Document:

Exhibit 4.7

                         SECURITY OVER SHARES AGREEMENT

THIS AGREEMENT is made on 28 June 2002

BETWEEN

(1)   THE BANK OF NEW YORK of 15 Broad Street,  26th Floor,  New York, New York,
      10005 U.S.A. and fax number +1 212 235 2541, as trustee for the Holders on
      the terms  and  conditions  set out in the  Indenture  and the Notes  (the
      "Trustee",  which  expression  shall include any person for the time being
      appointed as trustee, or as an additional trustee, for the purposes of the
      Indenture and the Notes); and

(2)   KRONOS INTERNATIONAL,  INC. (the "Chargor") having its registered office
      at 2711 Centreville Road, Suite 400, Wilmington, Delaware 19808, U.S.A.

IT IS AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   In this Agreement:

      "Additional Notes" has the meaning given to it in the Indenture.

      "Articles"  means the articles of association of the Company  delivered to
      the Trustee or to  solicitors  acting for the Trustee on or about the date
      of execution of this Agreement.

      "Business  Day" means a day (other  than a Saturday  or a Sunday) on which
      banks are open for general business in London and New York.

      "Charged Portfolio" means the Shares and the Related Assets.

      "Collateral Agent Agreement" has the meaning given to it in the Indenture.

      "Collateral  Rights" means all rights,  powers and remedies of the Trustee
      provided by this Agreement or, in connection with this Agreement, by law.

      "Company"  means Kronos  Limited,  a company  incorporated  in England and
      Wales  (registered  no.  02442679)  whose  registered  office is at Barons
      Court, Manchester Road, Wilmslow, Cheshire SK9 1BQ.

      "Current Shares" means the shares in the share capital of the Company held
      by the Chargor as identified in Schedule 1 to this Agreement.

      "Event of Default" has the meaning given to it in the Indenture.

      "High Yield Documents" means the Purchase Agreement, the Indenture and the
      Notes,  together  with all  other  documents  issued  or  entered  into in
      connection   therewith   including,   without  limitation,   the  Security
      Documents,  the Collateral  Agent  Agreement and the  Registration  Rights
      Agreement.

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      "Holders" has the meaning given to it in the Indenture.

      "Indenture"  means an indenture dated 28 June 2002 between the Trustee and
      the Chargor.

      "Initial  Purchasers"  means  Deutsche  Bank AG London,  Dresdner Bank AG,
      London Branch and Commerzbank Aktiengesellschaft, London Branch as initial
      purchasers of the Notes under the terms of the Purchase Agreement.

      "New Shares"  means any shares in the share  capital of the Company  which
      are held by, or held to the order or on  behalf of the  Chargor  excluding
      any Current Shares and any shares which are Related Assets.

      "Notes"  means  the 87/8%  Senior  Secured  Notes  due 2009  issued by the
      Chargor under the Indenture,  any global or other notes issued in exchange
      for the Notes under the terms of the Registration Rights Agreement and the
      Additional Notes (if any).

      "Purchase  Agreement"  means an  agreement  dated 19 June 2002 between the
      Chargor and the Initial Purchasers.

      "Registration  Rights  Agreement"  has  the  meaning  given  to it in  the
      Indenture.

      "Related Assets" means all dividends, interest and other monies payable in
      respect of the Shares  and all other  rights,  benefits  and  proceeds  in
      respect  of or  derived  from the Shares  (whether  by way of  redemption,
      bonus, preference, option, substitution, conversion or otherwise).

      "Secured Obligations" means all obligations owing by the Chargor under the
      High Yield Documents to the Holders or to the Trustee (whether for its own
      account  or as  trustee  for the  Holders),  whether  principal,  premium,
      interest or otherwise,  present or future (and including any obligation in
      respect of any further  advances  made  thereunder),  actual or contingent
      (and  whether  incurred  by the Chargor  alone or jointly,  and whether as
      principal or surety or in some other capacity).

      "Security Documents" has the meaning given to it in the Indenture.

      "Shares"  means the Current  Shares and any New Shares in respect of which
      the Chargor has  delivered  the share  certificates  relating  thereto and
      blank stock transfer forms pursuant to Clause 3.3.

1.2   In this Agreement:

      (a)   Unless  a  contrary  indication  appears,  a  term  defined  in  the
            Indenture has the same meaning when used in this Agreement.

      (b)   The rules of  construction  contained in the Indenture  apply to the
            construction of this Agreement.

      (c)   Unless  otherwise  stated,  a "Clause" is a reference to a Clause of
            this Agreement.
                                       -2-

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      (d)   A reference to any  agreement or  instrument  is a reference to that
            agreement or instrument as amended, supplemented or varied.

      (e)   Any  reference  to a "person"  includes any person,  firm,  company,
            corporation,   government,  state  or  agency  of  a  state  or  any
            association,  trust or partnership  (whether or not having  separate
            legal personality) or two or more of the foregoing.

      (f)   Any reference to a provision of law is a reference to that provision
            as amended or re-enacted.

1.3   A person  who is not a party to this  Agreement  has no  right  under  the
      Contracts  (Rights of Third  Parties) Act 1999 to enforce any term of this
      Agreement.

2.    COVENANT AND CHARGE

2.1   Pursuant to the terms of the Indenture, the Chargor shall on demand of the
      Trustee  discharge  and pay to the Trustee  (when due and payable) each of
      the Secured Obligations.

2.2   The Chargor charges the Charged  Portfolio,  with full title guarantee and
      by way of first fixed charge, in favour of the Trustee for the payment and
      discharge of all of the Secured Obligations.

3.    DEPOSIT OF CERTIFICATES and notices

3.1   The Chargor shall on the date of this Agreement  deposit (or procure there
      to be deposited) with the Trustee or solicitors acting for the Trustee all
      certificates and other documents of title to the Current Shares, and stock
      transfer  forms  (executed  in blank by or on  behalf of the  Chargor)  in
      respect of the Current Shares.

3.2   The  Chargor  shall,  promptly  upon  the  accrual,  offer or issue of any
      Related  Assets  (in  the  form  of  stocks,  shares,  warrants  or  other
      securities)  in which the Chargor has a beneficial  interest,  procure the
      delivery  to the Trustee or  solicitors  acting for the Trustee of (a) all
      certificates  and other  documents  of title  representing  those  Related
      Assets and (b) such stock transfer forms or other  instruments of transfer
      (executed  in blank by or on behalf of the  Chargor)  in  respect of those
      Related Assets as the Trustee may request.

3.3   To the extent  necessary to comply with its obligations  under Clause 5.3,
      the Chargor shall  procure that all  certificates  and other  documents of
      title  relating to any New Shares and such stock  transfer  forms or other
      instruments of transfer (executed in blank by or on behalf of the Chargor)
      as the Trustee may request in respect of such New Shares are  delivered to
      the Trustee or solicitors acting for the Trustee.

3.4   The Chargor shall procure that:

                                       -3-

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      (a)   (save with the Trustee's prior written  consent) any increase in the
            issued share capital of the Company after the date of this Agreement
            is issued to the Chargor; and

      (b)   promptly upon any such issue, to the extent necessary to comply with
            its obligations  under Clause 5.3, such Related Assets or New Shares
            (as the  case  may be) are  charged  in  favour  of the  Trustee  in
            accordance with Clause 3.2 or Clause 3.3, respectively.

3.5   The Chargor shall procure that:

      (a)   a  notice  substantially  in  the  form  set  out in  Schedule  2 is
            delivered  to the  Company  (a) on the  date  of  execution  of this
            Agreement  in respect of the  Current  Shares and (b) on the date of
            every  occasion when New Shares are charged in favour of the Trustee
            pursuant to Clause 3.3 in respect of such New Shares; and

      (b)   the Company  delivers  acknowledgement  of receipt of such notice to
            the Trustee on the date  hereof (in the case of the notice  relating
            to the Current  Shares) and within 5 Business Days of receiving such
            notice in relation to any New Shares.

4.    VOTING RIGHTS AND DIVIDENDS

4.1   At any time whilst there is no Event of Default outstanding  unremedied or
      unwaived, the Chargor shall be entitled to:

      (a)   receive all  dividends,  interest and other monies  arising from the
            Charged Portfolio; and

      (b)   exercise  all voting  rights in relation  to the  Charged  Portfolio
            provided  that the Chargor  shall not exercise such voting rights in
            any manner, or otherwise permit or agree to any (i) variation of the
            rights  attaching  to or conferred by all or any part of the Charged
            Portfolio,  or (ii)  increase  in the  issued  share  capital of the
            Company,  which in the  opinion of the Trustee  (acting  reasonably)
            would  prejudice  the value of, or the  ability  of the  Trustee  to
            realise, the security created by this Agreement.

4.2   At any time whilst there is an Event of Default outstanding  unremedied or
      unwaived, the Trustee may, at its discretion,  (in the name of the Chargor
      or  otherwise  and  without  any  further  consent or  authority  from the
      Chargor):

      (a)   exercise (or refrain from  exercising)  any voting rights in respect
            of the Charged Portfolio;

      (b)   apply all  dividends,  interest  and other  monies  arising from the
            Charged  Portfolio  as though  they were the  proceeds of sale under
            this Agreement;

                                       -4-

<PAGE>

      (c)   transfer the Charged  Portfolio into the name of such  nominee(s) of
            the Trustee as it shall require; and

      (d)   exercise  (or  refrain  from   exercising)  the  powers  and  rights
            conferred on or exercisable by the legal or beneficial  owner of the
            Charged Portfolio,  including the right, in relation to the Company,
            to concur or participate in:

            (i)   the  reconstruction,  amalgamation,  sale or other disposal of
                  the Company or any of its assets or undertaking (including the
                  exchange, conversion or reissue of any shares or securities as
                  a consequence thereof);

            (ii)  the  release,  modification  or  variation  of any  rights  or
                  liabilities attaching to such shares or securities; and

            (iii) the  exercise,  renunciation  or  assignment  of any  right to
                  subscribe for any shares or securities,

            in each case in the manner and on the terms the Trustee  thinks fit,
            and the  proceeds of any such action  shall form part of the Charged
            Portfolio.

5.    CHARGOR'S REPRESENTATIONS AND UNDERTAKINGS

5.1   Except with the  Trustee's  prior written  consent,  the Chargor shall not
      (save as permitted under the High Yield Documents):

      (a)   assign or dispose of all or any part of the Charged Portfolio;

      (b)   create,  grant or permit to exist (a) any security  interest over or
            (b) any  restriction  on the ability to transfer or realise,  all or
            any part of the Charged Portfolio,  save for: (i) the Company's lien
            on  unpaid  shares  conferred  by  Regulation  8 of  Table  A of the
            Companies  (Tables A to F) Regulations 1985 (as in force at the date
            of this  Agreement);  and (ii) the ability of the  directors  of the
            Company to decline  to  register a transfer  of shares as set out in
            article  7.1 of  the  Articles,  provided  that  article  7.2 of the
            Articles continues to apply; or

      (c)   do or (to the extent within its control) permit to be done any other
            act which, in the opinion of the Trustee, would adversely affect the
            Collateral Rights.

5.2   The Chargor  represents and warrants to the Trustee and undertakes for the
      duration of this Agreement that (save as specified or permitted  under the
      High Yield Documents):

      (a)   it is,  and will be,  the sole  legal  and  beneficial  owner of the
            Charged  Portfolio free from any security interest except as created
            by this Agreement;

      (b)   it has not sold or disposed of, and will not sell or dispose of, the
            benefit  of all or any of its  rights,  title  and  interest  in the
            Charged Portfolio;

                                       -5-

<PAGE>

      (c)   it has and will have the necessary  power to enable it to enter into
            and perform its obligations under this Agreement;

      (d)   this Agreement constitutes its legal, valid and binding obligation;

      (e)   all  necessary  authorisations  to  enable  it to  enter  into  this
            Agreement have been obtained and are, and will remain, in full force
            and effect; and

      (f)   the authorised share capital of the Company as at the date hereof is
            (pound)51,000  and the issued share capital of the Company as at the
            date hereof consists of 50,032  ordinary shares of (pound)1.00  each
            and all such shares are fully paid.

5.3   The Chargor  represents and warrants to the Trustee and undertakes for the
      duration  of this  Agreement  to  ensure  that,  at all times  during  the
      duration of the Agreement,  the Charged  Portfolio  represents 65% (to the
      nearest share) but at no time more than 65% of the issued and voting share
      capital of the Company.

5.4   The Chargor  represents  to the Trustee that the Shares are fully paid and
      undertakes  to pay all calls or other  payments due in respect of any part
      of the Charged  Portfolio.  If the Chargor  fails to make any such payment
      the Trustee may make that payment on behalf of the Chargor and any sums so
      paid by the Trustee shall be reimbursed by the Chargor on demand, together
      with interest on those sums.  Such interest  shall be calculated  from the
      due date up to the  actual  date of  payment  (after,  as well as  before,
      judgement)  at a rate equal to 1% per annum in excess of the interest rate
      applicable to the Notes at such time (or if no interest rate is applicable
      at such time, the most recent interest rate applicable to the Notes).

6.    FURTHER ASSURANCE

6.1   The Chargor shall promptly execute all documents (including transfers) and
      do all things (including the delivery, transfer,  assignment or payment of
      all or part of the Charged  Portfolio  to the  Trustee or its  nominee(s))
      that the Trustee may reasonably  specify for the purpose of (a) exercising
      the Collateral  Rights or (b) securing and perfecting its security over or
      title to all or any part of the Charged Portfolio.

6.2   At any  time  after  the  occurrence  of an  Event  of  Default,  which is
      continuing unremedied or unwaived,  the Chargor shall upon demand from the
      Trustee (a) procure the transfer of the Charged Portfolio into the name of
      the  Trustee  or its  nominee(s),  agents or such  purchasers  as it shall
      direct and (b)  execute  all  documents  and do all other  things that the
      Trustee  may  require  to  facilitate  the   realisation  of  the  Charged
      Portfolio.

6.3   The Trustee  shall only be entitled to transfer or request the transfer of
      the Charged Portfolio whilst an Event of Default is continuing  unremedied
      or unwaived.

7.    POWER OF ATTORNEY

7.1   The Chargor,  by way of security,  irrevocably  appoints the Trustee to be
      its  attorney  and in its name,  on its  behalf and as its act and deed to
      execute, deliver and perfect all documents (including any stock transfer

                                       -6-

<PAGE>

      forms  and other  instruments  of  transfer)  and do all  things  that the
      Trustee may consider to be necessary  for (a) carrying out any  obligation
      imposed on the Chargor under this  Agreement;  (b)  exercising  any of the
      rights  conferred on the Trustee by this Agreement or by law,  (including,
      after the security  constituted by this Agreement has become  enforceable,
      the exercise of any right of a legal or a beneficial  owner of the Charged
      Portfolio);  or (c) preserving the rights conferred on the Trustee by this
      Agreement or by law. The Chargor  shall ratify and confirm all things done
      and all documents executed by the Trustee in the exercise of that power of
      attorney.

8.    POWER OF SALE

8.1   After  the  occurrence  of an  Event of  Default  and  whilst  the same is
      continuing unremedied or unwaived, the Trustee shall be entitled,  without
      prior notice to the Chargor or prior authorisation from any court, to sell
      or otherwise  dispose of all or any part of the Charged  Portfolio (at the
      times,  in the manner and on the terms it thinks  fit).  Subject to Clause
      11, the Trustee shall apply the proceeds of that sale or other disposal in
      paying the costs of that sale or disposal and in or towards the  discharge
      of the Secured Obligations in accordance with the terms of the Indenture.

8.2   The power of sale or other  disposal  in Clause  8.1  shall  operate  as a
      variation and  extension of the statutory  power of sale under Section 101
      of the Law of Property Act 1925. The restrictions contained in Sections 93
      and 103 of the Law of Property Act 1925 shall not apply to this  Agreement
      or to any exercise by the Trustee of its right to consolidate mortgages or
      its power of sale.

8.3   A  certificate  in writing by an officer or agent of the Trustee  that any
      power of sale or other  disposal  has arisen and is  exercisable  shall be
      conclusive  evidence of that fact,  in favour of a purchaser of all or any
      part of the Charged Portfolio.

9.    RECEIVER

9.1   The Trustee may by writing  (acting  through an authorised  officer of the
      Trustee)  without notice to the Chargor  appoint one or more persons to be
      receiver  of the whole or any part of the  Charged  Portfolio  (each  such
      person being (a) entitled to act  individually  as well as jointly and (b)
      for all purposes deemed to be the agent of the Chargor) if:

      (a)   an Event of Default is continuing unremedied or unwaived;

      (b)   a  petition  or  application  is  presented  for  the  making  of an
            administration order in relation to the Chargor;

      (c)   the Chargor  gives  written  notice of its  intention  to appoint an
            administrator to the Chargor; or any person (other than the Chargor)
            gives written notice of its intention to appoint an administrator to
            the Chargor  and, in the  reasonable  opinion of the  Trustee,  such
            other person is not acting  frivolously  or vexatiously in so doing;
            or

                                       -7-

<PAGE>

      (d)   the Chargor requests the appointment of a receiver.

9.2   In addition to the powers of the Trustee  conferred  by Clause 8 (Power of
      Sale),  each  person  appointed  pursuant  to Clause  9.1 shall  have,  in
      relation to the part of the Charged  Portfolio  in respect of which he was
      appointed, all the powers (a) conferred by the Law of Property Act 1925 on
      a receiver appointed under that Act, (b) of an administrative receiver set
      out in Schedule 1 to the  Insolvency  Act 1986 (whether or not such person
      is  an   administrative   receiver)   and  (c)  (if  such   person  is  an
      administrative   receiver)  all  the  other  powers   exercisable   by  an
      administrative  receiver  in  relation  to the  Chargor  by  virtue of the
      Insolvency Act 1986.

10.   EFFECTIVENESS OF COLLATERAL

10.1  The collateral  constituted  by this  Agreement and the Collateral  Rights
      shall be  cumulative,  in  addition  to and  independent  of  every  other
      security  which  the  Trustee  may  at  any  time  hold  for  the  Secured
      Obligations or any rights,  powers and remedies  provided by law. No prior
      security  held by the  Trustee  over the whole or any part of the  Charged
      Portfolio shall merge into the collateral constituted by this Agreement.

10.2  This  Agreement  shall  remain in full  force and  effect as a  continuing
      arrangement unless and until the Trustee discharges it.

10.3  No failure to exercise,  nor any delay in  exercising,  on the part of the
      Trustee,  any  Collateral  Right shall operate as a waiver,  nor shall any
      single or partial  exercise of a Collateral  Right  prevent any further or
      other exercise of that or any other Collateral Right.

10.4  If, at any time,  any provision of this  Agreement is or becomes  illegal,
      invalid or unenforceable in any respect under the law of any jurisdiction,
      neither  the  legality,   validity  or  enforceability  of  the  remaining
      provisions of this Agreement nor the legality,  validity or enforceability
      of such provision under the law of any other  jurisdiction will in any way
      be affected or impaired.

10.5  The Trustee  shall,  at the request  and cost of the  Chargor,  cancel the
      security granted by this Agreement, and execute a release, in each case in
      respect of:

      (a)   any  portion of the  Charged  Portfolio  upon the  disposal  of such
            portion of the Charged  Portfolio,  provided  that such  disposal is
            permitted under the terms of the Indenture;

      (b)   the whole of the  Charged  Portfolio  upon the  Secured  Obligations
            being discharged in full; and

      (c)   the  whole of the  Charged  Portfolio  in the  event of the  Secured
            Obligations  being defeased in full in accordance  with section 8 of
            the Indenture,

            any such  release  to be without  recourse  to,  and  without  any
            representations or warranties by, the Trustee.

                                       -8-

<PAGE>

10.6  None of the Trustee,  its nominee(s) or any receiver appointed pursuant to
      this  Agreement  shall be  liable  by  reason  of (a)  taking  any  action
      permitted by this  Agreement  or (b) any neglect or default in  connection
      with the Charged  Portfolio or (c) the taking possession or realisation of
      all or any  part of the  Charged  Portfolio,  except  in the case of gross
      negligence or wilful default upon its part.

11.   SUBSEQUENT INTERESTS AND ACCOUNTS

11.1  If the Trustee at any time  receives  notice of any  subsequent  mortgage,
      assignment,  charge  or other  interest  affecting  all or any part of the
      Charged Portfolio,  all payments made by the Chargor to the Trustee or any
      of the Holders after that time shall be treated as having been credited to
      a new account of the Chargor and not as having been  applied in  reduction
      of the  Secured  Obligations  as at the  time  when the  Trustee  received
      notice.

11.2  All monies  received,  recovered  or realised  by the  Trustee  under this
      Agreement  (including  the proceeds of any  conversion of currency) may in
      its  discretion  be  credited to and held in any  suspense  or  impersonal
      account (bearing a commercially reasonable rate of interest) pending their
      application  from time to time in or towards the  discharge  of any of the
      Secured Obligations in accordance with the terms of the Indenture.

12.   COSTS AND EXPENSES

      The  Chargor  shall,  within 3  Business  Days of demand  by the  Trustee,
      reimburse  the  Trustee  on a full  indemnity  basis  for all  losses  and
      reasonable costs and expenses  (including legal fees, stamp duties and any
      value added tax)  incurred in  connection  with (a) the  execution of this
      Agreement  or  otherwise  in  relation  to  it,  (b)  the   perfection  or
      enforcement  of the  collateral  constituted  by this Agreement or (c) the
      exercise of any Collateral Right, together with interest from the date the
      Trustee  notified  the  Chargor of the costs and  expenses  to the date of
      payment  at a rate  equal to 1% per annum in excess of the  interest  rate
      applicable to the Notes at such time (or if no interest rate is applicable
      at such time, the most recent interest rate applicable to the Notes).

13.   CURRENCY CONVERSION

      For  the  purpose  of or  pending  the  discharge  of any  of the  Secured
      Obligations  the  Trustee may convert  any money  received,  recovered  or
      realised  or subject to  application  by it under  this  Agreement  to the
      currency in which the Secured  Obligations  are due to be discharged:  and
      any such  conversion  shall be  effected  at the  Trustee's  spot  rate of
      exchange for the time being for  obtaining  such other  currency  with the
      first currency.

14.   NOTICES

     Any  communication  to be  made  by  one  person  to  another  under  or in
     connection  with this Agreement shall be made in writing in accordance with
     those  terms of the  Notices  provision  in section  13.2 of the  Indenture
     applicable to notices and communications to persons other than Holders and

                                       -9-

<PAGE>

     shall be deemed to have been duly given in accordance  with the  provisions
     of such section 13.2 within the times prescribed in such section 13.2.

15.   SUCCESSORS

      This Agreement  shall remain in effect despite any  amalgamation or merger
      (however effected) relating to the Trustee;  and references to the Trustee
      shall  include any  assignee or  successor in title of the Trustee and any
      person  who,  under  the  laws of its  jurisdiction  of  incorporation  or
      domicile, has assumed the rights and obligations of the Trustee under this
      Agreement or to which,  under such laws, those rights and obligations have
      been transferred.

16.   GOVERNING LAW AND JURISDICTION

16.1  Governing Law
      This Agreement is governed by English law.

16.2  Jurisdiction

      (a)   The  courts of England  have  exclusive  jurisdiction  to settle any
            dispute  arising  out  of  or  in  connection  with  this  Agreement
            (including  a  dispute   regarding   the   existence,   validity  or
            termination of this Agreement).

      (b)   This Clause 16.2 is for the benefit of the Trustee only.

                                      -10-

<PAGE>

IN WITNESS  WHEREOF this  Agreement has been signed on behalf of the Trustee and
executed as a deed by the Chargor and is intended to be and is hereby  delivered
by it as a deed on the date specified above.

The Trustee

THE BANK OF NEW YORK

By:               /s/ Luis Perez
                  ------------------------------------------

Name:             Luis Perez
                  ------------------------------------------

Title:            Assistant Vice President
                  ------------------------------------------

The Chargor

EXECUTED as a DEED

by KRONOS INTERNATIONAL, INC.

By:               /s/ Robert D. Hardy
                  ------------------------------------------

Name:             Robert D. Hardy
                  ------------------------------------------

Title:            Vice President and Chief Financial Officer
                  ------------------------------------------

                                      -11-Exhibit 4.8

PLEDGE OF SHARES

over the shares in Kronos Denmark ApS

by

Kronos International, Inc.
as pledgor

in favour of

U.S. Bank, N.A,
as secured party

Dated 28 June 2002

<PAGE>

CONTENTS

1.       Background........................................................1
2.       Definitions.......................................................1
3.       Pledge............................................................2
4.       Perfection........................................................3
5.       Continuing Security...............................................4
6.       Enforcement.......................................................5
7.       Representations...................................................6
8.       Undertakings......................................................8
9.       Costs.............................................................9
10.      Miscellaneous.....................................................9
11.      Assignment.......................................................10
12.      Law and Jurisdiction.............................................11

Schedule 1: Acknowledgement from Kronos Denmark ApS.

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PLEDGE OF SHARES

This pledge agreement (the "Pledge Agreement") is made on 28 June 2002 by:

(1)      Kronos International, Inc. (the "Pledgor") a company
         incorporated in Delaware, United States and registered
         address at Peschstrasse 5, D-51373 Leverkusen, Germany,

         in favour of

(2)      U.S. Bank, N.A., with address at 555 Southwest Oak Street,
         Plaza Level 6, Portland, Oregon, USA and its successors and
         assigns, as the secured party (the "Secured Party").

1.   Background

1.1      The  Indenture.  By an Indenture  (the  "Indenture ") to be dated on or
         about 28 June 2002 and made  between  the  Pledgor  as issuer  (in such
         capacity,  the  "Issuer")  and The  Bank of New  York as  trustee  (the
         "Trustee"),  the parties thereto have made certain agreements  relating
         to the Issuer's  Notes (as defined in the Indenture) and the Issuer has
         undertaken  to the  Secured  Party being a creditor in its own right to
         pay to the Secured  Party an  aggregate  principal  amount of up to EUR
         285,000,000 on the terms and conditions set forth in the Indenture.

1.2      Pledge Agreement.  According to the terms of the Indenture, the Pledgor
         shall execute, deliver and perfect this Pledge Agreement.

2.       Definitions

2.1      Defined terms. In this Pledge  Agreement,  unless the context otherwise
         requires:

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         "Collateral  Agency  Agreement"  means the collateral  agency agreement
         dated 28 June 2002  between  the  Trustee  and the  Secured  Party,  as
         collateral agent, and acknowledged by the Company.

         "Company" means Kronos Denmark ApS, a Danish company with CVR no. 24 24
         27 81 and  registered  address at Hanne Nielsens Vej 10, DK-2840 Holte,
         Denmark with a nominal share capital of DKK 1,000,000;

         "Secured  Obligations"  means the actual,  contingent,  present  and/or
         future  obligations and liabilities of the Pledgor from time to time to
         the Secured Party under or pursuant to the Indenture;

         "Share  Benefits"  means  any  and  all  income,  benefits,  dividends,
         distributions,  liquidation proceeds, bonus shares, warrants,  options,
         subscription  rights,  convertibles  and other rights,  privileges  and
         benefits  arising out of or in connection  with the Shares  (whether by
         way of redemption,  bonus,  preference,  option  rights,  substitution,
         exchange or otherwise); and

         "Shares"  means the share  nos.  1-6,500  equal to 65% of the shares of
         capital in the Company with an aggregate  nominal  value of DKK 650,000
         held by the Pledgor.

2.2      Headings.  In this Pledge  Agreement  clause  headings  are for ease of
         reference only.

3.       Pledge

3.1      Pledge.  As security for the Secured  Obligations,  the Pledgor  hereby
         pledges,  assigns and transfers as security with senior priority to the
         Secured  Party all its right,  title and  interest in and to the Shares
         and the Share Benefits.

3.2      Voting rights.  The pledge as set forth in Clause 3.1 shall include all
         voting rights  associated with the Shares,  provided however that until
         the Pledgor has received  written notice from the Secured Party that it

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         will  exercise  said rights,  the Pledgor has the right to exercise the
         voting  rights on the Shares.  The Secured Party shall only be entitled
         to give such notice, provided that an event of default has occurred and
         is continuing under the Indenture.

3.3      Share  Benefits.  Any and all Share  Benefits  shall  upon the  Secured
         Party's  request be paid to an account in the name of the Secured Party
         and if a Share  Benefit  does not arise as monies,  such Share  Benefit
         shall be transferred or delivered to Secured Party. As long as no event
         of default has  occurred and is  continuing  under the  Indenture,  the
         Pledgor  shall be  entitled to receive  payments  of dividend  from the
         Company.

3.4      Future  Secured  Party.  If the Secured Party is replaced as a creditor
         under the Indenture and as collateral agent under the Collateral Agency
         Agreement by a new collateral agent assuming the rights and obligations
         of the Secured  Party under the  Indenture  and the  Collateral  Agency
         Agreement,  such new collateral  agent shall become a new Secured Party
         under this Pledge Agreement.

4.       Perfection

4.1      Perfection  of pledge of Shares.  The Pledgor shall ensure that as soon
         as possible after the execution of this Pledge Agreement:

         (a)   the  Company is notified  of the Pledge  Agreement  and signs the
               acknowledgement  attached as Schedule 1 to this Pledge Agreement;
               and

         (b)   the Secured Party receives a certified  copy of the  shareholders
               register of the  Company in which the name of the  Secured  Party
               has been duly recorded.

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5.       Continuing Security

5.1      Effective date. This Pledge Agreement shall be effective as of the date
         hereof and shall  continue in effect  until  earlier of (i) all Secured
         Obligations have been fully  discharged,  or (ii) this Pledge Agreement
         is permitted to be released pursuant to the terms of the Indenture.

5.2      No discharge.  This Pledge Agreement will not be discharged or affected
         by:  (a)  any   invalidity,   unenforceability,   release,   amendment,
         supplement,  neglect to perfect or enforce,  assignment  or novation of
         the Indenture or any other  document,  (b) any time,  waiver or consent
         granted to the Pledgor or any other person, (c) any incapacity,  change
         or insolvency proceedings in respect of the Pledgor, the Secured Party,
         the Trustee or any other  person,  (d) any other act or omission of any
         kind by any of the Pledgor, the Company, the Secured Party, the Trustee
         or any other person or any other  circumstances  whatsoever which might
         constitute a legal or equitable  discharge of the Pledgor, it being the
         intention  of the  Pledgor  that the  pledge  set out  herein  shall be
         absolute and unconditional in any and all circumstances.

5.3      Further  Assurances.  The Pledgor agrees that at any time and from time
         to time upon the written request of the Secured Party, the Pledgor will
         execute and deliver such further documents and do such further acts and
         things as the Secured Party may reasonably  request consistent with the
         provisions  hereof  in order to  effect  the  purposes  of this  Pledge
         Agreement.

5.4      Confirmation  of release of security.  The Secured Party  undertakes at
         the time this  Pledge  Agreement  is no longer  effective  pursuant  to
         Clause 5.1 to confirm to the Company that the security  interest  under
         this Pledge Agreement has been released.

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6.       Enforcement

6.1      Remedies.  If an event of default  under the Indenture has occurred and
         is continuing, the Secured Party will have the right to (subject to and
         in accordance with applicable mandatory law):

         (a)   enforce any and all of the rights of the Secured Party under this
               Pledge  Agreement  and any  statutory  or other  rights under the
               Danish Administration of Justice Act  ("Retsplejeloven")  and any
               other relevant rules or regulations; and/or

         (b)   exercise  any or all  rights  relating  to the  Shares  and Share
               Benefits including but not limited to voting rights on behalf and
               in the name of the Pledgor; and/or

         (c)   collect and receive any or all Share Benefits; and/or

         (d)   sell,  transfer  or assign the Shares and Share  Benefits or part
               thereof,  by way of private or public  auction or  contract  at a
               price which in the reasonable opinion of the Secured Party is the
               best obtainable in the circumstances.

6.2      Power of attorney.  The Pledgor irrevocably  appoints the Secured Party
         as its attorney  with full power to act for the Pledgor and in its name
         and on its behalf:

         (a)   to  execute,  sign or  register  and do all such acts and  things
               which the  Pledgor is  required  to do and fails to do under this
               Pledge Agreement;

         (b)   upon the  occurrence  and during the  continuance  of an Event of
               Default,  to exercise any and all of its rights as shareholder in
               the  Company  relating  to the  Shares  and the  Share  Benefits,

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               including  without  limitation  exercising  the voting rights and
               transferring  title to the Shares and Share  Benefits  to a third
               party; and

         (c)   to take any steps the Secured Party deems expedient or reasonable
               to ensure the continued effectiveness of the security interest in
               the Shares and the Share Benefits as contemplated in Section 5.3.

6.3      Application of Monies.  All monies  received by the Secured Party under
         this  Pledge  Agreement  shall be  applied by the  Secured  Party in or
         towards payment of the Secured Obligations.

6.4      No Subrogation. The Pledgor shall have no right to subrogate, wholly or
         partly,  in any security  provided to the Secured  Party in relation to
         the Indenture or in any other way until all of the Secured  Obligations
         have been fully and finally satisfied.

6.5      Statutory  Rights.  Clause 6 shall not limit or  reduce  the  statutory
         rights or any other rights of the Secured Party under Danish law.

7.       Representations

7.1      Representations  by the Pledgor.  The Pledgor represents and guarantees
         to the Secured Party that:

         (a)   the Company is a company with limited liability duly incorporated
               and validly  existing under the laws of Denmark,  duly registered
               with the Danish Commerce and Companies Agency under CVR no. 24 24
               27 81;

         (b)   the Pledgor is the sole legal and beneficial  owner of all of the
               Shares and Share Benefits;

         (c)   the Pledgor is the sole shareholder in the Company;

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         (d)   the  security  created by this Pledge  Agreement  constitute  the
               legal, valid and binding  obligations of the Pledgor  enforceable
               against  the Pledgor and the  Pledgor's  creditors  and any other
               third  party in  accordance  with its  terms  and  create a first
               priority pledge over the Shares and Share Benefits;

         (e)   the Shares, the Share Benefits and any other shares of capital in
               the Company are fully-paid and non-assessable and are not subject
               to any  encumbrances  of any kind whether  operating by virtue of
               contract or law, except for this Pledge Agreement;

         (f)   none of the  Shares  or the Share  Benefits  are  subject  to any
               shareholders  agreements or any options, rights of first refusal,
               pre-emptive  rights or any other rights  restricting or affecting
               the  voting  on or the  disposal  of  the  Shares  or  the  Share
               Benefits, save as set forth in the articles of association of the
               Company;

         (g)   the entering into and  performance  of this Pledge  Agreement and
               the transactions contemplated hereby do not:

               (i)    conflict  with  any law,  regulation  or any  official  or
                      judicial  order or  decree of any  governmental  agency or
                      court;

               (ii)   contravene  the  articles  of  association  or  any  other
                      constitutional documents of the Pledgor or the Company; or

               (iii)  conflict  with or result in a breach of any  agreement  or
                      document  to  which  the  Pledgor  is a party  or which is
                      binding upon the Pledgor or any of its assets; and

         (h)   all approvals, consents, registrations and other matters required
               in connection  with this Pledge  Agreement  and the  transactions
               contemplated  hereby have been obtained and are in full force and
               effect.

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8.       Undertakings

8.1      Undertakings by the Pledgor. The Pledgor undertakes towards the Secured
         Party not without the prior written  consent of the Secured Party (such
         consent not to be unreasonably  withheld or delayed if required to give
         effect to the provisions of the Indenture):

         (a)   to sell or  otherwise  dispose of the  Shares or Share  Benefits,
               save as set forth in Clause 3.3;

         (b)   to enter into any  shareholders'  agreement  with  respect to the
               Shares or the Share Benefits or to grant or permit to exist,  and
               immediately  procure the  removal of any  option,  right of first
               refusal,  pre-emptive  rights or any other right  restricting  or
               affecting  the  voting on or the  disposal  of the  Shares or the
               Share Benefits;

         (c)   to amend or permit the  amendment of the articles of  association
               of the Company;

         (d)   not to do or cause or permit to be done  anything  which will, or
               could be reasonably expected to, materially  adversely affect the
               Shares or the Share Benefits, this Pledge Agreement or the rights
               of the Secured Party hereunder; and

         (e)   to agree or permit that any Share  Benefits  or any other  amount
               shall be paid to or otherwise  distributed  to the Pledgor or any
               other party  (other  than the Secured  Party) from the Company if
               requested by the Secured Party in accordance with Clause 3.3.

8.2      Further  undertakings by the Pledgor.  The Pledgor  further  undertakes
         towards the Secured Party:

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         (a)   to ensure that the Company does not issue any  additional  Shares
               or  Share  Benefits  unless  65% of such are to the  Pledgor  and
               secured under this Pledge Agreement;

         (b)   not to do or cause or permit to be done  anything  which will, or
               could be reasonably expected to, materially  adversely affect the
               Shares or the Share Benefits, this Pledge Agreement or the rights
               of the Secured Party hereunder; and

         (c)   at its own costs to execute and deliver to the Secured Party such
               further  pledges,  transfers,   assignments,  notices  and  other
               documents  and do such acts and things  which the  Secured  Party
               shall request for the purpose of perfecting and  protecting  this
               Pledge  Agreement and realising the Shares and the Share Benefits
               including any notices in the event of an assignment of any of the
               rights of the  Secured  Party or the  Secured  Party  under  this
               Pledge Agreement.

9.       Costs

9.1      Transaction and enforcement costs. The Pledgor shall pay and, on demand
         from the Secured  Party,  indemnify the Secured Party against any stamp
         duty,  registration fees, other duties and fees, taxes, costs, expenses
         (including  legal fees) and  liabilities  incurred or to be incurred by
         the Pledgor,  the Company or the Secured Party in  connection  with the
         negotiation,  preparation,  execution,  amendment,  release, protection
         and/or enforcement or which otherwise arise of this Pledge Agreement.

10.      Miscellaneous

10.1     No implied waivers;  cumulative rights;  separability;  amendments. The
         rights of the Secured Party under this Agreement:

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         (a)   shall  not be waived  by any  delay in the  exercise  of any such
               rights  unless  otherwise  expressly  stated  in  writing  by the
               Secured Party;

         (b)   are cumulative and may be exercised as often as necessary;

         (c)   are  several  and  the  invalidity  or  unenforceability  of  any
               provision  shall not affect any other provision under this Pledge
               Agreement; and

         (d)   shall not be  amended  except  with the  written  consent  of the
               Secured Party.

11.      Assignment

11.1     No assignment by the Pledgor. The Pledgor may not assign or transfer or
         have  assumed  any part of its  rights  and/or  obligations  under this
         Pledge Agreement.

11.2     Assignment  by the Secured  Party.  The  Secured  Party may at any time
         assign,  transfer  or  have  assumed  all  or  part  of its  rights  or
         obligations  under this  Pledge  Agreement  without  the consent of the
         Pledgor,  provided that such assignment or transfer is made rateably in
         connection  with an assignment or transfer of the Indenture.  Any costs
         relating to such  assignment,  transfer or assumption to be paid by the
         Secured Party.

11.3     Perfection  of  Assignment.  If the  Pledgor is notified by the Secured
         Party of an  assignment  or transfer by the Secured Party of its rights
         under the Indenture,  the Pledgor shall ensure that as soon as possible
         after the receipt of such notice:

         (a)   the Company shall be notified of such transfer or assignment  and
               sign an  acknowledgement  of the transfer or assignment in a form
               acceptable to the Secured Party; and

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         (b)   the  Secured  Party  receives  a  transcript  of the  shareholder
               register  of  the  Company  in  which  name  of the  assignee  or
               transferee is recorded as the Secured Party.

12.      Law and Jurisdiction

12.1     Law.  This  Pledge  Agreement  shall be  governed  by and  shall be ---
         construed in accordance with Danish law.

12.2     Main  jurisdiction.  For the sole  benefit of the  Secured  Party,  the
         Maritime and  Commercial  Court in Copenhagen  (So-og  Handelsretten  i
         Kobenhavn) shall have  jurisdiction with respect to any dispute arising
         out of or in  connection  with this  Pledge  Agreement  and the Pledgor
         agrees for the  benefit of the Secured  Party that any legal  action or
         proceedings  arising out of or in connection with this Pledge Agreement
         against  the  Pledgor  or any of its  assets may be brought in the said
         court.

12.3     Alternative  jurisdiction.  Notwithstanding  Clause  12.2,  the Secured
         Party has the right:

         (a)   to commence  proceedings against the Pledgor or its assets in any
               jurisdiction; and

         (b)   to  commence  enforcement  proceedings  concurrently  with  or in
               addition  to  proceedings   in  Denmark  or  without   commencing
               proceedings in Denmark.

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Executed by the parties on the date first written above.

As Pledgor,
Kronos International, Inc.:

/s/ Robert D. Hardy
------------------------------------------------
Name:     Robert D. Hardy
Its:      Vice President and Chief Financial Officer

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As Secured Party,
U.S. Bank, N.A.:

/s/ David Pringle
Name:     David Pringle
Its:      Vice President

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