Document:

Deferred Compensation Plan for Officers and Key Employees

 Exhibit 10D 
 DEFERRED COMPENSATION PLAN FOR 
 OFFICERS AND KEY EMPLOYEES OF 
 CARPENTER TECHNOLOGY CORPORATION 
 As amended and restated, effective January 1, 2005 
 REVISED 
 This is the Deferred Compensation Plan for Officers and Key Employees of Carpenter Technology Corporation, effective January 1, 1995, established by
Carpenter Technology Corporation and its subsidiaries expressly included herein to provide its senior executives with an additional method of planning for their retirement. The Plan is intended to be an “unfunded” plan maintained for the
purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. 
 The Plan has been amended and restated, effective January 1, 2005, to meet the requirements of Section 409A of the Internal Revenue Code of
1986, as amended, to achieve deferral of taxation until deferred amounts are distributed in accordance with the terms of the Plan. 
 ARTICLE I 
 DEFINITIONS 
 The following words and phrases as used herein have the following meanings unless the context plainly requires a different meaning: 
 1.1. Account means the total amount credited to the bookkeeping accounts in which a Participant’s Deferral Credits are maintained, including earnings thereon. The Accounts will consist of Tranches for each
type of Deferral made under Article IV, as the Plan Administrator deems necessary. 
 1.2. Beneficiary means the person that the
Participant designates to receive any unpaid portion of the Participant’s Account should the Participant’s death occur before the Participant receives the entire balance to the credit of such Participant’s Account. If the Participant
does not designate a beneficiary, his Beneficiary shall be his spouse if he is married at the time of his death, or his estate if he is unmarried at the time of his death. 
 1.3. Board of Directors means the board of directors of Carpenter Technology Corporation or the Human Resources Committee thereof (including any
duly appointed sub-committee or successor committee performing similar duties, hereafter the “Committee”), whenever said Board delegates responsibilities under this Plan to the Committee. 
 1.4. Bonus Compensation means any compensation plan designated by the Committee or, for Employees whose Salary is not determined by said
Committee, the Company’s Chief Executive Officer as a bonus compensation plan eligible for Deferrals under Section 4.2.2 including, but not limited to, the Executive Bonus Compensation Plan, the Salaried Exempt Annual Compensation Plan and
any successor plans. 
  

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 1.5. Change in Control means and includes each of the following: 
 1.5.1. 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 35% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (ii) 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, the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (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 1.5.3 (i), 1.5.3 (ii) and 1.5.3 (iii); 
 1.5.2. individuals who, as of the date hereof, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board of Directors; 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 of Directors;

 1.5.3. 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 

  

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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 of Directors providing for such Business Combination; or 
 1.5.4. approval by the
stockholders of the Company of a complete liquidation or dissolution of the Company. 
 1.6. Code means the Internal Revenue Code of
1986, as amended. 
 1.7. Company means Carpenter Technology Corporation or any successor by merger, purchase or otherwise.

 1.8. Credits means the amount credited to a Participant’s Account or Tranche, as appropriate, as a result of a
Participant’s Deferrals plus investment returns credited under Section 4.6. 
 1.9. Deferral means an amount deferred under
the Plan pursuant to a Participant’s election or an Employer Addition under Article IV, and credited to a Participant’s Account. No money or other assets will actually be contributed to such Accounts. 
 1.10. Disability means a qualified physician designated by the Company has reviewed and approved the determination that the Employee: 

1.10.1. 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 
 1.10.2. is, by reasons 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 an Employer. 
 1.11. Effective Date means January 1, 1995.

 1.12. Employee means an individual who is employed by an Employer. 
 1.13. Employer means the Company and any subsidiary that (1) the Board of Directors designates as an Employer and (2) the board of such
subsidiary approves participation in the Plan. A list of the subsidiaries currently designated as Employers is attached hereto as Appendix A. 
 1.14. Employer Addition means Deferrals made on behalf of a Participant by an Employer. 
 1.15. Event means any one
or combination of the following elected by the Participant in writing prior to the year of deferral to govern distribution of a Tranche: Change in Control, Disability, Termination or specific date or dates (such as attainment of a specified age).

  

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When a Participant elects a combination of events, the Participant must specify whether the event that is the “earlier of” or “later of”
will control distribution. In the absence of a designation by the Participant, the “earlier of” will apply to a combination of events. 
 1.16. Executive Bonus Compensation Plan means the Carpenter Technology Corporation Executive Bonus Compensation Plan, as may be amended from time to time. 
 1.17. Investment Funds means the investment alternatives made available by the Plan Administrator from time to time under the Plan. 
 1.18. Participant means a Senior Executive who elects to participate or is otherwise granted participation in the Plan pursuant to Section 2.2. 
 1.19. Pension Board means the Pension Board appointed pursuant to the General Retirement Plan for Employees of Carpenter Technology Corporation,
as constituted from time to time. 
 1.20. Plan means this Deferred Compensation Plan for Officers and Key Employees of Carpenter
Technology Corporation, as may be amended from time to time. 
 1.21. Plan Administrator means the Pension Board. 
 1.22. Plan Year means the 12-month period beginning January 1 and ending December 31. 
 1.23. Salary means all amounts of cash compensation that are treated as wages for federal income tax withholding under section 3401(a) of the Code
for the Plan Year (or would be except for payment by a foreign Company subsidiary) plus amounts that would be paid to the Employee during the year but for the Employee’s election under a cash or deferred arrangement described in section 401(k)
of the Code or a cafeteria plan described in section 125 of the Code. Notwithstanding the preceding sentence, Salary shall not include Bonus Compensation or any compensation plan designated under Section 4.2.3; 
 1.23.1. severance payments under a written agreement with the Company or any subsidiary following an Employee’s Termination; 
 1.23.2. contributions by the Employer to this or any other plan or plans for the benefit of its employees, except as otherwise expressly provided in
this Section 1.23; or 
 1.23.3. amounts identified by the Employer as expense allowances or reimbursements regardless of whether such
amounts are treated as wages under the Code. 
 1.24. Senior Executive means an Employee who is classified as “exempt” under
the Fair Labor Standards Act of 1938, as amended, and whose salary grade is at least 19, or its equivalent as determined by the management of Carpenter Technology Corporation, or any other Employee who the Board of Directors expressly designates as
a Senior Executive. 
  

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 1.25 Termination means a Participant’s termination of employment with the Company.

 1.26 Tranche means the Deferrals and associated investment results related to each separate election made by a Participant under Article
IV. 
 1.27 Unforeseeable Emergency means a severe financial hardship to the Participant resulting from an illness or accident of the
Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant. 
 1.28 Valuation Date means any day on which the New York Stock Exchange or
any successor to its business is open for trading. 
 ARTICLE II 
 PARTICIPATION 
 2.1 Eligibility to Participate. All Senior
Executives are eligible to participate in the Plan. 
 2.2 Participation. Any Senior Executive who elects to participate in the Plan
shall become a Participant in the Plan immediately upon enrolling as a Participant by the method required by the Plan Administrator. Any Senior Executive receiving Employer Additions shall become a Participant on the date of the initial Employer
Addition, if the Participant has not enrolled under the preceding sentence. An individual shall remain a Participant in the Plan until all amounts credited to the Participant’s Account have been distributed to the Participant or the
Participant’s Beneficiary. 
 ARTICLE III 
 VESTING 
 Participants are always fully vested in all amounts credited to their Accounts.

 ARTICLE IV 
 DEFERRAL CREDITS 
 4.1 Eligibility to Receive Deferral Credits. A Participant may receive Deferral Credits in
each Plan Year that the Participant is a Senior Executive. 
 4.2 Participant Deferrals. 
 4.2.1. Salary Deferrals. A Participant may elect to defer receipt of up to 35% of the Participant’s Salary and to have the Employer credit
that amount to the Participant’s Account under the Plan. 
  

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 4.2.2. Bonus Compensation Deferrals. A Participant may elect to defer receipt of up to 100% of
the amounts the Participant is eligible to receive under any Bonus Compensation plan and to have the Employer credit that amount to the Participant’s Account under the Plan. 
 4.2.3 Other Cash Deferrals. A Participant may elect to defer receipt of up to 100% of the amount the Participant is eligible to receive under any
cash compensation plan that the Board of Directors or, for Employees whose Salary is not determined by said Board, the Company’s Chief Executive Officer designates a compensation plan for purposes of this Section 4.2.3, and to have the
Employer credit of that amount to the Participant’s Account under the Plan. 
 4.3 Employer Additions. The Participant’s
Employer will contribute to a separate Tranche on behalf of a Senior Executive whose Company Basic Contributions (as defined in the Savings Plan of Carpenter Technology Corporation (“Savings Plan”)) are limited by Code section 401(a)(17).
The amount of the Employer Addition will equal the amount that would have been contributed to the Savings Plan as Company Basic Contributions except for such limitation. 
 4.4 Elections. 
 4.4.1. Frequency and Timing of Elections. Any elections made pursuant to this
Section 4.4 may not be modified during the Plan Year to which such election applies, except that a Participant’s elections must cease to apply in the event such Participant receives a hardship distribution under the Savings Plan or a
distribution from this Plan due to an Unforeseeable Emergency. For Salary Deferrals, Other Cash Deferrals and Employer Additions, described in Sections 4.2.1, 4.2.3, and 4.3 respectively, the Participant must make an election by December 15 of
a Plan Year for it to take effect for the next Plan Year. Notwithstanding the foregoing, a new Participant may file an initial election governing Salary Deferrals and Employer Additions during the first 30 days of participation in this Plan. For
Bonus Compensation Deferrals described in Section 4.2.2 and any Other Cash Deferrals described in Section 4.2.3 that are constructed as bonus compensation, the Participant must make an election by the earlier of: 
 4.4.1.1. December 15 of the final fiscal year of the performance period applicable to such Bonus Compensation; or 
 4.4.1.2. six months prior to any date within the performance period upon which the outcome of any performance goals or measures will determine all or a
portion of the Bonus Compensation to be paid to the Participant. 
 For example, to defer an award paid after the end of the two-year
July 1, 2006 to June 30, 2008 performance period, during which the Participant’s bonus, although not paid until the end of the performance period, is calculated separately for each year, the Participant must make an election by the
earlier of December 15, 2007 (4.4.1.1 above) or December 31, 2006 (4.4.1.2 above). 
  

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 4.4.2. Duration of Elections. Elections to defer amounts under this Article IV expire at the end
of the Plan Year, fiscal year or performance period for which the election was made. Each such election shall constitute a separate Tranche. 
 4.4.3. Restriction on Elections. Elections to defer amounts may be in the form of a whole percentage or in $1 increments. 
 4.5 Investment Funds. The Plan Administrator shall establish multiple Investment Funds which shall be maintained for the purpose of determining the investment return to be credited to each Participant’s Account. The Plan Administrator
may change the number, identity or composition of the Investment Funds from time to time. Each Participant shall indicate the Investment Funds based on which Deferrals under Sections 4.2 and 4.3 are to be adjusted. 
 4.6 Investment Returns. Each Participant’s Account shall be increased or decreased by the net amount of investment earnings or losses that it would
have achieved had it actually been invested in the deemed investments. The Company is not required to purchase or hold any of the deemed investments. Investment Fund elections must be made in a minimum of 1% increments and in such a manner as the
Plan Administrator shall specify. A Participant may change his or her Investment Fund election as soon as administratively practicable following the date the Plan Administrator receives notice of such change in the form prescribed by the Plan
Administrator. 
 No less frequently than as of each Valuation Date, each Participant’s Account shall be increased or decreased to
reflect investment results. Each Participant’s Account shall be adjusted by the investment return of the Investment Funds in which the Participant’s elected to be deemed to participate. The investment return adjustment is intended to
reflect the actual performance of the Investment Fund net of any applicable investment management fees or administrative expenses determined by the Plan Administrator. Notwithstanding the above, the amount of any payment of Plan benefits pursuant to
Article V shall be determined as of the Valuation Date preceding the date of payment. 
 ARTICLE V 
 DISTRIBUTIONS 
 5.1 Source of
Distributions. All distributions shall, at the Employer’s discretion, be made directly out of the Employer’s general assets or from the Carpenter Technology Corporation Non-Qualified Employee Benefits Trust, if available. 

5.2 Form of Distributions. A Participant may receive distributions in one of the following manners, which the Participant shall elect on the
initial enrollment forms for each Tranche. A Participant may elect to receive distributions from each Tranche in different manners and at different times. 
 5.2.1. A lump sum distribution of the Participant’s entire Tranche; 
  

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 5.2.2. Ten annual installments, with the distribution each year equal to the product resulting from
multiplying the then current Tranche balance by a fraction. The numerator of the fraction is always one, and the denominator of the fraction is ten for the first distribution and is reduced by one for each subsequent distribution; or 
 5.2.3. Fifteen annual installments, with the distribution each year equal to the product resulting from multiplying the then current Tranche balance by
a fraction. The numerator of the fraction is always one, and the denominator of the fraction is fifteen for the first distribution and is reduced by one for each subsequent distribution. 
 5.3 Timing of Distributions. Each Participant shall elect the timing of the distribution with respect to each of his or her Tranches in the manner
authorized by the Plan Administrator. The Participant’s election(s) shall indicate that payment of each Tranche shall be made (in the case of a lump sum election) or shall commence (in the case of an installment election) as soon as
administratively practicable following the Participant’s elected Event; provided, however, if the Participant is a key employee, as defined in Code section 416(i) without regard to paragraph (5) thereof, and the common stock of the Company
is publicly traded on an established securities market, any distributions scheduled to be paid upon Termination shall not commence before the date which is 6 months following the date of Termination (or, if earlier, the death of the Participant)
and, if such distribution is the first in a series of installments, subsequent distributions shall be paid upon the anniversary of the Termination date. 
 Notwithstanding the foregoing, a Participant’s elections under Article IV, the balance of a Participant’s Account shall be paid as soon as practicable following the date of the Participant’s death.

 5.4 Default Form and Timing Election. If the Participant has not affirmatively made a form or timing of distribution election
pursuant to Sections 5.2 and/or 5.3 above, the Participant will be deemed to have made elections as indicated in Sections 5.2.1 and 5.3 based upon Termination. 
 5.5 Change in Form or Time of Distribution. A Participant may change his or her form and timing election applicable to the distribution of any Tranche under Sections 5.2 and 5.3 (or a deemed election under
Section 5.4), provided that such request for change is made (i) at least twelve (12) consecutive months prior to the date on which such distribution would otherwise have been made or commenced and (ii) the first payment with
respect to such new election is deferred for a period of not less than 5 years beyond the date such distribution would otherwise have been made. 
 5.6 Distributions Due to Unforeseeable Emergency. Distributions hereunder may commence if the Plan Administrator determines, based on uniform, established standards, that the Participant has incurred an Unforeseeable Emergency. The
amount distributed under this Section 5.6 shall not exceed the amount necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which
such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent 

  

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the liquidation of such assets would not itself cause severe financial hardship). The Plan Administrator shall determine the Investment Fund or Funds under
Section 4.5 and the Participant shall identify the Tranche(s) from which such distribution shall be made. If the Participant fails to identify Tranches with sufficient credits to satisfy the Unforeseeable Emergency, the Plan Administrator shall
determine any additional Tranches required to complete the distribution. 
 5.7 Termination of Employment. Upon Termination, a
Participant, or the Beneficiary if the Termination is caused by the Participant’s death, shall receive distribution of the Participant’s Account pursuant to the election(s) in place under Sections 5.2, 5.3, 5.4 and 5.5. 
 ARTICLE VI 
 PLAN ADMINISTRATION

 6.1 General. The Plan shall be administered by the Company subject to the oversight of the Plan Administrator. Employees
(of the Company) and members (of the Committee or Pension Board), including any appointee or designee of such entity, shall use that degree of care, skill, prudence and diligence that a prudent person acting in a like capacity and familiar with such
matters would use in the employee’s or member’s conduct of a similar situation. 
 The Committee, Company or Pension Board may
appoint such agents, who need not be members (of the Committee or Pension Board) or employees (of the Company), as it deems necessary for the effective exercise of its duties and may delegate to such agents any powers and duties, both ministerial
and discretionary, as the Committee, Company or Pension Board, as applicable, may deem expedient and appropriate. 
 6.2 Responsibilities
and Reports. The Plan Administrator may, pursuant to a written resolution, allocate specific responsibilities under the Plan among one or more of its members, or such other persons it deems appropriate. The Plan Administrator shall be entitled
to rely conclusively upon all tables, valuations, certificates, opinions and reports that are furnished by any actuary, accountant, controller, counsel, investment banker or other person who is employed or engaged for such purposes. 
 6.3 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not
preempted by federal law. 
 ARTICLE VII 
 CLAIMS PROCEDURE 
 7.1 Plan Interpretation. The Committee shall have the authority and
responsibility to interpret and construe the Plan and to decide all questions arising thereunder, including, without limitation, questions of eligibility for participation, eligibility for Deferral Credits, the amount of Account balances, and the
timing of the distribution thereof, and shall have the authority to deviate from the literal terms of the Plan to the extent it shall determine to be necessary or appropriate to operate the Plan in compliance with the provisions of applicable

  

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law. Notwithstanding the above, a member of the Human Resources Committee shall not take any part in decisions regarding his participation in the Plan. The
decisions of the Committee upon all matters within the scope of its authority shall be final, binding and conclusive upon all parties. 
 7.2
Denial of Claim for Benefits. Any denial by the Committee of any claim for benefits under the Plan by a Participant or Beneficiary shall be stated in writing by the Committee and delivered or mailed to the Participant or Beneficiary. The
Committee shall furnish the claimant with notice of the decision not later than 90 days after receipt of the claim, unless special circumstances require an extension of time for processing the claim. If such an extension of time for processing is
required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event shall such extension exceed a period of 90 days from the end of such initial period. The extension notice
shall indicate the special circumstances requiring an extension of time and the date by which the Committee expects to render the final decision. The notice of the Committee’s decision shall be written in a manner calculated to be understood by
the claimant and shall include (i) the specific reasons for the denial, including, where appropriate, references to the Plan, (ii) any additional information necessary to perfect the claim with an explanation of why the information is
necessary, and (iii) an explanation of the procedure for perfecting the claim. 
 7.3 Appeal of Denial. The claimant shall have
60 days after receipt of written notification of denial of his or her claim in which to file a written appeal with the Committee. As a part of any such appeal, the claimant may submit issues and comments in writing and shall, on request, be afforded
an opportunity to review any documents pertinent to the perfection of his or her claim. The Committee shall render a written decision on the claimant’s appeal ordinarily within 60 days of receipt of notice thereof but, in no case, later than
120 days. 
 ARTICLE VIII 
 FUNDING 
 8.1 Funding. The Employer shall not segregate or hold separately from its general assets any amounts
credited to the Accounts, and shall be under no obligation whatsoever to fund in advance any amounts under the Plan, including all Credits and earnings thereon. 
 8.2 Insolvency. In the event that the Employer becomes insolvent, all Participants and Beneficiaries shall be treated as general, unsecured creditors of the Employer with respect to any amounts credited to the
Accounts under the Plan. 
 ARTICLE IX 
 AMENDMENT AND TERMINATION 
 9.1 Reservation of Rights. The Employer reserves the right
to amend or terminate the Plan at any time by action of the Board of Directors. Notwithstanding the foregoing, no such amendment or termination shall reduce the balance of any Participant’s Account as of the date of such amendment or
termination. 
  

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 9.2 Funding upon Termination. Upon a complete termination of the Plan, the Employer shall
contribute to the Carpenter Technology Corporation Non-Qualified Employee Benefits Trust an amount equal to the aggregate of all amounts credited to Participants’ Accounts as of the date of such termination. If the Carpenter Technology
Corporation Non-Qualified Employee Benefits Trust does not exist at the time the Plan is terminated, the Employer shall create an irrevocable grantor trust to which it will contribute such amounts. This newly created trust shall be designed to
ensure that Participants will not be subject to taxation on amounts contributed to and held under the trust on their behalf before the amounts are distributed. 
 9.3 Survival of Accounts and Elections. Notwithstanding any termination of the Plan, the trustee of the trust to which amounts are contributed under Section 9.2 shall maintain the Accounts for Participants
in the same manner as under this Plan and all elections for distributions under Article V of the Plan shall survive the termination and remain in effect. 
 ARTICLE X 
 MISCELLANEOUS 
 10.1 Limited Purpose of Plan. The establishment or existence of the Plan shall not confer upon any individual the right to continue as an
Employee. The Employer expressly reserves the right to discharge any Employee whenever in its judgment its best interests so require. 
 10.2
Non-alienation. No amounts payable under the Plan shall be subject in any manner to anticipation, assignment, or voluntary or involuntary alienation. 
 10.3 Facility of Payment. If the Plan Administrator, in its sole discretion, deems a Participant or Beneficiary who is eligible to receive any payment hereunder to be incompetent to receive the same by reason
of age, illness or any infirmity or incapacity of any kind, the Plan Administrator may direct the Employer to apply such payment directly for the benefit of such person, or to make payment to any person selected by the Plan Administrator to disburse
the same for the benefit of the Participant or Beneficiary. Payments made pursuant to this Section 10.3 shall operate as a discharge, to the extent thereof, of all liabilities of all Employers and the Plan Administrator to the person for whose
benefit the payments are made. 
  

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 To record the adoption of the Plan as amended and restated effective January 1, 2005, the Carpenter
Technology Corporation has caused its authorized officers to affix its corporate name and seal this              day of
                    , 2007. 
  

									
	[CORPORATE SEAL]	 		 	CARPENTER TECHNOLOGY CORPORATION
					
	Attest:	 	  
	 		 	By:	 	  

		 	Walter L. Pease	 		 		 	T. Kathleen Hanley
		 	Secretary	 		 		 	Sr. Vice-President, Org. Effect,
		 		 		 		 	Strategy & Corporate Staffs

  

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 DEFERRED COMPENSATION PLAN FOR 
 OFFICERS AND KEY EMPLOYEES OF 
 CARPENTER TECHNOLOGY CORPORATION

 APPENDIX A 
 PARTICIPATING SUBSIDIARIES 
 [NONE] 
 As of January 1, 2005Stock-Based Incentive Compensation Plan for Non-Employee Directors

 Exhibit 10F 
 CARPENTER TECHNOLOGY CORPORATION 
 STOCK-BASED COMPENSATION PLAN FOR 
 NON-EMPLOYEE DIRECTORS 
 Effective
August 9, 1990 
 Restated as of October 20, 1997 
 As amended through April 24, 2007 
  

	1.	Purpose: 

 The purposes of the Plan are to attract
and retain the services of experienced and knowledgeable non-employee directors, to encourage Eligible Directors of Carpenter Technology Corporation (the “Company”) to acquire a proprietary and vested interest in the growth and performance
of the Company, and to generate an increased incentive for Eligible Directors to contribute to the Company’s future success and prosperity, thus enhancing the value of the Company for the benefit of its stockholders. 
 This Plan is an amendment and restatement of the Carpenter Technology Corporation Non-Qualified Stock Option Plan for Non-Employee Directors as adopted
effective August 9, 1990, restated October 20, 1997 and last amended June 29, 2006. The rights of any Eligible Director whose service as an Eligible Director ended on or before April 24, 2007 shall be governed by the terms of the
Plan as in effect when that Eligible Director’s Award was granted. 
  

	2.	Definitions: 

 As used in the Plan, the following
terms shall have the meanings set forth below: 
 a) “Annual Retainer” shall mean base compensation for services as an
Eligible Director. Annual Retainer shall not include meeting fees, committee service fees, if any, expense allowances or reimbursements or any other additional compensation for services as an Eligible Director. 
 b) “Award” shall mean the Options, Performance Units and Stock Units granted under the Plan. 
 c) “Award Agreement” shall mean the written agreement, instrument or document evidencing an Award. 
 d) “Beneficiary” shall mean the person who the Eligible Director designates to receive any unpaid portion of the Eligible
Director’s account should the Eligible Director’s death occur before the Eligible Director receives the entire balance to the credit of such Eligible Director’s account. If the Eligible Director does not designate a Beneficiary, the
Beneficiary shall be the person’s spouse if the person is married at the time of death, or the Eligible Director’s estate if unmarried at the time of the person’s death. 
 e) “Board” shall mean the Board of Directors of the Company. 
 f) “Cause” shall mean the Eligible Director’s: (i) willful misconduct or gross negligence in connection with the performance
of the Eligible Director’s duties for the Company or any affiliated company; (ii) conviction of, or a plea of guilty or nolo contendere to, a felony or a crime involving fraud or moral turpitude; (iii) engagement in any
business that directly or indirectly competes with the Company or any affiliated company; or (iv) disclosure of trade secrets, customer lists or confidential information of the Company or any affiliated company to a competitor or unauthorized
person. 
  

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 g) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 h) “Common Stock” shall mean the Common Stock, $5.00 par value, of the Company. 
 i) “Company” shall mean Carpenter Technology Corporation, a Delaware corporation, or any successor corporation. 
 j) “Disability” shall mean that a qualified physician designated by the Company has reviewed and approved the determination that an
Eligible Director 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 or directors of the Company or any subsidiary. 
 k) “Election Date” shall mean with respect to an Option hereunder the date of the appointment, election, or re-election of the Eligible
Director that prompted the grant of such Option. 
 l) “Eligible Director” shall mean each director of the Company who is
not an employee of the Company or any of the Company’s subsidiaries [as defined in section 424(f) of the Code], or who is not otherwise excluded from participation by agreement. 
 m) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 n) “Fair Market Value” shall mean the fair market value of the Company’s Common Stock, determined in accordance with section 409A
of the Code, and based upon (i) the last sale price of the Common Stock on the date on which such value is determined, as reported on the consolidated tape of New York Stock Exchange issues or, if there shall be no trades on such date, on the
date nearest preceding such date; (ii) if the Common Stock is not then listed for trading on the New York Stock Exchange, the last sale price of the Common Stock on the date on which such value is determined, as reported on another recognized
securities exchange or on the NASDAQ National Market System if the Common Stock shall then be listed and traded upon such exchange or system or, if there shall be no trades on such date, on the date nearest preceding such date; or (iii) the
mean between the bid and asked quotations for such stock on such date (as reported by a recognized stock quotation services) or, in the event that there shall be no bid or asked quotations on such date, then upon the basis of the mean between the
bid and asked quotations on the date nearest preceding such date. 
 o) “Grant Date” shall mean with respect to an Option
hereunder the date upon which such Option is granted, and with respect to Performance Units the date upon which the Board determines Performance Goals and passes a resolution creating a Performance Unit opportunity. 
 p) “Option” shall mean any right granted to an Eligible Director allowing such Eligible Director to purchase Shares at such price or
prices and during such period or periods as set forth under the Plan. All Options shall be non-qualified options not entitled to special tax treatment under section 422 of the Code. 
 q) “Performance Goal” shall mean a goal the attainment of which is substantially uncertain at the time the Performance Goal is
established that must be met by the end of a Performance Period specified by the Board. Performance Goals may be measured on an absolute or relative basis. Relative performance may be measured against an external index, such as a group of peer
companies, industry groups or a financial market index. Performance Goals may be based upon: (i) the price of Common Stock, (ii) the market share of the Company or its 

  

 2 

 
subsidiaries (or any business unit thereof), (iii) sales or revenue by the Company or its subsidiaries (or any business unit thereof),
(iv) earnings or diluted earnings per share of Common Stock, with or without net pension credit/expense, (v) return on shareholder equity of the Company, (vi) costs of the Company or its subsidiaries (or any business unit thereof),
(vii) cash flow of the Company or its subsidiaries (or any business unit thereof), (viii) return on total assets of the Company or its subsidiaries (or any business unit thereof) (“ROA”), (ix) return on invested capital of
the Company or its subsidiaries (or any business unit thereof), (x) return on net assets of the Company or its subsidiaries (or any business unit thereof) (“RONA”), (xi) operating income of the Company or its subsidiaries (or any
business unit thereof), with or without net pension credit/expense, (xii) net income of the Company or its subsidiaries (or any business unit thereof) with or without net pension credit/expense, (xiii) costs of capital of the Company or
its subsidiaries (or any business unit thereof), (xiv) earnings before interest and income taxes (“EBIT”) or earnings before interest, income taxes, depreciation and amortization (“EBITDA”) of the Company or its
subsidiaries, (xv) economic profit of the Company or its subsidiaries, (xvi) total shareholder return, (xvii) economic value added, or (xviii) any other financial or other measurement deemed appropriate by the Board, as it
relates to the results of operations or other measurable progress of the Company or its subsidiaries (or any business unit thereof). The Board shall have discretion to determine the specific targets with respect to each of these categories of
Performance Goals. 
 r) “Performance Period” shall mean a period of twelve consecutive months or more during which the
performance of the Company, any subsidiary or any department thereof, or any individual is measured for the purpose of determining the extent to which a Performance Goal is achieved. Nothing in this Plan shall prevent the Board from establishing a
Performance Period that commences prior to the termination of one or more other Performance Periods. 
 s) “Performance
Unit” shall mean the right to receive, following termination of service as an Eligible Director, one share of Common Stock. Performance Units will be earned, if at all, based upon the attainment of Performance Goals during the applicable
Performance Period specified by the Board. For purposes of this Plan, fractional Performance Units, measured to the nearest four decimal places, may be credited. 
 t) “Release Date” shall mean the fifth business day occurring after the Company’s earnings release for the preceding fiscal period. In calculating the Release Date, the day of an earnings release
shall be counted if the earnings release is made before the opening of trading on the New York Stock Exchange and shall not be counted if such release is made after the opening of trading. 
 u) “Retirement” shall mean termination of Board service other than for Cause with a minimum of three years of service as an Eligible
Director. 
 v) “Shares” shall mean shares of Common Stock. 
 w) “Stock Unit” shall mean the right to receive, following both service as an Eligible Director for one year following the grant of the
Stock Unit under Section 8(a) and termination of service as an Eligible Director, one share of Common Stock. For purposes of this Plan, fractional Stock Units, measured to the nearest four decimal places, may be credited. 
 x) “Unit” shall mean a Performance Unit, a Stock Unit, or both, as required by context. 
 y) “Window” shall mean a 30 calendar-day period of time beginning on a Release Date. 
  

	3.	Administration: 

 (a) The Plan shall be administered
by the Company. Subject to the terms of the Plan, the Board shall have the power to interpret the provisions and supervise the administration of the Plan. Any action of the Board in 

  

 3 

 
administering the Plan shall be final, conclusive and binding on all persons, including the Company, Eligible Directors, persons claiming rights from or
through Eligible Directors and stockholders of the Company. 
 (b) Subject to the provisions of the Plan, the Board shall have full and final
authority in its discretion (a) to determine the terms and conditions of any Award granted under the Plan (including, but not limited to, restrictions as to vesting, transferability or forfeiture, exercisability or settlement of an Award and
waivers or accelerations thereof, and waivers of or modifications to performance conditions relating to an Award, based in each case on such considerations as the Board shall determine) and all other matters to be determined in connection with an
Award; (b) to determine whether, to what extent, and under what circumstances an Award may be canceled, forfeited, or surrendered; (c) to determine whether, and to certify that, Performance Goals to which the settlement of an Award is
subject are satisfied for the relevant Performance Period; (d) to correct any defect or supply any omission or reconcile any inconsistency in the Plan, and to adopt, amend and rescind such rules and regulations as, in its opinion, may be
advisable in the administration of the Plan; and (e) to make all other determinations as it may deem necessary or advisable for the administration of the Plan. Notwithstanding the foregoing, an Eligible Director must be recused and abstain from
participating in any action of the Board that affects his or her outstanding Award, and a Performance Period may only be waived following an Eligible Director’s death, Disability, Retirement or termination without Cause or as indicated in
Section 13(c) upon a Change in Control. 
 (c) Notwithstanding anything to the contrary herein, discretionary Awards to any Eligible
Director under Sections 5, 6 or 9 of the Plan shall be made by the Board or an independent committee of the Board without the vote of any directors who are also employees of the Company. 
  

	4.	Shares Subject to the Plan: 

 a) Total
Number. Subject to adjustment as provided in this Section, the total number of Shares as of August 18, 2006 available for Awards under the Plan shall be 500,000 increased by any shares of Common Stock that were reserved under the Plan prior
to this amendment but were either (a) not subject to Awards or (b) subject to Awards that were forfeited, canceled or expired unexercised. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued Shares or
treasury Shares. 
 b) Reduction of Shares Available. 
 (i) The grant of an Option will reduce the number of Shares available for further grants by the number of Shares subject to such Option. 
 (ii) Any shares issued by the Company through the assumption or substitution of outstanding grants from an acquired company shall not reduce the Shares available for grants under the Plan. 
 (iii) The grant of Performance Units or Stock Units will reduce the number of Shares available for further grants by the number of Units granted.

 c) Increase of Shares Available. The lapse, cancellation or other termination of an Option or Unit that has not been fully
exercised or paid shall increase the available Shares for such Options or Units by the number of Shares that have not been issued upon exercise of such Option or payment of such Unit. 
 d) Other Adjustments. The total number and kind of Shares available for Options or Units under the Plan or which may be allocated to any one
Eligible Director, the number and kind of Shares subject to outstanding Options or Units, and the exercise price for such Options or the value of Units shall be appropriately adjusted by the Board for any increase or decrease in the number of
outstanding Shares resulting from a stock dividend, subdivision, combination of Shares, reclassification, or other change in corporate structure affecting the Shares or for any conversion of the Shares into or exchange of the Shares for other Shares
as a result of any merger or consolidation (including a sale of assets) or other recapitalization as may be necessary to maintain the proportionate interest of the Option or Unit holder. 
  

 4 

	5.	Initial Options: 

 Initial Options may be granted to
Eligible Directors as follows: 
 a) Initial Grant. Each Eligible Director who has not previously received a grant under this Plan may
be granted an Option to acquire up to 2,000 Shares on such Eligible Director’s Election Date or such later date as may be required to comply with the Company’s normal practices under applicable security laws and regulations. 
 b) Terms and Conditions. Any Option granted under this Section 5 shall be subject to the following terms and conditions: 
 (i) Option Price. The purchase price per Share purchasable under an Option shall be 100% of the Fair Market Value of a Share on the Grant Date.

 (ii) Exercisability. Unless otherwise provided by this Plan, an Option shall become exercisable in whole or in part one year from
the Grant Date. 
  

	6.	Annual Options: 

 Annual Options may be granted to
Eligible Directors as follows: 
 a) Annual Grant. Each Eligible Director on or after the Effective Date of the Plan may be granted,
immediately after the annual meeting of the Company’s stockholders, an Option to acquire up to 4,000 Shares either in lieu of or in addition to such Eligible Director’s Annual Retainer. 
 b) Terms and Conditions. Any Option granted under this Section 6 shall be subject to the following terms and conditions: 
 (i) Option Price. The purchase price per Share purchasable under an Option shall be 100% of the Fair Market Value of a Share on the Grant Date.

 (ii) Exercisability. Unless otherwise provided by this Plan, an Option shall become exercisable in whole or in part one year from
the Grant Date. 
  

	7.	General Terms: 

 The following provisions shall
apply to any Option: 
 a) Option Period. Each Option shall expire ten years from its Grant Date, subject to earlier termination as
hereinafter provided. 
 b) Each Option granted under this Plan shall become exercisable by the Eligible Director only after the completion
of one year of Board service immediately following the Grant Date; provided, however, that for Annual Options under Section 6, uninterrupted Board service by the Eligible Director until the annual meeting of the Company’s stockholders next
following the Grant Date shall be deemed completion of one year of Board service. Exercise of any or all prior existing Options shall not be required. 
 c) No Option under this Plan may be transferable by the Eligible Director except by will or the laws of descent and distribution. In the event of the death of the Eligible Director more than one year after the Grant

  

 5 

 
Date, an Option may be transferred to the Eligible Director’s personal representative, heirs or legatees (“Transferee”) and may be exercised
by the Transferee for the remainder of the exercise period then available to the Eligible Director. In the event of the Retirement from Board service or Disability of an Eligible Director, an Option may be exercised prior to its expiration during
the original ten-year exercise period beginning on the Grant Date. In all other cases of termination of Board service of an Eligible Director except for removal for Cause, an Option, if otherwise exercisable by the Eligible Director at the time of
such termination, may be exercised within three months after such termination. In the event of removal for Cause, all existing Options shall be of no force and effect. 
 d) Method of Exercise. Any Option may be exercised by the Eligible Director in whole or in part at such time or times and by such methods as the Board may specify. The applicable Award Agreement may provide
that the Eligible Director may make payment of the Option price in cash, Shares, held for at least six months, or such other consideration as the Board may specify, or any combination thereof, having a Fair Market Value on the exercise date equal to
the total Option price. 
  

	8.	Stock Units: 

 a) Grant of Stock Units. On
the date of the annual meeting of stockholders, each Eligible Director shall be granted each year, in place of equivalent cash compensation, a number of Stock Units determined by dividing 50% of the Eligible Director’s Annual Retainer by the
Fair Market Value on that date. 
 b) Election of Stock Units. By written election filed with the Board before the end of any calendar
year, an Eligible Director may elect to increase the percentage in Section 8(a) above to 100%, and thereby have the entire Eligible Director’s Annual Retainer payable in each calendar year beginning after the date of the election granted
in Stock Units. An election under this Section 8(b) shall remain in effect until changed, in writing, by the Eligible Director. Any such change shall be effective in the first calendar year beginning after the date of the written notice of
change. 
 c) Forfeiture of Stock Units. Stock Units granted at an annual meeting of stockholders will be forfeited if the Eligible
Director terminates service as an Eligible Director for any reason other than Retirement, Disability, or death, before the next annual meeting of stockholders. Stock Units voluntarily deferred under Section 8(b) are at all times fully vested.

  

	9.	Performance Units: 

 a) Grant of Performance
Units. Opportunities to earn Performance Units may be granted annually to an Eligible Director. When granting an opportunity for Performance Units, the Board shall determine the number of Performance Units (including fractions) eligible to be
earned by an Eligible Director, the Performance Goals applicable to such Performance Units, the applicable Performance Period, and any restrictions on the Performance Units or Shares that may become earned with the attainment of the Performance
Goals. 
 b) Allocation of Performance Units. After the close of the applicable Performance Period, the Board shall determine the
extent to which Performance Units are earned as a result of the attainment of Performance Goals. As soon as practicable following the Board’s determination, earned Performance Units (or fractions thereof) shall be allocated to the Eligible
Director’s account with an initial value equal to the Fair Market Value at the close of the applicable Performance Period. 
  

	10.	Nontransferability of Units: 

 Neither Performance
Units nor Stock Units may be sold, transferred, pledged, assigned or otherwise alienated, other than by will or by the laws of descent and distribution. 
  

 6 

	11.	Dividend Equivalents: 

 An Eligible Director who has
earned Performance Units or been granted Stock Units will also be allocated additional Units, determined on a quarterly basis. The number of additional Units to be allocated will be determined by multiplying the quarterly dividend per Share for the
immediately preceding quarter by the number of Units credited to the Eligible Director’s account on the first day of that calendar quarter and dividing the result by the Fair Market Value on the last business day of that quarter. 
  

	12.	Payment of Units: 

 a) Following an Eligible
Director’s Retirement, or termination of service on account of Disability, the Eligible Director shall be paid a number of Shares equal to the number of whole Units credited to the Eligible Director’s account, with cash paid in lieu of any
fractional Units. The amount of cash to be paid will be based on the Fair Market Value on the date of the Eligible Director’s termination of service as an Eligible Director. In the case of the Eligible Director’s death, the payment will be
made to the Eligible Director’s Beneficiary. 
 b) Manner and Form of Payment. An Eligible Director shall receive Shares in
payment of Units credited to the Eligible Director’s account in a single lump sum distribution as soon as is practicable following the Eligible Director’s termination of service, provided, however, that no payment shall be made later than
March 15 of the calendar year following the Eligible Director’s termination of service. 
  

	13.	Change in Control: 

 a) Notwithstanding anything in
this Plan to the contrary, in the event of a Change in Control of the Company, the Options granted under Sections 5 and 6 shall vest and become immediately exercisable and any unvested Stock Units granted under Section 8 shall vest. 

b) For purposes of this Plan, “Change in Control” means: 
 (i) The acquisition by any individual, entity or group within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 35% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) 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 Section 13(b), the following acquisitions
shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (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 13(b)(iii)(A), 13(b)(iii)(B) and 13(b)(iii)(C); 
 (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; 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; 
  

 7 

 (iii) 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, (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 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 corporation resulting from such Business
Combination (including, without limitation, a corporation 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 of the corporation 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. 
 c) Payment for Performance Units. Within 30 days following a Change in Control of the Company, as
defined in Section 13(b) of this Plan, there shall be paid in cash to Eligible Directors with an opportunity to receive Performance Units under an incomplete Performance Period a pro rata amount based upon the assumed achievement of all
relevant Performance Goals at target levels, and upon the length of time within the Performance Period that has elapsed before the Change in Control of the Company; provided, however, that (i) the Board shall endeavor in good faith to comply
with the requirements of section 409A of the Code with any payment hereunder; (ii) if the Board determines that actual performance to the date of the Change in Control of the Company exceeds targeted levels, the prorated payouts shall be made
using the actual performance data; and (iii) there shall not be an accelerated payout with respect to Performance Units that qualify as “Derivative Securities” under section 16 of the Exchange Act that were granted less than six
months before the Change in Control of the Company. 
  

	14.	Amendments and Termination: 

 a) Board
Authority. The Board may amend or terminate the Plan at any time; provided that no amendment may be made (i) without the appropriate approval of the Company’s stockholders if such approval is necessary to comply with any tax or other
regulatory requirement, including any stockholder approval required as a condition to exemptive relief under section 16(b) of the Exchange Act; (ii) which would constitute a repricing or exchange of any Option; or (iii) which would
adversely impair or affect, without the consent of the Eligible Director, any rights or obligations under any Option or Unit theretofore granted to such Eligible Director, unless required by the Code, applicable securities laws, or the rules of any
exchange upon which the Company’s Common Stock is listed. 
 b) Prior Stockholder and Eligible Director Approval. Anything herein
to the contrary notwithstanding, in the event that amendments to the Plan are required in order that the Plan or any other stock-based compensation plan of the Company complies with (1) the requirements of Rule 16b-3 issued under the Exchange
Act, as amended from time to time, (2) any successor rules promulgated by the Securities and Exchange Commission related to the treatment of benefit and compensation plans under section 16 of the Exchange Act, or (3) other applicable law,
stock exchange rule or accounting rule, the Board is authorized to make such amendments without the consent of Eligible Directors or the stockholders of the Company. 
  

 8 

	15.	General Provisions: 

 a) Compliance
Regulations. All certificates for Shares delivered under this Plan pursuant to any Option or Unit shall be subject to such stock-transfer orders and other restrictions as the Board may deem advisable under the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any applicable federal or state securities law, and the Board may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions. The Company shall not be required to issue or deliver any Shares under the Plan prior to the completion of any registration or qualification of such Shares under any federal or state law, or under any
ruling or regulations of any governmental body or national securities exchange that the Board in its sole discretion shall deem to be necessary or appropriate. 
 b) Other Plans. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required by applicable law
or the rules of any stock exchange on which the Common Stock is then listed; and such arrangements may be either generally applicable or applicable only in specific cases. 
 c) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in
accordance with the laws of the State of Delaware and applicable federal law. 
 d) Conformity With Law. If any provision of this Plan
is or becomes or is deemed invalid, illegal, or unenforceable in any jurisdiction, or would disqualify the Plan or any Option or Unit under any law deemed applicable by the Board, such provision shall be construed or deemed amended in such
jurisdiction to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan, it shall be stricken and the remainder of the Plan shall remain in full
force and effect. 
 e) Insufficient Shares. In the event there are insufficient Shares remaining to satisfy all of the grants of
Options or Units made on the same day, such Options or Units shall be reduced pro-rata. 
  

	16.	Effective Date and Termination: 

 The Plan’s
original effective date, as approved by the Board and ratified by the stockholders at the Annual Meeting held October 30, 1990, was August 9, 1990. The Plan was last amended before its restatement by the Board on August 10, 1995; and
ratified by the stockholders at the Annual Meeting held October 23, 1995. The Plan was restated under its current title and ratified by the stockholders at the Annual Meeting held October 20, 1997. The restated Plan was previously amended
effective April 26, 2001 and October 22, 2001 and June 29, 2006. The last of these amended documents was ratified by the Company’s stockholders at the Annual Meeting held on October 16, 2006. The effective date of this
amendment is April 24, 2007. The Plan will terminate upon the date on which all outstanding Options have expired or terminated, and all outstanding Units have been paid or otherwise provided for. 
  

 9

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