Document:

Release Agreement and Covenant Not to Sue

 Exhibit 10.2 

RELEASE AGREEMENT AND COVENANT NOT TO SUE 

THIS RELEASE AGREEMENT AND COVENANT NOT TO SUE (this “Agreement”) is made as of August 30, 2010 (the
“Execution Date”) by and between AIG BAKER VESTAVIA, L.L.C., a Delaware limited liability company (“Borrower”), AIG/BAKER PARTNERSHIP, a Delaware general partnership
(“Guarantor”), and EXCEL VESTAVIA LLC, a Delaware limited liability company (“Purchaser”). 

WITNESSETH: 

WHEREAS, pursuant to that certain Construction Loan Agreement dated as of March 22, 2002, between Compass Bank
(“Original Lender”) and Borrower (the “Loan Agreement”), Lender has heretofore made a loan to Borrower in the amount of $33,000,000 (the “Loan”), which loan is evidenced by,
inter alia, that certain Promissory Note dated as of March 22, 2002 made by Borrower to Original Lender in the original principal amount of $33,000,000 (as amended and assigned, the “Note”) and that certain
Continuing Guaranty dated March 20, 2002 made by Guarantor in favor of Original Lender (the “Guaranty”); and 

WHEREAS, Original Lender assigned all of its right, title and interest in and to the Loan and Loan Agreement, Note and all other
documents evidencing the Loan (collectively, the “Loan Documents”) to Propst Properties, LLC, a Delaware limited liability company (“Propst Properties”) pursuant to that certain Assignment of Loan
Documents dated March 26, 2010 and recorded in Book LR201003, page 5856, in the Office of the Judge of Probate of Jefferson County, Alabama. 

WHEREAS, Propst Properties assigned all of its right, title and interest in and to the Loan and Loan Documents to Propst Vestavia LLC,
Delaware limited liability company (“Lender”), pursuant to that certain Assignment of Loan Documents dated March 26, 2010 and recorded in Book LR201003, page 5861, in the Office of the Judge of Probate of Jefferson
County, Alabama. 
 WHEREAS, pursuant to that certain Loan Purchase Contract dated as of August 19, 2010 (the
“Contract”) between Lender and Purchaser, Lender has agreed to sell to Purchaser all of Lender’s rights, privileges, benefits, entitlements and liens under the Loan and the Loan Documents (as defined in the Contract).

 NOW, THEREFORE, in consideration of the foregoing and for other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
 1. Recitals. The foregoing recitals are
true and correct and are incorporated herein by this reference. 
 2. Capitalized Terms. All capitalized terms
used herein and not separately defined herein shall have the meaning ascribed thereto in the Loan Agreement. 

 3. Release of Purchaser. Effective upon the Closing (as hereinafter defined),
for the good and valuable consideration set forth in this Agreement, the receipt and sufficiency of which is hereby acknowledged, each of Borrower and Guarantor, for itself and on behalf of its parent and subsidiary companies, affiliates, divisions,
business units, successors, assigns, heirs, predecessors-in-interest, and successors-in-interest, and each of its officers, directors, employees, representatives, agents, attorneys, partners, members, managers and shareholders (collectively, the
“Borrower Releasors”), hereby releases, acquits and forever discharges Purchaser and its respective affiliates, successors, assigns, predecessors-in-interest, and successors-in-interest, and each of their respective officers,
directors, employees, representatives, agents, and attorneys, partners, members, managers, and shareholders (collectively, the “Purchaser Releasees”), from and against any and all causes of action, suits, debts, liens,
obligations, liabilities, claims, demands, damages, judgments, losses, orders, penalties, costs and expenses including, without limitation, attorneys’ fees, of any kind or nature whatsoever, in law or in equity, whether known or unknown,
suspected or unsuspected, fixed or contingent, liquidated or unliquidated, accrued or unaccrued, which any of the Borrower Releasors have, own, hold, or claim to have, own, or hold, or at any time heretofore have had, owned, held or claimed to have
had, owned, or held against any of the Purchaser Releasees arising from, based upon, or related to, whether directly or indirectly, (i) the Loan; (ii) the Loan Documents; (iii) the Property; (iv) any and all other agreements,
documents or instruments referenced herein or in the Loan Documents or related hereto or thereto; (v) any defenses as to the enforcement of the Loan Documents; or (vi) any theory of lender liability (collectively, the “Purchaser
Released Matters”). Each of the Borrower Releasors hereby unconditionally and irrevocably agrees that it will not sue any Purchaser Releasee on the basis of any Lender Released Matter. If any Borrower Releasor violates the foregoing
covenant, each Borrower Releasor agrees, jointly and severally, to pay, in addition to such other damages as any Purchaser Releasee may sustain as a result of such violation, all reasonable and documented attorneys’ fees and costs incurred by
such Purchaser Releasee as a result of such violation. 
 4. Acknowledgment of Lost Promissory Note. Lender has
informed Purchaser that the original Note has been lost, and in connection with the Closing, Lender will be delivering to Purchaser a Lost Note Affidavit, duly executed by Lender, in lieu of the original Note. Borrower and Guarantor hereby
acknowledge that the original Note was duly executed and delivered to Original Lender, and thereafter, the original Note was duly assigned by Original Lender to Propst Properties and by Propst Properties to Lender. Borrower and Guarantor further
acknowledge that each is estopped from making any claim or asserting any defense based upon, or related to, whether directly or indirectly, the following: (i) the effectiveness and/or enforceability of the Lost Note Affidavit to be delivered by
Lender to Purchaser; (ii) the due execution and delivery of the original Note; (iii) the subsequent assignment of the original Note by Original Lender to Propst Properties and by Propst Properties to Lender; (iv) the effectiveness and
enforceability of the covenants and obligations of Borrower under the Note; (v) the inability of Purchaser to furnish the original Note; and (vi) following the Closing, Purchaser’s right to foreclose upon the Property pursuant to the
Loan Documents and pursue any and all other remedies available to Purchaser under the Loan Documents. 
 5. Limitation on
Agreement. Except as expressly provided herein, nothing contained in this Agreement shall alter or affect any provision, condition or covenant contained in the Loan Documents, or affect or impair any rights, powers or remedies thereunder, it
being the intent of the parties hereto that, except as expressly provided herein, all terms of the Loan Documents shall be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of Borrower
and Guarantor, as applicable. 
  

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 6. Covenant Not to Sue. Effective upon the Closing, Purchaser hereby agrees
that is shall not bring any suit, action, proceeding or claim, against Guarantor to enforce: (a) the payment of any outstanding amounts due under the Loan or any other indebtedness evidenced by the Loan Documents; and/or (b) the
performance of the other obligations of Borrower or Guarantor evidenced by the Loan Documents. 
 7. Closing of Loan
Purchase. The parties hereby acknowledge and agree that the closing of the transactions contemplated under the Contract (the “Closing”) shall be a condition precedent to the effectiveness of this Agreement and the
terms and conditions set forth herein. Upon the Closing, this Agreement shall automatically be deemed to be in full force and effect. 

8. Further Assurances. Each of Borrower and Guarantor agrees to take such further actions as Purchaser shall reasonably
request from time to time to evidence the agreements set forth herein. 
 9. Successors and Assigns. This
Agreement shall be binding upon, and shall inure to the benefit of, Borrower, Guarantor, Purchaser and their respective successors, assigns and personal representatives. Borrower, Guarantor and Purchaser hereby acknowledge and agree that Purchaser
and the Purchaser Releasees are intended third party beneficiaries under this Agreement and shall each have the right to enforce its rights under this Agreement as though a party hereto. 

10. No Waiver. None of the terms or provisions of this Agreement may be waived, altered or amended except by an instrument
in writing, duly executed by Borrower, Guarantor and Purchaser. 
 11. Counterparts. This Agreement may be
executed in any number of separate counterparts, each of which shall collectively and separately constitute one and the same agreement. A counterpart executed by a party hereto and transmitted to the other parties hereto via facsimile or e-mail will
have the same effect as the delivery of the original counterpart. 
 12. Governing Law. This Agreement and any
claim, controversy or dispute arising under or related to this Agreement shall in all respects be governed by, and construed, applied and enforced in accordance with, the internal laws of the State of Alabama without regard to principles of
conflicts of law. 
 13. Counsel. Each of the parties hereto acknowledges that it was represented by competent
counsel in connection with the negotiation and drafting of this Agreement and that this Agreement shall not be subject to the principle of construing the meaning against the person who drafted same. 

14. Severability. If any provision of this Agreement should be held unenforceable or void, that provision shall be deemed
severable from the remaining provisions and shall in no way affect the validity of this Agreement. 
  

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 15. Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF
BORROWER AND GUARANTOR HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, COUNTERCLAIM, SETOFF, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING OUT OF OR IN ANY WAY PERTAINING OR RELATING TO THIS AGREEMENT, THE LOAN AGREEMENT, THE NOTE OR THE
OTHER LOAN DOCUMENTS, OR (II) IN ANY WAY CONNECTED WITH OR PERTAINING OR RELATED TO OR INCIDENTAL TO ANY DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THE FOREGOING OR IN CONNECTION WITH THE TRANSACTIONS RELATED THERETO OR CONTEMPLATED THEREBY OR
THE EXERCISE OF ANY PARTY’S RIGHTS AND REMEDIES THEREUNDER, IN ALL OF THE FOREGOING CASES WHETHER NOR EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH OF BORROWER AND GUARANTOR AGREE THAT PURCHASER MAY
FILE A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED AGREEMENT OF EACH OF BORROWER AND GUARANTOR IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY, AND THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW,
ANY DISPUTE OR CONTROVERSY WHATSOEVER BETWEEN BORROWER, GUARANTOR AND PURCHASER SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

[SIGNATURES BEGIN ON FOLLOWING PAGE] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be properly executed
and delivered by their duly authorized officers to be effective as of the day and year first written above. 
  

					
	BORROWER:
	
	AIG BAKER VESTAVIA, L.L.C.,
a Delaware limited liability company
		
	By:	 	AIG Baker Shopping Center Properties,
L.L.C., a Delaware limited liability
company, its sole Member
			
		 	By:	 	/s/ Alex D. Baker
		 	Name:	 	Alex D. Baker
		 	Title:	 	President

  

							
	GUARANTOR:
	
	AIG/BAKER PARTNERSHIP,
a Delaware general partnership
		
	By:	 	Alex Baker Limited Partnership, a Georgia
limited partnership, its General Partner
			
		 	By:	 	A.B. Development, Inc., an Alabama
corporation, its General Partner
				
		 		 	By:	 	/s/ Alex D. Baker
		 		 	Name:	 	Alex D. Baker
		 		 	Title:	 	President

  

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	PURCHASER:
	
	EXCEL VESTAVIA LLC, a Delaware limited liability company
		
	By:	 	Excel Trust, L.P., a Delaware limited
partnership, its Manager
			
		 	By:	 	Excel Trust, Inc., a Maryland
corporation, its General Partner
				
		 		 	By:	 	/s/ Mark T. Burton
		 		 	Name:	 	Mark T. Burton
		 		 	Title:	 	Senior Vice President

  

 -6-Amended and Restated Change in Control Severance Plan

 Exhibit 10.1 

AMENDED AND RESTATED 

CARPENTER TECHNOLOGY CORPORATION 

CHANGE IN CONTROL SEVERANCE PLAN 

INTRODUCTION 

As is the case with many publicly held corporations, there exists the possibility of a Change in Control of the Company. This possibility
and the uncertainty it creates may result in the loss or distraction of employees of the Company and its Subsidiaries to the detriment of the Company and its stockholders. The avoidance of such loss and distraction is essential to protecting and
enhancing the best interests of the Company and its stockholders. 
 When a Change in Control is perceived as imminent, or is
occurring, the Company should be able to receive and rely on disinterested service from employees regarding the best interests of the Company and its stockholders without concern that employees might be distracted or concerned by the personal
uncertainties and risks created by the perception of an imminent or occurring Change in Control. 
 It is consistent with the
employment practices and policies of the Company and its Subsidiaries and in the best interests of the Company and its stockholders to treat fairly its employees whose employment terminates in connection with or following a Change in Control.
Accordingly, it has been determined that appropriate steps should be taken to assure the Company and its Subsidiaries of the continued employment and attention and dedication to duty of their employees and to seek to ensure the availability of their
continued service, notwithstanding the possibility, threat or occurrence of a Change in Control. 
 Therefore, in order to
fulfill the above purposes, the Carpenter Technology Corporation Change in Control Severance Plan was developed and adopted. 

The Company now desires to make certain amendments to the Carpenter Technology Corporation Change in Control Severance to provide
benefits that are more comparable to other companies in the Company’s industry. 
 Therefore, in order to fulfill the
immediately preceding purpose, the Carpenter Technology Corporation Change in Control Severance Plan has been amended and restated in its entirety effective September 1, 2010, with the exception of certain prospective amendments which are
effective on such other dates as set forth herein. 
 ARTICLE I 

ESTABLISHMENT OF PLAN 

As of the Effective Date, the Company hereby establishes a separation compensation plan known as the Carpenter Technology Corporation
Change in Control Severance Plan, as set forth in this document. 

 ARTICLE II 

DEFINITIONS 

As used herein the following words and phrases shall have the following meanings unless the context clearly indicates otherwise:

 (a) Affiliated Company. Any company controlled by, controlling or under common control with the Company. 

(b) Annual Salary. The Participant’s regular annual base salary immediately prior to his or her termination of employment,
including compensation converted to other benefits under a flexible pay arrangement maintained by the Company or any Subsidiary or deferred pursuant to a written plan or agreement with the Company or any Subsidiary, but excluding overtime pay,
allowances, premium pay, compensation paid or payable under any Company bonus or incentive plan of the Company or any Subsidiary or any similar payment. 

(c) Board. The Board of Directors of Carpenter Technology Corporation. 

(d) Cause. With respect to any Participant: (i) the willful and continued failure of the Participant to perform substantially
the Participant’s duties with the Company or any Subsidiary (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Participant by an
executive officer of the Company which specifically identifies the manner in which the executive officer believes that the Participant has not substantially performed the Participant’s duties, or (ii) the willful engaging by the
Participant in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company or any Subsidiary. For purposes of this definition, no act or failure to act on the part of the Participant shall be considered
“willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company or any Subsidiary. Any act or failure
to act based upon authority (A) given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the board of directors of the ultimate
parent of the Company, (B) upon the instructions of the Chief Executive Officer or another executive officer of the Company or any Subsidiary or (C) based upon the advice of counsel for the Company shall be conclusively presumed to be
done, or omitted to be done, by the Participant in good faith and in the best interests of the Company. Effective on the later of September 1, 2013 or the third anniversary of the date on which notice of the amendment of this section of the
Plan is provided to Participants, “Cause” shall mean any termination of a Participant’s employment with the Company or a Subsidiary which results from: 

(i) Participant’s conviction of a crime involving moral turpitude; 

 

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 (ii) Participant becoming incapable of performing the duties of his or her
employment with Company or Subsidiary due to loss or suspension of any license or certification required for the performance of those duties; 

(iii) conduct by Participant that is found by Company or Subsidiary to constitute fraud, embezzlement, or theft that
occurs during or in the course of Participant’s employment with Company or Subsidiary; 
 (iv) intentional
damage by Participant to Company’s or Subsidiary’s assets or property or the assets or property of Company’s or Subsidiary’s customers, vendors, or employees; 

(v) intentional disclosure by Participant of Company’s or Subsidiary’s confidential information contrary to
Company’s or Subsidiary’s policies or instructions received by Participant during or in the course of Participant’s employment with Company or Subsidiary; 

(vi) intentional engagement by Participant in any activity which would constitute a breach of duty of loyalty to Company
or Subsidiary; 
 (vii) conduct by Participant found by Company or Subsidiary to constitute a willful and
continued failure or refusal by Participant to substantially perform Participant’s duties for Company or Subsidiary (except as a result of incapacity due to physical or mental illness); 

(viii) Participant’s failure to comply with Company’s or Subsidiary’s policies or practices despite having
been advised and/or instructed regarding those policies or practices; or 
 (ix) conduct by Participant that is
demonstrably and materially injurious to Company or Subsidiary, monetarily or otherwise, as determined by Company or Subsidiary, including injury to Company’s or Subsidiary’s reputation or conduct by Participant otherwise having an adverse
affect upon Company’s or Subsidiary’s interests, as determined by Company or Subsidiary. 
 (e) Change in
Control. The occurrence of any of the following events: 
 (i) Any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of more than 50% of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, 

 

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for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the
Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company, or (D) any acquisition pursuant to a transaction that complies with clauses (A), (B), and
(C) of paragraph (iii) of this definition of Change in Control; 
 (ii) Individuals who, as of the date hereof,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board during any 12 month period; provided, however, that any individual becoming a director subsequent to the date
hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (iii) Consummation of a
reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company or the acquisition of the
assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and
entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate
entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting
securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body)
of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

 

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 (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution
of the Company. 
 (f) Code. The Internal Revenue Code of 1986, as amended from time to time. 

(g) Committee. The Human Resources Committee of the Board. 

(h) Company. Carpenter Technology Corporation and any successor or assignee to the business or assets which becomes bound by this
Plan by reason of Article V. 
 (i) Date of Termination. The date on which a Participant ceases to be an Employee of an
Employer within the meaning of Treasury Regulation Section 1.409A-1(h) and which constitutes a “separation from service.” 

(j) Disability. A qualified physician designated by the Company or a Subsidiary has reviewed and approved the determination that a
Participant is either: 
 (i) unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

(ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company or a Subsidiary. 

(k) Effective Date. August 20, 2007. 

(l) Employee. A full-time employee of an Employer and a member of the Employer’s “select group of management or highly
compensated employees,” as defined in ERISA Sections 201(2), 301(a)(3), and 401(a)(1). 
 (m) Employer. The Company
or any Subsidiary (or any parent corporation of the Company or any of such parent corporation’s subsidiaries) by which a Participant is employed. 

(n) ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time. 

(o) Good Reason. With respect to any Participant, without such Participant’s written consent, actions taken by the Company
resulting in a material negative change in the employment relationship. For these purposes, a “material negative change in the employment relationship” includes: (i) any reduction in the Participant’s Annual Salary or Target
Annual 
  

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Bonus opportunity, as in effect during the 120-day period immediately preceding the Change in Control (or as such amounts may be increased from time to time), other than as a result of an
isolated and inadvertent action not taken in bad faith; (ii) the Employer requiring the Participant to relocate his or her principal place of business to a location which is more than 35 miles from his or her previous principal place of
business; (iii) the assignment to the Participant of any duties inconsistent in any material and adverse respect with the duties assigned to the Participant during the 120-day period immediately prior to a Change in Control, other than an
isolated, insubstantial and inadvertent action that is not taken in bad faith; or (iv) any material reduction in benefits of the Participant, as in effect during the 120-day period immediately preceding the Change in Control, other than as a
result of an isolated and inadvertent action not taken in bad faith; provided, however, that no material reduction shall be deemed to have occurred following a Change in Control if the benefits provided to the Participant are
(A) reasonably equivalent to the benefits provided to similarly situated employees of the company resulting from a Business Combination and its subsidiaries, and (B) comparable to the benefits provided to the Participant immediately prior
to the Change in Control; (v) any purported termination of the Plan otherwise than as expressly permitted by the Plan; or (vi) any failure by the Employer to comply with and satisfy Article VI of the Plan. Notwithstanding the foregoing, a
Participant’s mental or physical incapacity following the occurrence of a material negative change in the employment relationship shall not affect a Participant’s ability to terminate employment for Good Reason. In order to invoke a
termination for Good Reason, the Participant shall provide written notice to the Company of the existence of one or more of the conditions described in clauses (i) through (iv) within 90 days after the Participant has knowledge of such
condition or conditions, and the Company shall have 30 days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition. In the event that the Company fails to remedy the condition constituting
Good Reason during the Cure Period, the Participant must terminate employment, if at all, within 90 days following the Cure Period in order to terminate employment for Good Reason. Effective on the later of September 1, 2013 or the third
anniversary of the date on which notice of the amendment of this section of the Plan is provided to Participants, “Good Reason” shall mean a Participant’s voluntary termination of employment within the ninety (90) day period
following the initial existence of one or more of the following conditions arising without the Participant’s consent: 

(i) a material diminution in the Participant’s Annual Salary; 

(ii) a material permanent diminution in the Participant’s authority, duties, or responsibilities; 

(iii) a material change in the geographic location at which the Participant must perform services which is at least
fifty (50) miles from his or her current principal place of work; 
 (iv) change in title from Chief
Executive Officer or Chief Financial Officer to a non-Chief Executive Officer or non-Chief Financial Officer title; or 
  

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 (v) any other action or inaction that constitutes a material breach by the
Company or a Subsidiary of any employment agreement between the Participant and the Company or Subsidiary; and 
 within thirty (30) days
following the initial existence of a condition described in subsections (i) through (iv) above, the Participant must provide notice to the Company or Subsidiary of the existence of the condition, and the Company or Subsidiary must fail to
remedy the condition within thirty (30) days of receipt of such notice. 
 (p) Participant. Any Employee whose
employment is classified as job class 9 or above and any other Employee employed by the Company or any of its Affiliated Companies in an equivalent position who is designated as a Participant by the Chief Executive Officer of the Company;
provided, however, that no individual who is a party to a separately executed change in control or similar agreement with the Company or any of its Affiliated Companies entered into prior to a Change in Control shall be a Participant
so long as such agreement remains in force. Each individual who is a Participant immediately prior to a Change in Control shall remain a Participant at least until the second anniversary of the Change in Control. Notwithstanding the foregoing,
individuals employed primarily outside of the United States are not eligible to be Participants. Effective on the later of September 1, 2013 or the third anniversary of the date on which notice of the amendment of this section of the Plan is
provided to Participants, this subsection shall be applied by substituting “Job Profile E1 or above” for “ job class 9 or above.” 

(q) Plan. Amended and Restated Carpenter Technology Corporation Change in Control Severance Plan. 

(r) Separation Benefits. The benefits described in Section 4.2 and Appendices A, B and C that are provided to qualifying
Participants under the Plan. 
 (s) Subsidiary. Any corporation in which the Company, directly or indirectly, holds a
majority of the voting power of such corporation’s outstanding shares of capital stock. 
 (t) Target Annual Bonus.
The Participant’s target bonus under the Company’s annual incentive plans for the fiscal year in which such Participant’s Date of Termination occurs (or, if no target bonus has been set for such fiscal year, the Participant’s
target bonus for the immediately preceding fiscal year). 
 ARTICLE III 

ELIGIBILITY 

A Participant shall cease to be a Participant in the Plan only as a result of an amendment or termination of the Plan complying with
Article VI of the Plan, or when the Participant ceases to be an Employee of any Employer, unless, at the time the Participant ceases to be an Employee, such Participant is entitled to payment of a Separation Benefit as provided in the Plan. A
Participant entitled to payment of a Separation Benefit or any other amounts under the Plan shall remain a Participant in the Plan until the full amount of the Separation Benefit and any other amounts payable under the Plan have been paid to the
Participant. 
  

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 ARTICLE IV 

SEPARATION BENEFITS 

3.1 Terminations of Employment Which Give Rise to Separation Benefits Under This Plan. A Participant shall be entitled to
Separation Benefits as set forth in Section 4.2 below if, at any time during the two-year period immediately following a Change in Control, the Participant’s employment is terminated (i) by the Employer for any reason other than
Cause, death, or Disability or (ii) by the Participant for Good Reason. 
 3.2 Separation Benefits. If a
Participant’s employment is terminated in circumstances entitling such participant to Separation Benefits pursuant to Section 4.1, the Company shall provide to such Participant, within ten days following the Date of Termination, a lump sum
cash payment and the continued benefits and outplacement as set forth in Appendix A, B or C, as applicable, For purposes of determining the benefits set forth in Appendix A, B or C, if the termination of the Participant’s employment is for Good
Reason based upon a reduction of the Participant’s Annual Salary, opportunity to earn Target Annual Bonuses, or other compensation or employee benefits, such reduction shall be ignored. 

3.3 Other Benefits Payable. To the extent not theretofore paid or provided, the Company shall timely pay or provide (or cause to
be paid or provided) to a Participant entitled to the Separation Benefits, any amounts or benefits required to be paid or provided to the Participant, or which the Participant is eligible to receive, under the General Retirement Plan for Employees
of Carpenter Technology Corporation (the “GRP”), and the Separation Benefits shall be reduced, dollar for dollar (but not below zero), by any amounts received by the Participant pursuant to the GRP. Any other severance pay or pay in
lieu of notice required to be paid to such Participant under applicable law or under any other severance pay plan or policy of the Company or any Employer, including, without limitation, under the Severance Pay Plan for Salaried Employees of
Carpenter Technology Corporation (but excluding the GRP) shall be reduced, dollar for dollar (but not below zero), by the Separation Benefits. The Separation Benefits shall in no event affect a Participant’s eligibility for or entitlement to
benefits under the GRP or any other qualified or nonqualified retirement or pension benefit or welfare or fringe benefit plan, program, policy, practice, contract or agreement of the Company and its Affiliated Companies. Without limiting the
generality of the foregoing, the Participant’s resignation under this Agreement with or without Good Reason, shall in no way affect the Participant’s ability to terminate employment by reason of the Participant’s
“retirement” under any compensation and benefits plans, programs or arrangements of the Affiliated Companies, including without limitation any retirement or pension plans or arrangements or to be eligible to receive benefits under any
compensation or benefit plans, programs or arrangements of the Affiliated Companies, including without limitation any retirement or pension plan or arrangement of the Affiliated 

 

 -8- 

 
Companies or substitute plans adopted by the Company or its successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a
“retirement” for purposes of any such plan. 
 3.4 Certain Reduction of Payments by the Company. 

(a) Reduction of Certain Payments. For purposes of this Section 4.4: (i) a “Payment” shall mean any
payment or distribution in the nature of compensation to or for the benefit of the Participant, whether paid or payable pursuant to this Plan or otherwise; (ii) “Plan Payment” shall mean a Payment paid or payable pursuant to
this Plan (disregarding this Section 4.4); (iii) “Present Value” shall mean such value determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code; and (iv) “Reduced Amount”
shall mean an amount expressed in Present Value that maximizes the aggregate Present Value of Plan Payments without causing any Payment to be nondeductible by the Company or Employer because of Section 280G of the Code. 

(b) Anything in this Plan to the contrary notwithstanding, in the event PricewaterhouseCoopers LLP or such other accounting firm selected
by the Company prior to the Change in Control (the “Accounting Firm”) shall determine that receipt of all Payments would subject the Participant to tax under Section 4999 of the Code, the aggregate Plan Payments shall be
reduced (but not below zero) to meet the definition of Reduced Amount. 
 (c) If the Accounting Firm determines that aggregate
Plan Payments should be reduced to the Reduced Amount, the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof, and the Participant may then elect, in his or her sole discretion, which and
how much of the Plan Payments shall be eliminated or reduced (as long as after such election the Present Value of the aggregate Plan Payments equals the Reduced Amount), and shall advise the Company in writing of his or her election within 30 days
of his or her receipt of notice. If no such election is made by the Participant within such 30-day period, the Company may elect which of such Plan Payments shall be eliminated or reduced (as long as after such election the Present Value of the
aggregate Plan Payments equals the Reduced Amount) and shall notify the Participant promptly of such election. All determinations made by the Accounting Firm under this Section shall be binding upon the Company and the Participant and shall be made
within 60 days of a termination of employment of the Participant. As promptly as practicable following such determination, the Company shall pay to or distribute for the benefit of the Participant such Plan Payments as are then due to the
Participant under this Plan and shall promptly pay to or distribute for the benefit of the Participant in the future such Plan Payments as become due to the Participant under this Plan. 

(d) As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Participant pursuant to this Plan which should not have been so paid or distributed
(“Overpayment”) or that additional amounts which will have not been paid or distributed by the 
  

 -9- 

 
Company to or for the benefit of the Participant pursuant to this Plan could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of
the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or the Participant which the Accounting Firm believes has a high probability of
success determines that an Overpayment has been made, any such Overpayment paid or distributed by the Company to or for the benefit of the Participant shall be treated for all purposes as a loan to the Participant which the Participant shall repay
to the Company together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by the
Participant to the Company if and to the extent such deemed loan and payment would not either reduce the amount on which the Participant is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In
the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant
together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. 
 (e) All fees and
expenses of the Accounting Firm in implementing the provisions of this Section 4.4 shall be borne by the Company. 
 ARTICLE
V 
 SUCCESSOR TO COMPANY 

4.1 This Plan shall bind any successor of the Company or to all or substantially all of its assets or its businesses (whether direct or
indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place. 

4.2 In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this
Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no
such succession had taken place. 
 ARTICLE VI 

DURATION, AMENDMENT AND TERMINATION 

5.1 Duration of Plan. If a Change in Control has not occurred and the Board does not have knowledge of an event that could
reasonably be expected to constitute a Change in Control, this Plan may be terminated by resolution adopted by the Board; provided that the Participants are given written notice of such termination three years in advance of such termination.
If a Change in Control occurs while this Plan is in effect, this Plan shall continue in full force and effect for at least two years following such Change in Control, and shall not terminate or expire until after all Participants who become entitled
to any payments hereunder shall have received such payments in full. 
  

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 5.2 Amendment or Termination. The Board may amend or terminate this Plan;
provided, that this Plan may not be terminated or amended in a manner adverse to Participants prior to the third anniversary of the date on which notice of such amendment or termination is provided to the Participants or during the two-year
period following a Change in Control. 
 5.3 Procedure for Extension, Amendment or Termination. Any extension, amendment
or termination of this Plan by the Board in accordance with the foregoing shall be made by action of the Board in accordance with the Company’s charter and by-laws and applicable law. 

5.4 Delegation of Power to Amend or Termination. The powers of the Board under this Section 6 may be delegated to the Human
Resources Committee of the Board. 
 ARTICLE VII 

MISCELLANEOUS 

6.1 Full Settlement. The Company’s obligation to make the payments provided for under this Plan and otherwise to perform its
obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against a Participant or others. In no event shall a Participant be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan and such amounts shall not be reduced whether or not the Participant obtains other employment. The Company
agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses which a Participant may reasonably incur as a result of any contest by the Company, the Participant or others of the validity or enforceability of, or
liability under, any provision of this Plan or any guarantee of performance thereof (including as a result of any contest by the Participant about the amount of any payment pursuant to this Plan), provided, that the Participant shall be
required to reimburse the Company for such payments if the Participant does not prevail on substantially all of the issues in connection with such dispute. 

6.2 Employment Status. This Plan does not constitute a contract of employment or impose on the Participant or the
Participant’s Employer any obligation for the Participant to remain an Employee or change the status of the Participant’s employment or the policies of the Company and its Subsidiaries regarding termination of employment. For purposes of
this Plan, employment with any of the Company’s Subsidiaries or any parent corporation of the Company or any of its subsidiaries shall be treated as continued employment with the Company. 

 

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 6.3 Confidential Information. Each Participant shall hold in a fiduciary capacity for
the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its Affiliated Companies, and their respective businesses, which shall have been obtained by the Participant during the
Participant’s employment by the Company or any of its Affiliated Companies and which shall not be or become public knowledge (other than by acts by the Participant or representatives of the Participant in violation of this Plan). After
termination of a Participant’s employment with the Company, the Participant shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 7.3 constitute a basis for deferring or withholding any amounts otherwise payable under
this Plan. 
 6.4 Named Fiduciary; Administration. The Company is the named fiduciary of the Plan, and shall administer
the Plan, acting through the Plan Committee of the GRP (the “Administrative Committee”). 
 6.5 Claim
Procedure. If an Employee or former Employee makes a written request alleging a right to receive benefits under this Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Company shall treat it as a claim
for benefit. All claims for benefit under the Plan shall be sent to the Administrative Committee and must be received within 30 days after termination of employment. If the Company determines that any individual who has claimed a right to receive
benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing of its determination and the reasons therefor in a manner calculated to be understood by the
claimant. The notice will be sent within 60 days of the claim. The notice shall make specific reference to the reasons for denial and pertinent Plan provisions on which the denial is based, and describe any additional material or information
necessary for the claim to succeed and a description of why it is necessary. Such notice shall, in addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the
claimant desires to contest the denial of the claim. The claimant may within 90 days thereafter submit in writing to the Company a notice that the claimant contests the denial of his or her claim by the Company and desires a further review. The
Administrative Committee shall within 60 days thereafter review the claim and authorize the claimant to appear personally and review pertinent documents and submit issues and comments relating to the claim to the persons responsible for making the
determination on behalf of the Company. The Company will render its final decision with specific reasons therefor and in a manner calculated to be understood by the claimant, and will transmit it to the claimant within 60 days of the written request
for review. If the Company fails to respond to a claim filed in accordance with the foregoing within 60 days, the Company shall be deemed to have denied the claim. This Section 7.5 shall not serve to prohibit any Participant from bringing an
action in a court of competent jurisdiction to enforce his or her rights under the Plan after satisfaction of the foregoing procedures. Notwithstanding the foregoing, the claims and appeals procedure provided for in this Section 7.5 will be
provided for the use and benefit of Participants who may choose to use 
  

 -12- 

 
such procedures, but compliance with the provisions of these claims and appeals procedures will not be mandatory for any Participant claiming benefits after a Change in Control. It will not be
necessary for any Participant to exhaust these procedures and remedies after a Change in Control prior to bringing any legal claim or action, or asserting any other demand, for payments or other benefits to which such participant claims entitlement.

 6.6 Unfunded Plan Status. All payments pursuant to the Plan shall be made from the general funds of the Company and no
special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of
participating in the Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating
funds to pay its obligations under the Plan. 
 6.7 Validity and Severability. The invalidity or unenforceability of any
provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 6.8 Governing Law. The validity, interpretation, construction
and performance of the Plan shall in all respects be governed by the laws of the State of Delaware without reference to principles of conflict of law, except to the extent pre-empted by Federal law. 

6.9 Top-Hat Plan. For purposes of ERISA, the Plan is intended to constitute a “top-hat” plan, as described in Sections
201(2), 301(a)(3), and 401(a)(1) of ERISA and the regulations promulgated thereunder. 
 6.10 Section 409A.
Notwithstanding any provision of this Agreement to the contrary, to the extent that the benefits provided under subsections (b) and (c) of Appendices A, B and C, Section 4.4, and Section 7.1 are not “disability pay” or
“death benefit” plans within the meaning of Treasury Regulation Section 1.409A-1(a)(5), then (i) the amount of such benefits provided during one calendar year shall not affect the amount of such benefits provided in any other
taxable year, except to the extent such benefits consist of the reimbursement of expenses referred to in Section 105(b) of the Code in which case a limitation may be imposed on the amount of such reimbursements as described in Treasury
Regulation Section 1.409A-3(i)(1)(iv)(B); (ii) any benefits that are reimbursements must be made on or before the last day of the calendar year following the calendar year in which the fee or expense was incurred (provided, that the
Participant shall have submitted an invoice for such fee or expense at least 10 days before the end of the calendar year next following the calendar year in which such fee or expense was incurred) or, in the case of the benefits under
Section 4.4, the tax was due to the applicable taxing authority; and (iii) to the extent any such benefit is an in-kind benefit, such benefit may not be liquidated or exchanged for another benefit. In addition, within the time period
permitted by the applicable Treasury Regulations, the Company may, in consultation with 
  

 -13- 

 
the Participant, modify the Agreement, in the least restrictive manner necessary and without any diminution in the value of the payments to the Participant, in order to cause the provisions of
the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Participant pursuant to Section 409A of the Code. The Plan is intended to be exempt from the application
of Code Section 409A. To the extent this Plan is determined to be subject to Code Section 409A and a provision of the Plan is contrary to or fails to address the requirements of Code Section 409A and related Treasury Regulations, the
Plan shall be construed and administered as necessary to comply with such requirements to the extent allowed under applicable Treasury Regulations until the Plan is appropriately amended to comply with such requirements. Furthermore, to the extent
this Plan is determined to be subject to Code Section 409A, any payment made on account of the termination of a “specified employee” (as determined under Treas. Reg. § 1.409A-1(i)) shall be made on the date that is six
(6) months after the Employee’s Date of Termination to the extent necessary to comply with the requirements of Code Section 409A and related Treasury Regulations; provided, however, that the payments of vested amounts to which the
Employee would have been entitled during such 6-month period, but for this Section, shall be accumulated and paid to the Employee on the first (1st) day of the seventh (7th) month following the Employee’s Date of Termination.

  

 -14- 

 APPENDIX A 

(E4 PROFILE) 
 If the
Participant is a Chief Executive Officer of the Employer on the Date of Termination, he or she shall receive the following Separation Benefits in accordance with Section 4.2. 

(a) A cash lump sum which shall be the aggregate of the amounts set forth in clauses (i), (ii), (iii) and (iv): 

(i) the sum of (A) any portion of the Participant’s Annual Salary earned through the Date of Termination that was not
previously paid and (B) any accrued vacation pay, in each case to the extent not theretofore paid and in full satisfaction of the rights of the Participant thereto; 

(ii) an amount equal to three (3) times the Participant’s Annual Salary; 

(iii) an amount equal to one (1) times the Participant’s Target Annual Bonus; and 

(iv) an amount equal to eighteen (18) months of the Employer and Employee portion of the cost at the Date of Termination of
continuing group medical, prescription and dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), with interest on the amount at the applicable federal rate provided for in
Section 7872(f)(2) of the Code. 
 (b) The Company shall at its sole expense provide the Participant with reasonable outplacement services
during the one-year period following the Participant’s Date of Termination. The Participant shall not, however, be entitled to any payment in lieu of accepting outplacement assistance services. 

(c) If the Participant (and eligible family members) elect COBRA, the Employer shall continue coverage until the earlier of (a) the end of the COBRA
period, or (b) such earlier date that the Participant is covered under another group health plan, subject to the terms of such plan and applicable law. 

(d) Any reimbursements or in-kind benefits provided under this Plan that are subject to Code Section 409A shall be made or provided in accordance
with the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in the Plan, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the

  

 -15- 

 
reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit. 
  

 -16- 

 APPENDIX B 

(E3 PROFILE) 
 If the
Participant is an Executive Vice President or Senior Vice President of the Employer on the Date of Termination, he or she shall receive the following Separation Benefits in accordance with Section 4.2. 

(a) A cash lump sum which shall be the aggregate of the amounts set forth in clauses (i), (ii), (iii) and (iv): 

 

	 	(i)	the sum of (A) any portion of the Participant’s Annual Salary earned through the Date of Termination that was not previously paid and (B) any accrued
vacation pay, in each case to the extent not theretofore paid and in full satisfaction of the rights of the Participant thereto; 

  

	 	(ii)	an amount equal to two (2) times the Participant’s Annual Salary; 

 

	 	(iii)	an amount equal to one (1) times the Participant’s Target Annual Bonus; and 

 

	 	(iv)	an amount of six (6) months of the Employer and Employee portion of the cost at the Date of Termination of continuing group medical, prescription and dental
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), with interest on the amount at the applicable federal rate provided for in Section 7872(f)(2) of the Code.

 (b) The Company shall at its sole expense provide the Participant with reasonable outplacement services during the one-year
period following the Participant’s Date of Termination. The Participant shall not, however, be entitled to any payment in lieu of accepting outplacement assistance services. 

(c) If the Participant (and eligible family members) elect COBRA, the Employer shall continue coverage until the earlier of (a) the end of the COBRA
period, or (b) such earlier date that the Participant is covered under another group health plan, subject to the terms of such plan and applicable law. 
  

	 	(d)	 Any reimbursements or in-kind benefits provided under this Plan that are subject to Code Section 409A shall be made or provided in accordance with
the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in the Plan, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits 

  

 -17- 

	 	 
provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an
eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit. 

  

 -18- 

 APPENDIX C 

(E1/E2 PROFILE) 
 If the
Participant is a Vice President or Assistant Vice President of the Employer on the Date of Termination, he or she shall receive the following Separation Benefits in accordance with Section 4.2. 

(a) A cash lump sum which shall be the aggregate of the amounts set forth in clauses (i), (ii) and (iii): 

(i) the sum of (A) any portion of the Participant’s Annual Salary earned through the Date of Termination that was not previously paid and
(B) any accrued vacation pay, in each case to the extent not theretofore paid and in full satisfaction of the rights of the Participant thereto; 

(ii) an amount equal to one (1) times the Participant’s Annual Salary; and 

(iii) an amount equal to one (1) times the Participant’s Target Annual Bonus. 

(b) The Company shall at its sole expense provide the Participant with reasonable outplacement services during the one-year period following the
Participant’s Date of Termination. The Participant shall not, however, be entitled to any payment in lieu of accepting outplacement assistance services. 

(c) If the Participant (and eligible family members) elect COBRA, the Employer shall continue coverage until the earlier of (a) six months before
the end of the COBRA period, or (b) such earlier date that the Participant is covered under another group health plan, subject to the terms of such plan and applicable law. 

(d) Any reimbursements or in-kind benefits provided under this Plan that are subject to Code Section 409A shall be made or provided in accordance
with the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in the Plan, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be
made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

 

 -19-

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