Document:

EX-10.40

 EXHIBIT 10.40 
 SEPARATION AGREEMENT AND RELEASE 
 This document is a SEPARATION AGREEMENT AND RELEASE (this “Release Agreement”) and is between FERRO
CORPORATION (“Ferro”) and James F. Kirsch (“Mr. Kirsch”). 
 For good and valuable
consideration, and intending to be legally bound, Ferro and Mr. Kirsch hereby agree as follows: 
 1. TERMINATION
OF EMPLOYMENT 
  

	 	A.	Ferro has employed Mr. Kirsch since October 18, 2004. 

  

	 	B.	Mr. Kirsch and Ferro signed a confidentiality agreement (the “Confidentiality Agreement”) dated October 18, 2004. 

 

	 	C.	Ferro and Mr. Kirsch signed a Change in Control Agreement effective as of January 1, 2009 (the “Change in Control
Agreement”).

  

	 	D.	Mr. Kirsch has served as President and Chief Executive Officer for Ferro. 

 

	 	E.	Mr. Kirsch’s employment relationship with Ferro has ended as of November 12, 2012 (the “Termination Date”) and Mr. Kirsch has no other
service relationships with Ferro as of that date, so the Termination Date is also the date of “separation from service” for purposes of Section 409A of the Internal Revenue Code. 

2. NORMAL PACKAGE AND OTHER MATTERS 

 

	 	A.	Regardless of whether Mr. Kirsch signs this Release Agreement, Mr. Kirsch will be paid for time worked through the Termination Date and will be entitled to
receive a payment equal to the value of current year accrued but unused vacation. 

  

	 	B.	Regardless of whether Mr. Kirsch signs this Release Agreement, Mr. Kirsch will be permitted to extend existing medical, dental, and vision insurance coverage,
if any, at his own expense, consistent with federal COBRA law and any applicable state laws. 

  

	 	C.	Regardless of whether Mr. Kirsch signs this Release Agreement, Mr. Kirsch will be entitled to exercise any stock options awarded to him by Ferro (that have
vested as of the Termination Date) at any time up to and including February 12, 2013 (or until such earlier date on which such stock options expire by their terms). After February 12, 2013, Mr. Kirsch will not be entitled to exercise
any further Ferro stock options. Any stock options that did not vest as of the Termination Date will be forfeited as of the Termination Date. 

  

	 	D.	Regardless of whether Mr. Kirsch signs this Release Agreement, in accordance with the terms of Performance Share Awards and Restricted Share Awards under the 2006
Long-Term Incentive Compensation Plan or the 2010 Long-Term Incentive Plan, any Performance Shares or Restricted Shares awarded to Mr. Kirsch that have not yet vested will be forfeited as of the Termination Date. 

 

	 	E.	Regardless of whether Mr. Kirsch signs this Release Agreement, Mr. Kirsch’s rights with respect to any benefits payable under the Ferro Corporation
Savings and Stock Ownership Plan and the Ferro Corporation Supplemental Defined Contribution Plan for Executive Employees shall be governed by the terms and conditions of such plans. 

 

	 	F.	If Mr. Kirsch does not sign this Release Agreement, he shall not be eligible to receive any payment for 2012 or 2013 under the terms of Ferro’s annual
incentive plan. 

 3. ENHANCED PACKAGE 

In consideration of the agreements and promises made by Mr. Kirsch in this Release Agreement, Ferro is prepared to provide
Mr. Kirsch with, and Mr. Kirsch hereby elects to receive, the following enhanced separation pay and benefits (the “Enhanced Package”) in addition to the benefits described in paragraph 2 above and subject to the terms and
conditions of this Release Agreement: 
  

	 	A.	Severance Payments 

 Ferro will
pay Mr. Kirsch the following: 
 (1) A severance payment totaling One Million Eight Hundred and Sixty Thousand Dollars
($1,860,000), which is equivalent to twenty-four (24) months of Mr. Kirsch’s current base salary; and 

(2) A payment of One Million Eight Hundred and Sixty Thousand Dollars ($1,860,000), which is equivalent to two (2.0) times the
annual incentive that Mr. Kirsch would have earned under Ferro’s annual incentive plan for 2012, assuming that performance had been attained at the “target” level as based on a percentage of Mr. Kirsch’s current base
salary; and 
 (3) A pro rata payment equal to the annual incentive (if any) that Mr. Kirsch would have earned under
Ferro’s annual incentive plan for 2012 if he was employed by Ferro on the last day of 2012, based on the actual level of performance attained for 2012 and prorated by multiplying this amount by a fraction, the numerator of which is equal to the
number of days which have elapsed in 2012 through the Termination Date and the denominator of which is 365. 
  

	 	B.	Continuation of Benefits 

 To the
extent that Mr. Kirsch is enrolled in Ferro’s medical, dental and/or vision plan as of the Termination Date, Mr. Kirsch and his spouse and dependents (if likewise so-enrolled as of the Termination Date) will continue to participate in
those plans (whichever applicable) in accordance with the terms of such plans as they may be amended from time to time, at the same cost to Mr. Kirsch as would be incurred by similarly situated active employees (which may change from
time-to-time) until (1) the date Mr. Kirsch becomes eligible for any medical, dental, or vision coverage provided by another employer or, if earlier, (2) twenty-four (24) months following the Termination Date (the parties agree
that the COBRA continuation period shall not begin until after the expiration of the periods set forth herein). Mr. Kirsch’s portion of monthly premiums covering the fourth quarter of 2012 will be billed to him in such quarter.
Mr. Kirsch’s portion of premiums for subsequent months will be billed to him quarterly, and he agrees to pay such invoices within 30 days of receipt if he wishes to (and remains eligible to) continue coverage. 

 

	 	C.	Outplacement Services 

 Ferro
shall make available to Mr. Kirsch reasonable outplacement services by a firm selected by Ferro and acceptable to Mr. Kirsch, at Ferro’s expense, in an amount not to exceed $25,000, for a period lasting not longer than two
(2) years after the Termination Date. 
  

	 	D.	Form and Timing of Payments 

 The
timing of all payments to Mr. Kirsch under this Release Agreement shall be made in a manner that complies with Section 409A of the Internal Revenue Code, as amended, and shall be made as follows: 

(1) The severance payments under paragraphs 3(A)(1) and 3(A)(2) shall be paid within 30 days after the first day of the seventh month
following the Effective Date. 

	 	(2)	The payment described in paragraph 3(A)(3) shall be payable to Mr. Kirsch on (a) the date that currently employed executives of Ferro receive their annual
incentive payment for 2012, or (b) within 30 days after the first day of the seventh month following the Effective Date, whichever occurs later. 

  

	 	(3)	No payment of any kind that would be considered deferred compensation subject to Section 409A of the Internal Revenue Code shall be payable to Mr. Kirsch
before the first day of the seventh month after the Effective Date. If any portion of this Release Agreement is deemed to be inconsistent with this paragraph 3(D)(3), then this paragraph 3(D)(3) shall prevail. 

4. CONFIDENTIALITY, NONDISPARAGEMENT, NONCOMPETITION, AND NONSOLICITATION

 In consideration of the Enhanced Package, Mr. Kirsch promises that: 

 

	 	A.	For the period beginning on the date Mr. Kirsch signs this Release Agreement and ending twenty-four (24) months later, Mr. Kirsch will not use or
disclose to any persons any proprietary or confidential business information or trade secrets concerning Ferro or any of its affiliated companies (including all subsidiaries), obtained or which came to Mr. Kirsch’s attention during the
course of his employment with Ferro. 

  

	 	B.	For the period beginning on the date Mr. Kirsch signs this Release Agreement and ending twenty-four (24) months later, Mr. Kirsch will not make any
statements or disclose any information concerning Ferro, its directors, officers, management, staff, employees, representatives, or agents (collectively, “Ferro or its management”), which are likely to disparage Ferro or its management,
which are likely to damage the reputation or business prospects of Ferro or its management, or which are likely to interfere in any way with the business relations Ferro has with its customers (including potential customers), suppliers, alliance
partners, employees, investors, or shareholders. 

  

	 	C.	For the period beginning on the date Mr. Kirsch signs this Release Agreement and ending twenty-four (24) months later, Mr. Kirsch will not, directly or
indirectly, engage in, or assist or have an ownership interest in, or act as an employee, 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 products
that compete with Ferro’s products or any products which are logical extensions, on a manufacturing or technological basis, of Ferro’s products. 

  

	 	D.	For the period beginning on the date Mr. Kirsch signs this Release Agreement and ending twenty-four (24) months later, Mr. Kirsch will not, directly or
indirectly, attempt in any way to induce any employee of Ferro or any customer of Ferro to cease employment or cease doing business with Ferro or to commence employment or commence business relations with any competitor of Ferro; and, during the
same period, Mr. Kirsch shall not hire or in any way support or encourage or authorize the hire of any then-current Ferro employee at any place of employment other than Ferro. 

 

	 	E.	Mr. Kirsch represents and warrants that, from the Termination Date through the date he signed this Release Agreement, he has not engaged in any activity
inconsistent with the requirements of paragraph 4. 

 In addition, Mr. Kirsch hereby reaffirms the commitments
made to Ferro in the Confidentiality Agreement, which are in no way diminished or overridden by the restrictions set forth in this paragraph 4. This paragraph 4 is not intended to reduce any of the obligations that the law may impose on former
employees, such as any legal obligation not to disclose trade secrets or other types of confidential information. 
 5. WAIVER

 Mr. Kirsch acknowledges that Ferro is providing the Enhanced Package in lieu of all other benefits to which he is or may
be entitled arising out of his termination of employment. Mr. Kirsch hereby waives any and all rights to any other severance benefits offered to Ferro employees and any other right or benefit under any

 
agreement, understanding, or promise, whether written or oral, between Mr. Kirsch and Ferro (or any of the Released Parties, as defined below). This waiver does not affect
Mr. Kirsch’s right to continuation of coverage under Ferro’s health insurance plans at his own expense pursuant to any rights Mr. Kirsch may have under federal COBRA law or any applicable state law. 

6. RELEASE 
 In
consideration of the Enhanced Package, Mr. Kirsch hereby releases Ferro Corporation and all of Ferro Corporation’s predecessors, successors, assigns, acquirers, parents, direct and indirect subsidiaries, affiliates, and all such
entities’ officers, directors, agents, representatives, partners, shareholders, fiduciaries, insurers, attorneys, and employees (both current and former) (all released entities are collectively referred to as the “Released Parties”)
from any and all claims, demands, actions, causes of action, suits, damages, losses, costs, interest, attorneys’ fees, and expenses, known or unknown, which Mr. Kirsch has or may claim to have against any of the foregoing arising from or
relating to his employment or termination of employment with Ferro. 
 Mr. Kirsch acknowledges that the foregoing release
includes (but is not limited to) all claims arising under federal, state, or local law in the United States prohibiting employment discrimination or retaliation, including, without limitation, the Age Discrimination in Employment Act of 1967, Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Employee Retirement Income Security Act, the Equal Pay Act, 42 U.S.C. §1981, the Vietnam Era Veterans Readjustment Assistance Act, the Rehabilitation Act of 1973, the
Americans with Disabilities Act, the Family and Medical Leave Act, the Older Workers Benefit Protection Act, Chapters 4112 and 4113 of the Ohio Revised Code, including all amendments to all such laws, and all claims under any other federal or state
laws, local ordinances or common law and other laws restricting an employer’s right to terminate the employment relationship. Mr. Kirsch further acknowledges that such release includes (but is not limited to) any claims he may have under
any internal grievance procedure at Ferro. 
 Mr. Kirsch agrees not to assert any such claims, demands, actions, or causes
of action in any court of law or other judicial or arbitral forum. 
 The foregoing release does not waive rights or claims that
may arise after the date this Release Agreement is executed. Mr. Kirsch agrees that he will neither seek nor accept, from any source whatsoever, any further benefit, payment, or other consideration relating to any rights or claims that have
been released in this Release Agreement. 
 7. VOLUNTARY ELECTION 

Mr. Kirsch acknowledges that: 
  

	 	A.	The only consideration being given for signing this Release Agreement is set forth herein. In exchange for signing this Release Agreement, Mr. Kirsch is being
provided consideration to which he would not otherwise be entitled. 

  

	 	B.	No other promises or agreements have been made to or with Mr. Kirsch by any person or entity to induce Mr. Kirsch to sign this Release Agreement.

  

	 	C.	Mr. Kirsch has been given twenty-one (21) calendar days to consider the effect of this Release Agreement, including the release contained above, before
signing this Release Agreement. By signing below, Mr. Kirsch expressly acknowledges that he has been afforded the opportunity to take twenty-one (21) calendar days to consider this Release Agreement and that his execution of this document
is with full knowledge of the consequences thereof and is of his own free will. 

  

	 	D.	Mr. Kirsch is encouraged to discuss this Release Agreement and any matters related to the termination of his employment with an attorney of his own choosing.
Mr. Kirsch acknowledges that, before signing, he has had sufficient opportunity to do so. 

	 	E.	Mr. Kirsch may revoke this Release Agreement during the seven-day period beginning immediately after he signs this Release Agreement. Such revocation must be made
in writing delivered to Ferro at the address listed below before the end of the seven-day period: 

Ferro Corporation 
 6060 Parkland Boulevard 
 Mayfield Heights, Ohio 44124 

Attention: General Counsel 
 The “Effective Date” of this Release Agreement will be the day after the seven-day revocation period has expired. This Release Agreement will be neither effective nor enforceable before the
Effective Date. If timely revoked, all portions of this Release Agreement will be void. 
 8. RETURN OF
COMPANY PROPERTY 
 Mr. Kirsch represents that he has (a) returned to Ferro all company
property in his possession, custody, or control, including but not limited to all paper documents, electronic documents, physical property, or other materials; and (b) deleted all copies he has of any electronic records or documents of Ferro
and agrees that he will not, at any time in the future, seek to recover or permit recovery of any such deleted files unless required by law. Mr. Kirsch certifies that he has not disclosed any Ferro proprietary, confidential, or trade secret
information to anyone outside of Ferro and that he will not do so. If Mr. Kirsch has any questions about the scope or applicability of this paragraph, he agrees to contact the General Counsel’s office at Ferro. 

9. WITHHOLDING 

All payments and all dollar amounts referenced in this Release Agreement are described in gross, but shall be subject to withholding,
deductions and contributions as required by law. 
 10. EXECUTIVE AVAILABILITY 

After the Termination Date, Mr. Kirsch shall provide reasonable assistance and cooperation to Ferro (or its affiliates or
subsidiaries) concerning business or legal related matters about which Mr. Kirsch possesses relevant knowledge or information. Such cooperation will be provided only at Ferro’s specific request and will include, but not be limited to,
assisting or advising Ferro (or its subsidiaries or affiliates) with respect to any business-related matters or any actual or threatened legal action (including testifying in depositions, hearings, and/or trials). Mr. Kirsch will be reimbursed
for the reasonable costs of providing assistance and cooperation, including, without limitation, reasonable travel and lodging expenses. 
 11.
TERMINATION OF CHANGE IN CONTROL AGREEMENT 
 In accordance with the provisions of the Change in Control Agreement, the “Term” of the Change in Control Agreement (as defined therein) expires immediately upon Mr. Kirsch’s
Termination Date. 
 12. GOVERNING LAW 
 This Release Agreement will be governed by the internal substantive laws of the State of Ohio. 

13. BREACH 

Ferro’s obligation to provide separation pay and benefits under this Release Agreement will cease immediately if (a) Ferro
reasonably determines in good faith that Mr. Kirsch failed to comply with any of his obligations under this Release Agreement and (b) such compliance failure has not been cured (if capable of

 
being cured) in all substantial respects within thirty (30) days after Ferro has advised Mr. Kirsch in writing of the nature of the compliance failure, and Mr. Kirsch will be
required to return to Ferro (with ten (10) days after request by Ferro) any amounts that Ferro has paid to Mr. Kirsch under this Release Agreement other than the payments described in paragraph 2. 

Unless there is a risk of imminent harm to Ferro, in which case Ferro will be entitled to immediate injunctive relief and may obtain a
temporary order restraining any threatened or further breach, Ferro will provide Mr. Kirsch with at least thirty (30) days written notice of any alleged violation or breach of this Release Agreement, so that he may respond to the
allegations and cure the compliance failure (if capable of being cured) prior to Ferro ceasing any payments or benefits, returning any payments, or taking any legal action under this Release Agreement. 

Each party will bear its own costs to resolve any dispute arising under this Release Agreement. 

14. ENTIRE AGREEMENT 
 This Release Agreement, together with the Confidentiality Agreement, contains the entire agreement between the parties hereto and replaces any prior agreements, contracts and/or promises, whether written
or oral, with respect to the subject matters included herein. This Release Agreement may not be changed orally, but only in writing, signed by each of the parties hereto. This Release Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors, and assigns.
 15. INVALIDITY 

The parties to this Release Agreement agree that the invalidity or unenforceability of any one provision or part of this Release Agreement
will not render any other provision(s) or part(s) hereof invalid or unenforceable and that the other provision(s) or part(s) will remain in full force and effect. 
 By signing this Release Agreement, Mr. Kirsch affirms that he has read this Release Agreement carefully, that he knows and understands its contents, that he is signing this Release Agreement
voluntarily, and that signing this Release Agreement is his own free act and deed. 
 To evidence their agreement and intention to be bound
legally by this document, James F. Kirsch and FERRO CORPORATION have signed and dated this SEPARATION AGREEMENT AND RELEASE. 

 

							
	 	 	 	 	 	 	FERRO CORPORATION
				
	/s/ James F. Kirsch	 		 	By:	 	/s/ Mark H. Duesenberg
	JAMES F. KIRSCH	 		 		 	 MARK H. DUESENBERG
 Vice President, General Counsel & Secretary

	Date: November 19, 2012	 		 	Date:	 	November 19, 2012EX-10.41

 EXHIBIT 10.41 
 November 12, 2012 
 Mr. Peter T. Thomas 

Vice President, Polymer and Ceramic Engineered Materials 
 Ferro Corporation 
 Dear Peter: 
 On behalf of Ferro Corporation (the “Company”), I am pleased to offer you the position of Interim President and Chief Executive Officer of the Company (“Interim
CEO”) as further described in this offer letter (“Letter”). 
 Term 

The term of your service as Interim CEO will be for an initial period of six months commencing if and when the Effective Date occurs (the
“Initial Term”), and will continue after the Initial Term on a month-to-month basis (the “Monthly Term” and, together with the Initial Term, the “Term”). The Initial Term is
subject to earlier termination upon at least five days’ prior written notice by either you or the Company’s Board of Directors (the “Board”), and the Monthly Term is subject to termination upon at least five
days’ prior written notice by either you or the Board in advance of either the commencement or a monthly renewal of such Monthly Term. For purposes of this Letter, “Effective Date” means the date on which, if at all, the
Chief Executive Officer of the Company as of the date of this Letter ceases serving in such capacity prior to December 31, 2012. Notwithstanding anything in this Letter to the contrary, your service as Interim CEO during the Term will be at the
pleasure of the Board. 
 Duties and Transition 
 As Interim CEO, you will have such duties, responsibilities and authority as are customarily incident to the principal executive officer of a publicly traded corporation, and will also assist the Company
with the identification of, hiring of and/or transition of duties, responsibilities and authority (both during and for at least six months after the Term) to the next principal executive officer of the Company (the “New CEO”)
to the extent reasonably requested by the Board. During your service as Interim CEO, you will report to the Board and will work primarily at the Company’s headquarters at 6060 Parkland Boulevard in Mayfield Heights, Ohio. Your appointment as
Interim CEO is subject to approval by the Board, and any changes to your current compensation package as outlined in this Letter are subject to approval of the Compensation Committee of the Board (the “Compensation
Committee”). 
 Equity-Based Compensation 
 If and when the Effective Date occurs, you will receive an award of phantom Common Stock units under Section 4(e) of the Company’s 2010 Long-Term Incentive Plan (the
“Plan”), which phantom Common Stock units will be settled solely in cash (such phantom Common Stock units, the “Restricted Share Units” or “RSUs”), with a grant date for the
award of the Effective Date and as further described in this paragraph (the “RSU Grant”) (for purposes of this Letter, “Common Stock” refers to shares of the Company’s Common Stock, par value
$1.00 per share). The number of RSUs subject to the RSU Grant (rounded down to the nearest whole RSU) will be equal to the quotient of (1) $400,000 divided by (2) the closing price for the Common Stock on the New York Stock Exchange as
reported for the day immediately prior to the Effective Date (or if there are no sales of Common Stock on the day immediately prior to the Effective Date, on the next preceding trading day during which such sales occurred). The

  
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RSUs subject to the RSU Grant will become nonforfeitable on, and will be settled in cash within 10 days after, the second anniversary of the Grant Date provided that you continue to be employed
by the Company on such date. The RSU Grant will be evidenced by an award agreement that complies with the Plan and that is in substantially the form as approved by the Compensation Committee (the “RSU Agreement”), and will be
subject to and on such other terms and conditions as required under the Plan or as set forth in the RSU Agreement. 
 Initial Cash Bonus

 If and when the Effective Date occurs, you will be entitled to receive an initial cash bonus equal to $200,000 (the “Initial
Cash Bonus”), which Initial Cash Bonus will be paid in a lump sum within 10 days of the Effective Date. 
 Monthly Cash Bonus

 If and when the Effective Date occurs, you will be eligible to receive a monthly cash bonus equal in the aggregate to $198,000 (the
“Monthly Cash Bonus”), which Monthly Cash Bonus will be paid in six equal installments on each of the first six monthly anniversaries of the Effective Date (each, a “Monthly Vesting Date”) provided
that you continue to be employed by the Company on such Monthly Vesting Date. 
 Discretionary Cash Bonus 

If and when the Effective Date occurs, you will be eligible to receive a discretionary cash bonus (the “Discretionary Cash Bonus”)
of up to $200,000: (1) which Discretionary Cash Bonus will be payable on the earlier to occur of (A) the first anniversary of the Effective Date, provided that you continue to be employed by the Company on such first anniversary, and
(B) the six-month anniversary of the date on which a New CEO commences service to the Company as such, provided that you continue to be employed by the Company on such six-month anniversary; and (2) with the final payout amount of the
Discretionary Cash Bonus determined by the Committee based on its subjective assessment of your performance and service to the Company for the initial six-month period after the Effective Date (with the Committee retaining the discretion to reduce
the final payout, including to zero, based on such subjective assessment). The Discretionary Cash Bonus will be subject to any applicable Company “clawback” policies that may be in effect from time to time. 

Changes to Executive Separation Policy Pay and Benefits 
 If and when the Effective Date occurs, the Company will take prompt action so that, for purposes of the Company’s Executive Separation Policy adopted June 23, 2010 (the “Separation
Policy”), you will be entitled to receive severance pay and benefits under Separation Policy Section 3.B at the same level as those to be received by the Company’s “Chief Executive Officer” under Separation Policy
Section 3.B (generally entitling you to severance pay and benefits consisting of (1) 24 months of base salary, (2) two times your “target” annual incentive for the year of termination, (3) a pro-rata actual annual
incentive for the year of termination, (4) up to 24 months of continued health coverage and (5) up to $25,000 in reasonable outplacement services for up to two years). In addition, if and when the Effective Date occurs, the Company will
take prompt action so that, until the first anniversary of the date on which a New CEO commences service to the Company as such, but solely for purposes of your participation under the Separation Policy, “Good Reason” as defined in the
Separation Policy will also mean the occurrence of: (1) a reduction in your annual base salary rate or annual or long-term incentive compensation opportunities below your annual base salary rate or annual or long-term incentive compensation
opportunities in effect immediately prior to your service as Interim CEO; (2) a change in your reporting duties, authorities or responsibilities such that you do not or no longer report directly to the Company’s principal executive
officer; or (3) any relocation of your principal place of employment with the Company. Except as provided in the two immediately preceding sentences, the Separation Policy will continue to cover you as provided for in the Separation Policy.

  
 2 

 Amendment to Change in Control Agreement 
 If and when the Effective Date occurs, you and the Company agree to execute an amendment to the Change in Control Agreement, dated as of January 1, 2009, by and between the Company and you (the
“Change in Control Agreement”), so that, until the six-month anniversary of the date on which a New CEO commences service to the Company as such: 

 

	 	•	Reference in Section 2.2.D(1) of the Change in Control Agreement to “12 times” will be deemed to be “18 times” (generally providing for an
amount equal to 18 times (rather than 12 times) your base salary to be deposited into a trust account after a “Potential Change in Control” (as defined in the Change in Control Agreement)); 

 

	 	•	Reference in Section 3.4.B(2) of the Change in Control Agreement to “Two” will be deemed to be “Three” (generally providing you with a
termination payment equal to three times (rather than two times) your annual base salary plus a target annual incentive); 

  

	 	•	Reference in Section 3.4.C of the Change in Control Agreement to “24 months” will be deemed to be “36 months” (generally providing you with
three years (rather than two years) of continued welfare benefits, but not providing you with any change in the amount of additional benefits you would receive under the Company’s defined benefit retirement plans or defined contribution
retirement plans); and 

  

	 	•	Except as provided in the three immediately preceding bullet points, the Change in Control Agreement will continue to cover you as provided for in the Change in Control
Agreement. 

 General 
 The Company may withhold from any amounts payable to you all federal, state, city or other taxes as the Company is required to withhold. Notwithstanding any other provision of this Letter, the Company is
not obligated to guarantee any particular tax result for you with respect to any payment or benefit provided to you, and you are responsible for any taxes imposed on you with respect to any such payment or benefit. Nothing in this Letter will be
construed as a guarantee of continuing employment for any specified period. Your employment with the Company is at-will and is terminable by you or the Company at any time, with or without cause. 

This Letter may be modified or terminated only in a writing signed by both you and an authorized representative of the Company. 

To the extent applicable, it is intended that the compensation arrangements described in this Letter comply with Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”), and this Letter will be interpreted consistent with this intent. This Letter and all questions arising in connection herewith shall be governed by the laws of the State of
Ohio, with venue in any court of competent jurisdiction located in the State of Ohio. 

  
 3 

 Sincerely, 
 /s/ Richard J. Hipple 
 Mr. Richard J. Hipple 

Lead Director and Chairman of the Compensation Committee 
 Ferro Corporation 
 I accept this offer to serve as Interim CEO of the Company if and when the
Effective Date occurs and agree to the terms and conditions outlined in this Letter. 
 /s/ Peter T. Thomas
                                 

Mr. Peter T. Thomas 

November 12, 2012
                                 

Date 

  
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