Document:

2011 Annual Executive Bonus Plan

 Exhibit 10.13 
 BOTETOURT BANKSHARES, INC. AND BANK OF BOTETOURT 
 ANNUAL EXECUTIVE BONUS
PLAN 
 As adopted by the Board of Directors on November 23, 2010 

OBJECTIVES 
 On
November 23, 2010, the Board of Directors established the Annual Executive Bonus Plan (the “Plan”) to further the profitability of the Company and the Bank by including performance-based compensation as a component of an
executive’s annual compensation. This Plan will replace the current bonus methodology used by the Company and the Bank. The Plan is designed to reflect the current market for community bank executive compensation and to promote high levels of
corporate performance that will enhance long-term shareholder value. Only full-time employees may participate in the Plan. Participants in the Plan for 2011 include the President & CEO – Bank of Botetourt, Senior Vice
President & Chief Financial Officer, Senior Vice President – Branch Administration, Senior Vice President – Financial Services, Senior Vice President & Chief Risk Officer, Senior Vice President – Bank Operations, and
Senior Vice President – Business Banking & Commercial Lending (the “Senior Officers.”) 
 ADMINISTRATION &
AWARDS 
 The Plan is administered by the Compensation Committee of the Company and the Bank, which is composed solely of
three “outside directors” as defined pursuant to Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). No member of the Compensation Committee, while serving in that capacity, is eligible to be
granted a bonus under the Plan. The Compensation Committee has exclusive power to determine the conditions (including performance goals) to which the payment of the bonuses may be subject and to certify that performance goals are attained.

 Performance goals may include specific operational objectives; performance ratios such as growth in gross or net recoveries;
earnings per share; book value of the Company’s stock; loan loss reserves; net income (before or after taxes); expense management; earnings before or after taxes, interest, cash flow; market share (including market share within one or more
specific branch markets); net worth; appreciation in stock price; revenues; favorable comparison to established budgets; customer satisfaction; attainment of strategic initiatives; and personal performance measures, as determined by the Compensation
Committee. 
 The Plan initially includes three components: a Short-Term Component – Operational Objectives, a Short Term
Component – Earnings Per Share or some other financial metric, and a Long Term Component tied to stock performance. The Compensation Committee will assign a weight to each component and establish a threshold, target or superior level of
performance with respect to each goal or measure. For example, under the bonus plan that is in effect for 2011, an officer can earn a cash bonus up to 7.0% of salary by meeting specific operational objectives, and a payout of up to 8% of salary
based upon the Company’s earnings per share performance. The Long-Term Component for 2011 is tied to three-year stock price performance. 
 As part of the establishment of performance goals, the Compensation Committee sets a bonus target or targets for each category and each participant in the Plan for the ensuing Plan year. If the
performance goals established for a participant are met for the Plan year, the participant’s award will depend upon the level of achievement that the participant attained with respect to each goal, utilizing the formula set out in the Plan.
Awards may range from 0% to the highest percentage set, applied to the participant’s salary. The maximum annual bonus payable 

  
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to any participant under the Plan is not expected to exceed 30% of his or her salary. The only portion of the plan that is not capped automatically is the long-term portion tied to the
Company’s stock price performance. Since the Compensation Committee believes that the practical cap on the stock price and the limitation of the multiplier being based on a relatively small percentage of base salary, the effect is that annual
bonuses from that portion of the plan are limited, as well. 
 Within 60 days after the end of a calendar year, the Compensation
Committee will consult with the President and Chief Executive Officer – Bank of Botetourt and then certify whether or not the performance goals of the participants have been attained. The Committee then will report to the Board the amount of
the bonus, if any, to be awarded to each participant. Once the bonus for a particular Plan year is so determined, it shall be paid in cash. However, in its discretion, the Compensation Committee may establish that the Plan provide for awards in any
combination of cash, restricted stock or other equity securities; provided, however, that such equity securities are issued in accordance with the terms of shareholder approved equity plans. 

Each year going forward, within 60 days after the end of the previous year, the Compensation Committee will determine if it will adopt a
bonus plan for that year and, if so, what new bonus targets and performance goals the Plan will include. 
 TAX CONSEQUENCES 

We do not intend to submit this Plan to our shareholders for approval pursuant to the requirements of Code Section 162(m). Code
Section 162(m) limits the allowable deduction for federal income tax purposes for compensation paid to a “covered employee” (as defined in that section) of a public company to $1 million per year (“Deduction Limit”) unless
it meets certain criteria, including that the Plan has been submitted to and approved by shareholders. None of our employees are expected to earn close to $1 million per year. 
 Even so, the Compensation Committee does intend, to the extent practicable, to structure incentive compensation programs to satisfy the requirements for the “performance-based compensation” in
most respects, including that: (a) the compensation must be payable on account of the attainment of one or more pre-established objective performance goals; (b) the performance goals must be established by a compensation committee of the
board of directors that is comprised solely of two or more “outside directors”; and (c) the compensation committee must certify in writing that the performance goals have been satisfied prior to payment. 

AMENDMENT & TERMINATION 
 The Compensation Committee may terminate the Plan at any time. The Compensation Committee may at any time, or from time to time, amend or suspend and, if suspended, reinstate the Plan in whole or in part.
The Compensation Committee may decide in any year not to offer bonuses under the Plan. Notwithstanding the foregoing, the Plan shall continue in effect to the extent necessary to settle all matters relating to the payment of bonuses awarded prior to
any such termination or suspension. 
 If a participant’s employment with the Bank is terminated due to the
participant’s death or disability, or a change in control of the Bank, he or she may be entitled to such bonus, if any, as the Compensation Committee, in its sole discretion, may determine. In the event of a participant’s discharge for
cause from the employ of the Bank, he or she shall not be entitled to any amount of bonus. If an employee is terminated without cause, he or she shall be entitled to 

  
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whatever bonus that has vested as of the date of termination. Vesting is determined by the Compensation Committee at its sole discretion. 
 THE SPECIFIC PLAN FOR 2011 
 We believe this Plan accomplishes several
important goals. It is reasonable in cost, with no combination of bonuses expected to exceed 30% of any Senior Officer’s base salary on average. It contains both short-term and long-term components, aligning these employees with both short- and
long-term Company objectives. It rewards Senior Officers for meeting very specific operational goals, while also rewarding them when the Company does well financially or when the stock price improves. We believe that this helps to align their
interests with the long-term interests of senior management and shareholders, improving the long-term prospects of the Company. 

In the initial year of the Plan, 2011, the Compensation Committee has decided, subject to full Board approval, to offer the following
bonus compensation to Senior Officers. There will be three independent components to this Plan. 
  

	 	(1)	Short-Term Component – Operational Objectives: Within 90 days of approval of this Plan by the Board, the CEO of the Bank or the Company will establish
specific operational objectives for each Senior Officer. In most cases, these will not be driven by financial performance, but rather be discreet tasks whose completion can be confirmed. This portion of the Plan will provide an additional 0% to 7%
of the Senior Officer’s base salary, depending upon the determination by of the President & CEO of the Bank, at his sole discretion, that the officer accomplished the objectives set forth. This component of the Plan will not be subject
to a clawback by the Company. 

  

			
	
Bonus
	  	
Determination

	 Percentage of Base
Pay
	  	  
	0.0%	  	Did not achieve objectives
	3.5%	  	Met most of objectives
	7.0%	  	Significantly met all objectives
	 	  	 

  

	 	(2)	Short Term Component – Earnings Per Share (EPS) will provide from 0% to 8% of the Senior Officer’s base salary depending upon the determination by
Compensation Committee, on a sliding scale, of how well the Company performed in terms of earnings per share, as disclosed in the Annual Report or SEC filing, compared to budget. The table below describes the precise levels of earnings per share and
the levels of bonus that they justify for 2011. The financial performance goals and the eligible bonus payouts may change substantially from year to year or even be eliminated in any year. 

  
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	  	  	 Maximum Payout = 8%
	  	  
	Earnings per share	  	Target as Annually Determined
by the Compensation Committee	  	Payout        
	 	  	 	  	 
	TBD	  	85% of budgeted EPS	  	1.0%
	TBD	  	 	  	2.0%
	TBD	  	 	  	3.0%
	TBD	  	100% of budgeted EPS	  	4.0%
	TBD	  	 	  	5.0%
	TBD	  	 	  	6.0%
	TBD	  	 	  	7.0%
	TBD	  	115% of budgeted EPS	  	8.0%

 However, if EPS reported in the Company’s Annual Report or SEC filing is later restated to a lower number, the Senior Officer, whether or not still employed by the Bank or the Company at the time of
the restatement, must return the amount of bonus payout that was not earned, based on the overstatement of EPS. For example, if EPS is originally reported to be the budgeted amount, (in this case earning a 4.0% bonus), and it is later restated to
the next lower category (in this case earning a 3.0% bonus), the Senior Officer must return to the Bank the bonus paid (in this case representing 1.0% of his or her salary) when asked by the Bank or Company to do so. If the error ultimately
resulting in the restatement, wholly or partly, is due to intentional or negligent reporting by that Senior Officer, he or she must return the entire bonus earned for that year. The Bank or Company may withhold other payments due to the Senior
Officer, including salary, to ensure that the earnings per share bonus is paid back. The chart is illustrative and may be revised in future years based on the Committee’s recommendation. 

 

	 	(3)	Long Term Component will be based on stock appreciation. This bonus will vest over three years in quarterly portions, 1/12 each fiscal quarter. The formula for
2011 will be as follows. Take 10% of the Senior Officer’s projected base salary at the date of the grant, and determine how many shares of Company stock that amount of cash would purchase, based on the most recent price determined for the
Company’s Dividend Reinvestment Plan. That provides the number of shares-multiplier. The initial price of the shares also will be the price determined most recently for the Dividend Reinvestment Plan. At the end of three years, the difference
in the price at that time and the initial price, times the multiplier (based on the number of shares), if it is more than $0, will be the bonus. An example of that calculation follows. 

  
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	 Illustrative Calculation for Stock Appreciation Bonus
	  	  	 
	Assumed base salary	  	$	100,000.00	  
	10% incentive to calculate shares	  	$	10,000.00	  
	DRIP price per share on award date	  	$	12.00	  
	10% incentive divided by DRIP price per share =	  	 	833.33	  
	 Number of shares-multiplier ($10,000 /
$14.50)
	  	 	 	 
	Round up multiplier to next whole number	  	 	833.00	  
	 	  			 
	DRIP price at November 10, 2010	  	 	$12.00	  
	DRIP price in 2013 (merely an
assumption for discussion purposes only)	  	 	$22.00	  
	 	  			 
	Stock price appreciation ($22.00 - $12.00)	  	 	$10.00	  
	 	  			 
	Shares-multiplier times stock appreciation (833 X $10)	  	 	$8,330.00	  
	 	 
	 	  	 	 	 
	Cash bonus	  	 	$8,330.00	  
	Expected tax withholding (estimated today at 35%)	  	 	$2,916.00	  
	Estimated stock appreciation bonus paid after tax	  	 	$5,414.00	  

Again, this is only an example to illustrate the calculation. Also, in the event that the Senior Officer is found at fault in a later claim of securities
fraud relating to the Company’s stock price, any stock appreciation bonus previously paid by the Bank or the Company to that officer within the prior three years must be returned by that officer to the Bank or the Company. The Bank or Company
may withhold other payments due to the Senior Officer, including salary, to ensure that the stock appreciation bonus is paid back. In addition, the Bank and the Company reserve the right to take all other reasonable actions, including but not
limited to reasonable collections actions, to recover that stock appreciation bonus. 

  
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 Memorandum 
  

	To:	Senior Officers 

	From:	G. Lyn Hayth, III 

	Subject:	Botetourt Bankshares, Inc. and Bank of Botetourt 2011 Bonus Plan 

	Date:	November 29, 2010 

  

 
 We are pleased to present you this year with an
opportunity to participate in our bonus plan. In addition to your salary and other benefits, you have an opportunity to earn a bonus containing three separate elements. There will be a Short-Term Component – Operational Objectives, a Short Term
Component – Earnings Per Share, and a Long Term Component tied to stock performance. In any event, you will be eligible for each component of this bonus only if you are employed by the Bank or the Company at the end of the year and have
not been terminated for cause after year end. Any terms used in this letter or the bonus plan will have the same meaning those same terms have in any employment, noncompete or change of control agreement you enter into with Bank. 

The Short-Term Component – Operational Objectives is offered to reward you for completing tasks that may be outside your normal
responsibilities or are special, one-time or infrequently recurring projects. In most cases, these objectives will not be directly related to financial performance. This component will be based on discreet operational tasks that the
President & CEO assigns to you. Depending on your ability to complete those objectives, as determined by the President & CEO at his sole discretion, you will be eligible for a bonus up to 7% of your base salary. If you complete
most of those objectives, you will receive a 3.5% bonus, and if you complete significantly all the objectives, you will receive up to a 7% bonus. Of course, if you complete less than most objectives, you may not receive any bonus at all for this
portion. Again, the final determination of your satisfaction of these objectives will be made by the President & CEO. 
 The Short
Term Component – Earnings Per Share is offered to align your interests further with the financial performance of the Company and the Bank overall this year. We chose earnings per share (EPS), as stated in the Annual Report or SEC filing, as
the benchmark, because we believe it best captures in most years the overall performance of the Company and the Bank. Depending upon the “Earnings Per Share” table attached to this letter, you may receive from 0% to 8% of your base salary
as a bonus. Of course, if our EPS does not reach the levels provide in the attached table, no bonus will be paid to you for this component. If reported EPS is later restated to a lower number, you must return to the Bank the amount of bonus payout
that was not earned due to the overstatement of EPS, whether or not you are still employed by the Bank or the Company at the time of the restatement. This is typically referred to as a “clawback” provision. For example, referring to the
attached table, if EPS is originally reported to be the budgeted amount (in this case earning you a 4% bonus), and it is restated later to the next lower category (in this case earning a 3% bonus), you must return to the Bank that portion of your
bonus (in this case 1% of your base pay) when asked by the Bank or Company to do so. Of course, if the error ultimately resulting in the restatement is due to intentional or negligent reporting by you, you must return the entire bonus earned for
that year for this component. 

  
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 The Long Term Component – Stock Appreciation, is offered to align your interests further with
long term performance of the Company (and Bank). As you know, our shareholders only succeed when our stock price trades at higher levels and we can pay a dividend. Of course, our price and dividends tend to do better over time when we perform better
financially, although there is not a direct correlation. This component should align your interest with our stock performance. We certainly hope that you will buy Company common stock. However, this component of bonus compensation is designed to
align your interests more closely with our shareholders, in addition to whatever Company common stock you might own. 
 This bonus will vest
over three years in quarterly components, 1/12 each quarter. However, even if you leave our employment in two years, the calculation still is made in three years. Please look at the Stock Appreciation table on the attached, and we will provide an
example. Say you left our employment voluntarily in two years. You would have earned 2/3’s (8 quarters/12 quarters) of your “shares – multiplier.” However, you earn nothing until we calculate stock price at the end of three
years, which will be based on the valuation done for our Dividend Reinvestment Plan. As an example, if your multiplier was 600, at the end of two years you would have earned 400 (2/3 X 600). If the stock price lost money after three years or was
equal to the starting price, you earn nothing, just like other officers participating in this Plan who worked all three years. However, if the stock price after three years earned $10 per share, you would earn $4,000 (400 X $10), even though you
left early. This is the only component of this plan that will pay you even if you leave before the end of the period. As stated above, no bonus will be paid if you are not employed at the end of this year or are terminated with cause at any
time. Also, in the event that you are found at fault in a later claim of securities fraud relating to the Company’s stock price that year, any stock appreciation bonus previously paid to you for the period of that fraud to present must be
returned to us. We may withhold other payments due to you, including salary, to ensure that the stock appreciation bonus is recovered. In addition, in that event, we reserve the right to take all other reasonable actions, including but not limited
to reasonable collections actions, to recover that stock appreciation bonus. 
 All of these potential bonuses are offered in an attempt to
align your pay even more closely with your individual performance and the Bank’s performance. Also, our hope is that at least a portion of the bonus you receive will be reinvested into Company common stock, which will align your interests with
the Company’s (and Bank’s) interest going forward. Your are free to do with your bonus as you wish, but we hope that you will use some of it to reinvest in the Company. If you wish to do this, you can buy shares on the market, or, if you
participate in our Dividend Reinvestment Plan, you may make optional quarterly purchases under that plan. If you have any questions regarding this, please call G. Lyn Hayth, III, at 540-591-5008. 

Thank you for your service to our Company and our Bank. 
 Sincerely, 
 G. Lyn Hayth, III 
 President & CEO 

  
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 Bonus Tables 
 Short-Term Component – Operational Objectives 
  

			
	
Bonus
  

Percentage of Base Pay    
	  	Determination
	
0.0%
	  	Did not achieve objectives
	
3.5%
	  	Met most of objectives
	
7.0%
	  	Significantly met all objectives
	 	  	 

 Short-Term
Component – Earnings Per Share 
  

					
	  	  	Maximum Payout = 8%	  	  
	
Earnings per share    
	  	 	  	Payout        
	
TBD
	  	85% of budgeted EPS	  	1.0%
	
TBD
	  	 	  	2.0%
	
TBD
	  	 	  	3.0%
	
TBD
	  	100% of budgeted EPS	  	4.0%
	
TBD
	  	 	  	5.0%
	
TBD
	  	 	  	6.0%
	
TBD
	  	 	  	7.0%
	
TBD
	  	115% of budgeted EPS	  	8.0%

  
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 Long Term Component – Stock Appreciation 

 

					
	Illustrative Calculation for Stock Appreciation
Bonus	  	  	 
	 Assumed base salary
	  	$	100,000.00	  
	 10% incentive to calculate
shares
	  	$	10,000.00	  
	 DRIP price per share on award
date
	  	$	12.00	  
	 10% incentive divided by DRIP price per
share =
	  	 	833.33	  
	     Number of
shares-multiplier ($10,000 / $14.50)
	  	 	 	 
	 Round up multiplier to next whole
number
	  	 	833.00	  
	 	 
	 	  	 	 	 
	 DRIP price at November 10,
2010
	  	 	$12.00	  
	 DRIP price in 2013 (merely an assumption for discussion purposes only)
	  	 	$22.00	  
	 	 
	 	  	 	 	 
	 Stock price appreciation ($22.00 -
$12.00)
	  	 	$10.00	  
	 	 
	 	  	 	 	 
	 Shares-multiplier times stock
appreciation (833 X $10)
	  	 	$8,330.00	  
	 	 
	 	  	 	 	 
	 Cash bonus
	  	 	$8,330.00	  
	 Expected tax withholding (estimated
today at 35%)
	  	 	$2,916.00	  
	 Estimated stock appreciation bonus paid
after tax
	  	 	$5,414.00	  

  
 9Form of Senior Subordinated Promissory Note

 Exhibit 10.1.0 
 Form of Senior Subordinated Note 
 THIS SENIOR SUBORDINATED NOTE WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR LOCAL SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS PROVIDED HEREIN AND
IN ACCORDANCE WITH APPLICABLE LAWS. 
 THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET
SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, AND YIELD TO MATURITY FOR THIS NOTE BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE
FOLLOWING ADDRESS: GRAFTECH INTERNATIONAL LTD., 12900 SNOW ROAD, PARMA, OHIO 44130, ATTENTION: TREASURER. 
 SENIOR
SUBORDINATED NOTE 
  

			
	$[        ]	  	November 30, 2010

 FOR
VALUE RECEIVED, GRAFTECH INTERNATIONAL LTD. f/k/a GrafTech Holdings Inc., a Delaware corporation with its principal office located at 12900 Snow Road, Parma, Ohio 44130 (the “Company”), promises to pay to the order of [name],
[type of person] [residing at/with offices located at] [address] [or Holder’s registered assigns] (“Holder”), the aggregate principal amount of
[            ] and __/100 Dollars ($        ]). This Senior Subordinated Note (this “Note”) is a senior
subordinated, unsecured, promissory note issued by the Company pursuant to (i) the Agreement and Plan of Merger, dated as of April 28, 2010, as amended, by and among the Company, GrafTech International Ltd., a Delaware corporation,
GrafTech Delaware I Inc., GrafTech Delaware II Inc., Seadrift Coke L.P., Seadrift Coke LLC and certain partners of Seadrift Coke L.P. (as so amended, the “Seadrift Merger Agreement”) or (ii) the Agreement and Plan of
Merger, dated as of April 28, 2010, as amended, by and among the Company, GrafTech International Ltd., a Delaware corporation, GrafTech Delaware III Inc., C/G Electrodes LLC, and certain members of C/G Electrodes LLC (as so amended, the
“CG Merger Agreement”), which, together with this Note, have an aggregate principal amount of $200,000,000 (the “Senior Notes”). All of the Senior Notes (including this Note) shall be treated as
a single class on a pari passu basis. All of the Senior Notes have been guaranteed, on a ratable, pari passu, subordinated basis, by GrafTech International Holdings Inc., a Delaware corporation, Seadrift Coke L.P., a Delaware limited partnership,
and C/G Electrodes LLC, a Delaware limited liability company (collectively with any Significant Subsidiary (as defined herein) who becomes a guarantor pursuant to the provisions hereof, the “Subsidiary Guarantors”),
pursuant to the terms hereof. 

 Maturity Date and Payment 
 This Note shall mature and become payable on the fifth anniversary of the date hereof or such earlier date on which the principal sum outstanding shall become due and payable as provided herein (the
“Maturity Date”). If the Maturity Date is on a Saturday, Sunday or a day upon which commercial banks are permitted or required to be closed in the State of New York, such amount shall be paid on the next succeeding
business day. Holder is the sole and exclusive owner of the Senior Note registered in Holder’s name for all purposes, including payments, waivers and amendments, notwithstanding notice to the contrary and without liability or obligation to any
other person. 
 This Note shall not bear interest. All amounts due hereunder shall be payable by (i) check mailed to the
[residence/office] of Holder or at such other place as Holder may reasonably designate by giving written notice to that effect to the Company or (ii) wire transfer to an account located in the United States designated by Holder by giving
written notice to that effect to the Company. All amounts due hereunder shall be paid in lawful money of the United States of America. 

Prepayment and Redemption 

The Company shall have the right at any time and from time to time, to prepay or redeem all or part of any amount due hereunder. If the
Company elects to redeem this Note, it shall give written notice to Holder in writing of the redemption date and the principal amount to be redeemed at least 30 days before the redemption date. The redemption price shall equal the aggregate
principal amount, or such portion thereof as the Company may designate. 
 Once notice of redemption is mailed, the redemption
price becomes due and payable on the redemption date stated in the notice. On the redemption date, the redemption price therefore shall be paid and this Note, or the redeemed portion thereof, shall be canceled by the Company. 

Failure to give notice or any defect in the notice to Holder shall not affect the validity of the notice. If this Note is redeemed in
part, the Company shall execute and deliver to Holder a new Senior Note, but equal in principal amount to the unredeemed portion of this Note. 

Subordination 
 The
Company and Holder agree that all indebtedness evidenced by this Note shall be subordinate and junior in right of payment to all Senior Debt (as hereinafter defined) as provided for herein and that such subordination shall benefit and be enforceable
by the holders of such Senior Debt. Only indebtedness of the Company which is Senior Debt shall rank senior to the Senior Notes (including this Note). For purposes of this Note, “Senior Debt” means: 

(i) indebtedness of the Company or any of its subsidiaries for money borrowed and indebtedness evidenced by notes, debentures, bonds or
other similar instruments for the payment of which the Company or any if its subsidiaries is responsible or liable, whether now existing or hereafter outstanding; 

  
 2 

 (ii) guarantees by the Company or any of its subsidiaries of indebtedness of other persons
for money borrowed or of notes, debentures, bonds or other similar instruments for which other persons are responsible or liable (in each case, other than persons who are direct and indirect subsidiaries of the Company), but without duplication,
whether now existing or hereafter outstanding (collectively, the amounts in clause (i) and (ii), the “Other Senior Debt”); 
 (iii) indebtedness for borrowed money, obligations and guarantees of the Company or its subsidiaries incurred pursuant to the Amended and Restated Credit Agreement dated as of April 28, 2010, among
the Company, GrafTech Global Enterprises Inc, GrafTech Finance Inc, GrafTech Switzerland S.A., the LC Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent,
Collateral Agent and Issuing Bank, Bank of America, N.A., and BNP Paribas as Co-Syndication Agents, The Bank of Nova Scotia as Documentation Agent, J.P. Morgan Securities Inc., Banc of America Securities LLC and BNP Paribas Securities Corp as
Joint-Lead Arrangers (as the same may be amended, extended, renewed, restructured, supplemented or otherwise modified from time to time, any such facility) or any indenture, bond, note, loan, line of credit, credit facility or other arrangement
which amends, extends, renews, restructures, replaces supplements or otherwise modifies the same (collectively, the “Credit Facility”), in an aggregate principal amount of up to $390 million (the “Credit
Facility Amount”), but without duplication; 
 (iv) indebtedness, obligations and guarantees, principally by
or for the benefit of the Company’s foreign subsidiaries, for or under one or more revolving credit, overdraft, cash management, letter of credit or other facility or any indenture, bond, note, loan, line of credit, credit facility or other
arrangement which amends, extends, renews, restructures, replaces supplements or otherwise modifies the same (each a “Foreign Liquidity Facility”), in an aggregate principal amount of up to $145 million (“Foreign
Facility Amount”, and together with the Credit Facility Amount, the “Facilities Senior Debt”), but without duplication; 
 (v) indebtedness, obligations and guarantees under all amendments, extensions, renewals, restructurings, refundings, waivers, replacements (whether or not upon termination, or including any additional or
different obligors or with the same or other agents, lenders, financial institutions, investors or groups of lenders or investors), restatements, refinancings, supplements and other modifications of any of the foregoing (in whole or in part and
without limitation as to amount, terms, conditions covenants and other provisions), including, any agreement to refinance, replace or otherwise restructure all or any portion of any of the foregoing or any successor or replacement to any of the
foregoing that increases the amount loaned or issued thereunder or alters the maturity thereof; and 
 (vi) all amounts due with
respect to any of the foregoing, including accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company, regardless of whether or not post-filing interest
is allowed in such proceeding), fees, expenses and other amounts; 
 unless the instrument creating or evidencing such Senior Debt expressly
provides that such indebtedness, guarantees, obligations, interest, fees, expenses and other amounts are not senior to the Senior Notes. 

  
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 The Facilities Senior Debt shall be deemed Senior Debt for all purposes in this Note.

 Subject to the preceding sentence, Senior Debt shall not include the following: 

(1) any indebtedness or obligation of the Company to any of its subsidiaries (or of any subsidiary of the Company to the Company or to
another subsidiary of the Company) except, in each case, evidenced by a promissory note or other instrument or account which has been pledged as collateral to secure Senior Debt; 

(2) any indebtedness, guarantee or obligation of the Company or any of its subsidiaries which is subordinate or junior to any other
indebtedness, guarantee or obligation of the Company or such subsidiary (other than Senior Debt which subordinates itself to other Senior Debt); or 
 (3) any indebtedness for borrowed money or guarantees of indebtedness for borrowed money constituting Other Senior Debt of the Company or any of its subsidiaries (and indebtedness of the type described in
clauses (v) and (vi) in respect of such Other Senior Debt), if, on the date of incurrence or issuance of (or, if earlier, the date of entry into an agreement providing for the incurrence or issuance of) such indebtedness or guarantees, and
after giving effect thereto, the Company’s Leverage Ratio would be greater than 4.00 to 1.00. 
 If the Company or any of
subsidiaries proposes to grant a security interest to secure Other Senior Debt that would not be Senior Debt because the Leverage Ratio (at the time calculated) would exceed 4.00 to 1.00, the Company or such subsidiary shall grant at the same time a
security interest for the benefit of the Noteholders on a pari passu basis with such Other Senior Debt to the extent such Other Senior Debt causes the Leverage Ratio (at the time calculated) to exceed 4.00 to 1.00. 

For purposes of this Note, “Leverage Ratio,” as of any date of determination, means the ratio of (a) the
Company’s Consolidated Net Debt at the end of the period covered by the most recent four consecutive fiscal quarters for which consolidated financial statements are publicly available (recomputed on a pro forma basis taking into account
(i) all indebtedness incurred or repaid since the end of such period together with any indebtedness proposed to be incurred and any indebtedness that will be repaid in connection with such incurred indebtedness, (ii) acquisitions and
dispositions of companies, divisions, business units, businesses or product lines and (iii) net proceeds from issuance or sale of equity securities (and interest thereon), in each case as if such event had taken place as the beginning of such
period) to (b) the Company’s Consolidated EBITDA for such period (recomputed on such a pro forma basis). 
 For
purposes of this Note, “Consolidated Net Debt” means consolidated indebtedness of the Company and its subsidiaries of the types described in clauses (i), (ii), (iii) or (iv) above (and indebtedness of the type
described in clauses (v) and (vi) in respect of such clauses (i), (ii), (iii) or (iv)) but excluding any intercompany indebtedness or any guarantees by the Company or its subsidiaries relating to other indebtedness of the Company or
its subsidiaries), less consolidated cash and cash equivalents of the Company and its subsidiaries. For purposes of the calculation of the Leverage Ratio, any guarantees of third party indebtedness for money borrowed shall be included on the basis
of the face amount of the liability guaranteed, without duplication. 

  
 4 

 For purposes of this Note, “Consolidated EBITDA” means the
Company’s “EBITDA” as defined in the agreement governing the Credit Facility (as in effect at the time of the issuance of the Senior Notes). 
 Except as otherwise provided herein, pro forma calculations shall be made in accordance with the provisions of the agreement governing the Credit Facility (as in effect at the time of the issuance of the
Senior Notes). All pro forma calculations shall be determined in good faith by a responsible financial or accounting officer of the Company, whose determination shall be conclusive absent manifest error. 

Upon any payment or distribution of the assets of the Company to creditors upon a total or partial liquidation or a total or partial
dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property, (i) holders of Senior Debt shall be entitled to receive payment in full in cash of such
Senior Debt before holders of the Senior Notes, including Holder (collectively, “Noteholders”) shall be entitled to receive any payment on the Senior Notes and (ii) until all Senior Debt is paid in full in cash, any
payment or distribution to which Noteholders would be entitled but for the provisions under this heading “Subordination” shall be made to holders of such Senior Debt as their interests may appear, except that Noteholders may receive and
retain any equity interests in the Company or debt securities of the Company subordinated to such Senior Debt (collectively, “Permitted Junior Securities”). 

The Company shall not make any payment on the Senior Notes and shall not purchase, prepay, redeem, set aside any sinking or similar fund
or otherwise retire or discharge any Senior Notes (collectively, “pay the Senior Notes”), if (i) any payment default under Senior Debt shall occur or (ii) any other default under Senior Debt shall have
occurred and the maturity thereof shall have been accelerated in accordance with its terms (each, a “Payment Default”), unless, in either case, such Payment Default has been cured or waived and any such acceleration has been
rescinded or such Senior Debt has been paid in full in cash. During the continuance of any default (other than a Payment Default) with respect to any Senior Debt pursuant to which the maturity thereof may be accelerated immediately without further
notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company shall not pay the Senior Notes for a period (a “Payment Blockage Period”)
commencing upon the receipt by the Company of written notice (a “Blockage Notice”) of such default from a holder of any such Senior Debt specifying an election to effect a Payment Blockage Period and ending 179 days
thereafter. The Payment Blockage Period shall end earlier if such Payment Blockage Period is terminated (1) by written notice to the Company from the holder who gave such Blockage Notice, (2) because the default giving rise to such
Blockage Notice is cured, waived or otherwise no longer continuing or (3) because such Senior Debt has been discharged or repaid in full in cash. Notwithstanding the provisions described in the immediately preceding two sentences (but subject
to the provisions contained in the first sentence of this paragraph), unless the holders of such Senior Debt shall have accelerated the maturity of such Senior Debt, the Company shall be entitled to pay the Senior Notes after termination of such
Payment Blockage Period. The Senior Notes shall not be subject to more than one Payment Blockage Period in any consecutive 360-day period, irrespective of the number of defaults with respect to Senior Debt during such period. For purposes of this
paragraph, no nonpayment default or event of default which existed or was continuing on the 

  
 5 

 
date of the commencement of any Payment Blockage Period with respect to the Senior Debt initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent
Payment Blockage Period by the holder of such Senior Debt unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days. Nothing in this paragraph shall restrict the Company from paying, or
Noteholders from receiving and retaining, Permitted Junior Securities. 
 If payment of Senior Notes is accelerated because of a
Default hereunder, the Company shall promptly notify the holders of all Senior Debt of such acceleration and neither the Company nor any of its subsidiaries shall pay the Senior Notes until five business days after the holders of all Senior Debt
receive notice of such acceleration. 
 If a payment or distribution is made to one or more Noteholders that should not have
been made to them in accordance with the provisions under this heading “Subordination,” such Noteholders shall hold it in trust for holders of Senior Debt and pay it over to them as their interests may appear. 

Noteholders shall not institute against, or join with or assist any person in instituting against, the Company any receivership,
bankruptcy, reorganization, arrangement, insolvency, liquidation, winding up or similar proceedings. 
 After all Senior Debt
shall have been paid in full in cash and until the Senior Notes are paid in full in cash, Noteholders shall be subrogated to the rights of holders of such Senior Debt to receive payments and distributions applicable to such Senior Debt to the extent
that payments and distributions otherwise payable to Noteholders have been applied to the payment of Senior Debt. For such purposes, a payment or distribution made to holders of Senior Debt which otherwise would have been made to the Noteholders is
not, as between the Company and the Noteholders, a payment on such Senior Debt. 
 The provisions under this heading
“Subordination” are, and are intended to be, an inducement and a consideration to each holder of any Senior Debt, whether created or acquired before or after the issuance of the Senior Notes, to acquire and continue to hold, or to continue
to hold, such Senior Debt and such holder of such Senior Debt shall be deemed conclusively to have relied on such provisions. Each other Noteholder as well as each holder of Senior Debt is an intended third party beneficiary of the provisions under
this heading “Subordination” and shall be entitled to enforce such provisions. No right of any holder of Senior Debt hereunder shall be impaired by any act or failure to act by the Company or any of its subsidiaries or by any failure to
comply the provisions under this heading “Subordination.” No Amendment (as defined herein) of the provisions set forth under this heading “Subordination” shall be effective without the prior written consent of the holders of
Senior Debt. 
 As used herein, (i) the word “including” shall be deemed to be followed by the words
“without limitation” and (ii) the word “person” shall include an individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization,
government or any agency or political subdivision thereof, and any other entity. All agreements in this Senior Note of the Company and Holder shall bind their respective successors and assigns. This Note (together with the other Senior Notes)
constitutes 

  
 6 

 
the entire agreement among the Company, its subsidiaries and Holder relative to the subject matter hereof. 
 Subordinated Guarantee 
 Each Subsidiary Guarantor jointly and severally
guarantees, as a primary obligor and not merely as a surety, on an unsecured senior subordinated basis, the performance and full and punctual payment when due, whether at maturity, by acceleration or otherwise of all obligations of the Company under
this Note (the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Subsidiary
Guarantor, and that such Subsidiary Guarantor shall remain bound under this Note notwithstanding any extension or renewal of any Guaranteed Obligation. The obligations of each Subsidiary Guarantor hereunder are subordinated to Senior Debt to the
same extent and in the same manner as applies to the Company as set forth under the heading “Subordination.” above. 

Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations
and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under this Note or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (i) the
failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company, under this Note or any other agreement, or otherwise, (ii) any extension or renewal of any thereof, (iii) any rescission, waiver,
amendment or modification of any of the terms of this Note, (iv) the failure of the Holder to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (v) any change in the ownership of such Subsidiary
Guarantor. 
 Each Subsidiary Guarantor further agrees that its guarantee herein constitutes a guarantee of payment, performance
and compliance when due (and not a guarantee of collection). 
 Except as expressly set forth herein, the obligations of each
Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, the obligations of each
Subsidiary Guarantor herein shall not be discharged, impaired or otherwise affected by the failure of the Holder to assert any claim or demand or to enforce any remedy under this Note or any other agreement, by any waiver or modification of any
thereof, by any default, failure or delay, willful or otherwise, in the performance’ of the Guaranteed Obligations, or by any other act or thing or omission or delay to do any other act or thing which mayor might in any manner or to any extent
vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of any Subsidiary Guarantor as a matter of law or equity. 
 In connection with the sale or distribution of substantially all of the assets of a Significant Subsidiary to another subsidiary of the Company, such person will cause the person who receives such assets
to assume its obligations hereunder. In connection with a bona fide sale of 

  
 7 

 
substantially all of the assets of a Significant Subsidiary to a third party or in connection with a transaction with a bona fide third party where the Significant Subsidiary ceases to be a
subsidiary of the Company, such Significant Subsidiary shall be automatically released from the terms and conditions set forth in this Section “Subordinated Guarantee”. 
 Additional Guarantors 
 The Company shall cause each of its direct and
indirect subsidiaries incorporated in the United States which is a Significant Subsidiary to guarantee this Note on a senior subordinated basis on the same terms and conditions as set forth in the Section “Subordinated Guarantee”.
“Significant Subsidiary” means a “significant subsidiary” (as defined in Rule 1-02 under Regulation S-X promulgated by the Securities and Exchange Commission). Each subsidiary that ceases to be a Significant
Subsidiary shall be automatically released from the terms and conditions set forth in the Section “Subordinated Guarantee” at such time such subsidiary ceases to be a Significant Subsidiary. 

Transfer Restrictions 

This Note may be offered, sold, pledged or otherwise transferred (each, a “Transfer”) only (i) pursuant to an
exemption from registration under the Securities Act so long as the transferee furnishes to the Company a signed letter containing representations reasonably requested by the Company relating to such exemption and, if requested, an opinion of
counsel reasonably acceptable to the Company that such transfer complies with the Securities Act, (ii) pursuant to an effective registration statement under the Securities Act or (iii) pursuant to an exemption from registration under the
Securities Act provided by Rule 144 thereunder. Holder shall provide prior written notice to the Company of its intent to Transfer this Note other than (x) to a Related Party, (y) pursuant to such an effective registration statement or
(z) a pledge in connection with a bona fide margin account or other loan or financing arrangement. In the case of any Transfer (other than any Exempt Transfer) the Company shall have the right to purchase this Note on the same terms (including
price) as those relating to such proposed Transfer for ten (10) days following receipt of such notice (the “Repurchase Right”). “Exempt Transfer” means (a) any Transfer to a Related Party,
(b) a pledge in connection with a bona fide margin account or other loan or financing arrangement, or (c) any subsequent foreclosure, margin call or similar remedy in connection with a pledge described in clause (b). 

Holder shall, and each subsequent Holder is required to, notify any Transferee of this Note from such Holder of the resale
restrictions described under the heading “Transfer Restrictions”. 
 For purposes
of this Note, “Related Parties” means (a) with respect to a Holder that is an entity, the owners of equity interests of such Holder and (b) with respect to a Holder that is an individual, (i) such
individual’s spouse, descendants, parents, grandparents, brothers and sisters (including those so related by adoption), any trust, guardianship or other fiduciary relationship, limited liability company or partnership established and maintained
for the benefit of (but only of) any of them or such individual or any estate resulting upon the death of any of them or such individual, (ii) any corporation, partnership, limited liability company or other business organization controlled by
and 95% of the interests in which are owned, directly or indirectly, by 

  
 8 

 
anyone or more individuals or entities named or described in clause (b )(i) above, and (iii) any organization described in Section 501(c)(3) of the Internal Revenue Code created by and
substantially supported by anyone or more individuals or entities described in clauses (b )(i) or (b)(ii) above. 
 Legend Removal

 The legend on this Note shall be removed (i) when sold in reliance on and in accordance with Rule 144 (or any successor provision)
under the Securities Act or (ii) upon the Holder’s request, provided that the Company may request an opinion of counsel in form and substance reasonably satisfactory to the Company, to the effect that subsequent Transfers of such Note may
be effected without registration under the Securities Act and any other applicable foreign securities Laws. 
 Defaults 

For purposes of this Note, a “Default” shall be deemed to occur if any of the following events or circumstances
shall occur: 
 (i) the Company or any Subsidiary Guarantor shall fail to pay any amount due hereunder on the due date of such
payment or within five business days thereafter; 
 (ii) the Company, any Significant Subsidiary or any Subsidiary Guarantor
shall be adjudicated bankrupt or insolvent, file a petition or an answer not denying jurisdiction under any bankruptcy, insolvency, reorganization, arrangement, receivership or similar law, make a general assignment for the benefit of creditors or
admit in writing its inability to pay its debts generally as they become due; 
 (iii) a petition under any bankruptcy,
insolvency, receivership, reorganization or similar law shall be filed against the Company, any Significant Subsidiary or any Subsidiary Guarantor that is not discharged or dismissed within 120 days; 

(iv) a trustee, conservator, receiver or liquidator shall be appointed with respect to the Company, any Significant Subsidiary or any
Subsidiary Guarantor or all or a substantial part of the property of the Company, any Significant Subsidiary or any Subsidiary Guarantor; 
 (v) a Change in Control; 
 (vi) the failure of the Company or any Subsidiary
Guarantor to comply with any term contained herein, which failure continues for more than 30 days after written notice thereof from the Holder; or ‘ 
 (vii) the acceleration by the holders of Senior Debt of the Company, any Significant Subsidiary or any Subsidiary Guarantor in excess of $50,000,000. 

For purposes of this Note, a “Change in Control” shall be deemed to occur if any of the following events or
circumstances shall occur: 
  

	 	(i)	 any “person” or “group” within the meaning of Section 13(d) or 14(d)(2) of the

  
 9 

	 	 
Securities and Exchange Act of 1934, as amended (the “Exchange Act”), becomes the beneficial owner of more than 35% of the then outstanding common stock or more than 35%
of the then outstanding voting securities of the Company; 

  

	 	(ii)	any “person” or “group” within the meaning of Section 13( d) or 14( d)(2) of the Exchange Act acquires by proxy or otherwise the right to vote
on any matter or question with respect to more than 35% of the then outstanding common stock or more than 35% of the combined voting power of the then outstanding voting securities of the Company; 

 

	 	(iii)	stockholders of the Company approve a plan of dissolution or complete or substantially complete liquidation of the Company or the Board of Directors of the Company
approves such a plan other than in connection with a reorganization, recapitalization, redomestication, reincorporation, restructuring or similar transaction following which all or a majority of the business of the Company and its subsidiaries
(taken as a whole) shall be continued by the Company or any successor thereto; or 

  

	 	(iv)	any consummation of: 

  

	 	(1)	 a reorganization, restructuring, recapitalization, reincorporation, merger or consolidation of the Company (a “Business
Combination”) unless, following such Business Combination, (A) all or substantially all of the persons who were the beneficial owners of the common stock and the voting securities of the Company 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 person resulting from such Business Combination outstanding after such
Business Combination (including a person, which as a result of such Business Combination, owns the Company or all or substantially all of the assets of the Company) in substantially the same proportions as their ownership immediately prior to such
Business Combination of the then outstanding common stock and the combined voting power of the then outstanding voting securities of the Company, respectively, (B) no “person” or “group” within the meaning of
Section 13(d) or 14(d)(2) of the Exchange Act (excluding (x) any person resulting from such Business Combination and (y) any employee benefit plan (or related trust) of the Company or any person resulting from such Business
Combination) beneficially owns more than 50% of the common equity securities or more than 50% of the combined voting power of the voting securities of the person 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 then outstanding common stock and the then outstanding voting securities of the Company, and (C) at least a majority of the
members of the board of directors (or similar governing body) of the person resulting from such Business Combination were members of 

  
 10 

	 	 
the Board of Directors of the Company at the earliest of the time of the execution of the initial agreement providing for such Business Combination or at the time of the action of the Board of
Directors of the Company approving such Business Combination or at the time of action of the stockholders of the Company approving such Business Combination; or 

 

	 	(2)	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 Company, whether
held directly or indirectly through one or more subsidiaries (excluding any pledge, mortgage, grant of security interest, sale-leaseback or similar transaction in the ordinary course of business, but including any foreclosure sale).

 For purposes of the definition of Change in Control, references to “beneficial owner” and correlative phrases shall
have the same definition as set forth in Rule 13d-3 under the Exchange Act (except that ownership by underwriters (including when acting as initial purchasers in a private offering) solely for purposes of a distribution or offering shall not be
deemed to be “beneficial ownership”) and references to the Exchange Act or rules or regulations thereunder mean those in effect on January 1,2010. Notwithstanding the foregoing, a Change in Control will not be deemed to have occurred
in connection with an event or circumstance to the extent any of a Principal Holder, DM, NM or any Related Party or Affiliate (each such term, as defined in the Registration Rights and Stockholders Agreement contemplated by the Seadrift Merger
Agreement and the CG Merger Agreement), directly or directly, takes, makes, initiates, participates or otherwise does any of the activities described in Section 2.3(b) of such Registration Rights and Stockholders Agreement, regardless of
whether it would be permitted thereby. 
 Remedies and Waivers 
 If a Default described in clause (i) of the definition of Default occurs and is continuing, Holder may, by written notice to the Company, at Holder’s election, declare the principal amount then
outstanding hereunder to be immediately due and payable and thereafter exercise all rights, powers and remedies available to Holder (except as limited herein). 
 If a Default described in clauses (ii), (iii) or (iv) of the definition of Default occurs, the principal amount then outstanding hereunder shall automatically become and be immediately due and
payable without any declaration or other act on the part of Holder and Holder may thereafter exercise all rights, powers and remedies available to Holder. 
 If a Default described in clauses (v), (vi) or (vii) of the definition of Default occurs and is continuing, the Majority Holders (and only the Majority Holders) may, by written notice to the
Company, declare the principal amount then outstanding under all (but not less than all) of the Senior Notes to be immediately due and payable and thereafter, unless otherwise directed by the Majority Holders, exercise, on behalf of (and for the
ratable benefit and at the ratable expense of) all of the holders of the Senior Notes, all rights, powers and remedies available to the holders of the Senior Notes, except as limited herein. No holder of the Senior Note shall take any action

  
 11 

 
inconsistent therewith and each holder of the Senior Notes shall cooperate with the Majority Holders in connection therewith. Without limiting the preceding sentences of this paragraph:

 (i) the Majority Holders shall have the sole right to waive any such Default and its consequences, and any such waiver shall
be binding upon each holder of the Senior Notes; 
 (ii) the Majority Holders shall have the sole right to direct the time,
method and place of conducting any proceedings in respect of any such Default and shall do so for the ratable benefit and at the ratable cost of all holders of the Senior Notes; and 

(iii) no holder of the Senior Notes shall use any Senior Note, or any rights thereunder or hereunder, to prejudice the rights of another
holder of the Senior Notes or to obtain a preference or priority over another holder of the Senior Notes in respect of any such Default. 
 No holder of the Senior Notes shall institute against, or join with or assist any person in instituting against, the Company any receivership, bankruptcy, reorganization, arrangement, insolvency,
liquidation, winding up or similar proceedings. 
 Subject to the limitations set forth herein, each right, power and remedy
hereby given or otherwise available to Holder shall be cumulative, shall be in addition to every other right, power and remedy hereby given or otherwise available to Holder and may be exercised at any time and from time to time as often and in such
order or concurrently as may be deemed expedient by Holder. Neither the exercise or commencement of exercise (from time to time and at any time) by Holder of, nor the delay or failure (at any time or for any period of time) to exercise, any right,
power or remedy shall constitute (i) a waiver of the right to exercise, or impair, limit or restrict the exercise of, such right, power or remedy or any other right, power or remedy at any time and from time to time thereafter or (ii) a
waiver of any Default by the Company. No waiver by Holder (or the Majority Holders) of any Default by the Company shall be deemed to be a waiver of any other or similar, previous or subsequent Default by the Company. No waiver of any right, power or
remedy of Holder (or the Majority Holders) shall be deemed to be a waiver of any other right, power or remedy of Holder (or the Majority Holders) or shall, except to the extent so waived, impair, limit or restrict the exercise of such right, power
or remedy. 
 Remedies Not Exclusive 
 Any right or remedy herein is intended to be cumulative and not exclusive, of any other right or remedy so provided by law, equity, statute, agreement or otherwise. All or any of such rights or remedies
may be exercised concurrently or in such other manner as Holder shall decide. No failure on the part of Holder to exercise any of such rights or remedies shall be deemed a waiver thereof or any default hereunder. 

No Recourse against Others 
 No incorporator, director, officer, employee, stockholder, subsidiary, affiliate, agent, consultant or representative of the Company, solely by reason of such status, shall have any liability for the
obligations of the Company hereunder or for any claim based on or arising out of this Note, the issuance, sale or transfer hereof, or any other matter based on or arising out of this 

  
 12 

 
Note or such obligations or their creation, performance or enforcement, or any matter related thereto. Holder waives and releases all such liability. Such waiver and release is to be part of the
consideration for the issuance of this Note. 
 Notices 
 All notices, demands, requests, deliveries of the Note for replacement or exchange, and other communications with respect to this Note and the rights and obligations hereunder which are required or
permitted to be given shall be in writing and shall be deemed to have been sufficiently given when delivered personally, by FedEx or nationally recognized courier, or similar delivery agent, by facsimile (evidenced by confirmation of successful
transmission), or sent by certified mail (return receipt requested), with postal charges prepaid and shall be given or directed to the Company at its principal executive office shown on the first page hereof, to the attention of General Counsel,
facsimile (216) 676-2462, and to Holder at Holder’s address as shown in the Company’s registry of holders of the Senior Notes. The Company or Holder may change its address for purposes of this paragraph by giving the other written
notice of its new address in the manner set forth above. As to any such person, notice may be sent to such other address as the party to receive such notice or other communication (or copy thereof) shall have designated in writing to the party
sending the same. 
 Presentment 
 The Company waives presentment for payment, notice of non-payment or dishonor, protest, notice of protest, all other notices in connection with the delivery, acceptance, performance, Default and
enforcement of this Note, diligence in collection and in any and all exercises of any and all rights, powers and remedies related thereto, and, to the fullest extent permitted by law, the full benefit of all laws for the benefit of debtors.

 Expenses 
 In
addition to the principal amount payable hereunder, the Company agrees to pay to Holder, upon demand, all costs and expenses, including reasonable attorney’s fees, which may be incurred by Holder resulting primarily from the gross negligence or
willful misconduct of the Company (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the non-performance by the Company of its obligations set forth herein. In addition to its obligations
under the preceding sentence, in the event of a Default in payment of amounts due under this Note and the Company is permitted to make such payments to Holder under the subordination provisions of this Note, the Company agrees to pay to Holder, upon
demand, all costs and expenses, including reasonable attorney’s fees, which may be incurred by Holder in connection with the collection and enforcement of this Note. 
 Amendments and Waivers 
 Except as otherwise provided in this Note
(including the next paragraph), no addition to or waiver, cancellation, renewal, extension or amendment of (each, an “Amendment”) this Note, or any right or restriction hereunder or provision hereof, shall be binding upon
Holder unless such Amendment is set forth in a written instrument which is executed and delivered by Holder or a prior registered holder of this Note or any part of the principal amount evidenced hereby. 

  
 13 

 Any Amendment that is set forth in a written instrument which is executed and delivered by
holders of the Senior Notes holding at least a majority in principal amount of the Senior Notes outstanding at the time of delivery thereof (the “Majority Holders”) shall be binding upon Holder (and each other holder of the
Senior Notes); provided, however, that no such Amendment shall be binding upon Holder without the prior written consent of Holder or a prior registered holder of this Note or any part of the principal amount evidenced hereby, to the extent that such
Amendment shall purport to: (i) reduce the principal amount of this Note; (ii) change the Maturity Date of this Note; or (iii) make this Note payable in money other than in the lawful money of the United States of America. If an
Amendment changes the terms of this Note, the Company may require Holder to deliver this Note to the Company for placement of an appropriate notation thereon. 
 Successors and Assigns 
 All agreements in this Note between the Company and
Holder shall bind their respective successors and assigns. 
 Severability 

If any provision of this Note shall be held to be invalid, unenforceable or illegal in any jurisdiction under any circumstances for any
reason, (i) such provision shall be reformed to the minimum extent necessary to cause such provision to be valid, enforceable and legal while preserving the intent of the parties as expressed in, and the benefits to the parties provided by,
this Note or (ii) if such provision cannot be so reformed, such provision shall be severed from this Note and an equitable adjustment shall be made to this Note (including addition of necessary further provisions to this Note) so as to give
effect to the intent as so expressed and the benefits so provided. Such holding shall not affect or impair the validity, enforceability or legality of such provision in any other jurisdiction or under any other circumstances. Neither such holding
nor such reformation nor severance shall affect or impair the legality, validity or enforceability of any other provision of this Note. Any such reformation, severance and adjustment shall likewise apply to all other Senior Notes. 

Captions 
 The
descriptive headings in this Note are for convenience only and shall not affect the interpretation of this Note. 
 Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial 
 THE VALIDITY, INTERPRETATION, PERFORMANCE AND ENFORCEMENT OF THIS SENIOR NOTE
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE LAWS, RULES AND PRINCIPLES OF THE STATE OF NEW YORK REGARDING CONFLICTS OF LAWS THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION). THE
COMPANY AND HOLDER AGREE THAT ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE COMMENCED AND PROSECUTED IN A COURT IN THE BOROUGH OF MANHATTAN, STATE OF NEW YORK. THE COMPANY AND HOLDER CONSENT

  
 14 

 
AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT IN RESPECT OF ANY SUCH PROCEEDING. THE COMPANY AND HOLDER CONSENT TO SERVICE OF PROCESS UPON EITHER OF THEM WITH RESPECT TO ANY SUCH
PROCEEDING BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, AND BY ANY OTHER MEANS PERMITTED BY APPLICABLE LAWS AND RULES. THE COMPANY AND HOLDER WAIVE ANY OBJECTION NOW OR HEREAFTER EXISTING TO THE LAYING OF VENUE OF ANY SUCH PROCEEDING IN ANY SUCH
COURT AND ANY CLAIM NOW OR HEREAFTER EXISTING THAT ANY SUCH PROCEEDING IN ANY SUCH COURT IN NEW YORK COUNTY HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY AND HOLDER WAIVE TRIAL BY JURY IN ANY SUCH PROCEEDING. 

Counterparts 
 This Note
may be executed in one or more counterparts, all of which shall be considered one and the same Note. 

  
 15 

 IN WITNESS WHEREOF, the Company has executed this Note as of the day and year first written above.

  

			
	GRAFTECH INTERNATIONAL LTD.
		
	By:	 	
 

			
	Name:	 	 Quinn Coburn

	Title:	 	 Vice President &
Treasurer

			
	
	SUBSIDIARY GUARANTORS:
	
	GRAFTECH INTERNATIONAL HOLDINGS INC.
		
	By:	 	
 

			
	Name:	 	 Quinn Coburn

	Title:	 	 Vice President &
Treasurer

			
	
	SEADRIFT COKE L.P.
		
	By:	 	  GRAFTECH SEADRIFT HOLDING
	CORP., as General Partner
		
	By:	 	
 

			
	Name:	 	 Quinn Coburn

	Title:	 	 Vice President &
Treasurer

			
	
	GRAFTECH USA LLC
		
	By:	 	
 

			
	Name:	 	 Quinn Coburn

	Title:	 	 Vice President & Treasurer

  
 16 

 Acceptance and receipt of the Note is hereby acknowledged by the undersigned. 

[Name of Holder] 
  

					
	By:	 	  

		 	        Name:	 	  

							
		 		 	        Title (if applicable):	 	  

  
 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}]]