GRAFTECH INTERNATIONAL LTD — Director's Dealing 2010

Jan 20, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAFTECH INTERNATIONAL LTD (GTI)
CIK: 0000931148
Period of Report: 2010-01-15

Reporting Person: CARSON RANDY W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-15	Common Stock	A	1832	—	Acquired	8895	Direct
2010-01-15	Common Stock	A	5529	—	Acquired	14424	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Time Options (right to buy)	$9.52	2019-05-19	Common Stock (5000)	5000	Direct

Footnotes

F1: The reporting person has elected, pursuant to the Company's equity compensation plans, to receive deferred shares of common stock in lieu of cash for payment of director fees.

F2: On January 15, 2010, the Company granted 5,529 restricted shares as an annual grant to non-employee directors, valued at the then current market price of $14.47 per share. Such shares vest on January 15, 2011 unless, with certain exceptions, the reporting person ceases to be a director prior to the vesting date.

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

F4: Options expire on the earlier of such date or the fourth anniversary of termination of directorship.