UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.    )

Filed by the Registrant  ☒                             Filed by a Party other than the Registrant  ☐

Check the appropriate box:

GRAFTECH INTERNATIONAL LTD.

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

April 8, 2021

Dear Fellow Stockholders:

We are pleased to invite you to the 2021 Annual Meeting of Stockholders. The meeting will be held on Thursday, May 13, 2021, at 8:00 a.m. Eastern time. In light of the ongoing COVID-19 pandemic and in the interest of protecting the health and safety of our stockholders and employees, the Board of Directors has determined the Annual Meeting will be held in a virtual format via the Internet again this year.

Details about the business to be conducted at the Annual Meeting can be found in the accompanying Notice of Annual Meeting of Stockholders and proxy statement. Your vote is important. The Annual Meeting will be held in a virtual format only. Regardless of whether you plan to attend the virtual Annual Meeting, we urge you to vote your shares as soon as possible. You may vote using the enclosed proxy card or voting instruction form by completing, signing and dating it, and then returning it by mail. Also, you may submit your vote by telephone or through the internet. If telephone or internet voting is available to you, instructions will be included on your proxy card or voting instruction form. Additional information about voting your shares is included in the proxy statement.

On behalf of the Board of Directors, thank you for your continued interest and support.

Sincerely,

Denis A. Turcotte		David J. Rintoul
Director and Chairman of the Board		President and Chief Executive Officer

Notice of

2021 Annual Meeting of Stockholders

The enclosed proxy is solicited on behalf of the Board of Directors (the “Board”) of GrafTech International Ltd. (“GrafTech” or the “Company”) for use at the Company’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”) to be held on May 13, 2021, at 8:00 a.m. Eastern time, or at any adjournment or postponement thereof, for the purposes set forth herein. In light of the ongoing COVID-19 pandemic and in the interest of protecting the health and safety of our stockholders and employees, the Board of Directors has determined the Annual Meeting will be held in a virtual format via the Internet again this year.

HOW YOU MAY VOTE

You may vote if you were a stockholder of record on March 16, 2021 (the “Record Date”). To ensure that your shares are represented at the Annual Meeting, please vote as soon as possible by one of the following methods:

•				By Internet.		•				By Mail.
•				By Telephone.		•				Online, during the virtual Annual Meeting.

For more detailed information on voting, please see “How do I cast a vote?” in the “Questions & Answers” section beginning on page 48 of the accompanying Proxy Statement.

Whether or not you expect to attend the virtual Annual Meeting, please vote as soon as possible to ensure representation of your shares at the Annual Meeting. You may vote your shares over the Internet, by telephone or by mail (as applicable) by following the instructions on the proxy card or voting instruction form. More information about registering for and attending the virtual Annual Meeting is included in the Questions and Answers section of the accompanying proxy statement. Except as otherwise noted, the information herein is as of March 30, 2021, the date we commenced printing in order to commence mailing on or about April 8, 2021. Proxy materials are being mailed or made available on or about April 8, 2021.

Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting To Be Held on May 13, 2021: The Proxy Statement and the 2020 Annual Report to Stockholders are available at: www.edocumentview.com/EAF.

Table of Contents

Proxy Statement Summary

The following pages provide a summary of important information you will find in this Proxy Statement. As it is only a summary, please review the complete Proxy Statement before submitting your vote.

Proposals To Be Voted On

Board and Corporate Governance Highlights

Our Board is committed to highly effective corporate governance that is responsive to stockholders and aims to ensure that the Company delivers on its strategic objectives.

On August 15, 2015, we became an indirect wholly owned subsidiary of Brookfield Asset Management Inc. (together with its affiliates, “Brookfield”) through a tender offer to our former stockholders and subsequent merger transaction. On April 23, 2018, the Company completed its initial public offering (“IPO”). Our common stock has been listed on the New York Stock Exchange (“NYSE”) under the symbol “EAF” since April 18, 2018. Prior to that date, there was no public trading market for our common stock. As of March 16, 2021, Brookfield owned approximately 36.6% of our outstanding common stock. Because Brookfield participated in certain secondary offerings of our common stock in 2020 and 2021 and no longer owns a majority of our outstanding common stock, we are no longer a “controlled company” as that term is set forth in the NYSE listing standards. For more information, see “—Loss of Controlled Company Exemption.”

We believe that regular, transparent stockholder engagement is essential to GrafTech’s long-term success. In 2020, we made presentations at virtual financial and industry conferences, met with financial analysts and investment firms, and responded to inquiries from our stockholders. We intend to continue to engage with stockholders to understand their perspectives on corporate governance, executive compensation, sustainability and other matters.

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Key Corporate Governance Best Practices

Board of Directors Snapshot

Our Current Directors

Under our Amended and Restated Certificate of Incorporation (the “Amended Certificate of Incorporation”), the number of directors is fixed by our Board but will not be fewer than three directors. Our Board currently consists of nine members and is divided into three classes of directors, with each class containing three directors, and with the directors serving three-year terms. Detailed information about each director’s background, skill set and areas of expertise can be found beginning on page 20.

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Our Director Nominees

You are being asked to vote on the re-election of three Directors. Detailed information about each Director’s background, skill set and areas of expertise can be found beginning on page 20.

Executive Compensation Philosophy

Under our pay for performance philosophy, a substantial component of executive compensation is variable and tied to Company financial and operational performance. The goal is to reward our executive team for their leadership in meeting key near-term goals and objectives while also positioning the Company to generate sustainable long-term stockholder value.

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Corporate Governance

General

Our Board is committed to strong corporate governance practices and dedicated to ensuring that GrafTech is managed for the long-term benefit of our stockholders and other stakeholders. To fulfill this role, the Board and its committees meet throughout the year and engage in meaningful discussions with management to ensure that the Board is informed regarding the Company’s activities, operating plans and strategic initiatives.

Because Brookfield participated in certain secondary offerings of our common stock in 2020 and 2021 and no longer owns a majority of our outstanding common stock, we are no longer a “controlled company” as that term is set forth in the NYSE listing standards. For more information, see “—Loss of Controlled Company Exemption.” To promote full and complete compliance with all applicable corporate governance standards and remain aligned with best practices demonstrated by other similarly situated public companies, the Board has adopted corporate governance principles and procedures, which it reviews and amends as necessary. We also continuously review guidance and interpretations provided by the Securities and Exchange Commission (“SEC”) and the NYSE.

Stockholders proposing director nominations must comply with the advance notice and specific information requirements in our Amended and Restated By-Laws (“By-Laws”), which include, among other things, the disclosure of hedging, derivative interests and other material interests of the nominating stockholder and director nominee. In addition, each director nominee proposed by a stockholder must deliver a statement whether he or she agrees to, promptly following the stockholder meeting at which such nominee is elected or re-elected, tender an irrevocable advance resignation in accordance with our By-Laws and Corporate Governance Guidelines.

You can access our Audit Committee Charter, Code of Conduct and Ethics, Governance and Compensation Committee Charter and Corporate Governance Guidelines in the “Investors” section of our website, www.graftech.com. Information on, or accessible through, our website is not part of this Proxy Statement. We have included our website only as an inactive textual reference and do not intend it to be an active link to our website. You may also request that the above documents be mailed to you by writing to: GrafTech International Ltd., 982 Keynote Circle, Brooklyn Heights, OH 44131, Attention: Investor Relations.

Board of Directors

Our business and affairs are managed under the direction of our Board. Under our Amended Certificate of Incorporation, the number of directors is fixed by our Board, but will not be fewer than three directors. The Board currently consists of nine directors.

Our Amended Certificate of Incorporation provides that our Board be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the directors serving three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Our directors are divided among the three classes as follows:

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Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. Given that Brookfield no longer owns more than 50% of our outstanding common stock, the classification of the Board and the other provisions of the Amended Certificate of Incorporation may be amended only by the affirmative vote of the holders of 66 2/3% or more of the voting power of our outstanding common stock.

If the total number of shares voted in favor of a director nominee in an uncontested election are less than the total number of shares voted against such director nominee, the director nominee will tender his or her resignation immediately after the stockholder meeting and the Board will determine whether to accept the resignation within 90 days of the stockholder meeting.

We and Brookfield entered into a stockholder rights agreement (as amended, the “Stockholder Rights Agreement”) in connection with our IPO. Under the Stockholder Rights Agreement, for so long as Brookfield owns or controls at least 25% of our outstanding common stock, Brookfield will have the right to nominate the higher of 37.5% of the members of the Board and three members of the Board (the “Brookfield directors”), and one Brookfield director will be in each class. Brookfield will also have the right to select the Chairman of the Board. In the event Brookfield owns or controls less than 25% of our outstanding common stock, the Brookfield directors will promptly tender their resignations. The Board (excluding the Brookfield directors) will have the option, but not the obligation, to accept the Brookfield directors’ resignations. If the Board (excluding the Brookfield directors) votes to accept these resignations, the Brookfield directors will cease to be members of the Board. If the Board (excluding the Brookfield directors) votes not to accept these resignations, the Brookfield directors will continue to serve as members of the Board until the next annual meeting of our stockholders, regardless of the time remaining in their respective terms of office. The current Board members that were designated by Brookfield are Denis A. Turcotte, David Gregory and Jeffrey C. Dutton. For more information regarding the Stockholder Rights Agreement, see “Certain Relationships and Related Party Transactions.”

Our By-Laws provide that the presence of a majority of the total number of directors will be required to constitute a quorum.

Our Amended Certificate of Incorporation provides that the Chairman may or may not be an officer of the Company. While this matter relates to corporate governance, it also relates to succession planning, and it is in the best interests of the Company for the Board to make a determination with respect to this matter on a case-by-case basis as part of the succession planning process. Currently, our Chairman is Denis A. Turcotte and our CEO is David J. Rintoul. The G&C Committee will periodically consider the size and structure of the Board and report the results of its review and any recommendations for change to the Board. Notwithstanding any such recommendation of the G&C Committee, Brookfield has the right to select the Chairman of the Board under the terms of the Stockholder Rights Agreement as discussed above.

Loss of Controlled Company Exemption

Upon completion of a secondary offering by Brookfield on January 20, 2021, we have ceased to be a “controlled company,” as that term is set forth in the NYSE listing standards. Under the NYSE listing standards, a company that ceases to be a controlled company must comply with the independent board committee requirements as they relate to nominating and corporate governance and compensation committees on the following phase-in schedule: (i) one independent committee member at the time it ceases to be a controlled company; (ii) a majority of independent committee members within 90 days of the date it ceases to be a controlled company; and (iii) all independent committee members within one year of the date it ceases to be a controlled company. Additionally, the NYSE listing standards provide a 12-month phase-in period from the date a company ceases to be a controlled company to comply with the majority independent board requirement and the nominating and corporate governance committee and compensation committee charters requirement.

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We currently comply with the NYSE listing standards requiring a majority of independent board members, a fully independent audit committee and a majority of independent directors serve on the G&C Committee. To meet the requirement that we have fully independent nominating and governance and compensation committees within one year of losing controlled company status, we intend to appoint additional directors to the Board and committees and/or appoint current directors who are deemed independent to additional committees. We also intend to establish separate nominating and governance and compensation committees.

Director Independence

Our Board has undertaken a review of the independence of the nine directors on our Board. Based on this review, the Board has determined that five members of the Board, Michel J. Dumas, Brian L. Acton, Catherine L. Clegg, Anthony R. Taccone and Leslie D. Dunn currently qualify as “independent” under the NYSE listing standards.

In making these determinations, our Board considered any current and prior relationships or transactions that each director has with the Company and other information provided by each director concerning his or her background, employment and affiliations, including the beneficial ownership of our capital stock by each director and the transactions involving them described in “—2020 Director Compensation” and “Certain Relationships and Related Party Transactions.” Our Board considered the Company’s purchases in 2019, 2020 and 2021 of access to steel industry research data from a company of which Anthony R. Taccone is a partner, as well as consulting services provided to Brookfield in a matter unrelated to the Company. The amounts involved in each case, as well as in the aggregate, were well below $120,000. The Board concluded that these transactions would not interfere with Mr. Taccone’s exercise of independent judgment in carrying out the responsibilities of a director and thus did not impair his independence. Our Board also considered Catherine L. Clegg’s director position with Clarios International LP, a Brookfield portfolio company, and determined that the relationship would not interfere with Ms. Clegg’s exercise of independent judgment in carrying out the responsibilities of a director and thus did not impair her independence.

Committees of the Board of Directors

The Board has established two standing committees to assist it in carrying out its responsibilities: the Audit Committee and the G&C Committee. The Board intends to separate the G&C Committee into a nominating and governance committee and a compensation committee with separate charters. Each of the existing committees operate under its own written charter adopted by the Board and available on our website. The membership and the function of each of the existing committees are described below.

Audit Committee

The Audit Committee:

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The members of the Audit Committee are Michel J. Dumas (Chair), Brian L. Acton and Anthony R. Taccone. Our Board has determined that (i) Michel J. Dumas, Brian L. Acton and Anthony R. Taccone are independent directors, (ii) each director appointed to the Audit Committee is financially literate and (iii) Michel J. Dumas is our Audit Committee financial expert. During fiscal year 2020, our Audit Committee held eight meetings. Our Audit Committee operates under a written charter that satisfies the applicable rules of the SEC and the NYSE listing standards.

Governance and Compensation Committee

The G&C Committee:

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The G&C Committee operates under a written charter and consists of at least three directors, at least two of whom must qualify as “independent” under the NYSE listing standards; at least one of the remaining members may be appointed by Brookfield. In connection with our transition to a non-controlled company, NYSE listing standards require all members of our corporate governance committee and compensation committee be “independent” by January 20, 2022. The current members of the G&C Committee are Denis A. Turcotte (Chair), Brian L. Acton, Catherine L. Clegg and Anthony R. Taccone. Our Board has determined that Brian L. Acton, Catherine L. Clegg and Anthony R. Taccone are independent directors. During fiscal year 2020, our G&C Committee held eight meetings. The G&C Committee may delegate any of its responsibilities to a subcommittee comprised of one or more of its members, as appropriate. For more information about the roles our executive officers and the compensation consultant to the G&C Committee have in determining or recommending executive compensation, please see the Compensation Discussion and Analysis (“CD&A”) disclosure below. For more information about our director compensation program, please see the 2020 Director Compensation disclosure below.

Compensation Committee Interlocks and Insider Participation

None.

Code of Conduct and Ethics

Our Board has adopted a code of conduct and ethics applicable to our employees, directors and officers, in accordance with applicable U.S. federal securities laws and the listing standards of the NYSE. Any waiver or amendment of this code for executive officers or directors (i) may be made only by the Audit Committee, (ii) will be promptly disclosed as required by applicable U.S. federal securities laws and the listing standards of the NYSE and (iii) will be available in the “Investors” section of our website, www.graftech.com.

Board Meetings

During fiscal 2020, our Board held 16 meetings, including regularly scheduled and special meetings. Our directors’ average attendance was 94%, and each current director attended at least 80% of the aggregate number of meetings of our Board and the committees on which he or she served. We encourage, but do not require, our directors to attend each annual meeting of stockholders. All of our directors attended the 2020 annual meeting of stockholders.

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Director Skills and Qualifications Criteria

The G&C Committee reviews at least annually the skills, qualifications and characteristics for election of new and continuation of existing directors. The criteria considered in selecting director nominees reflect applicable law, the listing standards of the NYSE, the terms of the Stockholder Rights Agreement as well as a candidate’s integrity, strength of character, judgment, business experience, specific areas of expertise, ability to devote sufficient time to attendance at and preparation for Board meetings, factors relating to the composition of the Board (including its size and structure) and principles of diversity. The G&C Committee implemented a Board of Directors Diversity Policy earlier this year, which illustrates its attention and desire to maintain an environment free from discrimination on the basis of, among other things, race, color, religion, nationality, age and gender.

The G&C Committee recommends to the Board all nominees to be proposed by the Company for election to the Board, as well as actions with respect to individuals nominated by third parties.

Directors whose positions, responsibilities or commitments change materially after they were elected to the Board are required to inform the G&C Committee and volunteer to resign from the Board so that the G&C Committee may have an opportunity to review the appropriateness of continued membership under the circumstances, including with respect to independence, and make recommendations to the Board, which could accept the volunteered resignation but need not do so.

Directors are expected to serve on at most a limited number of other public company boards. Prior to accepting an invitation to serve on another public company board, directors must advise the G&C Committee and must receive written confirmation from the head of the legal department that there are no legal or regulatory impediments to such service.

The G&C Committee leads the effort to identify and recruit candidates to join the Board. In this context, the G&C Committee’s view is that the Board should reflect a balance between the experience that comes with longevity of service on the Board and the need for renewal and fresh perspectives. The G&C Committee does not support a mandatory retirement age, director term limits or other mandatory Board turnover mechanisms because its view is that such policies are overly prescriptive; therefore, the Company does not have term limits or other mechanisms that compel Board turnover. The G&C Committee does believe that periodically adding new voices to the Board can help the Company adapt to a changing business environment and Board renewal continues to be a priority.

Director Orientation and Continuing Education

All new directors participate in an orientation program (the “Orientation Program”) reasonably promptly after they are elected. The Orientation Program includes presentations by senior management and internal and independent auditors to familiarize new directors with strategic plans, significant financial, accounting and risk management issues and compliance programs (including the Company’s Code of Conduct and Ethics and other applicable policies). In addition, the Orientation Program can include visits to headquarters and, to the extent practical, certain of the significant facilities.

All other directors are welcome to attend the Orientation Program. Due to the COVID-19 pandemic, our 2020 Orientation Program was adjusted in the interest of safety and included virtual presentations.

All directors are also encouraged to participate in Continuing Education Programs offered by the NYSE and other organizations, and the Company will reimburse directors for reasonable costs associated therewith.

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2020 Director Compensation

Our non-employee directors received the following compensation for service on our Board in 2020. As a Company employee, Mr. Rintoul does not receive any additional compensation for his service on the Board. The Board previously determined not to compensate the Brookfield directors individually for their service on the Board and, on November 6, 2019, the Stockholder Rights Agreement was amended as discussed below to reimburse Brookfield for the services of its designated directors.

Following our IPO, the Board determined to compensate its independent directors with an annual cash retainer of $125,000, payable in equal installments at the end of each quarter, with the Audit Committee Chair receiving an additional retainer of $15,000. All out-of-pocket business travel and accommodation expenses are reimbursed.

On November 6, 2019, we and Brookfield amended the Stockholder Rights Agreement to reimburse Brookfield for the services of the Brookfield directors for (1) cash compensation consistent with the compensation received by other non-management members of the Board and (2) to the extent a Brookfield director serves as Chairman of the Board, any additional compensation as may be approved by the unaffiliated independent members of the Board for such service as Chairman of the Board.

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Effective as of July 1, 2020, the Board approved revisions to the director compensation program as follows:

In addition, the Board approved an additional annual retainer for the Chairman of the Board of $100,000.

Director Stock Ownership Guidelines

Independent directors not otherwise appointed by Brookfield will be required, within five years of joining the Board, to acquire shares or share equivalents in the Company having an aggregate value equal to at least three times the then-annual retainer (currently $450,000). Prior to achieving this, independent directors will receive fifty percent of their annual retainer in DSUs under the Equity Plan, which DSUs will be fully vested upon grant. Directors may also elect to receive a portion of their annual cash retainers in fully-vested DSUs voluntarily under the Amended and Restated GrafTech International Ltd. Director Deferred Fee Plan (as amended, the “Director Deferred Fee Plan”). All DSUs will count towards the stock ownership guidelines. After a director first satisfies the stock ownership guidelines, there will not be any further requirement for the director to receive his or her compensation in the form of additional DSUs; however, the stock ownership requirement will be evaluated each year in December and, in the event that an independent director who previously met the requirement no longer does, that director will need to acquire more common shares or to elect to receive a portion of his or her annual retainer in DSUs for the following year. All DSUs will accrue dividend equivalents that will be credited to the director as additional DSUs. All DSUs will be settled in shares of our common stock after termination of service on the Board.

Risk Oversight

The Board oversees the management of the Company’s risk exposure through the following framework: management regularly provides to the Board updated information concerning strategic, operational and emerging risks to the Company’s primary business goals and initiatives in each geographic area and each functional group, as well as the Company’s efforts to mitigate those risks.

The Board is responsible for understanding the Company’s most significant risks, ensuring that management responds appropriately, and making risk-informed strategic decisions. The Board monitors risk exposure to ensure that it is in line with the Company’s overall tolerance for, and ability to manage, risk.

Our Audit Committee, which is made up solely of independent directors, who have had extensive experience in providing strategic and advisory services to other companies, assist the Board in evaluating the risks the Company faces as well as our policies for risk management and assessment.

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The Audit Committee:

The G&C Committee:

The Board’s role in risk oversight complements our leadership structure, with senior management responsible for assessing, managing and mitigating our risk exposure and the Board and its committees overseeing those efforts. We believe that this is an effective approach to addressing the risks we face and supports our current Board leadership structure, as it allows our independent directors to evaluate our risks and our risk management and assessment policies, including through the fully independent Audit Committee, with ultimate oversight by the full Board. In particular, the G&C Committee has determined that none of our compensation policies and practices creates any risks that are reasonably likely to have a material adverse effect on the Company.

Communications from Stockholders and Other Interested Parties

The Company values your feedback. Any stockholder or interested party who desires to contact the Company’s Chairman, the Presiding Independent Director, the independent or non-management directors as a group or the other members of the Board may do so by writing to the Corporate Secretary, GrafTech International Ltd., at 982 Keynote Circle, Brooklyn Heights, Ohio 44131, Attention: Corporate Secretary. Any such communication should state the number of shares owned, if applicable. The Corporate Secretary will forward to the Chairman any such communication addressed to the Chairman, the independent or non-employee Directors as a group or to the Board generally, and will forward such communication to other Board members, as appropriate, provided that such communication addresses a legitimate business issue. Any communication relating to accounting, auditing or fraud will be forwarded immediately to the Chair of the Audit Committee.

Certain Relationships and Related Party Transactions

Under SEC rules, a related person is an officer, director, nominee for director or beneficial holder of more than 5% of any class of our voting securities since the beginning of the last fiscal year or an immediate family member of any of the foregoing. We have a written related party transaction policy,

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pursuant to which directors (including director nominees), executive officers and employees are required to report any transactions or circumstances that may create or appear to create a conflict between the personal interests of the individual and our interests, regardless of the amount involved. Our head of legal reports these transactions to the Audit Committee of the Board, which is responsible for evaluating each related party transaction and making a recommendation to the disinterested members of the Board as to whether the transaction at issue is fair, reasonable and within our policy and whether it should be ratified and approved. The Audit Committee, in making its recommendation, considers various factors, including the benefit of the transaction to us, the terms of the transaction and whether they are at arm’s length and in the ordinary course of our business, the direct or indirect nature of the related person’s interest in the transaction, the size and expected term of the transaction, and other facts and circumstances that bear on the materiality of the related party transaction under applicable law and listing standards.

Other than the transactions described below, since January 1, 2020, there has not been, and there is not currently proposed, any transaction or series of similar transactions to which we were or will be a party in which the amount involved exceeded or will exceed $120,000 and in which any related person had or will have a direct or indirect material interest.

We have engaged in transactions with affiliates or related parties since January 1, 2020. These transactions include ongoing obligations under the Registration Rights Agreement (as defined below), Stockholders Rights Agreement and Tax Receivable Agreement (as defined below), each with Brookfield.

Registration Rights Agreement

We and Brookfield entered into a registration rights agreement (the “Registration Rights Agreement”) in connection with our IPO. The Registration Rights Agreement provides Brookfield with certain demand registration rights, including shelf registration rights, in respect of any shares of our common stock or any of our debt securities held by it, subject to certain conditions and limitations. Brookfield is entitled to a limited number of demand registrations. In addition, in the event that we register additional shares of common stock or debt securities for sale to the public, we will be required to give notice of such registration to Brookfield of our intention to effect such a registration, and, subject to certain limitations, include any shares of common stock or debt securities requested to be included in such registration held by it. We will be required to bear the registration expenses, other than underwriting discounts and commissions, associated with any registration of shares of common stock or debt securities pursuant to the Registration Rights Agreement. The agreement includes customary indemnification provisions in favor of Brookfield, its affiliates, directors and officers against certain losses and liabilities (including reasonable legal expenses) resulting from any untrue statement or omission of material fact in any registration statement or prospectus pursuant to which Brookfield sells shares of our common stock or our debt securities, unless such liability arose from Brookfield’s misstatement or omission and Brookfield has agreed to indemnify us against losses caused by its misstatements or omissions, subject to certain limitations.

In 2020 and 2021, Brookfield exercised its rights under the Registration Rights Agreement. On November 16, 2020, certain Brookfield entities completed the sale of 8,250,000 shares of our common stock directly to an institutional investor at a public offering price of $7.05 per share. The direct offering was made pursuant to an effective Registration Statement on Form S-3 (File No. 333-232190) that we filed with the SEC on June 18, 2019, including a related base prospectus dated June 18, 2019 (the “Registration Statement”), and a prospectus supplement dated November 10, 2020 and filed with the SEC pursuant to Rule 424(b)(7) under the Securities Act of 1933, as amended (the “Securities Act”). Additionally, on December 17, 2020, January 20, 2021, and March 4, 2021, certain Brookfield entities, as selling stockholders, completed the sales of 8,500,000, 20,000,000, and 30,000,000 shares of our

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common stock, respectively, in underwritten public secondary offerings at prices to the public of $9.15, $10.90, and $11.88 per share, respectively. The secondary offerings were made pursuant to the Registration Statement and prospectus supplements dated December 14, 2020, January 14, 2021, and March 1, 2021 respectively, and filed with the SEC pursuant to Rule 424(b)(7) under the Securities Act.

Stockholder Rights Agreement

We and Brookfield entered into the Stockholder Rights Agreement in connection with our IPO. Under the Stockholder Rights Agreement, for so long as Brookfield owns or controls at least 25% of our outstanding common stock, Brookfield will have the right to nominate the higher of 37.5% of the members of the Board and three members of the Board. Brookfield will also have the right to select the chairman of the Board. In the event Brookfield owns or controls less than 25% of the Company, the Brookfield directors will promptly tender their resignations. The Board (excluding the Brookfield directors) will have the option, but not the obligation, to accept the Brookfield directors’ resignations. If the Board (excluding the Brookfield directors) votes to accept these resignations, the Brookfield directors will cease to be members of the Board. If the Board (excluding the Brookfield directors) votes not to accept these resignations, the directors will continue to serve as members of the Board until the next annual meeting of our stockholders, regardless of the time remaining in their respective terms of office. On November 6, 2019, we and Brookfield amended the Stockholder Rights Agreement to reimburse Brookfield for the services of the Brookfield directors for (a) cash compensation consistent with the compensation received by other non-management members of the Board and (b) to the extent a Brookfield director serves as Chairman of the Board, any additional compensation as may be approved by the unaffiliated independent members of the Board for such service as Chairman of the Board. The current Board members designated by Brookfield are Denis A. Turcotte, David Gregory and Jeffrey C. Dutton.

Tax Receivable Agreement

We and Brookfield entered into a tax receivable agreement (the “Tax Receivable Agreement”) in connection with our IPO. The Tax Receivable Agreement provides the right to receive future payments from us to certain of our pre-IPO stockholders (the “Existing Stockholders”) of 85% of the amount of cash savings, if any, in U.S. federal income tax and Swiss tax that we and our subsidiaries realize as a result of the utilization of certain tax assets attributable to periods prior to our IPO, including certain federal net operating losses (“NOLs”), previously taxed income under Section 959 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), foreign tax credits, and certain NOLs in GrafTech Switzerland S.A. (collectively, the “Pre-IPO Tax Assets”). In addition, we will pay interest on the payments we will make to the Existing Stockholders with respect to the amount of this cash savings from the due date (without extensions) of our tax return where we realize this savings to the payment date at a rate equal to LIBOR plus 1.00% per annum.

For purposes of the Tax Receivable Agreement, cash savings in income tax are computed by reference to the reduction in the liability for income taxes resulting from the utilization of the tax benefits subject to the Tax Receivable Agreement. The term of the Tax Receivable Agreement commenced on April 23, 2018 and will continue until there is no potential for any future tax benefit payments.

Our counterparties under the Tax Receivable Agreement will not reimburse us for any payments previously made if such tax benefits are subsequently disallowed (although future payments would be adjusted to the extent possible to reflect the result of such disallowance). As a result, in such circumstances we could make payments under the Tax Receivable Agreement that are greater than our actual cash tax savings.

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While the actual amount and timing of any payments under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount and timing of the taxable income we and our subsidiaries generate in the future, and our subsidiaries’ use of Pre-IPO Tax Assets, as of December 31, 2020, we expect that, based on current tax laws (taking into account changes under the Tax Act), payments under the Tax Receivable Agreement relating to the Pre-IPO Tax Assets will total approximately $68.8 million, with a maximum amount of approximately $100 million. This figure does not account for our Pre-IPO Tax Assets attributable to previously taxed income under Section 959 of the Code, the value of which is highly speculative, and certain NOLs in GrafTech Switzerland S.A., which we expected to have nominal value at the time of our IPO. We made our initial payment of $27.9 million related to the Tax Receivable Agreement in February 2020. In 2020, the Tax Receivable Agreement liability was reduced by $21.1 million as a result of revised U.S. income tax estimates affecting future usage of our U.S. tax attributes. As of December 31, 2020, the total Tax Receivable Agreement liability was $40.9 million, of which $21.8 million is classified as a current liability and settled in February 2021.

Any future changes in the utility of the Pre-IPO Tax Assets will impact the amount of the liability that will be paid to our Existing Stockholders. Changes in the utility of these Pre-IPO Tax Assets will be recorded in income tax expense (benefit) and any changes in the obligation under the Tax Receivable Agreement will be recorded in other income (expense). We plan to use cash flow from operations and availability under our credit facilities to fund this obligation.

If we undergo a Change of Control (as defined in the Tax Receivable Agreement), the Tax Receivable Agreement will terminate and we will be required to make a payment equal to the present value of future payments under the Tax Receivable Agreement, which payment would be based on certain assumptions, including those relating to our and our subsidiaries’ future taxable income. Additionally, if we sell or otherwise dispose of any of our subsidiaries in a transaction that is not a Change of Control, we will be required to make a payment equal to the present value of future payments under the Tax Receivable Agreement attributable to the Pre-IPO Tax Assets of such subsidiary that is sold or disposed of, applying the assumptions described above.

The Tax Receivable Agreement provides that in the event that we breach any of our material obligations under it, whether as a result of our failure to make any payment when due (subject to a specified cure period), failure to honor any other material obligation under it or by operation of law as a result of the rejection of it in a case commenced under the United States Bankruptcy Code or otherwise, then all our payment and other obligations under the Tax Receivable Agreement will be accelerated and will become due and payable applying the same assumptions described above. Such payments could be substantial and could exceed our actual cash tax savings under the Tax Receivable Agreement.

Certain transactions by the Company could cause it to recognize taxable income (possibly material amounts of income) without a current receipt of cash. Payments under the Tax Receivable Agreement with respect to such taxable income would cause a net reduction in our available cash. For example, transactions giving rise to cancellation of debt income, the accrual of income from original issue discount or deferred payments, a “triggering event” requiring the recapture of dual consolidated losses, or “Subpart F” income would each produce income with no corresponding increase in cash. In these cases, we may use some of the Pre-IPO Tax Assets to offset income from these transactions and, under the Tax Receivable Agreement, would be required to make a payment to our Existing Stockholders even though we receive no cash from such income.

Because we are a holding company with no operations of our own, our ability to make payments under the Tax Receivable Agreement is dependent on the ability of our subsidiaries to make distributions to

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us. To the extent that we are unable to make payments under the Tax Receivable Agreement for specified reasons, such payments will be deferred and will accrue interest at a rate of LIBOR plus 1.00% per annum until paid.

In the event that any determinations must be made under or any dispute arises involving the Tax Receivable Agreement, the Existing Stockholders will be represented by Brookfield Capital Partners IV GP, Ltd. In any such instance, should any representatives of Brookfield Capital Partners IV GP then be serving on our Board, such directors will be excluded from decisions of the Board related to the relevant determination or dispute.

Other Brookfield Transactions

The Company leverages Brookfield’s economy of scale in negotiating business insurance coverage. We reimburse Brookfield for our allocated portion of their insurance premiums. Since January 1, 2020, we paid approximately $198,619 to Brookfield related to insurance coverage. As of January 20, 2021, we are no longer covered under certain Brookfield insurance policies and have obtained such coverage on a stand-alone basis.

Security Ownership of Certain Beneficial Owners and Management

The following table sets forth information as of March 16, 2021 regarding the beneficial ownership of our common stock by:

Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting of securities, or to dispose or direct the disposition of securities or has the right to acquire such powers within 60 days. For purposes of calculating each person’s percentage ownership, common stock issuable pursuant to options exercisable or awards payable within 60 days are included as outstanding and beneficially owned for that person or group, but are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Except as disclosed in the footnotes to this table and subject to applicable community property laws, we believe that each beneficial owner identified in the table possesses sole voting and investment power over all common stock shown as beneficially owned by the beneficial owner.

The percentage of beneficial ownership is based on 267,235,189 shares of common stock issued and outstanding on March 16, 2021. Unless otherwise indicated in the table or footnotes below, the

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address for each beneficial owner is c/o GrafTech International Ltd., 982 Keynote Circle, Brooklyn Heights, OH 44131.

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Policies on Transactions in Company Stock, Including Anti-hedging Provisions

All of our executive officers, directors and other employees are prohibited from engaging in hedging or monetizing transactions with respect to our securities. “Hedging transactions” or “monetizing transactions” can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds or through other transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of our securities, often in exchange for all or part of the potential for upside appreciation in these securities. Because hedging transactions might permit an executive officer, director or other employee to continue to own our securities, whether obtained through our equity compensation plans or otherwise, without the full rewards and risks of ownership, such hedging or monetization transactions are prohibited.

We also prohibit our executive officers, directors and other employees from engaging in put, call or other derivative transactions relating to our securities on an exchange or in any other organized market. A put is an option or right to sell a security at a specific price before a set date, and a call is an option or right to buy a security at a specific price before a set date. Because a transaction in options in our securities would, in effect, be a bet on the short-term movement of our securities and may also focus attention on short-term performance at the expense of our long-term objectives, our executive officers, directors and other employees are prohibited from engaging in such transactions. Additionally, our executive officers, directors and other employees are also prohibited from engaging in short sales of our securities.

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Proposal 1 Elect Three Directors for a Three-Year Term or Until Their Successors are Elected and Qualified

Under our By-Laws, the number of members of our Board is fixed from time to time by the Board and may be increased or decreased by the majority of directors then in office. Three of our nine directors, Catherine L. Clegg, Jeffrey C. Dutton and Anthony R. Taccone, are standing for re-election at the Annual Meeting. All of the director nominees were recommended for nomination to the Board by the G&C Committee.

Each director elected at the Annual Meeting will hold office for a three-year term until the 2024 Annual Meeting or until his or her successor is elected and qualified, subject to earlier retirement, resignation or removal. Unless otherwise instructed, we will vote all proxies we receive FOR each nominee listed below. If a nominee becomes unavailable to serve, we will vote the shares represented by proxies for the election of such other person as the Board may recommend.

Required Vote

Our By-Laws require that each director receive a majority of the votes properly cast with respect to such director in uncontested elections (i.e., the number of shares voted “for” a director nominee must exceed the number of votes cast “against” that nominee). As the election of directors at the Annual Meeting is uncontested, it requires a majority of the votes cast by, or on behalf of, the holders of Common Stock at the Annual Meeting. Abstentions and broker non-votes are not considered as votes cast “for” or “against” a director and have no effect on the election results.

If stockholders do not re-elect a nominee who is already a director, Delaware law provides that the director continues to serve on the Board as a “holdover director.” Under our By-Laws and Corporate Governance Guidelines, each director must submit an irrevocable advance resignation that will be effective if the stockholders do not re-elect him or her and the Board accepts his or her resignation. In that situation, within 90 days from the date the election results are certified, the G&C Committee will recommend to the Board whether to accept or reject the resignation, with the Board then taking action and promptly disclosing its decision and underlying rationale in a filing with the SEC.

THE BOARD UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF EACH NOMINEE LISTED BELOW TO SERVE A THREE-YEAR TERM OR UNTIL HIS OR HER SUCCESSOR IS DULY ELECTED AND QUALIFIED.

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Nominees for Re-Election and Incumbent Directors

Relevant information about each director appears below, including certain information regarding our directors’ individual experience, qualifications, attributes and skills, and brief statements of those aspects of our directors’ backgrounds that led us to conclude that they should serve as directors.

Nominees for Re-Election as CLASS III MEMBERS OF THE BOARD OF DIRECTORS – Current Term Expiring at the 2021 Annual Meeting

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CLASS I MEMBERS OF THE BOARD OF DIRECTORS CONTINUING IN OFFICE – Term Expiring at the 2022 Annual Meeting

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CLASS II MEMBERS OF THE BOARD OF DIRECTORS CONTINUING IN OFFICE – Term Expiring at the 2023 Annual Meeting

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Proposal 2 Ratify the Selection of Deloitte & Touche LLP as our Independent Registered Public Accounting Firm for 2021

The Audit Committee has selected, and the Audit Committee and the Board recommend stockholder ratification of, Deloitte & Touche LLP as our independent registered public accounting firm for the year ended December 31, 2021. The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the independent registered public accounting firm retained to audit our consolidated financial statements.

Deloitte & Touche LLP has served as our independent registered public accounting firm since 2015. In order to ensure continuing auditor independence, the Audit Committee periodically considers whether there should be a regular rotation of the independent registered public accounting firm. The members of the Audit Committee and the Board believe that the continued retention of Deloitte & Touche LLP to serve as our independent registered public accounting firm is in the best interests of the Company and its stockholders.

Although ratification by stockholders is not required by law or by our By-Laws, the Audit Committee believes that submission of its selection to stockholders is a matter of good corporate governance. Even if the appointment is ratified, the Audit Committee, in its discretion, may select a different independent registered public accounting firm at any time if the Audit Committee believes that such a change would be in the best interests of the Company and its stockholders. If our stockholders do not ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm, the Audit Committee will reconsider their selection.

Representatives of Deloitte & Touche LLP are expected to be present at the Annual Meeting. They will have the opportunity to make a statement if they choose and will also be available to respond to appropriate questions from stockholders.

Required Vote

Approval of this ratification requires the affirmative vote of a majority of the voting power of the shares present in person or by proxy at the meeting and entitled to vote thereon. Therefore, abstentions will have the effect of votes against this proposal. NYSE rules permit brokers to vote uninstructed shares at their discretion on this proposal, so broker non-votes are not expected.

THE AUDIT COMMITTEE AND THE BOARD UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE LLP TO SERVE AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE 2021 FISCAL YEAR.

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Audit Committee Report

Management is responsible for the Company’s financial reporting process, including its system of internal controls, and for the preparation of consolidated financial statements in accordance with generally accepted accounting principles. The Company’s independent registered public accounting firm, Deloitte & Touche LLP, is responsible for performing an independent audit of the Company’s financial statements and internal controls over financial reporting, in accordance with standards of the U.S. Public Company Accounting Oversight Board (PCAOB). The Audit Committee is also responsible for monitoring and reviewing these processes.

The Audit Committee reviewed the Company’s audited financial statements for fiscal year 2020 (ended December 31, 2020) and discussed with the Company’s management these financial statements, including the acceptability and quality of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements. The Audit Committee also reviewed and discussed with Deloitte & Touche LLP the audited financial statements and the matters required by PCAOB Auditing Standard No. 1301 (Communications with Audit Committees). Deloitte & Touche LLP provided the Audit Committee with the written disclosures and the letter required by applicable requirements of the PCAOB regarding the independent registered public accounting firm’s communications with the Audit Committee concerning independence. The Audit Committee has discussed with Deloitte & Touche LLP its independence and has considered whether the firm’s provision of non-audit related services to the Company is compatible with maintaining such auditors’ independence.

Based on its discussions with, and its review of information provided by, management and Deloitte & Touche LLP, the Audit Committee recommended to the Company’s Board of Directors that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

By the Audit Committee of the Board of Directors of GrafTech International Ltd.

AUDIT COMMITTEE

Michel J. Dumas (Chair)

Brian L. Acton

Anthony R. Taccone

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Independent Auditor Fees and Other Matters

The following table presents the aggregate fees billed for services rendered by Deloitte & Touche LLP for the fiscal years ended December 31, 2020 and 2019:

Audit Fees. These fees relate to professional services rendered in connection with the annual audit of our consolidated financial statements; reviews of the condensed consolidated financial statements performed in connection with each of our Quarterly Reports on Form 10-Q; and consultations regarding the accounting, financial reporting and audits of subsidiaries, including statutory audits required by foreign jurisdictions and audits required by the agreements related to our securitizations. Audit fees reflect increased expenses in connection with secondary offerings in 2019 and 2020.

Audit-Related Fees. None.

Tax Fees. These include fees for consulting services related to potential acquisitions, tax planning, advice and assistance with international and other tax matters.

All Other Fees. This fee relates to an annual subscription to an accounting research tool.

Audit Committee Pre-approval Policy and Procedures. The Audit Committee has adopted policies and procedures relating to the approval of all audit and non-audit services to be performed by our independent registered public accounting firm. This policy requires that we do not engage our independent registered public accounting firm to render audit or non-audit services unless the Audit Committee specifically approves the service in advance or the engagement is entered into pursuant to one of the pre-approval procedures described below.

From time to time, the Audit Committee may pre-approve specified types of services that we expect our independent registered public accounting firm to provide during the next 12 months. The Audit Committee may also authorize any Audit Committee member to approve any audit or non-audit services that our independent registered public accounting firm provides. Any approval of services by an Audit Committee member pursuant to this delegated authority is to be reported at the next meeting of the Audit Committee.

The Audit Committee approved all of the services described above in accordance with its pre-approval policies and procedures.

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Proposal 3 Approve, on an Advisory Basis, our Named Executive Officer Compensation

As required under the Dodd-Frank Wall Street Reform and Consumer Protection Act and Section 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we provide our stockholders the opportunity to vote, on a non-binding, advisory basis, to approve the compensation of our named executive officers (“NEOs”) as disclosed in this proxy statement.

We believe that NEO compensation should be focused on promoting Company performance and stockholder value. To achieve these goals, our NEO compensation program emphasizes pay for performance and aligning the interests of our NEOs with those of our stockholders through the use of long-term incentives and the encouragement of equity ownership. In addition, our NEO compensation program is designed to allow us to recruit, retain and motivate employees who play a significant role in our current and future success. Please read the CD&A section below and the related tables and narratives for more information about the compensation of our NEOs.

The vote on this proposal is not intended to address any specific element of compensation; rather, the vote relates to the overall compensation of our NEOs. This vote is advisory only and is not binding. Although the vote is non-binding, our Board and G&C Committee value the opinions of our stockholders, and our Board and G&C Committee expect to consider the outcome of the vote when making future compensation decisions for our NEOs. We are currently conducting this advisory vote, commonly known as a “say-on-pay” vote, every year and expect to hold the next say-on-pay vote in connection with the annual meeting of stockholders to be held in 2022.

Accordingly, we ask our stockholders to vote in favor of the following resolution:

“RESOLVED, that the Company’s stockholders approve, on an advisory basis, the compensation of the named executive officers, as disclosed in the Company’s Proxy Statement for the 2021 Annual Meeting of Stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis and the related tables and accompanying narrative.”

Approval of this resolution requires the affirmative vote of a majority of the voting power of the shares present in person or by proxy at the meeting and entitled to vote thereon. Therefore, abstentions will have the effect of votes against this proposal and broker non-votes will have no effect on the outcome.

THE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR THE APPROVAL OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.

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Executive Compensation

Compensation Discussion and Analysis

The Compensation Discussion and Analysis (“CD&A”) details the objectives and design of our executive compensation program overseen by the G&C Committee. The CD&A describes the compensation provided to our NEOs who are listed below and named in the Summary Compensation Table. For the year ended December 31, 2020, our NEOs were:

For more information about our current executive officers, see our Annual Report on Form 10-K for the year ended December 31, 2020.

Executive Summary

During 2020, the COVID-19 pandemic had a significant impact on the world, the markets in which we operate our business and on our employees and customers. In response to COVID-19, we proactively managed through the pandemic to support the health and safety of our team and we continuously implemented changes in our business designed to protect the health and well-being of our employees, customers and communities. This included employing a “Safe-Work Playbook”, which is a comprehensive document outlining various protocols to, among other things, foster the health and safety of our constituencies. Despite challenging market conditions in 2020, the Company generated $659 million in Adjusted EBITDA, repaid approximately $400 million in debt, made $31 million in dividend payments and purchased $30 million in shares pursuant to our previously announced open market share repurchase program. (See attached Appendix A for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure.)

Our executive compensation program is driven by our strategic goals with the primary emphasis on paying for performance. This program has previously relied primarily upon the two elements of competitive base salary and a performance-based annual cash incentive plan, the Incentive Compensation Plan (the “ICP”), which rewards employees based on the financial and operational performance of the Company.

From early in 2020, our G&C Committee was focused on the pandemic’s impact on the Company’s industry and operations, and the corresponding motivational impact on our compensation programs, including our incentive programs. Early on in 2020, in normal course, we provided each of our continuing NEOs with a 3.0% base salary increase, and we negotiated Mr. Ortiz’ initial base salary rate when he joined our team. However, our G&C Committee had to quickly turn its attention to the COVID-19 pandemic. In May 2020, as further discussed below, the G&C Committee determined to exercise its discretion under the ICP to continue the motivational element of the ICP. As a result of this action, the G&C Committee adjusted the Adjusted EBITDA performance target downward and instituted a corresponding 1.0x multiple target “ceiling” on the potential payout. This action was taken not just for our NEOs, but for all salaried employee participants in the ICP to further focus on the resulting business goals for the year. The G&C Committee believes that such performance target adjustment was warranted for all participants in the ICP given the uncertainty and business disruptions

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caused by the global pandemic, and the participants’ efforts toward the focus on health and safety while working to achieve sustained operational and financial performance as the participants reacted to the then evolving conditions created by the pandemic.

Longer term incentive compensation has also been part of our NEO compensation program. Following our acquisition by Brookfield in 2015 and until our IPO in 2018, we did not use equity awards for incentivizing long-term performance. Instead, we adopted a long-term cash incentive program at the time of the acquisition, the GrafTech International Ltd. Long-Term Incentive Plan (the “LTIP”), designed to retain senior management of the Company, to incentivize them to make decisions with a long-term view and to motivate and influence behavior on their part that is consistent with maximizing value for the stockholders of the Company in a prudent manner. Since our IPO, we have reviewed the structure of our long-term incentive program and continue to focus on the goal of creating long-term value for our stockholders by including a blend of shorter term cash-based and longer term equity-based incentives.

Since 2019, we have operated an executive leadership team long-term incentive program (the “ELT LTIP”) under our Equity Plan adopted at the time of our IPO. The ELT LTIP is designed to continue to help retain senior management of the Company and to incentivize them to make decisions with a long-term view and to motivate and influence behavior on their part that is consistent with maximizing value for the stockholders of the Company in a prudent manner. In February 2020, we approved grants of service-based stock options and restricted stock units (“RSUs”) for the NEOs as new awards under the ELT LTIP. These awards vest ratably over five years on each anniversary of the date of grant, subject to acceleration in certain circumstances. The exercise price for these options is set at the closing stock price on the day of grant. The RSUs also accrue dividend equivalents with such dividend equivalents vesting on the same schedule as the shares underlying the RSUs.

Our stockholders have been supportive of our NEO compensation practices. In 2020, our G&C Committee and Board submitted to our stockholders an advisory vote to approve our NEO compensation, commonly known as a “say-on-pay” vote. Our say-on-pay vote is submitted to our stockholders annually and the next required say-on-pay vote to determine the frequency for future say-on-pay votes will be no later than 2025. The G&C Committee believes the voting results from the 2020 Annual Meeting demonstrate significant support for our NEO compensation program, and the G&C Committee chose not to make any substantial changes to the existing program for 2020, in part, in response to the 2020 say-on-pay voting result. The G&C Committee will, however, continue to work with its advisers to monitor changes in executive compensation practices in the Company’s competitive market.

Compensation Framework

The design and operation of our NEO compensation program reflect our objectives of driving financial and operational performance that will deliver value and propel growth, while attracting and retaining talented executive leadership.

The primary elements of our NEO compensation program for 2020 are shown in the following table. The amounts of compensation were determined by the G&C Committee based on the objectives described below. The G&C Committee did not solely rely on formulas or survey results, but instead it used its judgment based on its assessment of the Company’s objectives and performance in light of those objectives, as well as the overarching impact of the COVID-19 pandemic on our operations and financial results. The CEO played no role in determining his own compensation. He did make recommendations, in particular with regard to base salary increases, regarding the compensation of his direct reports.

The G&C Committee has engaged Meridian Compensation Partners with respect to executive compensation and has assessed their independence. Meridian Compensation Partners does no work

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for the Company other than providing executive compensation advice to the G&C Committee and the G&C Committee has determined Meridian’s work for the G&C Committee raises no conflicts of interest.

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2020 Base Salary

The G&C Committee reviews base salaries for NEOs annually to reflect the scope of their responsibilities, the length of their experience performing those responsibilities and their performance. In 2020, the G&C Committee approved modest increases in base salaries that reflect merit and cost of living increases in order to incentivize and help retain such individuals as a component of an appropriate mix of base salary and performance-based compensation. In addition, Mr. Perez’ base salary was established through negotiation when he joined the Company. Base salary amounts for the NEOs in 2019 and 2020 are set forth below:

2020 ICP

The ICP allows us to provide competitive incentives to executive officers by having a portion of their annual cash compensation dependent upon annual performance and “at risk.” This motivates and rewards executive officers for the achievement of targeted financial performance. For 2020, the financial measure was Adjusted EBITDA, a non-GAAP financial measure, which we define as (i) net income or loss plus interest expense, minus interest income, plus income taxes, and depreciation and amortization plus (ii) any pension and other post-employment benefit (“OPEB”) plan expenses, initial and follow-on public offering and related expenses, non-cash gains or losses from foreign currency remeasurement of non-operating liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, related party Tax Receivable Agreement adjustments, stock-based compensation and non-cash fixed asset write-offs. See attached Appendix A for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure. The G&C Committee chose Adjusted EBITDA as the performance measure as it is the primary metric used by our management and our Board to establish budgets and operational goals for managing our business and evaluating our performance.

Annual incentive target amounts for the NEOs in 2020 as a percentage of base salary are set forth below.

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Annual incentive payout opportunities for 2020 and the performance metric and goals for the 2020 ICP were determined by the G&C Committee in February 2020, before the COVID-19 pandemic had fully spread around the world. Under the original formulation, payouts were to be based on the Company’s performance against an Adjusted EBITDA target. Final annual incentive payouts were originally designed to provide a payout ranging from a minimum, guaranteed fixed payment of at least 0.3x of target annual incentive, to an aggregate payment of up to 2.0x the target annual incentive for Adjusted EBITDA results in excess of a certain threshold. Payment multiples were designed to be determined using straight line interpolation between the threshold and target, and target and maximum, respectively.

However, as noted above, this design was adopted before our business and the world were impacted by the global pandemic. Our G&C Committee monitored the situation during early 2020, and within the first few months of the pandemic determined that we would be unlikely to achieve the original Adjusted EBITDA target goal for 2020, despite the significant efforts of our NEOs and other employees to operate our business in the challenging environment. This was because many of our customers were facing challenges due to the then current market conditions, some of whom were seeking force majeure and others were struggling with volume commitments, as well as certain other obligations. Without further action by the G&C Committee, payouts under the ICP for 2020 would have been in jeopardy, which would have negatively affected the motivational element of the ICP. Nonetheless, our G&C Committee recognized the extraordinary effort that would be required of our NEOs and other employees during the pandemic, including working with valued customers to develop mutually beneficial solutions to the challenges that they were facing. To help ensure our NEOs remained focused and motivated, the G&C Committee and Board acted in May 2020 to adjust the design of the ICP for 2020. Rather than waiting for the end of 2020 to make a non-formulaic, discretionary payout to participants based on the Committee’s (or management’s) subjective evaluation of both Company and individual performance, the G&C Committee acted to retain the objective, formulaic structure for the ICP, but with a performance goal that was more achievable under the circumstances. The Adjusted EBITDA performance target was lowered by approximately 24% to $650 million, and the G&C Committee imposed a corresponding 1.0x multiple of target “cap” on final ICP payouts. Based on application of the payout grid approved by the G&C Committee under this redesigned structure, to final achieved results, each of the NEOs was determined to have earned 1.0x of his or her target annual incentive based on Adjusted EBITDA achievement for 2020 of $659 million.

This mid-year design change allowed the ICP to retain its incentive effect despite 2020’s business challenges, and helped motivate our employees to continue to work hard to position the Company for the business environment emerging after the pandemic recedes, without the risk of our NEOs receiving disproportional payment given the cap. The benefit of this program redesign is that our employee participants in the ICP were motivated to achieve significant results for the business during the challenging year, and those results are expected to drive further long-term stockholder value. This action drove a good result in the circumstances for both our employee participants (including the NEOs) and our investors. For more information about the final 2020 ICP payments made to our NEOs, please see the Summary Compensation Table below.

2020 Executive Long-Term Incentive Program and Other Equity Plan Awards

In March 2019, our Board, upon recommendation of the G&C Committee, approved the ELT LTIP. The ELT LTIP is designed to help retain senior management of the Company and to incentivize them to make decisions with a long-term view and to motivate and influence behavior on their part that is consistent with maximizing value for the stockholders of the Company in a prudent manner. The ELT LTIP includes RSUs and stock options that vest ratably over five years on each anniversary of the date of grant, subject to acceleration in certain circumstances. The exercise price for options is set at the closing stock price on the day of grant. RSUs also accrue dividend equivalents, which vest on the

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same schedule as the shares underlying the RSUs. The RSUs are designed to help ensure long-term retention of key talent and the stock options are designed to align the interests of our NEOs with those of our stockholders. In determining the size of the ELT LTIP awards in 2019, the G&C Committee took into account base salary and outstanding previous awards in order to determine an appropriate mix of base salary and short- and long-term performance-based compensation to incentivize and retain the NEOs. Now, ELT LTIP award sizes are generally determined each year based off of a multiple of base salary.

On February 25, 2020, our Board, upon recommendation of the G&C Committee, approved grants for 2020 under the ELT LTIP. Mr. Rintoul received an award of 85,000 RSUs and 85,000 stock options. Mr. Coburn received an award of 13,000 RSUs and 13,000 stock options. Mr. Halford received an award of 36,000 RSUs and 36,000 stock options. Mr. Perez received an award of 30,000 RSUs and 30,000 stock options and Ms. Gunning received an award of 27,000 RSUs and 27,000 stock options.

Certain of our NEOs also have outstanding equity incentives previously awarded under the Equity Plan prior to implementation of the ELT LTIP. At the time of our IPO, Mr. Rintoul was awarded 416,670 stock options. Upon approval of the ELT LTIP, Mr. Rintoul received an award of 75,000 RSUs. The G&C Committee determined that the size of Mr. Rintoul’s 2018 stock option award at the time of our IPO remained sufficient to appropriately align his long term interests with those of the stockholders, and attributed a portion of that 2018 award to what additional stock options otherwise may have been awarded in 2019 under the ELT LTIP. Ms. Gunning also was awarded 67,000 stock options when she joined the Company in July 2018. In 2019, Ms. Gunning received awards of 20,000 RSUs and 20,000 stock options. In connection with joining the Company in May 2019, Mr. Halford received awards of 50,000 RSUs and 50,000 stock options under the ELT LTIP. As these stock options become exercisable in equal annual installments over five years following grant, they incentivize steady, long-term value creation with a focus on increasing stock price and aligning executive compensation with the interests of the Company’s stockholders.

Following our IPO, in 2018 the Board also granted Mr. Rintoul 19,335 DSUs with a fair market value of $290,015, which DSUs accrue dividend equivalents that are credited to Mr. Rintoul as additional DSUs (subject to the same vesting conditions). These DSUs generally vest in full on the third anniversary of the grant date and will settle in shares of common stock upon his termination of employment from the Company. The DSUs provide for retention and further directly align Mr. Rintoul’s interests with the long-term interests of the stockholders.

These awards granted under the ELT LTIP and Equity Plan are discussed further under “—2020 Grants of Plan-Based Awards.” Awards previously granted under the Equity Plan are discussed further under “—Outstanding Equity Awards at 2020 Fiscal Year End.”

LTIP

Mr. Coburn did not receive any awards under the ELT LTIP or Equity Plan in 2018 or 2019. Mr. Coburn, however, participates in the cash LTIP program implemented at the time of Brookfield’s acquisition of the Company in 2015 as discussed further under “—Potential Payments Upon Termination or Change in Control.” Beginning with the ELT LTIP grants in 2020, Mr. Coburn participates in the annual ELT LTIP grants for executive officers, with his first ELT LTIP award in 2020 prorated to balance the impact of the cash LTIP program participation that already provided long term incentives attributable to a portion of overall 2020 compensation.

Policies on Transactions in Company Stock, Including Anti-hedging Provisions

Our Insider Trading Policy imposes limits as to when and how Company employees, including our executive officers and directors, can engage in transactions in our securities and prohibits short sales,

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put, call or other derivative transactions, or hedging transactions, in each case, with respect to our common stock. See “Corporate Governance—Policies on Transactions in Company Stock, Including Anti-hedging Provisions” above.

Recoupment Policy

The terms of our equity-based awards (other than the stock options granted under the Rintoul Agreement (as defined below)) (1) entitle, to the extent permitted or required by applicable law, Company policy and/or the requirements of an exchange on which our shares are listed for trading, the Company to recoup compensation of whatever kind paid by the Company at any time under our Equity Plan and (2) provide for reduction, cancellation, forfeiture or recoupment of an award if the participant engages in Detrimental Conduct. “Detrimental Conduct” means activities which have been, are or would reasonably be expected to be detrimental to the interests of the Company, as determined in the sole and good faith judgment of the G&C Committee. Such activities would include unlawful conduct under securities, antitrust, tax or other laws, improper disclosure or use of confidential or proprietary information or trade secrets, competition with or improper taking of a corporate opportunity of any business of the Company, failure to cooperate in any investigation or legal proceeding, and misappropriation of property.

Savings Plan and Other Benefits

All of our regular, full-time U.S. employees, including eligible NEOs, are eligible to participate in our 401(k) Savings Plan. Mr. Ortiz, in particular, participates in a similar Swiss retirement benefit plan. In 2020, we made a matching contribution to the Savings Plan for each participant who elected to contribute to the Savings Plan. The 2020 matching contribution was 100% of the first 5% of compensation that a participant contributed. Matching contributions under the Savings Plan are fully vested. In addition to matching contributions, we make employer contributions to the Savings Plan each year equal to 3% of a participant’s eligible cash-based compensation, including base salary and ICP earnings, up to the applicable limits under tax rules. A participant becomes vested in these employer contributions to the Savings Plan once he or she has completed three years of service. We also made a contribution to the retirement benefit plan in which Mr. Ortiz participates, as further described below.

Our eligible NEOs are eligible to participate in the same medical, life and disability insurance programs and other welfare plans as the rest of our employees, including on substantially similar terms. In addition, we provide Mr. Halford with certain allowances, perquisites and tax reimbursement or equalization payments directly tied to his international assignment in Switzerland, as further described below.

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Compensation Committee Report

The Governance and Compensation Committee of the Company’s Board of Directors reviewed the Compensation Discussion and Analysis and discussed it with the Company’s management. Based on this review and its discussions with management, the Committee recommended to the Company’s Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement for the 2021 Annual Meeting of Stockholders and incorporated by reference into the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

By the Governance and Compensation Committee of the Board of Directors of GrafTech International Ltd.

COMPENSATION COMMITTEE

Denis A. Turcotte (Chair)

Brian L. Acton

Catherine L. Clegg

Anthony R. Taccone

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Compensation Tables and Related Information

2020 Summary Compensation Table

The following table sets forth information concerning the compensation of the Company’s NEOs for fiscal years ended December 31, 2020, 2019 and 2018, as applicable.

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2020 Grants of Plan-Based Awards

The following table sets forth, for each of the NEOs, the grants of awards under our ELT LTIP, Equity Plan and our ICP during the fiscal year ended December 31, 2020.

We are a party to an employment agreement with Mr. Rintoul. We are also a party to a severance arrangement with each of Mr. Halford and Ms. Gunning, to certain cash LTIP arrangements with Mr. Coburn, and certain equity award arrangements with the various NEOs. For more information about these agreements and arrangements, refer to the narrative under “Potential Payments Upon Termination or Change in Control” below.

Outstanding Equity Awards at 2020 Fiscal Year End

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2020 Option Exercises and Stock Vested

2020 Nonqualified Deferred Compensation

Mr. Coburn participates in our non-qualified deferred compensation plan (the “Compensation Deferral Plan”). Under the Compensation Deferral Plan, participants are able to defer up to 85% of their ICP compensation and up to 50% of their base salary.

Deferrals and contributions to our Compensation Deferral Plan are credited with a rate of return based on the performance of various funds selected by the participants from indices which are designated by the Plan Administrator. An employee may prospectively change the funds for crediting rates of return at any time. The account balances of participants are credited with both their deferrals, as well as the rate of return on the funds selected by the participants for those amounts. Frozen lump sums and their earnings are held in notional investment accounts selected by the employee.

Distributions of account balances from the Compensation Deferral Plan are generally made in January following retirement or other termination of employment or, if elected by the participant, upon a future date specified by the participant. Participants may also elect to have their account balances distributed upon a change in control of GrafTech. The Compensation Deferral Plan is intended to comply with Section 409A of the Code governing deferred compensation arrangements except that amounts that were contributed to the Compensation Deferral Plan and fully vested by December 31, 2004, including all of the frozen lump sums, are not subject to the restrictions of Section 409A. Amounts under the Compensation Deferral Plan are generally payable in a lump sum, although participants may elect to have their accounts payable in annual installments instead.

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Potential Payments Upon Termination or Change in Control

We have set forth below information regarding contractual payments that would be made to our NEOs upon the occurrence of certain termination and/or change in control events, along with post-employment restrictive covenant obligations. The table below sets forth the potential estimated payments to our NEOs, assuming for this purpose that employment had been terminated and/or a change of control of the Company had occurred in each case on December 31, 2020 and that the price for our common stock was $10.66 based on the closing price of a share of our common stock on December 31, 2020.

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Rintoul Agreement

Mr. Rintoul and the Company entered into an employment agreement in connection with his employment as President and CEO in 2018 (as modified, the “Rintoul Agreement”). The Rintoul Agreement provides that in the event that Mr. Rintoul’s employment is terminated by Mr. Rintoul for Good Reason (as defined in the Rintoul Agreement) or by the Company for a reason other than Cause (as defined in the Rintoul Agreement), or due to death or disability, the Company will pay Mr. Rintoul his base salary for one year plus annual incentive, subject to his execution of a release agreement. The Rintoul Agreement also provides that Mr. Rintoul is subject to non-compete and non-solicitation covenants during his employment and for a period of two years following termination of his employment, as well as a perpetual non-disparagement covenant.

Rintoul Equity Awards

Mr. Rintoul’s DSU agreement provides that in the event that his employment is terminated by the Company without Cause within the two year period following the consummation of a Change in Control, any then-outstanding unvested DSUs shall immediately vest in full as of the date of such termination. For purposes of this agreement, in general, a “Change in Control” shall occur upon (1) Brookfield and its affiliates ceasing to own stock of GrafTech that constitutes at least 35% of the total fair market value or total voting power of the stock of GrafTech or (2) any one person, or more than one person acting as a group (as defined under Treasury Regulation § 1.409A) other than GrafTech, Brookfield and its affiliates or any employee benefit plan sponsored by GrafTech acquires ownership of stock of GrafTech that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of GrafTech. In addition, under this agreement, “Cause” generally means, unless otherwise provided in an employment agreement in effect immediately prior to such termination: (i) a failure of Mr. Rintoul to reasonably and substantially perform his duties to the Company (other than as a result of physical or mental illness or injury); (ii) his willful misconduct or gross negligence; (iii) his breach of his fiduciary duty or duty of loyalty to the Company; (iv) his commission of any felony or other serious crime; or (v) his breach of the terms of any agreement with the Company or any Company policies.

Upon the consummation of a Change in Control, any then-outstanding unvested portion of Mr. Rintoul’s options and RSUs shall immediately vest in full as of the date of such Change in Control. Subject to his continued employment through the third anniversary of the grant date, Mr. Rintoul and the Board may, by mutual agreement, provide that any then-outstanding unvested portion of the options shall vest in full in the event of early retirement, subject to a fully executed succession plan.

Coburn LTIP

Mr. Coburn is the only NEO who participates in the LTIP. Under the LTIP, in 2015, Mr. Coburn was awarded profits units which generally vest in equal increments over a five-year period beginning on the first anniversary of the grant date and subject to continued employment with the Company through each vesting date. Any unvested profit units that have not been previously forfeited will accelerate and become fully vested upon a Change in Control (as defined in the LTIP and described below). Profit

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units will generally be settled in a lump sum payment within 30 days following a Change in Control based on the Sales Proceeds (as defined in the LTIP and described below) received by Brookfield Capital Partners IV, L.P. (together with its affiliates, “Brookfield Capital IV”) in connection with the Change in Control. The LTIP defines “Change in Control” in general as any transaction or series of transactions (including, without limitation, the consummation of a combination, share purchases, recapitalization, redemption, issuance of capital stock, consolidation, reorganization or otherwise) pursuant to which (1) a Person not affiliated with Brookfield Capital IV acquires securities representing more than 70% of the combined voting power of the outstanding voting securities of the Company or the entity surviving or resulting from such transaction, (2) following a public offering of the Company’s stock, Brookfield Capital IV has ceased to have a beneficial ownership interest in at least 30% of the Company’s outstanding voting securities (effective on the first of such date), or (3) the Company sells all or substantially all of the assets of the Company and its subsidiaries on a consolidated basis. It is intended that the occurrence of a Change in Control in which Sales Proceeds exceed the Threshold Value would constitute a “substantial risk of forfeiture” within the meaning of Section 409A of the Code. The LTIP defines “Threshold Value” as of any date of determination, an amount equal to $855,000,000, (which represents the amount of the total invested capital of Brookfield Capital IV as of August 17, 2015), plus the dollar value of any cash or other consideration contributed to or invested in the Company by Brookfield Capital IV after August 17, 2015. The Threshold Value shall be determined by the Board in its sole discretion. The LTIP defines “Sales Proceeds” as, as of any date of determination, the sum of all proceeds actually received by Brookfield Capital IV, net of all Sales Costs (as defined below), (1) as consideration (whether cash or equity) upon the Change in Control and (2) as distributions, dividends, repurchases, redemptions or otherwise as a holder of such equity interests in the Company. Proceeds that are not paid upon or prior to or in connection with the Change in Control, including earn-outs, escrows and other contingent or deferred consideration shall become “Sale Proceeds” only as and when such proceeds are received by Brookfield Capital IV. “Sales Costs” means any costs or expenses (including legal or other advisor costs), fees (including investment banking fees), commissions or discounts payable directly by Brookfield Capital IV in connection with, arising out of or relating to a Change in Control, as determined by the Board in its sole discretion.

Assuming a Change in Control had occurred for purposes of the LTIP on December 31, 2020, Mr. Coburn would have received approximately $16.6 million, based solely upon the excess of the Sales Proceeds received to date by Brookfield Capital IV over the Threshold Value.

Coburn Restrictive Covenants

In 2014, the Company granted Mr. Coburn certain equity awards memorialized by Equity Incentive Plan Award Agreements (the “Award Agreements”) which were cancelled at the time of Brookfield’s acquisition of GrafTech in 2015. Pursuant to the Award Agreements, Mr. Coburn is subject to non-competition and non-solicitation covenants that continue for a period of two years following his voluntary termination of employment with the Company or certain events of involuntary termination of employment. The non-competition covenant provides that he will not, without the Company’s prior written consent, engage in (1) the business of manufacturing, distributing, selling or providing needle coke and/or carbon or graphite products, services, material or equipment of the kind or type which are the same as or similar to those manufactured, distributed, sold or provided by GrafTech as of the date of termination or at any time while he was an employee of GrafTech, or (2) any other business in which GrafTech directly or indirectly engaged as of the date of termination or at any time while he was an employee of GrafTech. The non-competition covenant applies in any state, country, possession, or territory in which GrafTech directly or indirectly has offices, operations, customers or otherwise conducts business or planned to conduct business during his employment.

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Halford Severance Arrangement

Under the terms of his employment, in the event that Mr. Halford is terminated by the Company for a reason other than for “Cause” (as defined in his offer letter) or death or disability, the Company will pay Mr. Halford his base salary for one year, subject to his execution of a release agreement. The terms of employment further provide that Mr. Halford is subject to non-compete and non-solicitation covenants during his employment and for a period of two years following termination of his employment, as well as a perpetual non-disparagement covenant.

Other ELT LTIP Awards

Messrs. Rintoul, Coburn, Halford and Perez and Ms. Gunning hold RSU awards granted under the ELT LTIP. They all also hold stock option awards granted under the ELT LTIP. Both the RSU and stock option awards granted under the ELT LTIP provide that any unvested and outstanding amounts will vest in full as of the date of a change in control, including in the event the participant’s employment is terminated on the date of the change in control. For purposes of both the RSU and stock option award agreements under the ELT LTIP, a “Change in Control” in general shall occur upon (1) Brookfield and its affiliates ceasing to own stock of GrafTech that constitutes at least 30% of the total fair market value or total voting power of the stock of GrafTech or (2) any one person, or more than one person acting as a group (as defined under Treasury Regulation § 1.409A) other than GrafTech, Brookfield and its affiliates or any employee benefit plan sponsored by GrafTech acquires ownership of stock of GrafTech that, together with stock held by such person or group, constitutes 100% of the total fair market value or total voting power of the stock of GrafTech.

Gunning Equity Awards and Severance Arrangement

Ms. Gunning holds options granted under the Equity Plan in 2018. Upon the consummation of a Change in Control, any then-outstanding unvested portion of Ms. Gunning’s options shall immediately vest in full as of the date of such Change in Control. For purposes of the stock option award agreements under the Equity Plan, a “Change in Control” in general shall occur upon (1) Brookfield and its affiliates ceasing to own stock of GrafTech that constitutes at least 35% of the total fair market value or total voting power of the stock of GrafTech or (2) any one person, or more than one person acting as a group (as defined under Treasury Regulation § 1.409A) other than GrafTech, Brookfield and its affiliates or any employee benefit plan sponsored by GrafTech acquires ownership of stock of GrafTech that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of GrafTech. Under the terms of her employment, in the event that Ms. Gunning is terminated by the Company for a reason other than for “Cause” (as defined in her offer letter) or death or disability, the Company will pay Ms. Gunning her base salary for one year, subject to her execution of a release agreement. The terms of employment further provide that Ms. Gunning is subject to non-compete and non-solicitation covenants during her employment and for a period of two years following termination of her employment, as well as a perpetual non-disparagement covenant.

CEO Pay Ratio

For 2020, the ratio of the annual total compensation of Mr. Rintoul, our President and CEO (“CEO Compensation”), to the annual total compensation of our Median Employee (as defined below) was 68 to 1. We note that, due to our permitted use of reasonable estimates and assumptions in preparing this pay ratio disclosure, the disclosure may involve a degree of imprecision, and this pay ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K using the data and assumptions described below.

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For purposes of this disclosure, the date used to identify the Median Employee was December 31, 2019 (the “Determination Date”). In accordance with SEC disclosure rules, in calculating our CEO pay ratio for 2020, we used the same Median Employee as was used to calculate the CEO pay ratio for 2019, because we do not believe there has been any change in our employee population or employee compensation arrangements since 2019 that would significantly impact our pay ratio disclosure.

For purposes of this pay ratio disclosure, CEO Compensation was $2,433,525 as set forth in the Summary Compensation Table above and the total annual compensation of our Median Employee was $35,981, which was calculated by totaling, for our Median Employee, all applicable elements of compensation for the 2020 fiscal year in accordance with Item 402(c)(2)(x) of Regulation S-K.

To identify the employee with annual total compensation at the median of all of our employees for 2019 (the “Median Employee”), we measured the gross taxable income in each applicable jurisdiction for the 12-month period ended December 31, 2019 for 1,346 employees, representing all full-time, part-time, seasonal and temporary employees as of the Determination Date (other than our CEO). This number does not include any independent contractors, or leased workers, as permitted by the applicable SEC rules. This number includes non-U.S. employees. A portion of our employee workforce (full-time and part-time) identified above worked for less than the full fiscal year due to commencing employment after January 1, 2019. In determining the Median Employee, we annualized the gross taxable income for such individuals based on reasonable assumptions and estimates relating to our employee compensation program, including incentive compensation programs.

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Questions & Answers

The online meeting will begin promptly at 8:00 a.m. Eastern time. We encourage you to access the meeting prior to the start time leaving ample time for the check in. You will be able to attend the Annual Meeting online, vote and submit your questions during the meeting by visiting www.meetingcenter.io/258657458. The password for the meeting is EAF2021.

Please follow the registration instructions as outlined below.

If your shares are registered in your name (i.e., you hold your shares registered in your name through the Company’s transfer agent, Computershare), you do not need to register to attend the Annual Meeting virtually on the Internet. Please follow the instructions on the proxy card that you received with this proxy statement to attend the Annual Meeting.

If your shares are held in the name of your broker or bank, you must register in advance to attend the Annual Meeting virtually on the Internet. To register in advance to attend the Annual Meeting virtually on the Internet, you must submit a legal proxy that reflects proof of your proxy power. The legal proxy will show your GrafTech International Ltd. holdings with your name. Please forward a copy of the legal proxy along with your email address to Computershare. Requests for registration should be directed to Computershare by forwarding the email from your broker, or attaching an image of your legal proxy, to legalproxy@computershare.com. Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m. Eastern time on May 10, 2021. You will receive a confirmation of your registration by email after Computershare receives your registration materials.

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QUESTIONS & ANSWERS

To be elected, a director must receive an affirmative majority of votes cast—i.e., the number of “for” votes must exceed the number of “against” votes (abstentions and broker non-votes are not considered as votes cast “for” or “against” a director and have no effect on the election results). Each of Proposals 2 and 3 requires an affirmative majority of the voting power of the shares present in person or by proxy at the meeting and entitled to vote thereon—i.e., the number of “for” votes must exceed the combined total of “against” votes and abstentions (broker non-votes will have no effect on the outcome of Proposal 3 and broker non-votes are not expected for Proposal 2 since NYSE rules permit brokers to vote uninstructed shares at their discretion on Proposal 2).

Although the advisory vote on named executive officer compensation is non-binding, our G&C Committee expects to consider and take into account the voting results when making future determinations.

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QUESTIONS & ANSWERS

Broker non-votes will be counted as present for purposes of determining the presence of a quorum.

If you are a registered stockholder and no instructions are indicated on a properly executed proxy card submitted by you, the shares represented by the proxy will be voted FOR each nominee in Proposal 1, and FOR Proposal 2 and Proposal 3, and in accordance with the proxy holder’s judgment for any other matter that may be properly brought before the Annual Meeting, or any adjournments or postponements thereof.

Properly completed and submitted proxy cards and voting instruction forms, as well as proxies properly completed and submitted over the Internet, will be voted at the Annual Meeting in accordance with the instructions provided as long as they are received in time for voting and not revoked.

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If your proxy is not revoked, we will vote it at the Annual Meeting in accordance with your instructions indicated on the proxy card or voting instruction form or, if submitted over the Internet, as indicated on the submission.

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Additional Information

Proposals of Stockholders

Pursuant to Rule 14a-8 of the Exchange Act, we must receive any stockholder proposal intended to be presented at our 2022 Annual Meeting of Stockholders (the “2022 Annual Meeting”) by no later than December 9, 2021 if it is to be included in the proxy statement and form of proxy relating to the meeting. Any such proposal must also comply with the other requirements of Rule 14a-8.

Under the advance notice provisions in our By-Laws, if you want to submit a proposal for the 2022 Annual Meeting for presentation at the meeting pursuant to Delaware corporate law (as opposed to inclusion in the proxy statement under Rule 14a-8) or intend to nominate a person as a candidate for election to the Board directly, the Corporate Secretary must receive the proposal or nomination between January 13, 2022 and the close of business on February 12, 2022, which are 120 days and 90 days, respectively, before the one-year anniversary of the 2021 Annual Meeting.

If the date of the 2022 Annual Meeting has been changed more than 30 days from the date of the 2021 Annual Meeting, the Corporate Secretary must receive any such proposal or nomination no earlier than the 120th day before the 2022 Annual Meeting and by the later of the close of business of (1) the 90th day before the 2022 Annual Meeting; or (2) the tenth day following the day on which the date of the 2022 Annual Meeting is first disclosed publicly by the Company. In addition, any proposals must comply with the other requirements of our By-Laws.

If you want to present a proposal before the 2022 Annual Meeting but do not wish to have it included in the proxy statement and proxy card, you must also give us written notice in accordance with the procedures and deadlines set forth in our By-Laws. Please address such correspondence to: GrafTech International Ltd., 982 Keynote Circle, Brooklyn Heights, OH 44131, Attention: Corporate Secretary.

Annual Report on Form 10-K

If you would like to receive, free of charge, a copy of our Annual Report on Form 10-K for the year ended December 31, 2020—as filed with the SEC, excluding exhibits—please write to us at the following address: GrafTech International Ltd., 982 Keynote Circle, Brooklyn Heights, OH 44131, Attention: Investor Relations. You can also view the Form 10-K by visiting the “Investors” section of our website, www.graftech.com. Information on, or accessible through, our website is not part of this Proxy Statement. We have included our website only as an inactive textual reference and do not intend it to be an active link to our website.

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Appendix A: Non-GAAP Financial Measures

We have provided certain financial measures that are not in accordance with GAAP. EBITDA and adjusted EBITDA are non-GAAP financial measures. We define EBITDA, a non-GAAP financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes, and depreciation and amortization. We define adjusted EBITDA as EBITDA plus any pension and OPEB plan expenses, initial and follow-on public offering and related expenses, non-cash gains or losses from foreign currency remeasurement of non-operating liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, related party Tax Receivable Agreement adjustments, stock-based compensation and non-cash fixed asset write-offs. Adjusted EBITDA is the primary metric used by our management and our Board to establish budgets and operational goals for managing our business and evaluating our performance.

We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. We also monitor the ratio of total debt to adjusted EBITDA, because we believe it is a useful and widely used way to assess our leverage.

Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

In evaluating EBITDA and adjusted EBITDA, you should be aware that in the future, we will incur expenses similar to the adjustments in the reconciliation presented below. Our presentations of EBITDA and adjusted EBITDA should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider

A - 1

EBITDA and adjusted EBITDA alongside other financial performance measures, including our net income (loss) and other GAAP measures.

The following table reconciles our non-GAAP key financial measures to the most directly comparable GAAP measures:

A - 2

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

1. Elect three directors for a three-year term or until their successors are elected and qualified:

03EQXB

GrafTech International Ltd.

2021 Annual Meeting of Stockholders

May 13, 2021, 8:00 am ET

The 2021 Annual Meeting of Stockholders of GrafTech International Ltd. will be held

virtually via the Internet at www.meetingcenter.io/258657458 on Thursday, May 13, 2021 at 8:00 am Eastern time.

To access the virtual meeting, you must have the information that is printed in the

shaded bar located on the reverse side of this form.

The password for this meeting is – EAF2021.

Important notice regarding the Internet availability of proxy materials for the Annual Meeting of Stockholders.

The material is available at: www.envisionreports.com/EAF

		Small steps make an impact.   Help the environment by consenting to receive electronic delivery, sign up at www.envisionreports.com/EAF

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

Notice of 2021 Annual Meeting of Stockholders

Proxy Solicited by Board of Directors for Annual Meeting of Stockholders on May 13, 2021

The undersigned appoints David J. Rintoul, Quinn J. Coburn and Gina K. Gunning, or any of them, as proxies, each with the full power of substitution, and authorizes them to represent and vote the common shares of GrafTech International Ltd. of the undersigned, with all the powers which the undersigned would possess if present at the 2021 Annual Meeting of Stockholders to be held on May 13, 2021, or at any postponement or adjournment thereof.

When properly executed, shares represented by this proxy will be voted as directed by the stockholder. If no such directions are indicated, the above named proxies will vote FOR all the nominees listed in Proposal 1 and FOR Proposal 2 and Proposal 3.

In their discretion, the above named proxies are authorized to vote upon such other business as may properly come before the meeting.

(Items to be voted appear on reverse side)

Change of Address – Please print new address below.				Comments – Please print your comments below.

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

03EQYB

Important notice regarding the Internet availability of proxy materials for the Annual Meeting of Stockholders.

The material is available at: www.edocumentview.com/EAF

q IF VOTING BY MAIL, SIGN, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

Notice of 2021 Annual Meeting of Stockholders

Proxy Solicited by Board of Directors for Annual Meeting of Stockholders on May 13, 2021

The undersigned appoints David J. Rintoul, Quinn J. Coburn and Gina K. Gunning, or any of them, as proxies, each with the full power of substitution, and authorizes them to represent and vote the common shares of GrafTech International Ltd. of the undersigned, with all the powers which the undersigned would possess if present at the 2021 Annual Meeting of Stockholders to be held on May 13, 2021, or at any postponement or adjournment thereof.

When properly executed, shares represented by this proxy will be voted as directed by the stockholder. If no such directions are indicated, the above named proxies will vote FOR all the nominees listed in Proposal 1 and FOR Proposal 2 and Proposal 3.

In their discretion, the above named proxies are authorized to vote upon such other business as may properly come before the meeting.

(Items to be voted appear on reverse side)