Document:

seas-ex102_43.htm

 

Exhibit 10.2

Lord Central Opportunity V Limited

Commence Chambers, P.O. Box 2208

Road Town, Tortola

British Virgin Islands

 

May 3, 2019

 

SeaWorld Entertainment, Inc.

9205 South Park Center Loop, Suite 400

Orlando, FL 32819

Attention:  General Counsel

Fax:  +1 (407) 226-5039

 

With a copy to:

 

Latham & Watkins LLP

330 N. Wabash Ave., Suite 2800

Chicago, IL 60611

Attention:  Cathy A. Birkeland and Bradley C. Faris

Fax:  +1 (312) 993-9767

 

PA Eminent Opportunity VI Limited

Commence Chambers, P.O. Box 2208

Road Town, Tortola

British Virgin Islands

Attention: Jon Robert Lewis

Fax number: +1 284 494 2889

 

China Huarong International Holdings Limited

China Huarong Tower

60 Gloucester Road

Wanchai, Hong Kong

Attention: Yulin Huang

Fax number:+852 3198 5796

 

 

Re:Share Transfer 

 

Dear Mr. Taylor:

 

Reference is made to (i) that certain Facility Agreement, dated May 8, 2017 (the “Facility Agreement”), among Sun Wise (UK) Co., Ltd (“ZHG”), Sun Wise Oriented (HK) Co., Limited (“ZHG Guarantor”) and PA Eminent Opportunity VI Limited, a BVI business company incorporated under the laws of the British Virgin Islands with registered number 1940944 and 

 

 

 

whose registered office is at Commence Chambers, P.O. Box 2208, Road Town, Tortola, British Virgin Islands (the “Senior Lender”), (ii) that certain Investment Agreement, dated May 8, 2017 (the “Investment Agreement”), among China Huarong International Holdings Limited, a company incorporated under the laws of Hong Kong (company number 1845699) whose registered office is at China Huarong Tower, 60 Gloucester Road, Wanchai, Hong Kong (the “Junior Investor”), ZHG Guarantor, ZHG and Mr. Wang Yonghong, (iii) that certain Security Agreement, dated May 8, 2017 (the “Security Agreement”), between ZHG, as pledgor, and Lord Central Opportunity V Limited, a BVI business company incorporated under the laws of the British Virgin Islands with registered number 1931378 and whose registered office is at Commence Chambers, P.O. Box 2208, Road Town, Tortola, British Virgin Islands, as security agent (the “Security Agent”) acting on behalf of the Senior Lender and the Junior Investor, pursuant to which ZHG has pledged 19,452,063 shares of the common stock (the “Pledged Shares”) of SeaWorld Entertainment, Inc. (“SeaWorld”) to the Security Agent, acting on behalf of the Senior Lender and the Junior Investor, as collateral for ZHG’s and/or its Affiliates’ obligations to the Senior Lender and the Junior Investor under the Facility Agreement and the Investment Agreement, respectively, (iv) that certain Intercreditor Agreement, dated May 8, 2017 (the “Intercreditor Agreement”), among ZHG Guarantor, the Senior Lender, ZHG, the Security Agent and the Junior Investor, and (v) that certain Stockholders Agreement, dated March 24, 2017 (the “SHA”), by and among SeaWorld, ZHG and Zhonghong Zhuoye Group Co. Ltd.

 

Representatives of the Security Agent have notified representatives of SeaWorld of its intention to transfer the Pledged Shares from ZHG to the name of the Security Agent (or its nominee) on the books of SeaWorld in connection with the enforcement of the Security Agent’s rights with respect to the Pledged Shares under the Security Agreement (the “Transfer”).  The Security Agent had previously informed SeaWorld and its representatives that the Senior Lender and the Junior Investor had notified ZHG that ZHG is in continuing default of its obligations to the Senior Lender and the Junior Investor under the Facility Agreement and the Investment Agreement, respectively. Pursuant to section 4.1 of the SHA, the Transfer is a Permitted Transfer (as defined in the SHA) under the SHA; provided that the Security Agent agrees to comply with the restrictions in section 4.1 of the SHA with respect to the Transfer.  Accordingly, as provided for in section 13 of the Security Agreement, the Security Agent, acting in its capacity as the true and lawful attorney-in-fact of ZHG, requests SeaWorld to effect the Transfer in accordance with the SHA.

 

By executing this letter agreement (this “Agreement”), the Security Agent hereby represents, warrants, acknowledges and agrees that:

 

	
 
	
1.
	
As of the date of this Agreement, the Transfer and all matters arising out of or related to the Transfer have been validly undertaken by the Security Agent in accordance with the Security Agreement, the Intercreditor Agreement and other applicable Finance Documents (as defined in the Facility Agreement).  In addition, as of the date of this Agreement, to the knowledge of the Security Agent, neither ZHG nor any other Person (as defined in Exhibit A hereto) has objected to, and the Security Agent is not aware of any Person that would be reasonably expected to have valid basis to object to, the Transfer.

 

2

 

 

 

	
 
	
2.
	
As a condition to the Security Agent’s or its nominee’s ability to take ownership of the Pledged Shares, the Security Agent agrees to comply or procure such nominee to comply with the restrictions in Exhibit A hereto with respect to the Pledged Shares.

 

	
 
	
3.
	
The Security Agent is duly organized, validly existing and in good standing under the Laws (as defined in Exhibit A hereto) of the jurisdiction of its organization.  The Security Agent has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.

 

	
 
	
4.
	
The execution and delivery by the Security Agent of this Agreement and the performance by the Security Agent of its obligations under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any person (except for any such consents or approvals which have been obtained) under, (x) applicable Law, (y) its organizational documents, or (z) any contract or agreement to which it is a party.

 

	
 
	
5.
	
The execution and delivery by the Security Agent of this Agreement and the performance by the Security Agent of its obligations under this Agreement have been duly authorized by all necessary corporate or other analogous action on its part.  This Agreement has been duly executed and delivered by the Security Agent and, assuming the due authorization, execution and delivery by SeaWorld, constitutes a legal, valid and binding obligation of the Security Agent, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.

 

	
 
	
6.
	
As of the date of this Agreement, each of the Security Agreement and the Intercreditor Agreement is in full force and effect and is a valid and binding agreement of the Security Agent, the Senior Lender and the Junior Investor, as applicable, and, to the knowledge of the Security Agent and subject to any general principles of law limiting the obligations of ZHG and any other Obligor (as defined in the Facility Agreement) referred to in the relevant legal opinions delivered under the Finance Documents (as defined in the Facility Agreement), is enforceable against ZHG and each other Obligor (as defined in the Facility Agreement) party thereto.  The Security Agent, the Senior Lender and, to the knowledge of the Security Agent, the Junior Investor, as applicable, are each in compliance with the terms and requirements of each of the Facility Agreement, Security Agreement and Intercreditor Agreement, except as would not reasonably be expected to result in any liability to SeaWorld.

 

As a material inducement to SeaWorld’s willingness to enter into and perform this Agreement, the Security Agent, on its behalf and on behalf of the Senior Lender and their respective equityholders, members (for the avoidance of doubt, such references to “equityholders” and “members” shall not include any Affiliates of the Security Agent or the Senior Lender which is not managed by the same investment manager as that of the Security Agent and/or the Senior Lender or any Affiliate operating outside of an information barrier), directors, managers, employees, officers,  representatives and agents (to the extent such representatives or agents are acting on behalf of the Security Agent) (each, a “Releasor”), does hereby irrevocably and unconditionally agree and covenant not to sue or prosecute against SeaWorld and its 

3

 

 

 

representatives, Affiliates, equityholders, directors, members, managers, employees, agents, officers, successors and assigns (each, a “Releasee”) and hereby forever waives, releases and discharges, to the fullest extent permitted by applicable Law each Releasee from any and all proceedings, liabilities, losses, damages, costs, or expenses whatsoever, that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether now existing or hereafter arising, whether arising at law or in equity, against any or all of the Releasees, solely to the extent based on facts, whether or not now known, existing on or before the date hereof and relating to the Transfer; provided, however, neither the Security Agent nor any other Releasor shall be bound by the agreement, covenant, waiver, release or discharge set forth in this paragraph with respect to any Releasee if such  Releasee’s conduct relating to the Transfer constitutes fraud, willful misconduct or gross negligence.  The Security Agent hereby agrees that it shall not initiate or file any lawsuit of any kind whatsoever, or any complaint or charge against any Releasee with respect to the matters released and discharged in accordance with the immediately preceding sentence.

 

Following execution of this Agreement, the Security Agent expressly instructs SeaWorld to, and SeaWorld agrees to use reasonable efforts to cause SeaWorld’s transfer agent, Computershare Inc. (the “Transfer Agent”), to, register the transfer of the Pledged Shares from ZHG to the Security Agent or its nominee.  The Security Agent acknowledges and agrees that, among other customary items that may be requested by the Transfer Agent, prior to such transfer being registered by the Transfer Agent, the Security Agent shall be required to deliver to the Transfer Agent (i) physical copies of the original share certificates representing the Pledged Shares, (ii) original copies of duly executed stock powers with respect to such share certificates, with medallion signature guarantees affixed thereto, and (iii) corporate resolutions or incumbency certificates reflecting that the person executing and delivering such stock powers had the authority to do so.

 

In accordance with Section 11.2 of that certain Registration Rights Agreement, dated March 24, 2017 (the “RRA”), between SeaWorld and ZHG, following the registration of the transfer of the Pledged Shares to the Security Agent on SeaWorld’s books and records, the Security Agent hereby shall become a party to the RRA and the Security Agent agrees to be bound by, subject to and entitled to the benefits of the RRA, in each case, as a “Stockholder” thereunder, with respect to the Pledged Shares.  This Agreement shall constitute a counterpart to the RRA for purposes of Section 11.2 of the RRA.  In accordance with Section 11.4 of the RRA, the Security Agent hereby designates the following address for notices or communications to it under the RRA:

 

	
 
	
Name:
	
Lord Central Opportunity V Limited

	
 
	
Address:
	
Commence Chambers, P.O. Box 2208

Road Town, Tortola

British Virgin Islands

	
 
	
Fax number:
	
+1 284 494 2889

	
 
	
Email:
	
jlewis@pagasia.com

	
 
	
Attention:
	
Jon Robert Lewis

 

	
 
	
With a copy to:
	
15/F, AIA Central,

	
 
	

	
1 Connaught Road Central,

4

 

 

 

	
 
	

	
Hong Kong

	
 
	

	
Fax number: +852 2918 0881

	
 
	

	
Attention: Jon Robert Lewis

 

This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to principles of conflicts of Laws thereof.  In any judicial proceeding involving any dispute, controversy or claim between the parties hereto arising out of or relating to this Agreement, each of the parties hereto, by execution and delivery of this Agreement, unconditionally accepts and consents to the exclusive jurisdiction and venue of the Delaware Court of Chancery and any state appellate court to which orders and judgments thereof may be appealed within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), including but not limited to the in personam and subject matter jurisdiction of those courts, or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed, waives any objections to such jurisdiction on the grounds of venue or forum non conveniens, the absence of in personam or subject matter jurisdiction and any similar grounds or any other manner permitted by Law, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement.  In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in Section 11.4 of the RRA.  EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

This Agreement and any amendment hereto may be signed in any number of separate counterparts (in person, by electronic mail or otherwise), each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable).  This Agreement may be amended, supplemented or otherwise modified, and the observance of any term hereof may be waived, only by a written instrument specifically reference this Agreement and executed by SeaWorld and the Security Agent.  Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.  Any amendment, supplement or modification to this Agreement and any waiver of any term hereof effected in accordance with this paragraph shall be binding on each party hereto and all of such party’s successors and permitted assigns, whether or not such party, successor or permitted assign entered into or approved such amendment, supplement or modification.  This Agreement may not be assigned by a party without the express prior written consent of the other party hereto, and any attempted assignment, without such consent, will be null and void.

 

5

 

 

 

If any provision of this Agreement, or the application of such provision to any person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (a) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by Law, (b) as to such person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by Law and (c) the application of such provision to other persons or circumstances or in other jurisdictions shall not be affected thereby.  Each party hereto shall sign such further documents and do and perform and cause to be done such further acts and things as any other party hereto may reasonably request to the extent necessary to carry out the intent and accomplish the purposes of this Agreement.

 

[Signature page follows.]

 

 

6

 

 

 

 

Very truly yours,

 

	

	
Lord Central Opportunity V Limited

	

	
As Security Agent

 

	

	
For and on behalf of

Lord Central Opportunity V Limited

 

 

By: ___/s/ Jon Robert Lewis_______________

 

Name: ____ Jon Robert Lewis _____________

 

Title: _____Authorisation Signatory__________

 

 

 

[Signature Page to Letter Agreement]

 

ACKNOWLEDGED AND AGREED TO

as of the date first written above:

 

 

SEAWORLD ENTERTAINMENT, INC.

 

 

By: ____/s/ G. Anthony (Tony) Taylor__________

 

Name: ____ G. Antony (Tony) Taylor_________

 

Title: ______General Counsel________________

 

[Signature Page to Letter Agreement]

 

Exhibit A

 

Transfer Restrictions

 

Definitions

 

In addition to the terms defined elsewhere herein, the following terms have the following meanings when used in this Exhibit A with initial capital letters:

 

“5% Stockholder” means, in connection with a proposed Transfer of Equity Securities of SeaWorld, any Person or Group that has filed or is required to file a statement of beneficial ownership report on Schedule 13D or Schedule 13G with the SEC which reports such Person’s or Group’s beneficial ownership of five percent (5%) or more of the total outstanding Common Stock at the time of such proposed Transfer.

“Acquisition” means any transaction or series of related transactions involving: (i) (a) any acquisition (whether direct or indirect, including by way of merger, share exchange, consolidation, business combination or other similar transaction) or purchase from SeaWorld or any of its Subsidiaries that would result in any Person or Group Beneficially Owning more than fifty percent (50%) of the total outstanding Equity Securities of SeaWorld or any of its Subsidiaries (measured by voting power or economic interest), or (b) any tender offer, exchange offer or other secondary acquisition that would result in any Person or Group Beneficially Owning more than fifty percent (50%) of the total outstanding Equity Securities of SeaWorld or any of its Subsidiaries (measured by voting power or economic interest), or (c) any merger, consolidation, share exchange, business combination or similar transaction involving SeaWorld or any of its Subsidiaries that would result in the stockholders of SeaWorld immediately preceding such transaction Beneficially Owning less than fifty percent (50%) of the total outstanding Equity Securities in the surviving or resulting entity of such transaction (measured by voting power or economic interest); provided, that, in the case of each of clauses (a), (b) and (c), in the case such acquisition or other transaction involves only a Subsidiary or Subsidiaries of SeaWorld, only if such acquisition or other transaction would be material to SeaWorld and its Subsidiaries on a consolidated basis; or (ii) any sale or lease or exchange, transfer, license or disposition of a business or assets that constitute more than fifty percent (50%) of the consolidated assets, business, revenues, net income, or assets of SeaWorld and its Subsidiaries on a consolidated basis.

“Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, which, for the avoidance of doubt, in respect of the Senior Lender, shall also include a Related Fund.

“Beneficially Own” (including its correlative meanings, “Beneficial Owner” and “Beneficial Ownership”) has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; provided, however, that, notwithstanding anything in Rule 13d-3(d)(1)(i) to the contrary, the determination of “Beneficial Ownership” of a Person shall be made after giving effect to the conversion of all options, warrants, rights and convertible or other similar securities outstanding as of any date in question that are held by such Person,  irrespective of any vesting period of any such security.

A-1

 

 

“Board” means the board of directors of SeaWorld.

“Business Day” means a day other than a Saturday, Sunday, holiday or other day on which commercial banks in New York, New York, Hong Kong or Beijing, PRC are authorized or required by Law to close.

“Common Stock” means the shares of common stock, $0.01 par value per share, of SeaWorld, and any other capital stock of SeaWorld into which such common stock is reclassified or reconstituted and any other common stock of SeaWorld.

“Control” (including its correlative meanings, “Controlled” and “Controlled by”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person.

“Controlled Affiliate” means, with respect to a Person, any Affiliate of such Person that is controlled by such Person, including any direct or indirect Subsidiary of such Person.

“Creditor Entities” means any of the Senior Lender, the Junior Investor, the Security Agent, or any of their respective Controlled Affiliates.

“Creditor Parties” means (i) the Security Agent and (ii) any Creditor Permitted Transferee that becomes a party to Exhibit A to this Agreement by executing a joinder agreement substantially in the form attached as Exhibit C to this Agreement.

“Creditor Permitted Transferee” has the meaning set forth in paragraph (b)(ii) under the heading “Transfer Restrictions”.

“Equity Securities” means any and all (i) shares, interests, participations or other equivalents (however designated) of capital stock or other Voting Securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person (other than a corporation), (ii) securities convertible into or exchangeable for shares, interests, participations or other equivalents (however designated) of capital stock or Voting Securities of (or other ownership or profit or voting interests in) such Person, and (iii) any and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents, securities, warrants, options, rights or other interests are authorized or otherwise existing on any date of determination.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

“Governmental Authority” means any nation, government, or supra-national body of competent jurisdiction, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and, other than with respect to clause (b)(vi) of this Exhibit A, any arbitrator or arbitral body or panel of competent jurisdiction or other entity with quasi-governmental authority.

A-2

 

 

“Group” has the meaning assigned to it in Section 13(d)(3) of the Exchange Act and Rule 13d-5 thereunder.

“Law” means any statute, law (including common law), regulation, ordinance, rule, injunction, order, decree, award, governmental approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority.

 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political subdivision thereof.

“Related Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

“Restricted Entity” means a Person principally engaged in the business of owning, operating, managing, franchising or branding theme parks and other entertainment destinations, that, in each case, competes with SeaWorld and is listed on Exhibit B attached hereto, as such list may be amended by SeaWorld acting reasonably and in good faith from time to time, but not more than once every twelve (12) months, by delivery of written notice to the Security Agent no less than forty-five (45) days prior to such amendment.

“Restricted Period” means the period commencing on the date of this Agreement and ending on May 8, 2019.

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of the total voting power of stock (or equivalent ownership interest) of such limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons shall be deemed to own, control or have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing director or member, or general partner, of such limited liability company, partnership, association or other business entity.

A-3

 

 

“Transfer” (including its correlative meaning, “Transferred”) shall mean, with respect to any Equity Security, directly or indirectly, by operation of Law, contract or otherwise, (i) to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such Equity Security, (ii) to engage in any hedging, swap, forward contract or other similar transaction that is designed to or which reasonably could be expected to lead to or result in a sale or disposition of Beneficial Ownership of, or pecuniary interest in, such Equity Security, including any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to such Equity Security, or (iii) to enter into a short sale of, or trade in, derivative securities representing the right to vote or economic benefits of, such Equity Security.  When used as a noun, “Transfer” shall have such correlative meaning as the context may require.

“Voting Securities” means shares of Common Stock and any other securities of SeaWorld entitled to vote generally in the election of directors of SeaWorld.

Transfer Restrictions

 

(a)During the Restricted Period, no Creditor Party shall Transfer any shares of Common Stock, other than pursuant to a Permitted Transfer.

(b)“Permitted Transfer” means:

i.a Transfer that has been approved in advance by a majority of the disinterested members of the Board or a duly-authorized committee thereof;

ii.a Transfer to another Creditor Party;

iii.a Transfer to any Creditor Entity that is not a Restricted Entity and not a Creditor Party (any such Creditor Entity, a “Creditor Permitted Transferee”), if such Creditor Permitted Transferee shall have agreed in writing to be bound to the same extent as Creditor by the obligations of this Exhibit A by executing a joinder agreement substantially in the form attached as Exhibit C to this Agreement;

iv.a Transfer in connection with any Acquisition approved by the Board or a duly-authorized committee thereof (including if the Board or such committee (A) recommends that SeaWorld’s stockholders tender in response to a tender or exchange offer that, if consummated, would constitute an Acquisition, or (B) does not recommend that SeaWorld’s stockholders reject any such tender or exchange offer within the ten (10) Business Day period specified in Rule 14e-2(a) under the Exchange Act);

v.a Transfer that constitutes a tender into a tender or exchange offer commenced by SeaWorld or any of its Affiliates; or

vi.a Transfer in connection with any bona fide mortgage, encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement thereunder; provided, that (A) such financial institution either shall not be 

A-4

 

 

Controlled by any Governmental Authority at the time of such Transfer or, if such financial institution is Controlled by a Governmental Authority at the time of such Transfer, such financial institution shall either (x) be included on The Banker’s most recently issued Top 1000 World Banks ranking or (y) have common equity securities listed on a globally recognized stock exchange, and (B) as a condition to such financial institution’s ability to take ownership of any shares of Common Stock in connection with enforcement under any such loan or debt transaction, such financial institution or its assignee (as applicable) shall agree to comply with the restrictions in this Exhibit A with respect to such shares of Common Stock (it being acknowledged and agreed that such financial institution or its assignee shall inure to the rights of the Security Agent under the RRA with respect to such shares of Common Stock).

(c)Following the Restricted Period, each Creditor Party shall be free to Transfer any shares of Common Stock; provided, that (i) with respect to any Transfer, other than a Permitted Transfer or an underwritten public offering or an underwritten block trade, the Creditor Parties shall not Transfer any shares of Common Stock to (A) any Restricted Entity or (B) any Person or Group known to such Creditor Party (or to the broker in an ordinary course brokerage transaction) to be a 5% Stockholder or that would become the Beneficial Owner of five percent (5%) or more of the total outstanding Common Stock as a result of the Transfer, (ii) with respect to any Transfer, other than a Permitted Transfer, that is an underwritten public offering or an underwritten block trade, such Creditor Party shall instruct the managing underwriter(s) or broker(s) not to Transfer any shares of Common Stock to any Person or Group that is a 5% Stockholder or that would become the Beneficial Owner of five percent (5%) or more of the total outstanding Common Stock as a result of the Transfer (unless, in each case, the identity of the Person purchasing the shares of Common Stock is not known to the managing underwriter(s) or broker(s)) and (iii) with respect to a Transfer, other than a Permitted Transfer, that is an underwritten block trade, such Creditor Party shall instruct the broker(s) not to Transfer any shares of Common Stock to a Restricted Entity (unless the identity of the Person purchasing the shares of Common Stock is not known to such Creditor Party or broker(s)).  For purposes of this clause (c), the total number of shares of Common Stock outstanding at any time shall be the number specified in the most recent SEC filing of SeaWorld disclosing the total number of shares of Common Stock outstanding.  

(d)Any Transfer or attempted Transfer of Equity Securities of SeaWorld in violation of this Exhibit A shall, to the fullest extent permitted by applicable Law, be null and void ab initio, and SeaWorld shall not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the books of SeaWorld.

(e)Following any Transfer by a Creditor Party contemplated by clause (b)(vi), such Creditor Party shall (i) promptly notify SeaWorld in writing upon receipt of any notice of acceleration or foreclosure from a financial institution under the applicable loan or debt transaction, and (ii) reimburse any reasonable costs and expenses incurred by SeaWorld in connection with (x) the establishment of such mortgage, encumbrance or pledge or (y) any Transfer of shares of Common Stock to such financial institution in connection with such event of acceleration or foreclosure.

(f)Any certificates for shares of Common Stock held by a Creditor Party shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with 

A-5

 

 

respect to shares maintained in the form of book entries) referencing restrictions on transfer of such shares under the Securities Act and under this Agreement which legend shall state in substance:

THESE SECURITIES AND THE SECURITIES ISSUABLE UPON THE EXCHANGE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING TO SUCH SECURITIES UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS.

THESE SECURITIES ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN THE LETTER AGREEMENT DATED AS OF MAY ____, 2019, BETWEEN SEAWORLD ENTERTAINMENT, INC. AND Lord Central Opportunity V Limited, AS AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.

Notwithstanding the foregoing, upon the request of the applicable Creditor Party, (i) in connection with any Transfer of Common Stock Transferred in accordance with the terms of this Agreement (other than clause (b)(ii) and clause (b)(iii)), SeaWorld shall promptly cause the second paragraph of the legend (or notation) to be removed upon such Transfer if such restrictions would not be applicable following such Transfer, (ii) following receipt by SeaWorld of an opinion of counsel reasonably satisfactory to SeaWorld to the effect that such legend (or notation) may be lifted in connection with the Transfer of Common Stock, SeaWorld shall promptly cause the first paragraph of the legend (or notation) to be removed from any Common Stock to be Transferred in accordance with the terms of this Exhibit A, and (iii) to the extent the first and second paragraph of the legend (or notation) would be removed pursuant to this paragraph in connection with any Transfer of Common Stock, SeaWorld shall use reasonable efforts to cause such Common Stock to be registered in the name of The Depository Trust Company’s nominee.

 

A-6

 

 

Exhibit B

 

Restricted Entities

 

	
 
	
•
	
Walt Disney Parks and Resorts

 

	
 
	
•
	
Universal Studios

 

	
 
	
•
	
Six Flags, Inc.

 

	
 
	
•
	
Cedar Fair Entertainment Company

 

	
 
	
•
	
Merlin Entertainments Group Ltd.

 

	
 
	
•
	
Herschend Family Entertainment

 

B-1

 

 

Exhibit C

 

Form of Joinder Agreement

 

[ ● ], 20[ ● ]

 

[ ● ], a [ ● ] (the “Joining Party”), is executing and delivering this Joinder Agreement (this “Joinder”) to Exhibit A to that certain Letter Agreement, dated as of April [ ● ], 2019 (as amended, modified or supplemented from time to time, the “Agreement”), by and between SeaWorld Entertainment, Inc. (“SeaWorld”) and Lord Central Opportunity V Limited (the “Security Agent”).  Capitalized terms used but not defined herein shall have the meaning ascribed to them in Exhibit A to the Agreement.

By executing and delivering this Joinder, the Joining Party (a) hereby agrees to become a party to, be bound by, comply with the terms and conditions of and have the rights and obligations set forth in Exhibit A to the Agreement, in each case, to the same extent as [insert name of applicable Creditor Party], and (b) shall be a Creditor Party under Exhibit A to the Agreement for all purposes thereof.

This Joinder shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to principles of conflicts of Laws thereof.

 

[Signature Page Follows]

C-1

 

 

 

Accordingly, the undersigned have executed and delivered this Joinder as of the date first written above.

 

[JOINING PARTY]

 

 

By:

Name:
Title:

 

 

SEAWORLD ENTERTAINMENT, INC.

 

 

By:

Name:
Title:

 

 

C-2EX-10.3

 Exhibit 10.3 

AGCO/SPECCO INTELLECTUAL PROPERTY CROSS LICENSE AGREEMENT 

by and among 
 CORTEVA,
INC., 
 AGCO LICENSORS, 

AGCO LICENSEES, 

DOWDUPONT INC., 
 SPECCO
LICENSORS 
 and 

SPECCO LICENSEES 
 Dated as
of June 1, 2019 

 AGCO/SPECCO INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT 

This AGCO/SPECCO INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT (this “Agreement”), dated as of June 1, 2019 (the
“Effective Date”), is entered into by and among Corteva, Inc., a Delaware corporation (“AgCo”), the AgCo Licensors and the AgCo Licensees, on the one hand, and DowDuPont Inc., a Delaware corporation
(“SpecCo”), the SpecCo Licensors and the SpecCo Licensees, on the other hand (each of AgCo and SpecCo, a “Party” and together, the “Parties”). 

WHEREAS, AgCo and SpecCo are parties to that certain Separation and Distribution Agreement, dated April 1, 2019 (the
“Separation Agreement”); 
 WHEREAS, as of and following the Effective Time (as defined in the Separation
Agreement), each Party and its Affiliates have rights to certain Patents, Know-How, Copyrights and Software (each, as defined in the Separation Agreement); and 

WHEREAS, in connection with the Separation Agreement, the SpecCo Licensors wish to grant to the AgCo Licensees, and the AgCo Licensors
wish to grant to the SpecCo Licensees, a license and other rights to certain of such Patents, Know-How, Copyrights and Software, in each case as and to the extent set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Agreement, the
Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1    General. As used in this Agreement, the following terms shall have the meanings set forth in
this Section 1.1. Capitalized terms that are not defined in this Agreement shall have the meanings set forth in the Separation Agreement. 

(1)    “Action” means any demand, action, claim, cause of action, suit, countersuit, arbitration,
inquiry, case, litigation, subpoena, proceeding or investigation (whether civil, criminal or administrative) by or before any court or grand jury, any Governmental Entity or any arbitration or mediation tribunal or authority. 

(2)     “AgCo Field” means the field of the Agriculture Business and natural evolutions thereof. 

(3)    “AgCo Licensed Copyrights” means any and all Copyrights to the extent Controlled by AgCo or any of
its Affiliates, and Used in the Specialty Products Business, as of the Effective Date, including the Copyrights set forth on Schedule B. Notwithstanding the foregoing, AgCo Licensed Copyrights expressly exclude any and all (i) Know-How, (ii) IT Assets and (iii) Excluded IP. 

 (4)    “AgCo Licensed Engineering Standards” means
Engineering Standards (including as set forth on Schedule E(i)), each, to the extent both (i) owned by AgCo or any of its Affiliates, or with respect to which AgCo or any of its Affiliates has the right to grant the license or other
rights granted to SpecCo hereunder without payment obligations to any Third Party, as of the Effective Date and (ii) that is actually used by SpecCo or its Affiliates in the conduct of the Specialty Products Business as of the Effective Date.
Notwithstanding the foregoing, the AgCo Licensed Engineering Standards shall expressly exclude (i) Regulatory Data, (ii) Government Approvals, (iii) CRISPR Technology, (iv) TMODS IP, (v) Trademarks, and (vi) the
Intellectual Property set forth on Schedule A. 
 (5)    “AgCo Licensed IP” means the AgCo
Licensed Patents, AgCo Licensed Know-How, and AgCo Licensed Copyrights. 

(6)    “AgCo Licensed Know-How” means any and all Know-How to the extent Controlled by AgCo or any of its Affiliates, and Used in the Specialty Products Business, as of the Effective Date, including the Know-How set forth on
Schedule C. Notwithstanding the foregoing, AgCo Licensed Know-How expressly excludes any and all (i) IT Assets and (ii) Excluded IP. 

(7)    “AgCo Licensed Patents” means any and all (i) Patents set forth on Schedule D to the
extent Controlled by AgCo or any of its Affiliates as of the Effective Date, (ii) Patents to the extent such Patents Cover any AgCo Licensed Know-How and are Controlled by AgCo or any of its Affiliates
following the Effective Date and (iii) to the extent Controlled by AgCo or any of its Affiliates as of or following the Effective Date, continuations, divisionals, renewals,
continuations-in-part, patents of addition, restorations, extensions, supplementary protection certificates, reissues and
re-examinations of, and all other Patents that claim priority to, any Patents described in either of the foregoing subsections (i) or (ii), and foreign equivalents thereof, in each case to the extent the
claims are supported by any Patents described in either of the foregoing subsections (i) or (ii) (but in all cases expressly excluding any and all Excluded IP). 

(8)    “AgCo Licensed SHE Standards” means the DuPont Safety, Health, and Environmental Standards
(including as set forth on Schedule E(ii)), each, to the extent both (i) owned by AgCo or any of its Affiliates, or with respect to which AgCo or any of its Affiliates has the right to grant the license or other rights granted to SpecCo
hereunder without payment obligations to any Third Party, as of the Effective Date and (ii) that is actually used by SpecCo or its Affiliates in the conduct of the Specialty Products Business as of the Effective
Date.    Notwithstanding the foregoing, the AgCo Licensed SHE Standards shall expressly exclude (i) Regulatory Data, (ii) Government Approvals, (iii) CRISPR Technology, (iv) TMODS IP, (v) Trademarks, and
(vi) the Intellectual Property set forth on Schedule A. 
 (9)    “AgCo Licensed Standards”
means the AgCo Licensed SHE Standards and the AgCo Licensed Engineering Standards 
 (10)    “AgCo
Licensees” means (a) Pioneer Hi-Bred International, Inc., with respect to the licenses granted hereunder by PM Taiwan, Inc., and (b) E.I. du Pont de Nemours and Company, with respect to the
licenses granted hereunder by SP Holding IB, Inc., Specialty Products N&H, Inc., DuPont Electronics, Inc., DuPont Safety & Construction, Inc., and DuPont Polymers, Inc. 

(11)    “AgCo Licensors” means Pioneer Hi-Bred International,
Inc. and E.I. du Pont de Nemours and Company. 

  
 2 

 (12)    “Authorized User” means a Party and its
Affiliates, including, for clarity, any Person that becomes an Affiliate of such Party after the Effective Date (but, subject to Section 10.2, only for so long as such Person remains an Affiliate of such Party) and its and
their Personnel. 
 (13)    “Business Software” means with respect to a Licensor, all Software to the
extent Controlled by such Licensor or any of its Affiliates as of the Effective Date, which Software is reasonably required as of the Effective Date for the conduct of (i) the Agriculture Business if the Licensee is AgCo, including as listed on
section (i) of Schedule I, or (ii) the Specialty Products Business if the Licensee is SpecCo, including as listed on section (ii) of Schedule I, in each case (in respect of the foregoing (i) and (ii)), only if and
to the extent such Licensee and its Affiliates have not been granted a license or other rights to use such Software under the Separation Agreement or any other Ancillary Agreement. Notwithstanding the foregoing, Business Software expressly excludes
any and all Excluded IP. 
 (14)    “Confidential Information” shall have the meaning provided to it in
the Umbrella Secrecy Agreement. 
 (15)    “Contract” means any agreement, contract, subcontract,
obligation, note, indenture, instrument, option, lease, sublease, promise, arrangement, release, warranty, license, sublicense, insurance policy, purchase order or legally binding commitment or undertaking of any nature (whether written or oral and
whether express or implied). 
 (16)    “Controlled” means, with respect to any Patent, Know-How, Copyright or Software, (a) such Intellectual Property is owned by the applicable Party or any of its Affiliates and (b) such Party or any of its Affiliates has the ability to grant a license or
other rights in, to or under such Patent, Know-How, Copyright or Software (respectively) on the terms and conditions set forth herein (other than pursuant to a license or other rights granted pursuant to this
Agreement) without violating any Contract entered into as of or prior to the Effective Date between such Party or any of its Affiliates, on the one hand, and any Third Party, on the other hand. 

(17)    “Cover” means, with respect to any Patent, in the absence of a license granted under an unexpired
claim that has not been adjudicated to be invalid or unenforceable by a final, binding decision of a court or other Governmental Entity of competent jurisdiction that is unappealable or unappealed within the time permitted for appeal of such Patent
(or if such Patent is a patent application, a claim in such patent application if such patent application were to issue as a patent), the practice of the applicable invention or technology, or performance of the applicable process, would infringe
such claim. For clarity, and by way of example, an issued Patent Covers a product if, in the absence of a license granted under such a claim of such Patent, making, using, selling, offering for sale, importing or exporting such product infringes
such claim. 
 (18)    “CRISPR Technology” means Intellectual Property, Confidential Information and
any other Information relating to CRISPRs (Clustered Regularly Interspaced Short Palindromic Repeats) in a nucleic acid and CRISPR-associated proteins (“Cas”) (including Cas9 and other
RNA-guided nucleases and other proteins associated with or having a function related to CRISPRs), and applications involving the recognition or function of CRISPRs or Cas proteins. 

(19)    “Engineering Models and Databases” means (a) physical property databases, (b) empirical
or mathematical dynamic or steady state models of processes, equipment and/or reactions and databases containing data resulting from such models, (c) computations of equipment or unit operation operating conditions including predictive or
operational behavior and (d) databases with historical operational data. 

  
 3 

 (20)    “Engineering Standards” means standards,
protocols, processes and policies, including engineering guidelines, for designing, constructing, maintaining and operating facilities. 

(21)    “Excluded IP” means (i) DuPont Safety, Health and Environmental Standards (including AgCo
Licensed SHE Standards and SpecCo Licensed SHE Standards), (ii) Engineering Standards (including the AgCo Licensed Engineering Standards and SpecCo Licensed Engineering Standards), (iii) Regulatory Data, (iv) Government Approvals,
(v) CRISPR Technology, (vi) the TMODS Systems (as that term is defined in the TMODS License Agreement) (including object code and source code thereof), together with all process operator training simulator data files which contain process
and control information for simulating the operation of plants, and all documentation therefor (“TMODS IP”), (vii) microbial production strain microorganisms that are Covered by Patents, or incorporate or are produced using Know-How, owned by a Party and its Affiliates, (viii) Trademarks and (ix) the Intellectual Property set forth on Schedule A. 

(22)    “Governmental Approvals” means the consents, registrations, approvals, licenses, permits,
notifications or authorizations obtained or to be obtained from, any Governmental Entity. 

(23)    “Governmental Entity” means any nation or government, any state, municipality or other political
subdivision thereof and any entity, body, agency, commission, department, board, bureau or court, whether domestic, foreign, multinational or supranational exercising executive, legislative, judicial, regulatory, self-regulatory or administrative
functions of or pertaining to government and any executive official thereof. 
 (24)    “Holding Party”
has the meaning set forth in Section 2.11(a). 
 (25)    “Indemnifying Party”
has the meaning set forth in Section 6.1(a). 
 (26)    “Indemnitees” has the
meaning set forth in Section 6.1(a). 
 (27)    “Intellectual Property” means
all intellectual property and industrial property rights of any kind or nature, including all U.S. and foreign (i) patents, patent applications, and all related continuations,
continuations-in-part, divisionals, reissues, re-examinations, substitutions, priority rights and extensions thereof
(collectively “Patents”), (ii) trademarks, service marks, corporate names, trade names, Internet domain names, social media accounts or handles, logos, slogans, trade dress and other similar designations of source or origin,
together with the goodwill symbolized by any of the foregoing (collectively, “Trademarks”), (iii) copyrights and copyrightable subject matter (collectively, “Copyrights”), (iv) rights of privacy and publicity,
(v) moral rights and rights of attribution and integrity, (vi) trade secrets and rights in all other confidential and proprietary information, including know-how, inventions (including, for the
avoidance of doubt, notices of invention and invention disclosures for which a Patent has not been filed as of the Effective Date (e.g., NOIs and ICDs, as such terms are understood and used by the Parties as of the Effective Date)),
algorithms, logic, standard operating conditions and procedures, proprietary processes, formulae, data, databases and other compilations of data, drawings, models and methodologies, including confidential information set forth in laboratory
notebooks, laboratory reports, Plant Operating Documents, and Engineering Models and 

  
 4 

 
Databases (except to the extent such information is Covered by any Patents), in each case of the foregoing, to the extent confidential and proprietary (collectively “Know-How”), (vii) all applications and registrations for the foregoing and (viii) all rights and remedies against past, present, and future infringement, misappropriation, or other violation of the
foregoing, in each case (with respect to the foregoing clauses (i) through (viii)), excluding all IT Assets (except Software). 

(28)    “Know-How Materials” means those written, electronic,
computerized, digital or other similar tangible or intangible media to the extent containing or embodying any SpecCo Licensed Know-How, AgCo Licensed Know-How, SpecCo
Licensed Copyrights, AgCo Licensed Copyrights, Licensed Standards or Business Software. 
 (29)    “Licensed
Copyrights” means (i) with respect to the licenses granted to SpecCo hereunder, the AgCo Licensed Copyrights and the Copyrights licensed under Section 2.3(a) hereof, and (ii) with respect to the licenses
granted to AgCo hereunder, the SpecCo Licensed Copyrights and the Copyrights licensed under Section 2.3(b) hereof. 

(30)    “Licensed Facility” means any facility owned by or operated on behalf of an Authorized User. 

(31)    “Licensed IP” means (i) with respect to the licenses granted to SpecCo or the SpecCo
Licensees, as applicable, hereunder, the AgCo Licensed IP, the AgCo Licensed Standards, and the Business Software Controlled by AgCo or any of its Affiliates, and (ii) with respect to the licenses granted to AgCo or the AgCo Licensees, as
applicable, hereunder, the SpecCo Licensed IP, the SpecCo Licensed Standards, and the Business Software Controlled by SpecCo or any of its Affiliates. 

(32)    “Licensed Know-How” means (i) with respect to the
licenses granted to SpecCo or the SpecCo Licensees, as applicable, hereunder, the AgCo Licensed Know-How and the Know-How licensed under
Section 2.3(a) hereof, and (ii) with respect to the licenses granted to AgCo or the AgCo Licensees, as applicable, hereunder, the SpecCo Licensed Know-How and the Know-How licensed under Section 2.3(b) hereof. 

(33)    “Licensed Patents” means (i) with respect to the licenses granted to SpecCo or the SpecCo
Licensees, as applicable, hereunder, the AgCo Licensed Patents, and (ii) with respect to the licenses granted to AgCo or the AgCo Licensees, as applicable hereunder, the SpecCo Licensed Patents. 

(34)    “Licensed Standards” means (i) with respect to the licenses granted to SpecCo or the SpecCo
Licensees, as applicable, hereunder, the AgCo Licensed Standards and (ii) with respect to the licenses granted to AgCo or the AgCo Licensees, as applicable hereunder, the SpecCo Licensed Standards. 

(35)    “Licensee” means (i) the relevant AgCo Licensee with respect to the SpecCo Licensed IP and
the SpecCo Licensed Standards, and AgCo and its applicable Affiliates with respect to the Business Software Controlled by SpecCo or any of its Affiliates hereunder, and (ii) the relevant SpecCo Licensees with respect to the AgCo Licensed IP and
the AgCo Licensed Standards, and SpecCo and its applicable Affiliates with respect to the Business Software Controlled by AgCo or any of its Affiliates hereunder. 

  
 5 

 (36)    “Licensor” means (i) the AgCo Licensors
with respect to the AgCo Licensed IP and the AgCo Licensed Standards, and AgCo with respect to the Business Software Controlled by AgCo or any of its Affiliates, and (ii) the SpecCo Licensors with respect to the SpecCo Licensed IP and the
SpecCo Licensed Standards, and SpecCo with respect to the Business Software Controlled by SpecCo or any of its Affiliates. 

(37)    “Merger Time” means the effective time of the mergers of E. I. du Pont de Nemours and Company and
the Dow Chemical Company with wholly owned subsidiaries of DowDuPont, Inc. 
 (38)    “Notifying Party”
has the meaning set forth in Section 2.5(a). 
 (39)    “Personnel” means,
with respect to a Party or its Affiliates, such Party’s or Affiliate’s employees, officers, agents, consultants, and contractors, and any other Person over whom such Party or Affiliate exercises control. 

(40)    “Receiving Party” has the meaning set forth in Section 2.5(a). 

(41)    “Regulatory Data” means any and all regulatory data (including studies, data, raw data, efficacy
data, reports, physical samples, reviews (including business risk reviews), opinions, self-GRAS determinations, information or other compliance requirements, including safety, risk and exposure assessments and modeling for product contamination or
impurity issues), in written, electronic, computerized, digital, or other tangible or intangible media, actually submitted to, or maintained to support a submission to (whether submitted or not), a Governmental Entity or a Third Party to seek,
obtain or maintain a Governmental Approval or demonstrate regulatory compliance. 
 (42)    “Requesting
Party” has the meaning set forth in Section 2.11(a). 
 (43)    “Seeds and
Beads IP” means all Intellectual Property expressly identified on Schedules C and D as relating to “seeds and beads”. 

(44)    “Software” means all computer programs (whether in source code, object code, or other form),
software implementations of algorithms, and related documentation, including flowcharts and other logic and design diagrams, technical, functional and other specifications, and user and training materials related to any of the foregoing. 

(45)    “SpecCo Field” means the field of the Specialty Products Business and natural evolutions thereof.

 (46)    “SpecCo Licensed Copyrights” means any and all Copyrights to the extent Controlled by SpecCo
or any of its Affiliates, and Used in the Agriculture Business, as of the Effective Date, including the Copyrights set forth on Schedule F. Notwithstanding the foregoing, SpecCo Licensed Copyrights expressly exclude any and all (i) Know-How, (ii) IT Assets and (iii) Excluded IP. 

(47)    “SpecCo Licensed Engineering Standards” means Engineering Standards (including as set forth on
Schedule E(iii)), each, to the extent both (i) owned by SpecCo or any of its Affiliates, or with respect to which SpecCo or any of its Affiliates has the right to grant the license or other rights granted to AgCo hereunder without
payment obligations to any Third Party, as of the Effective Date and (ii) that is actually used by AgCo or its Affiliates in the 

  
 6 

 
conduct of the Agriculture Business as of the Effective Date. Notwithstanding the foregoing, the SpecCo Licensed Engineering Standards shall expressly exclude (i) Regulatory Data,
(ii) Governmental Approvals, (iii) CRISPR Technology, (iv) TMODs IP, (v) Trademarks, and (vi) the Intellectual Property set forth on Schedule A. 

(48)    “SpecCo Licensed IP” means the SpecCo Licensed Patents, SpecCo Licensed Know-How and SpecCo Licensed Copyrights. 
 (49)    “SpecCo Licensed Know-How” means any and all Know-How to the extent Controlled by SpecCo or any of its Affiliates, and Used in the Agriculture Business, as of the Effective Date,
including the Know-How set forth on Schedule G. Notwithstanding the foregoing, SpecCo Licensed Know-How expressly excludes any and all (i) IT Assets and
(ii) Excluded IP. 
 (50)    “SpecCo Licensed Patents” means any and all (i) Patents set
forth on Schedule H to the extent Controlled by SpecCo or any of its Affiliates as of the Effective Date, (ii) Patents to the extent such Patents Cover any SpecCo Licensed Know-How and are
Controlled by SpecCo or any of its Affiliates following the Effective Date and (iii) to the extent Controlled by SpecCo or any of its Affiliates as of or following the Effective Date, continuations, divisionals, renewals, continuations-in-part, patents of addition, restorations, extensions, supplementary protection certificates, reissues and
re-examinations of, and all other Patents that claim priority to, any Patents described in either of the foregoing subsections (i) or (ii), and foreign equivalents thereof, in each case to the extent the
claims are supported by any Patents described in either of the foregoing subsections (i) or (ii) (but in all cases expressly excluding any and all Excluded IP). 

(51)    “SpecCo Licensed SHE Standards” means the DuPont Safety, Health, and Environmental Standards
(including as set forth on Schedule E(iv)), each, to the extent both (i) owned by SpecCo or any of its Affiliates, or with respect to which SpecCo or any of its Affiliates has the right to grant the license or other rights granted to
AgCo hereunder without payment obligations to any Third Party, as of the Effective Date and (ii) that is actually used by AgCo or its Affiliates in the conduct of the Agriculture Business as of the Effective Date. Notwithstanding the foregoing,
the SpecCo Licensed SHE Standards shall expressly exclude (i) Regulatory Data, (ii) Governmental Approvals, (iii) CRISPR Technology, (iv) TMODS IP, (v) Trademarks, and (vi) the Intellectual Property set forth on
Schedule A. 
 (52)    “SpecCo Licensed Standards” means the SpecCo Licensed SHE Standards and
the SpecCo Licensed Engineering Standards. 
 (53)    “SpecCo Licensees” means (a) PM Taiwan,
Inc., with respect to the licenses granted hereunder by Pioneer Hi-Bred International, Inc., and (b) SP Holding IB, Inc., Specialty Products N&H, Inc., DuPont Electronics, Inc., DuPont
Safety & Construction, Inc., and DuPont Polymers, Inc., with respect to licenses granted hereunder by E.I. du Pont de Nemours and Company. 

(54)    “SpecCo Licensors” means PM Taiwan, SP Holding IB, Inc., Specialty Products N&H, Inc., DuPont
Electronics, Inc., DuPont Safety & Construction, Inc., and DuPont Polymers, Inc. 

(55)    “Sublicensee” has the meaning set forth in Section 2.6(a). 

  
 7 

 (56)    “Term” has the meaning set forth in
Section 8.1. 
 (57)    “Third Party” means any Person other than AgCo,
SpecCo, and their respective Affiliates. 
 (58)    “Third Party Infringement” means (a) any Third
Party activities that constitute, or would reasonably be expected to constitute, an infringement, misappropriation or other violation within the field for which Licensee has been granted a license hereunder of any Licensed IP or (b) any Third
Party allegations of invalidity or unenforceability of any Licensed IP. 
 (59)    “Third Party
Payments” means any and all obligations on the part of Licensor or its Affiliates to pay royalties, sublicense fees, milestones or other amounts to Third Parties pursuant to Contracts existing as of the Effective Date (or, in the case of
Wrong Pockets Patents, Contracts existing as of the date of the Wrong Pockets Notice) to which Licensor or any of its Affiliates is a party or is otherwise bound, in each case to the extent that such obligation to pay arises from, or is a result of
the grant to or exercise by Licensee or any Sublicensees of, any license, sublicense or other right to practice granted hereunder. 

(60)    “TMODS License Agreement” means that certain DuPont TMODS Dynamic Process Simulation Software
Agreement entered into by and between AgCo and SpecCo, dated as of the Effective Date. 
 (61)    “Umbrella
Secrecy Agreement” means the Umbrella Secrecy Agreement, dated as of the Effective Date, between SpecCo, AgCo and the other signatories thereto. 

(62)    “Used” means, with respect to the applicable Patent, Copyright or
Know-How, that, as of the Effective Date, (i) such Intellectual Property is actually used, or (ii) (1) there is a bona fide plan and intention to use such Intellectual Property with a product that is
expected to be commercially launched within eight and one half (8.5) years of the Effective Date or that is set forth on Schedule J, and (2) senior management has agreed to or approved, in writing, a capital investment or commitment to
allocate resources or man-hours to implement such plan and intention, in each case in respect of the foregoing subsections (i) and (ii), as established by contemporaneous written records created in the
ordinary course of business (which records shall be in a form consistent with the form that actual use, or similar plans and approvals, as applicable, were documented by the applicable Party (or its predecessors in interest) prior to the Merger
Time). 
 (63)    “Wrong Pockets Notice” shall have the meaning set forth in
Section 2.5(a). 
 (64)    “Wrong Pockets Patent” shall have the meaning set
forth in Section 2.5(c). 
 Section 1.2    References; Interpretation. For the
purposes of this Agreement, (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article,
Section, paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, Exhibits and Schedules to this Agreement unless otherwise specified; (c) the terms “hereof,” “herein,”
“hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (d) references to “$” shall mean U.S. dollars; (e) the word
“including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) references to
“written” or “in writing” include in electronic form; 

  
 8 

 
(h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (i) the Parties have each
participated in the negotiation and drafting of this Agreement and, except as otherwise stated herein, if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties and no
presumption or burden of proof shall arise favoring or burdening any Party by virtue of the authorship of any of the provisions in this Agreement; (j) a reference to any Person includes such Person’s successors and permitted assigns;
(k) any reference to “days” means calendar days unless Business Days are expressly specified; (l) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to
this Agreement, the date that is the reference date in calculating such period shall be excluded and if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day; (m) any statute defined or
referred to herein means such statute as from time to time amended, modified or supplemented, unless otherwise specifically indicated; (n) the use of the phrases “the date of this Agreement”, “the date hereof”, “of even
date herewith” and terms of similar import shall be deemed to refer to the date set forth in the preamble to this Agreement; (o) the phrase “ordinary course of business” shall be deemed to be followed by the words
“consistent with past practice” whether or not such words actually follow such phrase; (p) where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning; and (q) any consent
given by any Party pursuant to this Agreement shall be valid only if contained in a written instrument signed by such Party. Unless the context requires otherwise, references in this Agreement to “SpecCo” shall also be deemed to refer to
the applicable member of the SpecCo Group, references to “AgCo” shall also be deemed to refer to the applicable member of the AgCo Group and, in connection therewith, any references to actions or omissions to be taken, or refrained from
being taken, as the case may be, by SpecCo or AgCo shall be deemed to require SpecCo or AgCo, as the case may be, to cause the applicable members of the SpecCo Group or the AgCo Group, respectively, to take, or refrain from taking, any such action.

 ARTICLE II 

GRANTS OF RIGHTS 

Section 2.1    Licenses to SpecCo of AgCo Licensed IP. 

(a)    Non-Exclusive License to
Know-How and Copyrights. Subject to the terms and conditions of this Agreement, the AgCo Licensors hereby grant, and AgCo shall cause its Affiliates to grant, to the relevant SpecCo Licensees an
irrevocable, royalty-free, fully paid-up, sublicensable (to the extent permitted in Section 2.6), transferable (subject to Section 10.2), worldwide, non-exclusive license in, to and under the AgCo Licensed Know-How and the AgCo Licensed Copyrights for any and all uses in the SpecCo Field. For clarity, subject to the terms
and conditions of this Agreement, the license in, to and under the applicable AgCo Licensed IP set forth in this Section 2.1(a) shall include the right to practice the same to make (including have made), use, sell, offer
for sale, import, and export any and all products within the SpecCo Field, and use, practice, copy, perform, render, develop, improve, display, redistribute, modify, and make derivative works of such AgCo Licensed IP, within the SpecCo Field. 

(b)    Non-Exclusive License to Patents. Subject to the terms and
conditions of this Agreement, the AgCo Licensors hereby grant to the relevant SpecCo Licensees, an irrevocable, royalty-free, fully paid-up, sublicensable (to the extent permitted in
Section 2.6), transferable (subject to Section 10.2), worldwide, non-exclusive license in, to and under the AgCo Licensed Patents for any and all uses in the
SpecCo Field. For clarity, subject to 

  
 9 

 
the terms and conditions of this Agreement, the license in, to and under the AgCo Licensed Patents set forth in this Section 2.1(b) shall include the right to practice
the same to make (including have made), use, sell, offer for sale, import, and export any and all products within the SpecCo Field. 

Section 2.2    Licenses to AgCo of SpecCo Licensed IP.  
 (a)    Non-Exclusive
License to Know-How and Copyrights. Subject to the terms and conditions of this Agreement, the SpecCo Licensors hereby grant, and SpecCo shall cause its Affiliates to grant, to the relevant AgCo Licensees
an irrevocable, royalty-free, fully paid-up, sublicensable (to the extent permitted in Section 2.6), transferable (subject to Section 10.2), worldwide, non-exclusive license in, to and under the SpecCo Licensed Know-How and SpecCo Licensed Copyrights for any and all uses in the AgCo Field. For clarity, subject to the terms
and conditions of this Agreement, the license in, to and under the applicable SpecCo Licensed IP set forth in this Section 2.2(a) shall include the right to practice the same to make (including have made), use, sell, offer
for sale, import, and export any and all products within the AgCo Field, and use, practice, copy, perform, render, develop, improve, display, redistribute, modify, and make derivative works of such SpecCo Licensed IP, within the AgCo Field. 

(b)    Non-Exclusive License to Patents. Subject to the terms and
conditions of this Agreement, the SpecCo Licensors hereby grant to the relevant AgCo Licensees, an irrevocable, royalty-free, fully paid-up, sublicensable (to the extent permitted in
Section 2.6), transferable (subject to Section 10.2), worldwide, non-exclusive license in, to and under the SpecCo Licensed Patents for any and all uses in
the AgCo Field. For clarity, subject to the terms and conditions of this Agreement, the license in, to and under the SpecCo Licensed Patents set forth in this Section 2.2(b) shall include the right to practice the same to
make (including have made), use, sell, offer for sale, import, and export any and all products within the AgCo Field. 

Section 2.3    Licenses to Standards. 

(a)    Subject to the terms and conditions of this Agreement, the applicable AgCo Licensors hereby grant, and AgCo shall
cause its Affiliates to grant, to the relevant SpecCo Licensees, an irrevocable, royalty-free, fully paid-up, sublicensable (to the extent permitted in Section 2.6), transferable
(subject to Section 10.2), non-exclusive license to use the AgCo Licensed Standards at the SpecCo Licensed Facilities solely in connection with the conduct of the Specialty Products
Business by SpecCo or any of its Affiliates. Without limiting the foregoing, the grant in this Section 2.3 includes a right and license to use, reproduce, distribute, display, perform, adapt, modify and create derivative
works of the AgCo Licensed Standards by and among the Authorized Users only for the licensed uses set forth in this Section 2.3. 

(b)    Subject to the terms and conditions of this Agreement, the applicable SpecCo Licensors hereby grant, and SpecCo
shall cause its Affiliates to grant, to the relevant AgCo Licensees, an irrevocable, royalty-free, fully paid-up, sublicensable (to the extent permitted in Section 2.6), transferable
(subject to Section 10.2), non-exclusive license to use the SpecCo Licensed Standards at the AgCo Licensed Facilities solely in connection with the conduct of the Agriculture Business
by AgCo or any of its Affiliates. Without limiting the foregoing, the grant in this Section 2.3 includes a right and license to use, reproduce, distribute, display, perform, adapt, modify and create derivative works of the
SpecCo Licensed Standards by and among the Authorized Users only for the licensed uses set forth in this Section 2.3. 

  
 10 

 (c)    Notwithstanding anything to the contrary herein, neither
Licensor nor any of its Affiliates shall have any obligation with respect to training Licensee or any of its Affiliates to implement or use the Licensed Standards. For clarity, the Licensed Standards shall not be subject to any updates by Licensor
or its Affiliates (even if Licensor or its Affiliates update the same for their own use). The Parties acknowledge that from time to time applicable Law may conflict with and supersede aspects of Licensed Standards and Licensor shall have no
obligation to Licensee with respect thereto in such event. For clarity, as between the Parties, SpecCo shall own all Intellectual Property (including, for clarity, Copyrights) in any DuPont Safety, Health and Environmental Standards or Engineering
Standards that constitute Intellectual Property included in the Specialty Products Assets, and AgCo shall own all Intellectual Property (including, for clarity, Copyrights) in any DuPont Safety, Health and Environmental Standards or Engineering
Standards that constitute Intellectual Property included in the Agriculture Assets. 
 Section 2.4    Business
Software License. Subject to the terms and conditions of this Agreement, Licensor (or its Affiliate, as applicable) hereby grants, and shall cause its Affiliates to grant, to Licensee (or its Affiliate, as applicable) an irrevocable,
royalty-free, fully paid-up, sublicensable (to the extent permitted in Section 2.6), transferable (subject to Section 10.2), worldwide, non-exclusive license to its Business Software for use solely in connection with, if such Licensee is AgCo, the Agriculture Business or, if such Licensee is SpecCo, the Specialty Products Business. 

Section 2.5    Wrong Pockets. 

(a)     A Party (a “Notifying Party”) shall have the right to provide prompt written notice (a
“Wrong Pockets Notice”) to the other Party (a “Receiving Party”), including in response to an inquiry from the Receiving Party, if, following the Effective Date: 

(i)    a Notifying Party identifies a Patent Controlled by the other Party as of the Effective Date that
is not included in the Licensed Patents licensed to such Notifying Party, and such Notifying Party reasonably believes that such Patent was Used in the Agriculture Business or the Specialty Products Business, as applicable, as of the Effective Date;
or 
 (ii)    a Notifying Party identifies a Use by such Notifying Party of a Licensed Patent
(including, for clarity, any Wrong Pockets Patent) that is not within such Notifying Party’s licensed field of use hereunder for such Licensed Patent, and such Notifying Party reasonably believes that the Use of such Licensed Patent as of the
Effective Date was within the Agriculture Business (if AgCo is the Notifying Party) or the Specialty Products Business (if SpecCo is the Notifying Party). 

(b)    Each Wrong Pockets Notice shall both identify the applicable Patent and describe the Use thereof in the
Agriculture Business (if the Notifying Party is AgCo), or the Specialty Products Business (if the Notifying Party is SpecCo), as of the Effective Date. 

(c)    Unless otherwise agreed in writing by the Parties, if a Notifying Party provides a Wrong Pockets Notice in
accordance with Section 2.5(a), the Notifying Party shall, within sixty (60) days of providing the Wrong Pockets Notice, demonstrate to the 

  
 11 

 
Receiving Party by clear and convincing evidence (the “Evidentiary Requirement”) that the identified Patent was Used in the manner identified in the Wrong Pockets Notice within
the Agriculture Business (if the Notifying Party is AgCo) or the Specialty Products Business (if the Notifying Party is SpecCo) as of the Effective Date (such evidence, the “Demonstration of Use”). The Receiving Party shall notify
the Notifying Party in writing within thirty (30) days of receipt of the Demonstration of Use whether it reasonably believes in good faith that the Demonstration of Use satisfies the Evidentiary Requirement. Solely to the extent (with respect
to the Patent and Use identified in the applicable Wrong Pockets Notice) that the Demonstration of Use satisfies the Evidentiary Requirements (whether determined by the Receiving Party in accordance with the foregoing, or in accordance with
Section 9.1), or if the Receiving Party fails to provide the Notifying Party with a response regarding whether the Demonstration of Use satisfies the Evidentiary Requirements within the applicable thirty (30) day
period in accordance with the foregoing, such Patent shall be licensed to the Notifying Party for such Use (in the case of a Wrong Pockets Notice described in Section 2.5(a)(i)) (each such Patent, a “Wrong Pockets
Patent”), or such Use shall be included in the Notifying Party’s field of use for such Patent (in the case of a Wrong Pockets Notice described in Section 2.5(a)(ii)), as applicable, in each case, as further
described in the following subsections (i) and (ii). 
 (i)    Subject to the foregoing in this
Section 2.5(c), unless otherwise agreed in writing by the Parties, with respect to a Wrong Pockets Notice described in Section 2.5(a)(i), each Patent identified in such notice (if the Demonstration
of Use therefor satisfies the Evidentiary Requirement or the Receiving Party fails to provide the Notifying Party with a response in accordance with this Section 2.5(c)) shall be a SpecCo Licensed Patent if AgCo is the
Notifying Party or an AgCo Licensed Patent if SpecCo is the Notifying Party, and for clarity, the license to the Notifying Party therefor shall be non-exclusive and the field for which it is licensed pursuant
to this Agreement (which, notwithstanding anything to the contrary herein, shall be deemed to be the AgCo Field for such Patent if AgCo is the Notifying Party and the SpecCo Field for such Patent if SpecCo is the Notifying Party) shall be limited
solely to the Use made by such Notifying Party and its Affiliates as of the Effective Date (to the extent that the Demonstration of Use therefor satisfies the Evidentiary Requirement) and natural evolutions thereof, subject to the terms and
conditions of any licenses and other rights granted by or on behalf of Licensor or any of its Affiliates to any Third Parties with respect to such Patent prior to the date of the Wrong Pockets Notice. 

(ii)    Subject to the foregoing in this Section 2.5(c), unless otherwise agreed
in writing by the Parties, with respect to a Wrong Pockets Notice described in Section 2.5(a)(ii), each Use for a Licensed Patent identified in the Wrong Pockets Notice (to the extent that Demonstration of Use therefor
satisfies the Evidentiary Requirement or the Receiving Party fails to provide the Notifying Party with a response in accordance with this Section 2.5(c)) and natural evolutions thereof shall be deemed to be in the AgCo
Field for such Licensed Patent if AgCo is the Notifying Party and in the SpecCo Field for such Licensed Patent if SpecCo is the Notifying Party and the license granted to such field shall be nonexclusive; provided that the rights with
respect to such Use retained by the Notifying Party shall be subject to the terms and conditions of any licenses and other rights granted by or on behalf of the Receiving Party or any of its Affiliates to any Third Parties with respect to such
Patent prior to the date of the Wrong Pockets Notice. 

  
 12 

 (d)    Notwithstanding anything to the contrary herein, unless
otherwise agreed upon by the Parties, each Party shall only have two (2) years after the Effective Date to provide a Wrong Pockets Notice pursuant to Section 2.5(a) to the other Party; provided that, in
the case of Section 2.5(a)(i), with respect to Patent applications filed prior to the Effective Date, such period shall extend until the date that is six (6) months after the publication of such Patent application if
the expiration of such six (6) month period occurs after such two (2) year period expires. 

(e)    Notwithstanding the foregoing Sections 2.5(a) through (d), unless and only to the extent that the
Receiving Party provides its prior written consent (which the Receiving Party may withhold in its sole discretion), in the event that the Parties expressly discussed prior to the Effective Date that: 

(i)    any Patent would not be included in the Notifying Party’s Licensed Patents in the case of a
Wrong Pockets Notice described in Section 2.5(a)(i), such Patent shall not be included in the Notifying Party’s Licensed Patents (provided that, in determining that such Patent would not be a Licensed
Patent hereunder, the Parties discussed prior to the Effective Date the Use identified in the Wrong Pockets Notice for such Patent); or 

(ii)    any Use would not be included in the Notifying Party’s field of use for a specific Licensed
Patent in the case of a Wrong Pockets Notice described in Section 2.5(a)(ii) (as applicable), such Use shall not be included in the Notifying Party’s licensed field of use for such Patent. 

(f)     Notwithstanding the foregoing Sections 2.5(a) through 2.5(e), those patents set
forth on Schedule K are specifically excluded from and are not subject to a Wrong Pockets Notice. 

Section 2.6    Sublicenses. 

(a)    Licensee may sublicense the license and rights granted to Licensee under Sections 2.1 through 2.4 (as
applicable) to (i) its Affiliates, (ii) in the case of all Licensed IP other than the Seeds and Beads IP, Third Parties in connection with the operation of the business of Licensee or its Affiliates, but not for the independent use of any
such Third Party, including distributors that need to practice the applicable Intellectual Property to provide ordinary course distribution services to Licensee and its Affiliates; provided that, with respect to the Licensed Standards,
sublicensing to such Third Parties shall be solely for such Third Parties to provide services to the Specialty Products Business or Agriculture Business (as applicable) in the ordinary course at any or all Licensed Facilities (but not for the
independent use of such Third Party), (iii) in the case of the Seeds and Beads IP, to Third Parties (1) who are bona fide collaborators or partners of Licensee or any of its Affiliates, or (2) in connection with which sublicense Licensee
or any of its Affiliates is also granting a license or other rights to any other Intellectual Property for seed coating and seed treatment technology owned by or licensed to Licensee or any of its Affiliates, in each case (1) and (2), for use
in connection with the practice of seed coating and seed treatment technology, and (iv) with the prior written consent of Licensor, other Third Parties (each such Affiliate or Third Party, a “Sublicensee”). 

  
 13 

 (b)    Each sublicense granted by a Licensee under the license granted
to such Licensee in Sections 2.1 through 2.4 shall be granted pursuant to an agreement that (i) is subject to, and consistent with, the terms and conditions of this Agreement and includes provisions at least as protective of
Licensor and its Affiliates as the provisions of this Agreement (except that such sublicense shall not be required to provide rights for Licensor to audit Sublicensee in accordance with, and subject to, Section 2.12 (1) if
the sublicense is granted to an Affiliate or (2) with respect to sublicenses of Licensed Know-How, Licensed Copyrights or Business Software where the primary purpose of such arrangement with sublicensee
is not to grant access to such Licensed Know-How, Licensed Copyrights or Business Software), (ii) to the extent with respect to Licensed Patents or AgCo Licensed Standards and if Sublicensee is a Third Party,
provides that Licensor shall be an intended beneficiary thereunder with the right of direct enforcement against the Sublicensee (including, for clarity, with respect to the audit rights set forth in Section 2.12 to the
extent applicable), and (iii) to the extent with respect to Licensed Patents or AgCo Licensed Standards, is in writing if the Sublicensee is a Third Party. For clarity, granting a sublicense shall not relieve Licensee of any obligations
hereunder and Licensee shall cause each of its Sublicensees to comply, and shall remain responsible for its Sublicensees’ compliance, with the terms hereof applicable to Licensee. 

Section 2.7    Third Party Rights. 

(a)    Notwithstanding anything to the contrary herein, the terms and conditions of this Agreement (including the licenses
granted under Sections 2.1 through 2.4 are subject to any and all rights of and obligations owed to any Third Parties with respect to the Licensed IP under any Contracts existing as of the Effective Date (or in the case of any Wrong
Pockets Patents, existing as of or prior to the date of the Wrong Pockets Notice) to which Licensor or any of its Affiliates is a party or is otherwise bound, and to the extent that, as a result of such rights or obligations, any license or other
rights granted hereunder: (i) may not be granted without the consent of or payment of a fee or other consideration; or (ii) will cause Licensor or any of its Affiliates to be in breach of any of its or their obligations to any Third Party,
the applicable licenses and other rights granted hereunder shall only be granted to the extent such consent has been obtained or such fee or other consideration has been paid. The Parties shall use commercially reasonable efforts to obtain any such
consents to the extent required to grant Licensee the rights granted hereunder; provided that, (i) the foregoing shall not require the Parties to duplicate any obligations undertaken under the Separation Agreement and
(ii) notwithstanding anything herein to the contrary, Licensor shall have no obligation to agree to or make any payments or other concessions, except as mutually agreed in writing between the Parties, or participate in any act or omission that
will cause Licensor to be in breach of its or their obligations to any Third Party. Notwithstanding the foregoing, Licensee shall not be deemed in breach of this Section 2.7(a) only if, and for such time, Licensee is not
aware of such rights of or obligations owed to such Third Party. 
 (b)    Notwithstanding anything to the contrary
herein, Third Party Payments, if any, with respect to the Licensed IP shall be Licensee’s sole responsibility. Licensee shall pay the Third Party Payments directly to the applicable Third Party; provided that if such Third Party
does not permit Licensee to pay such Third Party Payments to such Third Party directly (whether pursuant to the applicable Contract or otherwise) after the Parties have used commercially reasonable efforts to permit the Licensee to pay the Third
Party directly, the Parties shall cooperate in good faith to ensure that such Third Party Payments are paid by Licensee to Licensor in a manner that ensures Licensor’s payment thereof is in compliance with the obligations to the applicable
Third Party. Such cooperation shall include Licensee (i) 

  
 14 

 
preparing and providing Licensor with reasonably detailed written reports reflecting calculation of the applicable Third Party Payments and any other information required by the applicable Third
Parties and (ii) paying Licensor the applicable Third Party Payments by wire transfer of immediately available funds to the bank account designated by Licensor in writing no less than ten (10) days prior to the due date of such payment
pursuant to the terms of the applicable Contract. If either Party becomes aware of any Third Party Payments, it shall reasonably promptly notify the other Party in writing, and notwithstanding anything to the contrary in this
Section 2.7(b), Licensee shall not be deemed in breach of this Section 2.7(b) if, and for such time, Licensee is not aware of the applicable Third Party Payments; provided that, upon
learning of such Third Party Payments, Licensee shall promptly pay such Third Party Payments to the applicable Third Party directly (or such other Person as reasonably directed by Licensor) to the extent such Third Party Payments are past due. 

(c)    Certain agreements subject to Subsections (a) and (b) hereof are set forth on Schedule L hereto. 

Section 2.8    No Use Outside Field. Each Party shall not, and shall cause its Affiliates to not, as Licensee,
exercise rights under any Licensed IP except to the extent expressly licensed hereunder or expressly agreed upon in advance in writing by Licensor. 

Section 2.10    Reservation of Rights. Each Party reserves its and its Affiliates’ rights in and to all
Intellectual Property that is not expressly licensed or otherwise granted hereunder. Without limiting the foregoing, this Agreement and the licenses and rights granted herein do not, and shall not be construed to, confer any rights upon either
Party, its Affiliates, or its Sublicensees by implication, estoppel, or otherwise as to any of the other Party’s Intellectual Property (including, for clarity, any Excluded IP, except to the extent expressly licensed under
Section 2.3). 
 Section 2.11    Retention and Transfer of Licensed Know-How. 
 (a)    If AgCo or SpecCo (the “Requesting Party”)
reasonably believes that any Know-How Materials are in possession or control of the other Party (such Party, the “Holding Party”) or any of its Affiliates and such Know-How Materials are not in the possession or control of the Requesting Party or any of its Affiliates, and the Requesting Party makes a request in writing during the two (2) year period following the
Effective Date that the Holding Party deliver the Know-How Materials to the Requesting Party, the Holding Party shall review such request and, to the extent in the possession or control of the Holding Party or
any of its Affiliates and, for purposes of Business Software only, is reasonably accessible to the Holding Party for purposes of transfer to the Requesting Party (provided that, subject to the below provisos, such accessibility shall
not take into account whether such Business Software is integrated with other Software), deliver the Know-How Materials to the Requesting Party as promptly as reasonably practicable and in any event within
thirty (30) Business Days of receiving such request from the Requesting Party; provided that, the Holding Party shall notify the Requesting Party within such thirty (30) Business Day period if it reasonably believes that such
request requires a longer period of review to determine if the request concerns SpecCo Licensed Know-How, AgCo Licensed Know-How, SpecCo Licensed Copyrights, AgCo
Licensed Copyrights, AgCo Licensed Standards or Business Software (as applicable) or to locate the applicable Know-How Materials, and the Holding Party shall take all reasonable steps to review and provide
such Know-How Materials (as applicable) within an additional sixty (60) days of expiration of such initial thirty (30) Business Day period; provided, further, with respect

  
 15 

 
to any Business Software requested by a Requesting Party hereunder that is integrated with other Software, the Parties shall discuss in good faith a reasonable deadline in lieu of the foregoing
timing for delivering any such Business Software to the Requesting Party, and the Requesting Party agrees that it shall bear all reasonable out-of-pocket costs and
expenses of preparing such Software for delivery subject to the Requesting Party’s advance approval of such costs; provided, further, to the extent the request does not constitute SpecCo Licensed
Know-How, SpecCo Licensed Copyrights or Business Software (if the Requesting Party is AgCo) or AgCo Licensed Know-How, AgCo Licensed Copyrights, AgCo Licensed Standards,
or Business Software (if the Requesting Party is SpecCo), the Holding Party shall not be required to deliver such Know-How Materials to the Requesting Party, but shall provide the Requesting Party with an
explanation in reasonable detail of the basis of such determination and shall make itself and its relevant Affiliates available to discuss in good faith with the Requesting Party. 

(b)    For clarity, and notwithstanding anything to the contrary, in no event shall Licensor or its Affiliates be
required hereunder to provide any written, electronic, computerized, digital or other tangible or intangible media to the extent comprising, containing, reflecting or embodying any SpecCo Licensed Know-How,
AgCo Licensed Know-How, SpecCo Licensed Copyrights, AgCo Licensed Copyrights, AgCo Licensed Standards, or Business Software to Licensee, that has already been provided to, or is in the possession of, Licensee
or its Affiliates. For the avoidance of doubt, nothing in this Agreement shall be interpreted as requiring that Licensor or any of its Affiliates transfer or grant access to tangible biological material to Licensee or any of its Affiliates. 

Section 2.12    Audit. Not more than once per year, or at any time a Party has a reasonable, good faith
belief that the other Party has materially breached this Agreement, or (to the extent with respect to this Agreement) the Umbrella Secrecy Agreement, and provides written notice to such other Party as well as detailed documentation or other evidence
of such alleged breach, upon thirty (30) days’ advance written notice, such first Party may cause an independent Third Party auditor that is reasonably acceptable to the audited Party and subject to written confidentiality obligations that
are reasonably acceptable to the audited Party to audit, during regular business hours and in a manner that complies with the reasonable building and security requirements of the audited Party and its Affiliates, the books, records and facilities of
such audited Party and its Affiliates to the extent reasonably necessary to determine such audited Party’s and its Affiliates’ compliance with this Agreement or (to the extent with respect to this Agreement) the Umbrella Secrecy Agreement.
Any audit conducted under this Section 2.12 shall not interfere unreasonably with the operations of such audited Party or any of its Affiliates. The Party requesting the audit shall pay the costs of conducting such audit;
provided that if such audit reveals a material breach of this Agreement or (to the extent with respect to this Agreement), the Umbrella Secrecy Agreement, the audited Party shall pay all such costs. Upon conclusion of the audit, the
Third Party auditor shall furnish to both Parties a report stating only its findings during such audit as to whether or not the audited Party is in compliance with this Agreement, and if such audit has revealed a breach, shall include no more
information than is reasonably necessary to provide the basis for such finding. All information learned or obtained from such audit shall be deemed Confidential Information for purposes of this Agreement. Notwithstanding anything to the contrary in
this Section, the audited Party may require that the Third Party conducting the audit pursuant to this Section 2.12 be accompanied by the audited Party’s (and in the case of an audit of its Affiliates or Sublicensees,
its Affiliate’s or its Sublicensee’s, respectively) representatives at all times during such audit. For clarity, Licensee shall cause its Affiliates that are Sublicensees to comply with this Section 2.12. 

  
 16 

 ARTICLE III 

OWNERSHIP 

Section 3.1    Ownership. As between the Parties (including their respective Affiliates), (a) AgCo
acknowledges and agrees that SpecCo and its Affiliates own the SpecCo Licensed IP, the SpecCo Licensed Standards, and the Business Software licensed to AgCo under Section 2.4, (b) SpecCo acknowledges and agrees that AgCo
and its Affiliates own the AgCo Licensed IP, the AgCo Licensed Standards, and the Business Software licensed to SpecCo under Section 2.4, and (c) each Party acknowledges and agrees that (i) except to the extent
expressly provided herein, neither Party, nor its Affiliates or its Sublicensees, will acquire any ownership rights in the Licensed IP licensed to such Party hereunder, and (ii) such Party shall not, and shall cause its Affiliates and its
Sublicensees to not, represent or make any claim that they have ownership of any right, title or interest in any such Licensed IP. To the extent that a Party, its Affiliates or its Sublicensees (as applicable) is assigned or otherwise obtains
ownership of any right, title or interest in or to any Licensed IP in contravention of this Section 3.1, such Party hereby assigns, and shall cause its Affiliates and Sublicensees (as applicable) to assign, to the other
Party (or to such Affiliate or Third Party designated by such other Party in writing) all such right, title and interest. 
 ARTICLE IV

 PROSECUTION AND MAINTENANCE 

Section 4.1    Responsibility and Cooperation. 

(a)    Subject to Section 4.1(b), as between the Parties, Licensor shall have sole
responsibility (but not the obligation) for filing, prosecuting and maintaining all Patents within the Licensed IP with respect to which such Licensor or any of its Affiliates is granting a license to Licensee hereunder. Licensor shall be solely
responsible for all costs and expenses incurred in connection with such filing, prosecution and maintenance. 

(b)    If, during the Term, Licensor decides to abandon, or otherwise allow to lapse, any issued AgCo Licensed Patent (if
AgCo is the Licensor) or SpecCo Licensed Patent (if SpecCo is the Licensor) or published application therefor (the “First Abandoned Patent”), and substantially simultaneously decides to abandon, or otherwise allow to lapse all
foreign equivalents thereof and all other Patents that claim priority to such First Abandoned Patent in all jurisdictions in which such Patents are registered or applied-for (the “Abandoned Patent
Family”), Licensor shall use commercially reasonable efforts to notify Licensee of such decision at least thirty (30) days prior to any deadline for taking action to avoid abandonment (or other loss of rights) of such First Abandoned
Patent. Upon receipt of such notice, Licensee shall have the right to elect to assume responsibility for prosecution and maintenance of any or all Patents in such Abandoned Patent Family (the “Assumed Patents”) solely by providing
Licensor with written notice of such election within thirty (30) days (or such shorter period requested where the final deadline is in less than thirty (30) days) following such notice from Licensor, and Licensor shall either:
(i) withdraw its decision to abandon and continue prosecuting or maintaining the Assumed Patents at its expense; or (ii) assign, and hereby does assign, its entire right, title, and interest in all Assumed Patents to Licensee at
Licensee’s sole cost and expense (provided that, for clarity, Licensee shall not be required to pay any additional consideration to Licensor in exchange for such assignment, but shall be required to reimburse Licensor for its out-of-pocket costs and expenses incurred in connection with assigning such Patents); provided that, Licensor shall not be in breach of the foregoing if Licensor
uses commercially reasonable efforts to notify 

  
 17 

 
Licensee of its decision to abandon (or otherwise lose rights) but inadvertently and in good faith fails to so notify Licensee. In the event that Licensor assigns any Assumed Patents to Licensee
in accordance with the foregoing clause (ii), such Patents shall no longer be (i) if the Licensor is AgCo, AgCo Licensed Patents and instead shall be SpecCo Licensed Patents, for which the AgCo Field shall be all fields of use, or (ii) if
the Licensor is SpecCo, SpecCo Licensed Patents and instead shall be AgCo Licensed Patents, for which the SpecCo Field shall be all fields of use. Notwithstanding anything to the contrary herein, in the event that any Licensed Patent is assigned to
Licensee pursuant to this (b), such Licensed Patent shall be subject to the terms and conditions of any licenses and other rights granted by or on behalf of Licensor or any of its Affiliates with respect to such Licensed Patent prior to the
date of such assignment (to the extent that such terms and conditions do not conflict with any of the terms hereof), and unless otherwise agreed in writing, the assignee Party may abandon such Patent without notice or obligation of assignment to the
other Party. 
 (c)    For clarity, Licensor’s obligations under Section 4.1(b) do not
apply to the (i) filing or validating of any national or regional applications based on any international or regional Patent applications or filings (including any PCT or EPO applications) whether or not designated under such applications or
filings, (ii) filing of any Patent application, including the filing of any divisional, continuation or continuation-in-part application, or (iii) maintaining
or prosecuting of any unpublished Patent applications. If any Licensed Patent subject to this Section 4.1 is subject to the terms of any Contract existing as of the Effective Date to which the Licensor or any of its
Affiliates is a party or otherwise bound whereby a Third Party has the right to elect to assume responsibility for prosecution or maintenance of, or request assignment of, such Licensed Patent, and such Third Party elects not to exercise all such
rights in such Licensed Patent, such Licensed Patent shall become subject to the terms of Section 4.1(b), except if Licensor’s grant of such rights to Licensee, or Licensee’s exercise of such rights, would breach
any contractual rights or obligations owed to such Third Party or any of its Affiliates. 
 Section 4.2    No
Additional Obligations. For clarity, this Agreement shall not obligate either Party to disclose to the other Party, or maintain, register, monitor, prosecute, pay for or offer to pay for (including by offering remuneration to any inventors),
defend, enforce or otherwise manage any Intellectual Property, except to the extent expressly set forth herein. 

Section 4.3    Third Party Agreements. For clarity, and notwithstanding anything to the contrary in this
Article IV, the Parties’ rights and obligations set forth in this Article IV shall be subject to the terms of any Contracts existing as of the Effective Date to which the Licensor or any of its Affiliates is a party or otherwise
bound, subject to the requirements for Licensor to notify Licensee pursuant to Section 2.7. 
 ARTICLE V

 ENFORCEMENT 

Section 5.1    Defense and Enforcement. 

(a)    Licensor’s Right. Subject to the remainder of this Section 5.1,
as between the Parties, Licensor shall have the sole right, but not the obligation, at its own cost and expense, to control enforcement or defense against any Third Party Infringement of the Licensed IP under which Licensor is granting a license to
Licensee hereunder (including by bringing an Action or entering into settlement discussions). 

  
 18 

 (b)    Licensee’s Rights. In the case of any
Third Party Infringement, Licensee may request (which request Licensor may deny if Licensor reasonably determines that such Licensed IP should not be enforced or defended, and discusses its reasoning therefor with Licensee) that Licensor enforce or
defend (as applicable) such Licensed IP (including by bringing an Action or entering into settlement discussions), and if such request is granted, such enforcement or defense (as applicable) shall be controlled by Licensor at Licensee’s sole
cost and expense; provided that Licensee must approve in writing of all such costs and expenses in advance, and Licensor shall have no obligation to enforce or defend (as applicable) such Licensed IP in the event that Licensee does not
approve of such costs and expenses in any material respect. 
 (c)    Cooperation. If Licensor brings an Action
with respect to any Third Party Infringement or enters into settlement discussions with respect thereto, Licensee shall provide reasonable assistance in connection therewith, at Licensor’s request and Licensee shall be reimbursed for its
reasonable out-of-pocket costs and expenses incurred in connection therewith. Licensor shall keep Licensee regularly informed of the status and progress of such
enforcement or defense, as applicable, and shall reasonably consider Licensee’s comments in connection with any Action or settlement discussions with respect thereto. Notwithstanding anything to the contrary herein, Licensee may, at its sole
discretion and cost and expense, join as a party to any such Action; provided that, if necessary for standing purposes, Licensee shall join such Action upon Licensor’s reasonable request and Licensor shall reimburse
Licensee’s reasonable out-of-pocket costs and expenses incurred in connection therewith. Licensee shall have the right to be represented by counsel (which shall act
in an advisory capacity only, except for matters solely directed to Licensee) of its own choice in any such Action at its own cost and expense (subject to reimbursement of Licensee’s costs and expenses as described in, and subject to, the
immediately preceding sentence). Notwithstanding the foregoing, in the event of enforcement or defense in accordance with Section 5.1(b), Licensee shall be solely responsible for all costs and expenses incurred pursuant to
this Section 5.1(c). 
 (d)    Settlements. Notwithstanding anything to the contrary
herein, Licensor shall not, without the prior written consent (not to be unreasonably withheld, conditioned or delayed) of Licensee, settle any Third Party Infringement with respect to any Licensed IP if doing so would give rise to liability or any
other obligations of Licensee, its Affiliates or its Sublicensees for which Licensor is unwilling or unable to, or otherwise does not, provide full indemnification. 

(e)    Recoveries. Any and all amounts recovered by Licensor in any Action regarding a Third Party Infringement or
settlement with respect thereto shall, unless otherwise agreed (including in an agreement in connection with obtaining consent to settlement), be allocated first to reimburse Licensor’s out-of-pocket costs and expenses incurred in connection with such Action or settlement (including its obligations to Licensee pursuant to Section 5.1(c)) and next to the
Licensee’s out-of-pocket costs and expenses incurred in connection with such Action or settlement (including, as applicable, in accordance with
Section 5.1(b) and 5.1(c)). Any and all remaining amounts recovered shall be retained by Licensor. 

(f)    Interferences, etc. Notwithstanding anything to the contrary in Article IV or this Article V,
in the event that any Third Party allegations of invalidity or unenforceability of any Patents included in the Licensed IP licensed to Licensee hereunder arise in an opposition, interference, reissue proceeding, reexamination or other patent office
proceeding, Article IV shall govern the Parties’ rights and obligations with respect thereto. 

  
 19 

 Section 5.2    Third Party Agreements. For clarity, and
notwithstanding anything to the contrary in this Article V, the Parties’ rights and obligations set forth in this Article V shall be subject to the terms of any Contracts existing as of the Effective Date to which the Licensor or
any of its Affiliates is a party or otherwise bound, subject to the requirements for Licensor to notify Licensee pursuant to Section 2.7. 

ARTICLE VI 

INDEMNIFICATION 

Section 6.1    Indemnification. 

(a)    Each Party (the “Indemnifying Party”) agrees to indemnify, release, defend and hold harmless the
other Party and its Affiliates and its and their directors, officers, agents, and successors (each, an “Indemnitee” and collectively, the “Indemnitees”) from and against any and all Indemnifiable Losses incurred or
suffered by any of the Indemnitees, to the extent arising out of, relating to or resulting from (a) breach by the Indemnifying Party of this Agreement; (b) if the Indemnifying Party is the Licensee, use of the Licensed IP hereunder by or
on behalf of such Party or its Sublicensees; and (c) if the Indemnifying Party is the Licensor, breach by or on behalf of Licensee, its Affiliates or its Sublicensees of any contractual rights of or contractual obligations owed to any Third
Parties with respect to the Licensed IP; provided that, prior to such breach, Licensor or any of its Affiliates is aware, and Licensee and its Affiliates are not aware, of such contractual rights or obligations, in each case (in
respect of the foregoing subsections (a) through (c)), except to the extent that such Indemnifiable Losses (i) are subject to indemnification by the other Party pursuant to this Section 6.1 or (ii) arise out
of fraud, bad faith, gross negligence or willful misconduct of the other Party or its Affiliates. 
 (b)    Except for
the entitlement to specific performance or other equitable remedy, each solely as contemplated by Section 10.12, the remedies provided in this Section 6.1 shall be deemed the sole and exclusive
remedies of the Parties with respect to the subject matter of this Agreement, and the Parties each hereby waive to the extent permitted by applicable Law any other remedy to which they or any of their respective Indemnitees are entitled to hereunder
at law or in equity with respect thereto. 
 Section 6.2    Indemnification Procedures. The indemnification
procedures set forth in Sections 8.5 through 8.10 of the Separation Agreement shall apply to the matters indemnified hereunder, mutatis mutandis. 

Section 6.3    Disclaimer of Representations and Warranties. EACH PARTY HEREBY ACKNOWLEDGES THAT, EXCEPT TO
THE EXTENT EXPRESSLY SET FORTH IN THE SEPARATION AGREEMENT OR IN ANY OF THE OTHER ANCILLARY AGREEMENTS, EACH OF AGCO (ON BEHALF OF ITSELF AND EACH MEMBER OF THE AGCO GROUP) AND SPECCO (ON BEHALF OF ITSELF AND EACH MEMBER OF THE SPECCO GROUP)
UNDERSTANDS AND AGREES THAT NEITHER PARTY IS REPRESENTING OR WARRANTING IN ANY WAY UNDER THIS AGREEMENT (INCLUDING WITH RESPECT TO ANY CONSENTS REQUIRED IN CONNECTION HEREWITH, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, VALIDITY, ENFORCEABILITY OR SCOPE OF THE LICENSED IP) AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES. EXCEPT AS MAY EXPRESSLY BE SET FORTH IN THE SEPARATION
AGREEMENT OR IN ANY OTHER ANCILLARY AGREEMENT, ALL LICENSED IP IS BEING LICENSED ON AN “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS” BASIS. 

  
 20 

 Section 6.4    Limitation on Liability. NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT (INCLUDING THIS ARTICLE VI), EXCEPT WITH RESPECT TO BREACHES OF ARTICLE VII, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ITS AFFILIATES, WHETHER IN CONTRACT,
TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR OTHERWISE, AT LAW OR IN EQUITY, AND “LOSSES” SHALL NOT INCLUDE ANY AMOUNTS FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES; PROVIDED THAT NOTHING HEREIN SHALL
PREVENT ANY INDEMNITEE FROM BEING INDEMNIFIED PURSUANT TO ARTICLE VI FOR ALL COMPONENTS OF AWARDS AGAINST THEM IN ANY THIRD PARTY CLAIM. 

ARTICLE VII 

CONFIDENTIALITY 

Section 7.1    Disclosure and Use Restrictions. The Parties acknowledge and agree that the Umbrella Secrecy
Agreement is hereby incorporated into this Agreement, and shall apply to the transactions contemplated by this Agreement, mutatis mutandis. For the avoidance of doubt, Licensee’s material breach of the Umbrella Secrecy Agreement with
respect to Confidential Information shall constitute a material breach of this Agreement. 
 ARTICLE VIII 

TERM 

Section 8.1    Term. The terms of the licenses and other grants of rights (and related obligations) under
this Agreement (the “Term”) shall remain in effect (a) to the extent with respect to the Licensed Patents and Licensed Copyrights, on a Licensed
Patent-by-Licensed Patent and Licensed Copyright-by-Licensed Copyright basis, until
expiration, invalidation or abandonment of such Licensed Patent or Licensed Copyright (as applicable), (b) to the extent with respect to any Licensed Know-How, until such Licensed Know-How no longer constitutes Confidential Information; provided that, after expiration of the Term with respect to any Licensed Know-How, the licenses granted
hereunder to such Know-How shall survive such expiration in perpetuity, and (c) with respect to Business Software and Licensed Standards, in perpetuity. 

Section 8.2    Effect of Termination. 

(a)    Accrued Rights. Expiration of this Agreement, in part or in its entirety, shall be without prejudice to any
rights which shall have accrued to the benefit of either Party prior to such expiration. 
 (b)    Survival. The
following provisions of this Agreement, together with all other provisions of this Agreement that expressly specify that they survive, shall survive expiration of this Agreement, in part or in its entirety: Articles I, III, VI, VII, IX and X and
this Section 8.2. 

  
 21 

 ARTICLE IX 

DISPUTE RESOLUTION 

Section 9.1    Negotiation and Arbitration. In the event of a controversy, dispute or Action between
the Parties arising out of, in connection with, or in relation to this Agreement or any of the transactions contemplated hereby, including with respect to the interpretation, performance, nonperformance, validity or breach thereof, and including any
Action based on contract, tort, statute or constitution, including the arbitrability of such controversy, dispute or Action, the procedures as set forth in Article X of the Separation Agreement shall apply, mutatis mutandis. 

ARTICLE X 

MISCELLANEOUS 

Section 10.1    Complete Agreement; Construction. This Agreement, including the Exhibits and Schedules,
together with the Separation Agreement, the Umbrella Secrecy Agreement, other Ancillary Agreements and, solely to the extent and for the limited purpose of effecting the Internal Reorganization, the Conveyancing and Assumption Instruments, shall
constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments, course of dealings and writings with respect to such subject matter. In the event of any
inconsistency between this Agreement and any Exhibit or Schedule hereto, the Exhibit or Schedule shall prevail. In the event and to the extent that there shall be a conflict between the provisions of this Agreement and the provisions of the
Separation Agreement, the terms and conditions of this Agreement shall control (except as expressly set forth in Section 12.1 of the Separation Agreement). In the event of any inconsistency between this Agreement and the provisions of
(i) any Conveyancing and Assumption Instrument or (ii) that certain Intercompany License Agreement – IB, entered into as of April 30, 2019 by and between Pioneer Hi-Bred International,
Inc., E.I. du Pont de Nemours and Company, PM Taiwan, Inc., DuPont US Holding, LLC, and DuPont Industrial Biosciences USA, LLC, the terms and conditions of this Agreement shall control. 

Section 10.2    Assignment. 

(a)    Neither this Agreement nor any of the rights, interests or obligations of a Party under this Agreement shall be
assigned, in whole or in part, by operation of law or otherwise, by such Party without the prior written consent of the other Party (which consent may be granted or withheld in such other Party’s sole discretion); provided
however, that such first Party (i) may assign, in whole or in part, by operation of law or otherwise, any of the foregoing to one or more of its Affiliates and (ii) may assign, in whole or in part, by operation of law or otherwise,
any of the foregoing to the successor to all or a portion of the business or assets to which this Agreement relates; provided that, (x) the assigning Party shall promptly notify the
non-assigning Party in writing of any assignments it makes under Section 10.2(a)(ii) and (y) in either case of (i) or (ii), the party to whom this Agreement is assigned
shall agree in writing to be bound by the terms of this Agreement as if named as a “Party” hereto with respect to all or such portion of this Agreement so assigned. 

(b)    Any assignment or other disposition in violation of this Section 10.2 shall be void. No
assignment shall relieve the assigning Party of any of its obligations under this Agreement that accrued prior to such assignment unless agreed to by the non-assigning Party. 

  
 22 

 Section 10.3    Counterparts. This Agreement may be
executed and delivered (including by facsimile or other means of electronic transmission, such as by electronic mail in “pdf” form) in more than one counterpart, all of which shall be considered one and the same agreement, each of which
when executed shall be deemed to be an original, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to each of the Parties. 

Section 10.4    Notices. All notices and other communications to be given to any Party under this Agreement
shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or five (5) days after being mailed by certified or registered mail, return receipt requested, with appropriate
postage prepaid, or electronically mailed (with a response confirming receipt), and shall be directed to the address set forth below (or at such other address for a Party as shall be specified in a notice given in accordance with this
Section 10.4): 
 To AgCo: 

Corteva, Inc. 
 c/o Corteva, Inc.

 974 Centre Road, Building 735 

Wilmington, DE 19805 

Attn:        General Counsel 

Email:      cornel.b.fuerer@corteva.com 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY
10036 
 Attention:        Brandon Van Dyke, Esq. 

Email:              Brandon.VanDyke@skadden.com 

Facsimile:        (917) 777-3743 

To SpecCo: 
 DowDuPont, Inc. 

c/o DuPont de Nemours, Inc. 
 974
Centre Road, Building 730 
 Wilmington, DE 19805 

Attn: General Counsel 
 Email:
Erik.T.Hoover@dupont.com 
 with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY
10036 
 Attention:        Brandon Van Dyke, Esq. 

Email:              Brandon.VanDyke@skadden.com 

Facsimile:        (917) 777-3743 

  
 23 

 Section 10.5    Waivers. Any provision of this Agreement
may be waived, if and only if, such waiver is in writing and signed by the Party against whom the waiver is to be effective. Notwithstanding the foregoing, no failure to exercise and no delay in exercising, on the part of any Party, any right,
remedy, power or privilege hereunder shall operate as a waiver hereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. Any consent required or permitted to be given by any Party to any other Party under this Agreement shall be in writing and signed by the Party giving such consent and shall be effective only against such Party (and the
members of its Group). 
 Section 10.6    Amendments. This Agreement may not be modified or amended except
by an agreement in writing signed by each of the Parties. 
 Section 10.7    Affiliates. Each of the
Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Affiliate of such Party. 

Section 10.8    Third Party Beneficiaries. Except as provided in Article VI relating to Indemnitees,
this Agreement is solely for the benefit of, and is only enforceable by, the Parties and their permitted successors and assigns and should not be deemed to confer upon Third Parties any remedy, benefit, claim, liability, reimbursement, claim of
Action or other right of any nature whatsoever, in excess of those existing without reference to this Agreement. 

Section 10.9    Title and Headings. Titles and headings to sections herein are inserted for the convenience
of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 10.10    Exhibits and Schedules. The Exhibits and Schedules shall be construed with and as an
integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. 

Section 10.11    Governing Law. This Agreement and any dispute arising out of, in connection with or relating
to this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. 

Section 10.12    Specific Performance. The Parties acknowledge and agree that irreparable harm would occur in
the event that the Parties do not perform any provision of this Agreement in accordance with its specific terms or otherwise breach this Agreement and the remedies at law for any breach or threatened breach of this Agreement, including monetary
damages, are inadequate compensation for any such non-performance or breach. Accordingly, in the event of any actual or threatened default in or breach of, any of the terms, conditions and provisions of this
Agreement, the Parties agree that the Party or Parties to this Agreement who are or are to be thereby aggrieved shall, subject and pursuant to the terms of this Article X (including for the avoidance of doubt, after compliance with all notice
and negotiation provisions herein), have the right to specific performance and injunctive or other equitable relief of its or their rights under this Agreement in addition to any and all other rights and remedies at law or in equity, and all such
rights and remedies shall be cumulative. The Parties agree that any defense 

  
 24 

 
in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby
waived. 
 Section 10.13    Severability. In the event any one or more of the provisions contained in this
Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall
endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid, legal and enforceable provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 
 Section 10.14    No Duplication; No Double Recovery. Nothing in this Agreement is intended
to confer to or impose upon any Party a duplicative right, entitlement, obligation or recovery with respect to any matter arising out of the same facts and circumstances. 

Section 10.15    Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by a
Licensor are, and will otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101 of the United States Bankruptcy
Code regardless of the form or type of intellectual property under or to which such rights and licenses are granted and regardless of whether the intellectual property is registered in or otherwise recognized by or applicable to the United States of
America or any other country or jurisdiction. The Parties agree that each Licensee will retain and may fully exercise all of their rights and elections under the United States Bankruptcy Code. The Parties further agree that, in the event of the
commencement of a bankruptcy proceeding by or against a Party under the United States Bankruptcy Code, the Party hereto that is not a party to such proceeding will be entitled to a complete duplicate of (or complete access to, as appropriate) any
such intellectual property and all embodiments of such intellectual property, which, if not already in the non-subject Party’s possession, will be promptly delivered to it (a) upon any such
commencement of a bankruptcy proceeding upon the non-subject Party’s written request therefore, unless the Party subject to such proceeding continues to perform all of its obligations under this Agreement
or (b) if not delivered under clause (a) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request therefore by the non-subject
Party. 
 * * * * * 

[End of page left intentionally blank] 

  
 25 

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

			
	CORTEVA, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to AgCo/SpecCo Intellectual Property Cross License Agreement] 

 
			
	DOWDUPONT INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to AgCo/ SpecCo Intellectual Property Cross License Agreement] 

  
 27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]