Document:

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                              TAX SHARING AGREEMENT

      AGREEMENT  made  as  of February  16, 2000 among UCAR  International  Inc.
("UCAR"),  and  its  subsidiaries UCAR Global Enterprises Inc. ("Issuer"),  UCAR
Finance   Inc.  ("Finance  Co."),  UCAR  Carbon  Company Inc.  ("Carbon"),  UCAR
Holdings  II Inc.  ("Holdings II "), UCAR  Holdings III ("Holdings III"),  Union
Carbide Grafito,  Inc.  ("Grafito"),  and  UCAR  Composites Inc.  ("Composites")
(collectively, the "subsidiaries").

      WHEREAS,  UCAR owns all of the  issued and  outstanding  shares of capital
stock of the Issuer and Finance Co., the only class of stock that the Issuer and
Finance  Co. is  authorized  to issue;  the  Issuer  owns all of the  issued and
outstanding  shares of  capital  stock of Carbon  and of  Holdings  II, the only
classes of stock that Carbon and  Holdings II are  authorized  to issue;  Carbon
owns all of the issued and  outstanding  share of capital  stock of Grafito  and
Composites, the only classes of stock that Grafito and Composites are authorized
to issue;  Holdings II owns all of the issued and  outstanding  share of capital
stock of Holdings  III, the only class of stock that  Holdings III is authorized
to issue;  the companies have become  members of an affiliated  group within the
meaning of section  1504(a) of the  Internal  Revenue  Code of which UCAR is the
common parent corporation (the "Affiliated Group"); and UCAR proposes to include
the  subsidiaries  in filing a  consolidated  federal  income tax return for the
calendar year 1999 and thereafter; and,

      WHEREAS,  UCAR and the  subsidiaries  desire  to  establish  a method  for
allocating  the  consolidated  tax liability of the  Affiliated  Group among its
members and for reimbursing UCAR for the payment of such tax liability;

      NOW, THEREFORE, UCAR and the subsidiaries agree as follows:

      1.    CONSOLIDATED RETURN ELECTION.

      If at any  time  and  from  time to  time  UCAR so  elects,  UCAR  and the
subsidiaries will join in the filing of a consolidated federal income tax return
for the calendar year of 1999 and for any  subsequent  taxable  period for which
the  Affiliated  Group is required or permitted to file such a return.  UCAR and
the subsidiaries agree to file such consents, elections, and other documents and
take such  other  action as may be  necessary  or  appropriate  to carry out the
purpose of this Section 1. Any period for which the subsidiaries are included in
a  consolidated  federal  income tax return filed by UCAR is referred to in this
Agreement as a "UCAR Consolidated Return Year."

      2.    SUBSIDIARIES' LIABILITY TO UCAR FOR UCAR CONSOLIDATED RETURN YEARS.

      Within 120 days after the end of each UCAR  Consolidated  Return Year, the
subsidiaries  shall pay to UCAR the amount (if any) of federal  income taxes for
which the subsidiaries would have been liable for that year,  computed as though
the subsidiaries each had filed a separate return for such  Consolidated  Return
Year and for all other Consolidated Return Years.

      3.    INTERIM ESTIMATED PAYMENTS.

      Prior to the end of any UCAR  Consolidated  Return Year, the  subsidiaries
shall advance to UCAR (within a reasonable period after request by UCAR) amounts
necessary to reimburse UCAR for that portion of any estimated federal income tax
payments attributable to the inclusion of the companies in the Affiliated Group.
Any  amounts so paid in any year shall  operate to reduce the amount  payable to

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UCAR  following  the end of such year  pursuant  to  Section 2,  above,  and any
negative  balance  resulting from such  reduction  shall promptly be refunded by
UCAR to the subsidiaries.

      4.    TAX ADJUSTMENTS.

      In the  event  of any  adjustment  of the  tax  returns  of  UCAR  and the
subsidiaries as filed (by reason of an amended return,  claim for refund,  or an
audit  by  the  Internal  Revenue  Service),  the  liability  of  UCAR  and  the
subsidiaries  under Section 2 and 3 shall be  redetermined to give effect to any
such  adjustment as if it has been made as part of the original  computation  of
tax  liability,  and payments  between UCAR and the  subsidiaries  shall be made
within 120 days after any such payments are made or refunds are received, or, in
the case of contested  proceedings,  within 120 days after a final determination
of the contest.

      If any  subsidiary  ceases  to be a  member  of the  Affiliated  Group  (a
"Deconsolidation  Event"), then that subsidiary will indemnify UCAR with respect
to any  federal,  state or  local  income,  franchise  or  other  tax  liability
(including any related  interest,  additions or penalties)  imposed on UCAR as a
result of an audit or other  adjustment with respect to any period prior to such
Deconsolidation  Event that is  attributable to UCAR or to the subsidiary or any
predecessor business thereof (computed as though the subsidiaries each had filed
a separate  return for such  Consolidated  Return Year),  but only to the extent
that any such tax  liability  exceeds any  liability  for taxes  recorded on the
books of UCAR or a subsidiary with respect to any such period.

      5.    UCAR AND NEW SUBSIDIARIES

      If at any time UCAR acquires or creates one or more  corporations that are
includable  corporations of the Affiliated  Group, they shall be subject to this
Agreement and all  references  to UCAR herein shall  thereafter  interpreted  to
refer to CUAR and such includable corporations as a group.

      6.    STATE INCOME TAX LIABILITY.

      Principles  similar  to those set forth  herein  shall  apply to  allocate
consolidated,  combined or unitary state income tax liability among UCAR and the
subsidiaries.

      7.    SUCCESSORS.

      This  Agreement  shall  be  binding  on and  inure to the  benefit  of any
successor, by merger,  acquisition of assets or otherwise, to any of the parties
hereto  (including but not limited to any successor of UCAR or the  subsidiaries
succeeding to their tax  attributes  under  section 381 of the Internal  Revenue
Code), to the same extent as if such successor had been an original party to the
Agreement.

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      IN WITNESS WHEREOF, UCAR and the subsidiaries have executed this Agreement
by authorized officers thereof as of the date first above written.

DATED:      February 16, 2000       UCAR International Inc.

                                    By:/s/ Erick Asmussen
                                    Its:Comtroller

                                    UCAR Global Enterprises

                                    By : /s/ Nancy M. Falls
                                    Its: Treasurer

                                    UCAR Finance Inc.

                                    By:   /s/ Nancy M. Falls
                                    Its:      Treasurer

                                    UCAR Carbon Company, Inc.

                                    By:   /s/ Nancy M. Falls
                                    Its:  Treasurer

                                    UCAR Holdings II, Inc.

                                    By:   /s/ Nancy M. Falls
                                    Its:  Treasurer

                                    UCAR Holdings III, Inc.

                                    By:  /s/ Nancy M. Falls
                                    Its: Treasurer

                                    Union Carbide Grafito, Inc.

                                    By:  /s/ Karen G. Narwold
                                    Its:  President

                                    UCAR Composites Inc.

                                    By:   /s/ Karen G. Narwold
                                    Its:   President<PAGE>
              UCAR INTERNATIONAL INC. COMPENSATION DEFERRAL PROGRAM

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              UCAR INTERNATIONAL INC. COMPENSATION DEFERRAL PROGRAM

                                    ARTICLE I

                                     PURPOSE

            1.1 The purpose of this Program is to (i) allow Eligible Employees
under the Variable Compensation Plans to defer up to 85% of their Variable
Compensation, (ii) allow Eligible Employees to defer up to 50% of their base
salary and (iii) allow Eligible Employees to defer a portion or all of their
lump sum payments otherwise payable from the SRIP, ERIP and/or Equalization
Plan.

            1.2   This Program shall be effective for amounts payable on or
after January 1, 2000.

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                                   ARTICLE II

                                   DEFINITIONS

            2.1     "Administrative Committee" means the Administrative
Committee for Non-Qualified Employee Benefit Plans of UCAR International Inc.,
as appointed by the Chairman and Chief Executive Officer of the Corporation.

            2.2     "Aggregate Compensation" means the sum of a Participant's
Compensation and Deferred Compensation.

            2.3 "Applicable Equity Investment Fund Rate" means the difference
between the value of each of the applicable investment funds under the Savings
Plan elected by a Participant under Section 8.2 of this Program: Vanguard 500
Index Fund, Vanguard/Windsor II Fund, Vanguard/PRIMECAP Fund, UAM ICM Small
Company Portfolio, Vanguard International Growth Fund, Vanguard LifeStrategy(TM)
Income Fund, Vanguard LifeStrategy(TM) Conservative Growth Fund, Vanguard
LifeStrategy(TM) Moderate Growth Fund and Vanguard LifeStrategy(TM) Growth Fund,
determined on a fund by fund basis, as of (i) the later of the Date of Deferral
or the effective date of a Participant's election under Section 8.2(c), and (ii)
the relevant valuation date for determining the amount of earnings of such
investment fund in accordance with Article VIII. Such value shall include any
hypothetical dividends and hypothetical capital gains distributions paid on such
investment fund during the period for which the Applicable Equity Investment
Fund Rate is being determined, as if such hypothetical dividends or hypothetical
capital gains distributions are reinvested when payable in additional shares of
such fund. The value of a respective investment fund for purposes of this
Section 2.3, shall mean the net asset value of such investment fund as reported
by such fund. If the investment funds under the Savings Plan are changed,

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deleted or added to, then the Applicable Equity Investment Fund Rate shall be
changed to correspond to the investment funds offered under the Savings Plan,
effective on the date such change is made to the investment funds under the
Savings Plan.

            2.4 "Beneficiary" means the person, persons or estate entitled (as
determined under Article VII) to receive payment under this Program following a
Participant's death.

            2.5     "Board" shall mean the Board of Directors of the
Corporation.

            2.6     "Change of Control" shall be deemed to occur if any of the
following circumstances shall occur:

            (i) any "person" or "group" within the meaning of Sections 13(d) and
            14(d)(2) of the Exchange Act becomes the "beneficial owner" as
            defined in Rule 13d-3 under the Exchange Act of more than 22.5% of
            the then outstanding voting securities of the Corporation;

            (ii) any "person" or "group" within the meaning of Sections 13(d)
            and 14(d)(2) of the Exchange Act acquires by proxy or otherwise the
            right to vote for the election of directors, on any merger or
            consolidation of the Corporation or for any other matter or question
            with respect to more than 22.5% of either the then outstanding
            common stock or the combined voting power of the then outstanding
            voting securities of the Corporation;

            (iii) Present Directors and New Directors cease for any reason to
            constitute a majority of the Board (and, for these purposes,
            "Present Directors" shall mean individuals who at the beginning of
            any consecutive twenty-four month period were members of the Board
            and "New Directors" shall mean individuals whose election as
            directors by the Board or whose nomination for election as directors
            by the Corporation's stockholders was approved by a vote of at least
            two-thirds of the directors then still in office who were Present
            Directors or New Directors);

            (iv)  the stockholders of the Corporation approve a plan of complete
            liquidation or dissolution of the Corporation; or

            (v)      a consummation of:

                     (x) a reorganization, merger or consolidation of the
            Corporation (a "Business Combination"), unless, following such
            Business Combination, (a) all or substantially all of the
            "beneficial owners", as defined in Rule 13d-3 under the Exchange

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            Act, of the outstanding common stock and the combined voting power
            of the outstanding voting securities of the Corporation,
            respectively, immediately prior to such Business Combination
            "beneficially own," as so defined directly or indirectly, more than
            50% of the outstanding common equity securities and the combined
            voting power of the outstanding voting securities of the entity
            resulting from such Business Combination (including, without
            limitation, an entity which as a result of such Business Combination
            owns the Corporation or all or substantially all of the
            Corporation's assets either directly or through one or more
            subsidiaries) respectively, in substantially the same proportions as
            their ownership, immediately prior to such Business Combination of
            the outstanding common stock of the Corporation and the combined
            voting power of the outstanding voting securities of the
            Corporation, respectively, (b) no "person" or "group," within the
            meaning of Sections 13(d) and 14(d)(2) of the Exchange Act
            (excluding any entity resulting from such Business Combination and
            any employee benefit plan (and related trust) of the Corporation,
            its subsidiaries or such entity) is the "beneficial owner", as
            defined in Rule 13d-3 under the Exchange Act of more than 22.5% of
            either the then outstanding common equity securities of the entity
            resulting from such Business Combination or the combined voting
            power of the outstanding voting securities of such entity except to
            the extent that such beneficial ownership existed immediately prior
            to such Business Combination with respect to the common stock and
            the combined voting power of the outstanding voting securities of
            the Corporation and (c) at least a majority of the members of the
            board of directors (or similar governing body) of the entity
            resulting from such Business Combination were members of the Board
            at the time of the execution of the initial agreement providing for
            such Business Combination or the time of the action of the Board
            approving such Business Combination, whichever is earlier; or

                     (y) any sale, lease, exchange or other transfer (in one
            transaction or a series of related transactions) of all, or
            substantially all, of the assets of the Corporation, whether held
            directly or indirectly through one or more subsidiaries (excluding
            any grant of any pledge, mortgage or security interest or any
            sale-leaseback or any similar transaction, but including any
            foreclosure sale);

                     Provided, that, in the case of both clauses (x) and (y)
            above, the divestiture of less than substantially all of the assets
            of the Corporation in one transaction or a series of related
            transactions, whether effected by sale, lease, exchange, transfer,
            spin-off, sale of the stock of or merger or consolidation of a
            subsidiary or otherwise, shall not constitute a Change of Control of
            the Corporation.

                     Notwithstanding the foregoing, a Change of Control of the
            Corporation shall not be deemed to occur: (A) pursuant to clauses
            (i) and (ii) above, solely because more than 22.5% of the then
            outstanding common stock or the combined voting power of the then

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            outstanding voting securities of the Corporation is held or acquired
            by one or more employee benefit plans (or related trusts) maintained
            by the Corporation or its subsidiaries; or (B) pursuant to
            Subparagraph (v)(y) above, if the Board determines that any sale,
            lease, exchange or transfer does not involve substantially all of
            the assets of the Corporation.

            2.7     "Code" means the Internal Revenue Code of 1986, as amended
from time to time.

            2.8 "Compensation" means, solely for purposes of this Program, a
Participant's taxable base salary, taxable Variable Compensation awarded under a
Variable Compensation Plan and any compensation that is deferred by the
Participant to any other plan maintained by the Corporation which satisfies the
requirements of Code Sections 125 or 401(k).

            2.9 "Compensation Committee" means the Organization, Compensation
and Pension Committee of the Board of Directors of the Corporation, or any
successor thereto.

            2.10 "Corporation" means UCAR International Inc., a Delaware
Corporation, any predecessor thereof and any successor thereof by merger,
consolidation or otherwise and its 100% owned subsidiaries, except that UCAR
Graph-Tech, Inc. shall remain a subsidiary participating in this Plan until such
time that UCAR International Inc. owns, directly or indirectly, less than 50% of
the outstanding common stock of UCAR Graph-Tech, Inc.

            2.11 "Date of Deferral" means (i) with respect to Variable
Compensation, the date on which the Corporation makes payments for Variable
Compensation awards for a given Service Year, (ii) with respect to base salary
deferral, the date on which the relevant salary would have been paid and (iii)
with respect to amounts which would otherwise have been paid from the SRIP, ERIP
or Equalization Plan, the date on which lump sum amounts would have otherwise

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been distributed in accordance with the terms of the SRIP, ERIP or Equalization
Plan.

            2.12 "Deferred Compensation" means the amount of Compensation
deferred by a Participant under this Program pursuant to Section 5.3 of this
Program.

            2.13 "Disability" shall mean the inability of a Participant to
perform in all material respects his or her duties and responsibilities to the
Corporation, or any subsidiary of the Corporation, by reason of a physical or
mental disability or infirmity which inability is reasonably expected to be
permanent and has continued (i) for a period of six consecutive months, or (ii)
such shorter period as the Corporation may determine. The Participant (or his or
her representative) shall furnish the Corporation with satisfactory medical
evidence documenting the Participant's disability or infirmity.

            2.14 "Eligible Employee" means an individual who (i) on the date of
his or her election to participate in this Program as provided in Section 5-1,
is a participant in a Variable Compensation Plan and is employed with the
Corporation, or one of its 100% owned subsidiaries that is participating in this
Program, in the United States (or outside the United States to the extent such
amounts to be deferred would otherwise be included as income for such person
under the Code) or (ii) with respect to a deferral of all or a portion of his or
her lump sum payments otherwise payable from the SRIP, ERIP and/or Equalization
Plan, was employed with the Corporation, or one of its 100% owned subsidiaries
that is participating in the Program, in the United States (or outside the
United States to the extent such amounts would otherwise be included as income
for such person under the Code) during the year in which the deferral election
is made pursuant to Section 5.1.

            2.15 "Equalization Plan" means the Equalization Benefit Plan for
Participants of the UCAR Carbon Retirement Plan, as may be amended from time to
time.

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            2.16 "ERIP" means the UCAR Carbon Company Inc. Enhanced Retirement
Income Plan, as amended from time to time.

            2.17    "Exchange Act" means the Securities Exchange Act of 1934 as
amended.

            2.18    "Management Plan" means the UCAR International Inc.
Management Incentive Plan (effective January 1, 1999), as it may be amended from
time to time, or any successor plan.

            2.19 "Participant" means an Eligible Employee who (i) elects in
advance to defer a portion of his or her base salary in accordance with Section
5.3 of this Program, (ii) elects in advance to defer a portion of his or her
Variable Compensation for a given Service Year under one of the Variable
Compensation Plans in accordance with Section 5.3 of this Program, if one were
to be paid to such Participant for that year, and who is in fact subsequently
awarded Variable Compensation for that year, payable during the following
calendar year on the Date of Deferral or (iii) elects in advance under this
Program to defer his or her lump sum distribution from the SRIP, ERIP or
Equalization Plan.

            2.20 "Program" means this UCAR International Inc. Compensation
Deferral Program, as may be amended from time to time.

            2.21 "Retirement" shall mean (a) with respect to any Participant,
the Participant's termination of employment with the Corporation when eligible
to receive an immediate pension benefit under the Retirement Program and (b) for
those Participants who are not participating in the Retirement Program, the date
on which such Participant (i) has attained age 50 with at least 10 years of
service with the Corporation and (ii) actually retires from employment with the
Corporation or a participating subsidiary.

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            2.22 "Retirement Program" means the UCAR Carbon Retirement Plan, as
may be amended from time to time.

            2.23 "Savings Plan" means the UCAR Carbon Savings Plan, as may be
amended from time to time.

            2.24 "Service Year" means one of the calendar years on and after
1999, as to which an election may be made in accordance with Article V, and in
respect of which Variable Compensation may be paid during the following calendar
year on the Date of Deferral.

            2.25 "SRIP" means the UCAR Carbon Company Inc. Supplemental
Retirement Income Plan, as may be amended from time to time.

            2.26 "Stable Value Rate" means the rate of interest for the UCAR
Stable Value Fund under the Savings Plan, in effect from time to time.

            2.27 "UCAR Stock Value Rate" means the difference between the unit
value of the Corporation's common stock as of the later of (i) the Date of
Deferral or the effective date of a Participant's election under Section 8.2(c)
pursuant to which earnings shall accrue at the UCAR Stock Value Rate and (ii)
the relevant date of determination of the amount of earnings in accordance with
Section 8.2 of this Program. Such value shall include the value of any
hypothetical dividends paid on the common stock during the period for which the
UCAR Stock Value Rate is being determined, as if such hypothetical dividends
were reinvested when payable in additional shares of the Corporation's common
stock. The unit value of the Corporation's common stock for purposes of this
Section 2.27 with respect to any relevant date of determination shall be
determined in the same manner as provided in the Savings Plan.

            2.28 "Unforeseen Emergency" means an event beyond the control of the
Participant that would result in severe financial hardship to the Participant if
early withdrawal of the Participant's deferrals (including any earnings credited

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to him or her pursuant to Article VIII of this Program) under this Program were
not permitted. Whether a Participant has an Unforeseen Emergency shall be
determined by the Administrative Committee.

            2.29 "Variable Compensation" means any amounts awarded in accordance
with one of the Variable Compensation Plans.

            2.30 "Variable Compensation Plans" means, collectively, the
Management Plan, incentive plans of UCAR Composites Inc., the UCAR Graph-Tech,
Inc. Management Incentive Plan (but only so long as UCAR Graph-Tech, Inc.
participates in the Program) and any other variable compensation plan authorized
by the Administrative Committee to participate in this Program.

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                                   ARTICLE III

                                 ADMINISTRATION

            3.1 Except as otherwise indicated, the Administrative Committee
shall supervise the administration and interpretation of this Program, may
establish administrative regulations to further the purpose of this Program and
shall take any other action necessary for the proper operation of this Program.
In carrying out their responsibilities under this Program, the Administrative
Committee and other Program fiduciaries shall have discretionary authority to
interpret the terms of this Program and to determine eligibility for entitlement
to benefits, in accordance with the terms of this Program. An interpretation
made pursuant to such discretionary authority shall be given full force and
effect, unless it can be shown that the interpretation or determination was
arbitrary and capricious. All decisions and acts of the Administrative Committee
shall be final and binding upon all Participants, their Beneficiaries and all
other persons.

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                                   ARTICLE IV

                                   ELIGIBILITY

            4.1 To be eligible to participate in this Program for a given year,
a person must have become an Eligible Employee not later than the day on or
before the date which an Eligible Employee must make the election provided for
in Article V of this Program for that year.

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                                    ARTICLE V

                                    DEFERRALS

            5.1 During each of the years this Program is in effect, Eligible
Employees shall be informed of the opportunity to participate in this Program.
An Eligible Employee choosing to participate in this Program must make an
election to do so on or before the date designated by the Administrative
Committee and otherwise in accordance with such procedures as may be established
by the Administrative Committee.

            5.2 (a) While an election to defer Variable Compensation under one
of the Variable Compensation Plans shall be irrevocable when made until the next
scheduled annual election period, participation in this Program with respect to
Variable Compensation shall become effective only on the Date of Deferral and
only if, on such date, the Eligible Employee receives an award under one of the
Variable Compensation Plans (or would have received an award but for an election
to defer under this Program).

            Variable Compensation awards, if any, for services performed in
calendar years 1999 and 2000, must be deferred during the 1999 annual election
period except that if a Variable Compensation Plan is first adopted by the
Corporation in 2000 and covers services performed in 2000, then a Participant
may, within 31 days after such Plan is adopted by the Corporation, make an
election to defer amounts which may be paid under such Plan for services
performed in 2000. Variable Compensation awards, if any, for services performed
in calendar years 2001 and beyond, must be deferred during the annual election
period immediately preceding the calendar year in which such services will be
performed. Notwithstanding the foregoing, an Eligible Employee who becomes
eligible to participate in this Program after January 1, 2000 may elect to defer
a Variable Compensation award during the calendar year in which services will be

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performed; provided, however, he or she makes an election to defer within 31
days after becoming eligible to participate in this Program.

            (b) An Eligible Employee must elect to defer his or her base salary
for services performed in calendar year 2000 during the 1999 annual election
period. Participation in this Program shall become effective only on the Date of
Deferral and only if the Eligible Employee is employed with the Corporation on
the date on which the Eligible Employee must make the election provided for in
this Article V. Base salary for services performed in calendar years 2001, and
beyond, must be deferred during the annual election period immediately preceding
the calendar year in which such services will be performed. A Participant may
suspend his or her election to defer his or her base salary at any time;
provided, however, that such Eligible Employee may not resume deferrals of base
salary until the following calendar year. Notwithstanding the foregoing, an
Eligible Employee who becomes eligible to participate in this Program after
January 1, 2000, may elect to defer a portion of his or her base salary during
the calendar year in which services will be performed; provided he or she makes
an election to defer within 31 days after becoming eligible to participate this
Program.

            (c) A Participant must elect to defer lump sum payments that he or
she would otherwise receive in accordance with the terms of the SRIP, ERIP or
Equalization Plan during the annual election period immediately preceding the
calendar year in which such payments would otherwise be received.

            5.3 (a) On or before the date designated by the Administrative
Committee and otherwise in accordance with such procedures as may be
established, a Participant may elect voluntarily to defer (i) up to 85% of the
Participant's award under the Variable Compensation Plans (in 1% increments),
(ii) up to 50% of his or her base salary (in 1% increments) and/or (iii) up to

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100% of his or her lump sum payment from the SRIP, ERIP or Equalization Plan (in
1% increments).

                    (b) A Participant must elect, during any applicable calendar
year, to defer in the aggregate a minimum of $1,000 of his or her base salary,
Variable Compensation or lump sum payments from the SRIP, ERIP or Equalization
Plan in order to participate in this Program in any particular year.
Notwithstanding any provision in this Program to the contrary, if a Participant
fails to defer in the aggregate at least $1,000 of base salary, Variable
Compensation or lump sum payment from the SRIP, ERIP or Equalization Plan in any
calendar year, the Administrative Committee may, in its sole discretion, require
such Participant to irrevocably elect to defer a minimum aggregate amount of
$1,000 in the calendar year immediately following thereafter in order to
participate in this Program in any particular year.

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                                   ARTICLE VI

                   PAYMENTS TO PARTICIPANTS AND BENEFICIARIES

            6.1 TIME OF PAYMENT. (a) Subject to subsections (b), (c), (d) and
(e) of this Section 6.1, a Participant shall begin to receive payment of his or
her deferrals, and any earnings accruals credited under Article VIII, during the
January next following his or her date of Retirement or other termination of
employment.

                    (b) (i) Notwithstanding any provision in this Program to the
contrary, a Participant may elect to commence receipt of payments of any amounts
deferred upon a specific future fixed year payment date(s) which is at least
five years after the Date of Deferral or such shorter schedule as the
Administrative Committee may determine. Such payments must begin no later than
the calendar year in which the Participant attains age 70 1/2. A Participant
making such an election shall receive his or her lump sum payment in the month
of the future fixed year payment date as specified by the Participant in his or
her election pursuant to Section 5.1 or, if applicable, such Participant shall
receive installment payments in accordance with Section 6.2.

                         (ii)  With respect to a Participant who has attained
age 55 at the time of the election of his or her deferral, the five-year period
described in subsection  (i) shall  instead  be one year with  respect  to all
deferrals under this Program.

                         (iii) A Participant is limited to four future fixed
year payment dates. The amounts paid out in such future fixed year payments
shall include the sum of a Participant's deferrals under this Program and any
earnings accrued thereon.

                    (c) A Participant who has an Unforeseen Emergency may
receive a distribution of all or a portion of his or her account balance,
including any earnings credited to him or her pursuant to Article VIII of this

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Program; provided that the Participant may not receive an amount greater than
the amount necessary to meet the Unforeseen Emergency and any amounts necessary
to pay federal, state and local income taxes or penalties reasonably anticipated
to result from a withdrawal under this Section 6.1.

                    (d) Notwithstanding any provision in this Program to the
contrary, a Participant may, on the applicable Date of Deferral or at any time
thereafter prior to a Change of Control, elect to receive payment of his or her
entire account balance under this Program at such time as the Board determines
that a Change of Control has occurred. Moreover, a Participant may elect to
change his or her election to receive (or not to receive) payment of his or her
entire account balance under this Program upon the occurrence of a Change of
Control at any time prior to the date that the Board determines that a Change of
Control has occurred. Any payments made under this subsection (d) shall be made
in a lump sum within 45 days after the Change of Control has occurred.

                    (e) A Participant may request a distribution of all or a
portion of his or her account balance, including any earnings credited to him or
her pursuant to Article VIII of this Program, at any time and for any reason by
submitting a written request to the Administrative Committee, subject to the
following substantial limitations and conditions:

                         (i)  The Participant shall permanently forfeit ten
percent (10%) of the amount distributed to him or her; and

                         (ii) If the Participant is still employed by the
Corporation, the Participant shall not be permitted to make deferral elections
into the Plan for two Plan years following the year of such a distribution.

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            Upon the Participant's agreement to these two conditions, the
Administrative Committee shall direct a distribution to the Participant of the
amount requested, less the 10% partial forfeiture described above (which shall
revert to the Corporation and not be paid to or for the benefit of the
Participant, his or her Beneficiary or any other person). The distribution shall
be made in lump sum as soon as administratively practicable.

            6.2 FORM OF PAYMENTS. (a) A Participant may elect to receive
payments under this Program in annual or quarterly installments. Such
installments must commence as described in Section 6.1, and must be completed by
the calendar year in which the Participant attains age 85.

                    (b) A Participant may elect to receive installment payments
either (i) annually during each January or (ii) quarterly, commencing in the
January that payment was otherwise due in accordance with Section 6.1. If a
Participant does not elect the form of his or her installment payments, such
installment payments shall be made annually during each January.

                    (c) If a Participant does not elect the form of his or her
payments, such payments shall be made in a lump sum payment.

                    (d) A Participant may change the form of payment previously
elected only one time and subject to the following restrictions:

                         (i) such election is made no later than October 31 in
                    the calendar year that the Participant terminates
                    employment, to be effective no earlier than the following
                    calendar year;

                          (ii)  the election is subject to the consent of the
                    Administrative Committee.

                                       17

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                    (e)  1.  If a Participant dies at any time prior to
receiving any portion of his or her account balance under this Program, payment
shall be made to the Participant's Beneficiary as follows:

                         (A)  If the Participant's Beneficiary is his or her
surviving spouse, such Participant's entire account balance under this Program
shall be paid as follows: (i) ten annual installments or a shorter schedule, if
so elected by the surviving spouse, or (ii) a lump sum payment payable on or
about the January 1st following the Participant's death.

                         (B)  If the Participant's Beneficiary is someone other
than his or her surviving spouse, such Participant's entire account balance
under this Program shall be paid in a lump sum payment as soon as practical
following the Participant's death.

                         2.   If a Participant dies at any time after payment of
his or her account balance under this Program has begun, such Participant's
Beneficiary shall continue to receive payment of the Participant's account in
the same manner as the Participant elected, or such shorter payment schedule as
elected by the Beneficiary.

                    (f) If a Participant sustains a Disability, such Participant
shall receive the full amount of his or her account balance (other than
deferrals to a specific future date) paid out in ten annual installments or a
shorter schedule, if so elected by the Participant. Payments shall begin on the
first business day of the second calendar quarter following the onset of
Disability. If a Participant has elected to receive a portion or all of his or
her account balance on a specific future date, that election will not be
affected by the Participant's Disability.

                    (g) If any lump sum distribution otherwise payable under
this Program would be disallowed in any part as a deduction to the Corporation
in accordance with Section 162(m) (or a successor Section) of the Internal
Revenue Code, the Administrative Committee may determine to distribute the

                                       18

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amount of such benefit in installments such that the Participant or Beneficiary
shall receive the maximum amount permissible in each installment and still
preserve the Corporation's full tax deduction.

            6.3 AMOUNT OF PAYMENT. (a) If a Participant is terminated by the
Corporation for Cause, he or she shall receive the lesser of (A) any amounts he
or she actually deferred under Article V, LESS any previous payments made or (B)
his or her account balance under this Program. Such payment shall be made in a
lump sum payment as soon as administratively practical following the
Participant's termination of employment; provided, however, that such
Participant will forfeit all earnings accruals credited to him or her pursuant
to Article VIII.

                    (b) If a Participant terminates employment voluntarily, such
Participant shall receive the full amount of his or her account balance in a
lump sum payment as soon as administratively practical following the
Participant's termination of employment. However, if a Participant has elected
to receive a portion or all of his or her account balance on a specific future
date, that election will remain in place.

                    (c) If a Participant terminates employment for any reason
other than termination by the Corporation for Cause or voluntary termination,
such Participant (or Beneficiary) shall receive the full amount of his or her
account balance (other than deferrals to a specific future date) in ten annual
installments commencing in the calendar year following the Participant's
termination of employment or a shorter schedule, including a lump sum payment,
if so elected by the Participant. However, if a Participant has elected to
receive a portion or all of his or her account balance on a specific future
date, that election will remain in place.

                                       19

<PAGE>

            6.4     PAYMENT IN U.S. DOLLARS.  All payments under this Program
shall be madein U.S. dollars.

            6.5 REDUCTION OF PAYMENTS. All payments under this Program shall be
reduced by any and all amounts that the Corporation is required to withhold
pursuant to applicable law.

                                   ARTICLE VII

                                  BENEFICIARIES

            7.1 A Participant may at any time, and from time to time, prior to
his or her death designate one or more Beneficiaries to receive any payments to
be made following the Participant's death. If no such designation is on file
with the Corporation at the time of a Participant's death, the Participant's
Beneficiary shall be the beneficiary or beneficiaries named in the beneficiary
designation most recently filed by the Participant under the Corporation's
Savings Plan. If a Participant has not effectively designated a beneficiary
under the Savings Plan, or if no designated beneficiary has survived the
Participant, the Participant's Beneficiary shall be the Participant's surviving
spouse, or, if no spouse has survived the Participant, the estate of the
deceased Participant. If an individual Beneficiary cannot be located for a
period of one year following the Participant's death, despite mail notification
to the Beneficiary's last known address, and if the Beneficiary has not made a
written claim for benefits within such period to the Administrative Committee,
the Beneficiary shall be treated as having predeceased the Participant. The
Administrative Committee may require such proof of death and such evidence of
the right of any person to receive all or part of a deceased Participant account
balance, as the Administrative Committee may consider appropriate. The

                                       20

<PAGE>

Administrative Committee may rely upon any direction by the legal
representatives of the estate of a deceased Participant, without liability to
any other person.

                                       21

<PAGE>

                                  ARTICLE VIII

                                EARNINGS ACCRUALS

            8.1 Each Participant's account balance under this Program shall be
credited with earnings from the Date of Deferral through the date such deferral
is paid out or withdrawn pursuant to Article VI. Earnings under this Section 8.1
shall accrue at the rate elected in accordance with Section 8.2.

            8.2 (a) Earnings accruing in accordance with Section 8.1 shall
accrue at (i) the Stable Value Rate, (ii) the Applicable Equity Investment Fund
Rate, (iii) the UCAR Stock Value Rate or (iv) a combination of the three rates.

                    (b) Subject to subparagraph (c), a Participant shall
designate at the time of his or her election to defer any amounts under this
Program which accrual rate or rates shall apply to his or her deferrals;
provided such elections must be in whole percentage points. Subject to
subparagraph (c) of this Section 8.2, such elections shall be effective as of
the Date of Deferral through the date such deferral is paid out or withdrawn
pursuant to Article VI.

                    (c) A Participant may elect on a daily basis to change the
accrual rate under this Section 8.2 with respect to any or all previous
deferrals under this Program.

                    (d) Notwithstanding subparagraph (b) above, a Participant
who either (i) is subject to Section 16 of the Exchange Act or (ii) is deemed
subject to Section 16 of the Exchange Act by the Administrative Committee, may
utilize the UCAR Stock Value Rate at the time of his or her election to defer
any amounts under this Program; provided, however, that such allocated amounts
shall not be eligible for reallocation to another accrual rate under this
Section 8.2 for a period of 6 months from the Date of Deferral.

                                       22

<PAGE>

                    (e) A Participant may elect to have his or her deferral
amounts rebalanced on a quarterly basis to accrual rate percentage allocation
elections as specified by the Participant.

                                       23

<PAGE>

                                   ARTICLE IX

                               GENERAL PROVISIONS

            9.1 PROHIBITION OF ASSIGNMENT OR TRANSFER. Any assignment,
hypothecation, pledge or transfer of a Participant's or Beneficiary's right to
receive payments under this Program shall be null and void and shall be
disregarded, except to the extent required by law.

            9.2 PROGRAM NOT TO BE FUNDED. The Corporation is not required to,
and will not, for the purpose of funding this Program, segregate any monies from
its general funds, create any trusts, or make any special deposits, which will
give a Participant greater rights than those of a general creditor of the
Corporation, and the right of a Participant or Beneficiary to receive a payment
under this Program shall be no greater than the right of an unsecured general
creditor of the Corporation.

            9.3 EFFECT OF PARTICIPATION. Neither selection as a Participant, nor
an election to participate or participation in this Program, shall entitle a
Participant to receive awards under the Variable Compensation Plans, SRIP, ERIP
or Equalization Plan, or affect the Corporation's right to discharge a
Participant.

            9.4 COMMUNICATIONS TO BE IN WRITING. All elections, requests and
communications to the Corporation from Participants and Beneficiaries, and all
communications to such persons from the Corporation, shall be in writing, and in
such form and manner, and within such time, as the Corporation shall determine.
In lieu of the foregoing, the Corporation may install a telephonic voice
response system or utilize electronic means (such as e-mail or the internet) for
such elections, requests and communications.

            9.5 ABSENCE OF LIABILITY. No officer, director or employee of the
Corporation shall be personally liable for any acts or omission to act under

                                       24

<PAGE>

this Program or, except in circumstances involving bad faith, for such
officer's, director's or employee's own act or omission to act.

            9.6     TITLES FOR REFERENCE ONLY.  The titles given herein to
sections and subsections are for reference only and are not to be used to
interpret the provisions of this Program.

            9.7     DELAWARE LAW TO GOVERN.  All questions pertaining to the
construction, regulation, validity and effect of the provisions of this Program
shall be determined in accordance with Delaware law.

            9.8 AMENDMENT. The Compensation Committee may amend this Program at
any time, but no amendment may be adopted which alters the payments due
Participants or Beneficiaries, as of the date of the amendment, or the times at
which payments are due, without the consent of each Participant affected by the
amendment and of each Beneficiary (of a then deceased Participant) affected by
the amendment. In addition, the Administrative Committee may authorize any
amendment which, either by itself or when aggregated with other amendments
adopted during the calendar year, does not increase the Corporation's annual
cost of any past or future benefits under this Program by more than $500,000.

            9.9 PROGRAM TERMINATION. The Compensation Committee may terminate
this Program for any reason and at any time. In the event of such termination,
the accounts of each Participant or Beneficiary under this Program shall become
immediately payable in accordance with Section 6.1; provided that the
Compensation Committee, in its sole discretion, upon Program termination or at
any time thereafter, may decide to make lump sum payments in lieu of annual
payments.

                                       25

<PAGE>

                                    UCAR INTERNATIONAL INC.

                                    By: _________________________________

                                       26

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