Document:

Exhibit 10.1

 

Execution Version

 

 

MEMBERSHIP INTEREST
PURCHASE AGREEMENT

 

AMONG

 

SASOL CHEMICALS (USA)
LLC,

 

LOUISIANA INTEGRATED
POLYETHYLENE JV LLC,

 

LYONDELLBASELL LC
OFFTAKE LLC

 

AND, SOLELY FOR PURPOSES
OF SECTION 2.07,

 

LYONDELL CHEMICAL
COMPANY

 

AND, SOLELY FOR PURPOSES OF SECTION 6.05,

 

SASOL LIMITED

 

OCTOBER
1, 2020

 

 

    1

     

    

 

TABLE OF
CONTENTS

 

Page

 

	Article I. DEFINITIONS AND CONSTRUCTION	1
	Section 1.01   Definitions	1
	Section 1.02   Louisiana Definitions	19
	Section 1.03   Rules of Construction	19
	 	 
	Article II. PURCHASE AND SALE; CLOSING	20
	Section 2.01   Purchase and Sale	20
	Section 2.02   Purchase Price	21
	Section 2.03   Adjustments to Purchase Price; Inventory Adjustments	21
	Section 2.04   Closing	24
	Section 2.05   Closing Deliveries by the Existing Member and the Company to the New Member	25
	Section 2.06   Closing Deliveries by the New Member	26
	Section 2.07   New Member Guaranty	26
	Section 2.08   Withholding	27
	 	 
	Article III. REPRESENTATIONS AND WARRANTIES RELATED TO the Company	27
	Section 3.01   Organization; Good Standing	27
	Section 3.02   Authority	27
	Section 3.03   No Conflicts; Consents and Approvals	28
	Section 3.04   Membership Interests	28
	Section 3.05   Financial Statements	29
	Section 3.06   Compliance with Applicable Laws	30
	Section 3.07   Permits	30
	Section 3.08   Litigation; Orders	30
	Section 3.09   Insurance	31
	Section 3.10   Ownership of the Assets	31
	Section 3.11   Real Property	31
	Section 3.12   Environmental Matters	32
	Section 3.13   Taxes	33
	Section 3.14   Material Contracts	35
	Section 3.15   Customers and Suppliers	37
	Section 3.16   Affiliate Relationships	38
	Section 3.17   Business Benefit Plans	38
	Section 3.18   Labor Relations	40
	Section 3.19   Intellectual Property	41
	Section 3.20   Trade Control Laws; Anti-Corruption	42
	Section 3.21   Sufficiency of the Assets	43
	Section 3.22   Absence of Certain Changes	44
	Section 3.23   Broker’s Commissions	44
	Section 3.24   No Prior Activities	44

 

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	Article IV. REPRESENTATIONS AND WARRANTIES OF THE EXISTING MEMBER	45
	Section 4.01   Organization; Good Standing	45
	Section 4.02   Authority	45
	Section 4.03   No Conflicts; Consents and Approvals	45
	Section 4.04   Litigation; Orders	46
	Section 4.05   Ownership of the Membership Interests	46
	Section 4.06   No Bankruptcy	47
	Section 4.07   No Broker Fees	47
	 	 
	Article V. REPRESENTATIONS AND WARRANTIES OF THE NEW MEMBER	47
	Section 5.01   Organization	47
	Section 5.02   Authority	47
	Section 5.03   No Conflicts; Consents and Approvals	47
	Section 5.04   Litigation; Orders	48
	Section 5.05   Acquisition as Investment	48
	Section 5.06   Financial Resources; Solvency	48
	Section 5.07   No Broker Fees	49
	 	 
	Article VI. COVENANTS	49
	Section 6.01   Interim Period Operations	49
	Section 6.02   Access of the New Member	54
	Section 6.03   Regulatory and Other Approvals from Governmental Authorities	55
	Section 6.04   Reorganization	57
	Section 6.05   Shareholders Meeting	58
	Section 6.06   Consents	59
	Section 6.07   Treatment of Shared Contracts	59
	Section 6.08   Sasol Guaranties	60
	Section 6.09   R&W Insurance Policy	61
	Section 6.10   Casualty and Condemnation	61
	Section 6.11   Repair of Assets	62
	Section 6.12   Misallocated Transfers	64
	Section 6.13   Books and Records	65
	Section 6.14   Delivery of Material Contracts	65
	Section 6.15   Audited Financial Statements	65
	Section 6.16   Termination of Affiliate Agreements	66
	Section 6.17   Change of Operatorship	66
	Section 6.18   Public Announcements	66
	Section 6.19   Confidentiality	66
	Section 6.20   Non-Solicitation of Alternative Transactions	67
	Section 6.21   Definitive Ancillary Agreements	67
	Section 6.22   Further Assurances	67
	Section 6.23   Real Estate Matters	68
	Section 6.24   Release	70
	Section 6.25   Amendment of Schedules	70

 

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	Article VII. NEW MEMBER’S CONDITIONS TO CLOSING	71
	Section 7.01   Representations and Warranties	71
	Section 7.02   Performance	71
	Section 7.03   Officer’s Certificate	71
	Section 7.04   Orders and Laws	71
	Section 7.05   Reorganization	71
	Section 7.06   Agreements in Effect	71
	Section 7.07   Consents	71
	Section 7.08   Delivery of Material Contracts	72
	Section 7.09   No Liens	72
	Section 7.10   No MAE	72
	Section 7.11   No Bankruptcy	72
	Section 7.12   Shareholder Approval	72
	Section 7.13   Competition Law Approvals	72
	Section 7.14   Deliveries	72
	 	 
	Article VIII. EXISTING MEMBER’S CONDITIONS TO CLOSING	72
	Section 8.01   Representations and Warranties	72
	Section 8.02   Performance	73
	Section 8.03   Officer’s Certificate	73
	Section 8.04   Orders and Laws	73
	Section 8.05   Consents	73
	Section 8.06   Agreements in Effect	73
	Section 8.07   Shareholder Approval	73
	Section 8.08   Competition Law Approvals	73
	Section 8.09   Deliveries	73
	 	 
	Article IX. TAX MATTERS	73
	Section 9.01   Tax Matters	73
	Section 9.02   Tax Treatment	75
	Section 9.03   Allocation	75
	 	 
	Article X. TERMINATION	76
	Section 10.01   Right of Termination	76
	Section 10.02   Effect of Termination	77
	 	 
	Article XI. INDEMNIFICATION	79
	Section 11.01   Survival	79
	Section 11.02   Indemnification by the Existing Member	79
	Section 11.03   Indemnification by the New Member	79
	Section 11.04   Claim Procedures	80
	Section 11.05   Third-Party Claims	80
	Section 11.06   Limitations and Other Indemnity Claim Matters	82
	Section 11.07   Exclusive Remedy	85
	Section 11.08   Waiver of Other Representations	85

 

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	Article XII. MISCELLANEOUS	86
	Section 12.01   Notices	86
	Section 12.02   Entire Agreement	89
	Section 12.03   Expenses	89
	Section 12.04   Disclosure Schedule	89
	Section 12.05   Waiver	89
	Section 12.06   Amendment	89
	Section 12.07   No Third-Party Beneficiary	89
	Section 12.08   Priority of Agreements	89
	Section 12.09   Assignment; Binding Effect	89
	Section 12.10   Invalid Provisions	90
	Section 12.11   Counterparts	90
	Section 12.12   Governing Law; Jurisdiction; Jury Trial Waiver	90
	Section 12.13   Specific Performance	91
	Section 12.14   Non-Recourse	92
	Section 12.15   Legal Representation	92
	Section 12.16   Integrated Agreements	93

 

SCHEDULES

 

	Schedule A	LCCP Close Out Report
	Schedule B	Process and Maintenance Inventory
	Schedule C	Product Inventory
	Schedule D	Sasol Guaranties
	Schedule E	Asset Repair Loss Value
	Schedule F	Asset Repair Escrow Release Value

 

Disclosure Schedule

 

EXHIBITS

 

	Exhibit A	Business Separation Agreement
	Exhibit B	A&R LLC Agreement
	Exhibit C	Employee Matters Agreement
	Exhibit D	Ground Lease Agreement
	Exhibit E	Membership Interest Assignment
	Exhibit F	Operating Services Agreement
	Exhibit G	Marketing Agreement
	Exhibit H	Reciprocal Servitude Agreement Term Sheet
	Exhibit I	Services Agreements Term Sheets
	Exhibit J	Shared Permit Agreement Term Sheet
	Exhibit K	Hexene Supply Agreement Term Sheet
	Exhibit L	Tolling Agreement Term Sheet
	Exhibit M	Transition Services Agreement Term Sheet
	Exhibit N	Certificate of Non-Foreign Status
	Exhibit O	Form of Act of Conveyance

 

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MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

This Membership Interest
Purchase Agreement, dated as of October 1, 2020 (the “Execution Date”), is entered into by and among
Sasol Chemicals (USA) LLC, a Delaware limited liability company (the “Existing Member”), Louisiana Integrated
PolyEthylene JV LLC, a Delaware limited liability company (the “Company”), LyondellBasell LC Offtake
LLC, a Delaware limited liability company (the “New Member”), and, solely for purposes of Section 2.07,
Lyondell Chemical Company, a Delaware corporation (the “New Member Guarantor”), and, solely for purposes
of Section 6.05, Sasol Limited, a corporation organized and existing under the laws of the Republic of South Africa
(“Sasol Limited”). Each of the Existing Member, the Company and the New Member is referred to herein
individually, as a “Party,” and collectively, as the “Parties.”

 

RECITALS

 

WHEREAS, the Existing
Member owns all of the issued and outstanding membership interests of the Company (such membership interests, collectively, the
“Membership Interests”);

 

WHEREAS, pursuant to
that certain Business Separation Agreement by and between the Existing Member, the New Member and the Company, dated as of the
Execution Date and attached hereto as Exhibit A hereto (the “Business Separation Agreement”),
the Existing Member, in accordance with the Reorganization, will contribute or cause to be contributed to the Company the Assets
immediately prior to the Closing;

 

WHEREAS, on and subject
to the terms and conditions set forth in this Agreement, the New Member desires to acquire from the Existing Member, and the Existing
Member desires to sell to the New Member, fifty percent (50%) of the aggregate Membership Interests (the “New Member
Interests”) in consideration for payment by the New Member of the New Member Closing Payment Amount to the Existing
Member; and

 

WHEREAS, immediately
following the Closing, the Membership Interests will be owned fifty percent (50%) by the Existing Member and fifty percent (50%)
by the New Member.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties, and, solely for purposes of Section 2.07, the New Member
Guarantor, and, solely for purposes of Section 6.05, Sasol Limited, agree as follows:

 

Article I.

DEFINITIONS AND CONSTRUCTION

 

Section 1.01       
Definitions. Subject to Section 1.02, as used in this Agreement, the following capitalized terms have
the meanings set forth below:

 

“1933 Act”
means the Securities Act of 1933, as amended.

 

    1

     

    

 

“A&R
LLC Agreement” means that certain Amended and Restated Limited Liability Company Agreement of the Company, to be
entered into in connection with the Closing, in substantially the form attached hereto as Exhibit B.

 

“Action”
means any action, claim, suit, complaint, audit, investigation, inquiry, arbitration, or proceeding by or before any court or other
Governmental Authority or arbitrator.

 

“Affiliate”
with respect to any Person, means any other Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person.

 

“Agreement”
means this Membership Interest Purchase Agreement, including all exhibits and schedules hereto (including the Disclosure Schedule),
as the same may be amended, modified or supplemented from time to time in accordance with its terms.

 

“Allocation”
has the meaning given to it in Section 9.03.

 

“Alternative
Transaction” has the meaning given to it in Section 6.20.

 

“Alternative
Transaction Arrangement” has the meaning given to it in Section 10.02(c).

 

“Alternative
Transaction Fee” has the meaning given to it in Section 10.02(c).

 

“Anti-Corruption
Laws” means all U.S. and non-U.S. Laws relating to the prevention of corruption, bribery, and money laundering, including
the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the UK Bribery Act of 2010.

 

“Asset
Loss Value” has the meaning given to it in Section 6.11(b).

 

“Asset
Repair Escrow Account” means an interest bearing escrow account established pursuant to the terms of the Escrow Agreement.

 

“Asset
Repair Escrow Release Date” has the meaning given to it in Section 6.11(c).

 

“Asset
Repair Report” has the meaning given to it in Section 6.11(b).

 

“Asset
Repair Work List” has the meaning given to it in Section 6.11(b).

 

“Asset
Repairs” has the meaning given to it in Section 6.11(a).

 

“Asset
Taxes” means all ad valorem, real property, personal property, sales, use and all other Taxes and similar obligations,
in each case, assessed against or with respect to the Assets or based upon or measured by the acquisition, ownership and operation
of the Assets, but not including Income Taxes and Transfer Taxes.

 

“Assets”
means the Transferred Assets.

 

“Audited
Financial Statements” has the meaning given to it in Section 6.15.

 

    2

     

    

 

“Available
Employee” has the meaning given to it in the Employee Matters Agreement.

 

“Balance
Sheet” means the unaudited extracts of the Assets and liabilities of the Business as of the Balance Sheet Date.

 

“Balance
Sheet Date” means June 30, 2020.

 

“Benefit
Plan” means any (a) “employee benefit plan,” as such term is defined in Section 3(3) of ERISA (whether
or not the plan is subject to ERISA), (b) incentive compensation, stock option, equity or equity-based, bonus or deferred compensation
plan or arrangement, (c) employment, consulting, severance, retention, or change in control plan, arrangement or policy, (d) vacation
practice or other paid time off program and (e) each other benefit, fringe benefit, or compensation plan, program, Contract,
agreement, arrangement, policy or commitment.

 

“Binder
Agreement” has the meaning given to it in Section 6.09(a).

 

“Business”
means the Transferred Business.

 

“Business
Benefit Plans” has the meaning given to it in Section 3.17(a).

 

“Business
Day” means a day other than Saturday, Sunday or any day on which banks located in the State of Texas are authorized
or obligated to close by Law.

 

“Business
Employee” has the meaning given to it in the Employee Matters Agreement.

 

“Business
Permits” has the meaning given to it in Section 3.07(b).

 

“Business
Separation Agreement” has the meaning given to it in the recitals.

 

“Casualty
Loss” has the meaning given to it in Section 6.10.

 

“Claim”
has the meaning given to it in Section 11.04(a).

 

“Claim
Notice” has the meaning given to it in Section 11.04(a).

 

“Closing”
has the meaning given to it in Section 2.04.

 

“Closing
Date” means the date on which the Closing occurs.

 

“Closing
Indebtedness” means fifty percent (50%) of all Indebtedness of the Company as of the Effective Time, provided,
however, that the calculation of Closing Indebtedness shall exclude all of the Indebtedness to the extent set forth or described
on Section 1.01(a) of the Disclosure Schedule up to an aggregate amount equal to the sum of (a) the aggregate amount attributable
to the Company as set forth on Section 1.01(a) of the Disclosure Schedule plus (b) any interest accrued from the date hereof
until the Effective Time in accordance with the agreements listed or described on Section 1.01(a) of the Disclosure Schedule,
as such agreements are in effect as of the date hereof and without modification thereto.

 

    3

     

    

 

“Closing
Process and Maintenance Inventory” means the Process and Maintenance Inventory that the Existing Member shall convey,
transfer, assign and deliver to the Company at the Closing pursuant to and in accordance with Section 6.04 and the
Business Separation Agreement.

 

“Closing
Process and Maintenance Inventory Amount” has the meaning given to it in Section 2.03(b).

 

“Closing
Product Inventory” means the Product Inventory that the Existing Member shall convey, transfer, assign and deliver
to the New Member at the Closing pursuant to and in accordance with Section 6.04 and the Business Separation Agreement.

 

“Closing
Product Inventory Amount” has the meaning given to it in Section 2.03(b).

 

“Closing
Statement” has the meaning given to it in Section 2.03(a).

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Collective
Bargaining Agreement” has the meaning given to it in Section 3.14(a)(xvi).

 

“Companies
Act” means the Companies Act of the Republic of South Africa No. 71 of 2008, as amended.

 

“Company”
has the meaning given to it in the preamble.

 

“Competition
Laws” means Laws that are designed or intended to prohibit, restrict or regulate actions, including transactions,
acquisitions and mergers, having the purpose or effect of creating or strengthening a dominant position, monopolization, lessening
of competition or restraint of trade, including the HSR Act, the Clayton Antitrust Act of 1914, the Sherman Act of 1890, the Federal
Trade Commission Act of 1914 and any other federal, state, or antitrust, competition or merger control foreign Laws.

 

“Completed
Asset” has the meaning given to it in Section 6.11(c).

 

“Confidential
Information” has the meaning given to it in Section 6.19.

 

“Confidentiality
Agreement” means that certain Confidentiality Agreement between Sasol Limited and Lyondell Chemical Company, dated
April 16, 2020.

 

“Consent
Request Notice” has the meaning given to it in Section 6.06.

 

“Consents”
means any of the following: Permits, consents, approvals, exemptions, waivers, clearances, waiting period expirations or terminations
or authorizations.

 

“Contract”
means any written or oral agreement, contract, lease, license, commitment, undertaking or other instrument.

 

“Contracting
Parties” has the meaning given to it in Section 12.14.

 

    4

     

    

 

“control”
(including the terms “controlled by” and “under common control with”) means the possession, directly or
indirectly, of the power to direct, or cause the direction of, the management and policies of a Person, whether through the ownership
of voting securities or other ownership interests, by Contract or otherwise.

 

“Cutoff
Date” has the meaning given to it in Section 11.06(a).

 

“Dedicated
Employee” has the meaning given to it in the Employee Matters Agreement.

 

“Definitive
Ancillary Agreements” has the meaning given to it in Section 6.21.

 

“Disclosure
Schedule” means the disclosure schedule prepared by the Parties and attached to this Agreement.

 

“Dispute
Notice” has the meaning given to it in Section 2.03(c).

 

“Disputed
Item” has the meaning given to it in Section 2.03(c).

 

“EAR”
means the Export Administration Regulations.

 

“Easements”
means all easements, rights of way, servitudes, property use agreements, line rights, surface leases, and real property licenses
(including right of way Permits from railroads and road crossing Permits or other right of way Permits from any Governmental Authority)
relating to (a) Real Property used in the Business, including, without limitation, (i) Real Property used in the Business and granted
by Persons other than the members of the Sasol Group, and (ii) Real Property used in the Business and granted to Persons other
than members of the Sasol Group, and/or (b) any Sasol Servitude.

 

“Effective
Time” means 12:01 a.m. Central Time on the Closing Date.

 

“Emergency
Operations” means, as determined in the reasonable good faith of the Existing Member, operations in respect of the
Company necessary to respond to or alleviate the imminent or immediate compromise of or risk of compromise of (a) the health or
safety of any Person or natural resources (including wildlife) or the environment or (b) the safety or operational condition of,
or substantial damage to, any of the assets of the Company or the property of any other Person.

 

“Employee
Matters Agreement” means that certain Employee Matters Agreement, dated as of the Execution Date, by and between
the Company, the Existing Member and the New Member and attached hereto as Exhibit C.

 

“Environmental
Law” means any and all Law related to pollution, process safety, protection of the environment (including
natural resources and indoor air quality), the generation, use, handling, storage, Release, marketing, labeling,
registration, notification, packaging, import, distribution or disposal of Hazardous Materials (including the investigation,
monitoring or remediation of contamination), or health and safety (to the extent relating to exposures to Hazardous
Materials) including, without limitation, Process Safety Laws, the Clean Air Act, the Federal Water Pollution Control Act,
the Oil Pollution Act of 1990, the Rivers and Harbors Act of 1899, the Safe Drinking Water Act, the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986,
the Resource Conservation and Recovery Act, the Hazardous and Solid Waste Amendments Act of 1984, the Toxic Substances
Control Act, the Occupational Safety and Health Act of 1970, in each case as has been amended or will be amended in the
future, their corresponding regulations and comparable state and local counterparts, including, without limitation, the
Louisiana Environmental Quality Act and the Louisiana Hazardous Waste Control Law.

 

    5

     

    

 

“Environmental
Liabilities” means all Liabilities arising under, resulting from or in connection with any Environmental Laws, including
those arising from or related to (a) any presence, generation, storage, management, handling, use, transportation, treatment, disposal,
marketing, labeling, registration, notification, packaging, import, distribution, Release, investigation, monitoring or remediation
of, or exposure of any Person to, Hazardous Materials, including any off-site impacts associated with the migration of any such
Release of Hazardous Materials, (b) any compliance or non-compliance with Environmental Law or Environmental Permits, (c) any damage,
injury, threat, nuisance, or harm to human health or safety (to the extent relating to exposure to any Hazardous Materials), natural
resources or the environment, or (d) any other Liabilities arising under Environmental Laws, including, in each case, all containment,
investigation, cleanup, remediation, mitigation, corrective action, monitoring, or post-closing monitoring costs, administrative
oversight costs, natural resources damages, property damages, personal injury damages, indemnity, injunctive relief, contribution
and similar obligations and all costs and expenses, interest, fines, penalties and other monetary sanctions in connection with
any of the foregoing.

 

“Environmental
Permit” means any Permit issued or required under Environmental Law.

 

“Equistar
Chemicals” means Equistar Chemicals, LP, a Delaware limited partnership.

 

“Equity
Interests” means, with respect to any Person that is not a natural person, as applicable: (a) capital stock,
partnership (whether general or limited), or membership interests or units, any other equity interests or share capital of such
Person; (b) any warrants, Contracts, or other rights or options directly or indirectly to subscribe for or to purchase any capital
stock, membership interests, units, or other equity interests or share capital of such Person; (c) any share appreciation rights,
phantom share rights, or other similar rights with respect to such Person or its business; (d) any other interest or participation
that confers on a Person the right to receive a share of the profits and/or losses of, or distribution of assets of, such Person;
and (e) all securities or instruments, directly or indirectly, exchangeable for or convertible or exercisable into, any of the
foregoing or with any profit participation features with respect to such Person, in each case whether voting or nonvoting, and
whether or not outstanding on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA
Affiliate” means, with respect to any Person, any entity (whether or not incorporated) that, together with such Person,
is considered under common control and treated as one employer under Section 414(b), (c), (m) or (o) of the Code.

 

“Escrow
Agent” means a nationally recognized banking institution to be mutually agreed to by the Parties.

 

    6

     

    

 

“Escrow
Agreement” means that certain Escrow Agreement, dated as of the Closing Date, by and among the New Member, the Existing
Member and the Escrow Agent.

 

“Estimated
Closing Indebtedness” has the meaning given to it in Section 2.03(a).

 

“Estimated
Restoration Cost” has the meaning given to it in Section 6.10.

 

“Ex-Im
Laws” means all U.S. and non-U.S. Laws relating to export, reexport, transfer, and import controls, including the
EAR, the ITAR, the customs and import Laws administered by U.S. Customs and Border Protection, and the EU Dual Use Regulation.

 

“Execution
Date” has the meaning given to it in the preamble.

 

“Existing
Member” has the meaning given to it in the preamble.

 

“Existing
Member and Company Fundamental Representations” means the representations and warranties set forth in Section 3.01(a),
Section 3.02, Section 3.03, Section 3.04, Section 3.23, Section 3.24,
Section 4.01, Section 4.02, Section 4.03, Section 4.05 and Section 4.07.

 

“Existing
Member and Company Fundamental and Special Representations” has the meaning given to it in Section 11.06(b).

 

“Existing
Member’s Counsel” has the meaning given to it in Section 12.15.

 

“Existing
Member Indemnitees” has the meaning given to it in Section 11.03.

 

“Exxon”
means ExxonMobil Chemical Technology Licensing LLC, a Delaware limited liability company.

 

“Exxon
License” means that certain High Pressure Polyethylene Technology License Agreement, by and between the Existing
Member and Exxon, dated as of December 12, 2012.

 

“Filing”
has the meaning given to it in Section 3.03(b).

 

“Final
Asset Repair Escrow Release Date” has the meaning given to it in Section 6.11(c).

 

“Forum”
has the meaning given to it in Section 12.12(b).

 

“Government
Official” means any officer or employee of a Governmental Authority or any department, agency or instrumentality
thereof, including state-owned entities, or of a public organization or any person acting in an official capacity for or on behalf
of any such government, department, agency, or instrumentality or on behalf of any such public organization.

 

“Governmental
Authority” means any federal, state, or local or foreign or multinational government (including, for the avoidance
of doubt, the government of South Africa) or political subdivision thereof, agency, board, commission, legislature, court of competent
jurisdiction, arbitral body acting on behalf of a governmental authority, or other governmental, judicial, administrative, taxation
or regulatory authority or instrumentality.

 

    7

     

    

 

“Ground
Lease Agreement” means that certain Ground Lease Agreement, to be entered into in connection with the Closing as
required by Section 6.23, by and between the Company and the Existing Member in substantially the form attached hereto
as Exhibit D.

 

“Guarantee
Release” has the meaning given to it in Section 6.08(b).

 

“Hazardous
Material” means (a) oil and petroleum products, asbestos, polychlorinated biphenyls, per- and poly-fluoroalkyl substances,
and noxious odor and (b) any other substances, materials or wastes listed, defined, designated, or classified as a pollutant or
contaminant or as hazardous, toxic or radioactive pursuant to, or that are otherwise regulated under, or for which Liability may
be imposed pursuant to, any Environmental Law.

 

“Hexene
Supply Agreement” means that certain 1-Hexene Supply Agreement by and between the Company and the Existing Member
to be entered into in connection with the Closing consistent with the term sheet set forth on Exhibit K attached hereto
and such other terms agreed to by the Parties in connection with fulfilling their respective obligations pursuant to Section 6.21.

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder.

 

“IFRS”
means the International Financial Reporting Standards issued by the International Accounting Standards Board (or a predecessor
body) and interpretations issued by the IFRS Interpretations Committee (or a predecessor body), each as and to the extent from
time to time adopted by the European Union.

 

“Income
Taxes” means any Taxes based upon or measured by income, profits, margin revenues or similar measure(s), including
(without limitation) any franchise, capital gains and net worth Taxes.

 

“Incomplete
Asset Repairs” has the meaning given to it in Section 6.11(b).

 

“Indebtedness”
means, without duplication, any of the following obligations, including any Support Obligations: (a) any indebtedness for
borrowed money (whether or not contingent, and including all obligations for principal, interest, premiums, penalties, fees,
expenses and breakage costs); (b) any obligations evidenced by bonds, mortgages, debentures, notes, or other similar
instruments or debt securities; (c) any swap, collar, hedge, cap, derivative instrument or similar instruments or Contracts;
(d) any obligations, contingent or otherwise, under acceptance credit, letters of credit, or similar facilities, other than
trade payables; (e) all obligations recorded or required to be recorded as finance leases or operating leases in accordance
with IFRS; (f) all obligations for the acquisition of debt or Equity Interests or the deferred purchase price of property or
services or the acquisition of a business or portion thereof, whether contingent or otherwise, as obligor or otherwise, at
the maximum amount payable in respect thereof, regardless of whether such amount is contingent on future performance other
than current accounts payable or accrued expenses incurred in the Ordinary Course of Business; (g) all obligations created or
arising under any conditional sale or other title retention agreement with respect to acquired property; (h) all deferred
rent obligations; (i) any obligations of a Person secured by a Lien; (j) any guaranty of any of the preceding clauses
(a) through (i); (k) any accrued and unpaid interest owed with respect to any obligation described in the
preceding clauses (a) through (j); (l) all fees, expenses, premiums, penalties (including pre-payment
penalties), breakage costs, change of control payments, redemption fees or make-whole payments attributable to or arising
under the terms of any obligation described in the preceding clauses (a) through (j); and (m) any items set
forth on Section 1.01(b) of the Disclosure Schedule.

 

    8

     

    

 

“Indemnitee”
has the meaning given to it in Section 11.04(a).

 

“Indemnitor”
has the meaning given to it in Section 11.04(a).

 

“Indemnity
Deductible” has the meaning given to it in Section 11.06(b).

 

“Indemnity
Escrow Account” means an interest bearing escrow account established pursuant to the terms of the Escrow Agreement.

 

“Indemnity
Escrow Amount” means an amount equal to seven million five hundred thousand dollars ($7,500,000).

 

“Indemnity
Threshold” has the meaning given to it in Section 11.06(b).

 

“Independent
Accountant” has the meaning given to it in Section 2.03(e).

 

“Insurance
Policies” has the meaning given to it in Section 3.09.

 

“Intellectual
Property” means all intellectual property arising under the Laws of any jurisdiction, including all (a)  patents,
patent applications, invention disclosures, and statutory invention registrations, including reissues, divisionals, continuations,
continuations-in-part, extensions and reexaminations thereof, and any other intellectual property rights in inventions and discoveries
(whether or not patentable or reduced to practice), (b) trademarks, service marks, service names, trade dress, slogans, logos,
symbols, trade names, brand names and other identifiers of source or goodwill, including registrations and applications for registration
thereof and including the goodwill symbolized thereby or associated therewith, (c) intellectual property rights in domain names,
(d) intellectual property rights in published and unpublished works of authorship, whether copyrightable or not, copyrights therein
and thereto, registrations, applications, renewals and extensions therefor, industrial designs, mask works, and any and all rights
associated therewith, (e) intellectual property rights in computer data, computer programs or other software, and databases, in
each case whether in source code, object code or other form, and all related documentation, and (f) trade secrets and all other
intellectual property rights in confidential or proprietary information (including know-how), and all rights to limit the use or
disclosure thereof.

 

“Interim
Period” means the period from and after Execution Date and until the Closing.

 

“Investor
Member Transferred Assets” has the meaning given to it in the Business Separation Agreement.

 

“IT Assets”
has the meaning given to it in Section 3.19(e).

 

“ITAR”
means the International Traffic in Arms Regulations.

 

    9

     

    

 

“Knowledge,”
with respect to the Company and the Existing Member, means the actual knowledge, after reasonable inquiry, of Mike Thomas, Mark
Schnell, Costa Mutzuris, Mike Biesheuvel and Cobus Botha.

 

“kT”
means one thousand (1,000) metric tons.

 

“Law”
means any and all laws (including common law), acts, statutes, constitutions, rules, standards, regulations, ordinances, codes
(including the Code), Orders, and other pronouncements or policies of any Governmental Authority (including applicable consent
decrees or directives issued by a Governmental Authority) having the effect of law.

 

“LCCP”
has the meaning given to it in the Business Separation Agreement.

 

“LCCP Close
Out Report” means the report attached hereto as Schedule A.

 

“LCCP Cracker”
means the Existing Member’s ethane cracker located at the LCCP Cracker Facility.

 

“LCCP Cracker
Facility” has the meaning given to it in the Business Separation Agreement.

 

“LCCP Real
Property” means the land identified on the LCCP Real Property perimeter map set forth on Section 1.01(c) of
the Disclosure Schedule, together with all of Existing Member’s right, title and interest in and to all buildings, structures,
improvements and fixtures located thereon, and all Easements and other rights and interests appurtenant thereto, in each case,
to the extent not included as part of the Transferred Asset at Closing pursuant to the Business Separation Agreement, to be agreed
upon prior to Closing, but excluding any Retained Assets.

 

“LCCP Real
Property Conveyance” has the meaning given to it in Section 6.23.

 

“LDPE Facility”
has the meaning set forth in the Business Separation Agreement.

 

“LDPE Unit”
means the Existing Member’s low-density polyethylene unit located at the LDPE Facility.

 

“Leased
Real Property” means all leasehold or subleasehold estates and other rights to use or occupy any land, buildings,
structures, improvements, fixtures or other interests in real property held by the Existing Member or any of its Affiliates in
connection with the ownership or operation of the Assets or the Business.

 

“Liability”
means any Indebtedness, obligations, Taxes, duties, warranties or liabilities of any nature (whether known or unknown, whether
asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether
due or to become due), regardless of whether any such Indebtedness, obligations, duties, warranties or liabilities would be required
to be disclosed on a balance sheet prepared in accordance with IFRS.

 

“Licensee
Party” means Sasol or one of its Affiliates, as licensee under a Material License Agreement.

 

    10

     

    

 

“Licensor
Party” means each of Exxon, Technip or Univation.

 

“Lien”
means any mortgage, pledge, charge, lien, privilege, encumbrance, charge, financing statement, security interest, Easement, Sasol
Servitude, license, lease, mineral lease, mineral reservations, plat restriction, deed restriction, option, right of first refusal
or other preferential purchase right, adverse right, claim or security interest of any kind or nature whatsoever (including any
restriction on the right to vote or transfer the same), except for such transfer restrictions of general applicability as may be
provided under the 1933 Act and the “blue sky” laws of the various states of the United States.

 

“Loss”
means any and all judgments, losses, Liabilities, damages, Taxes, fines, settlements, penalties, deficiencies, costs, and expenses
(including court costs, reasonable fees of attorneys, accountants and other experts or other reasonable expenses incurred in connection
with investigation or defense).

 

“Marketing
Agreement” means that certain Marketing Agreement, to be entered into in connection with the Closing, by and between
the Existing Member and Equistar Chemicals, in substantially the form attached hereto as Exhibit E.

 

“Material
Adverse Effect” means any change, condition, effect, event, circumstance, occurrence, development or state of
facts that, individually or in the aggregate, has, or would reasonably be expected to have, a material adverse effect on (a)
the business, operations, assets, liabilities, condition (financial or otherwise), or results of operations of the Company,
the Business and the Assets as a whole or (b) the ability of the Existing Member or the Company to timely consummate the
transactions contemplated by this Agreement; provided, however, that none of the following shall
constitute or be deemed to contribute to a Material Adverse Effect, or shall otherwise be taken into account in determining
whether a Material Adverse Effect has occurred or would reasonably be expected to occur: (i) changes generally affecting
the chemicals and petrochemicals industries in which the Assets operate, whether international, national, regional, state,
provincial or local; (ii) changes in general regulatory or political conditions, including any acts of war or terrorist
activities, in any jurisdiction in which the Assets operate; (iii) the occurrence, continuation or worsening of any act of
God, weather, meteorological events, or other natural disasters or national or international pandemic (including the COVID-19
virus); (iv) changes or adverse conditions in the commodities, financial, banking or securities markets, in each case,
including any disruption thereof and any decline in the price of any commodity, security, market index or any adverse changes
in interest or exchange rates; (v) changes in Law, IFRS or other accounting principles or regulatory policy or the
interpretation or enforcement thereof; (vi) the announcement, pendency, execution, or delivery of this Agreement or the
consummation of the transactions contemplated hereby; (vii) failure by the Sasol Group to meet any projections or forecasts
relating to the Business for any period occurring on or after the Execution Date (provided that this clause
(vii) shall not prevent a determination that any change or effect underlying such failure to meet projections or
forecasts has resulted in a Material Adverse Effect); (viii) any resignation by, termination of, repudiation or
non-acceptance of the Company’s employment offer by, one or more employees or other individuals providing services with
respect to the Business; (ix) the failure of any written consent or approval required to be obtained pursuant to Section
6.06; (x) actions or omissions taken by the New Member in accordance with this Agreement or any Transaction Document; or
(xi) actions or omissions required to be taken or not taken by the Sasol Group in accordance with this Agreement or any
Transaction Document or consented to in writing by the New Member or any of its Affiliates, except, in the case of clauses (i)
through (v), to the extent that any such change, event, circumstance, occurrence, or development has a
disproportionate effect on the business, operations, assets, liabilities, condition (financial or otherwise), or results of
operations of the Company, the Business and the Assets, taken as a whole, relative to similarly situated industry
participants.

 

    11

     

    

 

“Material
Contracts” has the meaning given to it in Section 3.14(a).

 

“Material
License Agreement” means each of the Exxon License, the Technip License and the Univation License.

 

“Membership
Interest Assignment” means that certain Membership Interest Assignment, to be entered into in connection with the
Closing, by and between the Existing Member and the New Member, in substantially the form attached hereto as Exhibit E.

 

“Membership
Interests” has the meaning given to it in the recitals.

 

“New Member”
has the meaning given to it in the preamble.

 

“New Member
Base Payment Amount” means an amount equal to two billion dollars ($2,000,000,000).

 

“New Member
Closing Payment Amount” means an amount equal to: (a) the New Member Base Payment Amount; minus (b) the Estimated
Closing Indebtedness.

 

“New Member
Fundamental Claims” has the meaning given to it in Section 11.06(c).

 

“New Member
Fundamental Representations” means the representations and warranties set forth in Section 5.01, Section 5.02,
Section 5.03, Section 5.05 and Section 5.07.

 

“New Member
Guarantor” has the meaning given to it in the preamble.

 

“New Member
Guaranty” has the meaning given to it in Section 2.07.

 

“New Member
Indemnitees” has the meaning given to it in Section 11.02.

 

“New Member
Interests” has the meaning given to it in the recitals.

 

“New Member
Material Adverse Effect” means any change, circumstance, condition, effect, event, occurrence, or development that
would, individually or in the aggregate, reasonably be expected to prevent, materially impede, or materially delay the ability
of the New Member to timely consummate the transactions contemplated by this Agreement.

 

“Nonparty
Affiliate” has the meaning given to it in Section 12.14.

 

“Obligations”
has the meaning given to it in Section 2.07.

 

“OFAC”
means the U.S. Department of the Treasury, Office of Foreign Assets Control.

 

    12

     

    

 

“Operating
Services Agreement” means that certain Operating Services Agreement, to be entered into in connection with the Closing,
by and between the Company and Equistar Chemicals, in substantially the form attached hereto as Exhibit F.

 

“Order”
means any order, writ, judgment, injunction, decree, ruling, award, decision, stipulation, determination or award issued, made,
rendered or entered by or with any Governmental Authority or arbitrator.

 

“Ordinary
Course of Business” means, with respect to the Company and the Business, means in the ordinary course of business
consistent with the Existing Member’s and its Affiliates’ historical custom and practice with respect to the Business;
provided, that, for purposes of this Agreement, “Ordinary Course of Business” shall take into account any current
or future reasonable modifications to the applicable Party’s operations in response to the continuation or worsening of the
COVID-19 global pandemic to the extent such modifications are required by applicable Law or otherwise reasonably consistent with
the policies, procedures and protocols recommended by the Centers for Disease Control and Prevention, the World Health Organization
and other Governmental Authorities, in each case, as determined in good faith by such Person.

 

“Organizational
Documents” means with respect to any Person that is not a natural person, the articles or certificate of incorporation
or formation, memorandum of incorporation, by-laws, limited partnership agreement, partnership agreement, or limited liability
company agreement, as applicable, or such other governing or organizational documents of such Person.

 

“Outside
Date” means March 31, 2021.

 

“Party”
or “Parties” has the meaning given to it in the preamble.

 

“Permits”
means all permits, licenses, tariffs, certificates, pre-qualifications, variances, registrations, consents, approvals, waivers,
exemptions, orders, franchises, authorizations, allowances, emissions credits, and similar rights issued by any Governmental Authority.

 

“Permitted
Liens” means any: (a) mechanic’s, materialmen’s, laborer’s, workmen’s,
repairmen’s, carrier’s and similar statutory Liens arising or incurred in the Ordinary Course of Business which
are not yet due and payable or which will be paid in the Ordinary Course of Business; (b) Liens for Taxes, assessments and
other governmental charges not yet due and payable or being contested in good faith through appropriate proceedings and for
which appropriate reserves have been established on the Balance Sheet in accordance with IFRS; (c) pledges or deposits under
workers’ compensation legislation, unemployment insurance Laws or similar Laws; (d) pledges or deposits to secure
public or statutory obligations or appeal bonds, (e) Liens that are released on or prior to the Closing; (f) with respect to
the Real Property, Liens, encumbrances and restrictions (including leases, mineral leases, mineral reservations, Easements,
Sasol Servitudes, servitudes, covenants, rights of way and similar restrictions of record) that (i) would be disclosed on or
uncovered by a current title report, a current, accurate survey or a physical inspection of such Real Property, or (ii) are
contained in any document filed or recorded in the appropriate county or parish to reflect title thereto, creating,
transferring, limiting, encumbering or reserving or granting any rights therein (including rights of reverter, reservation
and life estates), and in each case of clauses (i) and (ii), that are not violated by the current use of such
affected real property and do not materially impair the current use, occupancy or value of the property subject thereto; (g)
Liens arising under or created by any Material Contract (other than as a result of a breach or default under such Material
Contract); (h) Liens or other imperfections of title, if any, that do not, individually or in the aggregate, materially
impair the current use, occupancy or value of the property subject thereto; (i) non-exclusive licenses of Intellectual
Property granted in the Ordinary Course of Business; and (j) Liens listed in Section 1.01(d) of the Disclosure
Schedule.

 

    13

     

    

 

“Person”
means any natural person, corporation, general partnership, limited partnership, limited liability company, unlimited liability
corporation, proprietorship, other business organization, trust, union, association, or Governmental Authority.

 

“Post-Closing
Statement” has the meaning given to it in Section 2.03(b).

 

“Pre-Closing
Taxes” has the meaning given to it in Section 9.01(a).

 

“Process
and Maintenance Inventory” means the process and maintenance inventory described on Schedule B attached hereto.

 

“Process
and Maintenance Inventory Amount Difference” means an amount equal to (a) the Closing Process and Maintenance Inventory
Amount minus (b) the Target Process and Maintenance Inventory Amount (which amount may, for the avoidance of doubt, be zero
(0), positive or negative).

 

“Process
Safety Laws” means any Laws relating to the regulation of activities or operations associated with the Business or
operation of the Real Property pursuant to: (a) Process Safety Management of Highly Hazardous Chemicals, Explosives and Blasting
Agents (29 C.F.R. Part 1910 et seq.), as amended; (b) Chemical Accident Prevention Provisions (40 C.F.R. Part 68 et seq.), as amended;
(c) Section 112(r) of the Clean Air Act (42 U.S.C. 7412(r)) and related rules and regulations; and (d) any similar state, local
or parish Laws.

 

“Product”
has the meaning given to it in the Marketing Agreement.

 

“Product
Inventory” means, collectively, all of the Product Inventory Types set forth on Schedule C attached hereto.

 

“Product
Inventory Type” means each type of product inventory listed under the heading “Inventory Type” as set
forth on Schedule C attached hereto.

 

“Product
Inventory Type Amount Difference” means, with respect to each Product Inventory Type, an amount equal to (a) the
Closing Product Inventory Amount for such Product Inventory Type minus (b) the Target Product Inventory Type Amount for
such Product Inventory Type (which amount may, for the avoidance of doubt, be zero (0), positive or negative).

 

“R&W
Insurance Policy” has the meaning given to it in Section 6.09(a).

 

“R&W
Insurance Policy Costs” has the meaning given to it in Section 2.06(a).

 

“RCRA Permit”
has the meaning given to it in Section 6.23(c).

 

    14

     

    

 

“Real Property”
means, collectively, the Leased Real Property, the LCCP Real Property and any Easements.

 

“Real Property
Lease” means all leases, subleases, licenses, concessions and other agreements (written or oral, together with all
amendments, extensions, renewals, guaranties and other agreements with respect thereto) pursuant to which the Existing Member or
any of its Affiliates holds any Leased Real Property, including the right to all security deposits and other amounts and instruments
deposited by or on behalf of the Existing Member or any of its Affiliates thereunder.

 

“Reciprocal
Servitude Agreement” means that certain Reciprocal Servitude and Access Agreement by and between the Company and
the Existing Member to be entered into in connection with the LCCP Real Property Conveyance consistent with the term sheet set
forth on Exhibit H attached hereto and such other terms agreed to by the Parties in connection with fulfilling their respective
obligations pursuant to Section 6.21.

 

“Related
Party” with respect to any Person means (a) any Affiliate of such Person, and any director, officer, general partner
or managing member of such Affiliate and (b) any Person who serves or within the past two (2) years has served as a director, officer,
partner or managing member of, or in a similar capacity for, such Person.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, placing, discarding, abandoning, emptying, migrating, escaping,
leaching, seeping, dumping, injection, disposal, or discharge of any Hazardous Material into or through the environment.

 

“Released
Parties” has the meaning given to it in Section 6.24.

 

“Remedies
Exception” means (a) applicable bankruptcy, insolvency, reorganization, moratorium, and other similar Laws, affecting
the rights and remedies of creditors generally, and (b) the exercise of judicial or administrative discretion in accordance with
general equitable principles, particularly as to the availability of the remedy of specific performance or other injunctive relief.

 

“Reorganization”
has the meaning given to it in the Business Separation Agreement.

 

“Representatives”
means, with respect to any Person, its officers, directors, employees, managers, members, partners, equityholders, controlling
persons, agents, attorneys, advisors, and other representatives.

 

“Resolution
Period” has the meaning given to it in Section 2.03(e).

 

“Retained
Assets” has the meaning given to it in the Business Separation Agreement.

 

“Retained
Contracts” means the Material Contracts listed on Section 1.01(e) of the Disclosure Schedule.

 

“Retained
Environmental Liabilities” has the meaning given to it in the Business Separation Agreement.

 

    15

     

    

 

 

“Retained
Liabilities” has the meaning given to it in the Business Separation Agreement.

 

“Sanctioned
Country” means any country or region that is or has in the past five (5) years been the subject or target of a comprehensive
embargo under Sanctions Laws (as of the Execution Date, Cuba, Iran, North Korea, Sudan, Syria, and the Crimea region).

 

“Sanctioned
Person” means any individual or entity that is the subject or target of sanctions or restrictions under Sanctions
Laws or Ex-Im Laws, including: (a) any Person listed on any U.S. or non-U.S. sanctions- or export-related restricted or prohibited
party list, including OFAC’s Specially Designated Nationals and Blocked Persons List and the EU Consolidated List; (b) any
Person that is, in the aggregate, fifty percent (50%) or greater owned, directly or indirectly, or otherwise controlled by a Person
or Persons described in clause (a); or (c) any person that is ordinarily resident in a Sanctioned Country.

 

“Sanctions
Laws” means Laws relating to economic or trade sanctions, administered or enforced by the United States (including
by OFAC or the U.S. Department of State), the United Nations Security Council, or the European Union.

 

“Sasol”
means Sasol (USA) Corporation, a Delaware corporation.

 

“Sasol
Group” means Sasol, the Existing Member and their respective Affiliates and, prior to the Closing Date, the Company.

 

“Sasol
Guaranty” means any guaranty, letter of credit, bond, surety or other forms of credit support or assurances provided
by or for the benefit of any member of the Sasol Group or any of their Affiliates (other than the Company) in support of obligations
relating to the Business or the Assets, including those set forth on Schedule D attached hereto.

 

“Sasol
Limited” has the meaning given to it in the preamble.

 

“Sasol
Servitude” means any easement rights granted pursuant to the Reciprocal Servitude Agreement on the LCCP Real Property,
as well as easement rights granted to other members of the Sasol Group.

 

“Schedule
Update” has the meaning given to it in Section 6.25.

 

“Services
Agreements” means, collectively, (a) that certain Service Agreement for East Utilities Inputs to Company Units,
between the Company and the Existing Member, (b) that certain Reverse Services Agreement for West Utilities Inputs to Sasol
Member Units, between the Company and the Existing Member, (c) that certain Services Agreement for Operating Services to
Company Units, between the Company and the Existing Member, (d) that certain Reverse Services Agreement for Operating
Services to Sasol Member Units, between the Company and the Existing Member, (e) that certain Services Agreement for Shared
Facilities, between the Company and the Existing Member, (f) that certain Reverse Services Agreement for Shared Facilities,
between the Company and the Existing Member, (g) that certain Onsite Services Agreement, between the Company and the Existing
Member, (h) that certain Onsite Logistics Services Agreement, between the Company and the Existing Member, and (i) that
certain Warehouse Services Agreement, between the Company and the Existing Member, in each case, to be entered into in
connection with the Closing consistent with the term sheets set forth on Exhibit I hereto and such other terms agreed
to by the Parties in connection with fulfilling their respective obligations pursuant to Section 6.21.

 

    16

     

    

 

“Shared
Contracts” has the meaning given to it in Section 6.07.

 

“Shared
Permit Agreement” means that certain Shared Permit Agreement by and between the Company and the Existing Member to
be entered into in connection with the Closing consistent with the term sheet set forth on Exhibit J and such other terms
agreed to by the Parties in connection with fulfilling their respective obligations pursuant to Section 6.21.

 

“Shareholder
Approval” has the meaning given to it in Section 4.02.

 

“Shareholders’
Meeting” means a meeting of the Sasol shareholders (including any adjournments thereof) to be held after the Execution
Date to consider the authorization and approval of, and to authorize and approve, this Agreement and the other Transaction Documents,
and the transactions contemplated hereby and thereby.

 

“Shares”
means, collectively, the Ordinary Shares and the Sasol BEE Ordinary Shares of Sasol Limited, as each term is defined in the memorandum
of incorporation of Sasol Limited.

 

“Straddle
Period” means any period relating to the computation of Taxes that begins on or before and ends after the Closing
Date.

 

“Support
Obligations” means any and all obligations or Liabilities arising under any Sasol Guaranty.

 

“Survey”
has the meaning given to it in Section 6.23(b).

 

“Target
Process and Maintenance Inventory Amount” means forty three million dollars ($43,000,000).

 

“Target
Product Inventory Type Amount” means, with respect to each Product Inventory Type, the number of kT for such Product
Inventory Type under the heading “Target Amount” as set forth on Schedule C attached hereto.

 

“Tax Returns”
means any return, report, rendition, claim for refund, statement, information return, or other document (including any related
or supporting information attached thereto or amendment thereof) filed or required to be filed with any Governmental Authority
in connection with the determination, assessment, collection or administration of any Taxes.

 

“Taxes”
means (a) all taxes, duties, imposts, levies, escheatage, or other assessments, impositions, charges, or fees of any kind
imposed by any Governmental Authority, including income, corporate, capital, excise, property, sales, use, turnover,
unemployment, social security, disability, withholding, real property, personal property, environmental, transfer,
registration, value added, and franchise taxes, and including any addition, interest or penalty imposed with respect thereto,
and (b) any Liability in respect of any item described in clause (a) payable by reason of Contract, assumption,
transferee or successor Liability, operation of Law, Treasury Regulation Section 1.1502-6 or any analogous or similar
provision of Law (or any predecessor or successor thereof), or otherwise.

 

    17

     

    

 

“Technip”
means Technip Stone & Webster Process Technology, Inc., a Delaware corporation.

 

“Technip
License” means that certain License Agreement, by and between Technip and the Existing Member, dated as of July 18,
2013, as amended.

 

“Term Sheets”
means, collectively, (a) the term sheet for the Tolling Agreement set forth on Exhibit L attached hereto, (b) the term sheet
for each Services Agreement set forth on Exhibit I attached hereto, (c) the term sheet for the Reciprocal Servitude
Agreement set forth on Exhibit H attached hereto, (d) the term sheet for the Shared Permit Agreement set forth Exhibit
J attached hereto, (e) the term sheet for the Hexene Supply Agreement set forth on Exhibit K attached hereto, and (f)
the term sheet for the Transition Services Agreement set forth on Exhibit M attached hereto.

 

“Title
Commitment” has the meaning given to it in Section 6.23(b).

 

“Title
Company” has the meaning given to it in Section 6.23(b).

 

“Tolling
Agreement” means that certain Tolling Agreement by and between the Existing Member, Equistar Chemicals and the Company
to be entered into in connection with the Closing consistent with the term sheets set forth on Exhibit L attached hereto
and such other terms agreed to by the Parties in connection with fulfilling their respective obligations pursuant to Section 6.21.

 

“Trade
Control Laws” has the meaning given to it in Section 3.20(a).

 

“Transaction
Documents” means this Agreement, the A&R LLC Agreement, the Operating Services Agreement, the Membership Interest
Assignment, the Business Separation Agreement, the Marketing Agreement, the Services Agreements, the Transition Services Agreement,
the Ground Lease Agreement, the Employee Matters Agreement, the Shared Permit Agreement, the Reciprocal Servitude Agreement, the
Hexene Supply Agreement, the Tolling Agreement, the Escrow Agreement and all other documents, certificates and agreements delivered
or required to be delivered pursuant to the foregoing.

 

“Transfer
Documents” has the meaning given to it in the Business Separation Agreement.

 

“Transfer
Taxes” has the meaning given to it in Section 9.01(e).

 

“Transferred
Assets” has the meaning given to it in the Business Separation Agreement.

 

“Transferred
Business” has the meaning given to it in the Business Separation Agreement.

 

“Transition
Services Agreement” means that certain Mutual Transition Services Agreement, to be entered into in connection with
the Closing, by and between the Company, the New Member and the Existing Member, consistent with the term sheet set forth on Exhibit
M attached hereto and such other terms agreed to by the Parties in connection with fulfilling their respective obligations
pursuant to Section 6.21.

 

    18

     

    

 

“Univation”
means Univation Technologies, LLC, a Delaware limited liability company.

 

“Univation
License” means that certain UNIPOL Polyethylene Technology License Agreement, by and between the Existing Member
and Univation, dated as of December 13, 2012, as amended.

 

“WARN Act”
has the meaning given to it in Section 3.18(b).

 

“Working
Capital Payment Amount” means forty seven million dollars ($47,000,000).

 

Section 1.02       
Louisiana Definitions. The term “lien” will also mean a privilege, mortgage, security interest, assignment,
or other encumbrance. The term “real property” or “real estate” will mean “immovable property”
as that term is used in the Louisiana Civil Code. The term “personal property” will mean “movable property”
as that term is used in the Louisiana Civil Code. The terms “fee simple title” and “fee simple absolute
estate” shall mean “full ownership interest” as that term is used in Louisiana law. The term “easement”
will mean “servitude” as that term is used in the Louisiana Civil Code. The term “building” will also
include “other constructions” as that term is used in the Louisiana Civil Code. The term “intangible”
will also mean “incorporeal” as that term is used in Louisiana law. The term “tangible” will also
mean “corporeal” as that term is used in Louisiana law. The term “condemnation” will include “expropriation”
as that term is used in Louisiana law. The term “county” will also mean “parish” as that term is used
in Louisiana. The term “joint and several” will include “solidary”. The term “fixtures”
will also mean component parts of the LCCP Real Property. For the avoidance of doubt and notwithstanding the foregoing provisions
contained in this Section 1.02, this Section 1.02 shall not override, impact or alter the Parties’
agreement regarding Retained Assets or Transferred Assets as set forth in the Business Separation Agreement.

 

Section 1.03       
Rules of Construction.

 

(a)              
The Schedules and Exhibits attached to this Agreement constitute a part of this Agreement and are incorporated herein
for all purposes. All Article, Section, Schedule, and Exhibit references used in this Agreement are to Articles, Sections, Schedules
and Exhibits to this Agreement unless otherwise specified.

 

(b)              
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

(c)               If
a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of
speech (such as a verb). Unless the context of this Agreement clearly requires otherwise, words importing the masculine
gender shall include the feminine and neutral genders and vice versa. The words “includes” or
“including” shall mean “including without limitation,” the words “hereof,”
“hereby,” “herein,” “hereunder,” and similar terms in this Agreement shall refer to this
Agreement as a whole and not any particular Section or Article in which such words appear. The word “or” has the
inclusive meaning represented by the phrase “and/or.” The word “extent” in the phrase “to the
extent” means the degree to which a subject or other theory extends and such phrase shall not mean “if.”
All currency amounts referenced herein are in United States Dollars unless otherwise specified. The singular shall include
the plural and the plural shall include the singular wherever and as often as may be appropriate.

 

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(d)              
Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified.

 

(e)              
All accounting terms used herein and not expressly defined herein shall have the meanings given to them under IFRS.

 

(f)               
Any reference herein to any Law shall be construed as referring to such Law as amended, modified, codified or reenacted,
in whole or in part, and in effect from time to time and references to particular provisions of a Law include a reference to the
corresponding provisions of any prior or succeeding Law.

 

(g)              
Any reference herein to any Contract shall be construed as referring to such Contract as amended, modified, restated, or
supplemented.

 

(h)               Unless
the context shall otherwise require, references to any Person include references to such Person’s successors and permitted
assigns, and in the case of any Governmental Authority, to any Persons succeeding to its functions and capacities.

 

(i)                
Any reference to any federal, state, local, or foreign statute or Law shall be deemed also to refer to all rules and regulations
promulgated thereunder, unless the context shall otherwise require.

 

(j)                
Reference herein to “default under,” “breach of,” or other expression of similar import shall be
deemed to be followed by the phrase “with or without notice or lapse of time, or both.”

 

(k)              
All references to documents or other materials “provided”, “made available” or “furnished”,
or other expressions of similar import, to the New Member in this Agreement shall mean that such documents or materials were present
at least two (2) Business Days prior to the Execution Date in the virtual data room maintained by or on behalf of the Existing
Member for purposes of the transactions contemplated hereby and accessible to the New Member.

 

(l)               
Each Party acknowledges that it and its attorneys have been given an equal opportunity to negotiate the terms and conditions
of this Agreement and that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party
or any similar rule operating against the drafter of an agreement shall not be applicable to the construction or interpretation
of this Agreement.

 

Article II.

PURCHASE AND SALE; CLOSING

 

Section 2.01        Purchase
and Sale. On the terms and subject to the conditions set forth in this Agreement, at the Closing and effective as of the
Effective Time, the New Member shall purchase, acquire and accept from the Existing Member, and the Existing Member shall
sell, convey, transfer, assign and deliver to the New Member, all of the New Member Interests, free and clear of all Liens,
other than as may be set forth in the Company’s Organizational Documents or those arising from restrictions on the sale
of securities under applicable securities Laws. Immediately following the Closing, the Membership Interests will be owned
fifty percent (50%) by the Existing Member and fifty percent (50%) by the New Member.

 

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Section 2.02       
Purchase Price. At the Closing, in consideration of the sale and transfer of the New Member Interests and the other
covenants and agreements of the Existing Member contained in this Agreement and the other Transaction Documents, the New Member
shall pay to the Existing Member an amount equal to the New Member Closing Payment Amount in accordance with Section 2.06(a)
(subject to the reductions specified therein). Payment of the New Member Closing Payment Amount by the New Member to the Existing
Member at the Closing in accordance with Section 2.06(a) (subject to the reductions specified therein) shall be made
by wire transfer of immediately available funds in accordance with the wire transfer instructions set forth on Section 2.02
of the Disclosure Schedule.

 

Section 2.03       
Adjustments to Purchase Price; Inventory Adjustments.

 

(a)              
At least five (5) Business Days prior to the Closing Date, the Existing Member shall cause to be prepared and delivered
to the New Member a draft closing statement (the “Closing Statement”) setting forth its good-faith estimate
of the Closing Indebtedness (such estimate, the “Estimated Closing Indebtedness”). The Existing Member
shall provide to the New Member reasonable documentation in the possession of the Existing Member and its Affiliates to support
the items for which adjustments are proposed or made in the draft Closing Statement, and a brief explanation of any such adjustments
and the reasons therefor. Within three (3) Business Days after the New Member’s receipt of the draft Closing Statement pursuant
to this Section 2.03(a), the New Member may deliver to the Existing Member a written report containing all items and
calculations that the New Member proposes to change in the draft Closing Statement, if any, together with a brief explanation of
such changes. The Existing Member shall consider in good faith any reasonable changes that the New Member may have in respect of
the items and calculations contained in the Closing Statement, and the Existing Member shall thereafter update any such items or
calculations prior to the Closing upon mutual agreement between the Existing Member and the New Member; provided that, in
the event the Existing Member and the New Member cannot mutually agree on any item or calculation prior to Closing, the Existing
Member’s estimate with respect to such item or calculation set forth in the Closing Statement deliver to the New Member shall
control for purposes of the Closing and the calculation of the New Member Closing Payment Amount.

 

(b)               No
later than thirty (30) days after the Closing Date, the New Member shall cause to be prepared and delivered to the Existing
Member a statement (the “Post-Closing Statement”) setting forth (i) the actual dollar amount of
Closing Process and Maintenance Inventory (such amount, the “Closing Process and Maintenance Inventory
Amount”) and the Process and Maintenance Inventory Amount Difference, (ii) the actual number of kTs of Closing
Product Inventory (such amount, the “Closing Product Inventory Amount”) and the Product Inventory
Type Amount Difference and (iii) the Closing Indebtedness (including any difference from the estimate thereof included in the
Closing Statement). The Post-Closing Statement shall set forth in reasonable detail the New Member’s calculations of
such amounts and numbers in a manner consistent with the terms and conditions of this Agreement, including book value with
respect to Process and Maintenance Inventory and the measurement methodology set forth on Schedule C attached hereto
with respect to Product Inventory. The New Member shall provide to the Existing Member reasonable documentation in the
possession of the New Member and its Affiliates to support the items for which adjustments are proposed or made in the
Post-Closing Statement (including in respect of the Closing Process and Maintenance Inventory and Closing Product Inventory),
and a brief explanation of any such adjustments and the reasons therefor. The New Member and the Existing Member shall, and
shall cause their respective representatives and Affiliates to, reasonably cooperate and assist in the preparation of the
Post-Closing Statement and the determinations and calculations contained therein and in the conduct of the review referred to
in this Section 2.03, including the making available to the extent reasonably necessary of books and records,
work papers and personnel during normal business hours with reasonable prior notice.

 

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(c)              
Within thirty (30) days after the Post-Closing Statement has been received by the Existing Member, the Existing Member may
dispute the amounts reflected on the line items of the Post-Closing Statement (each, a “Disputed Item”)
by providing written notice thereof to the New Member, such notice to set forth in reasonable detail the amount thereof in dispute
and the basis therefor and to be accompanied by such supporting documentation as is reasonably available to the Existing Member
(such notice, together with such supporting documentation, a “Dispute Notice”).

 

(d)              
If the Existing Member does not deliver to the New Member a Dispute Notice within such thirty (30) day period set forth
in Section 2.03(c), then the Existing Member will be deemed to have irrevocably accepted and agreed to all items in
the Post-Closing Statement delivered by the New Member to the Existing Member pursuant to Section 2.03(b). If the Existing
Member does timely deliver to the New Member a Dispute Notice, then the Existing Member will be deemed to have accepted and agreed
to all items in the Post-Closing Statement delivered by the New Member to the Existing Member pursuant to Section 2.03(b)
other than the Disputed Items that are specifically disputed in such Dispute Notice.

 

(e)               If
a Dispute Notice is timely delivered by the Existing Member to the New Member pursuant to Section 2.03(c), then
the Existing Member and the New Member shall, during the thirty (30) days following the date of such delivery (the
“Resolution Period”), negotiate in good faith to resolve the Disputed Items set forth in such
Dispute Notice. If, during the Resolution Period, the New Member and the Existing Member reach an agreement with respect to
each Disputed Item, such agreement shall be evidenced in writing and the Post-Closing Statement (as revised pursuant to such
written agreement) shall become final and binding on the date of such agreement, with respect to each such agreed Disputed
Item for which the New Member and the Existing Member reach an agreement. If, during the Resolution Period, the Existing
Member and the New Member cannot reach agreement on a Disputed Item, then the Existing Member and the New Member shall refer
all remaining unresolved Disputed Items, together with their respective written positions as to such Disputed Items, an
internationally-recognized independent accounting firm upon which the Existing Member and the New Member shall mutually agree
(the “Independent Accountant”). In connection with the engagement of the Independent Accountant,
the Existing Member and the New Member shall execute such engagement, indemnity and other agreements as the Independent
Accountant may reasonably require as a condition to such engagement. Once appointed, the Independent Accountant shall have no ex
parte communications with any of the Parties concerning the expert determination or the underlying dispute. All
communications between any Party and the Independent Accountant shall be conducted in writing, with copies sent
simultaneously to the other Party in the same manner, or at a meeting to which all Parties have been invited and of which
such Parties have been provided at least five (5) Business Days’ advance notice. The Existing Member and the New Member
shall cooperate with the Independent Accountant and promptly provide all documents and information reasonably requested by
the Independent Accountant in connection with its review of the unresolved Disputed Items. The Independent Accountant shall
review this Agreement and the Disputed Items for the purpose of determining and calculating (as applicable) the Closing
Process and Maintenance Inventory Amount, the Process and Maintenance Inventory Amount Difference, the Closing Product
Inventory Amount, the Product Inventory Type Amount Difference and the Closing Indebtedness, as applicable, and shall make a
determination, acting as an expert and not as an arbitrator, with respect to unresolved Disputed Items within thirty (30)
days after its engagement and execution of any engagement, indemnity or other agreements as the Independent Accountant may
reasonably require as a condition to such engagement. The Independent Accountant shall determine, based solely on the
positions of the New Member and the Existing Member submitted to the Independent Accountant in connection with its engagement
hereunder, and not by independent review, only the Disputed Items set forth in the Dispute Item Notice (and those raised by
the New Member in response thereto) and, in making its determination, the Independent Accountant shall select, without
modification, the position of either the Existing Member or the New Member as to each such Disputed Item, whichever the
Independent Accountant determines is most accurate. The Independent Accountant shall deliver to the Existing Member and the
New Member, within such thirty (30)-day period, a report setting forth with respect to each Disputed Item (i) its final
selection of either the New Member’s or the Existing Member’s offer, (ii) its adjustments, if any, to the
Post-Closing Statement, and (iii) supporting documentation for such determinations and calculations. Such report shall,
absent manifest error, be final, conclusive and binding on the Parties. Each Party shall bear its own legal fees and other
costs of presenting its case to the Independent Accountant. The fees and expenses of the Independent Accountant pursuant to
this Section 2.03(e) shall be borne by the New Member and the Existing Member in inverse proportion as they may
prevail on the matters resolved by the Independent Accountant. The proportionate allocation shall be calculated on an
aggregate basis based on the relative dollar values and kT amounts in dispute and shall be determined by the Independent
Accountant at the time the determination of such firm is rendered on the merits of the matters submitted.

 

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(f)               
Within thirty (30) days following the Closing, the Existing Member shall pay to the New Member the Working Capital Payment
Amount in accordance with Section 2.03(i).

 

(g)               No
later than ten (10) Business Days after final determination of the Process and Maintenance Inventory Amount Difference in
accordance with this Section 2.03, if (i) such Process and Maintenance Inventory Amount Difference is positive,
then the Company shall convey, transfer, assign and deliver to the Existing Member, as settlement thereof, Process and
Maintenance Inventory with a book value (determined in good faith by mutual agreement of the Existing Member and the New
Member) equal to one hundred percent (100%) of such Process and Maintenance Inventory Amount Difference in accordance with Section 2.03(i),
and (ii) such Process and Maintenance Inventory Amount Difference is negative, then the Existing Member shall convey,
transfer, assign and deliver to the Company, as settlement thereof, Process and Maintenance Inventory with a book value
(determined in good faith by mutual agreement of the Existing Member and the New Member) equal to one hundred percent (100%)
of such Process and Maintenance Inventory Amount Difference in accordance with Section 2.03(i). For avoidance of
doubt, if Process and Maintenance Inventory Amount Difference is zero dollars ($0), then there shall not be any conveyance,
transfer, assignment or delivery of Process and Maintenance Inventory in accordance with Section 2.03(i). Any
Process and Maintenance Inventory conveyed, transferred, assigned and delivered pursuant to this Section 2.03(g)
shall be mutually selected in good faith by the Existing Member and the New Member.

 

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(h)              
With respect to each Product Inventory Type that comprises the Product Inventory, no later than ten (10) Business Days after
final determination of the Product Inventory Type Amount Difference in accordance with this Section 2.03 attributable
to such Product Inventory Type, if (i) such Product Inventory Type Amount Difference is positive, then the New Member shall convey,
transfer, assign and deliver to the Existing Member, as settlement thereof, a number of kTs of Product Inventory equal to one hundred
percent (100%) of such Product Inventory Type Amount Difference in accordance with Section 2.03(i), and (ii) such Product
Inventory Type Amount Difference is negative, then the Existing Member shall convey, transfer, assign and deliver to the New Member,
as settlement thereof, a number of kTs of Product Inventory equal to one hundred percent (100%) of such Product Inventory Type
Amount Difference in accordance with Section 2.03(i). For avoidance of doubt, if such Product Inventory Type Amount
Difference is zero (0) kT, then there shall not be any conveyance, transfer, assignment or delivery of Product Inventory Type in
accordance with Section 2.03(i). Any Product Inventory conveyed, transferred, assigned and delivered pursuant to this
Section 2.03(h) shall be mutually selected in good faith by the Existing Member and the New Member.

 

(i)                
No later than ten (10) Business Days after final determination of the Closing Indebtedness in accordance with this Section 2.03,
if (i) such Closing Indebtedness exceeds the Estimated Closing Indebtedness, then the Existing Member shall pay to the New Member,
in settlement thereof, one hundred percent (100%) of the amount of such excess in accordance with Section 2.03(j),
and (ii) the Estimated Closing Indebtedness exceeds such Closing Indebtedness then the New Member shall pay to the Existing Member,
in settlement thereof, one hundred percent (100%) of the amount of such excess in accordance with Section 2.03(j).

 

(j)                
All payments to be made pursuant to Section 2.03(f) and Section 2.03(i) shall be made by wire transfer
of immediately available funds by the paying Party to the account(s) previously designated by the receiving Party. All conveyances,
transfers, assignments and deliveries of Process and Maintenance Inventory and Product Inventory to be made pursuant to Section 2.03(g)
and Section 2.03(h), respectively, shall be made free and clear of all Liens, other than Permitted Liens, and any such
Process and Maintenance Inventory and Product Inventory so conveyed, transferred, assigned and delivered by the Existing Member
pursuant to Section 2.03(g) and Section 2.03(h), respectively, shall be in good condition and repair, ordinary
wear and tear excepted, and thereafter deemed an Asset for all purposes hereunder and the other Transaction Documents (including,
for the avoidance of doubt, a Transferred Asset and an Investor Member Transferred Asset, as applicable, for all purposes under
the Business Separation Agreement), and the Company and the New Member, as applicable, shall be entitled to all rights and benefits
therefor as provided herein or in such other Transaction Documents.

 

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Section 2.04        Closing.
Subject to the satisfaction or, when permissible, waiver of the conditions set forth in Article VII and Article VIII,
the consummation of the transactions contemplated by this Agreement (the “Closing”) shall take
place by conference call and by exchange of electronic signature pages at 10:00 A.M. Central Time, on the third
(3rd) Business Day after the last of the conditions set forth in Article VII and Article VIII
(other than any such conditions which by their terms are not capable of being satisfied until the Closing, but subject to the
fulfillment or waiver of those conditions) have been satisfied or, when permissible, waived, or on such other date and at
such other time and place as the Parties mutually agree. Notwithstanding the foregoing, the Parties shall use commercially
reasonable efforts to effect the Closing no later than December 31, 2020.

 

Section 2.05       
Closing Deliveries by the Existing Member and the Company to the New Member. At the Closing, the Existing Member
shall deliver, or shall cause to be delivered, to the New Member:

 

(a)              
the A&R LLC Agreement, duly executed by the Existing Member and the Company;

 

(b)              
the Operating Services Agreement, duly executed by the Company;

 

(c)              
the Membership Interest Assignment, duly executed by the Existing Member;

 

(d)              
the officer’s certificate referred to in Section 7.03;

 

(e)              
the Marketing Agreement, duly executed by the Existing Member;

 

(f)               
each of the Services Agreements, duly executed by the Company and the Existing Member, as applicable;

 

(g)              
the Transition Services Agreement, duly executed by the Company and the Existing Member;

 

(h)              
the Act of Conveyance, in substantially the same form as Exhibit O, or if required by Section 6.23, the
Ground Lease Agreement, duly executed by the Company and the Existing Member;

 

(i)                
the Shared Permit Agreement, duly executed by the Company and the Existing Member;

 

(j)                
the Reciprocal Servitude Agreement, to the extent required by Section 6.23, duly executed by the Company and
the Existing Member;

 

(k)              
the Hexene Supply Agreement, duly executed by the Company and the Existing Member;

 

(l)                
the Tolling Agreement, duly executed by the Company and the Existing Member;

 

(m)            
the Escrow Agreement, duly executed by the Existing Member;

 

(n)              
evidence that the Shareholder Approval has been obtained; and

 

    25

     

    

 

(o)              
 a properly completed and duly executed certificate of non-foreign status with respect to the Existing Member, in substantially
in the attached hereto as Exhibit N, meeting the requirements of Treasury Regulations Section 1.1445-2(b)(2) and
dated as of the Closing Date.

 

Section 2.06       
Closing Deliveries by the New Member. At the Closing, the New Member shall deliver, or cause to be delivered, (x)
to the Escrow Agent by wire transfer of immediately available funds to the bank account(s) designated in writing by the Escrow
Agent prior to Closing, (i) the Indemnity Escrow Amount for deposit in the Indemnity Escrow Account and (ii) to the extent required
by Section 6.11, the Asset Loss Value for deposit in the Asset Repair Escrow Account; and (y) to the Existing Member:

 

(a)              
by wire transfer of immediately available funds in accordance with the wire transfer instructions set forth on Section 2.02
of the Disclosure Schedule, an amount equal to (i) the New Member Closing Payment Amount, minus (ii) the Indemnity Escrow
Amount, minus (iii) any reduction of the New Member Base Payment Amount in respect of any Casualty Loss pursuant to Section 6.10
minus (iv) to the extent required by Section 6.11, the Asset Loss Value, minus (v) fifty percent (50%)
of the premium, broker commission, underwriting fee and surplus lines tax with respect to the R&W Insurance Policy, such amount
under this clause (v) not to exceed two million three hundred twenty seven thousand five hundred eleven dollars ($2,327,511)
in the aggregate (the “R&W Insurance Policy Costs”), plus (vi) solely to the extent the Consents
relating to the Exxon License have been obtained by the Existing Member pursuant to and in accordance with Section 6.06(b),
an amount equal to twenty four million dollars ($24,000,000);

 

(b)              
the Membership Interest Assignment, duly executed by the New Member;

 

(c)              
the A&R LLC Agreement, duly executed by the New Member;

 

(d)              
the Operating Services Agreement, duly executed by Equistar Chemicals;

 

(e)              
the Marketing Agreement, duly executed by Equistar Chemicals;

 

(f)               
the Transition Services Agreement, duly executed by the New Member;

 

(g)              
the Tolling Agreement, duly executed by Equistar Chemicals;

 

(h)              
the Escrow Agreement, duly executed by the New Member; and

 

(i)                
the officer’s certificate referred to in Section 8.03.

 

Section 2.07        New
Member Guaranty. For good and valuable consideration, and to induce the Existing Member to enter into this Agreement, the
New Member Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Existing Member the punctual and
complete performance of all obligations of the New Member under this Agreement, including the payment obligations of the New
Member pursuant to Section 2.06(a) (the “Obligations”). The limited guaranty set out in
this Section 2.07 (the “New Member Guaranty”) shall remain in full force and effect
until the earlier of (a) the performance by the New Member or the New Member Guarantor to the Existing Member of the
Obligations and (b) the termination of this Agreement in accordance with the terms of Article X. Upon default by
the New Member of any of the Obligations, the Existing Member may proceed directly against the New Member Guarantor without
proceeding against the New Member or any other Person or pursuing any other remedy. The New Member Guarantor waives any
defenses which it may have with respect to the performance of the Obligations, other than defenses that the New Member would
have under the terms of this Agreement. The New Member Guarantor further waives notice of the acceptance of this New Member
Guaranty, presentment, demand, protest, and notices of protest, nonpayment, default or dishonor of the Obligations. The
provisions of Article XII shall be deemed incorporated in and to apply to this Section 2.07.

 

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Section 2.08       
Withholding. The New Member and its Affiliates, the Company and the Escrow Agent shall be entitled to deduct and
withhold from any amounts payable pursuant to this Agreement such amounts as are required to be deducted and withheld with respect
to the making of such payment under applicable Law; provided that, without limiting the foregoing, the New Member, the applicable
Affiliate of the New Member, the Company or the Escrow Agent, as applicable, shall give the Existing Member reasonable advance
notice of its intent to withhold any amounts and reasonable opportunity to establish an exemption from, or reduction to, such withholding.
To the extent any amounts are so deducted or withheld and paid over to the appropriate Governmental Authority, such amounts shall
be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction or withholding
was made.

 

Article III.

REPRESENTATIONS AND WARRANTIES RELATED TO the Company

 

The Company and the
Existing Member hereby represent and warrant to the New Member as of the Execution Date and as of the Closing Date (except for
representations and warranties that are made as of a specific date, which are made only as of such date), as follows:

 

Section 3.01       
Organization; Good Standing.

 

(a)              
The Company is a limited liability company duly organized, validly existing, and in good standing under the Laws of the
State of Delaware, and has all requisite limited liability company power and authority to own and operate the Assets and the Business
as it is now being conducted.

 

(b)              
The Company is duly qualified or licensed to do business in each other jurisdiction in which the operation of the Business
or the Assets makes such qualification or licensing necessary, except in any jurisdiction where the failure to be so duly qualified
or licensed would not reasonably be expected to have a Material Adverse Effect.

 

(c)              
True, correct, and complete copies of the Organizational Documents of the Company have been provided to the New Member.

 

Section 3.02        Authority.
The Company has all necessary limited liability company power and authority to execute and deliver the Transaction Documents
to which it is or will be a party, to perform its obligations hereunder and thereunder, and to consummate the transactions
contemplated hereby and thereby. The execution, delivery and performance by the Company of the Transaction Documents have
been, or will be prior to the Closing, duly and validly authorized by all necessary limited liability company action on the
part of the Company. The Transaction Documents to be executed by the Company at Closing will have been duly and validly
executed and delivered by the Company, and (assuming due authorization, execution, and delivery by the other Parties hereto)
will constitute the legal, valid, and binding obligation of the Company enforceable against the Company in accordance with
its terms and conditions subject to the Remedies Exception.

 

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Section 3.03       
No Conflicts; Consents and Approvals.

 

(a)              
Except as set forth in Section 3.03(a) of the Disclosure Schedule, neither the execution and delivery by the Company
of this Agreement or the other Transaction Documents to which it is a party, nor the consummation by the Company of the transactions
contemplated hereby or thereby will: (i) violate or conflict with any provision of the Organizational Documents of the Company;
(ii) violate, result in a breach of, constitute a default (or event which, after giving of notice or lapse of time, or both, would
become a default) under, cause the loss of any right, benefit or authorization to which the Company or the Business is entitled
under, or require consent or notice under any Material Contract, or result in the acceleration of or create in any Person the right
to accelerate, terminate, modify or cancel any Material Contract; (iii) assuming receipt of all Consents of Governmental Authorities
described in Section 3.03(b) of the Disclosure Schedule, violate, conflict with, or result in a violation of or conflict
with, any Law to which the Company, the Assets or the Business is subject; or (iv) result in the imposition or creation of any
Lien (other than Permitted Liens) on the Assets or the Business or any Lien (other than as may be set forth in the Company’s
Organizational Documents or those arising from restrictions on the sale of securities under applicable securities Laws) on the
Membership Interests, except in the case of clauses (ii) through (iv), as would not reasonably be expected to have
a material and adverse effect on the Company, the Business or the Assets, taken as a whole.

 

(b)              
No Consent of, or filing, notification, notice or application (each a “Filing”) with or to any
Person (including a Governmental Authority) is required to be obtained or made by the Company in connection with the execution
and delivery by the Company of this Agreement or the other Transaction Documents to which it is a party or the consummation of
the transactions contemplated hereby or thereby, other than (i) requirements of any Competition Laws, (ii) Consents or Filings
set forth in Section 3.03(b) of the Disclosure Schedule, (iii) Filings and Consents not required to be made, given
or obtained or given until after the Closing and set forth in Section 3.03(b) of the Disclosure Schedule, or (iv) requirements
applicable as a result of the specific legal or regulatory status of the New Member or any of its Affiliates or as a result of
any other facts that specifically relate to the business or activities in which the New Member or any of its Affiliates are or
propose to be engaged (other than the business of the Company (including the Business) from and after the Closing).

 

Section 3.04        Membership
Interests. The Existing Member owns, and has good and valid title (free and clear of all Liens, other than as may
be set forth in the Company’s Organizational Documents or those arising from restrictions on the sale of securities
under applicable securities Laws) to, one hundred percent (100%) of the Membership Interests. The Membership Interests
constitute all of the issued and outstanding membership interests in the Company. The Membership Interests have been duly
authorized, validly issued and are fully paid and, subject to the Laws of the State of Delaware, non-assessable and were not
issued in violation of any purchase option, call option, right of first refusal, preemptive right, or other similar right.
Except for this Agreement and the transactions contemplated hereby, there are no outstanding or authorized equity
appreciation, phantom stock, profit participation, preemptive rights, registration rights, approval rights, proxies, rights
of first refusal, options, warrants, Contracts, calls, puts, rights to subscribe, conversion rights, or similar rights
affecting or providing for the issuance of the Membership Interests or any other Equity Interests of the Company. The Company
does not own any Equity Interests and has no direct or indirect subsidiaries.

 

    28

     

    

 

Section 3.05       
Financial Statements.

 

(a)              
The Balance Sheet, which is attached as Section 3.05 of the Disclosure Schedule, (i) has been derived from the
books and records related to the Business, (ii) has been prepared in accordance with IFRS consistent with the Existing Member’s
accounting policies, which accounting policies are consistent with those accounting policies that will be used to prepare the Audited
Financial Statements, and will be consistent with the Audited Financial Statements (except for, in the case of interim statements,
normal year-end adjustments and the absence of footnote disclosure that, if presented, would not differ materially from those presented
in an audited balance sheet), and (iii) fairly presents in all material respects the financial condition of the Business as of
the Balance Sheet Date.

 

(b)              
The Audited Financial Statements, when delivered pursuant to Section 6.15, will (i) be derived from the books
and records related to the Business, (ii) be prepared in accordance with IFRS consistently applied throughout the periods covered
thereby and (iii) fairly present in all material respects the financial condition and results of operation of the Business as of
the dates specified therein.

 

(c)              
The Business and the Company have no Liabilities or obligations of any nature (whether accrued or contingent or otherwise,
whether known or unknown, and whether required by IFRS to be reflected or reserved against on a balance sheet prepared in accordance
with IFRS or the notes thereto), except for (i) Liabilities that will be reflected in or reserved against in the Audited Financial
Statements, (ii) Liabilities that will have been incurred in the Ordinary Course of Business since the date of the Audited Financial
Statements, or (iii) Liabilities not required to be disclosed or reflected on financial statements prepared in accordance with
IFRS.

 

(d)              
(i) The system of internal controls of the Sasol Group over financial reporting in respect of the Business is sufficient
to provide reasonable assurance in all material respects that transactions are recorded as necessary to permit preparation of financial
statements in accordance with IFRS, consistently applied and (ii) the accounting controls of the Sasol Group in respect of the
Business are sufficient to provide reasonable assurances in all material respects that (A) transactions are executed in accordance
with management’s general or specific authorization and (B) transactions are recorded as necessary to permit the accurate
preparation of financial statements in accordance with IFRS. Except as set forth on Section 3.05(d) of the Disclosure
Schedule, since the Balance Sheet Date, no member of the Sasol Group has received any material complaint, allegation, assertion
or claim, in each case, in writing, regarding deficiencies in the accounting or auditing practices, procedures, methodologies,
methods, or internal accounting controls, in each case, in respect of the Business.

 

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Section 3.06      
Compliance with Applicable Laws. Except as otherwise set forth on Section 3.06 of the Disclosure Schedule,
the Company, the Assets and the Business are and, at all times during the past three (3) years (or, with respect to the Company,
since the date of its formation), have been, in compliance with all applicable Laws (including with respect to the Business Employees)
except for violations as would not be material to the Company, the Business or the Assets, taken as a whole.

 

Section 3.07       
Permits.

 

(a)              
Section 3.07(a) of the Disclosure Schedule sets forth a list of all material Permits (including Environmental
Permits) that, as of the Execution Date, are necessary for the ownership and operation of the Assets and conduct of the Business,
which list is true, complete and correct in all respects.

 

(b)              
The Existing Member is and, except as set forth on Section 3.07(b) of the Disclosure Schedule as of the Closing
Date, the Company will be, in possession of all material Permits (including Environmental Permits) necessary to own, lease and
operate the Assets or to carry on the Business in all material respects conducted as of the Execution Date and consistent with
past practice (the “Business Permits”). All Business Permits are in full force and effect and, except
as set forth on Section 3.07(b) of the Disclosure Schedule, will continue to be in full force and effect immediately
following the Closing. No suspension or cancellation of any of Business Permit is pending or, to the Existing Member’s or
the Company’s Knowledge, threatened. The Company, the Assets and the Business are not, and in the past three (3) years (or,
with respect to the Company, since the date of its formation) have not been, in violation or breach of, or default under, any Business
Permit in any material respect.

 

Section 3.08       
Litigation; Orders. Except as set forth on Section 3.08 of the
Disclosure Schedule, (a) (i) there are no Actions pending or, to the Existing Member’s or the Company’s Knowledge,
threatened, against the Existing Member or its Affiliates related to the Company, the Business,
the Business Employees or the Assets, or to which the Company,
the Business, the Business Employees or the Assets would be subject and (ii) other than
with respect to Retained Liabilities, at all times during the past three (3) years (or, with respect to the Company, since the
date of its formation) there have been no Actions, against the Existing Member or its Affiliates related to the Company,
the Business, the Business Employees or the Assets,
or to which the Company, the Business, the Business Employees
or the Assets would be subject, and (b) (i) there are no outstanding Orders to which the Company
is or was a party or by which it, the Business, the Business Employees
or the Assets are bound, or unsatisfied judgments, penalties or awards against or affecting the Company, the Business, the Business
Employees or the Assets and (ii) other than with respect to Retained Liabilities, at all times
during the past three (3) years (or, with respect to the Company, since the date of its formation) there have been no Orders to
which the Company was a party or by which it, the Business, the Business
Employees or the Assets were bound, or unsatisfied judgments, penalties or awards against or affecting the Company, the Business,
the Business Employees or the Assets, in each case, except as would not reasonably be expected to have a material adverse
effect on the Existing Member, the Business or the Assets, taken as a whole.

 

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Section 3.09       
Insurance. Set forth in Section 3.09 of the Disclosure Schedule is a true, accurate and complete summary of
all material insurance policies, binders and insurance Contracts maintained by or on behalf of the Sasol Group as of the Execution
Date and related to the Business or the Assets (collectively, the “Insurance Policies”). All such Insurance
Policies are in full force and effect and all premiums are currently paid in accordance with the terms thereof. Except as set
forth in Section 3.09 of the Disclosure Schedule, no member of the Sasol Group has received any written notice of cancellation
or non-renewal of any Insurance Policies nor, to the Knowledge of the Existing Member, has the termination of any Insurance Policy
been threatened in writing. Except as set forth in Section 3.09 of the Disclosure Schedule, there has been no failure to
timely report any material claim or loss under any Insurance Policy, and no material claim or other Action is pending or, to the
Knowledge of the Existing Member, threatened, under any of the Insurance Policies as to which coverage has been denied or disputed
by the underwriters of such policies (other than customary indications as to reservation of rights by insurers listed in Section 3.09
of the Disclosure Schedule). To the Knowledge of the Existing Member, no event has occurred, and no circumstance or condition
exists, that has given rise to or serves as the basis for or (with or without notice or lapse of time) would reasonably be expected
to give rise to or serve as the basis for any material claim or other material Action under any Insurance Policy. No member of
the Sasol Group has received any written notice of cancellation of any such Insurance Policies. The Existing Member maintains,
and for the past three (3) years has maintained, insurance with respect to the Business and the Assets (to the extent then in
existence) in amounts and scope customary and reasonable for such Business and such Assets.

 

Section 3.10       
Ownership of the Assets. Except as set forth on Section 3.10 of
the Disclosure Schedule, as of the Closing Date, the Company will have good and valid title to, or, in the case of leased or subleased
tangible personal property, a valid and binding leasehold interest in, or, in the case of licensed tangible personal property,
a valid license in, all tangible personal property that constitutes the Assets, in each case, free and clear of all Liens, other
than Permitted Liens.

 

Section 3.11       
Real Property. As of the Closing Date:

 

(a)              
Except as otherwise set forth in Section 3.11(a) of the Disclosure Schedule, (i) the Existing Member has (i)
good and marketable fee simple title to the LCCP Real Property, free and clear of all Liens, other than Permitted Liens, and (ii)
the Existing Member or the Company, as applicable, has a valid leasehold interest in each of the Leased Real Property free and
clear of all Liens, other than Permitted Liens.

 

(b)              
With respect to the LCCP Real Property, (i) except as set forth in Section 3.11(b) of the Disclosure Schedule
or for Permitted Liens, none of the Existing Member nor any of its Affiliates nor the Company has leased or otherwise granted to
any Person the right to use or occupy the LCCP Real Property or any portion thereof, and (ii) other than the right of the New Member
pursuant to this Agreement, there are no outstanding options, rights of first offer or rights of first refusal to purchase the
LCCP Real Property or any portion thereof or interest therein. The Company is not a party to any agreement or option to purchase
any real property or interest therein.

 

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(c)               Section 3.11(c)
of the Disclosure Schedule sets forth a true and complete list of all Real Property Leases (including the date and name of
the parties to such Real Property Lease). With respect to each Real Property: (i) the Company, Existing Member and its
Affiliates, and, to the Existing Member’s Knowledge, each of the counterparties thereto, are in material compliance
with, and not in default in any material respects under, each applicable Real Property Lease and Easement, servitude, right
of way and surface right that constitutes an interest in Real Property; (ii) in no event shall there have occurred or a
circumstance exist that, with or without the delivery of notice, the passage of time or both, would constitute a material
default under, or permit the termination, modification or acceleration of amounts due under, any agreement relating thereto;
and (iii) each agreement relating thereto is legal, valid, binding, enforceable and in full force and effect, subject to a
Remedies Exception. With respect to each Real Property Lease, none of the Existing Member nor any of its Affiliates nor the
Company has (A) subleased, licensed or otherwise granted any Person the right to use or occupy such Leased Real Property or
any portion thereof or (B) collaterally assigned or granted any other security interest in such Real Property Lease or any
interest therein, except, in each case, Permitted Liens. None of the Company’s nor the Existing Member’s
possession and quiet enjoyment of the Leased Real Property under any Real Property Lease has been disturbed, and, to the
Existing Member’s Knowledge, there are no disputes with respect to any Real Property Lease or Easement.

 

(d)              
The Real Property comprises all of the real property used or held for use in, or otherwise related to, the Business. To
the Existing Member’s Knowledge, all buildings, structures, improvements, fixtures, buildings systems and equipment, and
all components thereof included in the Real Property are in good condition and repair, free of any structural deficiencies or latent
defects, and sufficient for the operation of the Business.

 

Section 3.12       
Environmental Matters.

 

(a)              
Except as set forth in Section 3.12(a) of the Disclosure Schedule:

 

(i)                
none of the Company, the Business, the Assets, or to the extent related to the conduct of the Business or the ownership
or operation of the Assets or Real Property, any member of the Sasol Group, has disposed of, arranged for or permitted the disposal
of, or exposed any Person to any Hazardous Material, and there has been no Release of Hazardous Material at, on, under or migrating
to or from any of the Assets or Real Property or any other property currently or formerly owned or operated by any member of the
Sasol Group in the conduct of the Business or the Assets, in each case except as has not given rise and would not give rise to
a material Environmental Liability of the Company;

 

(ii)             
none of the Company, the Business, the Assets, or, to the extent related to the conduct of the Business or the ownership
or operation of the Assets or Real Property, any member of the Sasol Group are or have been in material violation of any applicable
Environmental Law or Environmental Permit;

 

(iii)           
no member of the Sasol Group nor the Company has received any notice in connection with any material violation of or any
material Environmental Liability arising from or relating to the conduct of the Business or ownership or operation of the Assets
or Real Property, the substance of which has not been fully resolved without continuing
material obligations;

 

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(iv)            
 there has been no treatment, storage, disposal, arrangement for disposal, handling, or Release of, or exposure of any Person
to, any per- and poly-fluoroalkyl substances at, on, under or migrating to or from the Assets or Real Property or, by or on behalf
of the Business or the Company, except as has not given rise and would not give rise to a material Environmental Liability of the
Company;

 

(v)              
no member of the Sasol Group (to the extent related to the conduct of the Business or ownership or operation of the Assets
or Real Property) nor the Company has assumed, undertaken, become subject to, or provided an indemnity with respect to any material
Environmental Liability of any other Person; and

 

(vi)            
no Order has been issued or is pending against, or, to the Existing Member’s Knowledge, is threatened in writing against,
the Business, the Company or any member of the Sasol Group relating to a material violation of or material Liability arising under
any applicable Environmental Law or Environmental Permit or to a Release of Hazardous Materials (in each such case, to the extent
related to the conduct of the Business or ownership or operation of the Assets or Real Property).

 

(b)              
Section 3.12(b) of the Disclosure Schedule sets forth a list of any work, repair, construction or capital expenditure
in each case involving expenditure in excess of one million dollars ($1,000,000) that is required to be incurred in order for the
ownership or operation of the Company, Business, the Assets or the Real Property to comply with any applicable Environmental Law
or any Environmental Permit or any Order issued pursuant thereto.

 

(c)              
The Existing Member and the Company have furnished to the New Member true and correct copies of all environmental, health
and safety audits, assessments and reports and all other documents materially bearing on Environmental Liabilities relating to
the past or current operations, properties or facilities of the Business (including without limitation the Real Property and Assets),
in each case which are in their possession or under their reasonable control.

 

Section 3.13       
Taxes. Except as set forth in Section 3.13 of the Disclosure Schedule:

 

(a)              
All material Tax Returns required to be filed on or before the Closing Date by the Company or with respect to the Assets
or the Business have been, or will be, duly and timely filed. Each such Tax Return is true, correct, and complete in all material
respects. All material amounts of Taxes that are due and payable by the Company or with respect to the Assets or the Business (whether
or not shown as due on any Tax Return) have been timely paid in full. The Company has made sufficient accruals for Taxes on the
Balance Sheet with respect to all Tax periods for which Taxes are not yet due and payable. All material amounts of Taxes that are
required to be deducted or withheld by the Company or with respect to the Assets or the Business have been duly and timely deducted
or withheld and remitted to the appropriate Governmental Authority.

 

(b)              
There are no Liens (other than Permitted Liens) on any of the assets of the Company that arose in connection with any Tax.

 

(c)               There
is no audit, examination or proceeding relating to Taxes currently ongoing, pending or threatened in writing with respect to
the Company, the Assets or the Business. No deficiency relating to Taxes has been proposed, asserted or assessed in writing
with respect to the Company, the Assets or the Business that has not been fully paid.

 

    33

     

    

 

(d)              
The Company (i) is not a party to or otherwise bound by, and does not have any obligation under, any Tax sharing, allocation,
indemnity, or similar agreement or arrangement (other than customary indemnification provisions in commercial agreements entered
into in the Ordinary Course of Business, the principal subject matter of which is not Taxes), (ii) has not been a party to any
“listed transaction” with the meaning of Treasury Regulations Section 1.6011-4(b)(2) or any similar provision of state,
local or foreign Law, (iii) has not entered into any closing or similar agreement with respect to Taxes, (iv) has not waived any
statute of limitations in respect of Taxes or agreed to any extension of time with respect to any audit, examination, proceeding,
or deficiency relating to Taxes, (v) has not been a member of an affiliated, combined, unitary, consolidated or other Tax group
and (vi) does not have any Liability for the Taxes of any Person payable by reason of Contract, assumption, transferee or successor
Liability, operation of Law, Treasury Regulation Section 1.1502-6 or any analogous or similar provision of Law (or any predecessor
or successor thereof), or otherwise.

 

(e)              
No claim has been made by a Governmental Authority in a jurisdiction in which the Company or the Existing Member does not
file Tax Returns that the Company, or the Existing Member in respect of the Company, the Assets or the Business, is or may be required
to file a Tax Return or pay Taxes in such jurisdiction. Neither the Company, nor the Existing Member in respect of the Company,
the Assets or the Business, has any branch, agency or permanent establishment outside the United States.

 

(f)               
The Company will not be required to include any item of income in, or exclude any item of deduction from, taxable income
for any taxable period beginning after the Closing Date as a result of any (i) change in, or use of an improper, accounting method
for any taxable period ending on or before the Closing Date, (ii) closing or similar agreement with any Governmental Authority
executed prior to the Closing, (iii) transaction occurring prior to the Closing reported under the installment, open transaction,
completed contract, long-term contract, or cash method of accounting, or (iv) prepaid amount received on or prior to the Closing
Date.

 

(g)              
Since the Balance Sheet Date, neither the Company, nor the Existing Member in respect of the Company, the Assets or the
Business, has (i) made, changed or rescinded any material Tax election, (ii) settled or compromised any material audit, examination
or proceeding relating to Taxes, (iii) changed any annual accounting period, (iv) adopted or changed any accounting method, (v)
filed any amended Tax Return, or (vi) surrendered any right to claim a refund of Taxes.

 

(h)              
The Company has not made an election to change its default entity classification under Treasury Regulation Section 301.7701-3.
Since its date of organization, the Company has been classified as disregarded as an entity separate from the Existing Member for
U.S. federal income tax purposes.

 

(i)                
The Existing Member is not a “foreign person” within the meaning of Sections 897 and 1445 of the Code.

 

    34

     

    

 

Section 3.14       
Material Contracts.

 

(a)              
Section 3.14(a) of the Disclosure Schedule sets forth a true, correct, and complete list of each of the following
Contracts relating to the Business (including any amendment, supplement or modification thereto) to which any member of the Sasol
Group is a party or to which the Assets are bound as of the Execution Date or to which the Company is entitled to an assignment
of rights or assumption of obligations (after giving effect to the Reorganization) (the Contracts listed in Section 3.14(a)
of the Disclosure Schedule, collectively “Material Contracts”):

 

(i)                
each (A) Contract forming or establishing any partnership or joint venture, including letters of intent or term sheets and
(B) joint venture or partnership Contract between or among such joint venture partners relating to the joint venture or partnership
(not including any Organizational Documents thereof);

 

(ii)             
each merger, asset or stock purchase or divestiture Contract relating to the acquisition or disposition of all or substantially
all the assets of any operating business (or business division) or a majority of the capital stock or other controlling interest
of any other Person, in which there are surviving obligations owed to any Person;

 

(iii)           
any Contract for the purchase of any debt security or Equity Interest or other ownership interest of any Person, or for
the issuance of any debt security or Equity Interest or other ownership interest, or the conversion of any obligation, instrument
or security into debt securities or Equity Interests or other ownership interests of the Company;

 

(iv)            
any Contract granting to any Person any preferential rights to purchase the Assets or any asset, Equity Interest or business
of the Company, in each case, under which there are material outstanding obligations of a member of the Sasol Group;

 

(v)              
each Contract with or including a Related Party, the Existing Member or
any Affiliate of the Existing Member (after giving effect to the Reorganization);

 

(vi)            
each Contract that constitutes a non-competition agreement, covenant not to compete or similar
restriction, or any Contract that restricts, limits or prohibits, or purports to restrict, limit
or prohibit the manner or the ability of the Company, the Business or the Assets to compete in any line of business or with
any Person or in any geographic area (including where the Assets are or may be located, including
area of mutual interest Contracts) or during any period of time, or that restricts the Company, the Business or the Assets
from selling to or purchasing from any Person or hiring any Person, or that grants the other party or any third person “most
favored nation” status;

 

(vii)         
each Real Property Lease;

 

(viii)       
each Contract relating to or evidencing Indebtedness;

 

(ix)           any
Contract pursuant to which the Company or the Business has made any outstanding loan, capital contribution or other
investment in, or any Contract pursuant to which the Company, the Business or the Assets have assumed any Liability or
obligation of, any Person (not including knock-for-knock indemnities or other similar Liabilities or obligations or any Sasol
Guaranty), including take-or-pay Contracts or keep-whole agreements;

 

    35

     

    

 

(x)           
each Contract that can reasonably be expected to result in aggregate annual revenues in
excess of five million dollars ($5,000,000) in the aggregate;

 

(xi)           
each Contract providing for payments in excess of ten million dollars ($10,000,000)
in the aggregate; 

 

(xii)         
each Contract related to feedstock, transportation, offtake, storage and logistics in excess of five million dollars ($5,000,000)
or for a term longer than twelve (12) months;

 

(xiii)       
other than this Agreement, the other Transaction Documents, Contracts relating to the construction of any Retained Assets
and the sale of inventory in the Ordinary Course of Business, each Contract that relates to the sale, transfer, disposition or
acquisition of material assets, properties, business, or Equity Interests of any other Person (whether by merger, sale of stock
or membership interests, sale of assets or otherwise), in each case involving amounts in an aggregate amount in excess of two million
dollars ($2,000,000);

 

(xiv)        
each Contract related to commodity hedging activities;

 

(xv)         
any Contract that is for the employment or engagement (including consulting agreements) of any director, independent contractor
that primarily provides services to the Business, or Business Employee, in each such case, that (A) provides for annual compensation
exceeding one hundred seventy five thousand dollars ($175,000) and (B) cannot be terminated without any Liability to the Company
on notice of thirty (30) days or less;

 

(xvi)        
each collective bargaining agreement or other labor Contract or employee representative
agreement covering any Business Employee or the Assets (each,
a “Collective Bargaining Agreement”);

 

(xvii)       
each Contract: (A) providing for a license of Intellectual Property to or from the Company or a member of the Sasol Group
primarily relating to the Business, other than licenses for commercially-available software with a replacement cost of less than
three hundred thousand dollars ($300,000); (B) relating to the development of Intellectual Property for the Business (excluding
agreements entered into with employees and contractors in the Ordinary Course of Business on standard forms of agreement) or for
the development of Intellectual Property by the Business for any Person; or (C) settling or resolving any material Intellectual
Property-related claim or dispute with respect to the Business;

 

(xviii)     
except with respect to Retained Liabilities or Retained Assets, each Contract involving the settlement of any Action or
threatened Action or providing indemnification of any Liability of any Person in excess of one million dollars ($1,000,000) (excluding
settlements paid by insurance);

 

    36

     

    

 

(xix)         
 any Contract with any Governmental Authority (excluding any rights-of-ways, Easements or similar Contracts or Permits);

 

(xx)          
any Contract with a Material Supplier that has a term greater than six (6) months and cannot be cancelled without penalty
or further payment (other than previously accrued payment obligations that are less than five million dollars ($5,000,000)) and
without more than ninety (90) days’ notice;

 

(xxi)         
any Contract with a Material Customer that has a term greater than six (6) months and is reasonably expected to result in
aggregate revenues of at least five million dollars ($5,000,000) over the term of such Contract;

 

(xxii)        
each Sasol Guaranty; and

 

(xxiii)      
any warranty, guaranty, indemnity or other similar
undertaking with respect to a contractual or other performance extended by the Company that was not entered into in the Ordinary
Course of Business that would reasonably be expected to result in a Liability to the Company, the Business or the Assets
of more than two million dollars ($2,000,000).

 

(b)              
Except as set forth on Section 3.14(b) of the Disclosure Schedule or with respect to any Retained Contract,
true, complete and correct copies of all Material Contracts have been provided to the New Member in unredacted form (other than
immaterial redactions with respect to banking information and signatories). Each of the Material Contracts is in full force and
effect and constitutes a legal, valid and binding obligation on the applicable member of the Sasol Group and, to the Existing Member’s
Knowledge, of the counterparties to such Material Contracts, subject, in each case, to the Remedies Exception, no member of the
Sasol Group has received from any other party to a Material Contract any written notice of any material breach or material violation
by such member of the Sasol Group of any Material Contract or termination or intention to terminate such Material Contract that
remains unresolved, and, except as would not reasonably be expected to have a material adverse effect on the Existing Member, the
Business or the Assets, taken as a whole, the applicable member of the Sasol Group is not, and to the Existing Member’s Knowledge,
none of the other parties thereto are, in material breach or violation of or default under, and no event has occurred which with
notice or lapse of time or both would permit termination, modification, or acceleration of any amounts due by such other parties
of, such Material Contract. For purposes of this Section 3.14, the term “Material Contract” shall include
any Contract entered into following the date of this Agreement that would have been a Material Contract had such Contract been
in effect on the date of this Agreement.

 

Section 3.15       
Customers and Suppliers.

 

(a)               Section
3.15(a) of the Disclosure Schedule sets forth a true and complete list of the top ten (10) customers of the Business
based on revenue of the Business for the twelve (12) month period prior the Execution Date, and the amount for which each
such customer was invoiced during such period (collectively, the “Material Customers”). To the
Existing Member’s Knowledge, no member of the Sasol Group has received any written notice that any of such Material
Customers (excluding any Material Customers that have month-to-month Contracts with respect to the Business) (i) has ceased
or materially reduced, or will cease or substantially reduce, use of products or services relating to the Business or (ii)
has sought, or is seeking, to reduce the price it will pay for the products and services relating to the Business.

 

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(b)              
Section 3.15(b) of the Disclosure Schedule sets forth a true and complete list of the suppliers (other than law firms,
accounting and audit firms, insurers, financial advisers or employee benefits administrators) with which the Sasol Group has made
expenditures greater than one million dollars ($1,000,000) in the aggregate in connection with the Business during the twelve (12)
month period prior to the Execution Date, and the amount for which each such supplier invoiced the Sasol Group with respect to
the Business during such period (the “Material Suppliers”). To the Existing Member’s Knowledge,
no member of the Sasol Group has received any written notice that there has been any material adverse change in the price of such
supplies or services provided by any such Material Supplier (excluding any Material Suppliers that have month-to-month Contracts
with respect to the Business), or that any such Material Supplier will not sell supplies or services to the Company at any time
after the Closing Date on terms and conditions substantially the same as those used in its current sales to the Sasol Group, subject
to general and customary price increases.

 

Section 3.16       
Affiliate Relationships. Except as set forth on Section 3.16 of the Disclosure Schedule, no Related Party
of the Company: (a) is a party to any Contract to which the Company is party or to which the Company, the Assets or the Business
is bound, (b) owns any interest in the Company or (c) provides any services (other than employee, director and officer services)
to or facilities for use by the Company or the Business.

 

Section 3.17       
Business Benefit Plans.

 

(a)              
Section 3.17(a)(i) of the Disclosure Schedule sets forth a complete list of each material Benefit Plan that
is maintained, sponsored or contributed to by the Existing Member or any of its ERISA Affiliates for the benefit of any Business
Employee (“Business Benefit Plans”). Section 3.17(a)(ii) of the Disclosure Schedule lists
any Benefit Plan for which the Company will have any Liability following the Closing.

 

(b)              
With respect to each Business Benefit Plan, the Company has delivered or made available to the New Member correct and complete
copies of, as applicable, (i) the plan document and any trust agreement relating to such plan, (ii) the most recent summary plan
description, and (iii) the most recent determination or opinion letter, if any, issued by the Internal Revenue Service with respect
to any Benefit Plan.

 

(c)              
Except as would not result in Liability to the Company, each Business Benefit Plan has been established, operated, maintained,
funded, and administered in accordance with its terms and complies in all material respects with all applicable Laws, including
ERISA and the Code. The Company is not in non-compliance with any Laws applicable to any Business Benefit Plan, including ERISA
and the Code. From and after the Closing the Company will not, and the Company does not, have any Liability pursuant to Section
4980B, 4980D, 4980H, 6721 or 6722 of the Code.

 

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(d)              
 Each Business Benefit Plan which is intended to be qualified within the meaning of Section 401(a) of the Code (i)
has received a favorable determination or opinion letter as to its qualification, and nothing has occurred that could adversely
affect such qualification, (ii) has been established under a standardized master and prototype or volume submitter plan for which
a current favorable IRS advisory letter or opinion letter has been obtained by the plan sponsor and is valid as to the adopting
employer, or (iii) has time remaining under applicable Laws to apply for a determination or opinion letter or to make any amendments
necessary to obtain a favorable determination or opinion letter.

 

(e)              
Except as set forth on Section 3.17(e) of the Disclosure Schedule, no Business Benefit Plan is, and from and
after the Closing the Company will not, and the Company does not, have any Liability with respect to or under: (i) a “multiemployer
plan” (as defined in Section 3(37) of ERISA); (ii) a “defined benefit plan” (as defined in Section 3(35)
of ERISA) or other pension plan, in each case, that is or was subject to Title IV of ERISA or Section 412 of the Code; (iii) a
“multiple employer plan” (within the meaning of Section 413(c) of the Code or Section 210 of ERISA); or (iv) a “multiple
employer welfare arrangement” (as defined in Section 3(40) of ERISA). From and after the Closing the Company will not, and
the Company does not, have any Liability by reason of at any time being considered a single employer under Section 414 of the Code
with any other Person, including the Existing Member or any of its ERISA Affiliates. Following the consummation of the transactions
contemplated by this Agreement, the Company will not have any actual or contingent Liability under a “multiemployer plan”
(as defined in Section 3(37) of ERISA) or other pension plan subject to Title IV of ERISA that is sponsored or contributed
to by the Existing Member or its ERISA Affiliates.

 

(f)               
Except as set forth on Section 3.17(f) of the Disclosure Schedule, no Business Benefit Plan provides, and the
Company does not have any Liability to provide, health, medical, life insurance or other welfare benefits coverage with respect
to Business Employees (or any of their beneficiaries) after retirement or other termination of employment or to any other Person(other
than coverage or benefits required to be provided under Part 6 of Title I of ERISA or Section 4980B(f) of the Code, or any
other applicable Law and for which the full cost of coverage is borne by the current or former employee (or any of their beneficiaries)
or other recipient).

 

(g)              
Except as would not result in Liability to the Company, (i) no Actions (other than routine claims for benefits in the ordinary
course) are pending or, to the Existing Member’s Knowledge, threatened, involving any Business Benefit Plan or any related
trust and (ii) to the Existing Member’s Knowledge, no facts or circumstances exist that could reasonably be expected to give
rise to any such Actions.

 

(h)               None
of the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement (alone
or in conjunction with any other event, including any termination of employment) could (i) entitle any current or former
Business Employee to any payment (whether in cash, property or vesting of property), compensation or benefit, (ii) accelerate
the time of payment or vesting, or trigger any payment or funding, of any compensation or benefits to any current or former
Business Employee, (iii) with respect to the Business Employees result in any breach or violation of or default under any
Business Benefit Plan or (iv) result in the payment of any amount or entitlement or benefit that that would not be deductible
by reason of Section 280G of the Code or could, individually or in combination with any other such payment or benefit,
constitute an “excess parachute payment” (as defined in Section 280G(b)(1) of the Code). No Business Employee is
entitled to receive any gross-up or additional payment by reason of any tax being imposed on such person under Section 409A
or 4999 of the Code.

 

    39

     

    

 

(i)                
Each Business Benefit Plan subject to Section 409A of the Code (if any) is in compliance in all material respects therewith,
such that no Taxes or interest will be due and owing in respect of such Business Benefit Plan failing to be in compliance therewith.

 

Section 3.18       
Labor Relations.

 

(a)              
The Company and the Existing Member (with respect to the Business, the Business Employees and the Assets) are not a party
to or bound by any Collective Bargaining Agreements or other collective labor-related agreements or arrangements, and there are
no labor unions or similar employee representative or labor organization presently representing or, to the Existing Member’s
Knowledge, engaged in any organizing activity, in each case with respect to any Business Employee, the Business or the Assets,
and there has not been any such organizing activity in the past three (3) years. No Business Employees are represented by any labor
union or similar employee representative or labor organization with respect to their employment with the Existing Member or the
Company. There is not, and during the past three (3) years there has not been, any pending or existing, or, to the Existing Member’s
Knowledge, threatened, with respect to the Company, any Business Employee, the Business or the Assets, any (i) strike, slowdown,
picketing, lockout, material labor-related arbitration, material grievance, other material labor dispute or work stoppage, (ii)
charge (including any unfair labor practice charge) or complaint filed by an employee, union or other labor organization with any
labor relations board, or (iii) application for certification of a collective bargaining agent. To the Existing Member’s
Knowledge, in the past three (3) years, no event has occurred or circumstance exists or has existed that would reasonably be expected
to result in any material work stoppage or other material labor dispute involving Business Employees. The Company and the Existing
Member (with respect to the Business, the Business Employees and the Assets) have no notice or consultation obligations to labor
unions or similar employee representative or labor organization in connection with the execution of this Agreement or consummation
of the transactions contemplated by this Agreement.

 

(b)              
The Company and the Existing Member (with respect to the Business, the Business Employees and the Assets) are and, for the
last three (3) years, have been in compliance in all material respects with all applicable Laws respecting labor, employment and
employment practices, including, without limitation, all laws respecting terms and conditions of employment, health and safety,
wages and hours (including the classification of independent contractors and exempt and non-exempt employees), immigration (including
the completion of I-9s for all employees and the proper confirmation of employee visas), harassment, discrimination and retaliation,
disability rights or benefits, equal opportunity (including compliance with any affirmative action plan obligations), plant closures
and layoffs (including the Worker Adjustment and Retraining Notification Act of 1988, as amended, or any similar Laws (the “WARN
Act”)), COVID-19 (as related to labor, employment and employment practices), workers’ compensation, labor relations,
employee leave issues, affirmative action and affirmative action plan requirements and unemployment insurance.

 

    40

     

    

 

(c)              
 The Company and the Existing Member (with respect to the Business, the Business Employees and the Assets) have no material
Liability for: (i) any unpaid wages, salaries, wage premiums, commissions, bonuses, fees, or other compensation to their current
or former employees and independent contractors under applicable Law, Contract or company policy; and/or (ii) any fines, Taxes,
interest, or other penalties for any failure to pay or delinquency in paying such compensation.

 

(d)              
To the Knowledge of the Existing Member (with respect to the Business, the Business Employees and the Assets), no current
or former employee or independent contractor of the Existing Member is in any material respect in violation of any term of any
employment agreement, nondisclosure agreement, common law nondisclosure obligation, fiduciary duty, noncompetition agreement, restrictive
covenant or other obligation: (i) owed to the Company or the Existing Member; or (ii) owed to any third party with respect to such
person’s right to be employed or engaged by the Existing Member or the Company.

 

(e)              
The Company does not have and the Existing Member does not reasonably expect (with respect to the Business, the Business
Employees and the Assets) any material Liability with respect to any allegations of sexual harassment, or other discrimination,
retaliation or similar policy violations and is not aware of any such allegations relating to officers, directors, employees, contractors,
or agents of the Company or the Existing Member (with respect to the Business, the Business Employees and the Assets), that, if
known to the public, would bring the Company into material disrepute.

 

(f)               
With respect to the Business, the Business Employees and the Assets, no employee layoff, facility closure or shutdown (whether
voluntary or by Order), reduction-in-force, furlough, temporary layoff, material work schedule change or material reduction in
hours, or material reduction in salary or wages, or other material workforce changes affecting employees or individual independent
contractors of the Company or the Existing Member has occurred within the past six (6) months or is currently contemplated, planned
or announced, including as a result of COVID-19 or any Law, Order, directive, guidelines or recommendations by any Governmental
Authority in connection with or in response to COVID-19. The Company and the Existing Member (with respect to the Business, the
Business Employees and the Assets) has not otherwise experienced any material employment-related Liability with respect to COVID-19.

 

(g)              
The Existing Member represents that each Dedicated Employee predominantly devotes his or her working time to performing
services on behalf of the Business, and that the Existing Member does not employ any individual who predominantly devotes his or
her working time to performing services on behalf of the Business, but is not considered a Dedicated Employee.

 

Section 3.19       
Intellectual Property. Section 3.19 of the Disclosure Schedule sets forth a true, complete and accurate list,
as of the Execution Date, of all Intellectual Property owned by a member of the Sasol Group that is registered or subject to a
pending application for registration and that is primarily used in connection with the Business.

 

(a)              
After giving effect to the transactions contemplated by the Business Separation Agreement, and the rights and services provided
under the Transition Services Agreement:

 

    41

     

    

 

(i)                
 all Intellectual Property owned by any member of the Sasol Group that is required for the
conduct of the Business as currently conducted is included in the Assets or being made available under the Transition Services
Agreement;

 

(ii)             
the Company will own or have a valid and enforceable right to use all Intellectual
Property used in (unless the Parties otherwise agree in writing to replace the same) or necessary for the operation of the Business
as currently operated.

 

(b)              
No Intellectual Property included in the Assets (including under any Contract transferred through the Business Separation
Agreement) is used in the business of the Sasol Group (other than with respect to the Assets or use in connection with third party
licensor improvement exchanges in accordance with the terms of the applicable license agreements).

 

(c)              
(i) There are no pending or, to the Existing Member’s Knowledge, threatened claims by any Person alleging infringement
or misappropriation by a member of the Sasol Group in connection with construction or operation of any of the Assets used in connection
with the Business or products manufactured by the Business, (ii) the current conduct of the Business does not infringe, misappropriate
or violate, and has not in the three (3) years prior to the date hereof infringed, misappropriated or violated, any Intellectual
Property of any Person, (iii) no member of the Sasol Group has made any claim of a violation or infringement, or misappropriation
by others of its rights to or in connection with the Intellectual Property on Section 3.19 of the Disclosure Schedule,
and (iv) to the Existing Member’s Knowledge, no Person is infringing or misappropriating any Intellectual Property included
in the Assets.

 

(d)              
The Sasol Group has taken steps reasonable under the circumstances to protect the confidentiality of any confidential information
included in the Assets and to secure ownership of any Intellectual Property included in the Assets developed by employees or contractors
in the scope of their employment or engagement by the Sasol Group.

 

(e)              
The Sasol Group owns, leases, licenses, or otherwise has sufficient rights to use all necessary software, hardware, databases,
computer equipment, systems and other information technology tangible assets used in connection with the Business as currently
conducted (collectively, “IT Assets”). The Sasol Group has taken commercially reasonable actions designed
to protect the security, confidentiality and integrity of the IT Assets used for the operations of Business from unauthorized use,
access, interruption, or modification. For the past two (2) years, to the Existing Member’s Knowledge, there have been no
unauthorized intrusions or breaches of the security of, or unauthorized access to, any of the IT Assets or any of the data or information
(including personal information or payment card data) stored or contained therein or accessed or processed thereby, in each case
having a material impact on the Business. With respect to the Business, the Sasol Group is, and at all times has been, in compliance
in all material respects with all applicable Laws relating to the collection, use, processing, distribution, or protection of data
or otherwise relating to data privacy or information security.

 

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Section 3.20       
Trade Control Laws; Anti-Corruption.

 

(a)               Neither
the Business, nor any of its officers, directors, employees, agents or other third party representatives acting on behalf of
the Business, is currently, or has been in the last five (5) years (i) a Sanctioned Person; (ii) organized, resident in or
operating from a Sanctioned Country; (iii) engaging in any dealings or transactions with or for the benefit of any Sanctioned
Person or in any Sanctioned Country; or (iv) otherwise in violation of applicable Sanctions Laws, Ex-Im Laws, or the
anti-boycott Laws administered by the U.S. Department of Commerce and the U.S. Department of Treasury’s Internal
Revenue Service (collectively, “Trade Control Laws”). In the past five (5) years, the Business has
not exported or reexported any ITAR or EAR-controlled products, services, technology or data except pursuant to valid
licenses, approvals or license exceptions and otherwise in accordance with applicable Law.

 

(b)              
Neither the Business, nor any of its officers, directors, employees, agents or third party representatives acting on behalf
of the Business, has in the past five (5) years, directly or indirectly (i) offered, promised or given any financial or other advantage
or inducement to any Person with the intention of influencing (A) any Government Official in the performance of his or her public
functions or (B) any other Person (whether or not such Person is the recipient of the advantage or inducement) to perform his,
her or its function improperly, or where the acceptance of such advantage or inducement would violate Anti-Corruption Laws, (ii)
requested, agreed to receive or accepted any financial or other advantage or inducement where such request, agreement to receive
or acceptance would violate Anti-Corruption Laws or be likely to influence such Person in the performance of his, her or its role,
(iii) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political
activity, (iv) made or authorized any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to
any foreign or domestic Government Official or employee or (v) otherwise taken any action that would violate any Anti-Corruption
Laws.

 

(c)              
In the past five (5) years, the Existing Member has not received with respect to the Business from any Governmental Authority
or any other Person any notice, inquiry, or internal or external allegation; made any voluntary or involuntary disclosure to a
Governmental Authority; or conducted any internal investigation or audit concerning any actual or potential violation or wrongdoing
related to Trade Control Laws or Anti-Corruption Laws. The Existing Member has maintained and enforced with respect to the Business
policies, procedures and internal controls reasonably designed to ensure the Business’s compliance with Trade Control Laws
and Anti-Corruption Laws.

 

Section 3.21       
Sufficiency of the Assets.

 

(a)              
Except for assets, services and other obligations of the Parties that are contemplated by the Transition Services Agreement
or any other Transaction Document and assuming all consents, waivers, approvals, licenses, Permits, authorizations, registrations,
declarations, filings or notifications required to be made or obtained in connection with the execution, delivery and performance
of the Transaction Documents and the transactions contemplated by the Transaction Documents are so made or obtained as of the Closing
Date, the Assets, and the rights, goods and services which are the subject of the Transaction Documents, will constitute all the
assets, rights and properties, tangible or intangible, real or personal (other than with respect to Intellectual Property the sufficiency
of which is addressed exclusively in Section 3.19), that are used or necessary for use in connection with the conduct of
the Business as conducted prior to the Execution Date, consistent with past practice.

 

    43

     

    

 

(b)              
 Except as set forth in Section 3.21(b) of the Disclosure Schedule, the tangible Assets (i) are in good operating
condition and repair in all material respects (taking such Asset’s age and ordinary wear and tear into account), free from
material structural and mechanical defects, and do not require any material maintenance or repair services in order to be put into
a condition that would permit their present operations in accordance with standard industry practice in the areas in which they
are operated or used, (ii) have been and are being maintained in all material respects in accordance with standard industry practice
in the areas in which they are operated or used and (iii) are adequate and suitable for the purpose for which they are currently
being used in connection with the operation of the Business. Maintenance has not been deferred on any Asset in contemplation of
the transactions contemplated by this Agreement or the transactions contemplated hereby (including the Reorganization).

 

(c)              
Except as set forth in Section 3.21(c) of the Disclosure Schedule, but without limiting the generality of Section 3.21(b),
the LCCP Cracker is fully operational, has successfully achieved all applicable technical, operational and other performance milestones
applicable to the construction thereof in accordance with the standards set forth in the Contract(s) applicable thereto, including
meeting or exceeding any technical, operational or performance thresholds necessary to deem the construction thereof complete or
substantially complete in accordance with the terms thereof, and is, and at all times since the completion of construction thereof
has been, capable of meeting or exceeding all technical, operational and other performance specifications applicable thereto in
accordance with the standards set forth in the Contract(s) applicable thereto.

 

(d)              
All books and records of the Business that constitute the Assets have been maintained in accordance with applicable Law
in all material respects and in the Ordinary Course of Business and are materially complete and accurate.

 

Section 3.22       
Absence of Certain Changes. Except as contemplated by this Agreement (including
the consummation of the Reorganization) or as set forth in Section 3.22 of the Disclosure Schedule, (a) since the Balance
Sheet Date and through the Execution Date, the Sasol Group has operated the Business in the Ordinary Course of Business and (b)
since the Balance Sheet Date, there has not been a Material Adverse Effect.

 

Section 3.23       
Broker’s Commissions. Except as set forth in Section 3.23
of the Disclosure Schedule, the Company has not directly or indirectly, entered into any Contract with any Person that would obligate
the New Member or the Company or any of their respective Affiliates to pay any commission, brokerage fee, or “finder’s
fee” in connection with the transactions contemplated hereby.

 

Section 3.24       
No Prior Activities. The Company was formed as a limited liability company
under the Laws of the State of Delaware on the Execution Date. Since its date of formation, the Company has not conducted or engaged
in any activities or business, other than activities expressly contemplated by this Agreement and the other Transaction Documents,
including the Reorganization and, except as expressly contemplated by this Agreement and the other Transaction Documents (including
the Reorganization), has no assets (including bank accounts), Liabilities or obligations of any kind or nature whatsoever and has
not entered into any Contract other than its Organizational Documents. The Company does not have and has never had any officers
or managers.

 

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Article IV.

REPRESENTATIONS AND WARRANTIES OF THE EXISTING MEMBER

 

The Existing Member
hereby represents and warrants to the New Member as of the Execution Date and as of the Closing Date (except for representations
and warranties that are made as of a specific date, which are made only as of such date) as follows:

 

Section 4.01       
Organization; Good Standing. The Existing Member is a limited liability company duly organized, validly existing
and in good standing under the Laws of the State of Delaware.

 

Section 4.02       
Authority. The Existing Member has all necessary limited liability company
power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is or will be a party,
to perform its obligations hereunder and thereunder, and, subject to the receipt of the affirmative vote of the holders of Shares
representing more than fifty percent (50%) of the voting rights exercised at the Shareholders’ Meeting and entitled to vote
thereon in accordance with Section 65 of the Companies Act and the Organizational Documents of Sasol Limited to consummate the
transactions contemplated hereby and thereby (the “Shareholder Approval”), to consummate the transactions
contemplated hereby and thereby. The execution, delivery, and performance by the Existing Member of this Agreement and such other
Transaction Documents, have been duly and validly authorized by all necessary limited liability company action on the part of the
Existing Member and, subject to receipt of the Shareholder Approval, its Affiliates. This Agreement has been duly and validly executed
and delivered by the Existing Member and (assuming due authorization, execution, and delivery by the other Parties) constitutes
the legal, valid, and binding obligation of the Existing Member enforceable against the Existing Member in accordance with its
terms and conditions subject to the Remedies Exception.

 

Section 4.03       
No Conflicts; Consents and Approvals.

 

(a)              
Except as set forth in Section 4.03(a) of the Disclosure Schedule, neither the execution and delivery by the
Existing Member of this Agreement or the other Transaction Documents to which it is a party, nor the consummation by the Existing
Member of the transactions contemplated hereby or thereby will: (i) violate or conflict with any provision of the Organizational
Documents of the Existing Member; (ii) violate, result in a breach of, constitute a default (or event which, after giving of notice
or lapse of time, or both, would become a default) under, cause the loss of any right, benefit or authorization to which the Company
or the Business is entitled under, or require consent or notice under any Material Contract, or result in the acceleration of or
create in any Person the right to accelerate, terminate, modify or cancel any Material Contract; (iii) assuming receipt of all
Consents of Governmental Authorities described in Section 4.03(b) of the Disclosure Schedule, violate, conflict with,
or result in a violation of or conflict with, any Law to which the Existing Member is subject; or (iv) result in the imposition
or creation of any Lien (other than Permitted Liens) on the Company, the Assets, the Business or any Lien (other than as may be
set forth in the Company’s Organizational Documents or those arising from restrictions on the sale of securities under applicable
securities Laws) on the Membership Interests, except in the case of clauses (ii) or (iv), as would not reasonably
be expected to have a material and adverse effect on the Existing Member, the Business or the Assets, taken as a whole.

 

    45

     

    

 

 

(b)              
 No Consent of, or Filing with or to, any Person (including a Governmental Authority) is required to be obtained or made
by the Existing Member in connection with the execution and delivery by the Existing Member of this Agreement or the other
Transaction Documents to which it is a party or the consummation of the transactions contemplated hereby or thereby, other than
(i) requirements of any Competition Laws, or as set forth on Section 4.03(b) of the Disclosure Schedule, (ii) Consents or
Filings set forth in Section 4.03(b) of the Disclosure Schedule, (iii) Filings and Consents not required to be made,
given or obtained until after the Closing and set forth in Section 4.03(b) of the Disclosure Schedule, or (iv) requirements
applicable as a result of the specific legal or regulatory status of the New Member or any of its Affiliates or as a result of
any other facts that specifically relate to the business or activities in which the New Member or any of its Affiliates are or
propose to be engaged (other than the business of the Company (including the Business) from and after the Closing).

 

Section 4.04       
Litigation; Orders. (a) (i) There are no Actions pending or, to the Existing
Member’s Knowledge, threatened against the Existing Member or its Affiliates related to the Existing Member, the Business,
the Business Employees or the Assets, or to which the Existing Member, the Business, the Business Employees or the Assets would
be subject and (ii) other than with respect to Retained Liabilities, at all times during the past three (3) years there have been
no Actions, against the Existing Member or its Affiliates related to the Company, the Business,
the Business Employees or the Assets, or to which the Company,
the Business, the Business Employees or the Assets would be subject, and (b) (i) there
are no material outstanding Orders to which the Existing Member is a party or by which it, the Business, the Business Employees
or the Assets are bound, or unsatisfied judgments, penalties or awards against or affecting the Existing Member, the Business,
the Business Employees, the Assets or the Membership Interests and (ii) other than with respect
to Retained Liabilities, at all times during the past three (3) years there have been no Orders to
which the Company was a party or by which it, the Business, the Business
Employees or the Assets were bound, or unsatisfied judgments, penalties or awards against or affecting the Company, the Business,
the Business Employees or the Assets, in each case, except as would not reasonably be expected to have a material adverse
effect on the Existing Member, the Business or the Assets, taken as a whole.

 

Section 4.05       
Ownership of the Membership Interests.

 

(a)              
The Existing Member owns the Membership Interests beneficially and of record, free and clear of all Liens, other than as
may be set forth in the Company’s Organizational Documents or those arising from restrictions on the sale of securities under
applicable securities Laws. The Membership Interests held by the Existing Member constitute one hundred percent (100%) of the issued
and outstanding Equity Interests of the Company. The consummation of the transactions contemplated by this Agreement will convey
to the New Member good and valid title to the New Member Interests, free and clear of all Liens, except for those created by the
New Member, contained in the Company’s Organizational Documents, or those arising from restrictions on the sale of securities
under applicable securities Laws.

 

(b)               Except
for this Agreement, the Existing Member is not a party to any (i) option, warrant, purchase right or other Contract or
commitment obligating the Existing Member to sell, transfer, or otherwise dispose of Equity Interests in the Company, or (ii)
voting trust, proxy, or other Contract, agreement or understanding with respect to the voting of Equity Interests in the
Company.

 

    46

     

    

 

Section 4.06       
No Bankruptcy.

 

(a)              
There are no bankruptcy, insolvency, reorganization or receivership Actions pending against, being contemplated by or, to
the Existing Member’s Knowledge, threatened against the Existing Member.

 

(b)              
Immediately after giving effect to the transactions contemplated by this Agreement, the Existing Member shall be able to
pay its debts as they become due and own property having a fair saleable value greater than the amounts required to pay its debts
(including a reasonable estimate of the amount of all contingent Liabilities). Immediately after giving effect to the transactions
contemplated by this Agreement, the Existing Member shall have adequate capital to carry on its businesses. No transfer of property
is being made by the Existing Member and no obligation is being incurred by the Existing Member in connection with the transactions
contemplated by this Agreement (including the Reorganization) with the intent to hinder, delay or defraud either present or future
creditors of the Existing Member.

 

Section 4.07       
No Broker Fees. The Existing Member has not, directly or indirectly, entered
into any Contract with any Person that would obligate the New Member, the Company, or any of their respective Affiliates to pay
any commission, brokerage fee, or “finder’s fee” in connection with the transactions contemplated hereby.

 

Article V.

REPRESENTATIONS AND WARRANTIES OF THE NEW MEMBER

 

The New Member hereby
represents and warrants to the Existing Member as of the Execution Date and as of the Closing Date (except for representations
and warranties that are made as of a specific date, which are made only as of such date) as follows:

 

Section 5.01       
Organization. The New Member is a limited liability company duly organized, validly existing and in good standing
under the Laws of the State of Delaware.

 

Section 5.02       
Authority. The New Member has all necessary limited liability company power
and authority to (a) execute and deliver this Agreement and the other Transaction Documents to which it is or will be a party,
and to perform its obligations hereunder and thereunder and (b) to consummate the transactions contemplated by this Agreement and
the other Transaction Documents to which it is or will be a party. The execution, delivery, and performance by the New Member of
this Agreement and such other Transaction Documents, have been duly and validly authorized by all necessary limited liability company
action on the part of the New Member. This Agreement has been duly and validly executed and delivered by the New Member and (assuming
due authorization, execution, and delivery by the Company and the Existing Member) constitutes the legal, valid, and binding obligation
of the New Member, enforceable against the New Member, in accordance with its terms and conditions subject to the Remedies Exception.

 

    47

     

    

 

Section 5.03       
No Conflicts; Consents and Approvals.

 

(a)              
 Except as set forth in Section 5.03(a) of the Disclosure Schedule, neither the execution and delivery by the New
Member of this Agreement or the other Transaction Documents to which it is a party, nor the consummation by the New Member of the
transactions contemplated hereby or thereby, will: (i) violate or conflict with any provision of the Organizational Documents of
the New Member; (ii) violate, result in a breach of, or require consent or notice under any material Contract to which the New
Member is a party or by which any of its assets are bound, or result in the acceleration of or create in any Person the right to
accelerate, terminate, modify, or cancel any such material Contract; (iii) assuming receipt of all Consents of Governmental Authorities
described in Section 5.03(b) of the Disclosure Schedule, violate, conflict with, or result in a violation of or conflict
with any Law to which the New Member is subject; or (iv) result in the imposition or creation of any Lien (other than Permitted
Liens) on the assets of the New Member, except in the case of clauses (ii), (iii) and (iv), as would not reasonably
be expected to have, individually or in the aggregate, a New Member Material Adverse Effect.

 

(b)              
No Consent of, or Filing with or to, any Person (including a Governmental Authority) is required to be obtained or made
by the New Member in connection with the execution and delivery by the New Member of this Agreement or the other Transaction Documents
to which it is a party or the consummation of the transactions contemplated hereby or thereby, other than (i) requirements
of any Competition Laws or as set forth on Section 5.03(b) of the Disclosure Schedule, (ii) Consents or Filings set
forth in Section 5.03(b) of the Disclosure Schedule, (iii) Filings and Consents not required to be made, given
or obtained until after the Closing, and (iv) requirements applicable as a result of the specific legal or regulatory status of
the Existing Member or any of its Affiliates or as a result of any other facts that specifically relate to the business or activities
in which the Existing Member or any of its Affiliates are or propose to be engaged.

 

Section 5.04       
Litigation; Orders. There are no (a) material Actions pending or, to the New
Member’s Knowledge, threatened against the New Member or its Affiliates relating to the New Member, or to which the New Member
would be subject and (b) there are no material outstanding Orders to which the New Member is a party or by which it is bound or
unsatisfied judgments, penalties or awards against or affecting the New Member, in each case, except as would not be expected to
prevent, materially impede or materially delay the ability of the New Member to timely consummate the transactions contemplated
by this Agreement.

 

Section 5.05       
Acquisition as Investment. The New Member is acquiring the Membership Interests
for its own account as an investment without the present intent to sell, transfer, or otherwise distribute the same to any other
Person in violation of any securities Laws. The New Member acknowledges that the Membership Interests are not registered pursuant
to the 1933 Act and that none of the Membership Interests may be transferred, except pursuant to an effective registration statement
or an applicable exemption from registration under the 1933 Act. The New Member is an “accredited investor” as defined
under Rule 501 promulgated under the 1933 Act.

 

Section 5.06       
Financial Resources; Solvency.

 

(a)               The
New Member will, as of the Closing Date, have sufficient cash on hand, available lines of credit or other sources of
immediately available funds to enable it (i) to pay the New Member Closing Payment Amount and (ii) to otherwise perform its
obligations under the Transaction Documents.

 

    48

     

    

 

(b)              
Immediately after giving effect to the transactions contemplated by this Agreement, the New Member shall be able to pay
its debts as they become due and own property having a fair saleable value greater than the amounts required to pay its debts (including
a reasonable estimate of the amount of all contingent liabilities). Immediately after giving effect to the transactions contemplated
by this Agreement, the New Member shall have adequate capital to carry on its businesses. No transfer of property is being made
by the New Member and no obligation is being incurred by the New Member in connection with the transactions contemplated by this
Agreement with the intent to hinder, delay or defraud either present or future creditors of the New Member or its Affiliates.

 

(c)              
The New Member understands that the New Member’s obligations to effect and consummate the transactions contemplated
by this Agreement are not subject to the receipt or availability of any funds or financing by the New Member.

 

Section 5.07       
No Broker Fees. The New Member has not, directly or indirectly, entered into
any Contract with any Person that would obligate the Existing Member, the Company, or any of their respective Affiliates to pay
any commission, brokerage fee, or “finder’s fee” in connection with the transactions contemplated hereby.

 

Article VI.

COVENANTS

 

Section 6.01       
Interim Period Operations.

 

(a)              
From the Execution Date until the earlier of the Closing or the termination of this Agreement in accordance with Article X,
except (1) as may be required for Emergency Operations or (2) for the actions expressly permitted or required under the terms of
this Agreement, including, for the avoidance of doubt, all reasonably necessary actions taken in connection with, in contemplation
of or in preparation for, the transactions contemplated by the Business Separation Agreement and this Agreement, or consented to
in writing by the New Member (which consent shall not be unreasonably delayed, withheld or conditioned), the Existing Member shall,
and shall cause the Business, the Assets and the Company to:

 

(i)                
operate the Assets and the Business in a good and workmanlike manner, and maintain its books and records, in the Ordinary
Course of Business;

 

(ii)               
use commercially reasonable efforts to maintain and to keep the Assets in good repair and condition, ordinary wear and tear
excepted;

 

(iii)              
use commercially reasonable efforts to maintain and preserve intact the Business and the current organization, business
and franchise of the Company, and to preserve the rights, franchises, goodwill, services and relationships of the Business Employees,
customers, lenders, suppliers, contractors, vendors, suppliers, agents, regulators and others having business relationships in
connection with the Business or the Assets;

 

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(iv)            
 comply in all material respects with all applicable Law;

 

(v)             
use commercially reasonable efforts to keep in full force and effect insurance applicable to the Business and the Assets
comparable in amount and scope of coverage to that currently maintained;

 

(vi)            
give written notice to the New Member as soon as is practicable of any written notice received
or given by any member of the Sasol Group with respect to any alleged material violation or breach
by any member of the Sasol Group or other Person of (A) any Material Contract, (B)
any Easement or Business Permit, or (C) any Law, in each case, to the extent relating to the Company, the Assets, the
Business or any Business Employee; 

 

(vii)           
give prompt written notice following receipt by any member of the Sasol Group of any material Action initiated by, or written
claim threatening a material Action, received from, any Person with respect to the transactions contemplated hereby or the Company,
the Assets, the Business or any Business Employee;

 

(viii)          
with respect to Emergency Operations, notify the New Member of such emergency and the related
Emergency Operations as soon as reasonably practicable (and in any event within one (1) Business Day following the occurrence
thereof);

 

(ix)            
give prompt notice to the New Member of (A) any material damage or any casualty to
the Assets or any other assets material to the Business,
(B) any written notice received or made by the Sasol Group in connection with any Insurance
Policy (including with respect to any notice of potential claims or losses), or (C) any written notice received or made by
the Sasol Group of any claim asserting any material tort or violation of Law or any new or threatened
Action, that (in each case) relates to or affects the Company, the Business or the Assets;

 

(x)            
give prompt notice to the New Member of any notice or other communication from any Person alleging that the consent of such
Person is or may be required in connection with the transactions contemplated by this Agreement; and

 

(xi)            
give prompt notice to the New Member of any notice or other communication from any Governmental Authority in connection
with the transactions contemplated by this Agreement.

 

(b)               From
the Execution Date until the earlier of the Closing or the termination of this Agreement in accordance with Article X,
except (1) as may be required for Emergency Operations, (2) the actions expressly permitted or required under the terms of
this Agreement or consented to in writing by the New Member, (3) actions taken in accordance with or otherwise contemplated
by the Business Separation Agreement, and (4) commercially reasonable actions taken in the reasonable discretion of the
Existing Member in good faith in connection with the construction, development and testing to the extent required for repairs
or completion any of the Assets (provided that (x) such construction, development and testing shall be conducted in a good
and workmanlike manner consistent with applicable Law, safety and good business practice and (y) to the extent any actions
relating to such construction, development and testing would require the consent of the Existing Member pursuant to this Section 6.01(b),
the Existing Member shall otherwise keep the New Member reasonably informed as to the status of any such construction,
development and testing), the Existing Member shall not, and shall not permit the Business, the Assets or the Company to:

 

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(i)                
(A) issue, sell, grant, set-aside, dispose of, accelerate the vesting of, modify or otherwise subject to any Lien, as applicable,
any Equity Interest of the Company, (B) redeem, purchase or otherwise acquire any of Equity Interests of the Company, (C)
declare, set aside for payment or pay any distribution or dividends on any Equity Interests of the Company, or (D) split, combine,
subdivide or reclassify or otherwise amend the terms of any Equity Interests of the Company, or (E) make any other change with
respect to the Company’s capital structure;

 

(ii)               
engage in any transaction or series of related transactions to sell, exchange, transfer, mortgage, lease, pledge or dispose
of all or any portion of the Assets (other than (A) pursuant to any Material Contracts, (B) dispositions of obsolete or worthless
equipment, or (C) transactions involving sales of chemicals and petrochemicals in the Ordinary Course of Business), merge or consolidate
the Company with any other Person;

 

(iii)              
make, enter into any material commitment for or authorize any capital expenditure with respect to the Assets or the Business
or make any material commitment for the purchase, construction or improvement of the Assets or the Business, in each case in excess
of three million dollars ($3,000,000);

 

(iv)              
voluntarily incur, create or assume any Lien with respect to any asset which is, or will be after giving effect to the Reorganization,
an Asset other than Permitted Liens;

 

(v)              
 (A) incur, assume or guarantee any Indebtedness, in each case, for which the New Member or the Company would have Liability
from and after the Closing, (B) otherwise incur any Lien or agree to furnish a guarantee or other credit support in an amount in
excess of one million dollars ($1,000,000) in any transaction or series of related transactions, or (C) purchase, redeem, cancel,
prepay or make any other complete or partial discharge in advance of a scheduled payment or mandatory redemption date of any such
obligation in any transaction or series of related transactions;

 

(vi)             
assume, guarantee or endorse, or otherwise become responsible for, the obligations of any Person, or make any loans or advances
or capital contributions to, or investments in, any Person (other than (A) travel, relocation expenses and similar expenses or
advances to its employees in the Ordinary Course of Business, or (B) trade credit granted in the Ordinary Course of Business);

 

(vii)            directly
or indirectly (A) acquire or agree to acquire by merging or consolidating with, or by purchasing all of or a substantial
Equity Interest in or any material assets of, making an investment in or capital contribution to or by any other manner, any
Person or division, business or Equity Interest of any Person, or (B) enter into any joint venture, strategic alliance,
exclusive dealing, noncompetition or similar contract or arrangement that would restrict or limit the operations of the
Company, the Business or the Assets;

 

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(viii)          
take any action with respect to any adoption of, or adopt, a plan of complete or partial liquidation or a bankruptcy, dissolution,
merger, consolidation, conversion, restructuring, recapitalization, reclassification, or other reorganization or winding up of
any of the Company, except in accordance with the Reorganization;

 

(ix)            
(A) adopt or permit any change in the tax classification for federal income tax purposes of the Company, (B) make, change
or rescind any material Tax election, (C) settle or compromise any material audit, examination or proceeding relating to Taxes,
(D) change any annual accounting period of the Company, (E) adopt or change any accounting method of the Company or relating to
the Company, the Assets or the Business, (F) file any amended Tax Return of the Company or with respect to the Business or the
Assets, or (G) surrender any right to claim a refund of Taxes of the Company or with respect to the Business or the Assets;

 

(x)              
unless required by Law, (A) modify, extend, or enter into any Collective Bargaining Agreement, or (B) recognize or certify
any labor union, labor organization, employee representative body or group of Business Employees as the bargaining representative
for any Business Employees;

 

(xi)            
implement (with respect to the Business Employees) any employee layoffs, plant closings, reductions in force, furloughs,
temporary layoffs, salary or wage reductions, material work schedule changes or other such actions that could implicate the WARN
Act;

 

(xii)         
hire, engage, terminate (without cause), furlough, or temporarily layoff any Business Employee or reassign the duties of
(A) a Dedicated Employee such that he or she is no longer a Dedicated Employee, (B) an Available Employee such that he or she is
no longer an Available Employee or (C) any other employee of the Existing Member such that he or she would be a Dedicated Employee,
provided that none of the foregoing shall prevent or restrict the hiring of any employee to replace a Dedicated Employee whose
employment has terminated without violation of the foregoing so long as any such hiring is made in consultation with the New Member;

 

(xiii)        except
as required by the terms of a Business Benefit Plan in effect as of the Execution Date and set forth on Section
3.17(a)(i) of the Disclosure Schedule or as required by Law or, with respect to matters that do not result in any
Liability to the New Member or the Company, (A) except as set forth on Section 6.01(b)(xiii) of the
Disclosure Schedule, grant or announce any increase in the wages, salaries, compensation or benefits under any Benefit Plan
with respect to any Business Employee, (B) materially amend, adopt, materially modify or terminate any Benefit Plan with
respect to any Business Employee (or any plan, program, policy or arrangement that would be a Benefit Plan if in effect on
the Execution Date), (C) grant or announce any change in control, transaction, retention bonus or other similar bonus award
to any Business Employee, (D) hire, materially modify the job responsibility of, or extend offers of employment or engagement
to any individual who would be a Dedicated Employee or other individual service provider of the Business as of the Execution
Date, except to replace a Dedicated Employee whose employment has terminated without violation of this Agreement so long as
any such action is taken in consultation with the New Member, or (E) terminate (except for cause), transfer or materially
modify the job responsibilities of any Business Employee or other individual service provider of the Business in a manner
that results in such employee ceasing to be a Business Employee or other individual service provider of the Business;

 

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(xiv)        
enter into any amendment to the Organizational Documents of the Company;

 

(xv)          
Except as set forth on Section 6.01(b)(xv) of the Disclosure Schedule, (A) enter into any Contract that would be
a Material Contract if in existence as of the Execution Date, (B) modify or amend in any material respect or terminate any Material
Contract, (C) waive any material rights under any Material Contract or (D) release any Person from, or modify or waive any provision
of, any standstill, confidentiality or similar agreement, in each case, related to the Business or the Assets;

 

(xvi)        
terminate any Real Property Lease or, other than in the Ordinary Course of Business, amend, modify, extend or renew any
Real Property Lease, or acquire or sell any interest in Real Property;

 

(xvii)       
cancel, compromise, waive or release any right or claim to an amount greater than three million dollars ($3,000,000) in
a manner or with an effect that, individually or in the aggregate, is adverse to the Company, the Business or the Assets in any
material respect;

 

(xviii)     
(A) commence any Action (other than with respect to any Action against the New Member or any of its Affiliates), or (B)
pay, discharge, settle or satisfy any Action to the extent such payment, discharge, settlement or satisfaction (x) results in the
payment or incurrence of Liabilities or obligations by the Company of an amount in excess of one million dollars ($1,000,000) individually
or five million dollars ($5,000,000) in the aggregate or (y) includes any equitable remedies or other restrictions binding on the
Company, the Business or the Assets beyond such cash settlement;

 

(xix)        
take or fail to take any action that would result in the (A) cancellation, reduction, termination or failure to maintain
coverage or satisfy any obligation under any Insurance Policy (including, for the avoidance of doubt, failing to provide notice
for any casualty or property damage), or (B) the denial of coverage under any Insurance Policy, in each case, other than in connection
with obtaining any replacement insurance policy providing substantially similar coverage on substantially the same terms as such
Insurance Policy;

 

(xx)         
enter into any commodity derivative instruments;

 

(xxi)        
terminate or voluntarily relinquish any material Permit relating to the Business or the Assets, including any Business Permit;
or

 

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(xxii)      
 enter into any Contract providing for or otherwise committing to take any of the foregoing actions.

 

Section 6.02       
Access of the New Member.

 

(a)               During
the Interim Period (and prior to any earlier termination of this Agreement in accordance with Article X), the
Existing Member shall provide, or cause its applicable Affiliates to provide, the New Member and its Representatives with
reasonable access, upon reasonable prior written notice and during the Existing Member’s normal business hours, to the
Assets, the books and records related to the Business or the Assets, and the Sasol Group’s Representatives (including
accounting firms, counsel and financial advisors), but only to the extent that such access (i) does not unreasonably
interfere with the Sasol Group’s business or the safe commercial operations of the Sasol Group, and (ii) is
reasonably related to the New Member’s obligations and rights hereunder or consummation of the transactions
contemplated hereby; provided that: (A) the Existing Member shall have the right to have a Representative of the
Existing Member present for any communication with the Existing Member’s Representatives (it being understood that such
right shall not materially delay the access of the New Member or its Representatives pursuant to this Section 6.02);
(B) the New Member shall, and shall cause its Representatives to, observe and comply with all applicable environmental,
health, safety, and security requirements issued by the Existing Member or its Affiliates and provided to the New Member
prior to the New Member or its Representatives exercising their respective access rights pursuant to this Section 6.02;
and (C) neither the New Member nor any of its Affiliates or Representatives, shall
conduct any subsurface environmental investigation or testing during the Interim Period with respect to any of the Business
or the Assets without the prior written consent of the Existing Member, which shall not be unreasonably withheld, conditioned
or delayed (it being understood and agreed that during the Interim Period, the New Member and its Affiliates shall be
permitted to conduct a Phase I Environmental Site Assessment and limited environmental compliance review of the
Assets). The Existing Member shall instruct the Representatives of the Sasol Group to cooperate with the New Member in
its exercise of its access rights pursuant to this Section 6.02. The New Member shall hold in confidence all such
information on the terms and subject to the conditions contained in the Confidentiality Agreement. Notwithstanding the
foregoing, the New Member shall not have any right of access to, and no member of the Sasol Group shall have any obligation
to provide any information, the disclosure of which (1) would reasonably be expected to jeopardize any privilege
(including attorney-client privilege) available to any member of the Sasol Group, (2) would cause any member of the
Sasol Group to breach any fiduciary duty or Contract to which they are a party, (3) would include pricing or other
competitively sensitive information and, as determined by the Existing Member’s outside counsel in good faith, would
raise concerns under Competition Laws or (4) result in a violation of Law; provided that the Existing Member shall,
and shall cause the other members of the Sasol Group to, use commercially reasonable efforts to seek consent or waiver of
such privileges or restrictions if held by a Person other than the Existing Member or its Affiliates or, if held by the
Existing Member or its Affiliates, an alternative course of action to most closely effectuate such access rights in favor of
the New Member. Notwithstanding the foregoing, the Parties acknowledge and agree that policies, procedures and protocols
recommended by the Centers for Disease Control and Prevention, the World Health Organization and other Governmental
Authorities in response to the ongoing COVID-19 pandemic may limit or delay the ability of the Existing Member to comply with
the physical access covenants in this Section 6.02 and that reasonable refusal or delay of physical access to the
extent required by such policies, procedures and protocols shall not constitute a breach or violation of this Section 6.02.

 

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(b)              
The New Member agrees to indemnify and hold harmless each member of the Sasol Group and any of their respective Representatives
for any and all liabilities, Losses, costs, or expenses incurred by any member of the Sasol Group or their respective Representatives
arising out of the physical access rights under Section 6.02(a), including any Action by any of the New Member’s
or its Affiliates’ Representatives for any injuries or property damage while accessing any assets or properties of the Sasol
Group, except to the extent caused by the gross negligence or willful misconduct of any member of the Sasol Group or their respective
Representatives.

 

(c)              
Notwithstanding anything in this Section 6.02 to the contrary, no Party shall be responsible for the mere discovery
of any condition identified during an inspection conducted pursuant to this Section 6.02, except to the extent such
condition is exacerbated by such discovering Party.

 

Section 6.03       
Regulatory and Other Approvals from Governmental Authorities. From the Execution
Date until the Closing:

 

(a)               The
New Member, the Existing Member and the Company shall, and shall cause their respective Affiliates to, use their reasonable
best efforts to (i) make or cause to be made the Filings required of such Party or any of its Affiliates under the Laws set
forth on Section 6.03 of the Disclosure Schedule with respect to the transactions contemplated by this Agreement,
and to pay any fees required to be paid to a Governmental Authority for such Filings, as promptly as reasonably practicable,
and with respect to any required filings pursuant to the HSR Act, no later than two (2) Business Days after the Execution
Date (unless the Parties mutually agree otherwise) (which Filings shall request “early termination” of the HSR
waiting period), (ii) cooperate with the other Parties in connection with such other Party’s Filings, (iii) cause the
expiration or termination of all applicable waiting periods under the HSR Act or any other Competition Law, and to obtain the
other required Consents under the Laws set forth on Section 6.03 of the Disclosure Schedule, with respect to the
transactions contemplated by this Agreement as promptly as reasonably practicable, and in any event prior to the Outside
Date, including providing an appropriate response, as promptly as reasonably practicable, to any requests received by such
Party or any of its Affiliates from any Governmental Authority for additional information, documents or other materials, (iv)
promptly notify each other, and if in writing, furnish the other Parties with copies (or, in the case of oral communications,
advise the other of) any material communications, filings or correspondence from or to any Governmental Authority in respect
of such Filings or otherwise relating to the transactions contemplated by this Agreement or any of the matters described in
this Section 6.03, (v) consult and cooperate with each other with respect to, and provide each other with
advance copies and a reasonable opportunity to comment on, and consider in good faith the views of the other Party in
connection with, all Filings (excluding the notification and report form under the HSR Act), notifications, analyses,
appearances, presentations, memoranda, briefs, arguments, advocacy submissions, white papers and opinions proposed to be made
or submitted by or on behalf of any Party to, or proposed understandings, commitments or agreements with, Governmental
Authorities relating to such Filings or otherwise relating to the transactions contemplated by this Agreement or any of the
matters described in this Section 6.03; provided that (x) the materials required to be provided pursuant
to this section may be redacted (A) to remove references concerning the valuation of the Company, (B) as necessary to comply
with contractual arrangements, (C) as necessary to comply with applicable Law, and (D) as necessary to address reasonable
privilege or confidentiality concerns, and (y) each Party may reasonably designate any competitively sensitive material
provided to another under this Section 6.03 as “Outside Counsel Only”, (vi) coordinate with the other
Parties regarding the development and implementation of any strategy with respect to obtaining required Consents including
but not limited to, the process and strategy for responding to any formal or informal request for additional information and
documents (including any “second request” for additional information and documentary material under the HSR Act)
and the content of, and analysis contained in, any Filings, notifications or communications (whether written or oral) with
any Governmental Authority and (vii) resolve any objections as may be asserted by any Governmental Authority or other Person
with respect to the transactions contemplated by the Transaction Documents and to vigorously contest, resist and defend
through litigation on the merits, any Action, objection, challenge, suit, litigation, investigation, claim or other
proceeding instituted (or threatened to be instituted), in court or otherwise, by any Governmental Authority or other Person
challenging the transactions contemplated by the Transaction Documents as violative of any Law, and to have vacated, lifted,
reversed or overturned any judgment, injunction, temporary restraining order or other Order, whether temporary, preliminary
or permanent, that is in effect and that prevents, restricts, interferes with or delays the consummation of the transactions
contemplated by this Agreement, including by pursuing administrative and judicial appeal. If a Party intends to participate
in any substantive teleconference, videoconference or in-person meeting with any Governmental Authority or other Person
relating to the transactions contemplated by this Agreement or any of the matters described in this Section 6.03,
it shall give the other Parties reasonable prior notice of, and an opportunity to participate in, such meeting.

 

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(b)              
The New Member shall not, without the prior written consent of the Existing Member, (i) “pull-and-refile,” pursuant
to 16 C.F.R. 803.12, any filing made under the HSR Act or (ii) offer, negotiate or enter into any commitment or agreement, including
any timing agreement, with any Governmental Authority to delay the consummation of, or not to close before a certain date, the
transactions contemplated by this Agreement.

 

(c)               The
New Member shall use its reasonable best efforts to cooperate promptly and in good faith with Governmental Authorities in
connection with all such Filings and in connection with obtaining required Consents. For the avoidance of doubt and
notwithstanding anything to the contrary contained in this Agreement, the New Member shall, and shall cause its Affiliates
to, take all actions and to do all things reasonably necessary, proper or advisable, to the extent permitted by applicable
Law, to consummate the transactions contemplated by this Agreement as promptly as reasonably practicable, and in any event
prior to the Outside Date including, but not limited to, offering, negotiating, committing to and effecting, by consent
decree, hold separate order or otherwise (i) the termination, creation, amendment, modification or assignment of commercial
relationships, joint ventures, arrangements and contractual rights and obligations of the New Member or any of its Affiliates
(but excluding, for the avoidance of doubt, any commercial relationships, joint ventures, arrangements or contractual rights
or obligations the Company, the Assets or the Business), (ii) requirements that the New Member or any of its Affiliates (but
excluding, for the avoidance of doubt, the Company, the Assets or the Business) grant any right or commercial or other
accommodation to, or enter into any material commercial contractual or other commercial relationship with, any third party,
(iii) limitations on the ability of the New Member or any of its Affiliates (but excluding, for the avoidance of doubt,
Company, the Assets or the Business) to own, retain, control, conduct or operate the businesses, assets or properties of the
New Member or any of its Affiliates (but excluding, for the avoidance of doubt, any businesses, assets or properties of the
Company, the Assets or the Business), (iv) changes or restructuring of the New Member or any of its Affiliates (but
excluding, for the avoidance of doubt, Company, the Assets or the Business) and (v) any other condition, commitment or
restriction of any kind related to New Member or any of its Affiliates (but excluding, for the avoidance of doubt, the
Company, the Assets or the Business); provided, however, that any such action or restriction described in this
sentence may, at the Company’s discretion, be conditioned upon the Closing; provided, further, that the
New Member and its Affiliates shall not offer, negotiate, commit to or effect any of the actions or restrictions described in
this sentence that include, involve, relate to, or have any impact on, the Assets, the Business or the Company without the
prior written consent of the Existing Member. Notwithstanding anything in this Agreement to the contrary, it is expressly
understood and agreed that neither Party shall have any obligation to: (x) litigate or contest any administrative or judicial
action or proceeding or any decree, judgment, injunction or other order, whether temporary, preliminary or permanent; and (y)
make proposals, execute or carry out agreements, enter into consent decrees or submit to orders providing for (A) the sale,
divestiture, license or other disposition or holding separate (through the establishment of a trust or otherwise) of any
assets or categories of assets of either Party or any of their respective Affiliates or the Company or any of its Affiliates
or (B) the imposition of any limitation or regulation on the ability of the either Party or any of their respective
Affiliates to freely conduct their business or own such assets.

 

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(d)              
The New Member shall be responsible for the payment of all filing fees in connection with applications, notifications and
filings pursuant to the HSR Act and other Competition Laws.

 

(e)              
The New Member shall not, and shall cause its Affiliates not to, agree to or consummate any acquisition of, merger with
or into, consolidation with, or purchase of all or a portion of the assets of, or all or a portion of the equity in, any entity
owning or having any rights in any business or assets of the type and character of, or that compete with, all or any part of the
Assets or the Business, or take any other actions, including entering into, or agreeing to enter into, any license, joint venture
or other agreement or transaction, which would reasonably be expected to, in each case, or in the aggregate to prevent, impair
or materially delay the consummation of the transactions contemplated hereby.

 

Section 6.04       
Reorganization.

 

(a)              
The Existing Member shall cause the Reorganization to be completed as promptly as reasonably practicable after the Execution
Date in accordance with, and pursuant to, the terms of this Agreement and the Business Separation Agreement.

 

(b)               No
earlier than five (5) days prior to the Closing, the Existing Member and the New Member shall identify and select Process and
Maintenance Inventory with a book value (determined in good faith by mutual agreement of the Existing Member and the New
Member) equal to the Target Process and Maintenance Inventory Amount. The Existing Member shall, and shall cause its
Affiliate to, use best efforts to consummate the Reorganization such that, at the Closing, (i) such Process and Maintenance
Inventory so identified and selected by the Existing Member and the New Member is conveyed, transferred, assigned and
delivered to the Company and (ii) the Process and Maintenance Inventory Amount Difference is zero dollars ($0).

 

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(c)              
No earlier than five (5) days prior to the Closing, the Existing Member and the New Member shall identify and select Product
Inventory comprised of each Product Inventory Type in an amount equal to the Target Product Inventory Type Amount therefor, it
being understood that the measurement of such identified and selected Product Inventory (and
related Product Inventory Types) shall be conducted in accordance with the inventory measurement procedures set forth on
Schedule C attached hereto. The Existing Member shall, and shall cause its Affiliate to, use best efforts to consummate
the Reorganization such that, at the Closing, (i) such Product Inventory so identified and selected by the Existing Member and
the New Member is conveyed, transferred, assigned and delivered to the New Member and (ii) the Product Inventory Type Amount Difference
is zero (0) kT.

 

(d)              
For the avoidance of doubt, and without limiting the generality of Section 6.02, the Existing Member shall provide,
or cause its applicable Affiliates to provide, the New Member and its Representatives with reasonable access, upon reasonable prior
written notice and during the Existing Member’s normal business hours, to the books and records of the Existing Member or
such of its Affiliates, as applicable, for purposes of determining book value of the Process and Maintenance Inventory and measurement
of the Product Inventory pursuant to the foregoing Sections 6.04(b) and 6.04(c), and the Existing Member shall provide
the New Member with reasonable supporting documentation relating to the same.

 

Section 6.05        Shareholders
Meeting. Sasol Limited shall take all action necessary in accordance with applicable Laws and the Organizational
Documents of Sasol Limited to duly give notice of, convene and hold a meeting of its shareholders for the purpose of
obtaining the Shareholder Approval, to be held as promptly as reasonably practicable following the Execution Date. Subject to
the provisions of the Companies Act and the Organizational Documents of Sasol Limited and upon the approval by the Board of
Directors of Sasol Limited (the “Sasol Limited Board”) of the consummation of the transactions
contemplated by this Agreement and the other Transaction Documents (including, for the avoidance of doubt, the
Reorganization), Sasol Limited shall recommend that the shareholders of Sasol Limited approve the transactions contemplated
by this Agreement and the other Transaction Documents (such recommendation, the “Sasol Limited Board
Recommendation”) and the Sasol Limited Board shall solicit from shareholders of Sasol Limited proxies in
connection with the consummation of such transactions, and any circular, proxy statement or similar document soliciting such
proxies shall include the Sasol Limited Board Recommendation. To the extent permitted by applicable Law, the Existing Member
shall (a) keep the New Member reasonably informed with respect to the Shareholder Approval and (b) provide the New Member a
reasonable opportunity to review and comment on any portion of any circulars, proxy statements or similar documents or other
materials proposed to be distributed to the shareholders of Sasol Limited in connection with the Shareholder Approval to the
extent such language references or describes the New Member or the transactions contemplated by this Agreement. The
provisions of Article XII shall be deemed incorporated in and to apply to this Section 6.05.

 

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Section 6.06       
Consents.

 

(a)              
Within five (5) Business Days following the Execution Date, the Existing Member shall prepare and send notices to the holders
of the required Consents set forth on Section 6.06 of the Disclosure Schedule requesting such Consents or the waiver of
such rights in accordance with their terms to the extent necessary to consummate the transactions contemplated by this Agreement
and the other Transaction Documents (each such notice, a “Consent Request Notice”). Prior to sending
such Consent Request Notices, the Existing Member shall provide the New Member with a copy of each draft Consent Request Notice
and a reasonable opportunity to consult and comment thereon and shall consider in good faith any comments made by the New Member
with respect thereto, provided that the New Member shall diligently and promptly review all drafts of such Consent Request
Notices and provide comments, if any, thereto to the Existing Member no later than two (2) Business Days from receipt thereof from
the Existing Member. The Existing Member shall provide the New Member with a copy of all notices sent to applicable Consent holders.
The Existing Member shall use its commercially reasonable efforts at its sole cost and expense (but subject to Section 2.06(a))
to cause such Consents required to be requested pursuant to this Section 6.06 to be obtained and delivered prior to Closing.
The terms of this Section 6.06 shall not apply with respect to (i) the Contracts set forth on Section 6.06(a)(i)
of the Disclosure Schedule, it being understood that the Existing Member shall prepare and send notices of Consents or obtain the
waiver of such rights in accordance with their respective terms by such other date as agreed upon by the Existing Member and the
New Member and (ii) the Shared Contracts, it being understood that the treatment of Shared Contracts is governed by Section 6.07.

 

(b)              
As soon as practicable following the Execution Date, and in any event prior to the Closing, the Existing Member shall use
commercially reasonable best efforts to obtain, at its sole cost and expense but subject to Section 2.06(a), the Consent
of each party to the Material License Agreements (other than any such party that is a member of the Sasol Group) to the extent
such Consent is required (i) for the Company to own the Material License Agreements from and after Closing, (ii) for the New Member
or any of its Affiliates to operate the Assets under the Operating Services Agreement and the other Transaction Documents from
and after the Closing in compliance with the terms of the Material License Agreements, (iii) for the New Member or its Affiliates
to sell Product to any Person from and after the Closing in compliance with the terms of the Material License Agreements, or (iv)
to permit transfers of Membership Interests among any of the Existing Member, the New Member or any of their respective Affiliates
after Closing in compliance with the terms of the Material License Agreements, in each case, as such Material License Agreements
are in effect as of the Execution Date, as may be amended, restated, amended and restated or otherwise modified solely to the extent
necessary to effect the foregoing clauses (i) through (iv) or as the New Member may otherwise agree to in writing
after the date hereof.

 

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Section 6.07        Treatment
of Shared Contracts. The Existing Member shall, and shall cause its Affiliates to, use commercially reasonable efforts to
cause to occur, and the New Member shall reasonably cooperate with the Existing Member and their Affiliates with such efforts
as reasonably requested by the Existing Member, on or prior to the Closing, with respect to each Contract listed or described
on Section 6.07 of the Disclosure Schedule, the termination, amendment, separation or other action set forth on Section 6.07 of
the Disclosure Schedule with respect to such Contract; provided that no Party shall be required to initiate any
Action against any Person or make any payment to any Person in order to accomplish such termination, amendment, separation or
other action. In the event that the termination, amendment, separation or other action set forth on Section 6.07 of
the Disclosure Schedule with respect to any such Contract is not completed on or prior to the Closing, then the Existing
Member shall, and shall cause its Affiliates to, continue to use commercially reasonable efforts following the Closing to
cause the termination, amendment, separation or other action set forth on Section 6.07 of the Disclosure
Schedule with respect to such Contract to occur. If the termination, amendment, separation or other action set forth on Section 6.07 of
the Disclosure Schedule with respect to any Contract is not completed on or prior to the Closing, in addition to
complying with the obligations set forth in this Section 6.07, the Parties shall in good faith implement mutually
acceptable alternative arrangements for purposes of allocating rights and Liabilities and obligations under such Contract; provided
that such arrangements shall not result in a breach or violation of such Contract by the Existing Member, the Company, the
New Member or any of their respective Affiliates. If, following the Closing, the Existing Member or any of its Affiliates
remains party to any Contract set forth on Section 6.07 of the Disclosure Schedule (which schedule may be
amended, from time to time, by mutual agreement of the New Member and the Existing Member), all or a portion of which relates
to the Business or the Assets (collectively, the “Shared Contracts”), the Parties shall (and, in
the case of the Existing Member, shall cause each of the members of the Sasol Group to) in good faith implement mutually
acceptable arrangements (such alternative arrangements may include a mutually agreed subcontracting, sublicensing, agency or
subleasing arrangement) and take such other reasonable and permissible actions to cause, to the extent permitted under
applicable Law: (a) the Company to receive the rights and benefits previously provided to the Business pursuant to such
Shared Contract immediately prior to the Execution Date and consistent with past practice of the Business in the Ordinary
Course of Business; and (b) the Company to bear the burden of the applicable Liabilities borne by the Business such
Shared Contract immediately prior to the Execution Date immediately prior to the Execution Date and consistent with past
practice of the Business in the Ordinary Course of Business. Notwithstanding the foregoing, the Company and the New Member
shall have no approval or other rights with respect to any amendment, termination or other modification of any Shared
Contract, in each case, so long as neither the Company nor the New Member has any Liability as a result of any such action
and the applicable members of the Sasol Group provide notice of any amendment, termination or other modification as promptly
as reasonably practicable in advance thereof to the Company and the New Member; provided that, the Existing Member and
each other member of the Sasol Group shall be required by this Section 6.07 to maintain in effect each Shared
Contract such time as such Contract is amended, separated, or replaced, as the case may be, as specified on Section 6.07
of the Disclosure Schedule.

 

Section 6.08       
Sasol Guaranties.

 

(a)              
On or prior to the Closing Date or as soon as practicable thereafter, the Existing Member (with the reasonable cooperation
of its applicable Affiliate(s)) shall, at the sole cost and expense of the Existing Member, use commercially reasonable efforts
to have the Existing Member or any of its Affiliates identified on Section 6.08(a) of the Disclosure Schedule removed as
guarantor of or obligor for any Sasol Guaranties.

 

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(b)              
 On or prior to the Closing Date, to the extent required to obtain a release from an agreement (including any lease of a
real property interest) or a guarantee (each, a “Guarantee Release”) of any member of the Sasol Group,
the Company will use its commercially reasonable efforts to execute a guarantee agreement in the form of the existing agreement
or guarantee or such other form as is agreed to by the relevant parties to such agreement or guarantee; provided that, in
the event a form of such guarantee agreement is not provided for in the existing agreement or guarantee, such form shall be reasonably
acceptable to the New Member.

 

(c)              
If the Parties are unable to obtain, or to cause to be obtained, any such required removal as set forth in Section 6.08(a)
or Section 6.08(b), (i) the Company will indemnify, defend and hold harmless each of the Existing Member Indemnitees
for any Liability to the extent arising from any Sasol Guaranty for which a Guarantee Release is not obtained by the Closing Date,
and (ii) the Company will not agree to renew or extend the term of any Contract or other obligation to which any such Sasol Guaranty
relates that would increase, extend or accelerate the Liability of the Existing Member or any of its Affiliates identified on Section
6.08(a) of the Disclosure Schedule under any such Sasol Guaranty without the prior written consent of the Existing Member.

 

Section 6.09       
R&W Insurance Policy.

 

(a)              
The New Member shall, as of the Execution Date, enter into a binder agreement (the “Binder Agreement”)
with a representation and warranty insurer (or agent thereto) providing for conditional coverage under a buyer-side representation
and warranty insurance policy (the “R&W Insurance Policy”). The New Member has provided the Existing
Member with a copy of the Binder Agreement on the Execution Date. Each Party shall use commercially reasonable efforts to satisfy
the conditions set forth in the Binder Agreement to ensure that the R&W Insurance Policy is fully bound and in full force and
effect as soon as all conditions in the Binder Agreement have been satisfied. The R&W Insurance Policy shall (i) expressly
waive all rights of or via subrogation, contribution or otherwise in connection with this Agreement and the transactions contemplated
hereby against the Existing Member (or any past or present Affiliates and each of their respective Representatives), except in
the case of actual and intentional fraud, with knowledge of falsity, by such Person; (ii) the R&W Insurance Policy, including
the foregoing provision, shall not be amended, supplemented, modified, waived, otherwise in any way changed, in each case, in a
manner that is adverse to the Existing Member, without the prior written consent of the Existing Member; and (iii) the Existing
Member, its Affiliates and each of their respective Representatives shall be express third party beneficiaries of the foregoing
provisions with the right to enforce them.

 

(b)              
The R&W Insurance Policy Costs shall be borne fifty percent (50%) by the New Member and fifty percent (50%) by the Existing
Member, it being understood that the Existing Member shall bear such amount pursuant to the reduction in the New Member Closing
Payment Amount in accordance with Section 2.06(a). Notwithstanding anything to the contrary in this Agreement, neither
the Existing Member, nor any of its Affiliates, nor any of their respective Representatives, shall be entitled to any proceeds
from the R&W Insurance Policy.

 

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Section 6.10        Casualty
and Condemnation. If, after the Execution Date but on or prior to the Closing Date, any portion of the Assets is
destroyed by fire, explosion, hurricane, tornado, storm, weather events, earthquake, act of nature, act of God, civil unrest
or similar disorder, terrorist acts, war or any other hostilities or other casualty, or is expropriated or taken in
condemnation or under right of eminent domain by any Governmental Authority, whether or not fixed or repaired or in any way
remediated (each, a “Casualty Loss”), within five (5) Business Days after becoming aware of such
Casualty Loss, the Existing Member shall notify the New Member in writing of the same. If a Casualty Loss occurs and (a) the
cost of restoring, repairing or replacing the Assets affected by such Casualty Loss to a condition substantially comparable
to its condition immediately prior to the event or circumstance causing the Casualty Loss, plus (b) the amount of any
lost profits reasonably expected to accrue in respect of the Business after the Closing as a result of such Casualty Loss
(such amounts in clauses (a) and (b) with respect to any Asset, as estimated by a qualified firm reasonably
acceptable to and selected by the Existing Member and the New Member promptly after the event giving rise to the Casualty
Loss, the “Estimated Restoration Cost”), is greater than fifteen million dollars ($15,000,000), the
Existing Member may, by notice to the New Member within thirty (30) days after the occurrence of such Casualty Loss and prior
to the Closing, elect to (i) reduce the amount of the New Member Base Payment Amount by the Estimated Restoration Cost or
(ii) restore, repair or replace in good faith, and a good and workmanlike manner consistent with
applicable Law, safety and good business practices, such Assets affected by such Casualty Loss at any time prior to
the Closing to a condition substantially comparable to its prior condition immediately prior to the Casualty Loss and, in
either such case, such Casualty Loss shall not delay the Closing. Notwithstanding the foregoing, if any such restoration,
repair or replacement of such Assets affected by such Casualty Loss is not completed within fifteen (15) days prior to the
Closing or the Existing Member does not make any election as set forth in the preceding sentence within the period specified
in the foregoing sentence, then the New Member Base Payment Amount shall be reduced by the Estimated Restoration Cost. If the
Estimated Restoration Cost is fifteen million dollars ($15,000,000) or less, then there shall be no reduction in the amount
of the New Member Base Payment Amount for the Estimated Restoration Cost. To the extent (and only to the extent) the New
Member Base Payment Amount is reduced by the Estimated Restoration Cost pursuant to this Section 6.10 or the
Existing Member has not received the proceeds of insurance or other claims following its restoration, repair or replacement
of the Assets affected by such Casualty Loss prior to the Closing, the New Member shall, at the Existing Member’s
request, use commercially reasonable efforts to cooperate and assist the Company in assigning to the Existing Member any
rights of the Company to (x) claims against third parties and (y) insurance claims or recoveries available under insurance
policies covering such Assets.

 

Section 6.11       
Repair of Assets.

 

(a)               The
Existing Member shall, as its sole cost and expense (including, for the avoidance of doubt, with respect to the conducting of
any testing or hiring of any third party consultants, engineers or other advisors or service providers that the Existing
Member is required to hire or otherwise determines to hire), use commercially reasonable efforts, as soon as reasonably
practicable following the Execution Date, to (i) restore, repair and replace, in good faith and a good and workmanlike manner
consistent with applicable Law, safety and good business practices, the LDPE Unit and any related Asset located at LCCP that
was damaged as a result of the January 2020 explosion at LCCP to a condition substantially comparable to its condition
immediately prior to such event, (ii) complete (x) all outstanding scopes of work for LCCP set forth on the LCCP Close Out
Report and (y) any other repairs, actions, items and scopes of work, including the costs association therewith, necessary to
complete LCCP as mutually determined in good faith by the New Member and the Existing Member, in each case, in good faith and
a good and workmanlike manner consistent with applicable Law, safety and good business practices; (iii) cause the LDPE Unit
to pass all of the performance tests and design specifications set forth in the Contract(s) applicable thereto in accordance
with the terms thereof, and (iv) restore all Assets and operating standards therefor, in good faith and a good and
workmanlike manner consistent with applicable Law, safety and good business practices, to the conditions substantially
comparable to the conditions therefor as of August 15, 2020, including the applicable Assets achieving their respective
target utilization (collectively, the “Asset Repairs”); provided that, if the New Member and
the Existing Member are unable to mutually agree to the repairs, actions, items and scopes of work necessary to complete LCCP
as required by preceding clause (ii)(y) within thirty (30) days following the Execution Date, then the New Member and
the Existing Member shall submit such disagreement to a designated senior officer or manager of the New Member and a
designated senior officer or manager of the Existing Member, and such designated senior officers or managers shall promptly
meet (whether by telecommunication of in person) in a good faith attempt to resolve such dispute; provided further,
that the failure to complete any of the Asset Repairs required by this Section 6.11(a) prior to the Closing Date
shall not delay the Closing. The Existing Member shall pay all costs and expenses incurred in connection with such Asset
Repairs. Subject to any restrictions in any Material License Agreement existing as of the Execution Date and disclosed to the
New Member, the Existing Member and the New Member shall each have the right to attend any performance tests conducted in
connection with the Asset Repairs conducted prior to Closing.

 

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(b)               If
any Asset Repairs are not completed in accordance with Section 6.11(a) and Section 6.11(d) at least
twenty (20) Business Days prior to the Closing Date (such incomplete Asset Repairs, the “Incomplete Asset
Repairs”), the Parties shall work in good faith to prepare a draft report (the “Asset Repair
Report”) setting forth in reasonable detail (i) the nature of such Incomplete Asset Repairs, (ii) a good faith
estimate of the anticipated cost and completion date of such Incomplete Asset Repairs and an itemized list of deficiencies
and corrective actions for the completion thereof (the “Asset Repair Work List”) and (iii) with
respect to any Incomplete Asset Repairs attributable to the Asset Repairs described in clauses (i), (iii) or (iv)
of Section 6.11(a), a good faith estimate of the amount of any loss in value reasonably expected to accrue in
respect of LDPE, the LCCP Cracker or LLDPE, as applicable, from and after the Closing as a result of such Incomplete Asset
Repairs, such value to be calculated by the Parties in good faith in accordance with the methodologies set forth on Schedule
E attached hereto for LDPE, the LCCP Cracker and LLDPE, as applicable (such value, the “Asset Loss
Value”). Following the Closing, the Existing Member shall, at its sole cost and expense, use reasonable best
efforts to complete all Incomplete Asset Repairs as soon as practicable (and in any event within six (6) months) following
the Closing Date in accordance with the standards set forth in Section 6.11(a) and the Asset Repair Work List set
forth in such Asset Repair Report. The Existing Member shall keep the New Member reasonably informed as to the status of the
completion of all Incomplete Asset Repairs (including providing such information as may reasonably be necessary to maintain
the books and records of the Company) and any events that are reasonably likely to delay completion, or materially affect the
quality of completion, of all Incomplete Asset Repairs. Subject to any restrictions in any Material License Agreement, the
Existing Member and the New Member shall each have the right to attend any performance tests conducted in connection with the
Asset Repairs conducted from and after Closing. Notwithstanding anything in this Agreement to the contrary, if any Asset
Repairs are not completed prior to the date that is six (6) months after the Closing Date, the New Member shall have the
right to direct and control all remaining Asset Repairs and the Existing Member shall be obligated to promptly reimburse the
New Member for any costs and expenses incurred as a result of assuming completion of such Asset Repairs from time to time
after such time following the New Member’s delivery of an invoice therefor to the Existing Member. For the avoidance of
doubt, any reimbursement made to the New Member pursuant to this Section 6.11 shall be separate from and in
addition to any amounts payable to the New Member or Equistar Chemicals pursuant to the Operating Services Agreement from and
after Closing.

 

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(c)              
On the first (1st) calendar day immediately following each thirty (30) day period following the Closing Date
(each such date, an “Asset Repair Escrow Release Date”), the New Member and the Existing Member shall
direct the Escrow Agent to release to the New Member the amount of the Asset Loss Value attributable to LDPE, the LCCP Cracker
and LLDPE, as applicable, for the thirty (30) day period immediately preceding such Asset Repair Escrow Release Date in accordance
with the formulas for LDPE, the LCCP Cracker and LLDPE, as applicable, set forth on Schedule F attached hereto; provided
that, on the Asset Repair Escrow Release Date following the date on which all Incomplete Asset Repairs are completed for LDPE,
the LCCP Cracker or LLDPE (each, a “Completed Asset”) in accordance with Schedule F attached hereto,
Section 6.11(a) and Section 6.11(d), as applicable, the New Member and the Existing Member shall direct
the Escrow Agent to release (x) to the New Member, the amount of the Asset Loss Value attributable to such Completed Asset for
the thirty (30) day period immediately preceding such Asset Repair Escrow Release Date as calculated in accordance with Schedule
E attached hereto, it being understood that there shall be no Asset Loss Value for any period following completion of all applicable
Asset Repairs for all of the LDPE, the LCCP Cracker or LLDPE; and (y) to the Existing Member, all Asset Loss Value amounts remaining
in the Asset Repair Escrow Account for such Completed Asset after giving effect to preceding clause (x), if any; provided
further that, (1) any release of Asset Loss Value amounts under the foregoing clause (y) of this Section 6.11(c)
shall apply for each Completed Asset, regardless of whether or not any other Incomplete Asset Repairs with respect to the LDPE,
the LCCP Cracker or LLDPE, as applicable, remains outstanding at such time of release and (2) if all Incomplete Asset Repairs are
not completed in accordance with Section 6.11(a) and Section 6.11(d) within one hundred eighty (180) days
after the Closing Date (such date, the “Final Asset Repair Escrow Release Date”), the New Member and
the Existing Member shall, within one (1) calendar day of the Final Asset Repair Escrow Release Date, direct the Escrow Agent to
release to the New Member all amounts remaining in the Asset Repair Escrow Account as of such time.

 

(d)              
Notwithstanding anything in this Agreement to the contrary, in no event shall the Asset Repairs or the Incomplete Asset
Repairs, as applicable, be deemed to be complete in accordance with this Section 6.11 unless and until the Existing
Member delivers an officer’s certificate certifying that each of the conditions set forth in Section 6.11(a)(i)
through Section 6.11(a)(iv) have been satisfied.

 

Section 6.12       
Misallocated Transfers.

 

(a)               In
the event that at any time or from time to time (whether prior to, at or after the Closing), a Party or its Affiliate becomes
aware that (i) the Company or the New Member or its Affiliates has retained or received or otherwise possesses any right,
interest or asset, of any kind, character or description, whether real, personal or mixed, tangible, intangible or contingent
(including the receipt of payments made pursuant to Contracts and proceeds from accounts receivable), or liability that is
allocated to the Existing Member or any of its Affiliate pursuant to the terms of any Transaction Document or (ii) the
Existing Member has retained or received or otherwise possesses any right, interest or asset, of any kind, character or
description, whether real, personal or mixed, tangible, intangible or contingent (including the receipt of payments made
pursuant to Contracts and proceeds from accounts receivable), or liability that is allocated to the Company or the New Member
or its Affiliates pursuant to the terms of any Transaction Document, such Party shall notify the other Parties thereof and
the Company, the New Member or the Existing Member, as applicable, shall promptly transfer, or cause to be transferred, such
right, interest, asset or liability to the Person so entitled thereto or responsible therefor, at no cost or expense to the
Person that is properly entitled to or responsible for such right, interest, asset or liability pursuant to the terms of the
applicable Transaction Document.

 

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(b)              
For the avoidance of doubt, if the Company accepts or assumes any right, interest or asset pursuant to this Section 6.12,
then such right, interest or asset shall be deemed to be an Asset for all purposes hereunder and the other Transaction Documents
(including, for the avoidance of doubt, a Transferred Asset for all purposes under the Business Separation Agreement and the other
Transaction Documents), and the Company and the New Member shall be entitled to all rights and benefits therefor as provided herein
or in such other Transaction Documents.

 

Section 6.13       
Books and Records. To the extent not located at a facility that will be owned by the Company at Closing, at or prior
to the Closing, the Existing Member shall, and shall cause its Representatives to, deliver to the Company all original (and any
and all copies of) agreements, documents, books and records, files and other information, and all computer disks, records, tapes
and any other storage medium on which any such agreements, documents, books and records, files and other information may be stored,
in each such case, to the extent primarily relating to the Assets, the Business or the Company and in the possession of or under
the control of the Existing Member, another member of the Sasol Group or their respective Representatives; provided that
electronic back-ups and archival copies of any such materials or data may be retained by Existing Member or any member of the Sasol
Group in accordance with their standard document retention procedures (it being acknowledged and agreed that any such retained
information shall be kept confidential for so long as such information is retained, shall not be readily accessible by the Existing
Member’s or such Sasol Group member’s business personnel, and shall not be accessed or used for any purpose other than
the purpose for which it has been retained); provided, further, that the Existing Member shall have no obligation
hereunder to segregate or separate, or to deliver, data or data warehouses set forth on Section 6.13 of the Disclosure
Schedule except as may be provided under the Transition Services Agreement.

 

Section 6.14       
Delivery of Material Contracts. The Existing Member shall deliver to the New Member true, complete and correct copies
of each Material Contract set forth on Section 3.14(b) of the Disclosure Schedule
in unredacted form at least ten (10) Business Days prior to the Closing.

 

Section 6.15        Audited
Financial Statements. The Existing Member shall prepare and deliver to the New Member audited combined carve-out
historical financial information of the Business as of June 30, 2020 and the related audited statement of financial position,
statement of comprehensive income, statement of changes in equity and statement of cash flows for the Business for the year
ended June 30, 2020, each prepared in accordance with IFRS and the listing requirements of the Johannesburg Stock Exchange,
together with the auditor’s reports thereon, an unqualified opinion of the auditor, and all related notes and schedules
thereto, which shall be provided by the Existing Member to the New Member as soon as practicable following the date hereof
and in any event no later than the Closing Date (the “Audited Financial Statements”).

 

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Section 6.16       
Termination of Affiliate Agreements. Notwithstanding any provision in Section 6.01 to the contrary, the
Existing Member and its Affiliates shall, and shall cause the Company to, terminate all of the contracts listed on Section 6.16
of the Disclosure Schedule prior to the Closing without any cost or Liability to the Company or the New Member before, on or after
the Closing.

 

Section 6.17       
Change of Operatorship. As promptly as practicable after Closing, the Existing Member
shall file all change of operator forms required for the operation of the Assets or the Business with the applicable Governmental
Authorities. The Company shall use its commercially reasonable efforts to ensure that such change of operator forms are approved
as promptly as practicable after Closing.

 

Section 6.18       
Public Announcements. The Parties shall consult with each other prior to issuing
any publication or press release of any nature with respect to this Agreement or the other Transaction Documents or the transactions
contemplated hereby or thereby and shall not make or issue, or cause to be made or issued, any such publication or press release
prior to such consultation and without the prior written consent of the other Party (which consent will not be unreasonably withheld
or delayed) except to the extent, but only to such extent, that, in the opinion of the Party issuing such publication or press
release, such announcement or statement is required by Law, any listing agreement with any securities exchange or any securities
exchange regulation, in which case the Party proposing to issue such publication or press release shall use its reasonable best
efforts to consult in good faith with the other Party before issuing any such publication or press release and shall reasonably
cooperate with the other Party in good faith with respect to the timing, manner, and content of disclosure and shall only disclose
information in such announcement or statement to the extent required or compelled by such Law.

 

Section 6.19        Confidentiality.
Except as required by Law (or the advice of counsel to an applicable Party), no Party shall, and each Party shall cause its
respective Representatives not to, disclose the terms and conditions of this Agreement or any confidential or proprietary
information or trade secrets of the other Party received during the course of the transactions contemplated by this Agreement
(the “Confidential Information”) to any third party, in each case, without the prior written
consent of each of the other Parties, except for disclosures: (a) to authorized directors, managers, officers, agents,
employees and other Representatives of such Party or its Affiliates and as otherwise may be proper in the course of
performing such Party’s obligations, or enforcing such Party’s rights, under this Agreement and the other
Transaction Documents; provided that each such Person is informed of the confidential nature of such Confidential
Information, agrees to hold such Confidential Information confidential and that the disclosing Party remains liable for any
breach of this provision by such Persons; (b) to any bona fide prospective purchaser of the equity or assets of the Company
or its Affiliates, to prospective financing sources, or a prospective merger partner of such Party, the Company or any of
their respective Affiliates following prior written notice of such disclosure to the other Party; provided that such
purchaser, financing sources, or merger partner agrees in writing to be bound by the provisions of this Section 6.19
or other confidentiality agreement that includes confidentiality and use provisions at least as restrictive as the provisions
herein; (c) to attorneys, accountants and other professionals of such Party or its Affiliates who need to know such
Confidential Information in order to perform services for such Party or Affiliate; (d) as is required to be disclosed by
order of a court of competent jurisdiction, Governmental Authority, or by subpoena, summons or legal process, or by Law and
(e) pursuant to the terms of the A&R LLC Agreement; provided that the disclosing Party shall provide prompt notice
of any such requirement to enable the other Party to seek an appropriate protective order or confidential treatment (except
no such opportunity shall be afforded or such notice required in the case of a routine audit or examination by, or a blanket
document request from, a Governmental Authority that does not reference the Company, a Party or this Agreement or if
notifying the Party that disclosed such Confidential Information in advance of such disclosure is prohibited by applicable
Law) and shall disclose only that portion of such Confidential Information so required to be disclosed. For purposes of this Section 6.19,
the term “Confidential Information” shall not include any information which (x) a Person learns from a source
other than the Parties or their subsidiaries, or any of their respective representatives, employees, agents or other service
providers, (y) is disclosed to the public or is or becomes generally available, other than by a breach of this Section 6.19
by a Party or its Representatives, or (z) was in a Person’s possession prior to disclosure hereunder; provided
such information is not known by such Person to be subject to an obligation of confidentiality owed to the other Party.

 

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Section 6.20       
Non-Solicitation of Alternative Transactions. From the Execution Date until the earlier of the Closing and the date
on which this Agreement is terminated in accordance with the terms hereof, no member of the Sasol Group shall, and each member
of the Sasol Group will cause its Representatives and Affiliates (including the Company) and their respective Representatives not
to, directly or indirectly, encourage or solicit any offers from, participate in or initiate or continue discussions or negotiations
with, or provide any information to, any Person or group (other than any Party or any Affiliate of any Party) in connection with
any proposal for the direct or indirect sale, merger, combination, joint venture or other transaction involving all or any part
of the Equity Interests of the Company or the business or assets of the Company, including the Business and the Assets (each such
transaction, an “Alternative Transaction”), including by or entering into any agreement concerning the
foregoing.

 

Section 6.21       
Definitive Ancillary Agreements. The Parties acknowledge and agree that the terms set forth in the Term Sheets are
binding on the Parties. Promptly following the Execution Date, the Parties shall negotiate in good faith and finalize (a) each
Services Agreement, (b) the Reciprocal Servitude Agreement, (c) the Shared Permit Agreement, (d) the Hexene Supply Agreement, (e)
the Tolling Agreement, (f) the Transition Services Agreement, and (g) any ancillary documentation relating to such agreements (collectively,
the “Definitive Ancillary Agreements”), it being understood that each such Definitive Ancillary Agreement
shall include the terms set forth in the Term Sheet therefor and any other terms agreed to by the Parties in writing following
the Execution Date. The Parties shall use commercially reasonable efforts to finalize the Definitive Ancillary Agreements no later
than five (5) Business Days prior to the Closing Date and all such Definitive Ancillary Agreements once so finalized shall be entered
into and delivered by the Parties at the Closing in accordance with Section 2.05 and Section 2.06.

 

Section 6.22        Further
Assurances. Subject to the terms and conditions of this Agreement, at any time and from time to time from and
after the Closing, at any Party’s request and without further consideration, the other Parties shall use commercially
reasonable efforts to execute and deliver to such Party such other instruments of sale, transfer, conveyance, assignment, and
confirmation, including all Permits issued under Environmental Law, provide such materials and information and take, or cause
to be taken, such other actions as such Party may reasonably request in order to consummate the transactions contemplated by
this Agreement and the other Transaction Documents.

 

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Section 6.23       
Real Estate Matters.

 

(a)              
The Existing Member shall use commercially reasonable efforts to convey or cause to be conveyed full ownership of the LCCP
Real Property, together with any indemnification agreements with third parties that relate to the LCCP Real Property (to the extent
such indemnification agreements (i) provide indemnification for any Assumed Liabilities (as defined in the Business Separation
Agreement), (ii) may be assigned in compliance with applicable Law or (iii) run with the land) to the Company at the Closing by
Act of Conveyance conveying fee simple and full ownership title to the LCCP Real Property in a form attached as Exhibit O
hereto, without any recourse or warranty of title whatsoever, except as to the acts arising by, through or under the Existing Member
or any of its Affiliates, subject only to Permitted Liens but excluding those Liens set forth on Schedule B(1) of that certain
First American Title Insurance Company Commitment (Kean Miller LLP as agent) for Title Insurance effective as of June 11, 2020,
without any further consideration therefor (such conveyance, the “LCCP Real Property Conveyance”). If
the Existing Member determines in its reasonable discretion that it is unable to fully consummate the LCCP Real Property Conveyance
at the Closing despite its commercially reasonable efforts, or that additional time is reasonably required to ensure appropriate
and reasonable measures to ensure compliance in all material respects with Law (including Environmental Law), the Closing shall
not be delayed, but the Existing Member shall (x) use its commercially reasonable efforts to complete the LCCP Real Property Conveyance
as soon as practicable following the Closing and (y) the Company shall have the right to use the LCCP Real Property pursuant to
the Ground Lease Agreement during the period of time until the LCCP Real Property Conveyance is fully consummated in accordance
with this Section 6.23 for a price of one dollar ($1.00) per annum during the term of such Ground Lease Agreement and
such other consideration as set forth in this Agreement and the other Transaction Documents, the sufficiency of which is hereby
acknowledged. Simultaneously with the consummation of the LCCP Real Property Conveyance, (A) the Existing Member shall execute
and deliver to the Company all Transfer Documents reasonably requested by the New Member to consummate the LCCP Real Property Conveyance;
(B) the Company and the Existing Member will execute and deliver the Reciprocal Servitude Agreement; and (C) the Existing Member
shall use commercially reasonable efforts to obtain an executed subordination agreement containing commercially reasonable terms,
in recordable form, from any applicable lender or lienholder possessing a Lien with respect to the Real Property over which the
Company is granted servitude rights pursuant to the Reciprocal Servitude Agreement. Following the LCCP Real Property Conveyance,
whenever occurring, the LCCP Real Property shall be deemed to be an Asset and LCCP Real Property for all purposes hereunder and
the other Transaction Documents (including, for the avoidance of doubt, a Transferred Asset for all purposes under the Business
Separation Agreement), and the Company and the New Member shall be entitled to all rights and benefits therefor as provided herein
or in such other Transaction Document. The Company shall pay all recording costs associated with the recordation of the LCCP Real
Property Conveyance and the Reciprocal Servitude Agreement.

 

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(b)              
 The Existing Member shall use its commercially reasonable efforts to assist the Company in obtaining a title insurance
policy (which may be in the form of a pro forma of the Title Commitment) in accordance with the commitment for an ALTA Owner’s
Title Insurance Policy (in a form reasonably acceptable to the New Member) for the LCCP Real Property, issued by a title insurance
company designated by the Existing Member and reasonably satisfactory to the New Member (the “Title Company”),
together with a copy of all documents referenced therein (the “Title Commitment”), insuring the Company’s
fee simple title to the LCCP Real Property and its servitude interest created under the Reciprocal Servitude Agreement as of the
date of the LCCP Real Property Conveyance, with gap coverage from the Existing Member through the date of recording, subject only
to Permitted Liens, in such amount as the New Member and the Existing Member reasonably determine to be the value of the LCCP Real
Property and servitude interest insured thereunder (which amount shall in no event be less than thirty five million dollars ($35,000,000))
(the “Title Policy”). In connection with the LCCP Real Property Conveyance, the Existing Member
shall obtain and provide to the New Member a survey for the LCCP Real Property, dated no earlier than the date of this Agreement,
prepared by a licensed surveyor designated by the Existing Member and reasonably satisfactory to the New Member, and conforming
to 2016 ALTA/NSPS Minimum Standard Detail Requirements for Land Title Surveys, including Table A Items Nos. 1, 2, 3, 4, 6(a), 6(b),
7(a), 7(b)(1), 7(c), 8, 9, 10, 11, 13, 14, 15, and 16, and such other standards as the Title Company may require as a condition
to the removal of any survey exceptions from the Title Policy, and certified to the Company and the Title Company, in a form satisfactory
to each of such parties (the “Survey”), including, in each case, without limitation, removing from title
any liens or encumbrances which are not Permitted Liens. The Existing Member shall provide the Title Company with any affidavit
or other assurances reasonably requested by the Title Company to issue the Title Policy, provided, that in no instance will
the Existing Member be required to provide to the Title Company any greater assurance of title than is provided by the Existing
Member under this Agreement to the New Member. The Existing Member, the New Member and the Company will execute and deliver
to the Title Company an affidavit setting forth the true and actual consideration for the LCCP Real Property Conveyance, as may
be reasonably required by the Title Company. The Company shall pay all fees, costs, premiums and expenses with respect to the Survey,
subdivision of the LCCP Real Property, the Title Commitment and the Title Policy, it being understood that if any such fees, costs,
premiums and expenses are incurred prior to the Closing, the New Member shall reimburse the Company for fifty percent (50%) of
the aggregate amount of such payments made by the Company. The legal description of the LCCP Real Property as established by the
Survey and any approved resubdivision plat (if and as required by local Governmental Authority) will be utilized in the LCCP Real
Property Conveyance. The Existing Member and the New Member acknowledge that the LCCP Real Property perimeter map identified on
Section 1.01(c) of the Disclosure Schedule constitutes the Parties’ current best estimate of the boundaries and configurations
of the LCCP Real Property and that the final boundaries and configurations of the LCCP Real Property established by the Survey
may vary in certain minor respects from the LCCP Real Property as identified on Section 1.01(c) of the Disclosure Schedule
due to field conditions, Governmental Authority land subdivision requirements, and other factors.

 

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(c)               The
Parties acknowledge that the LCCP Real Property may be subject to the Hazardous Waste RCRA Post-Closure HSWA Permit No.
LAR000041087-PC/HSWA-RN-1 issued by the Louisiana Department of Environmental Quality (the “RCRA
Permit”). Existing Member agrees that it shall, upon the written request of the Company, promptly seek to
communicate with the Louisiana Department of Environmental Quality to confirm the extent to which the LCCP Real Property is
regulated by the RCRA Permit. If and to the extent that the LCCP Real Property is regulated, upon the written request of the
Company, the Existing Member shall promptly use its commercially reasonable efforts to modify the RCRA Permit to facilitate
the removal of all or such portion of the LCCP Real Property from the jurisdiction of the RCRA Permit after Closing,
regardless of whether the LCCP Real Property Conveyance occurs. The Company shall have reasonable participation, notification
and consultation rights, including those rights set forth in Section 3.5(d) of the Business Separation Agreement. The Company
agrees that it will be financially responsible for all costs incurred by Existing Member to the extent reasonably related to
the efforts to so modify the RCRA Permit.

 

Section 6.24       
Release. Each Party, on behalf of itself and its Affiliates, hereby unconditionally and irrevocably acquits, remises,
discharges and forever releases, effective as of the Closing, each other Party and their respective Affiliates, equityholders,
partners, members, managers, trustees, employees, officers, directors, representatives and agents, and each Party, on behalf of
itself and its Affiliates, hereby unconditionally an irrevocably acquit remise, discharge and forever release effective as of the
Closing, each other Party and their respective Affiliates, equityholders, partners, members, managers, trustees, employees, officers,
directors, representatives and agents (collectively, the “Released Parties”) from any and all Liabilities
and Losses of every kind whatsoever, whether accrued or fixed, absolute or contingent, matured or unmatured or determined or determinable,
including those arising under any Law, Contract, agreement, arrangement, commitment or undertaking, whether written or oral, to
the extent (a) relating to the Company, the Business or the Assets and (b) arising on or prior to the Closing, and agrees not to
bring or threaten to bring or otherwise join in any such claim against any of the Released Parties or any of them, relating to,
arising out of or in connection with any facts or circumstances relating to any Released Party which existed on or prior to the
Closing Date. Notwithstanding the foregoing, the Liabilities acquitted, remised, discharged and released pursuant to this Section 6.24
shall not include any rights of such Person under (i) this Agreement, including any rights to indemnification set forth in Section 11.03,
(ii) any other Transaction Document, including any rights to indemnification set forth therein, or (iii) any other Contract between
or among any of the Parties or the Released Parties. Each of the Released Parties is an express third party beneficiary of
this Section 6.24.

 

Section 6.25        Amendment
of Schedules. The Existing Member may, in good faith and until the date that is ten (10) days prior to the Closing,
supplement or amend and deliver updates to the Disclosure Schedule (each a “Schedule Update”) that
are necessary to complete or correct any information in such Disclosure Schedule solely to the extent such information has
been rendered inaccurate due to any change, event, effect or occurrence since the Execution Date so long as such Schedule
Update is made promptly following the Existing Member becoming aware of such change, event, effect or occurrence. Each such
Schedule Update shall not be deemed to be an amendment to this Agreement of the Disclosure Schedule for any purposes hereof
unless such disclosure included in such Schedule Update would give the New Member the right to elect to terminate this
Agreement pursuant to Section 10.01(d) and the New Member does not exercise such right to terminate as a result
of such Schedule Update prior to the Closing, in which case such Schedule Update shall be deemed to have amended the
Disclosure Schedule and to have qualified the representations and warranties contained in Article III or Article IV,
as applicable, in each case, solely to the extent such Schedule Update would have entitled the New Member to terminate this
Agreement pursuant to Section 10.01(d).

 

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Article VII.

NEW MEMBER’S CONDITIONS TO CLOSING

 

The obligation of the
New Member to consummate the Closing is subject to the fulfillment of each of the following conditions (except to the extent waived
in writing by the New Member in its sole discretion):

 

Section 7.01       
Representations and Warranties. (a) The representations and warranties of the Existing Member and the Company contained
in this Agreement (other than the Existing Member and Company Fundamental Representations) disregarding and without giving effect
to all qualifications contained therein relating to “materiality” or “Material Adverse Effect,” shall be
true and correct on and as of the Closing Date (except for such representations and warranties which by their express provisions
are made as of an earlier date, in which case, as of such earlier date) with the same force and effect as though such representations
and warranties had been made on the Closing Date, except to the extent that the failure of such representations and warranties
to be true and correct would not, individually or in the aggregate, have a Material Adverse Effect; and (b) the Existing Member
and Company Fundamental Representations shall be true and correct in all respects (other than de minimis inaccuracies) on
and as of the Closing Date with the same force and effect as though such representations and warranties had been made on the Closing
Date (except for such representations and warranties which by their express provisions are made as of an earlier date, in which
case, as of such earlier date).

 

Section 7.02       
Performance. The Existing Member and the Company shall have performed and
complied, in all material respects, with the agreements, covenants and obligations required by this Agreement to be performed or
complied with by the Existing Member and the Company at or before the Closing.

 

Section 7.03       
Officer’s Certificate. The New Member shall have received from the Existing
Member at the Closing an officer’s certificate, dated as of the Closing Date, certifying that each of the conditions set
forth in Section 7.01 and Section 7.02 has been satisfied.

 

Section 7.04       
Orders and Laws. No Governmental Authority shall have enacted, issued, promulgated,
enforced, or entered any Order or Law that makes illegal or otherwise prohibits or restrains the consummation of the transactions
contemplated by this Agreement.

 

Section 7.05       
Reorganization. The Reorganization shall have been consummated in accordance
with, and pursuant to, the terms of the Business Separation Agreement.

 

Section 7.06       
Agreements in Effect. Each of the Business Separation Agreement and the Employee Matters Agreement shall be in full
force and effect and, unless otherwise consented to by the New Member in writing in accordance with the terms thereof, without
any amendment or modification thereto or material waiver thereof.

 

Section 7.07        Consents.
The consent or waiver of any Person who is not a party to this Agreement (including any Governmental Authority) required for
the consummation of the transactions contemplated by the Transaction Documents, including those set forth on Section 7.07
of the Disclosure Schedule, has been obtained or waived.

 

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Section 7.08       
Delivery of Material Contracts. True, complete and correct copies of each Material Contract set forth on Section 3.14(b)
of the Disclosure Schedule in unredacted form have been delivered to the New Member.

 

Section 7.09       
No Liens. All Liens on the Assets (other than Permitted Liens) and the Membership Interests (other than as
may be set forth in the Company’s Organizational Documents or those arising from restrictions on the sale of securities under
applicable securities Laws) shall have been released and discharged with no Liability to the New Member, the Company or their respective
Affiliates from and after the Closing and evidence thereof in form and substance reasonably acceptable to the New Member shall
have been provided by the Existing Member to the New Member.

 

Section 7.10       
No MAE. Since the Execution Date, there shall not have occurred a Material Adverse Effect.

 

Section 7.11       
No Bankruptcy. Since the Execution Date, there shall not have occurred any bankruptcy, insolvency, reorganization
or receivership Actions, whether voluntary or involuntary, against the Existing Member relating to or otherwise implicating the
Business or the Assets.

 

Section 7.12       
Shareholder Approval. The Shareholder Approval shall have been obtained.

 

Section 7.13       
Competition Law Approvals. Any waiting periods and any voluntary agreements with a Governmental Authority not to
consummate the transactions contemplated by this Agreement under the HSR Act or any other Competition Laws shall have expired or
shall have been terminated, and all other Consents required under the Laws set forth on Section 7.13 of the Disclosure
Schedule shall have been obtained.

 

Section 7.14       
Deliveries. The Existing Member or the Company shall have delivered, or caused to be delivered, each of the items
set forth in Section 2.05.

 

Article VIII.

EXISTING MEMBER’S CONDITIONS TO CLOSING

 

The obligation of the
Existing Member and the Company to consummate the Closing is subject to the fulfillment of each of the following conditions (except
to the extent waived in writing by the Existing Member in its sole discretion):

 

Section 8.01        Representations
and Warranties. (a) The representations and warranties of the New Member contained in this Agreement (other than the New
Member Fundamental Representations), disregarding and without giving effect to all qualifications contained therein relating
to “materiality” or “New Member Material Adverse Effect,” shall be true and correct on and as of the
Closing Date with the same force and effect as though such representations and warranties had been made on the Closing Date
(except for such representations and warranties which by their express provisions are made as of an earlier date, in which
case, as of such earlier date), except to the extent that the failure of such representations and warranties to be true and
correct would not, individually or in the aggregate, have a New Member Material Adverse Effect and (b) the New Member
Fundamental Representations shall be true and correct in all respects (other than de minimis inaccuracies) on and as
of the Closing Date with the same force and effect as though such representations and warranties had been made on the Closing
Date (except for such representations and warranties which by their express provisions are made as of an earlier date, in
which case, as of such earlier date).

 

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Section 8.02       
Performance. The New Member shall have performed and complied, in all material
respects, with the agreements, covenants and obligations required by this Agreement to be so performed or complied with by it at
or before the Closing.

 

Section 8.03       
Officer’s Certificate. The New Member shall have delivered to the Existing
Member and the Company at the Closing an officer’s certificate, dated as of the Closing Date, certifying that each of the
conditions set forth in Section 8.01 and Section 8.02 has been satisfied.

 

Section 8.04       
Orders and Laws. No Governmental Authority shall have enacted, issued, promulgated,
enforced, or entered any Order or Law that makes illegal or otherwise prohibits or restrains the consummation of the transactions
contemplated by this Agreement.

 

Section 8.05       
Consents. The consent or waiver of any Person who is not a party to this Agreement
(including any Governmental Authority) required for the consummation of the transactions contemplated by the Transaction Documents
and set forth on Section 8.05 of the Disclosure Schedule has been obtained or waived.

 

Section 8.06       
Agreements in Effect. Each of the Business Separation Agreement and the Employee Matters Agreement shall be in full
force and effect and, unless otherwise consented to by the Existing Member or the Company in writing in accordance with the terms
thereof, without any amendment or modification thereto or material waiver thereof.

 

Section 8.07       
Shareholder Approval. The Shareholder Approval shall have been obtained.

 

Section 8.08       
Competition Law Approvals. Any waiting periods and any voluntary agreements with a Governmental Authority not to
consummate the transactions contemplated by this Agreement under the HSR Act or any other Competition Laws shall have expired or
shall have been terminated, and all other Consents required under the Laws set forth on Section 7.13 of the Disclosure
Schedule shall have been obtained.

 

Section 8.09       
Deliveries. The New Member shall have delivered, or caused to be delivered,
each of the items set forth in Section 2.06.

 

Article IX.

TAX MATTERS

 

Section 9.01       
Tax Matters.

 

(a)               From
and after the Closing, the Existing Member will indemnify, defend, and hold harmless the New Member Indemnitees from and
against any and all Losses suffered or incurred by any of the New Member Indemnitees arising out of or resulting from: (i)
any Income Taxes of the Existing Member or its Affiliates; (ii) any Taxes of the Company and Asset Taxes allocable to any
taxable period ending on (and including) or ending before the Closing Date or the portion of any Straddle Period ending on
and including the Closing Date (determined in accordance with Section 9.01(b)); (iii) any Taxes of any other
Person for which the Company may be liable by reason of Contract, assumption, transferee or successor Liability, operation of
Law, Treasury Regulation Section 1.1502-6 or any analogous or similar provision of Law (or any predecessor or successor
thereof), or otherwise; and (iv) any Taxes incurred by the Company in connection with the Reorganization; (clauses (i)
through (iv), collectively, “Pre-Closing Taxes”).

 

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(b)              
In the case of Taxes (other than Transfer Taxes) with respect to any Straddle Period, the portion of any such Taxes that
is attributable to the portion of the period ending on (and including) the Closing Date shall be:

 

(i)              
in the case of Taxes that are (A) Income Taxes, (B) imposed in connection with any sale or other transfer or assignment
of property (real or personal, tangible or intangible), or (C) not described in Section 9.01(b)(ii), deemed equal to
the amount that would be payable if the applicable taxable period ended on (and included) the Closing Date; provided, that
exemptions, allowances, or deductions that are calculated on an annual basis (including depreciation and amortization deductions)
shall be allocated between the period ending on (and including) the Closing Date and the period beginning after the Closing Date
in proportion to the number of days in each period; and

 

(ii)             
in the case of Taxes that are imposed on a periodic
basis, deemed to be the amount of such Taxes for the entire Straddle Period, multiplied
by a fraction, the numerator of which is the number of calendar days in the portion of the Straddle
Period ending on (and including) the Closing Date and the denominator of which is the number of calendar days in the entire Straddle
Period.

 

(c)              
The Existing Member shall be responsible for the preparation and timely filing of all Tax Returns required to be filed on
or before the Closing Date by or with respect to the Company or with respect to Asset Taxes. No later than fifteen (15) days (or,
in the case of non-Income Tax Returns, five (5) days) prior to the due date (taking into account applicable extensions), the Existing
Member shall deliver each such Tax Return, together with all supporting documentation and work papers, to the New Member for its
timely review and comment. The Existing Member shall cause such Tax Return (as revised to incorporate the New Member’s reasonable
comments) to be duly and timely filed and will provide a copy to the New Member. The Existing Member shall pay or cause to be paid
all Taxes shown to be due on such Tax Returns. The Company shall be responsible for the preparation and timely filing of all Tax
Returns required to be filed by or with respect to the Company or with respect to Asset Taxes, in each case, in accordance with
Section 8.1 of the A&R LLC Agreement, and shall pay all Taxes shown to be due on such Tax Returns.

 

(d)               The
amount of any cash refunds of Taxes or credits in lieu of cash refunds of Taxes, in each case, that are actually realized by
the Company for any taxable period ending on or prior to the Closing Date and for the portion of any Straddle Period ending
on (and including) the Closing Date shall be for the account of the Existing Member. The amount of any such refunds or
credits of Taxes of the Company for any taxable period or the portion of any Straddle Period beginning after the Closing Date
shall be for the account of the Company. The amount of any such refunds or credits of Taxes for any Straddle Period shall be
equitably apportioned between the Company and the Existing Member in accordance with the principles set forth in Section 9.01(b).
Each Party shall forward, and shall cause its Affiliates to forward, to the Party entitled to receive a refund or credit of
Taxes pursuant to this Section 9.01(d) the amount of such refund or credit within thirty (30) days after such
refund is received, or such credit is applied as a reduction of cash Taxes payable, in each case net of any costs or expenses
(including Taxes) incurred by such Party or its Affiliates in procuring or realizing such refund or credit.

 

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(e)              
The New Member and the Existing Member shall each be liable for and pay fifty percent (50%) of any sales, use, stamp, transfer,
conveyance, registration, excise, documentary, or stamp Tax, recording fees, or other similar Tax imposed on or in connection with
the transactions contemplated by this Agreement, including any penalties, interest and additions to Tax (“Transfer
Taxes”). The Parties will cooperate with each other in connection with the filing of any Tax Returns related to Transfer
Taxes, including joining in the execution of any such Tax Return where necessary. Each Party will, upon the request of any other
Party, use its commercially reasonable efforts to obtain any certificate or other document from any Person as may be reasonably
necessary to mitigate, reduce or eliminate any Transfer Tax.

 

(f)               
The New Member and the Existing Member shall, and shall cause its respective Affiliates to, use commercially reasonable
efforts to (i) cooperate with the other Party in connection with any audit, examination or other proceeding relating to Taxes and
the preparation and filing of any Tax Return of the Company or with respect to the Assets or the Business, and (ii) make available
to the other Party all information, records or documents with respect to Tax matters pertinent to the Company, the Assets or the
Business.

 

(g)              
To the extent permitted by applicable Law, the Parties agree to report each indemnification payment made in respect of a
Loss as an adjustment to the New Member Closing Payment Amount for federal (and applicable state and local) income Tax purposes.

 

Section 9.02       
Tax Treatment. The Parties agree that for U.S. federal income tax purposes and for the purposes of certain state
and local income tax Law that incorporates or follows federal income tax principles: the transactions contemplated by this Agreement
shall be treated, pursuant to Revenue Ruling 99-5, 1999-1 C.B. 434, Situation 1, as (a) (i) a purchase by the New Member of a fifty
percent (50%) undivided interest in the Assets from the Existing Member, and (ii) a sale by the Existing Member of a fifty percent
(50%) undivided interest in the Assets to the New Member, in each case, in exchange for the purchase price (for U.S. federal income
tax purposes) paid by the New Member to the Existing Member and the assumption of fifty percent (50%) of the Company’s liabilities
by the New Member, and (b) a simultaneous contribution by the New Member and Existing Member of an undivided interest in the Assets
to, and the assumption of liabilities by, the Company in a transaction described under Section 721(a) of the Code; and neither
the Existing Member nor the New Member shall take any position for income Tax purposes (including on any Tax Return) that is inconsistent
with such treatment absent a final determination within the meaning of Section 1313(a) of the Code to the contrary.

 

Section 9.03        Allocation.
After the Closing Date, the New Member and the Existing Member shall jointly prepare a schedule of the purchase price (as
adjusted to reflect any assumed liabilities and other amounts treated as consideration) for the Membership Interests for U.S.
federal (and applicable state and local) income tax purposes and an allocation of that purchase price among the Assets for
U.S. federal (and applicable state and local) income tax purposes (the “Allocation”). The Parties
shall negotiate in good faith to resolve any dispute with respect to the Allocation. In the event that the Parties are unable
to resolve any such dispute, the Parties shall submit such dispute to the Independent Accountant for resolution in accordance
with the procedures set forth in Section 2.03(e). Unless otherwise required by a final determination within the
meaning of Section 1313(a) of the Code, the Parties shall, and shall cause their Affiliates to, report consistently with the
final Allocation (if agreed or as resolved by the Independent Accountant).

 

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Article X.

TERMINATION

 

Section 10.01   
Right of Termination. Prior to Closing, this Agreement may be terminated at any time:

 

(a)              
by mutual written consent of the Existing Member, the Company and the New Member, in which case no Party shall have any
Liability or obligation hereunder as a result of such termination;

 

(b)              
by the Existing Member or the New Member, if any Governmental Authority shall have enacted, issued, promulgated, enforced,
or entered any Order or Law (in either case, that is final and non-appealable and that has not been vacated, withdrawn, or overturned)
that makes illegal or otherwise prohibits or restrains the consummation of the transactions contemplated by this Agreement (in
either case, that is final and non-appealable and that has not been vacated, withdrawn, or overturned) and that would give rise
to the failure of satisfaction of any of the conditions in Section 7.04 or Section 8.04; provided
that the right to terminate this Agreement under this Section 10.01(b) shall not be available to a Party if the enactment,
issuance, promulgation, enforcement, or entering of such Order or Law was primarily due to the failure of such Party to perform
or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing;

 

(c)              
by the Existing Member or the Company, if:

 

(i)               
(A) neither the Existing Member nor the Company is then in material breach of any provision
of this Agreement and (B) there has been a material breach, inaccuracy in, or failure to
perform any representation, warranty, covenant, or agreement made by the New Member pursuant to this Agreement that would,
in each case, give rise to the failure of satisfaction of any of the conditions in Section 8.01
or Section 8.02 on or prior to the Outside Date (other than through failure of the Existing Member or the Company
to comply with their obligations under this Agreement), and such breach, inaccuracy or failure to perform is
not cured within thirty (30) days after receipt of notice thereof from the Existing Member (or any shorter period of time that
remains between the date the Existing Member provides written notice of such violation or breach and the Outside Date); or

 

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(ii)             
 the Closing has not occurred on or prior to the Outside Date, unless such failure shall
be due to the failure of the Existing Member or the Company to perform or comply, in all
material respects, with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the
Closing.

 

(d)              
by the New Member, if:

 

(i)               
(A) the New Member is not then in material breach of any provision of this Agreement and (B) there has been a material breach,
inaccuracy in, or failure to perform any representation, warranty, covenant, or agreement made by the Existing Member or the Company
pursuant to this Agreement that would, in each case, give rise to the failure of satisfaction of any of the conditions in Section 7.01
or Section 7.02 on or prior to the Outside Date (other than through failure of the New Member to comply with its obligations
under this Agreement), and such breach, inaccuracy or failure to perform is not cured within thirty (30) days after receipt of
notice thereof from the New Member; or

 

(ii)             
the Closing has not occurred on or prior to the Outside Date, unless such failure shall
be due to the failure of the New Member to perform or comply, in all material respects,
with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing.

 

Section 10.02   
Effect of Termination.

 

(a)              
If any Party terminates this Agreement pursuant to Section 10.01, all obligations and Liabilities of the Parties
under this Agreement shall terminate and become void; provided that (i) nothing herein shall relieve any Party from Liability
for any material and willful breach of any representation, warranty, covenant, or agreement in this Agreement prior to the date
of termination or impair the right of any Party to compel specific performance by any other Party of such Party’s obligations
under and subject to this Agreement, and (ii) the terms of Section 6.19, Section 6.24 this Section 10.02,
Article XII and the Confidentiality Agreement shall remain in full force and effect and survive any termination of
this Agreement.

 

(b)              
Prior to the Closing, (i) the Existing Member’s and the Company’s sole and exclusive remedy for any breach of
this Agreement by the New Member (whether at Law, in equity, in Contract, in tort or otherwise), including for any failure to effect
the Closing, shall be, to the extent available, specific performance in accordance with Section 12.13; and (ii) the
New Member’s sole and exclusive remedy for any breach of this Agreement by the Existing Member or the Company (whether at
Law, in equity, in Contract, in tort or otherwise), including for any failure to effect the Closing, shall be (A) to the extent
available, payment of the Alternative Transaction Fee by the Existing Member pursuant to Section 10.02(c), and (B)
to the extent available, specific performance in accordance with Section 12.13.

 

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(c)               In
the event that (a) this Agreement is terminated (i) pursuant to Section 10.01(c)(ii) or Section 10.01(d)(ii),
(ii) pursuant to Section 10.01(d)(i) as a result of a breach of Section 6.05 by the Existing Member
or any other member of the Sasol Group or (iii) pursuant to Section 10.01(b) where the Order or Law referenced
therein is related to the failure to obtain Shareholder Approval, (b) either the condition set forth in Section 7.04
(where the Order or Law referenced therein is related to the failure to obtain Shareholder Approval) or the condition set
forth in Section 7.12, in each case, has not been satisfied or waived as of the date of such termination but all
other conditions to Closing set forth in Article VII and Article VIII (other than (x) the condition
set forth in Section 8.07 and any other conditions the failure of which to be satisfied is related to the failure
to obtain Shareholder Approval and (y) those conditions that by their nature are to be satisfied at Closing, but which
conditions would have been capable of being satisfied if the Closing Date were the date of such termination) and (c) if at
any time during the six (6) months following the date of such termination the Existing Member or any of its Affiliates enters
into any proposal or other agreement for an Alternative Transaction (an “Alternative Transaction
Arrangement”), then the Existing Member shall promptly following the earlier to occur of the date (A) of the
consummation of such Alternative Transaction Arrangement or (B) the twelve (12) month anniversary of the date of the entry
into such Alternative Transaction Arrangement, pay to the New Member an amount equal to forty million dollars ($40,000,000)
(such amount, the “Alternative Transaction Fee”), by wire transfer of immediately available funds
to the account(s) designated by the New Member.

 

(d)              
If the Existing Member fails to pay the Alternative Transaction Fee when due and payable under Section 10.02(c)
and, in order to obtain such payment(s), the New Member commences any proceeding that results in a judgment against the Existing
Member or any of its Affiliates for the Alternative Transaction Fee, then Existing Member shall pay to the New Member, together
with the Alternative Transaction Fee, interest on the Alternative Transaction Fee from the date of termination of this Agreement
at a per annum rate of ten percent (10%).

 

(e)              
The Parties hereby acknowledge and agree that where the New Member is entitled to the Alternative Transaction Fee under
Section 10.02(c), except in the case of fraud or for any intentional breach of this Agreement by the Existing Member
or any other member of the Sasol Group, in the event the Alternative Transaction Fee is paid pursuant to Section 10.02(c),
then such payment to the New Member of the Alternative Transaction Fee, together with any amounts payable by the Existing Member
pursuant to Section 10.02(d), shall be the sole and exclusive remedy of the New Member with respect to this Agreement
and the transactions contemplated herein.

 

(f)               
Each of the Parties acknowledges and agrees that the agreements contained in this Section 10.02 are an integral
part of the transactions contemplated by this Agreement and that, without these agreements, the Parties would not enter into this
Agreement. The New Member and the Existing Member acknowledge and agree that (i) the New Member and the Existing Member have
expressly negotiated the provisions of this Section 10.02, (ii) in light of the circumstances existing at the time
of the execution of this Agreement (including the inability of the Parties to quantify the damages that may be suffered by the
Existing Member and its Affiliates), the provisions of this Section 10.02 are reasonable, (iii) the Alternative Transaction
Fee represents a good faith, fair estimate of the damages that the New Member and its Affiliates would suffer, and (iv) the Alternative
Transaction Fee shall represent liquidated damages (and not a penalty) without requiring the Existing Member or any other Person
to prove actual damages.

 

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Article XI. 

INDEMNIFICATION

 

Section 11.01   
Survival.

 

(a)              
Subject to Section 11.01(b), (i) the representations and warranties of the Existing Member and the Company contained
in Article III and Article IV and in the certificate delivered pursuant to Section 7.03 and
the representations and warranties of the New Member contained in Article V and in the certificate delivered pursuant
to Section 8.03 and (ii) the covenants and agreements of the Existing Member and the New Member contained in this Agreement
shall survive the Closing and shall, in each case, continue in force and effect until twelve (12) months after the Closing Date,
except that: (A) the Existing Member and Company Fundamental Representations shall survive indefinitely; (B) the New Member Fundamental
Representations shall survive indefinitely; (C) the representations and warranties of the Existing Member and the Company
contained in Section 3.13 and the covenants and agreements contained in Article IX shall each survive the
Closing until sixty (60) days following the expiration of the applicable statute of limitations; and (D) any other covenants or
agreements which by their terms contemplate performance after the Closing Date, shall survive until the date that is sixty (60)
days after the earlier of (i) the date that such covenant or agreement expires by its terms or (ii) the expiration of any applicable
statute of limitations. Representations, warranties, covenants and agreements shall be of no further force and effect after the
date of their expiration, provided that there shall be no termination of any bona fide claim asserted pursuant to this Agreement
with respect to such a representation, warranty, covenant or agreement if such claim was asserted prior to the applicable expiration
date.

 

(b)              
The indemnities in Section 11.02 and Section 11.03 shall terminate as of the termination date of
each respective representation, warranty, covenant or agreement that is subject to indemnification. Notwithstanding the foregoing,
there shall be no termination of any bona fide claim asserted pursuant to the indemnities in this Article XI if a bona
fide claim is asserted prior to the date of termination for the applicable indemnity.

 

Section 11.02     
Indemnification by the Existing Member. Subject to the other terms and limitations in this Article XI,
from and after the Closing, the Existing Member will indemnify, defend, and hold harmless the New Member and its Affiliates, and
the partners, members, managers, directors, officers, equityholders, employees, agents, heirs, successors, and assigns of the foregoing
(collectively, the “New Member Indemnitees”) from and against any and all Losses suffered or incurred
by any of the New Member Indemnitees arising out of or resulting from: (a) a breach of any of the representations or warranties
contained in Article III or Article IV; and (b) the failure of the Existing Member or the Company to perform
any of the covenants or obligations under this Agreement or the Employee Matters Agreement, in each case, to the extent required
to be performed by the Existing Member or the Company prior to or on or after the Closing hereunder or thereunder, as applicable.

 

Section 11.03      Indemnification
by the New Member. Subject to the other terms and limitations in this Article XI, from and after the
Closing, the New Member will indemnify, defend, and hold harmless each member of the Sasol Group and the partners, members,
managers, directors, officers, equityholders, employees, agents, heirs, successors, and assigns of the foregoing
(collectively, the “Existing Member Indemnitees”) from and against any and all Losses suffered or
incurred by any of the Existing Member Indemnitees arising out of or resulting from: (a) a breach of any of the New
Member’s representations or warranties contained in Article V; and (b) the failure of the New Member to
perform any of the covenants or obligations under this Agreement or the Employee Matters Agreement, in each case, to the
extent required to be performed by the New Member prior to or on or after the Closing hereunder or thereunder, as
applicable.

 

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Section 11.04     
Claim Procedures.

 

(a)              
Each Person entitled to be indemnified under this Article XI (each, an “Indemnitee”)
agrees that after it becomes aware of facts that would reasonably be likely to give rise to a claim by it for indemnification pursuant
to this Article XI, such Indemnitee must assert its claim for indemnification under this Article XI (each,
a “Claim”) prior to the applicable Cutoff Date by providing a written notice (a “Claim Notice”)
to the Person allegedly required to provide indemnification protection under this Article XI (each, an “Indemnitor”)
specifying, in reasonable detail, the nature and basis for such Claim. Notwithstanding the foregoing, an Indemnitee’s failure
to send or delay in sending a Claim Notice will not relieve the Indemnitor from Liability hereunder with respect to such Claim,
except in the event and only to the extent that the Indemnitor is materially prejudiced by such failure or delay.

 

(b)              
With respect to any claim on an account of indemnifiable Losses that does not involve a third-party Claim, the Indemnitor
shall have thirty (30) days from its receipt of the Claim Notice to dispute the Claim and provide a written explanation for its
position and supporting documentation. In the event that the Indemnitor disputes a Claim Notice for a Claim, the Parties, including
appropriate management representatives, shall promptly seek to negotiate a resolution in good faith. If the Parties are unable
to resolve the dispute within one hundred twenty (120) days after the Indemnitor first receives the Claim Notice for a Claim, then
the Indemnitee may seek any remedy available to it under this Agreement.

 

(c)              
At the reasonable request of the Indemnitor, the Indemnitee shall grant the Indemnitor and its Representatives reasonable
access to the books, records, employees (including for conferences, discovery and proceedings as may be reasonably requested) and
properties of the Indemnitee and its Affiliates to the extent reasonably related to the Claim set forth in a Claim Notice.

 

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Section 11.05   
Third-Party Claims.

 

(a)               In
the event of the assertion of any third-party Claim by an Indemnitee, the Indemnitor will have the right, subject to the
provisions set forth in this Section 11.05 to assume the defense of same at such Indemnitor’s expense,
including the appointment and selection of counsel on behalf of the Indemnitee so long as such counsel is reasonably
acceptable to the Indemnitee. Subject to Section 11.05(d), the Indemnitor will have the right to settle or
compromise or take any corrective or remediation action with respect to any such Claim by all appropriate proceedings, and
the Indemnitor shall use commercially reasonable efforts to diligently prosecute such proceedings to a final conclusion or
settle such proceedings at the discretion of the Indemnitor. If the Indemnitor assumes the defense of any such third-party
Claim, the Indemnitee will be entitled, at its own cost and expense, to participate with the Indemnitor in the defense of any
such Claim and to engage separate counsel of its choice for such purpose; provided that, notwithstanding the
foregoing, the Indemnitor shall pay the reasonable costs and expenses of such defense (including reasonable attorneys’
fees and expenses) of the Indemnitee if (i) the Indemnitor consents in writing to paying such costs and expenses, (ii) the
use of counsel chosen by the Indemnitor to represent the Indemnitee would, based on the good faith advice of such
Indemnitee’s outside counsel, present such counsel with a conflict of interest, (iii) the named parties to such
third-party Claim include both the Indemnitee and the Indemnitor and (A) the Indemnitee shall have reasonably concluded that
there are or may be defenses available to such Indemnitee that are different from or additional to those available to the
Indemnitor, or (B) the Indemnitee’s outside counsel shall have reasonably concluded it would be inappropriate
under applicable standards of professional conduct to have common counsel for the Indemnitee and the Indemnitor due to actual
or potential differing interests between the Indemnitor and such Indemnitee, or (iv) the Indemnitor fails to assume such
defense or engage counsel reasonably satisfactory to the Indemnitee, in each case, in a timely manner; provided, further,
that, for the avoidance of doubt, such Claim and the prosecution and negotiation thereof shall be controlled by the
Indemnitor subject to the other terms of this Section 11.05. Notwithstanding the foregoing, the Indemnitee will
have the right to defend any such third-party Claim until such time as the Indemnitor agrees to assume the defense of such
Claim, and any costs or expenses incurred by the Indemnitee in connection therewith will be Losses hereunder and subject to
indemnification in accordance with and subject to the terms of this Article XI. If the Indemnitor has assumed the
defense of a third-party Claim pursuant to this Section 11.05, it will (x) keep the Indemnitee advised of the
status of such third-party Claim and the defense thereof on a reasonably current basis, (y) reasonably consult with the
Indemnitee with respect to the defense and settlement thereof, and (z) consider in good faith the recommendations made by the
Indemnitee with respect thereto.

 

(b)              
Notwithstanding the foregoing, the Indemnitor will not be entitled to control the defense of any third-party Claim if such
control or defense (i) would lead to a conflict or potential conflict between the Indemnitee and the Indemnitor or (ii) such third
party action is (A) for equitable or injunctive relief or any claim that would impose criminal liability or criminal damages, (B)
in the reasonable opinion of the Indemnitee, the third-party Claim could have a material adverse effect on the business, assets,
Liabilities, condition (financial or otherwise) or results of operations of the Indemnitee or (C) the claim alleges Losses in excess
(other than a de minimis amount) of the Indemnitor’s maximum indemnification obligations under this Agreement.

 

(c)              
If the Indemnitor (i) does not expressly elect to assume the defense of such third-party Claim within the time period and
otherwise in accordance with Section 11.05(a), (ii) is not otherwise entitled to assume the defense of such third party
action pursuant to Section 11.05(b), or (iii) after assuming such defense, fails to use commercially reasonable efforts
to diligently prosecute such Claim, the Indemnitee may assume control of such defense and the reasonable costs and expenses of
such defense (including fees and expenses of counsel) shall be Losses hereunder, subject to indemnification in accordance with
and subject to the terms of this Article XI. If the Indemnitee assumes the control of such defense, then the Indemnitor
shall be entitled, at its sole option and expense, to participate in any prosecution of such Claim or any settlement negotiations
with respect to such Claim.

 

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(d)              
 Notwithstanding anything to the contrary in this Agreement, the Indemnitor will not be permitted to (i) settle, compromise,
take any corrective or remedial action, or enter into an agreed judgment or consent decree, in each case, that subjects the Indemnitee
to any criminal liability, requires an admission of guilt or wrongdoing on the part of the Indemnitee or imposes any continuing
obligation on, or requires any payment from the Indemnitee, or (ii) settle or compromise any third-party Claim that does not
fully and unconditionally release the Indemnitee, in each case, without the Indemnitee’s prior written consent, which consent
will not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary in this Agreement, whether
or not the Indemnitor will have assumed the defense of a third-party Claim, the Indemnitee will not admit any liability with respect
to, or settle, compromise or discharge, any third-party Claim without the prior written consent of the Indemnitor.

 

Section 11.06   
Limitations and Other Indemnity Claim Matters. Notwithstanding anything to the contrary in this Article XI
or elsewhere in this Agreement, the following terms shall apply to any Claim for indemnification arising out of this Agreement
or related to the transactions contemplated hereby:

 

(a)               
No Claim for indemnification under this Agreement may be asserted by any Indemnitee following the survival periods set forth
in Section 11.01 (each such survival period, the “Cutoff Date”). Except with respect to any
Claim Notice received by an Indemnitor prior to the applicable Cutoff Date, the representations and warranties set forth of the
Existing Member, the Company and the New Member and the covenants and agreements of the Existing Member, the Company and the New
Member, in each case, in this Agreement shall not survive, and shall terminate on, the applicable Cutoff Date.

 

(b)               Notwithstanding
anything to the contrary contained herein, no New Member Indemnitees shall be entitled to indemnification pursuant to Section 11.02(a),
unless and until (i) the Losses to which the New Member Indemnitees are entitled to indemnification from the Existing Member
with respect to such particular Claim or series of related Claims exceed five hundred thousand dollars ($500,000) (the
“Indemnity Threshold”) and (ii) the New Member Indemnitees have suffered Losses arising from Claims
under Section 11.02 in excess of seven million five hundred thousand dollars ($7,500,000) in the aggregate (the
“Indemnity Deductible”) (it being understood that any Claim (including any related Claims) for
amounts less than the Indemnity Threshold shall be ignored in determining whether the Indemnity Deductible has been
exceeded), and, subject to the terms of this Article XI, once such Losses exceed the Indemnity Deductible, the
New Member Indemnitees shall only be entitled to seek recovery for all such Losses in excess of the Indemnity Deductible; provided
that the Indemnity Threshold and the Indemnity Deductible shall not apply to any breach of an Existing Member and Company
Fundamental Representation (the “Existing Member and Company Fundamental and Special
Representations”). Furthermore, the Existing Member shall not have any Liability in the aggregate under Section 11.02(a)
(other than with respect to any breach of any Existing Member and Company Fundamental and Special Representation) in excess
of an amount equal to seven million five hundred thousand dollars ($7,500,000), and the New Member Indemnitees shall have no
recourse against the Existing Member with respect to any such Losses pursuant to Section 11.02(a) (other than
with respect to any breach of any Existing Member and Company Fundamental and Special Representation) in excess of such
amount. Notwithstanding anything contained herein to the contrary, in no event shall the Liability of the Existing Member
pursuant to this Agreement exceed the New Member Closing Payment Amount. For the avoidance of doubt, the foregoing
limitations do not apply to Losses indemnified pursuant to Section 9.01(a) or in the event of any Claim based
upon actual fraud, with knowledge of falsity, by the applicable Person.

 

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(c)              
Other than with respect to any Claim for Losses made by any New Member Indemnitee pursuant (x) Section 11.02(a)
for a breach of (1) any Existing Member and Company Fundamental and Special Representation or (2) any representation and warranty
of the Existing Member and the Company contained in Section 3.05 unless any exclusions under the R&W Insurance
Policy relating to the Audited Financial Statements are removed prior to the Closing, (y) Section 11.02(b), or (z)
based upon actual fraud, with knowledge of falsity (the foregoing clauses (x), (y) and (z), collectively,
the “New Member Fundamental Claims”), all Claims for Losses made by any New Member Indemnitee pursuant
to Section 11.02 will be satisfied (i) first, from the Indemnity Escrow Amount available in the Indemnity Escrow Account
as of such time and (ii) second, from the insurance coverage provided by the R&W Insurance Policy until the limits of liability
are exhausted by payment thereunder. All Claims for Losses made by any New Member Indemnitee pursuant to Section 11.02
with respect to any New Member Fundamental Claim may, at such New Member Indemnitee’s election, be satisfied, in no order
or priority, (i) from the Indemnity Escrow Amount available in the Indemnity Escrow Account as of such time, (ii) from the insurance
coverage provided by the R&W Insurance Policy, or (iii) directly against the Existing Member. For the avoidance of doubt, except
with respect to any New Member Fundamental Claim, any and all risks with respect or in relation to the R&W Insurance Policy,
including without limitation the risk that the R&W Insurance Policy will not provide coverage or otherwise not respond to a
given claim or to any claim for any reason, shall be borne entirely by the New Member Indemnitee, and the liability of the existing
Member shall not in any way be increased by, or otherwise be affected in relation thereto. In the event of an indemnification Claim
by a New Member Indemnitee for which funds in the Indemnity Escrow Account are available pursuant to this Section 11.06(c)
as of such time, the Existing Member and the New Member shall jointly deliver an instruction letter to the Escrow Agent instructing
the Escrow Agent to distribute, as promptly as reasonably practicable, to the applicable New Member Indemnitee the amount owed
to such New Member Indemnitee in respect of such indemnification Claim. To the extent any Indemnitor (including the Existing Member)
is required to pay any indemnification payments directly, such Indemnitor shall pay the Indemnitee directly by wire transfer of
immediately available funds the indemnification payment due under this Article XI to the account(s) designated by the
Indemnitee within five (5) Business Days after it is established (by final non appealable court order or agreement of the Indemnitor
and the Indemnitee) that the Indemnitee is entitled to such payment under this Article XI (and, if the Indemnitor is
the Existing Member, after taking into account any recovery under the Indemnity Escrow Account and the R&W Insurance Policy,
if applicable). For the avoidance of doubt, the foregoing provisions do not apply to Losses indemnified pursuant to Section 9.01(a).

 

(d)              
On the first (1st) Business Day following the date that is twelve (12) months after the Closing Date, the New
Member and the Existing Member shall direct the Escrow Agent to release to the Existing Member an amount equal to (x) the Indemnity
Escrow Amount then-remaining in the Indemnity Escrow Account, plus any interest accrued thereon, minus (y) the aggregate
amount of all Losses specified in any then-unresolved good faith claims for indemnification made in accordance with this Agreement
prior to such date.

 

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(e)               
 For purposes of the indemnification obligations under this Article XI, including for purposes of both determining
whether there has been a inaccuracy, misrepresentation or breach and for determining the amount of Losses resulting therefrom,
the representations and warranties set forth in Article III, Article IV and Article V of this
Agreement that are qualified as to “material,” “materiality,” “material respects,” “Material
Adverse Effect” or words of similar import or effect shall be deemed to have been made without any such qualification.

 

(f)               
SOLELY WITH RESPECT TO CLAIMS MADE BY A NEW MEMBER INDEMNITEE WITH RESPECT TO THE COMPANY’S OR THE EXISTING MEMBER’S
BREACH OF THE COVENANTS SET FORTH IN ARTICLE VI (OTHER THAN THE COVENANTS SET FORTH IN SECTIONS 6.07, 6.12,
6.13, 6.19, 6.20 and 6.23), OTHER THAN IN THE CASE OF FRAUD OR GROSS NEGLIGENCE, THE TERM “LOSS”
SHALL NOT INCLUDE ANY SPECIAL, PUNITIVE, EXEMPLARY, CONSEQUENTIAL OR INDIRECT DAMAGES (INCLUDING ANY DAMAGES, OTHER THAN DIRECT
DAMAGES, ON ACCOUNT OF DIMINUTION IN VALUE, LOST PROFITS, OR OPPORTUNITIES, OR LOST OR DELAYED BUSINESS BASED ON VALUATION METHODOLOGIES
ASCRIBING A DECREASE IN VALUE TO THE COMPANY, THE BUSINESS OR THE ASSETS ON THE BASIS OF A MULTIPLE OF A REDUCTION IN A MULTIPLE-BASED
OR YIELD-BASED MEASURE OF FINANCIAL PERFORMANCE). THIS SECTION 11.06(F) DOES NOT WAIVE, AND EACH PARTY EXPRESSLY RETAINS,
THE RIGHT TO SEEK SPECIFIC PERFORMANCE OF THIS AGREEMENT OR TO RECOVER DIRECT DAMAGES ARISING OUT OF OR RESULTING FROM THIS AGREEMENT
OR ANY BREACH OR FAILURE TO PERFORM UNDER THIS AGREEMENT OTHER THAN THOSE DAMAGES EXPRESSLY WAIVED UNDER THIS SECTION 11.06(F).

 

(g)              
Notwithstanding anything to the contrary contained herein: (i) if an Indemnitee actually receives an amount under insurance
coverage from any other Person with respect to Losses (other than proceeds recoverable under the R&W Insurance Policy) sustained
at any time subsequent to any indemnification payment pursuant to this Article XI then such Indemnitee shall promptly
reimburse the Indemnitor for any payment made to the Indemnitee by such Indemnitor up to such amount so realized or received by
the Indemnitee, net, in each case, of any reasonable costs and expenses incurred to recover such proceeds (including any related
retrospective premium adjustments resulting from assertion of such claims and any Taxes with respect to such proceeds); and (ii) each
Indemnitee shall use commercially reasonable efforts to mitigate any indemnifiable Losses hereunder. The calculation of Losses
shall (x) not include Losses arising from a change in any applicable Law or accounting principle following the Closing Date and
(y) shall be reduced by any corresponding insurance proceeds from insurance policies carried by such Indemnitee or its Affiliates
that are realized by such Indemnitee from non-Party insurers with respect to such Claims. Notwithstanding the foregoing, in no
event shall any funds disbursed from the Indemnity Escrow Account reduce the amount of Losses suffered by an Indemnitee.

 

(h)              
In no event shall the Existing Member have any liability for indemnification under this Article XI for any Losses
to the extent such Losses are caused or initiated by any action or omission by any New Member Indemnitee or the Company or its
Affiliates at the request or direction of any New Member Indemnitee, including to the extent any Losses resulted from the bad faith,
gross negligence or willful misconduct of such New Member Indemnitee.

 

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(i)                
 For the avoidance of doubt, no Indemnitee shall be entitled to recover the amount of any Losses more than once. In the
event a New Member Indemnitee or an Existing Member Indemnitee, as the case may be, recovers Losses in respect of a claim for indemnification,
no other New Member Indemnitee or Existing Member Indemnitee, as applicable, may recover the same Losses in respect of a claim
for indemnification under this Agreement. Without limiting the generality of the prior sentence, if a set of facts, conditions
or events constitutes a breach of more than one representation, warranty, covenant or agreement that is subject to the indemnification
obligations under Section 11.02 or Section 11.03, only one recovery of Losses shall be allowed, and in
no event shall there be any indemnification or duplication of payments or recovery under different provisions of this Agreement
arising out of the same facts, conditions or events. Notwithstanding anything to the contrary in this Agreement, for purposes of
this Agreement, each representation and warranty in Article III and Article IV is given independent effect so that
if a particular representation and warranty proves to be incorrect or is breached, the fact that another representation and warranty
concerning the same or similar subject matter is correct or is not breached, whether such other representation and warranty is
more general or more specific, narrower or broader or otherwise, will not affect the incorrectness or breach of such particular
representation and warranty.

 

Section 11.07     
Exclusive Remedy. Each Party acknowledges and agrees that, from and after
the Closing, the remedies available under this Article XI and under Section 6.07, Section 6.08,
Section 6.10, Section 6.11, Section 6.12, Section 6.22, Section 9.01
and Section 10.02 shall be the sole and exclusive remedies of the Parties for any and all claims relating (directly
or indirectly) to the subject matter of this Agreement or the transactions contemplated hereby, regardless of the legal theory
under which such liability or obligation may be sought to be imposed, whether sounding in contract or tort, or whether at law or
in equity or otherwise, and the New Member Indemnitees will have no other remedy or recourse with respect to any of the foregoing;
provided that this exclusivity shall not limit or apply to any rights or remedies available at law or in equity arising
from actual fraud, with knowledge of falsity, of the applicable Person or any other rights and remedies available to the Parties
under any other Transaction Document.

 

Section 11.08     
Waiver of Other Representations.

 

(a)              
THE NEW MEMBER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN Article III
AND Article IV (AS MODIFIED BY THE DISCLOSURE SCHEDULE), NONE OF THE
EXISTING MEMBER OR THE COMPANY OR ANY AFFILIATE NOR ANY OTHER PERSON MAKES, OR HAS MADE, ANY OTHER EXPRESS OR IMPLIED REPRESENTATION
OR WARRANTY IN RESPECT OF THE BUSINESS, THE ASSETS OR THE COMPANY, ITS BUSINESS OR ANY OF ITS ASSETS, LIABILITIES OR OPERATIONS,
INCLUDING WITH RESPECT TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, OR WITH RESPECT TO ANY FINANCIAL PROJECTIONS OR
FORECASTS RELATING TO THE COMPANY, AND ANY SUCH OTHER REPRESENTATION AND WARRANTIES ARE HEREBY DISCLAIMED.

 

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(b)           EACH
PARTY ACKNOWLEDGES THAT IT HAS CONDUCTED TO ITS SATISFACTION ITS OWN INDEPENDENT INVESTIGATION OF THE CONDITION, OPERATIONS
AND BUSINESS OF THE CONDITION, OPERATIONS AND BUSINESS OF THE OTHER PARTY AND IT SUBSIDIARIES AND, WITH RESPECT TO THE NEW
MEMBER, THE BUSINESS, THE ASSETS, THE COMPANY AND ITS AFFILIATES AND, IN MAKING ITS DETERMINATION TO PROCEED WITH THE
TRANSACTIONS CONTEMPLATED BY THE TRANSACTION DOCUMENTS, EACH PARTY HAS RELIED ON THE RESULTS OF ITS OWN INDEPENDENT
INVESTIGATION.

 

(c)          
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, INCLUDING THE REPRESENTATIONS AND WARRANTIES CONTAINED IN Article III
AND Article IV (AS MODIFIED BY THE DISCLOSURE SCHEDULE), THE EXISTING
MEMBER’S INTERESTS IN THE COMPANY AND ITS ASSETS ARE BEING TRANSFERRED THROUGH THE SALE OF THE MEMBERSHIP INTERESTS “AS
IS, WHERE IS, WITH ALL FAULTS,” AND THE EXISTING MEMBER EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND
OR NATURE, EXPRESS OR IMPLIED, AS TO THE CONDITION, VALUE OR QUALITY OF THE BUSINESS, THE COMPANY AND THE ASSETS OR THE PROSPECTS
(FINANCIAL OR OTHERWISE), RISKS AND OTHER INCIDENTS OF THE BUSINESS, THE COMPANY AND THE ASSETS.

 

(d)         
EACH PARTY ACKNOWLEDGES AND AGREES THAT, TO THE EXTENT REQUIRED BY APPLICABLE LAW, THE DISCLAIMERS CONTAINED IN THIS SECTION 11.08
ARE “CONSPICUOUS” FOR THE PURPOSES OF SUCH APPLICABLE LAW.

 

Article XII.

MISCELLANEOUS

 

Section 12.01   
Notices.

 

(a)          
Unless this Agreement specifically requires otherwise, any notice, demand, or request provided for in this Agreement, or
served, given, or made in connection with it, shall be in writing and shall be deemed properly served, given, or made if delivered
in person or sent by electronic delivery (including delivery of a document in Portable Document Format), by registered or certified
mail, postage prepaid, or by a nationally recognized overnight courier service that provides a receipt of delivery, in each case,
to the Parties or, for purposes of Section 2.07, the New Member Guarantor, or, for purposes of Section 6.05,
Sasol Limited, at the addresses specified below (or to any other address or contact information that the receiving Party, the New
Member Guarantor or Sasol Limited may designate from time to time in accordance with this Section 12.01):

 

If to the Existing Member, to:

 

Sasol Chemicals (USA) LLC

12120 Wickchester Lane

Houston, Texas 77079

Attn: Jennifer Gallagher

Email: jennifer.gallagher@us.sasol.com

 

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With copies (which shall not constitute
notice) to:

 

Latham & Watkins LLP

811 Main Street, Suite 3700

Houston, TX 77002

Attn: Jeffrey Greenberg; Ryan Maierson

Email: Jeffrey.Greenberg@lw.com;
Ryan.Maierson@lw.com

 

and

 

Kean Miller LLP

400 Convention Street, Suite 700

Baton Rouge, Louisiana 70802

Attention: Isaac McPherson Gregorie, Jr.

Email: mack.gregorie@keanmiller.com

 

If to Sasol Limited, to:

 

Sasol Limited

Sasol Place

50 Katherine Street

Sandton

South Africa

2196

Attn: Jennifer Gallagher

Email: jennifer.gallagher@us.sasol.com

 

With copies (which shall not constitute
notice) to:

 

Latham & Watkins LLP

811 Main Street, Suite 3700

Houston, TX 77002

Attn: Jeffrey Greenberg; Ryan Maierson

Email: Jeffrey.Greenberg@lw.com;
Ryan.Maierson@lw.com

and

 

Kean Miller LLP

400 Convention Street, Suite 700

Baton Rouge, Louisiana 70802

Attention: Isaac McPherson Gregorie, Jr.

Email: mack.gregorie@keanmiller.com

 

    87

     

    

 

If to the New Member, to:

 

LyondellBasell LC Offtake LLC

c/o Lyondell Chemical Company

1221 McKinney Street, Suite 700

Houston, TX 77010

Attn: Michael McMurray; Jeffrey Kaplan

Email: Michael.McMurray@lyondellbasell.com;
Jeffrey.Kaplan@lyondellbasell.com

 

With a copy (which shall not constitute
notice) to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, TX 77002

Attn: William J. Benitez, P.C.; Sean T. Wheeler, P.C.; Ahmed Sidik

Email: william.benitez@kirkland.com; sean.wheeler@kirkland.com; ahmed.sidik@kirkland.com

 

If to the New Member Guarantor,
to:

 

Lyondell Chemical Company

1221 McKinney Street, Suite 700

Houston, TX 77010

Attn: Michael McMurray; Jeffrey Kaplan

Email: Michael.McMurray@lyondellbasell.com; Jeffrey.Kaplan@lyondellbasell.com

 

With a copy (which shall not constitute
notice) to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, TX 77002

Attn: William J. Benitez, P.C.; Sean T. Wheeler, P.C.; Ahmed Sidik

Email: william.benitez@kirkland.com; sean.wheeler@kirkland.com; ahmed.sidik@kirkland.com

 

If to the Company, to the address
specified in the Business Separation Agreement.

 

(b)          
Notice given by personal delivery, mail, or overnight courier pursuant to this Section 12.01 shall be effective
upon physical receipt. Notice given by electronic transmission pursuant to this Section 12.01 shall be effective as
of the date of confirmed delivery (except that automatic confirmations shall not be deemed to be confirmed delivery and provided
that each Party shall promptly confirm receipt thereof) if delivered before 8:00 P.M. local time on any Business Day at the
place of receipt or the next succeeding Business Day if confirmed delivery (except that automatic confirmations shall not be deemed
to be confirmed delivery) is after 8:00 P.M. local time on any Business Day or during any non-Business Day at the place of
receipt.

 

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Section 12.02   
Entire Agreement. Except for the Confidentiality Agreement, this Agreement and the other Transaction Documents supersede
all prior discussions and agreements between the Parties and their respective Affiliates with respect to the subject matter hereof
and thereof and this Agreement and the other Transaction Documents contain the sole and entire agreement between the Parties and
their respective Affiliates with respect to the subject matter hereof and thereof.

 

Section 12.03   
Expenses. Except as otherwise expressly provided in this Agreement (including,
for the avoidance of doubt, Section 10.02), whether or not the transactions contemplated hereby are consummated, each
Party shall pay all costs and expenses it has incurred or will incur in anticipation of, relating to or in connection with the
negotiation and execution of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated
hereby and thereby.

 

Section 12.04   
Disclosure Schedule. Each Party may, at its option, include in the
Disclosure Schedule items that are not material, and any such inclusion, or any references to dollar amounts, shall not be
deemed to be an acknowledgment or representation that such items are material, to establish any standard of materiality or to define
further the meaning of such terms for purposes of this Agreement. The disclosure of any fact or item in any section of the Disclosure
Schedule shall, should the existence of such fact or item be relevant to any other section of the Disclosure Schedule, be deemed
to be disclosed with respect to that other section, so long as such other section is referenced by applicable cross-reference.

 

Section 12.05   
Waiver. Any term or condition of this Agreement may be waived at any time
by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument
duly executed by or on behalf of the Party waiving such term or condition. No waiver by either Party of any term or condition of
this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition
of this Agreement on any future occasion.

 

Section 12.06   
Amendment. This Agreement may be amended, supplemented, or modified only by
a written instrument duly executed by or on behalf of the New Member and the Existing Member.

 

Section 12.07   
No Third-Party Beneficiary. Except as expressly provided in Section 6.19,
Section 6.24, Section 11.02, Section 11.03 and Section 12.14, the terms and provisions
of this Agreement are intended solely for the benefit of the Parties and their respective successors and permitted assigns, and
it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person.

 

Section 12.08   
Priority of Agreements. If there is a conflict between any provision of this Agreement and a provision in any other
Transaction Document, the provision of this Agreement shall control unless specifically provided otherwise in this Agreement or
such other Transaction Document.

 

    89

     

    

 

Section 12.09    Assignment;
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. No Party may assign this Agreement or any of its rights, interests, or obligations
hereunder without the express prior written consent of the other Parties, and any attempted assignment, without such consent,
shall be null and void ab initio; provided that the New Member may assign this Agreement and any or all of its
rights and obligations hereunder to any of its Affiliates without the prior written consent of the Existing Member; provided, further,
that no such assignment shall release the New Member from any Liability under this Agreement.

 

Section 12.10   
Invalid Provisions. If any provision of this Agreement is held to be illegal,
invalid, or unenforceable under any present or future Law, and if the rights or obligations of any Party under this Agreement will
not be materially and adversely affected thereby, such provision shall be fully severable, this Agreement shall be construed and
enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, the remaining provisions of
this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance herefrom, and in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically
as a part of this Agreement a legal, valid, and enforceable provision as similar in terms to such illegal, invalid, or unenforceable
provision as may be possible.

 

Section 12.11   
Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this
Agreement delivered by e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery
of an original signed copy of this Agreement.

 

Section 12.12   
Governing Law; Jurisdiction; Jury Trial Waiver.

 

(a)          
THIS AGREEMENT, THE TRANSACTION DOCUMENTS, AND ANY OTHER DOCUMENT OR INSTRUMENT DELIVERED PURSUANT HERETO, AND ALL CLAIMS
OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT, OR THE NEGOTIATION,
EXECUTION OR PERFORMANCE OF THIS AGREEMENT (INCLUDING ANY CLAIM OR CAUSE OF ACTION BASED UPON, ARISING OUT OF OR RELATED TO ANY
REPRESENTATION OR WARRANTY MADE IN OR IN CONNECTION WITH THIS AGREEMENT OR AS AN INDUCEMENT TO ENTER INTO THIS AGREEMENT), SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (INCLUDING ITS LAWS REGARDING STATUTES OF LIMITATIONS),
WITHOUT REGARD TO THE LAWS OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE SUBSTANTIVE
LAWS OF ANY JURISDICTION OTHER THAN DELAWARE.

 

    90

     

    

 

(b)          THE
PARTIES AGREE THAT THE APPROPRIATE, EXCLUSIVE AND CONVENIENT FORUM (THE “FORUM”) FOR ANY DISPUTES
BETWEEN ANY OF THE PARTIES HERETO ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL
BE IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN DELAWARE OR, IF SUCH FEDERAL COURTS DO NOT HAVE
JURISDICTION, THE STATE COURTS LOCATED IN DELAWARE. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
FORUM SOLELY IN RESPECT OF ANY DISPUTES RISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
THE PARTIES FURTHER AGREE THAT THE PARTIES SHALL NOT BRING SUIT WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATED TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY COURT OR JURISDICTION OTHER THAN THE FORUM; PROVIDED, HOWEVER,
THAT THE FOREGOING SHALL NOT LIMIT THE RIGHTS OF THE PARTIES TO OBTAIN EXECUTION OF A JUDGMENT IN ANY OTHER JURISDICTION. THE
PARTIES FURTHER AGREE, TO THE EXTENT PERMITTED BY LAW, THAT A FINAL AND NON-APPEALABLE JUDGMENT AGAINST A PARTY IN ANY
ACTION OR PROCEEDING CONTEMPLATED ABOVE SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION WITHIN OR OUTSIDE
THE UNITED STATES BY SUIT ON THE JUDGMENT, A CERTIFIED OR EXEMPLIFIED COPY OF WHICH SHALL BE CONCLUSIVE EVIDENCE OF THE FACT
AND AMOUNT OF SUCH JUDGMENT.

 

(c)          
TO THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY
LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OR OTHERWISE)
WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH SUCH PARTY HEREBY IRREVOCABLY (I) WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS
WITH RESPECT TO THIS AGREEMENT AND (II) SUBMITS TO THE PERSONAL JURISDICTION OF THE FORUM.

 

(d)         
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (II)
SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 12.12(d).

 

    91

     

    

 

Section 12.13    Specific
Performance. Except as otherwise expressly provided herein, any and all remedies provided herein will be deemed
cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise
by a Party of any one remedy will not preclude the exercise of any other remedy. The Parties agree that irreparable damage
for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that the Parties do
not perform their respective obligations under the provisions of this Agreement (including failing to take such actions as
are required of them hereunder to consummate the transactions contemplated by this Agreement) in accordance with their
specific terms or otherwise breach such provisions. The Parties shall be entitled to an injunction or injunctions, specific
performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement (including, for the avoidance of doubt, any covenants or obligations required by this Agreement
to be performed or complied with following the Closing Date), in each case without posting a bond or undertaking, this being
in addition to any other remedy to which they are entitled at law or in equity. Each of the Parties agrees that it will not
oppose the granting of an injunction, specific performance and other equitable relief when available pursuant to the terms of
this Agreement on the basis that the other Parties have an adequate remedy at law or an award of specific performance is not
an appropriate remedy for any reason at law or equity. Notwithstanding the foregoing, no breach of any representation,
warranty or covenant contained herein or in any certificate delivered pursuant to this Agreement shall give rise to any right
on the part of the Existing Member, the New Member or the Company, after the consummation of the transactions contemplated
hereby, to rescind this Agreement or any of the transactions contemplated hereby.

 

Section 12.14   
Non-Recourse. Except in the case of fraud, this Agreement may only be enforced
against, and any claim or cause of Action based upon, arising under, out of, or in connection with, or related in any manner to
this Agreement or the transactions contemplated hereby may only be brought against, the entities that are expressly named as Parties
in the preamble of this Agreement (the “Contracting Parties”) and then only with respect to the specific
obligations set forth herein with respect to such Contracting Party. Except in the case of fraud, no Person that is not a Contracting
Party, including any past, present or future Representative or Affiliate of any Contracting Party or any Affiliate of any of the
foregoing (each, a “Nonparty Affiliate”), shall have any Liability (whether in contract, tort, at law
or in equity, or granted by statute or otherwise) for any claims, causes or action or other obligations or Liabilities arising
under, out of, or in connection with, or related in any manner to this Agreement or the transactions contemplated hereby, or based
on, in respect of, or by reason of this Agreement or its negotiation, execution, performance or breach. To the maximum extent permitted
by applicable Law, except in the case of fraud, (a) each Contracting Party hereby waives and releases all such Liabilities, claims,
causes of action and other obligations and Liabilities against any such Nonparty Affiliates, (b) each Contracting Party hereby
waives and releases any and all rights, claims, demands, or causes of action that may otherwise be available to avoid or disregard
the entity form of a Contracting Party or otherwise impose Liability of a Contracting Party on any Nonparty Affiliate, whether
granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business
enterprise, piercing the veil, unfairness, undercapitalization, or otherwise, and (c) each Contracting Party disclaims any reliance
upon any Nonparty Affiliates with respect to the performance of this Agreement or any representation or warranty made in, in connection
with, or as an inducement to this Agreement.

 

    92

     

    

 

Section 12.15    Legal
Representation. The New Member, on behalf of itself and its Affiliates (including after the Closing, the Company)
acknowledges and agrees that Latham & Watkins LLP and Kean Miller LLP (collectively, “Existing Member’s
Counsel”) have acted as counsel for the Existing Member, the Company and their respective Affiliates for
several years and that the Existing Member and its Affiliates reasonably anticipate that Existing Member’s Counsel will
continue to represent them in future matters. Accordingly, the New Member, on behalf of itself and its Affiliates (including
after the Closing, the Company) expressly consents to: (a) Existing Member’s Counsel’s representation of the
Existing Member and its respective Affiliates in any post-Closing matter in which the interests of the New Member and the
Company, on the one hand, and the Existing Member or its respective Affiliates, on the other hand, are adverse, including any
matter relating to the transactions contemplated by this Agreement or any disagreement or dispute relating thereto, and
whether or not such matter is one in which Existing Member’s Counsel may have previously advised the Existing Member,
the Company or their respective Affiliates; and (b) the disclosure by Existing Member’s Counsel to the Existing
Member or its respective Affiliates of any information learned by Existing Member’s Counsel in the course of its
representation of the Existing Member, the Company or their respective Affiliates prior to the Closing Date, whether or not
such information is subject to attorney-client privilege or Existing Member’s Counsel’s duty of
confidentiality. Furthermore, the New Member, on behalf of itself and its Affiliates (including after the Closing, the
Company) irrevocably waives any right it may have to discover or obtain information or documentation relating to the
representation of the Existing Member or its respective Affiliates by Existing Member’s Counsel in the transactions
contemplated by this Agreement, solely to the extent that such information or documentation was privileged as to the Existing
Member or its respective Affiliates. The New Member, on behalf of itself and its Affiliates (including after the Closing, the
Company) further covenants and agrees that each shall not assert any conflict of interest claim against Existing
Member’s Counsel in respect of legal services provided to the Company by Existing Member’s Counsel in connection
with this Agreement or the transactions contemplated hereby. If and to the extent that, at any time subsequent to the
Closing, the New Member or any of its Affiliates (including after the Closing, the Company) shall have the right to waive any
attorney-client privilege with respect to any communication between the Company and any Person representing them that
occurred at any time prior to the Closing, the New Member, on behalf of itself and its Affiliates (including after the
Closing, the Company) shall be entitled to waive such privilege only with the prior written consent of the Existing
Member.

 

Section 12.16   
Integrated Agreements. This Agreement and the other Transaction Documents shall be accepted
or rejected as an integrated group and cannot be individually accepted or rejected absent the acceptance or rejection of all Transaction
Documents. This Agreement and each other Transaction Document is integrated with, and a necessary component of, each other Transaction
Document. Each Party hereby acknowledges and agrees that no Party may assert, nor directly or indirectly induce any other Person
to assert, that the Transaction Documents do not represent an integrated transaction.

 

[Signature Pages Follow.]

 

    93

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered by a duly authorized person of each Party and, solely for purposes of Section 2.07,
the New Member Guarantor, and, solely for purposes of Section 6.05, Sasol Limited, as of the date first above written.

 

	 	EXISTING
    MEMBER:
	 	 
	 	Sasol
    Chemicals (USA) LLC
	 	 
	 	By: 	/s/ Jennifer K. Gallagher
	 	Name: 	Jennifer K. Gallagher
	 	Title:	 Corporate Secretary
	 	 
	 	COMPANY:
	 	 
	 	Louisiana
    Integrated PolyEthylene JV LLC
	 	 
	 	By:	 /s/ Jennifer K. Gallagher
	 	Name:  	Jennifer K. Gallagher
	 	Title: 	Corporate Secretary
	 	 
	 	SASOL
    LIMITED,
	 	 
	 	SOLELY
    FOR PURPOSES OF SECTION 6.05:
	 	Sasol
    Limited
	 	 
	 	By: 	/s/ Brad Griffith
	 	Name: 	Brad Griffith
	 	Title: 	Executive Vice President: Chemicals

 

Signature Page

Membership Interest Purchase Agreement

 

    94

     

    

 

	 	NEW
    MEMBER:
	 	 
	 	LyondellBasell
    LC Offtake LLC
	 	 
	 	By:	/s/ Bhavesh V. Patel
	 	Name: 	Bhavesh V. (Bob) Patel
	 	Title:	Chief Executive Officer
	 	 
	 	 
	 	NEW
    MEMBER GUARANTOR,
	 	SOLELY
    FOR PURPOSES OF SECTION 2.07:
	 	 
	 	Lyondell
    Chemical Company
	 	 
	 	By:	/s/ Bhavesh V. Patel
	 	Name: 	Bhavesh V. (Bob) Patel
	 	Title:	Chief Executive Officer

 

Signature Page

Membership Interest Purchase Agreement

 

    95Document

Exhibit 10(w)

CANTEL MEDICAL CORP.

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN

Table of Contents

Page

1.    Establishment And Purpose Of Plan    1
2.    Definitions and Construction    1
3.    Severance Benefits For Qualifying Terminations    8
4.    No Contract of Employment    13
5.    Conflict in Benefits; Noncumulation of Benefits    13
6.    Administration, Termination, and Amendment of Plan    14
7.    Claims for Benefits    15
8.    Notices    19
9.    Certain Federal Tax Considerations    20
10.    Additional Provisions    23
EXHIBIT A    FORM OF PARTICIPATION AGREEMENT    A-1
EXHIBIT B    FORM OF SEVERANCE AND RELEASE AGREEMENT    B-1

1

CANTEL MEDICAL CORP.
EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN
1.    Establishment and Purpose of Plan
1.1.    Establishment. Cantel Medical Corp., a Delaware corporation ("Cantel" or the "Company"), has adopted this Cantel Medical Corp. Executive Severance and Change in Control Plan (as amended from time to time, the "Plan") with approval of the Compensation Committee of the Board of Directors of the Company.
1.2.    Purpose. The purpose of the Plan is to provide eligible key employees of the Company and certain subsidiaries of the Company who experience a Qualifying Termination (defined below) with severance benefits in accordance with the terms and conditions set forth below. The Company believes that it is in the best interests of the Company's shareholders to provide financial assistance through severance payments and other benefits to eligible key employees who experience a Qualifying Termination as specified herein. With respect to each Participant (defined below), the Plan supersedes all plans, agreements, or other arrangements for severance benefits or for enhanced severance payments whether or not before, on or after a Change in Control. To the extent the Plan provides deferred compensation it is an unfunded plan primarily for the purposes of providing deferred compensation to a select group of management or highly compensated employees as described in Sections 201, 301 and 401 of ERISA. 
1.3.    Effective Date. The Plan is adopted, as amended, and effective as of September 24, 2020 (the "Effective Date").
The Company reserves the right to amend, modify or terminate the Plan at any time for any reason, subject to the limitations set forth herein.
The Plan is subject to the terms and conditions of the Cantel Medical Corp. 2016 Equity Incentive Plan, as amended, and any successor plan thereto (the "Equity Plan").
2.    Definitions and Construction
2.1.    Definitions. Whenever used in the Plan, the following terms shall have the meanings set forth below: 
(a)    "Accrued Obligations" means the following:
i.    any earned but unpaid Base Salary (defined below) through the Participant's Termination Date (defined below), plus any accrued and unused paid time off ("PTO") due to the Participant under the Company's PTO program through the Participant's Termination Date, which amounts shall be paid to the Participant not later than the payment date for the payroll period next following the Participant's Termination Date; 
ii.    reimbursements for any properly reimbursable business expenses to which the Participant is entitled pursuant to any applicable established reimbursement policies, provided that the Participant applies for such reimbursements in 
1

accordance with the terms and procedures set forth in the applicable established reimbursement policies, and within the period required by such procedures (but under no circumstances later than ninety (90) days after the Participant's Termination Date); 
iii.    vested benefits, if any, under any retirement plan, nonqualified deferred compensation plan, or any health or welfare benefit plan sponsored by any Group Company (defined below), to which the Participant is entitled pursuant to the terms of such plans or related agreements; and
iv.    vested benefits, if any, to which the Participant is entitled pursuant to the terms of an award granted under the Equity Plan.
(b)    "Adverse Action" shall have the meaning set forth in Section 6.2 below. 
(c)    "Annualized Bonus" means the greater of (i) a Participant's annual Bonus (defined below) for the most recently completed Fiscal Year for which annual bonuses have been determined or (ii) a Participant's average annual Bonus for the two (2) most recently completed Fiscal Years for which annual Bonuses have been determined.  In the event that the Annualized Bonus cannot be determined for a Participant under (i) or (ii) above, "Annualized Bonus" with respect to such Participant means the Target Annual Bonus (defined below).
(d)    "Base Salary" means the annual base salary in effect immediately prior to the Participant's Termination Date (without giving effect to any reduction forming the basis for a termination for Good Reason). For the avoidance of doubt, Base Salary does not include any bonuses, commissions, fringe benefits, car allowances, or other special or irregular payments.
(e)    "Board" means the Board of Directors of the Company.
(f)    "Bonus" means any annual cash bonus payable under any bonus plan, short term incentive compensation plan or other like benefit plan of a Group Company in which the Participant participates, whether or not awards thereunder are discretionary, including without limitation, the Company's Annual Incentive Plan as in effect from time to time.
(g)    "Cause" means any one of the following, as determined by the Committee in its sole discretion: 
i.    the Participant's act of fraud, embezzlement, theft or other intentional material violation of the law in connection with or in the course of his or her employment; 
ii.    the Participant's willful or gross misconduct that is likely to materially injure the reputation, business or a business relationship of any Group Company;
2

iii.    the Participant's willful material violation or breach of any confidentiality, non-competition or non-solicitation obligation (contractual or otherwise) to a Group Company; 
iv.    the Participant's continued and willful failure or refusal (other than as a result of incapacity due to mental or physical impairment) to perform his or her material duties of employment or to adhere to any written policies of the Company; 
v.    the Participant's sexual harassment of an employee or other third party that has been reasonably substantiated and investigated; or
vi.    the Participant's willful conduct that endangers or compromises the health or safety of another employee or creates a hostile work environment. 
For purposes of this definition of "Cause," no act, or failure to act, on the part of the Participant will be deemed "willful" if it was done or omitted to be done by the Participant in good faith or with a reasonable belief that the act or omission was not opposed to the best interests of the Company Group. 
If (A) a Group Company has terminated a Participant without Cause or a Participant has resigned for Good Reason and, within six (6) months after the Termination Date, matters constituting Cause  become known to a Group Company, or (B) if a Participant resigns for Good Reason after a Group Company learns of matters constituting Cause but before the Group Company is able to effectuate a termination for Cause, the Committee may in any such case, by written notice to a Participant, treat such termination as being for Cause; except that this provision shall not apply following a Change in Control.
(h)    "Change in Control" shall have the meaning set forth in the Equity Plan.
(i)    "Change in Control Coverage Period" means the period commencing with, and ending 24 months following, the date of a Change in Control. Notwithstanding anything in this Agreement to the contrary, if (i) a Participant experiences a Termination of Employment by the Company without Cause, (ii) the Termination Date of such Participant’s Termination of Employment is prior to the date on which a Change in Control occurs, and (iii) it is reasonably demonstrated by such Participant that such Termination of Employment (x) was at the request of a third party that has taken steps reasonably calculated to effect a Change in Control or (y) otherwise arose in connection with or anticipation of a Change in Control, then, solely with respect to such Participant, the “Change in Control Coverage Period” shall mean the period commencing immediately prior to such Termination Date and ending on the date of the Change in Control.
(j)    "CIC Additional Bonus Payment" shall have the meaning set forth in Section 3.2(b) below.
3

(k)    "CIC Continuation Benefit" shall have the meaning set forth in Section 3.2(e) below. 
(l)    "CIC Severance Payment" shall have the meaning set forth in Section 3.2(a) below. 
(m)    "Claim" shall have the meaning set forth in Section 7.1(a) below. 
(n)    "Claimant" shall have the meaning set forth in Section 7.1(a) below.
(o)    "Claims Administrator" shall have the meaning set forth in Section 6.1(d) below. 
(p)    "COBRA" means the continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
(q)    "COBRA Severance Benefit" shall have the meaning set forth in Section 3.1(e) below.
(r)    "Code" means the Internal Revenue Code of 1986, as amended, or any successor thereto and any applicable regulations promulgated thereunder.
(s)    "Committee" means the Compensation Committee of the Board.
(t)    "Company" means Cantel Medical Corp., a Delaware corporation, or any successor thereto.
(u)    "Company Group" means the group consisting, from time to time, of the Company and each direct and indirect Subsidiary of the Company.
(v)    "Delay Period" shall have the meaning set forth in Section 9.1(b) below.
(w)    "Director" means a member of the Board.
(x)    "Disability" means an illness or injury that, in the opinion of the Committee, renders the Participant unable to perform the essential functions of his or her job with or without a reasonable accommodation, and that qualifies the Participant for disability benefits under a long-term disability plan of a Group Company in which the Participant is a participant; provided, however, that a Disability shall not be deemed to have occurred hereunder unless the Participant is absent from work or otherwise substantially unable to assume his or her normal duties for a period of ninety (90) successive days or an aggregate of one hundred twenty (120) days during any consecutive twelve-month period during the Term.
(y)    "Eligible Employee" means any employee of any Group Company, with the title of Vice President II (salary grade E2) or higher, who is classified by the Company 
4

as a regular employee on a U.S. payroll (not including an employee based in, or paid from a payroll in, the Commonwealth of Puerto Rico), and who is employed on a full-time basis (i.e., is regularly scheduled to work 30 or more hours per week). Notwithstanding the foregoing to the contrary, any employee classified by the Company or relevant Group Company, in its sole discretion, as being in one or more of the following categories, shall not be an Eligible Employee: 
i.    any employee with an employment agreement or contract (including a letter agreement) providing for severance benefits and which becomes effective by its terms after the Effective Date of this Plan, unless such employment agreement or contract expressly provides that the employee is eligible to receive severance benefits under this Plan; 
ii.    any individual regarded as an independent contractor and/or consultant;  
iii.    any individual classified as a regular or part-time employee on a U.S. payroll and scheduled to work fewer than 30 hours per week; 
iv.    any employee classified as a "foreign employee," meaning an employee based or employed in a country that is not the United States or paid from a non-U.S. payroll (including an employee based in the Commonwealth of Puerto Rico or paid from a payroll in the Commonwealth of Puerto Rico); 
v.    any employee who, in the sole discretion of the Company, has breached, or is in breach of an Existing Restrictive Covenant Agreement (defined below); and
vi.    any employee who has served as an employee of the Company for less than six months.
(z)    "Equity Plan" means the Cantel Medical Corp. 2016 Equity Incentive Plan, as it may be amended from time to time, or any successor thereto. 
(aa)    "ERISA" means the Employee Retirement Income Security Act of 1974, as amended, or any successor thereto and any applicable regulations promulgated thereunder.
(bb)    "Excise Tax" shall have the meaning set forth in Section 9.2(a) below.
(cc)    "Existing Restrictive Covenant Agreement" shall have the meaning set forth in Section 5.1 below.
(dd)    "Fiscal Year" means the fiscal year of the Company.
(ee)    "Good Reason" means any of the following events solely during a Change in Control Coverage Period without the Participant's express written consent:
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i.    a material reduction (other than during a period of the Participant's mental or physical impairment) in the Participant's authority, duties, or responsibilities or the assignment to the Participant of duties on a continuous or regular basis that are materially inconsistent with the duties of the Participant prior to the Participant's Change in Control Coverage Period; 
ii.    a reduction in the Participant's base compensation (other than an across the board reduction applicable to all employees within the same Tier as the Participant) or failure to include the Participant with other similarly situated employees in any incentive, bonus, or benefit plans as may be offered by the Company Group from time to time;
iii.    a change in the primary location at which the Participant is required to perform the duties of his or her employment to a location that is more than thirty (30) miles from the location at which his or her office is located prior to the Participant's Change in Control Coverage Period, provided that such change in primary location results in a material increase (i.e., at least 30 minutes) in the Participant's one-way commuting time;
iv.    a material breach of an employment agreement or contract (including a letter agreement) with the Participant; or
vi.    the failure of a successor entity to assume the obligations under this Plan or to provide the Participant with a plan providing substantially similar or better severance benefits;
provided, however, in all cases, that the Participant who is asserting that an event constituting Good Reason has occurred has provided the Company with written notice of the circumstances giving rise to the Good Reason event (a "Good Reason Notice"), in accordance with the procedures set forth in Section 8 below, within sixty (60) days after the initial existence of such circumstances. An event constituting Good Reason shall no longer constitute Good Reason if the circumstances described in the Good Reason Notice are cured by the Company Group within thirty (30) days following its receipt of the Good Reason Notice.  If the Company Group does not cure the circumstances giving rise to the Good Reason event described in the Good Reason Notice within thirty (30) days after receipt of the Good Reason Notice, the Participant who provided the Good Reason Notice may resign for Good Reason only by terminating employment within thirty (30) days following the end of the Company Group's thirty (30) day cure period.
(ff)    "Group Company" means the Company or any other company within the Company Group. 
(gg)    "Life Insurance Benefit" shall have the meaning set forth in Section 3.2(g) below.
(hh)    "Participant" means any individual who is an Eligible Employee selected by the Committee to participate in the Plan and who executes and returns to the Company a Participation Agreement (defined below).
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(ii)    "Participation Agreement" means an Agreement to Participate in the Plan, in substantially the form attached hereto as Exhibit A, or in such other form as the Committee may approve from time to time.
(jj)    "Prior Year Bonus Payment" shall have the meaning set forth in Section 3.1(c) below. 
(kk)    "Pro-Rata Bonus Payment" shall have the meaning set forth in Section 3.1(d) below. 

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(ll)    "Qualifying Termination" means the occurrence of either of the following events:
i.    the involuntary termination without Cause of a Participant's employment with a Group Company that employs the Participant; or
ii.    with respect to a Tier I Participant (defined below) or a Tier II Participant (defined below) only, such Participant's resignation from such employment with the Company for Good Reason (which can only occur during a Change in Control Coverage Period); 
provided, however, that a Qualifying Termination shall not include any termination of a Participant's employment which is (A) for Cause, (B) a result of a Participant's death or Disability, (C) a result of a Participant's resignation other than for Good Reason, or (D) a Participant's termination following his or her failure to accept a continued employment at a comparable position (as determined by the Committee in its sole discretion) in connection with any sale, divestiture or outsourcing of the company or business unit in which he or she had been employed prior to his or her termination.
(mm)    "Separation and Release Agreement" means an agreement between the Participant and the Company in the form of Exhibit B or another form that is acceptable to the Company, and which at the Company's discretion, and to the extent permitted by applicable law, may include, among other things, certain restrictive covenants applicable to the Participant, including confidentiality, non-solicitation and non-competition provisions, as well as a full general release by the Participant in favor of the Company Group and any of its affiliates, stockholders, Directors, officers, employees, agents, insurers, predecessors, successors and/or assigns, and other related parties (including, without limitation, fiduciaries of employee benefit plans) releasing all claims, known or unknown (the "Release").
(nn)    "Section 409A" means Section 409A of the Code and any applicable regulations (including proposed or temporary regulations) and other administrative guidance promulgated thereunder.
(oo)    "Section 409A Change in Control" shall have the meaning set forth in Section 9.1(f) below.
(pp)    "Severance Payments" shall have the meaning set forth in Section 3.1(a) below. 
(qq)    "Specified Employee" means a specified employee within the meaning of that term under Section 409A(a)(2)(B)(i) of the Code.
(rr)    "Subsidiary," with respect to the Company, means any entity in which the Company owns or otherwise controls, directly or indirectly, stock or other ownership interests having the voting power to elect a majority of the board of directors, or other governing group having functions similar to a board of directors, as determined by the Committee.
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(ss)    "Target Annual Bonus" means the Participant's target annual cash bonus opportunity, determined based on the target percentage ascribed to the Participant, as in effect immediately prior to any termination of employment (without giving effect to any reduction forming the basis, in whole or in part, for a termination for Good Reason).
(tt)    "Termination Date" means the effective date of the Participant's Termination of Employment.
(uu)    "Termination of Employment" means, in respect of a Participant, a termination of employment with the Company Group as determined by the Committee; provided, however, that with respect to payment of deferred compensation subject to Section 409A, "Termination of Employment" means "separation from service" within the meaning of Section 409A.
(vv)    "Tier I Participant" means (i) a Participant with the title of Chief Executive Officer of the Company, and (ii) any other Participant specifically classified as a Tier I Participant by the Committee, as determined in the Committee's sole discretion. 
(ww)    "Tier I Participant Additional Bonus Payment" shall have the meaning set forth in Section 3.1(b) below.
(xx)    "Tier II Participant" means any Participant who is an executive officer of the Company (and not any other Group Company) with the title of Chief Financial Officer, Executive Vice President or Senior Vice President, as well as any member of the Company's Executive Leadership Team (ELT), other than (i) the Chief Executive Officer of the Company and (ii) any other Tier I Participant. For the sake of clarity, except for members of the Executive Leadership Team, Tier II Participants do not include Participants who are executive officers of Group Companies (and not of the Company).
(yy)    "Tier III Participant" means any Participant other than a Tier I Participant or Tier II Participant.
2.2.    Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.
3.    Severance Benefits For Qualifying Terminations
3.1.    Benefits for a Qualifying Termination Outside of a Change in Control Coverage Period. If a Participant experiences a Qualifying Termination at any time other than during a Change in Control Coverage Period, such Participant shall receive any Accrued Obligations to which he or she is entitled, and, provided that: (i) the Participant continues to comply with any restrictive covenants applicable to the Participant by Company policy or by specific written agreement and (ii) within the time limit specified in the Separation and Release 
9

Agreement following the Participant's Qualifying Termination, the Participant has delivered to the Company an executed Separation and Release Agreement and such Separation and Release Agreement has become effective, enforceable and irrevocable in accordance with its terms, such Participant shall also be eligible to receive the following benefits set forth in Sections 3.1(a) through (f) below, less applicable taxes, withholdings and deductions. Subject to potential delay or reduction pursuant to the terms of Section 9.1 below, the cash payments to which a Participant is entitled to receive under Section 3.1 shall be  payable at the times and in  the amounts set forth below; provided, however, that such cash payments shall in no event be later than fifteen (15) days after such Participant's Separation and Release Agreement has become effective and irrevocable; provided, further, that if the full period given to such Participant to consider the Separation and Release Agreement plus any revocation period provided for in such Separation and Release Agreement begins in one calendar year and ends in the subsequent calendar year, then the payments shall not begin to be made until the subsequent calendar year.
(a)    The Severance Payments. The Participant shall be paid an amount determined in accordance with the chart set forth immediately below (the "Severance Payment"). The Severance Payment shall be paid in equal installments in accordance with the Company’s then current payroll practices and shall begin with the first payroll date at least five (5) days following the date that the Participant’s Separation and Release Agreement has become effective and irrevocable and end twenty-four months, twelve months or six months later as set forth in this Section 3.1(a) is as follows:  
						
	Participant Level	Formula
	Tier I Participant	24 months at Participant's annual Base Salary as of the Termination Date.
	Tier II Participant	12 months at Participant's annual Base Salary as of the Termination Date.
	Tier III Participant	9 months at Participant's annual Base Salary as of the Termination Date.

(b)    Tier I Participant Additional Bonus Payment. With respect to Tier I Participants only, the Participant shall be paid an amount equal to the product of two times such Tier I Participant's Target Annual Bonus (the "Tier I Participant Additional Bonus Payment").  The Tier I Participant Additional Bonus Payment shall be paid in a lump sum to the Participant in accordance with the timing of the payments of bonus payments to other executives for the same bonus year (typically the October following the end of the fiscal year).
(c)    Prior Year Bonus Payment. If a Participant's Termination Date is after the end of the immediately preceding annual Bonus period (i.e., after the end of the last Fiscal Year) but before the Bonus for that year has been paid to the Participant, the Participant shall be paid an annual cash Bonus for the completed bonus year immediately preceding the Participant's Termination Date (the "Prior Year Bonus Payment") in the amount determined under the terms of the applicable Bonus plan notwithstanding any provision of the Bonus plan that requires continued employment after the end of the immediately preceding annual Bonus period but subject to all other provisions of the Bonus plan. To the extent that a Participant is entitled to receive the Prior Year Bonus Payment for any Fiscal Year under this Section 3.1(c), such Participant shall not also be entitled to any Bonus payment for such Fiscal Year under the 
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terms of the applicable Bonus plan.  Amounts payable under this Section 3.1(c) will be deemed payments attributable to the Participant's employment prior to or on the Termination Date and not as severance. The Prior Year Bonus Payment shall be paid in a lump sum to the Participant in accordance with the timing of the payments of bonus payments to other executives for the same bonus year (typically the October following the end of the fiscal year).
(d)    Pro-Rata Bonus Payment. The Participant shall be paid a pro-rata portion of the annual cash Bonus for the Fiscal Year in which the Termination Date occurs based on achievement of 100% of the applicable performance target for such year (determined by multiplying the amount of the target annual Bonus for the full Fiscal Year by a fraction, the numerator of which is the number of months during the Fiscal Year in which the Termination Date occurs that the Participant had been employed by the Company Group, and the denominator of which is 12) (the "Pro-Rata Bonus Payment") notwithstanding any provision of the Bonus plan that requires continued employment through the end of the annual Bonus period or beyond but subject to all other provisions of the Bonus plan.  For purposes of such calculation, if the Termination Date is on or before the 15th day of the month, the Participant will get credit for one-half month; and if the Termination Date is after the 15th day of the month, the Participant will get credit for the full month.  In the event that the Company has not established performance targets for the applicable annual Bonus plan with respect to the Fiscal Year in which the Termination Date occurs, the pro-rata portion of the Bonus payable under this section shall be based on the Participant's Target Annual Bonus.  To the extent that a Participant is entitled to receive the Pro-Rata Bonus Payment for any Fiscal Year under this Section 3.1(d), such Participant shall not also be entitled to any Bonus payment for such Fiscal Year under the terms of the applicable Bonus plan.  Amounts payable under this Section 3.1(d) will be deemed payments attributable to the Participant's employment prior to or on the Termination Date and not as severance. The Pro-Rata Bonus Payment shall be paid in a lump sum to the Participant in accordance with the timing of the payments of bonus payments to other executives for the same bonus year (typically the October following the end of the fiscal year).
(e)    COBRA Severance Benefit. The Company shall pay the Participant an amount equal to the sum of the employer portion and the employee portion of the full monthly premium for the Participant's elected coverage under the Cantel group health plan (including medical and dental coverages) as in effect on the day prior to the Participant's Termination Date, for the period specified in the chart below (the "COBRA Severance Benefit").
						
	Participant Level	COBRA Severance Benefit Period
	Tier I Participant	18 months
	Tier II Participant	12 months
	Tier III Participant	9 months

The COBRA Severance Benefit shall be paid in a lump sum to the Participant as soon as administratively practicable following the date the Participant’s Separation and Release Agreement has become effective and irrevocable. The COBRA Severance Benefit described above will be paid regardless of whether or not the Participant and/or the Participant's enrolled spouse and/or dependents elect to continue their group health plan coverage pursuant to COBRA 
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or otherwise.  Any such election will be the sole responsibility of the Participant and/or his or her spouse and/or dependents.
(f)    Outplacement Services. During the twelve (12) month period following a Participant's Termination Date, the Participant will be entitled, at the Company's cost, to outplacement services provided by a firm selected by the Company.  A Participant entitled to outplacement services hereunder must notify the Company of his or her desire to utilize such services within twenty (20) days following his or her Termination Date.
(g)    Treatment of Outstanding Equity Awards. Subject to the terms of the Equity Plan and Section 409A, the Committee may in its discretion accelerate the vesting of, or waive or modify performance requirements of, any equity awards granted under the Equity Plan in the event of a termination of the Participant's employment for any reason other than Cause.  
3.2.    Benefits for a Qualifying Termination During a Change in Control Coverage Period. If a Participant experiences a Qualifying Termination at any time during a Change in Control Coverage Period, such Participant shall receive any Accrued Obligations to which he or she is entitled, and, provided that: (i) the Participant continues to comply with any restrictive covenants applicable to the Participant by Company policy or by specific written agreement, and (ii) within the time limit specified in the Separation and Release Agreement following the Participant's Qualifying Termination, the Participant has delivered to the Company an executed Separation and Release Agreement and such Separation and Release Agreement has become effective, enforceable and irrevocable in accordance with its terms, such Participant shall be eligible to receive the benefits set forth in Sections 3.2(a) through (h) below (but none of the benefits under Section 3.1 above), less applicable taxes, withholdings and deductions. If a Participant has received any benefits under Section 3.1 and then subsequently becomes entitled to benefits under this Section 3.2, then the benefits payable under Section 3.2 shall be offset by the amount of benefits previously received by the Participant under Section 3.1 (and thereupon the Participant will no longer be entitled to receive any additional benefits under Section 3.1).
Subject to potential delay or reduction pursuant to the terms of Sections 9.1 or 9.2 below, all cash payments to which a Participant is entitled to receive under Section 3.2 shall be made in a single lump sum as soon as administratively practicable, but in no event later than fifteen (15) days after such Participant's Separation and Release Agreement has become effective and irrevocable; provided, however, that if the full period given to such Participant to consider the Separation and Release Agreement plus any revocation period provided for in such Separation and Release Agreement begins in one calendar year and ends in the subsequent calendar year, then the payment shall not be made until the subsequent calendar year.
(a)    The CIC Severance Payment. The Participant shall be paid a lump sum amount to be determined in accordance with the chart set forth immediately below (the "CIC Severance Payment").  The formula utilized to calculate the severance benefit set forth in this Section 3.2(a) of this Plan is as follows:
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	Participant Level	Formula
	Tier I Participant	2.0 x Participant's annual Base Salary as of the Termination Date.
	Tier II Participant	2.0 x Participant's annual Base Salary as of the Termination Date.
	Tier III Participant	1.0 x Participant's annual Base Salary as of the Termination Date.

(b)    CIC Additional Bonus Payment. For Tier III Participants only, the Participant shall be paid a lump sum amount equal to the greater of: (i) the Participant's Target Annual Bonus (but as in effect immediately prior to the Change in Control rather than as in effect at his or her Termination Date), or (ii) the Participant's Annualized Bonus; and for Tier I and Tier II Participants only, a payment in an amount equal to the product of two (2) times the greater of: (i) the Participant's Target Annual Bonus (but as in effect immediately prior to the Change in Control rather than as in effect at his or her Termination Date), or (ii) the Participant's Annualized Bonus (in each case, the "CIC Additional Bonus Payment"). 
(c)    Prior Year Bonus Payment. The Participant shall be paid the Prior Year Bonus Payment, as defined in Section 3.1(c) above, in a lump sum and in accordance with the terms and conditions set forth in Section 3.1(c) above. 
(d)    Pro-Rata Bonus Payment. The Participant shall be paid the Pro-Rata Bonus Payment as defined in Section 3.1(d) above, in a lump sum and in accordance with the terms and conditions set forth in Section 3.1(d) above. 
(e)    CIC Continuation Benefit. The Company shall pay the Participant a lump sum amount calculated in the same manner as the COBRA Severance Benefit described in Section 3.1(e) above, and in accordance with the terms and conditions set forth in Section 3.1(e) above; provided, however, that under this Section 3.2(e) the relevant period shall be the period specified in the chart below rather than the period specified in Section 3.1(e) above (the "CIC Continuation Benefit"). 
						
	Participant Level	Applicable Period
	Tier I Participant	24 months
	Tier II Participant	24 months
	Tier III Participant	12 months

(f)    Outplacement Services. During the twelve (12) month period following a Participant's Termination Date, the Participant will be entitled, at the Company's cost, to outplacement services provided by a firm selected by the Company.  A Participant entitled to outplacement services hereunder must notify the Company of his or her desire to utilize such services within twenty (20) days following his or her Termination Date.
(g)    Life Insurance. The Company shall pay the Participant an amount intended to be equivalent to the total premium cost of the Participant's group term life insurance coverage under the Cantel group life insurance plan as in effect on the day prior to the Participant's Termination Date, for a twenty-four (24) month period following the Termination Date (the "Life Insurance Benefit"). 
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The Life Insurance Benefit described above will be paid regardless of whether the Participant elects to convert his or her group life insurance coverage to individual coverage (if such conversion is available), or whether the Participant elects to purchase a separate life insurance policy of his or her choosing. Any such election will be the sole responsibility of the Participant.
(h)    Treatment of Outstanding Equity Awards. Subject to Section 409A (if applicable) regarding the time of payment of an award under the Equity Plan, (i) any and all non-performance-based awards and performance-based awards granted under the Equity Plan will become fully vested as of the Termination Date and (ii) in the case of performance-based awards, such full vesting will occur on the basis that performance had been achieved at the "target" level specified in the award.
3.3.    Other Terminations. If a Participant's termination of employment results from any reason other than a Qualifying Termination, such Participant shall be eligible only to receive his or her Accrued Obligations.
4.    No Contract of Employment
Neither the establishment of the Plan, nor any amendment thereto, nor the payment or provision of any benefits pursuant to the Plan shall be construed as giving any person the right to be employed by any member of the Company Group. The employment relationship between each Participant and any member of the Company Group is an "at-will" relationship. Accordingly, either the Participant or any member of the Company Group that employs the Participant may terminate the relationship at any time. Effective upon a Participant's Termination of Employment for any reason, the Participant shall hold no further office, directorship or other position with the Company Group and will be deemed to have resigned from any and all such positions.
5.    Conflict in Benefits; Noncumulation of Benefits
5.1.    Effect of Plan. The terms of the Plan, when accepted by a Participant pursuant to an executed Participation Agreement, shall supersede all prior agreements and arrangements, whether written or oral, and understandings regarding the subject matter of the Plan (including, but not limited to any severance provisions under any employment agreement entered into prior to the effective date of his or her Participation Agreement), and shall be the exclusive terms for the determination of any severance payments and benefits due to such Participant. The foregoing notwithstanding, the terms of the Plan do not supersede or take priority over the terms or conditions of any agreement between a Participant and a Group Company relating to maintaining the confidentiality of information, the assignment of inventions, non-competition, and/or nonsolicitation of Company Group employees, or any other agreements containing restrictive covenants intended to protect the business and goodwill of the Company Group (any such agreements, collectively, the "Existing Restrictive Covenant Agreements"). This Plan and any Existing Restrictive Covenant Agreement shall be treated and interpreted as complementary, and in the event of any conflict between certain provision(s) in the Plan and certain provision(s) in an Existing Restrictive Covenant Agreement, the provision(s) of 
14

the document which is regarded as most beneficial to the Company's interests, as determined in the Committee's sole discretion, is the provision(s) that shall be applicable and applied.
5.2.    Noncumulation of Benefits. Except as expressly provided in a written, fully executed agreement between a Participant and the Company which is entered into after the date of such Participant's Participation Agreement and which is approved by the Board or the Committee, the total amount of payments and benefits that may be received by such Participant as a result of events giving rise to a Qualifying Termination pursuant to (a) the Plan, (b) any agreement between such Participant and a Group Company, or (c) any other plan, practice, or statutory obligation of a Group Company, shall not exceed the amount of payments and benefits provided by the Plan upon such events. To the extent that a Participant shall have received severance payments or other severance benefits under any other plan or agreement of any Group Company before receiving severance payments or other severance benefits pursuant to this Plan, the severance payments or other severance benefits under such other plan or agreement shall reduce (but not below zero) the corresponding severance payments or other severance benefits to which such Participant shall be entitled under this Plan.  To the extent that a Participant accepts payments made pursuant to this Plan, such Participant shall be deemed to have waived his or her right to receive a corresponding amount of future severance payments or other severance benefits under any other plan or agreement of the Company Group.  Payments and benefits provided under the Plan shall be in lieu of any termination or severance payments or benefits for which the Participant may be eligible under any of the plans or policy of the Company Group or under the Worker Adjustment Retraining Notification Act of 1988 or any similar statute or regulation.
6.    Administration, Termination, and Amendment of Plan
6.1.    Administration. The Committee shall act as the plan administrator of the Plan.  The Committee has the sole discretion and authority to administer the Plan, including the sole discretion and authority to:
(a)    adopt such rules as it deems advisable in connection with the administration of the Plan, and to construe, interpret, apply and enforce the Plan and any such rules and to remedy ambiguities, errors or omissions in the Plan; 
(b)    determine questions of eligibility and entitlement to benefits and interpret the terms and provisions of the Plan;
(c)    act under the Plan on a case-by-case basis; the Committee's decisions under the Plan need not be uniform with respect to similarly situated Participants; and
(d)    delegate its authority under the Plan to any Director, officer, employee, or group of Directors, officers and/or employees of the Company; provided that if any person with administrative authority becomes eligible or makes a claim for Plan benefits, that person will have no authority with respect to any matter specifically affecting his or her individual interest under the Plan, and the Committee will designate another person to exercise such authority.  The Committee has delegated its day-to-day ministerial responsibility under the Plan to the Company's Human Resources Department under the supervision of the Company's 
15

highest level officer in charge of Human Resources or such other person or persons as the Committee may designate (the "Claims Administrator").
Any determination of the Committee shall be final and conclusive, and shall bind and may be relied upon by the Company Group, each of the Participants and all other parties in interest.  
6.2.    Amendment and Termination of the Plan. Subject to compliance with the requirements of Section 409A, the Committee may amend or terminate the Plan in any respect (including any change to the severance benefits) at any time; provided, however, that any amendment that would defer the payment or reduce the amount of severance benefits hereunder to any Participant, or any action that would remove a Participant from participation in the Plan, or any amendment that would revise the definition of Cause in a manner that adversely affects the Participants, or any termination of the Plan (each an "Adverse Action") shall be effective only with one (1) year's prior written notice to affected Participant(s); provided further, however, that no Adverse Action may be adopted or become effective during a Change in Control Coverage Period.  Notwithstanding the foregoing but subject to the requirement of compliance with Section 409A, if applicable, the limitations on the timing of Adverse Actions may be waived in writing by any affected Participant. 
7.    Claims for Benefits
7.1.    Claims for Benefits.  
(a)    No claim shall be required for benefits due under the Plan. Any individual eligible for benefits under this Plan who believes he or she is entitled to additional benefits or who desires to clarify his or her right to future benefits under the Plan (a "Claimant") may submit his or her application for benefits ("Claim") to the Claims Administrator, with a copy to the Company's General Counsel; provided, that in the event that the Claimant seeking benefits would otherwise be the Claims Administrator, then the Company's Chief Executive Officer (or his or her designee) shall act as the Claims Administrator. All Claims under the Plan must be properly submitted not later than one (1) year after the date on which the Participant is sent a communication from the Plan, the Committee or a Group Company containing the information contested or challenged by the Claim.
A Claimant has the right to appoint someone to represent him or her in the benefit claim.  A Claimant may do so by including the appointed representative's name and contact information in the initial written claim for benefits or otherwise in writing to the Claims Administrator at the Company's address shown in Section 8.1(a).  Unless the Claimant indicates otherwise, if a Claimant appoints a representative to act on his or her behalf with respect to the benefit claim, the Plan will direct all notifications regarding the claim to the designated representative.  A Claimant may cancel or modify the appointment of the representative at any time by notifying the Claims Administrator in writing.  
(b)    When a Claim has been filed properly, it shall be evaluated subject to a full and fair review and the Claimant or his or her duly authorized representative shall be notified of the approval or the denial of the Claim within 90 days (45 days if the Claim relates to 
16

disability status) after the receipt of such Claim. If special circumstances require an extension of time for processing a Claim, a written notice of the extension shall be furnished to the Claimant before the end of the initial ninety (90) day or forty-five (45) day period, as applicable. In no event shall such extension exceed ninety (90) days. The notice of extension shall explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the Claim, and the additional information needed to resolve those issues. A Claimant or representative will have at least 45 days to provide the specified information.
If a Claim for benefits is denied, in whole or in part, the notice shall be written in a manner calculated to be understood by the Claimant and shall include:
i.    The specific reason or reasons for the denial;
ii.    References to the specific Plan provisions on which the denial is based; 
iii.    A description of any additional material or information necessary for the applicant to perfect the Claim and an explanation of why such material or information is necessary; and
iv.    A description of the Plan's Claims review procedures and the time limits applicable to such procedures, and a statement of Claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.
(c)    Further, in the case of the denial of a Claim involving Disability, the notification will be set forth in a culturally and linguistically appropriate manner and will also include the following:
(i)    a statement that if the adverse determination relies upon an internal rule, document, guideline, protocol, standard or other similar criterion, upon the Claimant's request a copy of such rule, document, guideline, protocol, standard or other similar criterion is available free of charge;
(ii)    a statement that if the adverse determination is based on a medical necessity or experimental treatment or similar exclusion or limit, upon the Claimant's request an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the medical circumstances at hand, is available free of charge; and
(iii)    a discussion of the decision including an explanation of the basis for disagreeing with or not following:
(1)    the views presented to the Plan of health care professionals who treated the Claimant or vocational professionals who evaluated the Claimant; 
(2)    the views of the medical and vocational experts whose advice was obtained on behalf of the Plan, without 
17

regard to whether the advice was relied upon in making the benefit determination; and 
(3)    a Social Security Administration disability determination presented to the Plan by the Claimant.
7.2.    Appeal of Denial of Claim.
(a)    Except as otherwise noted below with respect to the appeal of a denial of a Claim involving a Disability, if a Claim is denied, in whole or in part, or if a Claim is neither approved nor denied within the period specified in Section 7.2(b) or, if applicable, Section 7.2(c) (i.e., is deemed "denied"), Claimant may appeal the denial to the Committee within 60 days (180 days if the Claim relates to Disability status) after receipt of such denial (or after such Claim is deemed denied). In pursuing such appeal, Claimant or his or her duly authorized representative: 
i.    may request in writing that the Committee review the denial;
ii.    may receive, upon request and free of charge, reasonable access to documents, records and other information relevant to the Claim for benefits; and
iii.    may submit documents, records and comments and other information in writing.
(b)    Upon receipt of a request for review from a Claimant, the Committee shall make a full and fair evaluation.  The decision on review shall be made by the Committee within sixty (60) days (forty-five (45) days if the appeal is from a denied Claim as to disability status) of receipt of the request for review.  If the Committee determines that special circumstances require an extension of time for processing the Claim, the Claimant or representative will receive a written notice of the extension before the end of the initial sixty (60) or forty-five (45) day period, as applicable.  The extension notice shall indicate the special circumstances requiring the extension and the date by which the Plan expects to render the determination on review. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by Claimant, and, if the decision on review is a denial of the Claim for benefits, shall include:  
i.    The specific reason or reasons for the denial;
ii.    References to the specific Plan provisions on which the denial is based;
iii.    A statement that Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to Claimant's Claim for benefits; and
18

iv.    A statement of Claimant's right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination. 
(c)    For these purposes, a document, record or other information is "relevant" to the Claim if it:
i.    was relied upon the Claims Administrator in making a decision on the Claim;
ii.    was submitted, considered or generated in the course of the Claims Administrator's making a decision on the Claim without regard to whether the Claims Administrator relied upon it in making that decision; or
iii.    complies with administrative processes and safeguards which are designed to ensure and to verify that decisions on Claims are made in accordance with governing Plan documents, whose provisions are applied consistently with respect to similarly situated Claimants.
(d)    A review of a denial of a Claim for benefits based upon Disability will not afford deference to the initial adverse benefit determination and will:
i.    be conducted by a named person who is neither the individual who made the initial adverse determination, nor a subordinate of such individual;
ii.    be conducted, if the Claim is based, in whole or in part, on a medical judgment, upon consultation with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment and who has neither consulted in connection with the initial adverse determination, nor is a subordinate of the individuals who made the initial adverse determination; and
iii.    identify medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination.
(e)    The Claimant or representative will receive, free of charge, as soon as possible and sufficiently in advance of the date on which a notice of adverse benefit determination on review is required to be provided, any new or additional evidence considered, relied upon or generated in connection with the Claim, and any new or additional rationales forming the basis of the Committee's determination of the Claim.
(f)    In addition to the three (3) requirements noted in clause (c) above, a document, record or information also is relevant to a claim involving Disability benefits if it constitutes a statement of policy or guidance with respect to the Plan concerning the denied benefit even if not relied upon in making the determination.
(g)    The Committee will notify the Claimant or representative of its decision on review of a denial of a Claim involving Disability within 45 days of having received 
19

the request for review.  In special circumstances, the Committee may require an extension of up to an additional 45 days to process the appeal.  If an extension is needed, the Committee will notify the Claimant or representative prior to the end of the initial 45-day period and describe the special circumstances necessitating the extension. 
(h)    In the case of a decision on appeal upholding the Claims Administrator's initial denial of the Claim involving Disability, the Committee's notice of its decision on appeal will set forth, in an understandable manner, the following information:
i.    the same information as in the initial benefit determination notice regarding internal rules, documents, guidelines, protocols, standards or other similar criterion (or the claimant's access to that information);
ii.    the same statement as in the initial benefit determination notice regarding denials based on medical necessity or experimental treatments;
iii.    the same explanation of the basis for disagreeing or not following: the views of health or vocational professionals treating or evaluating the Claimant; the views of medical or vocational experts whose advice was obtained by the Plan, without regard to whether the advice was relied upon; and any Social Security Administration disability determination presented by the Claimant to the Plan;
iv.    the same statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA, which shall also include a description of any applicable Plan-imposed limitations period, including the calendar date when the limitations period will expire; and
v.    the following statement: "You and your Plan may have other voluntary alternative dispute resolution options, such as mediation.  One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency."
7.3.    Finality. All interpretations, determinations and decisions with respect to any Claim, including the appeal of any Claim, and any matter relating to the Plan will be made by the Committee, in its sole discretion, based on the Plan and comments, documents, records and other information presented to it, and will be final, conclusive and binding on all persons.
7.4.    Exhaustion and Time Limit. A Claimant shall have no right to seek review of a denial of benefits, or to bring any action in any court to enforce a Claim, before filing a Claim and exhausting his or her rights to review under Sections 7.2 and 7.3 above. All actions regarding a denial of benefits or a Claim under the Plan must be filed not later than one (1) year after the date on which the Committee issues its adverse benefit determination. Venue for any such action shall be as provided in Section 10.2.
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8.    Notices
8.1.    General. For purposes of the Plan, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by overnight courier, postage prepaid, as follows:
(a)    If to the Committee or the Company: 
Compensation Committee of the Board of Directors of
Cantel Medical Corp.
150 Clove Road
Little Falls, New Jersey 07424
Attention: General Counsel
(b)    If to a Participant, at the home address which such Participant most recently communicated to the Company in writing. 
8.2.    Notice of Change of Address. The Company may provide Participants with notice of a change of address, and a Participant may provide the Company with notice of a change of address, pursuant to this Section 8. 
8.3.    Participant Information. Each Participant shall notify the Committee of his or her home address and each change of home address.  Each Participant shall also furnish the Committee with any other information and data that the Committee considers necessary for the proper administration of the Plan. The information provided by the Participant under this Section shall be binding on the Participant and his or her dependents, beneficiaries, heirs and estate for all purposes of the Plan and the Committee shall be entitled to rely on any representations regarding personal facts made by a Participant unless such representations are known to be false.
8.4.    Electronic Media. Under procedures authorized or approved by the Committee, any form for any notice, election, designation, or similar communication required or permitted to be given to or received from a Participant under this Plan may be communicated or made available to the Company or a Participant in an electronic medium (including computer network, e-mail or voice response system) and any such communication to or from a Participant through such electronic media shall be fully effective under this Plan for such purposes as such procedures shall prescribe. Any record of such communication retrieved from such electronic medium under its normal storage and retrieval parameters shall be effective as a fully authentic executed writing for all purposes of this Plan absent manifest error in the storage or retrieval process.
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9.    Certain Federal Tax Considerations
9.1.    Internal Revenue Code Section 409A.
(a)    The amounts payable under the Plan are intended to comply with or, to the maximum extent possible, be exempt from Section 409A, and all provisions of the Plan shall be interpreted and construed in a manner that establishes an exemption from or compliance with the requirements for avoiding additional taxes or interest under Section 409A(a)(1)(B) of the Code.  In no event whatsoever will the Company Group, or any Board member, officer or employee of any Group Company acting on behalf of the Company Group, be liable for any additional tax, interest or penalties that may be imposed on a Participant under Section 409A or any damages for failing to comply with Section 409A. Notwithstanding anything in this Plan to the contrary, the Board, the Committee and the Company Group do not guarantee the tax treatment of any payments or benefits under this Plan, whether pursuant to the Code, federal, state or local tax laws or regulations.
(b)    A Termination of Employment shall not be deemed to have occurred for purposes of any provision of the Plan providing for the payment of any amounts or benefits subject to Section 409A upon or following a Termination of Employment unless such termination is also a "separation from service" within the meaning of Section 409A and, for purposes of any such provision of the Plan, references to a "termination," "termination of employment" or like terms shall mean "separation from service."  If a Participant is deemed on his or her Termination Date to be a Specified Employee, then with regard to any payment or the provision of any benefit that is considered deferred compensation under Section 409A payable on account of a "separation from service," such payment or benefit shall be made or provided on the date which is the earlier of:  (i) the first day of the seventh (7th) month following the date of such "separation from service" of such Participant, and (ii) the date of such Participant's death (the "Delay Period").  Upon the expiration of the Delay Period, all of the payments of a Participant delayed pursuant to this Section 9.1(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to such Participant in a lump sum, without interest, and any remaining payments and benefits due such Participant under the Plan shall be paid or provided in accordance with the payment dates specified herein for such payments or benefits.
(c)    All reimbursements of expenses provided for herein shall be payable in accordance with the Company's expense reimbursement policies in effect from time to time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Participant seeking reimbursement. No such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year. The right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit.
(d)    For purposes of Section 409A, a Participant's right to receive any installment payments pursuant to the Plan shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under the Plan specifies a payment period with 
22

reference to a number of days (e.g., "payment shall be made within sixty (60) days following the Termination Date"), the actual date of payment within the specified period shall be within the sole discretion of the Company.
(e)    To the extent any payment or benefit which constitutes Section 409A deferred compensation is contingent upon the execution and non-revocation of a Release, then such payment or benefit shall not commence until the latest of:  (i) the first payroll date occurring on or after the sixtieth (60th) day following the Participant's Termination of Employment; (ii) the first payroll date occurring on or after the period for revocation of a Release has expired; and (iii) the set payment date otherwise established for commencing the payments and/or benefits.  Further, if the full period given to a Participant to consider such Release plus any revocation period provided for in such Release begins in one calendar year and ends in the subsequent calendar year, then any payment or benefit which constitutes Section 409A deferred compensation shall not be made until the subsequent calendar year.
(f)    Notwithstanding any provision of the Plan to the contrary, to the extent that any amount constituting Section 409A deferred compensation would become payable in a lump sum rather than installments under the Plan by reason of a Change in Control, such amount shall become payable in a lump sum only if the event constituting a Change in Control would also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A (a "Section 409A Change in Control"). The portion of any payment or benefit which constitutes Section 409A deferred compensation and which would otherwise be payable in a lump sum pursuant to Section 3.2 upon a Change in Control that does not qualify as a Section 409A Change in Control shall be paid based upon the time and form of payment set forth in Section 3.2, and with respect to other awards or programs in accordance with the plan or other documents governing such award.
9.2.    Internal Revenue Code Section 280G Contingent Cutback.
(a)    If any payment(s) or benefit(s) that a Participant would receive pursuant to the Plan and/or pursuant to any other agreement, plan, policy or arrangement would (i) constitute a "parachute payment" within the meaning of Section 280G of the Code and applicable regulations, and (ii) but for this Section 9.2 or any reduction provided by reason of Section 280G of the Code in any such other agreement, plan, policy or arrangement, would be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then such Participant shall be entitled to receive either (A) the full amount of the parachute payments, or (B) the maximum amount that may be provided to such Participant without resulting in any portion of such parachute payments being subject to the Excise Tax, whichever of clauses (A) and (B), after taking into account applicable federal, state, and local income and employment taxes and the Excise Tax, results in the receipt by such Participant, on an after-tax basis, of the greatest portion of the parachute payments.  Any reduction for purposes of clause (B) shall be made in the following order:  (i) cash severance payments that are exempt from Section 409A shall be reduced; (ii) other cash payments and benefits that are exempt from Section 409A, but excluding any payments attributable to an acceleration of vesting or payments with respect to 
23

equity-based compensation that are exempt from Section 409A, shall be reduced; (iii) any other payments or benefits, but excluding any payments attributable to an acceleration of vesting and payments with respect to equity-based compensation that are exempt from Section 409A, shall be reduced on a pro-rata basis or in such other manner that complies with Section 409A; (iv) any payments attributable to an acceleration of vesting or payments with respect to equity-based compensation that are exempt from Section 409A shall be reduced, in each case beginning with payments that would otherwise be made last in time; and (v) to the extent any of such payments or benefits are Section 409A deferred compensation, such payments shall be reduced, in each case beginning with payments that would otherwise be made last in time but without changing any payment date. 
(b)    Unless the Company and a Participant otherwise agree in writing, any determination required under Section 9.2(a) shall be made in writing by the Company's independent public accountants, whose determination shall be conclusive and binding upon such Participant and the Company for all purposes. For purposes of making the calculations required by Section 9.2(a), the Company's independent public accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and such Participant shall furnish to the Company's independent public accountants such information and documents as the accountants may reasonably request in order to make a determination under Section 9.2(a). The Company shall bear all costs the accountants may reasonably incur in connection with any calculations contemplated by this provision.
10.    Additional Provisions
10.1.    Records. The records of a Group Company with respect to a Participant's length of employment, employment history, reason for employment termination, base pay, absences, and all other relevant matters may be conclusively relied on by the Committee.
10.2.    Choice of Law and Dispute Resolution. This Plan is an employee pension benefit plan that is regulated by ERISA, a federal law.  Except to the extent pre-empted by ERISA or other federal law, the Plan shall be governed by and construed in accordance with the laws of the State of New Jersey, without regard to its conflict of law provisions. The Company and each Participant agree that the state courts of New Jersey and, if the jurisdictional prerequisites exist at the time, the federal courts in the State of New Jersey, shall have sole and exclusive jurisdiction to hear and determine any dispute or controversy arising under or relating to this Plan.  The Company and each Participant irrevocably (i) consents to the exclusive jurisdiction and venue of the courts of New Jersey and federal courts in the State of New Jersey, in any and all actions arising under or relating to this Plan, and (ii) waives any jurisdictional defenses (including personal jurisdiction and venue) to any such action.  The Committee's interpretation of Plan provisions, and any findings of fact, including eligibility to participate and eligibility for benefits, are final, shall be given deference by any court of law and will not be subject to "de novo" review unless shown to be arbitrary and capricious.  The Company and the Participant will each separately pay its counsel fees and expenses unless otherwise determined by a court of competent jurisdiction. 
24

10.3.    No Mitigation.  No Participant shall have any duty to mitigate the amounts payable under this Plan by seeking or accepting new employment or self-employment following termination.  Except as specifically otherwise provided in this Plan, all amounts payable pursuant to this Plan shall be paid without reduction regardless of any amounts of salary, compensation or other amounts that may be paid or payable to the Participant as the result of the Participant's employment by another employer or self-employment.
10.4.    Unfunded Obligation.  All amounts payable to Participants pursuant to the Plan are unfunded obligations of the Company. The Company shall not be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations.  Payments under the Plan shall be made, as due, from the general funds of the Company.  The Plan shall constitute solely an unsecured promise by the Company Group to make such payments to the extent provided herein.
10.5.    Recoupment and Offset. The Company has the unilateral right, in its sole discretion, and to the extent permitted by applicable law, to offset the payment of benefits under the Plan against amounts due from a Participant under the Company's clawback/recoupment policy as in effect from time to time (including, without limitation, any clawback, recovery or recoupment policy which the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's common stock may be listed) and against any other amounts owed to the Company Group by a Participant.
10.6.    Overpayments.  If any overpayment is made to a Participant under the Plan for any reason, the Company will have the right to recover the overpayment.  The Participant and his successors shall cooperate fully with the Company and return any overpayment. The Company also has the right to offset an overpayment from any other payment of compensation made to or on behalf of the Participant. 
10.7.    Limitation of Liability; Indemnification.
(a)    The members of the Board, the Committee and the Claims Administrator shall have no liability with respect to any action or omission made by them in good faith or from any action made in reliance on (i) the advice or opinion of any accountant, legal counsel, medical adviser or other professional consultant or (ii) any resolutions of the Board certified by the secretary or assistant secretary of the Company. Each member of the Board, the Committee, the Claims Administrator and each employee to whom are delegated duties, responsibilities and authority with respect to the Plan shall be indemnified, defended, and held harmless by the Company and its successors against all claims, liabilities, fines and penalties and all expenses (including but not limited to attorneys' fees) reasonably incurred by or imposed on such member of the Board, the Committee, the Claims Administrator and each employee to whom such duties, responsibilities and authorities are delegated that arise as a result of his, her or its actions or failure to act in connection with the operation and administration of the Plan, to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty or expense is not paid for by liability insurance purchased by or paid for by the Company (or any 
25

of the other companies in the Company Group). Notwithstanding the foregoing, the Company shall not indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Company consents in writing to such settlement or compromise. 
(b)    To the extent applicable, the Company will continue to cover each Participant under its directors' and officers' insurance policy following the Termination Date for a period of time equal to the applicable statute of limitations.  The Company shall indemnify and hold each Participant harmless to the fullest extent legally permitted or authorized by the Company's by-laws or by applicable law, in respect of any liability, damage, cost or expense (including reasonable attorneys' fees) actually and reasonably incurred in connection with the defense of any claim, action, suit or proceeding to which the Participant is a party by reason of the Participant's being or having been an officer or director of the Company or any subsidiary or affiliate, or the Participant's serving or having served at the request of such other entity as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, business organization, enterprise or other entity, including service with respect to employee benefit plans.  Without limiting the generality of the foregoing, the Company shall pay the expenses (including reasonable attorneys' fees) actually and reasonably incurred in defending any such claim, action, suit or proceeding in advance of its final disposition, upon receipt of the Participant's undertaking to repay all amounts advanced unless it is ultimately determined that the Participant is entitled to be indemnified under this Section.
10.8.    No Representations. By executing a Participation Agreement, a Participant acknowledges that in becoming a "Participant" in the Plan, such Participant is not relying and has not relied on any promise, representation or statement made by or on behalf of the Company Group which is not set forth explicitly in the Plan.
10.9.    Waiver. No waiver by a Participant or the Company Group of any breach of, or of any lack of compliance with, any condition or provision of the Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
10.10.    Validity and Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
10.11.    Benefits Not Assignable. Except as otherwise required by law, no right or interest of any Participant under the Plan shall be assignable or transferable, in whole or in part, either directly or otherwise, including, without limitation, by execution, levy, garnishment, attachment, pledge or in any other manner, and no attempted transfer or assignment thereof shall be effective.  
10.12.    Tax Withholding. All payments made pursuant to the Plan will be subject to withholding of applicable income and employment taxes.
26

10.13.    Further Assurances. From time to time, at the Company's request and without further consideration, a Participant shall execute and deliver such additional documents and take all such further action as reasonably requested by the Company to be necessary or desirable to make effective, in the most expeditious manner possible, the terms of the Plan, such Participant's Participation Agreement, and/or such Participant's Separation and Release Agreement.
10.14.    Successors.  This Plan shall inure to the benefit of and be binding upon the Company, each company with the Company Group, and their respective successors and assigns.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of any Group Company to assume expressly and agree to comply with this Plan in the same manner and to the same extent that such Group Company would be required to comply with it if no such succession had taken place.  Failure to require such assumption will be a material breach of this Plan. Any successor to the business or assets of any Group Company that assumes or agrees to perform this Plan by operation of law, contract, or otherwise shall be jointly and severally liable with the Company Group under this Plan as if such successor were the employer.
10.15.    Payments to Beneficiary.  If a Participant dies after becoming entitled to payments under this Plan but before receiving all amounts to which he or she is entitled under this Plan, then such remaining amounts shall be paid to his or her estate notwithstanding his or her marital status.

27

EXHIBIT A
FORM OF AGREEMENT TO PARTICIPATE IN THE CANTEL MEDICAL CORP. EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN
			
	

[CANTEL MEDICAL CORP. LETTERHEAD]

[DATE], 20__
AGREEMENT TO PARTICIPATE IN THE CANTEL MEDICAL CORP. EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN
Dear [INSERT PARTICIPANT NAME],
As a critical employee of Cantel Medical Corp. (the "Company" and, together with its direct and indirect subsidiaries, the "Company Group") or another member of the Company Group, you are eligible to participate in the Company's newly adopted Executive Severance and Change in Control Plan (as amended from time to time, the "Plan").  A copy of the Plan is enclosed with this Agreement to Participate in the Cantel Medical Corp. Executive Severance and Change in Control Plan (the "Participation Agreement").  Capitalized terms used in this Participation Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan.
The Company considers the severance benefits offered under the Plan to be an important part of our overall executive compensation program and consistent with competitive market practice. We believe that providing appropriate severance benefits helps to attract and retain highly qualified executives by providing income continuity in the event of an involuntary termination of employment. These arrangements also allow the Company Group to protect its interests through corresponding confidentiality, non-solicitation, noncompetition and other restrictive covenants, which are among the provisions that will be incorporated into a Separation and Release Agreement that the Participant in the Plan must execute and return (and not thereafter revoke) in order to be eligible to receive the severance benefits set forth in the Plan.  You are hereby notified in accordance with the Defend Trade Secrets Act of 2016 that you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  You are further notified that if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the Company's trade secrets to your attorney and use the trade secret information in the court proceeding if you: (a) file any document containing the trade secret under seal; and (b) do not disclose the trade secret, except pursuant to court order.
By accepting this Participation Agreement, you hereby acknowledge, agree and confirm that:
1.    You have received a copy of the Plan and have read, understand and are familiar with the terms and provisions of the Plan;
A-1

2.    The Plan supersedes and replaces the severance provisions of any existing severance arrangement (or other agreement providing for severance benefits), whether written or unwritten, to which you are a party[, including but not limited to the [INSERT NAME(S) OF EXISTING AGREEMENT(S) PROVIDING SEVERANCE BENEFITS], dated [INSERT DATE]] (each, a "Prior Severance Agreement").  You agree that each Prior Severance Agreement is hereby rendered null and void and no longer in effect.  You further agree that in no circumstances are you or will you be eligible to receive severance benefits of any kind under a Prior Severance Agreement. 
3.    The employment relationship between yourself and the Company (or any Group Company that employs you) is an "at-will" relationship; 
4.    In order to obtain certain of the severance benefits provided for in the Plan, you will be required to execute, deliver, and not thereafter revoke, a Separation and Release Agreement, which will contain, among other things, certain restrictive covenants to which you will be subject;
5.    Disputes and disagreements regarding your right to severance benefits under the Plan are governed by a claims procedure set forth in Section 7 of the Plan, which you must follow; and 
6.    The Company has the unilateral right, in its sole discretion, to offset the payment of benefits to you under the Plan against amounts due from you under the Company's clawback/recoupment policy as in effect from time to time and against any other amounts that you owe to the Company Group.
You acknowledge that: (i) the Plan confers significant legal rights and obligations; (ii) the Company has encouraged you to consult with legal and financial advisors as appropriate; and (iii) you have had adequate time to consult with such advisors before executing this Participant Agreement. 
Please indicate your acceptance and agreement to the Plan and this Participation Agreement by signing in the space indicated below and returning the agreement to the Company by no later than [INSERT]. Upon your acceptance, you shall be deemed a "Participant" of the Executive Severance Plan as of the date your duly signed Participation Agreement is received by the Company.
Sincerely,
CANTEL MEDICAL CORP.
By:     
Name:          Jean Casner           
Title:     Senior Vice President, Chief Human Resources Officer 
A-2

AGREED AND ACCEPTED BY THE UNDERSIGNED ON THIS ____ DAY OF _______________, 20__.
PARTICIPANT
[INSERT PARTICIPANT NAME]
			
	Signature

			
	Name Printed

			
	Address

A-3

EXHIBIT B
FORM OF SEPARATION AND RELEASE AGREEMENT

To:    [Name of Employee]
From:    [*]
Date:    [*]
RE:    CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE (the “Agreement”)
This letter confirms that your employment with Cantel Medical Corp. or one of its direct or indirect subsidiaries (collectively, the “Company”) will terminate effective [*] (the “Termination Date”), regardless of whether you execute this Agreement (or the date of your execution of this Agreement). This letter also confirms your final pay and benefits as well as the separation benefits you will receive if you sign and return the original of this Agreement to the Company (as instructed below) and do not rescind the release of ADEA Claims (as defined below) under Section 17 of this Agreement1, in the time frames noted below and abide by all other terms of this Agreement. All payments made to you under this Agreement are subject to applicable withholdings, taxes and deductions; and all cash payments will be paid through the Company’s payroll system in the ordinary course. This Agreement is intended to be consistent with the benefits payable to Participants under Section 3.1 of the Cantel Medical Corp. Executive Severance and Change in Control Plan (the “Plan”) and is subject to the terms of the Plan.  
Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan. You are deemed a Tier [*] Participant under the Plan.
1.Final Pay and Benefits.  Regardless of whether you sign and return this Agreement, you will receive the final pay and benefits set forth in this Section 1 as follows:

•Final Pay.    You will be paid your regular base salary through and including the Termination Date, as well as any accrued and unused PTO (which includes vacation and sick days, but not floating holidays) through such date, subject to applicable taxes and withholding.

1 Agreements covering employees who reside in or are based in Minnesota will include a reference to the Minnesota Human Rights Act, M.S.A. § 363A.01 et seq.
B-1

•Reimbursement of Expenses. Provided that you apply for reimbursement in accordance with the Company’s established reimbursement procedures (within the period required by such procedures but under no circumstances later than ninety (90) days after the Termination Date), the Company will pay you any reimbursements to which you are entitled under such procedures. 

•Benefits.  Your medical and dental insurance benefits (to the extent applicable) will be continued through the last day of the month in which the Termination Date occurred.  You will have the option to continue these benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for up to 18 months, or for such other period as provided by law, provided that you timely apply for COBRA and timely pay the required premiums for COBRA continuation coverage.  Your COBRA period will begin on the first day of the first month following the month in which the Termination Date occurs.  You will receive COBRA information from our COBRA administrator promptly following the Termination Date, which will include information regarding the date by which you must enroll and the premiums you would be required to pay if you want COBRA coverage.  All other benefits, including, but not limited to, PTO, and holiday pay, end on the Termination Date.  

Your 401(k) benefits are governed by applicable plan documents.  In addition, you may receive the vested benefits, if any, to which you are entitled pursuant to the terms of an award granted under the Equity Plan.

2.Separation Package.  In addition to the final pay and benefits addressed in Section 1 above, as consideration for the release provided in this Agreement, the Company will provide you with the severance pay and benefits set forth in this Section 2 (the “Separation Package”) to which you would not otherwise be entitled, provided that you: (i)  continue to meet the duties and responsibilities of your position through the Termination Date; (ii) sign and return the original of this Agreement to Ms. Jean Casner, Senior Vice President – Chief Human Resources Officer, Cantel Medical Corp., 150 Clove Road, Little Falls, New Jersey 07424, by hand, email to jcasner@cantelmedical.com (with a copy to HRIS@cantelmedical.com), or mail, no earlier than the Termination Date or later than 21 days following your receipt of this Agreement; (ii) do not rescind the release of ADEA Claims under this Agreement during the Rescission Period (defined below in Section 17 of this Agreement); and (iii) abide by all other terms of this Agreement. The timing of payments under this Section 2 is subject to Internal Revenue Code Section 409A, as described in Section 20 below:

•Severance Payment:  The Company will pay you a Severance Payment of [INSERT] , in accordance with Section 3.1(a) of the Plan, minus applicable deductions and withholdings, by check made payable to you in equal installments in accordance with the Company’s then current payroll practices. These payments shall begin following the rescission period and the Agreement becoming effective and irrevocable and will continue until the full severance amount has been paid, which may result in a reduced installment amount in the last payment. One hundred dollars ($100) of the settlement payment hereunder shall be in consideration of the release of any claim under the Age 
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Discrimination in Employment Act of 1967 (the “ADEA”), and you agree that such consideration is in addition to anything of value to which you are already entitled

•[INCLUDE ONLY IF APPLICABLE] Prior Year Bonus Payment:  If your Termination Date is after the end of the last Fiscal Year) but before the Bonus for that year has been paid, the Company will pay you the amount determined under the terms of the applicable Bonus plan notwithstanding any provision of the Bonus plan that requires continued employment after the end of the immediately preceding annual Bonus period but subject to all other provisions of the Bonus plan, in accordance with Section 3.1(c) of the Plan.]

•Pro-Rated Bonus Payment:  The Company will pay you a pro rata portion of your [INSERT FY] target Bonus, based on achievement of 100% of the applicable performance target for such year, in accordance with Section 3.1(d) of the Plan.

•COBRA Severance Benefit:  The Company will pay you in a lump sum an amount equal to the sum of the employer portion and the employee portion of the full monthly premium for your elected coverage under the Cantel group health plan (including medical and dental coverages) as in effect on the day prior to the Termination Date, for a period of [*] months (the "COBRA Severance Benefit").  The COBRA Severance Benefit will be calculated and paid in accordance with Section 3.1(e) of the Plan.  Section 1 above describes the steps you must take if you want to have COBRA coverage; nonetheless, this COBRA severance benefit is independent of whether you elect COBRA coverage (or any other coverage).

◦LTI:  The [*] unvested time-based restricted stock units (RSUs) of Cantel held by you on the Termination Date that are scheduled to vest on or before [*2] will be deemed vested and no longer subject to forfeiture as of the Termination Date.  Notwithstanding the foregoing or any provision in any applicable RSU agreement to the contrary, shares in settlement of the vested RSUs, including all dividend equivalents associated therewith, will be delivered or the cash equivalent paid, as applicable, as of the payment date provided for in the original grant of such RSUs.  You acknowledge and agree that any and all other RSUs held by you on the Termination Date will be forfeited on the Termination Date, and you are not entitled to, and are not receiving, any additional equity awards or cash equivalents on or after the date of this Agreement
◦Outplacement Assistance.  Following the Termination Date, you will be entitled, at the Company's cost, to outplacement services for a period not to exceed twelve (12) months.  Such services will be provided by a firm selected by the Company and subject to the standard terms of their applicable outplacement program.  You must notify the Company of your desire to utilize such services within twenty (20) days 

2 Insert the date of the next LTI tranche to vest following the Termination Date.   
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following the Termination Date and commence such services within sixty (60) days following the Termination Date. 
3.General Release of Claims.  By signing this Agreement, you agree that the Separation Package, and other benefits set forth in this Agreement constitute adequate consideration for your release and waiver of claims as set forth below.  For valuable consideration you receive from the Company pursuant to this Agreement, you, on behalf of yourself and your heirs, executors, administrators, trustees, representatives, successors and assigns (collectively, the “Releasors”) hereby release, waive and forever discharge all claims, demands, causes of actions, administrative claims, obligations, liabilities, claims for punitive or liquidated damages or penalties, any other damages, any claims for costs, disbursements or attorney’s fees, any individual or class action claims, and any other claims or demands of any nature whatsoever, whether asserted or unasserted, known or unknown, absolute or contingent that you or any of the other Releasors have or may have against the Company, any parent, subsidiary, division, affiliated or related entities, its and their present and former officers, directors, shareholders, trustees, employees, agents, attorneys, insurers, representatives and consultants, and the current and former trustees and administrators of any pension or other benefit plan applicable to the employees or former employees of any of them, and the successors, predecessors and assigns of each (collectively “Releasees”), arising out of, or in any manner based upon, or related to, any act, occurrence, transaction, omission or communication that transpired or occurred at any time on or before the date of your signing of this Agreement. 

Without limitation to the foregoing, you specifically release, waive and forever discharge the Releasees from and against: any and all claims arising out of or relating to your employment by the Company (and/or by any of the other Releasees), the terms and conditions of such employment and/or the termination of such employment; any and all claims that arise under the U.S. Constitution, the New Jersey Constitution, the New Jersey Law Against Discrimination, N. J. Rev. Stat. § 10:5-1 et seq., the New Jersey Family Leave Act, N.J. S.A. § 34:11B-1 et seq., the New Jersey Conscientious Employee Protection Act, N.J. Stat. § 34:19-1 et seq., and any claims under any other New Jersey or other state or local anti-discrimination, employment or human rights laws or regulations, any claims under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the Equal Pay Act, the federal Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the National Labor Relations Act, 29 U.S.C. § 151 et seq., the Genetic Information Nondiscrimination Act, 42 U.S.C. § 2000ff et seq., the Sarbanes-Oxley Act, 15 U.S.C. § 7201 et seq., the Fair Labor Standards Act of 1938, 29 U.S.C. § 201 et seq., and any amendments to any of the above; any and all claims arising under any other local, state or federal constitution, statute, ordinance, regulation or order, or that involve claims for discrimination or harassment based on age, race, religion, creed, color, national origin, citizenship, ancestry, affectional or sexual orientation, sexual preference, gender identity or 
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expression, military or veterans status, sex, disability, marital status, parental status, pregnancy, genetic information, or any other legally protected category or characteristic; any and all claims for wages, salary, commissions, bonuses, equity, incentives, insurance, paid and unpaid leave, expense reimbursement, or other compensation; any and all claims for retaliation, reprisal, wrongful discharge, breach of contract (express or implied); any and all whistleblower claims under any federal, state or local law or regulation or under common law; any violation of express or implied employment agreements, covenants, promises or duties, intellectual property or proprietary rights, and/or any other tortious conduct, such as assault or battery, background check violations, defamation, detrimental reliance, fiduciary breach, fraud, indemnification, intentional or negligent infliction of emotional distress, interference with contractual or other legal rights, invasion of privacy, loss of consortium, misrepresentation, negligence (including negligent hiring, retention, or supervision), personal injury, promissory estoppel, public policy violation, retaliatory discharge, safety violations; posting or records-related violations or other federal, state or local statutory or common law cause of action, including, without limitation, any claims for compensatory, emotional or distress damages, punitive or liquidated damages, attorneys’ fees, costs, interest, penalties or disbursements.

[PLUS THE APPLICABLE STATE PROVISIONS BELOW, IF ANY, FOR EMPLOYEES WHO RESIDE IN OR ARE BASED IN CA, MA, MN, MO, ND, RI, SD or WV (I.E., ”BASED IN” MEANING THE CANTEL OFFICE WHERE HE/SHE REPORTS). DELETE INAPPLICABLE PROVISIONS]
[California: Because you work or reside in California, you waive all rights under California Civil Code § 1542 which provides: “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.]
[Massachusetts.  You also waive all claims or rights arising under the Massachusetts Payment of Wages Law, G.L. c.149; the Massachusetts Fair Employment Practices Act, G.L. c.151B; An Act Relative to Domestic Violence, M.G.L. ch. 149, s. 52E; the Massachusetts Law Prohibiting Unlawful Discrimination, M.G.L. ch. 151B, § 1 et seq.; the Massachusetts Right to be Free from Sexual Harassment Law, M.G.L. ch. 214, § 1C; the Massachusetts Discrimination Against Certain Persons on Account of Age Law, M.G.L. ch. 149, § 24A et seq.; the Massachusetts Equal Rights Law, M.G.L. ch. 93, § 102 et seq.; any claims under any other Massachusetts or other Commonwealth or local anti-discrimination, employment or human rights laws or regulations, or any other Massachusetts or other Commonwealth or local law, ordinance or regulation, any claims under any other Commonwealth or local law, ordinance or regulation.] 
[Minnesota. This Agreement releases claims under the Minnesota Constitution, the Minnesota Human Rights Act, M.S.A. §363A.01 et seq., the Minnesota Equal Pay for Equal Work Law, M.S.A. §181.66 et seq., the Minnesota Dismissal for Age Statute, M.S.A. 
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§181.81 et seq., the Minnesota Retaliatory Discharge Law, M.S.A. §176.82; the Minnesota Nonwork Activities Law,  M.S.A. § 181.938; the Minnesota Notice of Termination Law, M.S.A. § 181.931 et seq.; and any under any other Minnesota  or other state or local anti-discrimination, employment or human rights laws or regulations, or any other New Jersey or other state or local law, ordinance or regulation, any claims under any other state or local law, ordinance or regulation.]
[FOR IL. MO, ND, RI, SD or WV, applicable statutes will be added]

4.Release of Unknown Claims. You understand that this release extends to all of the aforementioned claims and potential claims, whether now known or unknown, suspected or unsuspected.

5.Excluded Claims. You are not, by signing this Agreement, releasing or waiving (i) any vested interest you may have in any stock grants, stock options or other forms of equity awards, 401(k) or other retirement plan by virtue of your employment with the Company, subject to the terms and conditions of the applicable plans, any grant or award agreement and applicable law,  (ii) any rights or claims that may arise after this Agreement is signed by you, (iii) the right to institute legal action for the purpose of enforcing the provisions of this Agreement, (iv) any right you may have to apply for any state unemployment insurance benefits, (v) any workers compensation benefits to which you may be entitled under applicable law, (vi) any rights to indemnification under any agreement with the Company, any certificate of incorporation or by laws (or comparable organizational document) of the Company or any applicable insurance policy of the Company with respect to acts or omissions by you occurring or alleged to have occurred during the course of your employment by the Company (and/or by any of the other Releasee entities), subject to the applicable definitions, terms and conditions of any such agreement, certificate of incorporation, by laws (or comparable organizational document), insurance policy and applicable law, or (vii) any rights for continuation coverage under COBRA.  Additionally, nothing in this Agreement waives or otherwise limits your right to: file a charge or complaint with the U.S. Equal Employment Opportunity Commission (“EEOC”) (and/or with any other government agency); testify, assist or participate in any investigation, hearing or proceeding conducted by the EEOC (and/or by any other government agency); or challenge under the Older Workers Benefit Protection Act (“OWBPA”) (29 U.S.C. § 626) the knowing and voluntary nature of your release of any claims that you may have under the ADEA.  However, neither the immediately preceding sentence nor any other provision in this Agreement constitute a waiver of any kind by any of the Releasees of their right to assert the Release set forth in this Agreement as a defense to any charge or complaint filed with the EEOC, any other government agency, any court, and/or any other tribunal.  Additionally, you hereby waive any right to, and agree that you will not accept, any monetary award or recovery resulting from a filing of a charge or complaint by or with the EEOC, any other government agency, any court, and/or any other tribunal against the Company (and/or against any of the other Releasees) asserting or alleging any claim, demand or cause of action that has been released or waived in this Agreement.  In addition, for the avoidance of doubt, 
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nothing in this Agreement shall be interpreted to limit your right to receive an award to which you may be entitled for information provided to the U.S. Securities and Exchange Commission (“SEC”), the U.S. Commodity Futures Trading Commission (“CFTC”), or equivalent state securities enforcement agencies.

6.Promise Not To Sue.  A “promise not to sue” means you promise not to sue any Releasee in court.  This is different from the General Release above.  Besides releasing claims covered by that General Release, you agree never to sue any Releasee for any reason covered by that General Release.  Despite this Promise Not To Sue, however, you may file suit to enforce this Agreement or to challenge its validity under the ADEA.  If you sue a Releasee in violation of this Agreement: (i) you shall be required to pay that Releasee’s reasonable attorney fees and other litigation costs incurred in defending against your suit; or alternatively (ii) the Company can require you to return all but $100.00 of the money and benefits provided to you under this Agreement.  In that event, the Company shall be excused from any remaining obligations that exist solely because of this Agreement.

7.Whistleblowing.  You agree that (i) no one has interfered with your ability to report within the Company possible violations of any law, and (ii) it is the Company’s policy to encourage such reporting.

8.Cooperation on Transition of Business. You agree that you will provide to the Company on or before your last date of employment, and at any time within 3 months thereafter, upon the Company’s reasonable request on or following the Termination Date, a list and status of current work projects and other information deemed necessary by the Company to ensure an orderly transition of such projects.  You further agree to also provide a list of any current action items with key customers and/or vendors or external communication follow up with customers or vendors that need to occur to ensure continuation of business.  You also agree to reasonably cooperate with the Company in the transition of work responsibilities. 

9.Return of Property.  You acknowledge by your signature to this Agreement that as of the date you sign this Agreement you have returned to the Company all property of the Company, or any related entity, including laptops, smartphones, cell phones, tablets, external storage devices, any other electronic devices and equipment, or any other property issued to you during the course of employment and all documents, files, correspondence, emails and other electronic communications, reports, materials, legal documents, contracts, marketing materials, and other items, whether in hard copy, on DVD, disc, flash drive or other storage mechanism, or on any electronic device, or otherwise, including all copies, which belong to the Company or any related entity or are related to the business of, or the services you performed for, the Company or any related entity, for any customer, including but not limited to any property, documents, files, correspondence, emails and other electronic communications, reports, materials, legal documents, contracts, marketing materials, and other items containing trade secret, proprietary or confidential information and materials.
10.Confidentiality of Agreement.  This Agreement, its terms, conditions and existence are strictly confidential, and you agree that you will not divulge or disclose this Agreement, its 
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terms or existence in any way to any person, other than to your spouse, children, legal or tax advisor, the state unemployment compensation authorities, the taxing authorities, or any Releasees, except as required by law.  Should you choose to divulge or disclose the terms, conditions and/or existence of this Agreement to any person permitted to receive the information, other than governmental agencies, you must ensure that the person will be similarly bound to keep the terms, conditions and existence of this Agreement confidential. 
11.Non-Disparagement. You agree that you will not make any disparaging or negative remarks, whether oral or in writing, regarding the Company, or its respective officers, directors, employees or affiliates, or their respective operations, products and/or services. Neither this Section nor any other provision of this Agreement affects or restricts your obligation to provide good faith truthful information in connection with an application for state unemployment compensation benefits, or to provide any other good faith truthful information required in response to a government inquiry, in response to a valid subpoena or court order, in an action to enforce the terms of this Agreement, or as otherwise specifically required by law.  In addition, neither this Section nor any other provision of this Agreement affects or restricts your obligation to provide good faith truthful information in connection with the filing of a claim or charge with, or an investigation, hearing or proceeding conducted by, a governmental agency, including the SEC, the CFTC, the EEOC or similar state agencies.  You acknowledge and agree however (as indicated above in the General Release of Claims section of this Agreement) that you will not be entitled to recover any award of money, compensation, costs, attorney’s fees or damages whatsoever from the Company or any of the other Releasees in connection with any charge of discrimination or other claim that has been released and/or waived under Section 3 of this Agreement or if you have such a charge or claim filed on your behalf, and you agree that the Separation Package that you receive or for which you are eligible under this Agreement fully and completely compensates you for any and all claims you may have against the Company or any of the related entities and individuals released in the General Release of Claims section of this Agreement.
12.Non-Admission.  Neither the Company's offer reflected in this Agreement nor any payment under this Agreement are an admission that you have a viable claim against the Company or any other Releasee.  Each Releasee denies all liability.
13.Return of Separation Package. You will not receive the Separation Package described in this Agreement, and you will be required to return any such payments or benefits included in the Separation Package made to you or on your behalf if you (i) do not meet the duties and responsibilities of your position through the Termination Date, (ii) do not sign this Agreement and return the original of this Agreement in the time period specified in this Agreement, (iii) rescind the release of ADEA Claims under this Agreement after signing the Agreement, (iv) violate any of the terms and conditions set forth in this Agreement, including but not limited to the confidentiality requirements set forth above in this Agreement, or (v) if you intentionally and materially breach any obligations, covenants,  restrictions or agreements of confidentiality, non-solicitation, non-competition under an agreement between you and the Company signed by you on [*] (the “Confidentiality Agreement”) and fail to cure such breach (if curable) within thirty (30) days.  The remedies provided for in this 
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Section 13 are in addition to any other remedies that may be available to the Company under law or equity.

14.Binding Effect.  This Agreement is final and binding upon and inures to the benefit of the parties and their respective successors and legal representatives and permitted assigns, and together with the applicable provisions of the Confidentiality Agreement (defined above) constitutes the complete and exclusive statement of the terms and conditions of the termination of your employment with the Company.  You further acknowledge that you have not relied on any representations or statements, whether oral or written, other than the express statements of this Agreement (and the applicable provisions of the Confidentiality Agreement), in signing this Agreement.  With the exception of the Confidentiality Agreement, this Agreement supersedes and merges all prior negotiations, agreements and understandings between the Company and you, if any.  No modification, release, discharge, or waiver, of any provision of this Agreement shall be of any force or effect unless made in writing and signed by the Company and you, and specifically identified as an amendment, modification, release, or discharge of this Agreement.  If any term, clause, or provision of this Agreement is determined for any reason by a court of competent jurisdiction to be invalid, unenforceable, or void, the determination shall not impair or invalidate any of the other provisions of this Agreement, all of which shall be performed in accordance with their respective terms.  However, if any of the waivers and releases set forth in Section 3 of this Agreement are held to be invalid, void and/or unenforceable by a court then: the remaining waivers and releases shall remain fully valid and enforceable and, upon request by the Company, you shall immediately duly execute and deliver to the Company a release and waiver that is legal and enforceable to the fullest extent of the law. 
15.Consideration Period.  By your signature to this Agreement, you acknowledge and agree that you have been given a period of at least twenty-one (21) calendar days following the date this Agreement was provided to you (the “Consideration Period”) to consider this Agreement prior to signing it and that you have not signed it prior to the Termination Date.  If you have signed it prior to the expiration of the twenty-one (21) day period, you are acknowledging that you have done so knowingly and voluntarily and have waived the remainder of the Consideration Period.  By your signature you also acknowledge and agree that the Company has advised you to consult with an attorney of your choice at your expense prior to signing this Agreement and you have done so, or chosen not to do so, of your own accord. You further agree that any modifications made to this Agreement, material or otherwise, do not restart or affect in any manner the Consideration Period of at least twenty-one (21) calendar days.
16.Post-Termination Confidentiality. By signing this Agreement, you acknowledge and agree that the post-termination obligations and provisions of the Confidentiality Agreement will continue in full force and effect according to the applicable terms of the Confidentiality Agreement following your termination.  By signing this Agreement, you represent that you have complied with all obligations, terms and provisions of the Confidentiality Agreement and will continue to comply with the obligations that survive termination of your employment.
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17.Right to Rescind Release of ADEA Claims3.  You are hereby notified of your right to rescind the release of claims in regard to claims arising under the Federal Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq. (“ADEA Claims”) within seven (7) calendar days after signing this Agreement (the “Rescission Period”).  To be effective, the rescission must be in writing and delivered to Ms. Jean Casner, Senior Vice President – Chief Human Resources Officer, Cantel Medical Corp., 150 Clove Road, Little Falls, New Jersey 07424, by hand, email to jcasner@cantelmedical.com, (with a copy to HRIS@cantelmedical.com), or mail.  If delivered by mail, the rescission must be postmarked within the required period, properly addressed to Ms. Casner, as set forth above, and sent by certified mail, return receipt requested, or recognized overnight courier.  It is further understood that, if you rescind the release of ADEA Claims in accordance with this Section, or if you decide not to sign this Agreement, the Company shall have no obligation to provide the Separation Package to you under Section 2 of this Agreement, and you shall be required to return or repay any payments or benefits included in the Separation Package already received or made on your behalf.

18.Governing Law; Jurisdiction.  This Agreement will be governed by and construed in accordance with the laws of the State of New Jersey without regard to principles of conflicts of laws.  As to any dispute concerning or arising out of this Agreement, each of the Company and you hereby expressly consent to personal jurisdiction in the State of New Jersey, hereby submit to the exclusive jurisdiction of the state and federal courts located in the State of New Jersey, County of Passaic, and further agree not to assert that any action brought in such jurisdiction has been brought in an inconvenient forum or that such venue is improper.  To the extent permitted by law, any and all claims asserted in such an action shall be adjudicated by a judge sitting without a jury.

19.Tax Consequences. Notwithstanding any action the Company takes under Sections 1 or 2 with respect to any or all federal, state or local income tax, payroll tax, or other tax-related withholding with respect to payments under this Agreement, the ultimate liability for all taxes with respect to such payments is and remains your responsibility and the Company (i) makes no representation or undertakings regarding the treatment of any tax-related items in connection with this Agreement, and (ii) does not commit to structure the payments to reduce or eliminate your liability for any taxes with respect to the payments.

20.Section 409A. This Agreement, and any payment hereunder, is intended to be exempt from Section 409A of the Internal Revenue Code (“Section 409A”) under the short-term deferral and separation pay plan exemptions to the maximum extent permitted by Section 409A. However, to the extent that this Agreement or any payment hereunder is subject to Section 409A, the Agreement will be construed and interpreted in a manner that is consistent with the requirements of Section 409A. For these purposes, each “payment” (as defined by 

3 For employees who reside in or are based in MN, this Section will include a reference to the Minnesota Human Rights Act, M.S.A. § 363A.01 et seq. and provide for a Rescission Period of fifteen (15) calendar days after signing this Agreement.

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Section 409A) made under this Agreement shall be considered a “separate payment.” Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event will the Company, its divisions and affiliates nor their respective directors, officers, employees or advisers be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A.

If this Agreement (or any portion thereof) is subject to Section 409A and any amount subject to Section 409A becomes payable as a result of your “separation from service” (as defined under Section 409A) and at such time you are a “specified employee” (as defined under Section 409A), payment of such amount shall be delayed and shall be paid (without interest) on the first day of the seventh calendar month following the date of your “separation from service.” Further, in the event that the period of time given to consider a release agreement spans two years, to the extent a payment is subject to the execution of the release and to Section 409A, the payment may not be made earlier than January 1 of the second year.

21.Resignations.  Effective as of the Termination Date, you will be deemed to have resigned from any and all of your director positions and offices with the Company and any and all of its affiliates and divisions.  However, upon the request of the Company, you agree to sign and return to the Company any formal resignations of Cantel affiliates provided by the Company.

22. Applicable only to Employees aged 62 or older: Medicare Secondary Payer. Nothing in this Agreement prevents either party from: (i) addressing any claim for reporting violations, penalties, or reimbursement liabilities under the Medicare Secondary Payer law or the Medicare, Medicaid, and SCHIP Extension Act of 2007; (ii) communicating information about this Agreement for compliance purposes to the Department of Health and Human Services or the Centers for Medicare & Medicaid Services; or (iii) otherwise complying with the above laws. In addition, you agree to indemnify and defend the Company against any loss or liability it incurs due to Medicare conditional payments related to the accident, injury, or illness underlying this settlement.

You have consulted with an attorney before signing this Agreement (or been advised by this Agreement of your right to do so) regarding each parties’ obligations (if any) to reimburse Medicare for conditional payments related to the accident, injury, or illness underlying this settlement. No mistake of law or fact by either party regarding any obligation to reimburse Medicare shall be grounds for nullifying, voiding, or reforming this Agreement.

23.Severability.  If any one or more of the provisions of this Agreement is held invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision that comes closest to the intent of the parties.

[Remainder of page intentionally left blank.]
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Your signature below indicates that you have carefully read, understand and agree to all terms and provisions of this Agreement in its entirety.  Your signature further indicates that you have had a sufficient and reasonable amount of time prior to signing this Agreement to ask questions regarding this Agreement, that you have been advised to seek legal advice, and that you have signed this Agreement as a free and voluntary act.  
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If you wish to receive the Separation Package set forth above in this Agreement, you must sign and return the original of this Agreement to the Company by hand or by mail (or overnight courier) (as set forth in Section 2 above) no earlier than the Termination Date and no later than the 21st day following your receipt of this Agreement.  You must also abide by all other terms of this Agreement. You should keep a copy for your records.
Sincerely, 
CANTEL MEDICAL CORP.

By: ___________________________________________________

[Balance of page intentionally left blank.  Your signature page to follow.]
        

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ACCEPTANCE AND AGREEMENT TO CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE

    By signing below, I, [*], acknowledge and agree to the following:
•I have not suffered any on-the-job injury for which I have not already filed a claim, and the end of my employment is not related to any such injury.
•I do not have any pending lawsuits against the Company.
•I have had adequate time to consider whether to sign this Confidential Separation Agreement and General Release.
•I have read this Confidential Separation Agreement and General Release carefully.
•I understand, accept and agree to all of the terms of this Confidential Separation Agreement and General Release.
•I am knowingly and voluntarily releasing my claims as set forth in this Confidential Separation Agreement and General Release.  
•I have not, in signing this Confidential Separation Agreement and General Release, relied upon any representations or statements, written or oral, or explanations made by the Company except for those specifically set forth in this Confidential Separation Agreement and General Release and the Confidentiality Agreement. 
•I intend this Confidential Separation Agreement and General Release to be legally binding.
•I have kept a full copy of this Confidential Separation Agreement and General Release for my records.

    I am signing this Confidential Separation Agreement and General Release no earlier than the Termination Date as defined above.

                                                    
Date                            [Name of Employee]

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