CRS Form 4: Director Receives 557 RSUs; 304-Share Option at $256.27

Rhea-AI Filing Summary

Carpenter Technology Corp (CRS) reported an insider grant to director Kathleen Ligocki on 10/07/2025. She received 557 director stock units that convert 1-for-1 into common shares and are payable upon separation of service or a specified event, and was granted an option to buy 304 shares at a $256.27 exercise price exercisable beginning 10/07/2026 with a 10/07/2035 expiration. After these awards, the reporting person beneficially owned 25,754.12 shares (includes dividend equivalents). The grants were made under the Carpenter Technology Corporation stock-based compensation plan for non-employee directors and were reported on Form 4.

Positive

• 557 director stock units granted that convert 1-for-1 to common shares, increasing long-term alignment
• 304 stock option grant with clear $256.27 exercise price and defined exercisability and expiration dates
• 25,754.12 shares reported beneficially owned, including dividend equivalents, showing disclosed insider stake

Negative

• None.

Insights

Corporate Governance Analyst

Director grant aligns pay with long-term shareholder value.

These awards—557 director stock units and a 304-share option—are standard non-employee director compensation tied to continued service and future vesting or exercise conditions. The stock units convert 1-for-1 to common shares and include dividend equivalents, which increases the effective economic stake until payout.

The option has a $256.27 exercise price, a one-year wait before exercisability (10/07/2026), and a ten-year post-exercise window (10/07/2035), so alignment is delayed and contingent on tenure; monitor any future disclosures of vesting schedules or large additional grants within the next 12 months for governance impact.

Compensation & Equity Analyst

Grants reflect routine director equity package, modest immediate dilution.

The 557 restricted stock units are payable later and the 304 option represents a small absolute share amount relative to total outstanding equity; dividend equivalents were included in the reported 25,754.12 beneficially owned shares. The option’s exercise price is explicit at $256.27, which sets the threshold for future executive value capture.

Because exercisability begins on 10/07/2026 and the option expires on 10/07/2035, the material near-term cash impact is limited; watch for vesting or exercise activity and aggregate director grants over the next 12 months for potential dilution effects.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LIGOCKI KATHLEEN

(Last) (First) (Middle)

C/O CARPENTER TECHNOLOGY CORPORATION

1735 MARKET STREET, 15TH FL

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CARPENTER TECHNOLOGY CORP [ CRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Director Stock Units	(1)	10/07/2025		A		557		(2)	(2)	Common Stock	557	(3)	25,754.12(4)	D
Director Stock Option (Right to Buy)	$256.27	10/07/2025		A		304		10/07/2026	10/07/2035	Common Stock	304	(5)	304	D

Explanation of Responses:

1. Converts to common stock on a 1-for-1 basis

2. Payable upon the later of separation of service or a specified date or event.

3. The reporting person was granted restricted stock units under the Carpenter Technology Corporation Stock-Based Compensation Plan for Non-Employee Directors.

4. Includes dividend equivalents not previously reported.

5. The reporting person was granted an option to purchase stock under the Carpenter Technology Corporation Stock Based Compensation Plan for Non-Employee Directors.

	James D. Dee/POA	10/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Carpenter Technology (CRS) report on Form 4?

A director grant on 10/07/2025 of 557 director stock units and a stock option for 304 shares with an exercise price of $256.27.

When do the granted options for Kathleen Ligocki become exercisable (CRS)?

The option becomes exercisable on 10/07/2026 and expires on 10/07/2035.

How many shares does the reporting person beneficially own after the transaction (CRS)?

The Form 4 reports beneficial ownership of 25,754.12 shares following the reported transactions, which includes dividend equivalents.

Under what plan were the equity awards granted (CRS)?

Awards were granted under the Carpenter Technology Corporation Stock-Based Compensation Plan for Non-Employee Directors.

Do the director stock units pay out immediately (CRS)?

No. The director stock units convert 1-for-1 to common stock but are payable upon the later of separation of service or a specified date or event.