GRAFTECH INTERNATIONAL LTD — Director's Dealing 2010

Dec 13, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAFTECH INTERNATIONAL LTD (GTI)
CIK: 0000931148
Period of Report: 2010-12-09

Reporting Person: Milikowsky Nathan (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-09	Common Stock	A	254	$19.89	Acquired	6269458	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-09	Stock Options (right to buy)	$19.89	A	5000	Acquired	2020-12-09	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	760760	Indirect
Common Stock	71629	Indirect
Common Stock	72268	Indirect

Footnotes

F1: On December 9, 2010, upon his election as a director, the Company granted 254 restricted shares (representing a pro-rated number of shares, on a per diem basis, of the annual stock grant to non-employee directors) valued at the current market price of $19.89 per share. Subject to the terms of the applicable award agreement, such shares vest on January 15, 2011.

F2: The reporting person disclaims beneficial ownership of such shares.

F3: Subject to the terms of the applicable award agreement, such options shall vest so long as the reporting person is still a director on such date.

F4: Options expire on such date unless reporting person ceases to be a director, in which event options expire fours years from the date reporting person's directorship ends.