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Exhibit 10.1    
    

REGISTRATION RIGHTS AGREEMENT 

BY
AND AMONG 

HUNTSMAN
CORPORATION, 

HUNTSMAN
FAMILY HOLDINGS COMPANY LLC, 

MATLINPATTERSON
GLOBAL OPPORTUNITIES PARTNERS L.P., 

MATLINPATTERSON
GLOBAL OPPORTUNITIES PARTNERS B L.P., 

MATLINPATTERSON
GLOBAL OPPORTUNITIES PARTNERS (BERMUDA) L.P., 

CONSOLIDATED
PRESS (FINANCE) LIMITED 

AND 

EACH
OF THE OTHER STOCKHOLDER SIGNATORIES 

DATED
AS OF FEBRUARY 10, 2005 

REGISTRATION RIGHTS AGREEMENT  

        This REGISTRATION RIGHTS AGREEMENT (this "Agreement") dated as of February 10, 2005, by and among Huntsman Corporation, a Delaware corporation (the
"Corporation"), Huntsman Family Holdings Company LLC, a Utah limited liability company ("Family Holdings"), MatlinPatterson Global Opportunities Partners L.P., a Delaware limited partnership,
MatlinPatterson Global Opportunities Partners B, L.P., a Delaware limited partnership, MatlinPatterson Global Opportunities Partners (Bermuda), L.P., a Bermuda limited partnership, Consolidated Press
(Finance) Limited, a public company incorporated in the State of New South Wales ("CPF"), and each Stockholder of the Corporation listed on the signature pages of this Agreement. 

        NOW, THEREFORE, in consideration of the premises and the covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

AGREEMENT: 

        The
parties hereby agree as follows: 

1.     Definitions.  

        As used in this Agreement, the following terms will have the following meanings: 

        "Affiliate"
means, with respect to any Person, a Person directly or indirectly Controlling, Controlled by, or under common Control with such Person;  provided, that in no event shall the Corporation be deemed an
Affiliate of Family Holdings or MatlinPatterson. 

        "Average
Share Price" means the quotient obtained by dividing (a) the sum of the volume-weighted average price per share of the Common Stock for each of the ten (10) days
of trading occurring immediately prior to the date of such determination, as reported by Bloomberg Professional Service for the period during each trading day beginning at 9:30 a.m., New York
City time and ending at 4:00 p.m., New York City time, by (b) ten (10) days. 

        "Common
Stock" means shares of the Corporation's common stock, par value $0.01 per share. 

        "Control"
means the possession, directly or indirectly, through one or more intermediaries, by any Person or group (within the meaning of Section 13(d)(3) under the Exchange Act)
of both of the following: (a) in the case of a corporation, more than 25% of the direct or indirect economic interest in the outstanding equity securities thereof; in the case of a limited
liability company, partnership, limited partnership or venture, the right to more than 25% of the distributions therefrom (including liquidating distributions); in the case of a trust or estate,
including a business trust, more than 25% of the beneficial interest therein; and in the case of any other entity, more than 25% of the economic or beneficial interest therein; and (b) in the
case of any entity, the power or authority, through ownership of voting securities, by contract or otherwise, to control or direct the management and policies of the entity. 

        "CPF
Registrable Securities" means shares of Common Stock owned directly or indirectly by CPF or any of its Affiliates, and securities issued in respect thereof by way of conversion,
dividend or stock split or stock issuance or in connection with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation, reorganization or otherwise, to CPF;  provided, however, a Registrable Security shall cease to be a Registrable Security to the extent so
provided in Section 2. 

        "Demand
Registration" has the meaning set forth in Section 3(a). 

        "Earnout
Agreement" means that certain Earnout Agreement, dated as of June 29, 2002, by and among Consolidated Press Holdings Limited, Conpress International (Netherlands
Antilles) N.V., Jon M. Huntsman and Family Holdings, as amended from time to time. 

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

 

        "Exchange
Agreement" means that certain Agreement to Exchange LLC Interests, dated as of the date hereof, among the Corporation, CPF and Huntsman Holdings, LLC. 

        "Family
Holdings Registrable Securities" means shares of Common Stock owned directly or indirectly by Family Holdings or any of its Affiliates (including those shares owned directly by
HMP Equity Trust and allocable to the HMP Equity Trust Class B Units), and securities issued in respect thereof by way of conversion, dividend or stock split or stock issuance or in connection
with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation or reorganization or otherwise, to Family Holdings;  provided, however, a Family Holdings Registrable Security shall cease to be a Family Holdings
Registrable Security to the extent so provided in Section 2. For avoidance of doubt, Family Holdings Registrable Securities shall include those shares of Common Stock held directly by HMP
Equity Trust other than those shares that constitute MatlinPatterson Registrable Securities; provided,  however, that for purposes of any allocation under
Section 3 or 4 hereof that is done on the basis of the number of Registrable Securities held
by any holder, to the extent any shares of Common Stock constitute the Escrowed Corporation Interest under the HMP Equity Trust, such shares will be deemed to be allocated equally between
MatlinPatterson and Family Holdings until such shares are actually allocated under the HMP Equity Trust. 

        "Governmental
Entity" means any federal, state, political subdivision or other governmental agency or instrumentality, foreign or domestic. 

        "HMP
Equity Trust" means HMP Equity Trust, a Delaware statutory trust, formed pursuant to a certificate of trust filed February 9, 2005. 

        "IPO"
means the initial offering of shares of Common Stock to the public in a transaction registered under the Securities Act. 

        "Majority"
means 50.1% or more. 

        "MatlinPatterson"
means MatlinPatterson Global Opportunities Partners L.P., MatlinPatterson Global Opportunities Partners B L.P., and MatlinPatterson Global Opportunities Partners
(Bermuda), L.P., collectively. 

        "MatlinPatterson
Registrable Securities" means shares of Common Stock owned directly or indirectly by MatlinPatterson or any of its Affiliates, (including those shares owned directly by
HMP Equity Trust and allocable to the HMP Equity Trust Class A Units) and securities issued in respect thereof by way of conversion, dividend or stock split or stock issuance or in connection
with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation, reorganization or otherwise, to MatlinPatterson;  provided, however, a MatlinPatterson Registrable Security shall cease to be a MatlinPatterson
Registrable Security to the extent so provided in Section 2. For avoidance of doubt, MatlinPatterson Registrable Securities shall include those shares of Common Stock held by HMP Equity Trust
the economic interest in which is allocated to the membership interest in HMP Equity Trust owned by MatlinPatterson; provided,  however, that for purposes
of any allocation under Section 3 or 4 hereof that is done on the basis of the number of Registrable Securities held
by any holder, to the
extent any shares of Common Stock constitute the Escrowed Corporation Interest under the HMP Equity Trust, such shares will be deemed to be allocated equally between MatlinPatterson and Family
Holdings until such shares are actually allocated under the HMP Equity Trust. 

        "Other
Stockholder Registrable Securities" means shares of Common Stock owned directly or indirectly by Stockholders who are a party to this Agreement (other than MatlinPatterson, Family
Holdings or CPF) originally acquired in exchange for its interests in Huntsman Holdings or HH Preferred Member, and securities issued in respect thereof by way of conversion, dividend or stock split
or stock issuance or in connection with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation or reorganization or otherwise,  provided, however, an Other 

2

 

Stockholder
Registrable Security shall cease to be an Other Stockholder Registrable Security to the extent so provided in Section 2. 

        "Person"
means any individual, partnership, corporation, limited liability company, firm, corporation, association, joint venture, trust or other entity, or any Governmental Entity. 

        "Piggyback
Registration" has the meaning set forth in Section 4(a). 

        "Registration
Expenses" has the meaning set forth in Section 8(a). 

        "Registrable
Securities" means the Family Holdings Registrable Securities, the MatlinPatterson Registrable Securities, the CPF Registrable Securities and the Other Stockholders
Registrable Securities. 

        "SEC"
means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act and the Exchange Act. 

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

        "underwritten
registration" or "underwritten offering" means any registration in which securities of the Corporation are sold pursuant to a firm commitment underwriting. 

        "Warrants
Registration Rights Agreement" means that certain Registration Rights Agreement dated as of May 9, 2003 among HMP Equity Holdings Corporation, Huntsman Holdings LLC,
Huntsman Group Inc., Huntsman Family Holdings Company LLC, MatlinPatterson Global Opportunities Partners L.P. and Credit Suisse First Boston LLC and CIBC World Markets Corp., as Initial
Purchasers. 

        "Warrant
Related Registrable Securities" means "Registrable Securities" under the Warrant Registration Rights Agreement, including any Common Stock of the Corporation issued in exchange
for the Warrants of HMP Equity Holdings Corporation. 

2.     Securities Subject to this Agreement.  

        The securities entitled to the benefits of this Agreement are the Registrable Securities but, with respect to any particular Registrable Security, only so long as
such security continues to be a Registrable Security. A Registrable Security shall cease to be a Registrable Security when (i) it has been disposed of in a transaction registered under the
Securities Act, (ii) it has been sold pursuant to Rule 144 under the Securities Act, (iii) an opinion of counsel to the Corporation (the form and scope of which shall be
reasonably satisfactory to the holder of such Registrable Security) shall have been delivered to such holder, or an opinion of counsel to the holder of such Registrable Security (the form and scope of
which shall be reasonably satisfactory to the Corporation), shall have been delivered to the Corporation, in either case to the effect that such Registrable Security may be publicly offered for sale
in the United States without restriction as to manner of sale and amount of securities sold and without registration or other restriction under the Securities Act, and the Corporation shall have
offered to deliver replacement certificates for such securities that do not bear any restrictive legend, or (iv) it has been sold or transferred in a private transaction in which the
transferor's rights under this Agreement are not assigned to the transferee. 

3.     Demand Registration.  

        (a)    Requests for Registration.    Subject to the provisions of Section 3(b), at any time after the closing
of the IPO any holder or holders of a Majority of the then outstanding MatlinPatterson Registrable Securities or Family Holdings Registrable Securities may request a registration by the Corporation
under the Securities Act of all or part of its or their MatlinPatterson Registrable Securities or Family Holdings Registrable Securities, as applicable, (a "Demand Registration");  provided, that the

3

 

number
of MatlinPatterson Registrable Securities or Family Holdings Registrable Securities requested to be registered represents at least 3% of the Corporation's then outstanding Common Stock. Within
15 days following receipt of any such request, the Corporation will provide written notice of such registration request to all holders of Registrable Securities and will, subject to the
provisions of Section 3(a)(i) and (ii), Section 3(c) and Section 3(d), include in such registration all Registrable Securities with respect to which the Corporation has
received written requests for inclusion therein within 20 days after distribution to the applicable holder of the Corporation's notice. All Demand Registration requests made pursuant to this
Section 3(a) will specify the number of Registrable Securities to be registered and will also specify the intended method of disposition thereof, which may include the sale of securities on a
continuous or delayed basis. If such method of disposition is through an offering that is not underwritten and that is on a continuous or delayed basis under Rule 415 or any successor role
under the Securities Act, then: 

          (i)  the
Corporation agrees to effect a registration and all qualifications and compliance as would permit or facilitate the sale and distribution on a continuous basis of
such portion of the requesting holders' Registrable Securities as are specified in such request plus any portion of the Registrable Securities of holders who request inclusion in such registration;
provided, however, that the Corporation shall not be required to include more than $300 million of MatlinPatterson Registrable Securities, $200 million of Family Holdings Registrable
Securities, and $50 million of CPF Registrable Securities and Other Stockholder Registrable Securities. If the number of CPF Registrable Securities and Other Stockholder Registrable Securities
requested to be included exceeds the amount that the Corporation is required to include in such registration statement, then the available space in such registration statement shall be allocated pro
rata among the holders of such Registrable Securities requesting to be included in the registration on the basis of the total number of Registrable Securities held by their respective holders; and 

         (ii)  the
Corporation agrees that (A) if it did not include in such registration all of the MatlinPatterson Registrable Securities requested to be included, then at
any time when the amount of MatlinPatterson Registrable Securities remaining unsold under the registration statement is less than $200 million, it will promptly file a new or additional
registration statement for additional sales of MatlinPatterson Registrable Securities as shall then permit sales of at least $300 million of MatlinPatterson Registrable Securities in the
aggregate, (B) if it did not include in such registration all of the Family Holdings Registrable Securities requested to be included therein, then at any time when the amount of Family Holdings
Registrable Securities remaining unsold under the registration statement is less than $135 million, it will promptly file a new or additional registration statement for such additional
sales of Family Holdings Registrable Securities as shall then permit sales of at least $200 million of Family Holdings Registrable Securities in the aggregate, and (C) if it did not
include in such registration all of the CPF Registrable Securities and Other Stockholder Registrable Securities requested to be included therein, then at any time when the amount of CPF Registrable
Securities and other Stockholder Registrable Securities remaining unsold under the registration statement is less than $10 million, it will
promptly file a new or additional registration statement for such additional sales as shall then permit sales of at least $50 million of CPF Registrable Securities and Other Stockholder
Registrable Securities in the aggregate. 

        (iii)  At
any time after the Registrable Securities become eligible for registration on Form S-3 or any comparable or successor form or forms, the
Corporation shall have the right to withdraw any registration made under Section 3(a)(i) so long as it replaces such registration with an effective registration statement under
Form S-3 pursuant to Section 5 hereof. 

        (b)    Number of Registrations.    The holders of MatlinPatterson Registrable Securities and Family Holdings
Registrable Securities will be entitled to request an unlimited number of Demand 

4

 

Registrations;
provided, however, that if a requested registration could be effected pursuant to
Section 5 hereof, it shall be deemed a registration requested under Section 5 rather than under this Section 3. 

        (c)    Limitation on Rights of Corporation or Other Securityholders to Piggyback on Demand Registrations.    Neither
the Corporation nor any of its securityholders has any right to include any of the Corporation's securities in a registration statement initiated as a Demand Registration under this Section 3
if such Demand Registration is an underwritten offering unless (i) such securities are of the same class as the Registrable Securities being registered and (ii) the Corporation, or the
selling securityholders, as applicable, agree to sell their securities on the same terms and conditions as apply to the Registrable Securities being registered and the holders thereof. If any
securityholders of the Corporation (other than the holders of Registrable Securities in such capacity and, if required by the Warrants Registration Rights Agreement holders, of Warrant Related
Registrable Securities) register securities of the Corporation in a Demand Registration (in accordance with the provisions of this Section 3(c)), such securityholders will pay the fees and
expenses of counsel to such securityholders and their pro rata share of the Registration Expenses if such pro rata share of the Registration Expenses for such registration are not paid by the
Corporation for any reason. The Corporation, any holder of Registrable Securities and any such other securityholder may withdraw their securities from a Demand Registration at any time prior to the
date such Demand Registration becomes effective with the SEC; provided, however, if the Demand
Registration is an underwritten offering and there is an underwriting agreement in place, they may do so only on the reasonable and customary terms agreed upon by the managing underwriters for such
offering. 

        (d)    Priority on Demand Registrations.    If a Demand Registration is an underwritten offering and the managing
underwriters advise the Corporation and the selling holders of the Registrable Securities requested to be registered during the 20-day period set forth in Section 3(a) hereof in
writing that in their opinion the number of such Registrable Securities requested to be included exceeds the number of securities which can be sold in such offering without materially and adversely
affecting the proposed offering or the offering price, the Corporation will include in such registration only the number of such Registrable Securities (and, if required by the Warrants Registration
Rights Agreement, Warrant Related Registrable Securities) which in the opinion of such underwriters can be
sold without materially and adversely affecting the proposed offering or the offering price, and such securities will be allocated among the holders of such Registrable Securities (and, if required by
the Warrants Registration Rights Agreement, the holders of Warrant Related Registrable Securities) requesting to be included in the registration pro rata on the basis of the total number of
Registrable Securities (and, if required by the Warrants Registration Rights Agreement, Warrant Related Registrable Securities requested to be included in such registration) requested to be included
therein by each such holder. If securities (other than Registrable Securities and, if applicable, Warrant Related Registrable Securities) are proposed to be included by the Corporation or its other
securityholders in a Demand Registration which is an underwritten offering (subject to and in accordance with the provisions of Section 3(c)) and the managing underwriters advise the
Corporation and the selling holders in writing that some but not all of said other securities can be sold without materially and adversely affecting the proposed offering or the offering price in such
underwritten offering, in addition to all of the Registrable Securities (and, if required by the Warrants Registration Rights Agreement, Warrant Related Registrable Securities) being registered, those
securities which are permitted to be included will be allocated (i) first, to the Corporation and (ii) second, to the other securityholders, allocated among them in such proportions as
such securityholders and the Corporation may agree. 

        (e)    Selection of Underwriters.    If any Demand Registration is an underwritten offering or a best efforts
underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the holders of a Majority (by number of shares) of the
MatlinPatterson Registrable Securities and Family Holdings Registrable Securities requested to be 

5

 

included
in such offering; provided, however, that such investment bankers and managers must be
reasonably satisfactory to the Corporation. 

        (f)    Other Registration Rights Agreements.    Without the prior written consent of the holders of a Majority of the
MatlinPatterson Registrable Securities and of a Majority of the Family Holdings Registrable Securities, the Corporation will not enter into any agreement with any holder or prospective holder of any
securities of the Corporation after the date hereof (except for the assumption of those certain registration obligations under the Warrants Registration Rights Agreement in connection with the
issuance of Common Stock in exchange for the warrants and warrant shares of HMP Equity Holdings Corporation) which grants to such holder or prospective holder any registration rights unless such
agreement and the rights granted thereunder are subject and subordinate to the rights of holders hereunder. As of the date hereof, the only agreements with any holder of any securities of the
Corporation which grant registration rights are this Agreement and the Warrants Registration Rights Agreement. 

        (g)    Withdrawal by Holders of Registrable Securities.    The initiating holders of Registrable Securities may
withdraw a Demand Request at any time and under any circumstances. 

4.     Piggyback Registrations.  

        (a)    Right to Piggyback.    If at any time after consummation of the IPO the Corporation proposes to register any
equity securities under the Securities Act in connection with the public offering of such securities (other than a registration relating to employee or director benefit plans or a corporate
reorganization, mergers or acquisition, or a registration on any form that does not permit inclusion of sales of Registrable Securities), whether such offering is a primary offering by the Corporation
or a secondary offering by holders of the Corporation's securities or both (a "Piggyback Registration"), the Corporation will give written notice to all holders of Registrable Securities of its
intention to effect such a registration as soon as practicable, but in no event less than 20 days prior to the anticipated filing date of the initial registration statement related thereto;  provided, that such notice shall indicate the number of shares proposed to be registered, the proposed means of distribution of such securities and the
proposed managing underwriters of such offering, if any. Subject to the provisions of Sections 4(b) and (c), the Corporation will include in such Piggyback Registration all Registrable Securities with
respect to which the Corporation has received written requests for inclusion therein within 20 days after delivery of the Corporation's notice. The holders of Registrable Securities will be
permitted to withdraw all or any part of such holder's Registrable Securities from a Piggyback Registration at any time prior to the date such Piggyback Registration becomes effective with the SEC;  provided, however, if the Piggyback Registration is an underwritten offering and there is an
underwriting agreement in place, the holders of Registrable Securities may do so only on the reasonable and customary terms agreed upon by the managing underwriters for such offering. If a Piggyback
Registration is an underwritten offering effected (i) under Section 4(b), all Persons whose securities are included in the Piggyback Registration will be obligated to sell their
securities on the same terms and conditions as apply to the securities being issued and sold by the Corporation or (ii) under Section 3(a) or 4(c), all Persons whose securities are
included in the Piggyback Registration will be obligated to sell their securities on the same terms and conditions as apply to the securities being sold by the Person or Persons who initiated the
Piggyback Registration under Section 3(a) or 4(c). The foregoing notwithstanding, if, at any time after giving written notice of a Piggyback Registration but prior to the effective date of the
registration statement filed in connection therewith, the Corporation shall determine for any reason not to register the securities described in its notice of its intention to file a
registration statement, the Corporation shall give prompt written notice of such determination to the holders of Registrable Securities and thereupon shall be relieved of its obligation to register
any Registrable Securities in such registration. 

        (b)    Priority on Primary Registrations.    If a Piggyback Registration is an underwritten primary registration on
behalf of the Corporation, and the managing underwriters advise the Corporation in 

6

 

writing
that in their opinion the total number of securities requested to be included in such registration exceeds the number of securities (the "Primary Limit") which can be sold in such offering
without materially and adversely affecting the offering or the offering price, the Corporation will include in such registration securities not in excess of the Primary Limit in the following order:
(i) first, all securities the Corporation proposes to sell, (ii) second, up to the full number of Registrable Securities and Warrant Related Registrable Securities requested to be
included in such registration by holders of Registrable Securities and the holders of Warrant Related Registrable Securities (if such number together with the securities included pursuant to
clause (i) exceeds the Primary Limit, the securities to be registered shall be allocated among the holders of Registrable Securities and the holders of Warrant Related Registrable Securities
requesting to be included in the registration pro rata among them on the basis of the total number of Registrable Securities and Warrant Related Registrable Registrable Securities requested to be
included in such registration (provided that the number of Registrable Securities to be registered shall be allocated among the holders of Registrable Securities requesting to be included in the
registration pro rata on the basis of the total number of Registrable Securities held by their respective holders requesting inclusion in the registration)), (iii) third, up to the full number
of securities requested to be included in such registration by other holders of securities entitled to include securities in such Piggyback Registration (if such number (together with the number of
securities pursuant to clauses (i) and (ii)) exceeds the Primary Limit, the other securities to be registered shall be allocated pro rata among such holders on the basis of the number of
securities requested to be included therein by each such holder), and (iv) fourth, such additional securities (which together with those securities included in (i), (ii) and
(iii) do not exceed the Primary Limit) as may be agreed upon by the Corporation and any other securityholders; provided,  however, that in connection
with any such registration that occurs within 180 days of consummation of the IPO as among the holders of Registrable
Securities the right to include such securities shall be allocated (A) first, to the holders of Family Holdings Registrable Securities up to a number of shares determined by dividing
(x) the difference between $150 million and the amount of proceeds previously received by holders of Family Holdings Registrable Securities from registered sales by (y) the
Average Share Price on the date of the notice from the Corporation provided for in Section 4(a), (B) second, to the holders of MatlinPatterson Registrable Securities and CPF Registrable
Securities (allocated among the holders of MatlinPatterson Registrable Securities and CPF Registrable Securities requesting to be included in the registration pro rata on the basis of the total number
of Registrable Securities held by holders requesting inclusion in the registration) up to a number of shares determined by dividing (x) the difference between $400 million and the amount
of proceeds previously received by holders of MatlinPatterson Registrable Securities and CPF Registrable Securities from registered sales by (y) the Average Share Price on the date of the
notice from the Corporation provided for in Section 3(a) and (C) third, pro rata among all holders of Registrable Securities requesting inclusion in such Piggyback Registration on the
basis of the total number of Registrable Securities requested to be included therein by each such holder. 

        (c)    Priority on Secondary Registrations.    If a Piggyback Registration is an underwritten secondary registration
on behalf of holders of the Corporation's securities pursuant to the exercise of such holders' demand registration rights or otherwise (other than a Demand Registration), and the managing underwriters
advise the Corporation in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering
without materially and adversely affecting the offering or the offering price (the "Secondary Limit"), the Corporation will include in such registration securities not in excess of the Secondary Limit
in the following order: (i) first, up to the full number of Registrable Securities and Warrant Related Registrable Securities proposed to be included therein (if such number exceeds the
Secondary Limit, the securities to be registered shall be allocated among the holders of Registrable Securities and the holders of Warrant Related Registrable Securities requesting to be included in
the registration pro rata among them on the basis of the total number of Registrable Securities and Warrant Related Registrable Securities, requested to be included in such registration (provided that
the number of Registrable 

7

 

Securities
to be registered shall be allocated among the holders of Registrable Securities requesting to be included in the registration pro rata on the basis of the total number of Registrable
Securities held by their respective holders requesting inclusion in the registration)), (ii) up to the full number of securities the Corporation proposes to sell, (iii) up to the full
number of securities requested to be included in such registration by other holders of securities permitted to include securities in such Piggyback Registration, (if such number (together with the
number of securities included pursuant to clauses (i) and (ii)) exceeds the Secondary Limit, the other securities to be registered shall be allocated pro rata among such holders on the basis of
the number of securities requested to be included therein by each such holder) and (iv) any additional securities (which together with those securities included pursuant to clauses (i),
(ii) and (iii) do not exceed the Secondary Limit) as may be agreed upon by the Corporation and any other securityholders. 

        (d)    Selection of Underwriters.    If any Piggyback Registration is a primary registration of an underwritten
offering for the Corporation, the Corporation will have the sole right to select the investment banker or bankers and manager or managers to administer the offering. If any Piggyback Registration is
an underwritten secondary registration on behalf of holders of the Corporation's securities pursuant to exercise of such holders' demand registration rights, the selection of the investment banker or
bankers and manager or managers shall be made in the manner agreed solely among the Corporation and such holders initiating the demand registration rights or otherwise causing such registration to
occur. 

        (e)    Limitation.    No Piggyback Registration effected under this Section 4 shall be deemed to constitute a
Demand Registration or to have been effected pursuant to Section 3 hereof or shall release the Corporation of its obligations to effect any Demand Registration upon request as provided under
Section 3 hereof. 

5.     Form S-3 Registrations.  

        (a)   After
its IPO, the Corporation shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor
form or forms. After such qualification, in case the Corporation shall receive from any holder or holders of a Majority of the then outstanding (x) MatlinPatterson Registrable Securities or
(y) Family Holdings Registrable Securities, a written request or requests that the Corporation effect a registration on Form S-3 with respect to all or a part of the
Registrable Securities owned by such holder or holders, the Corporation agrees: 

          (i)  to
promptly (and in any event no more than 15 days following receipt of any such request) give notice of the proposed registration and any related qualification
or compliance, to the other holders of Registrable Securities; 

         (ii)  to
effect a registration and all qualifications and compliance as would permit or facilitate the sale and distribution on a continuous basis of such portion of the
requesting holders' Registrable Securities as are specified in such request plus any portion of the Registrable Securities of holders who join in such request by written notice to the Corporation
given within 20 days after receipt of notice pursuant to clause (i) from the Corporation; provided,  however, that the Corporation shall not be
required to include more than $300 million of MatlinPatterson Registrable Securities,
$200 million of Family Holdings Registrable Securities, and $50 million of CPF Registrable Securities and Other Stockholder Registrable Securities;  provided, further, that the Corporation shall not be obligated to effect any such registration,
qualification, or compliance pursuant to this Section 5: (A) if Form S-3 is not available for such offering or (B) if the Corporation has within the six
(6) month period preceding the date of such request already effected a registration on Form S-3 pursuant to a request made under this Section 5. If the number of CPF
Registrable Securities and Other Stockholder Registrable Securities requested to be included exceeds the amount that the Corporation is required to include in such registration 

8

 

statement,
then the available space in such registration statement shall be allocated pro rata among the holders of such Registrable Securities requesting to be included in the registration on the
basis of the total number of Registrable Securities held by their respective holders. 

        (b)   Notwithstanding
Section 5(a)(ii)(B), the Corporation agrees that (i) if it did not include in such registration all of the MatlinPatterson Registrable
Securities requested to be included then at any time when the amount of MatlinPatterson Registrable Securities remaining unsold under the registration statement is less than $200 million, it
will promptly file a new or additional registration statement for additional sales of MatlinPatterson Registrable Securities as shall then permit sales of at least $300 million of
MatlinPatterson Registrable Securities in the aggregate, (ii) if it did not include in such registration all of the Family Holdings Registrable Securities requested to be included therein then
at any time when the amount of Family Holdings Registrable Securities remaining unsold under the registration statement is less than $135 million, it will promptly file a new or
additional registration statement for such additional sales of Family Holdings Registrable Securities as shall then permit sales of at least $200 million of Family Holdings Registrable
Securities in the aggregate, and (iii) if it did not include in such registration all of the CPF Registrable Securities and Other Stockholder Registrable Securities requested to be included
therein then at any time when the amount of CPF Registrable Securities and Other Stockholder Registrable Securities remaining unsold under the registration statement is less than
$10 million, it will promptly file a new or additional registration statement for such additional sales as shall then permit sales of at
least $50 million of CPF Registrable Securities and Other Stockholder Registrable Securities in the aggregate. 

6.     Deferral of Filing; Preemption.  

        (a)    Deferral of Filing.    Anything herein to the contrary notwithstanding, the Corporation may defer the filing of
any registration statement otherwise required to be filed by it pursuant to Section 3 for up to 90 days if the Corporation notifies each requesting holder promptly after such request
that the Corporation's Board of Directors has determined in its good faith judgment that the requested registration and offering would require disclosure of pending or contemplated matters or
information, the disclosure of which would likely be detrimental to the Corporation or materially interfere with its or its subsidiaries business or a pending or contemplated material transaction
involving the Corporation or any of its subsidiaries which period may be extended for up to an additional 90 days upon a subsequent determination by the Board of Directors in good faith that
the conditions for deferral still exist. In addition to the foregoing deferral rights, the Corporation shall not be required to file any registration statement pursuant to Section 3
(i) within 90 days after the effectiveness of a registration statement relating to a Demand Registration or (ii) within 180 days (or such shorter period as may be permitted
by the underwriters lock-up agreement, if any) after the effectiveness of a registration statement referred to in Section 4 unless the number of securities held by holders of
Registrable Securities included in such prior registration statement referred to in this clause (ii) was less than 80% of the number of shares such holders requested to include in which event
the period of delay under this clause (ii) shall be 90 days. 

        (b)    Preemption by the Corporation.    Anything herein to the contrary notwithstanding, in the event the Corporation
reasonably expects to file, within 60 days of a demand for registration, a registration statement pertaining to securities for the account of the Corporation (except a registration statement
relating to employee or director benefit plans or a corporate reorganization, merger or acquisition, or a registration on any form that does not permit inclusion of sales of Registrable Securities)
then such request shall constitute a request made pursuant to Section 4 hereof to include in such registration statement all Registrable Securities subject to such request and the Corporation
shall not be obligated to file a separate registration statement for the Registrable Securities subject to such request; provided, that the
Corporation is actively employing good faith reasonable efforts to cause such registration statement to be filed and to become effective. 

9

 

        (c)    Termination of Deferral Period.    In the case of a deferral pursuant to Section 6(a), the deferral
period shall terminate upon the earlier of the completion or abandonment of the relevant securities offering or sale, or other pending or contemplated material transaction. After the termination or
expiration of any deferral period and without further request from the holders of Registrable Securities, the relevant Demand Registration shall be reinstated, and the Corporation shall effect the
filing of the relevant Demand Registration unless the initiating holders shall have, prior to the filing of such registration, withdrawn the initial request. 

7.     Registration Procedures.  

        (a)   Subject
to the terms hereof, whenever the holders of Registrable Securities have requested that any Registrable Securities be registered in accordance with the terms and
conditions of this Agreement, the Corporation will use its reasonable best efforts to effect the registration and to permit the sale of such Registrable Securities in accordance with the intended
method of disposition thereof, and pursuant thereto the Corporation will promptly: 

          (i)  prepare
and file with the SEC, subject to the availability of all required consents of independent accountants (which the Corporation agrees to use all reasonable
efforts to obtain), not later than the later of 60 days after receipt of a request to file a registration statement with respect to such Registrable Securities a registration statement
with respect to such Registrable Securities and the business day after the date the lock-up agreement of the Corporation expires under the Underwriting Agreement related to the IPO, and
use its reasonable best efforts to cause such registration statement to become effective; provided, that each such registration statement will be on a
form for which the Corporation then qualifies, which is available for the sale of the Registrable Securities in accordance with the intended method of disposition thereof, and will provide for the
registration of at least such number of shares as shall have been demanded be registered; provided,  however, that before filing a
registration statement or prospectus or any amendments or supplements thereto, the Corporation will furnish to each of the holders including shares therein, and the managing underwriters, if any,
draft copies of all such documents proposed to be filed a reasonable period prior to such filing, which documents will be subject to the reasonable review of each of such holders, and the managing
underwriters, if any, and their respective agents and representatives and the Corporation will not include in any registration statement information concerning or relating to the holders including
shares therein to which any such affected holder shall reasonably object in writing (unless the Corporation reasonably determines that the inclusion of such information is required by applicable law
or the regulations of any securities exchange to which the Corporation may be subject or is required to prevent a material omission or misstatement in the filing); 

         (ii)  notify
each seller of Registrable Securities of any stop order issued by the SEC and take all reasonable actions required to prevent the entry of such stop order or to
remove it at the earliest possible time if entered; 

        (iii)  prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to
keep such registration statement effective for a period of not less than 120 days, or such shorter period as may be required if all Registrable Securities covered by such registration statement
are sold prior to the expiration of such 120-day period (except in connection with an underwritten offering, in which case such registration statement shall be kept effective as long as
the underwriters reasonably request in the underwriting agreement); provided, however, that
(i) such 120-day period shall be extended for a period of time equal to the period the holder of such Registrable Securities refrains from selling any securities included in such
registration at the request of the underwriter under any other registration statement of the Corporation; and (ii) in the case of any registration of Registrable Securities under
Section 3 (if requested by the holder entitled to a Demand 

10

 

Registration
thereunder) and/or under Section 5 hereof on Form S-3 that are intended to be offered on a continuous or delayed basis, such 120-day period shall be
extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any successor rule under the Securities Act,
permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment
permit, in lieu of filing a post-effective amendment that (x) includes any prospectus required by Section 10(a)(3) of the Act or (y) reflects facts or events
representing a material or fundamental change in the information set forth in the registration statement, the incorporation by reference of information required to be included in (x) and
(y) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act in the registration statement; and comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such registration statement; 

        (iv)  furnish
without charge to each seller and managing underwriters of Registrable Securities such number of copies of such registration statement, each amendment and
supplement thereto (in each
case including all exhibits thereto), the prospectus included in such registration statement (including each preliminary, final, summary, amended or supplemented prospectus) and such other documents
as such seller and managing underwriters may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

         (v)  use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions within the United
States as any seller reasonably requests, keep such registrations or qualifications in effect for so long as the registration statement remains in effect, and do any and all other acts and things
which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller;  provided, however, that the Corporation will not be required to (i) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this Section 7(a)(v), (ii) subject itself to taxation in any such jurisdiction or
(iii) consent to general service of process in any such jurisdiction; 

        (vi)  use
its reasonable best efforts to cause the Registrable Securities covered by such registration statement to be registered with or approved by such other Governmental
Entities within the United States as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities in accordance with the intended methods of
disposition set forth in such registration statement; 

       (vii)  notify
each seller of such Registrable Securities, at any time when a registration statement is effective or any prospectus to such Registrable Securities is required
to be delivered under the Securities Act, if such registration statement, prospectus or any document incorporated therein by reference contains an untrue statement of a material fact or omits to state
any material fact necessary to make the statements therein not misleading in light of the circumstance then existing, and prepare and file promptly with the SEC a supplement or amendment to such
prospectus or any such document incorporated therein by reference so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstance then existing; 

      (viii)  use
its reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the
Corporation are then listed or traded; 

11

  

        (ix)  provide
a transfer agent and registrar for all Registrable Securities and a CUSIP number for all such Registrable Securities, in each case not later than the effective
date of such registration statement; 

         (x)  enter
into such customary agreements (including an underwriting agreement in customary form with customary lock-up provisions not to exceed 90 days
from the date of the prospectus) and take such other customary actions in connection therewith as the holders of a Majority of the Registrable Securities being registered or the managing underwriters,
if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; and make such representations and warranties and provide such indemnities with respect to
the registration statement, post-effective amendment or supplement thereto, prospectus or any amendment or supplement thereto, and documents incorporated by reference, if any, to the
managing underwriters of the Registrable Securities, in form, substance and scope as are customarily made by the Corporation in connection with offerings of Registrable Securities in transactions of
such kind; 

        (xi)  make
available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent
retained by any such underwriter, and counsel to the sellers of Registrable Securities all financial and other records, pertinent corporate documents and properties of the Corporation and its
subsidiaries, and cause the Corporation's officers, directors and employees and accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent and
counsel to the sellers of Registrable Securities in connection with such registration statement or as may be necessary, in the opinion of such sellers' or underwriters' counsel to conduct a reasonable
investigation within the meaning of the Securities Act, in each case upon receipt of an appropriate confidentiality agreement; 

       (xii)  in
the case of an underwritten offering (or, in the case of an offering that is not underwritten, upon the request of any holder of Registrable Securities covered by a
registration statement and at such holder's expense), obtain opinions of counsel to the Corporation and updates thereof (the form, scope and substance of which opinions shall be reasonably
satisfactory to the managing underwriters, if any, or the holder, as applicable, and addressed to each of the underwriters, if any, or the holder, as applicable) covering the matters customarily
covered in opinions requested in underwritten offerings; 

      (xiii)  in
the case of an underwritten offering (or, in the case of an offering that is not underwritten, upon the request of any holder of Registrable Securities covered by
a registration statement and at such holder's expense), use their reasonable best efforts to obtain a "cold comfort" letter and updates thereto from the Corporation's independent public accountants
(and, if necessary, any other independent certified public accountants of any subsidiary of the Corporation or of any business acquired by the Corporation for which financial statements and financial
data is, or is required to be, included in the registration statement), in customary form and covering such matters of the type
customarily covered by cold comfort letters, as the managing underwriters, or the holder, as applicable, reasonably request; 

      (xiv)  notify
each holder of Registrable Securities covered by a registration statement and the managing underwriters, if any, promptly, (i) (A) when a prospectus or
any prospectus supplement or post-effective amendment is proposed to be filed, and (B) with respect to a registration statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the SEC or any other Governmental Entity for amendments or supplements to a registration statement or related prospectus or for additional
information, (iii) of the issuance by any state securities commission, any other Governmental Entity or any court of any order or injunction suspending or enjoining the use of a prospectus or
the effectiveness of a registration 

12

 

statement
or the initiation of any proceedings for that purpose, and (iv) of the receipt by the Corporation of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and 

       (xv)  otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and generally make available to its security holders, as soon
as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month after the effective date of the
registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and may be prepared in accordance with Rule 158 under the Securities
Act. 

        (b)   The
Corporation may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Corporation in writing such
information regarding the seller and the distribution of such securities as the Corporation may from time to time reasonably request. 

8.     Registration Expenses.  

        (a)   All
expenses incident to the Corporation's performance of or compliance with this Agreement, including without limitation all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable
Securities), messenger, telephone and delivery expenses, and fees and disbursements of counsel for the Corporation and of the Corporation's independent certified public accountants (including the
expenses of any special audit or "cold comfort" letters required by or incident to such performance), fees and expenses of underwriters customarily paid by issuers of securities (including liability
insurance if the Corporation so desires), all expenses relating to the preparation, printing, distribution and reproduction of the registration statement and prospectus and any amendment or supplement
to the foregoing, certificates representing the Registrable Securities and all other documents relating to any of the foregoing, the reasonable fees and expenses of any special experts retained by the
Corporation or at the request of the managing underwriters in connection with such registration and fees and expenses of other Persons retained by the Corporation, and the reasonable fees and
disbursements of one counsel for sellers of Registrable Securities; but excluding underwriting discounts, commissions, fees, discounts and commissions of brokers and dealers and capital gains, income
and transfer taxes, if any, relating to any sale of Registrable Securities and the fees and disbursements of counsel for the holders of Registrable Securities (other than as set forth above), will be
borne and paid promptly by the Corporation (all such expenses being herein called "Registration Expenses"). 

        (b)   Subject
to Section 8(a) above, in connection with each registration hereunder, the holders of Registrable Securities included therein shall be responsible for all
fees and disbursements of their counsel and for (i) all underwriting discounts or other commissions, fees, discounts and commissions of brokers and dealers payable by them as selling
securityholders and (ii) capital gains, income and transfer taxes, if any, relating to the sale of such Registrable Securities. 

9.     Indemnification; Contribution.  

        (a)    Indemnification by Corporation.    In the event any Registrable Securities are included in a registration
statement pursuant to this Agreement, the Corporation shall indemnify and hold harmless each holder of such Registrable Securities, its employees, officers, directors, agents and constituent partners
and each Person who controls such holder (within the meaning of the Securities Act and the Exchange Act) against all losses, claims, damages, liabilities (joint or several) and expenses (or actions in
respect thereof) in connection with any sale of Registrable Securities pursuant to a registration statement arising out of or based upon (i) any violation or alleged violation of the Securities
Act, the 

13

 

Exchange
Act or any state securities law, or any rule or regulation promulgated thereunder by the Corporation or any of its employees, officers, directors or agents or (ii) any untrue or
alleged untrue statement of a material fact contained in any registration statement or preliminary or final prospectus relating to the registration of such Registrable Securities or any amendment or
supplement thereto or any document incorporated by reference therein or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading, except insofar as the same are contained in any information furnished in writing to the Corporation by or on
behalf of such holder or other indemnified Person expressly for use therein or are caused by such holder's failure to deliver a copy of the registration statement or prospectus or any amendments or
supplements thereto after the Corporation has furnished such holder with a sufficient number of copies of the same. Subject to the provisions of Section 9(c), the Corporation will pay,
indemnify, hold harmless and reimburse each holder of Registrable Securities, its officers, directors, agents, constituent partners and controlling Persons for any reasonable legal and other expenses
as incurred in connection with investigating or defending any such losses, claims, damages, liabilities, expenses or actions for which such Person is entitled to indemnification hereunder. In
connection with a firm commitment or best efforts underwritten offering, the Corporation will indemnify the underwriters or agents, their officers, directors, constituent partners and each Person who
controls such underwriters (within the meaning of the Securities Act and the Exchange Act) or agents to the same extent as provided above (or such greater extent as may be customarily required by the
managing underwriters) with respect to the indemnification of the holders of Registrable Securities. 

        (b)    Indemnification by Holder of Registrable Securities.    In connection with any registration statement in which
a holder of Registrable Securities is participating, such holder shall indemnify and hold harmless the Corporation, its employees, directors, agents and officers, each Person who controls the
Corporation (within the meaning of the Securities Act and the Exchange Act) and all other prospective sellers and their respective directors, officers, agents and controlling Persons (within the
meaning of the Securities Act and the Exchange Act) against any losses, claims, damages, liabilities (joint and several) and expenses (or actions in respect thereof) arising out of or based upon any
untrue or alleged untrue statement of a material fact or any omission or alleged omission of a material fact required to be stated in any registration statement or preliminary or final prospectus
relating to the registration of such Registrable Securities or any amendment thereof or supplement thereto or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading, to the extent, but only to the extent, that such untrue or alleged untrue statement or omission or alleged omission is contained in any written information or affidavit furnished
by or on behalf of such holder specifically for use in such registration statement or prospectus and then only to the extent of the total net proceeds received by such holder of Registrable Securities
(after deducting any discounts, commissions and similar fees applicable thereto) in consideration of the Registrable Securities sold by such holder in connection with such registration. Subject to the
provisions of Section 9(c), the holders of Registrable Securities participating in any registration will pay, indemnify, hold harmless and reimburse
(without duplication), to the extent of the total net proceeds received by the holders of Registrable Securities (after deducting any discounts, commissions and similar fees applicable thereto and
after taking into account any indemnity payments pursuant to the immediately preceding sentence), the Corporation, its officers, directors and controlling Persons and all other prospective sellers and
their respective directors, agents, officers and controlling Persons for any reasonable legal and other expenses as incurred in connection with investigation or defending any such losses, claims,
damages, liabilities, expenses or actions. 

        (c)    Conduct of Indemnification Proceedings.    Any Person entitled to indemnification hereunder will
(i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification (but omission of such notice shall not relieve the indemnifying party from liability
hereunder except to the extent such indemnifying party is actually prejudiced by such failure to give 

14

 

notice)
and (ii) unless in such indemnified party's reasonable judgment a conflict of interest may exist between such indemnified and indemnifying parties with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. The indemnifying party will not be subject to any liability for any
settlement made without its consent. No indemnifying party will consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation and does not subject the indemnified party to any material
injunctive relief or other material equitable remedy. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses
of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim. 

        (d)    Contribution.    If the indemnification provided for in Section 9(a) or Section 9(b) is
unavailable or insufficient to hold harmless each of the indemnified parties against any losses, claims, damages, liabilities and expenses (or actions in respect thereof) to which such parties may
become subject under the Securities Act, then the indemnifying party shall, in lieu of indemnifying each party entitled to indemnification hereunder, contribute to the amount paid or payable by such
party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and such
indemnified parties on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages, liabilities or expenses. The relative
fault of such parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact, or omission or alleged omission to state a material
fact, relates to information supplied by or concerning the indemnifying party on the one hand, or by such indemnified party on the other, and such party's relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were
determined by pro rata allocation or by any other allocation that does not take into account the equitable considerations referred to in this Section 9(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to above shall be deemed to include (subject to the limitations set forth in Section 9(b) or 9(c)
hereof) any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action, proceeding or claim. Notwithstanding the
provisions of this
Section 9(d), no seller of Registrable Securities shall be required to contribute any amount in excess of the amount by which the proceeds received by such seller from the sale of any
Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such seller has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation within the meaning of the Act shall be entitled to contribution from any Person
that is not guilty of such fraudulent misrepresentation. 

        (e)    Priority of Indemnification.    Notwithstanding the foregoing, to the extent that provisions on indemnification
and contribution contained in the underwriting agreement entered into in connection with an underwritten offering are in conflict with the foregoing, the provisions of the underwriting agreement shall
prevail (in respect of any party to this Agreement that also is a party to the underwriting agreement). 

        (f)    Payment.    The indemnification and contribution required by this Section 9 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 

15

 

        (g)    Beneficiaries of Indemnification.    The obligations of the Corporation and the holders of Registrable
Securities under this Section 9 shall be in addition to any liability that they may otherwise have. 

10.   Rule 144.  

        The Corporation covenants that after the consummation of the IPO it will use its reasonable best efforts to timely file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Corporation is not required to file such reports, it will, upon the request of any
holder of Registrable Securities, make publicly available such information), all to the extent required from time to time to enable such holder to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (b) any
similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Corporation will deliver to such holder a written statement as to whether it has
complied with such requirements. 

11.   Participation in Underwritten Registrations; Market Stand-Off Agreement.  

        (a)    Participation in Underwritten Registration.    No Person may participate in any underwritten registration
hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements and (ii) completes and executes all customary questionnaires, powers of attorney, underwriting agreements, lock-ups and other documents required under the terms of such
underwriting arrangements, provided, that in the case of any holder of CPF Registrable Securities, the terms of such underwriting arrangements, powers
of attorney, underwriting agreements, lock-ups and other documents shall be no less favorable to such holder than those applicable to any holder of Family Holdings Registrable Securities
or MatlinPatterson Registrable Securities participating in such registration. 

        (b)    Market Stand-Off Agreement.    Each holder of Registrable Securities agrees, whether or not it is
participating in such registration statement, that it shall not, to the extent requested by an underwriter of Common Stock (or other securities of the Corporation), sell or otherwise transfer or
dispose of any securities of the Corporation (other than those included in the registration) during the 90 day period following the effective date of a registration statement filed under the
Securities Act relating to an underwritten offering by such underwriter with gross proceeds to the sellers in such offering of at least $100 million if such holder and it Affiliates,
collectively, own, directly or indirectly (including any shares which such holder or its Affiliate has the right to acquire) 5% or more of the outstanding Common Stock. In order to enforce the
foregoing covenant, the Corporation may impose stop-transfer instructions with respect to the securities of the Corporation owned by holders of Registrable Securities until the end of such
90 day period. 

12.   Miscellaneous.  

        (a)    Right to Suspend.    The Corporation may, by notice in writing to each holder of Registrable Securities,
require the holder of Registrable Securities to suspend use of any prospectus included in a registration statement filed hereunder if the Corporation reasonably determines that it contains an untrue
statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading or that any transaction in which the Corporation is engaged or proposes to
engage, or any event that has occurred or is expected to occur, would require an amendment to such registration statement or an amendment or supplement to such prospectus (including any such amendment
or supplement made through incorporation by reference to a report filed under Section 13 of the Exchange Act). Each holder of Registrable Securities agrees that, upon receipt of any notice from
the Corporation of the happening of any event of the kind described in this Section 12(a), such 

16

 

holder
will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such holder's receipt of the copies of a
properly supplemented or amended prospectus, and, if so directed by the Corporation, such holder will deliver to the Corporation all copies, other than permanent file copies, then in such holder's
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. In the event the Corporation gives any such notice, the time period mentioned in
Section 7(a)(iii), if applicable, will be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of
Registrable Securities covered by such registration statement has received the copies of such supplemented or amended prospectus. The Corporation agrees to use its reasonable best efforts to cause any
suspension of use of any prospectus pursuant to this paragraph to be as short a period of time as possible, including filing an amendment or supplement to such prospectus or registration statement to
correct such untrue statement of material fact or material omission within 30 days following the date of the notice delivered to the holders of Registrable Securities pursuant to the first
sentence of this Section 12(a). 

        (b)    Remedies.    No holder of Registrable Securities shall have any right to take any action to restrain, enjoin or
otherwise delay any registration as a result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

        (c)    Amendments and Waivers.    The provisions of this Agreement may not be amended, modified or supplemented,
unless the Corporation has obtained the written consent of (i) the holders of at least a Majority of the outstanding Registrable Securities and if such amendment, modification or supplement
adversely affects the rights of the holders of MatlinPatterson Registrable Securities, the written consent of the holders of at least a Majority of the outstanding MatlinPatterson Registrable
Securities, (ii) if such amendment, modification or supplement adversely affects the rights of the holders of Family Holdings Registrable Securities, the consent of the holders of at least a
Majority of the outstanding Family Holdings Registrable Securities and (iii) if such amendment, modification or supplement adversely affects the rights of the holders of CPF Registrable
Securities or Other Stockholder Registrable Securities, the consent of the holders of at least a Majority of the outstanding CPF Registrable Securities and Other Stockholder Registrable Securities
voting together. Each holder of any Registrable Securities at the time or thereafter shall be bound by any consent authorized by this Section 12(b), whether or not such holder consented or
whether or not such Registrable Securities have been marked to indicate such consent. 

        (d)    Registrable Securities Held by the Corporation or its Subsidiaries.    Whenever the consent or approval of
holders of all or any specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Corporation or any of its subsidiaries will not be counted in determining
whether such consent or approval was given by such holders. 

        (e)    Notices.    All notices or other communications provided for hereunder shall be in writing and shall be
effective (i) on the day on which delivered if delivered personally or transmitted by telex or telegram or telecopier with evidence of receipt, (ii) one business day after the date on
which the same is delivered to a nationally recognized overnight courier service (or in the case of any notice to or from CPF, three business days after the date on which the same is delivered to an
internationally recognized courier service) with evidence of receipt, or (iii) other than any notice to or from CPF, five days after the date on which the same is deposited, postage prepaid, in
the U.S. mail, sent by certified or registered mail, return receipt requested, and addressed to the party to be notified at the address indicated below for the Corporation, or at the address for the
holder of the Registrable Securities set forth in a registry maintained by the Corporation or in case of Family Holdings, MatlinPatterson and CPF the address set forth on the signature page of this
Agreement, or at such other address and/or telecopy or telex number and/or to the attention of such other person as the Corporation or the holder of the Registrable Securities may designate by
ten-day advance written notice. 

17

 

        (f)    Successors and Assigns.    This Agreement will inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties. The registration rights granted by this Agreement may not be transferred or assigned by operation of law or in connection with any transfer or assignment of
Registrable Securities except to (i) persons who after such transfer would own beneficially at least 3% of the outstanding Common Stock, (ii) charitable organizations and foundations who
are transferees of the Family Holdings Registrable Securities and (iii) any Affiliate transferee of Family Holdings, MatlinPatterson or CPF who (A) after such transfer would own
beneficially at least 1% of the outstanding Common Stock or (B) is the transferee of all of the remaining shares of Common Stock owned by the transferor, then in each case only upon
notification to the Corporation in writing and agreement by such transferee to the rights and obligations of this Agreement. Any assignment by the Corporation of this Agreement shall not relieve the
Corporation of its obligations hereunder. 

        (g)    Counterparts.    This Agreement may be executed in one or more counterparts and by the parties hereto in
separate counterparts, all of which will constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered
(including by facsimile) to the other parties. 

        (h)    Headings.    The headings in this Agreement are for convenience of reference only and will not limit or
otherwise affect the meaning hereof. 

        (i)    Governing Law; Jurisdiction.    This Agreement will be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to conflict of law principles. Any holder of Registrable Securities may bring any action or proceeding to enforce or arising out of this Agreement or in
the instruments and agreements annexed hereto in any court of competent jurisdiction. 

        (j)    Severability.    In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained
herein will not be affected or impaired thereby. 

        (k)    Termination of Registration Rights.    The rights of any holder hereunder to request a Demand Registration
pursuant to Section 3 with respect to any Registrable Securities shall terminate with respect to such holder at such time as the holder shall own less than 5% of the outstanding Common Stock. 

        (l)    Entire Agreement.    This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Corporation with respect to the Registrable Securities. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

[Signature Pages Follow] 

18

   
        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	 	 	HUNTSMAN CORPORATION
	

 	
 	

By:	
 	

/s/ SAMUEL D. SCRUGGS

	 	 	Name:

Title:	 	 
	

 	
 	
Corporation Address:
	

 	
 	

Huntsman Corporation

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Office of the General Counsel

Facsimile: (801) 584-5782

Signature Page 1

Registration Rights Agreement

 

	 	 	HUNTSMAN FAMILY HOLDINGS COMPANY LLC
	

 	
 	

By:	
 	

By: /s/ DAVID HUNTSMAN

	 	 	Name:

Title:	 	 
	

 	
 	
Family Holdings Address:
	

 	
 	

Huntsman Family Holdings Company LLC

c/o Office of the Chairman of the Board of

Directors of Huntsman Corporation

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Jon M. Huntsman

Facsimile: (801) 584-5782

Signature Page 2

Registration Rights Agreement

 

	 	 	MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS L.P.
	

 	
 	
By: MatlinPatterson Global Advisors LLC, as its investment advisor
	

 	
 	

By:	
 	

/s/ DAVID J. MATLIN

	 	 	Name:

Title:	 	 
	

 	
 	
MatlinPatterson Address:
	

 	
 	

MatlinPatterson Global Opportunities Partners, L.P.

500 Madison Avenue

New York, New York 10022

Attention: David Matlin

Facsimile: (      )
	

 	
 	
With a copy to:
	

 	
 	

Whalen LLP

600 Anton Boulevard, 18th Floor

Costa Mesa, California 92626

Attention: Michael P. Whalen

Facsimile: (714) 384-4341

Signature Page 3

Registration Rights Agreement

 

	 	 	MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS B L.P.
	

 	
 	
By: MatlinPatterson Global Advisors LLC, as its investment advisor
	

 	
 	

By:	
 	

/s/ DAVID J. MATLIN

	 	 	Name:

Title:	 	 
	

 	
 	
MatlinPatterson Address:
	

 	
 	

MatlinPatterson Global Opportunities Partners, L.P.

500 Madison Avenue

New York, New York 10022

Attention: David Matlin

Facsimile: (      )
	

 	
 	
With a copy to:
	

 	
 	

Whalen LLP

600 Anton Boulevard, 18th Floor

Costa Mesa, California 92626

Attention: Michael P. Whalen

Facsimile: (714) 384-4341

Signature Page 4

Registration Rights Agreement

 

	 	 	MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS (BERMUDA) L.P.
	

 	
 	
By: MatlinPatterson Global Advisors LLC, as its investment advisor
	

 	
 	

By:	
 	

/s/ DAVID J. MATLIN

	 	 	Name:

Title:	 	 
	

 	
 	
MatlinPatterson Address:
	

 	
 	

MatlinPatterson Global Opportunities Partners, L.P.

500 Madison Avenue

New York, New York 10022

Attention: David Matlin

Facsimile: (      )
	

 	
 	
With a copy to:
	

 	
 	

Whalen LLP

600 Anton Boulevard, 18th Floor

Costa Mesa, California 92626

Attention: Michael P. Whalen

Facsimile: (714) 384-4341

Signature Page 5

Registration Rights Agreement

 

	 	 	CONSOLIDATED PRESS (FINANCE) LIMITED
	

 	
 	

By:	
 	

/s/ GRAHAM CUBBIN

	 	 	Name: Graham Cubbin

Title: Director
	

 	
 	
CPF Notice Address:
	

 	
 	

Consolidated Press (Finance) Limited

Third Level, 54-58 Park Street

Sydney NSW 2000, Australia

Attention: Graham A. Cubbin

Facsimile: 011 (612) 9267-4455
	

 	
 	
With a copy to:
	

 	
 	

Freehills

Level 32, MLC Centre

19-29 Martin Place

Sydney NSW 2000, Australia

Attention: John Nestel, Partner

Facsimile: 011 (612) 9322-4000

Signature Page 6

Registration Rights Agreement

 

	 	 	HUNTSMAN CANCER FOUNDATION
	

 	
 	

By:	
 	

/s/ DAVID H. HUNTSMAN

	 	 	Name: David H. Huntsman

Title: President and Chief Executive Officer
	

 	
 	
Foundation Address:
	

 	
 	

Huntsman Cancer Foundation

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Thomas Muir

Facsimile: (      )

Signature Page 7

Registration Rights Agreement

 

	 	 	/s/ PETER R.HUNTSMAN

	 	 	Peter Huntsman
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 8

Registration Rights Agreement

 

	 	 	/s/ J. KIMO ESPLIN            

	 	 	J. Kimo Esplin
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 9

Registration Rights Agreement

 

	 	 	/s/ SAMUEL D. SCRUGGS

	 	 	Samuel D. Scruggs
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 10

Registration Rights Agreement

 

	 	 	/s/  DAVID S. PARKIN          
 David S. Parkin
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 11

Registration Rights Agreement

 

	 	 	/s/  L. RUSSELL HEALY          
 L. Russell Healy
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 12

Registration Rights Agreement

 

	 	 	/s/ SEAN DOUGLAS            

	 	 	Sean Douglas
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 13

Registration Rights Agreement

 

	 	 	/s/ KEVIN C. HARDMAN            

	 	 	Kevin C. Hardman
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 14

Registration Rights Agreement

 

	 	 	/s/ JOHN R. HESKETT            

	 	 	John R. Heskett
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 15

Registration Rights Agreement

 

	 	 	    
 Lou Adimare
	

 	
 	
Address:
	

 	
 	

	 	 	

	 	 	

	 	 	Facsimile:	 	(      )
	 	 	 	 	

Signature Page 16

Registration Rights Agreement

QuickLinks

Exhibit 10.1QuickLinks
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Exhibit 10.2    
    

PLEDGE, ASSIGNMENT AND COLLATERAL AGENCY AGREEMENT  

        PLEDGE, ASSIGNMENT AND COLLATERAL AGENCY AGREEMENT, dated as of February 16, 2005 (this "Agreement"), by and between HUNTSMAN CORPORATION, a corporation
organized and existing under the laws of the State of Delaware (the "Pledgor"), and CITIBANK, N.A., a national banking association organized and existing under the laws of the United States of
America, acting in its capacity (i) as collateral agent hereunder (including any successor thereto, the "Collateral Agent") for the benefit of the holders from time to time of the Pledgor's 5%
Mandatory Convertible Preferred Stock (the "Mandatory Convertible Preferred Stock"), and (ii) as securities intermediary (including any successor thereto, the "Securities Intermediary"). 

W I T N E S S E T H    T H A T: 

        WHEREAS,
in connection with the issuance of the Mandatory Convertible Preferred Stock, the Pledgor is required to and will deliver or cause to be delivered to the Collateral Agent at its
office located at 388 Greenwich Street, 14th Floor, New York, New York 10013, the Collateral (as defined below) for the sole benefit of the Collateral Agent (acting for the benefit of the holders from
time to time of the Mandatory Convertible Preferred Stock) and maintained by the Securities Intermediary, in each case in accordance with and subject to the terms of this Agreement; and 

        NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby irrevocably acknowledged, the Pledgor and the Collateral Agent and the Securities
Intermediary hereby agree as follows: 

        SECTION
1.    Definitions.    As used in this Agreement, the following initially capitalized terms have the following
meanings: 

        "Agreement" is defined in the preamble to this Agreement. 

        "Authorized Person of the Pledgor" is defined in Section 4 hereof. 

        "Bankruptcy Law" means Title 11, United States Code, or any similar federal or state law for the relief of debtors. 

        "Certificate of Designations" means the Certificate of Designations, Preferences and Rights of 5% Mandatory Convertible Preferred Stock
filed by the Huntsman Corporation with the Secretary of State of Delaware on February 15, 2005. 

        "Collateral" is defined in Section 2 hereof. 

        "Collateral Accounts" is defined in Section 2(m) hereof. 

        "Collateral Agent" is defined in the preamble to this Agreement. 

        "Collateral Release Request" means a collateral release request in the form of Exhibit C hereto (i) executed by the Pledgor
and containing a certification by the Pledgor that the Pledgor has transferred an amount in cash to the Paying Agent equal to the aggregate amount of dividends payable on the Mandatory Convertible
Preferred Stock on the Dividend Payment Date immediately following the date of such Collateral Release Request and (ii) countersigned by the Paying Agent to confirm to the Collateral Agent that
the Paying Agent has received such cash payment from the Pledgor. 

        "Dividend Collateral Accounts" is defined in Section 2(l) hereof. 

        "Dividend Collateral Account No. 1" is defined in Section 2(a) hereof. 

        "Dividend Collateral Account No. 2" is defined in Section 2(b) hereof. 

        "Dividend Collateral Account No. 3" is defined in Section 2(c) hereof. 

 

        "Dividend Collateral Account No. 4" is defined in Section 2(d) hereof. 

        "Dividend Collateral Account No. 5" is defined in Section 2(e) hereof. 

        "Dividend Collateral Account No. 6" is defined in Section 2(f) hereof. 

        "Dividend Collateral Account No. 7" is defined in Section 2(g) hereof. 

        "Dividend Collateral Account No. 8" is defined in Section 2(h) hereof. 

        "Dividend Collateral Account No. 9" is defined in Section 2(i) hereof. 

        "Dividend Collateral Account No. 10" is defined in Section 2(j) hereof. 

        "Dividend Collateral Account No. 11" is defined in Section 2(k) hereof. 

        "Dividend Collateral Account No. 12" is defined in Section 2(l) hereof. 

        "Dividend Obligations" means, with respect to any Dividend Payment Date, all obligations of the Pledgor under the Certificate of
Designations to pay any dividend declared to be due and payable on such Dividend Payment Date, whether or not such amounts are actually paid on such date, and shall, in any event, include any such
Obligations that are not lawfully payable on such Dividend Payment Date for any reason (including, but not limited to, the Pledgor having insufficient Surplus to pay the Surplus Shortfall Amount) but
become lawfully payable at a later date. 

        "Dividend Payment Date" means (i) the 16th calendar day of February, May, August, and November of each year, beginning
May 16, 2005, or the following Business Day if such day is not a Business Day, prior to the Mandatory Conversion Date and (ii) the Mandatory Conversion Date. 

        "Dividend Satisfaction Amout" is defined in Section 6(g) hereof. 

        "Eighth Dividend Payment Date" means February 16, 2007, or the following Business Day if such day is not a Business Day. 

        "Eleventh Dividend Payment Date" means November 16, 2007, or the following Business Day if such day is not a Business Day. 

        "Event of Default" means the occurrence of any one of the following: 

          (i)  the
Pledgor, pursuant to or under or within the meaning of any Bankruptcy Law: 

	(1)
	commences
a voluntary case or proceeding;

	(2)
	consents
to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of any case against it;

	(3)
	consents
to the appointment of a Custodian of it or for any substantial part of its property;

	(4)
	files
a petition in bankruptcy or answer or consent seeking reorganization or relief; or

	(5)
	consents
to the filing of such petition or the appointment of or taking possession by Custodian; or 

         (ii)  a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

	(1)
	is
for relief against the Pledgor in an involuntary case or proceeding, or adjudicates the Pledgor insolvent or bankrupt; 

2

 

	(2)
	appoints
a Custodian of the Pledgor or for any substantial part of its property; or

	(3)
	orders
the winding up or liquidation of the Pledgor and the order or decree remains unstayed and in effect for 60 days. 

        "Fifth Dividend Payment Date" means May 16, 2006, or the following Business Day if such day is not a Business Day. 

        "First Dividend Payment Date" means May 16, 2005, or the following Business Day if such day is not a Business Day. 

        "Fourth Dividend Payment Date" means February 16, 2006, or the following Business Day if such day is not a Business Day. 

        "Holders" or "holders" shall mean the holders of record, from time to time, of the
Mandatory Convertible Preferred Stock. 

        "Mandatory Conversion Date" means February 16, 2008, or the following Business Day is such day is not a Business Day. 

        "Mandatory Convertible Preferred Stock" is defined in the preamble to this Agreement. 

        "Market Value" is defined in Section 6(i) hereof. 

        "Maturing Proceeds" means, with respect to each Dividend Payment Date, the cash proceeds received by the Securities Intermediary upon the
maturity of the U.S. Treasuries deposited in the relevant Dividend Collateral Account. 

        "Ninth Dividend Payment Date" means May 16, 2007, or the following Business Day if such day is not a Business Day. 

        "Obligations" means the Dividend Obligations referred to in Sections 2(a)-(m) hereof. 

        "Optional Conversion" is defined in Section 6(e) hereof. 

        "Paying Agent" means The Bank of New York acting in its capacity as paying agent for the Pledgor for the Mandatory Convertible Preferred
Stock, or its successor. 

        "Pledgor" is defined in the preamble to this Agreement. 

        "Provisional Conversion" is defined in Section 6(f) hereof. 

        "Second Dividend Payment Date" means August 16, 2005, or the following Business Day if such day is not a Business Day. 

        "Securities Intermediary" is defined in the preamble to this Agreement. 

        "Seventh Dividend Payment Date" means November 16, 2006, or the following Business Day if such day is not a Business Day. 

        "Sixth Dividend Payment Date" means August 16, 2006, or the following Business Day if such day is not a Business Day. 

        "Surplus Collateral Account" is defined in Section 2(m) hereof. 

        "Surplus Shortfall Notice" means, with respect to any Dividend Payment Date, a notice by the Pledgor to the Collateral Agent that
(i) in order to be effective, must be received by the Collateral Agent on or prior to the last day of the calendar month preceding the calendar month in which such Dividend Payment Date occurs,
(ii) instructs the Collateral Agent not to remit or cause the Securities Intermediary to remit to the Paying Agent on such Dividend 

3

 

Payment
Date an amount ("Surplus Shortfall Amount") equal to all or a portion of the Maturing Proceeds and/or the proceeds received by the Securities Intermediary from the sale or liquidation of any
Collateral held in the Surplus Collateral Account, and (iii) certifies that the Pledgor's board of directors has determined that the Pledgor does not have sufficient Surplus to pay the Surplus
Shortfall Amount described in clause (ii) above as dividends to the Holders. 

        "Tenth Dividend Payment Date" means August 16, 2007, or the following Business Day if such day is not a Business Day. 

        "Third Dividend Payment Date" means November 16, 2005, or the following Business Day if such day is not a Business Day. 

        "Twelfth Dividend Payment Date" means the Mandatory Conversion Date, February 16, 2008, or the following Business Day if such day
is not a Business Day. 

        "UCC" is defined in Section 5(a) hereof. 

        "U.S. Treasuries" is defined in Section 2(a) hereof. 

        Capitalized
terms used but not otherwise defined herein have the meanings given in the Certificate of Designations. 

        SECTION
2.    Pledge and Assignment.    The Pledgor hereby grants to the Collateral Agent for its own benefit and for
the benefit of the Holders a security interest in, and express right of setoff against, all
of the right, title and interest of the Pledgor in, to and under the following property, whether now owned or existing or hereafter from time to time acquired or coming into existence (collectively,
the "Collateral"): 

        (a)   to
secure the Pledgor's Dividend Obligations with respect to the First Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 1 (the "Dividend Collateral Account No. 1"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasury Securities or strips (the "U.S. Treasuries") deposited in Dividend Collateral Account No. 1); all funds held
therein or credited thereto; any notes, certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend
Collateral Account No. 1; and any proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the foregoing; 

        (b)   to
secure the Pledgor's Dividend Obligations with respect to the Second Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 2 (the "Dividend Collateral Account No. 2"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 2); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 2; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

        (c)   to
secure the Pledgor's Dividend Obligations with respect to the Third Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 3 (the "Dividend Collateral 

4

 

Account
No. 3"); all security entitlements arising from any financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account
No. 3); all funds held therein or credited thereto; any notes, certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or
credited to Dividend Collateral Account No. 3; and any proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of the foregoing; 

        (d)   to
secure the Pledgor's Dividend Obligations with respect to the Fourth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 4 (the "Dividend Collateral Account No. 4"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S.
Treasuries deposited in Dividend Collateral Account No. 4); all funds held therein or credited thereto; any notes, certificates of deposit, instruments, financial assets or investment property
(as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 4; and any proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing; 

        (e)   to
secure the Pledgor's Dividend Obligations with respect to the Fifth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 5 (the "Dividend Collateral Account No. 5"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 5); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 5; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

        (f)    to
secure the Pledgor's Dividend Obligations with respect to the Sixth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 6 (the "Dividend Collateral Account No. 6"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 6); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 6; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

        (g)   to
secure the Pledgor's Dividend Obligations with respect to the Seventh Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 7 (the "Dividend Collateral Account No. 7"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 7); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 7; and any
proceeds (as defined in the 

5

 

UCC)
and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing; 

        (h)   to
secure the Pledgor's Dividend Obligations with respect to the Eighth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 8 (the "Dividend Collateral Account No. 8"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 8); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 8; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

        (i)    to
secure the Pledgor's Dividend Obligations with respect to the Ninth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 9 (the "Dividend Collateral Account No. 9"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 9); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 9; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

        (j)    to
secure the Pledgor's Dividend Obligations with respect to the Tenth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 10 (the "Dividend Collateral Account No. 10"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 10); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 10; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

        (k)   to
secure the Pledgor's Dividend Obligations with respect to the Eleventh Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 11 (the "Dividend Collateral Account No. 11"); all security entitlements arising from any
financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in Dividend Collateral Account No. 11); all funds held therein or credited thereto; any notes,
certificates of deposit, instruments, financial assets or investment property (as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 11; and any
proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any
or all of the foregoing; 

6

 

        (l)    to
secure the Pledgor's Dividend Obligations with respect to the Twelfth Dividend Payment Date, the securities account maintained by the Securities Intermediary and
identified in Part I of Exhibit A hereto as Dividend Collateral Account No. 12 (the "Dividend Collateral Account No. 12" and together with Dividend Collateral Account
No. 1, Dividend Collateral Account No. 2, Dividend Collateral Account No. 3, Dividend Collateral Account No. 4, Dividend Collateral Account No. 5, Dividend
Collateral Account No. 6, Dividend Collateral Account No. 7, Dividend Collateral Account No. 8, Dividend Collateral Account No.9, Dividend Collateral Account No. 10 and
Dividend Collateral Account No. 11, the "Dividend Collateral Accounts"); all security entitlements arising from any financial assets credited thereto (including, without limitation, all U.S.
Treasuries deposited in Dividend Collateral Account No. 12); all funds held therein or credited thereto; any notes, certificates of deposit, instruments, financial assets or investment property
(as each such term is defined in the UCC) held in or credited to Dividend Collateral Account No. 12; and any proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing; and 

        (m)  to
secure all Obligations, the securities account identified in Part II of Exhibit A hereto (the "Surplus Collateral Account" and, together with the
Dividend Collateral Accounts, the "Collateral Accounts"), all security entitlements arising from any financial assets credited thereto (including, without limitation, all U.S. Treasuries deposited in
the Surplus Collateral Account); all funds held therein or credited thereto; any notes, certificates of deposit, instruments, financial assets or investment property (as each such term is defined in
the UCC) held in or credited to the Surplus Collateral Account; and any proceeds (as defined in the UCC) and any interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing. 

        SECTION
3.    Deposit of U.S. Treasuries.    The Securities Intermediary agrees to deposit in or credit to each
Dividend Collateral Account U.S. Treasuries bearing such CUSIP number, of such maturity and as otherwise described in Part I of Exhibit A hereto in the row corresponding to the relevant
Dividend Collateral Account. 

        SECTION
4.    Delivery of the Collateral.    The U.S. Treasuries and cash, if any, representing or evidencing the
Collateral or any portion thereof shall be delivered to the Collateral Agent and deposited and held in the Collateral Accounts on behalf of the Collateral Agent pursuant hereto as set forth in
Exhibit A hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance
satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time in its discretion following the occurrence and during the continuance of an Event of Default and without
notice to the Pledgor, to transfer to or register in the name of the Collateral Agent or any of its nominees any or all of the Collateral. In addition, the Collateral Agent shall have the right at any
time to exchange certificates or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger denominations that in the aggregate represent or evidence the
same amount of Collateral. In the event the Collateral Agent receives notice of any discretionary corporate action in respect of the Collateral, including, without limitation, the solicitation of a
vote in respect of the Collateral, the Collateral Agent shall request written instructions from the Pledgor, signed by a person designated by the Pledgor in an Incumbency Certificate substantially in
the form attached hereto as Exhibit B as authorized to act on its behalf in respect of this Agreement (each such person, an "Authorized Person of the Pledgor") in respect of such corporate
action and shall use commercially reasonable efforts to act upon such instructions. In the absence of such instructions, the Collateral Agent shall not be obligated to take 

7

 

any
action in respect of the discretionary corporate action affecting the Collateral, and does not, and shall not be deemed to, assume any responsibility or incur any liability for any act or failure
to act with respect to any discretionary corporate action affecting the Collateral. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent will take action in
respect of a discretionary corporate action affecting the Collateral only upon receipt of instructions from the holders of a majority of the Mandatory Convertible Preferred Stock outstanding at the
time of such action. The Collateral Agent does not, and shall not be deemed to, assume any responsibility to monitor any discretionary corporate actions affecting the Collateral. The Collateral Agent
shall have no duty to solicit the delivery of any property into the Collateral Accounts. 

        SECTION
5.    Maintaining the Collateral Account.    

        (a)   The
Pledgor shall cause the Securities Intermediary, and the Securities Intermediary agrees, to maintain the Collateral Accounts under the sole control and dominion of
the Collateral Agent, and with regard to the Collateral Account the Securities Intermediary will act solely upon any entitlement orders (as defined in Section 8-102(a)(8) of the
Uniform Commercial Code as in effect on the date hereof in the State of New York (the "UCC")) or any instructions directing the disposition of funds that in each case are received from the Collateral
Agent acting for the benefit of itself and the Holders; 

        (b)   The
Securities Intermediary hereby agrees that it shall at all times (i) act as a "securities intermediary" (within the meaning of
Section 8-102(a)(14) of the UCC) in maintaining the Collateral Accounts, (ii) hold and maintain each Collateral Account as a "securities account" (within the meaning of
Section 8.501(a) of the UCC), (iii) identify the Collateral Agent in its records as the "entitlement holder" (within the meaning of Section 8-102(a)(7) of the UCC) of
the
security entitlements carried in the Collateral Accounts, (iv) identify as being credited to the Collateral Accounts each financial asset maintained in the Collateral Accounts, (v) hold
and treat all property credited by the Securities Intermediary to the Collateral Accounts as financial assets under Article 8 of the UCC, (vi) not identify in its records any person as
entitlement holder with respect to any Collateral Account (or any security entitlement therein) other than the Collateral Agent, and (vii) agree not to comply with entitlement orders of any
person or entity with respect to any Collateral Account (or any security entitlement therein), except the Collateral Agent. The Securities Intermediary hereby agrees that, with respect to the
Collateral Accounts and the financial assets held from time to time therein the Securities Intermediary will comply with entitlement orders originated by the Collateral Agent without the further
consent of the Pledgor. 

        (c)   It
shall be a term and condition of the Collateral Accounts, notwithstanding any term or condition to the contrary in any other agreement relating to the Collateral
Accounts and except as otherwise provided by the provisions of Sections 6 (Distributions/Income), 7 (Taxes), 14 (Remedies upon Default), 15 (Fees; Expenses), and 18 (Continuing Security Interest;
Assignments) hereof that no amount (including interest on the Collateral Accounts) shall be paid or released from the Collateral Accounts to or for the account of, or withdrawn from the Collateral
Accounts by or for the account of, the Pledgor or any other person or entity other than the Collateral Agent; 

        (d)   The
Securities Intermediary agrees that it shall not change the account name or number of any of the Collateral Accounts without prior written consent of the Collateral
Agent; and 

        (e)   The
parties hereto acknowledge and agree that each of the Collateral Accounts is a securities account as such term is set forth in the UCC. 

        SECTION
6.    Distributions/Income    

        (a)   Subject
to Section 6(b) and 6(c) below, the Collateral Agent hereby instructs the Securities Intermediary to remit to the Paying Agent on each Dividend Payment
Date prior to 10 a.m. New York City time on such day all the Maturing Proceeds received by the Securities 

8

 

Intermediary
on such date in order to allow payment of dividends to be made by the Paying Agent to the Holders. 

        (b)   If
the Collateral Agent receives a Collateral Release Request duly executed by the Pledgor and the Paying Agent not later than the close of business on the third
Business Day preceding any Dividend Payment Date, then the Collateral Agent shall instruct the Securities Intermediary to transfer the Maturing Proceeds received by the Securities Intermediary on such
Dividend Payment Date to the
Pledgor as promptly as practicable but in any event no later than two Business Days after such Dividend Payment Date, provided that the Paying Agent has notified the Securities Intermediary that the
dividends payable on such Dividend Payment Date have been paid and provided further that no Event of Default has occurred and is continuing on the day such funds are to be transferred to the Pledgor
to the knowledge of the Collateral Agent and/or the Securities Intermediary. 

        (c)   If
the Collateral Agent receives a Surplus Shortfall Notice, then the Collateral Agent shall instruct the Securities Intermediary to invest the Maturing Proceeds
received by the Securities Intermediary on the Dividend Payment Date in an amount equal to the Surplus Shortfall Amount stated in such notice immediately following receipt of such notice in accordance
with Section 6(j) and deposit and hold such investments as Collateral in the Surplus Collateral Account. The Pledgor agrees that any Surplus Shortfall Notice shall be effective with respect to
only one Dividend Payment Date, and that the Collateral Agent shall comply with the other provisions of this Section 6 as applicable with respect to any Dividend Payment Dates that occur after
the Dividend Payment Date that is the subject of such Surplus Shortfall Notice, unless the Pledgor delivers a separate Surplus Shortfall Notice to the Collateral Agent with respect to any such
subsequent Dividend Payment Date. 

        (d)   With
respect to the first Dividend Payment Date that occurs following the deposit of any Collateral into the Surplus Collateral Account, the Collateral Agent shall,
unless it has received a separate Surplus Shortfall Notice from the Pledgor with respect to such Dividend Payment Date, instruct the Securities Intermediary to take such actions as are necessary to
sell and/or liquidate any Collateral held in the Surplus Collateral Account not later than the close of business on the first Business Day preceding such Dividend Payment Date and remit all the
proceeds of such sale or liquidation to the Paying Agent on such Dividend Payment Date in order to allow payment to be made by the Paying Agent to each Holder of cash equal to such Holder's pro rata
share at such time of such proceeds provided, however, that the Securities Intermediary shall not remit to the Paying Agent, and it shall instead pay over promptly to the Pledgor, any amount of such
proceeds in excess of the full unpaid, accrued and cumulated dividends to which the Holders are entitled to receive on such Dividend Payment Date pursuant to the Certificate of Designations. In no
instance shall the Collateral Agent be required to calculate such Holder's pro rata share or any amounts in excess of such dividend to be paid to the Pledgor. 

        (e)   The
Pledgor shall notify the Collateral Agent of any conversion at the option of the Holder (an "Optional Conversion") before the Mandatory Conversion Date pursuant to
Section 8 or 10 of the Certificate of Designations and, unless it has previously received a separate Surplus Shortfall Notice from the Pledgor that continues to be in effect with respect to
Dividend Obligations that have not been satisfied, upon receipt of such notice the Collateral Agent shall instruct the Securities Intermediary to promptly release to the Pledgor the amount or number
of U.S. Treasuries deposited in the Collateral Accounts that upon their respective maturities would provide funds sufficient to pay all dividends that would have been payable on the number of shares
converted pursuant to such Optional Conversion on Dividend Payment Dates occurring after such Optional Conversion. Any notice of an Optional Conversion provided by the Pledgor to the Collateral Agent
shall include the amount to be paid to the Pledgor. In no instance shall the Collateral Agent be required to calculate such dividend amount. 

9

 

        (f)    The
Pledgor shall notify the Collateral Agent of any conversion at the option of the Pledgor (a "Provisional Conversion") before the Mandatory Conversion Date pursuant
to Section 9 of the Certificate of Designations and upon receipt of such notice the Collateral Agent shall promptly instruct the Securities Intermediary to sell all the Collateral then held in
the Collateral Accounts and remit all proceeds from such sale to the Paying Agent in order to allow payment to be made by the Paying Agent to each Holder of cash equal to the Market Value at that time
of such Holder's pro rata share of the Collateral that was so sold in accordance with the Certificate of Designations. Any notice of a Provisional Conversion provided by the Pledgor to the Collateral
Agent shall include the amount to be paid to the Paying Agent. In no instance shall the Collateral Agent be required to calculate such Holder's pro rata share. 

        (g)   On
or after the Mandatory Conversion Date, the Pledgor shall notify the Collateral Agent if the Pledgor has delivered any shares of Common Stock to the Holders on the
Mandatory Conversion Date pursuant to Section 7(d) of the Certificate of Designations in order to satisfy the Pledgor's obligations to pay accrued, cumulated and unpaid dividends on the
Mandatory Convertible Preferred Stock. Such notice shall specify the total number of such shares of Common Stock as well the aggregate amount of the accrued, cumulated and unpaid dividends satisfied
thereby ("Dividend Satisfaction Amount"). Upon receiving the foregoing notice, the Collateral Agent shall instruct the Securities Intermediary to promptly release to the Pledgor Collateral in an
amount equal to the Dividend Satisfaction Amount. 

        (h)   Upon
the release of any Collateral or proceeds thereof by the Collateral Agent and/or the Securities Intermediary in accordance with the terms of this Agreement, the
lien and security interest of the Collateral Agent on such Collateral or proceeds thereof shall be automatically released without further action by any party. 

        (i)    For
purposes of this Section 6, "Market Value" shall mean in respect of any U.S. Treasuries actually sold by the Securities Intermediary upon receiving
instructions from the Collateral Agent, the net proceeds to the Collateral Agent from the sale of such U.S. Treasuries. 

        (j)    Any
income, proceeds or payments received by the Collateral Agent in respect of the Collateral, and any Maturing Proceeds required to be invested following the receipt
of a Surplus Shortfall Notice by the Collateral Agent, shall be invested by the Collateral Agent or the Securities Intermediary acting upon instructions from the Collateral Agent promptly after
receipt in Fidelity Institutional Prime Money Market Fund III (#691), or any other money market fund(s) investing exclusively in U.S. government securities at the instruction of the Pledgor and shall
be credited to the Collateral Account. The parties hereto agree that all property (other than cash) referred to in this Section 6 and held in the Collateral Accounts shall be treated as
financial assets under Article 8 of the UCC. Any income and other proceeds received on such investment and reinvestment shall become part of the Collateral. The Collateral Agent shall have the
power to sell or liquidate the foregoing investments whenever required or permitted to make distributions in accordance with the terms of this Agreement. 

        If
at any time such investment or reinvestment of the Collateral cannot be made (i.e., on account of the unavailability of the investment vehicle, the late receipt of funds, etc.), the
Collateral shall remain un-invested and the Collateral Agent shall not incur any liability for interest or income thereon. The Collateral Agent shall not have any responsibility for any
investment losses resulting from the investment, reinvestment or liquidation of the Collateral. Any investment described herein may be executed through an affiliated broker or dealer of the Collateral
Agent and such broker or dealer, along with the Collateral Agent, shall be entitled to its usual and customary fee which shall be paid by the Pledgor with funds other than from the Collateral. It is
agreed and understood that, as may be agreed in writing between the Collateral 

10

 

Agent
and the Pledgor, the Collateral Agent may earn fees associated with the investment(s) outlined above which shall be paid by the Pledgor with funds other than from the Collateral. 

        SECTION
7.    Taxes.    The Pledgor shall pay or reimburse the Collateral Agent upon request for any transfer taxes or
other taxes relating to the Collateral incurred in connection herewith and shall indemnify and hold harmless the Collateral Agent from any amounts that it is obligated to pay in the way of such taxes.
The Collateral Agent shall report the income earned on any of the Collateral to the U.S. Internal Revenue Service as earned by the Pledgor. The Pledgor shall provide to the Collateral Agent the
appropriate Form W-9 certifying to the Collateral Agent the depositor's Tax Identification Number. This Section 7 shall survive notwithstanding termination of this Agreement
or resignation or removal of the Collateral Agent. 

        SECTION
8.    Representations and Warranties.    The Pledgor represents and warrants as follows: 

        (a)   The
Pledgor is the legal and beneficial owner of the Collateral free and clear of any lien, security interest, option or other charge or encumbrance except for the
security interest created by this Agreement. 

        (b)   The
pledge and assignment of the Collateral pursuant to this Agreement creates a valid and perfected first priority security interest in the Collateral in favor of the
Collateral Agent for its benefit and for the benefit of the Holders, securing the payment of the Obligations. 

        (c)   Except
for the filing of any relevant UCC financing statements, on the date hereof, no consent of any other person or entity and no authorization, approval, or other
action by, and no notice to or filing with, any governmental authority or regulatory body is required (i) for the pledge and assignment by the Pledgor of the Collateral pursuant to this
Agreement or for the execution, delivery or performance of this Agreement by the Pledgor, (ii) for the perfection or maintenance of the security interest created hereby (including the first
priority nature of such security interest), (iii) for the exercise by the Collateral Agent of its rights and remedies hereunder, or (iv) for the exercise by the Collateral Agent of its
rights and remedies hereunder. 

        (d)   There
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived. 

        (e)   The
Pledgor is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. 

        (f)    The
execution, delivery and performance by the Pledgor of this Agreement and the transactions contemplated hereby are within the Pledgor's corporate powers, have been
duly authorized by all necessary corporate action, and do not (i) contravene the Pledgor's certificate of incorporation or by-laws, (ii) violate any law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award, or (iii) conflict with or result in the breach of, or constitute a default under, any material contract or instrument binding
on or affecting the Pledgor or any of its properties. 

        (g)   This
Agreement is the legal, valid and binding obligation of the Pledgor, enforceable against the Pledgor in accordance with its terms, except as such enforceability may
be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditor's rights, and (ii) the application of
general principles of equity (regardless of which such enforceability is considered in a proceeding in equity or at law). 

11

 

        SECTION
9.    Further Assurances.    The Pledgor agrees that at any time and from time to time, at the expense of the
Pledgor, the Pledgor will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or that the Collateral Agent may reasonably request in
writing, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder
with respect to any Collateral. 

        SECTION
10.    Transfers and Other Liens.    The Pledgor agrees that it will not (a) sell, assign by operation
of law or otherwise (except upon a merger, consolidation or similar transaction), or otherwise dispose of, or grant any option with respect to, any of the Collateral, or (b) create or permit to
exist any consensual lien, security interest, option or other charge or encumbrance upon or with respect to any of the Collateral, except for the security interest under this Agreement. 

        SECTION
11.    Collateral Agent Appointed Attorney-in-Fact.    The Pledgor hereby appoints the
Collateral Agent the Pledgor's attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from
time to time in the Collateral Agent's discretion to take any action, and to execute any instrument which the Collateral Agent may deem necessary or advisable to accomplish the purposes of this
Agreement, including, without limitation, to receive, indorse and collect all instruments made payable to the Pledgor representing any interest payment, dividend or other distribution in respect of
the Collateral or any part thereof. 

        SECTION
12.    Secured Party May Perform.    If the Pledgor fails to perform any agreement contained herein, the
Collateral Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of the holders and beneficial owners of the Mandatory Convertible Preferred Stock incurred in
connection therewith shall be payable by the Pledgor under Section 15 hereof. 

        SECTION
13.    The Collateral Agent's Duties.    The powers conferred on the Collateral Agent hereunder are solely to
protect the Collateral Agent's interest in the Collateral and shall not impose any fiduciary duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession
and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, or as to the taking of any necessary
steps to preserve rights against any parties or any other rights pertaining to any Collateral, including but not limited to, the bringing of any action against the Pledgor on behalf of the Secured
Party. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially
equal to that which the Collateral Agent accords its own property. Collateral Agent may consult with legal counsel of its own choosing at the expense of the Pledgor as to any matter relating to this
Agreement, and Collateral Agent shall not incur any liability in acting in good faith in accordance with any advice from such counsel. Collateral Agent shall not incur any liability for not performing
any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of Collateral Agent (including but not limited to any act or provision of any
present or future law or regulation or governmental authority, any act of God or war or terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication
facility). The Collateral Agent shall not be liable for any action taken or omitted or for any loss or injury resulting from its actions or its performance or lack of performance of its duties
hereunder in the absence of gross negligence or willful misconduct on its part. In no event shall the Collateral Agent be liable (i) for acting in accordance with or relying upon any
instruction, notice, demand, certificate or document from Pledgor or any Authorized Person of the Pledgor contemplated by this Agreement, and from any registrar or transfer agent for the Mandatory
Convertible Preferred Stock, provided that such 

12

 

instruction,
notice, demand, certificate or document complies in all material respects with the provisions hereof, (ii) for any indirect, consequential, punitive or special damages, regardless
of the form of action and whether or not any such damages were foreseeable or contemplated, (iii) for the acts or omissions of any nominees, correspondents, designees, agents, subagents or
subcustodians chosen by it, (iv) for the investment or reinvestment of any cash held by it hereunder, in each case in good faith, in accordance with the terms hereof, including without
limitation any liability for any delays (not resulting from its gross negligence or willful misconduct) in the investment or reinvestment of the Collateral, or any loss of interest incident to any
such delays, or (v) for an amount in excess of the value of the Collateral, valued as of the date of deposit, but only to the extent of direct money damages. 

        SECTION
14.    Remedies upon Default.    If a responsible officer of the agency and trust group of the Collateral
Agent has actual knowledge that any Event of Default has occurred and is continuing: 

        (a)   The
Collateral Agent shall immediately foreclose upon the Collateral and distribute proceeds of all or any part of the Collateral Accounts against the Obligations or any
part thereof in accordance with applicable law, except to the extent that the Pledgor notifies the Collateral Agent that the Pledgor's Board of Directors has determined that the Pledgor does not have
adequate Surplus with respect to the satisfaction of such Obligations. 

        (b)   The
Collateral Agent may also exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the
rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral). 

        SECTION
15.    Fees; Expenses.    The Pledgor will pay to the Collateral Agent and the Securities Intermediary in
accordance with the terms of the Fee Letter attached hereto as Exhibit D hereto (the "Fee Letter") compensation for all services rendered by the Collateral Agent and the Securities Intermediary
hereunder. In addition, the Pledgor will upon demand pay to the Collateral Agent and the Securities Intermediary the amount of any and all reasonable fees and expenses, including the reasonable fees
and expenses of their respective counsel and of any experts and agents, which the Collateral Agent and the Securities Intermediary may incur in connection with (a) the administration of this
Agreement, (b) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, (c) the investment or reinvestment of any income,
proceeds or payments in respect of the Collateral received by the Collateral Agent and/or Securities Intermediary pursuant to the terms of this Agreement, (d) the exercise or enforcement of any
of the rights of the Collateral Agent and Securities Intermediary hereunder or (e) the failure by the Pledgor to perform or observe any of the provisions hereof. It is understood that the
compensation of the Collateral Agent and the Securities Intermediary may be reasonably adjusted from time to time to conform with their current guidelines (including, without limitation, fees,
expenses and disbursements of counsel). The Collateral Agent and the Securities Intermediary shall look solely to the Pledgor for payment of their respective costs, fees and expenses and shall not
have any right to reimburse themselves for any fees or expenses from the Collateral and may not sell, convey or otherwise dispose of any Collateral for such purpose. The rights of the Collateral Agent
and Securities Intermediary to payment under this Section 15 shall survive notwithstanding the termination of this Agreement or the resignation or removal of the Collateral Agent or the
Securities Intermediary. 

        SECTION
16.    Amendments, Etc.    No amendment or waiver of any provision of this Agreement, and no consent to any
departure by the Pledgor from the terms hereof, shall in any event be effective, unless the same shall be in writing and signed by each of the Collateral Agent, the Securities Intermediary and the
Pledgor, and then such waiver or consent shall be effective 

13

 

only
in the specific instance and for the specific purpose for which given. The Pledgor, the Securities Intermediary and the Collateral Agent may amend this Agreement without the consent or approval
of any holder or beneficial owner of the Mandatory Convertible Preferred Stock for the purposes of (a) adding to the securities at any time held in the Collateral Accounts, (b) adding to
the property at any time constituting the Collateral, (c) adding to the Pledgor's covenants or obligations under this Agreement for the benefit of the Securities Intermediary and the Collateral
Agent, (d) surrendering any right or power conferred upon the Pledgor by this Agreement, (e) providing for the assumption of the Pledgor's obligations under this Agreement in the case of
a merger, consolidation, conveyance, transfer or lease, to the extent such assumption is permitted under the terms of the Mandatory Convertible Preferred Stock, (f) curing any ambiguity or
correcting or supplementing any defective provision contained in this Agreement; provided that such modification or amendment does not, in the good faith opinion of the Collateral Agent, materially
and adversely affect the rights or interests of any holder of the Mandatory Convertible Preferred Stock in any respect; and (g) adding or modifying any other provisions which the Pledgor, the
Securities Intermediary and the Collateral Agent may deem necessary or desirable and which will not materially and adversely affect the interests of any holder of the Mandatory Convertible Preferred
Stock in any respect in the good faith opinion of the Collateral Agent. Notwithstanding anything contained in this Agreement or any other document, instrument or agreement to the contrary, no
amendment or waiver of any provision of this Agreement, and no consent to any departure by the Pledgor from the terms hereof, which materially and adversely affects the rights or interests of any
holder of the Mandatory Convertible Preferred Stock, shall be effective for any purpose unless consented to or approved by holders of at least two-thirds of the shares of Mandatory
Convertible Preferred Stock outstanding. The Collateral Agent and the Securities Intermediary shall not, and shall not be obligated to sign any amendment or waiver of any provision of this Agreement
nor consent to any departure by the Pledgor from the terms hereof unless they shall have received a satisfactory officer's certificate of the Pledgor and upon which they may rely stating that
(i) the terms of the amendment, waiver or consent do not and will not materially and adversely affect the rights or interests of any holder or beneficial owner of the Mandatory Convertible
Preferred Stock, or (ii) the terms of the amendment, waiver or consent has been consented to or approved by holders of at least two-thirds of the shares of Mandatory Convertible
Preferred Stock outstanding in a manner fully compliant with applicable law and the provisions of the Certificate of Designations. The Collateral Agent and the Securities Intermediary shall be fully
protected in relying, and shall not incur any liability whatsoever on account of their reliance, on such officer's certificate. All costs and expenses of counsel relating to the preparation and review
of such opinion shall be borne by the Pledgor. 

        SECTION
17.    Addresses for Notices.    Any notice or other communication required or permitted under this Agreement
shall be in writing in the English language and shall be deemed to have been duly given (i) five (5) business days following deposit in the mails if sent by registered or certified mail,
postage prepaid, (ii) when sent, if sent by facsimile transmission, if receipt thereof is confirmed by successful transmission, (iii) when delivered, if delivered personally to the
intended recipient and (iv) three (3) business days following deposit with a nationally recognized overnight courier service, in each case addressed as follows: 

if
to the Pledgor, to: 

Huntsman
Corporation

500 Huntsman Way

Salt Lake City, Utah 84108

Phone: (801) 584-5700

Facsimile: (801) 584-5788

Attention: Secretary 

14

  

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

Vinson &
Elkins L.L.P.

1001 Fannin, Suite 2300

Houston, Texas 77002

Phone: (713) 758-2194

Facsimile: (713) 615-5660

Attention: Jeffery B. Floyd 

If
to the Securities Intermediary and/or the Collateral Agent: 

Citibank,
N.A. Agency & Trust

388 Greenwich Street, 14th Floor

New York, NY 10013

Phone: 212-816-5859

Facsimile Secured: 212-657-2762

Attention: Huntsman Corporation Collateral Agency 

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

Nixon
Peabody LLP

100 Summer Street

Boston, MA 02110

Phone: 617.345.1203

Facsimile: 866.244.1539

Attention: Huntsman Corporation Collateral Agency 

or
such other address or number as shall be furnished in writing by any such party. 

        SECTION
18.    Continuing Security Interest; Assignments.    This Agreement shall create a continuing security
interest in the Collateral and shall (a) remain in full force and effect until the payment in full of the Obligations and all other amounts payable under this Agreement, (b) be binding
upon the Pledgor, its
successors and assigns, and (c) inure to the benefit of, and be enforceable by, the Collateral Agent and its successors, transferees and assigns. Upon the payment in full of the Obligations and
all other amounts payable under this Agreement, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Pledgor. Upon any such termination, the
Collateral Agent will, upon receipt of an Officer's Certificate of the Pledgor specifying that the all of the Obligations and all other amounts payable hereunder have been paid in full, cause the
Security Intermediary to return to the Pledgor such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such
documents as the Pledgor shall reasonably request to evidence such termination. 

        SECTION
19.    Governing Law; Terms.    This Agreement shall be governed by and construed in accordance with the laws
of the State of New York (including for such purpose Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York), without regard to conflicts of law
rules that would result in a different governing law. Unless otherwise defined herein, terms defined in Articles 8 and 9 of the UCC are used herein as therein defined. The parties agree that New York
is the "securities intermediary's jurisdiction" for all purposes hereof and of Articles 8 and 9 of the UCC. 

        SECTION
20.    WAIVER OF JURY TRIAL.    EACH OF THE PLEDGOR, THE SECURITIES INTERMEDIARY AND THE COLLATERAL AGENT
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR 

15

 

COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

        SECTION
21.    Indemnification.    Pledgor shall be liable for and shall reimburse and indemnify each of the
Securities Intermediary and the Collateral Agent and its employees, officers and directors and hold each of the Securities Intermediary and the Collateral Agent and its employees, officers and
directors harmless from and against any and all claims, losses, actions, liabilities, costs, damages or expenses (including reasonable attorneys' fees and expenses) (collectively "Losses") arising
from or in connection with its administration of this Agreement, except for any such losses arising from their gross negligence or willful misconduct. In addition, when the Collateral Agent acts on
any information, instructions, certificates, communications (including, but not limited, communications with respect to the wire transfer of funds), sent by facsimile, the Collateral Agent, absent
gross negligence or willful misconduct, shall not be responsible or liable in the event such communication is not an authorized or authentic communication of the Pledgor or is not in the form the
Pledgor sent or intended to send (whether due to fraud, distortion or otherwise). The Pledgor shall indemnify the Collateral Agent and its employees, officers and directors against any Losses it may
incur with its acting in accordance with any such communication. This Section 21 shall survive notwithstanding the termination of this Agreement or the resignation or removal of the Collateral
Agent or the Securities Intermediary. 

        SECTION
22.    Ambiguity; Dispute.    (a) In the event of any ambiguity or uncertainty hereunder or in any
notice, certificate, instruction or other communication received by the Collateral Agent hereunder, the Collateral Agent may, in its sole discretion, refrain from taking any action other than retain
possession of the Collateral, unless the Collateral Agent receives written instructions, signed by an Authorized Person of the Pledgor, or an opinion of counsel of the Pledgor reasonably satisfactory
to it which eliminates such ambiguity or uncertainty. 

        (b)   In
the event of any dispute between or conflicting claims by or among the Pledgor and/or the Collateral Agent and/or any other person or entity with respect to any
Collateral, the Collateral Agent shall be entitled, in its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such Collateral so long as such dispute
or conflict shall continue, and Collateral Agent shall not be or become liable in any way to the Pledgor or the Holders for failure or refusal to comply with such conflicting claims, demands or
instructions. The Collateral Agent shall be entitled to refuse to act until, in its sole discretion, either (i) such conflicting or adverse claims or demands shall have been determined by a
final order, judgment or decree of a court of competent jurisdiction, which order, judgment or decree is not subject to appeal, or settled by agreement between the conflicting parties as evidenced in
a writing satisfactory to Collateral Agent or (ii) the Collateral Agent shall have received security or an indemnity satisfactory to it sufficient to hold it harmless from and against any and
all Losses which it may incur by reason of so acting. Any court order, judgment or decree shall be accompanied by a legal opinion by counsel for the presenting party, satisfactory to the Collateral
Agent, to the effect that said order, judgment or decree represents a final adjudication of the rights of the parties by a court of competent jurisdiction, and that the time for appeal from such
order, judgment or decree has expired without an appeal having been perfected. The Collateral Agent shall act on such court order and legal opinions without further question. The Collateral Agent may,
in addition, elect, in its sole discretion, to commence an interpleader action or seek other judicial relief or orders as it may deem, in its sole discretion, necessary. The costs and expenses
(including reasonable attorneys' fees and expenses) incurred in connection with such proceeding shall be paid by, and shall be deemed an Obligation of the Pledgor. 

        SECTION
23.    Appointment.    By accepting, purchasing and holding any of the Mandatory Convertible Preferred Stock,
the Holders have appointed Citibank, N.A. to act as Collateral Agent 

16

 

and
Citibank, N.A. has accepted such appointment and designation, in each case, solely in accordance with the terms and conditions of this Agreement. 

        SECTION
24.    Resignation.    (a) Each of the Collateral Agent and the Securities Intermediary may resign at
any time by giving the Pledgor thirty (30) calendar days' prior written notice thereof. 

        (b)   Within
thirty (30) calendar days after giving the foregoing notice of resignation to the Pledgor, the Collateral Agent or the Securities Intermediary that gave
such notice, as the case may be, shall appoint a successor Collateral Agent or Securities Intermediary, as applicable. If a successor Collateral Agent and/or Securities Intermediary has not accepted
such appointment by the end of such
30-day period, the Collateral Agent and/or the Securities Intermediary may, in its sole discretion, (i) request the holders of a majority of the outstanding shares of the Mandatory
Convertible Preferred Stock to appoint an agent to receive and hold the Collateral and, upon such appointment, transfer the Collateral to such agent, and/or (ii) apply to a court of competent
jurisdiction for the appointment of a successor Collateral Agent and/or Securities Intermediary or for other appropriate relief. All the costs and expenses (including reasonable attorneys' fees and
expenses) incurred by the Collateral Agent and/or the Securities Intermediary in connection with such proceeding shall be paid by, and be deemed an Obligation of, the Pledgor. The resignation of the
Collateral Agent or the Securities Intermediary shall be effective only when a successor Collateral Agent or Securities Intermediary has accepted its appointment in accordance with Section 26. 

        SECTION
25.    Removal.    (a) In case at any time any of the following shall occur: 

          (i)  the
Collateral Agent or the Securities Intermediary shall fail to comply with the provisions of this Agreement in any material respect; or 

         (ii)  the
Collateral Agent or the Securities Intermediary shall become incapable of acting or shall be adjudged bankrupt or insolvent, or a receiver or liquidator of the
Collateral Agent or the Securities Intermediary or of its property shall be appointed, or any public officer shall take charge or control of the Collateral Agent or the Securities Intermediary or of
its properties or affairs for the purposes of rehabilitation, conservation or liquidation. 

then,
in any such case, the holders of a majority of the outstanding shares of the Mandatory Convertible Preferred Stock may remove the Collateral Agent and/or the Securities Intermediary and appoint
a successor collateral agent or successor securities intermediary, as applicable. Any removal of the Collateral Agent and/or the Securities Intermediary and any appointment of a successor collateral
agent or successor securities intermediary, as applicable, pursuant to this Section 25 shall become effective upon acceptance of appointment by the successor collateral agent or successor
securities intermediary, as applicable, as provided in Section 26 hereof. 

        SECTION
26.    Appointment of Successor.    Upon the resignation or removal of the Collateral Agent and/or Securities
Intermediary pursuant to Sections 24 or 25, as the case may be: 

        (a)   Any
successor Collateral Agent or successor Securities Intermediary, as applicable, appointed as provided in Sections 24 or 25 shall execute and deliver to the Pledgor
and to its predecessor Collateral Agent and/or Securities Intermediary an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Collateral Agent
and/or the Securities Intermediary shall become effective and such successor Collateral Agent or successor Securities Intermediary, as applicable, without any further act, deed or conveyance, shall
become vested with all rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Collateral Agent and/or the Securities Intermediary hereunder. 

17

 

        (b)   In
the case of the appointment of a successor Securities Intermediary, the predecessor Securities Intermediary shall deliver the Collateral then held hereunder to the
successor Securities Intermediary. The foregoing delivery shall be without prejudice to the predecessor Securities Intermediary's right to reimbursed by, and recover from, the Pledgor, the fees, costs
and expenses or other obligations owed to the predecessor Securities Intermediary pursuant to the terms of this Agreement. 

        (c)   Upon
delivery of the Collateral to the successor Securities Intermediary, the predecessor Securities Intermediary shall have no further duties, responsibilities or
obligations with respect to the Collateral or under this Agreement. 

18

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first written above. 

	

 	
 	

HUNTSMAN CORPORATION
	

 	
 	

By	
 	

/s/  PETER R. HUNTSMAN          
 Name: Peter R. Huntsman

Title:
	

 	
 	

CITIBANK, N.A., in its capacity as Collateral Agent
	

 	
 	

By	
 	

/s/  CAMILLE TOMAO          
 Name: Camille Tomao

Title: Vice President
	

 	
 	

CITIBANK, N.A., in its capacity as Securities Intermediary
	

 	
 	

By	
 	

/s/  CAMILLE TOMAO          
 Name: Camille Tomao

Title: Vice President

19

EXHIBIT A 

Part I

The
U.S. Treasury Securities described below have been delivered to the Collateral Agent by the Pledgor as Collateral to be deposited in each of the Dividend Collateral Accounts identified in the
first column below in accordance with the Agreement. 

The
U.S. Treasury Securities deposited in each Dividend Collateral Account secure the Pledgor's obligations to pay on each Dividend Payment Date identified in the second column below the amount of
dividends on its Mandatory Convertible Preferred Stock set forth in the third column below. 

	Dividend Collateral Account Name and Number
 
	 	Dividend Payment

Date
	 	Dividend

Amount
	 	CUSIP # of

U.S. Treasury

Strip
	 	Maturity Date
	 	Ask Yield
	 	Offer Price

	Huntsman Dividend

Collateral Account No. 1

Account # 795656	 	May 16, 2005	 	$	3,593,750	 	912833FW5	 	May 15, 2005	 	2.315	%	99.44
	Huntsman Dividend

Collateral Account No. 2

Account # 795657	 	August 16, 2005	 	$	3,593,750	 	912833CN8	 	August 15, 2005	 	2.730	%	98.661
	Huntsman Dividend

Collateral Account No. 3

Account # 795658	 	November 16, 2005	 	$	3,593,750	 	912833FX3	 	November 15, 2005	 	2.940	%	97.855
	Huntsman Dividend

Collateral Account No. 4

Account # 795659	 	February 16, 2006	 	$	3,593,750	 	912833CP3	 	February 15, 2006	 	3.000	%	97.074
	Huntsman Dividend

Collateral Account No. 5

Account # 795660	 	May 16, 2006	 	$	3,593,750	 	912833FY1	 	May 15, 2006	 	3.080	%	96.272
	Huntsman Dividend

Collateral Account No. 6

Account # 795661	 	August 16, 2006	 	$	3,593,750	 	912833CQ1	 	August 15, 2006	 	3.180	%	95.386
	Huntsman Dividend

Collateral Account No. 7

Account # 795662	 	November 16, 2006	 	$	3,593,750	 	912833FZ8	 	November 15, 2006	 	3.290	%	94.471
	Huntsman Dividend

Collateral Account No. 8

Account # 795663	 	February 16, 2007	 	$	3,593,750	 	912833CR9	 	February 15, 2007	 	3.330	%	93.617
	Huntsman Dividend

Collateral Account No. 9

Account # 795664	 	May 16, 2007	 	$	3,593,750	 	912833GA2	 	May 15, 2007	 	3.345	%	92.829
	Huntsman Dividend

Collateral Account No. 10

Account # 795665	 	August 16, 2007	 	$	3,593,750	 	912833CS7	 	August 15, 2007	 	3.400	%	91.925
	Huntsman Dividend

Collateral Account No. 11

Account # 795666	 	November 16, 2007	 	$	3,593,750	 	912833GB0	 	November 15, 2007	 	3.440	%	91.068
	Huntsman Dividend

Collateral Account No. 12

Account # 795667	 	February 16, 2008	 	$	3,593,750	 	912833CT5	 	February 15, 2008	 	3.475	%	90.189

Part II

Surplus
Collateral Account No. 795668 to be maintained by the Securities Intermediary. 

Exhibit B

Form
of Incumbency Certificate 

HUNTSMAN
CORPORATION INCUMBENCY CERTIFICATE 

        The
undersigned certifies that he/she is the Secretary of Huntsman Corporation, a Delaware corporation (the "Company"), and as such he/she is authorized to execute this certificate and
further certifies that the following persons have been elected or appointed, are qualified, and are now acting as officers of the Company in the capacity or capacities indicated below, and that the
signatures set forth opposite their respective names are their true and genuine signatures. He/she further certifies that any of the persons listed below are authorized jointly to sign agreements with
regard to any matters
pertaining to the Pledge, Assignment and Collateral Agency Agreement dated as of February 16, 2005 and the appointment of Citibank, N.A. as the Collateral Agent thereunder: 

	Name	 	Title	 	Phone	 	Signature
	

Peter R. Huntsman	
 	

President & CEO	
 	

(281) 719-6788	
 	

/s/ Peter R. Huntsman
	
	 	
	 	
	 	

	Kimo J. Esplin	 	Executive Vice President & CEO	 	(801) 584-5861	 	/s/ Kimo J. Esplin
	
	 	
	 	
	 	

	

	
 	

	
 	

	
 	

	

	
 	

	
 	

	
 	

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Company this      day of February, 2005. 

	 	By	/s/  SAMUEL D. SCRUGGS      
	 	 	

	 	Name:	Samuel D. Scruggs
	 	Title:	Secretary

Call-Back
Authorized Individuals: 

The
below listed persons (must list at least two individuals) have been designated Call-Back Authorized Individuals of the Company and will be notified by Citibank, N.A. upon the release
of Collateral from the Collateral Accounts unless an original "Standing or Predefined Instruction" letter is on file with the Collateral Agent. 

	Name	 	Phone
	

Peter R. Huntsman	
 	

(281) 719-6788
	
	 	

	

Kimo J. Esplin	
 	

(801) 584-5861
	
	 	

	

	
 	

	

	
 	

EXHIBIT
C 

COLLATERAL
RELEASE FORM 

        The
undersigned certifies that he/she is the                        of Huntsman Corporation, a Delaware corporation (the "Company"),
and as such he/she is authorized to execute this request and
further certifies that the Company has transferred an amount in cash (as noted below) to the Paying Agent equal to the aggregate amount of dividends payable on the Mandatory Convertible Preferred
Stock on the Divided Payment Date noted below. 

        The
Pledgor hereby requests, pursuant to Section 6(b) of the Pledge, Assignment and Collateral Agency Agreement dated as of February 16, 2005 that the Collateral Agent
instruct the Securities Intermediary to transfer to the Pledgor the Maturing Proceeds received by the Securities Intermediary from the Dividend Collateral Account noted below as provided in the same
Section 6(b). 

	Dividend Payment Date
 
	 	Amount Transferred to Paying Agent
	 	Dividend Collateral Account Name and Number

	 	 	/	 	 

	

 	
HUNTSMAN CORPORATION
	

 	

By:	

 
	 	 	

	 	 	Name:
	 	 	Title:
	 	 	Date:

        The
undersigned certifies that he/she is the                        of The Bank of New York, the Paying Agent for the Pledgor, and as
such he/she is authorized to certify this Acknowledgement.
He/She further certifies and confirms that the Paying Agent has received on                        the amount in cash from the
Company noted above and such amount is equal to the aggregate amount of
dividends payable on the Mandatory Convertible Stock on the Dividend Payment Date noted above. The undersigned further confirms that the Pledgor has given instructions to pay such amount on the
Dividend Payment Date to the Holders of the Mandatory Convertible Preferred Stock and we will do so. 

	

 	

The Bank of New York,

    in its capacity as Paying Agent
	

 	

By:	

 
	 	 	

	 	 	Name:
	 	 	Title:
	 	 	Date:

Exhibit D  

 CITIBANK, N.A.  

 SCHEDULE OF FEES

FOR SERVICES AS COLLATERAL AGENT

for

Mandatory Convertible Preferred Stock issued by Huntsman Corporation

February 16, 2005  

Acceptance Fee—Collateral Agent:  

        To cover the acceptance of the appointment under the Pledge, Assignment and Collateral Agency Agreement ("Collateral Agreement"), the study of the Collateral
Agreement and the supporting documents submitted in connection with the execution and delivery thereof, communication with other members of the working group, attendance at closing in New York: 

        $5,000

Annual Administration Fee—Collateral Agency:  

        To cover the normal administrative functions of the Collateral Agent under the documents, our duties include the administration of the Collateral Accounts under
the Collateral Agreement and the supporting documents, including generation of monthly reports, daily transaction confirmations, administration of the accounts under the Collateral Agreement: 

        $26,000 

Transaction Fees:  

        $100 per substitution of collateral or directed investment 

Legal Fees:  

        To cover review of legal documents by outside counsel on behalf of Citibank, N.A.: 

AT
COST 

Schedule Assumption:  

	•
	Subject
to internal approval and satisfactory review of the documentation;

	•
	Documentation
under New York law;

	•
	Fees
are net of applicable Stamp and/or VAT tax. 

        The
above schedule of fees does not include charges for out-of-pocket expenses or for any services of an extraordinary nature that we or our legal counsel may be
called upon from time to time to perform in either an agency or fiduciary capacity, nor does it include the fees of our legal counsel. Fees are also subject to satisfactory review of the
documentation, and we reserve the right to modify them should the characteristics of the transaction change. Our participation in this transaction is subject to internal approval. The acceptance fee
is payable upon execution of this document. Indemnification for the corporate trust appointment will be provided by the
sponsor(s)/parent company. Should this schedule of fees be accepted and agreed upon and work commenced on this transaction but subsequently halted, the applicable Acceptance Fee(s) and legal fees
incurred, if any, will still be payable in full. This Fee Schedule is offered for, and applicable to the program cited on page one only, and is guaranteed for sixty days from the date on this
proposal. After sixty (60) days, this offer can be extended in writing only. 

        To
help the US government fight terrorism and money laundering, Federal law requires us to obtain, verify and record information that identifies each business or entity that opens an
account or 

 

establishes
a relationship. What this means for you: when you open an account or establish a relationship, we will ask for your business name, a street address and a tax identification number, that
Federal law requires us to obtain. We appreciate your cooperation. 

	Signed:	 	Agreed and Accepted:
	

CITIBANK, N.A.	
 	

HUNTSMAN CORPORATION
	

By	
 	

 	
 	

By	
 	

 
	 	 	
 Name:

Title:	 	 	 	
 Name:

Title:

2

QuickLinks

Exhibit 10.2

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