Document:

Fifth Amendment to Third Amended and Restated Credit Agreement

 Exhibit 10.1 
 Execution Copy 
 FIFTH AMENDMENT TO THIRD AMENDED 
 AND RESTATED CREDIT AGREEMENT 
 THIS
FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (herein called this “Amendment”), dated effective as of July 24, 2008 (the “Effective Date”), is entered into by and among W&T OFFSHORE,
INC., a Texas corporation, as the borrower (the “Borrower”), the various financial institutions parties hereto, as lenders (collectively, the “Lenders”), TORONTO DOMINION (TEXAS) LLC, individually and as
agent (in such capacity together with any successors thereto, the “Agent”) for the Lenders, and the issuers of letters of credit parties hereto, as issuers (collectively, the “Issuers”). Terms defined in the Credit
Agreement (as hereinafter defined) are used herein with the same meanings as given them therein, unless the context otherwise requires. 
 WITNESSETH 
 WHEREAS, the Borrower, the Lenders, the Agent and the Issuers have heretofore executed that certain
Third Amended and Restated Credit Agreement, dated as of May 26, 2006, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of June 9, 2006, as further amended by that certain Second Amendment
to Third Amended and Restated Credit Agreement dated as of July 27, 2006, as further amended by that certain Third Amendment to Third Amended and Restated Credit Agreement dated as of June 7, 2007, and as further amended by that certain
Waiver and Fourth Amendment to Third Amended and Restated Credit Agreement dated as of November 6, 2007 (as so amended, and as from time to time amended, supplemented, restated or otherwise modified, including pursuant to this Amendment, the
“Credit Agreement”); and 
 WHEREAS, parties hereto hereby further intend to amend certain provisions of the Credit
Agreement, in each case on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the undersigned hereby agree as follows: 
 1. Amendments to Credit Agreement. The Credit Agreement
is hereby amended as follows: 
 (a) Section 1.1. 
 (i) The definition of “Available Distribution Amount” is hereby amended by replacing the reference to “$30,000,000”
with a reference to “$60,000,000”. 
 (ii) Clause (c) of the definition of “Base Rate Margin” in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(c) with respect
to Revolving Loans, the applicable rate per annum equal to: 
 (i) one-eighth of one percent (0.125%) per annum when the
Facility Usage on such day is less than fifty percent (50%) of the Borrowing Base on such day, 

 (ii) three-eighths of one percent (0.375%) per annum when the Facility Usage on such day
is greater than or equal to fifty percent (50%) of the Borrowing Base on such day, but less than seventy-five percent (75%) of the Borrowing Base on such day, 
 (iii) five-eighths of one percent (0.625%) per annum when the Facility Usage on such day is greater than or equal to seventy-five percent
(75%) of the Borrowing Base on such day, but less than ninety percent (90%) of the Borrowing Base on such day, and 
 (iv) three-fourths of one percent (0.75%) per annum when the Facility Usage on such day is greater than or equal to ninety percent (90%) of the Borrowing Base on such day.” 
 (iii) Clause (c) of the definition of “Eurodollar Margin” in Section 1.1 of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 “(c) with respect to Revolving Loans, the applicable rate per annum equal to:

 (i) one and three-eighths percent (1.375%) per annum when the Facility Usage on such day is less than fifty percent
(50%) of the Borrowing Base on such day, 
 (ii) one and five-eighths percent (1.625%) per annum when the Facility
Usage on such day is greater than or equal to fifty percent (50%) of the Borrowing Base on such day, but less than seventy-five percent (75%) of the Borrowing Base on such day, 
 (iii) one and seven-eighths percent (1.875%) per annum when the Facility Usage on such day is greater than or equal to seventy-five
percent (75%) of the Borrowing Base on such day, but less than ninety percent (90%) of the Borrowing Base on such day, and 
 (iv) two percent (2.000%) per annum when the Facility Usage on such day is greater than or equal to ninety percent (90%) of the Borrowing Base on such day.” 
 (iv) The definition of “Issuance Request” in Section 1.1 of the Credit Agreement is hereby amended by replacing the
reference to “Exhibit H” therein with a reference to “Exhibit G”. 
 (v) The definition of “Revolving
Availability” in Section 1.1 of the Credit Agreement is hereby amended and restated as follows: 
 (i)
“Revolving Availability” means, at the time of determination, the lesser of (a) $500,000,000 (except that, after the Tranche B Repayment Date, the amount under clause (a) shall instead be the amount of the aggregate
Revolving Loan Commitments then in effect (as adjusted pursuant to Section 2.14)) or (b) the difference between (i) the Borrowing Base then in effect and (ii) the sum of the aggregate principal amount of all outstanding Tranche A
Term Loans and Tranche B Term Loans at the time of the determination or redetermination of such then effective Borrowing Base without giving effect to any prepayment or repayment of any Tranche A Term Loans or Tranche B Term Loans made after such
determination or redetermination of such then effective Borrowing Base (except that after the Tranche B Repayment Date, the sum under clause (b)(ii) shall be zero).” 
  

 2 

 (vi) The definition of “Revolving Loan Maturity Date” in Section 1.1 of
the Credit Agreement is hereby amended and restated as follows: 
 “Revolving Loan Maturity Date” means
July 23, 2012.” 
 (vii) A new definition “Tranche B Repayment Date” is hereby inserted into
Section 1.1 of the Credit Agreement in the appropriate alphabetical location as follows: 
 “Tranche B Repayment
Date” means the date when all principal and accrued interest on all Tranche B Term Loans and all fees and expenses outstanding as of such date that are payable to the Tranche B Term Loan Lenders in their capacities as such have been repaid
in full in cash. 
 (b) Section 2.14. A new Section 2.14 is hereby added to the Credit Agreement as follows: 
 “Section 2.14 Increase in Revolving Loan Commitments. 
 (a) From and after the Tranche B Repayment Date, upon prior notice to, and the written consent (which consent shall not be unreasonably
withheld or delayed) of, the Agent, the Borrower may from time to time in writing, (i) request the Revolving Loan Lenders to increase their Revolving Loan Commitments and/or (ii) invite additional lenders to become Revolving Loan Lenders
party to this Agreement, so as to increase the aggregate Revolving Loan Commitments to an amount requested by the Borrower not exceeding $710,000,000. At the time of sending such written notice to the Revolving Loan Lenders or any invitee, the
Borrower (in consultation with the Agent) shall specify the time period within which each Revolving Loan Lender or invitee, as applicable, is requested to respond (which shall in no event be less than ten (10) Business Days from the date of
delivery of such notice to the Revolving Loan Lenders or invitees) to such request. To the extent that the Borrower has requested the Revolving Loan Lenders to increase their respective Revolving Loan Commitments hereunder, each Revolving Loan
Lender shall notify the Agent within such time period whether or not it agrees to increase its respective Revolving Loan Commitment and, if so, by what amount. Any Revolving Loan Lender not responding within 

  

 3 

 
such time period shall be deemed to have declined to increase its respective Revolving Loan Commitment. Notwithstanding anything herein to the contrary, no
Revolving Loan Lender shall have any obligation whatsoever to increase its respective Revolving Loan Commitment hereunder. The consent of the Agent shall be required (which consent shall not be unreasonably withheld or delayed) in order for a lender
that is not an existing Lender to become a party to this Agreement pursuant to this Section 2.14, but the consent of the Lenders shall not be required in order for such lender to become a party to this Agreement pursuant to this
Section 2.14. 
 (b) If the aggregate Revolving Loan Commitments are increased in accordance with this Section 2.14,
the Agent and the Borrower shall determine the effective date of such increase (the “Increase Effective Date”). The Agent and the Borrower shall promptly notify the existing and additional Revolving Loan Lenders of the aggregate
Revolving Loan Commitments, the final allocation of such aggregate Revolving Loan Commitments and the Increase Effective Date. Each existing Revolving Loan Lender that increases its Revolving Loan Commitment and each additional Revolving Loan
Lender, if any, and the Borrower shall execute and deliver to the Agent (which the Agent shall also execute to acknowledge its acceptance thereof) a certificate substantially in the form of Exhibit H hereto (a “Revolving Loan
Lender Certificate”). Upon receipt by the Agent of Revolving Loan Lender Certificates from existing Revolving Loan Lenders and additional Revolving Loan Lenders, if any, in an amount sufficient to effectuate an increase in the aggregate
Revolving Loan Commitments: (i) the aggregate Revolving Loan Commitments shall be increased, (ii) the Agent shall amend and distribute to the Borrower (and post to Intralinks for the Lenders) a revised Part I of Schedule 3 of
the Revolving Loan Commitment of each existing and additional Revolving Loan Lender and the revised Revolving Loan Percentage Shares of the Revolving Loan Lenders (which shall be deemed incorporated into this Agreement), (iii) each additional
Revolving Loan Lender shall be deemed to be a party in all respects to this Agreement and the other Loan Documents to which the Revolving Loan Lenders are parties as of the Increase Effective Date and (iv) upon the Increase Effective Date, the
Revolving Loan Lenders parties to such Revolving Loan Lender Certificates shall purchase from the (other) Revolving Loan Lender parties to this Agreement immediately prior to the Increase Effective Date the portion of the outstanding Revolving Loans
(and participation interests in Letters of Credit) of each such (other) Revolving Loan Lender such that each Revolving Loan Lender (including any additional Revolving Loan Lender, if any) shall hold its respective revised Revolving Loan Percentage
Share of the outstanding Revolving Loans (and participation interests in Letters of Credit) as reflected in the revised Part I of Schedule 3 required by this Section 2.14, provided that the Borrower shall pay any amounts due under
Section 3.5 to the extent that any such purchase gives rise to the costs indemnified thereby. 
 (c) As a condition
precedent to such increase, the Borrower shall deliver to the Agent a counterpart of the Revolving Loan Lender Certificates dated as of the Increase Effective Date (for posting on Intralinks) signed by an 

  

 4 

 
Authorized Officer of the Borrower certifying that, before and after giving effect to such increase, the representations and warranties contained in
Article V are true and correct on and as of the Increase Effective Date and no Default or Event of Default or Borrowing Base Deficiency exists. The Borrower shall execute and deliver replacement Revolving Loan Notes, as required, in accordance
with Section 2.13 reflecting such Revolving Loan Lender’s Revolving Loan Commitment, which Revolving Loan Notes shall be dated as of the date of this Agreement and shall otherwise comply with the provisions of Section 2.14.

 (d) This Section shall supersede any provision in Section 10.1 to the contrary.” 
 (c) Section 7.6(a). Clause (a) of Section 7.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “(a) by Borrower to any of its shareholders on any date, provided that all Distributions made pursuant to this clause
(a) in any Fiscal Year shall not exceed the Available Distribution Amount, or” 
 (d) Section 7.12. Section 7.12
of the Credit Agreement is hereby amended by replacing the phrase “greater than 2.0 to 1.0” with the phrase “greater than 2.5 to 1.0”. 
 (e) Section 7.13. Section 7.13 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Section 7.13 Reserved.” 
 (f) Section 7.14. Section 7.14 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Section 7.14 Minimum Asset Coverage Ratio. Borrower will not permit its Minimum Asset Coverage Ratio as of the last day of
any Fiscal Quarter that occurs prior to the Tranche B Repayment Date to be less than 2.0 to 1.0; provided that the calculation of the Borrower’s Minimum Asset Coverage Ratio for purposes of this Section 7.14 shall exclude any
non-cash assets or liabilities in respect of Hedging Contracts described in, and calculated pursuant to, Statement of Financial Accounting Standards 133 and 143, each as amended (provided that, for the avoidance of doubt, the calculation of Minimum
Asset Coverage Ratio shall include any assets or liabilities in respect of the termination of any Hedging Contracts).” 
 (g)
Schedule 3. Part I of Schedule 3 to the Credit Agreement is hereby replaced with Annex I attached hereto. 
 (h) Exhibit H. A
new Exhibit H is hereby added to the Credit Agreement in the form of Annex II hereto. 
 2. Representations and Warranties. The
Borrower and each Restricted Person hereby represents and warrants that after giving effect hereto: 
 (a) the representations and warranties
of the Borrower and such Restricted Person contained in the Loan Documents are true and correct in all material respects on and as of the Effective Date, other than those representations and warranties that expressly relate solely to a specific
earlier date, which shall remain correct in all material respects as of such earlier date; 
  

 5 

 (b) the execution, delivery and performance by the Borrower and such Restricted Person of this Amendment
are within their corporate or limited liability powers, have been duly authorized by all necessary action, require, in respect of any of them, no action by or in respect of, or filing with, any governmental authority which has not been performed or
obtained and do not contravene, or constitute a default under, any provision of Law or regulation or the articles of incorporation or the bylaws of any of them or any agreement, judgment, injunction, order, decree or other instrument binding upon
the Borrower or such Restricted Person or result in the creation or imposition of any Lien on any asset of any of them except as contemplated by the Loan Documents; 
 (c) the execution, delivery and performance by the Borrower and such Restricted Person of this Amendment has been duly authorized by all necessary action required on their part and this Amendment constitutes the
legal, valid and binding obligation of each of them enforceable against them in accordance with its terms; and 
 (d) no Default or Event of
Default has occurred and is continuing. 
 3. Effectiveness. This Amendment shall be deemed effective as of the Effective Date when:

 (a) the Agent shall have received counterparts hereof duly executed by the Borrower, the Agent and the Required Lenders; 
 (b) as consideration for the extension of the Revolving Loan Maturity Date, the Borrower shall have paid to the Agent for the account and of the Agent
and the Revolving Loan Lenders the fees set forth in the Fee Letter dated July 24, 2008; and 
 (c) to the extent requested by it,
(i) each New Revolving Loan Lender (as defined in Section 8 below) shall have received a Revolving Loan Note and (ii) each existing Revolving Loan Lender shall have received its replacement Revolving Loan Note, in each case
payable to it in the principal amount of its “Revolving Loan Commitment” as specified in Annex I attached hereto (or the Agent shall have received such note on its behalf ); 
 provided that Section 1(b) shall not become effective until such time that (i) the Agent shall have received counterparts hereof duly executed by
all Revolving Loan Lenders; and (ii) the Tranche B Repayment Date has occurred. 
 4. Ratification; Loan Document. This Amendment
shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as hereby amended, is hereby ratified, approved and confirmed in each and every respect. The Borrower and each other Restricted Person hereby ratifies, approves
and confirms in every respect all the terms, provisions, conditions and obligations of the Loan Documents (including, without limitation, all Security Documents) to which it is a party. All references to the Credit Agreement in any Loan Document or
in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement as hereby amended. This Amendment is a Loan Document. 
  

 6 

 5. Costs And Expenses. As provided in Section 10.4 of the Credit Agreement, the Borrower
agrees to reimburse Agent for all reasonable costs and expenses incurred by or on behalf of Agent (including attorneys’ fees, consultants’ fees and engineering fees, travel costs and miscellaneous expenses) in connection with this
Amendment and any other agreements, documents, instruments, releases, terminations or other collateral instruments delivered by the Agent in connection with this Amendment. 
 6. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 7. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment or affecting the validity or enforceability of such provision in any other jurisdiction. 

8. New Revolving Loan Lenders; Purchase and Sale of Revolving Loans, Etc. 
 (a) By its execution and delivery hereof, effective as of the Effective Date, (i) each of Bank of America, N.A., ING Capital LLC, Morgan Stanley Bank
and The Bank of Nova Scotia (each, a “New Revolving Loan Lender”) shall be deemed automatically to have become a party to the Credit Agreement, shall have all the rights and obligations of a “Revolving Loan Lender” under
the Credit Agreement and the other Loan Documents as if each were an original signatory thereto, and shall agree, and does hereby agree, to be bound by the terms and conditions set forth in the Credit Agreement and the other Loan Documents to which
the Revolving Loan Lenders are a party, in each case, as if each were an original signatory thereto; and (ii) Lehman Commercial Paper Inc. (the “Exiting Lender”), shall cease to be a Revolving Loan Lender, shall have no
Revolving Loan Commitments under the Credit Agreement, and shall relinquish its rights (provided that it shall still be entitled to any rights of indemnification in respect of any circumstance or event or condition arising prior to the Effective
Date) and be released from its obligations under the Credit Agreement and the other Loan Documents. 
 (b) Each New Revolving Loan Lender
(i) confirms that it has received a copy of the Credit Agreement 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 the Credit Agreement;
(ii) agrees that it will, independently and without reliance upon the Agent, any Issuer or any other Lender 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 Credit Agreement; (iii) represents and warrants that its name set forth herein is its legal name; (iv) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such

  

 7 

 
powers and discretion under the Loan Documents as are delegated to the Agent by the terms thereof, together with such powers and discretion as are reasonably
incidental thereto; and (vi) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Revolving Loan Lender. 
 (c) Each New Revolving Loan Lender hereby advises each other party hereto that its respective address for notices shall be as set forth below its name on
Annex I hereto. 
 (d) Effective as of the Effective Date, each of the Exiting Lender and the Revolving Loan Lenders (other than the
New Revolving Loan Lenders) hereby sells, assigns, transfers and conveys to the New Revolving Loan Lenders and other relevant Revolving Loan Lenders, and each of the New Revolving Loan Lenders and such other Revolving Loan Lenders hereby purchases
and accepts, in each case so much of the aggregate Revolving Loan Commitments under, Revolving Loans outstanding under, and/or participations in Letters of Credit issued pursuant to, the Credit Agreement such that, after giving effect to this
Amendment, the Revolving Loan Percentage Share of each Revolving Loan Lender, and the Revolving Loan Commitment of each Revolving Loan Lender, shall be as set forth on Annex I hereto. The foregoing sales, assignments, transfers and
conveyances are without any warranties whatsoever by the Agent, any Issuer, the Exiting Lender or any Revolving Loan Lender making such sale, assignment, transfer and conveyance (each such Revolving Loan Lender, herein an “Assignor Revolving
Loan Lender”) as to title, enforceability, collectibility, documentation or freedom from liens or encumbrances, in whole or in part, other than the warranty of the Exiting Lender and such Assignor Revolving Loan Lender that it has not
previously sold, transferred, conveyed or encumbered such interests. 
 (e) The Assignor Revolving Loan Lenders, on the one hand, and the New
Revolving Loan Lenders and other relevant Revolving Loan Lenders purchasing and accepting such sales, assignments, transfers and conveyances under this Section 8 (each such New Revolving Loan Lender or such other relevant Revolving Loan
Lender, herein the “Assignee Revolving Loan Lenders”), on the other hand, shall make all appropriate adjustments in payments under the Credit Agreement, the Revolving Loan Notes and the other Loan Documents so that the relevant
Assignor Revolving Loan Lender or Assignee Revolving Loan Lender, as the case may be, will receive the appropriate portion of such payment in a manner consistent with the effectiveness (as of the Effective Date) of the sales, assignments, transfers
and conveyances made pursuant to this Section 8. The Exiting Lender acknowledges and agrees that it is not entitled to any fee under Section 3(b) of this Amendment. 
 9. Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument, and any party hereto may execute this Amendment by signing one or more counterparts. Any signature hereto delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto. 
 10. Successors and Assigns. This Amendment shall be binding upon the Borrower and its successors and permitted assigns and shall inure, together
with all rights and remedies of each Lender Party hereunder, to the benefit of each Lender Party and its successors, transferees and assigns. 
  

 8 

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

			
	BORROWER:
	
	W&T OFFSHORE, INC.
		
	By:	 	 /s/ John D. Gibbons

	Name:	 	John D. Gibbons
	Title:	 	Chief Financial Officer

			
	 TORONTO DOMINION (TEXAS) LLC,
 as Agent and
Lender

		
	By:	 	 /s/ Ian Murray

	Name:	 	Ian Murray
	Title:	 	Authorized Signatory
	
	 THE TORONTO-DOMINION BANK,
 as
Issuer

		
	By:	 	 /s/ Robyn Zeller

	Name:	 	Robyn Zeller
	Title:	 	Managing Director

			
	 FORTIS CAPITAL CORP.
 as Issuer and Lender

		
	By:	 	 /s/ Casey Lowary

	Name:	 	Casey Lowary
	Title:	 	Director
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director

			
	 BMO CAPITAL MARKETS FINANCING, INC.,
 as
Lender

		
	By:	 	 /s/ James V. Ducote

	Name:	 	James V. Ducote
	Title:	 	Director

			
	 BANK OF SCOTLAND PLC,
 as
Lender

		
	By:	 	 /s/ Julia R Franklin

	Name:	 	Julia R Franklin
	Title:	 	Assistant Vice President

			
	 NATIXIS,
 as Lender

		
	By:	 	 /s/ Daniel Payer

	Name:	 	Daniel Payer
	Title:	 	Director
		
	By:	 	 /s/ Donovan C. Broussard

	Name:	 	Donovan C. Broussard
	Title:	 	Managing Director

			
	 GE BUSINESS FINANCIAL SERVICES, INC.
 f/k/a
MERRILL LYNCH BUSINESS FINANCIAL SERVICES, INC.,
 as Lender

		
	By:	 	 /s/ Randall Hornick

	Name:	 	Randall Hornick
	Title:	 	Authorized Signatory

			
	 ROYAL BANK OF CANADA,
 as
Lender

		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory

			
	 SOCIÉTÉ GÉNÉRALE,
 as Lender

		
	By:	 	 /s/ Stephen W. Warfel

	Name:	 	Stephen W. Warfel
	Title:	 	Managing Director

			
	 AMEGY BANK NATIONAL ASSOCIATION,
 as Lender

		
	By:	 	 /s/ W. Bryan Chapman

	Name:	 	W. Bryan Chapman
	Title:	 	Senior Vice President

			
	 BNP PARIBAS,
 as Lender

		
	By:	 	 /s/ Douglas R. Liftman

	Name:	 	Douglas R. Liftman
	Title:	 	Managing Director
		
	By:	 	 /s/ Russell Otts

	Name:	 	Russell Otts
	Title:	 	Director

			
	 GUARANTY BANK, FSB,
 as
Lender

		
	By:	 	 /s/ Christopher S. Parada

	Name:	 	Christopher S. Parada
	Title:	 	Senior Vice President

			
	 SUNTRUST BANK,
 as
Lender

		
	By:	 	 /s/ David Simpson

	Name:	 	David Simpson
	Title:	 	Vice President

			
	 BANK OF AMERICA, N.A.,
 as
Lender

		
	By:	 	 /s/ Stephen J. Hoffman

	Name:	 	 Stephen J. Hoffman

	Title:	 	Managing Director

			
	 ING CAPITAL LLC,
 as
Lender

		
	By:	 	 /s/ Charles E. Hall

	Name:	 	Charles E. Hall
	Title:	 	Managing Director

			
	 MORGAN STANLEY BANK,
 as
Lender

		
	By:	 	 /s/ Daniel Twenge

	Name:	 	Daniel Twenge
	Title:	 	Authorized Signatory

			
	 THE BANK OF NOVA SCOTIA,
 as
Lender

		
	By:	 	 /s/ David Mills

	Name:	 	David Mills
	Title:	 	Director

			
	Solely for purposes of Sections 8(a)(ii), 8(d) and 8(e):
	
	 LEHMAN COMMERCIAL PAPER INC.,
 as Exiting
Lender

		
	By:	 	 /s/ Authorized Signatory

	Name:	 	 Authorized Signatory

	Title:	 	

			
	 ACKNOWLEDGED AND AGREED:
  
 OFFSHORE ENERGY I LLC

		
	By:	 	 /s/ Thomas F. Getten

	Name:	 	Thomas F. Getten
	Title:	 	Authorized Representative
	
	OFFSHORE ENERGY II LLC
		
	By:	 	 /s/ Thomas F. Getten

	Name:	 	Thomas F. Getten
	Title:	 	Authorized Representative
	
	OFFSHORE ENERGY III LLC
		
	By:	 	 /s/ Thomas F. Getten

	Name:	 	Thomas F. Getten
	Title:	 	Authorized Representative
	
	GULF OF MEXICO OIL AND GAS PROPERTIES LLC
		
	By:	 	 /s/ Thomas F. Getten

	Name:	 	Thomas F. Getten
	Title:	 	Authorized Representative
	
	OFFSHORE SHELF LLC
		
	By:	 	 /s/ Thomas F. Getten

	Name:	 	Thomas F. Getten
	Title:	 	Authorized Representative

 ANNEX I 
  

	I.	REVOLVING LOAN LENDERS 

  

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment
	Lending Office for ABR Loans:	  			 		
			
	Toronto Dominion (Texas) LLC	  	10.00000000	%	 	$	50,000,000
	 31 West 52nd Street,
20th Floor
	  			 		
	 New York, New York 10019
	  			 		
	 Tel:
	 	 (212) 827-7600
	  			 		
	 Fax:
	 	 (212) 827-7227
	  			 		
	 Attn:
	 	 Rose Warren
	  			 		
	  
 (with a copy
to:
	  			 		
	 909 Fannin, Suite 1700
	  			 		
	 Houston, Texas 77010
	  			 		
	 Tel:
	 	 (713) 653-8211
	  			 		
	 Fax:
	 	 (713) 652-2647
	  			 		
	 Attn:
	 	 Martin Snyder)
	  			 		
			
	BMO Capital Markets Financing, Inc.	  	9.00000000	%	 	$	45,000,000
	f/k/a Harris Nesbitt Financing, Inc.	  			 		
	 115 S. LaSalle
	  			 		
	 Chicago, IL 60603
	  			 		
	 Tel:
	 	 (713) 223-4400
	  			 		
	 Fax:
	 	 (713) 223-4007
	  			 		
	 Attn:
	 	 Jim Ducote
	  			 		
			
	Fortis Capital Corp.	  	9.00000000	%	 	$	45,000,000
	 15455 North Dallas Parkway, Suite 1400
	  			 		
	 Addison, Texas 75001
	  			 		
	 Tel:
	 	 (214) 953-9311
	  			 		
	 Fax:
	 	 (214) 754-5982
	  			 		
	 Attn:
	 	 David Montgomery
	  			 		
			
	Natixis	  	9.00000000	%	 	$	45,000,000
	 333 Clay Street, Suite 4340
	  			 		
	 Houston, Texas 77002
	  			 		
	 Tel:
	 	 (713) 759-9401
	  			 		
	 Fax:
	 	 (713) 571-6167
	  			 		
	 Attn:
	 	 Tanya McAllister
	  			 		
			
	BNP Paribas	  	7.10000000	%	 	$	35,500,000
	 1200 Smith Street, Suite 3100
	  			 		
	 Houston, Texas 77002
	  			 		
	 Tel:
	 	 (713) 982-1172
	  			 		
	 Fax:
	 	 (713) 659-5915
	  			 		
	 Attn:
	 	 Russell Otts
	  			 		

  

 Annex I - 1 

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment
	GE Business Financial Services, Inc.	  	7.00000000	%	 	$	35,000,000
	f/k/a Merrill Lynch Business Financial Services, Inc.	  			 		
	 General Electric Capital Corporation
	  			 		
	 Corporate Financial Services
	  			 		
	 201 Merritt 7, P.O. Box 5201
	  			 		
	 Norwalk, Connecticut 06856-5201
	  			 		
	 Tel:
	 	 (203) 229-5770
	  			 		
	 Fax:
	 	 (203) 2295788
	  			 		
	 Attn:
	 	 Jackie Moales
	  			 		
			
	Royal Bank of Canada	  	7.00000000	%	 	$	35,000,000
	 One Liberty Plaza, 3rd Floor

	  			 		
	 New York, New York 10006
	  			 		
	 Tel:
	 	 (212) 428-6332
	  			 		
	 Fax:
	 	 (212) 428-2372
	  			 		
	 Attn:
	 	 Compton Singh
	  			 		
	  
 (with a copy
to:
	  			 		
	 5700 Williams Tower
	  			 		
	 2800 Post Oak Boulevard
	  			 		
	 Houston, Texas 77056
	  			 		
	 Tel:
	 	 (713) 403-5662
	  			 		
	 Fax:
	 	 (713) 403-5624
	  			 		
	 Attn:
	 	 Lorne Gartner)
	  			 		
			
	Guaranty Bank, FSB	  	6.40000000	%	 	$	32,000,000
	 8333 Douglas Avenue
	  			 		
	 Dallas, Texas 75225
	  			 		
	 Tel:
	 	 (214) 360-3414
	  			 		
	 Fax:
	 	 (214) 360-3460
	  			 		
	 Attn:
	 	 Chris Parada
	  			 		
			
	ING Capital LLC	  	5.00000000	%	 	$	25,000,000
	 1325 Avenue of Americas
	  			 		
	 New York, New York 10019
	  			 		
	 Tel:
	 	 (646) 424-8238
	  			 		
	 Fax:
	 	 (646) 424-8256
	  			 		
	 Attn:
	 	 Sue Mack
	  			 		

  

 Annex I - 2 

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment
	Amegy Bank National Association	  	4.50000000	%	 	$	22,500,000
	 4400 Post Oak Parkway #404
	  			 		
	 Houston, Texas 77027
	  			 		
	 Tel:
	 	 (713) 232-2026
	  			 		
	 Fax:
	 	 (713) 561-0345
	  			 		
	 Attn:
	 	 Bryan Chapman
	  			 		
			
	Bank of Scotland	  	4.50000000	%	 	$	22,500,000
	 565 Fifth Avenue
	  			 		
	 New York, New York 10017
	  			 		
	 Tel:
	 	 (212) 450-0877
	  			 		
	 Fax:
	 	 (212) 479-2806
	  			 		
	 Attn:
	 	 Karen Weich
	  			 		
			
	SunTrust Bank	  	4.50000000	%	 	$	22,500,000
	 303 Peachtree Street
	  			 		
	 Atlanta, Georgia 30308
	  			 		
	 Tel:
	 	 (404) 588-8660
	  			 		
	 Fax:
	 	 (404) 827-6270
	  			 		
	 Attn:
	 	 Jim Warren
	  			 		
			
	Bank of America, N.A.	  	4.50000000	%	 	$	22,500,000
	 901 Main Street
	  			 		
	 Dallas, Texas 75202
	  			 		
	 Tel:
	 	 (415) 436-4777 ext. 8543
	  			 		
	 Fax:
	 	 (972) 728-9178
	  			 		
	 Attn:
	 	 Suman Bhatti
	  			 		
			
	Morgan Stanley Bank	  	4.50000000	%	 	$	22,500,000
	 One Pierrepont Plaza, 7th Floor
	  			 		
	 300 Cadman Plaza West
	  			 		
	 Brooklyn, New York 11201
	  			 		
	 Tel:
	 	 (718) 754-7285
	  			 		
	 Fax:
	 	 (718) 754-7250
	  			 		
	 Attn:
	 	 Edward Henley
	  			 		
	  
 (for purposes of loan
administration, send notices
	  			 		
	 to:
	 		  			 		
	 Fax:
	 	 (718) 233-2140
	  			 		
	 Attn:
	 	 MSLOANSERVICING)
	  			 		
			
	The Bank of Nova Scotia	  	4.00000000	%	 	$	20,000,000
	 720 King Street W, 2nd Floor
	  			 		
	 Toronto, ON M5V 2T3
	  			 		
	 Tel:
	 	 (212) 225-5705
	  			 		
	 Fax:
	 	 (212) 225-5709
	  			 		
	 Attn:
	 	 Ivica Anastasov
	  			 		

  

 Annex I - 3 

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment
	Société Générale	  	4.00000000	%	 	$	20,000,000
	 1221 Avenue of the Americas
	  			 		
	 New York, New York 10020
	  			 		
	 Tel:
	 	 (212) 278-6164
	  			 		
	 Fax:
	 	 (212) 278-7343
	  			 		
	 Attn:
	 	 Tina Chen
	  			 		
	  
 (for credit purposes only,
notice address is:
	  			 		
	 1111 Bagby, Suite 2020
	  			 		
	 Houston, Texas 77002
	  			 		
	 Tel:
	 	 (713) 759-6312
	  			 		
	 Fax:
	 	 (713) 650-0824
	  			 		
	 Attn:
	 	 Stephen Warfel)
	  			 		
			
	 TOTAL
	  	100	%	 	$	500,000,000
			
	Lending Office for Eurodollar Loans:	  			 		
	 Same.
	  			 		

  

 Annex I - 4 

 ANNEX II 
 EXHIBIT H 
 FORM OF 
 REVOLVING LOAN LENDER CERTIFICATE 
 Reference is made to that certain Third Amended and
Restated Credit Agreement, dated as of May 26, 2006, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of June 9, 2006, as further amended by that certain Second Amendment to Third Amended
and Restated Credit Agreement dated as of July 27, 2006, as further amended by that certain Third Amendment to Third Amended and Restated Credit Agreement dated as of June 7, 2007, as further amended by that certain Waiver and Fourth
Amendment to Third Amended and Restated Credit Agreement dated as of November 6, 2007, and as further amended by that certain Fifth Amendment to Third Amended and Restated Credit Agreement dated as of July 24, 2008 (as so amended, and as
from time to time amended, supplemented, restated or otherwise modified, including pursuant to this Amendment, the “Credit Agreement”). Terms used, but not otherwise defined herein, shall have the same meanings herein as in the
Credit Agreement. 
 This Revolving Loan Lender Certificate is being delivered pursuant to Section 2.14(b) of the Credit Agreement.

 [Language for existing Revolving Loan Lender] 
 [Please
be advised that the undersigned has agreed (a) to increase its Revolving Loan Commitment under the Credit Agreement effective as of
                     from
$                     to
$                     and (b) that it shall continue to be a Revolving Loan Lender party in all respects to the Credit Agreement and the
other Loan Documents to which the Revolving Loan Lenders are party.] 
 [Language for additional Revolving Loan Lender] 
 [Please be advised that the undersigned has agreed (a) to become a Revolving Loan Lender under the Credit Agreement effective as of
                     with a Revolving Loan Commitment of
$                     and (b) that it shall be deemed to be a Revolving Loan Lender party in all respects to the Credit Agreement and the
other Loan Documents to which the Revolving Loan Lenders are party. 
 The undersigned hereby (i) confirms that it has received a copy of the Credit
Agreement 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 the Credit Agreement; (ii) agrees that it will, independently and without reliance
upon the Agent, any Issuer or any other Lender 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 Credit Agreement;
(iii) represents and warrants that its name set forth herein is its legal name; (iv) appoints and 

  

 Annex II - 1 

 
authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to the
Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (vi) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are
required to be performed by it as a Revolving Loan Lender. 
 The undersigned hereby advises each of the Lender Parties that its address for notices shall be
as set forth below its name on Annex I hereto. [attach Annex I]] 
  

 Annex II - 2 

			
	Very truly yours,
	
	[REVOLVING LOAN LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Language for Borrower] 
 [The undersigned,                    , does hereby certify that he is the duly elected, qualified, and acting
                     of the Borrower, and that before and after giving effect to such increase of the Revolving Loan Commitments, (i) the
representations and warranties contained in Article V of the Credit Agreement are true and correct on and as of the date hereof, (ii) no Default or Event of Default exists, and (iii) no Borrowing Base Deficiency exists.] 
  

			
	W&T OFFSHORE, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Annex II - 3Stock Purchase and Sales Agreement, dated as of June 30, 2008

 Exhibit 10.1 
 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN
ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
 CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BASED ON A 
 REQUEST FOR
CONFIDENTIAL TREATMENT 
 OMITTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE 
 SECURITIES AND EXCHANGE COMMISSION 
 STOCK PURCHASE AND SALE AGREEMENT 
 This STOCK PURCHASE AND SALE AGREEMENT (this “Agreement”) is
dated as of June 30, 2008 by and among Falcon Mezzanine Partners, LP, a Delaware limited partnership (the “Seller”), and GrafTech International Holdings Inc., a Delaware corporation (the
“Buyer”). 
 WHEREAS, the Seller owns 1,000 shares (the “Company Shares”) of
common stock, $0.01 par value per share, of Falcon-Seadrift Holding Corp. (the “Company”); 
 WHEREAS, the Company is
a single purpose entity formed to hold 18,500 limited partnership units (the “Units”) in Seadrift Coke L.P. (the “Partnership”); and 
 WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to purchase from the Seller, all of the Company Shares on the terms and
conditions set forth herein. 
 NOW THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements, and upon
the terms and subject to the conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1 PURCHASE AND SALE OF COMPANY SHARES; CLOSING 
 Section 1.1. Purchase and Sale of Company Shares. Subject to the terms and conditions set forth in this Agreement and in reliance on the representations, warranties, covenants and agreements contained
herein, at the Closing (as defined below), the Seller agrees to sell to the Buyer, and the Buyer agrees to purchase from the Seller, the Company Shares in consideration of One Hundred Thirty Five Million Dollars ($135,000,000) (the
“Purchase Price”). 
 Section 1.2. Closing. Subject to the terms and conditions set forth in this
Agreement, the closing (the “Closing”) of the purchase and sale of the Company Shares and the other transactions contemplated by this Agreement shall be held at the offices of Kelley Drye & Warren LLP, 101 Park
Avenue, New York, NY 10178-0002 at 2:00 pm New York time, on the date hereof, or at such other time or such other place as the Buyer and the Seller may mutually determine. At the Closing, the Seller will deliver herewith to the Buyer (i) an
original share 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 
certificate evidencing the Company Shares, which shares will be free and clear of all liens, charges and encumbrances other than Permitted Liens, (ii) a
share transfer power executed in blank, (iii) signed letters of resignation from each of the Company’s officers and directors and from the Company’s designated director of Seadrift Coke, LLC, the general partner of the Partnership
(the “GP LLC”), and (iv) a mutual release by such officers and directors in favor of the Company. At the Closing, the Buyer will deliver herewith to the Seller as full payment for the Company Shares an amount equal to
the Purchase Price by wire transfer of immediately available funds to an account designated in writing by the Seller, as well as a mutual release by the Company and the Buyer in favor of the resigning officers and directors. 
 Section 1.3. Bank Account. Immediately following to the Closing, the Seller shall cause all amounts contained in the Bank Account (as
defined below) to be transferred to Buyer by wire transfer of immediately available funds to an account designated in writing by the Buyer. Promptly following the Closing, the Seller shall initiate steps to close the Bank Account. The parties agree
that the Persons with signatory authority in respect of the Bank Account immediately prior to Closing will retain such authority following the Closing for the sole purpose of closing the Bank Account as contemplated above. The parties agree to
cooperate after the Closing to give effect to the foregoing. 
 SECTION 2 REPRESENTATIONS AND WARRANTIES OF THE SELLER 
 In order to induce the Buyer to enter into this Agreement, the Seller makes to the Buyer the representations and warranties contained in this
Section 2. References in this Section 2 to the “Seller’s Knowledge” means, with respect to a particular matter, the actual knowledge of such matter of *, without any obligation on the part thereof to make any
inquiry in respect of such matter. 
 Section 2.1. Organization; Authority. 
 (a) The Seller is a limited partnership validly existing and in good standing under the laws of the State of Delaware. This Agreement and
all instruments executed and delivered by the Seller pursuant hereto are valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, from time to time in effect, and by equitable limitations on the availability of specific remedies and by principles of equity. The Seller has full
right, authority, power and capacity to enter into this Agreement and all instruments executed and delivered by the Seller pursuant hereto and to carry out the transactions contemplated hereby and thereby. 
 (b) The Company is a corporation validly existing and in good standing under the laws of the State of Delaware, with full corporate
authority to carry out its business as presently conducted, and has not engaged in any business activities other than acquiring and holding the Units, entering into the Equity Documents, and matters incidental to the foregoing. 
  

 2 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 Section 2.2. Capitalization. 
 (a) The authorized and issued capital of the Company consists of 1,000 shares of common stock, par value $0.01 per share, all of which are
duly issued, fully paid and non-assessable, owned of record and beneficially by the Seller, free and clear of all liens other than Permitted Liens. There are no outstanding rights to purchase shares of capital stock of the Company. 
 (b) The Company solely owns of record and beneficially the Units, free and clear of all liens other than Permitted Liens, and, based
solely on materials provided by or on behalf of the Partnership, the Units comprise 18.915962%, on a fully diluted basis, of the equity interests in the Partnership as of the Closing. 
 Section 2.3. No Additional Interests. Neither the Seller nor any of its Affiliates hold or own any other interests or rights in or with
respect to the Partnership (other than the Seller’s rights and interests as a creditor in respect of the Notes, the Note and Unit Purchase Agreement and related agreements and instruments). 
 Section 2.4. Assets and Liabilities; Distributions. The Company has no assets or Liabilities of any kind, other than cash in the Bank
Account, the Tax Credits, the Units and related contractual rights and obligations under the Equity Documents, contractual rights and obligations under the limited liability company agreement of the GP LLC to the extent that the Company is a
third-party beneficiary of such agreement, 2008 Tax Distributions related to the Units, and 2008 Tax Liabilities. To the Seller’s Knowledge, no distributions have been made by the Partnership in respect of operations during the period beginning
on January 1, 2008 and ending on the date of Closing (other than tax distributions). 
 Section 2.5. Equity Documents. The
Seller has provided to the Buyer complete and accurate copies of each of the Equity Documents. Each of the Equity Documents was duly executed and delivered by the Seller or the Company, as applicable, and, to the Seller’s Knowledge, the other
parties thereto, and the Seller has not agreed in writing to any waiver or modification to any of the Equity Documents and, to the Seller’s Knowledge, no Person is in material breach under or has granted any oral waiver of or modification to
any of the Equity Documents. 
 Section 2.6. Corporate Records. The Seller has provided to the Buyer complete and accurate
copies of the Company’s certificate of incorporation, bylaws and, to the Seller’s Knowledge, minutes of all board and stockholder meetings (or written consents in lieu thereof). 
 Section 2.7. No Conflicts; Third Party Consents. To the Seller’s Knowledge, the execution and delivery of this Agreement and the
performance of the transactions hereunder do not (i) result in any violation of law applicable to the Seller or the Company or (ii) result in any violation of a contract of the Seller. To the Seller’s Knowledge, the Seller is in
compliance with applicable law in respect of the Company. To the Seller’s Knowledge, no consent of a third party is necessary to consummate the transactions contemplated hereunder on the part of the Company or the Seller. 
  

 3 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 Section 2.8. Financial Statements; Tax Returns. The Company has not prepared any
independent financial statements. The Seller has provided to the Buyer complete copies of the tax returns of the Company for the tax periods ending on December 31, 2005, 2006 and 2007, and the evidence of outgoing wire transfers with respect to
the 2008 estimated tax payments made by the Company through the Closing, and, to the Seller’s Knowledge, and with respect to 2008 taxes through the Closing Date, based solely on the information provided to the Seller by the Partnership and the
GP LLC, (i) such tax returns have been timely filed, (ii) the unpaid tax liabilities of the Company from the period from January 1, 2008 through the Closing do not exceed the amount of cash in the Bank Account at Closing (including
the amounts to be transferred to the Buyer pursuant to Section 1.3 hereof) plus the Tax Credits and tax distributions receivable from the Partnership after the Closing for the period through the Closing, and (iii) no tax audit of the
Company is pending or threatened. 
 Section 2.9. Deposit Accounts. The Company has no deposit accounts except for that deposit
account described on Schedule 2.9 hereto (the “Bank Account”), which Bank Account shall be closed following the Closing as contemplated in Section 1.3 hereof. 
 Section 2.10. Officers and Directors. The names and titles of the officers and directors of the Company and the Company’s designee on
the board of the GP LLC as of immediately prior to Closing are set forth on Schedule 2.10 hereto. 
 Section 2.11. Broker
Fees. The Seller has no liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement. 
 Section 2.12. No Other Representations. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2, THE SELLER MAKES NO REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, AND ANY SUCH OTHER REPRESENTATIONS OR WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED, AND EXCEPT TO THE EXTENT
SPECIFICALLY SET FORTH IN THIS SECTION 2, THE BUYER IS PURCHASING THE COMPANY SHARES ON AN “AS-IS, WHERE-IS” BASIS. FOR THE AVOIDANCE OF DOUBT, THE SELLER MAKES NO REPRESENTATION OR WARRANTY IN RESPECT OF THE PARTNERSHIP, ITS AFFILIATES,
OR THE PARTNERSHIP’S BUSINESS OR ANY OF THE PARTNERSHIP’S ASSETS OR LIABILITIES. 
 SECTION 3 REPRESENTATIONS AND WARRANTIES OF THE
BUYER 
 In order to induce the Seller to enter into this Agreement, the Buyer makes to the Seller the representations and warranties
contained in this Section 3. 
  

 4 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 Section 3.1. Organization; Authority. 
 (a) The Buyer is a corporation validly existing and in good standing under the laws of the State of Delaware, with full corporate
authority to carry out its business as presently conducted. 
 (b) This Agreement and all instruments executed and delivered
by the Buyer pursuant hereto are valid and binding obligations of the Buyer enforceable in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ rights generally, from time to time in effect, and by equitable limitations on the availability of specific remedies and by principles of equity. The Buyer has full right, authority, power and capacity to enter
into this Agreement and all instruments executed and delivered by the Buyer pursuant hereto and to carry out the transactions contemplated hereby and thereby. 
 Section 3.2. No Conflicts; Third Party Consents. To the Buyer’s knowledge, the execution and delivery of this Agreement and the performance of the transactions hereunder do not (i) result in
any violation of any law applicable to Buyer, (ii) violate any contract to which the Buyer is a party, or (iii) result in any violation of the Buyer’s charter, by-laws or other governing documents, each as currently in effect. To the
Buyer’s knowledge, no consent of a third party is necessary to consummate the transactions contemplated hereunder on the part of the Buyer. The Buyer is not engaged in, and does not control any Person engaged in, the “Business” (as
such term is defined in the Partnership Agreement). 
 Section 3.3. Accredited Investor; Investment Purpose. The Buyer has
evaluated the merits and risks of purchasing the Company Shares on the terms set forth in this Agreement on its own and without reliance upon the Seller, and has such knowledge and experience in financial and business matters that it is capable of
evaluating the merits and risks of such purchase, is aware of and has considered the financial risks and financial hazards of purchasing the Company Shares on the terms set forth in this Agreement and is able to bear the economic risks of purchasing
the Company Shares, including the possibility of complete loss with respect thereto. The Buyer has had access to such information regarding the business and finances of the Company and such other matters with respect to the Company as a reasonable
person would consider in evaluating the transactions contemplated hereby, including, in particular, all information necessary to determine the fair market value of the Company Shares. The Buyer acknowledges that the Company Shares and the Units are
restricted securities and are subject to the terms, conditions and restrictions set forth in the Equity Documents. The Buyer is an “accredited investor” as such term is defined in Rule 501 of Regulation D, and is purchasing the Company
Shares for investment and not with a view toward distribution other than in compliance with the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

 Section 3.4. Broker Fees. The Buyer has no liability or obligation to pay any fees or commissions to any broker, finder, or
agent with respect to the transactions contemplated by this Agreement, other than Goldman, Sachs & Co. 
  

 5 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 Section 3.5. No Reliance; Disclaimer. THE BUYER ACKNOWLEDGES THAT THE REPRESENTATIONS AND
WARRANTIES OF THE SELLER EXPRESSLY CONTAINED IN THIS AGREEMENT CONSTITUTE THE SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES OF THE SELLER TO THE BUYER IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND THE BUYER
ACKNOWLEDGES THAT ALL OTHER REPRESENTATIONS AND WARRANTIES ARE SPECIFICALLY DISCLAIMED AND MAY NOT BE RELIED UPON OR SERVE AS A BASIS FOR A CLAIM AGAINST THE SELLER. 
 SECTION 4 COVENANTS 
 Section 4.1. Corporate Records and Notices. The
Seller hereby agrees to use commercially reasonable efforts to deliver to the Buyer following the Closing all board materials of the Company and reports and all formal notices under the Equity Documents (but excluding any materials related to the
Notes and any informal or internal communications (including electronic communications)) received by the Seller from or on behalf of the Partnership or the Partnership’s general partner, and which are currently in the Seller’s possession.

 Section 4.2. Further Assurances. Each of the Seller and the Buyer from time to time after the Closing at the request of the
other party hereto and without further consideration shall take such other action as a party may reasonably request to fully implement the provisions of this Agreement. Without limiting the foregoing, upon the reasonable request by the Buyer and at
reasonable times following reasonable notice, and only to the extent reasonably necessary, the Seller shall use commercially reasonable efforts to make available its officers and employees who are responsible for its investment in the Company to
discuss and answer questions regarding the Seller’s investment in the Company or the Company’s assets or liabilities (including discussions to assist the Buyer in the Buyer’s preparation of any financial statements for the Company),
except to the extent that the Seller is advised by its counsel that providing such information may have an adverse effect on the Seller. The Seller’s obligations pursuant to the preceding sentence will terminate upon completion of the
Buyer’s 2010 audit. The Buyer shall reimburse the Seller for its out-of-pocket costs and expenses related to the foregoing. Each of the Seller and the Buyer shall use commercially reasonable efforts to assist and cooperate with one another and
any tax authorities with respect to any tax filings, tax audits or other tax matters relating to the Company and for any periods prior to the Closing. 
 Section 4.3. Confidentiality. 
 (a) Except as required under applicable law,
neither the Seller nor the Buyer shall disclose to any Person the existence of or the terms of this Agreement or the transactions contemplated hereunder without the prior written consent of the other party, except that a party may disclose the terms
of this Agreement to any professional advisor or representative and their respective Affiliates and limited partners, so long as such party 

  

 6 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 
is subject to similar restrictions. Except as required under applicable law, each party hereto shall obtain the consent of the other in connection with any
press release or other public disclosure regarding the transactions contemplated hereby, prior to any such release or disclosure. Notwithstanding the foregoing, (i) the parties acknowledge and agree that the parties shall be permitted to
disclose the existence of this Agreement to the Partnership, (ii) if the Buyer determines, after consultation with legal counsel, that the Buyer is required under applicable securities laws to file this Agreement with the Securities and
Exchange Commission, such disclosure is permitted hereunder, and (iii) in the event either party otherwise is required by law to disclose such information, such party will provide the other party with prompt notice of such requirement so the
non-disclosing party may seek an appropriate protective order and failing the entry of such protective order, the disclosing party may disclose only such information as determined by independent legal counsel is required and will exercise reasonable
efforts to maintain the assurance that confidential treatment will be accorded such information; provided, however, that the disclosing party will use its best efforts not to disclose the name of or other identifying information
concerning the non-disclosing party. 
 (b) For a period of two (2) years following the Closing, the Seller will use
commercially reasonable efforts to comply with the terms of Section 9.11 of the Note and Unit Purchase Agreement as though it remained a “Purchaser” (as defined in the Note and Unit Purchase Agreement) thereunder. 
 Section 4.4. Resignation as Agent. The Seller agrees to resign as “Agent” under the Note and Unit Purchase Agreement promptly
following the Closing. Following such resignation, the Buyer agrees to take such action as the Seller may reasonably request from time to time to preserve and enforce the Seller’s rights as a Purchaser and creditor in respect of the Notes, the
Note and Unit Purchase Agreement and related agreements and instruments, and the Seller shall reimburse the Buyer for its out-of-pocket costs and expenses related to the foregoing. Subject to the foregoing sentence, for the avoidance of doubt, the
Seller shall not be responsible for any fees or expenses of the Agent following the Closing. 
 SECTION 5 GENERAL PROVISIONS 

Section 5.1. Certain Definitions. For purposes of this Agreement: 
 (a) An “Affiliate” of any Person means, with respect to such Person, any other Person which directly or indirectly
controls, is controlled by or is under common control with the Person specified, and control means the possession directly or indirectly of the power to direct or cause the direction of the management or policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. 
 (b) “Equity Documents” shall mean,
collectively, the Note and Unit Purchase Agreement, the Voting Agreement, the Registration Rights Agreement, the Put Agreement and the Partnership Agreement. 
  

 7 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 (c) “Liabilities” shall mean any liabilities, obligations,
assessments, costs, expenses, expenditures, charges, fees, penalties or fines, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated. 
 (d) “Notes” means those certain promissory notes issued pursuant to the Note and Unit Purchase Agreement.

 (e) “Note and Unit Purchase Agreement” means that certain Note and Unit Purchase Agreement dated as
of April 29, 2005 by and among the Partnership, the Seller, the Company and other parties thereto, as amended by that certain First Amendment to Note and Unit Purchase Agreement dated on or about December 16, 2005, that certain Second
Amendment to Note and Unit Purchase Agreement dated on or about March 6 ,2006, and that certain Third Amendment to Note and Unit Purchase Agreement dated on or about June 29, 2006. 
 (f) “Partnership Agreement” means that certain First Amended and Restated Agreement of Limited Partnership of the
Partnership. 
 (g) “Permitted Liens” means any and all liens, charges and encumbrances under the
Equity Documents and applicable securities laws, those created or imposed by the Buyer, and liens for taxes not yet due and payable. 
 (h) “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity. 
 (i) “Put Agreement” means that certain Put Agreement dated as of April 29, 2005 by and between the
Partnership and the Company. 
 (j) “Registration Rights Agreement” means that certain Registration
Rights Agreement dated as of April 29, 2005 by and among the Partnership, the Company, and other parties thereto. 
 (k)
“Tax Credits” means the overpayments by the Company in respect of the taxable year ending December 31, 2007 in the amount of (i) with respect to *, *, and (ii) with respect to *, *. 
 (l) “Voting Agreement” means that certain Voting Agreement dated as of April 29, 2005 by and among the GP
LLC, Jordanmill Ventures LLC, and the Company. 
 (m) “2008 Tax Distributions” means the distributions
made by the Partnership to the Company in the aggregate amount of $* in respect of *. 
  

 8 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 (n) “2008 Tax Liabilities” means the tax liabilities of the
Company for the period from January 1, 2008 through immediately prior to the Closing, based upon a hypothetical closing of the books of the Partnership immediately prior to the Closing. 
 Section 5.2. Certain Taxes. The Buyer shall bear responsibility for any transfer, sale and use taxes in connection with the transactions
contemplated hereunder. The Seller shall bear responsibility for any capital gains taxes or other taxes incurred by the Seller in connection with the transactions contemplated hereunder. 
 Section 5.3. Entire Agreement; Severability. This Agreement (including the Schedules and instruments referred to herein) constitutes the
entire agreement, and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement. If any term, condition or other provision of this Agreement is found to be
invalid, illegal or incapable of being enforced by virtue of any rule of law, public policy or court determination, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect. 
 Section 5.4. Survival; Liability. 
 (a) All representations and warranties contained herein, (i) shall survive
until the second (2nd) anniversary of the date of the Closing (except with respect to fraud claims with respect to this Agreement), after which
date they shall expire and have no further force or effect, and (ii) shall bind the parties’ successors, heirs and assigns (including, without limitation, any successor by way of acquisition, merger or otherwise), whether so expressed or
not, and, except as otherwise provided, all such representations and warranties, covenants and agreements contained herein shall inure to the benefit of the parties (subject to Section 5.8 below) and their respective successors, heirs and
assigns, whether so expressed or not. 
 (b) In no event shall the Seller’s liability with respect to any breach of its
representations, warranties or covenants made hereunder or any other claim in respect of the transactions contemplated hereunder exceed the Purchase Price. 
 Section 5.5. Counterparts. This Agreement may be executed in one or more facsimile counterparts, all of which will be considered one and the same agreement. 
 Section 5.6. Amendments. This Agreement may not be amended or modified, nor may compliance with any condition or covenant set forth herein
be waived, except by a writing duly and validly executed by the Buyer and the Seller, or in the case of a waiver, the party waiving compliance. 
 Section 5.7. Governing Law. THE VALIDITY, INTERPRETATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW RULE THAT
WOULD CAUSE THE APPLICATION OF 

  

 9 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 
THE LAWS OF ANY JURISDICTION OTHER THAN THE INTERNAL LAWS OF THE STATE OF NEW YORK TO THE RIGHTS AND DUTIES OF THE BUYER OR THE SELLER). Each party agrees
that any proceeding arising out of or relating to this Agreement or the breach or threatened breach hereof shall be commenced and prosecuted in a court in the State of New York sitting in the Borough of Manhattan. Each party consents and submits to
the non-exclusive personal jurisdiction of any court in the State of New York sitting in the Borough of Manhattan in respect of any such proceeding. Each party consents to service of process upon it with respect to any such proceeding by any means
by which notices may be transmitted hereunder or by any other means permitted by applicable laws and rules. Each party waives any objection that it may now or hereafter have to the laying of venue of any such proceeding in any court in the State of
New York and any claim that it may now or hereafter have that any such proceeding in any court in the State of New York has been brought in an inconvenient forum. EACH PARTY WAIVES TRIAL BY JURY IN ANY SUCH PROCEEDING. 
 Section 5.8. Assignment. This Agreement may not be assigned or delegated by either party without the prior written consent of the other
party. This Agreement and the obligations of the parties hereunder shall be binding upon and enforceable by, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns, and no others. A lien on the
rights of a party under this Agreement created by a customary collateral security arrangement under a credit facility shall not be deemed a violation of this Section 5.8 and shall not require such prior consent. 
 Section 5.9. Third Party Beneficiaries. Except as expressly provided in this Agreement, each party hereto intends that this Agreement shall
not benefit or create any right or cause of action in or on behalf of any Person other than the parties hereto. 
 Section 5.10.
Expenses. 
 (a) Except as expressly provided for hereunder, each party hereto shall bear its own costs and
expenses (including legal and accounting fees and expenses) incurred in connection with this Agreement and the transactions contemplated hereby. The Buyer shall bear responsibility for all fees and expenses in connection with its engagement of
Goldman, Sachs & Co. 
 (b) The prevailing party in any dispute under this Agreement shall be entitled to
reimbursement from the other party of its costs and expenses in respect of the enforcement of the provisions hereof in any claim or action, but only to the extent that a court of competent jurisdiction has determined that such party has prevailed in
its enforcement of such claim or action or the parties have settled or agreed to a resolution of such claim or action, including the payment of such costs and expenses. 
 Section 5.11. Notices. All notices, requests, claims, demands and other communications under this Agreement will be in writing and will be deemed given if delivered personally, sent by overnight courier
(providing proof of delivery), or via facsimile to the parties at the following addresses (or at such other address for a party as specified by like notice): 
  

	 	(a)	if to the Seller, to: 

 Falcon Mezzanine Partners, LP

 21 Custom House Street 
 10th Floor 
 Boston, MA 02110 
 Attention: William Kennedy 
 Telecopy: (617) 412-2799 
  

 10 

 GRAFTECH INTERNATIONAL LTD. HAS CLAIMED CONFIDENTIAL 
 TREATMENT OF PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH 
 RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 
  

 With a copy to (which shall not constitute effective notice): 
 Proskauer Rose LLP 
 One International Place

 23rd Floor 
 Boston, MA 02110
 Attn: Steven M. Ellis, Esq. 
 Telecopy: (617) 526-9899 
  

	 	(b)	if to the Buyer, to: 

 GrafTech International Holdings
Inc. 
 12900 Snow Road 
 Parma,
OH 44130 
 Attention: Erick Asmussen 
 Telecopy: (216) 676-2526 
 With a copy to (which shall not constitute effective notice): 
 Kelley Drye & Warren LLP 
 400
Atlantic Street 
 Stamford, CT 06901 
 Attention: M. Ridgway Barker 
 Telecopy: (203) 327-2669 
 [Remainder of page intentionally left blank] 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Purchase and Sale Agreement to be signed by
their respective officers thereunto duly authorized, all as of the date first written above. 
  

			
	SELLER:
	
	FALCON MEZZANINE PARTNERS, LP
	
	By: Falcon Mezzanine Investments, LLC, its general partner
		
	By:	 	 /S/ Eric Y. Rogoff

	Name:	 	Eric Y. Rogoff
	Title:	 	Vice President
	
	BUYER:
	
	GRAFTECH INTERNATIONAL HOLDINGS INC.
		
	By:	 	 /S/ Erick Asmussen

	Name:	 	Erick Asmussen
	Title:	 	Attorney-in-Fact

  

 [Signature page to Stock Purchase and Sale Agreement] 

 Schedule 2.9 
 Account Number: * 
 Contact: * 
 Authorized
signatories with respect to the Bank Account are *, * and *. 

 Schedule 2.10 

			
	Name                                	 	Position with the Company
	*	 	
		
	Name	 	Position with Seadrift Coke, LLC
	*

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