Kevin A. Raketich - Dec 15, 2023 Form 4 Insider Report for TimkenSteel Corp (TMST)

Role: EVP, Chief Commercial Officer
Signature: /s/ Kristine C. Syrvalin, as Attorney-in-Fact
Stock symbol: TMST
Transactions as of: Dec 15, 2023
Transactions value $: $0
Form type: 4
Date filed: 12/18/2023, 06:01 PM
Previous filing: Dec 14, 2023
Next filing: Jan 16, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TMST	Performance-Based Restricted Share Units	Award	$0	+40K		$0.00	40K	Dec 15, 2023	Common Shares	40K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Performance-Based Restricted Share Unit ("PRSU") represents the right to receive one Issuer Common Share (or a cash payment equivalent thereto), plus cash dividend equivalents as applicable.
F2	In general, the PRSUs can be earned from 0% to 200% depending on the degree to which the Issuer's Common Shares satisfy up to seven specified average closing price goals (based on 20 consecutive trading days' achievement of a specified 20-trading-day average price) (the "Average Share Price Goals") from December 1, 2023 through December 31, 2026. Generally, PRSUs earned based on the Average Share Price Goals (or, if earlier, based upon performance evaluation through a change in control of the Issuer) then generally pay out (subject to a payment cap) in two equal installments in early 2027 and 2028, subject to certain alternative terms for death, disability or termination without cause.

Content

Each Performance-Based Restricted Share Unit ("PRSU") represents the right to receive one Issuer Common Share (or a cash payment equivalent thereto), plus cash dividend equivalents as applicable.

In general, the PRSUs can be earned from 0% to 200% depending on the degree to which the Issuer's Common Shares satisfy up to seven specified average closing price goals (based on 20 consecutive trading days' achievement of a specified 20-trading-day average price) (the "Average Share Price Goals") from December 1, 2023 through December 31, 2026. Generally, PRSUs earned based on the Average Share Price Goals (or, if earlier, based upon performance evaluation through a change in control of the Issuer) then generally pay out (subject to a payment cap) in two equal installments in early 2027 and 2028, subject to certain alternative terms for death, disability or termination without cause.