GRAFTECH INTERNATIONAL LTD — Director's Dealing 2010

Oct 19, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAFTECH INTERNATIONAL LTD (GTI)
CIK: 0000931148
Period of Report: 2010-10-15

Reporting Person: NAHL MICHAEL C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-10-15	Common Stock	M	7700	$8.57	Acquired	55020	Direct
2010-10-15	Common Stock	M	5840	$8.57	Acquired	60860	Direct
2010-10-15	Common Stock	M	2800	$8.57	Acquired	63660	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-15	Time options (right to buy)	$8.57	M	7700	Disposed	2010-12-15	Common Stock (7700)	Direct
2010-10-15	Time options (right to buy)	$8.57	M	5840	Disposed	2010-12-15	Common Stock (5840)	Direct
2010-10-15	Time options (right to buy)	$8.57	M	2800	Disposed	2010-12-15	Common Stock (2800)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	47320	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Time options (right to buy)	$8.85	2011-09-25	Common Stock (2940)	2940	Direct
Time options (right to buy)	$10.70	2012-01-01	Common Stock (6200)	6200	Direct
Time options (right to buy)	$10.77	2012-03-01	Common Stock (2050)	2050	Direct
Time options (right to buy)	$5.15	2013-01-14	Common Stock (12800)	12800	Direct
Time options (right to buy)	$13.37	2014-01-15	Common Stock (3500)	3500	Direct

Footnotes

F1: On October 15, 2010, the reporting person exercised GrafTech stock options that were originally granted on December 15, 2000 and that that would otherwise expire in December 2010. The exercise price was paid in cash and the shares underlying the options have been issued to the reporting person.

F2: All such options have fully vested and became exercisable.