Document:

exhibit101employmentagre

EXECUTION VERSION  EMPLOYMENT AGREEMENT  THIS EMPLOYMENT AGREEMENT, by and between GrafTech International Holdings  Inc., a Delaware corporation, with its principal place of business located at 982 Keynote Circle,  Brooklyn Heights, OH 44131 (the “Company”), and Marcel Kessler (“Executive”), is dated as of  the 27th day of June, 2022 (the “Agreement”).  The Company wishes to employ Executive on the terms and conditions, and for the  consideration, hereinafter set forth, and Executive desires to be employed by the Company on such  terms and conditions and for such consideration.  In consideration of the promises provided for in this Agreement, the Company and  Executive agree as follows:  1. Employment Period. This Agreement shall become effective as of July 1, 2022, or such other date on which the parties hereto agree Executive will commence employment  with the Company (the “Effective Date”). Except as otherwise provided in Section 3 of this  Agreement, the Company hereby agrees to employ Executive, and Executive hereby agrees to be  employed by the Company, on an at-will basis on the terms and conditions set-forth herein for the  period commencing on the Effective Date and ending on Executive’s Date of Termination (as  defined in Section 3(e)) (such period, the “Employment Period”).   2. Terms of Employment. (a) Position and Duties. (i) During the Employment Period, Executive shall (A) serve as Chief Executive Officer and President of GrafTech International Ltd. (“GrafTech”) with  such duties and responsibilities as are customarily commensurate with or incident to such position  for an entity similar in size to, and in a business similar to that of, GrafTech and its subsidiaries,  (B) report to the GrafTech Board of Directors (the “Board”), and (C) perform Executive’s services primarily at 982 Keynote Circle, Brooklyn Heights, Ohio 44131 (“Brooklyn Heights, Ohio”) (subject to reasonable travel requirements commensurate with Executive’s position and a reasonable amount of time to allow for Executive to relocate Executive’s principal place of employment to Brooklyn Heights, Ohio, with it being understood that Executive will initially commence his employment and perform Executive’s services for a reasonable period of time at the Company's branch in Bussigny, Switzerland (such period of time, the “Switzerland Service Period”)). The Company shall use its reasonable best efforts to cause GrafTech to appoint Executive as a member of the Board as of the Effective Date, and will use its reasonable best efforts to have him nominated to the Board throughout the Employment Period while Executive is employed by the Company. (ii) Extent of Service. During the Employment Period, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive agrees to devote  Executive’s full business time and attention to the business and affairs of GrafTech and its  subsidiaries. During the Employment Period, it will not be a violation of this Agreement for  Executive to (A) serve on no more than one charitable board or committee, (B) deliver lectures or  fulfill speaking engagements and (C) manage personal investments, so long as such activities  described in clauses (A), (B) and (C) do not significantly interfere with the performance of  Exhibit 10.1 

 

     2    Executive’s responsibilities as an employee of the Company in accordance with this Agreement.  Except as otherwise provided in this subsection (ii), Executive shall not during the Employment  Period serve as a director of another corporation, provided that Executive shall be permitted to  continue serving as a member of the board of directors of Pason Systems Inc.  (iii) Understanding Between the Parties. Executive and the Company agree and  acknowledge that Executive’s employment as described in this Agreement, and for the  consideration and promises set forth herein, is being made substantially consistent with the existing  executive compensation program that is in effect at GrafTech, and that the executive compensation  program described herein is under review by the Compensation Committee of the Board (the  “Compensation Committee”) with adjustments expected to be made as appropriate for 2023  (including based on the Committee’s review of reasonable comparative compensation  information), but in no event will the executive compensation program described in this  Agreement be reduced without the written consent of Executive, unless such reduction is part of  an across-the-board reduction involving substantially similar proportions applicable to all similarly  situated executive officers of GrafTech and its subsidiaries for one or more calendar years.    (b) Compensation. (i) Base Salary. During the Employment Period, Executive  shall receive base salary at the annual rate (“Annual Base Salary”) of $750,000 (USD) paid in  accordance with the normal payroll practices of the Company as may be in effect from time to  time, which Annual Base Salary shall be reviewed for increase at least annually by the  Compensation Committee.   (ii) Annual Cash Incentive Award. Executive shall be eligible, for each fiscal  year of the Company or portion of a fiscal year ending during the Employment Period, for an  annual incentive award in cash (the “Annual Incentive”) under the GrafTech International Ltd.  Short-Term Incentive Plan (or any applicable successor plan or program, the “GrafTech STIP”),  with a target Annual Incentive opportunity equal to 100% of Annual Base Salary (“Target Annual  Incentive”) and a maximum Annual Incentive opportunity of 200% of the Target Annual Incentive.  For each such fiscal year or portion of a fiscal year, the Board (or an applicable committee of the  Board) will establish the performance metrics and their relative weighting to be used in, and any  specific performance goals applicable to, the determination of the Annual Incentive for Executive  for such period. For 2022, such applicable performance metric shall consist of adjusted earnings  before interest, taxes, depreciation and amortization, substantially as utilized under the GrafTech  STIP for similarly situated GrafTech executive officers for their 2022 annual cash incentive  awards. Notwithstanding anything in this Agreement to the contrary, each Annual Incentive shall  be on the terms and subject to such conditions as are specified in the GrafTech STIP. Any Annual  Incentive earned with respect to a particular year will be paid at the same time annual cash  incentives are paid to other similarly situated GrafTech executive officers for such calendar year,  but in no event later than March 31st of the following calendar year. Any Annual Incentive earned  with respect to a portion of a fiscal year during the Employment Period will be prorated in  accordance with the provisions of the GrafTech STIP.  (iii) Initial Equity Awards. As soon as practical on or after the Effective Date,  Executive shall be granted the following one-time awards under the GrafTech International Ltd.  Omnibus Equity Incentive Plan in accordance with the applicable award agreements under which  such awards are granted (the “Initial Equity Awards”), with such Initial Equity Awards being  

 

     3    subject to the specific approval of the Compensation Committee, including, without limitation, all  authority and powers provided or reserved to the Compensation Committee under such equity  compensation plan:  (A) 2022 Restricted Stock Units.  Executive shall be entitled to receive  a grant of service-based restricted stock units (“RSUs”) covering a number of shares of  GrafTech common stock equal to the quotient of (1) $500,000, divided by (2) the average  closing price for GrafTech common stock on the principal stock exchange on which it then  trades for the thirty (30) days immediately preceding the date of grant (such average closing  price, the “Thirty-Day Average Price,” and such RSUs, the “Initial RSUs”). Such Initial  RSUs will, in general, vest subject to Executive’s continued employment with the  Company in five substantially equal installments on each anniversary of the date of grant  for the Initial RSUs; and  (B) 2022 Stock Options.  Executive shall be entitled to receive a grant  of stock options (“Stock Options”) covering a number of shares of GrafTech common stock  equal to the quotient of (1) $500,000, divided by (2) the Thirty-Day Average Price, with  such Stock Options having an exercise price equal to the closing price of GrafTech  common stock on the date of grant, as determined under the GrafTech International Ltd.  Omnibus Equity Incentive Plan (the “Initial Stock Options”). Such Initial Stock Options  will, in general, vest subject to Executive’s continued employment with the Company in  five substantially equal installments on each anniversary of the date of grant for the Initial  Stock Options.  (iv) Subsequent Annual Equity Awards. During the Employment Period, but  beginning on or about February 2023 (not including 2022), and subject to approval by the  Compensation Committee, Executive shall be eligible to participate in annual long-term equity  compensation awards provided by GrafTech under its then-applicable equity compensation  plan(s), as they may be in effect from time to time for participation by similarly situated GrafTech  executive officers, generally as reasonably determined by the Compensation Committee, with such  participation occurring in accordance with the approval of the Compensation Committee and the  applicable award agreements and equity compensation plans under which such awards will be  granted, as in effect from time to time.  (v) Relocation Expenses. During the Employment Period, the Company shall  reimburse Executive for all reasonable relocation-related expenses incurred by Executive in  connection with Executive’s relocation (including his family) to the Cleveland, Ohio area;  provided, that such relocation has occurred by no later than August 31, 2023 (or such later date as  required by law or to accommodate administrative or other delays in the immigration process that  are outside of the parties’ control) and provided further, that the aggregate amount of such  reimbursement shall not exceed $100,000. Executive shall provide the Company with appropriate  documentation relating to any such expense incurred by Executive within thirty (30) days after  incurring such expense, and the Company will provide such reimbursement within thirty (30) days  after Executive submits such documentation. If Executive voluntarily terminates Executive’s  employment with the Company without Good Reason and within two years of the Effective Date,  Executive will repay the Company for any and all of such relocation reimbursement payments  actually made to Executive under this Agreement.  

 

     4    (vi) Perquisites.  During the Employment Period, the Company shall provide  Executive with an automobile allowance or, only during the Switzerland Service Period,  reimbursement for public transportation expenses, as well as reimbursement for reasonable  financial and tax counseling services; provided that the sum total amount of the automobile  allowance and reimbursement for reasonable financial and tax counsel services shall not exceed  $25,000 per year. The Company shall pay or Executive shall be reimbursed for Executive’s  reasonable legal fees incurred in negotiating and executing this Agreement up to a maximum  amount of $20,000; provided that any such payment shall be made on or before March 15 of the  calendar year immediately following the Effective Date.  In addition, for up to one year during the  Switzerland Service Period, the Company shall provide Executive with an annual housing  allowance in an aggregate amount equal to CHF 50,000 (net of all applicable social security  contributions and withholding taxes), which amount will be payable to Executive in cash in  substantially equal installments in accordance with the Company’s normal payroll practices.     (vii) Tax Equalization.  During the Switzerland Service Period, Executive will  be responsible for payment of U.S. Federal, state and local income taxes as if Executive were  working in the United States and Executive will also be subject to Swiss income taxes on the  income Executive earns while working in Switzerland.  Executive is thereby expected to comply  with all tax laws of both jurisdictions and will receive tax support from a Company-appointed tax  provider for the duration of the Switzerland Service Period, which may extend beyond such period  to help support trailing compliance requirements that may exist in the United States, Switzerland  or any other jurisdiction.  Furthermore, in order to eliminate tax inequities as a result of working  in Switzerland, the Company will provide tax equalization to Executive.  Consequently, a tax  reconciliation will be prepared alongside Executive’s income tax returns to determine if the  Company and Executive each paid the accurate amount of tax for the applicable tax year and to  ensure that Executive pays approximately the same income and social security taxes that Executive  would have paid had Executive not been subject to taxation in Switzerland.     (viii) Employee Benefits.   (A) During the Switzerland Service Period.  During the Switzerland  Service Period and provided the Executive is subject to the Swiss social security regime, the  Company will bear the statutory employer’s share of social security contributions.  The Company  will also fund the employer’s share of contributions to an adequate occupational pension plan to  the extent required. The statutory employee’s share of social security contributions (including  contributions to an occupational pension plan) will be borne by Executive (i.e., deducted from his  gross remuneration).  As long as Executive is subject to the Swiss social security regime and the  Company qualifies as a non-contributory employer under Swiss social security law, the Company  will, at its expense, engage a third-party payroll provider to administer Swiss social security (or  otherwise reasonably provide for such administration).  (B) Other than During the Switzerland Service Period.  To the extent  permitted by the other employee benefit plans, programs, and policies in effect from time to time  in which other similarly situated GrafTech executive officers participate (the “Benefit Plans”),  during the Employment Period, Executive shall in general be eligible to participate in such (or  comparable) Benefit Plans.   

 

     5    (ix) Vacation. During the Employment Period, Executive shall be entitled to  four (4) weeks of paid vacation during each calendar year.  Executive shall also be entitled to  public holidays applicable to Bussigny, Switzerland (during the Switzerland Service Period) or the  United States (other than during the Switzerland Service Period) (as the case may be), plus two  additional employee option days per calendar year upon completion of six months of employment  with the Company.  (x) Expenses. During the Employment Period, Executive shall be entitled to  receive prompt reimbursement for all actual, reasonable and documented expenses incurred by  Executive in accordance with the performance of Executive’s duties under this Agreement and in  accordance with the Company’s business expense reimbursement policy.  (xi) Currency. During the Switzerland Service Period, the Company may pay  the Annual Base Salary and other monetary compensation as required pursuant to the terms of this  Agreement in the form of Swiss francs (CHF) at the exchange rate prevailing at the time payment  is made.  3. Termination of Employment. (a) Death or Disability. Executive’s  employment shall terminate automatically if Executive dies during the Employment Period. If the  Company determines in good faith that the Disability (as defined herein) of Executive has occurred  during the Employment Period (pursuant to the definition of “Disability” set forth below), it may  give to Executive written notice of its intention to terminate Executive’s employment. In such  event, Executive’s employment with the Company shall terminate effective on the 30th day after  receipt of such notice by Executive (the “Disability Effective Date”), provided that, within the 30  days after such receipt, Executive shall not have returned to full-time performance of Executive’s  duties. “Disability” means the absence of Executive from Executive’s duties with the Company on  a full-time basis for 90 consecutive business days, or 90 business days during any period of 120  consecutive business days, as a result of incapacity due to mental or physical illness that is  determined to be total and permanent by a physician selected by the Company or its insurers and  acceptable to Executive or Executive’s legal representative (such agreement as to acceptability not  to be unreasonably withheld).   (b) By the Company. The Company may terminate Executive’s employment  during the Employment Period for any, or no reason, with or without Cause. For purposes of this  Agreement, “Cause” will be deemed to exist upon:   (i) gross negligence or willful failure by Executive to perform Executive’s  duties and responsibilities to GrafTech or any subsidiary after written notice thereof  specifying in reasonable detail the grounds for Cause hereunder as determined by the  Board, and Executive’s failure to remedy such failure within thirty (30) days of such notice;  (ii) commission of any act of fraud, embezzlement, dishonesty or any other  willful misconduct by Executive, at Executive’s direction, or with Executive’s prior  personal knowledge that has caused or is reasonably expected to cause injury to the  GrafTech or any subsidiary;  

 

     6    (iii) Executive’s conviction of, or pleading guilty or nolo contendere to, (A) a  felony or (B) a crime that has, or could reasonably be expected to result in, an adverse  impact on the performance of Executive’s duties and responsibilities to GrafTech or any  subsidiary, or otherwise has, or could reasonably be expected to result in, an adverse impact  on the business, business reputation or business relationships of GrafTech or any  subsidiary;   (iv) material unauthorized use or disclosure by Executive of any confidential  information of GrafTech or any subsidiary or any other party to whom Executive owes an  obligation of nonuse and nondisclosure as a result of Executive’s relationship with  GrafTech or any subsidiary unless otherwise permitted;  (v) breach by Executive of any of Executive’s material obligations under any  written agreement with GrafTech or any subsidiary or of GrafTech or any subsidiary’s code  of conduct, code of ethics or any other material written policy or of a fiduciary duty or  responsibility to GrafTech or any subsidiary after written notice thereof specifying in  reasonable detail the grounds for Cause hereunder as determined by the Board, and  Executive’s failure to remedy such breach within thirty (30) days of such notice;  (vi) Executive’s misappropriation of the assets or business opportunities of  GrafTech or any subsidiary; or  (vii) any material breach by Executive of this Agreement.   The cessation of employment of Executive shall not be deemed to be for Cause unless and until  there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative  vote of not less than a majority of the entire membership of the Board (excluding Executive, if  Executive is a member of the Board) at a meeting of the Board called and held for such purpose  (after reasonable notice is provided to Executive and Executive is given an opportunity, together  with counsel for Executive, to be heard before the Board), finding that, in the good faith opinion  of the Board, Executive has engaged in the conduct described in Section 3(b), and specifying the  particulars thereof in detail.  (c) By Executive. Executive’s employment may be terminated during the  Employment Period by Executive for Good Reason or by Executive without Good Reason. For  purposes of this Agreement, “Good Reason” shall mean, in the absence of the prior written consent  of Executive (and at a time when Cause does not exist):  (i) GrafTech or any subsidiary materially diminishes Executive’s Annual Base  Salary or Target Annual Incentive (provided, however, that any reduction in Annual Base  Salary or Target Annual Incentive of 30% or less that is part of an across-the-board  reduction involving substantially similar proportions applicable to all similarly situated  employees of the Company and other GrafTech executive officers will not (by itself) be  deemed to constitute a “Good Reason” event hereunder);  (ii) GrafTech or any subsidiary materially diminishes Executive’s job title  and/or the nature and/or scope of Executive’s job responsibilities and duties;  

 

     7    (iii) GrafTech or any subsidiary relocates Executive’s principal place of  business with GrafTech to a location more than fifty (50) miles from the immediately  preceding location or Brooklyn Heights, Ohio (excluding travel in the ordinary course of  business), unless either GrafTech or any subsidiary maintains or provides a reasonable  alternate business location within fifty (50) miles of such immediately preceding location  or Brooklyn Heights, Ohio that includes a reasonably suitable office for Executive to  continue to perform Executive’s duties, or the Board permits Executive to perform  Executive’s duties from a home office; or   (iv) any other material breach by the Company of this Agreement;   provided, however, that Executive’s termination of employment shall not be deemed to be for  Good Reason unless (A) Executive has notified the Company in writing describing the occurrence  of one or more Good Reason events within 90 days of such occurrence, (B) the Company fails to  cure such Good Reason event within 30 days after its receipt of such written notice and (C) the  termination of employment occurs within 150 days after the occurrence of the applicable Good  Reason event.  (d) Resignation.  Upon any termination of Executive’s employment with the  Company for any reason, Executive agrees to resign, as of the date of such termination and to the  extent applicable, from the Board (and any committees thereof) and as an officer and as a member  of the board of directors (or any similar position, and from any committees thereof) of any of  GrafTech’s subsidiaries.  (e) Date of Termination. “Date of Termination” means (i) if Executive’s  employment is terminated by the Company for Cause, the date of the Board resolution described  in Section 3(b) of this Agreement or any other date specified in such resolution, (ii) if Executive’s  employment is terminated by the Company other than for Cause or Disability, the date on which  the Company notifies Executive of such termination, (iii) if Executive resigns without Good  Reason, the date on which Executive notifies the Company of such termination, (iv) if Executive  terminates employment for Good Reason, the date on which the termination of Executive’s  employment occurs in accordance with Section 3(c) of this Agreement, and (v) if Executive’s  employment is terminated by reason of death or Disability, the date of Executive’s death or the  Disability Effective Date, as the case may be.  Notwithstanding the foregoing, (A) if required to  comply with minimum (not default) notice period requirements under applicable law, the Date of  Termination, in any of the instances described in clauses (i) through (v) in the prior sentence, shall  be such date required by such applicable law, it being understood that employment may terminate  on any day of a month (not only on the last day of a month) and (B) in no event shall the Date of  Termination occur until Executive experiences a “separation from service” within the meaning of  Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the date on  which such separation from service takes place shall be the “Date of Termination.”   4. Obligations of the Company upon Termination.   (a) By Executive for Good Reason or by the Company other than for Cause,  Death or Disability. If, during the Employment Period, the Company terminates Executive’s  

 

     8    employment without Cause (other than due to death or Disability) or Executive terminates  employment for Good Reason:  (i) The Company shall pay to Executive, in a lump sum in cash within 30 days  after the Date of Termination (or earlier, if required by applicable law), the aggregate of  the following amounts: the sum of (A) Executive’s Annual Base Salary through the Date  of Termination to the extent not theretofore paid, plus (B) Executive’s business expenses  that are reimbursable pursuant to Section 2(b)(viii) of this Agreement but have not been  reimbursed by the Company as of the Date of Termination (the sum of the amounts  described in subclauses (A), and (B), the “Accrued Obligations”);   (ii) Subject to Section 11(b), on the 61st day after the Date of Termination, the  Company shall, subject to Section 4(d), pay to Executive a lump sum cash amount equal  to the product obtained by multiplying (A) one times (B) the sum of (1) Executive’s Annual  Base Salary (without regard to any reduction thereto) plus (2) Executive’s Target Annual  Incentive (without regard to any reduction thereto); and  (iii) To the extent not theretofore paid or provided, the Company shall timely  pay or provide to Executive any Other Benefits (as defined in Section 5) in accordance  with the terms of the underlying plans or agreements.  Other than as set forth in this Section 4(a), in the event of a termination of Executive’s employment  by the Company without Cause (other than due to death or Disability) or by Executive for Good  Reason, the Company shall have no further obligation to Executive under this Agreement.    (b) Death or Disability. If Executive’s employment is terminated by reason of  Executive’s death or Disability during the Employment Period, the Company shall provide  Executive or, in the event of death, Executive’s estate or beneficiaries, with the Accrued  Obligations and the timely payment or delivery of the Other Benefits in accordance with the terms  of the underlying plans or agreements, and shall have no further obligations under this Agreement.  The Accrued Obligations shall be paid to Executive or, in the event of death, Executive’s estate or  beneficiaries, in a lump sum in cash within 30 days of the applicable Date of Termination.   (c) Cause; Other than for Good Reason. If Executive’s employment is  terminated for Cause during the Employment Period, the Company shall provide Executive with  Executive’s Annual Base Salary through the Date of Termination, and the timely payment or  delivery of the Other Benefits in accordance with the terms of the underlying plans or agreements,  and shall have no further obligations under this Agreement. If Executive voluntarily terminates  employment other than for Good Reason during the Employment Period, the Company shall  provide to Executive the Accrued Obligations and the timely payment or delivery of the Other  Benefits in accordance with the terms of the underlying plans or agreements, and shall have no  further obligations under this Agreement. In such case, all the Accrued Obligations shall be paid  to Executive in a lump sum in cash within 30 days of the Date of Termination.   (d) Release. Notwithstanding anything herein to the contrary, the Company  shall not be obligated to make any payment under Sections 4(a)(ii)-(iii) of this Agreement unless  (i) prior to the 60th day following the Date of Termination, or if such Date of Termination occurs  

 

     9    during the Switzerland Service Period, between the first day after the completion of one full month  following the Date of Termination and the 60th day following the Date of Termination, Executive  executes a release of claims in favor of GrafTech and its affiliates in a form provided by the  Company (the “Release”), and (ii) any applicable revocation period has expired during such 60- day period without Executive revoking such Release.  5. Non-Exclusivity of Rights. Amounts that Executive is otherwise entitled to  receive under any plan, policy, practice or program of or any other contract or agreement with  GrafTech or its subsidiaries at or subsequent to the Date of Termination (“Other Benefits”) shall  be payable in accordance with such plan, policy, practice or program or contract or agreement,  except as explicitly modified by this Agreement. Notwithstanding the foregoing, Executive shall  not be eligible to participate in any other severance plan, program or policy of GrafTech or its  subsidiaries.  6. Set-off; No Mitigation. The Company’s obligation to make the payments  provided for in this Agreement and otherwise to perform its obligations hereunder shall be subject  to set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company  may have against Executive to the extent such set-off or other action does not violate Section 409A  of the Code. In no event shall Executive be obligated to seek other employment or take any other  action by way of mitigation of the amounts payable to Executive under any of the provisions of  this Agreement.   7. Limitations on Payments Under Certain Circumstances.  Notwithstanding  any provision of any other plan, program, arrangement or agreement to the contrary, in the event  that it shall be determined that any payment or benefit to be provided by the Company to Executive  pursuant to the terms of this Agreement or any other payments or benefits received or to be  received by Executive (a “Payment”) in connection with or as a result of any event which is  deemed by the U.S. Internal Revenue Service or any other taxing authority to constitute a change  in the ownership or effective control of the Company, or in the ownership of a substantial portion  of the assets of the Company and subject to the tax (the “Excise Tax”) imposed by Section 4999  (or any successor section) of the Code, the Payments, whether under this Agreement or otherwise,  shall be reduced so that the Payment, in the aggregate, is reduced to the greatest amount that could  be paid to Executive without giving rise to any Excise Tax; provided that in the event that  Executive would be placed in a better after-tax position after receiving all Payments and not having  any reduction of Payments as provided hereunder, Executive shall, notwithstanding the provisions  of any other plan, program, arrangement or agreement to the contrary, receive all Payments and  pay any applicable Excise Tax. All determinations under this Section 7 shall be made by a  nationally recognized accounting firm selected by the Company (the “Accounting Firm”). Without  limiting the generality of the foregoing, any determination by the Accounting Firm under this  Section 7 shall take into account the value of any reasonable compensation for services to be  rendered by Executive (or for holding oneself out as available to perform services and refraining  from performing services (such as under a covenant not to compete)). If the Payments are to be  reduced pursuant to this Section 7, the Payments shall be reduced in the following order: (a)  Payments which do not constitute “nonqualified deferred compensation” subject to Section 409A  of the Code shall be reduced first; and (b) all other Payments shall then be reduced, in each case  as follows: (i) cash payments shall be reduced before non-cash payments and (ii) payments to be  

 

     10    made on a later payment date shall be reduced before payments to be made on an earlier payment  date.  8. Restrictive Covenants.   (a) Acknowledgements and Agreements. Executive hereby acknowledges and  agrees that in the performance of Executive’s duties to the Company during the Employment  Period, Executive shall be brought into frequent contact with existing and potential customers of  the Company throughout the world. Executive also agrees that trade secrets and confidential  information of the Company, more fully described in Section 8(i) gained by Executive during  Executive’s association with the Company, have been developed by the Company through  substantial expenditures of time, effort and money and constitute valuable and unique property of  the Company. Executive further understands and agrees that the foregoing makes it necessary for  the protection of the Company’s business that Executive not compete with the Company during  Executive’s employment with the Company and not compete with the Company for a reasonable  period thereafter, as further provided in the following sections.  (b) Competitive Activity During Employment. Executive will not compete with  the Company anywhere within the United States during Executive’s employment with the  Company, including, without limitation:  (i) entering into or engaging in any business which competes with the  Company’s Business;  (ii) soliciting customers, business, patronage or orders for, or selling, any  products or services in competition with, or for any business that competes with, the  Company’s Business;  (iii) diverting, enticing or otherwise taking away any customers, business,  patronage or orders of the Company or attempting to do so; or  (iv) promoting or assisting, financially or otherwise, any person, firm,  association, partnership, corporation or other entity engaged in any business which  competes with the Company’s Business.   (c) Following Termination. For a period of one year following Executive’s  termination of employment with the Company, Executive will not:  (i)  enter into or engage in any business which competes with the Company’s  Business within the Restricted Territory (as hereinafter defined);  (ii) solicit customers, business, patronage or orders for, or sell, any products or  services in competition with, or for any business, wherever located, that competes with,  the Company’s Business within the Restricted Territory;  (iii)  divert, entice or otherwise take away any customers, business, patronage or  orders of the Company within the Restricted Territory, or attempt to do so; or  

 

     11    (iv)  promote or assist, financially or otherwise, any person, firm, association,  partnership, corporation or other entity engaged in any business which competes with the  Company’s Business within the Restricted Territory.    For the purposes of Sections 8(a) and (b) above, inclusive, but without limitation thereof,  Executive will be in violation thereof if Executive engages in any or all of the activities set  forth therein directly as an individual on Executive’s own account, or indirectly as a  partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of  any firm, association, partnership, corporation or other entity, or as a stockholder of any  corporation in which Executive or Executive’s spouse, child or parent owns, directly or  indirectly, individually or in the aggregate, more than 5% of the outstanding stock.  (d) The “Company.” For the purposes of this Section 8, the “Company” shall  include GrafTech and any and all direct and indirect subsidiaries of GrafTech at the time of  termination of Executive’s employment and at any time during the two-year period prior to such  termination.  (e) The Company’s “Business.” For the purposes of this Section 8, the  Company’s Business is defined to be (i) the manufacturing of high-quality graphite electrode  products essential to the production of electric arc furnace steel and other ferrous and non-ferrous  metals, (ii) the manufacturing, processing and sale of petroleum and pitch needle coke to third  parties and (iii) the offering of an artificial intelligence solution for electric arc furnace  optimization, as further described in any and all manufacturing, marketing and sales manuals and  materials of GrafTech and its subsidiaries as the same may be altered, amended, supplemented or  otherwise changed from time to time, or of any other products or services substantially similar to  or readily substitutable for any such described products and services.  (f) “Restricted Territory.” For the purposes of Section 8, the Restricted  Territory shall be defined as and limited to:  (i) the geographic area(s) within a 100 mile radius of any and all of the  Company’s location(s) in, to, or for which Executive worked, to which Executive was  assigned or had any responsibility (either direct or supervisory) at the time of termination  of Executive’s employment and at any time during the two-year period prior to such  termination; and  (ii) all of the specific customer accounts, whether within or outside of the  geographic area described in (i) above, with which Executive had any contact or for which  Executive had any responsibility (either direct or supervisory) at the time of termination of  Executive’s employment and at any time during the two-year period prior to such  termination.  (g) Extension. If it shall be judicially determined that Executive has violated  any of Executive’s obligations under Section 8(b), then the period applicable to each obligation  that Executive shall have been determined to have violated shall automatically be extended by a  period of time equal in length to the period during which such violation(s) occurred.  

 

     12    (h) Non-Solicitation. For a period of one year following Executive’s  termination of employment with the Company, Executive shall not, directly or indirectly, at any  time solicit or induce or attempt to solicit or induce any employee(s), sales representative(s),  agent(s) or consultant(s) of the Company and/or of its parents, or its other subsidiaries or affiliated  or related companies to terminate their employment, representation or other association with the  Company and/or its parent or its other subsidiary or affiliated or related companies.   (i) Further Covenants. (i) Executive shall not, directly or indirectly, at any time  during or after Executive’s employment with the Company, disclose, furnish, disseminate,  make available or, except in the course of performing Executive’s duties of employment,  use any trade secrets or confidential business and technical information of GrafTech and  its subsidiaries (or their customers or vendors), including without limitation as to when or  how Executive may have acquired such information. Such confidential information shall  include, without limitation, GrafTech and its subsidiaries’ unique selling, manufacturing  and servicing methods and business techniques, training, service and business manuals,  promotional materials, training courses and other training and instructional materials,  vendor and product information, customer and prospective customer lists, other customer  and prospective customer information and other business information. Executive  specifically acknowledges that all such confidential information, whether reduced to  writing, maintained on any form of electronic media, or maintained in Executive’s mind or  memory and whether compiled by GrafTech and its subsidiaries, and/or Executive, derives  independent economic value from not being readily known to or ascertainable by proper  means by others who can obtain economic value from its disclosure or use, that reasonable  efforts have been made by GrafTech and its subsidiaries to maintain the secrecy of such  information, that such information is the sole property of GrafTech and/or its subsidiaries  and that any retention and use of such information by Executive during Executive’s  employment with the Company (except in the course of performing Executive’s duties and  obligations to the Company) or after the termination of Executive’s employment shall  constitute a misappropriation of GrafTech and its subsidiaries’ trade secrets. Upon  termination of Executive’s employment with the Company, for any reason, Executive shall  return to the Company, in good condition, all property of GrafTech and its subsidiaries,  including without limitation, the originals and all copies of any materials which contain,  reflect, summarize, describe, analyze or refer or relate to any items of information listed in  this Section 8(h).   (ii) The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an  individual shall not be held criminally or civilly liable under any federal or state trade secret  law for the disclosure of a trade secret that (A) is made in confidence to a federal, state or  local government official, either directly or indirectly, or to an attorney, and solely for the  purpose of reporting or investigating a suspected violation of law; or (B) is made in a  complaint or other document filed in a lawsuit or other proceeding, if such filing is made  under seal. In addition, the DTSA provides that an individual who files a lawsuit for  retaliation by an employer for reporting a suspected violation of law may disclose the trade  secret to the attorney of the individual and use the trade secret information in the court  proceeding, if the individual files any document containing the trade secret under seal and  does not disclose the trade secret, except pursuant to court order.  

 

     13    (j) Discoveries and Inventions. Executive shall assign to GrafTech and its  subsidiaries, or their successors, assigns or nominees, all of Executive’s rights to any discoveries,  inventions and improvements, whether patentable or not, made, conceived or suggested, either  solely or jointly with others, by Executive while in the Company’s employ, whether in the course  of Executive’s employment with the use of GrafTech and its subsidiaries’ time, material or  facilities or that is in any way within or related to the existing or demonstrably anticipated scope  of GrafTech’s business. Any discovery, invention or improvement relating to any subject matter  with which GrafTech and its subsidiaries were concerned during Executive’s employment and  made, conceived or suggested by Executive, either solely or jointly with others, within one year  following termination of Executive’s employment under this Agreement or any successor  agreements shall be irrebuttably presumed to have been so made, conceived or suggested in the  course of such employment with the use of GrafTech and its subsidiaries’ time, materials or  facilities. Upon request by the Company with respect to any such discoveries, inventions or  improvements, Executive will execute and deliver to the Company, at any time during or after  Executive’s employment, all appropriate documents for use in applying for, obtaining and  maintaining such domestic and foreign patents as the Company may desire, and all proper  assignments therefor, when so requested, at the expense of the Company, but without further or  additional consideration.   (k) Work Made For Hire. Executive acknowledges that, to the extent permitted  by law, all work papers, reports, documentation, drawings, photographs, negatives, tapes and  masters therefor, prototypes and other materials (hereinafter, “items”), including without  limitation, any and all such items generated and maintained on any form of electronic media,  generated by Executive during Executive’s employment with the Company shall be considered a  “work made for hire” and that ownership of any and all copyrights in any and all such items shall  belong to the Company.  (l) Non-Disparagement.  (i) Throughout Executive’s employment with the Company and for one year  thereafter, outside the ordinary course of business on behalf of GrafTech and its  subsidiaries, Executive will not make or issue, or procure any person, firm, or entity to  make or issue, any statement in any form, including written, oral and electronic  communications of any kind, which conveys negative or adverse information concerning  the Company or its subsidiaries or affiliates, or any of their legal predecessors, successors,  assigns, parents, subsidiaries, divisions or other affiliates, or any of the foregoing’s  respective past, present or future directors, officers, employees or representatives  (collectively, the “Non-Disparagement Parties”), or any Non-Disparagement Party’s  business, or its actions, to any person or entity, regardless of the truth or falsity of such  statement.  (ii) Throughout Executive’s employment with the Company and for one year  thereafter, the Company will reasonably direct the executive officers and directors of  GrafTech and its subsidiaries not to make or issue, or procure any person, firm, or entity to  make or issue, any statement in any form, including written, oral and electronic  communications of any kind, which conveys negative or adverse information concerning  Executive or any of Executive’s legal successors, assigns, or other affiliates, or any of the  

 

     14    foregoing’s respective past, present or future directors, officers, employees or  representatives (collectively, the “Executive Non-Disparagement Parties”), or any  Executive Non-Disparagement Party’s business, or its actions, to any person or entity,  regardless of the truth or falsity of such statement.  (iii) This Section 8(l) does not apply to truthful testimony or disclosure  compelled or required by applicable law or legal process. Notwithstanding anything in this  Agreement to the contrary, nothing prevents Executive from providing, without prior  notice to GrafTech, information to governmental authorities regarding possible legal  violations or otherwise testifying or participating in any investigation or proceeding by any  governmental authorities regarding possible legal violations (including engaging in any  activities protected under the whistleblower statutes administered by any government  agency (e.g., EEOC, NLRB, SEC, etc.)). GrafTech nonetheless asserts and does not waive  its attorney-client privilege over any information appropriately protected by privilege.  (m) Remedies.    (i) If Executive’s employment ends while he is still based in Switzerland (i.e.,  prior to Executive’s relocation to the United States), the following shall apply: if Executive  breaches the terms of any post-employment restrictive covenants contained in this  Agreement or to which Executive is otherwise subject, then Executive will pay to the  Company an amount equal in value to 50% of Executive’s Annual Base Salary (based on  such Annual Base Salary last provided to Executive under this Agreement).  Payment of  the monetary penalty will not relieve Executive from the post-employment restrictive  covenants.  The parties acknowledge and agree that any breach by Executive of the terms  of this Agreement may cause the Company and its affiliates irreparable harm and injury  for which money damages alone would be inadequate. Accordingly, GrafTech and its  subsidiaries, in addition to the monetary penalty and any other remedies available at law  or equity, shall be entitled to seek injunctive relief in any court of competent jurisdiction.   The parties agree that such monetary penalty shall be paid and such injunctive relief shall  be granted without the necessity of proving actual damages.    (ii) If Executive’s employment ends after Executive’s relocation to the United  States, the following shall apply: the parties acknowledge and agree that any breach by  Executive of the terms of this Agreement may cause the Company and its affiliates  irreparable harm and injury for which money damages would be inadequate. Accordingly,  GrafTech and its subsidiaries, in addition to any other remedies available at law or equity,  shall be entitled to seek injunctive relief in any court of competent jurisdiction. The parties  agree that such injunctive relief may be granted without the necessity of proving actual  damages.   (iii) Nothing in this Agreement shall limit GrafTech and its subsidiaries’  remedies under state or federal law or elsewhere.  (n) Reasonableness. Executive acknowledges that Executive’s obligations  under this Section 8 are reasonable in the context of the nature of the Company’s Business and the  competitive injuries likely to be sustained by GrafTech and its subsidiaries if Executive were to  

 

     15    violate such obligations. Executive further acknowledges that this Agreement is made in  consideration of, and is adequately supported by, the agreement of the Company to perform its  obligations under this Agreement and by other consideration, which Executive acknowledges  constitutes good, valuable and sufficient consideration.  (o) Additional Acknowledgements. Executive acknowledges and agrees that,  in the event that Executive becomes subject to any other contractual arrangements with the  Company regarding competition with the Company, the restrictive covenants set forth in this  Agreement were executed first and shall be deemed supplemented, and in no event diminished or  replaced, by such other contractual arrangements.   9. Successors. (a) This Agreement is personal to Executive and without the  prior written consent of the Company shall not be assignable by Executive otherwise than by will  or the laws of descent and distribution. This Agreement shall inure to the benefit of, and be  enforceable by, Executive’s legal representatives.  (b) This Agreement shall inure to the benefit of and be binding upon the  Company and its successors and assigns. As used in this Agreement, “Company” shall mean the  Company as hereinbefore defined and any successor to its business and/or assets as aforesaid  which assumes and agrees to perform this Agreement by operation of law, or otherwise.   10. Indemnification. The Company shall indemnify Executive to the maximum  extent permitted under applicable law for acts taken within the scope of Executive’s employment  and Executive’s service as an officer or director of GrafTech or any of its subsidiaries. To the  extent that the Company obtains coverage under a director and officer indemnification policy,  Executive will be entitled to such coverage on a basis that is no less favorable than the coverage  provided to any other officer or director of GrafTech.  11. Section 409A of the Code.  (a) The intent of the parties is that payments and benefits under this Agreement  comply with, or be exempt from, Section 409A of the Code and the regulations and guidance  promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent  permitted, this Agreement shall be interpreted to be in compliance therewith.   (b) Notwithstanding any provision of this Agreement to the contrary, in the  event that Executive is a “specified employee” within the meaning of Section 409A (as determined  in accordance with the methodology established by the Company as in effect on the Date of  Termination) (a “Specified Employee”), any payments or benefits that are considered non- qualified deferred compensation under Section 409A payable under this Agreement on account of  a “separation from service” during the six-month period immediately following the Date of  Termination shall, to the extent necessary to comply with Section 409A, instead be paid, or  provided, as the case may be, on the first business day after the date that is six months following  Executive’s “separation from service” within the meaning of Section 409A. For purposes of  Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement  shall be treated as a right to receive a series of separate and distinct payments. In no event may  

 

     16    Executive, directly or indirectly, designate the calendar year of any payment to be made under this  Agreement that is considered nonqualified deferred compensation, subject to Section 409A.  (c) With regard to any provision herein that provides for reimbursement of  costs and expenses or in-kind benefits that are deferred compensation subject to Section 409A, (i)  the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for  another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,  provided during any taxable year shall not affect the expenses eligible for reimbursement, or in- kind benefits to be provided, in any other taxable year and (iii) such payments shall be made on or  before the last day of Executive’s taxable year following the taxable year in which the expense  occurred.  12. Complete Agreement. This Agreement sets forth the entire agreement of the  parties hereto in respect of the subject matter contained herein, and supersedes all prior agreements,  promises, covenants, arrangements, communications, representations or warranties, whether oral  or written, by any officer, employee or representative of any party hereto in respect of the subject  matter contained herein.   13. Miscellaneous. (a) This Agreement shall be governed by and construed in  accordance with the laws of the State of Ohio, without reference to principles of conflict of laws.  Executive agrees that the state and federal courts located in the State of Ohio shall have jurisdiction  in any action, suit or proceeding against Executive based on or arising out of this Agreement and  Executive hereby: (i) submits to the personal jurisdiction of such courts; (ii) consents to service of  process in connection with any action, suit or proceeding against Executive; and (iii) waives any  other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal  jurisdiction, venue or service of process. During the Switzerland Service Period and provided that  Executive’s employment ended while still based in Switzerland (i.e., prior to Executive’s  relocation to the United States), thereafter, the courts at Executive’s habitual place of work shall  also have such jurisdiction. The captions of this Agreement are not part of the provisions hereof  and shall have no force or effect. This Agreement may not be amended or modified otherwise than  by a written agreement executed by the parties hereto or their respective successors and legal  representatives.  (b) All notices and other communications hereunder shall be in writing and  shall be given by hand delivery to the other party or by registered or certified mail, return receipt  requested, or nationally-recognized overnight courier service, postage prepaid, addressed as  follows:  If to Executive: At the most recent address  on file at the Company.  If to the Company: 982 Keynote Circle    Brooklyn Heights, Ohio 44131    Attention: Chief Legal Officer and Corporate Secretary    

 

     17    or to such other address as either party shall have furnished to the other in writing in accordance  herewith (including via electronic mail). Notice and communications shall be effective when  actually received by the addressee.  (c) The invalidity or unenforceability of any provision of this Agreement shall  not affect the validity or enforceability of any other provision of this Agreement.  (d) The Company, its subsidiaries and affiliates may withhold from any  amounts payable under this Agreement such federal, state, local or foreign taxes or social security  charges as shall be required to be withheld pursuant to any applicable law or regulation. None of  the Company, its subsidiaries or affiliates guarantees any tax result with respect to payments or  benefits provided hereunder. Executive is responsible for all taxes owed with respect to all such  payments and benefits.   (e) Subject to any limits on applicability contained therein, Section 8 of this  Agreement shall survive and continue in full force in accordance with its terms notwithstanding  any termination or expiration of the Employment Period.  (f) During Executive’s employment with the Company and thereafter,  Executive will provide reasonable assistance to the Company in litigation and regulatory matters  that relate to events that occurred during Executive’s Employment Period with the Company and  its predecessors, and will provide reasonable assistance to the Company with matters relating to  its corporate history from the period of Executive’s employment with it or its predecessors.  Executive will be entitled to reimbursement of reasonable out-of-pocket travel or related costs and  expenses relating to any such cooperation or assistance that occurs following the Date of  Termination.  (g) This Agreement may be executed in several counterparts, each of which  shall be deemed to be an original but all of which together will constitute one and the same  instrument.  (h) Executive’s or the Company’s failure to insist upon strict compliance with  any provision of this Agreement or the failure to assert any right Executive or the Company may  have hereunder shall not be deemed to be a waiver of such provision or right or any other provision  or right of this Agreement.   (i) With respect to any controversy or claim arising out of or relating to or  concerning injunctive relief for Executive’s breach or purported breach of Section 8 of this  Agreement, the Company shall have the right, in addition to any other remedies it may have, to  seek specific performance and injunctive relief with a court of competent jurisdiction, without the  need to post a bond or other security.  (j) The Company represents and warrants to Executive that (i) it has full  corporate power and authority to execute and deliver this Agreement and to perform its obligations  hereunder, (ii) this Agreement has been duly authorized by both the Board and the Company’s  board of directors in all respects, including the execution, delivery and performance of this  Agreement on behalf of the Company, (iii) the undersigned officer of the Company executing this  Agreement on behalf of the Company is duly empowered with all requisite authority to execute  

 

18 this Agreement on behalf of the Company, and (iv) assuming the due execution and delivery hereof  by Executive, this Agreement constitutes the legal, valid and enforceable obligation of the  Company, enforceable against the Company in accordance with its terms, except as such  enforceability may be limited by applicable bankruptcy, insolvency, and similar laws affecting  creditors’ rights generally and by general principles of equity.  14. Other Acknowledgements. This Agreement and GrafTech and its subsidiaries’ obligations hereunder are subject to, and conditional upon, Executive reasonably and  promptly obtaining any required passport, visa, resident and/or work permits and any related  documents for both Switzerland and the United States, as applicable, and Executive making  himself aware of, and ensuring compliance with, the Company’s employment practices and legal  regulations to Executive for working in either Switzerland and the United States. The Parties will  use their reasonable efforts to obtain any required visa, resident and/or work permit that will allow  Executive to relocate to the Cleveland, Ohio area as soon as practicable and by August 31, 2023  or such later date as required by law. During Executive’s employment with the Company,  Executive shall notify the Company immediately if any circumstances arise that may affect  Executive’s immigration status or permission to continue to be based and work in Switzerland  and/or the United States, as applicable. The Company may require Executive to provide proof of  Executive’s eligibility to work in Switzerland and the United States, as applicable, and reserves  the right to immediately terminate Executive’s employment if, for any reason, Executive is no  longer entitled to reside or work in Switzerland or the United States, as applicable.  Further,  nothing in this Agreement prevents Executive from providing, without prior notice to the  Company, information to governmental authorities regarding possible legal violations or otherwise  testifying or participating in any investigation or proceeding by any governmental authorities  regarding possible legal violations.   [Remainder of page intentionally left blank]  

 

A-1 IN WITNESS WHEREOF, Executive and the Company have executed this Agreement on the  date first above written.  EXECUTIVE   ______________________________________  MARCEL KESSLER  COMPANY  GRAFTECH INTERNATIONAL HOLDINGS INC.  By ____________________________________  Name: Timothy K. Flanagan  Title: Vice President and Treasurer  Signature Page to Employment Agreement  /s/ Marcel Kessler /s/ Timothy K. Flanaganexhibit102consultingagre

Exhibit 10.2  EXECUTION VERSION  CONSULTING AGREEMENT    This Consulting Agreement (the “Agreement”), dated as of the date of the last signature to this  Agreement and effective as of July 1, 2022 (the “Effective Date”), is entered into by and between Rintoul  Consulting Services, LLC (the “Consultant”), located at 11958 Maidstone Court, Naples, FL 34120, and  GrafTech International Holdings Inc. (the “Client”), located at 982 Keynote Circle, Brooklyn Heights, Ohio  44131. Each of the Consultant and the Client are hereby a “Party” and together, the “Parties.”    WHEREAS, the Consultant provides consulting services;    WHEREAS, the Client wishes to benefit from certain skills and abilities of David J. Rintoul  (“Rintoul”);    WHEREAS, as of the Effective Date, Rintoul is a former employee of the Client and is ready and  willing to provide consulting services, for and on behalf of the Consultant, to the Client to facilitate the  leadership transition to a successor chief executive officer and president of GrafTech International Ltd.  (“GrafTech”) following Rintoul’s retirement from GrafTech; and    WHEREAS, during the period when the Consultant provides such services to the Client, the  Consultant and Rintoul will be provided with access to GrafTech and the Client’s trade secrets and  confidential information.    NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, and  for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,  the Client and the Consultant agree as follows:    1. SERVICES. The Consultant agrees to provide to the Client and its affiliates the consulting  services listed on Appendix A attached hereto (the “Services”), on the terms and conditions set forth in this  Agreement, during the Term.  The term “affiliates” means, with respect to any Party, any entities that  directly or indirectly control, are controlled by, or are under the same control as, such Party or any other  entities affiliated with such Party or entities.  In the provision of the Services, the Consultant shall provide  the Services during such hours as may be mutually agreed upon by the Parties, with no implied minimum  service requirement.  The Consultant shall be solely responsible for, and shall have sole control over, the  means, methods, techniques, sequences, and procedures used in providing the Services.  The Client shall  provide the Consultant with access to its premises, materials, information, and systems to the extent  necessary for the performance of the Services, but the Client shall neither have control over nor be  responsible for the means, methods, techniques, sequences, or procedures used by the Consultant in  performing the Services.  The Consultant shall provide the Services in a diligent manner and to the best of  the Consultant’s ability, and the Consultant shall promptly and faithfully comply with all lawful and  reasonable requests that may be made by the Client.  Consultant acknowledges that Client is engaging  Consultant in reliance upon Consultant’s representation that the Services will be performed by Rintoul.   Consultant shall ensure that the Services are performed by Rintoul, and the Services shall not be performed  by any other individual.  The Services shall be considered provided by the Consultant under, in accordance  with, and pursuant to the terms of this Agreement only if and to the extent that Rintoul signs a reasonable  release, in favor of the Client and its affiliates, of claims arising on or prior to the execution date of such  release (excepting only those reasonable claims to compensation relating to Rintoul’s employment with  GrafTech) (the “Release”) (a) no earlier than the date of Rintoul’s termination of employment with  GrafTech and the Client, and (b) no later than twenty-one (21) calendar days following such date, and  Rintoul does not revoke the Release.  

 

2    2. CONSULTING COMPENSATION. The Client shall compensate the Consultant for the  Services with a fixed monthly fee of $133,333.33, payable for each month during the Term in arrears,  exclusive of any actual, reasonable, and documented out-of-pocket fees or expenses incurred in connection  with providing the Services (“Expenses”), with each such payment made within five (5) business days of  the last business day of each month during the Term (the “Consulting Compensation”).  If the Consultant  is unable to continue to provide the Services for any period due to Rintoul’s death or disability or Rintoul  becoming unavailable for any other reason to perform the Services for any period (other than the end of the  Term), then the Consultant shall not be entitled to receive any Consulting Compensation for such period.   None of Rintoul or the Consultant’s employees will be eligible to participate in any vacation, group medical  or life insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or  compensation or benefit plans offered by the Client or GrafTech to their employees.    3. EXPENSES.  The Client agrees to reimburse the Consultant for Expenses.  All undisputed  Expenses will be paid within thirty (30) days of the Client's receipt of the documents evidencing such  Expenses.  If any reimbursement provided by the Client pursuant to this Agreement would constitute  deferred compensation for purposes of Section 409A of the Internal Revenue Code of 1986, as amended,  such reimbursement shall be subject to the following rules:  (a) the amount eligible for reimbursement  during any calendar year may not affect the expenses eligible for reimbursement, or the in-kind benefits  provided, in any other calendar year; (b) any reimbursement shall be made on or before the last day of the  calendar year following the calendar year in which the expense was incurred; and (c) the Consultant’s right  to reimbursement is not subject to liquidation or exchange for cash or another benefit.    4. WITHHOLDINGS. The Consultant acknowledges that it and Rintoul will be solely responsible  for any taxes that may be imposed on the Consultant or Rintoul, as applicable, as a result of the  compensation under this Agreement, including any taxes under Section 409A of the Internal Revenue Code  of 1986, as amended.  The Consultant also agrees to indemnify (and to require Rintoul to indemnify) the  Client and its affiliates to the extent that the Client and/or any of its affiliates incurs any taxes, fees or  penalties reasonably related to the provision of such compensation under this Agreement (or any reasonable  legal fees reasonably incurred in connection with such incurrence of such taxes, fees or penalties). No  amount of the Consulting Compensation will be subject to withholding, and all of the Consulting  Compensation will be reported by the Client on a Form 1099.  Neither GrafTech nor the Client has made  any representations or guarantees regarding the tax result for the Consultant or Rintoul with respect to any  income recognized by the Consultant or Rintoul in connection with this Agreement or any amounts payable  under this Agreement.    5. CONFIDENTIALITY. During and following the term of this Agreement, the Consultant will  (and will require Rintoul to) keep confidential all Confidential Information (defined below) of the Client  and its affiliates, as applicable, use such Confidential Information solely in connection with providing the  Services and not disclose any such Confidential Information to any other person other than the Client and  its affiliates, except to the extent disclosure is required by law. “Confidential Information” means all  information relating to the business, operations, assets, liabilities, plans, prospects and affairs regarding the  Client or its affiliates, that is disclosed to the Consultant or Rintoul, regardless of whether such information  is in oral, visual, electronic, written, or other form and whether or not it is identified as “confidential.”  Confidential Information does not include any information that is or becomes generally available to the  public other than as a result of disclosure by the Consultant or Rintoul or is or becomes available to the  Consultant or Rintoul on a non-confidential basis by any person who is not bound by any obligation to keep  such information confidential.  Further, nothing in this Agreement, nor any GrafTech or Client policy or  individual agreement between GrafTech or the Client and Rintoul, prevents the Consultant or Rintoul from  providing, without prior notice to GrafTech or the Client, information to governmental authorities regarding  possible legal violations or otherwise testifying or participating in any investigation or proceeding by any  

 

3  governmental authorities regarding possible legal violations (including the Client’s past or future conduct),  engaging in any future activities protected under the whistleblower statutes administered by any  government agency (e.g., EEOC, NLRB, SEC, etc.), or receiving a monetary award from a government- administered whistleblower award program for providing information directly to a government agency.   The Client and GrafTech nonetheless assert and do not waive their attorney-client privilege over any  information appropriately protected by privilege.  The Client and GrafTech will take reasonable steps to  provide confidential treatment that is reasonably comparable to that described in this Section 5 for any  confidential information of the Consultant that is actually received by the Client or GrafTech.    6. ADHERENCE TO POLICIES. The Consultant will ensure that the Services are provided in a  manner consistent with GrafTech's Code of Conduct and Ethics (the “Code”) and all applicable policies of  GrafTech and the Client (collectively such Code together with the policies, the “Policies”) that are  reasonably known to (or should be known to) Rintoul or about which Rintoul is reasonably aware (or should  be reasonably aware) as of the Effective Date.  The Consultant will disclose to the Client any actual or  potential “conflict of interest” (as defined in the Code) that may arise vis-à-vis the Services.  The Consultant  will comply with reasonable requests by the Client for additional information related to such actual and/or  potential conflicts and acknowledges that the Client may seek to mitigate any such actual and/or potential  conflict in its sole discretion consistent with the principles set out in the Policies.    7. OTHER BUSINESS ACTIVITIES. “Outside Business Activities,” otherwise known as  “OBAs,” include any business activities outside the scope of the Consultant’s role with the Client, including  any activity as an employee, independent contractor, sole proprietor, officer, or partner of another business  organization, regardless of whether compensation is involved; provided, however, that such OBAs shall  not include consulting services provided to entities whose primary business is the production of steel.  The  Consultant agrees to seek and receive approval from the Chief Executive Officer of GrafTech or the Chair  of the Board of Directors of GrafTech prior to taking on any OBAs during the term of this Agreement.   Prior approval is not required to serve on boards of charities or small, private family holding companies  that have no relation to or affiliation with GrafTech or the Client.     8. INDEMNIFICATION. The Client agrees to indemnify and save harmless the Consultant from  and against all costs, charges and expenses, including an amount paid to settle an action or satisfy a  judgment, reasonably incurred by the Consultant in respect of any civil, criminal, administrative,  investigative, or other proceeding in which the Consultant is involved solely because of the Consultant’s  Services provided to the Client or its affiliates on or after the Effective Date (other than any such civil,  criminal, administrative, investigative, or other proceedings that relate primarily to any taxes, fees, or  penalties reasonably related to the provision of compensation and benefits under this Agreement (or any  reasonable legal fees reasonably incurred in connection with such taxes, fees or penalties)).  Such  indemnification under the first sentence of this paragraph shall be made only if the Consultant: (a) acted  honestly and in good faith; and (b) in the case of a criminal or administrative proceeding that is enforced  by a monetary penalty, the Consultant had reasonable grounds for believing that its conduct was lawful.  Similarly, the Consultant agrees to indemnify and save harmless the Client and its affiliates from and against  all costs, charges, and expenses, including an amount paid to settle an action or satisfy a judgment,  reasonably incurred by the Client and its affiliates in respect of any civil, criminal, administrative,  investigative, or other proceeding in which the Client or its affiliates is involved solely because of or related  to the Services provided to the Client or its affiliates on or after the Effective Date.  Such indemnification  under the third sentence of this paragraph shall be made only if the Client and its affiliates: (x) acted  honestly and in good faith; and (y) in the case of a criminal or administrative proceeding that is enforced  by a monetary penalty, the Client and its affiliates had reasonable grounds for believing that its conduct  was lawful.    

 

4  9. TERM AND TERMINATION. This Agreement takes effect on July 1, 2022 and shall continue  thereafter until December 31, 2022, unless terminated in accordance with the provisions herein (the  “Term”).  Any extension of the Term will be subject to mutual written agreement between the Client and  the Consultant.  This Agreement may be terminated (a) by the Client or the Consultant, effective  immediately upon written notice to the other Party, if the other Party materially breaches this Agreement,  and such breach is incapable of cure, or with respect to a material breach capable of cure, the other Party  does not cure such breach within five (5) business days after receipt of written notice of such breach, or (b)  by the Consultant within thirty (30) days of written notice to the other Party where there is no material  breach of the Agreement, or (c) by the Client where there is no material breach of the Agreement, effective  immediately upon payment by the Client or on its behalf of the remaining amount of the Consulting  Compensation not yet paid to the Consultant.  Upon expiration or termination of this Agreement for any  reason, or at any other time upon the Client’s written request, the Consultant shall promptly after such  expiration or termination: (x) deliver to the Client all materials, equipment and other property provided for  Rintoul or the Consultant’s use by the Client; and (y) deliver to the Client all tangible documents and other  media, including any copies containing, reflecting, incorporating or based on Confidential Information.    10. INDEPENDENT CONTRACTOR.  The Consultant is providing the Services pursuant to this  Agreement as an independent contractor to the Client, and (as of July 1, 2022) neither the Consultant nor  Rintoul is an employee of the Client or any of its affiliates.  The Consultant shall have no authority to enter  into contracts or to incur any other legally binding commitment on behalf of GrafTech or the Client, and  the Consultant shall not hold itself out or permit itself to be held out as having authority to do or say anything  on behalf of GrafTech or the Client.    11. INTELLECTUAL PROPERTY. The Client is and shall be, the sole and exclusive owner of all  right, title, and interest throughout the world in and to all the results and proceeds of the Services performed  by the Consultant in any report or otherwise, including all patents, copyrights, trademarks, trade secrets,  and other intellectual property rights therein.  The Consultant acknowledges and agrees that any and all  results and proceeds of the Services that may qualify as “work made for hire” as defined in the Copyright  Act of 1976 (17 U.S.C. § 101) are hereby deemed “work made for hire” for the Client and all copyrights  therein shall automatically and immediately vest in the Client.  To the extent that any results and proceeds  of the Services do not constitute “work made for hire,” the Consultant hereby irrevocably assigns (and will  require Rintoul to assign) to the Client and its successors and assigns, for no additional consideration, the  Consultant’s and/or Rintoul’s entire right, title, and interest in and to such results and proceeds and all  intellectual property rights therein.  The Client is, and will remain, the sole and exclusive owner of all right,  title, and interest in and to any documents, specifications, data, know-how, methodologies, software, and  other materials provided to the Consultant or Rintoul by the Client (the “Client Materials”) and all  intellectual property rights therein.  The Consultant and Rintoul shall have no right or license to reproduce  or use any of the Client Materials except solely during the Term to the extent necessary to perform the  Consultant’s obligations under this Agreement.  All other rights in and to the Client Materials are expressly  reserved by the Client.     12. MATERIAL BREACH.  The Consultant agrees that, in the event of any material breach of  Section 4, 5, 6 or 7 of this Agreement, the Client will be entitled to equitable and/or injunctive relief and,  because the damages for such a breach will be impossible or impractical to determine and will not therefore  provide a full and adequate remedy, the Client or (as applicable) any and all past, present or future parents,  subsidiaries, and affiliates of the Client (the “Client Entities”) will also be entitled to specific performance  of such requirements by the Consultant or Rintoul.  No amount owing to the Consultant under this  Agreement shall be subject to set-off or reduction by reason of any claims that the Client has or may have  against the Consultant.  The Consultant will be entitled to recover actual damages if the Client materially  breaches this Agreement, including (to the extent material) any unexcused late or non-payment of any  amounts owed under this Agreement, or any unexcused failure to provide any other benefits specified in  

 

5  this Agreement.  Failure by either Party to this Agreement to enforce any term or condition of this  Agreement at any time shall not preclude such Party from enforcing such term or condition, or any other  provision of the Agreement, at a later time.    13. AMENDMENT; WAIVER. Any provision of this Agreement may be amended or waived if,  and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each of  the Consultant and the Client.  Nothing in this Agreement shall be binding upon the Parties to this  Agreement to the extent it is void or unenforceable for any reason, including, without limitation, as a result  of any law regulating competition or proscribing unlawful business practices; provided, however, that to  the extent that any provision in this Agreement could be modified to render it enforceable under applicable  law, it shall be deemed so modified and enforced to the fullest extent allowed by law.    14. GOVERNING LAW. All issues and questions concerning the construction, validity,  interpretation and enforceability of this Agreement, including any claims relating to or arising out of this  agreement, shall be governed by and construed in accordance the laws of the State of Ohio without regard  to its conflict of laws principles.    15. COMPLETE AGREEMENT; SURVIVABILITY. This Agreement embodies the complete  agreement and understanding between the Client and the Consultant with respect to the subject matter  hereof and supersedes and preempts any prior understandings, agreements, or representations by or between  the Parties, written or oral, that may have related to the subject matter hereof in any way.  The provisions  of Sections 4-9 and 11-13 of this Agreement shall remain in full force and effect, as applicable,  notwithstanding the expiration or early termination of this Agreement.  In the event of litigation between  the Client and the Consultant related to this Agreement, the non-prevailing Party shall reimburse the  prevailing Party (as determined by the adjudicator) for any costs and expenses (including, without  limitation, reasonable attorneys’ fees) reasonably incurred by the prevailing Party in connection therewith.    16. ASSIGNMENT.  The Consultant shall not assign any rights or delegate or subcontract any  obligations under this Agreement, nor shall Consultant permit the Services to be performed by someone  other than Rintoul, without the Client’s prior written consent.  Any assignment in violation of the foregoing  shall be deemed null and void.  The Client may freely assign its rights and obligations under this Agreement  at any time with reasonable notice to Consultant.  Subject to the limits on assignment stated above, this  Agreement will inure to the benefit of, be binding on, and be enforceable against each of the Parties hereto  and their respective successors and permitted assigns.    17. NOTICES.  All notices, requests, consents, claims, demands, waivers, and other  communications hereunder (each, a “Notice”) shall be in writing and addressed to the Parties at the  addresses set forth on the first page of this Agreement (or to such other address that may be designated by  the receiving Party from time to time in accordance with this Section).  All Notices shall be delivered by  personal delivery, nationally recognized overnight courier (with all fees prepaid), email, facsimile (with  confirmation of transmission), or certified or registered mail (in each case, return receipt requested, postage  prepaid).  Except as otherwise provided in this Agreement, a Notice is effective only if:  (a) the receiving  Party has received the Notice; and (b) the Party giving the Notice has complied with the requirements of  this Section.    18. COUNTERPARTS. This Agreement may be executed in multiple counterparts and by  electronic signature, each of which shall be deemed an original and all of which together shall constitute  one instrument.  * * * * * *       

 

6   IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the date  first written above.        GrafTech International Holdings Inc.      /s/ Timothy K. Flanagan  _________________________________   Name: Timothy K. Flanagan   Title: Vice President and Treasurer  Date: June 27, 2022    Rintoul Consulting Services, LLC      /s/ David J. Rintoul  _________________________________   Name: David J. Rintoul   Title: Manager   Date: June 27, 2022         

 

7  APPENDIX A  Services    Supporting the transition of GrafTech’s chief executive officer and president position to a permanent  successor and otherwise supporting and promoting various tasks and responsibilities related thereto, as  well as the performance of all such tasks and responsibilities relating to the foregoing (collectively, the  “Services”).

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