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Employment Letter of Agreement of James Dee

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Exhibit 10(F)


Carpenter Technology Corporation

PO Box 14662

Reading, PA 19612-4662


Tel: 610.208.2000

August 13, 2010

Via E-Mail

Re: Employment as VP, General Counsel & Secretary

Dear James Dee,

On behalf of Carpenter Technology Corporation (the " Company" ), we are pleased to confirm our offer to employ you on the terms below stated.

Title and Reporting You will serve as the Company' s VP, General Counsel & Secretary, reporting directly to the President & CEO. Start Date September 13, 2010, or such other date agreed between you and the Company. Annual Base Salary $300,000 Annual Bonus You will be eligible to participate in the Company' s Executive Bonus Compensation Plan, or such successor arrangement (if any) as the Board may from time to time establish. Your target annual bonus opportunity for the fiscal year ending June 30, 2011 will be 50% of your annual base salary received during the fiscal year. Zero to 200% of target will be earned based on achievement of Return on Net Assets (RONA), Operating Income, Revenue, On-Time Delivery and Safety performance objectives during the fiscal year ending June 30, 2011. The relevant corporate performance objectives are determined by the Board or its Human Resources Committee each fiscal year. Annual Equity Awards

The Company generally makes equity awards to its senior executives annually. The terms of those awards are determined by the Board or its Human Resources Committee. You will receive the following equity incentives for fiscal year 2011:


1) A non-qualified stock option to purchase common stock of the Company with a grant date fair value, as determined by the Company, equal to $62,500. The number of stock options will be determined by using Black-Scholes valuation, which is based on the strike price on the grant date. The exercise price of this option will be the closing price of the Company' s common stock on the grant date. This option will vest and become exercisable as follows: 1/3 per year on each of the first, second and third anniversaries of the grant date, subject in each case to your continued service through the applicable vesting date.

E-1

The grant date for your stock option award will be your start date. You will receive an award agreement setting forth the number of options granted, the exercise price and vesting terms after your start date.


2) A one-year performance unit opportunity that, at target levels of performance, will result in the grant of 2,504 units that convert to common stock of the Company on a 1:1 basis. Zero to 200% of these units will be earned based on the achievement of Earnings Per Share (EPS) performance objectives during the fiscal year ending June 30, 2011 and, to the extent earned, will vest as follows: 1 / 2 per year on each of June 30, 2012 and June 30, 2013, subject in each case to your continued service through the applicable vesting date. The relevant corporate performance objectives are determined by the Board or its Human Resources Committee each fiscal year.


3) A three-year performance unit opportunity that, at target levels of performance, wil
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