8-KLeadership ChangesExhibits & Filings

CARPENTER TECHNOLOGY CORP 8-K Report, Executive Changes (Jul 22, 2010)

Filed July 22, 2010For Securities:CRS

Summary

Carpenter Technology Corporation (CRS) filed an 8-K on July 22, 2010, primarily to disclose a Supplemental Separation Pay Agreement with its former Chairman, President, and CEO, Anne L. Stevens. The agreement, dated July 20, 2010, outlines the terms of Ms. Stevens' departure from the company. Key components of the agreement include a lump sum cash payment of $1,760,000 (less applicable taxes) and continued health insurance coverage for Ms. Stevens and her eligible dependents until November 9, 2011, or until she becomes eligible for Medicare or a new employer's plan. The agreement also includes mutual non-disparagement clauses, a release of claims, and Ms. Stevens' affirmation of post-employment cooperation and restrictive covenants from her original employment agreement.

Key Highlights

  • 1Disclosure of a Supplemental Separation Pay Agreement with former CEO Anne L. Stevens.
  • 2Agreement dated July 20, 2010, details departure terms.
  • 3Ms. Stevens to receive a lump sum payment of $1,760,000 (net of taxes).
  • 4Continued health insurance coverage for Ms. Stevens and dependents until November 9, 2011, or earlier eligibility for Medicare/new employer plan.
  • 5Mutual agreement not to disparage each other.
  • 6Mutual release of claims between the Company and Ms. Stevens.
  • 7Ms. Stevens reaffirms post-employment cooperation and existing restrictive covenants (non-competition).

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally disclose the terms of a Supplemental Separation Pay Agreement entered into between Carpenter Technology Corporation and its former Chairman, President, and CEO, Anne L. Stevens.

Ms. Stevens is set to receive a lump sum cash payment of $1,760,000, subject to required tax withholdings.

In addition to the cash payment, Ms. Stevens will receive continued health insurance coverage at no cost for herself and her eligible dependents. This coverage extends until November 9, 2011, or until she becomes eligible for Medicare or coverage under a new employer's group plan, whichever comes first.

Yes, the agreement includes mutual non-disparagement clauses, a mutual release of all claims between Ms. Stevens and the Company, and Ms. Stevens' agreement to provide post-employment cooperation and adhere to existing restrictive covenants, including non-competition.