Carpenter Technology Director Stephen M. Ward Jr. Exercises Expiring Stock Options

Executive Summary

On October 14, 2026, Carpenter Technology Corporation (CRS) filed a Form 4 detailing transactions by Director Stephen M. Ward Jr. On October 9, 2026, Mr. Ward executed an automatic exercise of expiring non-employee director stock options, acquiring 3,275 shares of Common Stock at an exercise price of $39.79 per share. Concurrently, 338 shares were withheld at a market price of $385.81 per share to cover the exercise cost, resulting in a net addition of 2,937 shares to his direct holdings.

Transaction Details

• Security: Common Stock
• Option Exercise (Code M): 3,275 shares acquired at an exercise price of $39.79 ($130,312.25 total exercise value).
• Payment of Exercise Price (Code F): 338 shares withheld at a fair market value of $385.81 ($130,403.78 total value surrendered) to satisfy the exercise cost.
• Expiration Context: The options were set to expire on October 11, 2026, and were automatically exercised on the final business day prior to expiration under the terms of the award agreement.
• Post-Transaction Holdings: 29,276 shares held directly.

Market and Trading Significance

This filing carries Low trading significance. The transaction represents a routine, scheduled exercise of options that were expiring within days, accompanied by share withholding to cover exercise costs. Because the director retained the net remaining 2,937 shares rather than executing an open-market sale, the transaction reflects ongoing alignment with shareholders.