|   |              |   |
|--------|-------------------|--------|
|   |              |   |
|   | SERVICE AGREEMENT |   |
|   |              |   |
|   |              |   |

----

| CLAUSE | PAGE |
|--------|------|
| 1.     | TERM AND JOB DESCRIPTION                                | 1      |
|--------|---------------------------------------------------------|--------|
|   |                                                    |   |
| 2.     | DUTIES                                                  | 1      |
|   |                                                    |   |
| 3.     | SALARY                                                  | 2      |
|   |                                                    |   |
| 4.     | BONUS AND LONG-TERM INCENTIVE ARRANGEMENTS              | 3      |
|   |                                                    |   |
| 5.     | TAXATION                                                | 4      |
|   |                                                    |   |
| 6.     | EXPENSES                                                | 5      |
|   |                                                    |   |
| 7.     | PENSION                                                 | 5      |
|   |                                                    |   |
| 8.     | INSURANCE                                               | 5      |
|   |                                                    |   |
| 9.     | HOLIDAY                                                 | 6      |
|   |                                                    |   |
| 10.    | SICKNESS AND OTHER INCAPACITY                           | 6      |
|   |                                                    |   |
| 11.    | REPRESENTATIONS AND WARRANTIES                          | 6      |
|   |                                                    |   |
| 12.    | OTHER INTERESTS                                         | 7      |
|   |                                                    |   |
| 13.    | SHARE DEALING AND OTHER CODES OF CONDUCT                | 8      |
|   |                                                    |   |
| 14.    | INTELLECTUAL PROPERTY                                   | 8      |
|   |                                                    |   |
| 15.    | DISCIPLINARY AND GRIEVANCE PROCEDURES                   | 9      |
|   |                                                    |   |
| 16.    | TERMINATION                                             | 9      |
|   |                                                    |   |
| 17.    | RESIGNATION BY THE EXECUTIVE FOR GOOD REASON            | 12     |
|   |                                                    |   |
| 18.    | REMUNERATION POLICY, MALUS AND CLAWBACK                 | 13     |
|   |                                                    |   |
| 19.    | SUSPENSION AND GARDENING LEAVE                          | 13     |
|   |                                                    |   |
| 20.    | RESTRAINT ON ACTIVITIES F EXECUTIVE AND CONFIDENTIALITY | 14     |
|   |                                                    |   |
| 21.    | POST-TERMINATION COVENANTS                              | 15     |
|   |                                                    |   |
| 22.    | EXECUTIVE’S POSITION AS DIRECTOR                  | 17     |
|   |                                                    |   |
| 23.    | WAIVER OF RIGHTS                                        | 17     |
|   |                                                    |   |
| 24.    | DATA PROTECTION                                         | 17     |
|   |                                                    |   |
| 25.    | EMAIL AND INTERNET USE                                  | 18     |
|   |                                                    |   |
| 26.    | COUNTERPARTS                                            | 18     |
|   |                                                    |   |
| 27.    | CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999            | 19     |
|   |                                                    |   |
| 28.    | DEFINITIONS                                             | 19     |
|   |                                                    |   |
| 29.    | MISCELLANEOUS                                           | 20     |
| SCHEDULE 1 | 1 |
|------------|---|

----

| (1)    | FERROGLOBE PLC, a company with registered number 09425113, which has its registered office at Legalinx Ltd., One Fetter Lane, London, EC4A 1BR (the Company); and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                              |
| (2)    | Javier López Madrid of 30, Eaton Mews North, London, SW1X8AS (the Executive)                                                                                 |
| 1.     | Term and Job Description                                                                                                                                                                                                     |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                         |
| 1.1    | The Executive shall be employed by the Company as Executive-Vice Chairman.                                                                                                                                                   |
|   |                                                                                                                                                                                                                         |
| 1.2    | The Employment shall begin on the Effective Date.  For statutory purposes, there is no previous period of continuous employment.                                                                                        |
|   |                                                                                                                                                                                                                         |
| 1.3    | Subject to clauses 1.4 and 16 below, the Employment will continue until terminated by:                                                                                                                                       |
|   |                                                                                                                                                                                                                         |
| (a)    | the Company giving the Executive 12 months’ written notice; or                                                                                                                                                         |
|   |                                                                                                                                                                                                                         |
| (b)    | the Executive giving the Company 6 months’ written notice.                                                                                                                                                             |
|   |                                                                                                                                                                                                                         |
| 1.4    | Notwithstanding clause 1.3(a) above, prior to the third anniversary of the Effective Date, the Company shall be required to give the Executive the following written notice:                                                 |
|   |                                                                                                                                                                                                                         |
| (a)    | 24 months’ written notice, if notice is given prior to the first anniversary of the Effective Date;                                                                                                                    |
|   |                                                                                                                                                                                                                         |
| (b)    | 21 months’ written notice, if notice is given between the first and second anniversaries of the Effective Date; and                                                                                                    |
|   |                                                                                                                                                                                                                         |
| (c)    | 18 months’ written notice, if notice is given between the second and third anniversaries of the Effective Date.                                                                                                        |
|   |                                                                                                                                                                                                                         |
| 2.     | Duties                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                         |
| 2.1    | During the Employment, the Executive will:                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                         |
| (a)    | diligently perform all such duties and exercise all such powers as are lawfully and properly assigned to him from time to time by the Board, whether such duties or powers relate to the Company or any other Group Company; |

----

| (b)    | comply with all Company rules, regulations, policies and procedures (including the Company’s code of business ethics) and those of any applicable Group Company from time to time in force;                                                                                                                                                                                                                              |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (c)    | comply with all directions lawfully and properly given to him by the Board;                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (d)    | unless prevented by sickness, injury or other incapacity, devote the whole of his time, attention and abilities during his Working Hours to the business of the Company or any other Group Company for which he is required to perform duties;                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (e)    | promptly provide the Board with all such information as it may require in connection with the business or affairs of the Company and of any other Group Company for which he is required to perform duties; and                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (f)    | report to the Company and any applicable Group Company any matters of concern that come to his attention, or of which he is aware, in particular any acts of misconduct, dishonesty, breach of any of the Company or Group policies, including but not limited to the Code of Conduct or breach of any relevant regulatory rules committed, contemplated or discussed by any member of staff, contractor or other third party. |
| 3. | Salary |
|----|--------|

----

| (a)    | 20% of the Salary per annum, plus, provided the Executive’s normal place of work is located in London, an exceptional allowance of a further 20% of the Salary per annum for the first 3 years of the Employment, and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                        |
| (b)    | 20% of Salary per annum thereafter, provided that any such allowance shall be determined in a manner consistent with the Company’s Remuneration Policy.                                                               |
| 4. | BONUS AND LONG-TERM INCENTIVE ARRANGEMENTS |
|----|--------------------------------------------|

----

| 5. | Taxation |
|----|----------|
| (b)    | into a UK bank account; and                                                                                                                                                                                                                                                                         |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                |
| (c)    | into a non-UK bank account with such sum to be paid in the currency (which the Executive may direct) equivalent of the sterling amount, based on the official exchange rate on the date of payment, and the Company will, in its discretion, bear administrative fees associated with such payment, |

----

| 6. | Expenses |
|----|----------|
| 7. | Pension |
|----|---------|
| 8. | Insurance |
|----|-----------|
| (a)    | pay for the benefit of the Executive, his Spouse and any dependent children (as determined in accordance with the rules of the applicable scheme) subscriptions to the Company’s private medical expenses insurance arrangements for the time being in force; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                |
| (b)    | pay for the benefit of the Executive subscriptions to the Company’s permanent health insurance arrangements for the time being in force; and                                                                                                                  |
|   |                                                                                                                                                                                                                                                                |
| (c)    | pay for the benefit of the Executive subscriptions to the Company’s life assurance arrangements for the time being in force.                                                                                                                                  |

----

| 9. | Holiday |
|----|---------|
| 10. | Sickness and Other Incapacity |
|-----|-------------------------------|
| 11. | Representations and Warranties |
|-----|--------------------------------|

----

| 12. | Other Interests |
|-----|-----------------|
| (a)    | an investment by way of shares or other securities in a business which is similar to or competitive with the Company of not more than 3% of the total issued share capital of any company (whether or not it is listed or dealt in on a recognised stock exchange) provided he has obtained prior written approval from the Board; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (b)    | investments in companies and executive directorships in unquoted companies which do not carry on a business similar to or competitive with any business for the time being carried on by the Company without restriction provided only that (i) such holdings and directorships are notified to the Board, (ii) there is, in the reasonable opinion of the Board, no conflict of interest between the Company and the Executive, and (iii) such holdings and directorships (including, but without limitation, in respect of their time commitment) do not, in the reasonable opinion of the Board, interfere with the Employment.  Subject always to the Executive’s duty as a director, the obligation to notify the Board does not apply (x) if the Executive’s investment in any one business does not exceed £100,000 and the Executive has no active participation or involvement in the business of the entity in which the investment is made; or (y) if the Executive’s investment is in a mutual fund or any other form of undertakings for collective investment where the Executive has no active participation or involvement in the investment decisions (in this case, without any maximum amount). |

----

| 13. | Share Dealing and Other Codes of Conduct |
|-----|------------------------------------------|
| 14. | Intellectual Property |
|-----|-----------------------|
| (a)    | the Executive shall forthwith disclose full details of any Employee Works in confidence to the Company and shall regard himself in relation to any Employee Works as a trustee for the Company;                                                                                                                                                                                                                                                                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (b)    | all intellectual property rights in any Employee Works shall vest absolutely in the Company which shall be entitled, so far as the law permits, to the exclusive use thereof;                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (c)    | notwithstanding (b) above, the Executive assigns to the Company all right, title and interest, present and future, anywhere in the world, in copyright and in any other intellectual property rights in respect of all Employee Works written, originated, conceived or made by the Executive (except only those Employee Works written, originated, conceived or made by the Executive wholly outside his normal working hours hereunder and wholly unconnected with the Employment) during the continuance of the Employment; |

----

| (d)    | the Executive hereby waives all moral rights as author under the Copyright Designs and Patents Act 1988 or any equivalent laws in respect of any Employee Works; and                                                                                                                                                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (e)    | the Executive agrees and undertakes that at any time during or after the termination of the Employment he will execute such deeds or documents and do all such acts and things as the Company may deem necessary or desirable to substantiate its rights in respect of the matters referred to above including for the purpose of obtaining letters patent or other privileges in all such countries as the Company may require. |
| 15. | Disciplinary and Grievance Procedures |
|-----|---------------------------------------|
| 16. | Termination |
|-----|-------------|
| (a)    | the basic Salary which the Executive would have been entitled to receive under this Agreement during the notice period referred to at clause 1.3 or clause 1.4, as applicable if notice had been given on the date that the Employment was terminated with immediate effect (or, if notice has already been given, during the remainder of the notice period) (the Unserved Notice Period); and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                            |
| (b)    | the pension allowance the Executive would have been entitled to receive in the Unserved Notice Period.  For the avoidance of doubt, where the Unserved Notice Period covers multiple years then the Executive will be entitled to a payment in lieu of a pension allowance applicable for the year in which the Termination Date occurs;                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                            |
| (c)    | the bonus(es) the Executive would have been entitled to receive in the Unserved Notice Period, calculated in each case, by way of an average of Annual Bonuses awarded (including the value of any deferred portion thereof on the date of the award) to the Executive by the Company in respect of the last three completed                                                                    |

----

|   | financial years immediately prior to the Termination Date (provided that (i) if the Termination Date occurs before the third anniversary of the Effective Date, the average shall mean the amount of the Annual Bonuses awarded since the Effective Date divided by the number of Annual Bonuses awarded, and (ii) if during the period between the Effective Date and the Termination Date, the Company has not awarded any Annual Bonus (other than as a result of failure to satisfy the applicable performance conditions), the average shall be determined by reference to the mid-point between the threshold opportunity (at which the lowest level of Annual Bonus is payable) and the Target Annual Bonus, and by reference to the Salary on the Termination Date).  In all cases, the average amount calculated under this sub-clause shall be proportionately adjusted for the length of the Unserved Notice Period; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (d)    | the cost to the Company of the benefits consisting of (i) those provided pursuant to clause 8 the Executive would have been entitled to receive during the Unserved Notice Period, and (ii) if an allowance under clause 3.5 is being paid at the time of the Termination Date, an annual expatriate benefits allowance equivalent to 20% of Salary pro-rated for the length of the Unserved Notice Period but not exceeding six months.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (a)    | the Payment in Lieu or the liquidated sum will not include any amount in respect of any other amount or benefit envisaged under this Agreement; and                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                            |
| (b)    | the Executive will not be entitled to receive any payment in addition to the Payment in Lieu or the liquidated sum in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu or the liquidated sum is made. |

----

| (a)    | commits any repeated breach (provided that the Company has notified the Executive of such breach and if capable of cure, the breach has not been cured within 30 days following receipt of the notice) or any serious breach of any of his obligations under this Agreement or his Employment; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                           |
| (b)    | provides materially false or misleading information about himself or his previous employment history or omits to divulge material factors relevant to his suitability for the Employment;                                                                                                      |
|   |                                                                                                                                                                                                                                                                                           |
| (d)    | is guilty of serious misconduct which, in the Board’s reasonable opinion, has damaged or may damage the business or affairs of the Company or any other Group Company;                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                           |
| (e)    | is guilty of conduct which, in the Board’s reasonable opinion, brings or is likely to bring himself, the Company or any other Group Company into disrepute;                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                           |
| (f)    | is charged with a criminal offence (other than a road traffic offence not subject to a custodial sentence);                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                           |
| (g)    | is disqualified from acting as a director of a company by order of a competent court;                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                           |
| (h)    | is declared bankrupt or makes any arrangement with or for the benefit of his creditors, has an interim order made against him under Part VIII of the Insolvency Act or has an administration order made against him under the County Courts Act 1984; or                                       |
|   |                                                                                                                                                                                                                                                                                           |
| (i)    | resigns his directorship of the Company or any Group Company (other than at the explicit request of the Board).                                                                                                                                                                                |

----

| (a)    | immediately deliver to the Company all books, documents, papers, computer records, computer data, credit cards, and any other property relating to the business of or belonging to the Company or any other Group Company which is in his possession or under his control.  The Executive is not entitled to retain copies or reproductions of any documents, papers or computer records relating to the business of or belonging to the Company or any other Group Company; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (b)    | immediately resign from any office he holds with the Company or any other Group Company (and from any related trusteeships) without any compensation for loss of office.  Should the Executive fail to do so he hereby irrevocably authorises the Company to appoint some person in his name and on his behalf to sign any documents and do anything to give effect to his resignation from office; and                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (c)    | immediately pay to the Company or, as the case may be, any other Group Company all outstanding loans or other amounts due or owed to the Company or any Group Company.  The Executive confirms that, should he fail to do so, the Company is to be treated as authorised to deduct from any amounts due or owed to the Executive by the Company (or any other Group Company) a sum equal to such amounts.                                                                    |
| 17. | Resignation by the Executive for Good Reason |
|-----|----------------------------------------------|
| (a)    | the Company’s material failure to comply with the clauses of this Agreement, provided that the Executive has submitted a written notice of such failure to the Board and the failure is not cured within 90 days following receipt of the notice;                                                                                                                                                                                                                                           |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (b)    | the overall compensation (including Salary, Aggregate Incentive Awards, pension and other benefits) granted to the Executive by the Company in a given financial year is materially reduced from the preceding financial year, unless such reduction (i) is applied generally to the Company’s Tier 1 and Tier 2 Executives and (ii) is a result of substantial changes in the market conditions affecting the Company.  For the avoidance of doubt, both (i) and (ii) need to be met; |

----

|  (c) |  his duties or responsibilities are substantially altered;                                                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                             |
| (d)       | as a result of long-term sickness he is unable to carry out his duties and his entitlements under clause 10 have ceased;                                                                         |
|      |                                                                                                                                                                                             |
| (e)       | he ceases to report to the Board or the Executive Chairman of the Company (or of any holding company of the Company, if applicable); or                                                          |
|      |                                                                                                                                                                                             |
| (f)       | the Company’s headquarters are relocated outside the United Kingdom (and not to New York City, Miami, similarly major cities on the East Coast of the United States, Madrid or Barcelona). |
| 18. | Remuneration Policy, Malus and Clawback |
|-----|-----------------------------------------|
| 19. | Suspension and Gardening Leave |
|-----|--------------------------------|
| (a)    | not to attend any premises of the Company or any other Group Company;                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                  |
| (b)    | to resign with immediate effect from any offices he holds with the Company or any other Group Company (and any related trusteeships); |
|   |                                                                                                                                  |
| (c)    | to refrain from business contact with any customers, clients or employees of the Company or any Group Company;                        |

----

|   |                                                                                                                                                                                                                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d)    | to take any holiday which has accrued under clause 9 during any period of suspension under this clause 19.1;                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                           |
| (e)    | to deliver promptly to the Company all papers, Confidential Information and property relating to the business of the Company or any Group Company which is in his possession or under his control (including, for the avoidance of doubt, any shares held by him as nominee for any member of the Group);                      |
|   |                                                                                                                                                                                                                                                                                                                           |
| (f)    | not to compete with the Company or any Group company; and/or                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                           |
| (g)    | not to do any act or thing or make or cause to be made any statement reasonably likely to damage the business or reputation of the Company or any Group Company and the Executive must use all reasonable efforts to ensure that his Spouse does not do any such act or thing or make or cause to be made any such statements. |
| 20. | Restraint on Activities f Executive and Confidentiality |
|-----|---------------------------------------------------------|

----

| (a)    | to any disclosure of information which is already in the public domain otherwise than by breach of this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (b)    | to any disclosure of information which was known to, or in the possession of, the Executive prior to his receipt of such information from the Company or any Group Company whenever so received;                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (c)    | to any disclosure of information which has been conceived or generated by the Executive independently of any information or materials received or acquired by the Executive from the Company or any Group Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (d)    | to any disclosure or use authorised by the Board or required by the Employment or by any applicable laws or regulations, including, without limitation, to any disclosure required for patent purposes provided that the Executive promptly notifies the Company when any such disclosure requirement arises to enable the Company to take such action as it deems necessary, including, without limitation, to seek an appropriate protective order and/or make known to the appropriate government or regulatory authority or court the proprietary nature of the Confidential Information and make any applicable claim of confidentiality with respect hereto; |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (e)    | so as to prevent the Executive from using his own personal skill, experience and knowledge in any business in which he may be lawfully engaged after the Employment is ended; or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (f)    | to prevent the Executive making a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 21. | Post-Termination Covenants |
|-----|----------------------------|
| (a) | for the period of (subject to clause 21.2 below) 12 months following the Termination Date, solicit or entice away or endeavour to solicit or entice away from the Company or any Group Company any person, firm, company or other entity who is, or was, in the period of 12 months immediately prior to the Termination Date, a client of the Company or any Group Company with whom the Executive had business dealings during the course of the Employment in that period.  Nothing in this clause 21.1(a) shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any Group Company; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)    | for the period of (subject to clause 21.2 below) 12 months following the Termination Date, have any business dealings with any person, firm, company or other entity who is, or was, in the period of 12 months immediately prior to the Termination Date, a client of the Company or any Group Company with whom the Executive had business dealings during the course of the Employment in that period.  Nothing in this clause 21.1(b) shall prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any Group Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (c)    | for the period of (subject to clause 21.2 below) 12 months following the Termination Date, solicit or entice away or endeavour to solicit or entice away any individual who is employed or engaged by the Company or any Group Company as a director or in a managerial or technical capacity and with whom the Executive had business dealings during the course of the Employment in the 12 month period immediately prior to the Termination Date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (d)    | for the period of (subject to clause 21.2 below) 12 months following the Termination Date, carry on, set up, be employed, engaged or interested in a business anywhere in the United Kingdom, United States of America, or such other country in which a Major Division operates as at the Termination Date, which is or is about to be in competition with the business of the Company or any Group Company as at the Termination Date with which the Executive was actively involved (including in an oversight capacity as a director of the Company) during the 12 month period immediately prior to the Termination Date.  A Major Division means a division or business carried on as at the Termination Date by the Company or any Group Company which accounts for at least 20% of the Group’s revenues or 20% of the Group’s profits and with which the Executive was actively involved during the six month period to the Termination Date.  The provisions of this clause 21.1(d) shall not, at any time following the Termination Date, prevent the Executive from holding shares or other capital not amounting to more than 3% of the total issued share capital of any company whether listed on a recognised stock exchange or not and, in addition, shall not prohibit the seeking or doing of business not in direct or indirect competition with the business of the Company or any Group Company. |

----

| 22. | Executive’s Position as Director |
|-----|----------------------------------------|
| 23. | Waiver of Rights |
|-----|------------------|
| 24. | Data Protection |
|-----|-----------------|
| (a)    | performing its obligations under this Agreement (including remuneration, payroll, pension, insurance and other benefits, tax and social security (including national insurance) obligations;                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                            |
| (b)    | the legitimate interests of the Company and any Group Company including any sickness policy, working time policy, investigating acts or defaults (or alleged or suspected acts or defaults) of the Executive, security, management forecasting or planning and negotiations with the Executive; |

----

| (c)    | processing in connection with any merger, sale or acquisition of a company or business in which the Company or any Group Company is involved or any transfer of any business in which the Executive performs his duties; and          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                  |
| (d)    | transferring data to countries outside the European Economic Area for the purposes of maintaining comprehensive records and conducting analyses of the Group-wide employee population, in particular in the United States of America. |
| (a)    | where the sensitive personal data relates to the Executive’s health, any processing in connection with the operation of the Company’s (or any Group Company’s) sickness policy or any relevant pension scheme or monitoring absence;            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                              |
| (b)    | where the sensitive personal data relates to an offence committed, or allegedly committed, by the Executive or any related proceedings, processing for the purpose of disciplinary investigation and/or action by the Company or any Group Company;               |
|   |                                                                                                                                                                                                                                                              |
| (c)    | for all sensitive personal data, any processing in connection with any merger, sale or acquisition of a company or business in which the Company or any Group Company is involved or any transfer of any business in which the Executive performs his duties; and |
|   |                                                                                                                                                                                                                                                              |
| (d)    | for all sensitive personal data, any processing in the legitimate interests of the Company or any Group Company.                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                              |
| 25.    | Email and internet use                                                                                                                                                                                                                                            |
| 26. | Counterparts |
|-----|--------------|

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| 27. | Contracts (rights of third parties) act 1999 |
|-----|----------------------------------------------|
| 28. | Definitions |
|-----|-------------|
| (a)    | the markets, customers and potential markets and customers of the Company or any Group Company;                                                                      |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                 |
| (b)    | the pricing policy, costs of products and services to the Company or any Group Company;                                                                              |
|   |                                                                                                                                                                 |
| (c)    | the profits turnover, profit margins, business expectations, budgets, business plans or any other similar financial information of the Company or any Group Company; |
|   |                                                                                                                                                                 |
| (d)    | technical data or know-how relating to the business carried on by the Company or any Group Company;                                                                  |
|   |                                                                                                                                                                 |
| (e)    | research projects of the Company or any Group Company; and                                                                                                           |
|   |                                                                                                                                                                 |
| (f)    | administrative, managerial, employment or other internal policies of the Company or any Group Company or the relations of the Company or any Group Company           |

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| 29. | Miscellaneous |
|-----|---------------|

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| SIGNED as a DEED and     | ) |                               |
|--------------------------|---|------------------------------------|
| DELIVERED by             | ) |                               |
| JAVIER LÓPEZ MADRID | ) |  /s/ Javier López Madrid |
| in the presence of | ) |
|--------------------|---|
| SIGNED for and on behalf of | ) |
|-----------------------------|---|
| FERROGLOBE PLC              | ) |

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|   | ● | 99% shareholding in Siacapital (Financiera Siacapital, S.L.  And Siacapital Management, S,A.) and 25% shareholding in Tressis (Tressis Sociedad de Valores, S.A.).                                            |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                               |
|   | ● | Non-executive Chairman of both Siacapital and Tressis.                                                                                                                                                             |
|   |    |                                                                                                                                                                                                               |
|   | ● | 29% indirect interest in Aurinka (Aurinka International, S.L.), a company with common interest with Ferroglobe in the Ferrosolar Project, as previously disclosed to the Board (February and April 2016 meetings). |
|   |    |                                                                                                                                                                                                               |
|   | ● | Co-Managing Director of the family holding GVM (Villar Mir Group) and board member of other two GVM’s controlled companies: OHL (Obrascon Huarte Lain, S.A.) and Fertiberia, S.A.                            |

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