Document:

EX-10.17

 EXHIBIT 10.17 
 2006 LONG-TERM INCENTIVE PLAN 
 1. Purpose. The purpose of this 2006 Long-Term
Incentive Plan (this “Plan”) is to promote the long-term financial interests and growth of Ferro Corporation and its subsidiaries and affiliated companies (“Ferro”) by: 

(a) Attracting and retaining high-quality key employees and Directors; 

(b) Further motivating such employees and Directors to achieve Ferro’s long-range performance goals and objectives and thus act
in the best interests of Ferro and its shareholders generally; and 
 (c) Aligning the interests of Ferro’s employees
and Directors with those of Ferro’s shareholders by encouraging increased ownership of Ferro Common Stock, par value $1.00 per share (“Common Stock”), by such executive personnel and Directors. 

2. Plan Administration. The Governance Nomination & Compensation Committee (the “Committee”) of the Board of Directors (the
“Board”) (or such other committee as the Board may from time to time designate) will administer this Plan. The Committee shall consist of not less than three Directors, all of whom shall be Non-Employee Directors (as defined in
Rule 16b-3(b)(3)(i) of the Securities Exchange Act of 1934) and Outside Directors (as defined in Section 162(m) of the Internal Revenue Code of 1986). Subject to any limitations established by the Board, in administering this Plan the Committee
will have conclusive authority: 
 (a) To administer this Plan in accordance with its provisions in such a way as to give
effect to economic and competitive conditions, individual situations, the evaluation of individual performance and the economic potential and business plans of various units of Ferro; 

(b) To determine the terms and conditions, not inconsistent with the provisions of this Plan, of any Award granted under this Plan
and prescribe the form of any agreement or document applicable to any such Award; 
 (c) To construe and interpret the
provisions of this Plan and all Awards granted under this Plan; and 
 (d) To establish, amend, and rescind rules and
regulations for the administration of this Plan. 
 The Committee will also have such additional authority as the Board may from time to time
determine to be necessary or desirable in order to further the purposes of this Plan. 
 3. Awards to Participants.
The Committee will select the employees and Directors of Ferro (“Participants”) who will participate in this Plan and determine the type(s) and number of award(s) (“Awards”) to be made to each such Participant. The Committee will
determine the terms, conditions and limitations applicable to each Award. The Committee may, if it so chooses, delegate authority to Ferro’s Chief Executive Officer to select certain of the Participants (other than executive officers and
Directors of Ferro and other individuals subject to reporting under Section 16 of the Securities Exchange Act of 1934) and to determine Awards to be granted to such Participants on such terms as the Committee may specify. Awards may be made
singly, in combination, or in exchange for a previously granted Award and also may be made in combination or in replacement of, or as alternatives to, grants or rights under any other employee plan of the Company, including the plan of any acquired
entity. 

 4. Types of Awards. Under this Plan, the Committee will have the authority to grant the
following types of Awards to Participants of Ferro and its subsidiaries and affiliates: 
 (a) Stock Options. The
Committee may grant Awards in the form of Stock Options. Such Stock Options may be either incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”)) or nonstatutory stock
options (not intended to qualify under Section 422 of the Code). However, incentive stock options may be granted only to employees of Ferro and subsidiary corporations that are at least 50% owned, directly or indirectly, by Ferro. The option
price of a Stock Option may be not less than the per share Fair Market Value of the Common Stock on the date of the grant. “Fair Market Value” means, as of any given date, the quoted closing price of the Common Stock on such date on the
New York Stock Exchange or, if no such sale of the Stock occurs on the New York Stock Exchange on such date, then such closing price on the next day on which the Common Stock was traded. If the Common Stock is no longer traded on the New York Stock
Exchange, then the Fair Market Value of the Common Stock shall be determined by the Committee in good faith. Once a Stock Option has been granted, the option price may not be adjusted or amended, whether directly or indirectly, by amendment,
cancellation, replacement grants or any other means so as to increase the value of such stock option, except as provided in Section 7 hereof. Such Stock Options will be exercisable in whole or in such installments and at such times and upon
such terms as the Committee may specify. No stock option, however, may be exercisable more than ten years after its date of grant. A Participant will be permitted to pay the exercise price of a Stock Option in cash, with shares of Common Stock
(including by attestation of Common Stock owned) or by a combination of cash and Common Stock. The aggregate fair market value (determined at the time the option is granted) of shares of Common Stock as to which incentive stock options are
exercisable for the first time by a Participant during any calendar year (under this Plan and any other plan of Ferro) may not exceed $100,000 (or such other limit as may be fixed by the Code from time to time). Any Stock Option granted that is
intended to qualify as an incentive stock option, but fails to so qualify at or after the time of grant will be treated as nonstatutory stock option. 
 (b) Stock Appreciation Rights. The Committee may grant Awards in the form of Stock Appreciation Rights. Stock Appreciation Rights will be granted for a stated number of shares of Common Stock
on such terms, conditions and restrictions as the Committee deems appropriate. Stock Appreciation Rights will entitle a Participant to receive a payment, in cash or Common Stock, as determined by the Committee, equal to the excess of (x) the
Fair Market Value, on the date of exercise or surrender, of the number of shares of Common Stock covered by such exercise or surrender over (y) the Stock Appreciation Rights exercise price (which may not be less than the Fair Market Value on
the date of grant). Stock Appreciation Rights must be exercised within ten years of the date of grant. Once a stock appreciation right has been granted, the initial share value may not be adjusted or amended, whether directly or indirectly, by
amendment, cancellation, replacement grants or any other means, so as to increase the value of such Stock Appreciation Right. Stock Appreciation Rights may be granted either separately or in conjunction with other Awards granted under this Plan. Any
Stock Appreciation Right related to a Stock Option, however, will be exercisable only to the extent the related Stock Option is exercisable. Similarly, upon exercise of a Stock Appreciation Right as to some or all of the shares of Common Stock
covered by a related Stock Option, the related Stock Option will be canceled automatically to the extent of the Stock Appreciation Right exercised, and such shares of Common Stock shall not be eligible for subsequent grant. Any Stock Appreciation
Right related to a nonstatutory stock option may be granted at the same time such stock option is granted or at any subsequent time before exercise or expiration of such stock option. Any Stock Appreciation Right related to an incentive stock option
must be granted at the same time such incentive stock option is granted. 
 (c) Restricted Shares. The Committee may
grant Awards in the form of Restricted Shares. Such Awards may be in such numbers of shares of Common Stock and at such times as the Committee determines. Such Awards will have such periods of vesting and forfeiture restrictions as the Committee may
determine at the time of grant. The Committee may, in its discretion, permit dividends on Restricted Shares to be paid or require such dividends to be deferred or reinvested and subject to forfeiture until the underlying Restricted Shares have
vested. With respect to Awards of Restricted Shares that vest based solely on the lapse of time, the aggregate Award may not vest in whole in less than three years from the date of grant and no installment of an Award may vest in less than
12 months. With respect to Awards of Restricted Shares that vest based on performance criteria, the restriction period applicable to Restricted Shares may not be less than 12 months. 

(d) Performance Shares. The Committee may grant Awards in the form of Performance Shares. Performance Shares will be
(i) represented by forfeitable shares of Common Stock issued at the time of grant of a Performance Share Award or (ii) phantom Performance Shares. Such Performance Shares will be earned upon satisfaction of Performance Targets relating to
Performance Periods established by the Committee at or prior to the time of a 

 
grant. At the end of the applicable Performance Period, based upon the level of achievement of the Performance Targets, Performance Shares will be converted into Common Stock, cash, or a
combination of Common Stock and cash, or forfeited. If Performance Shares initially were represented by forfeitable Common Stock, such Common Stock will become nonforfeitable or be repurchased by Ferro at the end of the applicable Performance
Period. 
 The Committee may establish Performance Targets in terms of any or all of the following: sales; sales growth; gross
margins; operating income; net earnings; earnings growth; cash flows; market share; total shareholder returns; returns on equity, net assets, assets employed, or capital employed; accomplishment of acquisitions, divestitures, or joint ventures (or
the success of an acquisition or joint venture, measured in terms of any of the preceding), or the attainment of levels of performance of Ferro under one or more of the measures described above relative to the performance of other businesses, or
various combinations of the foregoing, or changes in any of the foregoing. Performance Targets applicable to Performance Shares may vary from Award to Award and from Participant to Participant. 

When determining whether Performance Targets have been attained, the Committee will have the discretion to make adjustments to take into
account extraordinary or nonrecurring items or events, or unusual nonrecurring gains or losses identified in Ferro’s financial statements, provided such adjustments are made in a manner consistent with Section 162(m) of the Code (to the extent
applicable). Awards of Performance Shares made to Participants subject to Section 162(m) of the Code are intended to qualify under Section 162(m) and the Committee will interpret the terms of such Awards in a manner consistent with that intent to
the extent appropriate. (The foregoing provisions of this Section 4(d) will also apply to Awards of Restricted Shares made under Section 4(c) to the extent such Awards of Restricted Shares are subject to performance goals of Ferro.) 

(e) Other Common Stock Based Awards. The Committee may grant Awards in the form of Common Stock, phantom common stock units,
deferred common stock or units, or other awards valued in whole or in part by reference to, or otherwise based upon, Common Stock. Common Stock Awards will be subject to conditions established by the Committee and set forth in the applicable Award
Agreement. 
 (f) Dividend Equivalent Rights. The Committee may grant Awards in the form of Dividend Equivalent
Rights. Dividend Equivalent Rights entitle the Participant to receive credits based on cash distributions that would have been paid on the shares of Common Stock specified in the Dividends Equivalent Right (or other Award to which it relates) if
such shares had been issued to and held by the Participant. A Dividend Equivalent Right may be granted hereunder to any Participant as a component of another Award or as a freestanding Award, with such terms and conditions as set forth by the
Committee. 
 5. Award Agreements. All Awards to Participants under this Plan will be evidenced by a written agreement (an
“Award Agreement”) between Ferro and the Participant containing such terms not inconsistent with this Plan as the Committee may determine, including such restrictions, conditions, and requirements as to transferability, continued
employment, individual performance or financial performance of Ferro or a subsidiary or affiliate as the Committee deems appropriate. Each such Award Agreement will, however, provide that the Award will be forfeitable if, in the opinion of the
Committee, the Participant, without the written consent of Ferro: 
 (a) Directly or indirectly, engages in, or assists or
has a material ownership interest in, or acts as agent, advisor or consultant of, for, or to any person, firm, partnership, corporation or other entity that is engaged in the manufacture or sale of any products manufactured or sold by Ferro, or any
subsidiary or affiliate, or any products that are logical extensions, on a manufacturing or technological basis, of such products; 
 (b) Discloses to any person any proprietary or confidential business information concerning Ferro, its subsidiaries, or affiliates or any of the officers, Directors, employees, agents, or
representatives of Ferro, its subsidiaries or affiliates, which the Participant obtained or which came to his or her attention during the course of his or her employment with Ferro; 

 (c) Takes any action likely to disparage or have an adverse effect on Ferro, its
subsidiaries, or affiliates or any of the officers, Directors, employees, agents, or representatives of Ferro, its subsidiaries, or affiliates; 
 (d) Induces or attempts to induce any employee of Ferro or any of its subsidiaries or affiliates to leave the employ of Ferro or such subsidiary or affiliate or otherwise interferes with the
relationship between Ferro or any of its subsidiaries or affiliates and any of their respective employees, or hires or assists in the hiring of any person who was an employee of Ferro or any of its subsidiaries or affiliates, or solicits, diverts or
otherwise attempts to take away any customers, suppliers, or co-venturers of Ferro, any subsidiary or any affiliate, either on the Participant’s own behalf or on behalf of any other person or entity; or 

(e) Otherwise performs any act or engages in any activity which in the opinion of the Committee is inimical to the best interests of
Ferro. 
 6. Shares Subject to this Plan. The shares of Common Stock to be issued under this Plan may be either authorized but
unissued shares or previously issued shares reacquired by Ferro and held as treasury shares, as the Committee may from time to time determine. Subject to adjustment as provided in Section 7 below, the number of shares of Common Stock reserved
for Awards under this Plan is 3,000,000 shares of Common Stock. 
 Any shares of Common Stock issued by Ferro through the
assumption or substitution of outstanding grants previously made by an acquired corporation or entity shall not reduce the number of shares available for Awards under this Plan. If any shares of Common Stock subject to any Award granted under this
Plan are forfeited or if such Award otherwise terminates without the issuance of such shares or payment of other consideration in lieu of such shares, the shares subject to such Award, to the extent of any such forfeiture or nonissuance, shall again
be available for grant under this Plan as if such shares had not been subject to an Award (except for Stock Appreciation Rights). With respect to Stock Appreciation Rights settled in shares of Common Stock, the aggregate number of shares subject to
the Stock Appreciation Right shall be counted against the number of shares for issuance under this Plan regardless of the number of shares of Common Stock issued upon settlement. Shares of Common Stock tendered by Participants as full or partial
payment to Ferro upon exercise of Options or other Awards or to satisfy a Participant’s tax withholding obligations will not increase the shares of Common Stock available for Awards under the Plan. 

Subject to adjustment as provided in Section 7 below: 
 (a) A cumulative maximum of 300,000 shares of Common Stock will be available for issuance with respect to incentive stock options granted under this Plan; 

(b) A cumulative maximum of 1,000,000 shares of Common Stock will be available for issuance with respect to Restricted Shares,
Performance Shares, and Common Stock Awards granted under this Plan; 
 (c) A maximum of 500,000 shares of Common Stock will
be the subject of Awards granted to any single Participant during any 12-month period. 
 7. Adjustments Upon Changes in
Capitalization. If the outstanding shares of Common Stock are changed by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation or any change in the corporate
structure or Common Stock of Ferro, then the maximum aggregate number and class of shares of Common Stock as to which Awards may be granted under this Plan, the maximums described in Section 6 above, the shares of Common Stock issuable pursuant
to then outstanding Awards, and the option price of outstanding stock options and any related Stock Appreciation Rights shall be appropriately adjusted by the Committee. If Ferro makes an extraordinary distribution in respect of Common Stock or
effects a pro rata repurchase of Common Stock, the Committee may consider the economic impact of the extraordinary distribution or pro rata repurchase on Participants and make such adjustments as it deems equitable under the circumstances. For
purposes of this Section 7, 
 (a) The term “extraordinary distribution” means a dividend or other
distribution of (i) cash, where the aggregate amount of such cash dividend or distribution together with the amount of all cash dividends and distributions made during the preceding twelve months, when combined with the aggregate amount of all
pro rata repurchases (for this purpose, including only that portion of the aggregate purchase price of such pro rata repurchases that is in 

 excess of the fair market value of the Common Stock repurchased during such 12-month period), exceeds ten
percent of the aggregate fair market value of all shares of Common Stock outstanding on the record date for determining the shareholders entitled to receive such extraordinary distribution, or (ii) any shares of capital stock of Ferro (other
than shares of Common Stock), other securities of Ferro, evidences of indebtedness of Ferro or any other person, or any other property (including shares of any subsidiary of Ferro), or any combination thereof; and 

(b) The term “pro rata repurchase” means a purchase of shares of Common Stock by Ferro or any of its subsidiaries or
affiliates, pursuant to any tender offer or exchange offer subject to section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any successor provision of law, or pursuant to any other offer available to
substantially all holders of Common Stock other than a purchase of shares of Ferro made in an open market transaction. 
 The
determinations of the Committee under this Section 7 shall be final and binding upon all Participants, in the absence of revision by the Board. 
 8. Assignment and Transfer. No Award of a Stock Option or a related Stock Appreciation Right shall be transferable by a Participant or Director except by will or the laws of descent and
distribution, and Stock Options and Stock Appreciation Rights may be exercised during a Participant’s or Director’s lifetime only by the Participant or Director or the Participant’s or Director’s guardian or legal representative.
Notwithstanding the foregoing, the Committee may, in its discretion, authorize the transfer of all or a portion of a Stock Option and related Stock Appreciation Right (other than an incentive stock option), so long as such transfer is made for no
consideration, to: 
 (a) A Participant’s or Director’s spouse, children, grandchildren, parents, siblings and
other family members approved by the Committee (collectively, “Family Members”); 
 (b) Trust(s) for the exclusive
benefit of such Participant, Director, or Family Members; or 
 (c) Partnerships or limited liability companies in which
such Participant, Director, or Family Members are at all times the only partners or members. 
 Any transfer to or for the
benefit of Family Members permitted under this Plan may be made subject to such conditions or limitations as the Committee may establish to ensure compliance under the Federal securities laws, or for other purposes. Subject to the terms of the
Award, a transferee-Family Member may exercise a Stock Option and/or related Stock Appreciation Right during or after the Participant’s or Director’s lifetime. 
 The rights and interests of a Participant or Director with respect to any Award made under this Plan other than Stock Options and related Stock Appreciation Rights may not be assigned, encumbered or
transferred except, in the event of the death of a Participant or Director, by will or the laws of descent and distribution; provided, however, that the Board is specifically authorized to permit assignment, encumbrance, and transfer of any such
other Award if and to the extent it, in its sole discretion, determines that such assignment, encumbrance or transfer would not produce adverse consequences under tax or securities laws and such transfer is made for no consideration. 

9. Change of Control. Except as the Board may expressly provide otherwise, in the event of a Change of Control: 

(a) All Stock Options (including Director Stock Options) and Stock Appreciation Rights then outstanding shall become fully
exercisable as of the date of the Change of Control; 
 (b) All restrictions and conditions with respect to all Awards of
Restricted Shares then outstanding shall be deemed fully released or satisfied as of the date of the Change of Control, except as set forth in paragraph (d) below; 
 (c) All previously established Performance Targets necessary to achieve 100% of a Participant’s specified award level for Performance Shares shall be deemed to have been met as of the date of
the Change of Control; and 

 (d) If the Change of Control occurs during a restriction period applicable to an Award
of Restricted Shares or during a Performance Period applicable to a Performance Share Award, then Participants will be entitled to receive a prorata proportion of the Award that would have been distributed to them at the end of the applicable
restriction period or Performance Period, based upon the portion of the applicable restriction period or Performance Period during which the Participant’s employment continued. 
 The value of all outstanding Awards, in each case to the extent vested, shall, unless otherwise determined by the Committee in its sole discretion at or after grant but prior to a Change of Control, be
cashed out on the basis of the change of Control Price. Change of Control Price means the higher of (i) the closing price on the New York Stock Exchange for the Common Stock on the date of such Change of Control or (ii) the highest price
per share of Common Stock actually paid in connection with such Change of Control. 
 For purposes of this Section 9, the
term “Change of Control” means a change of control of Ferro of a nature that would be required to be reported (assuming such event has not been previously reported) in response to Item 6 (e) of Schedule 14A of
Regulation 14A (or any successor provision) promulgated under the Exchange Act; provided that, without limitation, a Change of Control shall be deemed to have occurred at such time as (i) any “person” (within the meaning of
section 14(d) of the Exchange Act) is or becomes the beneficial owner, directly or indirectly, of securities of Ferro representing 50% or more of the combined voting power of Ferro’s then outstanding securities, (ii) during any period of
two consecutive years, individuals who at the beginning of such period constituted the Board cease for any reason to constitute at least a majority of the Board unless the election, or the nomination for election, by Ferro’s shareholders of
each new Director was approved by a vote of at least two-thirds of the Directors then still in office who were Directors at the beginning of the period (iii) a merger or consolidation of Ferro occurs, other than a merger or consolidation that
would result in Ferro’s shareholders holding securities that represent immediately after the merger or consolidation more than fifty percent (50%) of the voting securities of either Ferro or the other entity that survives such merger or
consolidation (or the parent of such entity) or (iv) Ferro sells or otherwise disposes of all or substantially all of Ferro’s assets to an entity that is not controlled by Ferro or its shareholders; provided, however, that no Change of
Control shall be deemed to occur solely as a result of the acquisition of any securities of Ferro by a trust exempt from tax under Section 501(a) of the Code that is formed for the purpose of providing retirement or other benefits to employees of
Ferro, any subsidiary or any affiliate. 
 10. Employee Rights Under this Plan. No employee or other person shall have any claim or
right to be granted any Award under this Plan. Neither this Plan nor any action taken under this Plan shall be construed as giving any employee any right to be retained in the employ of Ferro or any subsidiary or affiliate. 

11. Settlement by Subsidiaries and Affiliates. Settlement of Awards held by employees of subsidiaries or affiliates shall be made by and at
the expense of such subsidiary or affiliate. Ferro either will sell or contribute, in its sole discretion, to the subsidiary or affiliate, the number of shares needed to settle any Award that is granted under this Plan. In addition, with respect to
Participants who are foreign nationals or employed outside the United States, or both, the Committee may cause Ferro or a subsidiary or affiliate to adopt such rules and regulations, policies, sub-plans or the like as may, in the judgment of the
Committee, be necessary or advisable in order to effectuate the purposes of this Plan. 
 12. Securities Law Issues. The Committee
may require each Participant acquiring Common Stock pursuant to an Award under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the Common Stock without a view to distribution thereof. Any certificates
for such shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. 
 All
shares of Common Stock or other securities issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and
Exchange Commission, any stock exchange upon which the Common Stock is then listed, and any applicable federal or state securities laws, and the Committee may cause a legend or legends to be placed on any certificates for such shares to make
appropriate reference to such restrictions or to cause such restrictions to be noted in the records of the Company’s stock transfer agent and any applicable book entry system. 

 13. Taxes. No later than the date as of which an amount first becomes includable in the gross
income of the Participant for federal income tax purposes with respect to any Award under the Plan, the Participant shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment of, any federal, state or local
taxes or other items of any kind required by law to be withheld with respect to such amount. Subject to the following sentence, unless otherwise determined by the Committee, withholding obligations may be settled with Common Stock, including
unrestricted Common Stock previously owned by the Participant or Common Stock that is part of the Award that gives rise to the withholding requirement. Notwithstanding the foregoing, any election by a Section 16 Participant to settle such tax
withholding obligation with Common Stock that is previously owned by the Participant or part of such Award shall be subject to prior approval by the Committee, in its sole discretion which may be granted in the applicable Award Agreement. The
obligations of the Company under the Plan shall be conditional on such payment or arrangements and the Company and its Subsidiaries and Affiliates to the extent permitted by law shall have the right to deduct any such taxes from any payment of any
kind otherwise due to the Participant. 
 14. Amendment or Termination. Ferro reserves the right to amend, modify or terminate this
Plan at any time and, by action of the Committee and, if such amendment, modification or termination impairs the rights of a Participant, with the consent of such Participant, to amend, modify or terminate any outstanding Award Agreement, except to
the extent that shareholder approval is required pursuant to any applicable law, regulation or rule, including any rule relating to the listing on a national securities exchange of Ferro Common Stock, and except with respect to any adjustment or
amendment affecting the value of a Stock Option or Stock Appreciation Right not permitted under paragraph 4(a) or 4(b) above. Subject to the above provisions, the Committee shall have all necessary authority to amend this Plan, clarify any provision
or take into account changes in applicable securities and tax laws or accounting rules in administering this Plan. 
 15. Effective Date
and Term of Plan. This Plan is adopted by the Board as of September 28, 2006, subject to subsequent approval by Ferro shareholders. No Awards shall be made under this Plan after December 31, 2016, provided that any Awards outstanding
on such date shall not be affected and shall continue in accordance with their terms.EX-10.26

 EXHIBIT 10.26 

FERRO CORPORATION DEFERRED COMPENSATION 
 PLAN FOR NON-EMPLOYEE DIRECTORS 
 TRUST AGREEMENT 

Effective January 1, 1995 

 FERRO CORPORATION DEFERRED COMPENSATION 

PLAN FOR NON-EMPLOYEE DIRECTORS 
 TRUST AGREEMENT 
 TABLE OF CONTENTS 

 

					
			
	ARTICLE I:	  	 PRELIMINARY RECITALS
	  	
			
	ARTICLE II:	  	 DEFINITIONS
	  	2
			
	ARTICLE III:	  	 RIGHTS AND DUTIES OF CORPORATION AND RIGHTS OF ITS GENERAL CREDITORS
	  	3
			
	ARTICLE IV:	  	 CONTRIBUTIONS AND SEPARATE ACCOUNTS
	  	5
			
	ARTICLE V:	  	 THE TRUST ESTATE
	  	7
			
	ARTICLE VI:	  	 DISTRIBUTIONS TO PARTICIPANTS
	  	9
			
	ARTICLE VII:	  	 POWERS AND DUTIES OF THE TRUSTEE
	  	10
			
	ARTICLE VIII:	  	 ADMINISTRATION
	  	13
			
	ARTICLE IX:	  	 RESIGNATION AND REMOVAL OF TRUSTEE
	  	14
			
	ARTICLE X:	  	 MISCELLANEOUS
	  	15

 FERRO CORPORATION DEFERRED COMPENSATION 

PLAN FOR NON-EMPLOYEE DIRECTORS 
 TRUST AGREEMENT 
 This Trust Agreement (hereinafter referred to as the
“AGREEMENT”) is entered into at Cleveland, Ohio effective as of the 1st day of January, 1995, between FERRO CORPORATION, an Ohio corporation (hereinafter referred to as the “CORPORATION”), and D. THOMAS GEORGE (hereinafter
referred to as the “TRUSTEE”). 
 ARTICLE I 
 PRELIMINARY RECITALS 
 1.1 ESTABLISHMENT OF PLAN. The Corporation on
December 9, 1994, but effective as of January 1, 1995, established the Ferro Corporation Deferred Compensation Plan for Non-Employee Directors (the “PLAN”). The Plan was established in order to permit non-employee directors to
defer a portion or all of their directors’ fees with the investment of such deferred fees into shares of common stock of the Corporation pursuant to the Trustee’s investment in the Ferro Corporation Dividend Reinvestment and Stock Purchase
Plan. 
 1.2 ESTABLISHMENT OF TRUST. In order to provide a source of payment for its obligations under the Plan, the Corporation
has entered into this Agreement to create a trust (hereinafter referred to as the “TRUST”) and has delivered certain property to the Trustee, the receipt of which is hereby acknowledged by the Trustee. The Trustee agrees to hold such
property and all other property which may, at the discretion of the Corporation, be contributed and made subject to the provisions of the Agreement as well as the proceeds, investments, and reinvestments thereof, in trust for the uses and purposes
and subject to the provisions hereinafter set forth. 

 1.3 GRANTOR TRUST. The Trust is intended to be a grantor trust, of which Corporation is the
grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 
 1.4 CORPORATION DEDUCTION. It is intended that distributions from the Trust to a Participant shall be deductible by Corporation to the same extent, at the same time, and in the same manner as if made
directly by the Corporation. 
 ARTICLE II 
 DEFINITIONS 
 2.1 DEFINITIONS. For the purposes hereof, the following words and
phrases shall have the meanings indicated. Unless the context of the Agreement otherwise requires or unless otherwise defined herein, the terms defined in the Plan shall have the same meaning when used herein as the meaning given to those terms in
the Plan. 
 (a) The term “CHANGE IN CONTROL” shall mean a change in control of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act; provided that, without limitation, such a Change in Control shall be deemed to have occurred if and at such times
as (i) any “person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing twenty-five percent
(25%) or more of the combined voting power of the Corporation’s then outstanding securities, or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the
Corporation cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by the Corporation’s shareholders, of each new director was approved by a vote of at least two-thirds (2/3) of
the directors then still in office who were directors at the beginning of the period. 
 (b) The term
“CODE” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 (c) The terms
“CORPORATION STOCK” or “STOCK” shall mean a share or shares of the common stock, par value $1.00 per share, of the Corporation. 
 (d) The term “DRSPP” shall mean the Ferro Corporation Dividend Reinvestment and Stock Purchase Plan, currently administered by National City Bank, Cleveland, Ohio. 

  
 - 2 -

 (e) The term “EXCHANGE ACT” shall mean the Securities Exchange Act
of 1934, as amended. 
 (f) The term “FUND” shall mean any common trust fund established in accordance
with the provisions of Section 4.4. 
 (g) The term “INSOLVENCY” shall mean the condition of the
Corporation in the event that it either is unable to pay its debts as they become due or is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 

(h) The term “PARTICIPANT” shall mean a non-employee director of the Corporation, or any beneficiary of such a
non-employee director, who defers Fees pursuant to the Plan. 
 (i) The term “REQUIRED FUNDING AMOUNT”
shall mean the amount determined pursuant to the provisions of Article IV to fund the obligations of the Corporation under the Plan. 
 (j) The term “SEPARATE ACCOUNT” shall mean the account established and maintained by the Trustee on behalf of each Participant in accordance with the provisions of Article IV. 

(k) The term “STOCK FUND” shall mean the Fund established in accordance with the provisions of Section 4.4
to invest in Corporation Stock pursuant to the DRSPP. 
 (l) The term “TRUST ASSETS” shall mean all
property held by the Trustee pursuant to the terms of this Agreement. 
 (m) The term “VALUATION DATE”
shall mean the last business day of each calendar year or such other dates as determined by the Trustee. 
 2.2 CONSTRUCTION.
Where necessary or appropriate to the meaning hereof, the singular shall be deemed to include the plural, the masculine to include the feminine, and the feminine to include the masculine. 

ARTICLE III 

RIGHTS AND DUTIES OF CORPORATION 
 AND RIGHTS OF ITS GENERAL CREDITORS 
 3.1 TRUST IRREVOCABLE. The Trust is
irrevocable and the Corporation hereby waives the power to alter, amend, revoke, or annul the Trust or the Agreement, except that the Corporation 

  
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reserves the right to make amendments which do not result in any reversion or refund to the Corporation of any Trust Assets other than as provided in Articles IV and VI hereof. 

3.2 RIGHTS OF GENERAL CREDITORS OF CORPORATION; NOTIFICATION OF INSOLVENCY. Notwithstanding any provision of the Agreement or the Plan to
the contrary, the Trust Assets shall be subject at all times to the claims of general creditors of the Corporation under federal and state law, so long as they are in the possession of the Trustee. No general creditor of the Corporation shall have
any right to recover, or any title or interest in, any Trust Asset after it has been distributed by the Trustee to a Participant, even if prior to such payment the Trustee had knowledge or notice that such general creditor has made or intends to
make claim to such Trust Asset. 
 (a) The Chairman of the Board of Directors and the Chief Executive Officer of
the Corporation (or their representatives) shall have the duty to inform the Trustee in writing of the Corporation’s Insolvency. If a person claiming to be a creditor of the Corporation alleges in writing to Trustee that the Corporation has
become Insolvent, the Trustee shall determine whether the Corporation is Insolvent and, pending such determination, the Trustee shall discontinue payments to Participants. 

(b) Unless the Trustee has actual knowledge of the Corporation’s Insolvency, or has received notice from the
Corporation or a person claiming to be a creditor alleging that the Corporation is Insolvent, the Trustee shall have no duty to inquire whether the Corporation is Insolvent. The Trustee may in all events rely on such evidence concerning the
Corporation’s solvency as may be furnished to the Trustee and that provides Trustee with a reasonable basis for making a determination concerning the Corporation’s solvency. 

(c) If at any time the Trustee has determined that the Corporation is Insolvent, the Trustee shall discontinue payments to
Participants and shall hold the assets of the Trust for the benefit of the Corporation’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants to pursue their rights as general creditors of the
Corporation with respect to benefits due under the Plan or otherwise. 
 (d) The Trustee shall resume the payment
of benefits to Participants only after the Trustee has determined that the Corporation is not Insolvent (or is no longer Insolvent). 
 3.3 RESUMPTION OF PAYMENTS. Provided that there are sufficient assets, if the Trustee discontinues payments to Participants from the Trust pursuant to Section 3.2 hereof and subsequently resumes such
payments, the first payment following such discontinuance shall include the aggregate 

  
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amount of all payments due to Participants under the terms of the Plan for the period of such discontinuance less the aggregate amount of any payments made to Participants by the Corporation in
lieu of the payments provided for hereunder during any such period of discontinuance. 
 ARTICLE IV 

CONTRIBUTIONS AND SEPARATE ACCOUNTS 
 4.1 CONTRIBUTIONS. Except as hereinafter provided, the Corporation shall make contributions to the Trust from time to time as it shall determine in its sole discretion and in accordance with the terms of
the Plan; provided, however, that the Corporation shall be required to contribute the Required Funding Amount within the five-day period following a Change in Control. If the Corporation fails to contribute the Required Funding Amount upon the
occurrence of such event, the Trustee is empowered to bring suit against the Corporation to require specific performance of such obligation to contribute. If the Trustee fails to bring suit within a reasonable period, any Participant may bring suit
in the name of the Trustee against the Corporation for such specific performance. As of each Valuation Date after a Change in Control with respect to which the Corporation contributes the Required Funding Amount and prior to the return of any assets
to the Corporation, the Trustee shall determine if the Trust Assets are less than or exceed the Required Funding Amount as of such date. If the Trust Assets are less than the Required Funding Amount, the Corporation shall contribute to the Trust the
amount by which the Required Funding Amount exceeds the value of the Trust Assets. If the value of the Trust Assets exceeds the Required Funding Amount, the Trustee shall distribute to the Corporation the amount by which the value of the Trust
Assets exceeds the Required Funding Amount. 
 4.2 TAXABLE CONTRIBUTIONS. It is the Corporation’s understanding and
expectation that the Corporation’s contributions to the Trust, and any earnings thereon, shall not be taxable under the Code to Participants until such time as they are distributed or otherwise made available to Participants; and, therefore,
the Corporation’s contributions are conditional on such tax result. In the event that a Corporation contribution and/or earnings thereon held in the Trust becomes taxable to a Participant,

  
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the Trustee shall distribute to the Participant the amount of any federal income taxes of such Participant with respect to such Corporation contribution and/or earnings thereon calculated at the
highest federal income tax marginal rates for the year of taxation on the amount includible in the Participant’s gross income. In the event that it is determined, or the Trustee reasonably believes (based on the opinion of independent counsel)
that it will be determined that a Corporation contribution will be taxable to Participants prior to a Change in Control, then the Trustee shall refund to the Corporation or refuse to accept, the portion of such contribution and/or earnings which is
determined will be so taxable, subject to the following: 
 (a) The Trustee shall be under no obligation to make
such refund unless a written explanation of the basis for the refund, signed by a duly authorized officer of the Corporation, together with evidence reasonably satisfactory to the Trustee to support such refund, is submitted to the Trustee.

 (b) The refundable amount or the amount distributed, as defined in paragraph (c) of this
Section 4.2, shall be segregated from the Trust and charged proportionately to each affected Participant’s Separate Account (to the extent previously credited to such Separate Account) as of the last Valuation Date immediately preceding
the date of refund. 
 (c) The refundable or distributable amount is the portion of the contribution and/or
earnings determined to be so taxable, in each case, from the date the contribution was received by the Trustee to the date of segregation. 
 (d) No Change in Control has occurred as of the date of the refund. 
 Distributions under this
Section 4.2 shall be credited against any Plan benefits payable to Participants but shall not reduce the Required Funding Amount. 
 4.3 SEPARATE ACCOUNTS. The Trustee shall establish and maintain a Separate Account in the name of each Participant, pursuant to any directions received from the Corporation which are not inconsistent with
the provisions of the Plan. The Trustee shall allocate contributions received from the Corporation among such Separate Accounts in proportion to the Fees deferred by Participants or pursuant to directions of the Corporation that are not inconsistent
with the terms of the Plan; provided, however, that if the Corporation makes contributions to the Plan due to a Change in Control, such allocations shall be based upon the calculations of the Trustee made with respect to the

  
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Plan for purposes of determining the Required Funding Amount under Section 4.5. With respect to each Separate Account, the Trustee shall (i) elect the dividend reinvestment option under
the DRSPP, and (ii) invest the Corporation’s contributions (that are attributable to the Participant’s deferred Fees) under the DRSPP’s stock purchase option. For purposes of the Trustee’s participation in the DRSPP, the
Corporation and the Trustee recognize that the Trustee, as Trustee of the Trust, shall be the shareholder of record and that the Trustee shall establish subaccounts on the books and records of the DRSPP maintained by National City Bank, Cleveland,
Ohio that shall correspond to and be a part of each Separate Account. 
 4.4 FUNDS. Subject to the provisions of Article V,
the Trustee shall establish and maintain a Stock Fund and such other Funds with respect to the investment of Trust Assets as the Corporation may direct and shall deposit the Trust Assets in said Funds in accordance with the terms of the Plan and
directions received from the Corporation. Trust Assets in the Stock Fund shall be invested by the Trustee in Corporation Stock pursuant to the DRSPP and allocated to the Separate Accounts of Participants in accordance with the provisions of
Section 4.3 hereof. 
 4.5 DETERMINATION OF REQUIRED FUNDING AMOUNT. As of any Change in Control, or applicable Valuation
Date, the Required Funding Amount shall be the sum of the amounts determined to be contributable by the Corporation to the Trust pursuant to the provisions of the Plan as well as an amount deemed to be appropriate by the Trustee, after consultation
with the Corporation, to pay for the expenses of the Trustee in connection with the administration of the Trust. 
 ARTICLE V

 THE TRUST ESTATE 
 5.1 MANAGEMENT OF TRUST ASSETS PRIOR TO A CHANGE IN CONTROL. Except as hereinafter provided, prior to a Change in Control for which the Required Funding Amount is contributed to the Trust by the
Corporation, the Trustee shall have exclusive responsibility for the management and control of the Trust Assets and the Funds. In connection with that responsibility: 

  
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 (a) The Trustee shall invest and reinvest the principal and income of the
Trust Assets in accordance with the provisions of this Section 5.1. The Trustee shall invest and reinvest the principal and income of the Stock Fund in Corporation Stock as provided in Sections 4.3 and 4.4 hereof; provided, however, that
the Trustee may invest on a temporary basis, pending investment in Corporation Stock, assets of the Stock Fund in short-term Funds. Except as otherwise provided in the Plan or in this Agreement, the Trustee shall have full and exclusive discretion
and authority to invest in such stocks (common or preferred), bonds (including municipal bonds, notes and other obligations), notes and other obligations of corporations, real estate mortgages, equipment trust certificates, investment trust
certificates, mutual funds, annuities or other insurance company contracts and any other kind of property real or personal, which the Trustee believes to be sound, suitable, and prudent investments for the Trust, without being limited to any class
or type of investments prescribed by statute or otherwise as legal investments for trustees, including securities issued by the Corporation. 
 (b) The Trustee (i) may acquire and hold an interest in securities or other property hereunder even though, in its corporate or any other capacity, it has or may subsequently hold an interest in the
same or related securities or property, the income or principal of which may be payable at different rates or at different times or which may have a different rank or priority, (ii) may acquire and hold securities or other property, even though
the Trustee, in its capacity, may receive compensation reasonably and customarily due in the course of its regular activities with respect to such securities or other property, and (iii) may purchase securities or other property, even though
the proceeds of such purchase may directly or indirectly be used by the seller to pay off loans made by the Trustee in its corporate capacity. 
 (c) Annually, or more often if requested, the Trustee shall confer with the Corporation with respect to the status of the Trust and the general investment policy to be followed with respect to Trust
Assets. Nothing contained herein, however, shall be construed as requiring the Trustee to obtain any approval with respect to the purchase or sale of specific Trust Assets. 
 5.2 MANAGEMENT OF TRUST ASSETS AFTER A CHANGE IN CONTROL. Upon the occurrence of a Change in Control, the Trustee shall hold, invest, and reinvest the Trust Assets as well as income thereon in such bonds,
notes, debentures, mortgages, equipment trust certificates, investment trust certificates, certificates of indebtedness, bills of exchange, Treasury bills, savings bank deposits, commercial paper, and other securities from which the return is fixed
for a period of time not in excess of twelve months and in Corporation Stock to the extent necessary to satisfy any requirements of the Plan. Any income from such investments shall be held and reinvested by the Trustee pursuant to the provisions of
this Section 5.2. 

  
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 5.3 CORPORATION STOCK. Notwithstanding any other provision contained herein, with respect to
the Stock Fund that is invested in Corporation Stock pursuant to the DRSPP which is allocated to Separate Accounts of Participants, prior to each annual or special shareholders’ meeting, the Corporation shall cause to be sent to each
Participant whose Separate Accounts are so credited, a copy of the proxy solicitation material therefor, together with a form requesting that each Participant give to the Trustee his confidential instructions with respect to the manner in which such
shares of Corporation Stock as are credited to his Separate Account shall be voted by the Trustee. Upon receipt of such instructions, the Trustee shall vote the shares of Stock as instructed. Instructions received from Participants by the Trustee
shall be held in the strictest confidence, shall not be divulged or released to any other person, including officers or employees of the Corporation. The Trustee shall not vote Corporation Stock with respect to which the Trustee does not receive
such instructions. As of each Valuation Date and each date of record for any annual or special shareholders’ meeting, the Trustee shall report to the Corporation any Corporation Stock holdings allocated to the Separate Account of each
Participant. 
 ARTICLE VI 
 DISTRIBUTIONS TO PARTICIPANTS 
 6.1 DISTRIBUTIONS FROM TRUST. The Trustee shall
make distributions to a Participant from the Trust in such manner and at such times as the Corporation is required to pay to such Participant under the Plan. The Corporation shall give the Trustee such written information as is needed in connection
with such distributions, including the name and address of the Participant to whom the distribution is to be made, the amount and form of distribution and such other relevant information as the Trustee may from time to time require. 

6.2 MANNER OF PAYMENT. The Trustee may make any distribution or payment required to be made by it hereunder by delivering shares of
Corporation Stock to or for the benefit of the Participant or other person to whom such distribution or payment is to be made pursuant to the provisions of the Plan, at such address as was last furnished to the Trustee. 

  
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 6.3 RELEASE OF CORPORATION UPON PAYMENT. To the extent that the Trustee pays benefits due a
Participant or other person under the Plan, the Corporation shall be forever released and discharged from the obligation to pay such benefits. To the extent that the Trustee fails to pay such benefits, in whole or in part, the Corporation shall pay
any remaining amount due the Participant under such Plan to the extent the Corporation is liable therefor under the terms of the Plan. 
 6.4 TERMINATION OF THE PLAN. In the event the Plan is terminated in whole or in part, the Trust Assets, or a portion thereof, shall be held to pay benefits of Participants under the Plan as of the date of
such termination. 
 6.5 REFUND TO CORPORATION AFTER ALL OBLIGATIONS FULFILLED. Notwithstanding any other provisions of the
Agreement, when all obligations of the Trustee to make distributions to Participants have been fulfilled and all shares of Stock allocated to the Separate Accounts have been distributed to Participants or other persons entitled to such under the
terms of the Plan, any remaining Trust Assets shall be refunded to the Corporation. 
 ARTICLE VII 

POWERS AND DUTIES OF THE TRUSTEE 
 7.1 AUTHORITY OF THE TRUSTEE. Except as otherwise provided herein or in the Plan, the Trustee has the following authority, in addition to powers otherwise conferred on it by law or by the Trust:

 (a) To hold, manage, sell, exchange, mortgage, pledge, or otherwise dispose of, any property in the Trust,
without the approval of any court; 
 (b) To hold securities (including Corporation Stock) and other property of
the Trust in the name of the Trustee or in the name of its nominee or a depositary, either in the form of a certificate or other written instrument or in the form of a book entry, with or without disclosure of the Trust, provided that the Trustee
shall be responsible for the acts of its nominee; 
 (c) To collect the principal and income of property in the
Trust and, if there is a default in the payment of such principal or income, to exercise its judgment as to the proper legal proceedings necessary or advisable to collect it; 

  
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 (d) To participate in reorganizations, recapitalizations, consolidations,
mergers, exchanges, liquidations and creditors’ and bondholders’ agreements; 
 (e) To exercise voting
rights and issue proxies, which may be discretionary and with power of substitution, in connection with any stock, other than Corporation Stock governed by Section 5.3, or other securities in the Trust; 

(f) To exercise rights and options to purchase shares of stock (including Corporation Stock) or other property, and to
sell or redeem fractional shares of stock (including Corporation Stock) or other property; 
 (g) With the
written approval of the Corporation, to borrow money in such amounts and upon such terms and conditions and from such persons as the Trustee deems advisable to carry out the purposes of the Trust, and to pledge any property in the Trust for the
repayment of such loan; 
 (h) With the written approval of the Corporation, to lease for any term (with or
without option to purchase) or otherwise dispose of, any property in the Trust, without the approval of any court; 
 (i) To employ brokers, agents, custodians, actuaries, attorneys, accountants or other persons (who may or may not also be employed by the Corporation), and to delegate to them such of the Trustee’s
powers (other than those relating to the investment and reinvestment of the Trust Assets) as it considers desirable; 
 (j) To execute and deliver deeds, leases, mortgages, conveyances, contracts, waivers, releases or other instruments in writing necessary or proper for the accomplishment of any of the foregoing powers;
and 
 (k) To purchase Corporation Stock from the Corporation or on the open market or pursuant to the DRSPP to
satisfy any requirements of the Plan and this Agreement. 
 7.2 ADVICE OF COUNSEL. The Trustee may consult with any legal
counsel, including counsel to the Corporation, with respect to the construction of the Agreement, its duties hereunder, or any act which it proposes to take or omit. 
 7.3 PERSONS DEALING WITH THE TRUSTEE. Persons dealing with the Trustee have no obligation to see to the proper application of any money paid or property delivered to the Trustee or to inquire into the
Trustee’s authority as to any transaction. 

  
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 7.4 TRUSTEE’S DUTIES. The Trustee’s duties and obligations shall be limited to
those expressly imposed upon it in accordance with the terms of the Trust. The Trustee shall act in a fiduciary capacity with respect to the Participants. 
 7.5 TRUSTEE RESPONSIBILITY IF CORPORATION IS INSOLVENT. At such time as (i) the Corporation issues or should have issued a notice pursuant to the provisions of Section 3.2; (ii) the Trustee
has actual knowledge of the Insolvency of the Corporation; or (iii) a general creditor of the Corporation makes claims or brings legal action against the Trustee pursuant to the rights set forth in Section 3.2, the Trustee shall
discontinue all distributions to Participants and shall hold and deliver all Trust Assets in the manner that a court of competent jurisdiction directs. If the Trustee discontinues any distributions from the Trust to the Participants pursuant to this
Section 7.5, any subsequent resumption of such distributions shall be in accordance with Section 3.3. 
 7.6 VALUATION
OF TRUST. The Trustee shall determine the fair market value of the Trust Assets as of each Valuation Date. The Trustee shall furnish to the Corporation as soon as practicable after the close of each calendar year (and following any other Valuation
Date, if the Corporation so requests), a report (a) listing the Trust Assets as of the close of business on such Valuation Date; (b) showing as of the close of business on such Valuation Date the value of the Trust Assets; (c) showing
since the last previous report (i) all of the Corporation’s contributions to the Trust, (ii) all allocations to each Separate Account, and (iii) all amounts paid from the Trust pursuant to Article VI, and (d) containing
such additional information concerning the Trust as the Corporation may reasonably request. In determining fair market values, the Trustee shall use such market quotations and other information as are available to it and as it may determine, in its
discretion, to be appropriate. The Trustee shall not be accountable to the Corporation, to any Participant, or to any other person on the basis of any such valuation, but its accountability shall be in accordance with the provisions of
Article VIII hereof. If requested by the Corporation, the Trustee shall provide the information required above for each Separate Account, subaccount maintained for purposes of the Trustee’s investment through the DRSPP, or Fund of the
Trust. 

  
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 7.7 AUDIT OF ACCOUNT OF TRUSTEE. The Trustee shall keep full accounts of all transactions.
All financial statements, books and records with respect to the Trust shall be open to inspection at all reasonable times during business hours of the Trustee by the Corporation, or its representatives, including, without limitation, any accountants
engaged by the Corporation in the Trust in such form as the Corporation may reasonably request. 
 7.8 REPORT OF ACCOUNT TO
CORPORATION. Within sixty (60) days after the close of each calendar year, and within sixty (60) days after the date of termination of the duties of the Trustee, the Trustee shall prepare and deliver to the Corporation an account of its
acts and transactions as Trustee hereunder. 
 7.9 TAX RETURNS OF TRUST. The Trustee, in coordination with the Corporation,
shall file, or cause to be filed, the appropriate tax form or forms reporting all items of income, deduction, loss, or credit for the account of the Corporation, and all tax returns required in connection with distributions from the Trust.

 7.10 TRUSTEE RESPONSIBILITY RELATING TO CORPORATION DEDUCTION. The Trustee shall, upon request of the Corporation, take all
actions (and refrain from such actions) necessary to ensure that the intent of Section 1.4 is achieved. 
 ARTICLE VIII

 ADMINISTRATION 
 8.1 EVIDENCE OF ACTION BY CORPORATION. The Corporation shall designate to the Trustee the names of any persons authorized to act for the Corporation under the Agreement. Until further notice, the
Corporation hereby designates that the Treasurer of the Corporation is authorized to act for the Corporation under the Agreement. Until the Corporation notifies the Trustee that such a person is no longer so authorized, the Trustee may continue to
rely on the authority of such person. The Trustee may rely upon any such designation which the Trustee reasonably believes to have been signed by a duly authorized officer of the Corporation. 

  
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 8.2 NOTICE OF CHANGE IN CONTROL. Within five days after having knowledge of any Change in
Control, the Corporation shall notify the Trustee and the Participants of the occurrence of such Change in Control. 
 8.3
COMMUNICATIONS TO TRUSTEE OR CORPORATION. Communications to the Trustee shall be sent to the Trustee as follows: D. Thomas George, 1000 Lakeside Avenue, Cleveland, Ohio 44114, or to such other address as the Trustee may specify. No communication
shall be binding upon the Trustee until it is received by the Trustee, but any communication by the Corporation to the Trustee shall be binding upon the Corporation upon sending to the Trustee. Communications to the Corporation shall be sent to the
Corporation’s principal office at 1000 Lakeside Avenue, Cleveland, Ohio 44114, Attention: Treasurer and Director, Human Resources or to such other address or person(s) as the Corporation may specify. 

8.4 EXPENSES. The Trustee shall be entitled to reimbursement for its reasonable expenses of administering the Trust, including reasonable
compensation of counsel and any agents engaged by the Trustee to assist it in such administration. Except as provided in Section 4.5, such compensation and expenses, including those fees and expenses incurred under Section 10.5, shall be
paid by the Corporation and in the event that the Corporation refuses to pay, the Trustee shall be entitled to compensation from the Trust Assets. 
 8.5 EMPLOYMENT OF TRUSTEE AS AGENT. The Corporation may at any time employ agents to perform any act, keep any records or accounts, or make any computations required of the Corporation by the Agreement or
the Plan. In the event the Trustee is so employed as an agent, nothing which the Trustee may do as such agent shall affect its power, responsibility or liability as Trustee. 
 ARTICLE IX 
 RESIGNATION AND REMOVAL OF TRUSTEE 

9.1 RESIGNATION OR REMOVAL OF TRUSTEE. The Trustee may resign at any time by filing a written resignation with the Corporation. The
Corporation may remove the Trustee at any time by 

  
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delivering a written notice of removal to the Trustee; provided, however, that in the event of a Change in Control, the Trustee may be removed by the Corporation only if seventy-five percent
(75%) of the number of Participants consent to such removal. Such resignation or removal shall take effect upon appointment of a successor Trustee as provided in Section 9.2. 

9.2 APPOINTMENT OF SUCCESSOR TRUSTEE. The appointment of a successor to the Trustee will take effect upon delivery to the Trustee of an
instrument in writing executed by the Corporation appointing such successor and an acceptance in writing executed by such successor or such other date specified in the instrument appointing the successor; provided, however, that in the event of a
Change in Control, seventy-five percent (75%) of the number of Participants must consent to the appointment of a successor Trustee. If a successor is not appointed within ninety (90) days after the Trustee gives notice of resignation or
the Corporation gives notice of removal pursuant to Section 9.1, the Trustee may apply to any court of competent jurisdiction for appointment of a successor. 
 9.3 TRANSFER OF TRUST ASSETS TO SUCCESSOR. Upon the resignation or removal of the Trustee and appointment of a successor, and after the final account of the Trustee has been delivered to the Corporation,
the Trustee shall transfer and deliver the Trust Assets to such successor. 
 9.4 AUTHORITY AND POWER OF SUCCESSOR TRUSTEE. All
of the provisions set forth herein with respect to the Trustee shall relate to each successor with the same force and effect as if such successor had been originally named as Trustee hereunder. 

ARTICLE X 

MISCELLANEOUS 

10.1 GOVERNING LAWS. The Trust and the Agreement shall be construed and regulated by the laws of the State of Ohio. 

10.2 PROHIBITION AGAINST REVERSION OR DIVERSION. No part of the Trust shall revert to the Corporation except as provided in Articles IV
and VI hereof, and no part of the Trust shall be used for or diverted to purposes other than the exclusive benefit of Participants, except as provided as Sections 3.2, 4.1, 4.2, 6.5, and 8.4. 

  
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 10.3 NON-ALIENATION OF BENEFITS. No benefit under a Plan shall at any time be subject in any
manner to alienation or encumbrance. If any Participant shall attempt to, or shall, alienate or in any way encumber his benefits under the Plan, or any part thereof, or if by reason of his bankruptcy or other event happening at any time any such
benefits would otherwise be received by anyone else or would not be enjoyed by him, his interest in all such benefits shall automatically terminate and the same shall be held or applied to or for the benefit of such person, his spouse, children, or
other dependents in accordance with the terms of the Plan. 
 10.4 PAYMENT OF BENEFITS TO OTHERS. If any Participant to whom a
benefit is payable under the Plan is unable to care for his affairs because of illness or accident, any payment due (unless prior claims therefor shall have been made by a duly qualified guardian or other legal representative) may be paid to the
spouse, parent, adult child, brother, or sister, or any other individual in accordance with the terms of the Plan. 
 10.5
ARBITRATION. Any dispute between the Participants and the Corporation or the Trustee as to the interpretation or application of the provisions of the Agreement, the Plan, or amounts payable under the Plan shall be determined exclusively by binding
arbitration in Cleveland, Ohio, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court of competent jurisdiction. All fees and expenses of such
arbitration shall be paid by the Corporation and in the event that the Corporation refuses to so pay, the Trustee shall pay such fees and expenses as an expense of the Trust. 
 10.6 TRUST BENEFITS LIMITED TO PLAN BENEFITS. Nothing herein contained shall be construed as conferring upon any person any rights with respect to the Trust or the administration thereof other than the
right to such benefits as may be provided with respect to such person by the terms of a Plan. All rights created under the Plans and this Agreement shall be mere unsecured contractual rights of the Participant against Corporation. 

  
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 10.7 TITLES AND HEADINGS NOT TO CONTROL. The titles of Articles and headings of Sections in
the Agreement are placed herein for convenience of reference only and in case of any conflict, the text of the Agreement, rather than such titles or headings, shall control. 
 Executed in multiple counterparts at Cleveland, Ohio, effective as of January 1, 1995, but on the dates indicated below. 
 FERRO CORPORATION 
  

									
				
	By:	 	 	 		 	 
		 	D. Thomas George, Treasurer	 		 	D. Thomas George, Trustee
					
	Date:	 	 	 		 	Date:	 	 

  
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