Document:

Officers and Key Employee Supplemental Retirement Plan

 Exhibit 10G 
 OFFICERS AND KEY EMPLOYEES 
 SUPPLEMENTAL RETIREMENT PLAN OF 
 CARPENTER TECHNOLOGY CORPORATION 
 Restated August 20, 2007 
 INTRODUCTION 
 The Officers Supplemental Retirement Plan of Carpenter Technology Corporation (“OSRP”) was authorized by the Board of Directors of Carpenter
Technology Corporation to be applicable effective January 1, 1983 to pay certain benefits which Participants would have been entitled to receive under the General Retirement Plan, but which may not be paid under the General Retirement Plan as a
result of the application of section 415 of the Code. Following the expansion of the related employee deferred compensation plan to include “officers and key employees,” this Plan and its title were amended to recognize the expanded
population under the employee deferred compensation plan. Effective January 1, 2004, the former OSRP was amended to be the Officers and Key Employees Supplemental Retirement Plan of Carpenter Technology Corporation. 
 All benefits payable under this Plan shall be paid out of the general assets of the Company. 
 Article I - Definitions 
 1.1 “Adjusted GRP Benefit”
shall mean the gross amount of monthly benefits payable to or on account of the Participant as calculated under the General Retirement Plan (disregarding any reduction in the amount of benefits under the General Retirement Plan attributable to any
provision therein incorporating limitations imposed by section 415 of the Internal Revenue Code of 1986, and the regulations thereunder, as amended). 
 1.2 “Benefits” shall mean the monthly benefits payable to or on behalf of a Participant as a result of a Commencement Event, calculated as: 
 1.2.1 the Adjusted GRP Benefit (but calculated using Earnings as defined in Section 1.9 herein to modify the definition of “earnings”
contained in the General Retirement Plan) that is (or would be payable except for the Participant’s deferral of payments thereunder) as of the date of such Commencement Event or, if earlier, were paid at the commencement of General Retirement
Plan payments, minus 
 1.2.2 the Adjusted GRP Benefit that is (or would be payable except for the Participant’s deferral of
payments thereunder) as of the date of such Commencement Event or, if earlier, were paid at the commencement of General Retirement Plan payments. 
 Where the benefit under the General Retirement Plan begins at a date other then the Commencement Event determined under Section 1.4 of this Plan, the monthly amount, if any, payable under this Plan will be adjusted by an enrolled
actuary to preserve the value of the 

 
Benefits. Where the General Retirement Plan benefit is paid as a lump sum or commences after the Commencement Event, the form of benefit under the General
Retirement Plan used to determine the value of Benefits under this Plan will be determined by marital status of the Participant at the Commencement Date or, if earlier, payment of a lump sum under the General Retirement Plan. At such date, single
Participants will be calculated based upon a single-life annuity and married Participants as a 50% joint and survivor annuity. 
 If a
Participant who is receiving Benefits hereunder as a result of a Commencement Event other than a Change in Control is subsequently reemployed by the Company, the monthly payments under the Plan shall be discontinued and, upon such Participant’s
subsequent Separation from Service, the Participant’s Benefits, if any, under the Plan shall be recomputed in accordance with this Section 1.2 and shall again become payable to such Participant in accordance with the provisions of the
Plan. 
 1.3 “Board” shall mean the Board of Directors of Carpenter Technology Corporation. 
 1.4 “Change in Control” means and includes each of the following: 
 1.4.1 The acquisition by any person, entity, or group of persons (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (each, a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of either (i) 50% or more of the then outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (ii) 30% or more of the total 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, the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by a Person that is considered immediately prior to such
acquisition or acquisitions to effectively control the Company within the meaning of Section 409A of the Code, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated
company or (iv) any acquisition by any corporation pursuant to a transaction that complies with Sections 1.4.3(i), 1.4.3(ii), and 1.4.3(iii); 
 1.4.2 the date a majority of the individuals who constitute the Board (the “Incumbent Board”) cease for any reason, during any 12-month period, to constitute at least a majority of the Board; provided, however, that any individual
becoming a director during such 12-month period 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; 
  

 – 2 – 

 1.4.3 consummation of a reorganization, merger, consolidation or 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 (a “Business Combination”), in each case, unless, following such Business Combination, (i) 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 and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the surviving entity resulting from such Business
Combination (including, without limitation, a surviving 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, (ii) no Person (excluding any surviving entity
resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such surviving entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the
then-outstanding shares of common stock of the surviving entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such surviving entity, except to the extent that such ownership
existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the surviving 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 
 1.4.4 approval by the stockholders of
the Company of a complete liquidation or dissolution of the Company. 
 1.5 “Code” means the Internal Revenue Code of 1986,
and the regulations thereunder, as amended. 
 1.6 “Commencement Event” with respect to a Participant’s or Surviving
Spouse’s Benefit shall mean the date of a Change in Control or, if earlier, the first day of the month following the earliest of the following to occur: 
 1.6.1 Separation from Service after a determination of Disability following completion of 15 or more years of service; 
 1.6.2 Separation from Service or death with 10 but less than 30 years of service and, if under age 55, attainment of age 55; 
 1.6.3 Separation from Service or death with a vested benefit under the General Retirement Plan but less than 10 years of service and, if under age 60, attainment of age 60; or 
  

 – 3 – 

 1.6.4 Separation from Service or death following completion of 30 or more years of service. 

1.7 “Company” shall mean Carpenter Technology Corporation. 
 1.8 “Disability” shall mean that a qualified physician designated by the Company has reviewed and approved the determination that the
Participant: 
 1.8.1 is unable to engage in any substantial gainful activity 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, or 
 1.8.2 is, 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. 
 1.9
“Earnings” shall mean “earnings” as determined under the General Retirement Plan but also including any amounts deferred pursuant to the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology
Corporation. 
 1.10 “Effective Date” shall mean January 1, 1983. 
 1.11 Employee” shall mean “employee” as determined under the General Retirement Plan. 
 1.12 “General Retirement Plan” or “GRP” 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. 
 1.13 “Participant” shall mean any person who participates in the Plan as provided in Article 2. 
 1.14 “Pension Board” shall mean the Pension Board as defined in the General Retirement Plan. 
 1.15 “Plan” shall mean the Officers and Key Employees Supplemental Retirement Plan of Carpenter Technology Corporation, as described
herein or as hereafter amended, and the predecessor Officers’ Supplemental Retirement Plan of Carpenter Technology Corporation. 
  

 – 4 – 

 1.16 “Separation from Service” shall mean a Participant’s termination of employment
with the Company which entitles the Participant to Benefits under the Plan. 
 1.17 “Surviving Spouse” shall mean the
individual described in Sections 3.13(f) or 4.5(a)(1), as applicable, of the General Retirement Plan. 
 Article 2 - Participation

 2.1 Every Company Employee who is a participant in both the General Retirement Plan and the Deferred Compensation Plan for
Officers and Key Employees of Carpenter Technology Corporation (“Deferred Compensation Plan”) shall become a Participant in this Plan simultaneously with participation in said Deferred Compensation Plan. 
 2.2 A Participant’s participation in the Plan shall terminate if the Participant’s employment with the Company terminates unless at that time
the Participant is entitled to a pension pursuant to the General Retirement Plan that is reduced as a result of the Participant’s deferrals under the Deferred Compensation Plan. 
 Article 3 - Amount and Payment of Benefits 
 3.1 Benefits. Except
as provided below, a Participant’s Benefits shall be payable in substantially equal monthly payments for the life of the Participant (“a single-life annuity”) commencing on the first day of the month following the Commencement Event.

 3.1.2 A Participant may elect, prior to the date upon which single-life annuity payments would commence under Section 3.1.1 to have
such Participant’s Benefits paid in such other form of life annuity as the Company may from time to time permit, provided that such form of life annuity must be actuarially equivalent to a single-life annuity applying reasonable actuarial
assumptions. 
 3.1.3 If a Participant is a “Specified Employee”, as that
term is defined in section 409A of the Code and the applicable regulations thereunder, payment of such Participant’s Benefits shall commence no earlier than the first day of the 7th month following such Participant’s Separation from Service. In such event, such Participant’s first installment payment shall be increased by an amount equal to: 
 (a) that number of monthly payments that would have otherwise been made to such Participant during the period between such
Participant’s Separation from Service and the first installment payment provided by this Section 3.1.3 under the form of annuity in which such Participant’s Benefits are payable, plus 
  

 – 5 – 

 (b) a reasonable rate of interest on each of the monthly payments that would have
otherwise been made to such Participant during the period between such Participant’s Separation from Service and the first installment payment provided by this Section 3.1.3. 
 3.1.4 Notwithstanding anything to the contrary in this Section 3.1, in the event the Board determines that a Commencement Event as a result of a
Change in Control has occurred, a Participant’s Benefits shall be payable in a single lump sum representing the actuarial present value of the Benefits that would be payable pursuant to Section 3.1.1 within 30 days following such Change in
Control. In addition, unless otherwise determined by the Board of Directors, if a Participant is liable for the payment of any excise tax (the “Basic Excise Tax”) pursuant to Section 4999 of the Code, or any successor or like
provision, as a result of any payment under this Section 3.1.4, the Company shall pay the Participant an amount (the “Special Reimbursement”) which, after payment to the Participant (or on the Participant’s behalf) of any
federal, state and local taxes, including, without limitation, any further excise tax under said Section 4999, with respect to or resulting from the Special Reimbursement, equals the net amount of the Basic Excise Tax. The Special Reimbursement
shall be paid as soon as practicable after it is determined by the Company or the Participant and reviewed for accuracy by the Company’s certified public accountants, but in no event later than the close of the calendar year next following the
calendar year in which the taxes due under this Section 3.1.4 are remitted to the taxing authority. 
 Article 4 - Administration
and Claims 
 4.1 The administration of the Plan, the exclusive power to interpret it, and the responsibility for carrying out its
provisions are vested in the Pension Board in the same manner and scope as the Pension Board’s authority under the General Retirement Plan. All expenses of administering the Plan shall be paid by the Company. 
 4.2 The claims procedures established under the General Retirement Plan shall be utilized herein. 
 Article 5 - General Provisions 
 5.1 Neither the Plan nor an individual’s status as a Participant in the Plan shall be construed as conferring any right upon any Participant to continued employment or continued participation in the Plan, nor shall it interfere with
the rights of the Company, in its discretion, to discharge or otherwise discipline any Participant. 
 5.2 The Company shall have the right
to deduct from each payment to be made under the Plan any required withholding taxes. 
  

 – 6 – 

 5.3 Subject to any applicable law, no Benefits under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to do shall be void, nor shall any such Benefits be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable
for or subject to the debts, contracts, liabilities, engagements or torts of the Participant. 
 5.4 The Plan shall be construed in
accordance with and governed by the laws of the Commonwealth of Pennsylvania. 
 5.5 The masculine pronoun shall mean the feminine wherever
appropriate. 
 Article 6 - Amendment or Termination 
 6.1 The Board or, when so designated by such Board, the Human Resources Committee or such Committee’s designee reserves the right to modify or to
amend, in whole or in part, or to terminate, this Plan at any time compliant with the requirements of the Code. However, no modification, amendment or termination of the Plan shall, without the Participant’s consent, adversely affect the
Benefits of any Participant prior to such modification, amendment or termination. 
 Article 7 - Binding Effect 
 7.1 This Plan shall be a binding obligation upon and shall inure to the benefit of the Company, its successors and assigns and the Participants and their
beneficiaries, executors, administrators and legal representatives. 
  

 – 7 –Amended and Restated Change of Control Severance Plan

 Exhibit 10K 
 AMENDED AND RESTATED 
 CARPENTER TECHNOLOGY CORPORATION 
 CHANGE OF CONTROL SEVERANCE PLAN 
 INTRODUCTION 
 As is the case with many publicly held corporations, there exists the possibility of a Change of 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 of 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 of 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 of 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 of Control. 
 Therefore, in order to fulfill the above
purposes, the Carpenter Technology Corporation Change Of Control Severance Plan was developed and adopted. 
 The Company now desires to make
certain amendments to the Carpenter Technology Corporation Change Of Control Severance Plan as deemed advisable to prevent an inclusion of income or imposition of penalties under Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) or as deemed advisable to facilitate compliance with Section 409A of the Code. 
 Therefore, in order to
fulfill the immediately preceding purpose, the Carpenter Technology Corporation Change Of Control Severance Plan has been amended and restated in its entirety. 
 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 of 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. 
 (e) Change of 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 

  

 -2- 

 
under the Exchange Act) of 20% or more 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, for purposes of this subsection (i), the following acquisitions shall not constitute a Change of 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 of Control; 
 (ii) Individuals who, as of the Effective Date, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date 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 

  

 -3- 

 
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 
 (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. 
 (j) Disability. A condition such that the Participant has terminated employment with the Participant’s Employer with a qualifying disability
and has immediately begun receiving benefits from a long-term disability plan of the Company or any Employer. 
 (k) Effective Date.
August 20, 2007. 
 (l) Employee. A full-time employee of an Employer. 
 (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 Bonus opportunity, as in effect during the 120-day period immediately preceding the Change of 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

  

 -4- 

 
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
of 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 of
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 of 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 of 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 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. 
 (p) Participant. Any individual whose employment is classified as job class 19 or above and any other individual 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 of control or
similar agreement with the Company or any of its Affiliated Companies entered into prior to a Change of Control shall be a Participant so long as such agreement remains in force. Each individual who is a Participant immediately prior to a Change of
Control shall remain a Participant at least until the second anniversary of the Change of Control. Notwithstanding the foregoing, individuals employed primarily outside of the United States are not eligible to be Participants. 
 (q) Plan. Amended and Restated Carpenter Technology Corporation Change of Control Severance Plan. 
 (r) Separation Benefits. The benefits described in Section 4.2 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. 
  

 -5- 

 (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. 
 ARTICLE IV 
 SEPARATION BENEFITS

 4.1 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 of 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. 
 4.2 Separation Benefits. 
 (a) 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 as set forth in subsection (b) below, and shall provide to the Participant the continued benefits and outplacement as set
forth in subsections (c) and (d) below. For purposes of determining the benefits set forth in subsection (b), 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. 
 (b)
The cash lump sum referred to in Section 4.2(a) 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; 
  

 -6- 

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

(iii) an amount equal to one times the Participant’s Target Annual Bonus. 
 (c) The Company shall at its sole expense provide the Participant with reasonable outplacement services, at a cost not to exceed $20,000, 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. 
 (d) The Participant (and eligible family members) shall be eligible for participation in and shall receive all benefits under any medical and dental
plan, plan, program, policy, practice, contract or agreement of the Company and its Affiliated Companies for which the Participant was eligible prior to the Change of Control, on terms no less favorable than those applicable to the Participant prior
to the Participant’s Date of Termination, for the six months immediately following the Participant’s Date of Termination; provided, however, that during any period when the Participant becomes reemployed with another employer
and is eligible to receive any such benefits under another employer-provided plan, the medical and dental benefits provided by the Company and the Affiliated Companies described herein shall be secondary to those provided under such other plan
during such period of eligibility. 
 4.3 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 nonqualifed 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 

  

 -7- 

 
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 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. 
 4.4 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 of 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. 
  

 -8- 

 (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 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

 5.1 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. 
 5.2 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. 
  

 -9- 

 ARTICLE VI 
 DURATION, AMENDMENT AND TERMINATION 
 6.1 Duration of Plan. If a Change of Control has not
occurred and the Board does not have knowledge of an event that could reasonably be expected to constitute a Change of 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 of 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 of 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. 
 6.2 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 of Control. 
 6.3
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. 
 6.4 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 
 7.1 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. 
  

 -10- 

 7.2 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. 
 7.3 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. 
 7.4 Named Fiduciary; Administration. The Company is the named fiduciary of the Plan, and shall administer the Plan, acting through the Pension
Board of the GRP (the “Administrative Committee”). 
 7.5 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 

  

 -11- 

 
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 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 of Control. It will not be necessary for any Participant to exhaust these procedures and
remedies after a Change of 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. 
 7.6 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. 
 7.7 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. 
 7.8 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. 
 7.9 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. 
 7.10 Section 409A. Notwithstanding any provision of this Agreement to the contrary, to the extent that the
benefits provided under Sections 4.2(c) and (d), Section 4.4, and 

  

 -12- 

 
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 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. 
  

 -13-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]