Document:

EX-10.3

Suzhou Equity Transfer Agreement

This Suzhou Equity Transfer Agreement (this “Transfer Agreement”) is dated as of
October 31, 2008, and is by and between:

Novolyte Technologies Limited (“Novolyte HK”), a limited company incorporated
under the laws of the Special Administrative Region of Hong Kong, P.R.C. (“Hong Kong”),

Novolyte Technologies LP, a Delaware limited partnership (“Parent” and
together with Novolyte HK, the “Buyer Parties”),

- and -

Ferro Corporation (“Ferro”), an Ohio corporation.

Recitals

	A.	 	Ferro owns 100% of the equity interests (the “Suzhou Equity Interest”) of Ferro (Suzhou)
Energy Storage Materials Co. Ltd. (“Ferro Suzhou”), a wholly-foreign owned enterprise
established under the applicable laws and regulations of the People’s Republic of China (the
“P.R.C.”), having its legal address at No. 15 Suhong East Road, Suzhou Industrial Park, Suzhou
City, Jiangsu Province, P.R.C.

	B.	 	Novolyte HK is a wholly-owned limited company of Parent.

	 	 	 
	C.

D.

	 	Ferro Suzhou is engaged in the business of making electrolytes and

related products and providing services related to such products as

specified in Ferro Suzhou’s business license (the “Fine Chemicals

Business”).

Novolyte HK desires to purchase from Ferro, and Ferro desires to sell to

Novolyte HK, the Suzhou Equity Interest pursuant to the terms and

conditions of this Transfer Agreement.

Agreement

In consideration of the premises and the mutual covenants and agreements contained in this
Transfer Agreement, Ferro and Novolyte HK agree as follows:

Article I

Defined Terms; The Equity Transfer

	1.1.	 	Certain Defined Terms. Appendix A sets forth the definitions of certain terms used in this
Transfer Agreement. Those terms shall have the meanings set forth on Appendix A where used in
this Transfer Agreement and identified with initial capital letters.

1.2.

	 	 	Transaction. On and subject to the terms and conditions of this Transfer Agreement, at the Suzhou
Equity Closing, Ferro shall sell, transfer, assign and deliver to Novolyte HK, and Novolyte HK
shall purchase, acquire and accept from Ferro, all of Ferro’s right, title and interest in the
Suzhou Equity Interest, free from all Encumbrances (the “Suzhou Equity Transfer”).

Article II

Purchase Price

	2.1.	 	Purchase Price. The aggregate purchase price for the Suzhou Equity Interest (the “Purchase
Price”) is Eight Million United States Dollars ($8,000,000) (US) (the “Cash Amount”). The
parties acknowledge and agree that simultaneous with the execution of this Transfer Agreement,
the Cash Amount has been transferred by either of the Buyer Parties to U.S. Bank, National
Association (the “Escrow Agent”) to be held by the Escrow Agent until the disbursement thereof
pursuant to the terms of an escrow agreement entered into by and among Parent, the Escrow
Agent and Ferro of even date herewith (the “Escrow Agreement”).

	2.2.	 	Estimated Taxes. At the Suzhou Equity Closing, Ferro or its designee shall pay an amount
equivalent to any tax, registration fees, stamp duties, or other transfer fees, taxes or
imports applicable to the Suzhou Equity Transfer pursuant to applicable P.R.C. laws and
regulations (before final determination, the “Estimated Taxes” and after confirmation by the
applicable Governmental Entity, the “Actual Taxes”) determined by Ferro and Parent to be
payable as a result of the Suzhou Equity Transfer, including any taxes due pursuant to Article
3 of the P.R.C. Enterprise Income Tax Law (effective as of January 1, 2008) and Article 6 of
the Detailed Implementation Rules thereunder (the “Estimated EI Tax”). Ferro shall make such
payment(s), including the Estimated EI Tax, to the relevant Governmental Entities and shall
provide Parent with a tax completion certificate and any other relevant documentation, such as
original receipts, within thirty (30) days after the date of such payment(s). If any relevant
Governmental Entity determines that the Estimated Taxes are greater than the Actual Taxes,
Ferro shall be entitled to a refund of the same. If any relevant Governmental Entity
determines that the Estimated Taxes are less than the Actual Taxes, Ferro shall promptly cause
the difference, together with any applicable interest and penalties, to be paid to the
relevant Governmental Entity.

	2.3.	 	Payments at Suzhou Equity Closing. At the Suzhou Equity Closing, the Escrow Agent shall be
authorized the Buyer Parties to pay Ferro the Cash Amount in immediately available funds
pursuant to the written instructions of Ferro provided to the Escrow Agent at least five (5)
days before the Suzhou Equity Closing.

Article III

Signing Deliveries

	3.1.	 	Generally. Simultaneously with the execution and delivery of this Transfer Agreement, the
parties shall make the deliveries described in this Article III. Any agreement or document to
be delivered pursuant to this Transfer Agreement which is not attached to this Transfer
Agreement, must be in form and substance reasonably satisfactory to the party to which it is
being delivered, it being agreed that all documents, certificates, licenses, permits, and
approvals related to the Split-Off Transaction, incorporation and establishment of Ferro
Suzhou that have been filed or registered with or issued by the Approval Authority and the
Registration Authority and been made available by Ferro to Novolyte HK are satisfactory to
Novolyte HK and Parent.

	3.2.	 	Ferro’s Deliveries. Ferro hereby delivers to Novolyte HK:

	 	(A)	 	A certified copy of the resolutions of Ferro Suzhou’s Board of Directors and
Ferro’s Board of Directors approving, Ferro’s execution, delivery and performance of
this Transfer Agreement and the other documentation referenced herein, the terms of
which Ferro Suzhou’s board resolutions shall be substantially in the form of Schedule 1
attached hereto

	 	(B)	 	The application letter (the “Application Letter”) to be submitted to the
Approval Authority, completed and duly signed by an authorized representative of Ferro
Suzhou and/or an authorized representative of Novolyte HK, as required by the Approval
Authority, the terms of which shall be substantially in the form of Schedule 2 attached
hereto;

	 	(C)	 	A copy of the Articles of Association of Ferro Suzhou, which is attached hereto
as Schedule 3;

	 	(D)	 	A copy of the current Certificate of Approval and the current Business License
of Ferro Suzhou, which is attached hereto as Schedule 4;

	 	(E)	 	A copy of the current standard employment contract of the employees of Ferro
Suzhou (together with a form addendum thereto), which is attached hereto as Schedule 5;
and

	 	(F)	 	A notification letter of the removal, effective as of the Suzhou Equity Closing
Date, of the directors, supervisor and legal representative of Ferro Suzhou, the terms
of which shall be substantially in the form of Schedule 6 attached hereto.

	3.3.	 	Novolyte HK and Parent Deliveries. Novolyte HK and Parent hereby deliver to Ferro:

	 	(A)	 	A certified copy of the resolutions of Parent and Novolyte HK’s board of
managers or directors, as applicable, approving, without limitation, Novolyte HK’s and
Parent’s execution, delivery and performance of this Transfer Agreement and the other
documentation referenced herein, the terms of which shall be substantially in the form
of Schedule 7 attached hereto;

	 	(B)	 	An executed copy of the Amendment to the Articles of Association of Ferro
Suzhou, which among other things, shall change the name of Ferro Suzhou as well as the
legal representative thereof (the “Amended Articles”), which Amended Articles shall be
effective as of the Suzhou Equity Closing Date, the terms of which shall be
substantially in the form of Schedule 8 attached hereto;

	 	(C)	 	A letter of appointment of the new directors, supervisor and legal
representative of Ferro Suzhou, effective as of the Suzhou Equity Closing Date,
together with appropriate identification documents, photographs and resumes of the new
directors and legal representative of Ferro Suzhou;

	 	(D)	 	A certified and legalized copy of Novolyte HK’s Memorandum of Articles and
Articles of Association to show its good standing substantially in the form required by
the Approval Authority;

	 	(E)	 	A bank reference letter to show Novolyte HK as a new investor financial
standing substantially in the form required by the Approval Authority.

	 	(F)	 	A letter of authorization dated the date hereof issued by Novolyte HK to
authorize Ferro and Ferro Suzhou to date and submit any of the above documents and
other undated documents signed by Novolyte HK and Ferro Suzhou and take all related
actions on their behalf in connection with the Suzhou Equity Transfer and the
subsequent application for the New Business License; and

	 	(G)	 	All such other documentation required to be prepared or delivered by Novolyte
HK in connection with the approval of the Suzhou Equity Transfer and this Transfer
Agreement with the Approval Authority and the subsequent application for the New
Business License.

Article IV

Covenants

	4.1.	 	Filings and Consents. Each of Ferro and Novolyte HK shall use all commercially reasonable
efforts to take, or cause to be taken, all appropriate action to do, or cause to be done, all
things necessary, proper or advisable under applicable law or otherwise to consummate and make
effective the transactions contemplated by this Transfer Agreement as promptly as practicable.
Subject to the foregoing, as soon as practicable after Ferro Suzhou has received the
Ancillary Certificates from the relevant governmental authorities following the Split-Off
Transaction (the exact timing to be determined by Ferro Suzhou), Ferro shall submit the
Application Letter and this Transfer Agreement, together with all other applicable
documentation, including the Amended Articles and all other documents attached hereto, to the
Chinese approval authority that originally granted its approval for the establishment of Ferro
Suzhou (the “Approval Authority”) for its examination and approval of the Suzhou Equity
Transfer. Promptly after approval of the Suzhou Equity Transfer by the Approval Authority and
receiving a notice from Ferro, Novolyte HK shall cause Ferro Suzhou to apply to the
Registration Authority for a new business license for Ferro Suzhou, which new business license
shall have the same business scope as the current business license of Ferro Suzhou (the “New
Business License”), and hereby also authorizes Ferro to date and make such application and
take all related actions on its and Ferro Suzhou’s behalf in connection therewith.

	4.2.	 	Further Assurances. Each of Ferro and Novolyte HK agree that each will execute and deliver
any and all documents in addition to those expressly provided for herein and will take all
actions (and cause their affiliated entities, personnel and Ferro Suzhou to do the same) that
may be necessary or appropriate to effect the provisions of this Transfer Agreement and each
of the other agreements and instruments delivered by them in connection herewith and
therewith, including the Chinese version of this Transfer Agreement and any such other
agreements and instruments as may be required by the Approval Authority.

Article V

Closing of Equity Transfer

	5.1.	 	Closing. The closing of the transactions contemplated by this Transfer Agreement (the
“Suzhou Equity Closing”) shall be held after the conditions set forth in Sections 5.2, 5.3 and
5.4 are satisfied or waived by the appropriate party or such later date mutually agreed upon
in writing by the parties. The date on which the Suzhou Equity Closing takes place and the
Suzhou Equity Transfer is effective is referred to in this Transfer Agreement as the “Suzhou
Equity Closing Date.” The conditions and deliveries described in Sections 5.2, 5.3 and 5.4
hereof shall be mutually interdependent and shall be regarded as occurring simultaneously,
and, notwithstanding any other provisions of this Transfer Agreement, no such condition or
delivery shall become effective or shall be deemed to have occurred until all of the other
conditions and deliveries provided for in Section 5.2, Section 5.3 and Section 5.4 shall also
have occurred or have been waived by the appropriate party.

	5.2.	 	Mutual Conditions. The respective obligations of Novolyte HK and Parent on the one hand, and
Ferro on the other hand, to consummate the transactions contemplated by this Transfer
Agreement shall be subject to the fulfillment, at or before the Suzhou Equity Closing, of each
of the following conditions, any of which may, to the extent permitted by applicable law, be
waived in writing by either Novolyte HK or Parent on the one hand, or Ferro on the other hand,
in its sole discretion (provided that such waiver shall only be effective against such party):

	 	(A)	 	No Governmental Entity shall have enacted, issued, promulgated or enforced any
statute, rule, regulation, executive order, decree, judgment, preliminary or permanent
injunction or other order that is in effect and that prohibits, enjoins or otherwise
restrains the Suzhou Equity Transfer and no such action shall be threatened or pending.

	 	(B)	 	There shall not have been issued and in effect, or threatened or pending, any
injunction, action, suit or similar legal order or other proceeding seeking or
threatening to prohibiting or restraining or any action by any Governmental Entity
seeking to enjoin the consummation of any of the transactions contemplated in this
Transfer Agreement.

	 	(C)	 	The Approval Authority shall have approved the Suzhou Equity Transfer pursuant
to the terms of this Transfer Agreement and shall have issued to Ferro a certificate
evidencing approval of the Suzhou Equity Transfer.

	 	(D)	 	The New Business License shall have been issued to Ferro Suzhou.

	5.3.	 	Conditions to Ferro’s Obligations. The obligation of Ferro to consummate the transactions
contemplated by this Transfer Agreement shall be subject to the fulfillment, at or before the
Suzhou Equity Closing, of each of the following conditions, any of which may be waived in
writing by Ferro, in its sole discretion:

	 	(A)	 	All of the representations and warranties of Novolyte HK contained herein are
true, accurate, and complete in all material respects as of the date hereof and are
true, accurate, and complete in all material respects as of the Suzhou Equity Closing
(as if such representations and warranties had been made anew as of the Suzhou Equity
Closing except with respect to the effect of transactions contemplated or permitted
hereby).

	 	(B)	 	Ferro shall have received a certificate (dated the Suzhou Equity Closing Date)
from authorized directors and/or officers of Novolyte HK certifying that the condition
set forth in Section 5.3(A) has been satisfied as of the Closing Date.

	5.4.	 	Conditions to Novolyte HK’s and Parent’s Obligations. The obligation of Novolyte HK and
Parent to consummate the transactions contemplated by this Transfer Agreement shall be subject
to the fulfillment, at or before the Suzhou Equity Closing, of each of the following
conditions, any of which may be waived in writing by Novolyte HK and Parent, in their sole
discretion:

	 	(A)	 	Ferro Suzhou shall have obtained all other permits, licenses, approvals and
qualifications issued by any Governmental Entity necessary for Ferro Suzhou to operate
as a stand alone entity immediately following the Suzhou Equity Closing, except where
the failure to obtain any such permits, licenses, approvals and qualifications would
not reasonably be expected to have a material adverse affect on the business of Ferro
Suzhou, and expressly excluding from such determination, a safety production license,
tax and customs registrations required after the Suzhou Equity Closing and items
related thereto.

	 	(B)	 	Ferro shall have procured the resignation, effective as of the Suzhou Equity
Closing Date, of all of the directors, supervisor and the legal representative of Ferro
Suzhou appointed by Ferro, and shall have delivered to Novolyte HK and Parent original
copies of the same, together with a general release from liability of Ferro Suzhou by
such directors and the legal representative, a form of which is attached hereto as
Schedule 9

	 	(C)	 	Novolyte HK shall have received a certificate (dated the Suzhou Equity Closing
Date) from authorized directors and/or officers of Ferro certifying that the conditions
set forth in Sections 5.4(A) and (B) have been satisfied as of the Closing Date.

Article VI

Representations and Warranties

6.1 Ferro’s Representations and Warranties. Ferro represents and warrants to Novolyte HK and
Parent as follows:

	 	(A)	 	Organization and Existence. Ferro is a corporation duly organized, validly
existing, and in good standing under the laws of the State of Ohio and Ferro Suzhou is
a wholly-owned foreign enterprise organized and existing under the laws of the P.R.C.

	 	(B)	 	Capitalization of Ferro Suzhou. Ferro Suzhou has a total investment of
$8,032,000 (U.S.) and registered capital of $4,016,000 (U.S.) (to be updated as may be
applicable at the Suzhou Equity Closing), all of which is owned by Ferro. The Suzhou
Equity Interest has been duly issued, fully paid, and is nonassessable. Neither Ferro
nor Ferro Suzhou has issued or granted to any person any option, warrant, conversion
right, or other right, interest or benefit of any kind to acquire any other equity
capital of Ferro Suzhou.

	 	(C)	 	Ownership of the Suzhou Equity Interest. Ferro owns all of the issued and
outstanding equity interests of Ferro Suzhou free of Encumbrances.

	 	(D)	 	Power and Authority. Ferro has full power and authority under its constitutive
documents and the laws of the State of Ohio to execute, deliver, and perform this
Transfer Agreement.

	 	(E)	 	Authorization. The execution, delivery, and performance of this Transfer
Agreement by Ferro has been duly authorized by all requisite corporate action on the
part of Ferro.

	 	(F)	 	Binding Effect. This Transfer Agreement is a valid, binding, and legal
obligation of Ferro.

	 	(G)	 	No Default. Neither the execution and delivery of this Transfer Agreement nor
Ferro’s full performance of its obligations under this Transfer Agreement will violate
or breach, or otherwise constitute or give rise to a Default under, the terms or
provisions of Ferro’s constitutive documents or of any material contract, commitment,
or other obligation to which Ferro is a party.

	 	(H)	 	Finders. With the sole exception of KeyBanc Capital Markets, Ferro has not
engaged and are not directly or indirectly obligated to any person acting as a broker,
finder, or similar capacity in connection with the transactions contemplated by this
Transfer Agreement.

	6.2.	 	Novolyte HK’s and Parent’s Representations and Warranties. Novolyte HK and Parent represent
and warrant to Ferro as follows:

	 	(A)	 	Organization and Existence. Novolyte HK is a limited company duly organized,
validly existing and in good standing under the laws of Hong Kong. Parent is a Delaware
limited partnership, duly organized, validly existing and in good standing under the
laws of the State of Delaware.

	 	(B)	 	Power and Authority. Each of Parent and Novolyte HK has full corporate and
company power and authority, as the case may be, under its respective constitutive
documents and under the laws of Delaware and Hong Kong, respectively, to execute,
deliver, and perform this Transfer Agreement

	 	(C)	 	Authorization. The execution, delivery, and performance of this Transfer
Agreement has been duly authorized by all requisite limited company and corporate
actions, as the case may be, on the part of Novolyte HK and Parent.

	 	(D)	 	Binding Effect. This Transfer Agreement is a valid, binding, and legal
obligation of each of Novolyte HK and Parent.

	 	(E)	 	No Default. Neither the execution and delivery of this Transfer Agreement nor
Novolyte HK’s and Parent’s full performance of its obligations under this Transfer
Agreement will violate or breach, or otherwise constitute or give rise to a Default
under, the terms or provisions of Novolyte HK’s or Parent’s constitutive documents or
of any material contract, commitment, or other obligation to which Novolyte HK or
Parent is a party.

	 	(F)	 	Finders. Neither Novolyte HK nor Parent has engaged and is not directly or
indirectly obligated to any person acting as a broker, finder, or similar capacity in
connection with the transactions contemplated by this Transfer Agreement.

Article VII

Termination

	7.1.	 	Termination. The parties may terminate this Transfer Agreement at any time before the Suzhou
Equity Closing, but only by written instrument signed by both parties. This Transfer
Agreement will terminate automatically, and without further action by either party (a) if the
Suzhou Equity Closing has not occurred by June 30, 2009 date, provided however, that if the
Approval Authority has already approved the transfer but Novolyte HK has not yet received the
New Business License, this Transfer Agreement may not be terminated notwithstanding that the
Suzhou Equity Closing has not occurred by such date, or (b) if either party has terminated the
Escrow Agreement dated of even date herewith between the parties pursuant to its terms.
Neither party shall have any liability to the other upon termination hereof or have any
continuing obligations to the other, except for any that are expressly stated to survive
termination.

Article VIII

Miscellaneous

	8.1.	 	Cooperation. Novolyte HK and Ferro will cooperate with each other, at the other party’s
request and expense, in furnishing information, testimony, and other assistance in connection
with any actions, proceedings, arrangements, and disputes with other persons or governmental
inquiries or investigations involving Ferro’s conduct of the Fine Chemicals Business or the
transactions contemplated by this Transfer Agreement.

	8.2.	 	Severability. If any provision of this Transfer Agreement shall finally be determined to be
unlawful, then such provision will be deemed to be severed from this Transfer Agreement and
replaced by a lawful provision which carries out, as closely as possible, the intention of the
parties and preserves the economic bargain contemplated by this Transfer Agreement and, in
such case, each and every other provision of this Transfer Agreement will remain in full force
and effect.

	8.3.	 	Costs and Expenses. The parties will be responsible for the following costs and expenses
arising out of the transactions contemplated by this Transfer Agreement as follows:

	 	(A)	 	Ferro will be solely responsible for the fees and expenses of KeyBanc Capital
Markets whether or not the transactions are consummated; and

	 	(B)	 	If the transactions are consummated, Ferro will be solely responsible for all
Actual Taxes as described in Article II hereof.

Otherwise, each party will bear its own expenses incurred in connection with this Transfer
Agreement and the transactions contemplated by this Transfer Agreement, whether or not the
transactions are consummated.

	8.4.	 	Notices. All notices, requests and other communications under this Transfer Agreement shall
be in writing and shall be deemed to have been duly given at the time of receipt if delivered
by hand or communicated by electronic transmission, or, if mailed, three days after mailing
with an international overnight courier:

	 	 	 	 	 
	If to Novolyte HK or Parent, to:
	 	 	 	 
	 
	 	Novolyte Technologies Limited/Novolyte Technologies LP
	c/o Arsenal Capital Management LP
320 Park Avenue, 30th Floor
New York, NY 10022

	 	USA
	Attention: John Televantos
Telefax:
	 	 	1.212.771.1718	 
	With a copy (which shall not constitute notice to Parent or Novolyte HK) to:

	 
	 	Proskauer Rose LLP
	1585 Broadway
New York, NY 10036

	 	USA
	Attention: Daniel J. Eisner
Telefax:
	 	 	1.212.969.2900	 
	If to Ferro, to:
	 	Ferro Corporation
	1000 Lakeside Avenue
Cleveland, Ohio 44114
USA
Attention:
	 	General Counsel
	Telefax:
	 	 	1.216.875.7275	 

Either party may change its notice address above to a different address by giving the other
party written notice of such change.

	8.5.	 	Assignment. This Transfer Agreement will be binding upon and inure to the benefit of the
successors of the parties, but will not be assignable by any party without the prior written
consent of the other parties. Novolyte HK will have the right, however, if it so elects, to
assign all or an identified portion of its rights and delegate all or an identified portion of
its duties under this Transfer Agreement to an Affiliate of Novolyte HK or of Parent, if, at
the time of such assignment and delegation, (i) Novolyte HK provides Ferro with an
unconditional guarantee mutually agreed upon by Novolyte HK and Ferro, and (ii) this Transfer
Agreement has not been submitted to the Approval Authority and such assignment will not affect
or require a change of any term or content or effect of the documents already signed or
delivered in connection with the completion of the Suzhou Equity Transfer or the issuance of
the New Business License. Ferro hereby agrees that Novolyte HK may unilaterally grant a
security interest in its rights and interests hereunder to its or its Affiliates’ lender(s),
and Ferro will sign a consent with respect thereto if so requested by Novolyte HK or its
Affiliates’ lender(s).

	8.6.	 	No Third Parties. Neither this Transfer Agreement nor any provisions set forth in this
Transfer Agreement is intended to, or shall, create any rights in or confer any benefits upon
any person other than the parties to this Transfer Agreement.

	8.7.	 	Incorporation by Reference. The Appendices and Schedules to this Transfer Agreement
constitute integral parts of this Transfer Agreement and are hereby incorporated into this
Transfer Agreement by this reference.

	8.8.	 	Governing Law. This Transfer Agreement will be governed by and construed in accordance with
the internal substantive laws of the P.R.C.

	8.9.	 	Language. This Transfer Agreement is written in both English and Chinese. The English and
Chinese versions of this Transfer Agreement shall have equal force and effect.

	8.10.	 	Counterparts. At least six counterparts of this Transfer Agreement shall be executed by the
parties hereto in both English and Chinese, and each fully executed counterpart shall be
deemed an original without production of the others. Each party shall hold one counterpart of
each language version, and Ferro Suzhou shall hold four counterparts for submission to the
Approval Authority for approval of the contemplated Suzhou Equity Transfer.

	8.11.	 	Dispute Resolution/Arbitration. If the parties ever have a dispute involving their
respective rights and obligations under this Transfer Agreement, then the parties will resolve
such dispute as follows:

	 	(A)	 	Dispute Notice. Either Novolyte HK or Ferro may at any time deliver to the
other a written dispute notice setting forth a brief description of the issues for
which such notice initiates the dispute resolution mechanism set forth in this Section
8.11. Such dispute notice shall also specify the provision or provisions of this
Transfer Agreement and the facts or circumstances that are the subject matter of the
dispute.

	 	(B)	 	Informal Negotiations. During the 30-day period following delivery of a
dispute notice described in Section 8.11, the parties will cause their representatives
to meet and seek to resolve the disputed items cordially through informal negotiations

	 	(C)	 	Dispute Resolution Proceedings. If representatives of the parties are unable
to resolve disputed items through the informal negotiations described in this Section
8.11, then within 15 days after the informal negotiation period the parties will refer
the disputed issues to a dispute resolution panel for final resolution as follows:

(1) Designation of Representatives. Within seven (7) days after such informal
negotiation period, Novolyte HK and Ferro will each designate one representative to
serve on the dispute resolution panel. (If either party fails or refuses to
designate a representative, then the other party will be entitled to have a
representative appointed for such party by the CPR Institute.)

(2) Selection of Neutral. Promptly after they have been designated, the
designated representatives will meet and select a neutral person (the “Neutral”) to
serve as the third member of the dispute resolution panel. If the designated
representatives of parties cannot agree on a Neutral, then either representative may
request the CPR Institute to select the Neutral.

(3) Procedures and Process. At the time the matter is referred to the dispute
resolution panel, Novolyte HK and Ferro will jointly establish the procedures to be
followed with respect to the presentation of the parties’ respective positions and
the process by which the dispute resolution panel will reach and render its decision
on the disputed issues. Such procedures and processes will, at a minimum, assure
that –

(a) Each party will have the right to submit evidence to the dispute
resolution panel;

(b) Each party will have the right to present a written statement
concerning that party’s position with respect to the disputed item;
and

(c) Before reaching a decision concerning the disputed item, the
dispute resolution panel will convene a hearing at which both parties
may be represented.

If Novolyte HK and Ferro cannot agree on such procedures and processes, then the
Neutral will establish such procedures and process which will, in all events, be
consistent with the foregoing.

(4) Decision. The dispute resolution panel will act by majority vote. The
dispute resolution panel will base its decision on applicable provisions of this
Transfer Agreement or, if the provisions of this Transfer Agreement do not resolve
the matter, on general principles of substantive P.R.C. law. (The dispute
resolution panel may, if it so desires, seek the opinion of an attorney licensed to
practice law in the P.R.C. on any matter of substantive P.R.C. law on which the
panel desires clarification.) If the dispute resolution panel concludes that one
party did not proceed in good faith in connection with the prosecution or defense of
a disputed claim, then the panel will have the power, if it so chooses, to award the
other party its costs and expenses in connection with the dispute resolution
proceedings; otherwise, each party will be solely responsible for its own costs and
one-half of the dispute resolution panel’s fees and costs in connection with such
proceedings.

	 	(D)	 	Equitable Relief. Notwithstanding any other provision of this Section 8.11,
either party may seek from a court of competent jurisdiction interim injunctive relief
in order to maintain the status quo or protect such party’s rights under this Transfer
Agreement pending resolution of a dispute pursuant to this Section 8.11.

	 	(E)	 	Binding Effect. The decisions of the dispute resolution panel under this
Section 8.11 will be binding on both Ferro and Novolyte HK and Parent and will be
neither appealable, contestable, or subject to collateral attack by Ferro or Novolyte
HK or Parent.

1

To evidence their agreement as stated above, Novolyte Technologies Limited, Novolyte
Technologies LP and Ferro Corporation have each caused their respective duly
authorized directors, officers, or attorneys to execute this Transfer Agreement as of the date set
forth above.

	 	 	 
	By: Novolyte Technologies Limited

	 	By: Ferro Corporation
	By:/s/ Anthony Giorgio

	 	By:/s/ Cynthia M. Kerker
	 

	 	 
	Name: Anthony Giorgio

Title: Director

Nationality:

	 	Name: Cynthia M. Kerker

Title: Authorized Representative

Nationality: United States Citizen
	By: Novolyte Technologies LP

By: Novolyte Technologies GP LLC, 

its general Partner

By: /s/ Anthony Giorgio

	 	

	 

	 	

	Name: Anthony Giorgio

Title: Vice President

Nationality:

	 	

2

Appendix A

The following terms identified with initial capital letters are defined in the following
Sections of the Transfer Agreement:

	 	 	 
	Term	 	Cross Reference
	Actual Taxes

	 	Section 2.1
	Amended Articles

	 	Section 3.3(B)
	Application Letter

	 	Section 3.2(B)
	Approval Authority

	 	Section 4.1
	Cash Amount

	 	Section 2.1
	Estimated EI Taxes

	 	Section 2.2
	Estimated Taxes

	 	Section 2.1
	Novolyte HK

	 	Preamble
	Escrow Agent

	 	Section 2.1
	Escrow Agreement

	 	Section 2.1
	Ferro

	 	Preamble
	Ferro Suzhou

	 	Recital A
	Fine Chemicals Business

	 	Recital B
	Neutral

	 	Section 8.11
	New Business License

	 	Section 4.1
	Parent

	 	Preamble
	P.R.C.

	 	Recital A
	Purchase Price

	 	Section 2.1
	SAIC

	 	Section 4.1
	Suzhou Equity Closing

	 	Section 5.1
	Suzhou Equity Closing Date

	 	Section 5.1
	Suzhou Equity Interest

	 	Recital A
	Suzhou Equity Transfer

	 	Section 1.2
	Suzhou Equity Transfer Application

	 	Section 3.2(B)
	Transfer Agreement

	 	Preamble

3

In addition, the following terms have the meanings set forth below where used in the Transfer
Agreement and identified with initial capital letters:

	 	 	 
	Affiliate

	 	With respect to a party, any other entity

controlling, controlled by, or under common

control with such party.
	Ancillary Certificates

	 	The organizational code certificate, tax

registration certificate, foreign exchange

registration certificate, customs registration

certificate and other establishment related

certificates that Ferro Suzhou needs to obtain

under P.R.C. laws and regulations after getting

its new Business Licence duly reflecting the

Split-off Transaction.
	CPR Institute

	 	CPR Institute for Dispute Resolution, 366 Madison

Avenue, New York, New York.
	Default

	 	An occurrence which constitutes a breach or

default under a contract, order, or other

commitment, after the expiration of any grace

period provided without cure.
	Encumbrance

	 	Any encumbrance or lien, including, without

limitation, any mortgage, judgment lien,

materialman’s lien, mechanic’s lien, security

interest, encroachment, easement, or other

restriction.
	Governmental Entit(y) (ies)

	 	Any court of competent jurisdiction, governmental

agency, authority, instrumentality or regulatory

body.
	Owns or Ownership

	 	Such ownership as confers upon the party or

person having it good and marketable title to and

control over the thing or right owned, free and

clear of any and all Encumbrances.
	Split-Off Transaction

	 	The transaction to divide the assets and

liabilities of the Fine Chemicals Business from

the assets and liabilities of Ferro’s businesses

in the P.R.C. which are not related to the Fine

Chemicals Business, which Split-Off Transaction

shall be deemed effective upon the issuance of

the New Business Licence of Ferro Suzhou by SIP

AIC.

4exhibit4_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

        
          Exhibit
4.1

          Conformed Copy

          

        

      

    

    
      	 
      

    

    AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

     

    THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made
and entered into as of November 4, 2008, by and between Boardwalk Pipeline
Partners, LP, a Delaware limited partnership (the “Partnership”), and
Boardwalk Pipelines Holding Corp., a Delaware corporation (the “Purchaser”).

     

    WHEREAS,
the Partnership and the Purchaser previously entered into a Registration Rights
Agreement (the “Original Agreement”)
dated as of June 17, 2008 in connection with the closing of the issuance and
sale of Class B Units pursuant to the Class B Unit Purchase Agreement, dated as
of April 24, 2008, by and between the Partnership and the Purchaser (the “Class B Purchase
Agreement”);

     

    WHEREAS,
this Agreement is made to amend and restate the Original Agreement in connection
with the Closing of the issuance and sale of Common Units pursuant to the Unit
Purchase Agreement, dated as of October 30, 2008, by and between the
Partnership and the Purchaser (the “October 2008 Purchase
Agreement”);

     

    WHEREAS,
the Partnership has agreed to provide the registration and other rights set
forth in this Agreement for the benefit of the Purchaser pursuant to the October
2008 Purchase Agreement; and

     

    WHEREAS,
it is a condition to the obligations of the Purchaser and the Partnership under
the October 2008 Purchase Agreement that this Agreement be executed and
delivered.

     

    NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by each party hereto, the Original Agreement is
hereby amended and restated as follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    Section
1.01                                Definitions.  Capitalized
terms used herein without definition shall have the meanings given to them in
the October 2008 Purchase Agreement.  The terms set forth below are
used herein as so defined:

     

    “Agreement” has the
meaning given to such term in the introductory paragraph.

     

    “Effectiveness Period”
has the meaning given to such term in Section 2.01 of this
Agreement.

     

    “Holder” means the
record holder of (i) any Registrable Securities and (ii) Class B Units prior to
their conversion into Common Units.

     

    “Losses” has the
meaning given to such term in Section 2.07(a) of this
Agreement.

     

    
       

      
        1

        
          
          

          

        

      

      
        
        

      

    

     

    “Managing Underwriter”
means, with respect to any Underwritten Offering, the book-running lead manager
of such Underwritten Offering.

     

    “October 2008 Purchase
Agreement” has the meaning given to such term in the Recitals of this
Agreement.

     

    “Purchaser” has the
meaning given to such term in the introductory paragraph of this
Agreement.

     

    “Registrable
Securities” means an amount of Common Units equal to the aggregate number
of Common Units issued pursuant to the October 2008 Purchase Agreement and the
aggregate number of Common Units into which the Class B Units issued pursuant to
the Class B Purchase Agreement are convertible, which Registrable Securities are
subject to the rights provided herein until such rights terminate pursuant to
the provisions hereof.

     

    “Registration
Expenses” has the meaning given to such term in Section 2.06(b) of this
Agreement.

     

    “Selling Expenses” has
the meaning given to such term in Section 2.06(b) of this
Agreement.

     

    “Selling Holder” means
a Holder who is selling Registrable Securities pursuant to a registration
statement.

     

    “Registration
Statement” has the meaning given to such term in Section 2.01 of this
Agreement.

     

    “Underwritten
Offering” means an offering (including an offering pursuant to a
Registration Statement) in which Common Units are sold to one or more
underwriters on a firm commitment basis for reoffering to the public or an
offering that is a “bought deal” with one or more investment banks.

     

    Section
1.02                                Registrable
Securities.  Any Registrable Security will cease to be a
Registrable Security (a) at the time a registration statement covering such
Registrable Security has been declared effective by the Commission and such
Registrable Security has been sold or disposed of pursuant to such effective
registration statement; (b) at the time such Registrable Security (or Class B
Unit) has been disposed of pursuant to Rule 144 (or any similar provision then
in effect under the Securities Act); (c) 10 years after the Purchaser ceases to
be an Affiliate of the general partner of the Partnership (including where the
General Partner ceases to be the general partner of the Partnership); (d) if
such Registrable Security (or Class B Unit) is held by the Partnership or one of
its subsidiaries; (e) at the time such Registrable Security (or Class B Unit)
has been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned to the transferee of such securities; or (f) if
such Registrable Security (or Class B Unit) has been sold in a private
transaction in which the transferor’s rights under this Agreement are assigned
to the transferee and such transferee is not an Affiliate of the general partner
of the Partnership, at the time that is two years following (x) in the event
that Class B Units are sold, the later of (i) the conversion of such Class B
Units into Common Units and (ii) the transfer of such Registrable Security to
such transferee or (y) in the case of any other transfer of Registrable
Securities, the transfer of such Registrable Security to such
transferee.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    ARTICLE
II

     

    REGISTRATION
RIGHTS

     

    Section
2.01                                Demand Registration. Upon
the written request (a “Notice”) of the
Holders of at least 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, the Partnership
shall file with the Commission, as soon as reasonably practicable following the
receipt of the Notice, a registration statement (each, a “Registration
Statement”) under the Securities Act providing for the resale of the
Registrable Securities (which may, at the option of the Holders giving such
Notice, be a registration statement under the Securities Act that provides for
the resale of the Registrable Securities pursuant to Rule 415 from time to time
by the Holders).  The Partnership shall use its commercially
reasonable efforts to cause such Registration Statement to be declared effective
by the Commission as soon as reasonably practicable after the initial filing of
the Registration Statement.  Any Registration Statement shall provide
for the resale pursuant to any method or combination of methods legally
available to, and requested by, the Holders of any and all Registrable
Securities covered by such Registration Statement.  The Partnership
shall use its commercially reasonable efforts to cause each Registration
Statement filed pursuant to this Section 2.01 to be
continuously effective, supplemented and amended to the extent necessary to
ensure that it is available for the resale of all Registrable Securities by the
Holders until all Registrable Securities covered by such Registration Statement
have ceased to be Registrable Securities (the “Effectiveness
Period”).  Each Registration Statement when effective (and the
documents incorporated therein by reference) shall comply in all material
respects as to form with all applicable requirements of the Securities Act and
shall not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading.  There shall be no limit on the number of
Registration Statements that may be required by the Holders
hereunder.

     

    Section
2.02                                Underwritten
Offerings.

     

    (a)           Request for Underwritten
Offering.  In the event that one or more Holders collectively
holding more than 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, elects to
dispose of Registrable Securities under a Registration Statement pursuant to an
Underwritten Offering, the Partnership shall, upon request by such Holders,
retain underwriters in order to permit such Holders to effect such sale though
an Underwritten Offering.  The obligation of the Partnership to retain
underwriters shall include entering into an underwriting agreement in customary
form with the Managing Underwriter or other underwriters, which shall include,
among other provisions, indemnities to the effect and to the extent provided in
Section 2.07 and
taking all reasonable actions as are requested by the Managing Underwriter or
other underwriters to expedite or facilitate the disposition of such Registrable
Securities.  The Partnership shall, upon request of the Holders, cause
its management to participate in a roadshow or similar marketing effort on
behalf of the Holders.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b)           Limitation on Underwritten
Offerings.  In no event shall the Partnership be required
hereunder to participate in more than two Underwritten Offerings in any 12-month
period.

     

     

    (c)           General
Procedures.  In connection with any Underwritten Offering under this
Agreement, Selling Holders holding a majority of the Registrable Securities in
such Underwritten Offering shall be entitled to select the Managing Underwriter
or other underwriters, subject to the approval of the Partnership, which
approval shall not be unreasonably withheld.  In connection with an
Underwritten Offering contemplated by this Agreement, each Selling Holder and
the Partnership shall be obligated to enter into an underwriting agreement that
contains such representations, covenants, indemnities and other rights and
obligations as are customary in underwriting agreements for firm commitment
offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such  underwriting
agreement.  Each Selling Holder may, at its option, require that any or all
of the representations and warranties by, and the other agreements on the part
of, the Partnership to and for the benefit of such underwriters also be made to
and for such Selling Holder’s benefit and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting
agreement also be conditions precedent to such Selling Holder’s
obligations.  No Selling Holder shall be required to make any
representations or warranties to or agreements with the Partnership or the
underwriters other than representations, warranties or agreements regarding such
Selling Holder and its ownership of the securities being registered on its
behalf, its intended method of distribution and any other representation
required by Law.  If any Selling Holder disapproves of the terms of an
underwriting, such Selling Holder may elect to withdraw from the Underwritten
Offering by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal
must be made at a time prior to the time of pricing of such Underwritten
Offering.  No such withdrawal shall affect the Partnership’s obligation to
pay Registration Expenses.

    

    Section
2.03                                Delay Rights.  If
the General Partner determines that the Partnership’s compliance with its
obligations under this Article II would be
materially detrimental to the Partnership and its Partners (as defined in the
Partnership Agreement) because such registration would (a) materially interfere
with a significant acquisition, reorganization or other similar transaction
involving the Partnership, (b) require premature disclosure of material
information that the Partnership has a bona fide business purpose for preserving
as confidential or (c) render the Partnership unable to comply with applicable
securities laws, then the Partnership shall have the right to postpone
compliance with its obligations under Section 2.01 and
Section 2.02
for a period of not more than six months, provided, that such right
pursuant to this Section 2.03 may not
be utilized more than once in any 12-month period.

     

    Section
2.04                                Sale
Procedures.  In connection with its obligations under this
Article II, the
Partnership will, as expeditiously as possible:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (a)           prepare
and file with the Commission such amendments and supplements to
each Registration Statement and the prospectus used in connection therewith
as may be necessary to keep each Registration Statement effective for the
Effectiveness Period and as may be necessary to comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement;

     

    (b)           if
a prospectus supplement will be used in connection with the marketing of an
Underwritten Offering from a Registration Statement and the Managing
Underwriter at any time shall notify the Partnership in writing that, in the
sole judgment of such Managing Underwriter, inclusion of detailed information to
be used in such prospectus supplement is of material importance to the success
of the Underwritten Offering, the Partnership shall use its commercially
reasonable efforts to include such information in such prospectus
supplement;

     

    (c)           furnish
to each Selling Holder (i) as far in advance as reasonably practicable before
filing a Registration Statement or any supplement or amendment thereto,
upon request, copies of reasonably complete drafts of all such documents
proposed to be filed (including exhibits and each document incorporated by
reference therein to the extent then required by the rules and regulations of
the Commission), and provide each such Selling Holder the opportunity to object
to any information pertaining to such Selling Holder and its plan of
distribution that is contained therein and make the corrections reasonably
requested by such Selling Holder with respect to such information prior to
filing a Registration Statement or supplement or amendment thereto, and
(ii) such number of copies of such Registration Statement and the
prospectus included therein and any supplements and amendments thereto as such
Selling Holder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities covered by such Registration
Statement;

     

    (d)           if
applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by a Registration Statement under the
securities or blue sky laws of such jurisdictions as the Selling Holders or, in
the case of an Underwritten Offering, the Managing Underwriter, shall reasonably
request; provided,
however, that the Partnership will not be required to qualify generally
to transact business in any jurisdiction where it is not then required to so
qualify or to take any action that would subject it to general service of
process in any such jurisdiction where it is not then so subject;

     

    (e)           promptly
notify each Selling Holder and each underwriter, at any time when a prospectus
relating to the offering of Registrable Securities  is required to be
delivered under the Securities Act, of (i) the filing of a Registration
Statement or any prospectus or prospectus supplement to be used in connection
therewith, or any amendment or supplement thereto, and, with respect to such
Registration Statement or any post-effective amendment thereto, when the same
has become effective; and (ii) any written comments from the Commission with
respect to any filing referred to in clause (i) and any written request by the
Commission for amendments or supplements to a Registration Statement or any
prospectus or prospectus supplement thereto;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (f)           immediately
notify each Selling Holder and each underwriter, at any time when a prospectus
relating to the offering of Registrable Securities is required to be delivered
under the Securities Act, of (i) the happening of any event as a result of which
the prospectus or prospectus supplement contained in a Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading (in the case of the prospectus
contained therein, in the light of the circumstances under which a statement is
made); (ii) the issuance or threat of issuance by the Commission of any stop
order suspending the effectiveness of a Registration Statement, or the
initiation of any proceedings for that purpose; or (iii) the receipt by the
Partnership of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable
securities or blue sky laws of any jurisdiction.  Following the
provision of such notice, the Partnership agrees to, as promptly as practicable,
amend or supplement the prospectus or prospectus supplement or take other
appropriate action so that the prospectus or prospectus supplement does not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing and to take such
other reasonable action as is necessary to remove a stop order, suspension,
threat thereof or proceedings related thereto;

     

    (g)           upon
request and subject to appropriate confidentiality obligations, furnish to each
Selling Holder copies of any and all transmittal letters or other correspondence
with the Commission or any other governmental agency or self-regulatory body or
other body having jurisdiction (including any domestic or foreign securities
exchange) relating to such offering of Registrable Securities;

     

    (h)           in
the case of an Underwritten Offering, furnish upon request, (i) an opinion of
counsel for the Partnership dated the date of the closing under the underwriting
agreement, and (ii) a “cold comfort” letter, dated the pricing date of such
Underwritten Offering (to the extent available) and a letter of like kind
dated the date of the closing under the underwriting agreement, in each case,
signed by the independent public accountants who have certified the
Partnership’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “cold
comfort” letter shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities by the Partnership and such
other matters as such underwriters and Selling Holders may reasonably
request;

     

    (i)           otherwise
use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, an earnings statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder;

     

    (j)           make
available to the appropriate representatives of the Managing Underwriter and
Selling Holders access to such information and Partnership personnel as is
reasonable and customary to enable such parties to establish a due diligence
defense under the Securities Act;

     

    (k)           cause
all such Registrable Securities registered pursuant to this Agreement to be
listed on each securities exchange or nationally recognized quotation system on
which similar securities issued by the Partnership are then listed;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (l)           use
its commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Partnership
to enable the Selling Holders to consummate the disposition of such Registrable
Securities;

     

    (m)           provide
a transfer agent and registrar for all Registrable Securities covered by a
Registration Statement not later than the effective date of such Registration
Statement; and

     

    (n)           enter
into customary agreements and take such other actions as are reasonably
requested by the Selling Holders or the underwriters, if any, in order to
expedite or facilitate the disposition of such Registrable
Securities.

     

    Each
Selling Holder, upon receipt of notice from the Partnership of the happening of
any event of the kind described in subsection (f) of this Section 2.04, shall forthwith
discontinue disposition of the Registrable Securities until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus
contemplated by subsection (f) of this Section 2.04 or until it is
advised in writing by the Partnership that the use of the prospectus may be
resumed, and has received copies of any additional or supplemental filings
incorporated by reference in the prospectus, and, if so directed by the
Partnership, such Selling Holder will, or will request the managing underwriter
or underwriters, if any, to deliver to the Partnership (at the Partnership’s
expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such
notice.

     

    Section
2.05                                Cooperation by
Holders.  The Partnership shall have no obligation to include
in a Registration Statement, or in an Underwritten Offering pursuant to Section 2.02(a), Registrable
Securities of a Selling Holder who has failed to timely furnish such information
that, in the opinion of counsel to the Partnership, is reasonably required in
order for the registration statement or prospectus supplement, as applicable, to
comply with the Securities Act.

     

    Section
2.06                                Expenses.

     

    (a)            Expenses.  The
Partnership (i) will pay all reasonable Registration Expenses including in
the case of an Underwritten Offering, regardless of whether any sale is made
pursuant to such Underwritten Offering and (ii) with respect to the first
21,184,609 units of Registrable Securities sold in one or more Underwritten
Offerings pursuant hereto, will reimburse each Selling Holder for the amount of
Selling Expenses incurred in connection with such Underwritten Offerings in an
amount not to exceed $0.925 per Registrable Security then being offered.
 Each Selling Holder shall pay all other Selling Expenses in connection
with any sale of its Registrable Securities hereunder. In addition, except as
otherwise provided in Section 2.07, the Partnership
shall not be responsible for legal fees incurred by Holders in connection with
the exercise of such Holders’ rights hereunder.   For the
avoidance of doubt, all reimbursed Selling Expenses shall be treated for U.S.
federal income tax purposes as payments to a Selling Holder other than in its
capacity as a Partner of the Partnership.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (b)           Certain
Definitions.  “Registration
Expenses” means all expenses incident to the Partnership’s performance
under or compliance with this Agreement to effect the registration of
Registrable Securities on a Registration Statement pursuant to Section 2.01 and/or
in connection with an Underwritten Offering pursuant to Section 2.02(a), and
the disposition of such Registrable Securities, including, without limitation,
all registration, filing, securities exchange listing and New York Stock
Exchange fees, all registration, filing, qualification and other fees and
expenses of complying with securities or blue sky laws, fees of the Financial
Industry Regulatory Authority, fees of transfer agents and registrars, all word
processing, duplicating and printing expenses, any transfer taxes and the fees
and disbursements of counsel and independent public accountants for the
Partnership, including the expenses of any special audits or “cold comfort”
letters required by or incident to such performance and
compliance.  “Selling Expenses”
means underwriting fees, discounts and selling commissions allocable to the sale
of the Registrable Securities.

     

    Section
2.07                                Indemnification.

     

    (a)           By the
Partnership.  In the event of a registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, the Partnership
will indemnify and hold harmless each Selling Holder, its directors, officers,
employees and agents, and each underwriter, pursuant to the applicable
underwriting agreement with such underwriter, of Registrable Securities
thereunder and each Person, if any, who controls such Selling Holder within the
meaning of the Securities Act and the Exchange Act, and its directors, officers,
employees or agents, against any losses, claims, damages, expenses or
liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”),
joint or several, to which such Selling Holder, director, officer, employee,
agent or underwriter or controlling Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact (in the case of any prospectus, in light of the
circumstances under which such statement is made) contained in a Registration
Statement, any preliminary prospectus or prospectus supplement, free writing
prospectus or final prospectus or prospectus supplement contained therein, or
any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Selling Holder, its directors,
officers, employee and agents, each such underwriter and each such controlling
Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Loss or actions or proceedings as such
expenses are incurred; provided, however, that the
Partnership will not be liable in any such case if and to the extent that any
such Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished by such Selling Holder, its directors, officers, employees and agents
or any underwriter or such controlling Person in writing specifically for use in
a Registration Statement, or prospectus or any amendment or supplement
thereto, as applicable. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Selling Holder or
any such directors, officers, employees agents or any underwriter or controlling
Person, and shall survive the transfer of such securities by such Selling
Holder.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (b)           By Each Selling
Holder.  Each Selling Holder agrees severally and not jointly
to indemnify and hold harmless the Partnership, the General Partner, its
directors, officers, employees and agents and each Person, if any, who controls
the Partnership within the meaning of the Securities Act or of the Exchange Act,
and its directors, officers, employees and agents, to the same extent as the
foregoing indemnity from the Partnership to the Selling Holders, but only with
respect to information regarding such Selling Holder furnished in writing by or
on behalf of such Selling Holder expressly for inclusion in a Registration
Statement or prospectus supplement relating to the Registrable Securities, or
any amendment or supplement thereto; provided, however, that the
liability of each Selling Holder shall not be greater in amount than the dollar
amount of the proceeds (net of any Selling Expenses) received by such Selling
Holder from the sale of the Registrable Securities giving rise to such
indemnification.

     

    (c)           Notice.  Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability that it may have to any indemnified party under
this Section
2.07 to
the extent such failure has not prejudiced the indemnifying party.  In
any action brought against any indemnified party, it shall notify the
indemnifying party of the commencement thereof.  The indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section
2.07 for
any legal expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation and of
liaison with counsel so selected; provided, however, that, (i)
if the indemnifying party has failed to assume the defense or employ counsel
reasonably acceptable to the indemnified party or (ii) if the defendants in any
such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be
reasonable defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the interests
of the indemnifying party, then the indemnified party shall have the right to
select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the reasonable expenses and fees
of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as
incurred.  Notwithstanding any other provision of this Agreement, no
indemnified party shall settle any action brought against it with respect to
which it is entitled to indemnification hereunder without the consent of the
indemnifying party, unless the settlement thereof imposes no liability or
obligation on, and includes a complete and unconditional release from all
liability of, the indemnifying party.

     

    (d)           Contribution.  If
the indemnification provided for in this Section 2.07 is held by a court
or government agency of competent jurisdiction to be unavailable to any
indemnified party or is insufficient to hold them harmless in respect of any
Losses, then each such 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 Loss in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of
such indemnified party on the other in connection with the statements or
omissions that resulted in such Losses, as well as any other relevant equitable
considerations; provided,
however, that in no event shall such Selling Holder be required to
contribute an aggregate amount in excess of the dollar amount of proceeds (net
of Selling Expenses) received by such Selling Holder from the sale of
Registrable Securities giving rise to such indemnification.  The
relative fault of the indemnifying party on the one hand and the indemnified
party on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties hereto agree that it would
not be just and equitable if contributions pursuant to this paragraph were to be
determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to
herein.  The amount paid by an indemnified party as a result of the
Losses referred to in the first sentence of this paragraph shall be deemed to
include any legal and other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any Loss that is the subject
of this 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 is not guilty of such fraudulent
misrepresentation.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (e)           Other
Indemnification.  The provisions of this Section 2.07 shall be in
addition to any other rights to indemnification or contribution that an
indemnified party may have pursuant to law, equity, contract or
otherwise.

     

    Section
2.08                                Rule 144
Reporting.  With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the
Registrable Securities to the public without registration, the Partnership
agrees to use its commercially reasonable efforts to:

     

    (a)           make
and keep public information regarding the Partnership available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
from and after the date hereof;

     

    (b)           file
with the Commission in a timely manner all reports and other documents required
of the Partnership under the Exchange Act at all times from and after the date
hereof; and

     

    (c)           so
long as a Holder owns any Registrable Securities, furnish to such Holder
forthwith upon request a copy of the most recent annual or quarterly report of
the Partnership, and such other reports and documents so filed as such Holder
may reasonably request in availing itself of any rule or regulation of the
Commission allowing such Holder to sell any such securities without
registration.

     

    Section
2.09                                Transfer or Assignment of
Registration Rights.  The rights to cause the Partnership to
register Registrable Securities granted to the Purchaser by the Partnership
under this Article
II may be transferred or assigned by the Purchaser to one or more
transferee(s) or assignee(s) of such Registrable Securities (or Class B Units
prior to conversion); provided, however, that (a)
unless such transferee or assignee is an Affiliate of the Purchaser, each such
transferee or assignee holds Registrable Securities (or Class B Units prior to
conversion) representing at least 2,000,000 units of the then-outstanding
Registrable Securities or Class B Units, subject to adjustment pursuant to Section 3.04, (b) the
Partnership is given written notice prior to any said transfer or assignment,
stating the name and address of each such transferee and identifying the
securities with respect to which such registration rights are being transferred
or assigned, and (c) each such transferee assumes in writing responsibility for
its portion of the obligations of the Purchaser under this
Agreement.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Section
2.10                                Restrictions on Public Sale
by Holders of Registrable Securities.  Each Holder who, along
with its Affiliates, holds at least 2,000,000 units of the then-outstanding
Registrable Securities, subject to adjustment pursuant to Section 3.04, agrees
not to effect any public sale or distribution of the Registrable Securities
during the 30 calendar day period beginning on the date of a prospectus or
prospectus supplement filed with the Commission with respect to the pricing of
an Underwritten Offering, provided that (i) the duration of the foregoing
restrictions shall be no longer than the duration of the shortest restriction
generally imposed by the underwriters on the Partnership or the officers,
directors or any other unitholder of the Partnership on whom a restriction is
imposed and (ii) the restrictions set forth in this Section 2.10 shall
not apply to any Registrable Securities that are included in such Underwritten
Offering by such Holder.

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    Section
3.01                                Communications.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by facsimile, electronic mail, courier service or personal
delivery:

     

    (a)           if
to the Purchaser:

     

    Boardwalk
Pipelines Holding Corp.

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

    Facsimile:
(866) 459-7336

    

    with a
copy to:

    

    Loews
Corporation

    667
Madison Avenue

    New York,
NY 10021

    Attention:  Corporate
Secretary

    Facsimile:
(212) 521-2997

    

    (b)           if
to a transferee of the Purchaser, to such Holder at the address provided
pursuant to Section
2.09;
and

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (c)           if
to the Partnership:

     

    Boardwalk
Pipeline Partners, LP

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

     

    Facsimile:
(866) 459-7336

     

    All such
notices and communications shall be deemed to have been received at the time
delivered by hand, if personally delivered; when receipt acknowledged, if sent
via facsimile or sent via Internet electronic mail; and when actually received,
if sent by courier service or any other means.

     

    Section
3.02                                Successor and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted
herein.

     

    Section
3.03                                Assignment of
Rights.  All or any portion of the rights and obligations of
any Purchaser under this Agreement may be transferred or assigned by such
Purchaser in accordance with Section 2.09
hereof.

     

    Section
3.04                                Recapitalization, Exchanges,
Etc. Affecting the Registrable
Securities.  The provisions of this Agreement shall apply to
the full extent set forth herein with respect to any and all units of the
Partnership or any successor or assign of the Partnership (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in
exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations, pro
rata distributions of units and the like occurring after the date of this
Agreement.

     

    Section
3.06                                Specific
Performance.  Damages in the event of breach of this Agreement
by a party hereto may be difficult, if not impossible, to ascertain, and it is
therefore agreed that each such Person, in addition to and without limiting any
other remedy or right it may have, will have the right to an injunction or other
equitable relief in any court of competent jurisdiction, enjoining any such
breach, and enforcing specifically the terms and provisions hereof, and each of
the parties hereto hereby waives any and all defenses it may have on the ground
of lack of jurisdiction or competence of the court to grant such an injunction
or other equitable relief.  The existence of this right will not
preclude any such Person from pursuing any other rights and remedies at law or
in equity that such Person may have.

     

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

     

    Section
3.08                                Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

     

    Section
3.09                                Governing Law. THIS AGREEMENT WILL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Section
3.10                                Severability of
Provisions.  Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting or impairing the
validity or enforceability of such provision in any other
jurisdiction.

     

    Section
3.11                                Scope of
Agreement.  The rights granted pursuant to this Agreement are
intended to supplement and not to reduce or replace any rights any Holders may
have under the Partnership Agreement with respect to the Registrable
Securities.  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. Except as provided in the Partnership
Agreement, there are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein with respect to the rights
granted by the Partnership set forth herein.  Except as provided in
the Partnership Agreement, this Agreement and the October 2008 Purchase
Agreement supersede all prior agreements and understandings between the parties
with respect to such subject matter.

     

    Section
3.12                                Amendment.  This
Agreement may be amended only by means of a written amendment signed by the
Partnership and the Holders of a majority of the then outstanding Registrable
Securities; provided,
however, that no such amendment shall materially and adversely affect the
rights of any Holder hereunder without the consent of such Holder.

     

    Section
3.13                                No
Presumption.  If any claim is made by a party relating to any
conflict, omission, or ambiguity in this Agreement, no presumption or burden of
proof or persuasion shall be implied by virtue of the fact that this Agreement
was prepared by or at the request of a particular party or its
counsel.

     

    Section
3.14                                Aggregation of Registrable
Securities.  All Registrable Securities held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights under this
Agreement.

     

    Section
3.15                                Obligations Limited to
Parties to Agreement.  Each of the Parties hereto covenants,
agrees and acknowledges that no Person other than the Partnership and the
Holders shall have any obligation hereunder and that, notwithstanding that one
or more of the Holders may be a corporation, partnership or limited liability
company, no recourse under this Agreement or under any documents or instruments
delivered in connection herewith or therewith shall be had against any former,
current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the Holders or any
former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing,
whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any applicable Law, it being expressly agreed and
acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise by incurred by any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the Holders or any former, current or future director,
officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, as such, for any obligations
of the Holders under this Agreement or any documents or instruments delivered in
connection herewith or therewith or for any claim based on, in respect of or by
reason of such obligation or its creation, except in each case for any assignee
of a Holder hereunder.

     

    Section
3.16                                Interpretation.  Article
and Section references are to Articles and Sections of this Agreement, unless
otherwise specified.  All references to instruments, documents,
contracts and agreements are references to such instruments, documents,
contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The word “including”
shall mean “including but not limited to.” Whenever any determination, consent
or approval is to be made or given by a Holder under this Agreement, such action
shall be in such Holder’s sole discretion unless otherwise
specified.

     

    
      
         

      

      
        13

        
          

        

      

      
         

        
                                                                                                               

        

      

    

    IN
WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the
date first above written.

     

    BOARDWALK
PIPELINE PARTNERS, LP

    

    
      	
               
      

            	
              By:  BOARDWALK
      GP, LP

            

    

    
      	
               
      

            	
                (its
      General Partner)

            

    

    

    By:  BOARDWALK
GP, LLC

      (its General
Partner)

    

    

    By:                                          /s/

    Name:  Jamie
L. Buskill

    Title:    Chief
Financial Officer

    

    

    

    

    BOARDWALK
PIPELINES HOLDING CORP.

    

    

    

    By:                                          /s/

    Name:  Jamie
L. Buskill

    Title:    Chief
Financial Officer

    

    

    
      
        
           
           Signature Page to
Amended and Restated Registration Rights Agreement

          

        

         

      

      
        14

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