Document:

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                                                                   Exhibit 10.11

                              EMPLOYMENT AGREEMENT

            This EMPLOYMENT AGREEMENT (this "Agreement") is made between
GRAFTECH INC., a Delaware corporation (the "Company"), and JOHN J. WETULA, an
individual residing in ___________ (the "Executive"). This Agreement shall
become effective upon the effective date of the registration statement filed by
the Company with the Securities and Exchange Commission in connection with the
initial public offering of shares of Common Stock of the Company (the "Effective
Date"). Notwithstanding anything contained herein to the contrary, this
Agreement shall become null and void if the Effective Date does not occur before
September 30, 2000 or the closing of such offering does not occur within 30 days
after the Effective Date.

                              W I T N E S S E T H:

            WHEREAS, the Company desires to employ the Executive, and the
Executive desires to be employed, as the Company's President and Chief Executive
Officer on the terms and conditions set forth herein;

            NOW, THEREFORE, the Company and the Executive, each intending to be
legally bound, hereby mutually covenant and agree as follows:

                                   ARTICLE 1

                                   DEFINITIONS

            Defined terms used in this Agreement shall have the meanings set
forth below:

            1.1 "Accrued Obligations" shall mean, as of the date of Termination
of Employment, the sum of (A) the Executive's Starting Salary through such date
to the extent not theretofore paid, (B) the amount of any bonus, incentive
compensation, deferred compensation and other cash compensation payable to the
Executive as of such date but not yet paid, and (C)
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any vacation pay, expense reimbursements and other cash entitlement accrued by
the Executive as of such date to the extent not theretofore paid.

            1.2 "Board" shall mean the Board of Directors of the Company.

            1.3 "Cause" shall mean (i) gross neglect or willful and continuing
refusal by the Executive to substantially perform his duties (other than due to
Disability), (ii) breach of Section 4.2, (iii) willful engagement in conduct
which is demonstrably injurious to the Company or its Subsidiaries (including,
without limitation, a breach of Section 4.1) or (iv) conviction or plea of nolo
contendere to a felony or a misdemeanor involving moral turpitude.

            1.4 "Competitor" shall have the meaning set forth in Section 4.2.

            1.5 "Confidential Information" shall have the meaning set forth in
Section 4.1.

            1.6 "Disability" shall mean the inability of the Executive to
perform in all material respects his duties and responsibilities to the Company
or any Subsidiary by reason of a physical or mental disability or infirmity
which inability is reasonably expected to be permanent and has continued (i) for
a period of six consecutive months or (ii) such shorter period as the Company
may determine. The Executive (or his representative) shall furnish the Company
with satisfactory medical evidence documenting the Executive's disability or
infirmity.

            1.7 "Good Reason" shall mean the occurrence of any of the following
circumstances without the Executive's express written consent: (i) a reduction
in the Executive's salary or opportunity to participate as set forth herein in
Management Incentive Plan, (ii) a material adverse change in the Retirement
Program, the Savings Plan or the Management Incentive Plan, (iii) relocation of
the Participant's principal place of business to a location which is more than
35 miles from its current location, except in connection with a relocation of
the corporate headquarters of the Company, or (iv) a material diminution in the
Executive's duties,

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responsibilities or reporting position as described in Article 2 (unless due to
a promotion or other increased responsibility).

            1.8 "Management Incentive Plan" shall mean the Graftech Inc.
Management Incentive Plan.

            1.9 "Retirement" shall mean the voluntary resignation of the
Executive when eligible to receive a pension benefit under the Retirement
Program.

            1.10 "Retirement Program" shall mean the UCAR Carbon Retirement
Program or any other retirement program maintained by the Company.

            1.11 "Savings Plan" shall mean the UCAR Carbon Savings Plan or any
other savings plan maintained by the Company.

            1.12 "Severance Amount" shall mean an amount equal to the sum of
Starting Salary plus the Bonus Award, which sum shall be multiplied by 2.99. The
"Bonus Award" is the bonus amount paid or payable under the Management Incentive
Plan for the calendar year ending on or before the date of Termination of
Employment.

            1.13 "Starting Salary" shall mean the amount set forth in Section
3.1.

            1.14 "Subsidiary" shall mean any corporation, over 50% of the voting
stock of which is owned by the Company.

            1.15 "Term" shall mean the term of this Agreement as set forth in
Section 2.2, and shall include any renewal period described therein.

            1.16 "Termination of Employment" shall mean the Executive's death or
Disability, termination by the Company of the Executive's employment for Cause
or without Cause, resignation by the Executive from the employ of the Company
for Good Reason or

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without Good Reason, Retirement of the Executive, or termination of the
Executive's employment at the end of the Term.

                                   ARTICLE 2

                               EMPLOYMENT AND TERM

            2.1 Employment. The Company hereby offers to employ the Executive as
the President and Chief Executive Officer of the Company, and the Executive
hereby accepts such employment, for the Term.

            2.2 Term. The term of this Agreement shall commence on the date
hereof and shall end, unless extended as hereinafter provided, on the third
anniversary of the date hereof. The term of this Agreement shall be extended
automatically for successive additional one-year periods at the end of such
three-year period and of each such renewal period, unless, no later than ninety
days prior to any such renewal date, the Board gives written notice to the
Executive that the term of this Agreement shall not be so extended or unless, no
later than one year prior to any such renewal date, the Executive gives written
notice to the Board that the term of this Agreement shall not be so extended.

            2.3 Duties. During the Term, unless otherwise agreed in writing by
the parties, the Executive shall have all powers and duties consistent with his
position as set forth in Section 2.1.

                                   ARTICLE 3

                            COMPENSATION AND BENEFITS

            3.1 Starting Salary. For services performed by the Executive for the
Company pursuant to this Agreement, the Company shall pay the Executive the
Starting Salary in the amount of $175,000 per year (which may be increased by
the Board, in its discretion, and references herein to Starting Salary and in
other documents to base salary shall mean such

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amount as so increased) payable in accordance with the Company's regular payroll
practices. Any compensation which may be paid to the Executive under any
additional compensation plan of the Company or the Management Incentive Plan or
which may be otherwise authorized from time to time by the Board in its
discretion (or an appropriate committee thereof) shall be in addition to the
Starting Salary.

            3.2 Annual Bonuses. The Executive shall be entitled to participate
in the Graftech Inc. Management Incentive Plan in accordance with its terms,
with a target award of 50% of the grade range of the Executive.

            3.3 Other Benefits. In addition to the Starting Salary and
participation in the Bonus Plan, the Executive shall also be entitled to the
following:

                  (a) Stock Ownership. The Executive and the Company have on the
date hereof entered into a Non-Qualified Stock Option Agreement.

                  (b) Severance Compensation Agreement. The Executive and the
Company have on the date hereof entered into a Severance Compensation Agreement.

                  (c) Participation in Benefit Plans. The Executive shall be
entitled to participate in the benefit plans and arrangements (including,
without limitation, retirement, savings, bonus, long-term incentive and stock
option plans) maintained by the Company for its executives at a level
commensurate with his position. The Executive shall also be entitled to
participate in all other welfare and benefit plans maintained by the Company for
its employees generally. For the purpose of calculating the Executive's benefits
under such plans and arrangements, all prior service with UCAR Carbon Company
Inc. will be recognized.

                  (d) Vacation. The Executive shall be entitled to 4 weeks
vacation annually and paid holidays consistent with the Company's policies
applicable to executives.

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                                   ARTICLE 4

                           COVENANTS OF THE EXECUTIVE

            4.1 Confidentiality. The Executive acknowledges that, as a
consequence of his employment and position with the Company, the Executive will
have access to and become acquainted with confidential information of the
Company and its Subsidiaries. During the Term and at all times thereafter, the
Executive shall not, without the prior written consent of the Company, use,
divulge, disclose or make accessible to any other person, firm, partnership,
corporation or other entity any Confidential Information (as defined below)
pertaining to the business of the Company or any of its Subsidiaries, except
while employed by the Company, in the business of and for the benefit of the
Company or any Subsidiary. For purposes of this Section 4.1, "Confidential
Information" shall mean non-public (i) trade secrets, financial data, strategic
business plans, customer lists, sales and marketing information and plans and
(ii) any other technical, creative, proprietary and confidential information of
the Company and its Subsidiaries that is material to the business of the Company
or its Subsidiaries, which information described in either (i) or (ii) above was
not lawfully obtained by the Executive from a source independent of the Company
or its Subsidiaries or was not obtained in violation of such source's
contractual or other legal obligations or duties.

            4.2 Non-Competition. The Executive shall not, during the Term and
for a period of two years following the Term, directly or indirectly (a) own,
manage, operate, join or control, or participate (or serve as a consultant or
similar position) in the ownership, management, operation or control of, any
business, entity, firm, partnership, corporation or other person, whether
private, governmental or quasi-governmental, which is engaged, directly or
indirectly, in the business of manufacturing or selling graphite or carbon
electrodes or any other business

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engaged in or being developed by the Company at the time of the Executive's
Termination of Employment (a "Competitor"), or (b) solicit any person who is (or
was during the six months prior to the Executive's Termination of Employment) an
employee of the Company to become an employee, agent or independent contractor
of a Competitor or any other business, or (c) solicit any customer of the
Company on behalf of any Competitor or any other business; provided, however,
that nothing in this Agreement shall preclude the Executive from serving on the
board of directors of any company with the prior consent of the Company or
managing his personal investments which do not exceed 5% of the equity of any
Competitor (so long as, in the reasonable determination of the Company, such
activity does not materially interfere with his duties and responsibilities
hereunder).

            4.3 Enforcement.

                  (a) The Executive agrees that the remedy at law for any breach
by him of any of the covenants and agreements set forth in this Section 4 will
be inadequate and that, in the event of any such breach, the Company may, in
addition to the other remedies which may be available to it at law, obtain
injunctive relief prohibiting the Executive from the breach of such covenants
and agreements.

                  (b) If any of the provisions of this Agreement shall otherwise
contravene or be invalid under the laws of any state or other jurisdiction where
it is applicable but for such contravention or invalidity, such contravention or
invalidity shall not invalidate all of the provisions of this Agreement, but
rather this Agreement shall be reformed and construed, insofar as the laws of
that state or jurisdiction are concerned, as not containing the provision or
provisions, but only to the extent that they are contravening or are invalid
under the laws of that

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state or jurisdiction, and the rights and obligations created hereby shall be
reformed and construed and enforced accordingly.

                  (c) The Executive understands that the provisions of Section 4
hereof may limit his ability to earn a livelihood in a business similar to the
business of the Company but nevertheless agrees and hereby acknowledges that (i)
such provisions do not impose a greater restraint than is necessary to protect
the goodwill or other business interests of the Company, (ii) such provisions
contain reasonable limitations as to time and the scope of activity to be
restrained and (iii) the consideration provided under this Agreement, including,
without limitation, any amounts or benefits provided under Section 5, is
sufficient to compensate the Executive for the restrictions contained in this
Section 4. In consideration of the foregoing and in light of the Executive's
education, skills and abilities, the Executive agrees that he will not assert
that, and it should not be considered that, any provisions of this Section 4
prevented him from earning a living or otherwise are void, voidable or
unenforceable or should be voided or held unenforceable.

                  (d) Each of the covenants of this Section 4 is given by the
Executive as part of the consideration for this Agreement and as an inducement
to the Company to enter into this Agreement and accept its obligations
hereunder.

                                   ARTICLE 5

                                   TERMINATION

            5.1 Termination of Agreement. This Agreement shall terminate at the
end of the Term.

            5.2 Procedures Applicable to Termination for Cause and Resignation
for Good Reason.

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            (a) Termination for Cause. If the Company determines that Cause
exists, it shall notify the Executive. The Executive may be terminated for Cause
upon 30 days' prior written notice. Such termination shall be effected by a
majority vote of the Board after the Executive shall have had the opportunity
(along with counsel) to be heard, unless within 15 days after receiving such
notice the Executive shall have cured the Cause to the reasonable satisfaction
of the Board.

            (b) Resignation for Good Reason. The Executive must give at least 45
days prior written notice of his intent to resign for Good Reason. During such
45-day period, the Company shall have the opportunity to cure the Good Reason
during the first 30 days of such notice period. If no notice is given within 45
days after the event giving rise to Good Reason, the Good Reason shall be deemed
to have been waived.

            5.3 Obligations of the Company Upon Termination of Employment.

                  (a) Accrued Obligations and Other Benefits. In the event of
Termination of Employment for any reason, the Company shall pay to the Executive
or, in the event of the Executive's death, his heirs or estate the following:

                        (i) all Accrued Obligations in a lump sum within ten
            days after the date of Termination of Employment; and

                        (ii) all benefits accrued by the Executive as of the
            date of Termination of Employment under all qualified and
            nonqualified retirement, pension, profit sharing and similar plans
            of the Company to such extent, in such manner and at such time as
            are provided under the terms of such plans and arrangements.

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                  (b) Termination without Cause or Resignation for Good Reason.
In the event that the Company terminates the Executive's employment during the
Term without Cause (but excluding Termination of Employment by reason of the
Executive's death or Disability) or the Executive resigns from his employment
during the Term for Good Reason, in addition to the amounts payable under
Section 5.3(a), the Executive shall receive:

                        (i) the Severance Amount, so long as benefits under the
            Severance Compensation Agreement are not payable in connection with
            such termination or resignation; or

                        (ii) the benefits under the Severance Compensation
            Agreement, in connection with such termination or resignation.

                     Notwithstanding any other provision of this Agreement,
            under no circumstances shall the Executive be entitled to receive
            both the Severance Amount under this Agreement and the benefits
            under the Severance Compensation Agreement.

                  (c) Termination Under Other Circumstances. The Executive
acknowledges that the Company's obligations hereunder upon a Termination of
Employment by reason of the Executive's death or Disability, the termination of
the Executive's employment during the Term by the Company for Cause, resignation
by the Executive from the employ of the Company during the Term without Good
Reason, Retirement of the Executive, or termination of the Executive's
employment at the end of the Term (regardless of which party gives notice of
non-renewal or the reasons therefor) are limited to those provided in Section
5.3(a).

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                                   ARTICLE 6

                                  MISCELLANEOUS

            6.1 Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the heirs and representatives of the Executive and the
successors and assigns of the Company. The Company shall require any successor
(whether direct or indirect, by purchase, merger, reorganization, consolidation,
acquisition of asset or stock, liquidation or otherwise), by agreement in form
and substance reasonably satisfactory to the Executive, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform this Agreement if no such succession
had taken place. Regardless whether such agreement is executed, this Agreement
shall be binding upon any successor of the Company in accordance with the
operation of law and such successor shall be deemed the "Company" for purposes
of this Agreement.

            6.2 Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand or mailed within the continental United States by first class
certified mail, return receipt requested, postage prepaid, addressed as follows:

            If to the Board or the Company, to:

                        Graftech Inc.
                        11709 Madison Avenue
                        Lakewood, Ohio  44107
                        Attention: General Counsel

            To the Executive, to:

                        John J. Wetula
                        [insert address]

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Such addresses may be changed by written notice sent to the other party at the
last recorded address of that party.

            6.3 Tax Withholding. The Company shall provide for the withholding
of any taxes required to be withheld by federal, state and local law with
respect to any payment in cash, shares of capital stock and/or other property
made by or on behalf of the Company to or for the benefit of the Executive under
this Agreement or otherwise. The Company may, at its option: (i) withhold such
taxes from any cash payments owing from the Company to the Executive, (ii)
require the Executive to pay to the Company in cash such amount as may be
required to satisfy such withholding obligations and/or (iii) make other
satisfactory arrangements with the Executive to satisfy such withholding
obligations.

            6.4 No Assignment. Except as otherwise expressly provided in Section
6.1, this Agreement is not assignable by any party and no payment to be made
hereunder shall be subject to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or other charge.

            6.5 Execution in Counterparts. This Agreement may be executed by the
parties hereto in one or more counterparts, each of which shall be deemed to be
an original, but all such counterparts shall constitute one and the same
instrument, and all signatures need not appear on any one counterpart.

            6.6 Jurisdiction and Governing Law. Jurisdiction over disputes with
regard to this Agreement shall be exclusively in the courts of the State of
Delaware, and this Agreement shall be construed and interpreted in accordance
with and governed by the laws of the State of Delaware, other than the conflict
of laws provisions of such laws.

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            6.7 Severability. If any provision of this Agreement shall be
adjudged by any court of competent jurisdiction to be invalid or unenforceable
for any reason, such judgment shall not affect, impair or invalidate the
remainder of this Agreement.

            6.8 Entire Agreement. Except as otherwise provided in Section 3.3,
this Agreement embodies the entire understanding of the parties hereto, and
supersedes all other oral or written agreements or understandings between them
regarding the subject matter hereof. No change, alteration or modification
hereof may be made except in a writing, signed by each of the parties hereto.
The headings in this Agreement are for convenience and reference only and shall
not be construed as part of this Agreement or to limit or otherwise affect the
meaning hereof.

            IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Agreement as of the day and year first above written.

                                    GRAFTECH INC.

                                    By:   _______________________________
                                          Name:
                                          Title:

                                          _______________________________
                                          John J. Wetula

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                                                                   Exhibit 10.12
                                                                 Domestic 2.99x

                           [GRAFTECH INC. LETTERHEAD]

            June __, 2000

NAME
ADDRESS

Dear NAME:

      The Board of Directors (the "Board") of Graftech Inc. (the "Corporation")
has authorized the grant to you of this Severance Compensation Agreement (this
"Agreement"). The Board recognizes that, following the initial public offering
of common stock of the Corporation (the "IPO"), the possibility of a Change in
Control of the Corporation exists, as is the case with many publicly held
corporations, and that the uncertainty and questions which it may raise among
management may result in the departure or distraction of management personnel to
the detriment of the Corporation and its stockholders. This Agreement shall
become effective upon, but only upon, the closing of the IPO so long as such
closing occurs on or before December 31, 2000.

      The Board has determined that appropriate steps should be taken to
reinforce and encourage the continued attention and dedication of members of the
Company's management, including yourself, to their assigned duties without
distraction in the face of potentially disturbing circumstances arising from a
possible Change in Control of the Corporation. The Board has also determined
that it is in the best interests of the Corporation and its stockholders to
ensure your continued availability to the Company in the event of a potential
Change in Control of the Corporation. References herein to the "Company" mean
the Corporation and its subsidiaries.

      In order to induce you to remain in the employ of the Company and in
consideration of your continued service to the Company, the Corporation and its
subsidiary or subsidiaries (now or hereafter) signing the signature page of this
Agreement jointly and severally agree that you shall receive the severance
benefits set forth in this Agreement in the event your employment with the
Company is terminated subsequent to a Change in Control of the Corporation under
the circumstances described below.

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      1.  Definitions.

             a.       "Change in Control of the Corporation" shall be
deemed to occur if, after (but only after) UCAR International Inc. or its
successors (collectively, "UCAR") ceases to own or hold, directly or indirectly,
a majority of the then outstanding Common Stock, any of the following
circumstances shall occur:

                          (i)   any "person" or "group" within the meaning of
                      Section 13(d) or 14(d)(2) of the Securities Exchange Act
                      of 1934 (the " Act") becomes the beneficial owner of 15%
                      or more of the then outstanding Common Stock or 15% or
                      more of the then outstanding voting securities of the
                      Corporation;

                          (ii)   any "person" or "group"within the meaning of
                      Section 13(d) or 14(d)(2) of the Act acquires by proxy or
                      otherwise the right to vote for the election of directors,
                      on any merger or consolidation of the Corporation or on
                      any other matter or question with respect to 15% or more
                      of the then outstanding Common Stock or 15% or more of the
                      combined voting power of the then outstanding voting
                      securities of the Corporation;

                          (iii)   Present Directors and New Directors cease for
                      any reason to constitute a majority of the Board (and, for
                      purposes of this clause (iii), "Present Directors" shall
                      mean individuals who at the beginning of any consecutive
                      twenty-four month period were members of the Board and
                      "New Directors" shall mean individuals whose election by
                      the Board or whose nomination for election as directors by
                      the Corporation's stockholders was approved by a vote of
                      at least two-thirds of the directors then in office who
                      were Present Directors or New Directors);

                          (iv)   the stockholders of the Corporation approve a
                      plan of complete liquidation or dissolution of the
                      Corporation; or

                          (v)   consummation of: (x) a reorganization,
                      restructuring, recapitalization, reincorporation, merger
                      or consolidation of the Corporation (a "Business
                      Combination") unless, following such Business Combination,
                      (a) all or substantially all of the individuals and
                      entities who were the beneficial owners of the Common
                      Stock and the voting securities of the Corporation
                      outstanding immediately prior to such Business Combination
                      beneficially own, directly or indirectly, more than 50% of
                      the common equity securities and the combined voting power
                      of the voting securities of the corporation or other
                      entity resulting from such Business Combination
                      (including, without limitation, a corporation or other
                      entity which as a result of such Business Combination owns
                      the Corporation or all or substantially all of the assets
                      of the Corporation or the Company either directly or
                      through one or more subsidiaries) outstanding after such
                      Business Combination, in substantially the same

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                     proportions as their ownership, immediately prior to such
                     Business Combination, of outstanding Common Stock and the
                     combined voting power of the outstanding voting securities
                     of the Corporation, respectively, (b) no "person" or
                     "group" within the meaning of Section 13(d) or 14(d)(2) of
                     the Act (excluding (1) any corporation or other entity
                     resulting from such Business Combination and (2) any
                     employee benefit plan (or related trust) of the Company or
                     any corporation or other entity resulting from such
                     Business Combination) beneficially owns 15% or more of the
                     common equity securities or 15% or more of the combined
                     voting power of the voting securities of the corporation or
                     other entity resulting from such Business Combination
                     outstanding after such Business Combination, except to the
                     extent that such beneficial ownership existed prior to such
                     Business Combination with respect to the Common Stock and
                     the voting securities of the Corporation, and (c) at least
                     a majority of the members of the board of directors (or
                     similar governing body) of the corporation or other entity
                     resulting from such Business Combination were members of
                     the Board at the time of the execution of the initial
                     agreement providing for such Business Combination or at the
                     time of the action of the Board approving such Business
                     Combination, whichever is earlier; or (y) any sale, lease,
                     exchange or other transfer (in one transaction or a series
                     of related transactions) of all or substantially all of the
                     assets of the Corporation or the Company, whether held
                     directly or indirectly through one or more subsidiaries
                     (excluding any pledge, mortgage, grant of security
                     interest, sale-leaseback or similar transaction, but
                     including any foreclosure sale), provided, that, for
                     purposes of clauses (v) (x) and (v) (y) above, the
                     divestiture of less than substantially all of the assets of
                     the Corporation or the Company in one transaction or a
                     series of related transactions, whether effected by sale,
                     lease, exchange, spin-off, sale of stock of or merger or
                     consolidation of a subsidiary, transfer or otherwise, shall
                     not constitute a Change in Control of the Corporation.

Notwithstanding the foregoing, a Change in Control of the Corporation shall not
be deemed to occur:

                     (I) pursuant to clause (i) or (ii) above, solely because
             15% or more of the then outstanding Common Stock or the then
             outstanding voting securities of the Corporation is or becomes
             beneficially owned or is directly or indirectly held or acquired by
             one or more employee benefit plans (or related trusts) maintained
             by the Company; or

                     (II) pursuant to clause (v)(y) above, if the Board
             determines that any sale, lease, exchange or other transfer does
             not involve all or substantially all of the assets of the
             Corporation or the Company; or

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            (III) pursuant to clause (i) or (ii) above, solely because UCAR
remains the beneficial owner of 15% or more of the then outstanding Common Stock
or 15% or more of the then outstanding voting securities of the Corporation; or

            (IV) pursuant to clause (i) or (ii) above, if such a "person" or
"group" acquires 15% or more of the then outstanding Common Stock or 15% or more
of the then outstanding voting securities of the Corporation from UCAR or its
direct or indirect subsidiaries; provided, however, that a "Change in Control of
the Corporation" shall be deemed to occur if thereafter the beneficial ownership
of Common Stock or voting securities of the Corporation by such "person" or
"group" increases by more than 1% of the then outstanding shares of Common Stock
or more than 1% of the then outstanding voting securities of the Corporation
(excluding increases due to repurchases of Common Stock or voting securities of
the Corporation by the Company, and similar transactions, which have not been
directly or indirectly proposed or initiated by such "person" or "group"); or

            (V) upon the occurrence of a change in control (which shall include,
without limitation, circumstances of the type described in clauses (I) through
(V) above) of UCAR, however structured.

For purposes of this Agreement, references to "beneficial owner" and correlative
phrases shall have the same definition as set forth in Rule 13d-3 under the Act
(except that ownership by underwriters for purposes of a distribution or
offering shall not be deemed to be "beneficial ownership"), references to the
Act or rules and regulations thereunder shall mean those in effect on the date
of the closing of the IPO and references to "Common Stock" shall mean the common
stock of the Corporation.

                    b. "Code" shall mean the Internal Revenue Code of 1986,
as amended.

                    c. "Date of Termination" shall mean:

                              (i) in case employment is terminated for
                          Disability, thirty (30) days after Notice of
                          Termination is given (provided that you shall not have
                          returned to the full-time performance of your duties
                          during such thirty (30) day period); and

                             (ii) in all other cases, the date specified in the
                          Notice of Termination (which shall not be less
                          than thirty (30) nor more than sixty (60) days,
                          respectively, from the date such Notice of Termination
                          is given).

                    d. "Disability" shall mean total physical or mental
disability rendering you unable to perform the duties of your employment for a
continuous period of six (6) months. Any question as to the existence of your
Disability upon which you and the Company cannot agree shall be determined by a
qualified physician (not employed by the Company) selected by you (or, if you
are unable to make such selection, made by any adult member of your immediate
family) and approved by the Company. The determination of such physician made in
writing to the Company and to you shall be final and conclusive for all purposes
of this Agreement.

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                    e. "Good Reason for Resignation" shall mean the occurrence
of any of the following:

                              (i) (A) a change in your status or position with
                          the Company, which in your reasonable judgment does
                          not represent a status or position comparable to your
                          status or position immediately prior a Change in
                          Control of the Corporation or a promotion from your
                          status or position immediately prior to a Change in
                          Control of the Corporation; or

                                  (B) a reduction in the level of your reporting
                          responsibility as it existed immediately prior to a
                          Change in Control of the Corporation; or

                                  (C) the assignment to you of any duties or
                           responsibilities or a diminution of duties or
                           responsibilities, which in your reasonable judgment
                           are inconsistent with your status or position with
                           the Company in effect immediately prior to a Change
                           in Control of the Corporation;

                                   it being understood that any of the foregoing
                           in connection with a termination of your employment
                           for Retirement, Disability or Termination for Cause
                           shall not constitute Good Reason for Resignation;

                              (ii) a reduction by the Company in the annual rate
                           of your base salary as in effect immediately prior
                           to the date of a Change in Control of the
                           Corporation or as the same may be increased from
                           time to time thereafter, or the Company's failure to
                           increase the annual rate of your base salary for a
                           calendar year in an amount at least equal to the
                           average percentage increase in base salary for all
                           employees of the Company with Severance Compensation
                           Agreements in the preceding calendar year (and the
                           Company agrees that, within three (3) days after
                           your request, the Company shall notify you of the
                           average percentage increase in base salary for all
                           such employees in the calendar year preceding your
                           request);

                             (iii) the failure by the Company to continue in
                           effect any compensation plan in which you participate
                           as in effect immediately prior to a Change in Control
                           of the Corporation, including but not limited to the
                           Retirement Program, the Savings Program, any of the
                           Incentive Compensation Plans or any substitute plans
                           adopted prior to a Change in Control of the
                           Corporation, unless an arrangement satisfactory to
                           you (embodied in an ongoing substitute or
                           alternative plan) has been made with respect to such
                           plan, or the failure by the Company to continue your
                           participation therein on at least as favorable a
                           basis, both in terms of the amount of benefits
                           provided and the level of your participation
                           relative to other participants, as existed
                           immediately prior to a Change in Control of the
                           Corporation;

                                       5
<PAGE>   6

                              (iv) the Company requiring you to be based
                           outside of a thirty-five (35) mile radius from where
                           your office is located immediately prior to a Change
                           in Control of the Corporation, except for required
                           travel on the Company's business to an extent
                           substantially consistent with your business travel
                           obligations immediately prior to a Change in Control
                           of the Corporation;

                               (v) the failure by the Company to continue to
                           provide you with benefits at least as favorable as
                           those enjoyed by you (and your dependents, if
                           applicable) under any of the Company's
                           pre-retirement and post-retirement life insurance,
                           medical, health and accident, and disability plans
                           or any other plan, program or policy of the Company
                           intended to benefit employees in which you (or your
                           dependents) were participating immediately prior to
                           a Change in Control of the Corporation, the taking
                           of any action by the Company which would directly or
                           indirectly materially reduce any of such benefits or
                           deprive you (or your dependents) of any material
                           fringe benefit enjoyed by you (or your dependents)
                           immediately prior to a Change in Control of the
                           Corporation, or the failure by the Company to
                           provide you with the number of annual paid vacation
                           days to which you were annually entitled immediately
                           prior to a Change in Control of the Corporation;

                              (vi) the failure of the Company to obtain a
                           satisfactory agreement from any Successor (as
                           defined in Paragraph 4a hereof) to assume and agree
                           to perform this Agreement, as contemplated in
                           Paragraph 4a hereof; or

                             (vii) the failure of the Company to pay to you an
                           Incentive Compensation Award, deferred compensation
                           or other compensation award earned, but not paid,
                           prior to a Change in Control of the Corporation.

                    f. "Incentive Compensation" means any compensation, variable
compensation, bonus, benefit or award paid or payable in cash under an Incentive
Compensation Plan.

                    g. "Incentive Compensation Award" shall mean a cash payment
or payments awarded to you under any Incentive Compensation Plan.

                    h. "Incentive Compensation Plan(s)" shall mean any variable
compensation or incentive compensation plan maintained by the Company in which
you were a participant immediately prior to a Change in Control of the
Corporation, including but not limited to the Graftech Inc. Management Incentive
Plan.

                    i. "Notice of Termination" shall mean a written notice as
provided in Paragraph 8 hereof.

                                       6
<PAGE>   7

                    j. "Retirement" shall mean a voluntary termination of
employment in accordance with the Retirement Program, or in accordance with any
other retirement arrangement which is established with your consent with respect
to you.

                    k. "Retirement Program" shall mean the retirement plan and
any excess or supplemental pension plans maintained by the Company or in which
the Company participates.

                    l. "Savings Program" shall mean the savings plan maintained
by the Company or in which the Company participates.

                    m. "Termination for Cause" shall mean termination of your
employment upon your willfully engaging in conduct demonstrably and materially
injurious to the Company, monetarily or otherwise, provided that there shall
have been delivered to you a copy of a resolution, duly adopted by the unanimous
affirmative vote of the entire membership of the Board at a meeting of the Board
called and held for such purpose (after reasonable notice to you and an
opportunity for you, together with your counsel, to be heard before the Board),
finding that in the good faith opinion of the Board you were guilty of the
conduct set forth and specifying the particulars thereof in detail.

For purposes of this clause (m), no act, or failure to act, on your part shall
be deemed "willful" unless done, or omitted to be done, by you in bad faith and
without reasonable belief that your action or omission was in the best interest
of the Company. Any act or failure to act based upon authority given pursuant to
a resolution duly adopted by the Board or based upon the advice of counsel for
the Company shall be conclusively presumed to be done or omitted to be done by
you in good faith and in the best interests of the Company.

                    n. "Variable Compensation Year" means a calendar year of
an Incentive Compensation Plan.

      2.  Compensation Upon Termination or While Disabled. Following a Change in
Control of the Corporation, you shall be entitled to the following benefits:

                    a. Termination Other Than for Retirement, Death, Disability
or Termination for Cause; Termination By Your Resignation with Good Reason for
Resignation. If your employment by the Company shall be terminated subsequent to
a Change in Control of the Corporation and during the term of this Agreement (a)
by the Company other than for Retirement, Death, Disability or Termination for
Cause or (b) by you for Good Reason for Resignation, then you shall be entitled
to the benefits provided below, without regard to any contrary provision of any
plan:

                               (i) Accrued Salary. The Company shall pay you,
                           not later than the fifth day following the Date of
                           Termination, your base salary and vacation pay
                           accrued through the Date of Termination (including
                           any banked vacation and any vested vacation for the
                           calendar year in which the Date of Termination
                           occurs) at the rate in effect at the time the Notice
                           of Termination is given (or at the rate in effect
                           immediately prior to a Change in Control of the
                           Corporation, if such rate was higher).

                                       7
<PAGE>   8

                              (ii) Accrued Incentive Compensation. The Company
                           shall pay you, not later than thirty (30) days
                           following your Date of Termination, the amount of
                           your accrued Incentive Compensation which shall be
                           determined as follows:

                                  (A) If the Date of Termination is after the
                           end of a Variable Compensation Year, but before
                           Incentive Compensation for said Variable Compensation
                           Year has been paid, the Company shall pay to you
                           under this Agreement for your service during such
                           Variable Compensation Year the following:

                                           The amount of your target variable
                              compensation payment (i.e., the percent of your
                              salary grade midpoint at risk) for such Variable
                              Compensation Year.

                                  (B) In addition, if the Date of Termination is
                           other than the first day of a Variable Compensation
                           Year, the Company shall pay to you under this
                           Agreement for your service during such Variable
                           Compensation Year up to the Date of Termination, the
                           following:

                                           The amount of your target variable
                              compensation payment (i.e., the percent of your
                              salary grade midpoint at risk) for such Variable
                              Compensation Year (or if such target has not then
                              been established, your target variable
                              compensation award for the immediately preceding
                              Variable Compensation Year), multiplied by a
                              fraction, the numerator of which is the total
                              number of days which have elapsed in the current
                              Variable Compensation Year to the Date of
                              Termination and the denominator of which is three
                              hundred sixty-five (365).

                                  If there is more than one Incentive
                           Compensation Plan, your accrued Incentive
                           Compensation under each Incentive Compensation Plan
                           shall be determined separately for each such Plan.

                                  For the purpose this Paragraph 2a (ii), the
                           amount of your target variable compensation payment
                           shall be used, whether or not such Incentive
                           Compensation was actually paid to you or was
                           includible in your gross income for Federal income
                           tax purposes.

                             (iii) Insurance Coverage. The Company shall arrange
                           to provide you (and your dependents, if applicable)
                           with life, disability, accident, dental and medical
                           benefits substantially equivalent to those which you
                           are receiving, or were entitled to receive, from the
                           Company immediately prior to a Change in Control of
                           the Corporation. Such benefits shall be provided to
                           you for the longer of (x) thirty-six (36) months
                           after such Date of Termination or (y) the period
                           during which such benefits would have been provided
                           to you, as a terminated employee, under the

                                       8
<PAGE>   9

                           applicable life, disability, accident, dental and
                           medical plans in effect immediately prior to a
                           Change in Control of the Corporation (except that
                           after a period of thirty six (36) months such
                           benefits shall be provided to you on the same
                           financial terms and conditions as provided for under
                           the respective plans). Such benefits shall be
                           provided to you in lieu of any continuation coverage
                           you would be eligible for under COBRA.

                                   If you are a participant in the Company's
                           Executive Life Insurance Plan, you shall have the
                           same rights thereunder as a person who retires with a
                           non-actuarially reduced pension (whether or not you
                           are eligible for such a pension).

                              (iv) Severance Payment. The Company shall pay as a
                           severance payment to you, not later than the fifth
                           day following the Date of Termination, a lump sum
                           severance payment (the "Severance Payment") equal to
                           two and ninety-nine hundreths (2.99) times the sum
                           of the amounts set forth in the following paragraphs
                           (A) and (B), less the amount set forth in the
                           following paragraph (C):

                                  (A) the greater of your annual base salary
                           which was payable to you by the Company immediately
                           prior to the Date of Termination or your annual base
                           salary which was payable to you by the Company
                           immediately prior to a Change in Control of the
                           Corporation; plus

                                  (B) the greater of:

                                           (I) The amount of your target
                              variable compensation payment (i.e., the percent
                              of your salary grade midpoint at risk) for the
                              year in which the Date of Termination occurs (or
                              if such target has not then been established, your
                              target variable compensation award for the
                              immediately preceding Variable Compensation Year);
                              or

                                           (II) The amount of your target
                               variable compensation payment (i.e., the percent
                               of your salary grade midpoint at risk) for the
                               year in which the Change in Control of the
                               Corporation occurs (or if such target has not
                               then been established, your target variable
                               compensation award for the immediately preceding
                               Variable Compensation Year); minus

                                  (C) the amount of any severance payment or the
                               value of any severance benefit received or to be
                               received by you from the Company pursuant to any
                               plan or policy of the Company or pursuant to any
                               other agreement between you and the Company.

                                           For purposes of calculations under
                           this subparagraph (iv), the amounts of base salary
                           and target variable compensation payments shall be

                                       9
<PAGE>   10

                           the amounts calculated without regard to whether or
                           not such amounts were paid or includible in your
                           gross income for Federal, state, local, commonwealth
                           or foreign income tax purposes.

                               (v) Reduction in Severance Payment. The Severance
                           Payment shall be reduced only in the event
                           specifically provided in this subparagraph (v). If
                           the aggregate present value, as determined for
                           purposes of Code Section 280G, of all amounts that
                           are parachute payments for purposes of such Section
                           exceeds the limitation set forth in Code Section
                           280G(b)(2)(A)(ii) by an amount not exceeding
                           $50,000, then there shall be a reduction in the
                           amount of your Severance Payment so that such limit
                           is not exceeded.

                              (vi) Payment of Taxes.

                                   (A) For purposes of this subparagraph (vi),
                              the following terms shall have the following
                              meanings:

                                          (I) "Payment" shall mean any payment
                                   or distribution (or acceleration of benefits)
                                   by the Company to or for your benefit
                                   (whether paid or payable or distributed or
                                   distributable (or accelerated) pursuant to
                                   the terms of this Agreement or any
                                   termination or layoff plan referred to in
                                   clause (C) of subparagraph (iv) of this
                                   Section 2a (thus excluding among other things
                                   any payment under an employment agreement),
                                   but determined without regard to any
                                   additional payments required under this
                                   subparagraph (vi)). In addition, "Payment"
                                   shall also include the amount of income
                                   deemed to be received by you as a result of
                                   the acceleration of the exercisability of any
                                   of your options to purchase stock of the
                                   Corporation, the acceleration of the lapse of
                                   any restrictions on performance stock or
                                   restricted stock of the Corporation held by
                                   you or the acceleration of payment from any
                                   deferral plan.

                                          (II)  "Exercise Tax" shall mean the
                                   exercise tax imposed by Section 4999 of the
                                   Code, or any interest or penalties incurred
                                   by you with respect to such excise tax.

                                          (III) "Income Tax" shall mean all
                                   taxes other than the Excise Tax (including
                                   any interest or penalties imposed with
                                   respect to such taxes), including, without
                                   limitation,

                                       10
<PAGE>   11
                                  any income and employment taxes imposed by any
                                  Federal (including (i) FICA and Medicare taxes
                                  and (ii) the tax resulting from the loss of
                                  any Federal deductions or exemptions which
                                  would have been available to you but for
                                  receipt of the Payment), state, local,
                                  commonwealth or foreign government.

                                  (B) In the event it shall be determined that a
                           Payment would be subject to an Excise Tax, then you
                           shall be entitled to receive an additional payment
                           (a "Gross-Up Payment") in an amount such that, after
                           payment by you of Income Tax and Excise Tax imposed
                           upon the Gross-Up Payment, you retain an amount of
                           the Gross-Up Payment equal to the Excise Tax imposed
                           upon the Payment.

                                  (C) All determinations required to be made
                           under this subparagraph (vi), including whether and
                           when a Gross-Up Payment is required and the amount
                           of such Gross-Up Payment and the assumptions to be
                           utilized in arriving at such determination, shall be
                           made by the public accounting firm that is retained
                           by the Company as of the date immediately prior to a
                           Change in Control of the Corporation (the
                           "Accounting Firm") which shall provide detailed
                           supporting calculations both to the Company and to
                           you within fifteen (15) business days after the
                           receipt of notice from you that there has been a
                           Payment, or such earlier time as is requested by the
                           Company (collectively, the "Determination"). In the
                           event that the Accounting Firm is serving as
                           accountant or auditor for the individual, entity or
                           group effecting a Change in Control of the
                           Corporation, you may appoint another nationally
                           recognized public accounting firm to make the
                           determinations required hereunder (which accounting
                           firm shall then be referred to as the Accounting
                           Firm hereunder). All fees and expenses of the
                           Accounting Firm shall be borne solely by the
                           Company. Any Gross-Up Payment, as determined
                           pursuant to this subparagraph (vi), shall be paid by
                           the Company to you within ten (10) days after the
                           Determination. If the Accounting Firm determines
                           that no Excise Tax is payable by you, you may
                           request the Accounting Firm to furnish you with a
                           written opinion that failure to report the Excise
                           Tax on your applicable Federal income tax return
                           would not result in the imposition of a negligence
                           or similar penalty. The Determination by the
                           Accounting Firm shall be binding upon the Company
                           and you. As a result of the uncertainty in the
                           application of Section 4999 of the Code at the time
                           of the Determination, it is possible that Gross-Up
                           Payments which will not have been made by the
                           Company should have been made ("Underpayment"),
                           consistent with the calculations required to be made
                           hereunder. In the event that the Company exhausts
                           its remedies pursuant to subparagraph (vi)(D) below
                           and you thereafter

                                       11
<PAGE>   12

                           are required to make payment of any Excise Tax or
                           Income Tax, the Accounting Firm shall determine the
                           amount of the Underpayment that has occurred and any
                           such Underpayment shall be promptly paid by the
                           Company to or for your benefit.

                                  (D) You shall notify the Company in writing of
                           any claim by the Internal Revenue Service that, if
                           successful, would require the payment by the Company
                           of the Gross-Up Payment or the Underpayment. Such
                           notification shall be given as soon as practicable
                           but no later than ten (10) business days after you
                           are informed in writing of such claim and shall
                           apprise the Company of the nature of such claim and
                           the date on which such claim is requested to be
                           paid. You shall not pay such claim prior to the
                           expiration of the 30-day period following the date
                           on which you give such notice to the Company (or
                           such shorter period ending on the date that any
                           payment of taxes with respect to such claim is due).
                           If the Company notifies you in writing prior to the
                           expiration of such period that it desires to contest
                           such claim, you shall:

                                                         (1)     give        the
                                  Company any information reasonably requested
                                  by the Company relating to such claim,

                                                         (2)     give        the
                                  connection with contesting such claim as the
                                  Company shall reasonably request in writing
                                  from time to time, including, without
                                  limitation, accepting legal representation
                                  with respect to such claim by an attorney
                                  reasonably selected by the Company,

                                                         (3)     cooperate with
                                  Company in good faith in order effectively to
                                  contest such claim, and

                                                         (4) permit          the
                                  participate in any proceeding relating to such
                                  claim;

                                           provided, however, that the Company
                           shall bear and pay directly all costs and expenses
                           (including additional interest and penalties)
                           incurred in connection with such contest and shall
                           indemnify and hold you harmless, on an after-tax
                           basis, for any Excise Tax or Income Tax imposed as a
                           result of such representation and payment of costs
                           and expenses. Without limitation on the foregoing
                           provisions of this subparagraph (vi)(D), the Company
                           shall control all proceedings taken in connection
                           with such contest

                                       12
<PAGE>   13

                           and, at its sole option, may pursue or forego any
                           and all administrative appeals, proceedings,
                           hearings and conferences with the taxing authority
                           in respect of such claim and may, at its sole
                           option, either direct you to pay the tax claimed and
                           sue for a refund or contest the claim in any
                           permissible manner, and you agree to prosecute such
                           contest to a determination before any administrative
                           tribunal, in a court of initial jurisdiction and in
                           one or more appellate courts, as the Company shall
                           determine; provided further, that if the Company
                           directs you to pay such claim and sue for a refund,
                           the Company shall advance the amount of such payment
                           to you on an interest-free basis and shall indemnify
                           and hold you harmless, on an after-tax basis, from
                           any Excise Tax or Income Tax imposed with respect to
                           such advance or with respect to any imputed income
                           with respect to such advance; and provided further,
                           that any extension of the statute of limitations
                           relating to payment of taxes for your taxable year
                           with respect to which such contested amount is
                           claimed to be due is limited solely to such
                           contested amount. Furthermore, the Company's control
                           of the contest shall be limited to issues with
                           respect to which a Gross-Up Payment would be payable
                           hereunder and you shall be entitled to settle or
                           contest, as the case may be, any other issue raised
                           by the Internal Revenue Service or any other taxing
                           authority.

                                  (E) If, after the receipt by you of an amount
                           advanced by the Company pursuant to subparagraph
                           (vi)(D) above, you become entitled to receive, and
                           receive, any refund with respect to such claim, you
                           shall (subject to the Company's complying with the
                           requirements of subparagraph (vi)(D)) promptly pay
                           to the Company the amount of such refund (together
                           with any interest paid or credited thereon after
                           taxes applicable thereto). If, after the receipt by
                           you of an amount advanced by the Company pursuant to
                           subparagraph (vi)(D), a determination is made that
                           you shall not be entitled to any refund with respect
                           to such claims and the Company does not notify you
                           in writing of its intent to contest such denial of
                           refund prior to the expiration of thirty (30) days
                           after such determination, then such advance shall be
                           forgiven and shall not be required to be repaid.

                          (vii) No Duty to Mitigate. You shall not be required
                      to mitigate the amount of any payment provided for in this
                      Paragraph 2 by seeking other employment, through use of
                      tax deductions or credits, or otherwise, nor shall the
                      amount of any payment or benefit hereunder be reduced by
                      any compensation earned by you as the result of employment
                      by anotheremployer or by retirement benefits after the
                      Date of Termination, or otherwise; provided, however,
                      should you become reemployed in a job which (a) offers
                      medical plan benefits which are equal to or greater than
                      the medical plan benefits provided to you under
                      subparagraph 2(a)(iii)

                                       13
<PAGE>   14

                      and (b) such medical plan benefits are offered to you at
                      no cost, you shall no longer be eligible to receive
                      medical plan benefits under this Agreement.

                    b. Payments While Disabled.  During any period prior to the
Date of Termination and during the term of this Agreement that you are unable to
perform your full-time duties with the Company, whether as a result of your
Disability or as a result of a physical or mental disability that is not total
and therefore is not a Disability, you shall continue to receive your base
salary at the rate in effect at the commencement of any such period, together
with all other compensation and benefits that are payable or provided under the
Company's benefit plans, including its disability plans. After the Date of
Termination for Disability, your benefits shall be determined in accordance with
the Retirement Program, insurance and other applicable programs of the Company.
The compensation and benefits, other than salary, payable or provided pursuant
to this subparagraph b shall be the greater of (x) the amounts computed under
the Retirement Program, disability benefit plans, insurance and other applicable
programs in effect immediately prior to a Change in Control of the Corporation
and (y) the amounts computed under the Retirement Program, disability benefit
plans, insurance and other applicable programs in effect at the time the
compensation and benefits are paid.

                    c. Payments if Terminated for Cause, or Termination by You
Other Than With Good Reason for Resignation. If your employment shall be
terminated by the Company as a Termination for Cause or by you other than with
Good Reason for Resignation, the Company shall pay you your full base salary and
accrued vacation pay (including any banked vacation and any vested vacation for
the calendar year in which the Date of Termination occurs) through the Date of
Termination, at the rate in effect at the time Notice of Termination is given,
plus any benefits or awards which have been earned or become payable but which
have not yet been paid to you. You shall receive any payment due under this
subparagraph c on your Date of Termination. Thereafter, the Company shall have
no further obligation to you under this Agreement.

       d. After Retirement or Death.  If your employment shall be terminated by
your Retirement, or by reason of your death, your benefits shall be determined
in accordance with the Company's retirement and insurance programs then in
effect.

      3.  Term of Agreement. This Agreement shall commence on the date hereof
and shall continue in effect through December 31, 2000; provided, however, that
commencing on January 1, 2001 and each January 1 thereafter, the term of this
Agreement shall automatically be extended for one additional year unless, not
later than September 30 of the preceding year, the Company or you shall have
given notice that it or you does not wish to extend this Agreement.
Notwithstanding any such notice by the Company not to extend, if a Change in
Control of the Corporation shall have occurred or been publicly reported,
proposed or announced (regardless of whether done so by the Company or a third
party) during the original or any extended term of this Agreement, or within
three months thereafter, this Agreement shall continue in effect. In any event,
the term of this Agreement shall expire on the third (3rd) anniversary of the
date of a Change in Control of the Corporation. This Agreement shall terminate
if your employment is terminated by you or the Company prior to the occurrence
of a Change in Control of the Corporation.

      4.  Successors; Binding Agreement.

                                       14
<PAGE>   15

                    a. Successors of the Company.  The Company will require any
Successor to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. Failure of the Company to obtain such
assent at least five business days prior to the time a person becomes a
Successor (or where the Company does not have at least five business days
advance notice that a person may become a Successor, within three business days
after having notice that such person may become or has become a Successor) shall
constitute Good Reason for Resignation by you and, if a Change in Control of the
Corporation has occurred or thereafter occurs, shall entitle you immediately to
the benefits provided in Paragraph 2a hereof upon delivery by you of a Notice of
Termination. For purposes of this Agreement, "Successor" shall mean any person
that obtains or succeeds to, or has the practical ability to control (either
immediately or with the passage of time), the Company's business directly, by
merger or consolidation, or indirectly, by purchase of voting securities of the
Company, by acquisition of rights to vote voting securities of the Company or
otherwise, including but not limited to any person or group that acquires the
beneficial ownership or voting rights described in Paragraph 1a(i) or (ii).

                    b. Your Successor.  This Agreement shall inure to the
benefit of and be enforceable by your personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees. If you should die following your Date of Termination while any amount
would still be payable to you hereunder if you had continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to your devisee, legatee or other designee or, if there
is no such designee, to your estate.

      5. Nature of Payments. All payments to you under this Agreement shall be
considered severance payments in consideration of your past service to
the Company.

      6. Validity. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

      7. Counterparts. 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.

      8. Notice. Any purported termination of your employment by the Company or
by you following a Change in Control of the Corporation shall be communicated to
the other party by a written Notice of Termination. A Notice of Termination by
you shall indicate in reasonable detail the facts and circumstances claimed to
provide a basis for a Good Reason for Resignation. For the purpose of this
Agreement, notices and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when delivered
or mailed by United States registered mail, return receipt requested, postage
prepaid, addressed to the respective addresses set forth on the first page of
this Agreement, provided that all notices to the Company shall be directed to
the attention of the Board with a copy to the Secretary of the Company or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon receipt.

                                       15
<PAGE>   16

      9. Fees and Expenses. The Company shall pay all legal fees and related
expenses incurred by you as a result of your termination following a Change in
Control of the Corporation or by you in seeking to obtain or enforce any right
or benefit provided by this Agreement (including all fees and expenses, if any,
incurred in contesting or disputing any such termination or incurred by you in
seeking advice in connection therewith).

      10. Miscellaneous. No provision of this Agreement may be amended,
modified, waived or discharged unless such amendment, modification, waiver or
discharge is agreed to in writing and signed by you and such officer as may be
specifically designated by the Board. No waiver by either party hereto at any
time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not expressly set forth in this
Agreement.

      11. Conflicting Employment Agreements. To the extent that you have or
obtain after the date hereof a written employment agreement with the Company
which contains provisions that conflict with this Agreement, this Agreement
shall govern unless such employment agreement specifically refers to Section 11
of this Agreement and states that such employment agreement governs. To the
extent that such employment agreement provides for rights or benefits which are
duplicative of those set forth in this Agreement, you shall be entitled to only
one such right or benefit (which shall be the one which, in your judgment if
timely made, is most favorable to you). To the extent that such employment
agreement provides for rights or benefits which are additional to those set
forth in this Agreement, this Agreement shall not impair in any way your
entitlement to those additional rights or benefits.

      12. Governing Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Delaware (without regard to the choice of laws provisions thereof). The Company
and you hereby agree to irrevocably submit to the jurisdiction of any State or
Federal court sitting in the State of Delaware, and any appellate court thereof,
in any action or proceeding arising out of or relating to this Agreement. The
Company and you hereby irrevocably agree that all claims in respect of such
action or proceeding shall only be heard and determined in a State or Federal
court sitting in the State of Delaware.

                                       16
<PAGE>   17

      If this letter sets forth our agreement on the subject matter hereof,
kindly sign and return to the Company the enclosed copy of this letter which
will then constitute our agreement on this subject.

                                               Sincerely,

                                               GRAFTECH INC.

                                                   By:
                                                      -----------------------

                                                   Title:
                                                         --------------------

Agreed to as of the date
first above written

--------------------------------------------
Employee

                                       17

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