[Form 4] CARPENTER TECHNOLOGY CORP Insider Trading Activity

Rhea-AI Filing Summary

Carpenter Technology Corp (CRS) director Steven E. Karol received equity awards on 10/07/2025. He was granted 557 Director Stock Units that convert 1-for-1 into common stock and are payable upon separation of service or a specified date/event. He also received a Director Stock Option to buy 304 shares at an exercise price of $256.27, exercisable beginning 10/07/2026 and expiring 10/07/2035. The filing lists 41,020.53 (reported numeric value) labeled alongside the units, which the filing notes includes dividend equivalents previously unreported. The transactions were reported on the Form 4 filed by one reporting person and signed by POA on 10/09/2025.

Positive

• 557 Director Stock Units granted, converting 1‑for‑1 to common stock, supporting long‑term alignment
• 304 stock option award with multi‑year vest/exercise window (10/07/2026–10/07/2035), which ties retention to future performance

Negative

• None.

Insights

Corporate Governance Analyst

Director received routine annual non‑employee director equity awards: RSUs and options.

The awards follow the Carpenter Technology non‑employee director compensation plan and include 557 restricted stock units that convert 1‑for‑1 to common stock and an option for 304 shares priced at $256.27. The option becomes exercisable on 10/07/2026 and expires on 10/07/2035, aligning long‑term retention incentives.

The grants are standard governance practice to align directors with shareholder value but will increase potential share dilution if options are exercised or RSUs vest and convert. Monitor reported vesting/payment conditions and any future exercises or additional filings within the next 12 months for realized insider ownership changes.

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
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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^*

KAROL STEVEN E

(Last) (First) (Middle)

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)	41,020.53(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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Carpenter Technology director Steven E. Karol acquire (CRS)?

On 10/07/2025 he was granted 557 Director Stock Units and a 304‑share stock option with an exercise price of $256.27.

When do the stock option shares become exercisable and when do they expire?

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

What does the filing say about the Director Stock Units' payout timing?

The Director Stock Units convert 1‑for‑1 to common stock and are payable upon the later of separation of service or a specified date/event, per the filing.

What is the 41,020.53 figure shown in the Form 4?

The filing shows 41,020.53 alongside the units and explains this amount includes dividend equivalents not previously reported.

Who filed and signed the Form 4 for these transactions?

The Form 4 was filed by one reporting person and executed by James D. Dee/POA on 10/09/2025.