Document:

EX-10.2

Citicorp North America, Inc.

750 Washington Boulevard, 8th Floor

Stamford, CT 06901

October 31, 2008

Ferro Corporation

1000 Lakeside Avenue

Cleveland, OH 44114

Ferro Finance Corporation

1000 Lakeside Avenue, Suite A

Cleveland, OH 44114

	 	 	 	Re: Amendment No. 3 to Second Amended and Restated Receivables
Purchase Agreement

Ladies and Gentlemen:

We refer to that certain Second Amended and Restated Receivables Purchase Agreement, dated as
of April 1, 2008 (as amended, modified, supplemented or restated from time to time, the
“Receivables Agreement”), among Ferro Finance Corporation (the “Seller”), as the Seller, CAFCO, LLC
(the “Investor”), as the Investor, Citicorp North America, Inc. (the “Agent”), as the Agent,
Citibank, N.A., as a Bank, Ferro Color & Glass Corporation and Ferro Pfanstiehl Laboratories,
Inc., as Originators, and Ferro Corporation (“Ferro”), as the Collection Agent and an Originator.
Terms not otherwise defined herein shall have the meanings set forth in the Receivables Agreement.

On the date hereof (the “MPU 43 Release Effective Date”) and pursuant to the terms and
conditions set forth herein, the Seller hereby requests (i) an amendment to the Receivables
Agreement as set forth herein and (ii) that the Investor release and reconvey to the Seller that
portion of each Receivable Interest sold to the Investor pursuant to the Receivables Agreement
representing Receivables and the Related Security with respect thereto existing as of such date to
the extent constituting Acquired Assets as defined in that certain Asset Purchase Agreement dated
as of September 29, 2008, by and between Ferro and Novolyte Technologies LP (“Buyer”), which
Receivables are further identified as belonging to MPU 43 within company code 2010 (such portions
of the Receivable Interests to be released and reconveyed, collectively, the “Released Receivable
Interests”; such Receivables, the “MPU 43 Receivables”). The MPU 43 Receivables are identified on
Exhibit A attached hereto.

Amendments

1. The definition of “Originator Receivable” in Section 1.01 of the Receivables Agreement is
hereby amended and restated to read in its entirety as follows:

“Originator Receivable” means the indebtedness of any Obligor resulting from
the provision or sale of merchandise, insurance or services by an Originator under a
Contract, and includes the right to payment of any interest or finance charges and other
obligations of such Obligor with respect thereto; provided, however, that
from and after the MPU 43 Release Effective Date, “Originator Receivable” shall not
include any MPU 43 Receivables.

2. Section 1.01 of the Receivables Agreement is hereby amended by adding the following new
definitions in the proper alphabetical order:

“MPU 43 Receivables” means Receivables existing as of the MPU 43 Release
Effective Date constituting Acquired Assets as defined in that certain Asset Purchase
Agreement dated as of September 29, 2008 by and between Ferro and Novolyte Technologies LP,
which are further identified as belonging to MPU 43 within company code 2010.

“MPU 43 Release Effective Date” means the date on which the Released Receivable
Interests (as defined in Amendment No. 3 to this Agreement) are released and reconveyed to
the Seller as provided in Amendment No. 3 to this Agreement.

Release of Receivables

1. On the MPU 43 Release Effective Date, the Seller may deem all MPU 43 Receivables then owned
by it to be excluded from the Originator Receivables (and therefore from Receivables and Pool
Receivables, as defined in the Receivables Agreement) for all purposes.

2. Effective upon the MPU 43 Release Effective Date, the Agent and the Investor hereby (i)
release and reconvey to the Seller all Released Receivable Interests previously sold by the Seller
and outstanding as of the MPU 43 Release Effective Date, all without recourse to or representation
or warranty of any kind by the Agent or the Investor, other than a representation by the Agent that
the Released Receivable Interests are free and clear of any Adverse Claims created by the Agent or
the Investor or as a result of a claim against the Agent or the Investor, and (ii) release, as of
the MPU 43 Release Effective Date, any and all security interests, liens or other encumbrances the
Agent or the Investor may have in or to the Pool Receivables which are MPU 43 Receivables and the
Related Security with respect thereto.

3. On the MPU 43 Release Effective Date, upon receipt by the Agent of (a) this letter
agreement executed by each of you and the Investor and (b) a conforming letter agreement with
respect to the Originator Purchase Agreement, the Agent will deliver or release to the Seller, as
the case may be, UCC-3 partial releases with respect to the Released Receivable Interests, the MPU
43 Receivables and the Related Security with respect thereto. Ferro or its designee is authorized
to file or cause to be filed such UCC-3 partial releases following such delivery or release.

4. The Collection Agent agrees that immediately following the MPU 43 Release Effective Date,
it will notify, and/or will arrange for any buyer of any portion of the MPU 43 Receivables to
notify, all Obligors with respect to MPU 43 Receivables to remit all payments in respect thereof to
such accounts or addresses other than Lock-Box Accounts as directed by Ferro or the Buyer.

Miscellaneous

1. Except as herein expressly amended, the Receivables Agreement is ratified and confirmed in
all respects and shall remain in full force and effect in accordance with its terms. All
references to the Receivables Agreement in the Receivables Agreement, the Originator Purchase
Agreement, the Purchase Agreement and the other Transaction Documents shall mean the Receivables
Agreement as amended by this letter agreement and as hereafter amended, restated, supplemented or
modified.

2. The Seller and Ferro each represent and warrant that this letter agreement has been duly
authorized, executed and delivered by it and constitutes its legal, valid and binding obligation.
The Seller and the Collection Agent each represent and warrant that after giving effect to this
letter agreement, the MPU 43 Release Effectiveness Date and any associated reduction of Capital, no
Event of Termination or Incipient Event of Termination will occur.

3. This letter agreement shall be governed by, and construed in accordance with, the laws of
the State of New York.

[Remainder of page intentionally left blank.]

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This letter agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this letter agreement by telecopier or other electronic means shall be effective
as delivery of a manually executed counterpart of this letter agreement.

CITICORP NORTH AMERICA, INC.,

as Agent

By:  /s/ Junette M. Earl

Name: Junette M. Earl

Title: Vice President

AGREED AND ACKNOWLEDGED AS OF

THE DATE FIRST WRITTEN ABOVE:

CAFCO, LLC

	 	 	 
	By: /s/ Junette M. Earl

	 

	Name: Junette M. Earl

	Title:

	 	Vice President

FERRO FINANCE CORPORATION

	 	 	 
	By: /s/ Karen L. Larsen

	 

	Name: Karen L. Larsen

	Title:

	 	Assistant Treasurer

FERRO CORPORATION

	 	 	 
	By: /s/ Peter T. Thomas

	 

	Name: Peter T. Thomas

	Title:

	 	Vice President, Organic Specialties

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Exhibit A

MPU 43 Receivables

See attached.

SOLICITORS, 003554, 000059, 102626844.1, Amend No 3 to A&R RPA (Execution w/ Conformed
Sigs)

3EX-10.3

Ferro Finance Corporation

1000 Lakeside Avenue, Suite A

Cleveland, OH 44114

October 31, 2008

Ferro Corporation

1000 Lakeside Avenue

Cleveland, OH 44114

	 	 	 	Re: Amendment No. 1 to Amended and Restated Purchase and
Contribution Agreement

Ladies and Gentlemen:

We refer to that certain Amended and Restated Purchase and Contribution Agreement, dated as of
April 1, 2008 (as amended, modified, supplemented or restated from time to time, the “PCA”), among
Ferro Finance Corporation, as Purchaser (the “Purchaser”) and Ferro Corporation, as Seller (the
“Seller”). Terms not otherwise defined herein shall have the meanings set forth in the PCA.

On the date hereof (the “Repurchase Date”), the Seller desires to repurchase from the
Purchaser certain Receivables and the Related Security with respect thereto existing as of such
date generated by the Seller in the course of its business, to the extent constituting Acquired
Assets as defined in that certain Asset Purchase Agreement (the “APA”) dated as of September 29,
2008 by and between the Seller and Novolyte Technologies LP, which Receivables are further
identified as belonging to MPU 43 within company code 2010 (such Receivables to be repurchased,
collectively, the “Repurchased Receivables”). The Repurchased Receivables are identified on
Exhibit A attached hereto.

The parties hereto have agreed to amend the PCA pursuant to the sale contemplated above, and
as otherwise set forth below, on the terms and conditions set forth herein.

Amendments

1. The definition of “Receivable” in Section 1.01 of the PCA is hereby amended and restated to
read in its entirety as follows:

“Receivable” means the indebtedness of any Obligor under a Contract (whether
constituting an account, instrument, chattel paper or general intangible), and includes the
right to payment of any interest or finance charges and other obligations of such Obligor
with respect thereto; provided, however, that from and after the MPU 43
Repurchase Date, “Receivable” shall not include any MPU 43 Receivables.

2. Section 1.01 of the PCA is hereby amended by adding the following new definitions in the
proper alphabetical order:

“MPU 43 Receivables” means Receivables existing as of the MPU 43 Repurchase
Date constituting Acquired Assets as defined in that certain Asset Purchase Agreement dated
as of September 29, 2008 by and between the Seller and Novolyte Technologies LP, which are
further identified as belonging to MPU 43 within company code 2010.

“MPU 43 Repurchase Date” means the date on which the MPU 43 Receivables are
repurchased by the Seller as provided in Amendment No. 1 to this Agreement.

Repurchase of Receivables

1. On the Repurchase Date and in consideration of the payment of the Purchase Price referred
to below, the Purchaser hereby (i) sells to the Seller all Repurchased Receivables outstanding as
of the Repurchase Date and the Related Security with respect thereto, all without recourse to or
representation or warranty of any kind by the Purchaser, other than a representation by the
Purchaser that the Repurchased Receivables are free and clear of any Adverse Claims created by it
or as a result of a claim against it, and (ii) releases, as of the Repurchase Date, any and all
security interests, liens or other encumbrances it may have in or to the Repurchased Receivables
and the Related Security with respect thereto. The Purchase Price for such sale and release is
$6,483,200.19. The Purchaser directs the Seller to pay the Purchase Price either to its account at
account no. 657205449 at National City Bank, Cleveland, OH, no later than 11:00 a.m. (New York City
time) on the Repurchase Date in immediately available funds in U.S. Dollars or to use the Purchase
Price to offset amounts owed to the Seller, as mutually agreed by the parties. The sale and
release of the Repurchased Receivables shall not be effective unless the Purchase Price is so paid
on or prior to such time.

Miscellaneous

1. Except as herein expressly amended, the PCA is ratified and confirmed in all respects and
shall remain in full force and effect in accordance with its terms. All references to the PCA in
the PCA, the Sale Agreement and the other documents and instruments delivered pursuant thereto or
in connection therewith shall mean the PCA as amended by this letter agreement, and as hereafter
amended, restated, supplemented or modified.

2. The Purchaser and the Seller each represent and warrant that this letter agreement has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding
obligation.

3. This letter agreement shall be governed by, and construed in accordance with, the laws of
the State of New York.

[Remainder of page intentionally left blank.]

1

This letter agreement may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to
this letter agreement by telecopier or other electronic means shall be effective as delivery of a
manually executed counterpart of this letter agreement.

FERRO FINANCE CORPORATION

	 	 	 	 	 	 	 
	 	 	 	 	By: /s/ Karen L. Larsen
	 	 	 	 	 
	 	 	 	 	Name: Karen L. Larsen
	
 
	 	 	 	Title:
	 	Assistant Treasurer
	AGREED AND ACKNOWLEDGED AS OF
	 	 	 	 
	THE DATE FIRST WRITTEN ABOVE:
	 	 	 	 
	FERRO CORPORATION

	 	

	 	

	 	

	By: /s/ Peter T. Thomas
	 	 	 	 
	 
	 	 	 	 
	Name: Peter T. Thomas
	 	 	 	 
	Title:

	 	Vice President, Organic Specialties
	 	

	 	

Pursuant to Section 5.01(m) of the Sale Agreement

(as such term is defined in the PCA), the undersigned

consents to the foregoing amendment to the PCA.

CITICORP NORTH AMERICA, INC., as Agent

	 	 	 
	By: /s/ Junette M. Earl

	 

	Name: Junette M. Earl

	Title:

	 	Vice President

2

Exhibit A

Repurchased Receivables

See attached.

SOLICITORS, 003554, 000059, 102626841.1, Amend No. 1 to AR PCA re Sherwood Sale (Execution w/
Conformed Sigs)

3

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