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EXHIBIT 4.64    
    

EXECUTION COPY  

 

REGISTRATION RIGHTS AGREEMENT  

 Dated as of May 9, 2003  

 among  

 HMP EQUITY HOLDINGS CORPORATION,

HUNTSMAN HOLDINGS, LLC,

HUNTSMAN GROUP INC.,

HUNTSMAN FAMILY HOLDINGS II COMPANY LLC,

MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS L.P.  

 AND  

 CREDIT SUISSE FIRST BOSTON LLC  

 AND CIBC WORLD MARKETS CORP.,

as Initial Purchasers  

 

  

   
        THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered into as of May 9, 2003, among HMP Equity Holdings
Corporation, a Delaware corporation (the "Company"), Huntsman Holdings, LLC, a Delaware limited liability company (the "Huntsman
Holdings"), Huntsman Group Inc., a Delaware corporation ("Huntsman Group"), Huntsman Family Holdings II Company LLC, a
Delaware limited liability company ("Huntsman Investor"), MatlinPatterson Global Opportunities Partners L.P., a Delaware limited partnership
("GOP Investor"), and Credit Suisse First Boston LLC and CIBC World Markets Corp. (together, the "Initial
Purchasers"). 

        Pursuant
to the Purchase Agreement, dated as of April 30, 2003, among the Company, ICI Alta Inc. and the Initial Purchasers (the
"Purchaser Agreement"), the Company sold to the Initial Purchasers an aggregate of 875,000 Units, with each Unit consisting of $1,000 principal amount
at maturity 15% Senior Secured Discount Notes due 2008 of the Company (the "Notes") and one Warrant (collectively,
"Warrants") to purchase initially 2.8094 shares of Common Stock. As a condition to closing under the Purchase Agreement, the Company, Huntsman Holdings
and Huntsman Group have agreed to provide to the Holders (as defined herein) the registration rights for the Registrable Securities (as defined herein) set forth in this Agreement and the Huntsman
Investor and GOP Investor have agreed to provide the Holders among other things, the tag-along rights for the Warrants and the Registrable Securities set forth herein. The execution of
this Agreement is a condition to the obligations of the Initial Purchasers to purchase the Units under the Purchase Agreement. 

        In
consideration of the foregoing, the parties hereto agree as follows: 

1.     Definitions. 

        As
used in this Agreement, the following capitalized defined terms shall have the following meanings: 

        "Advice" shall have the meaning ascribed to that term in the last paragraph of Section 4. 

        "Affiliate" of any specified Person means any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Agreement" shall have the meaning ascribed to that term in the preamble hereto. 

        "Business Day" shall mean a day that is not a Legal Holiday. 

        "Capital Stock" shall mean, with respect to any Person, any and all shares, interests, participations, rights in or other equivalents
(however designated and whether voting and/or non-voting) of capital stock, partnership interests, membership interests or any other participation, right or other interest in the nature of
an equity interest in such Person or any option, warrant or other security convertible into or exercisable or exchangeable for any of the foregoing. 

        "Cash Purchase Price" shall have the meaning ascribed to such term in Section 2.7. 

        "Common Stock" shall mean, together, the Common Stock, par value $0.01 per share, of the Company and any options, warrants or security
convertible into or exercisable or exchangeable for such common stock. 

        "Company" shall have the meaning ascribed to that term in the preamble hereto and shall also include the Company's successors. 

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        "Current Market Value" per share of any class of common stock of the Company at any date shall mean: 

        (1)   if
no class of common stock is then (A) registered under the Exchange Act and (B) traded on a national securities exchange or on the Nasdaq National Market
System, (a) the value of such class of common stock, determined in good faith by the Board of Directors of the Company and certified in a board resolution, taking into account the most recently
completed arms-length transaction between the Company and a Person other than an Affiliate of the Company and the closing of which occurs on such date or shall have occurred within the
six-month period preceding such date, or (b) if no such transaction shall have occurred on such date or within such six-month period, the fair market value of the
security as determined by a nationally recognized Independent Financial Expert so long as such Independent Financial Expert is mutually acceptable to the Company and the holders of a majority of the
outstanding Warrant Shares on a fully diluted basis; or 

        (2)   (a) if
any class of common stock is then (A) registered under the Exchange Act and (B) traded on a national securities exchange or on the Nasdaq
National Market System, the average of the daily closing sales prices of such class of common stock for the 20 consecutive trading days immediately preceding such date, or (b) if such
class of common stock has been registered under the Exchange Act and traded on a national securities exchange or on the Nasdaq National Market System for less than 20 consecutive trading days
before such date, then the average of the daily closing sales prices for all of the trading days before such date for which closing sales prices are available. The closing sales price of each
such trading day shall be the closing sales price, regular way, on such day, or if no sale takes place on such day, the average of the closing bid and asked prices on such day. 

        "Demand Effectiveness Period" shall mean the shorter of (a) 180 days or (b) such period of time as all of the
Registrable Securities included in the Demand Registration Statement shall have been sold thereunder. 

        "Demand Registration" shall have the meaning ascribed to such terms in Section 2.5. 

        "Demand Registration Statement" shall have the meaning ascribed to such terms in Section 2.5. 

        "Demand Request" shall have the meaning ascribed to such terms in Section 2.5. 

        "Demand Suspension Period" shall have the meaning ascribed to such terms in Section 2.6. 

        "Drag-Along Purchase Price" shall have the meaning ascribed to such term in Section 3.3(a). 

        "Drag-Along Right" shall have the meaning ascribed to such term in Section 3.3(a). 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended from time to time. 

        "Exercise Price" shall have the meaning ascribed to such term in the Warrant Agreement. 

        "Fair Value of Parent Equity Securities" means the fair market value of the Parent Equity Securities as agreed by Huntsman Holdings and
the Holders of a majority of the outstanding Warrants Shares on a fully diluted basis or, absent such agreement, as determined by an Independent Financial Expert mutually acceptable to Huntsman
Holdings and the Holders a majority of the outstanding Warrant Shares on a fully diluted basis. 

        "Fair Value of Warrant Shares" means the fair market value of the Warrant Shares as agreed by Huntsman Holdings and the Holders of a
majority of the outstanding Warrants Shares on a fully diluted basis or, absent such agreement, as determined by an Independent Financial Expert mutually acceptable to Huntsman Holdings and the
Holders a majority of the outstanding Warrant Shares on a fully diluted basis. If any unexercised Warrants are being exchanged for Parent Equity Securities, then the Fair Value of Warrant Shares shall
be net of the Exercise Price for such unexercised Warrants. 

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        "GOP Investor" shall have the meaning ascribed to such term in the preamble hereto and shall also include any Affiliate to the GOP
Investor. 

        "Holder" shall mean the Initial Purchasers, for so long as each Initial Purchaser owns any Warrants or Registrable Securities, and each of
their successors, assigns and direct and indirect transferees who become registered owners of Warrants or Registrable Securities. 

        "Huntsman Investor" shall have the meaning ascribed to that term in the preamble hereto and shall also include any Affiliate to the
Huntsman Investor. 

        "Independent Financial Expert" means a nationally recognized independent investment banking, appraisal or accounting firm. 

        "Initial Public Offering" means the first time, subsequent to the closing of the offering, a registration statement filed under the
Securities Act by the Company with respect to an offering, whether primary or secondary, of Capital Stock (or securities convertible into, or exchangeable or exercisable for, capital stock or rights
to acquire such capital stock or securities, other than the Warrants) of the Company which is underwritten is declared effective and the securities so registered are issued and sold. 

        "Initial Purchasers" shall have the meaning ascribed to that term in the preamble hereto. 

        "Investors" means the Huntsman Investor and the GOP Investor. 

        "Issue Date" means May 9, 2003. 

        "Legal Holiday" shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by law,
regulation or executive order to remain closed. 

        "Notes" shall have the meaning ascribed to that term in the preamble hereto. 

        "Parent" shall mean Huntsman Holdings, Huntsman Group and/or their successors and any other Person required to become party hereto
pursuant to Section 8.4. 

        "Parent Equity Securities" shall have the meaning ascribed to such term in the Warrant Agreement. 

        "Participating Holder" shall have the meaning ascribed to that term in Section 3.2(a). 

        "Person" shall mean an individual, partnership, corporation, limited liability company, joint venture, incorporated or unincorporated
association, joint stock company, trust or a government or other agency or political subdivision thereof or other entity of any kind. 

        "Piggy-Back Registration" shall have the meaning ascribed to that term in Section 2.1. 

        "Proposed Purchaser" shall have the meaning ascribed to that term in Section 3.2(a). 

        "Prospectus" shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated pursuant to the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and
supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 

        "Purchase Agreement" shall have the meaning ascribed to that term in the preamble hereto. 

        "Qualifying IPO" means an underwritten public offering of equity securities of Parent pursuant to an effective registration statement
filed under the Securities Act. 

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        "Registrable Securities" shall mean the Warrant Shares. As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities when (a) a Registration Statement with respect to the offering of such securities by the Holder thereof shall have been declared effective under the Securities Act and
such securities shall have been disposed of by such Holder pursuant to such registration statement, (b) such securities have been sold to the public pursuant to Rule 144, or are eligible
for sale to the public without volume or manner of sale restrictions under, Rule 144(k) (or any similar provision then in force, but not Rule 144A) promulgated under the
Securities Act, (c) such securities shall have been otherwise transferred and new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by
the Company or its transfer agent and subsequent disposition of such securities shall not require registration or qualification under the Securities Act or any similar state law then in force or
(d) such securities shall have ceased to be outstanding. 

        "Registration Expenses" shall mean all expenses incident to the Company's and Parents' performance of or compliance with this Agreement,
including, without limitation, all SEC and stock exchange or National Association of Securities Dealers, Inc. registration and filing fees and expenses, fees and expenses of compliance with
securities or blue sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), rating agency fees,
printing expenses, messenger, telephone and delivery expenses, fees and disbursements of counsel for the Company and Parent and all independent certified public accountants and any fees and
disbursements of underwriters customarily paid by issuers or sellers of securities (but not including any underwriting discounts or commissions, fees of counsel to the Holders or transfer taxes, if
any, attributable to the sale of Subject Equity by Holders of such Subject Equity). 

        "Registration Statement" shall mean any registration statement of the Company which covers any of the Subject Equity pursuant to the
provisions of this Agreement and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference therein. 

        "Repurchase Right" shall have the meaning ascribed to such term in Section 2.7. 

        "Requesting Holders" shall have the meaning ascribed to such term in Section 2.2. 

        "Rule 144" shall mean Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 

        "Rule 144A" shall mean Rule 144A under the Securities Act, as such Rule may be amended from time to time. 

        "SEC" shall mean the Securities and Exchange Commission. 

        "Securities Act" shall mean the Securities Act of 1933, as amended from time to time. 

        "Shelf Effectiveness Period" shall have the meaning ascribed to such term in Section 2.3. 

        "Shelf Registration Statement" shall have the meaning ascribed to such term in Section 2.3. 

        "Shelf Suspension Period" shall have the meaning ascribed to such term in Section 2.4. 

        "Subject Equity" shall mean the Warrants, Warrant Shares and Registrable Securities. 

        "Tag-Along Notice" shall have the meaning ascribed to that term in Section 3.2(a). 

        "Tag-Along Purchase Price" shall have the meaning ascribed to that term in Section 3.2(c). 

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        "Tag-Along Right" shall have the meaning ascribed to that term in Section 3.2(a). 

        "Transfer" shall have the meaning ascribed to that the term in Section 3.2(a). 

        "Transfer Notice" shall have the meaning ascribed to that term in Section 3.2(a). 

        "Warrant Agent" shall have the meaning ascribed to such term in the Warrant Agreement. 

        "Warrant Agreement" means the Warrant Agreement dated as of May 9, 2003, among the Company, Huntsman Holdings, Huntsman Group and
Wells Fargo Bank Minnesota, National Association, as Warrant Agent. 

        "Warrants" shall have the meaning ascribed to that term in the preamble hereto. 

        "Warrant Shares" shall mean the shares of Common Stock issued and issuable upon exercise of the Warrants from time to time and any other
securities issued or issuable with respect to the Warrants by way of stock dividend, stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization or otherwise. 

        "Withdrawal Election" shall have the meaning ascribed to that term in Section 2.2(b). 

2.     Registration Rights. 

        2.1.  Piggy-Back Registration. If at any time the Company proposes to effect (i) an Initial Public Offering
which includes a selling stockholder component or (ii) any subsequent public offering of Capital Stock of the Company (except with respect to Registration Statements on Forms S-4 or
S-8, or any successor or similar forms), then the Company shall give written notice of such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no event
less than 20 days before the anticipated initial filing date), and such notice shall offer such Holders the opportunity to register such number of Registrable Securities as each such Holder may
request (a "Piggy-Back Registration"). Each Holder of Registrable Securities will have the right, within 20 days after receipt of
such notice, to request that the Company include such Holder's Registrable Securities for sale pursuant to such Registration Statement. The Company shall cause the managing underwriter or underwriters
of any proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration to be included on the same terms and conditions as any
similar securities of the Company or any other securityholder included therein and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method of
distribution thereof. Any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Registration Statement pursuant to this Section 2.1 by giving
written notice to the Company of its request to withdraw. The Company may withdraw a Piggy-Back Registration at any time prior to the time it becomes effective;  provided that the Company shall give
prompt notice thereof to participating Holders. The Company will pay all Registration Expenses in connection with
each registration of Registrable Securities requested pursuant to this Section 2.1, and each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder's Registrable Securities pursuant to a Registration Statement effected pursuant to this Section 2.1. 

        No
failure to effect a registration under this Section 2.1 and to complete the sale of Registrable Securities in connection therewith shall relieve the Company of any other
obligation under this Agreement. 

        2.2.  Reduction of Piggy-Back Registration. (a) If the managing underwriter of any underwritten offering
described in Section 2.1 has informed, in writing, the Holders of the Registrable Securities requesting inclusion in such offering (the "Requesting Holders") that it is its view in its
reasonable judgment that the total number of shares of Capital Stock which the Company, the Holders and any other Persons desiring to participate in such registration intend to include in such
offering exceeds the maximum number of shares of Capital Stock that may be distributed without materially and adversely 

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affecting
the price, timing or distribution of the shares of Capital Stock to be sold by the Company, then: 

        (i)    all
the shares of Capital Stock that Company proposes to sell shall first be included in such offering; and 

        (ii)   the
number of Registrable Securities to be offered for the account of the Requesting Holders and the number of shares of Capital Stock to be offered for the account of
all such other Persons (other than the Company) participating in such registration shall be reduced or limited pro rata in proportion to the respective
number of shares of Capital Stock requested to be registered to the extent necessary to reduce the total number of shares of Capital Stock requested to be included in such offering to the number of
shares of Capital Stock, if any, recommended by such managing underwriter. 

        (b)   If,
as a result of the proration provisions of this Section 2.2, any Holder shall not be entitled to include all Registrable Securities in a
Piggy-Back Registration that such Holder has requested to be included, such Holder may elect to withdraw his request to include Registrable Securities in such registration (a
"Withdrawal Election"); provided that a Withdrawal Election shall be irrevocable and, after making a
Withdrawal Election, a Holder shall no longer have any right to include Registrable Securities in the registration as to which such Withdrawal Election was made. 

        (c)   The
right of any Holder of Registrable Securities to be included in any Piggyback Registration other than an Initial Public Offering shall be conditioned on such Holder
agreeing to a lock-up on the sales of its Warrants and Registrable Securities (other than those being registered) for a period commencing from the consummation of such offering and ending
on the earlier of (i) the date required by the managing underwriter for holders of shares of Capital Stock of the Company generally, not to exceed the date that is 90 days following the
effective date of such registration and (ii) the first date that other holders of shares of Capital Stock selling such shares in such offering are generally allowed to sell their shares of
Capital Stock. 

        All
Holders of Warrants and Registrable Securities, whether or not participating in the Initial Public Offering, will not sell or otherwise dispose of any Warrant or Registrable
Securities owned by them for the period commencing from the consummation of the Initial Public Offering and ending on the earlier of (i) the date required by the managing underwriter for
holders of shares of Capital Stock of the Company generally, not to exceed the date that is 180 days following the effective date of such registration and (ii) the first date that
holders of shares of Capital Stock participating in the Initial Public Offering, if any, are generally able to sell their shares of Capital Stock. 

        2.3.  Shelf Registration. At any time following one year after the consummation of an Initial Public Offering, on one occasion
only, Holders of Registrable Securities representing not less than 25% of all the then outstanding Registrable Securities, taken together on a fully diluted basis, will have the right to require the
Company to file a shelf Registration Statement for the registration of the sale of the Registrable Securities (a "Shelf Registration Statement").
Upon receipt by the Company of a request from such Holders, the Company will give notice to all other Holders of Warrants and Registrable Securities offering them the option of including their
Registrable Securities in the Shelf Registration Statement. The Company will promptly file and use its reasonable best efforts to obtain the effectiveness of the Shelf Registration Statement for the
benefit of all the Holders that desire to include their Registrable Securities in the Shelf Registration Statement. The Company shall use reasonable best efforts to maintain the effectiveness of the
Shelf Registration Statement until such time as all Registrable Securities included therein have been sold thereunder or are eligible to be sold without restriction under
Rule 144(k) under the Securities Act (the "Shelf Effectiveness Period"). The Company shall cooperate with all Holders requesting
registration and the underwriters in connection with consummating any underwritten public offering of such Holders' Registrable Securities under the Shelf Registration Statement. The Company will pay
all Registration Expenses in connection with the 

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registration
and offering of Registrable Securities, and each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such
Holder's Registrable Securities pursuant to an underwritten offering under the Shelf Registration Statement. 

        2.4.  Suspension Period of Shelf Registration Statement. During any consecutive 365-day period while the Warrants
are exercisable, the Company will have the ability to postpone or suspend the filing, effectiveness or use of the Shelf Registration Statement for up to two 30-consecutive-day
periods (each, a "Shelf Suspension Period") if: 

        (i)    an
event or circumstance occurs and is continuing as a result of which the Shelf Registration Statement, any related Prospectus or any document incorporated therein by
reference as then amended or supplemented or proposed to be filed would, in the good faith determination of the Board of Directors of the Company, contain an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; or 

        (ii)   (A) the
Board of Directors of the Company determines in good faith that the disclosure of such an event at such time would have a material adverse effect on the
business, operations or prospects of the Company or (B) the disclosure otherwise relates to a material business transaction which has not yet been publicly disclosed; 

provided that the Shelf Effectiveness Period shall be extended by the number of days in any Shelf Suspension Period. The Company will provide
notice of any Shelf Suspension Period to the Holders at their addresses appearing in the register of Warrants maintained by the Warrant Agent. 

        2.5.  Demand Registration. At any time following the seventh year anniversary of the Issue Date and if a Qualifying IPO or an
Initial Public Offering shall not have been consummated, on one occasion only, Holders of Registrable Securities representing at least 50% of all the outstanding Registrable Securities on a fully
diluted basis will have the right to request that the Company (a "Demand Request"), no later than 60 days after the receipt of the Demand
Request, file a Registration Statement (a "Demand Registration Statement") for the sale of Registrable Securities (a
"Demand Registration"). Upon receipt by the Company of a Demand Request, the Company will give notice to all other Holders of Warrants and Registrable
Securities offering them the option of including their Registrable Securities in the Demand Registration Statement. The Company will promptly file a Demand Registration and use its reasonable
best efforts to obtain the effectiveness of the Demand Registration Statement for the benefit of all the Holders that desire to include their Registrable Securities in the Demand Registration
Statement, and the Company will cooperate with all Holders requesting registration and the underwriters in consummating an underwritten public offering of such Holders' Registrable Securities. The
Company shall use reasonable best efforts to maintain the effectiveness of the Demand Registration Statement during the Demand Effectiveness Period. The Company will pay all Registration Expenses in
connection with the Demand Registration Statement and each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to the Demand Registration Statement. 

        2.6.  Suspension Period of Demand Registration Statement. Notwithstanding the foregoing, the Company will have the ability to
postpone or suspend the filing, effectiveness or use of a Demand Registration Statement for up to 60 days on one occasion only (a "Demand Suspension
Period"), if: 

        (i)    an
event or circumstance occurs and is continuing as a result of which the Demand Registration Statement, any related Prospectus or any document incorporated therein by
reference as then amended or supplemented or proposed to be filed would, in the good faith determination of the Board of Directors of the Company, contain an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; or 

8

 

        (ii)   (A) the
Board of Directors determines in good faith that the disclosure of such an event at such time would have a material adverse effect on the business,
operations or prospects of the Company or (B) the disclosure otherwise relates to a material business transaction which has not yet been publicly disclosed; 

provided that the Demand Effectiveness Period shall be extended by the number of days in any Demand Suspension Period. The Company will provide
notice of any Demand Suspension Period to the Holders at their addresses appearing in the register of Warrants maintained by the Warrant Agent. 

        2.7.  Right to Repurchase in Lieu of Demand Registration. Notwithstanding Section 2.5, in lieu of complying with a
Demand Request, the Company may repurchase (the "Repurchase Right") all, but no less than all, the Warrants and Registrable Securities of Holders
requesting registration in a Demand Registration Statement at the Current Market Value of Warrant Shares (less the Exercise Price in the case of the Warrants) paid in cash (the
"Cash Purchase Price"). To exercise its Repurchase Right, the Company must notify all Holders requesting registration in a Demand Registration Statement
within 60 days after receipt of a Demand Request and include the amount and calculation of the Cash Purchase Price in such notice and pay the Cash Purchase Price for the Warrant Shares within
five Business Days thereafter. 

        2.8.  Holders' Right to Withdraw. Any Holders of Registrable Securities requesting registration under a Demand Registration
Statement may at any time (including, without limitation, after the Company notifies Holders of exercise of its Repurchase Right but before consummation of such repurchase) decline to participate in
such Demand Registration or the Company's Repurchase Right by notification to the Company. If Holders representing less than 50% of the Registrable Securities requesting registration under a Demand
Registration Statement decline to participate in such Demand Registration, then all the Holders of Registrable Securities will have been deemed to have exercised their one Demand Registration right
under Section 2.5. If Holders representing at least 50% of the Registrable Securities requesting registration under a Demand Registration Statement requesting registration decline to
participate in such Demand Registration and an Initial Public Offering shall not have been consummated at such time, then the Company shall not effect such Demand Registration and Holders of
Registrable Securities shall continue to have Demand Registrations rights under Section 2.5; provided that the Company shall not be required to
effect any additional Demand Registrations on more than two occasions and no more than once in any six-month period. 

        2.9.  Parent Registration Rights. In the event that any Warrants or Warrant Shares are exchanged for Parent Equity Securities
under Section 16 of the Warrant Agreement, then the Parent Equity Securities received will become Registrable Securities under this Section 2, and this Section 2 and
Sections 4 and 5 shall apply to the applicable Parent and the Parent Equity Securities on a substantially equivalent basis and the applicable Parent agrees to be bound by such terms. 

3.     Transfers. 

        3.1.  Generally. All Subject Equity at any time and from time to time outstanding shall be held subject to the conditions and
restrictions set forth in this Section 3. All shares of Capital Stock now or hereafter held by the Huntsman Investor and GOP Investor shall be held subject to the conditions and restrictions
set forth in this Section 3. Each Holder of Subject Equity and the Huntsman Investor and GOP Investor by executing this Agreement or by accepting a certificate representing Capital Stock or
other indicia of ownership therefor from the Company or either Parent agree with the Company and such Parent and with each Holder to such conditions and restrictions. 

        3.2.  Tag-Along Rights. (a) At any time prior to the occurrence of a Qualifying IPO or Initial Public
Offering, in the event that the Huntsman Investor or GOP Investor proposes to sell or otherwise transfer, directly or indirectly (a "Transfer"), in a
single transaction or a series of related transactions, shares of the Company or Parent common stock representing 80% or more of the aggregate number of 

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shares
of common stock of the Company or Parent, as applicable, owned by the Huntsman Investor or the GOP Investor, as applicable, on the Issue Date (other than sales in a bona fide public offering
pursuant to an effective registration statement under the Securities Act), the Huntsman Investor or GOP Investor, as applicable, shall offer each Holder of Subject Equity the right to participate on
the terms set forth in this Section 3.2 in such transaction with respect to all or any portion of their Subject Equity (the "Tag-Along
Right"). Any Investor proposing a Transfer which triggers the rights under this Section 3.2(a) shall notify, or cause to be notified, each Holder of Subject
Equity in writing (a "Transfer Notice") of each such proposed Transfer at least 10 Business Days prior to the date thereof. Such notice shall set forth:
(a) the name of the proposed purchaser (the "Proposed Purchaser") and the number of shares of common stock and other securities, if any, proposed
to be Transferred, (b) the proposed amount of consideration and terms and conditions of payment offered by the Proposed Purchaser (if the proposed consideration is not cash, the Transfer Notice
shall describe the terms of the proposed consideration) and (c) that either the Proposed Purchaser has been informed of the Tag-Along Right and has agreed to purchase Subject Equity
in accordance with the terms hereof or that such Investor will make such purchase. The Tag-Along Right may be exercised by any Holder of Subject Equity by delivery of a written notice to
the Investor who delivered the Transfer Notice ("Tag-Along Notice"), within 10 Business Days of receipt of the Transfer Notice, indicating
its election to exercise the Tag-Along Right (the "Participating Holders"). The Tag-Along Notice shall state the amounts of
Subject Equity that such Holder proposes to include in such Transfer. Failure by any Holder to provide a Tag-Along Notice within the 10 Business Day notice period shall be deemed to
constitute an election by such Holder not to exercise its Tag-Along Right. The closing with respect to any sale to a Proposed Purchaser pursuant to this Section shall be held at the time
and place specified in the Transfer Notice. Consummation of the sale of common stock by an Investor to a Proposed Purchaser shall be conditioned upon consummation of the sale by each Participating
Holder to such Proposed Purchaser (or the applicable Investor) of all or any portion of the Subject Equity requested to be transferred in the Tag-Along Notice. 

        (b)   In
the event that the Proposed Purchaser does not purchase Subject Equity entitled to be transferred as described in (a) above, on the same terms and conditions
as purchased from the applicable Investor, such Investor shall purchase such Subject Equity if the Transfer occurs. 

        (c)   Any
Subject Equity purchased from the Participating Holders pursuant to this Section 3.2 shall be paid for in the same type of consideration and at the same price
per share of common stock and upon the same terms and conditions of such proposed Transfer of common stock by the Investor (the "Tag-Along Purchase
Price"). If the proposed Transfer is a Transfer of common stock of Parent, the Tag-Along Purchase Price to be paid to a Holder shall be determined after giving
effect to the exchange of such Holder's Subject Equity for Parent Equity Securities based upon
the ratio of the Fair Value of Parent Equity Securities to the Fair Value of Warrant Shares at the time of Transfer and as further provided for in the Warrant Agreement. The price per Warrant to be
paid by the Proposed Purchaser shall be less the Exercise Price of such Warrant. The Investor shall arrange for payment directly by the Proposed Purchaser to each Participating Holder, upon delivery
of the certificate or certificates representing the Subject Equity duly endorsed for transfer, together with such other documents as the Proposed Purchaser may reasonably request. 

        (d)   If
the sale of common stock by any Investor and the sale of the Subject Equity entitled to be transferred as provided above have not been completed in accordance with
the terms of the Proposed Purchaser's offer, all certificates representing such Subject Equity shall be returned to the Participating Holders, and all the restrictions on Transfer contained in this
Agreement with respect to common stock owned by the Investors and their Affiliates shall remain in effect. 

        3.3.  Drag-Along Rights. (a) If at any time prior to a Qualifying IPO or Initial Public Offering, the
Investors determine to sell all of the common stock of the Company or Parent owned by them for cash or securities listed on a securities exchange (or quoted in a securities quotation system) or traded
in 

10

 

the
over-the-counter market or a combination of the foregoing, the Investors shall have the right to require the Holders of Subject Equity to sell such Subject Equity to such
transferee (the "Drag-Along Right"); provided that the consideration to be received by the
holders of Subject Equity shall be the same type of consideration received by the Investors. Any Subject Equity purchased from the Holders thereof pursuant to this Section 3.3 shall be paid for
at the same price per share of common stock and upon the same terms and conditions of such proposed transfer of common stock by the Investors (the "Drag-Along
Purchase Price"). If the proposed Transfer is a Transfer of common stock of Parent, the Drag-Along Purchase Price to be paid to a Holder shall be determined after
giving effect to an exchange of such Holder's Subject Equity for Parent Equity Securities based upon the ratio of the Fair Value of Parent Equity Securities to the Fair Value of Warrant Shares at the
time of Transfer and as further provided for in the Warrant Agreement. The price per Warrant to be paid by the Proposed Purchaser shall be less the Exercise Price of such Warrant. 

        (b)   The
Investors shall provide the Holders of Subject Equity with at least ten (10) Business Days' prior written notice of their exercise of the
Drag-Along Right. The Investors shall pay or arrange for payment of the Drag-Along Purchase Price to each Holder of Subject Equity, upon delivery of the certificate or
certificates representing the Subject Equity duly endorsed for transfer. 

        3.4.  Limitation on Representations and Warranties. In connection with any Transfer pursuant to this Section 3, the
Holders of Subject Equity shall not be required to make any representation or warranty, except as to any Holder, such Holder's title to the Subject Equity to be Transferred by it pursuant to this
Section 3 and its ability to Transfer such Subject Equity pursuant to this Section 3. 

4.     Registration Procedures. 

        In
connection with the obligations of the Company or Parent with respect to any Registration Statement pursuant to Section 2 hereof, the Company or Parent shall: 

        (a)   A
reasonable period of time prior to the initial filing of a Registration Statement or Prospectus and a reasonable period of time prior to the filing of any amendment or
supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), furnish to the Holders and the managing underwriters, if any, copies of all
such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review and comment of such Holders, and such
underwriters, if any, and cause the officers and directors of the Company, counsel to the Company and independent certified public accountants to the Company to respond to such reasonable inquiries as
shall be necessary, in the opinion of counsel to such underwriters, to conduct a reasonable investigation within the meaning of the Securities Act; 

        (b)   Prepare
and file with the SEC such amendments, including post-effective amendments, to each Registration Statement as may be necessary to keep such
Registration Statement continuously effective for the applicable time period required hereunder; cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all
securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so
amended or in such Prospectus as so supplemented; 

        (c)   Notify
the holders of Registrable Securities to be sold and the managing underwriters, if any, promptly, and (if requested by any such person), confirm such notice in
writing, (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment is proposed to be filed, and (B) with respect to a Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any request by the SEC or any other Federal or state governmental 

11

 

authority
for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC, any state securities commission, any
other governmental agency or any court of any stop order, order or injunction suspending or enjoining the use of a Prospectus or the effectiveness of a Registration Statement or the initiation of any
proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (v) of the happening of any event or information becoming known
that makes any statement made in a Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that
requires the making of any changes in such Registration Statement, Prospectus or documents so that it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of a Prospectus, it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

        (d)   Use
its best efforts to avoid the issuance of or, if issued, use its best efforts to obtain the withdrawal of any order enjoining or suspending the use of a Prospectus
or the effectiveness of a Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
jurisdiction, at the earliest practicable moment; 

        (e)   If
requested by the managing underwriters, if any, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as
the managing underwriters, if any reasonably believe should be included therein, and (ii) make all required filings of such Prospectus supplement or such post-effective amendment
under the Securities Act as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment;  provided,
however, that the Company shall not be required to take any action pursuant to this
Section 4(e) that would, in the opinion of counsel for the Company, violate applicable law; 

        (f)    Upon
written request to the Company, furnish to each Holder of Registrable Securities to be sold pursuant to a Registration Statement and each managing underwriter, if
any, without charge, at least one conformed copy of such Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be
incorporated therein by
reference, and all exhibits to the extent requested (including those previously furnished or incorporated by reference) as soon as practicable after the filing of such documents with the SEC; 

        (g)   Deliver
to each Holder of Registrable Securities to be sold pursuant to a Registration Statement, and the underwriters, if any, without charge, as many copies of the
Prospectus (including each form of prospectus) and each amendment or supplement thereto as such persons reasonably request; and the Company hereby consents to the use of such Prospectus and each
amendment or supplement thereto by each of the selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by
such Prospectus and any amendment or supplement thereto; 

        (h)   Prior
to any public offering of Registrable Securities, use its best efforts to register or qualify or cooperate with the Holders of Registrable Securities to be sold,
the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for
offer and sale under the securities or Blue Sky laws of such jurisdictions as any such Holder or underwriter reasonably 

12

 

requests
in writing; keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective hereunder and do any
and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the applicable Registration Statement;  provided, however, that the Company shall not be required to (i) qualify generally to do business
in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where they are not so
subject; 

        (i)    In
connection with any sale or transfer of Registrable Securities that will result in such securities no longer being Registrable Securities, cooperate with the Holders
thereof and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates shall not bear any
restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company and to enable such Registrable Securities to be in such denominations and registered in such names as
the managing underwriters, if any, or such Holders may request at least two Business Days prior to any sale of Registrable Securities; 

        (j)    Upon
the occurrence of any event contemplated by Section 4(c)(v), as promptly as practicable, prepare a supplement or amendment, including, if appropriate, a
post-effective amendment, to each Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and,
subject to Section 4(a), file any other required document so that, as thereafter delivered, such Prospectus will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

        (k)   Enter
into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other
reasonable actions in connection therewith (including those reasonably requested by the managing underwriters, if any, or the Holders of a majority of the Registrable Securities being sold) in order
to expedite or facilitate the disposition of such Registrable Securities, and, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten
registration, (i) make such representations and warranties to the Holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Company and its
subsidiaries (including with respect to businesses or assets acquired or to be acquired by any of them), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings, and confirm the same if and when requested;
(ii) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if
any, addressed to each selling Holder of Registrable Securities and each of the underwriters, if any), covering the matters customarily covered in opinions requested in underwritten offerings and such
other matters as may be reasonably requested by such underwriters; (iii) use their best efforts to obtain customary "cold comfort" letters and updates thereof from the independent certified
public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial
statements and financial data is, or is required to be, included in the Registration Statement), addressed (where reasonably possible) to each selling Holder of Registrable Securities and each of the
underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten offerings; (iv) if an
underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the selling 

13

 

Holders
and the underwriters, if any, than those set forth in Section 5 hereof (or such other provisions and procedures acceptable to Holders of a majority of Registrable Securities covered by
such Registration Statement and the managing underwriters, if any); and (v) deliver such documents and certificates as may be reasonably requested by the Holders of a majority of the
Registrable Securities being sold and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to clause (i) above and to
evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; 

        (l)    Make
available for inspection by a representative of any Holder selling Registrable Securities, any underwriter participating in any such disposition of Registrable
Securities, and any attorney, consultant or accountant retained by such Holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial and other
records, pertinent corporate documents and properties of the Company and its subsidiaries (including with respect to businesses and assets acquired or to be acquired to the extent that such
information is available to the Company), and cause the officers, directors, agents and employees of the Company and its subsidiaries (including with respect to businesses and assets acquired or to be
acquired to the extent that such information is available to the Company) to supply all information in each case reasonably requested by any such representative, underwriter, attorney, consultant or
accountant in connection with such Registration Statement; provided, however, that such persons shall
first agree in writing with the Company that any information that is reasonably and in good faith designated by the Company in writing as confidential at the time of
delivery of such information shall be kept confidential by such Persons, unless (i) disclosure of such information is required by court or administrative order or is necessary to respond to
inquiries of regulatory authorities, (ii) disclosure of such information is required by law (including any disclosure requirements pursuant to Federal securities laws in connection with the
filing of the Registration Statement or the use of any Prospectus), (iii) such information becomes generally available to the public other than as a result of a disclosure or failure to
safeguard such information by such Person or (iv) such information becomes available to such Person from a source other than the Company and its subsidiaries and such source is not bound by a
confidentiality agreement; 

        (m)  Comply
with all applicable rules and regulations of the SEC and make generally available to their securityholders earning statements satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 under the Securities Act, no later than 60 days after the end of any 12-month period (or 135 days after
the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm
commitment or reasonable efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter after the effective date
of a Registration Statement, which statement shall cover said period, consistent with the requirements of Rule 158 under the Securities Act; and 

        (n)   Cooperate
with each seller of Registrable Securities covered by any Registration Statement and each underwriter, if any, participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. 

        The
Company may require a Holder of Registrable Securities to be included in a Registration Statement to furnish to the Company such information regarding (i) the intended method
of distribution of such Registrable Securities, (ii) such Holder and (iii) the Registrable Securities held by such Holder as is required by law to be disclosed in such Registration
Statement and the Company may exclude from such Registration Statement the Registrable Securities of any Holder who unreasonably fails to furnish such information within a reasonable time after
receiving such request. 

14

 

        If
any such Registration Statement refers to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require
(i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the Company' securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial
requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act, the deletion of the reference to such Holder in
any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 

        Each
Holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 4(c)(ii), 4(c)(iii), 4(c)(iv) or 4(c)(v) hereof, such Holder will forthwith discontinue disposition of such Registrable Securities covered by such
Registration Statement or Prospectus until such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 4(j) hereof, or until it is advised in
writing (the "Advice") by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus. If the Company shall give any such notice, the Shelf Effectiveness Period or
Demand Effectiveness Period, as applicable, shall be extended by the number of days during such period from and including the date of the giving of such notice to and including the date when
each Holder of Registrable Securities covered by such Registration Statement shall have received (x) the copies of the supplemented or amended Prospectus contemplated by
Section 4(j) hereof or (y) the Advice, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by
reference in such Prospectus. 

15

   5.     Indemnification and Contribution. 

        (a)   Indemnification by the Company. The Company will indemnify and hold harmless each of the Holders of Registrable
Securities included in a Registration Statement against any losses, claims, damages or liabilities, joint or several, to which such Holder may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement under which such Registrable Securities were registered under the Securities Act, or any preliminary, final or summary prospectus contained therein or furnished by the
Company to any such Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse such Holder for any legal or other expenses reasonably incurred by them in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that (i) the Company shall
not be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in such Registration Statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in conformity with written
information furnished to the Company by any Holder, placement or sales agent or underwriter expressly for use therein and (ii) such indemnity with respect to any preliminary prospectus shall
not inure to the benefit of any Holder, placement agent or underwriter (or any person controlling such person) to the extent that any loss, claim, damage or liability of such person results from the
fact that such person sold Registrable Securities to a person as to whom it shall be established that there was not sent or given, a copy of the final prospectus (or the final prospectus as amended or
supplemented) at or prior to the confirmation of the sale of such Securities to such person if (x) the Company has previously furnished copies thereof in sufficient quantity to such indemnified
person and the loss, claim, damage or liability of such indemnified person results from an untrue statement or omission of a material fact contained in such preliminary prospectus which was identified
at such time to such indemnified person and corrected in the final prospectus (or the final prospectus as amended or supplemented) and (y) such loss, liability, claim, damage or expense would
have been eliminated by the delivery of such corrected final prospectus or the final prospectus as then amended or supplemented. 

        (b)   Indemnification by the Holders. The Company may require, as a condition to including any Registrable Securities in any
Registration Statement or to entering into any underwriting agreement with respect thereto, that the Company shall have received an undertaking reasonably satisfactory to it from the Holders of such
Registrable Securities and from each underwriter named in any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Company and all other Holders of
Registrable Securities, against any losses, claims, damages or liabilities to which the Company or such other Holders of Registrable Securities may become subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in such Registration Statement, or any preliminary, final or summary prospectus contained therein or furnished by the Company to any such Holder, agent or underwriter, or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with
written information furnished to the Company by such Holder (in the case of an undertaking by such Holder) or underwriter (in the case of an undertaking by such underwriter) expressly for use therein,
and (ii) reimburse the Company for 

16

 

any
legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred;  provided, however, that no such Holder shall be required to undertake liability to any person under this
Section 5(b) for any amounts in excess of the amount of the proceeds to be received by such Holder from the sale of such Holder's Registrable Securities pursuant to such registration. 

        (c)   Notices of Claims, Etc. Promptly after receipt by an indemnified party under Section 5(a) or
5(b) hereof of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the
indemnification provisions of or contemplated by this Section 5, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying
party shall not relieve it from any liability which it may have to any indemnified party otherwise than under the indemnification provisions of or contemplated by Section 5(a) or
5(b) hereof. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory
to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each
case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. In no event shall the indemnifying parties be liable for fees
and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the written consent of the indemnified party, effect the
settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such
settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. No indemnifying party shall be liable under this Section 5(c) for any
settlement of any claim or action effected without its consent, which consent shall not be unreasonably withheld. 

        (d)   Contribution. If for any reason the indemnification provisions contemplated by Section 5(a) or
Section 5(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by such indemnifying party or by such indemnified party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 5(d) were determined by pro rata allocation (even if the 

17

 

Holders
or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to in this Section 5(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to above
shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 5(d), no holder shall be required to contribute any amount in excess of the amount by which the amount of the proceeds received by such Holder from the sale of any
Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the
Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders' and any underwriters' obligations in this Section 5(d) to contribute
shall be several in proportion to the principal amount of Registrable Securities registered or underwritten, as the case may be, by them and not joint. 

        (e)   The
obligations of the Company under this Section 5 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same
terms and conditions, to each officer, director and partner of each Holder, agent and underwriter and each person, if any, who controls any
Holder, agent or underwriter within the meaning of the Securities Act; and the obligations of the Holders and any agents or underwriters contemplated by this Section 5 shall be in addition to
any liability which the respective Holder, agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company and to each person,
if any, who controls the Company within the meaning of the Securities Act. 

6.     Rules 144 and 144A. 

        The
Company shall use its best efforts to file any reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time it is not
required to file such reports but in the past had been required to or did file such reports, it will, upon the request of any Holder of Warrants or Registrable Securities, make available other
information as required by, and so long as necessary to permit, sales of its Warrants and Registrable Securities pursuant to Rule 144A. Notwithstanding the foregoing, nothing in this
Section 6 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. 

7.     Underwritten Registrations. 

        If
any of the Registrable Securities covered by any Registration Statement are to be sold in an underwritten public offering, the investment banker or investment bankers and manager or
managers that will administer the offering will be selected by a majority of the Registrable Securities being registered after consultation with the Company. 

        No
Person may participate in any underwritten public offering hereunder unless such person (i) agrees to sell such Registrable Securities on the basis reasonably provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such underwriting arrangements. 

18

 

8.     Miscellaneous. 

        8.1.  Remedies. In the event of a breach by the Company, Parent or any Investor or by a Holder of any of its obligations under
this Agreement, each Holder, the Investors, the Company and Parent, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. The Company, Parent, the Investors and each Holder agree that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach of any of the provisions of this Agreement and each hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a
remedy at law would be adequate. 

        8.2.  No Conflicting Agreements. The Company, Parent and the Investors will not enter into any agreement that conflicts with
the rights granted to the Holders and indemnified persons in this Agreement or otherwise conflicts with the provisions hereof. Without the written consent of the Holders of a majority of the
outstanding Warrant Shares on a fully diluted basis, the Company, Parent and the Investors shall not grant to any Person any rights which conflict with the provisions of this Agreement. 

        8.3.  Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority of
the outstanding Warrant Shares on a fully diluted basis; provided, however, that, for the purposes of
this Agreement, Warrants, Warrant Shares and Registrable Securities that are owned, directly or indirectly, by the Company, Parent or the Investors or any of their Affiliates are not deemed
outstanding. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose securities are
being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by Holders of a majority of the Registrable Securities being
sold by such Holders pursuant to such Registration Statement; provided, however, that the provisions of
this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. Notwithstanding the foregoing, no amendment, modification,
supplement, waiver or consent with respect to Section 5 shall be made or given otherwise than with the prior written consent of each Person affected thereby. 

        8.4.  Additional Parties. If on or after the date hereof Parent creates a new holding company that shall own 100% of the
Common Stock of the Company, Parent shall cause such holding company to execute and deliver an agreement for the benefit of the Holders pursuant to which such holding company agrees to become a party
to this Agreement and to be bound by all provisions in this Agreement relating to Parent. 

        8.5.  Notices. All notices and other communications provided for herein shall be made in writing by hand-delivery,
next-day air courier, certified first-class mail, return receipt requested, telex or telecopier to the Company or Parent, as provided in the Purchase Agreement, 

	(a)
	if
to the Huntsman Investor, 

Huntsman
Family Holdings II Company LLC

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: General Counsel

Facsimile: (801) 584-5788 

	(b)
	if
to the GOP Investor, 

19

 

MatlinPatterson
Global Opportunities Partners L.P.

520 Madison Avenue, 35th Floor

New York, New York 10022

Attention: David Matlin

Facsimile: (212) 651-4011 

        With
a copy, which shall not constitute notice, to: 

Orrick,
Herrington & Sutcliffe LLP

666 Fifth Avenue

New York, New York 10103

Attention: Duncan Darrow

Facsimile: (212) 506-5151 

or
such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. 

        (c)   if
to the Company or either Parent, as provided in the Warrant Agreement, or 

        (d)   if
to the Initial Purchasers, as provided in the Purchase Agreement, or 

        (e)   if
to any other Person who is then the registered Holder of Warrants or Registrable Securities, to the address of such Holder as it appears in the register therefor of
the Company. 

        Except
as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; one Business Day after
being timely delivered to a next-day air courier; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; and when receipt is
acknowledged by the recipient's telecopier machine, if telecopied. 

        8.6.  Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder. Notwithstanding the foregoing, no successor or assignee of the Company or Parent or any Investor shall have any of the
rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement of such person's acceptance of such rights and obligations. 

        8.7.  Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. 

        8.8.  Governing Law; Submission to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK. THE COMPANY, PARENT AND THE INVESTOR HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK
STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. 

        8.9.  Severability. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions set forth herein shall remain in full force and effect and shall in 

20

 

no
way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

        8.10.     Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. All references made in this Agreement to "Section" and "paragraph" refer to such Section or paragraph of this Agreement, unless expressly stated otherwise. 

21

   
        IN WITNESS WHEREOF, the parties have caused this Common Stock Registration Rights Agreement to be duly executed as of the date first written above. 

	

 	
 	

HMP EQUITY HOLDINGS CORPORATION
	

 	
 	

By:	
 	

/s/  J. KIMO ESPLIN      
 Name: J. Kimo Esplin

Title: Executive Vice President and Chief Financial Officer
	

 	
 	

HUNTSMAN HOLDINGS, LLC
	

 	
 	

By:	
 	

/s/  SEAN DOUGLAS      
 Name: Sean Douglas

Title: Authorized Person
	

 	
 	

HUNTSMAN GROUP INC.
	

 	
 	

By:	
 	

/s/  SEAN DOUGLAS      
 Name: Sean Douglas

Title: Vice President and Treasurer
	 	 	 	 	 

S-1

 

	

 	
 	

HUNTSMAN FAMILY HOLDINGS II COMPANY LLC
	

 	
 	

By:	
 	

/s/  THOMAS E. MUIR      
 Name: Thomas E. Muir

Title: Vice President and Treasurer
	

 	
 	

MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS L.P.
	

 	
 	

By:	
 	

/s/  CHRIS PECHOCK      
 Name: Chris Pechock

Title: Partner
	

 	
 	

CREDIT SUISSE FIRST BOSTON LLC
	

 	
 	

By:	
 	

/s/  RICHARD H. WHITNEY      
 Name: Richard H. Whitney

Title: MD
	

 	
 	

CIBC WORLD MARKETS CORP.
	

 	
 	

By:	
 	

/s/  RICHARD H. WHITNEY      
 Name: Richard H. Whitney

Title: MD

S-2

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EXHIBIT 4.65    
    

EXECUTION COPY  

 

WARRANT AGREEMENT  

 Among  

 HMP EQUITY HOLDINGS CORPORATION,  

 HUNTSMAN HOLDINGS, LLC,  

 HUNTSMAN GROUP INC.  

 and  

 WELLS FARGO BANK MINNESOTA,

NATIONAL ASSOCIATION

as

Warrant Agent  

 Dated as of May 9, 2003  

 

  

   TABLE OF CONTENTS  

	 
	 	 
	 	 
	 	Page

	SECTION 1.	 	APPOINTMENT OF WARRANT AGENT	 	3
	

SECTION 2.	
 	

WARRANT CERTIFICATES	
 	

3
	

SECTION 3.	
 	

EXECUTION OF WARRANT CERTIFICATES	
 	

4
	

SECTION 4.	
 	

REGISTRATION AND COUNTERSIGNATURE	
 	

4
	

SECTION 5.	
 	

TRANSFER AND EXCHANGE OF WARRANTS	
 	

5
	

SECTION 6.	
 	

REGISTRATION OF TRANSFERS AND EXCHANGES	
 	

5
	

 	
 	

(a)	
 	

Transfer and Exchange of Warrants	
 	

5
	 	 	(b)	 	Restrictions on Transfer of a Definitive Warrant for a Beneficial Interest in a Global Warrant	 	6
	 	 	(c)	 	Transfer or Exchange of Global Warrants	 	7
	 	 	(d)	 	Transfer or Exchange of a Beneficial Interest in a Global Warrant for a Definitive Warrant	 	7
	 	 	(e)	 	Restrictions on Transfer or Exchange of Global Warrants	 	8
	 	 	(f)	 	Countersignature of Definitive Warrants in Absence of Depositary	 	8
	 	 	(g)	 	Cancellation or Adjustment of a Global Warrant	 	8
	 	 	(h)	 	Legends	 	9
	 	 	(i)	 	Obligations with Respect to Transfers and Exchanges of Definitive and Global Warrants	 	9
	

SECTION 7.	
 	

TERMS OF WARRANTS; EXERCISE OF WARRANTS	
 	

9
	

SECTION 8.	
 	

PAYMENT OF TAXES	
 	

12
	

SECTION 9.	
 	

RULES 144 AND 144A	
 	

12
	

SECTION 10.	
 	

MUTILATED OR MISSING WARRANT CERTIFICATES	
 	

12
	

SECTION 11.	
 	

RESERVATION OF WARRANT SHARES	
 	

12
	

SECTION 12.	
 	

OBTAINING STOCK EXCHANGE LISTINGS	
 	

13
	

SECTION 13.	
 	

ADJUSTMENT OF EXERCISE RATE AND EXERCISE PRICE	
 	

13
	

 	
 	

(a)	
 	

Adjustment for Change in Capital Stock	
 	

13
	 	 	(b)	 	Adjustment for Certain Sales of Common Stock Below Current Market Value	 	14
	 	 	(c)	 	Adjustment upon Certain Distributions	 	15
	 	 	(d)	 	Notice of Adjustment	 	17
	 	 	(e)	 	Reorganization of Company; Fundamental Transaction	 	17
	 	 	(f)	 	Other Events	 	18
	 	 	(g)	 	Company Determination Final	 	18
	 	 	(h)	 	Warrant Agent's Adjustment Disclaimer	 	18
	 	 	(i)	 	Specificity of Adjustment	 	18
	 	 	(j)	 	Voluntary Adjustment	 	18
	 	 	(k)	 	Multiple Adjustments	 	18
	 	 	(l)	 	When De Minimis Adjustment May Be Deferred	 	18
	 	 	(m)	 	No Reduction Below Par Value	 	18
	

SECTION 14.	
 	

FRACTIONAL INTERESTS	
 	

19
	 	 	 	 	 	 	 

i

 

	

SECTION 15.	
 	

NO RIGHTS AS STOCKHOLDERS	
 	

19
	

SECTION 16.	
 	

MANDATORY AND OPTIONAL EXCHANGE	
 	

19
	

SECTION 17.	
 	

ADDITIONAL PARTIES	
 	

20
	

SECTION 18.	
 	

NOTICE OF CERTAIN DISTRIBUTIONS; CERTAIN RIGHTS	
 	

20
	

SECTION 19.	
 	

NOTICES TO THE COMPANY AND WARRANT AGENT	
 	

20
	

SECTION 20.	
 	

SUPPLEMENTS AND AMENDMENTS	
 	

21
	

SECTION 21.	
 	

CONCERNING THE WARRANT AGENT	
 	

22
	

SECTION 22.	
 	

CHANGE OF WARRANT AGENT	
 	

24
	

SECTION 23.	
 	

IDENTITY OF TRANSFER AGENT	
 	

24
	

SECTION 24.	
 	

SEC REPORTS AND OTHER INFORMATION	
 	

24
	

SECTION 25.	
 	

SUCCESSORS	
 	

25
	

SECTION 26.	
 	

TERMINATION	
 	

25
	

SECTION 27.	
 	

GOVERNING LAW	
 	

25
	

SECTION 28.	
 	

BENEFITS OF THIS AGREEMENT	
 	

25
	

SECTION 29.	
 	

COUNTERPARTS	
 	

25
	

Exhibit A	
 	

Common Stock Purchase Warrant of HMP Equity Holdings Corporation	
 	

 
	

Exhibit B(1)	
 	

Global Warrant Legend	
 	

 
	

Exhibit B(2)	
 	

Unit Legend	
 	

 
	

Exhibit C	
 	

Certificate to Be Delivered upon Exchange or Registration of Transfer of Warrants	
 	

 
	

Exhibit D	
 	

Form of Transferee Letter of Representation in Connection with Transfers to Institutional Accredited Investors	
 	

 
	

Exhibit E	
 	

Form of Transferee Letter of Representation in Connection with Transfers Pursuant to Regulation S	
 	

 

ii

   
        WARRANT AGREEMENT (the "Agreement"), dated as of May 9, 2003, between HMP EQUITY HOLDINGS CORPORATION, a Delaware corporation
(together with any successors and assigns, the "Company"), HUNTSMAN HOLDINGS, LLC, a Delaware limited liability company
("Huntsman Holdings"), HUNTSMAN GROUP INC., a Delaware corporation ("Huntsman Group"), and WELLS
FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America, as warrant agent (with any successor warrant agent, the
"Warrant Agent"). 

        A.
Pursuant to a purchase agreement (the "Purchase Agreement") dated April 30, 2003 among the Company (the
"Unit Issuer"), the Guarantor named therein and CREDIT SUISSE FIRST BOSTON LLC and CIBC WORLD MARKETS CORP. (the
"Purchasers"), the Unit Issuer has agreed to sell to the Purchasers 875,000 units (the "Units"), each
consisting of (i) $1,000 face amount of 15% Senior Secured Discount Notes due 2008 (the "Notes") of the Company and (ii) one warrant
(collectively, the "Warrants"), with each Warrant initially entitling the holder thereof to purchase 2.8094 shares of Common Stock (as defined herein)
of the Company at the Exercise Price (as defined herein). 

        B.
The Notes and the Warrants comprising the Units shall not be separately transferable before the Separation Date (as defined herein). 

        C.
The holders of the Warrants are entitled to the benefits of a Warrant Registration Rights Agreement dated as of May 9, 2003 by and between Huntsman Holdings, LLC, a Delaware
limited liability company, Huntsman Group Inc., a Delaware corporation, the Company, Huntsman Family Holdings II Company LLC, MatlinPatterson Global Opportunities Partners L.P. and the
Purchasers (the "Warrant Registration Rights Agreement"). 

        D.
The Company desires the Warrant Agent to assist the Company in connection with the issuance, exercise, exchange, cancellation and replacement of the Warrants, and in this Agreement
wishes to set forth, among other things, the terms and conditions on which the Warrants may be issued, exercised, exchanged, canceled and replaced. 

        NOW,
THEREFORE, in consideration of the premises and mutual agreements herein, the Company and the Warrant Agent hereby agree as follows: 

        Defined
terms used in this Agreement shall, unless the context otherwise requires, have the meanings specified below. Certain additional terms are set forth elsewhere in this Agreement.
Any reference to any section of applicable law shall be deemed to include successor provisions thereto. 

        "Affiliate" of any specified Person means any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Business Day" means any day that is not a Saturday, Sunday or a day on which banking institutions in New York are authorized or required
by law to be closed. 

        "Capital Stock" means, with respect to any Person, any and all shares, interests, participations, rights in or other equivalents (however
designated and whether voting or non-voting) of such Person's capital stock, whether outstanding on the Issue Date or issued after the Issue Date, and any and all rights (other than any
evidence of indebtedness), warrants or options exchangeable for or convertible into such capital stock. 

        "class" means, when referring to any Capital Stock, any class or series of such Capital Stock. 

        "Clearstream" means Clearstream Banking, Société Anonyme, Luxembourg. 

1

 

        "Common Stock" means the Common Stock of the Company, par value $0.01 per share. 

        "Convertible Security" means any securities convertible or exercisable or exchangeable into Common Stock of the Company of the same class
as Warrant Shares, whether outstanding on the Issue Date or thereafter issued. 

        "Direct Participant" means, with respect to the Depositary (as defined in Section 2), Euroclear or Clearstream, a Person who has an
account with the Depositary, Euroclear or Clearstream, respectively
(and, with respect to The Depository Trust Company (the "DTC"), shall include Euroclear and Clearstream). 

        "Euroclear" means Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear System. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Exercise Date" has the meaning assigned to it in Section 7. 

        "Exercise Price" has the meaning assigned to it in Section 7. 

        "Exchange Offer Registration Statement" means the registration statement to be filed by the Company and the Guarantor under the Securities
Act with respect to the exchange of the Notes for Exchange Securities (as defined in the Registration Rights Agreement). 

        "Fair Value of Parent Equity Securities" means the fair market value of the Parent Equity Securities as agreed by Huntsman Holdings and
the Holders of a majority of the outstanding Warrant Shares on a fully diluted basis or, absent such agreement, as determined by an Independent Financial Expert mutually acceptable to Huntsman
Holdings and the Holders of a majority of the outstanding Warrant Shares on a fully diluted basis. 

        "Fair Value of Warrant Shares" means the fair market value of the Warrant Shares as agreed by Huntsman Holdings and the Holders of a
majority of the outstanding Warrant Shares on a fully diluted basis or, absent such agreement, as determined by an Independent Financial Expert mutually acceptable to Huntsman Holdings and the Holders
of a majority of the outstanding Warrant Shares on a fully diluted basis. If any unexercised Warrants are being exchanged for Parent Equity Securities, then the Fair Value of Warrant Shares shall be
net of the Exercise Price for such unexercised Warrants. 

        "Indenture" means the indenture dated as of May 9, 2003 between the Company, the Guarantor and the Trustee, relating to the Notes. 

        "Independent Financial Expert" means a nationally recognized independent investment banking, appraisal or accounting firm. 

        "Indirect Participant" means a person who holds a beneficial interest in a Global Warrant (as defined in Section 2) through a
Direct Participant. 

        "Initial Public Offering" means the first time, subsequent to the closing of the offering of the Units as contemplated in the Purchase
Agreement, a registration statement filed under the Securities Act by the Company with respect to an offering, whether primary or secondary, of capital stock (or securities convertible into, or
exchangeable or exercisable for, capital stock or rights to acquire such capital stock or securities, other than the Warrants) of the Company which is underwritten, is declared effective and the
securities so registered are issued and sold. 

        "Issue Date" means May 9, 2003. 

        "One Year Restricted Period" means the one year "distribution compliance period" as defined in rule 902(f) of
Regulation S. 

2

 

        "Parent" means Huntsman Holdings, Huntsman Group and/or any of their successors and any other Person required to become a party hereto
pursuant to Section 17. 

        "Parent Equity Securities" means (i) in the case of Section 16(a) or (b)(ii), equity securities of Parent that are of the
same class as the equity securities of Parent that are being sold in a Qualifying IPO; (ii) in the case of Section 16(b)(ii), equity securities of Parent that are of the same class as
the equity securities of Parent being exchanged for cash in connection with a merger or consolidation; and (iii) in the case of Section 16(d), equity securities of Parent that are of the
same class as the equity securities of Parent being Transferred. 

        "Person" means any individual, corporation, limited liability company, partnership, joint venture, unincorporated association, joint-stock
company, trust or government or other agency or political subdivision thereof or other entity of any kind. 

        "Qualifying IPO" means an initial underwritten public offering of equity securities of Parent pursuant to an effective registration
statement filed under the Securities Act. 

        "Registration Rights Agreement" means the Exchange and Registration Rights Agreement dated as of May 9, 2003 among the Company, the
Guarantor and the Purchasers relating to the registration of the Notes. 

        "SEC" means the Securities and Exchange Commission. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Separation Date" means on or after the earliest to occur of: (1) 180 days after the Issue Date; (2) the date on
which an exchange offer registration statement for a registered exchange offer with respect to the Notes is declared effective under the Securities Act; (3) the occurrence of an Event of
Default (as defined in the Indenture); (4) the occurrence of a Change of Control (as defined in the Indenture); or (5) such earlier date as Credit Suisse First Boston determines in its
sole discretion. 

        "Time of Determination" means (i) in the case of any distribution of securities or other property to existing shareholders to which
Section 13(b) or 13(c) applies, the time and date of the determination of shareholders entitled to receive such securities or property or (ii) in the case of any other
issuance and sale to which Section 13(b) or 13(c) applies, the time and date of such issuance or sale. 

        "Trustee" means Wells Fargo Bank Minnesota, National Association, the trustee under the Indenture. 

        "Warrant Shares" means the shares of Common Stock issuable upon exercise of Warrants from time to time. 

        SECTION
1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with
the instructions hereinafter set forth in this Agreement, and the Warrant Agent hereby accepts such appointment. 

        SECTION
2. Warrant Certificates. (a) The certificates representing the Warrants ("Warrant
Certificates") will initially be issued in the form of one or more registered global warrants (the "Global Warrants")
substantially in the form of Exhibit A attached hereto, which shall be deposited with the Warrant Agent, as custodian for the Depositary (as
defined below), and registered in the name of DTC or the nominee of DTC for credit to the accounts of DTC's Direct and Indirect Participants. Any Global Warrants to be delivered pursuant to this
Agreement shall bear the legend set forth in Exhibit B(1) attached hereto. The Global Warrants shall represent such of the outstanding Warrants
as shall be specified therein, and each Global Warrant shall provide that it shall represent the aggregate amount of outstanding Warrants from time to time endorsed thereon and that the aggregate
amount of outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate. Any endorsement of a Global Warrant to reflect the amount of any increase or decrease 

3

 

in
the amount of outstanding Warrants represented thereby shall be made by the Warrant Agent and the Depositary in accordance with instructions given by the holder thereof. The DTC shall act as the
"Depositary" with respect to the Global Warrants until a successor shall be appointed by the Company and the Warrant Agent. Upon written request, a
holder of Warrants may receive from the Warrant Agent or the Depositary definitive Warrant Certificates ("Definitive Warrants") as set forth in
Section 6 hereof. 

        (b)   Warrants
sold in offshore transactions in reliance on Regulation S will initially be represented by one or more temporary, registered, global
book-entry Warrants (each, a "Regulation S Temporary Global Warrant") and shall bear a legend substantially to the effect set forth
in Exhibit A, which shall be deposited with the Warrant Agent, as custodian for the Depositary, and registered in the name of a nominee of DTC
for credit to the accounts of Indirect Participants participating in DTC through Euroclear and Clearstream. During the One Year Restricted Period commencing on the day after the later of the offering
date and the original Issue Date of the Units in the case of transfers by an owner of a beneficial interest in a Regulation S Temporary Global Warrant, beneficial interests in the
Regulation S Temporary Global Warrant may be held only through Euroclear or Clearstream, and, pursuant to DTC's procedures, Indirect Participants that hold a beneficial interest in the
Regulation S Temporary Global Warrant will not be able to transfer such interest to a person that takes delivery thereof in the form of a beneficial interest in the Global Warrant. Within a
reasonable time after the expiration of the One Year Restricted Period, the Regulation S Temporary Global Warrants will be exchanged for one or more permanent global securities (the
"Regulation S Permanent Global Warrants"), upon delivery to DTC of certification of compliance with the transfer restrictions applicable to the
Warrants and pursuant to Regulation S as provided in this Agreement. After the One Year Restricted Period, (i) beneficial interests in the Regulation S Permanent Global Warrants
may be transferred to a person that takes delivery in the form of an interest in the Global Warrants and (ii) beneficial interests in the Global Warrants may be transferred to a person that
takes delivery in the form of an interest in the Regulation S Permanent Global Warrants, provided, in each case, that the certification
requirements described in Section 6 hereof are complied with. 

        SECTION
3. Execution of Warrant Certificates. Warrant Certificates shall be signed on behalf of the Company by its Chairman of the Board,
President, Chief Executive Officer, a Vice President, Treasurer, an Assistant Treasurer or Chief Financial Officer and by a Vice President, its Secretary or an Assistant Secretary. Each such signature
upon the Warrant Certificates may be in the form of a facsimile
signature of any such present or future officer and may be imprinted or otherwise reproduced on the Warrant Certificates. 

        In
case any officer of the Company who shall have signed any of the Warrant Certificates shall cease to be such officer before the Warrant Certificates so signed shall have been
countersigned by the Warrant Agent, or disposed of by the Company, such Warrant Certificates nevertheless may be countersigned and delivered or disposed of as though such person had not ceased to be
such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a proper
officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such officer. 

        Warrant
Certificates shall be dated the date of countersignature by the Warrant Agent. 

        SECTION
4. Registration and Countersignature. The Warrants shall be numbered and shall be registered on the books of the Company
maintained at the principal office of the Warrant Agent (the "Warrant Register") as they are issued. 

        Warrant
Certificates shall be manually countersigned by the Warrant Agent and shall not be valid for any purpose unless so countersigned. The Warrant Agent shall, upon written
instructions of the 

4

 

Chairman
of the Board, the President, Chief Executive Officer, a Vice President, the Treasurer, an Assistant Treasurer, Chief Financial Officer, Secretary or an Assistant Secretary of the Company,
initially countersign and deliver Warrants entitling the holders thereof to purchase not more than the number of Warrant Shares referred to above in the first recital hereof and shall thereafter
countersign and deliver Warrants as otherwise provided in this Agreement. 

        The
Company and the Warrant Agent may deem and treat the registered holders (the "Holders" or
"Warrantholders") of the Warrant Certificates as the absolute owners thereof (notwithstanding any notation of ownership or other writing thereon made by
anyone) for all purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

        SECTION
5. Transfer and Exchange of Warrants. The Warrant Agent shall from time to time, subject to the limitations of Section 6,
register the transfer of any outstanding Warrants upon the records to be maintained by it for that purpose, upon surrender thereof duly endorsed or accompanied (if so required by it) by a written
instrument or instruments of transfer in form satisfactory to the Warrant Agent, duly executed by the registered Holder or Holders thereof or by the duly appointed legal
representative thereof or by a duly authorized attorney. Subject to the terms of this Agreement, each Warrant Certificate may be exchanged for another certificate or certificates entitling the Holder
thereof to purchase a like aggregate number of Warrant Shares as the certificate or certificates surrendered then entitle each Holder to purchase. Any Holder desiring to exchange a Warrant Certificate
or Certificates shall make such request in writing delivered to the Warrant Agent, and shall surrender, duly endorsed or accompanied (if so required by the Warrant Agent) by a written instrument or
instruments of transfer in form satisfactory to the Warrant Agent, the Warrant Certificate or Certificates to be so exchanged. 

        Upon
registration of transfer, the Company shall execute and the Warrant Agent shall countersign and deliver by certified mail a new Warrant Certificate or Certificates to the persons
entitled thereto. The Warrant Certificates may be exchanged at the option of the Holder thereof, when surrendered at the office or agency of the Company maintained for such purpose, which initially
will be the corporate trust office of the agent of the Warrant Agent in New York, New York located at c/o The Depository Trust Company, TADS Department, 1st Floor, 55 Water Street, New York, New York
10041, for another Warrant Certificate, or other Warrant Certificates of different denominations, of like tenor and representing in the aggregate the right to purchase a like number of Warrant Shares. 

        No
service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other
tax or other governmental charge that is imposed in connection with any such exchange or registration of transfer. 

        SECTION
6. Registration of Transfers and Exchanges. 

        (a)   Transfer and Exchange of Warrants. When Warrants are presented to the Warrant Agent with a request: 

	(i)
	to
register the transfer of the Warrants; or

	(ii)
	to
exchange such Definitive Warrants for an equal number of Warrants of other authorized denominations, 

the
Warrant Agent shall register the transfer or make the exchange as requested if (and may refuse to register any transfer or exchange unless) the requirements under this Agreement as set 

5

 

forth
in this Section 6 for such transactions are met; provided, however, that the Warrants
presented or surrendered for registration of transfer or exchange: 

	(x)
	shall
be duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Company and the Warrant Agent, duly executed by the holder thereof
or by his or her attorney, duly authorized in writing; and

	(y)
	in
the case of Warrants the offer and sale of which have not been registered under the Securities Act, such Warrants shall be accompanied, in the sole discretion of the
Company, by the following additional information and documents, as applicable, it being understood, however, that the Warrant Agent need not determine
which clause (A) through (F) below is applicable:

	(A)
	if
such Warrant is being delivered to the Warrant Agent by a holder for registration in the name of such holder, without transfer, a certification from such holder to that effect (in
substantially the form of Exhibit C hereto); or

	(B)
	if
such Warrant is being transferred to a qualified institutional buyer (as defined in Rule 144A under the Securities Act
("Rule 144A")) (a "QIB") in accordance with Rule 144A or pursuant to an exemption from
registration in accordance with Rule 144 or Regulation S under the Securities Act, a certification to that effect (in substantially the form of  Exhibit C hereto); or

	(C)
	if
such Warrant is being transferred to an institutional accredited investor within the meaning of subparagraph (a)(1), (a)(2), (a)(3) or (a)(7) of Rule 501 under
the Securities Act (an "Institutional Accredited Investor"), delivery by the transferor of a certification to that effect (in substantially the form of  Exhibit C hereto), and delivery of a Transferee Letter of Representation in connection with Transfers to Institutional Accredited Investors (in
substantially the form of Exhibit D hereto) and an opinion of counsel and/or other information reasonably acceptable to the Company to the effect
that such transfer is in compliance with the Securities Act; or

	(D)
	if
such Warrant is being transferred in reliance on Regulation S under the Securities Act, delivery by the transferor of a certification to that effect (in substantially the
form of Exhibit C hereto), and a Transferee Letter of Representation in connection with Transfers pursuant to Regulation S in the form of  Exhibit E hereto; or

	(E)
	if
such Warrant is being transferred in reliance on Rule 144 under the Securities Act, delivery by the transferor of (i) a certification from the transferor to that
effect (in substantially the form of Exhibit C hereto), and (ii) an opinion of counsel reasonably satisfactory to the Company to the
effect that such transfer is in compliance with the Securities Act; or

	(F)
	if
such Warrant is being transferred in reliance on another exemption from the registration requirements of the Securities Act, a certification to that effect from the transferee or
transferor (in substantially the form of Exhibit C hereto), and an opinion of counsel from the transferee or transferor reasonably acceptable to
the Company to the effect that such transfer is in compliance with the Securities Act. 

        (b)   Restrictions on Transfer of a Definitive Warrant for a Beneficial Interest in a Global Warrant. A Definitive Warrant may
not be transferred by a holder for a beneficial interest in a Global Warrant except upon satisfaction of the requirements set forth below. Upon receipt by the Warrant 

6

 

Agent
of a Definitive Warrant, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Warrant Agent, together with: 

	(i)
	certification
from such holder (in substantially the form of Exhibit C hereto) that such Definitive Warrant is
being transferred to a QIB in accordance with Rule 144A under the Securities Act; and

	(ii)
	written
instructions directing the Warrant Agent to make, or to direct the Depositary to make, an endorsement on the Global Warrant to reflect an increase in the
aggregate amount of the Warrants represented by the Global Warrant, 

then
the Warrant Agent shall cancel such Definitive Warrant and cause, or direct the Depositary to cause, in accordance with the standing instructions and procedures existing between the Depositary
and
the Warrant Agent, the number of Warrant Shares represented by the Global Warrant to be increased accordingly. If no Global Warrant is then outstanding, the Company shall issue and the Warrant Agent
shall upon written instructions from the Company authenticate a new Global Warrant in the appropriate amount. 

	(c)
	Transfer or Exchange of Global Warrants. The transfer or exchange of Global Warrants or beneficial interests therein
shall be effected through the Depositary, in accordance with this Section 6, the Private Placement Legend set forth in Exhibit A, the
other provisions of this Agreement (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor.

	(d)
	Transfer or Exchange of a Beneficial Interest in a Global Warrant for a Definitive Warrant. (i) Any Person having
a beneficial interest in a Global Warrant may transfer or exchange such beneficial interest for a Definitive Warrant upon receipt by the Warrant Agent of written instructions or such other form of
instructions as is customary for the Depositary from the Depositary or its nominee on behalf of any Person having a beneficial interest in a Global Warrant, including a written order containing
registration instructions and the following additional information and documents:

	(A)
	if
such beneficial interest is being transferred to the Person designated by the Depositary as being the beneficial owner, a certification from such Person to that effect (in
substantially the form of Exhibit C); or

	(B)
	if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certification from the transferor to that effect (in
substantially the form of Exhibit C); or

	(C)
	if
such beneficial interest is being transferred to an Institutional Accredited Investor, delivery by the transferor of a certification to that effect (in substantially the form of  Exhibit C hereto),
and delivery of a Transferee Letter of Representation in connection with Transfers to Institutional Accredited Investors to
that effect (in substantially the form of Exhibit D) and an opinion of counsel and/or other information reasonably acceptable to the Company to
the effect that such transfer is in compliance with the Securities Act; or

	(D)
	if
such beneficial interest is being transferred in reliance on Regulation S under the Securities Act, delivery of (i) a certification to that effect (in substantially
the form of Exhibit C hereto) and (ii) a Transferee Letter of Representation in connection with Transfers pursuant to Regulation S
in the form of Exhibit E hereto; or

	(E)
	if
such beneficial interest is being transferred in reliance on Rule 144 under the Securities Act, delivery by the transferor of (i) a certification to that effect (in
substantially the form of Exhibit C hereto) and (ii) an opinion of counsel reasonably 

7

 

satisfactory
to the Company to the effect that such transfer is in compliance with the Securities Act; or 

	(F)
	if
such beneficial interest is being transferred in reliance on another exemption from the registration requirements of the Securities Act, a certification to that effect from the
transferee or transferor (in substantially the form of Exhibit C hereto) and an opinion of counsel and/or other information reasonably acceptable
to the Company to the effect that such transfer is in compliance with the Securities Act (if such transfer is made specifically pursuant to Regulation S, the transferor must also deliver a
Letter of Representation in connection with Transfers pursuant to Regulation S in substantially the form of Exhibit E hereto), 

then
the Warrant Agent will cause, in accordance with the standing instructions and procedures existing between the Depositary and the Warrant Agent, the aggregate amount of the Global Warrant to be
reduced and, following such reduction, the Company will execute and, upon receipt of a countersignature order in the form of an officers' certificate (a certificate signed by two officers of the
Company, one of whom must be the principal executive officer, principal financial officer or principal accounting officer) (an "Officers' Certificate"),
the Warrant Agent will countersign and deliver to the transferee a Definitive Warrant. 

	(ii)
	Definitive
Warrants issued in exchange for a beneficial interest in a Global Warrant pursuant to this Section 6 shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its Direct or Indirect Participants or otherwise, shall instruct the Warrant Agent in writing. The Warrant Agent shall deliver
such Definitive Warrants to the Persons in whose names such Warrants are so registered and adjust the Global Warrant pursuant to paragraph (g) of this Section 6. 

        (e)   Restrictions on Transfer or Exchange of Global Warrants. Notwithstanding any other provisions of this Agreement (other
than the provisions set forth in subsection (f) of this Section 6), a Global Warrant may not be transferred or exchanged as a whole except by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. 

        (f)    Countersignature of Definitive Warrants in Absence of Depositary. If at any time: 

	(i)
	the
Depositary for the Global Warrants notifies the Company that the Depositary is unwilling or unable to continue as Depositary for the Global Warrants and a successor
Depositary for the Global Warrant is not appointed by the Company within 90 days after delivery of such notice; or

	(ii)
	the
Company, at its sole discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants for all Global Warrants under
this Agreement, 

then
the Company will execute, and the Warrant Agent will, upon receipt of an Officers' Certificate requesting the countersignature and delivery of Definitive Warrants, countersign and deliver
Definitive Warrants, in an aggregate number equal to the aggregate number of Warrants represented by the Global Warrant, in exchange for such Global Warrant. 

        (g)   Cancellation or Adjustment of a Global Warrant. At such time as all beneficial interests in a Global Warrant have either
been exchanged for Definitive Warrants, redeemed, repurchased or canceled, such Global Warrant shall be returned to the Company or, upon written order to the Warrant Agent in the form of an Officers'
Certificate from the Company, retained and canceled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in a Global 

8

 

Warrant
is exchanged for Definitive Warrants, redeemed, repurchased or canceled, the number of Warrants represented by such Global Warrant shall be reduced and an endorsement shall be made on such
Global Warrant by the Warrant Agent to reflect such reduction. 

        (h)   Legends. Private Placement Legend. Except as permitted by the following
sentence, each Warrant Certificate evidencing the Warrants (and all Warrants issued in exchange therefor or substitution thereof and, if the Company deems appropriate, Warrant Shares issuable upon
exercise of the Warrants) shall bear a legend substantially to the effect set forth in Exhibit A. Upon any sale or transfer of a Warrant or
Warrant Share pursuant to Rule 144 under the Securities Act in accordance with this Section 6 or under an effective registration statement under the Securities Act, the Warrant Agent
shall permit the holder of a Warrant to exchange such Warrant for a Definitive Warrant and the Company shall permit the holder of a Warrant Share to exchange such Warrant Share for a share of Common
Stock, in each case, that does not bear the legend set forth in Exhibit A. 

	(ii)
	Unit Legend. Each Warrant issued prior to the Separation Date shall bear a legend substantially to the effect set forth
in Exhibit B(2). 

        (i)    Obligations with Respect to Transfers and Exchanges of Definitive and Global Warrants. (i) To permit registrations
of transfers and exchanges, the Company shall execute, at the Warrant Agent's request, and the Warrant Agent shall authenticate Definitive and Global Warrants. 

	(ii)
	All
Definitive and Global Warrants issued upon any registration, transfer or exchange of Definitive and Global Warrants shall be the valid obligations of the Company,
entitled to the same benefits under this Agreement as the Definitive and Global Warrants surrendered upon the registration of transfer or exchange.

	(iii)
	Prior
to due presentment for registration of transfer of any Warrant, the Warrant Agent and the Company may deem and treat the Person in whose name any Warrant is
registered as the absolute owner of such Warrant, and neither the Warrant Agent nor the Company shall be affected by notice to the contrary. 

        SECTION
7. Terms of Warrants; Exercise of Warrants. Subject to the terms of this Agreement each Warrantholder shall have the right, which
may be exercised commencing on or after the earliest to occur of (a) an Initial Public Offering of the Company or a Qualifying IPO of Parent, (b) the occurrence of an Event of Default
(as defined in the Indenture), (c) the occurrence of a Change of Control (as defined in the Indenture), (d) any merger or consolidation of Parent or the sale, transfer or conveyance of
all or substantially all of the assets of the Company (determined on a consolidated basis for the Company and its Subsidiaries), (e) the redemption, repayment or defeasance of all the Notes or
(f) November 15, 2004 (the earliest such date, the "Trigger Date"), until 5:00 p.m., New York City time, on May 15, 2011 (the "Expiration
Date"), to receive from the Company upon the exercise of each Warrant the number of fully paid and nonassessable Warrant Shares which the holder may at the time be entitled to
receive on exercise of such Warrant and payment of the Exercise Price (as defined below) for such Warrant Shares. Each Warrant not exercised prior to the Expiration Date shall become void and all
rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. In the event of an Initial Public Offering of the Company, the Company will have the right to
require all Holders of Warrants to exercise their Warrants upon consummation of the Initial Public Offering; provided that the resale of Warrant Shares
issued upon exercise to the Holders shall have been registered under the Securities Act. To exercise this right, the Company must provide Holders with written notice at least ten Business Days prior
to consummation of the Initial Public Offering. 

        The
price per share at which Warrant Shares shall be purchasable upon exercise of Warrants shall be equal to $0.01 (the "Exercise Price"),
subject to adjustment pursuant to Section 13. A Warrant may be exercised upon surrender at the office or agency of the Company maintained for such purpose, 

9

 

which
initially will be at the corporate trust office of the Warrant Agent in New York, New York, located at c/o The Depository Trust Company, TADS Department, 1st Floor, 55 Water Street, New York,
New York 10041, of the Warrant Certificate or Certificates evidencing the Warrants to be exercised with the form of election to purchase on the reverse thereof (the "Election
to Exercise") duly filled in and signed, which signature shall be guaranteed in accordance with the provisions set forth in the Warrant Certificate. 

        The
"Exercise Date" for a Warrant shall be the date on and after the Trigger Date when all of the items referred to in the immediately
preceding sentence and the next paragraph are received by the Warrant Agent at or prior to 11 a.m., New York City time, on a Business Day and the exercise of the Warrants will be effective as
of such Exercise Date. If any items referred to in such sentence are received after 11 a.m., New York City time, on a Business Day, the exercise of the Warrants to which such item relates will
be effective on the next succeeding Business Day. Notwithstanding the foregoing, in the case of an exercise of Warrants on the Expiration Date, if all of the items referred to in such sentence are
received by the Warrant Agent at or prior to 5 p.m., New York City time, on the Expiration Date, the exercise of the Warrants to which such items relate will be effective on the Expiration
Date. 

        The
Warrants may be exercised by surrendering at the office or agency of the Company, maintained for such purpose which initially will be the issuer services office of the Warrant Agent,
c/o The Depository Trust Company, TADS Department, 1st Floor, 55 Water Street, New York, New York 10041, the Warrants to be exercised with the accompanying form of election to purchase properly
completed and executed, together with payment of the Exercise Price. Payment of the Exercise Price may be made at the Holder's election (i) in cash in United States dollars by wire transfer or
by certified or official bank check to the order of the Company or (ii) by the surrender of one or more Warrant Certificates (and without the payment of the Exercise Price in cash) in exchange
for a number of shares of the Company's Common Stock equal to the product of (a) the number of shares of the Company's Common Stock for which such Warrant is exercisable as of the Exercise Date
(if the Exercise Price were being paid in cash), and (b) the Cashless Exercise Ratio (the "Cashless Exercise"). The
"Cashless Exercise Ratio" shall equal a fraction, the numerator of which is the excess of the Current Market Value per share of the Company's Common
Stock on the Exercise Date over the Exercise Price per share as of the Exercise Date and the denominator of which is the Current Market Value per share of the Company's Common Stock on the Exercise
Date. Upon surrender of a Warrant Certificate representing more than one Warrant, the number of shares of the Company's Common Stock deliverable upon a Cashless Exercise shall be equal to the product
of the number of shares of the Company's Common Stock issuable in respect of those Warrants that the Holder specifies are to be exercised pursuant to a Cashless Exercise multiplied by the Cashless
Exercise Ratio. All provisions of this Agreement are applicable with respect to an exercise of a Warrant Certificate pursuant to a Cashless Exercise for less than the full number of Warrants
represented thereby. 

        "Current Market Value" per share of any class of Common Stock of the Company at any date shall mean: 

        (1)   if
no class of Common Stock is then registered under the Exchange Act and traded on a national securities exchange or on the Nasdaq National Market System, 

        (a)   the
value of such class of Common Stock, determined in good faith by the Board of Directors of the Company and certified in a board resolution, taking into account the
most recently completed arms-length transaction between the Company and a Person other than an Affiliate of the Company and the closing of which occurs on such date or shall have occurred
within the six-month period preceding such date, or 

        (b)   if
no such transaction shall have occurred on such date or within such six-month period, the fair market value of the security as determined by a nationally
recognized 

10

 

Independent
Financial Expert, so long as such Independent Financial Expert is mutually acceptable to the Company and the holders of a majority of the outstanding Warrant Shares on a fully diluted
basis, or 

        (2)   (a) if
any class of Common Stock is then registered under the Exchange Act and traded on a national securities exchange or on the Nasdaq National Market System,
the average of the daily closing sales prices of such class of Common Stock for the 20 consecutive trading days immediately preceding such date, or 

        (b)   if
such class of Common Stock has been registered under the Exchange Act and traded on a national securities exchange or on the Nasdaq National Market System for less
than 20 consecutive trading days before such date, then the average of the daily closing sales prices for all the trading days before such date for which closing sales prices are
available, in the case of each of (2)(a) and (2)(b), as certified to the Warrant Agent by the Chief Executive Officer, the President, any Executive Vice President or the Chief Financial Officer or
Treasurer or the Assistant Treasurer of the Company. The closing sales price of each such trading day shall be the closing sales price, regular way, on such day or, if no sale takes place on such day,
the average of the closing bid and asked prices on such day. 

        Subject
to the provisions of Section 6 hereof, upon such surrender of Warrants and payment of the Exercise Price, the Company shall issue and cause to be delivered with all
reasonable dispatch to or upon the written order of the Holder and in such name or names as the Warrantholder may designate, a certificate or certificates representing the number of whole Warrant
Shares issuable upon the exercise of such Warrants. Such certificate or certificates shall be deemed to have been issued and any Person
so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares as of the Exercise Date. At the election of the Company with the consent of the holder of
record of the relevant Warrant Shares, Warrant Shares may initially be issued in global form (the "Global Shares"). Such Global Shares shall represent
such of the outstanding Warrant Shares as shall be specified therein and each Global Share shall provide that it represents the aggregate amount of outstanding Warrant Shares from time to time
endorsed thereon and that the aggregate amount of outstanding Warrant Shares represented thereby may from time to time be reduced or increased, as appropriate. Any endorsement of a Global Share to
reflect any increase or decrease in the amount of outstanding Warrant Shares represented thereby shall be made by the registrar for the Warrant Shares and the Depositary (referred to below) in
accordance with instructions given by the holder thereof. DTC shall (if possible) act as the Depositary with respect to the Global Shares until a successor shall be appointed by the Company and the
Warrant Agent shall be the registrar for the Warrant Shares. 

        A
Warrant shall be exercisable only in whole. In the event that a certificate evidencing Warrants is exercised in respect of fewer than all of the Warrants evidenced thereby at any time
prior to the date of expiration of the Warrants, a new certificate evidencing the remaining Warrant or Warrants will be issued, and the Warrant Agent is irrevocably authorized to countersign and to
deliver the required new Warrant Certificate or Certificates pursuant to this Agreement, and the Company, whenever required by the Warrant Agent, will promptly supply the Warrant Agent with Warrant
Certificates duly executed on behalf of the Company for such purpose. Holders of Warrants will be able to exercise their Warrants only if a registration statement under the Securities Act relating to
the Warrant Shares underlying the Warrants is then in effect, or the Company is reasonably satisfied based on certificates furnished by such Holders, and if reasonably requested by the Company, an
opinion of counsel, that the exercise of such Warrants is exempt from the registration requirements of the Securities Act, and such securities are qualified for sale or exempt from qualification under
the applicable securities laws of the states in which the various holders of Warrants or other persons to whom it is proposed that Warrant Shares be issued on exercise of the Warrants reside. 

11

 

        All
Warrant Certificates surrendered upon exercise of Warrants shall be canceled by the Warrant Agent. Such canceled Warrant Certificates shall then be disposed of by the Warrant Agent
in a manner consistent with the Warrant Agent's customary procedure for such disposal and in a manner reasonably satisfactory to the Company. The Warrant Agent shall account promptly to the Company
with respect to Warrants exercised. 

        The
Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the Holders during normal business hours at its
office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request. 

        SECTION
8. Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares upon
the exercise of Warrants; provided, however, that the Company shall not be required to pay any tax or
taxes which may be payable in respect of any transfer involved in the issue of any Warrant Certificates or any certificates for Warrant Shares in a name other than that of the registered holder of a
Warrant Certificate surrendered upon the exercise of a Warrant, and the Company shall not be required to issue or deliver such Warrant Certificates unless or until the Person or Persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

        SECTION
9. Rules 144 and 144A. The Company covenants that it will file the reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any
time the Company is not required to file such reports, it will, upon the written request of any holder or beneficial owner of warrants, make available such information necessary to permit sales
pursuant to Rule 144A under the Securities Act. 

        SECTION
10. Mutilated or Missing Warrant Certificates. In case any of the Warrant Certificates shall be mutilated, lost, stolen or
destroyed, the Company may at its discretion issue and the Warrant Agent may countersign, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and
substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor and representing an equivalent number of Warrants, but only upon receipt of evidence
satisfactory to the Company and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and indemnity also satisfactory to them. 

        SECTION
11. Reservation of Warrant Shares. The Company will at all times authorize and reserve and keep available, free from preemptive
rights and free from all taxes, liens, charges and security interests, out of the aggregate of its authorized but unissued Common Stock or its authorized and issued Common Stock held in its treasury,
for the purpose of enabling it to satisfy its obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of shares of Common Stock which may then be deliverable upon the exercise
of all outstanding Warrants. 

        The
Company or, if appointed, the transfer agent for the Common Stock (the "Transfer Agent") and every subsequent transfer agent for any
shares of the Company's Capital Stock issuable upon the exercise of any of the rights of purchase aforesaid will be irrevocably authorized and directed at all times to reserve such number of
authorized shares as shall be required for such purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent and with every subsequent transfer agent for any shares of the
Company's Capital Stock issuable upon the exercise of the rights of purchase represented by the Warrants. The Warrant Agent is hereby irrevocably authorized to (1) instruct such Transfer Agent
to make the appropriate book entries and (2) requisition from time to time from such Transfer Agent the stock certificates, if any, required to honor outstanding Warrants upon exercise thereof,
in each case in accordance with the terms of this Agreement. The Company will supply such Transfer Agent with duly executed certificates for such purposes, if necessary, and will provide or otherwise
make available any cash which may be payable as provided in Section 14. The 

12

 

Company
will furnish such Transfer Agent a copy of all notices of adjustments and certificates related thereto transmitted to each holder pursuant to Section 18 hereof. 

        The
Company covenants that all Warrant Shares which may be issued upon exercise of Warrants made in accordance with the terms of this Agreement will, upon issuance, be duly and validly
authorized and issued, fully paid, nonassessable, free of preemptive rights and free from all taxes, liens, charges and security interests with respect to the issuance thereof. The Company will take
no action to increase the par value of the Common Stock to an amount in excess of the Exercise Price, and the Company will not enter into any agreements inconsistent with the rights of Holders
hereunder. The Company will use its reasonable best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to
enable the Company to perform its obligations under this Agreement. 

        SECTION
12. Obtaining Stock Exchange Listings. The Company will from time to time take all action which may be necessary so that the
Warrant Shares, immediately upon their issuance upon the exercise of Warrants, will be listed on the principal securities exchanges and markets within the United States of America (including the
Nasdaq National Market System), if any, on which the Company's Common Stock is then listed. In the event that, at any time during the period in which the Warrants are exercisable, the Common Stock is
not listed on any principal securities exchanges or markets within the United States of America, the Company will use its best efforts to permit the Warrant Shares to be designated Portal securities
in accordance with the rules and regulations adopted by the National Association of Securities Dealers, Inc. relating to trading in The Portal Market. 

        SECTION
13. Adjustment of Exercise Rate and Exercise Price. The number of Warrant Shares purchasable upon the exercise of each Warrant
(the "Exercise Rate") and the Exercise Price are subject to adjustment from time to time upon the occurrence of the events enumerated in this
Section 13. The Exercise Rate shall initially be 2.8094 Warrant Shares to one Warrant. 

        (a)   Adjustment for Change in Capital Stock. If, after the Issue Date, the Company: 

	(i)
	pays
a dividend or makes a distribution on its Common Stock payable in shares of such Common Stock or other Capital Stock of the Company (except to the extent any such
dividend results in the grant, issuance, sale or making of Distribution Rights or Distributions to holders of Warrants pursuant to Section 13(c));

	(ii)
	subdivides
or splits any of its outstanding shares of any class of Common Stock into a greater number of shares;

	(iii)
	combines
any of its outstanding shares of Common Stock into a smaller number of shares; and

	(iv)
	issues
by reclassification of any class of its Common Stock any shares of any of its Capital Stock, 

then
the Exercise Rate in effect immediately prior to such action for each Warrant then outstanding shall be adjusted by multiplying the Exercise Rate in effect immediately prior to such action by a
fraction (A) the numerator of which shall be the number of shares of Capital Stock outstanding immediately after such action and (B) the denominator of which shall be the number of
shares of Capital Stock outstanding immediately prior to such action or the record date applicable to such action, if any (regardless of whether the Warrants then outstanding are then exercisable);
and the Exercise Price for each Warrant shall be adjusted to a number determined by dividing the Exercise Price immediately prior to such event by such fraction. The adjustment shall become effective
immediately after the record date in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision, combination or reclassification. In the event that
such dividend or distribution is not so paid or made or such subdivision, combination or reclassification is not effected, 

13

 

the
Exercise Rate and Exercise Price shall again be adjusted to be the Exercise Rate and Exercise Price which would then be in effect if such record date or effective date had not been so fixed. 

        If
after an adjustment a holder of a Warrant upon exercise of such Warrant may receive shares of two or more classes of Capital Stock of the Company, the Exercise Rate shall thereafter
be subject to adjustment upon the occurrence of an action taken with respect to any such class of Capital Stock as is
contemplated by this Section 13 with respect to the Common Stock, on terms comparable to those applicable to Common Stock in this Section 13. 

        (b)   Adjustment for Certain Sales of Common Stock Below Current Market Value. If, after the Issue Date, the Company grants,
sells or offers to grant or sell to any Person (i) any shares of Common Stock for a consideration per share less than the Current Market Value per Share of Common Stock or (ii) rights,
options or warrants to subscribe for the Company's Common Stock, or securities convertible into, or exchangeable or exercisable for, the Company's Common Stock in each case to the extent not covered
by Section 13(c) (other than (a) the issuance of Common Stock pursuant to the exercise of the Warrants, (b) the issuance of Common Stock (or adjustments to exercise or conversion
prices) pursuant to options, warrants or convertible securities outstanding at the Issue Date (to the extent and in accordance with the terms of such options, warrants or convertible securities as in
effect on the Issue Date), (c) the issuance of options or warrants to employees of the Company or any of its Subsidiaries pursuant to any stock option plans as in effect on the Issue Date and
the issuance of Common Stock (or adjustments to exercise prices) pursuant to such options or warrants or (d) the conversion, exchange or exercise of any convertible, exchangeable or exercisable
security (including options or warrants) as to which the issuance thereof has previously been the subject of any required adjustment pursuant to Section 13 hereof, then the Exercise Rate for
each Warrant then outstanding shall be adjusted in accordance with the formula: 

	E'	 	=	 	E x	 	(O+N)
 (O+(N x P/M))	 	 

and
the Exercise Price shall be decreased (but not increased) in accordance with the following formula: 

	EP1	 	=	 	EP x	E
 E1	 	 

14

 

where:

	E1	 	=	 	the adjusted Exercise Rate for each Warrant then outstanding;
	

E	
 	

=	
 	

the then current Exercise Rate for each Warrant then outstanding;
	

EP	
 	

=	
 	

the then current Exercise Price per share for each Warrant then outstanding;
	

EP1	
 	

=	
 	

the adjusted Exercise Price per share for each Warrant then outstanding;
	

O	
 	

=	
 	

the number of shares of Common Stock outstanding immediately prior to the sale of such Common Stock or issuance of securities convertible, exchangeable or exercisable for Common Stock;
	

N	
 	

=	
 	

the number of shares of Common Stock so sold or the maximum stated number of shares of Common Stock issuable upon the conversion, exchange or exercise of any such convertible, exchangeable or exercisable securities, as the case may be;
	

P	
 	

=	
 	

the proceeds per share of Common Stock received by the Company, which (i) in the case of shares of Common Stock is the amount received by the Company in consideration for the sale and issuance of such shares; and (ii) in the case of
securities convertible into or exchangeable or exercisable for shares of Common Stock is the amount received by the Company in consideration for the sale and issuance of such convertible or exchangeable or exercisable securities, plus the minimum
aggregate amount of additional consideration, other than the surrender of such convertible or exchangeable securities, payable to the Company upon exercise, conversion or exchange thereof; and
	

M	
 	

=	
 	

the Current Market Value as of the Time of Determination or at the time of sale, as the case may be, of a share of Common Stock.

        The
adjustment shall become effective immediately after the record date for the determination of shareholders entitled to receive the rights, warrants or options to which this
paragraph (b) applies or upon consummation of the sale of Common Stock, as the case may be. To the extent that shares of Common Stock are not delivered after the expiration of such
rights, warrants or options, the Exercise Rate and Exercise Price for each Warrant then outstanding shall be readjusted to the Exercise Rate and Exercise Price which would otherwise be in effect had
the adjustment made upon the issuance of such rights, warrants or options been made on the basis of delivery of only the number of shares of Common Stock actually delivered. In the event that such
rights, warrants or options are not so issued, the Exercise Rate and Exercise Price for each Warrant then outstanding shall again be adjusted to be the Exercise Rate and Exercise Price which would
then be in effect if such date fixed for determination of shareholders entitled to receive such rights, warrants or options had not been so fixed. 

        No
adjustment shall be made under this paragraph (b) if the application of the formula stated above in this paragraph (a) would result in a value of
E1 that is lower than the value of E. 

        No
adjustment shall be made under this paragraph (b) for any adjustment which is the subject of paragraphs (a) and (e) of this Section 13. 

        (c)   Adjustment upon Certain Distributions. 

        (i)    If
at any time after the Issue Date the Company grants, issues or sells options, any Convertible Security, or rights to purchase Capital Stock or other securities (other
than Common Stock) pro rata to the record holders of Common Stock ("Distribution Rights") or, without
duplication, makes any distribution of debt securities or assets (other than a distribution pursuant 

15

 

to
a plan of liquidation) (a "Distribution") on shares of Common Stock, then the Exercise Rate shall be adjusted in accordance with the formula: 

	E1	 	=	 	E x (M/(M-F))

        and
the Exercise Price shall be decreased (but not increased) in accordance with the following formula: 

	EP1	 	=	 	EP x	E
 E1	 	 

where:

	E1	 	=	 	the adjusted Exercise Rate for each Warrant then outstanding;
	

E	
 	

=	
 	

the current Exercise Rate for each Warrant then outstanding;
	

EP	
 	

=	
 	

the then current Exercise Price per share for each Warrant then outstanding;
	

EP1	
 	

=	
 	

the adjusted Exercise Price per share for each Warrant then outstanding;
	

M	
 	

=	
 	

the Current Market Value per Warrant Share at the Time of Determination;
	

F	
 	

=	
 	

the fair market value at the Time of Determination of such portion of the options, Convertible Securities, Capital Stock or other debt securities or assets distributable pursuant to such Distribution Rights or Distribution per share of outstanding
Common Stock.

        The
adjustment shall become effective immediately after the Time of Determination with respect to the shareholders entitled to receive the options, Convertible Securities, warrants, debt
securities or assets to which this paragraph (c)(i) applies. No adjustment shall be made under this paragraph (c) if the application of the formula stated above in this
paragraph (c)(i) would result in a value of E1 that is lower than the value of E. This paragraph (c)(i) does not apply to any securities or distributions
which result in an adjustment pursuant to Section 13(a) or (b). 

        (ii)   Notwithstanding
the provisions of Section 13(c)(i), an event which would otherwise give rise to an adjustment pursuant to Section 13(c)(i) shall
not give rise to such adjustment if the Company grants, issues or sells Distribution Rights to the Holders of Warrants or includes the holders of the Warrants in such Distribution, in each case on a  pro rata basis, assuming for the purpose of this Section 13(c)(ii) that (x) all outstanding shares of Common Stock are of one class
and (y) the Warrants had been exercised. 

        (iii)  Notwithstanding
anything to the contrary set forth in this Section 13(c), if, at any time, the Company makes any distribution pursuant to any plan of
liquidation (a "Liquidating Distribution") on shares of Common Stock (whether in cash, property, evidences of indebtedness or otherwise), then, subject
to applicable law, the Company shall make to each Holder of Warrants the aggregate Liquidating Distribution which such Holder would have acquired if such Holder had held the maximum number of shares
of Common Stock acquirable upon the complete exercise of each Holder's Warrants (regardless of whether the Warrants are then exercisable) immediately before the Time of Determination of shareholders
entitled to receive Liquidating Distributions. 

16

  

        (d)   Notice of Adjustment. Whenever the Exercise Rate and Exercise Price are adjusted, the Company shall promptly mail to
holders of Warrants then outstanding at the addresses appearing on the Warrant Register a notice of the adjustments. The Company shall file with the Warrant Agent and any other registrar such notice,
an Officers' Certificate and a certificate from the Company's independent public accountants briefly stating the facts requiring the adjustment and the manner of computing it. The certificates shall
be conclusive evidence that the adjustment is correct, absent manifest error and the Warrant Agent may rely conclusively on anything contained in this certificate. Neither the Warrant Agent nor any
such registrar shall be under any duty or responsibility with respect to any such certificate except to exhibit the same during normal business hours to any holder desiring inspection thereof. 

        (e)   Reorganization of Company; Fundamental Transaction. (i) If the Company or Parent, in a single transaction or
through a series of related transactions, consolidates with or merges with or into any other Person or sells, assigns, transfers, leases, conveys or otherwise disposes of all or substantially all of
its properties and assets to another Person or group of affiliated Persons or is a party to a merger or binding share exchange which reclassifies or changes its outstanding Common Stock (a
"Fundamental Transaction"), as a condition to consummating any such transaction the Person formed by or surviving any such consolidation or merger if
other than the Company or the Person to whom such transfer has been made (the "Surviving Person") shall enter into a supplemental warrant agreement. The
supplemental warrant agreement shall provide (a) in the case of a Fundamental Transaction regarding the Company, that the Holder of a Warrant then outstanding may exercise the Warrant for the
kind and amount of securities, cash or other assets which such Holder would have received immediately after the Fundamental Transaction if such Holder had exercised the Warrant immediately before the
effective date of the transaction (regardless of whether the Warrants are then exercisable and without giving effect to the Cashless Exercise option), assuming (to the extent applicable) that such
Holder (i) was not a constituent person or an Affiliate of a constituent person to such transaction, (ii) made no election with respect thereto, and (iii) was treated alike with
the plurality of non-electing Holders, and (b) that the Surviving Person shall succeed to and be substituted to every right and obligation of the Company or Parent, as applicable,
in respect of this Agreement, the Warrant Registration Rights Agreement and the Warrants. The supplemental warrant agreement shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 13. The Surviving Person shall mail to Holders of Warrants at the addresses appearing on the Warrant Register a notice briefly
describing the supplemental warrant agreement. If the issuer of securities deliverable upon exercise of Warrants is an Affiliate of the Surviving Person, that issuer shall join in the supplemental
warrant agreement. 

        (ii)   Notwithstanding
the foregoing, if the Company enters into a Fundamental Transaction with another Person (other than a subsidiary of the Company) and consideration is
payable to holders of shares of Capital Stock (or other securities or property) issuable or deliverable upon exercise of the Warrants that are exercisable in exchange for such shares in connection
with such Fundamental Transaction which consideration consists solely of cash assuming (to the extent applicable) that each such Holder (i) was not a constituent person or an Affiliate of a
constituent person to such transaction, (ii) made no
election with respect thereto, and (iii) was treated alike with the plurality of non-electing Holders, then the Holders of Warrants shall be entitled to receive distributions on the
date of such event on an equal basis with holders of such shares (or other securities issuable upon exercise of the Warrants) as if the Warrants had been exercised immediately prior to such event,
less the aggregate Exercise Price therefor. Upon receipt of such payment, if any, the rights of a Holder of such Warrant shall terminate and cease and such Holder's Warrants shall expire. 

        (iii)  If
this paragraph (e) applies, it shall supersede the application of Section 13(a). 

17

 

        (f)    Other Events. If any event occurs as to which the provisions of this Section 13 are not strictly applicable or, if
strictly applicable, would not, in the good faith judgment of the Board of Directors of the Company, fairly and adequately protect the rights of the Warrantholders in accordance with the essential
intent and principles of such provisions, then such Board of Directors shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as
shall be reasonably necessary, in the good faith opinion of such Board of Directors, to protect such rights as aforesaid, but in no event shall any such adjustment have the effect of decreasing the
Exercise Rate or decreasing the number of Warrant Shares issuable upon exercise of the Warrants or increasing the Exercise Price. 

        (g)   Company Determination Final. Any determination that the Company or the board of directors of the Company must make
pursuant to this Section 13 shall be conclusive, absent manifest error. 

        (h)   Warrant Agent's Adjustment Disclaimer. The Warrant Agent shall have no duty to determine when an adjustment under this
Section 13 should be made, how it should be made or what it should be. The Warrant Agent shall have no duty to determine whether a supplemental warrant agreement under
Section 13(e) need be entered into or whether any provisions of any supplemental warrant agreement are correct. The Warrant Agent shall not be accountable for and makes no representation
as to the validity or value of any securities or assets issued upon exercise of Warrants. The Warrant Agent shall not be responsible for the Company's failure to comply with this Section 13. 

        (i)    Specificity of Adjustment. Regardless of any adjustment in the number or kind of shares purchasable upon the exercise of
the Warrants, Warrant Certificates theretofore or thereafter issued may continue to express the same number and kind of Warrant Shares per Warrant as are stated on the Warrant Certificates initially
issuable pursuant to this Agreement. 

        (j)    Voluntary Adjustment. The Company from time to time may increase the Exercise Rate by any number and for any period of
time; provided, however, that such period is not less than 20 Business
Days. Whenever the Exercise Rate is so increased, the Company shall mail to holders at the addresses appearing on the Warrant Register and file with the Warrant Agent a notice of the increase. The
Company shall give the notice at least 15 days before the date the increased Exercise Rate takes effect. The notice shall state the increased Exercise Rate and the period it will be in effect.
A voluntary increase in the Exercise Rate shall not change or adjust the Exercise Rate otherwise in effect as determined by this Section 13. 

        (k)   Multiple Adjustments. After an adjustment to the Exercise Rate for outstanding Warrants under this Section 13, any
subsequent event requiring an adjustment under this Section 13 shall cause an adjustment to the Exercise Rate for outstanding Warrants as so adjusted. 

        (l)    When De Minimis Adjustment May Be Deferred. No adjustment in the Exercise Rate or Exercise Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in such rate; provided,  however, that any adjustments which by reason of the
foregoing are not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All calculations shall be made by the Company and shall be rounded to the sixth decimal place. No adjustment need be made for a change in the par value of the Common Stock and
no adjustment shall be deferred beyond the date on which a Warrant is exercised. 

        (m)  No Reduction Below Par Value. Notwithstanding the foregoing, no adjustment of the Exercise Price shall be made if the
Exercise Price, as adjusted, would be less than the par value per share of Common Stock. 

        SECTION
14. Fractional Interests. The Company shall not be required to issue fractional Warrant Shares on the exercise of Warrants and
shall not pay any cash in respect of any fractional Warrant 

18

 

Shares.
If more than one Warrant shall be presented for exercise in full at the same time by the same Holder, the number of full Warrant Shares which shall be issuable upon the exercise thereof shall
be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of the Warrants so presented. Holders exercising Warrants shall receive one Warrant Share in respect of any
fractional Warrant Share that equals or exceeds one-half of a Warrant Share and no Warrant Share or other consideration in respect of any fractional Warrant Share that equals less than
one-half of a Warrant Share. 

        SECTION
15. No Rights as Stockholders. The Holders of unexercised Warrants shall not be entitled, by virtue of being such Holders, to
vote, to consent, to exercise any preemptive rights or to receive notice as stockholders of the Company in respect of any stockholders' meeting for the election of directors of the Company or any
other purpose, or to exercise any other rights whatsoever as stockholders of the Company. 

        SECTION
16. Mandatory and Optional Exchange. 

        (a)   In
connection with a Qualifying IPO or at any time after 180 days after the consummation of a Qualifying IPO, on three separate occasions only, Holders of
Warrants or Warrant Shares representing not less than 25% of the then outstanding Warrant Shares, taken together on a fully diluted basis (each, an "Exchange
Request"), will have the right to require Parent to purchase all of such Holder's Warrants or Warrant Shares in exchange (each, an
"Exchange") for Parent Equity Securities. Within 30 days after receipt of an Exchange Request, Parent shall notify all Holders of a Warrant or
Warrant Share of its right to request an Exchange and of the Exchange Ratio (as defined herein). Each Holder of a Warrant or Warrant Share shall have 20 days to request an Exchange thereafter.
The number of Parent Equity Securities that Holders of Warrants or Warrant Shares may exchange their Warrants or Warrant Shares for will be determined based upon the ratio of the Fair Value of Parent
Equity Securities to the Fair Value of Warrant Shares at the time the Exchange Request is delivered to Parent (the "Exchange Ratio"). 

        (b)   In
addition, (i) in connection with or after the consummation of a Qualifying IPO or (ii) a merger or consolidation of Parent pursuant to which holders of
at least a majority of outstanding Parent Equity Securities at the time of such merger or consolidation receive cash in connection with such merger or consolidation, Parent will have the right to
require all, but not less than all, Holders of Warrants or Warrant Shares to sell to Parent all of such Holders' Warrants or Warrant Shares in exchange for Parent Equity Securities. Parent will
provide each Holder 30 days' prior written notice (the "Mandatory Exchange Notice") of the exercise of its mandatory exchange right (the
"Mandatory Exchange Right") and of the Exchange Ratio. The number of Parent Equity Securities that Holders of Warrants or Warrant Shares shall be
required to exchange their Warrants or Warrant Shares for will be determined based upon the Exchange Ratio at the time the Mandatory Exchange Notice is given by the Parent. 

        (c)   If
an Exchange Request is made in connection with a Qualifying IPO or if Parent exercises its Mandatory Exchange Right in connection with a Qualifying IPO, then Parent
shall register under the Securities Act all Parent Equity Securities issued in connection with such Exchange or exercise of the Mandatory Exchange Right;  provided that the right of all such recipients
to receive Parent Equity Securities will be conditioned upon such Holder agreeing to a
lock-up on the sale or other disposition of such Parent Equity Securities for the period commencing from the consummation of the Qualifying IPO and ending on the earlier of (1) the
date required by the managing underwriter of the Qualified IPO for holders of shares of Parent generally, not to exceed the date that is 180 days following the effective date of such
registration, and (2) the first date that any holders of Parent Equity Securities are generally able to sell their shares. 

19

 

        (d)   Tag-Along
and Drag-Along Rights. Upon any exercise of (i) the Tag-Along Right (as defined in the Warrant Registration Rights
Agreement) in Section 3.2 of the Warrant Registration Rights Agreement by a Participating Holder (as defined in the
Warrant Registration Rights Agreement) or (ii) the Drag-Along Right (as defined in the Warrant Registration Rights Agreement) by the Investors (as defined in the Warrant
Registration Rights Agreement), in each case, involving a Transfer (as defined in the Warrant Registration Rights Agreement) of Parent common stock, Parent shall Exchange, in the case of (i), all of
such Participating Holders' Warrants or Warrant Shares, and in the case of (ii), all of the Holders' Warrants and Warrant Shares, for Parent Equity Securities. The number of Parent Equity Securities
for which such Holders' Warrants or Warrant Shares are Exchangeable will be determined based upon Exchange Ratio at the time of Transfer. 

        (e)   The
rights of Holders of Warrants and Warrant Shares and of Parent under this Section 16 shall terminate upon consummation of any Initial Public Offering of the
Company. 

        SECTION
17. Additional Parties. If on or after the date hereof, Parent creates a new holding company that shall own 100% of the Common
Stock of the Company, Parent shall cause such holding company to execute and deliver an agreement for the benefit of the Holders pursuant to which such holding company agrees to become a party to this
Agreement and to be bound by all provisions in this Agreement binding on Parent. 

        SECTION
18. Notice of Certain Distributions; Certain Rights. The Company shall give prompt written notice to the Warrant Agent and shall
cause the Warrant Agent, on behalf of and at the expense of the Company to give to each Holder written notice of any determination to make a distribution to the holders of its Common Stock of any cash
dividends, assets, debt securities, preferred stock, or any rights or warrants to purchase debt securities, preferred stock, assets or other securities (other than Common Stock, or rights, options, or
warrants to purchase Common Stock) of the Company the effect of which would require any adjustment pursuant to Section 13 hereof, which notice shall state the nature and amount of such planned
dividend or distribution and the record date therefor, and shall be received by the Holders at least 20 days prior to such record date therefor. 

        Except
as expressly provided in this Agreement or in any Warrant Certificate, the holders of unexercised Warrants shall have no right to vote, to consent, to exercise any preemptive
rights or to receive notice as shareholders of the Company in respect of the meetings of shareholders or the election of directors of the Company or any other matter, or to exercise any rights
whatsoever as shareholders of the Company. 

        SECTION
19. Notices to the Company and Warrant Agent. Any notice or demand authorized by this Agreement to be given or made by the Warrant
Agent or by any Holder to or on the Parent, or the Company shall be sufficiently given or made when received at the office of the Parent or Company expressly designated by the Parent or the Company as
its office for purposes of this Agreement (until 

20

 

the
Warrant Agent is otherwise notified in accordance with this Section 19 by the Company), as follows: 

	Huntsman Holdings, LLC

500 Huntsman Way

Salt Lake City, Utah 84108

Attn: General Counsel	 	Huntsman Group Inc.

500 Huntsman Way

Salt Lake City, Utah 84108

Attn: General Counsel
	

HMP Equity Holdings Corporation

500 Huntsman Way

Salt Lake City, Utah 84108

Attn: General Counsel	
 	

with a copy to:

Skadden, Arps, Slate, Meagher &

Flom LLP

4 Times Square

New York, New York 10036

Attn: Phyllis Korff

        Any
notice pursuant to this Agreement to be given by the Company or by any Holder(s) to the Warrant Agent shall be sufficiently given when received by the Warrant Agent at the address
appearing below (until the Company is otherwise notified in accordance with this Section by the Warrant Agent). 

Wells
Fargo Bank Minnesota, National Association

Sixth Street and Marquette Avenue

MAC N9303-120

Minneapolis, MN 55479

Attn: Corporate Trust 

        Any
notice or communication to a holder shall be mailed by first class mail, postage prepaid, to its address shown on the register kept by the Warrant Agent. 

        SECTION
20. Supplements and Amendments. (a) From time to time, the Company and the Warrant Agent, without the consent of the
Holders of the Warrants, may amend or supplement this Agreement for certain purposes, including curing ambiguities, defects or inconsistencies or making any change that does not adversely affect the
rights of any Holder. Any amendment or supplement to this Agreement that adversely affects the interests of the Holders of the Warrants will require the written consent of the Holders of a majority of
the then outstanding Warrants (excluding Warrants held by the Company or any of its Affiliates). The consent of each Holder of the Warrants affected will be required for any amendment pursuant to
which the Exercise Price would be increased or the Exercise Rate would be decreased (other than pursuant to adjustments provided in this Agreement) or any of the adjustment provisions in this
Agreement would be changed in a manner that would have any such effect. 

        (b)   After
an amendment or modification under this Section 17 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing
such amendment or modification. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment or
modification. 

        In
connection with any amendment or modification under this Section 17, the Company may offer, but shall not be obligated to offer, to any Holder who consents to such amendment or
modification, consideration for such Holder's consent, so long as such consideration is offered to all Holders. 

        (c)   Executed
or true and correct copies of any amendment or modification effected pursuant to the provisions of this Section 17 shall be delivered by the Company to
each Holder of outstanding Warrants or Warrant Shares forthwith following the date on which the same shall have been executed and delivered by the Holder or Holders of the requisite percentage of
outstanding Warrant Shares (but only to the extent the Company has been provided with the addresses for the Holders). 

21

 

        (d)   Notwithstanding
anything contained in this Agreement to the contrary, the Warrant Agent may, but shall not be obligated to, enter into any supplement or amendment that
affects the Warrant Agent's own rights, duties, obligations or immunities under this Agreement. 

        SECTION
21. Concerning the Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Company and the Holders, by their acceptance of Warrants, shall be bound: 

        (a)   The
statements contained herein and in the Warrant Certificate shall be taken as statements of the Company, and the Warrant Agent assumes no responsibility for the
correctness of any of the same except such as describe the Warrant Agent or any action taken by it. The Warrant Agent assumes no responsibility with respect to the distribution of the Warrants except
as herein otherwise provided. 

        (b)   The
Warrant Agent shall be protected and shall not be responsible for and shall incur no liability to the Company or any Holder for any failure of the Company to comply
with the covenants contained in this Agreement or in the Warrants to be complied with by the Company. 

        (c)   The
Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through its employees) or by or
through its attorneys or agents (which shall not include its employees) and shall not be responsible for the misconduct of any attorney or agent appointed by it without gross negligence or willful
misconduct. 

        (d)   The
Warrant Agent may consult at any time with legal counsel satisfactory to it (who may be counsel for the Company or an employee of the Warrant Agent), and the Warrant
Agent shall incur no liability or responsibility to the Company or to any Holder in respect of any action taken, suffered or omitted by it in good faith hereunder in accordance with the opinion or the
advice of such counsel. 

        (e)   Whenever
in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by
the Company prior to taking or suffering any action hereunder, such fact or matter (unless such evidence in respect thereof be herein specifically prescribed) may be deemed conclusively to be proved
and established by a certificate signed by the Chairman of the Board, the President, one of the Vice Presidents, the Treasurer or the Secretary of the Company and delivered to the Warrant Agent; and
such certificate shall be full authorization to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

        (f)    The
Company agrees to pay the Warrant Agent such compensation for all services rendered by the Warrant Agent in the performance of its duties under this Agreement as may
be separately agreed in writing, to reimburse the Warrant Agent for all expenses, taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in the
performance of its duties under this Agreement (including, without limitation, reasonable fees and expenses of counsel), and to indemnify the Warrant Agent and its agents, employees, directors,
officers and affiliates and save it and them harmless against any and all liabilities, losses and expenses, including, without limitation, judgments, costs and counsel fees, for anything done or
omitted by the Warrant Agent in the acceptance and performance of its duties under this Agreement, except as a result of the Warrant Agent's gross negligence, willful misconduct or bad faith,
including, without limitation, the costs and expenses of defending against any claim (whether asserted by the Company, a Holder or any other Person) of liability in the premises including reasonable
attorneys' fees and expenses. The provisions of this paragraph shall survive the resignation or removal of the Warrant Agent and the termination of this Agreement. 

22

 

        (g)   The
Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve expense unless the Company
or one or more holders shall furnish the Warrant Agent with reasonable security and indemnity for any costs and expenses which may be incurred, but this provision shall not affect the power of the
Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. All rights of action under this Agreement or under any of the
Warrants may be enforced by the Warrant Agent without the possession of any of the Warrants or the production thereof at any trial or other proceeding relative thereto, and any such action, suit or
proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent, and any recovery of judgment shall be for the ratable benefit of the holders, as their respective rights or
interests may appear. 

        (h)   The
Warrant Agent and any stockholder, director, officer or employee ("Related Parties") of the Warrant Agent may buy,
sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transactions in which the Company may be interested, or contract with or lend money to
the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement or such director, officer or employee. Nothing herein shall preclude the Warrant Agent or any
Related Party from acting in any other capacity for the Company or for any other legal entity including, without limitation, acting as Transfer Agent or as a lender to the Company or an affiliate
thereof. 

        (i)    The
Warrant Agent shall act hereunder solely as agent, and its duties shall be determined solely by the provisions thereof. The Warrant Agent shall not be liable for
anything which it may do or refrain from doing in connection with this Agreement except for its own gross negligence or bad faith. No implied duties or obligations shall be read into this Agreement
against the Warrant Agent. 

        (j)    The
Warrant Agent will be protected and will not incur any liability or responsibility to the Company or to any holder for any action taken, suffered or omitted by it in
reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument reasonably believed by it to be genuine and to have been signed, sent or presented by
the proper party or parties. 

        (k)   The
Warrant Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from the Chairman of the Board, the
President, Chief Financial Officer, Treasurer, any Vice President or the Secretary of the Company, and to apply to such officers for advice or instructions in connection with its duties, and shall not
be liable for any action taken or suffered to be taken by it without gross negligence or bad faith in accordance with instructions of any such officer or officers. 

        (l)    By
countersigning Warrant Certificates or by any other act hereunder the Warrant Agent shall not be deemed to make any representations as to validity or authorization of
the Warrants or the Warrant Certificates (except as to its countersignature thereon) or of any securities or other property delivered upon exercise or tender of any Warrant, or as to the accuracy of
the computation of the Exercise Price or the number or kind or amount of stock or other securities or other property deliverable upon exercise of any Warrant or the correctness of the representations
of the Company made in any certifications that the Warrant Agent receives. The Warrant Agent shall not have any duty to calculate or determine any adjustments with respect either to the Exercise Price
or the kind and amount of shares or other securities or any property receivable by holders of Warrants upon the exercise or tender of Warrants required from time to time, and the Warrant Agent shall
have no duty or responsibility in determining the accuracy or correctness of any such calculation. 

23

 

        (m)  No
provision of this Agreement shall require the Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not
reasonably assured to it. 

        SECTION
22. Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement by giving to the
Company 30 days' notice in writing. The Warrant Agent may be removed by like notice to the Warrant Agent from the Company. If the Warrant Agent shall resign or be removed or shall otherwise
become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after
it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by any holder (who shall with such notice submit his Warrant for inspection by the
Company), then any holder or the resigning or removed Warrant Agent may apply to any court of competent jurisdiction for the appointment of a successor to the Warrant Agent. Pending appointment of a
successor to the Warrant Agent, either by the Company or by such court, the duties of the Warrant Agent shall be carried out by the Company. Any successor warrant
agent, whether appointed by the Company or such a court, shall be a bank or trust company in good standing, incorporated under the laws of the United States of America or any State thereof or the
District of Columbia and having at the time of its appointment as warrant agent a combined capital and surplus of at least $50,000,000. After appointment, the successor warrant agent shall be vested
with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the former Warrant Agent shall deliver and transfer to
the successor warrant agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for such purpose. Failure to file any notice
provided for in this Section 22, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor
warrant agent, as the case may be. In the event of such resignation or removal, the Company or the successor warrant agent shall mail by first class mail, postage prepaid, to each Holder, written
notice of such removal or resignation and the name and address of such successor warrant agent. 

        SECTION
23. Identity of Transfer Agent. Forthwith, upon the appointment of any Transfer Agent for the Common Stock, or any other shares of
the Company's Capital Stock issuable upon the exercise of the Warrants, the Company shall file with the Warrant Agent a statement setting forth the name, address and contact details of the Transfer
Agent. 

        SECTION
24. SEC Reports and Other Information. Whether or not required by the Commission, so long as any Warrants or Warrant Shares are
outstanding, prior to the date the Exchange Offer (as defined in the Registration Rights Agreement) is consummated and thereafter at any time not filed with the Commission, the Company must furnish to
the Holders of Warrants and the Warrant Agent, within the time period specified in the Commission's rules and regulations (including any extension periods available under such rules and regulations,
and excluding any requirement and time periods applicable to "accelerated filers" (as defined in Rule 12b-2 under the Exchange Act) under such rules and regulations), and make
available to securities analysts and potential investors upon request: (a) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on
Forms 10-Q and 10-K if the Company were required to file such Forms, including a "Management's Discussion and Analysis of Financial Condition and Results of Operations" and,
with respect to the annual information only, a report on the annual financial statements by such Person's certified independent accountants; and (b) all current reports that would be required
to be filed with the SEC on Form 8-K if the Company were required to file such reports. 

        In
addition, whether or not required by the Commission, after the date the Exchange Offer (as defined in the Registration Rights Agreement) is required to be consummated, the Company
will file a copy of all the information and reports referred to in clauses (a) and (b) above with the Commission 

24

 

for
public availability within the time periods specified in the Commission's rules and regulations (unless the Commission will not accept such a filing) including any extension periods available
under such rules and regulations and excluding any requirement and time periods applicable to "accelerated filers" (as defined in Rule 12b-2 under the Exchange Act) under such rules
and regulations, and make such information available to securities analysts and prospective investors upon request. 

        SECTION
25. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company, the Warrant Agent or any
Holder of Warrants or Warrant Shares shall bind and inure to the benefit of their respective successors and assigns hereunder. 

        SECTION
26. Termination. This Agreement shall terminate on the Expiration Date. Notwithstanding the foregoing, this Agreement will
terminate on any earlier date if all Warrants have been exercised or redeemed pursuant to this Agreement or the Company's Certificate of Incorporation. 

        SECTION
27. Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under the
laws of the State of New York and shall be governed by and construed in accordance with the laws of said State, without regard to the conflict of law rules thereof. 

        SECTION
28. Benefits of This Agreement. Nothing in this Agreement shall be construed to give to any person or corporation other than the
Company, the Warrant Agent and the registered holders of the Warrant Certificates from time to time any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for
the sole and exclusive benefit of the Company, the Warrant Agent and the registered holders of the Warrant Certificates. 

        SECTION
29. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

[Signature
Page Follows] 

25

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of the day and year first above written. 

	

 	
 	

HMP EQUITY HOLDINGS CORPORATION
	

 	
 	

By:	
 	

/s/  J. KIMO ESPLIN      
 Name: J. Kimo Esplin

Title: Executive Vice President and Chief Financial Officer
	

 	
 	

HUNTSMAN HOLDINGS, LLC
	

 	
 	

By:	
 	

/s/  SEAN DOUGLAS      
 Name: Sean Douglas

Title: Authorized Person
	

 	
 	

HUNTSMAN GROUP INC.
	

 	
 	

By:	
 	

/s/  JOHN D. HESKETT      
 Name: John D. Heskett

Title: Vice President, Corporate Development and Investor Relations
	

 	
 	

WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Warrant Agent
	

 	
 	

By:	
 	

/s/  JANE Y. SCHWEIGER      
 Name: Jane Y. Schweiger

Title: Vice President

26

   Exhibit A  

        THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS SECURITY IS NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

        THE
HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF HMP EQUITY HOLDINGS CORPORATION THAT (a) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY
(i) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (ii) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (iii) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(i) THROUGH (iv) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (b) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (a) ABOVE. 

A-1

 
FORM OF  

COMMON STOCK PURCHASE WARRANT  

OF  

HMP EQUITY HOLDINGS CORPORATION  

	No. [    ]	 	CUSIP # [            ]

        THIS
CERTIFIES THAT [                        ], or its registered assigns, is the registered holder
of                        Warrants (the
"Warrants"). Each Warrant entitles the holder thereof (the "Holder"), at its option at any time on or
after the Trigger Date and subject to the provisions contained herein and in the Warrant Agreement referred to below, to purchase from HMP Equity Holdings Corporation, a Delaware corporation (the
"Company"), 2.8094 shares of Common Stock, par value $0.01 per share, of the Company at an exercise price per share equal to $0.01 (the
"Exercise Price"). 

        "Trigger
Date" shall mean the earliest to occur of (a) an Initial Public Offering of the Company or a Qualifying IPO of Parent, (b) the occurrence of an Event of Default
(as defined in the Indenture), (c) the occurrence of a Change of Control (as defined in the Indenture), (d) any merger or consolidation of Parent or the sale, transfer or conveyance of
all or substantially all of the assets of the Company (determined on a consolidated basis for the Company and its Subsidiaries), (e) the redemption, repayment or defeasance of all the Notes or
(f) November 15, 2004. 

        This
Warrant Certificate shall terminate and become void at 5:00 p.m., New York time, on May 15, 2011 (the "Expiration
Date") or, if earlier, upon the exercise hereof as to all the shares of Common Stock subject hereto. The number of shares issuable upon exercise of the Warrants shall be
subject to adjustment from time to time as set forth in the Warrant Agreement (as defined). 

        This
Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of May 9, 2003 (the "Warrant
Agreement"), between the Company, Huntsman Holdings, LLC, Huntsman Group Inc. and Wells Fargo Bank Minnesota, National Association as Warrant Agent, and is subject to
the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. The Warrant Agreement is hereby
incorporated herein by reference and made a part hereof. Reference is hereby made to the Warrant Agreement for a full statement of the respective rights, limitations of rights, duties and obligations
of the Company and the Warrantholders. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Warrant Agreement. A copy of the Warrant Agreement may be obtained
for inspection by the Holder hereof upon written request to the Company at HMP Equity Holdings Corporation, 500 Huntsman Way, Salt Lake City, Utah 84108, Attn: General Counsel. 

        Subject
to the terms of the Warrant Agreement, the Warrants may be exercised upon surrender at the office or agency of the Company maintained for such purpose, which initially will be
the issuer services office of the agent of the Warrant Agent, c/o The Depository Trust Company, TADS Department, 1st Floor, New York, New York 10041, of the certificate or certificates evidencing the
Warrants to be exercised with the form of election to purchase on the reverse thereof duly filled in and signed, and upon payment to the Warrant Agent for the account of the Company of the Exercise
Price for the number of Warrant Shares in respect of which such Warrants are then exercised. The Exercise Price may be paid at the holder's election (i) in cash in United States dollars by wire
transfer or by certified or official bank check to the order of the Company or (ii) by the surrender of one or more Warrant Certificates (and without the payment of the Exercise Price in cash)
in exchange for a number of shares of the Company's Common Stock equal to the product of (a) the number of shares of the Company's Common Stock for which such Warrant is exercisable as of the
Exercise Date (if the 

A-2

 

Exercise
Price were being paid in cash), and (b) the Cashless Exercise Ratio. The "Cashless Exercise Ratio" shall equal a fraction, the numerator
of which is the excess of the Current Market Value per share of the Company's Common Stock on the Exercise Date over the Exercise Price per share as of the Exercise Date and the denominator of which
is the Current Market Value per share of the Company's Common Stock on the Exercise Date. Upon surrender of a Warrant Certificate representing more than one Warrant, the number of shares of the
Company's Common Stock deliverable upon a Cashless Exercise shall be equal to the product of the number of shares of the Company's Common Stock issuable in respect of those Warrants that the Holder
specifies are to be exercised pursuant to a Cashless Exercise multiplied by the Cashless Exercise Ratio. All provisions of the Warrant Agreement shall be applicable with respect to an exercise of a
Warrant Certificate pursuant to a Cashless Exercise for less than the full number of Warrants represented thereby. 

        The
Warrants shall be exercisable only in whole. In the event that a certificate evidencing Warrants is exercised in respect of fewer than all of the Warrants evidenced thereby at any
time prior to the date of expiration of the Warrants, a new certificate evidencing the remaining Warrant or Warrants will be issued, and the Warrant Agent is irrevocably authorized to countersign and
to deliver the required new Warrant Certificate or Certificates pursuant to the Warrant Agreement, and the Company, whenever required by the Warrant Agent, will promptly supply the Warrant Agent with
Warrant Certificates duly executed on behalf of the Company for such purpose. 

        This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent as such term is used in the Warrant Agreement. 

        As
provided in the Warrant Agreement, the Exercise Rate and the Exercise Price are subject to adjustment upon the happening of certain events. 

        The
Company will pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares upon the exercise of Warrants;  provided, however, that
the Company shall not be required to pay any tax or taxes which may be payable
in respect of any transfer involved in the issue of any Warrant Certificates or any certificates for Warrant Shares in a name other than that of the registered holder of a Warrant Certificate
surrendered upon the exercise of a Warrant, and the Company shall not be required to issue or deliver such Warrant Certificates unless or until the person or persons requesting the issuance thereof
shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

        The
Company shall not be required to issue fractional Warrant Shares on the exercise of Warrants and shall not pay any cash in respect of any fractional Warrant Shares. If more than one
Warrant shall be presented for exercise in full at the same time by the same holder, the number of full Warrant Shares which shall be issuable upon the exercise thereof shall be computed on the basis
of the aggregate number of Warrant Shares purchasable on exercise of the Warrants so presented. Holders exercising Warrants shall receive one Warrant Share in respect of any fractional Warrant Share
that equals or exceeds one-half of a Warrant Share and no Warrant Share or other consideration in respect of any fractional Warrant Share that equals less than one-half of a
Warrant Share. 

        All
Warrant Shares issuable by the Company upon the exercise of the Warrants shall, upon such issue, be duly and validly issued and fully paid and non-assessable. 

        The
Company and the Warrant Agent may deem and treat Holders of the Warrant Certificates as the absolute owners thereof (notwithstanding any notation of ownership or other writing
thereon made by anyone) for all purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

A-3

 

        The
Warrants do not entitle any Holder hereof to any of the rights of a stockholder of the Company. 

	

 	
 	

HMP EQUITY HOLDINGS CORPORATION
	

 	
 	

By:	
 	

 Name:

Title:    
	

 	
 	

By:	
 	

 Name:

Title:    

	

DATED:	
 	

 
	

COUNTERSIGNED:	
 	

 
	

WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Warrant Agent	
 	

 
	

By:	
 	

 Authorized Signature	
 	

 

A-4

FORM OF ELECTION TO PURCHASE WARRANT SHARES

(to be executed only upon exercise of Warrants)  

HMP EQUITY HOLDINGS CORPORATION  

        The undersigned hereby irrevocably elects to
exercise                        Warrants on the terms and conditions specified in the Warrant Certificate and the Warrant
Agreement, surrenders this Warrant Certificate and all right, title and interest therein to HMP Equity Holdings Corporation and directs that the Warrant Shares deliverable upon the exercise of such
Warrants be registered or placed in the name and at the address specified below and delivered thereto. 

Date:                        ,            

	

Your Signature:	
 	

 (Sign exactly as your name appears on the face of this Warrant Certificate)
	

 (Street Address)

	
 	
 	

 	
 	

 
	

	(City)	 	(State)	 	(Zip Code)

Signature
Guaranteed by: 

	
 Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program ("STAMP") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.	 	 	 	 

Securities
and/or check to be issued to: 

Please
insert social security or identifying number: 

Name:

Street
Address: 

City,
State and Zip Code: 

ASSIGNMENT FORM  

        To assign this Warrant, fill in the form below: 

        I
or we assign and transfer this Warrant to 

        (Print
or type assignee's name, address and zip code) 

        (Insert
assignee's soc. sec. or tax I.D. No.) 

        and
irrevocably appoint                        agent to transfer this Warrant on the books of the Company. The agent may substitute
another to act for him. 

Date:            

Your
Signature: 

	

Your Signature:	
 	

 (Sign exactly as your name appears on the face of this Warrant Certificate)

	
 	
 	

 	
 	

 
	
 Signature Guaranteed by:	 	 	 	 
	
 Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program ("STAMP") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.	 	 	 	 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL WARRANT  

        The following exchanges of a part of this Global Warrant for an interest in another Global Warrant or for a Definitive Warrant, or exchanges of a part of another
Global Warrant or Definitive Warrant for an interest in this Global Warrant, have been made: 

	Date of Exchange
 
	 	Amount of decrease in

this

Principal Amount of

Global Warrant
	 	Amount of increase in

Principal Amount of

this Global Warrant
	 	Principal Amount of this

Global Warrant following

such decrease (or

increase)
	 	Signature of

authorized officer of

Trustee or Warrant

Custodian

   Exhibit B(1)  

[GLOBAL WARRANT LEGEND]  

        Any Global Warrant countersigned and delivered hereunder shall bear a legend in substantially the following form: 

THIS
SECURITY IS A GLOBAL WARRANT WITHIN THE MEANING OF THE WARRANT AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS SECURITY IS NOT
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE WARRANT AGREEMENT, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY)
MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE WARRANT AGREEMENT. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 

B(1)-1

   Exhibit B(2)  

[UNIT LEGEND]  

        Any Warrant issued on or after the Issue Date and prior to the Separation Date shall bear the legend set forth in the following paragraph: 

THE
WARRANTS EVIDENCED BY THIS CERTIFICATE ARE INITIALLY ISSUED AS PART OF AN ISSUANCE OF UNITS, EACH OF WHICH CONSISTS OF $1,000 PRINCIPAL AMOUNT AT MATURITY OF THE 15% SENIOR SECURED DISCOUNT NOTES
DUE 2008 OF HMP EQUITY HOLDINGS CORPORATION (THE "NOTES") AND ONE WARRANT (EACH, A "WARRANT" AND
COLLECTIVELY, THE "WARRANTS"), EACH WARRANT INITIALLY ENTITLING THE HOLDER THEREOF TO PURCHASE 2.8094 SHARES OF COMMON STOCK, $0.01 PAR VALUE, OF HMP
EQUITY HOLDINGS CORPORATION (THE "COMMON STOCK"). PRIOR TO THE SEPARATION DATE, THE WARRANTS EVIDENCED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED
OR EXCHANGED SEPARATELY FROM, AND MAY BE TRANSFERRED OR EXCHANGED ONLY TOGETHER WITH, THE NOTES. 

B(2)-1

   Exhibit C  

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF WARRANTS  

	Re:
	Warrants
to Purchase Common Stock (the "Warrants")

of HMP Equity Holdings Corporation 

        This
Certificate relates to                        Warrants held
by                        (the "Transferor"). 

        The
Transferor has requested the Warrant Agent by written order to exchange or register the transfer of a Warrant or Warrants. 

        In
connection with such request and in respect of each such Warrant, the Transferor hereby certifies that the Transferor is familiar with the Warrant Agreement dated as of May 9,
2003, between the Company and Wells Fargo Bank Minnesota, National Association, as warrant agent (the "Warrant Agreement"), relating to the above
captioned Warrants and the restrictions on transfers thereof as provided in Section 6 of such Warrant Agreement, and that the transfer of this Warrant does not require registration under the
Securities Act of 1933, as amended (the "Act"), because*: 

        o    Such
Warrant is being acquired for the Transferor's own account, without transfer (in satisfaction of
Section 6(a)(y)(A) of the Warrant Agreement). 

        o    Such Warrant is being transferred to a qualified institutional buyer (as defined in Rule 144A
under the Act) in reliance on Rule 144A or is being transferred in accordance with Regulation S under the Act. 

        o    Such Warrant is being transferred in accordance with Rule 144 under the Act. 

        o    Such Warrant is being transferred in reliance on and in compliance with an exemption from the
registration requirements of the Act, other than Rule 144A or Rule 144 or Regulation S under the Act. An opinion of counsel to the effect that such transfer does not require
registration under the Act accompanies this Certificate. 

	
 	
 	

 [INSERT NAME OF TRANSFEROR]
	

 	
 	

By:	
 	

	
 	
 	

 	
 	

 
	Date:	 	
 *Check applicable box.	 	 

C-1

   Exhibit D  

[Form of Transferee Letter of Representation

in Connection with Transfers to Institutional Accredited Investors]  

Wells
Fargo Bank Minnesota,

National Association

Sixth Street and Marquette Avenue

MAC N9303-120

Minneapolis, MN 55479

Attn: Corporate Trust 

Ladies
and Gentlemen: 

        In
connection with our proposed purchase of warrants to purchase Common Stock, par value $0.01 per share (the "Securities"), of HMP Equity
Holdings Corporation (the "Company"), we confirm that: 

        1.     We
understand that the Securities have not been registered under the Securities Act of 1933, as amended (the "Securities
Act"), and, unless so registered, may not be offered, sold or otherwise transferred except as permitted in the following sentence. We agree on our own behalf and on behalf of
any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the date which is two years after the later of the date of original
issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor Securities) (the "Resale Restriction
Termination Date") only (a) to the Company, (b) pursuant to a registration statement which has been declared effective under the Securities Act, (c) for so
long as the Securities are eligible for resale pursuant to Rule 144A under the Securities Act, to a person we reasonably believe is a qualified institutional buyer as defined in
Rule 144A (a "QIB") that purchases for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in
reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an
institutional "accredited investor" within the meaning of subparagraph (a)(1), (a)(2), (a)(3) or (a)(7) of Rule 501 under the Securities Act that is acquiring the Securities for
its own account or for the account of such an institutional "accredited investor", for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in
violation of the Securities Act, or (f) pursuant to another available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any
requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and to compliance with any applicable state
securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made
pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the
warrant agent under the Warrant Agreement pursuant to which the Securities were issued (the "Warrant Agent") which shall provide, among other things,
that the transferee is an institutional "accredited investor" within the meaning of subparagraph (a)(1), (a)(2), (a)(3) or (a)(7) of Rule 501 under the Securities Act and that it
is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. The Warrant Agent and the Company reserve the right prior to any offer, sale or other
transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clause (c), (d), (e) or (f) above to require the delivery of a written opinion of counsel,
certifications, and or other information satisfactory to the Company. 

        2.     We
are an institutional "accredited investor" (as defined in Rule 501(a)(1), (a)(2), (a)(3) or (a)(7) of Regulation D under the Securities
Act) purchasing for our own account or for the account of 

D-1

 

such
an institutional "accredited investor", and we are acquiring the Securities for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation
of the Securities Act and we have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Securities, and we and
any accounts for which we are acting are each able to bear the economic risk of our or its investment for an indefinite period. 

        3.     We
are acquiring the Securities purchased by us for our own account or for one or more accounts as to each of which we exercise sole investment discretion. 

        4.     You
and your counsel are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

	

 	
 	

Very truly yours,
	

 	
 	

 (Name of Purchaser)
	

 	
 	

By:	
 	

	

 	
 	

Date:	
 	

        Upon
transfer the Securities would be registered in the name of the new beneficial owner as follows: 

	Name:	 	
	 	 

	Address:	 	
	 	 

	Taxpayer ID Number:	 	
	 	 

D-2

   Exhibit E  

[Form of Transferee Letter of Representation

in Connection with Transfers Pursuant to Regulation S]  

Wells
Fargo Bank Minnesota,

National Association

Sixth Street and Marquette Avenue

MAC N9303-120

Minneapolis, MN 55479

Attn: Corporate Trust 

Ladies
and Gentlemen: 

        In
connection with our proposed purchase of warrants (the "Securities") to purchase Common Stock, par value $0.01 per share, of HMP Equity
Holdings Corporation (the "Company"), we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the
Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, we represent that: 

	(1)
	The
undersigned certifies that it is not a U.S. person and is not acquiring the Securities for the account or benefit of any U.S. person.

	(2)
	The
undersigned agrees to resell the Securities only in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act or pursuant to an
available exemption from registration.

	(3)
	The
undersigned agrees not to engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act. 

        You
and your counsel are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Defined terms used herein without definition have the respective meanings provided in Regulation S under the
Securities Act. 

	

 	
 	

Very truly yours,
	

 	
 	

(Name of Purchaser)
	

 	
 	

By:	
 	

E-1

 

        Upon
transfer the Securities would be registered in the name of the new beneficial owner as follows: 

	Name:	 	
	 	 

	Address:	 	
	 	 

	Taxpayer ID Number:	 	
	 	 

E-2

QuickLinks

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