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                                                                   EXHIBIT 10.02

THE WARRANT REPRESENTED BY THIS AGREEMENT AND THE SECURITIES ISSUABLE UPON
EXERCISE HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
ACTS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM.

                    AMENDED AND RESTATED WARRANT TO PURCHASE
                             SHARES OF COMMON STOCK
                                       OF
                            EASTMAN CHEMICAL COMPANY

                       DATE OF AMENDMENT: DECEMBER__, 2001

         THIS AMENDED AND RESTATED WARRANT supersedes in every respect the
Warrant to Purchase Shares of Common Stock of Eastman Chemical Company, dated
December 24, 1997, (the "Original Warrant") entered into pursuant to the Eastman
Chemical Company Benefit Security Trust Agreement dated December 24, 1997, as
amended ("Trust Agreement") by and between Eastman Chemical Company (the
"Company") and Wachovia Bank, N.A., as Trustee ("Trustee").

         THIS CERTIFIES THAT, for value received, the Holder is entitled to
purchase, subject to the provisions of this Warrant, from Eastman Chemical
Company (the "Company") at any time after the Trigger Date (as defined herein)
and prior to termination of the Trust as defined herein) (the "Expiration
Time"), up to the number of Fixed Shares (as defined herein) (as may be adjusted
in accordance with Section 2 hereof) of Common Stock (as defined herein), at any
time and from time to time, in whole or in part, at an exercise price per share
of $.01 (the "Exercise Price). This Warrant shall expire at the Expiration Time.

                              W I T N E S S E T H:

         WHEREAS, Eastman Chemical Company previously entered into the Original
Warrant with the Trustee on December 24, 1997 in connection with the Trust
Agreement;

         NOW THEREFORE, the parties do hereby amend and restate the Original
Warrant and agree that to the terms, provisions and conditions set forth herein;
with the amended and restated warrant to be effective January 2, 2002.

SECTION 1.  DEFINITIONS.

         "Additional Shares of Common Stock" means all shares of Common Stock
(including options to purchase or rights to subscribe for Common Stock,
securities by their terms convertible into or exchangeable for Common Stock, or
options to purchase or rights to subscribe for such convertible or exchangeable
securities, with or without payment of additional consideration in cash or
property, either immediately or upon the occurrence of a specified date or a
specified event) issued by the Company after the date hereof.

         "Business Day" means any day that is not a Saturday, a Sunday or a day
on which banks are required or permitted to be closed in the State of North
Carolina.

         "Common Stock" means the Company's common, stock, par value $.01 per
share, and shall include any capital stock of the Company into which such class
of stock shall be converted.

         "Company" means Eastman Chemical Company, a Delaware corporation.

         "Daily Closing Price" means the last reported sales price regular way
or, in case no such reported sales took place on such day, the average of the
last reported bid and asked prices regular way, in either case on the principal
national securities exchange on which the Common Stock is listed or admitted to
trading, or if the Common Stock is

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not at the time listed or admitted for trading on any such exchange, then such
price as shall be equal to the average of the last reported bid and asked
prices, as reported by the principal automated quotation service on which such
shares are quoted on such day, or if, on any day in question, the Common Stock
shall not be quoted on any automated quotation service, then such price shall be
equal to the average of the last reported bid and asked prices on such day as
reported by any other reasonable source selected in good faith by the Company.
Notwithstanding the foregoing, if the Common Stock is not traded in such manner
that the prices referred to above are available for the period required
hereunder, the Daily Closing Price shall be determined in good faith by the
Board of Directors of the Company.

         "Fixed Shares" means a number of shares of Common Stock obtained by (i)
dividing the Liability Amount by the Initial Trading Price; and (ii) then
rounding such number of shares up to the nearest 100,000 shares.

         "Holder" means Wachovia Bank, NA,, a national banking association, as
trustee under the Trust, or its registered assigns of all or any portion of this
Warrant.

         "Initial Trading Price" means the average of the Daily Closing Prices
of one share of Common Stock for all of the Business Days during January 2002;
provided, however, if a Triggering Event occurs before January 31, 2002, then
the Initial Trading Price shall be the average of the Daily Closing Prices for
all of the Business Days during January 2002 preceding the date of such
Triggering Event and shall not include average Closing Prices after the date of
the occurrence of such Triggering Event. As a practical determination of the
Initial Trading Price, the Company will provide notice to the Holder of the
computation of the initial number of Fixed Shares including detail as to the
computation of the Initial Trading Price. The Company's determination will be
final and binding if the Holder does not object within five (5) Business Days.
Any objection by the Holder shall comply with Section 2.6(e) hereof.

         "Liability Amount" means one hundred twenty-one million U.S. dollars
($121,000,000.00).

         "Market Price" means the average of the daily closing prices of one
share of Common Stock for the fifteen (15) consecutive Business Day period and
such average will be adjusted for any stock dividend, split, combination or
reclassification that took effect during such fifteen (15) Business Day period.
The closing price for each day shall be the last reported sales price regular
way or, in case no such reported sales took place on such day, the average of
the last reported bid and asked prices regular way, in either case on the
principal national securities exchange on which the Common Stock is listed or
admitted to trading, or if the Common Stock is not at the time listed or
admitted for trading on any such exchange, then such price as shall be equal to
the average of the last reported bid and asked prices, as reported by the
principal automated quotation service on which such shares are quoted on such
day, or if, on any day in question, the Common Stock shall not be quoted on any
automated quotation service, then such price shall be equal to the average of
the last reported bid and asked prices on such day as reported by any other
reasonable source selected in good faith by the Company. Notwithstanding the
foregoing, if the Common Stock is not traded in such manner that the prices
referred to above are available for the period required hereunder, the Market
Price shall be determined in good faith by the Board of Directors of the
Company.

         "Notice of Exercise" means the Notice of Exercise in the form of
Exhibit A.

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

         "Trigger Date" means the fifth Business Day after the first Triggering
Event; provided, however, that a Trigger Date shall not occur with respect to a
given Triggering Event if no later than the Trigger Date the Company transfers
to the Trust cash or other liquid funds in the amount and in the manner required
under Section One(e)(3) of the Trust Agreement

         "Triggering Event" stall have the meaning set forth in the Trust
Agreement.

         "Trust" means the Eastman Chemical Company Benefit Security Trust
created by the Trust Agreement.

         "Trust Agreement" means that certain Trust Agreement, dated December
24, 1997, by and between the Company and the initial Holder.

         "Warrant Shares" means the shares of Common Stock or other securities
or property, as adjusted from time to time, deliverable upon exercise of this
Warrant.

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SECTION 2.  EXERCISE OF WARRANT.

         2.1.     Procedures for Exercise of Warrant. (a) To exercise this
Warrant in whole or in part, the Holder shall deliver to the Company's transfer
agent (or if there is none, the Company) at any time after the Trigger Date and
prior to the Expiration Time: (i) a Notice of Exercise indicating thereon the
Holder's election to exercise pursuant to this Section 2.1(a); (ii) cash or
certified or official bank check, payable to the order of the Company in the an
amount of the aggregate Exercise price (rounded up the nearest cent) for the
Warrant Shares being purchased; and (iii) this Warrant. Upon payment of the
aggregate Exercise Price (rounded up the nearest cent) for the Warrant Shares
being purchased, the Holder shall be deemed to be the holder of record of the
Warrant Shares, notwithstanding that the stock transfer books of the Company may
then be closed or that certificates representing such Warrant Shares may not
then be actually delivered to the Holder. The Company shall, as promptly as
practicable thereafter, cause to be executed, and deliver to the Holder, or the
Holder's nominee, a certificate or certificates representing the aggregate
number of Warrant Shares specified in the Notice of Exercise. Each stock
certificate so delivered shall be in such denomination as may be requested by
the Holder and shall be registered in the name of the Holder or such other name
as shall be designated by the Holder. If this Warrant shall have been exercised
only in part, the Company shall, at the time of delivery of said stock
certificate or certificates, deliver to the Holder a new Warrant evidencing the
right of the Holder to purchase the remaining shares of Common Stock covered by
this Warrant. The Company shall pay all expenses, taxes and other charges
payable in connection with the preparation, execution and delivery of such stock
certificates, provided that Holder shall pay all incremental expenses, taxes and
other charges if such stock certificates shall be registered in a name or names
other than the name of the Holder.

         (b)      Alternatively, at the sole election of the Holder, Holder may
exercise this Warrant in whole or in part, by delivering to the Company at any
time after the Trigger Date and prior to the Expiration Time: (i) a Notice of
Exercise, indicating thereon Holder's election to exercise pursuant to this
Section 2.1(b); and (ii) this Warrant, whereupon the Holder shall be deemed to
be the holder of record (notwithstanding that the stock transfer books of the
Company may then be closed or that certificates representing such Warrant Shares
may not then be actually delivered to the Holder) of a number of Warrant Shares
equal to the number (rounded up to the next nearest whole share) equal to the
product of (A) the number of Warrant Shares in respect of which the Warrant has
been exercised (the "Exercise Shares") and (B) the quotient obtained by dividing
(x) the excess of the Market Price of a single Exercise Share on the date of
exercise (the "Current Value") over the Exercise Price per Exercise Share by (y)
the Current Value, appropriately adjusted in order to protect the interests of
the Holder in the event that after the Trigger Date an event of a type analogous
to any of the events described in sections 2.4, 2.5 or 2.7 shall have occurred
with respect to the Common Stock, the Company shall, as promptly as practicable
thereafter, cause to be executed, and deliver to the Holder, or the Holder's
nominee, a certificate or certificates representing the aggregate number of
Warrant Shares determined in accordance with this Section 2.1(b). Each stock
certificate so delivered shall be in such denomination as may be requested by
the Holder and shall be registered in the name of the Holder or such other name
as shall be designated by the Holder. If this Warrant shall have been exercised
only in part, the Company shall, at the time of delivery of said stock
certificate or certificates, deliver to the Holder a new Warrant evidencing the
right of the Holder to purchase the remaining shares of Common Stock covered by
this Warrant. The Company shall pay all expenses, taxes and other charges
payable in connection with the preparation, execution and delivery of such stock
certificates, provided that Holder shall pay all incremental expenses, taxes and
other charges if such stock certificates shall be registered in a name or names
other than the name of the Holder.

         2.2.     Restrictive Legend. Each certificate for Warrant Shares shall
be legended as follows (unless the offer and sale of such Warrant Shares shall
have been registered under the Securities Act at the time of exercise),

         "The shares represented by this certificate have not been registered
         under the Securities Act of 1933 or under any state securities laws and
         shall not be transferred at any time in the absence of (i) an effective
         registration statement under the Securities Act of 1933 and applicable
         state securities laws, or (ii) an opinion of counsel reasonably
         satisfactory to the Company that such registration is not required."

         2.3.     Character of Warrant Shares. The Company warrants that all
Warrant Shares shall be duly authorized and, upon payment of the Exercise Price
therefor, validly issued, fully paid and nonassessable.

         2.4.     Stock Dividends, Subdivisions and Combinations. If at any time
the Company shall

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                  (i)      establish a record date for the determination of
         holders of record of its Common Stock for the purpose of entitling them
         to receive a dividend payable in, or other distribution of, Additional
         Shares of Common Stock,

                  (ii)     subdivide its outstanding shares of Common Stock into
         a larger number of shares of Common Stock, or

                  (iii)    combine its outstanding shares of Common Stock into a
         smaller number of shares of Common Stock,

then the Warrant Shares for which this Warrant is exercisable immediately after
the occurrence of any such event shall be adjusted to equal the number of shares
of Common Stock which a record holder of the same number of shares of Common
Stock for which this Warrant is exercisable immediately prior to the occurrence
of such event would own or be entitled to receive after the happening of such
event.

         2.5.     Certain Other Distributions. If at any time the Company shall
establish a record date for the determination of the holders of record of its
Common Stock for the purpose of entitling them to receive any dividend or other
distribution of

                  (i)      cash (other than periodic quarterly cash dividends),

                  (ii)     any evidences of its indebtedness or any other
         securities or property of any nature whatsoever (other than cash or
         Additional Shares of Common Stock), or

                  (iii)    any warrants or other rights to subscribe for or
         purchase any evidences of its indebtedness or any other securities or
         property of any nature whatsoever (other than cash or Additional Shares
         of Common Stock),

then the Warrant Shares for which this Warrant is exercisable shall be adjusted
to equal the product of the Warrant Shares for which this Warrant is exercisable
immediately prior to such adjustment and a fraction (x) the numerator of which
shall be the Market Price per share of Common Stock at the date of taking such
record and (y) the denominator of which shall be such Market Price per share of
Common Stock minus the amount allocable to one share of Common Stock of any such
cash so distributable and of the fair value (as determined in good faith by the
Board of Directors of the Company) of any and all such evidences of
indebtedness, shares of stock, other securities or property or warrants or other
subscription or purchase rights so distributable. A reclassification of the
Common Stock (other than a change in par value, or from par value to no par
value or from no par value to par value) into shares of Common Stock and shares
of any other class of stock shall be deemed a distribution by the Company to the
holders of its Common Stock of such shares of such other class of stock within
the meaning of this Section 2.5 and, if the outstanding shares of the Common
Stock shall be changed into a larger or smaller number of shares of the Common
Stock as part of such reclassification, such change shall be deemed a
subdivision or combination, as the case may be, of the outstanding shares of the
Common Stock within the meaning of Section 2.4.

         2.6      Other Provisions Applicable to Adjustments Under this Section.
The following provisions shall be applicable to the making of adjustments of the
Warrant Shares for which this Warrant is exercisable provided for in this
Section 2:

                  (a)      Computation of Consideration. To the extent that any
         Additional Shares of Common Stock shall be issued for cash
         consideration, the consideration received by the Company therefor shall
         be the amount of the cash received by the Company therefor, or, if such
         Additional Shares of Common Stock are offered by the Company for
         subscription, the subscription price, or, if such Additional Shares of
         Common Stock are sold to underwriters or dealers for public offering
         without a subscription offering, the public offering price (in any such
         case subtracting any amounts paid or receivable for accrued interest or
         accrued dividends and any compensation, discounts or expenses paid or
         incurred by the Company for and in the underwriting of, or otherwise in
         connection with, the issuance thereof). To the extent that such
         issuance shall be for a consideration other than cash, then except as
         herein otherwise expressly provided, the amount of such consideration
         shall be deemed to be the fair value of such consideration at the time
         of such issuance as determined in good faith by the Board of Directors
         of the Company. In case any Additional Shares of Common Stock shall be
         issued in connection with any merger in which the Company issues any
         securities, the amount of consideration therefor shall be deemed to be
         the fair value, as determined in good faith by the Board of Directors
         of the Company, of such portion of the assets and

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         business of the nonsurviving corporation as such Board in good faith
         shall determine to be attributable to such Additional Shares of Common
         Stock. The consideration for any Additional Shares of Common Stock
         issuable pursuant to any options, warrants or other rights to subscribe
         for or purchase the same shall be the consideration received by the
         Company for issuing such options, warrants or other rights plus the
         additional consideration payable to the Company upon exercise of such
         options, warrants or other rights. In case of the issuance at any time
         of any Additional Shares of Common Stock in payment or satisfaction of
         any dividends upon any class of stock other than Common Stock, the
         Company shall be deemed to have received for such Additional Shares of
         Common Stock a consideration equal to the amount of such dividend so
         paid of satisfied.

                  (b)      When Adjustments to Be Made. The adjustments required
         by this Section 2 shall be made whenever and as often as any event
         requiring an adjustment shall occur, except that any adjustment of the
         Warrant Shares for which this Warrant is exercisable that would
         otherwise be required may be postponed (except in the case of a
         subdivision or combination of shares of the Common Stock, as provided
         for is Section 2.4) up to, but not beyond the date of exercise if such
         adjustment either by itself or with other adjustments not previously
         made adds or subtracts less than 1% of the Warrant Shares for which
         this Warrant is exercisable immediately prior to the making of such
         adjustment. Any adjustment representing a change of less than such
         minimum amount (except as aforesaid) which is postponed shall be
         carried forward and made on the earlier of the date of exercise or the
         date on which such adjustment, together with other adjustments required
         by this Section 2 and not previously made, would result in a minimum
         adjustment. For the purpose of any adjustment, any event shall be
         deemed to have occurred at the close of business on the date of its
         occurrence.

                  (c)      Fractional Interests. In computing adjustments under
         this Section 2, fractional interests in the Common Stock shall be taken
         into account to the nearest 1/10th of a share.

                  (d)      When Adjustment Not Required. If the company shall
         establish a record date for the determination of the holders of record
         of the Common stock for the purpose of entitling them to receive a
         dividend or distribution or subscription or purchase rights, and shall,
         thereafter and before the distribution to stockholders thereof; legally
         abandon its plan to pay or deliver such dividend, distribution,
         subscription or purchase rights, then thereafter no adjustment shall be
         required by reason of the establishment of such record date and any
         such adjustment previously made in respect hereof shall be rescinded
         and annulled.

                  (e)      Challenge to Good Faith Determination. Whenever the
         Board of Directors of the Company shall be required to make a
         determination in good faith of the fair value of any item under this
         Agreement (including any determination of Market Price), such
         determination may be challenged in good faith by the Holder and any
         dispute (including any disputes arising out of any failure or refusal
         of such Board of Directors to promptly make any such determination)
         shall be resolved by a business valuation or appraisal firm of
         recognized national standing selected by the Holder and acceptable to
         the Company (and if not acceptable to the Company, an investment
         banking firm of recognized national standing selected by the Holder and
         acceptable to the Company). The fees of such valuation or appraisal
         firm (or investment banker) shall be borne by such Holder if the
         Company's calculation is determined to be correct and otherwise by the
         Company.

                  (f)      Escrow of Property. If the Company shall establish a
         record date for the determination of the holders of record of its
         Common Stock for the purpose of entitling them to receive any
         distribution of any kind of property whatsoever, but prior to the
         payment of such distribution the Holder exercises this Warrant, upon
         payment of the Exercise Price, such property shall be held in escrow
         for the Holder by the Company to be issued to the Holder upon the
         occurrence of such distribution and to the extent such distribution
         actually takes place. Notwithstanding any other provision to the
         contrary herein, if the distribution for which such record date was
         established fails to occur or is rescinded, then such escrowed property
         shall be returned to the Company.

         2.7.     Reorganization, Reclassification, Merger or Consolidation. If
the Company shall at any time reorganize or reclassify the outstanding shares of
Common Stock (other than a change in par value, or from no par value to par
value, or from par value to no par value by or as a result of a subdivision or
combination) or consolidate with or merge into another corporation (where the
Company is not the continuing corporation after such merger or consolidation),
the Holder shall thereafter be entitled to receive upon exercise of this Warrant
in whole or it part, the same kind and number of shares of stock and other
securities, cash or other property (and upon the same terms and

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with the same rights) as would have been distributed to the Holder upon such
reorganization, reclassification, consolidation or merger had the holder
exercised this Warrant immediately prior to such reorganization,
reclassification, consolidation or merger (subject to subsequent adjustments
under this Section 2). The Holder shall pay upon such Exercise the Exercise
Price that otherwise would have been payable pursuant to the terms of this
Warrant. If any such reorganization, reclassification, consolidation or merger
results in a cash distribution in excess of the Exercise Price provided by this
Warrant, the Holder may, at the Holder's option, exercise this Warrant without
making payment of the Exercise Price, and in such case the Company shall, upon
distribution to such Holder, consider the Exercise Price to have been paid in
full, and in making settlement to such Holder, shall deduct an amount equal to
the Exercise Price from the amount payable to such Holder. Notwithstanding
anything herein to the contrary, the Company will not effect any such
reorganization, reclassification, merger or consolidation unless prior to the
consummation thereof, the corporation who may be required to deliver any stock,
securities or other assets upon the exercise of this Warrant shall agree by an
instrument in writing to deliver such stock, cash, securities or other assets to
the Holder. A sale, transfer or lease of all or substantially all of the assets
of the Company to another person shall be deemed a reorganization,
reclassification, consolidation or merger for the foregoing purposes.

         2.8.     Exceptions to Adjustment of Warrant Shares. Anything herein to
the contrary notwithstanding, the Company shall not make any adjustment of the
number of Warrant Shares in the case of (a) the issuance of the Warrant, any
adjustment in the number of shares issuable upon exercise of the Warrant, or the
issuance of shares of Common Stock upon exercise of the Warrant, (b) the
issuance of additional rights ("Rights") pursuant to the Company's Stockholder
Protection Rights Agreement, dated as of December 13, 1993 (as the same may be
amended from time to time, and including any substitute or successor plan or
agreement, the "Rights Plan"), (c) the issuance of any Additional Shares of
Common Stock upon exercise of Rights, but only if the Holder is entitled, upon
exercise of this Warrant, to receive and to exercise Right in respect of Warrant
Shares issuable upon exercise of this Warrant, or (d) the issuance of Additional
Shares of Common Stock to any Person granted pursuant to stock options,
restricted stock grants and similar stock-based awards granted by the Company
pursuant to its various employee benefit and compensation plans, as the same may
be in effect from time to time.

         2.9.     Chief Financial Officer's Certification. Upon each change in
the number of Warrant Shares issuable upon the exercise of this Warrant, and in
the event of any change in the rights of the Holder by reason of other events
herein set forth, then and in each such case, the Company will promptly obtain a
certificate of the chief financial officer of the Company, stating the new
Warrant Shares so issuable, or specifying the other shares of the Common Stock,
securities or assets and the amount thereof receivable as a result of such
change in rights, and setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. The Company will
promptly mail a copy of such certificate to the Holder. If the Holder disagrees
with such calculation, the Company agrees to obtain, within thirty (30) Business
Days, from a firm of independent certified public accountants selected by the
Holder and acceptable to the Company, a review of such calculation and the
determination of such firm of independent certified public accountants shall be
final and binding on the parties and shall be conclusive evidence of the
correctness of the computation with respect to any such change in the number of
Warrant Shares so issuable.

         2.10.    Notice of Certain Proposed Actions. In the event that, at any
time after the occurrence of any Triggering Event, the Company shall propose to
take any action of the types described in Sections 2.4, 2.5 or 2.7, the Company
shall forward, at the same time and in the same manner, to the Holder such
notice, if any, that the Company shall give to the holders of any class or
series of capital stock of the Company. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of any such action.

         2.11.    Treasury Shares. The sale or other disposition of any Common
Stock theretofore held in the treasury of the Company shall be deemed to be a
new issuance thereof.

SECTION 3.  OWNERSHIP AND TRANSFER.

         3.1.     Ownership. The Company may deem and treat the person in whose
name this Warrant is registered as the Holder and owner hereof (notwithstanding
any notations of ownership or writing hereon made by anyone other than the
Company) for all purposes and shall not be affected by any notice to the
contrary until presentation of this Warrant for registration of transfer as
provided in this Section 3.

         3.2      Transfer and Replacement. Subject to restrictions on transfer
of this Warrant under the Securities Act or applicable state securities laws,
this Warrant and all rights hereunder are transferable in whole or in part upon
the books of the Company (or its transfer agent) by the Holder hereof in person
or by duly authorized attorney, and a

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new Warrant or Warrants, of the same tenor as this Warrant but registered in the
name of the transferee or transferees shall be made and delivered by the Company
upon surrender of this Warrant duly endorsed, at the office of the Company's
transfer agent (or if none, the Company). Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft or destruction of this
Warrant, and of indemnity or security reasonably satisfactory to it, or upon
surrender of this Warrant if mutilated, the Company will make and deliver a new
Warrant of like tenor, in lieu of this Warrant. This Warrant shall be promptly
canceled by the Company upon the surrender hereof in connection with any
transfer or replacement. Except as otherwise provided above in the case of the
loss, theft or destruction of a Warrant, the Company shall pay all expenses,
taxes and other charges payable in connection with any transfer or replacement
of this Warrant.

SECTION 4.  NO FRACTIONAL SHARE.

         No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. In lieu thereof, a cash payment shall
be made equal to such fraction multiplied by the Market Price per share as then
in effect.

SECTION 5.  CHARGES AND TAXES.

         Issuance of certificates for shares of Common Stock upon the exercise
of this Warrant shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such
certificate, all of which taxes and expense shall be paid by the Company.

SECTION 6.  RESERVATION OF SHARES.

         The Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of Common Stock upon the
exercise of any purchase rights under this Warrant.

SECTION 7.  NO RIGHTS AS STOCKHOLDER; LIMITATION OF LIABILITY.

         This Warrant shall not entitle the Holder to any of the rights of a
shareholder of the Company prior to exercise of this Warrant, in whole or in
part, and payment of the Exercise Price therefor, whereupon the Holder shall be
entitled to all of the rights of a shareholder of the company in respect of the
Warrant shares so acquired.

SECTION 8.  AVOIDANCE OF CERTAIN ACTIONS.

         The Company will not, by amendment of its certificate of incorporation
or through any reorganization, transfer of assets, consolidation, merger, share
exchange, issue or sale of securities, or otherwise, avoid or take any action
which would have the effect of avoiding the observance or performance of any of
the terms to be observed or performed hereunder by the Company, but will at all
times in good faith assist in carrying out all of the provisions of this Warrant
and in the taking of all such action as may be necessary or appropriate in order
to protect the rights of the Holder against impairment, and in particular, will
not cause the par value, if any, of any share of Common Stock to be or become
greater than the then-effective Exercise Price.

SECTION 9.  AMENDMENT.

         This Warrant may only be modified or amended and any provision hereof
may only be waived by a writing executed by the Company and the Holder of this
Warrant.

SECTION 10.  REMEDIES.

         Each Holder of this Warrant, in addition to being entitled to exercise
all rights in an action at law, including recovery of damages, shall be entitled
to specific performance of its rights under this Agreement. The Company agrees
that monetary damages would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Agreement and hereby
agrees to waive the defense in any action for specific performance that a remedy
at law would be adequate.

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SECTION 11.  LAW GOVERNING.

         This Warrant shall be governed by, and construed and enforced in
accordance with, the laws of the State of Delaware.

SECTION 12.  NOTICES.

         All notices, requests, waivers, releases, consents, and other
communications required or permitted by this Agreement (collectively, "Notices")
shall be in writing. Notices shall be deemed sufficiently given for all purposes
wider this Agreement when delivered in person, when dispatched by telegram or
(upon written confirmation of receipt) by electronic facsimile transmission or
(upon written confirmation of receipt) when dispatched by a nationally
recognized overnight courier service. All Notices shall be delivered as follows:

                  (i)      if to a Holder, at the address of the initial Holder
as provided it the Trust Agreement or at such other address as such Holder may
have furnished to the Company in writing; and

                  (ii)     if to the Company, at

                                    Eastman Chemical Company
                                    Eastman Road
                                    P.O. Box 511
                                    Building 75
                                    Kingsport, Tennessee 37660
                                    Attention:  General Counsel
                                    Telephone Number: (423) 229-2097

         Fax Number: (423) 229-1679 IN WITNESS WHEREOF, the Company has caused
this Warrant to be signed by its duly authorized officer as of the ____ day of
December, 2001, but effective as of January 2, 2002.

                                           EASTMAN CHEMICAL COMPANY

                                   By:
                                           -------------------------------------
                                           Name:
                                           Title:

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<PAGE>

                               NOTICE OF EXERCISE
                     OF WARRANT TO PURCHASE COMMON STOCK OF
                            EASTMAN CHEMICAL COMPANY

         To:      Eastman Chemical Company

Check one:

[ ]      The undersigned, the registered owner of this Warrant, hereby
irrevocably elects, pursuant to Section 2.1(a) of the Warrant Agreement, to
exercise the purchase rights represented thereby for, and to purchase
thereunder, ________ shares of Common Stock of Eastman Chemical Company and
herewith makes payment of $__________________ therefor, and requests that the
certificates evidencing such shares be issued in the name of and be delivered
to:

                           Name:
                                ------------------------------------------------
                           Address:
                                   ---------------------------------------------

                           Tax I.D. Number:
                                           -------------------------------------

and if such shares shall not be all of the shares purchasable hereunder, that a
new Warrant of like tenor for the balance of the shares purchasable hereunder be
delivered to the undersigned.

[ ]      The undersigned, the registered owner of this Warrant, hereby
irrevocably elects, pursuant to Section 2.1(b) of the Warrant Agreement, to
exercise the purchase rights represented thereby for, and to purchase
thereunder, __________ shares of Common Stock of Eastman Chemical Company, and
requests that the certificates evidencing such shares be issued in the name of
and be delivered to:

                           Name:
                                ------------------------------------------------
                           Address:
                                   ---------------------------------------------

                           Tax I.D. Number:
                                           -------------------------------------

and if such shares shall not be all of the shares purchasable hereunder, that a
new Warrant of like tenor for the balance of the shares purchasable hereunder be
delivered to the undersigned.

Dated:                       , 19
       ----------------------    --

                                     Name of Holder:
                                                    ----------------------------

                                     By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       56<PAGE>

                                                                   EXHIBIT 10.03

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

This Amended and Restated Registration Rights Agreement (the" Agreement") is
made this ____ day of December, 2001 by and between Eastman Chemical Company, a
Delaware corporation (the "Company"), and Wachovia Bank, N.A., a national
banking association (the "Trustee"), as trustee under the Eastman Chemical
Company Benefit Security Trust created by that certain Trust Agreement, dated
December 24, 1997, by and between the Company and the Trustee.

                              W I T N E S S E T H:

         WHEREAS, Eastman Chemical Company previously entered into a Warrant
with the Trustee dated December 24, 1997 (the "Original Warrant"), and in
connection therewith also entered into a Registration Rights Agreement with the
Trustee (the "Original Registration Rights Agreement");

         WHEREAS, the Company has amended the Original Warrant effective as of
January 2, 2002 (the "Warrant") and in connection therewith, wishes to amend the
Original Registration Rights Agreement as provided herein, effective as of
January 2, 2002;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

1.       Certain Definitions.

                  For purposes of this Agreement, the following terms have the
         following meanings when used herein:

         (a)      "Business Day" means any day that is not a Saturday, a Sunday
or a day on which banks are required or permitted to be closed in the State of
North Carolina.

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

         (c)      "Common Stock" means the Company's common stock, par value
$.01 per share, and shall include any capital stock of the Company into which
such class of stock shall be converted.

         (d)      "Company" means Eastman Chemical Company, a Delaware
corporation, and its successors and assigns.

         (e)      "Exchange Act" means the Securities Exchange Act of 1934, as
amended (or any similar successor federal statute), and the rules and
regulations thereunder, as in effect from time to time.

         (f)      "Holder" means any Person that owns Registrable Securities,
including such successors and assigns as acquire Registrable Securities,
directly or indirectly, from such Person. For purposes of this Agreement, the
Company may deem and treat the registered holder of a Registrable Security as
the Holder and absolute owner thereof.

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         (g)      "Initial Holder" means the Trustee.

         (h)      "Majority Registered Holders" means in the case of any
registration statement, the Holders of a majority of the Registrable Securities
proposed to be covered (or so covered) in such registration statement.

         (i)      "Person" means any individual, partnership, corporation
(including a business trust), joint stock company, trust, unincorporated
association, joint venture, or other entity, or a government or any political
subdivision or agency.

         (j)      "Registrable Securities" means (A) the Warrant Shares issued
to the Holder upon exercise of the Warrant and (B) any securities of the Company
issued as a dividend or other distribution with respect to, or in exchange for
or in replacement of, the Warrant Shares. For purposes of this Agreement, a
Registrable Security ceases to be a Registrable Security when either (i) it has
been effectively registered under the Securities Act and sold or distributed to
any Person pursuant to an effective registration statement covering it, or (ii)
it has been sold or distributed to any Person pursuant to Rule 144.

         (k)      "Registration" means any registration of Registrable
Securities effected pursuant to Section 2 hereof.

         (1)      "Regulation M" means the rules promulgated by the Commission
under Regulation M of the Exchange Act, as such rules may be amended from time
to time, or any similar successor rules that may be promulgated by the
Commission.

         (m)      "Rule 144," Rule 145," "Rule 415" and "Rule 424" mean,
respectively, Rule 144, Rule 145, Rule 415 and Rule 424, each promulgated by the
Commission under the Securities Act, in each case as amended from time to time,
or any similar successor rule thereto that may be promulgated by the Commission.

         (n)      "Securities Act" means the Securities Act of 1933, as amended
(or any similar successor federal statute), and the rules and regulations
thereunder, as the same are in effect from time to time.

         (o)      "Trust" means the Eastman Company Benefit Security Trust
created by the Trust Agreement.

         (p)      "Trustee" means Wachovia Bank, N.A., a national banking
association, as trustee under the Trust.

         (q)      "Trust Agreement" means that certain Trust Agreement, dated
December 24, 1997, by and between the Company and the Trustee.

         (r)      "Warrant" means that certain Warrant to purchase shares of
Common Stock of the Company, dated as of December __, 1997, held by the Initial
Holder.

         (s)      "Warrant Shares" means the shares of Common Stock, as adjusted
from time to time, deliverable upon exercise of the Warrant.

2.       Registrations.

         (a)      Effective Registration. At any time after exercise of the
Warrant and before one year following such exercise, upon written notice to the
Company from one or more Holders (the "Initiating Holders") of Registrable
Securities holding in the aggregate Registrable Securities with a market value
(on the date the written notice is delivered) of at least $20 million,
requesting that the Company effect, pursuant to this Section 2, the

                                       58
<PAGE>

registration of any of such Initiating Holders' Registrable Securities under the
Securities Act (which notice shall specify the Registrable Securities so
requested to be registered, the proposed amounts thereof and the intended method
or methods of disposition by such Initiating Holders), the Company shall
promptly (but in any event within 10 Business Days) give written notice of such
requested registration to all Holders, and thereupon the Company shall, as soon
as practicable, use its reasonable efforts to effect the registration under the
Securities Act of:

                  (A)      the Registrable Securities that the Initiating
         Holders have requested the Company to register, for disposition in
         accordance with the intended method or methods of disposition stated in
         their notice to the Company; and

                  (B)      all other Registrable Securities the Holders of which
         shall have made a written request to the Company for registration
         thereof (which request shall specify such Registrable Securities and
         the proposed amounts thereof) within 15 Business Days after the receipt
         of such written notice from the Company,

all to the extent requisite to permit the disposition by Holders of the
securities then constituting Registrable Securities so to be registered.

         (b)      Frequency: Duration. The Company shall not be required to
effect more than two Registrations pursuant to this Agreement The Company shall
not be required to effect a Registration pursuant to this Section 2 if it shall
have so effected a Registration during the previous 12 months; provided,
however, that a Registration shall not be deemed to have been effected for
purposes of this Section 2(b) if the applicable registration statement has not
been declared effective and kept effective until the earlier of (i) 180 days
following the date on which such registration statement was declared effective,
and (ii) the sale pursuant to such registration statement of the Registrable
Securities covered thereby.

         (c)      Inclusion of Other Securities. The Company shall not register
any securities other than Registrable Securities in any Registration without the
prior written consent of the Majority Registered Holders. If any securities
other than Registrable Securities are so registered, securities requested to be
registered by the Company for sale for its own account shall have absolute
priority over securities requested to be registered by third parties.

3.       Registration Procedures.

         (a)      Company Procedures. Whenever the Company is required by this
Agreement to effect the registration of any Registrable Securities under the
Securities Act pursuant to a registration statement, the Company shall use its
reasonable efforts to effect each such registration to permit the sale of such
Registrable Securities in accordance with the intended method or methods of
disposition thereof, and pursuant thereto the Company shall, as soon as
practicable:

                  (i)      prepare and file with the Commission the requisite
registration statement to effect such registration and thereafter use its
reasonable efforts to cause such registration statement to be declared effective
as soon as practicable and to remain continuously effective for the time period
required by this Agreement to the extent permitted under the Securities Act,
provided that as soon as practicable but in no event later than three Business
Days before filing such registration statement, any related prospectus or any
amendment or supplement thereto, other than any amendment or supplement made
solely as a result of incorporation by reference of documents filed with the
Commission subsequent to the filing of such registration statement, the Company
shall furnish to the Holders of the Registrable Securities covered (or proposed
to be covered) by such registration statement and the underwriters, if any,
copies of all such documents proposed to be filed, which documents. shall be
subject to the review of such Holders and underwriters; the Company shall not
file any registration statement or

                                       59
<PAGE>

amendment thereto or any prospectus or any supplement thereto (other than any
amendment or supplement made solely as a result of incorporation by reference of
documents filed with the Commission subsequent to the filing of such
registration statement) to which the managing underwriters of the applicable
offering, if any, or the Majority Registered Holders shall have reasonably
objected in writing within two Business Days after receipt of such documents to
the effect that such registration statement or amendment thereto or prospectus
or supplement thereto does not comply in all material respects with the
requirements of the Securities Act (provided that the foregoing shall not limit
the right of any Holder whose Registrable Securities are covered by a
registration statement to reasonably object, within two Business Days after
receipt of such documents, to any particular information that is to be contained
in such registration statement, amendment, prospectus or supplement and relates
specifically to such Holder, including, without limitation, any information
describing the manner in which such Holder acquired such Registrable Securities
and the intended method or methods of distribution of such Registrable
Securities), and if the Company is unable to file any such document due to the
objections of such underwriters or such Holders, the Company shall use its
reasonable efforts to cooperate with such underwriters and Holders to prepare,
as soon as practicable, a document that is responsive in all material respects
to the reasonable objections of such underwriters and Holders;

                  (ii)     prepare and file with the Commission such amendments
and post-effective amendments to such registration statement as may be necessary
to keep such registration statement continuously effective and current for the
period required by this Agreement to the extent permitted under the Securities
Act; and cause each related prospectus to be supplemented by any prospectus
supplement as may be required, and as so supplemented to be filed pursuant to
Rule 424; and otherwise comply with the provisions of the Securities Act as may
be necessary to facilitate the disposition of all Registrable Securities covered
by such registration statement during the applicable period in accordance with
the intended method or methods of disposition by the selling Holders thereof set
forth in such registration statement or such prospectus or prospectus
supplement;

                  (iii)    notify the Holders and the managing underwriters, if
any, of the applicable offering (providing, if requested by any such Persons,
confirmation in writing) as soon as practicable after becoming aware of: (A) the
filing of any prospectus or prospectus supplement or the filing or effectiveness
(or anticipated date of effectiveness) of such registration statement or any
post-effective amendment thereto; (B) any request by the Commission for
amendments or supplements to such registration statement or the related
prospectus or for additional information; (C) the issuance by the Commission of
any stop order suspending the effectiveness of such registration statement or
the initiation of any proceedings for that purpose; (D) the receipt by the
Company of any notification with respect to the suspension of the qualification
or registration (or exemption therefrom) of any Registrable Securities for sale
in any jurisdiction in the United States or the initiation or threatening of any
proceeding for such purposes; or (E) the happening of any event that makes any
statement made in such registration statement or in any related prospectus,
prospectus supplement, amendment or document incorporated therein by reference
untrue in any material respect or that requires the making of any changes in
such registration statement or in any such prospectus, supplement, amendment or
other such document so that it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein (m the case of any prospectus in the
light of the circumstances under which they were made) not misleading;

                  (iv)     make every reasonable effort to obtain at the
earliest possible moment the withdrawal of any order or other action suspending
the effectiveness of any such registration statement or suspending the
qualification or registration (or exemption therefrom) of the Registrable
Securities for sale in any jurisdiction;

                  (v)      if reasonably requested by the managing underwriters,
if any, of the applicable offering, as soon as practicable incorporate in a
prospectus supplement or post-effective amendment such information as such
underwriters agree should be included therein relating to the sale and offering
of the applicable Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being sold

                                       60
<PAGE>

to any underwriters, the purchase price being paid therefor by any such
underwriters and any other terms of the offering of the Registrable Securities;
and make all required filings of such prospectus supplement or post-effective
amendment as soon as practicable following receipt of notice of the matters to
be incorporated therein;

                  (vi)     as soon as practicable after filing such documents
with the Commission, furnish to the Holders and each of the underwriters, if
any, without charge, at least one manually signed or conformed copy of such
registration statement and any post-effective amendment thereto, including
financial statements and schedules; and as soon as practicable after the request
of any Holder or underwriter, furnish to such Holder or underwriter, as the case
may be, at least one copy of any document incorporated by reference in such
registration statement or in any related prospectus, prospectus supplement or
amendment, together with all exhibits thereto (including those previously
furnished or incorporated by reference);

                  (vii)    deliver to the Holders and to each of the
underwriters, if any, without charge, as many copies of the prospectus or
prospectuses (including each preliminary prospectus) and any amendment or
supplement thereto as such Persons may reasonably request; subject to Section
3(b)(i) hereof, the Company consents to the use of any such prospectus or any
amendment or supplement thereto by the Holders and the underwriters, if any, in
connection with the offering and sale of the Registrable Securities covered by
any such prospectus or any amendment or supplement thereto;

                  (viii)   prior to any public offering of Registrable
Securities, register or qualify (or obtain an exemption therefrom), or cooperate
with the Holders, the underwriters, if any, and their respective counsel in
connection With the registration or qualification (or exemption therefrom) of,
such Registrable Securities for offer and sale under the securities or blue sky
laws of such jurisdictions in the United States as the Holders or the
underwriters, if any, shall reasonably request in writing; keep each such
registration or qualification (or exemption therefrom) effective during the
period during which such registration statement is required to be kept effective
pursuant to this Agreement, to the extent permitted under the Securities Act;
and do any and all other acts and things reasonably necessary or advisable to
facilitate the disposition in such jurisdictions of the Registrable Securities
covered by such registration statement; provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it would
not be required to qualify but for this Section 3(a)(viii);

                  (ix)     cooperate with Holders participating in such
registration and the underwriters, if any, to facilitate the timely preparation
and delivery of certificates representing the Registrable Securities to be sold;
and enable such Registrable Securities to be in such denominations and
registered in such names as the underwriters, if any, may request at least two
Business Days prior to any sale of Registrable Securities to the underwriters;

                  (x)      use its reasonable efforts to cause the Registrable
Securities covered by such registration statement to be registered with or
approved by such other governmental agencies or authorities in the United States
as may be reasonably necessary to enable the Holders or the underwriters, if
any, to consummate the disposition of such. Registrable Securities;

                  (xi)     as soon as practicable after the occurrence of any
event described in Section 3(a)(iii)(E) hereof, prepare a supplement or
post-effective amendment to such registration statement or to the related
prospectus or any document incorporated therein by reference, or file any other
required document so that, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, such prospectus shall not contain
an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading; if any event described
in Section 3(a)(iii)(B) hereof occurs, use its reasonable efforts to cooperate
with the Commission to prepare, as soon as practicable, any amendment or
supplement to such registration statement or such related prospectus and any
other additional information, or to take other action that may have been
requested by the Commission;

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<PAGE>

                  (xii)    use its reasonable efforts to cause all Common Stock
constituting Registrable Securities covered by such registration statement to be
listed on each securities exchange (or quotation system operated by a national
securities association) on which the Common Stock of the Company is then listed
(or included), if so requested by the Majority Registered Holders or the
underwriters, if any, and enter into customary agreements including, if
necessary, a listing application and indemnification agreement in customary
form, and provide a transfer agent for such Registrable Securities no later than
the effective date of such registration statement; use its reasonable efforts to
cause any other Registrable Securities covered by such registration statement to
be listed (or included) on each securities exchange (or quotation system
operated by a national securities association) on which securities of the same
class and series, if any, are then listed (or included) (or on any exchange or
quotation system on which any Person other than a Holder shall have the right to
have securities of the same class and series, if any, listed or included), if so
requested by the Majority Registered Holders or the underwriters, if any, and
enter into customary agreements including, if necessary, a listing application
and indemnification agreement in customary form, and, if necessary, provide a
transfer agent for such securities no later than the effective date of such
registration statement;

                  (xiii)   provide a CUSIP number for the Registrable Securities
no later than the effective date of such registration statement;

                  (xiv) enter into customary agreements (including, in the case
                  of an underwritten offering, an underwriting agreement in
                  customary form for the managing underwriters with respect to
                  issuers of similar market capitalization and reporting and
                  financial histories) and take all such other reasonable
                  actions in connection therewith in order to expedite or
                  facilitate the disposition of the Registrable Securities
                  included in such registration statement and, in the case of an
                  underwritten offering: (A) make representations and warranties
                  to each Holder of Registrable Securities participating in such
                  offering and to each of the underwriters, in such form,
                  substance and scope as are customarily made to the managing
                  underwriters by issuers of similar market capitalization and
                  reporting and financial histories and confirm the same to the
                  extent customary if and when requested; (B) obtain opinions of
                  counsel to the Company and updates thereof addressed to each
                  Holder of Registrable Securities participating in such
                  offering and to each of the underwriters, such opinions and
                  updates to be in customary form and covering the matters
                  customarily covered in opinions obtained in underwritten
                  offerings by the managing underwriters for issuers of similar
                  market capitalization and reporting and financial histories;
                  (C) obtain "comfort" letters and updates thereof from the
                  Company's independent certified public accountants addressed
                  to each Holder of Registrable Securities participating in such
                  offering and to each of the underwriters, such letters to be
                  in customary form and covering matters of the type customarily
                  covered in "comfort" letters to the managing underwriters in
                  connection with underwritten offerings by them for issuers of
                  similar market capitalization and reporting and financial
                  histories; (D) provide, in the underwriting agreement to be
                  entered into in connection with such offering, indemnification
                  provisions and procedures of the type customarily contained in
                  underwriting agreements for offerings by issuers of similar
                  market capitalization and reporting and financial histories;
                  and (E) deliver such customary documents and certificates as
                  may be reasonably requested by the Majority Registered Holders
                  and the managing underwriters to evidence compliance with
                  clause (A) of this paragraph (xiv) and with any customary
                  conditions contained in the underwriting agreement entered
                  into by the Company in connection with such offering;

                  (xv)     make available, for inspection by the Holders of the
Registrable Securities included in such registration, any underwriter
participating in any disposition of Registrable Securities pursuant to such
registration statement, and any attorney, accountant or other representative
retained by such selling Holders or by any such underwriter, all pertinent
financial and other records, pertinent corporate documents and properties of the
Company, and cause the Company's officers, directors and employees to supply all
information reasonably requested by any such underwriter, attorney, accountant
or other representative in connection with such registration;

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                  (xvi)    otherwise use its reasonable efforts to comply with
all applicable rules and regulations of the Commission relating to such
registration and the distribution of the securities being offered (including,
without limitation, Regulation M, with respect to which the Company shall also
use its reasonable efforts timely to apprise each Holder of any bids and
purchases by the Company, and of any known bids and purchases by each
"affiliated purchaser" (as defined in Regulation M) of the Company, that would
in the opinion of the Company be prohibited under Regulation M in connection
with a "distribution" (as so defined) by such Holder of securities of the
Company) and make generally available to its security holders earning statements
satisfying the provisions of Section 11(a) of the Securities Act, no later than
60 days after the end of any 12-month period (or 120 days, if such period is a
fiscal year) commencing at the end of any fiscal quarter in which the
Registrable Securities are sold to underwriters in a firm commitment or best
efforts underwritten offering, or, if not sold to underwriters in such an
offering, beginning with the first month of the Company's first fiscal quarter
commencing after the effective date of such registration statement, which
earning statements shall cover such 12-month periods;

                  (xvii)   cooperate and assist in any filings required to be
made with the National Association of Securities Dealers, Inc. and in the
performance of any customary or required due diligence investigation by any
underwriter; and

                  (xviii)  use its reasonable efforts to take all other
reasonable steps necessary and appropriate to effect such registration in the
manner contemplated by this Agreement.

         (b)      Holder Procedures.

                  (i)      Each Holder agrees, by acquisition of the Registrable
Securities that, upon receipt of any notice from the Company of the happening of
any event described in Section 3(a)(iii)(B), 3(a)(iii)(C), 3(a)(iii)(D) or
3(a)(iii)(E) hereof, such Holder shall forthwith discontinue disposition of any
Registrable Securities (but, in the case of an event described in Section
3(a)(iii)(D), in the affected jurisdiction or jurisdictions only) covered by the
affected registration statement or prospectus until such Holder's receipt of the
copies of the supplemented or amended prospectus contemplated by Section
3(a)(iii) or 3(a)(xi) hereof or until such Holder is (it being agreed by the
Company that the underwriters, if any, shall also be) advised in writing (the"
Advice") by the Company that the use of the applicable prospectus may be
resumed. If the Company shall have given any such notice, the 180-day period
mentioned in Section 2(b) hereof shall be extended by the number of days from
and including the date of the giving of such notice to and including the date
when each Holder of Registrable Securities included in such Registration shall
have received the copies of the supplemented or amended prospectus contemplated
by Section 3(a)(iii) or 3(a)(xi) hereof or the Advice, as the case may be.

                  (ii)     In connection with any underwritten public offering
of Registrable Securities pursuant to a Registration, the managing underwriter
of such offering shall be a nationally recognized investment banking firm
selected by the Majority Registered Holders and shall be reasonably acceptable
to the Company.

                  (iii)    Each Holder hereby agrees that for a period of at
least 90 days (or such longer period, not to exceed 180 days, as the Company may
agree with the managing underwriter) after the effective date of any
underwritten public offering of Registrable Securities, such Holder will not,
directly or indirectly, sell, offer to sell, or otherwise transfer or dispose of
any Common Stock other than any of such Holder's Common Stock included in such
underwritten public offering unless otherwise consented by the representative of
the underwriters in such underwritten "public offering, and hereby agrees to
execute and delivery to such underwriters such form of agreement reflecting such
Holder's agreement as the Company and such underwriter may request.

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4.       Registration Expenses

         All expenses incident to the Company'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 in connection with blue
sky qualifications or registrations (or the obtaining of exemptions therefrom)
of the Registrable Securities), printing expenses (including expenses of
printing prospectuses), messenger and delivery expenses, internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), reasonable fees and
disbursements of its counsel and its independent certified public accountants
(including the reasonable expenses of any special audit or "comfort" letters
required by or incident to such performance or compliance), securities acts
liability insurance (if the Company elects to obtain such insurance), reasonable
fees and expenses of any special experts retained by the Company in connection
with any registration hereunder, reasonable fees and expenses of other Persons
retained by the Company, reasonable fees and expenses of one counsel for the
Holders, selected by the Majority Registered Holders, incurred in connection
with each registration hereunder, and reasonable out-of-pocket expenses of the
Holders (all such expenses being herein referred to as "Registration Expenses"),
shall be borne by the Company; provided that Registration Expenses shall not
include any underwriting discounts, commissions or fees attributable to the sale
of the Registrable Securities.

5.       Indemnification: Contribution.

         (a)      Indemnification by the Company. The Company shall indemnify,
to the full extent permitted by law, each Holder of Registrable Securities, and
if applicable, its officers, directors, employees and agents, and if applicable,
each Person who controls such Holder (within the meaning of the Securities Act),
against all losses, claims, damages, liabilities and expenses (including
reasonable costs of investigation and legal expenses) arising out of or based
upon any untrue or alleged untrue statement of a material fact contained in any
registration statement covering any Registrable Securities, any related
prospectus or preliminary prospectus, or any amendment or supplement thereto, or
any omission or alleged omission to state in any thereof a material fact
required to be stated therein or necessary to make the statements therein (in
the case of a prospectus or prospectus supplement, in light of the circumstances
under which they were made) not misleading, except in each case insofar as the
same arises out of or is based upon an untrue statement or alleged untrue
statement of a material fact or an omission or alleged omission to state a
material fact in such registration statement, prospectus, preliminary
prospectus, amendment or supplement, as the case may be, made or omitted, as the
case may be, in reliance upon and in conformity with written information
furnished to the Company by such Holder expressly for use therein. This
indemnity is in addition to any liability that the Company may otherwise have.
The Company shall also indemnify any underwriters of the Registrable Securities
and their officers and directors and each Person who controls such underwriters
(within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of Holders and other specified Persons.

         (b)      Indemnification by Holders of Registrable Securities. In
connection with any registration statement covering Registrable Securities, each
Holder any of whose Registrable Securities are covered thereby shall furnish to
the Company in writing such information and affidavits with respect to such
Holder as the Company reasonably requests for use in connection with such
registration statement, any related prospectus or preliminary prospectus, or
any amendment or supplement thereto, and shall indemnify, to the full extent
permitted by law, the Company, the Company's directors, officers, employees and
agents and each Person who controls the Company (within the meaning of the
Securities Act), against all losses, claims, damages, liabilities and expenses
(including reasonable costs of investigation and legal expenses) arising out of
or based upon any untrue or alleged untrue statement of a material fact
contained in any registration statement covering any Registrable Securities, any
related prospectus or preliminary prospectus, or any amendment or supplement
thereto, or any omission or alleged omission to state in any thereof a material
fact required to be stated therein or necessary to make the statements therein
(in the case of a prospectus or prospectus supplement, in light of the
circumstances under which they were

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<PAGE>

made) not misleading, in each case to the extent, but only to the extent, that
the same arises out of or is based upon an untrue statement or alleged untrue
statement of a material fact or an omission or alleged omission to state a
material fact in such registration statement or in such related prospectus,
preliminary prospectus, amendment or supplement, as the case may be, made or
omitted, as the case may be, in reliance upon and in conformity with written
information furnished to the Company by such Holder expressly for use therein.
This indemnity is in addition to any liability that a Holder may otherwise have.
Each Holder participating in an offering of Registrable Securities shall, if
requested by the managing underwriter or underwriters of such offering, also
indemnify any underwriters of such Registrable Securities and their officers and
directors and each Person who controls such underwriters (within the meaning of
the Securities Act) to the same extent as provided above with respect to the
indemnification of the Company and other specified Persons.

         (c)      Conduct of Indemnification Proceedings. Any Person entitled to
indemnification under this Section 5 agrees to give prompt written notice to the
indemnifying party after the receipt by such Person of any written notice of the
commencement of any action, suit, proceeding or investigation or threat thereof
made in writing for which such Person will claim indemnification or contribution
pursuant to this Agreement and, unless in the reasonable judgment of such
indemnified party a conflict of interest may exist between such indemnified
party and the indemnifying party with respect to such claim, permit the
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to such indemnified party. If the indemnifying party is not
entitled to, or elects not to, assume the defense of a claim, it shall not be
obligated to pay the reasonable fees and expenses of more than one counsel with
respect to such claim, unless in the reasonable judgment of counsel to such
indemnified party, expressed in a writing delivered to the indemnifying party, a
conflict of interest may exist between such indemnified party and any other
indemnified party with respect to such claim, in which event the indemnifying
party shall be obligated to pay the reasonable fees and expenses of such
additional counselor counsels (which shall be limited to one counsel per
indemnified party). The indemnifying party shall not be subject to any liability
for any settlement made without its consent, which consent shall not be
unreasonably withheld.

         (d)      Contribution.

                  (i)      If the indemnification provided for in this Section 6
from the indemnifying party is unavailable to an indemnified party hereunder in
respect of any losses, claims, damages, liabilities or expenses referred to
therein, then the indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified 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 and indemnified parties in connection with the actions that resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified parties shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified parties, and the parties, relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include, subject to the
limitations set forth in Section 5(c) hereof, any legal or other fees or
expenses reasonably incurred by such party in connection with any investigation
or proceeding.

                  (ii)     The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

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<PAGE>

                  (iii)    If indemnification is available under this Section 5,
the indemnifying parties shall indemnify each indemnified party to the full
extent provided in Sections 5(a) and 5(b) hereof without regard to the relative
fault of said indemnifying party or indemnified party or any other equitable
consideration provided for in this Section 5(d).

6.       Participation in Underwritten Registrations.

         No Person may participate in any underwritten registration hereunder
unless such Person (a) 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, (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements and (c) agrees to pay such Person's pro rata portion of all
underwriting discounts and commissions.

7.       Cooperation with the Company.

         Each Holder, by the acceptance of Registrable Securities or by exercise
of its rights hereunder, agrees to use its reasonable efforts to cooperate with
the Company in all reasonable respects in connection with the preparation and
filing of Registrations hereunder in which such Registrable Securities are
included or requested to be included.

8.       Miscellaneous.

         (a)      Remedies. Each Holder of Registrable Securities, in addition
to being entitled to exercise all rights in an action at law, including recovery
of damages, shall be entitled to specific performance of its rights under this
Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions
of this Agreement and hereby agrees to waive the defense in any action for
specific performance that a remedy at law would be adequate.

         (b)      Amendments and Waivers. Except as otherwise provided herein,
the provisions of this Agreement may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company shall have obtained the prior written consent of (i)
the Holders of a majority of the securities then constituting Registrable
Securities and (ii) each Holder materially and adversely affected by such
amendment, modification, supplement, waiver or departure.

         (c)      Notices. All notices, requests, waivers, releases, consents,
and other communications required or permitted by this Agreement (collectively,
"Notices") shall be in writing. Notices shall be deemed sufficiently given for
all purposes under this Agreement when delivered in person, when dispatched by
telegram or (upon written confirmation of receipt) by electronic facsimile
transmission or (upon written confirmation of receipt) when dispatched by a
nationally recognized overnight courier service. All Notices shall be delivered
as follows:

                  (i)      if to a Holder of Registrable Securities, at the
address indicated on Company's registrar relating to such securities or at such
other address as such Holder may have furnished to the Company in writing; and

                                       66
<PAGE>

                  (ii)     if to the Company, at:

                                    Eastman Chemical Company
                                    P. O. Box 511
                                    Eastman Road
                                    Building 75
                                    Kingsport, Tennessee 37602-5075
                                    Attention: General Counsel
                                               Telephone Number: (423) 229-2097
                                    Fax Number: (423) 229-1679

         (d)      Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties
hereto, including any successors by merger to the Company.

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

         (f)      Headings: Construction. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof. Unless the context otherwise requires, all references to
Sections are to Sections of this Agreement, "or" is inclusively disjunctive, and
words in the singular include the plural and vice versa. In computing any period
of time specified in this Agreement, the date of the act or event from which
such period of time is to be measured shall be included, any such period shall
expire at 5:00 p.m., Kingsport, Tennessee time, on the last day of such period,
and any such period denominated in months shall expire on the date in the last
month of such period that has the same numerical designation as the date of the
act or event from which such period is to be measured; provided, however, that
if there is no date in the last month of such period that has the same numerical
designation as the date of such act or event, such period shall expire on the
last day of the last month of such period.

         (g)      Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of North Carolina,
without regard to the principles of conflicts of laws thereof.

         (h)      Severability. If one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect, for any reason the validity, legality and
enforceability of the remaining provisions contained herein shall not be in any
way affected or impaired thereby, and the provision held to be invalid, illegal
or unenforceable shall be reformed to the minimum extent necessary, and in a
manner as consistent with - the purposes thereof as is practicable, so as to
render it valid, legal and enforceable, it being intended that all of the rights
and privileges of the Holders hereunder shall be enforceable to the fullest
extent permitted by law.

         (i)      Entire Agreement. This Agreement is intended by the Company
and the Initial Holder to be a final expression thereof and is intended to be a
complete and exclusive statement of the agreement and understanding of the
Company and the Initial Holder 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. This Agreement supersedes all prior
agreements and understandings among the Company and any Holders with respect to
such subject matter.

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<PAGE>

       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written, but effective as of
January 2, 2002.

                                           EASTMAN CHEMICAL COMPANY

                                           By:
                                               ----------------------------
                                                    Name
                                                    Title

                                           EASTMAN CHEMICAL COMPANY BENEFIT
                                           SECURITY TRUST

                                           By: WACHOVIA BANK, N.A., Trustee

                                           By:
                                               ----------------------------
                                                    Name
                                                    Title

                                       68

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