Document:

Form of Deferred Share Agreement

 Exhibit 10.22 
  
 [Form of Director’s Deferred Stock Agreement] 
  
 [Recipient’s Name] 
  
 DEFERRED STOCK AGREEMENT 
  
 OMNOVA SOLUTIONS INC. 
  
                  
  
 AGREEMENT, made in Fairlawn, Ohio as of                  ,
         (the “Date of Grant”) between OMNOVA Solutions Inc., an Ohio corporation (“Company”) and the undersigned nonemployee director of the Company (“Director”).

  
 WHEREAS, the Company desires to increase Director’s identification
with the interests of its shareholders and as compensation for service on the Board of Directors of the Company (“Board”) by awarding to Director the right to receive
                    (            ) shares of OMNOVA Solutions Inc. Common
Stock, $0.10 par value per share (the “Deferred Shares”), subject to the terms and conditions set forth in this Deferred Stock Agreement (“Agreement”). 
  

 NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth in this Agreement and for other good and valuable consideration,
the parties hereto agree as follows: 
  
 1. Award of Shares. The
Deferred Shares shall be issued to the Director upon the later of (x) one year following the Date of Grant and (y) the Director’s separation from service with the Board (as determined under paragraph 5 of this Agreement), subject to
the terms and conditions of this Agreement. The time period between the Date of Grant and the later of (x) one year following the Date of Grant and (y) the Director’s separation from service with the Board, shall be referred to as the
“Deferral Period.” Notwithstanding the foregoing, (a) in the event the nonemployee Director has become an employee of the Company after the date of this Agreement (but is not a “key employee” as defined below), the Deferred
Shares shall not be issued until the later of the date of the Director’s separation from service with the Board or the date of the Director’s separation from service as an employee of the Company; and (b) in the event that the
Director is a key employee, as defined under Internal Revenue Code (“Code”) § 416(i), as of the date of the Director’s separation from service with the Board, the Deferred Shares shall be issued to the Director on the date that
is 6 months following the later of (i) the Director’s separation from service with the Board, or (ii) the Director’s separation from service with the Company as an employee (as determined under paragraph 5 of this Agreement);
provided that in no event shall the Deferred Shares be issued sooner than one year following the Date of Grant. 
  
 2. Shareholder Rights. During the Deferral Period, the Director shall have no right to vote the Deferred Shares and no other rights of ownership in the
Deferred Shares. 
  
 3. Automatic Dividend Reinvestment. As to the
Deferred Shares awarded hereunder, the Director shall be automatically enrolled in OMNOVA’s dividend reinvestment program, pursuant to the standard terms and conditions of participation. Additional shares of 

 
OMNOVA common stock accumulated pursuant to the dividend reinvestment feature shall be subject to the Deferral Period and shall vest, and the Deferral Period shall
terminate, upon the later of (x) one year following the Date of Grant and (y) the Director’s separation of service with the Board in accordance with paragraph 5 hereof. Any OMNOVA common stock accumulated pursuant to this paragraph 3
shall be issued to the Director at the same time as occurs the issuance of the Deferred Shares pursuant to paragraph 1 of this Agreement. 
  
 4. Adjustments. Deferred Shares issued pursuant to this Agreement and held by the Company during the Deferral Period will be subject to the same adjustment,
if any, accorded to all other outstanding shares in the event of (i) any change in the total number of shares of common stock of the Company outstanding or the number or kind of securities into which shares have been changed, (ii) any
reorganization or change in the Company’s capital structure, or (iii) any other transaction or event having an effect similar to the foregoing. 
  
 5. Vesting. 
  
 (a) Unless vesting is accelerated pursuant to paragraphs 6 or 9 hereof, the Director’s rights to receive
the Deferred Shares, as well as any OMNOVA common stock accumulated pursuant to the dividend reinvestment feature under paragraph 3 of this Agreement, shall vest irrevocably, and the Deferral Period shall terminate, upon the later of (x) one
year following the Date of Grant and (y) the Director’s separation from service with the Board; provided, however, that if the Director’s separation from service with the Board occurs on or before June 30th in the same
calendar year as the Date of Grant, then one-half of the Deferred Shares will be forfeited and Director shall only be entitled to receive the remaining one-half of the Deferred Shares upon vesting. Notwithstanding the foregoing, (i) in the
event the nonemployee Director has become an employee of the Company after the date of this Agreement (but is not a “key employee” as defined below), the Deferred Shares shall not be issued until the later of (x) one year following
the Date of Grant, (y) the date of the Director’s separation from service with the Board and (z) the date of the Director’s separation from service as an employee of the Company; and (ii) in the event that the Director is a
key employee, as defined under Internal Revenue Code (“Code”) § 416(i), as of the date of the Director’s separation from service with the Board, the Director’s rights to receive the Deferred Shares, as well as any OMNOVA
common stock accumulated pursuant to the dividend reinvestment feature under paragraph 3 of this Agreement, shall vest irrevocably upon the date that is 6 months following the later of (A) the Director’s separation from service with the
Board, or (B) the Director’s separation from service with the Company as an employee (as determined under paragraph 5 of this Agreement); provided that in no event shall the Director’s rights to receive the Deferred Shares vest sooner
than one year following the Date of Grant. 
  
 (b) For purposes of this
Agreement, and in accordance with Code § 409A, the Director’s “separation from service with the Board” shall occur upon the effective date of the Director’s termination of membership on the Board. For purposes of this
Agreement, and in accordance with Code § 409A, the Director’s “separation from service with the Company as an employee” shall have the same meaning as “separation from service” as defined in Treas. Reg. §
1.409A-1(h)(1). 
  

 2 

 6. Change in Control. 
  
 (a) Notwithstanding paragraph 5 above, the ownership of the Shares awarded hereby shall automatically vest, the Deferral Period shall
terminate, all restrictions shall lapse and delivery to Director of certificate(s) representing such Shares shall occur immediately, if at any time during the Deferral Period a Change in Control (as defined herein) shall occur. 
  
 (b) For purposes of this Agreement, “Change in Control” shall mean the
occurrence during the term of this Agreement of any of the following events: 
  
 (i) Within the meaning of Treasury Regulation § 1.409A-3(i)(5)(v), any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or
group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company; or 
  
 (ii) Within the meaning of Treasury Regulation § 1.409A-3(i)(5)(vi), any one person, or more than one person acting as a group, acquires (or
has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company; or

  
 (iii) Within the meaning of Treasury Regulation §
1.409A-3(i)(5)(vi), a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or

  
 (iv) Within the meaning of Treasury Regulation §
1.409A-3(i)(5)(vii), any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a
total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. 
  
 7. Restrictions on Transfer. During the Deferral Period, the Deferred Shares may
not be sold, transferred, pledged, assigned, alienated or hypothecated, or otherwise transferred to another person whether by operation of law or otherwise, except by will, the laws of descent and distribution or a qualified domestic relations
order. 
  
 8. Beneficiary Designation. Director may designate any
beneficiary or beneficiaries (contingently or successively) to whom Deferred Shares are to be transferred if Director dies during the Deferral Period, and may at any time revoke or change any such designation. Absent such designation, any Deferred
Shares which are due to Director under this Agreement upon Director’s death will be payable to Director’s estate. The designation of a Beneficiary will be effective only when Director has delivered a completed Designation of Beneficiary
form to the Company’s Secretary. A successive designation of Beneficiary will revoke a prior designation. 
  

 3 

 9. Termination Due to Death or Disability. If Director separates from service with the Board by reason of
his or her death or disability, Deferred Shares not already vested, if any, shall automatically vest, the Deferral Period shall terminate and all restrictions shall lapse. For purposes of this Agreement, “disability” shall mean that the
Director is either (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident and health plan covering Company’s employees. For purposes of this Agreement, the Director shall be deemed to be disabled if determined to be totally disabled by the
Social Security Administration or a disability insurance program sponsored by the Company (assuming that such disability insurance program’s definition of disability meets the requirements of either subparagraph (a) or (b) of this
paragraph 9). 
  
 10. Disputes. The Compensation and Corporate
Governance Committee shall have full and exclusive authority to determine all disputes and controversies concerning the interpretation of this Agreement by a majority vote of the Committee (with any disputing director abstaining). 
  
 11. Notices. All written notices and communications directed to the Company
pursuant to this Agreement must be addressed to OMNOVA Solutions Inc., 175 Ghent Road, Fairlawn, Ohio 44333-3300; Attention: Secretary. All communications directed to Director pursuant to this Agreement will be mailed to the Director’s current
address as recorded on the payroll records of the Company. 
  
 12.
Governing Law. To the extent not preempted by federal law, this Agreement will be governed by and interpreted in accordance with the laws of the State of Ohio. 
  
 IN WITNESS WHEREOF, this Agreement has been executed by a duly authorized officer of the Company and by the Director as of the
         day of                          . 
  

			
	OMNOVA Solutions Inc.
		
	By:	 	  

	 	 	Kevin M. McMullen
	 	 	Chairman and Chief Executive Officer

  
 Agreed to
and accepted: 
  

	
	  

	 Director Signature*

  
 Sign and return one copy by
                 ,          to OMNOVA Solutions Inc., 175 Ghent Road, Fairlawn, Ohio 44333-3300; Attention:
Secretary. 
  

 4Amendment No. 1 to Amended and Restated Credit Agreement dated December 28, 2007

 Exhibit 10.31 
  
 AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT 
  
 This AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of December 28, 2007 is by and among OMNOVA
Solutions Inc., an Ohio corporation (“Borrower”), the financial institutions party to this Amendment, as Lenders, and JPMorgan Chase Bank, N.A., as Agent for the Lenders. Unless otherwise specified herein, capitalized terms used in
this Amendment shall have the meanings ascribed to them in the Credit Agreement (as hereinafter defined). 
  
 RECITALS 
  
 WHEREAS,
Agent, the Lenders named therein and the Borrower are parties to that certain Amended and Restated Credit Agreement, dated as of May 22, 2007 (as amended, the “Credit Agreement”); and 
  
 WHEREAS, the Borrower has requested that Agent and Lenders, and Agent and Lenders have
agreed to, amend the Credit Agreement as described herein upon the terms and conditions set forth herein; 
  
 NOW THEREFORE, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows: 
  
 SECTION 1. Increased Commitment Proposal. Borrower has delivered an Increased
Commitment Proposal to Agent and Lenders requesting an aggregate increase in the Commitments of $10,0000,000 pursuant to Section 1.2(j) of the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 9
hereof, (a) the Commitments shall be increased by $10,000,000 and the Commitments of the Lenders after giving effect to such increase shall be as set forth on Schedule 1.2 to the Credit Agreement which is hereby amended and restated in the form
of Exhibit A to this Amendment and (b) the terms of the Additional Commitment shall be the same as the terms of the existing Commitments and this Amendment shall constitute an Increased Commitment Agreement effectuating the Additional
Commitment. 
  
 SECTION 2. Amendments to the Credit Agreement.
Subject to the satisfaction of the conditions precedent set forth in Section 9 hereof, the parties hereto hereby agree to amend the Credit Agreement as follows: 
  
 (a) Section 7.10 of the Credit Agreement is hereby amended by amending and restating clause (ii) set forth
therein to read as follows: 
  
 “(ii) make additional investments in
its Subsidiaries formed in the United Kingdom and/or purchase the equity interests of CPPC Decorative Products Co., Ltd. and CG OMNOVA Decorative Products (Shanghai) Co., Ltd. held by Chroen Pokphand Group; provided that (w) no more than
$5,000,000 of Revolving Loans in the aggregate can be used to fund the aggregate amount of all such investments in its Subsidiaries formed in the United Kingdom through the Stated Termination Date and no more than 

 
$35,000,000 of Revolving Loans in the aggregate can be used to fund the aggregate amount of all such purchases of the remaining equity interests of CPPC Decorative
Products Co., Ltd. and CG OMNOVA Decorative Products (Shanghai) Co., Ltd. held by Chroen Pokphand Group, which purchases of such equity interests shall have been consummated on or prior to December 31, 2007, (x) Borrower’s
Availability equals an amount no less than $25,000,000 immediately prior and immediately after giving effect to any such investment or purchase, (y) after giving effect to the purchases of equity interests of CPPC Decorative Products Co., Ltd.
and CG OMNOVA Decorative Products (Shanghai) Co., Ltd., both CPPC Decorative Products Co., Ltd. and CG OMNOVA Decorative Products (Shanghai) Co., Ltd. shall be wholly owned Subsidiaries of the Borrower and (z) such equity purchases shall be of
less than 50% of the equity securities of each of CPPC Decorative Products Co., Ltd. and CG OMNOVA Decorative Products (Shanghai) Co., Ltd. and shall therefore not constitute Permitted Acquisitions,” 
  
 SECTION 3. Representations And Warranties of Borrower. The Borrower represents
and warrants that: 
  
 (a) the execution, delivery and
performance by the Borrower of this Amendment has been duly authorized by all necessary corporate action and is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its terms, except as the
enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general principles of equity (regardless of
whether such enforcement is sought in a proceeding in equity or at law); 
  
 (b) each of the representations and warranties contained in the Credit Agreement is true and correct in all material respects on and as of the date hereof as if made on the date hereof; and 
  
 (c) neither the execution, delivery and performance of this Amendment
nor the consummation of the transactions contemplated hereby does or shall contravene, result in a breach of, or violate (i) any provision of Borrower’s certificate or articles of incorporation or bylaws, (ii) any law or regulation,
or any order or decree of any court or government instrumentality, or (iii) any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrower is a party or by which it or any of its property is bound, except in any
such case to the extent such conflict or breach has been waived by a written waiver document, a copy of which has been delivered to Agent on or before the date hereof. 
  

 2 

 SECTION 4. Acknowledgments Regarding Credit Agreement. 
  
 (a) Except as specifically amended above, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
  
 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or the Lenders
under the Credit Agreement or any other Loan Documents, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement and the other Loan
Documents to “this Agreement”, “hereunder”, “hereof, “herein” or words of similar import shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 
  
 (c) Borrower hereby acknowledges and agrees that there is no defense,
setoff or counterclaim of any kind, nature or description to the Obligations or the payment thereof when due. 
  
 SECTION 5. Costs And Expenses. As provided in Section 13.7 of the Credit Agreement, the Borrower agrees to reimburse Agent for all fees,
reasonable out-of-pocket costs and expenses of the Agent (including attorney costs) in connection with the preparation, execution, delivery and administration of this Amendment (and the other documents to be delivered in connection herewith).

  
 SECTION 6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS. 
  
 SECTION 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes. 
  
 SECTION 8. Counterparts. This
Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but all such counterparts shall constitute one and the same instrument. 
  

 3 

 SECTION 9. Effectiveness. This Amendment shall become effective upon: 
  
 (a) Receipt by the Agent of duly executed counterparts to this
Amendment by the Borrower and the Lenders; 
  
 (b) Borrower
shall have executed a new Revolving Note in favor of each Lender evidencing the aggregate Commitment of such Lender as set forth on Exhibit A hereto; 
  
 (c) Borrower shall have paid to Agent, for the benefit of each Lender, a commitment fee equal to twenty-five basis points (0.25%) on the aggregate
amount of the Commitment held by such Lender as set forth on Exhibit A hereto, which commitment fee shall be fully earned and payable on the date hereof and Agent is authorized to charge such commitment fees to the Revolving Loans of Borrower; and

  
 (d) Borrower shall have paid all other fees, costs and
expenses incurred in connection with this Amendment as provided in writing to Borrower by Agent and Agent is authorized to charge such amounts to the Revolving Loans of Borrower. 
  
 [Signature Page Follows] 
  

 4 

 This Amendment No. 1 to Amended and Restated Credit Agreement has been executed as of the day and year first
above written. 
  

			
	OMNOVA SOLUTIONS INC.
		
	 By:
	 	 /s/ M. E. Hicks

	 Its:
	 	 M. E. Hicks

	 Title:
	 	 Senior Vice President and CFO

	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	PNC BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	FIFTH THIRD BANK
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	LASALLE BUSINESS CREDIT, LLC
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	KEY BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 

  

 S-1 

 This Amendment No. 1 to Amended and Restated Credit Agreement has been executed as of the day and year first
above written. 
  

			
	OMNOVA SOLUTIONS INC.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 /s/ David A. Lehner

	 Its:
	 	 David A. Lehner

	 Title:
	 	 Vice President

	
	PNC BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	FIFTH THIRD BANK
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	LASALLE BUSINESS CREDIT, LLC
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	KEY BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 

  

 S-1 

 This Amendment No. 1 to Amended and Restated Credit Agreement has been executed as of the day and year first
above written. 
  

			
	OMNOVA SOLUTIONS INC.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	PNC BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ Peter Redington

	 Its:
	 	 Peter Redington

	 Title:
	 	 A.V.P.

	
	FIFTH THIRD BANK
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	LASALLE BUSINESS CREDIT, LLC
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	KEY BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 

  

 S-1 

 This Amendment No. 1 to Amended and Restated Credit Agreement has been executed as of the day and year first
above written. 
  

			
	OMNOVA SOLUTIONS INC.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	PNC BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	FIFTH THIRD BANK
		
	 By:
	 	 /s/ Donald K. Mitchell

	 Its:
	 	 Donald K. Mitchell

	 Title:
	 	 Vice President

	
	LASALLE BUSINESS CREDIT, LLC
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	KEY BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 

  

 S-1 

 This Amendment No. 1 to Amended and Restated Credit Agreement has been executed as of the day and year first
above written. 
  

			
	OMNOVA SOLUTIONS INC.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	PNC BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	FIFTH THIRD BANK
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	LASALLE BUSINESS CREDIT, LLC
		
	 By:
	 	 /s/ Trevor S. Townsend

	 Its:
	 	 Trevor S. Townsend

	 Title:
	 	 V. P.

	
	KEY BANK NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 

  

 S-1 

 This Amendment No. 1 to Amended and Restated Credit Agreement has been executed as of the day and year first
above written. 
  

			
	OMNOVA SOLUTIONS INC.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	PNC BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	FIFTH THIRD BANK
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	LASALLE BUSINESS CREDIT, LLC
		
	 By:
	 	 
	 Its:
	 	 
	 Title:
	 	 
	
	KEY BANK NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ John P. Dunn

	 Its:
	 	 John P. Dunn

	 Title:
	 	 Vice President

  

 S-1 

 EXHIBIT A 
  
 Schedule 1.2 to the Credit Agreement (Commitments) 
  

				
	 Lender

	  	Commitment

	 JPMORGAN CHASE BANK, N.A.
	  	$	27,000,000
	 PNC BANK, NATIONAL ASSOCIATION
	  	$	18,000,000
	 FIFTH THIRD BANK
	  	$	13,500,000
	 LASALLE BUSINESS CREDIT, LLC
	  	$	18,000,000
	 KEY BANK NATIONAL ASSOCIATION
	  	$	13,500,000

 SECOND AMENDED AND RESTATED REVOLVING LOAN NOTE 
  
 Chicago, Illinois 
 $18,000,000.00

  
 December 28, 2007 
  
 FOR VALUE RECEIVED, the undersigned, OMNOVA SOLUTIONS INC., an Ohio corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of LaSalle Business Credit, LLC (“Lender”), at the offices of JPMorgan Chase Bank, N.A., as Agent for Lenders (“Agent”), at its address at 120 South
LaSalle Street, Chicago, IL 60603, or at such other place as Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of EIGHTEEN MILLION AND NO/100 DOLLARS
($18,000,000.00) or, if less, the aggregate unpaid amount of all Revolving Loans made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings
given to them in the Credit Agreement or in Annex A thereto. 
  
 This
Second Amended and Restated Revolving Loan Note (this “Revolving Loan Note”) is one of the Revolving Loan Notes issued pursuant to that certain Amended and Restated Credit Agreement dated as of May 22, 2007 by and among
Borrower, Agent, Lender and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit
Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the
terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Loan made by Lenders to Borrower, the rates of interest applicable thereto and each payment made on account of the
principal thereof, shall be recorded by Agent on its books; provided that the failure of Agent to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing under the Credit Agreement or
this Revolving Loan Note in respect of the Revolving Loan made by Lender to Borrower. 
  
 The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon
shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of the Credit Agreement are hereby incorporated herein by
reference. 
  
 If any payment on this Revolving Loan Note becomes due and
payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.

 Upon and after the occurrence of any Event of Default, this Revolving Loan Note may, as provided in the Credit
Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Borrower), be declared, and immediately shall become, due
and payable. 
  
 Time is of the essence of this Revolving Loan Note.

  
 Except as provided in the Credit Agreement, this Revolving Loan Note may
not be assigned by Lender to any Person. 
  
 THIS REVOLVING LOAN NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

This Revolving Loan Note is issued in substitution of the Amended and Restated Revolving Loan Note previously issued to Lender on May 22, 2007 in the amount
of $16,000,000 (the “Prior Note”). The Revolving Loans outstanding under the Prior Note shall continue in all respects and this Revolving Loan Note shall not be deemed to evidence a novation or a repayment and reborrowing of amounts
outstanding under the Prior Note. 
  

 2 

			
	 OMNOVA SOLUTIONS INC.

		
	By:	 	 /s/ M. E. Hicks

	Name:	 	 M. E. Hicks

	Title:	 	 Senior Vice President and CFO

  
 [Signature Page to Second
Amended and Restated Revolving Note] 

 SECOND AMENDED AND RESTATED REVOLVING LOAN NOTE 
  
 Chicago, Illinois 
 $13,500,000.00

  
 December 28, 2007 
  
 FOR VALUE RECEIVED, the undersigned, OMNOVA SOLUTIONS INC., an Ohio corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of KeyBank National Association (“Lender”), at the offices of JPMorgan Chase Bank, N.A., as Agent for Lenders (“Agent”), at its address at 120 South
LaSalle Street, Chicago, IL 60603, or at such other place as Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of THIRTEEN MILLION FIVE HUNDRED THOUSAND
AND NO/100 DOLLARS ($13,500,000.00) or, if less, the aggregate unpaid amount of all Revolving Loans made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein
have the meanings given to them in the Credit Agreement or in Annex A thereto. 
  
 This Second Amended and Restated Revolving Loan Note (this “Revolving Loan Note”) is one of the Revolving Loan Notes issued pursuant to that certain Amended and Restated Credit Agreement dated as of
May 22, 2007 by and among Borrower, Agent, Lender and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise
modified, the “Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement
for a statement of all of the terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Loan made by Lenders to Borrower, the rates of interest applicable thereto and each
payment made on account of the principal thereof, shall be recorded by Agent on its books; provided that the failure of Agent to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing
under the Credit Agreement or this Revolving Loan Note in respect of the Revolving Loan made by Lender to Borrower. 
  
 The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are
hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of
the Credit Agreement are hereby incorporated herein by reference. 
  
 If any
payment on this Revolving Loan Note becomes due and payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable
at the then applicable rate during such extension. 

 Upon and after the occurrence of any Event of Default, this Revolving Loan Note may, as provided in the Credit
Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Borrower), be declared, and immediately shall become, due
and payable. 
  
 Time is of the essence of this Revolving Loan Note.

  
 Except as provided in the Credit Agreement, this Revolving Loan Note may
not be assigned by Lender to any Person. 
  
 THIS REVOLVING LOAN NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

This Revolving Loan Note is issued in substitution of the Amended and Restated Revolving Loan Note previously issued to Lender on May 22, 2007 in the amount
of $12,000,000(the “Prior Note”). The Revolving Loans outstanding under the Prior Note shall continue in all respects and this Revolving Loan Note shall not be deemed to evidence a novation or a repayment and reborrowing of amounts
outstanding under the Prior Note. 
  

 2 

			
	 OMNOVA SOLUTIONS INC.

		
	By:	 	 /s/ M. E. Hicks

	Name:	 	 M. E. Hicks

	Title:	 	 Senior Vice President and CFO

  
 [Signature Page to Second
Amended and Restated Revolving Note] 

 SECOND AMENDED AND RESTATED REVOLVING LOAN NOTE 
  
 Chicago, Illinois 
 $18,000,000.00

  
 December 28, 2007 
  
 FOR VALUE RECEIVED, the undersigned, OMNOVA SOLUTIONS INC., an Ohio corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of PNC Bank, National Association (“Lender”), at the offices of JPMorgan Chase Bank, N.A., as Agent for Lenders (“Agent”), at its address at 120
South LaSalle Street, Chicago, IL 60603, or at such other place as Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of EIGHTEEN MILLION AND NO/100
DOLLARS ($18,000,000.00) or, if less, the aggregate unpaid amount of all Revolving Loans made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the
meanings given to them in the Credit Agreement or in Annex A thereto. 
  
 This Second Amended and Restated Revolving Loan Note (this “Revolving Loan Note”) is one of the Revolving Loan Notes issued pursuant to that certain Amended and Restated Credit Agreement dated as of May 22, 2007
by and among Borrower, Agent, Lender and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the
“Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a
statement of all of the terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Loan made by Lenders to Borrower, the rates of interest applicable thereto and each payment made
on account of the principal thereof, shall be recorded by Agent on its books; provided that the failure of Agent to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing under the
Credit Agreement or this Revolving Loan Note in respect of the Revolving Loan made by Lender to Borrower. 
  
 The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are
hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of
the Credit Agreement are hereby incorporated herein by reference. 
  
 If any
payment on this Revolving Loan Note becomes due and payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable
at the then applicable rate during such extension. 

 Upon and after the occurrence of any Event of Default, this Revolving Loan Note may, as provided in the Credit
Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Borrower), be declared, and immediately shall become, due
and payable. 
  
 Time is of the essence of this Revolving Loan Note.

  
 Except as provided in the Credit Agreement, this Revolving Loan Note may
not be assigned by Lender to any Person. 
  
 THIS REVOLVING LOAN NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

This Revolving Loan Note is issued in substitution of the Amended and Restated Revolving Loan Note previously issued to Lender on May 22, 2007 in the amount
of $ 16,000,000 (the “Prior Note”). The Revolving Loans outstanding under the Prior Note shall continue in all respects and this Revolving Loan Note shall not be deemed to evidence a novation or a repayment and reborrowing of
amounts outstanding under the Prior Note. 
  

 2 

			
	 OMNOVA SOLUTIONS INC.

		
	By:	 	 /s/ M. E. Hicks

	Name:	 	 M. E. Hicks

	Title:	 	 Senior Vice President and CFO

  
 [Signature Page to Second
Amended and Restated Revolving Note] 

 SECOND AMENDED AND RESTATED REVOLVING LOAN NOTE 
  
 Chicago, Illinois 
 $13,500,000.00

  
 December 28, 2007 
  
 FOR VALUE RECEIVED, the undersigned, OMNOVA SOLUTIONS INC., an Ohio corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of Fifth Third Bank (“Lender”), at the offices of JPMorgan Chase Bank, N.A., as Agent for Lenders (“Agent”), at its address at 120 South LaSalle
Street, Chicago, IL 60603, or at such other place as Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of THIRTEEN MILLION AND FIVE HUNDRED THOUSAND AND
NO/100 DOLLARS ($13,500,000.00) or, if less, the aggregate unpaid amount of all Revolving Loans made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have
the meanings given to them in the Credit Agreement or in Annex A thereto. 
  
 This Second Amended and Restated Revolving Loan Note (this “Revolving Loan Note”) is one of the Revolving Loan Notes issued pursuant to that certain to Amended and Restated Credit Agreement dated as of May 22, 2007 by
and among Borrower, Agent, Lender and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the
“Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a
statement of all of the terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Loan made by Lenders to Borrower, the rates of interest applicable thereto and each payment made
on account of the principal thereof, shall be recorded by Agent on its books; provided that the failure of Agent to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing under the
Credit Agreement or this Revolving Loan Note in respect of the Revolving Loan made by Lender to Borrower. 
  
 The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are
hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of
the Credit Agreement are hereby incorporated herein by reference. 
  
 If any
payment on this Revolving Loan Note becomes due and payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable
at the then applicable rate during such extension. 

 Upon and after the occurrence of any Event of Default, this Revolving Loan Note may, as provided in the Credit
Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Borrower), be declared, and immediately shall become, due
and payable. 
  
 Time is of the essence of this Revolving Loan Note.

  
 Except as provided in the Credit Agreement, this Revolving Loan Note may
not be assigned by Lender to any Person. 
  
 THIS REVOLVING LOAN NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

This Revolving Loan Note is issued in substitution of the Amended and Restated Revolving Loan Note previously issued to Lender on May 22, 2007 in the amount
of $12,000,000 (the “Prior Note”). The Revolving Loans outstanding under the Prior Note shall continue in all respects and this Revolving Loan Note shall not be deemed to evidence a novation or a repayment and reborrowing of amounts
outstanding under the Prior Note. 
  

 2 

			
	 OMNOVA SOLUTIONS INC.

		
	By:	 	 /s/ M. E. Hicks

	Name:	 	 M. E. Hicks

	Title:	 	 Senior Vice President and CFO

  
 [Signature Page to Second
Amended and Restated Revolving Note] 

 SECOND AMENDED AND RESTATED REVOLVING LOAN NOTE 
  
 Chicago, Illinois 
 $27,000,000.00

  
 December 28, 2007 
  
 FOR VALUE RECEIVED, the undersigned, OMNOVA SOLUTIONS INC., an Ohio corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of JPMorgan Chase Bank, N.A. (“Lender”), at the offices of JPMorgan Chase Bank, N.A., as Agent for Lenders (“Agent”), at its address at 120 South
LaSalle Street, Chicago, IL 60603, or at such other place as Agent may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of TWENTY SEVEN MILLION AND NO/100 DOLLARS
($27,000,000.00) or, if less, the aggregate unpaid amount of all Revolving Loans made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings
given to them in the Credit Agreement or in Annex A thereto. 
  
 This
Second Amended and Restated Revolving Loan Note (this “Revolving Loan Note”) is one of the Revolving Loan Notes issued pursuant to that certain Amended and Restated Credit Agreement dated as of May 22, 2007 by and among
Borrower, Agent, Lender and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Credit
Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreement and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the
terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Loan made by Lenders to Borrower, the rates of interest applicable thereto and each payment made on account of the
principal thereof, shall be recorded by Agent on its books; provided that the failure of Agent to make any such recordation shall not affect the obligations of Borrower to make a payment when due of any amount owing under the Credit Agreement or
this Revolving Loan Note in respect of the Revolving Loan made by Lender to Borrower. 
  
 The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon
shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of the Credit Agreement are hereby incorporated herein by
reference. 
  
 If any payment on this Revolving Loan Note becomes due and
payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.

 Upon and after the occurrence of any Event of Default, this Revolving Loan Note may, as provided in the Credit
Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Borrower), be declared, and immediately shall become, due
and payable. 
  
 Time is of the essence of this Revolving Loan Note.

  
 Except as provided in the Credit Agreement, this Revolving Loan Note may
not be assigned by Lender to any Person. 
  
 THIS REVOLVING LOAN NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

This Revolving Loan Note is issued in substitution of the Amended and Restated Revolving Loan Note issued to Lender on May 22, 2007 in the amount of
$24,000,000 (the “Prior Note”). The Revolving Loans outstanding under the Prior Note shall continue in all respects and this Revolving Loan Note shall not be deemed to evidence a novation or a repayment and reborrowing of amounts
outstanding under the Prior Note. 
  

 2 

			
	 OMNOVA SOLUTIONS INC.

		
	By:	 	 /s/ M. E. Hicks

	Name:	 	 M. E. Hicks

	Title:	 	 Senior Vice President and CFD

  
 [Signature Page to Second
Amended and Restated Revolving Note]

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