Document:

Exhibit

 
 

STOCKHOLDER RIGHTS AGREEMENT 
by and between 
GRAFTECH INTERNATIONAL LTD. 
and 
BCP IV GRAFTECH HOLDINGS LP 
Dated as of April 23, 2018 
 
 

TABLE OF CONTENTS
Article I  
 
GOVERNANCE
1.1Board of Directors.    1
Article II  
 
OTHER COVENANTS
2.1Information Rights.    3
2.2Transfer Restrictions    3
Article III  
 
REPRESENTATIONS AND WARRANTIES
3.1Representations and Warranties of the Stockholders    4
3.2Representations and Warranties of the Company    4
Article IV  
 
DEFINITIONS
4.14.1 Defined Terms    4
4.2Terms Generally    7
Article V  
 
MISCELLANEOUS
5.1Term    7
5.2Amendments and Waivers    7
5.3Successors and Assigns    7
5.4Confidentiality    7
5.5Severability    8
5.6Counterparts    8
5.7Entire Agreement    8
5.8Governing Law; Jurisdiction    8
5.9WAIVER OF JURY TRIAL    8
5.10Specific Performance    8
5.11No Third-Party Beneficiaries    8
5.12Notices    8

STOCKHOLDER RIGHTS AGREEMENT, dated as of April 23, 2018 (as may be amended from time to time, this “Agreement”), by and between GrafTech International Ltd., a Delaware corporation (the “Company”), and BCP IV GrafTech Holdings LP, a limited partnership formed under the laws of Delaware (the “Initial Stockholder”). This Agreement replaces in its entirety the Stockholder Rights Agreement by and among the Company and the Initial Stockholder dated as of August 11, 2015 (the “Previous Stockholder Agreement”).
W I T N E S S E T H:
WHEREAS, simultaneously with the execution and delivery of this Agreement by the parties hereto, the Company and the Initial Stockholder have entered into a Registration Rights Agreement, dated as of April 23, 2018 (as may be amended from time to time, the “Registration Rights Agreement”), pursuant to which, among other things, the Company grants the Initial Stockholder certain registration and other rights with respect to the Common Stock; and
WHEREAS, on April 18, 2018, the Company and the Initial Stockholder executed an underwriting agreement dated April 18, 2018 (the “Underwriting Agreement”) related to the Company’s IPO;
WHEREAS, the parties hereto wish to replace in their entirety the terms of the Previous Stockholder Agreement to provide for certain governance rights and other matters, and to set forth the rights and obligations of the Initial Stockholder following the IPO; and
NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

Article I 
 
GOVERNANCE

1.1    Board of Directors.
(a)    Prior to the IPO Closing, the Approved Holders and the Company shall take all Necessary Action to cause the total number of directors constituting the board of directors of the Company (the “Board”) to be fixed at seven (7) directors as of the IPO Closing, (i) three (3) of whom shall be Designated Directors (as defined below), (ii) three (3) of whom shall each satisfy the requirements to qualify as an Independent Director (each, an “Unaffiliated Independent Director”) and (iii) one (1) of whom shall be the Chief Executive Officer of the Company. The Approved Holders and the Company shall take all Necessary Action to cause the Chairman of the Board (the “Chairman”) to be chosen from among the Designated Directors.
At the IPO Closing, the Designated Directors shall be Denis A. Turcotte, Ron A. Bloom and Jeffrey C. Dutton; the Chief Executive Officer director shall be David J. Rintoul; the Unaffiliated Independent Directors shall be Anthony R. Taccone, Michel J. Dumas and Brian L. Acton; and the Chairman shall be Denis A. Turcotte. In connection with the IPO Closing, the foregoing directors shall be divided into three classes of directors, each of whose members, following the initial classification of the Board, shall be elected for staggered three-year terms as follows:
		
	(1)
	the Class I directors shall include Denis A. Turcotte and Michel J. Dumas;

		
	(2)
	the Class II directors shall include Ron A. Bloom, Brian L. Acton and David J. Rintoul; and

		
	(3)
	the Class III directors shall include Jeffrey C. Dutton and Anthony R. Taccone.

The initial term of the Class I directors shall expire at the Company’s 2019 annual meeting of stockholders at which directors are elected. The initial term of the Class II directors shall expire at the Company’s 2020 annual meeting of stockholders at which directors are elected. The initial term of the Class III directors shall expire at the Company’s 2021 annual meeting at which directors are elected.
(b)    On or before the first anniversary of the IPO Closing, the Company, the Approved Holders and the Board shall take all Necessary Action to (i) cause the total number of directors constituting the Board to be increased by one (1) 
director to a total of eight (8) directors, (ii) fill the newly created directorship resulting therefrom with an individual who qualifies as an Unaffiliated Independent Director and (iii) cause such director to be appointed as a Class III director.
(c)    For so long as the Approved Holders own or control at least twenty-five percent (25%) of the outstanding Common Stock, the Majority Approved Holders shall have the right to designate for nomination the higher of 37.5% of the total number of directors or three (3) directors (each, a “Designated Director”), and each class of directors shall include one (1) Designated Director. In the event the Approved Holders do not own or control at least twenty-five percent (25%) of the outstanding Common Stock, the Approved Holders shall promptly cause all Designated Directors to promptly tender their resignations from the Board. The Board (excluding the Designated Directors) shall have the right, but not the obligation, to accept the Designated Directors’ resignations. If the Board (excluding the Designated Directors) votes to accept such resignations, the Designated Directors shall cease to be members of the Board. If the Board (excluding the Designated Directors) votes not to accept such resignations, the Designated Directors shall continue to serve as members of the Board until the next annual meeting of stockholders, regardless of the time remaining in their respective terms of office.
(d)    For so long as the Majority Approved Holders have the right to designate directors for nomination pursuant to Section 1.1(c), the Board shall recommend that one (1) such designee be included in the slate of nominees in the class to be elected or appointed to the Board at the next (and each applicable subsequent) annual or special meeting of stockholders, subject in each case to such designee’s satisfaction of all applicable requirements regarding service as a director of the Company under the Company’s Amended and Restated By-Laws, Applicable Law and NYSE rules (or the rules of the principal market on which the Common Stock is then listed) regarding service as a director and such other criteria and qualifications for service as a director applicable to all directors of the Company as in effect on the date thereof; provided, however, that in no event shall any such designee’s relationship with the Approved Holders or their Affiliates (or any other actual or potential lack of independence resulting therefrom) be considered to disqualify such designee from being a member of the Board pursuant to this Section 1.1.
(e)    Within one (1) year (or any shorter period that may be required by applicable laws, regulations or stock exchange listing rules and regulations) after the Company ceases to qualify as a “controlled company” as defined by NYSE rules (or the rules of the principal market on which the Common Stock is then listed), the Approved Holders shall take all Necessary Action to ensure that a sufficient number of the directors qualify as “independent directors” as defined by NYSE rules (or the rules of the principal market on which the Common Stock is then listed) to ensure that the Company and its Board complies with NYSE rules (or the rules of the principal market on which the Common Stock is then listed) regarding director independence.
(f)    For so long as the Majority Approved Holders have the right to designate directors for nomination pursuant to Section 1.1(c):
(i)    the Company or the Board shall (i) to the extent necessary cause the total number of directors constituting the Board to be fixed at a number sufficient to permit such persons to be added as members of the Board, (ii) nominate such persons for election to the Board and (iii) recommend that the Company’s stockholders vote in favor of the persons designated for nomination by the Majority Approved Holders in all subsequent stockholder meetings. In the event of the death, disability, resignation or removal of any person designated by the Majority Approved Holders as a member of the Board, subject to the continuing satisfaction of the applicable threshold set forth in Section 1.1(c), the Majority Approved Holders may designate a person satisfying the criteria and qualifications set forth in Section 1.1(d) to replace such person and the Company shall cause such newly designated person to fill such resulting vacancy. So long as any person designated by the Majority Approved Holders as a member of the Board is eligible to be so designated in accordance with this Section 1.1, the Company shall not take any action to remove such person as such a director without cause without the prior written consent of the Majority Approved Holders;
(ii)    the Board shall appoint one (1) Designated Director as a member of each committee of the Board (excluding the Audit Committee and any committee formed to review or approve of transactions or matters involving conflicts of interest with any Majority Approved Holder), which Designated Director shall be the chair of such committee, in each case subject to compliance with NYSE rules (or the rules of the principal market on which the Common Stock is then listed) and U.S. Securities and Exchange Commission rules and regulations regarding qualification and independence and the publicly disclosed qualifications of such committee established by the Board prior to the date of this Agreement;
(iii)    the Company or the Board shall not delegate the general powers of the Board to any committee or sub-committee that does not include at least one (1) Designated Director as a member except the Audit Committee and any committee or sub-committee formed to for the primary purpose of reviewing, approving or recommending transactions or matters involving conflicts of interest between the Corporation and its subsidiaries, on the one hand, and any Majority Approved Holder, on the other hand;
(iv)    each Designated Director shall be entitled to compensation consistent with the compensation received by other members of the Board, including any fees and equity awards, and reimbursement for reasonable, out-of-pocket and documented expenses incurred in attending meetings of the Board and its committees; and
(v)    the Company shall provide each Designated Director with the same rights to exculpation, indemnification and advancement of expenses that it provides to the other members of the Board.

ARTICLE II     
 
OTHER COVENANTS

2.1    Information Rights.
(a)    For as long as the Majority Approved Holders have the right to designate at least one (1) director for nomination pursuant to Section 1.1(c), and subject to Section 5.4 and reasonable restrictions imposed by the Company to comply with antitrust, export control and other Laws and to avoid disclosure to competitors, suppliers and vendors, the Company shall permit the Approved Holders or any authorized representatives designated by the Approved Holders reasonable access to visit and inspect any of the properties of the Company or any of its subsidiaries, including its and their books of accounting and other records, and to discuss its and their affairs, finances and accounts with its and their officers, all upon reasonable notice and at such reasonable times and as often as the Approved Holders may reasonably request. Any investigation pursuant to this Section 2.1 shall be conducted during normal business hours and in such manner as not to interfere unreasonably with the conduct of the Company and its subsidiaries.
(b)    For as long as the Approved Holders have the right to designate at least one (1) director for nomination pursuant to Section 1.1(c), subject to Section 5.4, the Company shall provide to the Approved Holders all written information that is provided to the Board at substantially the same time at which such information is first delivered or otherwise made available in writing to the Board; provided, however, that the Company shall not be required to provide information to the extent it would reasonably be expected to result in the loss of attorney-client or other applicable privilege or a violation of antitrust, export control or other Laws.
(c)    Nothing herein shall require the Company or any of its subsidiaries to disclose any information to the extent (i) prohibited by Applicable Law, (ii) that the Company reasonably believes such information to be competitively sensitive or proprietary information or (iii) that such disclosure would reasonably be expected to cause a violation of any agreement to which the Company or any of its subsidiaries is a party or would cause a risk of loss of privilege to the Company or any of its subsidiaries (provided that the Company shall use reasonable best efforts to make appropriate substitute arrangements under circumstances where the restrictions in clauses (i), (ii) and/or (iii) apply).

2.2    Transfer Restrictions. Without the prior written consent of the Company, which consent may be granted or withheld or conditioned in its sole discretion, no Stockholder may Transfer any shares of Common Stock or interests therein to any Persons listed on Exhibit A attached hereto (“Prohibited Transferees”); provided that no such restriction shall apply to a Transfer in a widely distributed registered public offering. Prohibited Transferees shall also include the subsidiaries and Affiliates of each Person listed on Exhibit A.

ARTICLE III     
 
REPRESENTATIONS AND WARRANTIES

3.1    Representations and Warranties of the Stockholders. The Initial Stockholder, as of the date hereof, and each other Stockholder, as of the date such Stockholder becomes a party to this Agreement, hereby represent and warrant to the Company as follows:
(a)    Such Stockholder has been duly formed, is validly existing and is in good standing under the laws of its jurisdiction of organization. Such Stockholder has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.
(b)    The execution and delivery by such Stockholder of this Agreement and the performance by such Stockholder of its obligations under this Agreement does not and will not conflict with, violate any provision of, or require the consent or approval of any Person under, Applicable Law, the organizational documents of such Stockholder, or any Contract to which such Stockholder is a party or to which any of its assets are subject.
(c)    The execution, delivery and performance of this Agreement by the such Stockholder has been duly authorized by all necessary corporate (or similar) action on the part of such Stockholder. This Agreement has been duly executed and delivered by such Stockholder and, assuming the due authorization, execution and delivery by the Company, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

3.2    Representations and Warranties of the Company. The Company hereby represents and warrants to the Initial Stockholder as of the date hereof as follows:
(a)    The Company is a duly incorporated and validly existing corporation in good standing under the laws of the State of Delaware. The Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.
(b)    The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under this Agreement do not and will not conflict with, violate any provision of, or require any consent or approval of any Person under, (i) Applicable Law, (ii) the organizational documents of the Company, or (iii) any Contract to which the Company is a party or to which any assets of the Company and its subsidiaries are subject, in case of clauses (i) and (iii), except as would not be reasonably expected to have a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries, taken as a whole or on the performance by the Company of its obligations under this Agreement.
(c)    The execution, delivery and performance of this Agreement by the Company has been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery by the Stockholders, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

ARTICLE IV     
 
DEFINITIONS

4.1    4.1    Defined Terms. Capitalized terms when used in this Agreement have the following meanings:
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings. For purposes of this Agreement, none of the Stockholders and their respective Affiliates shall be deemed to be Affiliates of the Company or any of its subsidiaries.
“Agreement” has the meaning set forth in the Preamble.
“Applicable Law” means all applicable provisions of (i) constitutions, statutes, laws, rules, regulations, ordinances, codes or orders of any Governmental Entity, and (ii) any orders, decisions, injunctions, judgments, awards or decrees of any Governmental Entity.
“Approved Holders” means the Initial Stockholder and any Permitted Transferees.
“Board” has the meaning set forth in Section 1.1(a).
“Chairman” has the meaning set forth in Section 1.1(a).
“Common Stock” means the common stock, par value $0.01 of the Company.
“Company” has the meaning set forth in the Preamble.
“Confidential Information” means any and all confidential or proprietary information pertaining to (i) the Company or its Affiliates, or the respective businesses and operations thereof, furnished or made available by the Company to, any Stockholder; provided, that “Confidential Information” shall not include information that (A) is, at the time of disclosure, already in such Stockholder’s possession (provided, however, that such information is not known by the Stockholder to be subject to an obligation of confidentiality owed to the Company or any other Person), (B) is or becomes generally available to the public other than as a result of a disclosure by such Stockholder or any of its Representatives in violation of this Agreement or any applicable confidentiality or non-disclosure agreement, (C) becomes available to such Stockholder on a non-confidential basis from a source other than the Company or its Representatives (provided, however, that such source is not known by the Stockholder to be bound by an obligation of confidentiality owed to the Company or any other Person) or (D) such Stockholder can demonstrate was independently developed by such Stockholder or its Affiliates without reference to, incorporation of or other use of any Confidential Information or information from any source that is known by the Stockholder to be bound by an obligation of confidentiality owed to the Company or any other Person.
“Contract” means any contract, agreement, obligation, note, bond, mortgage, indenture, guarantee, agreement, subcontract, lease or undertaking (whether written or oral and whether express or implied).
“Designated Director” has the meaning set forth in Section 1.1(c).
“Equity-based Security” means capital stock (including a new class of common stock of the Company other than Common Stock), any preferred stock or any other equity-like or hybrid securities (including debt securities with equity components), including options, warrants, convertibles, exchangeable or exercisable securities, stock appreciation rights or any other security or arrangement whose economic value is derived for the value of the equity of the Group Companies.
“Governmental Entity” means any foreign, federal or local government, or regulatory or enforcement authority of any such government or any court, administrative agency or commission or other authority or instrumentality of any such government.
“Independent Director” means a director that satisfies both (a) the requirements to qualify as an “independent director” under the stock exchange rules of the stock exchange on which the Common Stock are then-currently listed and (b) the independence criteria set forth in Rule 10A-3 under the Exchange Act, as amended from time to time.
“Initial Stockholder” has the meaning set forth in the Preamble.
“IPO” means the Company’s initial public offering of Common Stock.
“IPO Closing” means the closing of the IPO.
“Law” means any applicable federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, resolution, ordinance, code, order, edict, decree, rule, regulation, ruling or other legally binding requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity.
“Majority Approved Holders” means, as of any date, the Approved Holders holding a majority of the Common Stock then held by all Approved Holders.
“Majority Stockholders” means, as of any date, the Stockholders holding a majority of the Common Stock of the Company on a fully-diluted, as converted basis then held by all Stockholders.
“Necessary Action” means, with respect to a specified result, all actions, to the fullest extent permitted by applicable law, necessary to cause such result, including, without limitation, (i) voting or providing a written consent or proxy with respect to the Common Stock, (ii) causing the adoption of Stockholders’ resolutions and amendments to organizational documents, (iii) executing agreements and instruments and (iv) making, or causing to be made, with any Governmental Entity, all filings, registrations or similar actions that are required to achieve such result.
“NYSE” means the New York Stock Exchange.
“Percentage Ownership” means, as to any Stockholder and as of any date, the percentage equal to (i) the aggregate number of shares of Common Stock held by such Stockholder on a fully diluted as-converted basis divided by (ii) the total number of outstanding shares of Common Stock of the Company on a fully diluted, as-converted basis.
“Permitted Transferee” means a Person (other than a Prohibited Transferee) to which the Initial Stockholder has Transferred Common Stock following written approval thereof by the Board, which approval shall not be unreasonably withheld, and that executes a joinder agreement substantially in the form attached hereto as Exhibit B; provided, that controlled Affiliates of Brookfield Asset Management Inc. shall be deemed approved by the Board for the purposes of this definition.
“Person” means any natural person, corporation, partnership, limited liability company, firm, association, trust, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity.
“Previous Stockholder Agreement” has the meaning set forth in the Preamble.
“Prohibited Transferees” has the meaning set forth in Section 2.2.
“Registration Rights Agreement” has the meaning set forth in the Recitals.
“Representative” means, with respect to any Person, any director, officer, employee, Affiliate, advisor (including any financial advisor, legal counsel, accountant or consultant), agent or other representative of such Person.
“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Stockholders” means the Initial Stockholder and any Person (i) (x) who acquires Common Stock, whether from a Stockholder or, (y) to whom any rights, interests or obligations hereunder are assigned pursuant to Section 5.3 and (ii) in the case of both (i)(x) and (i)(y), who executes a written joinder agreement substantially in the form attached hereto as Exhibit B.
“Transfer” by any person means directly or indirectly, whether by merger, consolidation or otherwise, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any securities owned by such person or of any interest (including any voting interest) in any securities owned by such person.
“Unaffiliated Independent Director” has the meaning set forth in Section 1.1(a).
“Underwriting Agreement” has the meaning set forth in the Preamble.

4.2    Terms Generally. The words “hereby,” “herein,” “hereof,” “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to “Articles” and “Sections” shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” References to “$” or “dollars” means United States dollars. The definitions given for terms in this Article IV and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter shall be deemed references to such agreement or letter as it may be amended, restated or otherwise revised from time to time.

ARTICLE V     
 
MISCELLANEOUS

5.1    Term. This Agreement will be effective as of the date hereof and, except as otherwise set forth herein shall terminate automatically (without any action by any party hereto) as to each Stockholder when such Stockholder ceases to hold any Common Stock.

5.2    Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company and the Majority Stockholders. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

5.3    Successors and Assigns. Except as otherwise provided below, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto, in whole or in part (whether by operation of law or otherwise), without the prior written consent of the Company and the Majority Stockholders. Notwithstanding the foregoing, (i) subject to the execution of a joinder agreement substantially in the form set forth as Exhibit B, a Stockholder may assign all or any portion of its rights, interests or obligations under this Agreement to any Person (other than a Prohibited Transferee) to which such Stockholder assigns or transfers Common Stock and (ii) this Agreement may be assigned by operation of law by the Company. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the parties and their respective permitted successors and assigns. Any attempted assignment in violation of this Section 5.3 shall be void.

5.4    Confidentiality. The parties recognize that, in connection with the performance of this Agreement, the Company may provide the Stockholders with access to, or otherwise furnish the Stockholders with, certain Confidential Information. The Stockholders shall keep all Confidential Information strictly confidential and not disclose any such Confidential Information to any other Person, except as may be required by Applicable Law, or at the request of any applicable Governmental Entity; provided, however, that each Stockholder may disclose such Confidential Information to its Representatives who need to know such Confidential Information for purposes of such Stockholder’s investment in the Company and who agree to be bound by the terms of this Section 5.4. Furthermore, each Stockholder shall not, and shall cause its Representatives not to, use any Confidential Information for any purpose whatsoever other than to evaluate its investment in the Company. Each Stockholder shall take precautions that are reasonable, necessary and appropriate to guard the confidentiality of the Confidential Information and shall treat such Confidential Information with at least the same degree of care which it applies to its own confidential and proprietary information. In the event that any Stockholder (or any Affiliates thereof) is required by Applicable Law, or at the request of any applicable Governmental Entity, to disclose any Confidential Information, it shall, to the extent permitted by Applicable Law, provide prompt written notice to the Company to enable the Company to seek an appropriate protective order or remedy. Each Stockholder hereby acknowledges and agrees that all Confidential Information is and shall at all times remain the sole and exclusive property of the Company or its Affiliates. For the avoidance of doubt, the terms of this Section 5.4 shall survive the termination of this Agreement.

5.5    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under Applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

5.6    Counterparts. This Agreement may be executed in two (2) or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need not sign the same counterpart.

5.7    Entire Agreement. This Agreement (including the documents and the instruments referred to in this Agreement) constitutes the entire agreement among the parties or to which they are subject and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of the transactions contemplated hereby and thereby.

5.8    Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware (excluding choice-of-law principles of the laws of such State that would permit the application of the laws of a jurisdiction other than such State), without regard to any applicable conflicts-of-law principles. The parties hereto agree that any suit, action or proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Court of Chancery of the State of Delaware or, if such court lacks subject matter jurisdiction, the state or federal courts in the State of Delaware. Each of the parties hereto submits to the exclusive jurisdiction of any such court in any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Agreement or the transactions contemplated hereby and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in such action or proceeding. Each party hereto irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

5.9    WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

5.10    Specific Performance. The parties hereto agree that irreparable damage may occur if any provision of this Agreement is not performed in accordance with the terms hereof and that the parties shall be entitled to seek an injunction or injunctions or other equitable relief to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court set forth in Section 5.8, in addition to any other remedy to which they are entitled at law or in equity.

5.11    No Third-Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and each such party’s respective heirs, successors and permitted assigns, all of whom shall be third-party beneficiaries of this Agreement.

5.12    Notices. All notices and other communications in connection with this Agreement shall be in writing and shall be deemed given if delivered personally, sent via facsimile (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
If to the Company, to:
GrafTech International Ltd.  
982 Keynote Circle 
Brooklyn Heights, Ohio 44131  
Attn:                Chief Financial Officer
E-mail:            quinn.coburn@graftech.com 
Fax:                 216-676-2143
with copies (which shall not constitute notice) to:
Cleary Gottlieb Steen & Hamilton LLP  
One Liberty Plaza 
New York, New York 10006
	
			
	Attn:
	Sandra L. Flow
	 

	 
	Adam Fleisher
	 

	E-mail:
	sflow@cgsh.com
	 

	 
	afleisher@cgsh.com
	 

	Fax:
	212-225-3999
	 

If to the Initial Stockholder, to:
BCP IV GrafTech Holdings LP  
250 Vesey Street, 15th Floor,
Brookfield Place
New York, New York 10281
	
			
	Attn:
	Jaspreet Dehl
	 

	E-mail:
	Jaspreet.Dehl@brookfield.com
	 

	Fax:
	212-417-7184
	 

with a copy (which shall not constitute notice) to:
Cleary Gottlieb Steen & Hamilton LLP  
One Liberty Plaza 
New York, New York 10006
	
			
	Attn:
	Sandra L. Flow
	 

	 
	Adam Fleischer
	 

	E-mail:
	sflow@cgsh.com
	 

	 
	afleisher@cgsh.com
	 

	Fax:
	212-225-3999
	 

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized representatives as of the date first above written.

	
			
	 
	 

	 
	GRAFTECH INTERNATIONAL LTD.

	 
	 
	 

	 
	By:
	/s/ Quinn J. Coburn

	 
	 
	Name: Quinn J. Coburn

	 
	 
	Title: Chief Financial Officer, Vice President Finance and Treasurer

	
			
	 
	BCP IV GRAFTECH HOLDINGS LP

	 
	 

	 
	 
	By its general partner, BPE IV (Non-Cdn) GP LP,

	 
	 
	 

	 
	 
	By its general partner, Brookfield Capital Partners Ltd.,

	 
	 
	 

	 
	 
	/s/ A.J. Silber

	 
	 
	Name: A.J. Silber

	 
	 
	Title: Officer

	 
	 
	 

	 
	 
	/s/ Dave Gregory

	 
	 
	Name: Dave Gregory

	 
	 
	Title: Officer

EXHIBIT A
PROHIBITED TRANSFEREES
The following names are based on information available and minor discrepancies shall not be deemed to exclude such entities from the definition of Prohibited Transferees.
Energoprom Group
Graphite India Limited
Electrocarbon S.A. (also known as Slatina)
HEG Limited
Henan Sanli Carbon Products Co., Ltd.
Hunan Yinguang Carbon Co., Ltd.
Xuzhou Jiang Long Carbon Co., Ltd.
Jinneng Datong Carbon Co., Ltd.
Kaifeng Carbon Company Limited
Hebei Shuntian Electrode Co. Ltd, fka (Laishui Long Great Wall Electrode Co., Ltd.)
Fangda Group (Fushun, Chengdu, Hefei and Lanzhou)
Liaoyang Carbon Co., Ltd.
Liaoyang Shoushan Carbon Factory
Linyi County Lubei Carbon Co., Ltd.
Linzhou Electrical Carbon Co., Ltd
Linzhou Hongqiqu Electrical Carbon Co., Ltd.
Nantong Yangzi Carbon Co., Ltd. (also known as Nantong River-East Carbon Joint Stock Co., Ltd.)
Nippon Carbon Company, Co., Ltd.
SEC Carbon Limited
SGL Group
Shandong Basan Carbon Co., Ltd.
Shijiazhuang Huanan Carbon Factory
Showa Denko K.K.
Sinosteel Carbon Co., Ltd. (Jilin, Songjiang)
Showa Denko Sichuan Carbon Co., Ltd.
Superior Graphite
Tokai Carbon Co., Ltd.
Ukrainian Graphite Pubjsc (also known as Ukrainsky Grafit Company)
Henglongjiang Xinyuan Carbon Co., Ltd.
Pingdingshan Sanji Carbon Co., Ltd.
Dandong Xinxing Carbon Co., Ltd.
Neimeng Xinghe Xingyong Carbon
Fushun Jinli Petrochemical Co., Ltd.
Linghai Hongfeng Carbon Co., Ltd.
Shanxi Zhiyao Carbon Co., Ltd.
Xinghe Muzi Carbon Co., Ltd.
Xuzhou Jinno Graphite Co., Ltd.
Datong Xincheng Carbon Co., Ltd.
Shanxi Hongte—SGL JV
Xinzhengshi Yudian Carbon Co., Ltd.
Handan Huayuan Carbon Co., Ltd.
Mersen S.A.
Toyo Tanso Co. Ltd.
Ibiden Co., Ltd.
Phillips 66 Company
C-Chem Co., Ltd.
Mitsubishi
Nippon Steel Chemical Co.

Sumitomo Corporation
Koch Industries, Inc.
The Morgan Crucible Company PLC

EXHIBIT B
JOINDER AGREEMENT
GrafTech International Ltd. 
982 Keynote Circle 
Brooklyn Heights, Ohio  44131 
Attention: Chief Financial Officer
Ladies and Gentlemen:
Reference is made to the Stockholder Rights Agreement, dated as of April 23, 2018 (as such agreement may have been or may be amended from time to time) (the “Agreement”), by and among GrafTech International Ltd., a Delaware corporation, BCP IV GrafTech Holdings LP, a limited partnership formed under the laws of Delaware and any other parties identified on the signature pages of any joinder agreements substantially similar to this joinder agreement executed and delivered in accordance with the Agreement. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Agreement.
The undersigned agrees that, as of the date written below, the undersigned shall become a party to the Agreement, and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement as a “Stockholder,” as though an original party thereto. The undersigned represents and warrants that the representations and warranties set forth in Section 3.1 of the Agreement are true and correct in all respects as of the date hereof.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has executed this Joinder as of the [        ]th day of [                    ], [            ].

	
			
	 
	 

	 
	[                            ]

	 
	 
	 

	 
	By:
	 

	 
	Name:

	 
	Title:Exhibit

EXECUTION VERSION

FIRST AMENDMENT dated as of June 15, 2018 (this “Amendment”), is made and entered into by and among GRAFTECH INTERNATIONAL LTD., a Delaware corporation (“GrafTech”), GRAFTECH FINANCE INC., a Delaware corporation (“Finance”), GRAFTECH LUXEMBOURG II S.À.R.L., a Luxembourg société à responsabilité limitée, having its registered office at 124, boulevard de la Pétrusse, L-2330 Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés) under number B 167199 (“Luxembourg Holdco”), GRAFTECH SWITZERLAND SA, a Swiss corporation (“Swissco”), each of the entities listed as an “Incremental Term Lender” on the signature pages hereto (each, an “Incremental Term Lender”), JPMORGAN CHASE BANK, N.A. (“JPMorgan”), as Administrative Agent (in such capacity, the “Administrative Agent”) and for purposes of Sections 5 and 6 hereof only, each of the entities listed as a “Guarantor” on the signature pages hereto (such entities together with Finance and GrafTech, the “US Loan Parties”), which upon satisfaction of the conditions to effectiveness thereto, amends the CREDIT AGREEMENT dated as of February 12, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among GrafTech, Finance, Luxembourg Holdco, Swissco, the lenders and issuing banks from time to time party thereto, and JPMorgan, as administrative agent and collateral agent. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Credit Agreement.
WHEREAS, Finance intends to incur incremental term loans in an aggregate principal amount not to exceed $750,000,000 (the “Incremental Term Increase”, and the loans thereunder, the “Incremental Term Loans”), the proceeds of which will be used (a) to repay approximately $750,000,000 in principal amount of the outstanding Indebtedness of GrafTech under the promissory note dated April 19, 2018, between GrafTech, as issuer, and BCP IV GrafTech Holdings LP, a Delaware limited partnership, as the initial holder, together with interest and fees payable thereon (the transactions in this clause (a), the “Note Refinancing”), (b) to pay fees and expenses related to the Transactions (as defined below) and (c) to the extent of any such proceeds remaining after the application in accordance with the foregoing clauses (a) and (b), for general corporate purposes of Finance and its subsidiaries as permitted under the Credit Agreement (the transactions described in this paragraph, collectively, the “Transactions”);
WHEREAS, JPMorgan, Citibank, N.A. (or an affiliate thereof), Credit Suisse Loan Funding LLC, HSBC Securities (USA) Inc. and Royal Bank of Canada have been appointed to act as joint lead arrangers and joint bookrunners with respect to this Amendment (collectively, the “Arrangers”);
WHEREAS, Finance has requested (a) pursuant to Section 2.20 of the Credit Agreement, that the Incremental Term Lenders commit to make the Incremental Term Loans on the Amendment Effective Date (as defined below) (the commitment of each Incremental Term Lender to provide its applicable portion of the Incremental Term Loans, as set forth opposite such Incremental Term Lender’s name on Schedule I hereto, is such Incremental Term Lender’s “Incremental Term Commitment”) and (b) that the Credit Agreement be amended in the manner provided herein (as so amended, the “Amended Credit Agreement”); and
WHEREAS, the Incremental Term Lenders are willing to make the Incremental Term Loans to Finance on the Amendment Effective Date on the terms and subject to the conditions set forth herein.
NOW THEREFORE, in consideration of the above premises and the agreements, provisions and covenants herein contained, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, on the terms and subject to the conditions set forth herein, as follows:
SECTION 1.  Incremental Term Increase.  
(a)      Subject to the satisfaction of the conditions set forth in Section 4 below, each Incremental Term Lender agrees, severally and not jointly, to make, on the Amendment Effective Date, Incremental Term Loans to Finance in an aggregate principal amount equal to its Incremental Term Commitment.  The proceeds of the Incremental Term Loans shall be used by Finance for the purposes set forth in the recitals to this Amendment.  
(b)      On and after the Amendment Effective Date, (i) each reference to the terms “Initial Term Commitment” and “Commitments” in the Loan Documents shall be deemed to include the Incremental Term Commitments, (ii) each reference to the terms “Initial Term Loan”, “Term Loan” and “Loans” in the Loan Documents shall be deemed to include the Incremental Term Loans and (iii) each reference to the terms “Initial Term Lender”, “Term Lender” and “Lender” in the Loan Documents shall be deemed to include the Incremental Term Lenders.
(c)      On and after the Amendment Effective Date, the Incremental Term Increase shall constitute an “Incremental Term Increase” as contemplated by Section 2.20 of the Credit Agreement, and the Incremental Term Loans shall be part of the same Class of Term Loans as the Initial Term Loans for all purposes of the Loan Documents.  Commencing on the Amendment Effective Date, the Interest Period for the Initial Term Loans (including, for the avoidance of doubt, the Incremental Term Loans) shall be the Interest Period in effect for the Initial Term Loans immediately prior to the Amendment Effective Date.
(d)      Finance may make only one Borrowing under the Incremental Term Commitments on the Amendment Effective Date.  Any amount borrowed under this Section 1 and subsequently repaid or prepaid may not be reborrowed.  Each Incremental Term Lender’s Incremental Term Commitment shall terminate immediately and without further action on the Amendment Effective Date after giving effect to the initial funding of such Incremental Term Lender’s Incremental Term Loans on the Amendment Effective Date.  The Incremental Term Loans shall be denominated in dollars.
(e)      Each Incremental Term Lender (i) confirms that a copy of the Credit Agreement and the other applicable Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and make an Incremental Term Loan, have been made available to such Incremental Term Lender; (ii) agrees that it will (together with any affiliates that it acts through as it deems appropriate), independently and without reliance upon the Administrative Agent or Arrangers, or any other Lender or agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Amended Credit Agreement or the other applicable Loan Documents, including this Amendment; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Amended Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) acknowledges and agrees that upon the Amendment Effective Date such Incremental Term Lender shall be a “Lender” and an “Additional Term Lender” under, and for all purposes of, the Amended Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender and an Additional Term Lender thereunder.  
(f)      The Incremental Term Loans will be funded to Finance on the Amendment Effective Date net of a discount equal to 1.00% of the principal amount thereof; provided that the Incremental Term Lenders may determine that, in lieu of such Incremental Term Loans being issued at a discount, Finance shall pay upfront fees to the Incremental Term Lenders in the aggregate amount of 1.00% of the principal amount of the Incremental Term Loans on the Amendment Effective Date (or a combination of such discount and/or upfront fees not to exceed 1.00% of such principal amount in the aggregate may be required, as determined and notified by the Incremental Term Lenders to Finance prior to the Amendment Effective Date).
SECTION 2.      Amendment to Credit Agreement.  Upon satisfaction of the conditions set forth in Section 4 below on the Amendment Effective Date, Section 2.10 of the Credit Agreement is hereby amended by replacing the table in paragraph (a) of such Section in its entirety with the following table:
	
		
	Payment Date
	Amortization Payment

	September 30, 2018
	$28,125,000

	December 31, 2018
	$28,125,000

	March 31, 2019
	$28,125,000

	June 30, 2019
	$28,125,000

	September 30, 2019
	$28,125,000

	December 31, 2019
	$28,125,000

	March 31, 2020
	$28,125,000

	June 30, 2020
	$28,125,000

	September 30, 2020
	$28,125,000

	December 31, 2020
	$28,125,000

	March 31, 2021
	$28,125,000

	June 30, 2021
	$28,125,000

	September 30, 2021
	$28,125,000

	December 31, 2021
	$28,125,000

	March 31, 2022
	$28,125,000

	June 30, 2022
	$28,125,000

	September 30, 2022
	$28,125,000

	December 31, 2022
	$28,125,000

	March 31, 2023
	$28,125,000

	June 30, 2023
	$28,125,000

	September 30, 2023
	$28,125,000

	December 31, 2023
	$28,125,000

	March 31, 2024
	$28,125,000

	June 30, 2024
	$28,125,000

	September 30, 2024
	$28,125,000

	December 31, 2024
	$28,125,000

SECTION 3.      Representations and Warranties.  Each of GrafTech and Finance hereby represents and warrants to the Administrative Agent and the Lenders that:
(a)      (i) the execution, delivery and performance of this Amendment by GrafTech and Finance have been duly authorized by all corporate and stockholder action required to be obtained by GrafTech and Finance and (ii) this Amendment has been duly executed and delivered by GrafTech and Finance and constitutes a legal, valid and binding obligation of GrafTech and Finance, enforceable against each of GrafTech and Finance in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and
(b)      on and as of the Amendment Effective Date and after giving effect to this Amendment, the representations and warranties of each US Loan Party set forth in the Credit Agreement are true and correct in all material respects, except to the extent such representations and warranties expressly relate to an earlier date; provided that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” or by similar language shall be true and correct in all respects on such date.
SECTION 4.      Effectiveness.  This Amendment shall become effective on the date (the “Amendment Effective Date”) on which each of the following conditions is satisfied:
(a)      The Administrative Agent shall have executed this Amendment and shall have received counterparts hereof duly executed and delivered by Swissco, Luxembourg Holdco, the US Loan Parties and the Incremental Term Lenders.
(b)      The Administrative Agent shall have received a duly authorized and validly delivered Borrowing Request with respect to the Borrowing of the Incremental Term Loans to be made on the Amendment Effective Date.
(c)      The Administrative Agent shall have received a copy of (i) each Organizational Document of each US Loan Party certified, to the extent applicable, as of a recent date by the applicable Governmental Authority, (ii) signature and incumbency certificates of the Responsible Officers of each US Loan Party, (iii) copies of resolutions of the board of directors or managers, shareholders, partners, and/or similar governing bodies of each US Loan Party approving and authorizing the execution, delivery and performance of the Amendment, certified as of the Effective Date by a secretary, an assistant secretary or a Responsible Officer of such US Loan Party as being in full force and effect without modification or amendment, (iv) a good standing certificate from the applicable Governmental Authority of each US Loan Party’s jurisdiction of incorporation, organization or formation. 
(d)      The Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by a Responsible Officer of Holdings, to the effect that (i) on and as of the Amendment Effective Date, after giving effect to this Amendment, no Default or Event of Default shall have occurred or be continuing and (ii) the representations and warranties of the US Loan Parties set forth in Article III of the Credit Agreement (as amended hereby and adjusted as provided in Section 2 above) are true on, and as of, the Amendment Effective Date.
(e)      The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Incremental Term Lenders and dated the Effective Date) of each of (i) Cleary Gottlieb Steen & Hamilton LLP, New York counsel for the US Loan Parties and (ii) Richards, Layton & Finger, P.A., Delaware counsel for the US Loan Parties, in each case in form and substance reasonably satisfactory to the Administrative Agent. 
(f)      The Administrative Agent and the Arrangers shall have received, at least three Business Days prior to the Amendment Effective Date, all documentation and other information about the US Loan Parties as shall have been reasonably requested in writing at least ten Business Days prior to the Amendment Effective Date by the Administrative Agent or the Arrangers that they shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti‐money laundering rules and regulations, including without limitation the USA PATRIOT Act.
(g)      The Administrative Agent shall have received, in immediately available funds, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by GrafTech or Finance under the Credit Agreement and under Section 5(g) hereof.
(h)      The Administrative Agent shall have received, in immediately available funds, for the account of each Incremental Term Lender, any upfront fees due under Section 1(f) hereof, and GrafTech and Finance shall have paid all other fees payable by them in connection with this Amendment. 
(i)      The Administrative Agent shall have received a certificate from the chief financial officer of GrafTech certifying as to the solvency of GrafTech and its Subsidiaries on a consolidated basis after giving effect to the Transactions, substantially in the form of Exhibit S to the Credit Agreement.
SECTION 5.      Miscellaneous.
(a)      Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
(b)      Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5(b).
(c)        Jurisdiction.  Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York and of the United States District Court of the Southern District of New York, in each case sitting in the Borough of Manhattan in the City of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in any Loan Document shall affect any right that any Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding to enforce any award or judgment or exercise any rights under the Security Documents against any Collateral in any other forum in which Collateral is located.
(d)      Waiver of Objection to Venue and Forum Non Conveniens.  Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Amendment in any court referred to in paragraph (c) of this Section 5.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(e)      Consent to Service of Process.  Each party to this Amendment irrevocably consents to service of process in the manner provided for notices in Section 9.01 of the Credit Agreement.  Nothing in any Loan Document will affect the right of any party to this Amendment to serve process in any other manner permitted by law.
(f)      Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.  
(g)      Expenses; Indemnity; Damage Waiver.  Sections 9.03(a), (b), (d), (e), (f) and (g) of the Credit Agreement are hereby incorporated, mutatis mutandis, by reference as if such Sections were set forth in full herein and shall apply, mutatis mutandis, to each Arranger, in its capacity as such, as if each reference to the Administrative Agent under the Credit Agreement were a reference to such Arranger hereunder, including, for the avoidance of doubt, liabilities, losses, damages, claims, costs, expenses and disbursements arising out of the arrangement and syndication of the Incremental Term Loans; provided that, notwithstanding anything else therein, the expense reimbursement provisions of Section 9.03(a) of the Credit Agreement shall only apply as provided hereinabove if the Amendment Effective Date and the funding of the Incremental Term Loans occurs.
(h)      No Other Amendments; Confirmation.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute an amendment of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle Finance, Swissco or Luxembourg Holdco to a consent to, or an amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.  On and after the Amendment Effective Date, any reference to the Credit Agreement in any Loan Document shall mean the Credit Agreement as amended by this Amendment.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
(i)      Headings.  The section headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
SECTION 6.      Reaffirmation. Each of Swissco, Luxembourg Holdco and each US Loan Party hereby consents to this Amendment and the transactions contemplated hereby. Each US Loan Party agrees that, notwithstanding the effectiveness of this Amendment, (a) the Collateral Agreement, the Guarantee Agreement and each of the other Security Documents to which it is a party continue to be in full force and effect, (b) affirms and confirms its guarantee of the Secured Obligations and the pledge and grant of a security interest in its assets as Collateral pursuant to the Security Documents to secure the Secured Obligations, all as provided in the Loan Documents and (c) acknowledges and agrees that such guarantee, pledge and grant continues in full force and effect in respect of, and to secure, the Secured Obligations, including the Incremental Term Loans.  Without limiting the foregoing, nothing herein contained shall be construed as a novation of any of the Loan Documents or a substitution or novation of the Secured Obligations or instruments guaranteeing or securing the same, which Loan Documents, Secured Obligations and instruments shall remain and continue in full force and effect.
SECTION 7.      Post-Effective Requirements. Within 60 days after the Amendment Effective Date (or such later date acceptable to the Administrative Agent in its sole discretion in writing), Holdings or Finance shall deliver to the Administrative Agent:
(a)      either:  
(i)    confirmation from local counsel in each jurisdiction where a Mortgaged Property is located, in form and substance reasonably satisfactory to the Administrative Agent, to the effect that the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Secured Obligations (as defined in each Mortgage), including the amendment of the Secured Obligations contemplated hereby, for the benefit of the Secured Parties and no other documents, instruments, filings, recording, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Secured Obligations, including the Secured Obligations evidenced by this Amendment and the other documents executed in connection therewith, for the benefit of the Secured Parties; or
(ii)    (x) Mortgage amendments reflecting the amendment of the Secured Obligations contemplated hereby (the “Mortgage Amendments”) in form and substance reasonably satisfactory to the Administrative Agent, with respect to each Mortgaged Property, each duly executed and delivered by an authorized officer of each party thereto and in form suitable for filing and recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable and, (y) in connection with any Mortgage Amendment delivered pursuant to this clause (ii), a T-38 endorsement for the Mortgaged Property in Texas and a “Nothing Further” or equivalent certificate for the Mortgaged Property in Pennsylvania, in each case reasonably satisfactory to the Administrative Agent and with respect to the applicable title insurance policy delivered in connection with each Mortgage; and
(b)      evidence that the reasonable fees, costs and expenses have been paid, to the extent invoiced, in connection with the preparation, execution, filing and recordation of the items delivered pursuant to this Section 7, including, without limitation, reasonable attorneys’ fees, title insurance premiums, filing and recording fees, title insurance company coordination fees, documentary stamp, mortgage and intangible taxes and title search charges and other charges incurred in connection herewith.
[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

	
		
	GRAFTECH INTERNATIONAL LTD.

	

   by  ____________________._________

	 
	Name:   

	 
	Title:   

	
		
	GRAFTECH FINANCE INC.

	

   by  ____________________._________

	 
	Name:   

	 
	Title:   

	
		
	GRAFTECH LUXEMBOURG II S.À.R.L.,

	

   by  ____________________._________

	 
	Name:   

	 
	Title:   

	
		
	GRAFTECH SWITZERLAND SA,

	

   by  ____________________._________

	 
	Name:   

	 
	Title:   

	
		
	JPMORGAN CHASE BANK, N.A., as an Incremental Term Lender and as Administrative Agent,

	

   by  _________________________

	 
	Name:   

	 
	Title:   

ACKNOWLEDGMENT AND CONSENT

Each of the Subsidiaries below in its capacity as a Guarantor hereby acknowledges and consents to this Amendment.

	
		
	GRAFTECH GLOBAL ENTERPRISES INC.
GRAFTECH INTERNATIONAL HOLDINGS INC.
GRAFTECH TECHNOLOGY LLC
GRAFTECH NY INC.
GRAPHITE ELECTRODE NETWORK LLC
GRAFTECH SEADRIFT HOLDING CORP.
GRAFTECH DE LLC
GRAFTECH HOLDINGS INC.
SEADRIFT COKE L.P.
GRAFTECH USA LLC
GRAFTECH ADVANCED GRAPHITE MATERIALS LLC

	

   By  _______________________________

	 
	Name:   Quinn J. Coburn

	 
	Title:   Vice President and Treasurer

Incremental Term Lenders

	
				
	Incremental Term Lender
	Incremental Term Commitment

	JPMorgan Chase Bank, N.A.
	

	$750,000,000
	

	TOTAL:
	

	$750,000,000

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