Exhibit 10.1
 EXECUTION COPY
 
 ASSET PURCHASE AGREEMENT
 BY AND BETWEEN
 CHEMETALL CORP.
 AND
 NALCO COMPANY
 Dated as of July 24, 2008
 SALE OF FINISHING TECHNOLOGIES BUSINESS




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TABLE OF CONTENTS
 PageARTICLE I PURCHASE AND SALE OF ACQUIRED ASSETS
    
    
    11.1 Purchase and Sale of Acquired Assets
    
    
    11.2 Excluded Assets
    
    
    31.3 Assumed Liabilities
    
    
    41.4 Retained Liabilities
    
    
    41.5 Certain Provisions Regarding Assignments
    
    
    51.6 Shared Product Names and Trademarks
    
    
    61.7 Shared Intellectual Property Rights and Technology
    
    
    6ARTICLE II PURCHASE PRICE; TERMS OF PAYMENT
    
    
    82.1 Purchase Price
    
    
    82.2 Allocation of the Purchase Price
    
    
    82.3 Returns
    
    
    92.4 Proration of Certain Items
    
    
    9ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
    
    
    93.1 Organization, Existence and Standing
    
    
    93.2 Capacity to Sell; Authorization
    
    
    93.3 Statements of Revenues
    
    
    103.4 Operation of the Business
    
    
    113.5 Acquired Assets; Title
    
    
    113.6 Intellectual Property; Technology
    
    
    123.7 Pending or Threatened Actions
    
    
    133.8 Permits
    
    
    133.9 Compliance with Legal Requirements
    
    
    143.10 Transactions with Affiliates
    
    
    143.11 Employees; Labor Relations
    
    
    143.12 Employee Benefits
    
    
    153.13 Taxes
    
    
    163.14 Assumed Contracts
    
    
    163.15 Environmental Matters
    
    
    163.16 Warranties
    
    
    17-i-




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TABLE OF CONTENTS(continued)Page3.17 Inventory
    
    
    183.18 Customers
    
    
    183.19 Brokers or Finders
    
    
    183.20 Exclusivity of Representations and Warranties
    
    
    18ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER
    
    
    194.1 Organization, Existence and Standing
    
    
    194.2 Capacity; Authorization
    
    
    194.3 Brokers or Finders
    
    
    194.4 Exclusivity of Representations and Warranties
    
    
    20ARTICLE V COVENANTS OF THE PARTIES
    
    
    205.1 Covenants of Seller
    
    
    205.2 Mutual Covenants
    
    
    235.3 Solicitation of Other Purchasers
    
    
    255.4 Inventory
    
    
    255.5 Product Approvals
    
    
    255.6 Notification of Certain Matters
    
    
    265.7 Covenants Relating to the China Acquired Assets.
    
    
    265.8 EPO
    
    
    275.9 Specified Matter
    
    
    27ARTICLE VI ADDITIONAL COVENANTS
    
    
    276.1 Non-Solicitation of Employees
    
    
    276.2 Non-Competition
    
    
    286.3 Unenforceability; Severability; Specific Performance
    
    
    28ARTICLE VII THE CLOSING
    
    
    297.1 Date and Time
    
    
    297.2 Sellers Closing Documents
    
    
    297.3 Purchasers Closing Documents
    
    
    31ARTICLE VIII CONDITIONS TO OBLIGATIONS OF PURCHASER
    
    
    318.1 Material Adverse Effect
    
    
    318.2 Representations and Warranties
    
    
    31-ii-




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TABLE OF CONTENTS(continued)Page8.3 Covenants
    
    
    328.4 HSR
    
    
    328.5 No Action or Injunction
    
    
    32ARTICLE IX CONDITIONS TO OBLIGATIONS OF SELLER
    
    
    329.1 Representations, Warranties and Covenants
    
    
    329.2 HSR
    
    
    339.3 No Action or Injunction
    
    
    33ARTICLE X TERMINATION
    
    
    3310.1 Termination
    
    
    33ARTICLE XI INDEMNIFICATION
    
    
    3411.1 Survival
    
    
    3411.2 Sellers Indemnification Obligation
    
    
    3411.3 Purchasers Indemnification Obligation
    
    
    3511.4 Procedure for Indemnification Claims.
    
    
    3511.5 Limitations on Indemnification
    
    
    3711.6 Procedures for Environmental Claims
    
    
    3811.7 Adjustment
    
    
    39ARTICLE XII EMPLOYEE MATTERS
    
    
    3912.1 Continued Employment
    
    
    3912.2 Employee Benefits
    
    
    4012.3 Employee Liabilities
    
    
    4012.4 Vacation
    
    
    4012.5 Credit for Service; Preexisting Conditions; Coordination
    
    
    4112.6 COBRA Coverage
    
    
    4112.7 Flexible Spending Accounts
    
    
    4112.8 Employer Contributions
    
    
    4112.9 Bonus Plans
    
    
    4212.10 Retiree Medical
    
    
    4212.11 Seconded Employees
    
    
    4212.12 Mexican Employees
    
    
    42-iii-




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TABLE OF CONTENTS(continued)Page12.13 General
    
    
    4312.14 Cooperation
    
    
    43ARTICLE XIII GENERAL PROVISIONS
    
    
    4313.1 Expenses
    
    
    4313.2 Notices
    
    
    4313.3 Governing Law; Consent to Jurisdiction
    
    
    4413.4 Counterparts
    
    
    4413.5 Headings; Schedules; Exhibits
    
    
    4413.6 Entire Agreement
    
    
    4513.7 Third-Party Beneficiaries
    
    
    4513.8 Assignment
    
    
    4513.9 Specific Performance
    
    
    4513.10 Nondisclosure
    
    
    4613.11 Interpretation; Absence of Presumption
    
    
    4613.12 Severability
    
    
    4713.13 Amendments; Waiver
    
    
    4713.14 Bulk Transfer Law
    
    
    47




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LIST OF EXHIBITS
 Exhibit A
    
    Defined TermsExhibit B
    
    Dual ProductsExhibit C
    
    Supplied ProductsExhibit D
    
    Form of Distribution AgreementExhibit E
    
    Form of Transition Services AgreementExhibit F
    
    Form of License AgreementExhibit G
    
    Transferred Products
 LIST OF SCHEDULES
 Schedule 1.1(b)
    
    Transferred Patents and Trademark RightsSchedule 1.1(c)
    
    Products Under DevelopmentSchedule 1.1(f)
    
    Assumed ContractsSchedule 1.1(g)
    
    Owned Real PropertySchedule 1.1(h)-1
    
    On-Site Transferred Machinery and EquipmentSchedule 1.1(h)-2
    
    Off-Site Transferred Machinery and EquipmentSchedule 1.1(i)
    
    Assigned PermitsSchedule 1.2(b)(iii)
    
    Excluded TrademarksSchedule 1.6(a)
    
    Seller Shared TrademarksSchedule 1.6(b)
    
    Purchaser Shared TrademarksSchedule 1.7(b)
    
    Designated PatentsSchedule 2.1
    
    Inventory Valuation BasisSchedule 3.2
    
    Consents and ApprovalsSchedule 3.3
    
    Statements of RevenuesSchedule 3.4
    
    Operation of the BusinessSchedule 3.5(a)
    
    LiensSchedule 3.5(c)
    
    Sufficiency of AssetsSchedule 3.6(a)
    
    Transferred Intellectual Property, Nalco Licensed IP
and Domain Name RegistrationsSchedule 3.6(c)
    
    LicensesSchedule 3.7
    
    Pending or Threatened ActionsSchedule 3.8(a)
    
    Product ApprovalsSchedule 3.8(b)
    
    PermitsSchedule 3.10
    
    Transactions with AffiliatesSchedule 3.11
    
    Business EmployeesSchedule 3.12
    
    Benefit PlansSchedule 3.14
    
    ContractsSchedule 3.16
    
    WarrantiesSchedule 3.18
    
    Significant CustomersSchedule 11.2(a)(iii)
    
    Indemnified LitigationSchedule 12.2
    
    Merck Plan Employees and Benefit PlansSchedule 12.11
    
    Seconded EmployeesSchedule 12.12
    
    Mexican EmployeesSchedule A-1
    
    Supplied Products Customers




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Agreement Purchaser Seller Exhibit A
  Exhibit B Dual Products Primary FTG Business
 Exhibit C Supplied Products Supplied Products Business Business
    
 Purchase and Sale of Acquired Assets Section 2.1 Acquired Assets
 Inventory




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Schedule 1.1(b) Transferred Intellectual Property
 Schedule 1.1(c) Transferred Technology
  provided however
 Section 1.2(b)(iv) Schedule 1.1(f) Assumed Contracts
 Schedule 1.1(g) Owned Real Property
 Schedule 1.1(h)-1 Schedule
1.1(h)-2
 2




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Schedule
1.1(i) Permits
  Sections
1.6(a) 1.7
 Section 1.1
 Excluded Assets
 Retained Territory
Business Dual Products Business Water Treatment
Business Sections 1.6(a) 1.7 Dual Products IP
and Technology Supplied Products IP and
Technology
 Section 1.1 Section 1.2(a) Excluded Assets
 3




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Sections 1.6(a) 1.7 Schedule 1.2(b)(iii)
   Assumed Liabilities Sections 1.4 1.5 Assumed Liabilities
 provided however
 Section 1.3(a)
 Article XI
 Retained Liabilities Retained Liabilities
 4




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Article XII
   Section 13.1
 Section 1.3(c) Schedule 3.7
  Certain Provisions Regarding Assignments
 Section
1.5(b)
 Article
XI Article I
 5




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Section 1.5
 Shared Product Names and Trademarks
 Schedule 1.6(a) Seller Shared
Trademarks
 Schedule 1.6(b) Purchaser Shared Trademarks
 Shared Intellectual Property Rights and Technology
 FTG IP License Section 1.6(a)) provided however
 6




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Section 13.10 Disclosed
Dual Products Information Section 1.7
 Schedule 1.7(b) Designated Patents
 Enforcing
Party
  7




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Purchase Price Sections 6.1 6.2 Section 2. Section 5.7 Purchase Price Section 7.3 Section 3.17 Schedule 2.1 Off-Site Inventory Section 5.4 Section 2.1 Section 2.1
 Allocation of the Purchase Price Allocation Selected Accountant
 8




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Returns Returns Section 2.3
 Proration of Certain Items
 
  Organization, Existence and Standing
 Capacity to Sell; Authorization
 9




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Schedule 3.2 HSR Act AML
 Statements of Revenues Schedule 3.3 Statements of Revenues
 10




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Operation of the Business Schedule 3.4
          Acquired Assets; Title
 Schedule 3.5(a)
  11




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Schedule 3.5(c)
  Intellectual Property; Technology
 Schedule 3.6(a) PTO Schedule 3.6(a)
  12




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Schedule 3.6(c)
   Pending or Threatened Actions Schedule 3.7
 Permits
 Schedule 3.8(a) Product Approvals
 Schedule 3.8(b)
 13




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Compliance with Legal Requirements Section
3.15
 Transactions with Affiliates Schedule 3.10
 Employees; Labor Relations
 Schedule 3.11 Business Employees Schedule 3.11
  14




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Instituto del Fondo Nacional de
la Vivienda para los Trabajadores Ley del Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Instituto Mexicano del Seguro Social Ley del Seguro Social
 Employee Benefits
 Schedule 3.12 ERISA Benefit Plans
   15




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Taxes
   Assumed Contracts Schedule 3.14 Schedule 1.1(f) Schedule 3.14 Schedule
1.1(f) Schedule 3.14
 Environmental Matters
 16




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Section 3.15
 Warranties Schedule 3.16
 17




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Inventory
 Customers Schedule 3.18 Significant Customer
 Brokers or Finders
  Exclusivity of Representations and Warranties ARTICLE III
 18




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Organization, Existence and Standing
 Capacity; Authorization
 Brokers or Finders
 19




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Exclusivity of Representations and Warranties ARTICLE IV
 
 Covenants of Seller
 Conduct of the Business
     20




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Access provided however
 Liabilities and Obligations
 Enforcement of Confidentiality and Non-Competition Agreements
 21




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Referral of Inquiries
 Payments
 Books and Records
 Reporting Assistance Obligations of Seller Section 5.1(h)
 Title Insurance
 22




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Mutual Covenants
 Cooperation
  Articles VIII IX
  provided however
 23




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Announcements
 Further Assurances
 24




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Tax Matters
 Solicitation of Other Purchasers provided
 Inventory Section 5.4 Section 5.4
 Product Approvals
 25




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Notification of Certain Matters
 Covenants Relating to the China Acquired Assets
 provided however China Acquired Assets China Liabilities China Purchase Price China Business China Employees mutatis mutandis
 Delayed Closing
 26




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China Assumed Liabilities Article XII Section 5.7 provided Section 5.7(a)
 EPO
 Specified Matter Schedule 11.2(a)(iii)
 
 Non-Solicitation of Employees Non-Solicit Period
 27




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provided however Section
12.2 Section 6.1
 Non-Competition Non-Compete Period
    Section 6.2
 Unenforceability; Severability; Specific Performance
 Sections 6.1 6.2
 28




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Sections 6.1 6.2
 Sections 6.1 6.2 Section 6.1 Section 6.2
 Sections 6.1 6.2 provided however
 
 Date and Time Closing Articles VIII and IX Articles VIII IX Closing Date
 Sellers Closing Documents
 29




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Exhibit D Distribution Agreement
 Exhibit E Transition Services Agreement
       30




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Section 8.3
 Exhibit F License
Agreement
  Purchasers Closing Documents
    Section 9.1
 
 Article XI
 Material Adverse Effect
 Representations and Warranties
 31




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provided however
 Covenants Section
7.2 Section 8.2 Section 8.3
 HSR
 No Action or Injunction
 
 Article XI
 Representations, Warranties and Covenants Section 7.3 Section 9.1
 32




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Section
9.1
 HSR
 No Action or Injunction
 
 Termination
   Article VIII
 Article IX
  Section 10.1 Section 10.1 Section 13.1 Sections 3.19 4.3 Article XI Sections 3.19 4.3 Section 10.1 Section 13.1
 33




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Article XI
 
 Survival Articles III IV Sections 3.1 3.2 3.5(a) 3.5(d) 3.12 3.13 3.19 4.1 4.2 4.3 Specified
Representations Section 3.13 provided however
 Sellers Indemnification Obligation Purchaser Indemnified Parties
 Section 11.1(c) Section 11.6 Section 11.4 Schedule 11.2(a)(iii) Section 11.5(c)
 34




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Section 11.2
 Article III
 Purchasers Indemnification Obligation Seller Indemnified Parties
  Section 11.3
  Procedure for Indemnification Claims
 Sections 11.2 11.3 Section 11.4 Indemnified Parties Sections 11.2 11.3 Indemnifying Parties
 Sections 11.2 11.3 Section 11.2 11.3
 35




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Article XI
 Article XI Section
11.4(c) provided however
     36




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Section 11.4(c) Article XI
 Article XI
 Limitations on Indemnification
 Section 11.2(a)(i)(x) Threshold Amount Section 11.2(a)(i)(x) Section 11.2(a)(i)(x) Basket
Amount
 Section 11.2(a)(i)(x)
 37




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Procedures for Environmental Claims Article XI Section 3.15 Sections 11.4 11.5 Section 11.4 Section 11.6 Section 11.6
 provided however Section 11.6(a)
 Section 11.4 Section 11.4(d) Section 11.6
 38




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Section 11.6
    Adjustment Article
XI
 
 Continued Employment Section 12.12 Inactive Business Employee
 39




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Transferred
Employees US Transferred Employees
 Employee Benefits Article XII Purchaser Benefit Plans provided however Schedule 12.2 Merck Plan
Employees Schedule 12.2 Merck Plans
 Employee Liabilities Article
XII
 Vacation
 40




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Credit for Service; Preexisting Conditions; Coordination
 COBRA Coverage
  COBRA
Transition Period
 Flexible Spending Accounts
 Employer Contributions
 41




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Bonus Plans Section 12.9
 Retiree Medical
 Seconded Employees Schedule 12.11 Seconded Employees
 Mexican Employees Nalco Mexico Schedule 12.12 Mexican Employees Instituto del Fondo Nacional de la Vivienda para los
Trabajadores Ley del Instituto del Fondo Nacional de la Vivienda
para los Trabajadores (Instituto Mexicano del Seguro
Social finiquito
 42




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Patron Sustituto
 General Article XII Article
XII
 Cooperation Article XII
 
 Expenses Transfer Taxes
 Notices
 (a)
    
    In the case of Purchaser, to:
 
 43




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(b)
    
    In the case of Seller, to:
 
 Section 13.2
 Governing Law; Consent to Jurisdiction
  Section 13.2
 Counterparts
 Headings; Schedules; Exhibits
 44




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Entire Agreement
 Third-Party Beneficiaries Article XI s
 Assignment ab initio
 Specific Performance
 45




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Nondisclosure Representatives Section 13.10 Confidential Information Section 13.10 Confidential Information Section 13.10 Section 13.10
 Interpretation; Absence of Presumption
  46




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Severability
 Amendments; Waiver Section 11.4(f)
 Bulk Transfer Law Section 11.2(a)(ii)
 Signature page follows
 47




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CHEMETALL CORP.By:
    /s/ RONALD J. FELBERName:
    Ronald J. FelberTitle:
    PresidentNALCO COMPANYBy:
    /s/ J. ERIK FYRWALDName:
    J. Erik FyrwaldTitle:
    Chairman, President and Chief Executive
Officer




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Certain Definitions
 Acquired Assets Section 1.1
 Action
 Affiliate
 Agreement
 Allocation Section 2.2
 AML Section 3.2
 Ancillary Agreements Section 7.2 Section 7.3
 Approval
 Assets
 Assumed Contracts Section 1.1(f)
 Assumed Liabilities Section 1.3
 Basket Amount Section 11.5(a)
 Benefit Plans Section 3.12(a)
 Business Recitals
 Business Day
 Business Employees Section 3.11(a)
 China Acquired Assets Section 5.7(a)
 China Assumed Liabilities Section
5.7(b)
 A-1




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China Business Section 5.7(a)
 China Employees Section 5.7(a)
 China Liabilities Section 5.7(a)
 China Purchase Price Section 5.7(a)
 China Transfer Requirements
 Clean-it Application
 Closing Section 7.1
 Closing Date Section 7.1
 Coat-it Application
 COBRA Transition Period Section 12.6(b)
 Code
 Commercially Reasonable Manner
 Confidential Information Section 13.10
 Confidentiality Agreement
 A-2




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Consent
 Contract
 Cut-it Application
 Delayed Closing Section 5.7(b)
 Designated Patents Section 1.7(b)
 Disclosed Dual Products Information Section
1.7
 Distribution Agreement Section 7.2(b)
 Dual Products Recitals
 Dual Products Business Section 1.2(a)
 Dual Products IP and Technology Section
1.2(a)
 Enforcing Party Section 1.7(c)
 Entity
 Environmental Consultant
 Environmental Liabilities
 A-3




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Other Environmental Liabilities Off-Site Environmental Liabilities
 ERISA Section 3.12(a)
 Excluded Application
 Excluded Assets Section 1.2(b)
 Existing Distributors
 FTG Application
 FTG IP License Section 1.7.
 GAAP
 Governmental Authority
 Hazardous Material
 A-4




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HSR Act Section 3.2
 Inactive Business Employee Section 12.1
 Indemnified Parties Section 11.4(a)
 Indemnifying Parties Section 11.4(a)
 Intellectual Property Rights
 Inventory Section 1.1(a)
 IRS
 Knowledge
 Legal Requirement
 Liability
 License Agreement Section 7.2(k)
 Liens
 Losses
 Material Adverse Effect
 A-5




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Merck Plan Employee Section 12.2
 Merck Plans Section 12.2
 Metal Product
 Mexican Employees Section 12.12
 Mexican Labor Law Ley Federal del
Trabajo
 Nalco Licensed IP Sections 1.6(a) 1.7
 Nalco Mexico Section 12.12
 Non-Compete Period Section 6.2
 Non-Solicit Period Section 6.1
 Off-Site Environmental Liabilities
 Off-Site Inventory Section 2.1
 Other Environmental Liabilities
 Owned Real Property Section 1.1(g)
 Permits Section 1.1(i)
 Person
 Plastic Facia Application
 Primary FTG Business Recitals
 Product Approvals Section 3.8(a)
 Products
 A-6




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Protect-it Application
 PTO Section 3.6(a)
 PTU
 Purchase Price Section 2.1
 Purchaser Preamble
 Purchaser Benefit Plans Section 12.2
 Purchaser Indemnified Parties Section
11.2
 Purchaser Shared Trademarks Section
1.6(b)
 Release
 Remedial Action
 Representative Section 13.10
 Retained Business
 Retained Liabilities Section 1.4
 Retained Territory provided however
 Retained Territory Business Section
1.2(a)
 Returns Section 2.3
 Seconded Employees Section 12.11
 A-7




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Selected Accountant Section 2.2
 Seller Preamble
 Seller Indemnified Parties Section 11.3
 Seller Shared Trademarks Section 1.6(a)
 Significant Customer Section 3.18
 Specified Representations Section 11.1
 Statements of Revenues Section 3.3
 Supplied Products Recitals
 Supplied Products Business Recitals
 Supplied Products Customers Schedule
A-1
 Supplied Products IP and Technology Section
1.2(a)
 Taxes
 Technology
 Territory
 Threshold Amount Section 11.5(a)
 Transferred Employees Section 12.1
 Trademark Rights
 Transferred Intellectual Property Section
1.1(b)
 A-8




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Transferred Products Exhibit G
 Transferred Technology Section 1.1(c)
 Transfer Taxes Section 13.1
 Transition Services Agreement Section
7.2(c)
 U.C.C.
 Use
 US Transferred Employees Section 12.1
 Water Treatment Business Section 1.2(a)
 A-9