforesaid by the Calculation Agent are quoting as mentioned in this sentence, the Federal Funds Rate with
respect to such Interest Reset Date will be the Federal Funds Rate in effect on such Federal Funds Interest Determination Date. Determination of CMT 

 Rate. If the Interest Rate Basis of this Security is the CMT Rate, the interest rate with respect to any Interest Reset
Date shall equal the rate displayed on the Designated CMT Telerate Page under the caption “. . . Treasury Constant Maturities . . . Federal Reserve Board Release H.15 . . . Mondays Approximately 3:45 P.M.” or any successor caption, under
the column for the Designated CMT Maturity Index for (i) if the Designated CMT Telerate Page is 7055, the rate on such CMT Rate Interest Determination Date and (ii) if the Designated CMT Telerate Page is 7052, the weekly or monthly average, as
specified on the face hereof, for the week or the month, as applicable, ended immediately preceding the week in which the related CMT Rate Interest Determination Date occurs. In the event such rate is no longer displayed on the relevant page or is
not displayed by 3:00 P.M., New York City time, on the related Calculation Date, then the CMT Rate for such CMT Rate Interest Determination Date will be such Treasury Constant Maturity rate for the Designated CMT Maturity Index, as published in the
relevant H.15(519) or any successor publication. If such rate is no longer published or is not published by 3:00 P.M., New York City time, on the related Calculation Date, then the CMT Rate on such CMT Rate Interest Determination Date will be such
Treasury Constant Maturity rate for the Designated CMT Maturity Index (or other United States Treasury rate for the Designated CMT Maturity Index) for the CMT Rate Interest Determination Date with respect to such Interest Reset Date as may then be
published by either the Board of Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated CMT Telerate Page and
published in the relevant H.15(519) or any successor publication. If such information is not provided by 3:00 P.M., New York City time, on the related Calculation Date, then the CMT Rate for the CMT Rate Interest Determination Date will be
calculated by the Calculation Agent and will be a yield to maturity, based on the arithmetic mean of the secondary market closing offer side prices as of approximately 3:30 P.M., New York City time, on the CMT Rate Interest Determination Date
reported, according to their written records, by three leading primary United States government securities dealers (each, a “Reference Dealer”) in The City of New York (which may include one or more of the Agents or their affiliates)
selected by the Calculation Agent (from five such Reference Dealers selected by the Calculation Agent and eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality,
one of the lowest)), for the most recently issued direct noncallable fixed rate obligations of the United States (“Treasury Notes”) with an original maturity of approximately the Designated CMT Maturity Index and a remaining term to
maturity of not less than such Designated CMT Maturity Index minus one year. If the Calculation Agent is unable to obtain three such Treasury Note quotations, the CMT Rate for such CMT Rate Interest Determination Date will be calculated by the
Calculation Agent and will be a yield to maturity based on the arithmetic mean of the secondary market offer side prices as of approximately 3:30 P.M., New York City time, on such CMT Rate Interest Determination Date of three Reference Dealers in
The City of New York (from five such Reference Dealers selected by the Calculation Agent and eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the
lowest)), for Treasury Notes with an original maturity of the number of years that is the next highest to the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in an amount of at least
U.S. $100 million. If three or four (and not five) of such Reference Dealers are quoting as described above, then the CMT Rate will be based on the arithmetic mean of the offer prices obtained and neither the highest nor the lowest of such quotes
will be eliminated; provided, however, that if fewer than three Reference Dealers selected by the Calculation Agent are quoting as described herein, the CMT Rate determined as of such Interest Determination Date will be the CMT Rate in effect on
such CMT Rate Interest Determination Date. If two Treasury Notes with an original maturity as described in the third preceding sentence have remaining terms to maturity equally close to the Designated CMT Maturity Index, the quotes for the Treasury
Note with the shorter remaining term to maturity will be used. 
  
 “Designated CMT Telerate Page” means the display on the Dow Jones Telerate Service, or any successor service, on the page specified on the face hereof (or any other page as may replace such page on that service for the purpose of
displaying Treasury Constant Maturities as reported in H.15(519)), for the purpose of displaying Treasury Constant Maturities as reported in H.15(519). If no such page is specified on the face hereof, the Designated CMT Telerate Page shall be 7052
for the most recent week. 
  
 “Designated CMT Maturity
Index” means the original period to maturity of the U.S. Treasury securities (either 1, 2, 3, 5, 7, 10, 20 or 30 years) specified on the face hereof with respect to which the CMT Rate will be calculated. If no such maturity is specified on the
face hereof, the Designated CMT Maturity Index shall be two years. 

 The Calculation Agent shall calculate the interest rate on this Security in accordance with the foregoing
on each Interest Determination Date or Calculation Date as applicable. The Calculation Agent’s determination of any Interest Rate shall be final and binding in the absence of manifest error. The interest rate on this Security will in no event
be higher than the maximum rate permitted by applicable law. 
  
 The Calculation Agent will upon the request of the Holder of this Security, provide to such Holder the interest rate hereon then in effect, and, if determined, the interest rate which will become effective on the next Interest Reset Date.

  
 If a Redemption Commencement Date is specified on the face
hereof, this Security may be redeemed at the option of the Company as a whole, or from time to time in part, on any date on or after such Redemption Commencement Date and prior to maturity, upon mailing a notice of such redemption not less than 30
nor more than 60 days prior to the date fixed for redemption to the Holders of Securities to be redeemed at their last registered addresses, all as further provided in the Indenture, at the Optional Redemption Prices, if any, specified on the face
hereof (expressed in percentages of the principal amount) together in each case with accrued interest to the date fixed for redemption. If less than all of the Notes with like tenor and terms are to be redeemed, the Notes to be redeemed shall be
selected not more than 60 days prior to the redemption date by the Trustee by such method as the Trustee shall deem fair and appropriate. 
  
 If a Repayment Date or Repayment Dates are specified on the face hereof, this Security will be repayable at the option of the Holder, in whole or from
time to time in part, on such Repayment Date or Repayment Dates at the Repayment Price specified on the face hereof, together with accrued interest thereon to the Repayment Date on which repayment is sought. In order for this Security to be repaid,
the Company must receive at the Corporate Trust Office of the Trustee in the City of New York, New York, at least 30 days, but not more than 60 days, prior to the specified Repayment Date (i) the Security with the form below entitled “Option to
Elect Repayment” duly completed or (ii) a facsimile transmission or letter from a member of a national securities exchange, the National Association of Securities Dealers, Inc. or a commercial bank or trust company in the United States of
America, setting forth the name of the Holder of the Security, the principal amount of the Security, the portion of the principal amount of the Security to be repaid (which shall not be less than the minimum authorized denomination of this
Security), the certificate number or a description of the tenor and terms of the Security, a statement that the option to elect repayment is being exercised thereby and a guarantee that this Security with the form below entitled “Option to
Elect Repayment” duly completed will be received by the Trustee not later than five Business Days after the date of such facsimile transmission or letter. If the procedure described in clause (ii) of the preceding sentence is followed, this
Security with form duly completed must be received by the Trustee by such fifth Business Day. Exercise of any repayment option by the Holder of any Security shall be irrevocable. No transfer or exchange of any Security (or, in the event that any
Security is to be repaid in part, such portion of the Security to be repaid) will be permitted after exercise of a repayment option. The repayment option may be exercised by the Holder of a Security for less than the entire principal amount of the
Security provided that the principal amount of the Security remaining outstanding after repayment, if any, is an authorized denomination. The Trustee will refer all questions as to the validity, eligibility (including time of receipt) and acceptance
of any Security for repayment to the Company whose determination of such questions will be final and binding. 
  
 In the event of redemption or repayment of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
  
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon
compliance with certain conditions set forth in the Indenture. 
  
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
Notwithstanding anything herein to the contrary, if this Note is an Original Issue Discount Note as specified on the face hereof, the amount payable in the event of redemption or repayment prior to the Stated Maturity hereof in lieu of the principal
amount due at the Stated Maturity hereof shall be the Amortized Face Amount of this Security as of the Redemption Date or the date of repayment, as the case may be. The “Amortized 

 Face Amount” of this Security shall be the amount equal to (a) the Issue Price (as set forth on the face hereof)
plus (b) that portion of the difference between the Issue Price and the Principal amount hereof that has accrued at the Yield to Maturity (as set forth on the face hereof) (computed in accordance with generally accepted United States bond yield
computation principles) at the date as of which the Amortized Face Amount is calculated but in no event shall the Amortized Face Amount of this Security exceed its principal amount. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
  
 As provided in and subject
to the provisions of the Indenture, the Holder of this security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
  
 No reference herein to the Indenture and no provision of this Security or of
the Indenture shall affect or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rates, and in the coin or currency, herein
prescribed. 
  
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 The Securities of this series are issuable only in registered form without
coupons in denominations of $100,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. Transfers or exchanges of Certificated Registered Securities may not be effected during the 15-day period preceding the
mailing of a notice of redemption. 
  
 No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue and neither the Company, the Trustee nor
any such agent Shall be affected by notice to the contrary. 

 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
  
 This Security shall be governed by and
construed in accordance with the laws of the State of New York without giving effect to the conflict of laws provisions thereof. 

 OPTION TO ELECT REPAYMENT 
  
 The undersigned hereby irrevocably request(s) and instruct(s) the Company to repay the within Security (or the portion
hereof specified below) pursuant to its terms at a price equal to the Repayment Price specified on the face hereof, together with accrued interest to the Repayment Date, to the undersigned at 
  
 (Please print or typewrite name and address of the undersigned) 

 
 If less than the entire principal amount of this Security is to be repaid,
specify the portion hereof which the Holder elects to have repaid and specify the denomination or denominations (which shall be in authorized denominations) of the Securities to be issued to the Holder for the portion of the within Security not
being repaid (in the absence of any such specification, one such Security will be issued for the portion not being repaid): 
  
 Dated: 
  

			
	                     (Signature)
	 	 
	
	Sign exactly as name appears on the front of this Security [SIGNATURE GUARANTEED - required only if Securities are to be issued and delivered to other than the registered
holder]
	
	Fill in for registration of Securities if to be issued otherwise than to the registered holder:
		
	 Name:
	 	 
	 Address:
	 	 
		
	 	 	(Please print name and address   including zip code)
	
	 SOCIAL SECURITY OR OTHER

	 TAXPAYER ID NUMBER:

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in full according to applicable
laws or regulations: 
  
 TEN COM - as tenants in common 
  
 TEN ENT - as tenants by the entireties 
  
 JT TEN - as joint tenant with right of survivorship and not as tenants in common 

 
 UNIF GIFT MIN ACT - Custodian 
 (Cust) (Minor) 
 under Uniform Gifts to Minors Act 
 (State) 
 Additional abbreviations may be used though not in the above list. 
  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  
 (Please print or typewrite name and address, including postal zip code, of assignee) 
  
 PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
 the within Security of Carpenter Technology Corporation and hereby does irrevocably
constitute and appoint 
  
 Attorney to transfer said Security on the books of the
within named Company, with full power of substitution in the premises. 
  
 Dated:

  

			
	NOTE:	 	The signature to this assignment must correspond with the name as written upon the Face of the within Security in every particular, without alteration or enlargement or any change
whatsoever.Supplemental Retirement Plan for Executive Officers

 Exhibit 10.B 
  
 SUPPLEMENTAL RETIREMENT PLAN 
 FOR EXECUTIVES OF 
 CARPENTER TECHNOLOGY CORPORATION 
  
 EFFECTIVE DECEMBER 13, 1979 
 AS AMENDED THROUGH 
 JANUARY 1, 2004 

 SUPPLEMENTAL RETIREMENT PLAN 
 FOR EXECUTIVES OF 
 CARPENTER TECHNOLOGY CORPORATION 
  
 Effective December 13, 1979 
 As Amended through January 1, 2004 
  

	1.	Purpose 

  
 The purpose of this Plan is to attract, retain and motivate designated employees of Carpenter Technology Corporation (the “Corporation”) who are
Participants in the Plan by providing supplemental pension and death benefits to enhance their economic security during their active careers with the Corporation and in Retirement. 
  

	2.	Definitions 

  

	 	(A)	“Annual Base Formula Retirement Benefit” shall mean the annual benefit computed to measure total annual retirement income after normal Retirement age, as provided
in Section 6. 

  

	 	(B)	“Annual Supplemental Retirement Benefit” shall mean the annual benefit to be paid from the Plan, as provided in Section 7, and shall be paid in accordance with the
provisions of Section 5. 

  

	 	(C)	“Board” shall mean the Board of Directors of Carpenter Technology Corporation. 

  

	 	(D)	“Disabled” shall mean totally disabled as described in, and which results in, the Participant’s eligibility to receive benefits under the Corporation’s
Long Term Disability Plan. 

  

	 	(E)	“Five-Year Calculation Period” shall mean the five calculation periods created under the definition of “average monthly earnings” found in the General
Retirement Plan used to determine such average. 

  

	 	(F)	“Former Participant” shall mean any person who has previously been a Participant in this Plan and was either (i) a Participant for at least three years or (ii) an
employee of the Company for at least ten years. 

  

	 	(G)	“General Retirement Plan” shall mean the Corporation’s “General Retirement Plan for Employees of Carpenter Technology Corporation” as in effect on
the last date of a Participant’s employment with the Corporation as a participant under the General Retirement Plan. 

  

	 	(H)	“Participant” shall mean any person included in the Plan, as provided in Section 3 and shall also mean a Former Participant except as otherwise provided in Section
6. 

  

	 	(I)	“Plan” shall mean the Supplemental Retirement Plan for Executives of Carpenter Technology Corporation. 

	 	(J)	“Retirement” shall mean the date of retirement as defined in the General Retirement Plan. 

  

	 	(K)	“Spouse” shall mean the Participant’s spouse as defined in section 4.5(a)(1) of the General Retirement Plan. 

  

	3.	Participants 

  
 Participants in the Plan will consist of such employees of the Corporation as the Board in its sole discretion may from time to time designate.
Participation in the Plan will terminate only 
  

	 	(A)	upon termination of employment of a Participant for any reason other than Retirement under conditions where benefits are payable under Section 7 (except that a Former Participant
shall be eligible to receive any previously accrued benefit under this Plan), or 

  

	 	(B)	when further participation is canceled by the Board (except that a Former Participant shall be eligible to receive any previously accrued benefit under this Plan), or

  

	 	(C)	when a Participant performs services for the Corporation solely as an independent contractor or consultant (except that such Participant shall continue to receive any previously
accrued benefit under this Plan), or 

  

	 	(D)	notwithstanding anything to the contrary contained in (A), (B) or (C) above, when a Participant competes with the Corporation as provided in the Supplemental Retirement Agreement
referenced in Section 4 hereof, (in which case no further payments will be made under the Plan). 

  

	4.	Supplemental Retirement Agreement 

  
 Each Participant, as a condition precedent to becoming a Participant, will enter into an agreement with the Corporation, in a form supplied by and
satisfactory to the Corporation, which will, inter alia, 
  

	 	(A)	set forth the provisions of the benefits of this Plan, 

  

	 	(B)	permit the Corporation, in its sole discretion, to insure the Participant’s life under an individual life insurance policy in which the Corporation is the owner and beneficiary
at no cost to the Participant, and 

  

	 	(C)	contain a noncompetition provision. 

	5.	Benefits 

  

	 	(A)	Each Participant who shall retire under the conditions set forth in Section 7 will receive a monthly Annual Supplemental Retirement Benefit paid from the general assets of the
Corporation for a period of fifteen years commencing as provided herein. 

  
 The initial payment shall be made on or about the first of the month following the Participant’s Retirement, or, at the election of a Disabled Participant, commencing upon any subsequent monthly payment date
which occurs while the Participant remains Disabled, but in no event later than the month following the earlier of the Participant’s cessation of disability or the attainment of age 65. 
  

	 	(B)	In the event of the death of a Participant after Retirement and before the entire number of said monthly payments have been paid, such remaining unpaid monthly payments will be paid
to the last beneficiary designated in writing by the Participant to, and received by, the Pension Board or, in the absence or failure of any such designation or the designated beneficiary fails to survive for the said fifteen year period, to the
surviving Spouse of the Participant, or in the absence of such Spouse, to the Participant’s estate. 

  
 In the event the designated beneficiary fails to survive and the Participant’s Spouse does not survive for the said fifteen years, the Pension Board
may elect to make a lump sum payment of the unpaid amount to the Participant’s estate, or the Spouse’s estate, or the beneficiary’s estate, as the Pension Board may determine in its sole discretion to be fair and equitable, said lump
sum payment being the present value of the remaining payments, determined in accordance with the average rate of interest published by the Pension Benefit Guaranty Corporation for immediate annuities for the 36 months immediately preceding the date
of such payment. 
  

	 	(C)	In the event of the death of a Participant before Retirement when the Participant would have been eligible to receive retirement benefits under either Section 7(A) or 7(B), the
Normal or Early Supplemental Retirement Benefit to which the Participant would have been entitled had he retired on the date of his death will be paid to the last beneficiary designated in writing by the Participant to, and received by, the Pension
Board or, in the absence or failure of any such designation or the designated beneficiary fails to survive for the said fifteen year period, to the surviving Spouse of the Participant, or, in the absence of such Spouse, to the Participant’s
estate. 

  
 Such benefit will be determined as of
the date of death of the Participant and will be paid in accordance with the payment procedures in Section 5(A). 
  
 In the event the designated beneficiary fails to survive and the Participant’s Spouse does not survive for the said fifteen years, the Pension Board
may elect to make a lump sum payment of the unpaid amount to the Participant’s estate, or the Spouse’s estate, or the beneficiary’s estate, as the Pension Board may determine in 

 its sole discretion to be fair and equitable, said lump sum payment being the present value of the
remaining payments, determined in accordance with the average rate of interest published by the Pension Benefit Guaranty Corporation for immediate annuities for the 36 months immediately preceding the date of such payment. 
  

	 	(D)	No benefit payable under this Plan shall be subject in any way to alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance of any kind, and
any attempt to accomplish the same shall be void and of no effect. 

  

	6.	Annual Base Formula Retirement Benefit 

  
 The Annual Base Formula Retirement Benefit shall be calculated at the date of Retirement or in the case of a Former Participant at the termination of
participation and will be equal to 
  

	 	(A)	the Participant’s or Former Participant’s average annual earnings calculated by multiplying the “average monthly earnings” (as determined for pension purposes
under the General Retirement Plan) by 12 (or in the event the Participant or Former Participant has insufficient service to create a Five-Year Calculation Period, the average annual earnings calculated from such years of service and fractions
thereof, rounded to the nearest month) [in either event, if the Participant (1) had eligible compensation reduced under the General Retirement Plan to comply with section 401(a)(17) of the Internal Revenue Code of 1986, and the regulations
thereunder, as amended, or (2) has deferred compensation under any deferred compensation plan of the Corporation, other than any deferred compensation previously included in the definition of “earnings” contained in the General Retirement
Plan, or (3) voluntarily waived bonus payments in Fiscal 2002 under the Corporation’s Executive Annual Compensation Plan (“EACP”), or (4) was granted an award of restricted shares in lieu of cash payments under the EACP for Fiscal
2004, such reduced, deferred, waived and/or granted compensation shall be added (in the case of the stock grant, the cash equivalent of the share value at the close of the market on the last day of Fiscal 2004 shall be used), for the sole purpose of
determining the benefit under this Section, to the Participant’s earnings in the year the Participant would have been credited with such earnings under the General Retirement Plan but for such reduction, deferral, waiver and/or grant],

  

	 	(B)	multiplied by a percentage which is 

  

	 	(1)	five percent for each year of service, or fraction thereof, with the Corporation up to a maximum of ten years, that an individual has been designated a Participant in this Plan,
plus 

  

	 	(2)	for each additional year that the Participant accrues a benefit under paragraph 3.3 of the General Retirement Plan, 1.3 percent for each additional year of service during the first
20 years of Continuous Service (as defined in the General Retirement Plan) and 1.4 percent for each other additional year of service or fraction thereof; 

 provided, however, that the aggregate of the percentages of this Subparagraph 6(B) shall not exceed the
sum of 60% plus one-quarter percent per year for each year or fraction thereof for such service exceeding 30 years, 
  

	 	(C)	reduced by the sum of the following (such reduction to commence and be fixed as of the respective calculation dates hereinafter stated): 

  

	 	(1)	the Participant’s accrued pension benefits calculated to be payable from any other defined benefit pension plans provided by the Corporation or its subsidiaries (including but
not limited to the General Retirement Plan, the Benefit Equalization Plan, the Earnings Adjustment Plan, the Officers’ Supplemental Retirement Plan, or any replacement or successor pension plans) as of the respective date or dates of earliest
entitlement (including the application of any early retirement factor) or, if later, the date of retirement under such pension plans, before any actuarial reduction for option election or conversion in Appendix I of the General Retirement Plan to a
life annuity; provided, however, that any such reduction shall not include the portion of any other pension benefit resulting from the Participant’s express contribution or any Increased Benefit calculated under paragraph 3.6 of the General
Retirement Plan, nor any benefits attributable to a defined contribution entitlement and 

  

	 	(2)	the amount of the Primary Social Security Retirement Benefit calculated to be payable as of the date of earliest entitlement or, if later, the date of Retirement hereunder.

  

	7.	Annual Supplemental Retirement Benefits 

  

	 	(A)	Normal Retirement. 

  

	 	(1)	A Participant shall receive upon Retirement a Normal Supplemental Retirement Benefit if he has attained (a) age 62 or older with five or more years of service with the Corporation
or its subsidiaries, or (b) thirty years of service with the Corporation or its subsidiaries. 

  

	 	(2)	The amount of such benefit will be the Annual Base Formula Retirement Benefit, as set forth in Section 6. 

  

	 	(B)	Early Retirement. 

  

	 	(1)	In the event of Retirement before attainment of eligibility for Normal Retirement, a Participant shall receive an Early Supplemental Retirement benefit as of the same month the
Participant commences monthly benefits from the General Retirement Plan or, in the case of a Participant who elects a lump sum under the General Retirement Plan, any month elected by the Participant that does not precede the earliest month in which
monthly benefits could have commenced from the General Retirement Plan in the absence of such lump sum election. 

	 	(2)	The amount of such benefit will be equal to the Annual Base Formula Retirement Benefit, as set forth in Section 6(A) and 6(B), reduced to its equivalent actuarial value from age 62
to the date of initial payment to the Participant based on the early retirement factors in paragraph 3.3(c)(2) of the General Retirement Plan, and subsequently adjusted for any further reduction required under Section 6(C). 

 

	 	(C)	Mutual Consent Retirement. 

  

	 	(1)	A Participant shall receive upon Retirement hereunder with ten or more years’ service with the Corporation or its subsidiaries, a Mutual Consent Retirement if: (a) he is
entitled to retire with monthly payments under the General Retirement Plan that are concurrent with benefits under this Plan, and (b) both the Participant and the Corporation agree that his Retirement under this Plan would be mutually beneficial.

  

	 	(2)	The amount of such benefit will be the Annual Base Formula Retirement Benefit, as set forth in Section 6. 

  

	 	(D)	Notwithstanding anything to the contrary contained in this Plan, no Participant, Spouse or other beneficiary may become entitled to benefits under this Plan without the Participant
or Former Participant first completing five consecutive years of service with the Corporation or its subsidiaries, unless otherwise provided in writing and expressly authorized by Board approval. 

  

	8.	General Provisions 

  

	 	(A)	The administration of this Plan shall be by the Pension Board appointed by the Board under the provisions of the General Retirement Plan. Any interpretation of this Plan shall be by
the Human Resources Committee of the Board. 

  

	 	(B)	The benefits provided by this Plan will be paid from the general assets of the Corporation or otherwise as the Board may from time to time determine. 

  

	 	(C)	The Board or, when so designated by the Board, the Human Resources Committee reserves the right at any time to modify or amend in whole or in part any or all of the provisions of
the Plan, subject to the provisions of the Supplemental Retirement Agreement between the Corporation and each Participant.

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