Document:

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                                                                   Exhibit 10.14

                                                                 August 31, 2004

                                     FORM OF

                           HAYNES INTERNATIONAL, INC.
                       NONQUALIFIED STOCK OPTION AGREEMENT

Dear ________________________:

     You are hereby granted an option (the "Option") to purchase _______________
Shares of Haynes International, Inc. pursuant to the Haynes International, Inc.
(the "Company") Stock Option Plan, dated as of August 31, 2004 (the "Plan"),
upon the following terms and conditions of this Nonqualified Stock Option
Agreement ("Agreement"):

     1.     PURCHASE PRICE OF THE OPTION. The purchase price of the Shares
subject to the Option is $12.80 per Share which is equal to the Fair Market
Value per Share as of the date of this Agreement. You must pay this purchase
price by personal or bank cashier's check at the time the Option is exercised;
provided, however, that, with the approval of the Committee, you may exercise
the Option by (i) tendering to the Company certificates representing whole
Shares owned by you duly endorsed for transfer, or (ii) surrendering a
sufficient portion of the vested Option based on the difference between the
exercise price of the Option and the Fair Market Value at the time of exercise
of the Shares subject to the Option, or (iii) any combination of (i) and/or (ii)
and cash, together having a Fair Market Value equal to the exercise price of the
Shares with respect to which the Option is exercised. For this purpose, any
Shares so tendered or withheld shall be deemed to have a Fair Market Value as
determined under the Plan.

     To exercise the Option, you must send written notice to the Committee at
the address provided in SECTION 11 of this Agreement. Such notice shall (1)
state the number of Shares being

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purchased pursuant to the Option; (2) be signed by the person or persons
exercising the Option; and (3) be accompanied by payment of the full purchase
price of such Shares (as provided above). Certificates evidencing Shares of the
Company shall not be delivered to you until an appropriate notice has been
delivered and payment has been made.

     2.     OPTION TERM AND VESTING. The term of the Option (the "Option Term")
shall be a period of ten (10) years from the date of this Agreement, subject to
earlier termination as provided in SECTIONS 3 and 4 or as may be provided in the
Plan. Except as otherwise provided below in SECTIONS 3 or 4 which provide for
accelerated vesting under certain circumstances, the Option shall become
exercisable with respect to 33-1/3 percent of the total number of Shares covered
by the Option on August 31, 2005 and with respect to an additional 33-1/3
percent on each of August 31, 2006 and August 31, 2007, respectively. When the
Option becomes exercisable with respect to any Shares, those Shares may be
purchased at any time, or from time to time, in whole or in part, until the
Option Term expires.

     3.     TERMINATION OF EMPLOYMENT OR SERVICE.

            (a)    Notwithstanding the vesting schedule set forth in SECTION 2,
     if you cease to be an Executive, a Non-Employee Director or a Discretionary
     Participant (as applicable) of the Company or a Subsidiary (as applicable)
     due to a Termination for Cause, or if you terminate employment without Good
     Reason, all outstanding Options whether vested or unvested shall be void
     and deemed to be forfeited upon the date your employment or service ceases
     and shall not be exercisable to any extent whatsoever.

            (b)    If you cease to be an Executive or a Discretionary
     Participant (as applicable) of the Company or a Subsidiary (as applicable)
     for any reason other than

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     Cause or for Good Reason, the unvested portion of the Option shall
     terminate immediately and the vested portion of the Option that is
     exercisable as of the date employment ceases shall remain exercisable for
     six (6) months following such termination, but not later than the
     expiration of the Option Term. If you do not exercise the Option during
     such period, the Option shall be void and deemed to have been forfeited
     upon the expiration of such period and shall be of no further force or
     effect.

            (c)    If you cease to be an Executive, a Non-Employee Director or a
     Discretionary Participant (as applicable) of the Company or a Subsidiary
     (as applicable) by reason of your death or Disability, the unvested portion
     of the Option shall immediately vest and become exercisable and the Option
     shall remain exercisable for six (6) months following the date of death or
     Disability, but not later than the expiration of the Option Term. If you,
     or your authorized representative in the case of death, do(es) not exercise
     the Option during such period, the Option shall be void and deemed to have
     been forfeited upon the expiration of such period and shall be of no
     further force or effect.

            (d)    If you cease to be an Executive, a Non-Employee Director or a
     Discretionary Participant (as applicable) of the Company or a Subsidiary
     (as applicable) by reason of your Retirement, the unvested portion of the
     Option shall terminate immediately, and the vested portion of the Option
     that is exercisable as of the date your employment or service ceases shall
     remain exercisable for six (6) months following the date of such
     Retirement, but not later than the expiration of the Option Term. If you do
     not exercise the Option during such period, the Option shall be void and
     deemed to have

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     been forfeited upon the expiration of such period and shall be of no
     further force or effect.

            (e)    If you cease to be an Executive or a Discretionary
     Participant of the Company or a Subsidiary (as applicable) by reason of
     your Disability or death and only if price quotations for the Shares are
     not available on any exchange or national market system, you or the
     beneficial holder of the Option, as the case may be, shall have the right
     during the exercise period provided in SECTION 3(c) above to demand that
     the Company purchase the vested portion of the Option from you, or such
     beneficial holder, at a value equal to the value of the difference between
     the Fair Market Value of the Shares and the exercise price of such Option.

     4.     ADJUSTMENT; CHANGE IN CONTROL.

            (a)    The Option may be adjusted or terminated in any manner as
     contemplated in the Plan.

            (b)    Unless the Committee determines otherwise in accordance with
     the terms of the Plan, or except as otherwise provided in Section 11 of the
     Plan, the vesting of the Option shall not accelerate upon the occurrence of
     a Change in Control.

            (c)    Except as provided herein, the Option may be exercised in
     whole at any time or in part at any time to the extent that the Shares
     under the Option are then exercisable. In no event, however, may the Option
     be exercised after the expiration of the Option Term, as described in
     SECTION 6 below.

     5.     TRANSFER RESTRICTIONS. The Option is non-transferable otherwise than
by will or the laws of descent and distribution. It may be exercised only by
you, or if you die, by your

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executor, administrator, or person(s) to whom the Option is transferred by will
or the laws of descent and distribution in accordance with SECTION 3.

     6.     EXPIRATION OF AGREEMENT. All rights to exercise the Option shall
expire, in any event, upon the expiration of the Option Term.

     7.     SHARE CERTIFICATES. Certificates evidencing Shares issued upon any
exercise of the Option may bear a legend setting forth among other things such
restrictions on the disposition or transfer of the Shares as the Company may
deem appropriate to comply with federal and state securities laws.

     8.     IMPACT OF AGREEMENT ON YOUR EMPLOYMENT OR SERVICE. Nothing contained
in this Agreement or the Plan shall restrict the right of the Company or any of
its Subsidiaries to terminate your employment or service at any time with or
without Cause subject to any written employment agreement.

     9.     AGREEMENT IS SUBJECT TO PLAN. This Agreement is subject to all
terms, provisions, and conditions of the Plan, which is incorporated herein by
reference, and to such regulation as may from time to time be adopted by the
Committee. In the event of any conflict between the provisions of the Plan and
the provisions of this Agreement, the terms, conditions, and provisions of the
Plan shall control, and this Agreement shall be deemed to be modified
accordingly.

     10.    NATURE OF OPTION. This Agreement is intended to grant a Nonqualified
Option.

     11.    NOTICE. all notices by you to the Company and your exercise of the
Option shall be addressed to Haynes International, Inc., 1020 West Park Avenue,
P.O. Box 9013, Kokomo,

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IN 46902, ATTENTION: Compensation Committee, or such other address as the
Company may, from time to time specify.

     12.    SECURITIES LAWS. Notwithstanding anything contained in this
Agreement or in the Plan to the contrary, the Option may not be exercised until
all applicable federal and state securities requirements pertaining to the offer
and sale of the securities issued pursuant to the Plan have been met and the
Company has been advised by counsel satisfactory to the Company that all
applicable requirements have been met. If requested by the Committee, you agree
to deliver to the Company such signed representations and covenants as may be
necessary, satisfactory to the Company in the opinion of counsel, for compliance
with applicable federal and state securities laws and such other instruments and
agreements as the Committee may reasonably request.

     13.    WITHHOLDING. The Company shall have the right to withhold from your
regular cash compensation, if any, or from any payments under this Agreement, or
require you to submit, amounts sufficient to satisfy any federal, state, or
local income or employment tax withholding requirements arising from your
exercise of any rights under this Agreement or make such other arrangements
satisfactory to the Company with regard to such taxes, including the withholding
of Shares of common stock that are subject to the Option, at such time as the
Company deems necessary or appropriate for compliance with such laws.

     14.    DEFINITIONS. All capitalized terms not otherwise defined herein
shall have the meanings assigned to them in the Plan.

                                        Very truly yours,

                                        HAYNES INTERNATIONAL, INC.

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                                        ---------------------------
                                        Chairman of the Board

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SCHEDULE OF EXECUTIVE OFFICERS AND DIRECTORS PARTY TO THE STOCK OPTION AGREEMENT

Bohan, Paul J.
Campion, Donald C.
Cijan, August A.
Corey, John C.
Hanson, Robert I.
Laird, James A.
Martin, Marcel
McCarthy, Timothy J.
Neel, Jean C.
Petro, Francis J.
Pinkham, Scott R.
Rothman, Michael F.
Spalding, Gregory M.
Sponaugle, Charles J.
Wall, William
Zabel, Ronald W.<Page>

                                                                   Exhibit 10.15

                                                                 August 31, 2004

                           HAYNES INTERNATIONAL, INC.
                       NONQUALIFIED STOCK OPTION AGREEMENT

Dear Francis J. Petro:

     You are hereby granted an option (the "Option") to purchase 200,000 Shares
of Haynes International, Inc. (the "Company") pursuant to the Haynes
International, Inc. Stock Option Plan, dated as of August 31, 2004 (the "Plan"),
upon the following terms and conditions of this Nonqualified Stock Option
Agreement ("Agreement"):

     1.     PURCHASE PRICE OF THE OPTION. The purchase price of the Shares
subject to the Option is $12.80 per Share which is equal to the Fair Market
Value per Share as of the date of this Agreement. You must pay this purchase
price by personal or bank cashier's check at the time the Option is exercised;
provided, however, that, with the approval of the Committee, you may exercise
the Option by (i) tendering to the Company certificates representing whole
Shares owned by you duly endorsed for transfer, (ii), surrendering a sufficient
portion of the vested Option based on the difference between the exercise price
of the Option and the Fair Market Value at the time of exercise of the Shares
subject to the Option, or (iii) any combination of (i) and/or (ii) and cash,
together having a Fair Market Value at the time of exercise equal to the
exercise price of the Shares with respect to which the Option is exercised. For
this purpose, any Shares so tendered or withheld shall be deemed to have a Fair
Market Value as determined under the Plan.

     To exercise the Option, you must send written notice to the Committee at
the address provided in SECTION 11 of this Agreement. Such notice shall: (1)
state the number of Shares

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being purchased pursuant to the Option; (2) be signed by the person or persons
exercising the Option; and (3) be accompanied by payment of the full purchase
price of such Shares (as provided above). Certificates evidencing Shares of the
Company shall not be delivered to you until an appropriate notice has been
delivered and payment in full has been made and received by the Company.

     2.     OPTION TERM AND VESTING. The term of the Option (the "Option Term")
shall be a period of ten (10) years from the date of this Agreement, subject to
earlier termination as provided in SECTIONS 3 and 4 or as may be provided in the
Plan. Except as otherwise provided below in SECTION 3 or 4, which provide for
accelerated vesting under certain circumstances, the Option shall become vested
and exercisable with respect to 33-1/3 percent of the total number of Shares
covered by the Option on August 31, 2005 and with respect to an additional
33-1/3 percent on each of August 31, 2006 and August 31, 2007, respectively.
When the Option becomes exercisable with respect to any Shares, those Shares may
be purchased at any time, or from time to time, in whole or in part, until the
Option Term expires.

     3.     TERMINATION OF EMPLOYMENT.

            (a)    Notwithstanding the vesting schedule set forth in SECTION 2,
     if you cease to be the CEO of the Company and all of its Subsidiaries due
     to Termination for Cause, all outstanding Options whether vested or
     unvested shall be void and deemed to be forfeited upon the date your
     employment ceases by reason of Termination for Cause and shall not be
     exercisable to any extent whatsoever. If you terminate employment during
     the employment term under your employment agreement without Good Reason,
     the unvested portion of the Option, shall terminate immediately and the
     vested portion of the Option shall remain exercisable for thirty (30) days
     following the date of such termination of

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     employment, but in no event later than the expiration of such Option as
     specified in this Agreement. If the Option is not exercised during this
     period, it shall be void and deemed to have been forfeited and be of no
     further force or effect.

            (b)    If you cease to be the CEO of the Company and all of its
     Subsidiaries for any reason other than Cause or for Good Reason, the
     unvested portion of the Option shall immediately vest and become
     exercisable and the Option shall remain exercisable for one (1) year
     following such termination, but not later than the expiration of the Option
     Term. If you do not exercise such Option during such period, the Option
     shall be void and deemed to have been forfeited upon the expiration of such
     period and shall be of no further force or effect. If your employment
     terminates upon expiration of the employment term under your existing or a
     subsequent employment agreement, the unvested portion of the Option shall
     terminate immediately and the vested portion of the Option shall remain
     exercisable for ninety (90) days following termination of employment, but
     in no event later than the expiration of the Option Term. If the Option is
     not exercised during this period, it shall be void and deemed to have been
     forfeited and be of no further force or effect.

            (c)    If you cease to be the CEO of the Company and all of its
     Subsidiaries by reason of your death, Disability or Retirement, the
     unvested portion of the Option shall immediately vest and become
     exercisable and the Option shall remain exercisable for one (1) year
     following the date of death or Disability and for six (6) months following
     the date of Retirement, but not later than the expiration of the Option
     Term. If you, or your authorized representative in the case of death,
     do(es) not exercise the Option during such

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     period, the Option shall be void and deemed to have been forfeited upon the
     expiration of such period and shall be of no further force or effect.

            (d)    In the event of your Disability or death and only if price
     quotations for the Shares are not available on any exchange or national
     market system, you or the beneficial holder of the Option, as the case may
     be, shall have the right during the exercise period provided in SECTION
     3(c) above to demand that the Company purchase the vested portion of the
     Option from you, or such beneficial holder, at a value equal to the value
     of the difference between the Fair Market Value of the Shares and the
     exercise price of such Option.

     4.     ADJUSTMENTS; CHANGE IN CONTROL.

            (a)    The Option may be adjusted or terminated in any manner as
     contemplated in the Plan.

            (b)    Unless the Committee determines otherwise in accordance with
     the terms of the Plan or except as otherwise provided in Section 11 of the
     Plan, the vesting of the Option shall not accelerate upon the occurrence of
     a Change in Control.

            (c)    Except as provided herein, the Option may be exercised in
     whole at any time or in part at any time to the extent that the Shares
     under the Option are then exercisable. In no event, however, may the Option
     be exercised after the expiration of the Option Term, as described in
     Section 6, below.

     5.     TRANSFER RESTRICTIONS. The Option is non-transferable otherwise than
by will or the laws of descent and distribution. It may be exercised during your
lifetime only by you, or if you die, by your executor, administrator, or
person(s) to whom the Option is transferred by will or the applicable laws of
descent and distribution in accordance with SECTION 3.

                                        4
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     6.     EXPIRATION OF AGREEMENT. All rights to exercise the Option shall
expire, in any event, upon the expiration of the Option Term.

     7.     SHARE CERTIFICATES. Certificates evidencing Shares issued upon any
exercise of the Option may bear a legend setting forth among other things such
restrictions on the disposition or transfer of the Shares as the Company may
deem appropriate to comply with federal and state securities laws.

     8.     IMPACT OF AGREEMENT ON YOUR EMPLOYMENT. Nothing contained in this
Agreement or the Plan shall restrict the right of the Company or any of its
Subsidiaries to terminate your employment at any time with or without Cause
subject to any written employment agreement.

     9.     AGREEMENT IS SUBJECT TO PLAN. This Agreement is subject to all
terms, provisions and conditions of the Plan, which is incorporated herein by
reference, and to such regulations as may from time to time be adopted by the
Committee. In the event of any conflict between the provisions of the Plan and
the provisions of this Agreement, the terms, conditions and provisions of the
Plan shall control, and this Agreement shall be deemed to be modified
accordingly.

     10.    NATURE OF THE OPTION. This Agreement is intended to grant a
Nonqualified Option.

     11.    NOTICE. All notices sent by you to the Company and your exercise of
the Option shall be addressed to Haynes International, Inc., 1020 West Park
Avenue, P.O. Box 9013, Kokomo, IN 46902, ATTENTION: Compensation Committee, or
such other address as the Company may from time to time specify.

     12.    SECURITIES LAWS. Notwithstanding anything contained in this
Agreement or in the Plan to the contrary, the Option may not be exercised until
all applicable federal and state securities requirements pertaining to the offer
and sale of the securities issued pursuant to the Plan have been met and the
Company has been advised by counsel satisfactory to the Company

                                        5
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that all applicable requirements have been met. If requested by the Committee,
you agree to deliver to the Company such signed representations and covenants as
may be necessary, satisfactory to the Company in the opinion of counsel, for
compliance with applicable federal and state securities laws and such other
instruments and agreements as the Committee may reasonably request.

     13.    WITHHOLDING. The Company shall have the right to withhold from your
regular cash compensation or from any payments under this Agreement, or require
you to submit, amounts sufficient to satisfy any federal, state or local income
or employment tax withholding requirements arising from your exercise of any
rights under this Agreement or make such other arrangements satisfactory to the
Company with regard to such taxes, including the withholding of Shares of common
stock that are subject to the Option, at such time as the Company deems
necessary or appropriate for compliance with such federal, state or local laws.

     14.    DEFINITIONS. All capitalized terms not otherwise defined herein
shall have the meanings assigned to them in the Plan.

                                           Very truly yours,

                                           HAYNES INTERNATIONAL, INC.

                                            /s/ John C. Corey
                                           ---------------------------------
                                           Chairman of the Board

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