Document:

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                                                                   Exhibit 10.44

                    AMENDMENT TO THE UCAR INTERNATIONAL INC.
                           1995 EQUITY INCENTIVE PLAN

      The 1995 Equity Incentive Plan is hereby amended, effective as of June 29,
      2000, as follows:

         Section 2.6 is hereby amended to read in its entirety as follows:

           ""CHANGE  IN  CONTROL"  means the  occurrence of any of the following
            events:

                  (i) any  "person"  or "group"  within  the  meaning of Section
            13(d) or 14(d)(2) of the Exchange Act becomes the  beneficial  owner
            of 15% or more of the then  outstanding  Stock or 15% or more of the
            then outstanding voting securities of UCAR;

                  (ii) any  "person"  or "group"  within the  meaning of Section
            13(d) or 14(d)(2) of the Exchange Act acquires by proxy or otherwise
            the right to vote on any matter or question  with  respect to 15% or
            more of the then  outstanding  Stock or 15% or more of the  combined
            voting power of the then outstanding voting securities of UCAR;

                  (iii) Present Directors and New Directors cease for any reason
            to  constitute  a majority of the Board (and,  for  purposes of this
            clause (iii),  "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 by the Board or whose  nomination for election as directors
            by UCAR's stockholders was approved by a vote of at least two-thirds
            of the  directors  then in office who were Present  Directors or New
            Directors);

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

                  (v)   consummation of:

                     (x)  a  reorganization,  restructuring,   recapitalization,
            reincorporation,  merger  or  consolidation  of  UCAR  (a  "Business
            Combination") unless,  following such Business Combination,  (a) all
            or  substantially  all of the  individuals and entities who were the
            beneficial  owners of the Stock and the  voting  securities  of UCAR
            outstanding   immediately   prior  to  such   Business   Combination
            beneficially  own,  directly  or  indirectly,  more  than 50% of the
            common equity securities and the combined voting power of the voting
            securities of the  corporation  or other entity  resulting from such
            Business  Combination  outstanding  after such Business  Combination
            (including,  without limitation, a corporation or other entity which
            as a  result  of  such  Business  Combination  owns  UCAR  or all or
            substantially  all of the  assets  of  UCAR  or the  Company  either
            directly or through one or more  subsidiaries) in substantially  the
            same  proportions  as  their  ownership  immediately  prior  to such

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            Business  Combination of outstanding  Stock and the combined  voting
            power of the outstanding  voting  securities of UCAR,  respectively,
            (b) no  "person" or "group"  within the meaning of Section  13(d) or
            14(d)(2) of the Exchange Act (excluding (1) any corporation or other
            entity resulting from such Business Combination and (2) any employee
            benefit plan (or related trust) of the Company or any corporation or
            other entity resulting from such Business Combination)  beneficially
            owns 15% or more of the common  equity  securities or 15% or more of
            the  combined   voting  power  of  the  voting   securities  of  the
            corporation or other entity resulting from such Business Combination
            outstanding  after such Business  Combination,  except to the extent
            that  such  beneficial  ownership  existed  prior  to such  Business
            Combination  with respect to the Stock and the voting  securities of
            UCAR,  and (c) at least a  majority  of the  members of the board of
            directors (or similar  governing  body) of the  corporation or other
            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 at 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 UCAR or the Company, whether held
            directly or indirectly  through one or more subsidiaries  (excluding
            any pledge, mortgage, grant of security interest,  sale-leaseback or
            similar transaction,  but including any foreclosure sale), provided,
            that,  for  purposes  of  clauses  (v) (x) and  (v) (y)  above,  the
            divestiture of less than  substantially all of the assets of UCAR or
            the Company in one transaction or a series of related  transactions,
            whether effected by sale, lease, exchange,  spin-off,  sale of stock
            of  or  merger  or  consolidation  of  a  subsidiary,   transfer  or
            otherwise, shall not constitute a Change in Control.

            Notwithstanding the foregoing,  (A) a Change in Control shall not be
      deemed to occur:

               (I) pursuant to clause (i) or (ii) above,  solely  because 15% or
      more  of the  then  outstanding  Stock  or  the  then  outstanding  voting
      securities  of UCAR is or becomes  beneficially  owned or is  directly  or
      indirectly  held or acquired  by one or more  employee  benefit  plans (or
      related trusts) maintained by the Company; or

               (II) pursuant to clause (v)(y) above, (1) if the Board determines
      that any sale,  lease,  exchange or other transfer does not involve all or
      substantially  all of the assets of UCAR or the  Company or (2) unless the
      Board  determines  otherwise,  solely  because  of the  consummation  of a
      transaction  or a series of  transactions  pursuant  to which the  Company
      sells,  distributes  to UCAR's  stockholders,  or  otherwise  transfers or
      disposes of any or all of its ownership of its natural,  acid-treated  and
      flexible graphite business, however owned (including ownership through one
      or  more  dedicated   subsidiaries  and  holding  companies  therefor  and
      successors thereto); and

            (B) to the extent that a "person"  or "group"  within the meaning of
      Section 13(d) or 14(d)(2) of the Exchange Act is the  beneficial  owner of
      15% or more of the  Stock  or the  voting  securities  of UCAR on June 29,

                                       2

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      2000, then the references  therein to 15% shall be deemed to be references
      to 22.5% as (but only as) to such "person" or "group."

            For  purposes  hereof,  (1)  references  to  "beneficial  owner" and
      correlative  phrases  shall have the same  definition as set forth in Rule
      13d-3 under the Exchange Act (except that  ownership by  underwriters  for
      purposes  of a  distribution  or  offering  shall  not  be  deemed  to  be
      "beneficial  ownership")  and (2)  references to the Exchange Act or rules
      and regulations thereunder shall mean those in effect on June 29, 2000."

                                       3<PAGE>

                                                                Exhibit 10.45

                                   UCAR CARBON

                       COMPENSATION DEFERRAL PROGRAM TRUST

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                                TABLE OF CONTENTS

SECTION 1.  Definitions.......................................................2
SECTION 2.  Establishment of Trust............................................2
SECTION 3.  Benefits Protection Trust.........................................3
SECTION 4.  Payments to Plan Participants and Their Beneficiaries.............3
SECTION 5.  Trustee Responsibility Regarding Payments to
            Trust Beneficiary When Company is Insolvent.......................4
SECTION 6.  Payments to Company...............................................5
SECTION 7.  Investment Authority..............................................5
SECTION 8.  Disposition of Income.............................................5
SECTION 9.  Accounting by Trustee.............................................6
SECTION 10. Responsibility of Trustee.........................................6
SECTION 11. Compensation and Expenses of Trustee..............................7
SECTION 12. Resignation and Removal of Trustee................................7
SECTION 13. Appointment of Successor..........................................8
SECTION 14. General Duties of the Administrative Committee....................8
SECTION 15. Amendment or Termination.........................................10
SECTION 16. Miscellaneous....................................................10

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                                   UCAR CARBON

                       COMPENSATION DEFERRAL PROGRAM TRUST

         This AGREEMENT,  effective  the   1st  day  of  November, 2000, by  and
between UCAR Carbon Company Inc., a Delaware corporation ("Company"), and
Vanguard Fiduciary Trust Company, a trust company incorporated under Chapter 10
of the Pennsylvania Banking Code ("Trustee").

                              W I T N E S S E T H:
                               -------------------

         WHEREAS, the Company has adopted the UCAR International Inc.
Compensation Deferral Program;

         WHEREAS, Company has incurred or expects to incur liability under the
terms of such Plan with respect to the individuals participating in such Plan;
and

         WHEREAS, Company wishes to establish a trust (hereinafter called
"Trust") and to contribute to the Trust assets that shall be held therein,
subject to the claims of Company's creditors in the event of Company's
Insolvency, as herein defined, until paid to Plan participants and their
beneficiaries in such manner and at such times as specified in the Plan; and

         WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees;
and

         WHEREAS, it is the intention of Company to make contributions to the
Trust to provide itself with a source of funds to assist it in the meeting of
its liabilities under the Plan;

         NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

                                       1
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SECTION 1.  Definitions.
            -----------

        (a)     "ADMINISTRATIVE COMMITTEE" shall mean the Administrative
Committee of the Benefits Protection Trust empowered to administer the Trust
after a Change in Control, as described in Section 14.

        (b)     "BENEFICIARY" shall mean the beneficiary designated by a
Participant under one or more of the Plan.

        (c)     "BENEFITS PROTECTION TRUST" shall mean the UCAR Carbon Benefits
Protection Trust between the Company and Mellon Bank, N.A., as the same may be
amended.

        (d)     A "CHANGE IN CONTROL" shall have the same meaning as set forth
in the Benefits Protection Trust.

        (e)     "INSOLVENT" or "INSOLVENCY" shall mean either: (i) Company is
unable to pay its debts as they become due, or (ii) Company is subject to a
pending proceeding as a debtor under the United States Bankruptcy Code.

        (f)     "NON-QUALIFIED PLANS COMMITTEE" shall mean the Non-Qualified
Plans Administrative Committee empowered to administer certain provisions of the
Trust prior to a Change in Control, as described in the Benefits Protection
Trust.

        (g)     "PARTICIPANT" shall mean a participant in the Plan.

        (h)     "PLAN" shall mean the UCAR International Inc. Compensation
Deferral Program.

SECTION 2.  Establishment of Trust.
            ----------------------

        (a)     The Company shall from time to time deposit amounts with Trustee
in trust which shall become the principal of the Trust to be held, administered
and disposed of by Trustee as provided in this Trust Agreement.

        (b)     The Trust hereby established is revocable by Company; it shall
become irrevocable upon a Change of Control, as defined herein.

        (c)     The Trust is intended to be a grantor trust, of which Company 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.

                                       2
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        (d)     The principal of the Trust, and any earnings thereon shall be
held separate and apart from other funds of Company and shall be used
exclusively for the uses and purposes of Plan participants and general creditors
as herein set forth. Plan participants and their beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the
Trust. Any rights created under the Plan and this Trust Agreement shall be mere
unsecured contractual rights of Plan participants and their beneficiaries
against Company. Any assets held by the Trust will be subject to the claims of
Company's general creditors under federal and state law in the event of
Insolvency.

        (e)     Company, in its sole discretion, may at any time, or from time
to time, make additional deposits of cash or other property in trust with
Trustee to augment the principal to be held, administered and disposed of by
Trustee as provided in this Trust Agreement. Neither Trustee nor any Participant
or Beneficiary shall have any right to compel such additional deposits.

        (f)     Upon a Change of Control, Company shall, as soon as possible,
but in no event longer than five (5) days following the Change of Control, as
defined herein, make an irrevocable contribution to the trust in an amount that
is sufficient to pay each Participant or Beneficiary the benefits to which
Participants or Beneficiaries would be entitled pursuant to the terms of the
Plan as of the date on which the Change of Control occurred.

SECTION 3.  BENEFITS PROTECTION TRUST.
            -------------------------

        (a)     In addition to being subject to the terms and conditions of this
Trust Agreement, the Trust shall also be governed by the terms of the Benefits
Protection Trust.

        (b)     Prior to a Change in Control, the Non-Qualified Plans Committee
shall have the same authority to administer the Trust as it does the Benefits
ProtectionTrust.

        (c)     After a Change in Control, the Administrative Committee shall
have the same authority to administer the Trust as it does the Benefits
Protection Trust.

SECTION 4.  Payments to Plan Participants and Their Beneficiaries.
            ----------------------------------------------------

        (a)     Company shall deliver to Trustee, and the Administrative
Committee after a Change in Control, a schedule (the "Payment Schedule") that
indicates the amounts payable in respect of each Plan participant (and his or
her beneficiaries), that provides a formula or other instructions acceptable to
Trustee and the Administrative Committee for determining the amounts so payable,
the form in which such amount is to be paid (as provided for or available under
the Plan), and the time of commencement for payment of such amounts. Except as
otherwise provided herein, Trustee shall make payments to the Plan participants
and their beneficiaries in accordance with such Payment Schedule. The Trustee
shall make provision for the reporting and withholding of any federal or state
taxes that may be required to be withheld with respect to the payment of
benefits pursuant to the terms of the Plan and shall pay amounts withheld to the
appropriate taxing authorities or determine that such amounts have been
reported, withheld and paid by Company.

                                       3

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        (b)     The entitlement of a Plan participant or his or her
beneficiaries to benefits under the Plan shall be determined by Company or such
party as it shall designate under the Plan, and any claim for such benefits
shall be considered and reviewed under the procedures set out in the Plan.

        (c)     Company may make payment of benefits directly to Plan
participants or their beneficiaries as they become due under the terms of the
Plan. Company shall notify Trustee of its decision to make payment of benefits
directly prior to the time amounts are payable to participants or their
beneficiaries. In addition, if the principal of the Trust, and any earnings
thereon, are not sufficient to make payments of benefits in accordance with the
terms of the Plan, Company shall make the balance of each such payment as it
falls due. Trustee shall notify Company where principal and earnings are not
sufficient.

SECTION 5.  Trustee Responsibility Regarding Payments to Trust Beneficiary When
            Company is Insolvent.
            -------------------------------------------------------------------

        (a)     Trustee shall cease payment of benefits to Participants and
Beneficiaries if the Company is Insolvent.

        (b)     At all times during the continuance of this Trust, as provided
in Section 2(d) hereof, the principal and income of the Trust shall be subject
to claims of general creditors of Company under federal and state law as set
forth below.

                (1)  The Board of Directors and the Chief Executive Officer of
         Company shall have the duty to inform Trustee in writing of Company's
         Insolvency. If a person claiming to be a creditor of Company alleges in
         writing to Trustee that Company has become Insolvent, Trustee shall
         determine whether Company is Insolvent and, pending such determination,
         Trustee shall discontinue payment of benefits to Participants or
         Beneficiaries.

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

                (3)  If at any time Trustee has determined that Company is
         Insolvent, the Trustee shall discontinue payments to Participants or
         Beneficiaries and shall hold the assets of the Trust for the benefit of
         Company's general creditors. Nothing in this Trust Agreement shall in
         any way diminish any rights of Participants or Beneficiaries to pursue
         their rights as general creditors of Company with respect to benefits
         due under the Plan or otherwise.

                (4)  Trustee shall resume the payment of benefits to
         Participants or Beneficiaries in accordance with Section 4 of this
         Trust Agreement only after Trustee has determined that Company is not
         Insolvent (or is no longer Insolvent).

                                       4

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        (c)     Provided that there are sufficient assets, if Trustee
discontinues the payment of benefits from the Trust pursuant to subsection 4(b)
hereof and subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to
Participants or Beneficiaries under the terms of the Plan for the period of such
discontinuance, less the aggregate amount of any payments made to Participants
or Beneficiaries by Company in lieu of the payments provided for hereunder
during any such period of discontinuance.

SECTION 6.  Payments to Company.
            -------------------

         Except as provided herein, after the Trust has become irrevocable,
Company shall have no right or power to direct Trustee to return to Company or
to divert to others any of the Trust assets before all payments of benefits have
been made to Participants and Beneficiaries pursuant to the terms of the Plan.

SECTION 7.  Investment Authority.
            --------------------

        (a)     The Trustee may invest in securities (including stock or rights
to acquire stock) or obligations issued by Company. All rights associated with
assets of the Trust shall be exercised by Trustee or the person designated by
Trustee, and shall in no event be exercisable by or rest with Plan participants,
except that voting rights with respect to Trust assets will be exercised by
Company prior to a Change in Control, and by the Administrative Committee after
a Change in Control.

        (b)     The Trust shall be invested by the Trustee among any of the
regulated investment companies maintained by the Vanguard Group, Inc. or others
which have been designated as investment fund alternatives by the Company (the
"Investment Funds"). Prior to a Change in Control the Company, and after a
Change in Control the Administrative Committee, shall notify the Trustee in
writing of the selection of the Investment Funds and any changes thereto. The
Trustee shall invest the Trust in accordance with the written directions of the
Company or the Administrative Committee or to the extent that such directions
are not received for all or a portion of the Trust, in the Trustee's discretion
among any of the Investment Funds. The Trustee shall have no liability or
responsibility for acting without question on the direction of the Company or
the Administrative Committee, or for the exercise of investment discretion in
the absence of direction from the Company or the Administrative Committee,
unless such actions are contrary to the express provisions of this Trust
Agreement. The Company will indemnify the Trustee for liability to any party
resulting from the Trustee acting without question on the direction of the
Company or the Administrative Committee, and for liability to any party
resulting from the exercise of investment discretion in the absence of
investment direction from the Company as to all or a portion of the Trust,
unless such actions are contrary to the express provisions of this Trust
Agreement or are the result of the Trustee's negligence or willful misconduct.

SECTION 8.  Disposition of Income.
            ---------------------

         During the term of the Trust, all income received by the Trust, net of
expenses and taxes, shall be accumulated and reinvested.

                                       5

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SECTION 9.  Accounting by Trustee.
            ---------------------

         Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made,
including such specific records as shall be agreed upon in writing between
Company and Trustee prior to a Change in Control, and the Administrative
Committee and the Trustee after a Change in Control. The Trustee will use its
best efforts to deliver to the Company, and the Administrative Committee after a
Change in Control, within ninety (90) days following the close of each calendar
year and within ninety (90) days after the removal or resignation of Trustee,
but in no event later than one hundred twenty (120) days, a written account of
its administration of the Trust during such year or during the period from the
close of the last preceding year to the date of such removal or resignation,
setting forth all investments, receipts, disbursements and other transactions
effected by it, including a description of all securities and investments
purchased and sold with the cost or net proceeds of such purchases or sales
(accrued interest paid or receivable being shown separately), and showing all
cash, securities and other property held in the Trust at the end of such year or
as of the date of such removal or resignation, as the case may be.

SECTION 10.  Responsibility of Trustee.
             -------------------------

        (a)     Trustee shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that
Trustee shall incur no liability to any person for any action taken pursuant to
a direction, request or approval given by Company which is contemplated by, and
in conformity with, the terms of the Plan or this Trust and is given in writing
by Company. In the event of a dispute between Company and a party, Trustee may
apply to a court of competent jurisdiction to resolve the dispute.

        (b)     If Trustee undertakes or defends any litigation arising in
connection with this Trust, Company agrees to indemnify Trustee against
Trustee's costs, expenses and liabilities (including, without limitation,
attorneys' fees and expenses) relating thereto and to be primarily liable for
such payments. If Company does not pay such costs, expenses and liabilities in a
reasonably timely manner, Trustee may obtain payment from the Trust.

        (c)     Trustee may consult with legal counsel (who may also be counsel
for Company or the Administrative Committee generally) with respect to any of
its duties or obligations hereunder.

        (d)     Trustee may hire agents, accountants, actuaries, investment
advisors, financial consultants or other professionals to assist it in
performing any of its duties or obligations hereunder.

        (e)     Trustee shall have, without exclusion, all powers conferred on
Trustees by applicable law, unless expressly provided otherwise herein,
provided, however, that if an insurance policy is held as an asset of the Trust,
Trustee shall have no power to name a beneficiary of the policy other than the
Trust, to assign the policy (as distinct from conversion of the policy to a

                                       6

<PAGE>

different form) other than to a successor trustee, or to loan to any person the
proceeds of any borrowing against such policy.

        (f)     Notwithstanding any powers granted to Trustee pursuant to this
Trust Agreement or to applicable law, Trustee shall not have any power that
could give this Trust the objective of carrying on a business and dividing the
gains therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.

        (g)     Unless resulting from the Trustee's negligence, willful
misconduct, lack of good faith, or breach of its duties under this Agreement,
the Company shall indemnify and save harmless the Trustee from, against, for and
in respect of any and all damages, losses, obligations, liabilities, liens,
deficiencies. costs and expenses, including without limitation, reasonable
attorney's fees incident to any suit, action, investigation, claim or
proceedings suffered, sustained, incurred or required to be paid by the Trustee
in connection with the Plan or this Agreement. If Company does not pay such
costs, expenses and liabilities for which it is liable hereunder in a reasonably
timely manner, Trustee may obtain payment from the Trust.

SECTION 11.  Compensation and Expenses of Trustee.
             ------------------------------------

         Company shall pay all administrative and Trustee's fees and expenses.
If not so paid, the fees and expenses shall be paid from the Trust.

SECTION 12.  Resignation and Removal of Trustee.
             ----------------------------------

        (a)     Trustee may resign at any time by written notice to Company, and
the Administrative Committee after a Change in Control, which shall be effective
thirty (30) days after receipt of such notice unless prior to a Change in
Control Company, and after a Change in Control the Administrative Committee, and
Trustee agree otherwise.

        (b)     Trustee may be removed by Company on thirty (30) days notice or
upon shorter notice accepted by Trustee. However, the Company may not remove the
Trustee after a Change in Control.

        (c)     Upon a Change of Control, Trustee may only be removed by the
Administrative Committee.

        (d)     If Trustee resigns or is removed after a Change of Control, the
Administrative Committee shall select a successor trustee in accordance with the
provisions of Section 13(b) hereof.

        (e)     Upon resignation or removal of Trustee and appointment of a
successor trustee, all assets shall subsequently be transferred to the successor
trustee. The transfer shall be completed within ninety (90) days after receipt
of notice of resignation, removal or transfer, unless Company prior to a Change
in Control, and the Administrative Committee after a Change in Control, extends
the time limit.

                                       7

<PAGE>

        (f)     If Trustee resigns or is removed, a successor shall be
appointed, in accordance with Section 13 hereof, by the effective date of
resignation or removal under paragraphs (a) or (b) of this section. In either
case, the Company prior to a Change in Control, or the Administrative Committee
after a Change in Control, as the case may be, shall diligently seek to obtain a
successor trustee. Until the appointment of a successor trustee, the Trustee
shall continue to perform its duties hereunder until the successor trustee is in
place. If no such appointment has been made, Trustee may apply to a court of
competent jurisdiction for appointment of a successor or for instructions. All
expenses of Trustee in connection with the proceeding shall be allowed as
administrative expenses of the Trust.

SECTION 13.  Appointment of Successor.
             ------------------------

        (a)     If Trustee resigns or is removed in accordance with Section
12(a) or (b) hereof, Company prior to a Change in Control, or the Administrative
Committee after a Change in Control, as the case may be, may appoint any third
party, such as a bank trust department or other party that may be granted
corporate trustee powers under state law, as a successor to replace Trustee upon
resignation or removal. The appointment shall be effective when accepted in
writing by the new trustee, who shall have all of the rights and powers of the
former Trustee, including ownership rights in the Trust assets. The former
Trustee shall execute any instrument necessary or reasonably requested by
Company prior to a Change in Control, and the Administrative Committee after a
Change in Control, or the successor trustee to evidence the transfer.

        (b)     The successor trustee need not examine the records and acts of
any prior trustee and may retain or dispose of existing Trust assets, subject to
Section 7 and 8 hereof. The successor trustee shall not be responsible for and
Company shall indemnify and defend the successor trustee from any claim or
liability resulting from any action or inaction of any prior trustee or from any
other past event or any condition existing at the time it becomes successor
trustee.

SECTION 14.  General Duties of the Administrative Committee.
             ----------------------------------------------

        (a)     The Administrative Committee shall discharge its duties under
this Agreement solely in the interest of the Participants in the Plan and their
beneficiaries and (1) for the exclusive purpose of providing benefits to such
Participants and their beneficiaries and defraying reasonable expenses of
administering the Plans; and (2) with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent man acting in a like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims; and (3) by diversifying the
investments of the Trust so as to minimize the risk of large losses, unless
under the circumstances it is clearly prudent not to do so; but the duties and
obligations of the Administrative Committee shall be limited to those expressly
imposed upon them by this Agreement notwithstanding any reference herein to the
Plan

        (b)     Except as otherwise expressly provided in this Agreement, the
Benefits Protection Trust or by the Board of Directors prior to a Change in
Control:

                                       8

<PAGE>

                (1)     After a Change in Control, the Administrative Committee
shall have the authority to invest and manage the assets of the Trust, pursuant
to Article FIFTH of the Benefits Protection Trust.

                (2)     The Administrative Committee shall have all powers
necessary or helpful for the carrying out of its responsibilities, and the
decisions or actions of the Administrative Committee in good faith in respect of
any matter hereunder shall be conclusive and binding upon all parties concerned.

                (3)     After a Change in Control, the Administrative Committee
shall have the authority to amend this Agreement. No amendment shall be made
without the Trustee's consent thereto in writing if, and to the extent that, the
effect of such amendment is to increase the Trustee's responsibilities
hereunder.

                (4)     Without limiting the generality of the foregoing, the
Administrative Committee shall have full discretionary authority to:

                                    (i) Construe all terms, provisions,
                         conditions and limitations and determine all
                         questions arising out of or in connection with the
                         terms and provisions of the Trust except as otherwise
                         expressly provided herein;

                                    (ii) Make rules and regulations and
                         determine all questions relating to the
                         administration of the Trust and the Administrative
                         Committee which are not inconsistent with the terms
                         and provisions of this Trust;

                                    (iii) Monitor the performance of the Trustee
                         for the Trust. In order to accomplish this, the
                         Administrative Committee shall meet with the Trustee,
                         at such time as the Administrative Committee shall
                         determine, and the Administrative Committee shall
                         request the Trustee to present a full report on the
                         financial position of the Trust.

         The foregoing list of powers is not intended to be either complete or
exclusive, and the Administrative Committee shall, in addition, have such powers
as may be necessary for the performance of its duties under the Trust.

        (c)     The Administrative Committee may employ such counsel as it may
require in carrying out the provisions of the Trust. Unless paid by the Company,
the Administrative Committee shall charge the fees, charges and costs resulting
from such employment as an expense of a trust established relating to the Trust.
Unless otherwise provided by law, any person so employed by the Administrative
Committee may be legal or other counsel to the Company, an affiliate, a member
of the Administrative Committee or an officer or member of the Board of
Directors or an affiliate.

        (d)     Each member of the Administrative Committee shall receive
compensation, as mutually agreed between the Company and the Administrative
Committee prior to a Change in Control, or as determined by the Administrative
Committee after a Change in Control, for their services in connection with the
Trust.

                                       9

<PAGE>

        (e)     The Administrative Committee may purchase such fiduciary
liability insurance or such other insurance as it deems necessary relating to
the performance of its obligations hereunder. Unless paid by the Company, the
Administrative Committee shall charge the premiums and charges resulting from
such insurance as an expense of the Trust.

SECTION 15.  Amendment or Termination.
             ------------------------

        (a)     This Trust Agreement may be amended by a written instrument
executed by Trustee and Company. After a Change in Control, the Administrative
Committee, and not the Company, shall have the authority to amend the Trust.
Notwithstanding the foregoing, no such amendment shall conflict with the terms
of the Plan or make the Trust revocable after it has become irrevocable in
accordance with Section 2(b) hereof.

        (b)     The Trust shall not terminate until the date on which
Participants and Beneficiaries are no longer entitled to benefits pursuant to
the terms of the Plan. Upon termination of the Trust any assets remaining in the
Trust shall be returned to Company.

        (c)     The Administrative Committee may terminate this Trust prior to
the time all benefit payments under the Plan have been made. All assets in the
Trust at termination shall be transferred to the Benefits Protection Trust for
allocation to other accounts pursuant to the terms of the Benefits Protection
Trust.

        (d)     This Agreement may not be amended by Company following a Change
of Control.

SECTION 16.  Miscellaneous.
             -------------

        (a)     Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

        (b)     Benefits payable to Participants and Beneficiaries under this
Trust Agreement may not be anticipated, assigned (either at law or in equity),
alienated, pledged, encumbered or subjected to attachment, garnishment, levy,
execution or other legal or equitable process.

        (c)     This Trust Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania.

                                       10

<PAGE>

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

ATTEST:                                 UCAR Carbon Company Inc.

                                            /s/  Karen G. Narowld
                                        By:-----------------------------------
                                                 Karen G. Narowld
----------------------------            Name:---------------------------------
                                               V.P. General Counsel, Secretary
                                        Title:--------------------------------

ATTEST:                                 VANGUARD FIDUCIARY TRUST COMPANY

                                            /s/  Dennis Murphy
                                        By:----------------------------------
/s/  A.R. Murphy                                Principal
--------------------------              Name:--------------------------------
                                                October 30, 2000
                                        Title:-------------------------------

                                       11

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